TCRAP_Public/190705.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, July 5, 2019, Vol. 22, No. 134

                           Headlines



A U S T R A L I A

BD SOUTHSIDE: Second Creditors' Meeting Set for July 9
BERRINGTON CARE: First Creditors' Meeting Set for July 16
BROOKLANDS ENGINEERING: Second Creditors' Meeting Set for July 9
CENTENNIAL MINING: Gandel Metals Files Claim Over Asset Security
DIVERSE PROJECT: Second Creditors' Meeting Set for July 10

EZYVAULT PTY: First Creditors' Meeting Set for July 16
N H CONSTRUCTIONS: Second Creditors' Meeting Set for July 10
PEPPER SPARKZ 1: Fitch Assigns B(EXP) Rating on Class E Notes
TAYBLE APP: Second Creditors' Meeting Set for July 10
VINE PRIDE: Second Creditors' Meeting Set for July 10

WELLARD LTD: Sells MV Ocean Swagman Under Debt Restructuring Plan


C H I N A

DAFA PROPERTIES: Moody's Rates New USD Unsecured Notes 'B3'
TAHOE GROUP: Moody's Rates New Sr. Unsec. Notes 'Caa1'


H O N G   K O N G

GEMDALE CORP: Moody's Affirms Ba2 CFR, Outlook Stable


I N D I A

A.K. DAS ASSOCIATES: Ind-Ra Moves BB Rating to Non-Cooperating
AEINDRI AGRO: CRISIL Assigns 'B' Rating to INR3.5cr Cash Loan
AMBIKA REALCON: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
ANJALI ENTERPRISES: CARE Lowers Rating on INR6cr Loan to B+
BASANTI MATA: CARE Reaffirms B+ Rating on INR8.63cr LT Loan

CGR COLLATERAL: CARE Lowers Rating on INR9.50cr LT Loan to D
CHAWLA JEWELERS: CARE Lowers Rating on INR6cr LT Loan to B+
DIVYA SHREE: CARE Reaffirms B+ Rating on INR11.50cr Loan
GOYAL GLASSWARE: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
GROVER IMPEX: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating

HAREKRISHNA RICE: Ind-Ra Migrates B- LT Rating to Non-Cooperating
HI-TECH RADIATORS: Ind-Ra Withdraws BB+ Ratings on Loans
JAI BAJRANG: CARE Lowers Rating on INR5.25cr LT Loan to B+
JYOTINDRA PRASAD: CARE Lowers Rating on INR6.0cr Loan to B+
LIFESTYLE FITNESS: Insolvency Resolution Process Case Summary

LIMRA ENTERPRISES: CARE Lowers Rating on INR3cr Loan to B
MEGHRAJ FOODS: CRISIL Moves B+ on INR5cr Loan to Not Cooperating
MELLCON ENGINEERS: CARE Moves B+ on INR4cr Loans to Not Cooperating
N. C. FOODS: CARE Lowers Rating on INR7.51cr Loan to B-
NIK-SAN ENGINEERING: Ind-Ra Assigns BB+ LT Rating, Outlook Stable

OM SATYA: CARE Moves B+ on INR5.04 Loan to Non-Cooperating
PANNU STONE: CARE Moves B on INR9.75cr Loan to Non Cooperating
PARIXIT IRRIGATION: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
RASHMI ENTERPRISES: CARE Lowers Rating on INR6cr Loan to B+
SHRI GANGADASS: CRISIL Moves B on INR2.5cr Loan to Not Cooperating

SREE GURU: CRISIL Assigns 'B' Ratings to INR7cr Loans
TEXTRADE INTERNATIONAL: CARE Lowers Rating on INR120cr Loan to D
VIJAYA RAJA: CRISIL Moves B+ on INR18cr Loan to Not Cooperating
YOGESH TRADING: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating


S I N G A P O R E

HIAP SENG: Confident on Going Concern Status
HIAP SENG: Expects to Post Q4 and Full-Year Loss
HYFLUX LTD: Gets More Time to Announce Financial Results & Hold AGM


T H A I L A N D

KTB SECURITIES: Fitch Affirms BB(tha) National LongTerm Rating


V I E T N A M

ORIENT COMMERCIAL: Moody's Affirms B1 Issuer Ratings
SAIGON-HANOI COMMERCIAL: Moody's Affirms B2 Deposit Ratings
VIETNAM PROSPERITY: Moody's Gives (P)B1 Rating on USD1-Bil. Note

                           - - - - -


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BD SOUTHSIDE: Second Creditors' Meeting Set for July 9
------------------------------------------------------
A second meeting of creditors in the proceedings of BD Southside
Pty. Ltd. has been set for July 9, 2019, at 10:00 a.m. at Level 9,
120 Edward 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 July 8, 2019, at 4:00 p.m.

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


BERRINGTON CARE: First Creditors' Meeting Set for July 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Berrington
Care Group Pty Ltd and Berrington Group Pty Ltd will be held on
July 16, 2019, at 10:00 a.m. at Ground Floor, 235 St Georges
Terrace, in Perth, WA.

Hayden Leigh White of KPMG was appointed as administrator of
Berrington Care on July 4, 2019.


BROOKLANDS ENGINEERING: Second Creditors' Meeting Set for July 9
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Brooklands
Engineering Pty Ltd has been set for July 9, 2019, at 11:00 a.m. at
the offices of Cor Cordis, One Wharf Lane, Level 20, at 171 Sussex
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 8, 2019, at 4:00 p.m.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Brooklands Engineering on June 3, 2019.


CENTENNIAL MINING: Gandel Metals Files Claim Over Asset Security
----------------------------------------------------------------
Mining News reports that Gandel Metals is pressing ahead with its
claim of a security over the assets under sway of the
administrators of failed Victorian gold concern Centennial Mining,
lodging a court application that could derail a deed of company
arrangement aimed at resurrecting the company.

Centennial Mining Limited (ASX: CTL) --
https://www.centennialmining.com/ -- engages in the exploration and
development of gold projects in Australia. It primarily develops
the A1 Gold Mine located in Eastern Victoria.

Richard Tucker, John Bumbak and Leanne Chesser of KordaMentha Perth
were appointed as administrators of Centennial Mining and
subsidiary and Maldon Resources Pty. Ltd. on March 21, 2019.

DIVERSE PROJECT: Second Creditors' Meeting Set for July 10
----------------------------------------------------------
A second meeting of creditors in the proceedings of Diverse Project
Management & Consulting Pty Ltd has been set for July 10, 2019, at
12:00 p.m. at the offices of Veritas Advisory, Level 5, 123 Pitt
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 9, 2019, at 5:00 p.m.

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


EZYVAULT PTY: First Creditors' Meeting Set for July 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of Ezyvault Pty
Ltd will be held on July 16, 2019, at 10:30 a.m. at the offices of
Menzies Advisory, at 68-72 York Street, in South Melbourne,
Victoria.

Michael Caspaney of Menzies Advisory was appointed as administrator
of Ezyvault Pty on July 4, 2019.


N H CONSTRUCTIONS: Second Creditors' Meeting Set for July 10
------------------------------------------------------------
A second meeting of creditors in the proceedings of N H
Constructions Pty Ltd has been set for July 10, 2019, at 11:00 a.m.
at the offices of Chartered Accountants Australia and New Zealand,
Level 18, at Bourke Place, 600 Bourke Street, in Melbourne
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 9, 2019, at 4:00 p.m.

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


PEPPER SPARKZ 1: Fitch Assigns B(EXP) Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Pepper SPARKZ Trust
No. 1's pass-through floating-rate notes. The issuance consists of
notes backed by a pool of first-ranking Australian automotive and
equipment loan and lease receivables originated by Pepper Asset
Finance Pty Limited, a subsidiary of Pepper Group Limited. The
notes will be issued by BNY Trust Company of Australia Limited as
trustee for Pepper SPARKZ Trust No. 1.

Pepper SPARKZ Trust No. 1:
   
Class A1-a; LT AAA(EXP)sf; Expected Rating
Class A1-x; LT AAA(EXP)sf; Expected Rating
Class B;    LT AA(EXP)sf;  Expected Rating
Class C;    LT A(EXP)sf;   Expected Rating
Class D;    LT BBB(EXP)sf; Expected Rating
Class E;    LT BB(EXP)sf;  Expected Rating
Class F;    LT B(EXP)sf;   Expected Rating
Class G;    LT NR(EXP)sf;  Expected Rating

KEY RATING DRIVERS

Obligor Default Risk: Fitch has derived credit-tier-specific
default and recovery base-case expectations by applying a granular
approach using historical loss data since 2015. Given the limited
historic data, Fitch supported the analysis with comparable proxy
data from similar Fitch rated issuers. Its gross default and
recovery base cases are 4.8% and 20%, respectively. These are based
on an asset pool of lease and loan receivables backed by new and
used vehicles and equipment with weighted-average (WA) seasoning of
17.2 months and an average contract balance of AUD21,388. Fitch
expects stable asset performance, supported by sustained economic
growth in Australia. Fitch forecasts GDP growth to slow to 1.7% in
2019, from 2.8% in 2018, but for the labour market to remaining
steady, supported by continuing low interest rates.

Cash flow Dynamics: Fitch completed full cash-flow modelling and
determined that the rated notes pass all predetermined stresses
implied at their respective rating levels.

Structural Risk: Fitch evaluated structural risk by reviewing
transaction documentation and structural features. A liquidity
facility, sized at 1.25%, supports the class A, B and C notes.

Counterparty Risk: Fitch evaluated counterparty risk by reviewing
transaction documentation and structural features that reduce
structural risk and counterparty exposure.

Servicer and Operational Risks: All receivables were originated by
Pepper Asset Finance, which demonstrated an adequate capability as
originator, underwriter and servicer. Fitch undertook an onsite
operational and file review and found that the operations of the
originator and servicer were comparable with that of other auto and
equipment lenders.


TAYBLE APP: Second Creditors' Meeting Set for July 10
-----------------------------------------------------
A second meeting of creditors in the proceedings of Tayble App Pty
Ltd has been set for July 10, 2019, at 3:00 p.m. at the offices of
Lowe Lippmann, Level 7, at 616 St Kilda Road, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 9, 2019, at 4:30 p.m.

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


VINE PRIDE: Second Creditors' Meeting Set for July 10
-----------------------------------------------------
A second meeting of creditors in the proceedings of Vine Pride Pty
Ltd, trading as Harvey Leigh's, has been set for July 10, 2019, at
10:00 a.m. at Eagle Room, Level 24 Allendale Square, 77 St Georges
Terrace, in Perth, WA.

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 July 9, 2019, at 4:00 p.m.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Vine Pride on June 4, 2019.


WELLARD LTD: Sells MV Ocean Swagman Under Debt Restructuring Plan
-----------------------------------------------------------------
Jenne Brammer at The West Australian reports that Wellard Limited's
shares jumped as high as 16% on July 3 after the troubled live
exporter revealed it would sell its Ocean Swagman vessel to major
shareholder Heytesbury Holdings for US$22 million (AUD31.3
million).

The West Australian relates that the deal is part of efforts to
restructure Wellard's operations and resolve its position with
noteholders.

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




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DAFA PROPERTIES: Moody's Rates New USD Unsecured Notes 'B3'
-----------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to DaFa Properties Group Limited's (B2 stable) proposed USD notes.

The proceeds from the bonds will primarily be used by DaFa for
refinancing certain of its existing indebtedness.

RATINGS RATIONALE

"The proposed bond issuance will support DaFa's liquidity and
growth aspiration," says Celine Yang, a Moody's Assistant Vice
President and Analyst.

Moody's expects that DaFa's debt leverage will weaken to around 70%
over the next 12-18 months from around 105% in 2018, as it
replenishes its land bank. But this level of debt leverage remains
appropriate for its B2 corporate family rating (CFR).

DaFa's B2 CFR reflects the company's track record of developing
properties in the Yangtze River Delta and its demonstrated ability
to maintain debt leverage at appropriate levels.

At the same time, the B2 CFR considers the company's small scale,
high geographic concentration in low-tier cities, and the high
proportion of trust loans in its funding mix.

Moody's has taken into account the concentrated ownership of DaFa's
key shareholder, Mr. Ge Hekai and his family, who together held a
total 72.5% stake in the company at the end of 2018.

The risk of concentrated ownership is incorporated in the B2 CFR
and is partly mitigated by: 1) the presence of three independent
non-executive directors on the board, who also chair the audit and
remuneration committees, and 2) the presence of other internal
governance structures and standards as required under the Corporate
Governance Code for companies listed on the Hong Kong Exchange.

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

The stable rating outlook reflects Moody's expectation that DaFa
will maintain moderate liquidity and grow its scale as planned,
while maintaining moderate debt leverage.

Moody's could upgrade DaFa's ratings if the company: (1)
successfully executes its business plan and grows its scale; (2)
strengthens its financial profile, with revenue/adjusted debt
exceeding 70% and EBIT/interest above 2.5x-3.0x; and (3) maintains
moderate liquidity, with cash consistently above 1.5x of short-term
debt, and diversifies its funding channels.

On the other hand, Moody's could downgrade the ratings if: (1)
contracted sales weaken; or (2) the company accelerates its land
acquisitions beyond Moody's expectations, thereby weakening its
financial metrics and liquidity.

Financial metrics indicative of a ratings downgrade include: (1)
EBIT/interest coverage below 1.5x; (2) revenue/adjusted debt below
50%-55%; or (3) cash/short-term debt below 1.0x on a sustained
basis.

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

DaFa Properties Group Limited is a Shanghai-based residential
property developer. At December 31, 2018, its land reserves totaled
3.1 million square meters in planned floor area. Its key operating
cities include Wenzhou, Huzhou, Hefei, and Ningbo.

At the end of 2018, DaFa Properties was 72.5% owned by its founder,
Mr. Ge Hekai, and his family.


TAHOE GROUP: Moody's Rates New Sr. Unsec. Notes 'Caa1'
------------------------------------------------------
Moody's Investors Service has assigned a Caa1 rating to the senior
unsecured notes to be issued by Tahoe Group Global Limited -- a
wholly owned subsidiary of Tahoe Group Co., Ltd (Tahoe, B3 stable)
-- and guaranteed by Tahoe.

The rating outlook is stable.

RATINGS RATIONALE

Tahoe plans to use the proceeds from the proposed notes for general
corporate purposes.

"The proposed bond issuance will not materially change Tahoe's
credit metrics over the next 12-18 months, and will help address
its short-term refinancing needs," says Josephine Ho, a Moody's
Vice President and Senior Analyst.

Moody's forecasts Tahoe's debt leverage -- as measured by
revenue/adjusted debt -- to trend toward 25%-30% over the next
12-18 months from 21% in 2018. Its interest coverage, as measured
by adjusted EBIT/interest, should also trend toward 1.5x-1.7x from
1.3x over the same period, driven by the company's control on debt
and an expected increase in revenue. However, such credit metrics
remain weak when compared with many of its rated industry peers,
and position the company at the lower end of the B-rating
category.

Tahoe's B3 CFR reflects the company's large business scale relative
to many B-rated Chinese developers, long operating history, and
high-quality land bank spread across various regions in China.

On the other hand, the rating is constrained by its weak liquidity,
sizable exposure to trust loans and weak financial metrics.

The Caa1 senior unsecured debt rating is one notch lower than
Tahoe's corporate family rating due to structural subordination
risk.

This subordination risk refers to the fact that the majority of
Tahoe's claims are at its operating subsidiaries and have priority
over claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant factors for
structural subordination. Consequently, the expected recovery rate
for claims at the holding company will be lower.

The stable rating outlook reflects Moody's expectation that Tahoe
will continue to proactively manage its liquidity and refinance its
maturing debt.

Tahoe's ratings could be upgraded in the medium term if the company
(1) improves its liquidity, such as cash/short-term debt above
0.8x-1x on a sustained basis; and (2) improves its credit metrics,
with EBIT/interest coverage above 1.5x and revenue/adjusted debt
above 40% on a sustained basis.

Downgrade rating pressure could arise if (1) Tahoe's liquidity
deteriorates; (2) its contracted sales and operating cash flow
weaken significantly; or (3) its access to funding weakens
materially. Credit metrics indicative of downward rating pressure
include EBIT/Interest coverage below 1.0x on a sustained basis.

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

Tahoe Group Co., Ltd listed on the Shenzhen Stock Exchange in 2010.
The company commenced its first residential property project in
Fuzhou in Fujian Province in 1996. Its operations are mainly
focused on residential property developments, and it is also
engaged in commercial property developments. At December 31, 2018,
its land bank totaled around 16 million square meters by sale-able
gross floor area (GFA).




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GEMDALE CORP: Moody's Affirms Ba2 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has affirmed Gemdale Corporation's Ba2
corporate family rating.

Moody's has also affirmed the Ba3 CFR of Famous Commercial Limited,
a wholly-owned subsidiary of Gemdale.

In addition, Moody's has affirmed the Ba3 senior unsecured ratings
on the bonds issued by Gemdale Ever Prosperity Investment Limited
and guaranteed by Famous.

All the outlooks remain stable.

RATINGS RATIONALE

"The affirmation of Gemdale's rating reflects our expectation that
its credit quality will remain broadly stable and within the
parameters of its Ba2 rating over the next one to two years, as
higher debt levels to pursue business growth will be largely offset
by increased revenue and earnings," says Danny Chan, a Moody's
Assistant Vice President and Analyst.

The Ba2 CFR factors in Gemdale's well-managed liquidity, financial
discipline and good access to funding. At the same time, the rating
factors in Moody's expectation that Gemdale will grow its business
through joint venture (JV) projects, thereby raising contingent
liabilities and lowering transparency.

Moody's expects the company's revenue to debt ratio -- adjusted for
its share in joint ventures -- to slightly improve to 75%-80% over
the next 1-2 years from an estimated 74% in 2018, supported by
increased revenue recognition following strong contracted sales
over the past two years.

However, JV-adjusted EBIT/interest coverage will fall to around
5.0x in the next 1-2 years from an estimated 6.2x in 2018, due to
an increased level of debt and rising finance costs. These
JV-adjusted financial metrics still support its Ba2 CFR.

Gemdale's liquidity is good, supported by its strong contracted
sales and solid access to funding. As of March 2019, the company's
cash of RMB41 billion could cover about 1.8x its short-term debt as
of the same date.

The stable outlook on Gemdale's CRF reflects Moody's expectation
that the company will continue to demonstrate financial discipline
in managing its business growth. Moody's also expects the company
to maintain adequate liquidity to meet its working capital and
refinancing needs.

Upward rating pressure could emerge if Gemdale: (1) successfully
implements its business plan to achieve stable sales; (2) improves
its profit margins; and (3) manages down its debt leverage.

Credit metrics that Moody's would consider for an upgrade of
Gemdale's rating include revenue/adjusted debt exceeding 90% and
EBIT coverage of interest in excess of 4.25x, both on a sustained
basis.

Gemdale's Ba2 rating could come under downward pressure if: (1)
contracted sales and/or operating cash flows become weaker than
Moody's currently expects; or (2) it materially accelerates its
development activities and/or undertakes aggressive land
acquisitions, thereby weakening its liquidity position.

The rating could also be downgraded if EBIT coverage of interest
falls below 3.0x-3.5x or revenue/debt drops below 75%, both on a
sustained basis.

Famous' Ba3 CFR continues to reflect its b2-level standalone credit
profile and a two-notch rating uplift, based on Moody's expectation
that Gemdale will provide financial and operational support to
Famous, in times of stress.

Moody's support assumption considers (1) Gemdale's full ownership
of Famous; (2) Famous' status as the primary platform for Gemdale
to raise funds from the offshore bank and debt capital markets; and
(3) Gemdale's track record of providing financial support to
Famous.

Famous' standalone credit profile is constrained by the small scale
of its operations, its weak financial metrics and potential
volatility in its sales performance. The standalone credit profile
also factors in the operational benefits arising from the company's
status as a subsidiary of Gemdale, such as cost efficiencies and a
strong brand name, and Moody's expectation of an increase in scale
over the next 1-2 years as Gemdale injects assets into Famous.

The stable outlook on Famous reflects Moody's expectation that (1)
the company's standalone credit profile will remain largely stable;
and (2) the likelihood of support from Gemdale will remain intact
over the next 12-18 months.

Famous' rating could be upgraded if: (1) it improves its scale and
diversity and thereby reduces sales and earnings volatility; and
(2) Gemdale's CFR is upgraded.

On the other hand, Famous' rating could come under downward
pressure if (1) Gemdale's rating is downgraded; or (2) there is a
reduction in the ownership of or weakening in the support from
Gemdale.

Moody's could also downgrade Famous' rating if the company's credit
profile or liquidity deteriorate materially because of a failure to
implement its business plan or pursue aggressive expansion.

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

Incorporated in China and listed on the Shanghai Stock Exchange,
Gemdale Corporation is a leading developer in China's residential
property sector. At the end of December 2018, the company's land
bank totaled around 44 million square meters (sqm) in saleable
gross floor area (GFA) in over 50 cities in China.

Incorporated in Hong Kong in 1995, Famous Commercial Limited is a
wholly owned subsidiary of Gemdale Corporation. The company also
serves as a funding vehicle in overseas markets.




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A.K. DAS ASSOCIATES: Ind-Ra Moves BB Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated A.K. Das
Associates Limited's (AKDAL) 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 ratings will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR520 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 4, 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 1996, Odisha-based AKDAL constructs transmission
lines and substations, and related electrical and civil works. The
company is promoted by Amiya Kanta Das, Sovarani Das and Pranati
Das.


AEINDRI AGRO: CRISIL Assigns 'B' Rating to INR3.5cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Aeindri Agro Food Product Private Limited
(AAFPPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B/Stable (Assigned)
   Term Loan             2.0        CRISIL B/Stable (Assigned)

The rating continues to reflect the company's modest scale of
operation, small networth, and susceptibility to climatic
conditions and volatile raw material prices. These weaknesses are
partially offset by the promoters' extensive experience in the
agriculture industry.

Analytical Approach
CRISIL has treated INR3.5 crores of unsecured loans from promoters
as 75% equity and 25% debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation: Intense competition continues to
constrain scalability: revenue is estimated at around INR6 crore in
fiscal 2019.

* Small networth: Networth was small at INR2.88 crore as on March
31, 2018 - should remain small over the medium term due to modest
accretion to reserve.

* Susceptibility to climatic conditions and volatile raw material
prices: Since the crop yield of agricultural commodities is
dependent on adequate and timely monsoon, exposure to the risk of
limited availability persists. Also, production may be constrained
by pests or crop infection, leading to higher pricing of the
commodities and their derived products.

Strength
* Extensive experience of the promoters: Benefits from the
promoters' experience of over 30 years, and their strong
understanding of market dynamics, and healthy relationships with
suppliers and customers should continue to support business risk
profile.

Liquidity
Liquidity is under pressure. Net cash accrual'estimated at around
INR0.43 crore per annum over the medium term'will be tightly
matched against yearly debt obligation of INR0.40 crore.
Utilisation of bank limit averaged 65% in the 12 months through
March 2019.

Outlook: Stable

CRISIL believes AAFPPL will continue to benefit from the extensive
experience of its promoters and their healthy relationships with
customers. The outlook may be revised to 'Positive' if a
substantial increase in revenue and profitability strengthens net
cash accrual. The outlook may be revised to 'Negative' if low
profitability, large working capital requirement, or any
debt-funded capital expenditure weakens financial risk profile.

Incorporated in 2014, AAFPPL manufactures flour milling products:
Maida (refined all-purpose flour), whole wheat flour, and wheat
bran. The manufacturing facility is in Parganas (West Bengal),
capacity of which is 48 tonne per day. Mr Jitendra Nath Mondal and
Mr Debdas Mondal are the promoters.


AMBIKA REALCON: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ambika Realcon
Private Limited's (ARPL) 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 this rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR400 mil. Term loans due on March 2023 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 20, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

ARPL was incorporated in 2006 and is engaged in real estate
development. The company is constructing a residential project
Florance Park in Mullanpur (New Chandigarh) at an estimated cost of
INR2,185.46 million.


ANJALI ENTERPRISES: CARE Lowers Rating on INR6cr Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Anjali Enterprises, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         6.00       CARE B+; Stable; Issuer not
   Facilities                        cooperating; Revised from
                                     CARE BB-;Stable on the basis
                                     of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Anjali Enterprises
to monitor the ratings vide e-mail communications dated June 13,
2019, June 7, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided no default
statement for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on Anjali
Enterprises's bank facilities will now be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING.

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

The ratings has been revised by taking into account no
due-diligence conducted due to non-cooperation by Anjali
Enterprises
with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.


BASANTI MATA: CARE Reaffirms B+ Rating on INR8.63cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Basanti Mata Agri Product Private Limited (BMAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           8.63       CARE B+; Stable Re-affirmed

   Short-term Bank
   Facilities           0.18       CARE A4 Re-affirmed

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the rating of
BMAPL and in line with the extant SEBI guidelines, CARE revised the
rating of bank facilities of the company to 'CARE B+; Stable/ A4;
ISSUER NOT COOPERATING'. However, the company has now submitted the
requisite information to CARE. CARE has carried out a full review
of the rating and the rating reaffirmed at 'CARE B+; Stable/A4'.

Detailed rationale and key rating drivers

The ratings for bank facilities of BMAPL continues to remain
constrained by its small size of operations, regulated nature of
business, competitive scenario, and seasonality of business with
susceptibility to vagaries of nature, working capital intensive
nature of business and risk of delinquency in loans extended to
farmers. The ratings, however, derive strength from its experienced
management and proximity to potato growing
area.

The ability of the company is to increase its scale of operation
and profitability margins and ability to manage working capital
effectively are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small size of operations: BMAPL is a relatively small player in the
cold storage business having total operating income and PAT of
INR4.03 crore and INR0.21 crore in FY18. The total capital employed
was adequate at around INR13.95 crore as on March 31, 2018. During
FY19, the company has achieved total operating income of
INR4.23crore while in 02MFY20, the company has achieved total
operating income of INR0.25 crore mainly from cold storage rentals.
Small scale of operations with low net worth base limits the credit
risk profile of the company in an adverse scenario.

Regulated nature of business: In West Bengal, the basic rental rate
for cold storage operations is regulated by the state government
through West Bengal State Marketing Board. The rent of these cold
storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed by
capital subsidy schemes of the government. As a result, the potato
storage business in the region has become competitive, forcing cold
storage owners to lure farmers by providing them interest bearing
advances against stored potatoes which augments the business risk
profile of the companies involved in the trade.

Seasonality of business with susceptibility to vagaries of nature:
BMAPL's operation is seasonal in nature as potato is a winter
season crop with its harvesting period commencing in March. The
loading of potatoes in cold storages begins by the end of February
and lasts till March. Additionally, with potatoes having a
preservable life of around eight months in the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. The unit remains
non-operational during the period between December to February.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent on
the basis of quantity stored and the production of potato is highly
dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, BMAPL provides interest bearing
advances to the farmers & traders. Before the closure of the season
in November, the farmers & traders are required to clear their
outstanding dues with the interest. In view of this, there exists a
risk of delinquency in loans extended, in case of downward
correction in potato or other stored goods prices, as all such
goods are agro commodities.

Working capital intensive nature of business: As BMAPL is engaged
in the cold storage business, its operation is working capital
intensive by nature. The same is reflected by the higher working
capital requirement for the company and the average utilization for
the same remained at about 80% during the last 12 months ended May
2019.

Key Rating Strengths

Experienced promoters

Mr Bijoy Krishna Ghosh having over two decades of experience in
trading agri products and over five years of experience in cold
storage industry through their family business. He looks after the
day to day operations of the company. He is further assisted by
other directors who are also having over two decades of experience
in diversified industry and about five years of experience in cold
storage industry. In view of the same the company is benefited out
of the wide experience of the promoters in their respective
fields.

Proximity to potato growing area: BMAPL's storing facility is
situated in the Hooghly district of West Bengal which is one of the
major potato growing regions of the state. The favorable location
of the storage unit, in close proximity to the leading potato
growing areas provides it with a wide catchment and making it
suitable for the farmers in terms of transportation and
connectivity.

Liquidity
The liquidity position of the company remained weak as both current
ratio and quick ratio remains below unity at 0.79x and 0.57x,
respectively, as on March 31, 2018. The cash & bank balance was
INR0.20 crore as on March 31, 2018. The gross cash accruals
remained moderate at INR0.87 crore as on March 31, 2018.

Basanti Mata Agri Product Private Limited (BMAPL) was incorporated
on July 8, 2013 by the Ghosh family of Hooghly, West Bengal. The
company was promoted to set up a cold storage unit mainly for
preservation of potatoes. The company commenced operation (started
loading potatoes to its cold storage) from March 1, 2015. The cold
storage is located at Hooghly, West Bengal with an aggregate
storage capacity of 20,000 metric ton. BMAPL also trades in
potatoes, which accounted for around 29.69 % of the total revenue
in FY18.

BMAPL is a closely held company with all the board members
consisting of five directors belonging to the promoter's family.
All the promoters having over two decades of experience in agri
product sector and trading look after the day to day operations of
the company.


CGR COLLATERAL: CARE Lowers Rating on INR9.50cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
CGR Collateral Management Limited (CCML), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         9.50       CARE D Revised from CARE BB;
   Facilities                        Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating of CCML takes into account ongoing
delays in servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in debt servicing: The company has an overdraft
limit and term loan from the bank. As per telephonic confirmation
from banker, there are ongoing delays in servicing of term loan.
Further, as per interaction with banker and confirmation vide email
dated June 20, 2019, the overdraft limit are continuously
overdrawn.

CGR Collateral Management Limited (CCML) was incorporated by Mr
Amandeep Choudhary and Mr Om Prakash Choudhary in December 2012.
CCML offers modern, scientific, IT enabled storage services for all
types of agro commodities covering more than 57 locations spread
across 6 states. The company has 175 storage facilities having a
capacity of over 2.98 Lakh MT as on June 30, 2018. CCML also
provides commodity assaying services as it is an NCDEX and NCDEX e
Markets Ltd (NeML) appointed Assayer. The company also provides the
advisory and collateral management services in partnership with the
associate banks and Non-Banking Financial Companies (NBFCs). CCML
has tie-up with 8 nationalized banks for providing collateral
management services.


CHAWLA JEWELERS: CARE Lowers Rating on INR6cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Chawla Jewelers, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.00       CARE B+; Stable; Issuer not
   Facilities                      cooperating Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Chawla Jewelers to
monitor the ratings vide e-mail communications dated June 12,2019,
June 7, 2019, May 31, 2019, April 15, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided no default statement for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating. The
ratings of Chawla Jewelers' bank facilities will now be denoted as
CARE B+; Stable; ISSUER NOT COOPERATING.

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

The ratings have been revised by taking into account no
due-diligence conducted due to non-cooperation by Chawla Jewelers
with CARE'S efforts to undertake a a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.


DIVYA SHREE: CARE Reaffirms B+ Rating on INR11.50cr Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Divya
Shree Industries (DSI) as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facility             11.50      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DSI is constrained by
its partnership nature of constitution, limited experience of
partners and short track record of operations, volatility in the
prices of raw materials, highly fragmented and competitive nature
of industry, cyclicality inherent to the aluminium industry and
working capital intensive nature of operation However, the
aforesaid constraints are partially offset by its growing scale of
operations along with moderate profitability and high growth
prospect of the industry.

Going forward, ability to increase its scale of operation and
profitability margins and ability to manage working capital
effectively are the key rating sensitivities.

Detailed Description of the Key Rating Drivers

Key Rating Weaknesses

Partnership nature of constitution: Divya Shree Industries, being a
partnership firm, is exposed to inherent risk of partner's capital
being withdrawn at time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of the partners.
Moreover, partnership firms have restricted access to external
borrowing as credit worthiness of partners would be the key factors
affecting credit decision for the lenders.

Limited experience of partners & short track record of the
operations: Established in 2012, Divya Shree Industries has been
engaged in the business of manufacturing of aluminium profiles &
billets. The partners do not have any prior experience in the same
line of business. The management's experience is limited coupled
with the firm's short track record of operations.

Volatility in the prices of raw materials: The prices of raw
materials, especially metals like aluminium ingots required for the
manufacturing of automobile and household appliances, are volatile
in nature. The firm sources the same from the local suppliers and
it does not have any long term supply arrangement with them. Any
adverse movement in the raw material prices would adversely affect
the profitability of the firm.

Highly fragmented and competitive nature of the industry: Divya
Shree Industries is operating in a competitive industry marked by
the presence of a large number of players in the organized sector.
In addition to the competition in domestic market, the firm also
faces competition from imports. Furthermore, the industry is
characterized by low technological inputs and standardized
machinery for the production. Thus, going forward, this gives an
opportunity to mid-size players in the unorganized segment to enter
into the industry which would further intensify the competition for
the firm.

Cyclicality inherent to the aluminum industry: The aluminum
industry is sensitive to the shifting business cycles, including
changes in the general economy, interest rates and seasonal changes
in the demand and supply conditions in the market. Apart from the
demand side fluctuations, the highly capital intensive nature of
aluminum projects along-with the inordinate delays in the
completion hinders the responsiveness of supply side to demand
movements. This results in several aluminum projects bunching-up
and coming on stream simultaneously leading to demand supply
mismatch.

Working capital intensive nature of operation: The average fund
based working capital utilization remained relatively high at about
95% during last twelve month ending on May, 2019.

Key Rating Strengths

Growing scale of operations along with moderate profitability:
The total operating income of the firm has been growing
significantly over the last three financial years. The total
operating income of the firm (TOI) increased from INR15.95 crore in
FY16 to INR24.56 crore in FY17 and further to INR 26.58 crore in
FY18 primarily on account of increase in the revenue from existing
customers in addition of new customers owing to accelerated demand
for aluminum profiles in the market. Further, the turnover of the
firm increased significantly during FY19 and reached INR 55.67
crore due to the increase in capacities installed from June 2018.

High growth prospects of the industry: Power & Construction sector
in India has emerged as the largest end user sectors for aluminum
profiles and billets. The government's thrust on power &
construction sector & strong investment sentiment in India will be
a strong demand driver of aluminum in India.

Liquidity: The liquidity position of the entity remained moderate
marked by current ratio and quick ratios of 1.40x and 0.96x as on
March 31, 2018. The cash and bank balance amounting to INR0.39
crore remained outstanding as on March 31, 2018. The Gross cash
accruals of the entity remained moderate at INR0.98 crore in FY18.


Divya Shree Industries, established in February 2012, was promoted
by Agarwal family of Raipur to set up an aluminium profile and
billets manufacturing business. The manufacturing facility is
located at industrial area Rawabhata, Raipur. Since its inception,
Divya Shree Industries has been engaged in manufacturing of
aluminium profiles & billets. The commercial operation has been
started from March 2014 with an installed capacity of around 5100
MTPA. Further, the firm has undertaken a project expansion of 6900
MTPA which have stated operation from June, 2018. The day to day
affairs of the firm are looked after by Mr. Mukesh Agarwal, with
adequate support from other partners and a team of experienced
personnel.


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

The instrument-wise rating actions are:

-- INR220.0 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR77.0 mil. Term loan due on March 2020 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR42.5 mil. Non-fund-based limits migrated to non-cooperating

     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 4, 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 2013, GGPL manufactures glass bottles and caters to
the packaging needs of liquor and pharmaceutical industries. The
company is promoted by Mr. Nitesh Gupta and has an installed
capacity of 190 million tons per day.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR75 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

GIPL is engaged in the trading of chemicals and agricultural
products such as gambier, whole spices, and pulses. Its head office
is in New Delhi and branch office is in Navi Mumbai, Maharashtra.


HAREKRISHNA RICE: Ind-Ra Migrates B- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Harekrishna Rice
Processing & Exports (HRPE) 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 B- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based limits migrated to non-cooperating
     Category with IND B- (ISSUER NOT COOPERATING) rating;

-- INR89.5 mil. Term loan due on September 2024 migrated to non-
     cooperating category with IND B- (ISSUER NOT COOPERATING)
     rating; and

-- INR20 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 27, 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 January 2015, HRPE operates a 12 ton/hour automated
rice processing facility in Jajpur, Odisha. It has customers across
Odisha, West Bengal and parts of Kerala and Karnataka.


HI-TECH RADIATORS: Ind-Ra Withdraws BB+ Ratings on Loans
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Hi-Tech
Radiators Private Limited's (HTRPL) Long-Term Issuer Rating of 'IND
BB+ (ISSUER NOT COOPERATING)' in the non-cooperating category and
has simultaneously withdrawn the rating.

The instrument-wise rating actions are:

-- INR160.3 mil. Long-term loans# due on December 2023 maintained

     in the non-cooperating category and withdrawn;

-- INR118.9 mil. Cash credit limits# maintained in the non-
     cooperating category and withdrawn;

-- INR23.7 mil. Proposed long-term loans~ maintained in the non-
     cooperating category and withdrawn;

-- INR20 mil. Proposed cash credit limits^ maintained in the non-
     cooperating category and withdrawn;

-- INR40 mil. Usance bills discounted under the letter of credit#

     maintained in the non-cooperating category and withdrawn;

-- INR140 mil. Letter of credit* maintained in the non-
     cooperating category and withdrawn; and

-- INR40 mil. Proposed letter of credit@ maintained in the non-
     cooperating category and withdrawn.

# Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn

~ Maintained at 'Provisional IND BB+ (ISSUER NOT COOPERATING)'
before being withdrawn
* Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
^ Maintained at 'Provisional IND BB+ (ISSUER NOT COOPERATING)' /
'Provisional IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
@ Maintained at 'Provisional IND A4+ (ISSUER NOT COOPERATING)'
before being withdrawn

KEY RATING DRIVERS

HTRPL did not participate in the rating exercise despite continuous
requests and follow-ups by the agency.

Ind-Ra is no longer required to maintain the rating, as the agency
has received a no-objection certificate from the rated facility's
lender. This is consistent with The Securities and Exchange Board
of India's circular dated March 31, 2017, for credit rating
agencies.

COMPANY PROFILE

Established in 1989, HTRPL manufactures corrugated tanks and
fin-type radiators for power and distribution transformers at its
two plants in Rabale (Navi Mumbai) and Khopoli (Raigad). It has a
total monthly manufacturing capacity of 1,200 metric tons.


JAI BAJRANG: CARE Lowers Rating on INR5.25cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jai Bajrang Bajaj (JBB), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      5.25       CARE B+; Issuer Not Cooperating;
   Facilities                     Revised from CARE BB-; Issuer
                                  Not Cooperating; based on best
                                  Available information.

   Short-term Bank     0.60       CARE A4; Issuer not cooperating;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JBB to monitor the ratings
vide e-mail communications/letters dated June 6, 2019, June 10,
2019, June 13, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on JBB's bank
facilities will now be denoted as  CARE B+; ISSUER NOT
COOPERATING/CARE A4; ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by Jai Bajrang Bajaj with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information non-availability risk as a key factor in its assessment
of credit risk.

Detailed description of the key rating drivers

At the time of last rating in July 5, 2018, the following were the
rating strengths and weaknesses

Key Rating Weaknesses:

Partnership nature of constitution - JBB, being a partnership firm,
is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being dissolved
upon the death/retirement/insolvency of the partners. Moreover,
partnership firms have restricted access to external borrowing as
credit worthiness of partners would be the key factors affecting
credit decision for the lenders.

Pricing constraints and margin pressure arising out of competition
from various auto dealers in the market - With the sole authorized
dealership of BAL in Buxar and Bojpur (Bihar) the bargaining power
of JBB with customers is high. However, the firm is exposed to
external competition from other dealers of companies such as
Suzuki, Yamaha, TVS, Honda, Hero etc. In order to capture the
market share, the auto dealers generally have to offer better
buying terms like providing credit period or allowing discounts on
purchases. Such discount creates margin pressure and negatively
impact the earning capacity of the firm.

Linkage to the fortunes of BAL - JBB, being an authorised dealer of
Bajaj two wheelers, deals in automobiles only from BAL.
Accordingly, its fortunes are linked to the performance of BAL's
products. As such, any shift in customer preference and brand
equity will negatively impact JBB.

Key Rating Strengths:

Experienced partners with long track record of operations - JBB
started dealership of two wheelers since 2004 and have more than a
decade of track record of operations. The key partners Mr Rajesh
Ranjan and Mr Upendra Kumar have more than a decade of experience
in the automobile (Two wheeler) industry. Both the partners are
actively involved in the day to day operations of the firm with
appropriate support from other partners and a team of experienced
personnel.

Integrated nature of business - JBB also provides authorized after
sales service and deals in original accessories & spare parts apart
from selling cars by virtue of being a 3-S authorized dealer of
BAL. Owning authorized service centre helps the firm to tap a
larger client base who prefers to purchase two wheelers from
dealers having own authorized service centre to avoid hassles in
case of breakdown and requirement of service.

Liqudity position: Comment on liquidity position is not available
due to non cooperation and also the banker could not be contacted.

Bihar based JBB was set up as a partnership firm in June 2004 by Mr
Rajesh Ranjan, Mr Upendra Kumar and their family members. JBB is an
exclusive authorised dealer for two wheelers of Bajaj Auto Ltd
(BAL) for Arrah city of Bihar. The firm's showroom is located at
Arrah city, Bihar equipped with 3-S facilities (Sales, Service and
Spare-parts). Apart from this, it has 4 sub dealers operating in
Buxar and Bhojpur districts of Bihar.


JYOTINDRA PRASAD: CARE Lowers Rating on INR6.0cr Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jyotindra Prasad Singh (JPS) as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       6.00      CARE B+; Issuer Not Cooperating;
   Facilities                     Revised from CARE BB-; based on
                                  best available information.

Detailed Rationale and key rating drivers

CARE has been seeking information JPS to monitor the rating vide
e-mail communications/letters dated June 7 2019, June 10, 2019,
June 12, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on JPS's bank
facilities will now be denoted as CARE B+; ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by Jyotindra Prasad Singh with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information non-availability risk as a key factor in its assessment
of credit risk.

Detailed description of the key rating drivers

At the time of last rating in July 13, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Partnership nature of constitution: Being a partnership entity,
there is an inherent risk of capital being withdrawn by partners at
time of personal contingency and limited ability to raise capital.
Moreover, poor succession planning may result in dissolution of
entity.

Small scale of operations: JPS's business risk profile remained
constrained by its small scale of operations in a fragmented
industry, though JPS's total operating income (TOI) has increased
during the period FY13-FY15 at a CAGR of 24.28% with TOI & PAT at
INR5.56 crore and INR0.93 crore, respectively, for FY15. The
continuous increase in TOI was on the back of higher execution of
contract orders received from IOCL. Furthermore, the total capital
employed was also low at INR5.64 crore as on March 31, 2015. The
small size restricts the financial flexibility of the entity in
times of stress. Furthermore, till February 2016, the firm has
maintained to have achieved TOI of INR5.00 crore.

Tender-based nature of operations with risk of delay in project
execution: JPS is engaged in transportation, contract work,
handling job and Clearing & Forwarding (C&F) agent for Indian Oil
Corporation (IOCL) and works on tenders received from IOCL.
Accordingly, there is an inherent risk associated with the receipt
of tender on the backof fragmented nature of industry and
especially in view of the stringent rules involved in the
contracts. Furthermore, JPS's business is also susceptible to
financial loss arising out of delay in project execution, as
generally penalty clause exists for delay in execution of contract
projects involving liquidated damages, etc.

Client concentration risk with volatility in fuel cost: JPS works
only for IOCL and the same accounts 100% of the total revenue,
thus, exposing the firm to high degree of customer concentration
risk. However, being associated with the IOCL ensures JPS, steady
flow of income with minimal default risk. JPS bears the fuel cost
for running the vehicles and the same is dependent on crude oil
prices. As such there is a risk associated with the volatility in
fuel cost.

Working capital intensive nature of business: The average
utilization of fund-based working-capital facilities was around 98%
during trailing 12-month period ending February 29, 2016.

Key Rating Strengths

Experienced partners with long track record of operations: JPS is
currently managed by Mr JyotindraPrasad Singh, the Managing
Partner. Mr Jyotindra Prasad Singh (Matriculate), aged about 57
years and having around three decades of experience in similar line
of business, looks after the overall management of the entity along
with other partners. Furthermore, JPS commenced commercial
operation since 1998 and accordingly has a long track record of
operations.

Association with reputed government agency Indian Oil: JPS is
engaged in transportation, contract work, handling job and Clearing
& Forwarding (C&F) agent for reputed entity like Indian Oil
Corporation (IOCL).

Satisfactory profitability margin, comfortable capital structure &
debt service coverage indicators: Profitability of the Clearing &
Forwarding (C&F) agent depends upon the timely order execution and
efficient cost management. With firm scoring satisfactory in this
front, the PBILDT margin remained satisfactory and improved
continuously from 18.05% in FY13 (refers to the period April 1 to
March 31) to 25.18% during FY15 on the back of lower operating
expenses.

Satisfactory PBILDT margin and lower reliance on external debt,
kept the PAT margin satisfactory too and it moved in line with
PBILDT margin. The debt profile of JPS consists of cash credit and
unsecured loans (unsubordinated) from outside. Both the long-term
debt equity ratio and the overall gearing ratio remained
comfortable as on the last three accounts closing dates with the
long-term debt equity ratio remaining at 0.25x and the overall
gearing ratio remaining at 0.77x as on March 31, 2015. The debt
service coverage indicators also remained comfortable marked by
interest coverage ratio of 6.36x during FY15 and total debt to GCA
of 2.08x in FY15.

Established in 1998, Jyotindra Prasad Singh (JPS) was set up as
partnership firm by Shri Jyotindra Prasad Singh, Shri Ramchandra
Singh, Smt. Indu Devi, Smt. Meena Devi, Shri Janardan Singh and
Smt. Usha Devi of Begusarai, Bihar each of them having a profit
sharing ratio of 16.67%. Since inception, the entity has been
engaged in transportation, contract work, handling job and Clearing
& Forwarding (C&F) agent for Indian Oil Corporation (IOCL). In
March 2013, subsequent to stabilisation of operation, the company
expanded its paddy processing capacity to 96,000 MTPA. The company
sells its products under the brand name "Charmi", "Priyadarshini"
and "Subhsiddhi" to traders and wholesalers located in different
states of India.


LIFESTYLE FITNESS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Lifestyle Fitness Private Limited
        62-C SFS MIG DDA Flats Motia Khan
        Paharganj New Delhi 110055

Insolvency Commencement Date: July 2, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 29, 2019

Insolvency professional: Shyam Arora

Interim Resolution
Professional:            Shyam Arora
                         96, Aravali Apartment
                         Alaknanda New Delhi 110019
                         E-mail: arora.shyaam@yahoo.com

                            - and -

                         C-17B, Basement, Kalkaji
                         New Delhi 110019
                         E-mail: cirplifestyle@gmail.com

Last date for
submission of claims:    July 16, 2019


LIMRA ENTERPRISES: CARE Lowers Rating on INR3cr Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Limra Enterprises, as:

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Bank         3.00        CARE B; Stable; Issuer not
   Facilities                         cooperating; Revised from
                                      CARE B+; Stable; Issuer Not
                                      Cooperating; based on best
                                      available information

   Short-term Bank        3.00        CARE A4; Issuer not
   Facilities                         cooperating; Based on best
                                      available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Limra Enterprises to monitor
the rating(s) vide e-mail communications/letters dated June 18,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Limra Enterprises's bank
facilities will now be denoted as CARE B; Stable/CARE A4; ISSUER
NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of financial information due to non-cooperation by
Limra enterprises with CARE'S efforts to undertake a review of the
rating outstanding. CARE views information availability risk as a
key factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on March 23, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations though growing: Limra's scale of
operations has remained small as evident from total operating
income and gross cash accruals of INR20.29 crore and INR0.20 crore,
respectively, in FY16 (refers to the period April 1 to March 31).
Also, the firm has low net worth base of INR0.85 crore as on March
31, 2016. The small scale limits the firm's financial flexibility
in times of stress and deprives it of scale benefits.

The risk is partially mitigated by the fact that the scale of
operations has been growing continuously in the last 3 financial
years (refers to the period April 1 to March 31). For the period
FY14-FY16, Limra's total operating income grew from INR9.02 crore
to INR20.29 crore reflecting a compounded annual growth rate (CAGR)
of around 50%. The growth in TOI is attributable to increase in
quantity sold to existing and new customers. During 11MFY17, the
firm has achieved turnover of INR17.00 crore (based on the
provisional results).

Low profitability margins, leveraged capital structure and weak
debt coverage indicators: The profitability margin of the firm has
been historically on the lower side owing to low value addition
nature and highly competitive nature of industry. With a view to
garner increased market share, firm did not increase its prices in
tandem with the increase in cost of production and settled for
little margin of profit. This resulted into decline in PBILDT
margin to 2.86% in FY16 from 4.29% in FY15. Further, high interest
burden on its bank borrowings restricts the net profitability of
the firm. Thus, PAT margin declined and stood at 0.86% in FY16 as
against 1.23% in FY15. The capital structure has remained leveraged
on the balance sheet date of past three financial years (FY14-FY16)
on account of high proportion of LC-backed creditors since the firm
purchases mostly through imports backed by Letter of credit
(normally up to 120 days) and low net worth base. The capital
structure marked by overall gearing ratio stood at 3.75x as on
March 31, 2016 as against 3.64x as on March 31, 2015 mainly on
account of high utilization of working capital borrowings as on
balance sheet date. Debt service coverage indicators as marked by
interest coverage and total debt to GCA has remained weak and stood
at 1.52x and 16.03x during FY16 as against 1.55x and 17.20x in FY15
on account of high debt level.

Foreign exchange fluctuation risk: The firm is mainly sourcing its
timber requirement through imports from South Africa, Singapore &
Malaysia and its import procurement to raw material cost stood at
80% for last three financial years (FY14-FY16). The material is
completely sold in the domestic market. With initial cash outlay
for procurement in foreign currency and significant chunk of sales
realization in domestic currency, the firm is exposed to the
fluctuation in exchange rates which the firm does not hedge. Hence,
margins remain susceptible to the exchange rate movements.

Susceptibility to fluctuation in log prices and government
regulations: Limra imports majority of the timber logs requirement
(around 80% of the total purchases) from South Africa, Singapore &
Malaysia. This exposes the firm to adverse changes in the
government policies in these countries with respect to timber log
export. Earnings are also susceptible to the regulatory policies
relating to the tariff barriers (import duty, custom duty),
non-tariff barriers (restriction on quantity of imports)
anti-dumping duties, international freight rates and port charges,
etc. Limra is also exposed to volatility in the log prices as it
does not enters into any contract for purchase of raw materials.
Since there is a long time lag between raw material procurement and
liquidation of inventory, the firm is exposed to the risk of
adverse price movement resulting in lower realization than
expected.

Presence in a highly fragmented timber sector with low entry
barriers and high competition: Timber trading business is
characterized by high volumes and low margins. The timber trading
sector is highly competitive, comprising a large number a large
number of players in the organized segment as a result of low entry
barriers. This results in intense competition which has a cascading
effect on the player's margins.

Key Rating Strengths

Experienced proprietor coupled with long track record of
operations: Mr. Anwar Husain, proprietor of Limra has an experience
of more than two decades in this industry through his association
with this entity. He is ably supported by his son Mr. Mohamed
Ahmar. They collectively look after the overall operations of the
firm. The proprietor is having a considerable track record in the
industry which has resulted in long term relationships with
suppliers and customers.

Moderate operating cycle: The firm maintains adequate inventory of
traded goods of around three month on account of high lead time for
procurement and firm has to meet the immediate demands of its
customers. However, the same get reduced to 90 days in FY16 against
140 days in FY15 owing to liquidation of inventory. Further, being
a highly competitive business, the firm has to give extended credit
and thus, the average collection period remained around one month
during FY16. The firm had moderate payable period due to high
proportion of LC-backed creditors since the firm purchases mostly
through imports backed by LC (normally up to 120 days).

Location advantage: The branch office of Limra is located in the
timber cluster where the wood is processed in various shapes and
sizes at Gandhidham, Gujarat which is very close to the port of
Kandla. Kandla is a hub for wood based industries, having around
1500 wood based industries, and accounting for 55% of India's
timber imports.

Moradabad (Uttar Pradesh) based Limra Enterprises (Limra) was
established in 1994 as a proprietorship firm and is managed by Mr.
Anwar Husain. Limra is engaged into processing & trading of
different types of wooden logs like teak, sagwan, etc. The
procurement is mainly in the form of imports (around 80%) from
South Africa, Singapore & Malaysia and rest (around 20%) from
traders. The processing facility of the firm is located in
Gandhidham, Gujarat. The firm sells its products to wholesalers and
traders located in Uttar Pradesh & Delhi.


MEGHRAJ FOODS: CRISIL Moves B+ on INR5cr Loan to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Meghraj Foods
(MF) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MF for obtaining
information through letters and emails dated April 30, 2019 and May
24, 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 MF. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MF is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Set up in September 2014 in Bhiwani, Haryana, as a partnership firm
by Mr Babulal Jindal and his wife, Ms Lalitadevi Jindal, MF
processes guar seeds into refined guar gum splits and powder,
polymers, and its by-products.


MELLCON ENGINEERS: CARE Moves B+ on INR4cr Loans to Not Cooperating
-------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Mellcon
Engineers Private Limited to Issuer Not Cooperating category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        4.00        CARE B+; Stable; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

   Short term Bank       2.50        CARE A4; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Mellcon Engineers
Private Limited to monitor the ratings vide e-mail communications
dated June 11, 2019, June 3, 2019, and May 31, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided no default statement for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on Mellcon Engineers Private Limited's bank
facilities will now be denoted as CARE B+; Stable/CARE A4 ISSUER
NOT COOPERATING.

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


N. C. FOODS: CARE Lowers Rating on INR7.51cr Loan to B-
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
N. C. Foods, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank         7.51       CARE B-; Stable; Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE B; Stable based on best
                                     Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from N. C. Foods to monitor the
rating(s) vide e-mail communications/ letters dated June 18, 2019
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on N. C Foods' bank facilities will now be denoted as
CARE B-; Stable; ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of financial information due to non-cooperation by N. C. Foods with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information avaibility risk as a key factor in its
assessment of credit risk.

Detailed Description of Key Rating Drivers

At the time of last rating on March 6, 2018, the following were the
rating weaknesses and strengths.

Key Rating Weakness

Small scale of operations coupled with low net worth base: Despite,
the growth registered on y-o-y basis in last 3 financial years
(FY14-FY16 – refers to the period April 1 to March 31), the scale
of operations stood small which limits the firm's financial
flexibility in times of stress and deprives it from scale
benefits.

Low profitability margins, leveraged capital structure and weak
coverage indicators: The firm's profitability margins have been
historically on the lower side owing to the low value addition and
highly fragmented nature of industry characterized by intense
competition. Furthermore, high financial charges and depreciation
restricted the net profitability of the firm and the PAT margin
remained low at 0.54% and 0.65% respectively for FY16 and FY15. The
capital structure of the firm continues to remain leveraged on
account of high dependence on external borrowings to meet the
working capital requirements coupled with relatively low net worth
base. Also, the debt coverage indicators of the firm stood weak for
the past three financial years (FY14-FY16) on account of high debt
levels coupled with low profitability.

Elongated operating cycle: Operations of the firm stood elongated
marked by an average operating cycle of 103 days in FY16 owing to
high inventory days of around 3 months since the firm builds up raw
material inventory to cater to the milling and processing of rice
throughout the year. The firm allows credit period of around 30
days to its customers while procures the raw material on credit of
half month for its suppliers. The high working capital requirements
were met largely through bank borrowings which resulted in around
80% utilization of its sanctioned working capital limits for 12
months ended January, 2017.

Business susceptible to the vagaries of nature: Paddy is the major
raw material and the peak paddy procurement season is during
November to January during which the firm builds up raw material
inventory to cater to the milling and processing of rice throughout
the year. The monsoon has a huge bearing on crop availability which
determines the prevailing paddy prices.

Fragmented and competitive nature of the industry: The commodity
nature of the product makes the industry highly fragmented, with
numerous players operating in the unorganized sector with very less
product differentiation.  Furthermore, the concentration of rice
millers around the paddy growing regions makes the business
intensely competitive.

Key Rating Strengths

Experienced promoter and long track record of operations: NCF was
established as a proprietorship firm in the year 2003 by Mr
Ghanshyam Das Mittal. He has an overall experience of around three
decades in the processing of rice through his association with NCF
and associate firm Nirmal Industries. Prior to NCF, he was engaged
in the similar business through his proprietorship firm Annapurna
Rice Mill (operations discontinued).

Uttarakhand based, N. C. Foods (NCF) is a proprietorship firm
established in 2003 by Mr Ghanshyam Das Mittal. The firm is engaged
in processing of basmati and non-basmati rice with an installed
capacity of 30,000 metric ton per annum (MTPA) as on March 31,
2016. NCF procures paddy from local grain markets through dealers
and agents mainly from the states of Uttarakhand, Bihar, and Uttar
Pradesh. NCF primarily sells its product to wholesalers and traders
located in the states of Uttarakhand, Haryana, Himachal Pradesh,
Delhi, Gujarat, Rajasthan and Uttar Pradesh. The firm has an
associate firm, Nirmal Industries engaged in milling and processing
of paddy since 2012.


NIK-SAN ENGINEERING: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nik-San
Engineering Company Limited's (NSECL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR82.0 mil. Fund-based limits assigned with IND
     BB+/Stable/IND A4+ rating; and

-- INR280.0 mil. Non-fund-based limits assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect NSECL's small scale of operations as indicated
by revenue of INR765 million in FY19 (FY18: INR606 million). The
growth in revenue was attributed to an increase in the number of
orders received and executed during the year. NSECL booked revenue
of INR155 million until May 2019. As of April 2019, the company had
an order book of INR409.95 million (0.5x of FY19 revenue), to be
executed by FYE20.

NSECL's return on capital employed was 13% in FY19 (FY18: xx) and
EBITDA margins were average at 6.1% (8%), due to the competitive
nature of the industry. The decrease in the margins was because of
an increase in the cost of raw materials. The management expects
the EBITDA margins to remain around 6% in FY20 as the company has
started passing on any fluctuation in the raw material prices to
its customers.

The ratings also factor in the company's modest credit metrics as
reflected by gross interest coverage (operating EBITDA/gross
interest expense) of 1.5x in FY19 (FY18: 1.4x) and net leverage
(net adjusted debt/operating EBITDA) of 2.0x (2.6x). The
improvement in credit metrics was due to a decrease in its
short-term debt and the consequent decline in the interest
expense.

The ratings also reflect NSECL's modest liquidity position as
reflected by 98.8% average maximum utilization of its fund-based
working capital limits for the 12 months ended May 2019. Its cash
flow from operations surged to INR65 million in FY19 (FY18: INR9
million), majorly due to favorable changes in working capital. The
net cash conversion cycle improved to 41 days in FY19 (FY18: 89
days), due to a decrease in inventory holding period to 105 days
(149 days), driven by a decrease in lead time to eight months from
10 months. At FYE19, NSECL's cash and cash equivalents stood at
INR6 million (FYE18: INR3 million). The company's term loan majorly
consists of vehicle loans and will be fully repaid in February
2028.

However, the ratings are supported by the company's directors' two
and a half decades of experience in the assembling and
manufacturing of distribution transformers.

RATING SENSITIVITIES

Negative: A decline in revenue and EBITDA margins resulting in the
interest coverage reducing below 1.5x, along with deterioration in
the liquidity position in FY20 could be negative for the ratings.

Positive: An improvement in the revenue and EBITDA margins,
resulting in the interest coverage increasing above 2x in FY20
could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2009, NSECL is engaged in the assembling and
manufacturing of distribution transformers at its manufacturing
unit in Baroda, Gujarat, which has a total manufacturing capacity
of 30,000 units per annum.


OM SATYA: CARE Moves B+ on INR5.04 Loan to Non-Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Om Satya
Overseas (OSO) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       5.04       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale and key rating drivers

CARE has been seeking no default statement from OSO to monitor the
ratings vide e-mail communications dated June 7, 2019, June 5,
2019, June 3, 2019, May 31, 2019, May 29, 2019, May 22, 2019, May
15, 2019, May 8, 2019, May 6, 2019, May 2, 2019, April 30, 2019,
April 3, 2019, April 01, 2019, March 30, 2019, March 7, 2019, March
5, 2019, March 1, 2019, February 28, 2019, February 7, 2019,
February 5, 2019,  February 1, 2019 and January 31, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided No default statement for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on OSO's bank facilities will now be denoted as
CARE B+; Stable; ISSUER NOT COOPERATING.

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


PANNU STONE: CARE Moves B on INR9.75cr Loan to Non Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Pannu
Stone Crusher to Issuer Not Cooperating category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        9.75        CARE B; Stable; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Pannu Stone Crusher
to monitor the ratings vide e-mail communications dated June 7,
2019, June 3, 2019, May 31, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided no
default statement for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The ratings
on Pannu Stone Crusher's bank facilities will now be denoted as
CARE B; Stable; ISSUER NOT COOPERATING.

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


PARIXIT IRRIGATION: Ind-Ra Withdraws 'D' LongTerm Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Parixit
Irrigation Limited's Long-Term Issuer Rating of 'IND D (ISSUER NOT
COOPERATING)'.

The instrument-wise rating action is:

-- The 'IND D' rating on the INR26.4 mil. Term loan due on April
     2019 is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no dues certificate from the rated facility's
lender.

COMPANY PROFILE

Incorporated in 1989, Ahmedabad-based Parixit Irrigation is engaged
in the manufacturing and turnkey supply of micro irrigation systems
and a range of polyethylene pipes.


RASHMI ENTERPRISES: CARE Lowers Rating on INR6cr Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rashmi Enterprises, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         6.00       CARE B+; Stable; Issuer not
   Facilities                        cooperating; Revised from
                                     CARE BB-; Stable on the basis
                                     of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Rashmi Enterprises
to monitor the ratings vide e-mail communications dated June 12,
2019 June 3, 2019, May 15, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided no
default statement for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The ratings
on Rashmi Enterprises's bank facilities will now be denoted as CARE
B+; Stable; ISSUER NOT COOPERATING.

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

The ratings has been revised by taking into account no
due-diligence conducted due to non-cooperation by Rashmi
Enterprises with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.


SHRI GANGADASS: CRISIL Moves B on INR2.5cr Loan to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shri Gangadass
Enterprises Private Limited (SGEPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            2        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan         1.94     CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              2.50     CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SGEPL for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 SGEPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

SGEPL, incorporated on April 2016 by Ms Neelam Sharma, Mr Saurabh
Sharma, and Mr Ajay Kumar Sharma, has a cold store at Aligarh, with
chamber capacity of 2 lakh bags. It is used for preservation of
potatoes and other perishable goods.


SREE GURU: CRISIL Assigns 'B' Ratings to INR7cr Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Sree Guru Ramalingeswara Agro Industries
(SGRAI).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan             3.5       CRISIL B/Stable (Assigned)

   Cash Credit           2.5       CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    1.0       CRISIL B/Stable (Assigned)

The rating reflects risks related to stabilization of operations,
demand related risks and expected leveraged capital structure.
These weaknesses are partially offset by the extensive experience
of the partners in the paddy processing industry and their funding
support.

Key Rating Drivers & Detailed Description

Strengths:

* Risks related to stabilization of operation, demand risk:
The company is in nascent stages of operations, as operations have
started in April 2019. The firm will remain exposed to risks
related to stabilization of operations. Demand offtake will also
remain a key monitor able over the medium term.

* Expected leveraged capital structure: Capital structure is
expected to be leveraged as the project has been funded with a debt
to equity ratio of 2 times. Additionally, the company also has
working capital debt, due to which capital structure is expected to
remain leveraged over the medium term.

Weakness:
* Extensive industry experience of partners and their funding
support: The partners have an experience of over 10 years in the
paddy processing industry. Their experience will help the firm to
establish strong relations with customers and suppliers, and
increase its scale of operations. Moreover, the partners are
expected to infuse additional funds into the firm to meet debt
repayment obligations and working capital requirements.

Liquidity
SGRAI's liquidity is expected to be weak over the medium term.
Accruals are expected to remain modest in FY20 and FY21 due to
small scale of operations and modest profitability. The accruals
are expected to be insufficient to meet long term debt repayment
obligations of INR0.5 crore per annum. The partners are expected to
infuse unsecured loans into the firm to meet the repayment
obligations and incremental working capital requirement.

Outlook: Stable

CRISIL believes SGRAI will continue to benefit over the medium term
from its partners extensive experience and their funding support.
The outlook may be revised to 'Positive' if successful
commercialization and stabilization of operations, lead to
higher-than-expected revenue and operating margin in the first year
of operations. The outlook may be revised to 'Negative' in case of
delays in stabilization of operations, or stretch in working
capital cycle which could lead to weakening of financial risk
profile.

SGRAI was established in 2019, it is located in Ballari
(Karnataka). SGRAI is owned and managed by Mr. M. Raghava Reddy,
Mr. M. Sateesh Reddy, Mr. Mommidi Harish Reddy, Mr. Y. Honna Reddy,
Mr. Lingadevarapalli Raghava Reddy, and Mr. R. P. Guttargimutt.
SGRAI is engaged in manufacturing and processing of no basmati
polished rice. The firm began operations in April 2019.


TEXTRADE INTERNATIONAL: CARE Lowers Rating on INR120cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Textrade International Ltd (TIL), as:

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Bank Facilities-        120.00      CARE D/CARE D; ISSUER NOT
   Fund-based-LT/                      COOPERATING; Based on best
   ST-EPC/PSC                          available information;
                                       Revised from CARE BB+;
                                       ISSUER NOT COOPERATING on
                                       the basis of best available

                                       information

   Bank Facilities-         55.00      CARE D; ISSUER NOT
   Non-fund based-                     COOPERATING; Based on best
   ST-LC/BG                            Available information;
                                       Revised from CARE A4+;
                                       ISSUER NOT COOPERATING on
                                       the basis of best available

                                       information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TIL to monitor the ratings
vide e-mail communications/letters dated January, 4, 2018, February
2, 2018, February 16, 2018, February 21, 2018, March 6, 2018, March
13, 2018 and March 20, 2018, May 30, 2019, June 7, 2019, June 14,
2019 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating.

The rating on Textrade International Ltd.'s bank facilities will
now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING on account
of delays in debt servicing.

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

The ratings have been revised on account of the company's weakened
liquidity position resulting from stretch in operating cycle. This
liquidity stretch could result in the company defaulting in its
debt obligations.

Detailed description of the key rating drivers:

Weakened Liquidity position: The company's liquidity position has
weakened with operating cycle deteriorating from 217 days in FY17
to 226 days in FY18. Cash flow from operations also turned negative
in FY18. This liquidity stretch could result in the company
defaulting in its debt obligations.

Textrade International Ltd (TIL) involved in business of
manufacturing of home textile products. The company's home textiles
product range includes bedroom textiles, bathroom textiles, lounge
textiles and kitchen and table linen. TIL, primarily concentrates
on the home textiles market in US and EU. Textrade International
Ltd was originally started as a partnership firm in 1984. In June
2004, Textrade International Pvt. Ltd was incorporated which took
over the business of erstwhile partnership firm on a going concern
basis. Subsequently, In May 2007, the constitution of the company
changed from private Ltd. to Public Ltd. (closely held). The main
promoters of the company are Mr. Bipin Doshi and his son Mr. Anish
Doshi who together with their family members hold 82.50% of equity
capital of the company. In 2007, Anil Dhirubhai Ambani Group (ADAG)
has taken 17.39% stake in TIL through its investment company Crest
Logistics and Engineers Private Limited (formerly Sonata
Investments Limited).


VIJAYA RAJA: CRISIL Moves B+ on INR18cr Loan to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vijaya Raja
Rajeshwari Constructions Private Limited (VRRCPL) to 'CRISIL
B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            18       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VRRCPL for obtaining
information through letters and emails dated March 12, 2019, June
10, 2019 and June 14, 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 VRRCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VRRCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

VRRCPL, incorporated in 2007, constructs residential apartments in
Andhra Pradesh and Telangana. The company is currently developing
VRR Vaibhavam in Vijayawada on an area of 11,527 square yard. The
project comprises five residential buildings and a club house.


YOGESH TRADING: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Yogesh Trading
Co.'s (YTC) Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR350 mil. Fund-based working capital limit maintained in
     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
December 31, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

New Delhi-based YTC is engaged in the wholesale trading of denim
and non-denim fabrics. The firm is managed by Mr. Deepak Gambhir.




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

HIAP SENG: Confident on Going Concern Status
--------------------------------------------
The Straits Times reports that mainboard-listed Hiap Seng
Engineering on July 4 responded to Singapore Exchange (SGX) queries
on its financial results for FY2019 ended March 31.

According to the report, the bourse had asked for the board of
directors' assessment of the group's ability to operate as a going
concern and whether its shares should be suspended, taking into
account Hiap Seng's net current liabilities of about SGD20
million.

The Straits Times relates that Hiap Seng said that based on
cash-flow projections for fiscal 2020 to fiscal 2022 - that allow
for liquidity and going concern assessment - conducted by an
independent consultancy firm, its board is of the view that the
group should be able to continue as a going concern.

It added that the group is actively discussing additional equity
funding with potential investors and financial advisers, the report
relays.

The Straits Times adds that Hiap Seng - a provider of engineering
and plant-related services for the petroleum and petrochemical
industry - said the general outlook for the process sector of the
oil and gas industry has shown signs of recovery.

It has been receiving more job enquiries and expects to secure more
projects with better margins in the future. With additional
projects, the group will generate enough funds for its operational
needs, it added.  Hence, its directors are of the opinion that its
shares should not be suspended from trading, relays the Straits
Times.

The report says SGX queried Hiap Seng on its trade and other
receivables and asked the firm to provide an ageing schedule for
its debtors.

In response to queries about its trade and other receivables, and
ageing schedule for its debtors, Hiap Seng said that of its SGD25.3
million in trade receivables, SGD21.2 million was received in less
than 60 days, whereas SGD2.4 million was received after more than
180 days. Based on this, the board said it is "confident that the
recoverability of the trade receivables is not an issue," the
report relays.

The Straits Times adds that the group explained that a provision of
SGD5.8 million was to provide for foreseeable losses for three
loss-making projects.

According to the report, Hiap Seng said that its contract assets
fell by 41.7 per cent and its contract liabilities increased by
373.4 per cent due to its adoption of Singapore Financial Reporting
Standards (International) on April 1, 2018. Hence, it had to
reflect contract assets and liabilities for FY2019 and comparative
FY2018 statements.

Contract assets was for revenue that was recognised but not yet
billed to customers, while contract liabilities are billings to
customers for which revenue has yet to be recognised. The variances
were due to timing of billings to customers and the recognition of
related revenue, the report discloses.

The Straits Times adds that SGX also flagged the group's borrowings
of SGD30 million that was due in one year or less.

According to the report, the group said this was categorised under
bank borrowings and used for working capital, and added that the
borrowings had been renewed.  It also said cost overrun - the main
reason for its FY2019 gross loss - amounted to SGD15.4 million. Its
outstanding orders stood at SGD126 million and were expected to be
fulfilled by June 30, 2020.

Hiap Seng was one of 12 mainboard companies added to SGX watch list
in June following a mid-year review by the bourse, the report
says.

Hiap Seng Engineering Ltd provides building construction,
engineering, procurement, construction, and plant maintenance
services for the oil and gas, and energy sectors in Singapore,
Malaysia, Thailand, Vietnam, the United Arab Emirates, and
internationally.


HIAP SENG: Expects to Post Q4 and Full-Year Loss
------------------------------------------------
The Straits Times reports that mainboard-listed Hiap Seng
Engineering on June 24 said it expects to post a net loss for both
its fiscal fourth-quarter and full year ended March 31, 2019,
following a preliminary review of the company's unaudited financial
results.

According to the report, the company was placed on the Singapore
Exchange's watch-list on June 5 last year under the minimum trading
price criteria, for failing to maintain a six-month volume-weighted
average trading price of 20 cents, and a market cap of SGD40
million.

Hiap Seng Engineering has until June 4, 2021 to cure this status,
or risk being delisted, the report notes.

Hiap Seng Engineering Ltd provides building construction,
engineering, procurement, construction, and plant maintenance
services for the oil and gas, and energy sectors in Singapore,
Malaysia, Thailand, Vietnam, the United Arab Emirates, and
internationally.


HYFLUX LTD: Gets More Time to Announce Financial Results & Hold AGM
-------------------------------------------------------------------
The Straits Times reports that Hyflux Ltd has been handed further
deadline extensions by the Singapore Exchange to announce financial
results and hold its annual general meeting (AGM).

The deadline for announcing its 2018 full-year numbers was extended
by a further five months while its AGM can be put back three more
months, the report says.

Extensions of 3-1/2 months were also granted for the release of
Hyflux's first-and second-quarter results for this year, the
Straits Times adds.

Its three financial statements and the AGM must be announced and
concluded by Nov. 30 or before the lifting of the trading
suspension, Hyflux said on June 28.

The Straits Times notes that the High Court granted Hyflux a
six-month moratorium earlier this month to stave off creditors and
find suitable financing.

According to the report, the firm said it is negotiating the terms
of the reorganisation with potential investors and stakeholders
under the court-supervised process with the moratorium in place.

Potential white knight Utico had extended a deadline for both
parties to enter a binding agreement to June 27, after the previous
deadline of June 17 expired, the report notes.

Utico has also requested that if a binding arrangement is reached
in that period, a town hall for perpetual securities and preference
shareholders should be arranged for the week of July 7, says the
Straits Times.

Hyflux has yet to announce a conclusion to the potential agreement,
the report notes.

                           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.




===============
T H A I L A N D
===============

KTB SECURITIES: Fitch Affirms BB(tha) National LongTerm Rating
--------------------------------------------------------------
Fitch Ratings has affirmed KTB Securities Public Company Limited's
National Long-Term Rating at 'BB(tha)' with a Stable Outlook,
National Short-Term Rating at 'B(tha)' and subordinated debentures
at 'BB-(tha)'.

KEY RATING DRIVERS

NATIONAL RATINGS

KTBST's National Ratings are based on its standalone financial
profile and reflect its small domestic franchise, with about 1%
market share in 1Q19. The ratings also take into account KTBST's
small capital base and higher leverage relative to Fitch-rated
peers. The company remains exposed to funding and liquidity risk
over the medium-term due to its unproven funding stability and
limited history of capital-market access. Nonetheless, funding and
liquid risk over the short-term could be mitigated by KTBST's
liquid-asset holdings and available credit lines.

Fitch expects KTBST's improving earnings and profitability to
remain more volatile than that of domestic peers over the
medium-term due to its weaker franchise, as reflected in its
developing business model, and high operating costs. Downside risk
could arise from KTBST's increasing risk appetite, as evidenced by
its strong growth aspiration, which could exceed its risk-control
capacity. Its planned stock-market listing has been delayed to
2020; the listing, if it occurs, should strengthen KTBST's capital
position at its current rating, as Fitch does not expect the
company to raise significant amounts of new capital.

SUBORDINATED DEBT

KTBST's subordinated debentures are rated one notch below KTBST's
National Long-Term Rating to reflect their higher loss-severity
risk relative to senior unsecured instruments. This arises from
their subordinated status, as subordinated noteholders rank after
senior creditors in the priority of claims. Additional notching has
not been applied to the subordinated debentures due to the lack of
going-concern loss-absorption and equity-conversion features.

RATING SENSITIVITIES

NATIONAL RATINGS

Fitch believes near-term rating upside is limited. The current
ratings reflect KTBST's improving trend in its financials. A
significant and sustained improvement in its scale, domestic
franchise and financial profile is likely to take some time. A
continuing improvement in overall performance and key financial
ratios should strengthen its current rating level.

A reversal of the improving financial trends, such as a significant
weakening in capitalisation, profitability or liquidity, which
deviates from Fitch's expectations and industry trends could put
downward pressure on the ratings. More difficult operating
conditions or an increasingly competitive environment would also
weigh negatively on the ratings given KTBST's limited franchise.

SUBORDINATED DEBTS

Changes in KTBST's National Long-Term Rating would have a similar
effect on the rating of the subordinated debentures.




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

ORIENT COMMERCIAL: Moody's Affirms B1 Issuer Ratings
----------------------------------------------------
Moody's Investors Service affirmed Orient Commercial Joint Stock
Bank's B1 long-term local and foreign currency deposit and issuer
ratings.

At the same time, Moody's has upgraded OCB's baseline credit
assessment (BCA) and adjusted BCA to b1 from b2.

Moody's has also upgraded the bank's local and foreign currency
Counterparty Risk Ratings and Counterparty Risk Assessment to Ba3
and Ba3(cr) from B1 and B1(cr) respectively.

The outlook on OCB's long-term ratings is maintained at stable.

RATINGS RATIONALE

The upgrade of OCB's BCA to b1 from b2 reflects the good progress
made by the bank in resolving its legacy problem assets in 2018, as
well as Moody's expectation that profitability will improve because
of wider margins and lower credit costs. OCB's capitalization
improved in 2018 after it successfully raised capital from its
existing shareholders. However, Moody's expects the bank's
capitalization to decline moderately in 2019 because of higher
credit growth.

At the end of 2018, OCB's problem loan ratio improved to 3.8% from
4.5% for the prior year. In Vietnam (Ba3 stable), Moody's defines
problem loans as loans under categories 2-5 of Vietnamese
accounting standards, and gross bonds issued by the Vietnam Asset
Management Company (VAMC). The improvement in OCB's problem loan
ratio was driven by a significant write-off of 78% of the bank's
stock of gross bonds issued by the VAMC as of the end of December
2017, as well as by the 17% loan growth achieved during the year.

Despite this improvement, Moody's expects asset risk at OCB to
remain high because of its above system average loan growth since
2015. Concentration in its loan portfolio to the riskier
construction and real estate sectors as well as to large single
borrowers will also pose downside risks to asset quality, although
the bank is making efforts to diversify its loan portfolio.

OCB's return on tangible assets (ROTA) improved to 1.8% in 2018
from 1.0% in 2017, boosted by significant one-off gains from the
sale of investment securities. In line with its stronger asset
quality, Moody's expects the bank's ROTA to be 1.0%-1.5% over the
next 12-18 months.

Top-line profitability will also benefit from wider margins as the
bank expands its lending to the higher yielding retail and small
and medium enterprise segments. Credit costs will decline gradually
as OCB rebuilds its loan loss reserves after writing off VAMC
bonds. As of the end of 2018, the bank's coverage of problem assets
(including VAMC bonds) by reserves declined to 26% from 33% a year
earlier.

OCB's funding structure is moderate, because its small market share
in system deposits disadvantages the bank in competing with larger
rivals for depositors. Such a situation is reflected by OCB's cost
of deposit funding, which is one of the highest among the 18
Moody's-rated banks in Vietnam. OCB also shows some reliance on
market funds, with wholesale liabilities funding 29% of assets at
the end of 2018.

The bank's overall liquidity is comfortable, with liquid resources
representing 40% of tangible banking assets at the end of 2018.
That said, the composition of the bank's liquid resources is
somewhat weakened by the VND12 trillion of investment securities
(12% of tangible banking assets) that it pledged for borrowings
from other banks as of December 2018.

Moody's assumes that the government will provide a moderate level
of support to OCB in times of crisis, but this does not result in
any uplift because OCB's BCA is just one notch lower than the
sovereign rating. Moody's assumption of government support is
driven by the bank's modest 1% share of both system assets and
system deposits as of year-end 2018, as well as by the history of
regulatory forbearance in Vietnam.

WHAT COULD CHANGE THE RATING UP

OCB's long-term deposit and issuer ratings could be upgraded if (1)
the sovereign rating is upgraded, and/or (2) the bank posts
improved standalone credit metrics that lead to a higher BCA.

WHAT COULD CHANGE THE RATING DOWN

OCB's long-term ratings could be downgraded if Vietnam's sovereign
rating is downgraded or the bank's BCA is downgraded because of a
significant deterioration in its financial metrics. All other
rating factors remaining constant, OCB's BCA could be strained if
it reports significantly higher problem loan ratios or
significantly lower capitalization. A material deterioration in
funding and liquidity could also be negative for OCB's ratings.

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

Headquartered in Ho Chi Minh City, Orient Commercial Joint Stock
Bank (OCB) reported total assets of VND99,964 billion ($4.3
billion) as of December 31, 2018.

LIST OF AFFECTED RATINGS

Issuer: Orient Commercial Joint Stock Bank

Outlook Actions:

Outlook, maintained at Stable

Adjusted Baseline Credit Assessment, Upgraded to b1 from b2

Baseline Credit Assessment, Upgraded to b1 from b2

Long-term Counterparty Risk Assessment, Upgraded to Ba3(cr) from
B1(cr)

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Rating (Foreign Currency/Local
Currency), Upgraded to Ba3 from B1

Short-term Counterparty Risk Rating (Foreign Currency/Local
Currency), Affirmed NP

Long-term Issuer Rating (Foreign Currency/Local Currency), Affirmed
at B1, Outlook maintained at stable

Short-term Issuer Rating (Foreign Currency/Local Currency),
Affirmed at NP

Long-term Deposit Rating (Foreign Currency/Local Currency),
Affirmed at B1, Outlook maintained at stable

Short-term Deposit Rating (Foreign Currency/Local Currency),
Affirmed at NP


SAIGON-HANOI COMMERCIAL: Moody's Affirms B2 Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service affirmed Saigon - Hanoi Commercial Joint
Stock Bank's B2 long-term local and foreign currency deposit
ratings.

Moody's has also affirmed the bank's B2 long-term local and foreign
currency issuer ratings and b3 baseline credit assessment and
adjusted BCA.

In addition, Moody's has affirmed the bank's B1/NP local and
foreign currency Counterparty Risk Ratings, and B1(cr)/NP(cr)
Counterparty Risk Assessment.

The outlook on SHB's long-term ratings is stable.

RATINGS RATIONALE

The affirmation of SHB's B2 deposit and issuer ratings reflects the
bank's b3 BCA and a one-notch uplift based on Moody's assessment of
a moderate probability of support from the Vietnamese government
(Ba3 stable) in times of need.

SHB's b3 BCA considers its weak asset quality, which is strained by
its large stock of legacy problem assets, modest profitability, as
a result of high credit costs, as well as its weak capitalization.
Moreover, the bank's higher than system average loan growth in
2014-17 and its large exposure to cyclical sectors like
agriculture, construction and real estate pose further downside
risks to its asset quality. Finally, the BCA also reflects SHB's
modest funding and liquidity.

As of year-end 2018, SHB's problem loan ratio was stable from a
year earlier at 7.8%. In Vietnam, Moody's defines problem loans as
loans under categories 2-5 of Vietnamese accounting standards, and
gross bonds issued by the Vietnam Asset Management Company (VAMC).

However, in assessing the bank's asset quality, Moody's also
factored in other problematic assets that originated from the
bank's merger with Hanoi Building Commercial Joint Stock Bank
(Habubank) in 2012, including VND0.6 trillion of foreclosed assets,
VND0.7 trillion of debt granted to the troubled Vietnam
Shipbuilding Industry Group, and VND1.8 trillion of doubtful debt
from entrusted investments of Habubank. Including the other
problematic assets, SHB's problem assets ratio would increase to
9.0% as of end-December 2018.

The bank's loss absorbing buffers remain thin relative to its large
stock of problem assets. Problem loans accounted for 104% of the
bank's credit reserves and tangible common equity as of the end of
December 2018. Moody's expects it will take time for SHB to build
up its loan-loss reserves, as provisions for problem loans
transferred from Habubank and VAMC bonds will be gradually made
between 2016 and 2024 under the central-bank-approved restructuring
plan.

SHB's return on tangible assets improved mildly to 0.59% in 2018
from 0.54% in 2017. Total revenue improved in line with loan growth
and margin expansion, although the improvement was offset by high
operating and credit costs. Moody's expects SHB's profitability to
hover at current levels as the bank continues to make provisions
against its large stock of problem assets.

SHB is largely funded by deposits, although its deposit base is
made up primarily of more expensive term deposits, while low-cost
current accounts and savings accounts made up only 8.42% of
customer deposits at the end of 2018. As a result, SHB's cost of
deposits was 5.22% in 2018, the highest among Moody's-rated
Vietnamese banks.

SHB's liquid banking assets as a percentage of tangible banking
assets increased to 22% at the end of 2018 from 17% at the end of
2017. However, high-quality liquid assets, such as cash, balances
with the central bank and government securities, constituted 7.29%
of tangible banking assets at the end of 2018, one of the lowest
levels among Moody's-rated banks in Vietnam.

Moody's assessment of a moderate probability of government support
rendered to SHB in the event of financial distress considers the
bank's modest 3% share of system assets and system deposits at the
end of 2018, as well as the history of regulatory forbearance in
Vietnam.

WHAT COULD CHANGE THE RATING UP

Moody's could upgrade SHB's ratings if: (1) Vietnam's sovereign
rating is upgraded, and (2) the bank posts improved standalone
credit metrics, such as a cleanup of its legacy problem assets or
stronger capitalization that lead to a higher BCA.

WHAT COULD CHANGE THE RATING DOWN

SHB's long-term ratings could be downgraded if Vietnam's sovereign
rating is downgraded or if the bank's BCA is downgraded because of
a significant deterioration in its financial metrics, or both. All
other rating factors remaining constant, the bank's BCA could be
strained if it reports significantly higher problem loan ratios or
significantly lower capitalization. A material deterioration in
funding and liquidity could also be negative for SHB's ratings.

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

Headquartered in Hanoi, Saigon - Hanoi Commercial Joint Stock Bank
reported total assets of VND323,276 billion ($13.9 billion) as of
December 31, 2018.

LIST OF AFFECTED RATINGS

Issuer: Saigon - Hanoi Commercial Joint Stock Bank

Outlook Actions:

Outlook, maintained at stable

Affirmations:

Adjusted Baseline Credit Assessment , Affirmed at b3

Baseline Credit Assessment , Affirmed at b3

Long-term Counterparty Risk Assessment, Affirmed at B1(cr)

Short-term Counterparty Risk Assessment, Affirmed at NP(cr)

Long-term Counterparty Risk Rating (Foreign Currency/Local
Currency), Affirmed at B1

Short-term Counterparty Risk Rating (Foreign Currency/Local
Currency), Affirmed at NP

Long-term Issuer Rating (Foreign Currency/Local Currency), Affirmed
at B2, Outlook maintained at stable

Short-term Issuer Rating (Foreign Currency/Local Currency),
Affirmed at NP

Long-term Deposit Rating (Foreign Currency/Local Currency),
Affirmed at B2, Outlook maintained at stable

Short-term Deposit Rating (Foreign Currency/Local Currency),
Affirmed at NP


VIETNAM PROSPERITY: Moody's Gives (P)B1 Rating on USD1-Bil. Note
----------------------------------------------------------------
Moody's Investors Service has assigned a (P)B1 long-term foreign
currency senior unsecured rating to Vietnam Prosperity Joint Stock
Commercial Bank's (VP Bank, B1 stable, b1) USD1 billion medium term
note program.

RATINGS RATIONALE

The (P)B1 rating on the senior unsecured MTN program is in line
with VP Bank's B1 long-term foreign currency issuer rating. The B1
issuer rating reflects the bank's b1 baseline credit assessment
(BCA) and Moody's expectation of a moderate probability of support
from the Vietnamese government (Ba3 stable) in case of need.

VP Bank's b1 BCA reflects its strong profitability, underpinned by
its leading market share in the high-margin consumer finance
business, as well as its good capitalization. The BCA also
considers the credit risks associated with its consumer finance
portfolio, and its lower problem loan coverage when compared to
domestic and global peers.

The MTN program allows VP Bank to issue senior notes in line with
the maturities, currencies, interest rates and redemption
structures specified in the applicable pricing supplement. Notes
issued under the program constitute direct, unconditional,
unsubordinated, and unsecured obligations of VP Bank, and will rank
pari passu among themselves and equally with all of VP Bank's other
unsecured and unsubordinated obligations.

The (P)B1 rating does not apply to any individual notes issued
under the program. The ratings on individual notes issued under the
program will be subject to Moody's satisfactory review of the terms
and conditions set forth in the final base and supplementary
transaction documents of the notes to be issued.

WHAT COULD CHANGE THE RATING UP

VP Bank's B1 long-term ratings could be upgraded if (1) Vietnam's
sovereign rating is upgraded, or (2) the bank posts improved
standalone credit metrics that lead to a higher BCA, or both.

WHAT COULD CHANGE THE RATING DOWN

VP Bank's B1 long-term ratings could be downgraded if the bank's
BCA is downgraded. The BCA could be downgraded if the bank pursues
an overly aggressive expansion strategy that leads to a loosening
of underwriting practices, in turn raising asset risk, or if there
is a material decline in its capitalization. A material
deterioration in funding and liquidity could also be negative for
the ratings.

The principal methodology used in this rating was Banks published
in August 2018.

Headquartered in Hanoi, Vietnam, Vietnam Prosperity Joint Stock
Commercial Bank reported total assets of VND322.1 trillion (USD13.9
billion) at March 31, 2019.



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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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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.

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