TCRAP_Public/190710.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, July 10, 2019, Vol. 22, No. 137

                           Headlines



A U S T R A L I A

BL REALTY: First Creditors' Meeting Set for July 16
E F CONTRACTING: First Creditors' Meeting Set for July 17
ELDRIDGE MEDICAL: Second Creditors' Meeting Set for July 16
ENDEAVOUR HOSPITALITY: Second Creditors' Meeting Set for July 15
LALO TRANSPORT: First Creditors' Meeting Set for July 17

SAMPLE: Independent Brewery Acquires SAMPLE Portfolio
SWIM LOOPS: Franchisor Placed in Court Appointed Liquidation


C H I N A

BEIJING HONGKUN: Fitch Affirms 'B' LT IDR, Alters Outlook to Neg.
CAMSING INT'L: $490M Fraud Behind Missed Repayments, Says Noah
GREENLAND HONG KONG: Moody's Rates Proposed Sr. Unsec. Notes Ba3
HNA GROUP: Sells Beijing Office Building to Vanke
SHANDONG YUHUANG: Fitch Corrects June 27 Press Release

TIMES CHINA: Fitch Rates Proposed USD Sr. Notes BB-(EXP)
YIHAU ENTERPRISE: Moody's Downgrades CFR to Caa1, Outlook Negative
ZHENGZHO ZHONGRUI: Moody's Affirms B2 CFR, Alters Outlook to Neg.


I N D I A

AFFIL VITRIFIED: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
AISHWARYA IMPEX: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
AJAY PROTECH: ICRA Cuts INR16.35cr Loan Rating to D, Not Coop.
ALPINE PANELS: ICRA Maintains D Rating in Not Cooperating
ANIL BUILCON: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'

ASCENT NETWORKS: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Stable
ASIAN HANDICRAFTS: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
GAYATHRI SUSTAINABLE: ICRA Maintains B+ Rating in Not Cooperating
GLOBAL METAL: ICRA Downgrades Rating on INR53.74cr Loan to D
GSR TEXTILES: ICRA Maintains D Rating in Not Cooperating Category

H D MOTORS: Ind-Ra Migrates B- LT Issuer Rating to Non-Cooperating
HARIOM PROJECTS: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating
J P FOODS: CARE Migrates B+ Rating to Not Cooperating Category
JET AIRWAYS: Court Denies Founder Permission to Fly Outside India
KAMARLI STEELS: ICRA Maintains D Rating in Not Cooperating

KASTURI COMMODITIES: ICRA Maintains D Rating in Not Cooperating
KP POLYOLEFIN: Ind-Ra Hikes Long Term Issuer Rating to 'BB+'
LOTUS OVERSEAS: ICRA Maintains B+ Rating in Not Cooperating
MANGALORE SEA: ICRA Migrates B+ Rating to Not Cooperating
MUZAFFARPUR VIDYUT: Ind-Ra Lowers Long Term Issuer Rating to 'D'

NEOGEM INDIA: ICRA Maintains D Rating in Not Cooperating Category
PM GRANITE: ICRA Maintains C+ Rating in Not Cooperating Category
PREMIER SEAFOODS: Ind-Ra Reassigns B+ LT Term Issuer Rating
RAMAPRIYA SOLAR: ICRA Maintains B Rating in Not Cooperating
RATNESH INFRA: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable

RELISHAH EXPORT: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
SARAVANA GLOBAL: ICRA Withdraws D Rating on INR28.74cr LT Loan
SHIV SHAKTI: ICRA Maintains D Rating in Not Cooperating Category
SHREE RADHA: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
SREE JEYASOUNDHARAM: ICRA Maintains C Rating in Not Cooperating

SUBIR DIAMONDS: Ind-Ra Lowers Long Term Issuer Rating to 'B'
SWARGIYA BHIKAM: Ind-Ra Maintains BB Loan Rating in Non-Cooperating
TRANS CONDUCT: Ind-Ra Moves 'B' LT Issuer Rating to Non-Cooperating
TRUWOODS PRIVATE: ICRA Maintains D Rating in Not Cooperating
VARIETY LUMBERS: ICRA Hikes Rating on INR2.0cr Loan to B-

VIDEOCON GROUP: NCLT Mumbai Directed to Pass Order vs. 15 Units
VISTA PHARMACEUTICALS: Ind-Ra Hikes LT Issuer Rating to 'BB-'


N E W   Z E A L A N D

CRYPTOPIA: Liquidators Obtain Ch.15 Bankruptcy Recognition in U.S.
TARATAHI INSTITUTE: Staff to be Paid Next Week or So

                           - - - - -


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

BL REALTY: First Creditors' Meeting Set for July 16
---------------------------------------------------
A first meeting of the creditors in the proceedings of BL Realty
Pty Ltd Trading as Professionals Insight Realty will be held on
July 16, 2019, at 2:30 p.m. at the offices of SV Partners, at 22
Market Street, in Brisbane, Queensland.

Anne Meagher of SV Partners was appointed as administrator of BL
Realty on July 4, 2019.

E F CONTRACTING: First Creditors' Meeting Set for July 17
---------------------------------------------------------
A first meeting of the creditors in the proceedings of E F
Contracting Pty Ltd will be held on July 17, 2019, at 10:00 a.m. at
the offices of TPH Advisory, Lower Level, at 133 Macquarie Street,
in Sydney, NSW.

Tim Heesh and Amanda Lott of TPH Advisory were appointed as
administrator of E F Contracting on July 5, 2019.

ELDRIDGE MEDICAL: Second Creditors' Meeting Set for July 16
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Eldridge
Medical Pty. Ltd has been set for July 16, 2019, at 10:00 a.m. at
the offices of Mackay Goodwin, Level 2, at 10 Bridge 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 15, 2019, at 4:00 p.m.

Grahame Robert Ward and Domenico Alessandro Calabretta of Mackay
Goodwin were appointed as administrators of Eldridge Medical on
June 11, 2019.

ENDEAVOUR HOSPITALITY: Second Creditors' Meeting Set for July 15
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Endeavour
Hospitality Pty Ltd has been set for July 15, 2019, at 11:30 a.m.
at Level 27, at 259 George Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 12, 2019, at 4:00 p.m.

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

LALO TRANSPORT: First Creditors' Meeting Set for July 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Lalo
Transport Pty Limited will be held on July 17, 2019, at 12:00 p.m.
at the offices of Mackay Goodwin, Level 2, at 10 Bridge Street, in
Sydney, NSW.

Domenico Alessandro Calabretta and Thyge Trafford-Jones of Mackay
Goodwin were appointed as administrators of Lalo Transport on July
5, 2019.

SAMPLE: Independent Brewery Acquires SAMPLE Portfolio
-----------------------------------------------------
Matthew Elmas at SmartCompany reports that collapsed beer business
SAMPLE will remain on bar taps after fellow independent brewery
East 9th purchased the company, ending months of uncertainty over
its future.

SmartCompany relates that the deal, announced on July 8, will see
Melbourne-based East 9th take over the entire SAMPLE portfolio
immediately.

SAMPLE appointed administrators back in May with about AUD300,000
in debt after failing for several years to secure enough capital
for expansion, the report recalls.

Speaking to SmartCompany, East 9th managing director Josh Lefers
was tight-lipped on the terms, but described the deal as a "very
happy purchase".

"It's very exciting, SAMPLE fits our overall company vision and
portfolio," Mr. Lefers told SmartCompany.

Founded in 2010, East 9th is known for its alcoholic ginger beer
Lick Pier and pale lager Doss Blockos. The addition of SAMPLE's
range, particularly its popular three-quarters IPA, will diversify
the business.  But while different brands, Mr. Lefers explains East
9th and SAMPLE actually have a long history.

"Before SAMPLE was anything more than a graphic design on a piece
of paper we were approached to invest," Mr. Lefers explains. "It
wasn't something we wanted at the time."

Founded in 2014, SAMPLE rose to prominence on the same wave,
booking AUD2.3 million in revenue for the 2016-17 financial year.

Mr. Lefers admits to being a "bit surprised" to read of SAMPLE's
collapse, but said he understands the difficulty of running a beer
company.

SWIM LOOPS: Franchisor Placed in Court Appointed Liquidation
------------------------------------------------------------
Inside Franchise Business reports that JUMP! Swim Schools has been
dealt another blow with franchisor Jump Loops Pty Ltd placed in
court appointed liquidation. The Jump Loops liquidation
announcement comes just weeks after alternate franchise entity Jump
Swim Schools Services Pty Ltd suffered a similar fate.

At a Federal Court hearing on July 5, Registrar Claire Gitsham
ordered that Jump Loops be wound up in insolvency under the
provisions of the Corporations Act. Michael Yeo and Gess Rambaldi
from Pitcher Partners were appointed as liquidators, the report
discloses.

According to the report, the Jump Loops liquidation and wind-up
decision marks a notable development in the beleaguered franchise's
attempt to recover from a wealth of negative media attention.

The application had been ongoing since May, but was significantly
bolstered when the Deputy Commissioner Of Taxation joined as a
supporting creditor.

For franchisees, the Jump Loops liquidation and insolvency decision
could have wide-spread effects, the report notes.

In an email obtained by Inside Franchise Business sent to Jump
Loops franchisees, the embattled franchisor revealed ongoing legal
disputes had hampered operation.

"As you may be aware, the company has been under financial pressure
over the recent months, and we were unable to meet the court's
requests in order to have the winding up application dismissed
whilst we secured additional funding," the email states.

"We will be working with the liquidator to assist in this process
as much as possible".

However, former JUMP! Swim Schools franchisee Shaun Trumbull said
he isn't confident duped franchisees will recover funds through the
liquidation process, Inside Franchise Business says.

The ex-northern beaches franchisee was one of the few to sign his
agreements through franchisor Swim Loops, which entered voluntary
administration in May.

"It doesn't affect me directly, but it will certainly affect the
existing Jump Loops franchisees," the report quotes Mr. Trumbull as
saying.  "Out of the 82 unopened schools, the majority of them are
under Jump Loops."

Inside Franchise Business relates that Mr. Trumbull said the
outstanding amount owed to Jump Loops made the task of fund
recovery near impossible.

In June it was revealed that Swim Loops owed creditors more than
AUD15m, much of which came from internal Jump Swim franchise
entities, Inside Franchise Business discloses.

"Given the fact that Jump Loops lent Swim Loops around AUD10m, I
don't see any of them getting anything back," Mr. Trumbull said,
according to Inside Franchise Business.

Inside Franchise Business notes that with two of its major entities
now being wound up in Federal Court, the decision places Jump Swim
in a difficult position.

Just last week, the Federal Court ruled to have asset freezing
order extended to cover foreign entities and transactions, the
report recalls. The move effectively put a halt to a proposed Deed
of Company Arrangement, further compounded by the decision.

Additionally, the company's legal battle with the Australian
Competition and Consumer Commission (ACCC) is ongoing, with a
second Swim Loops creditors' meeting to be held in the next 35
days, Inside Franchise Business relays.

As Swim Loops battles to survive voluntary administration amid
AUD15 million of creditor debt, the ACCC's case against the
franchisor is continuing to mount, says Inside Franchise Business.

                         About Swim Loops

Swim Loops Pty Ltd, the company in charge of JUMP! Swim Schools,
operates more than 60 swimming school franchises around Australia
and has operations in New Zealand, Brazil and Singapore.

Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of Swim Loops Pty Ltd on May 20, 2019.

The move came after a wind up application was put forward by
Western Australians Barry and Dorothy Ryle on April 30, Inside
Franchise Business said.



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

BEIJING HONGKUN: Fitch Affirms 'B' LT IDR, Alters Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on China-based
homebuilder Beijing Hongkun Weiye Real Estate Development Co., Ltd.
to Negative from Stable, and affirmed the Long-Term
Foreign-Currency Issuer Default Rating at 'B'. The agency has also
assigned Hongkun a 'B' senior unsecured rating, with a Recovery
Rating of 'RR4'.

The revision in the Outlook reflects deterioration in the company's
cash to short-term debt ratio to 49% by end-2018 from 115% at
end-2017. Although Hongkun's management is seeking refinancing of
its short-term maturities, Fitch thinks there are execution
uncertainties amid the overall challenging liquidity environment.
Fitch will closely monitor the company's ability to access the
capital market and management's execution in improving its
debt-maturity profile to enhance its cash to short-term debt ratio.


Hongkun's profitability is healthy and Fitch expects its EBITDA
margin to remain above 31% in 2019-2021 (2018: 43%). Improved
contracted sales and cash collection in 1H19 should support its
ability to generate the required contracted sales to achieve a
better liquidity position.

KEY RATING DRIVERS

Large Short-Term Debt Maturities: Hongkun has CNY8.7 billion of
debt maturing in the next 12 months at end-May 2019. The cash
position of CNY4.6 billion and the CNY5.3 billion in uncommitted
undrawn banking facilities can cover the maturing debt, but is
insufficient to cover operating cash outflow as well. The company's
cash to short-term debt ratio slightly improved to 51% as of March
2019.

This tight liquidity will constrain Hongkun's rating until
management can improve its debt maturity profile or enhance its
cash to short-term debt ratio. The company's refinancing plan
involves improving cash collection from contracted sales, getting
new investors for its reissued corporate bonds, and drawdowns of
new loans from banks and asset management companies. The rating
could be downgraded if Hongkun fails to improve its cash to
short-term debt ratio in 2019.

Low Cash Collection Raises Leverage: Hongkun's leverage, as
measured by net debt to adjusted inventory, rose to 62.3% by
end-2018 from 61.3% at end-2017 as a result of low cash collection.
The company reduced cash outflow and used only 9% of its contracted
sales to buy land in 2018. Hongkun says it plans to normalise land
replenishment in 2019 and budgets to spend CNY3.4 billion, or
around 20% of contracted sales, on land acquisitions this year.
Fitch forecasts Hongkun's leverage to gradually drop to below 55%
by 2020 with improved cash collection, disciplined land
acquisitions and moderate growth in contracted sales.

Geographical Limitations of Land Bank: Hongkun's rating is
constrained by its limited regional diversification, which exposes
the company to the stringent and tight home-purchase restrictions
in the pan-Beijing region. Hongkun started buying land in cities in
the Bohai Rim, namely Beijing, Tianjin and Hebei, from 2012 and has
developed deep relationships with local governments. As a result,
69% of its 2018 contracted sales were from that area. The rest were
from other regions like southern China (Hainan), Yangtze River
Delta (Wuxi) and central China (Anhui, Hubei). Fitch expects a
similar geographical spread in the next two years, based on its
land-bank distribution.

Scale Smaller than Peers: Hongkun's rating is also constrained by
its contracted-sales scale. Its 2018 attributable contracted sales
grew 15% yoy to CNY13.5 billion, which is smaller than that of some
of its 'B' and 'B-' rated peers. Fitch expects Hongkun's 2019
contracted sales to rise 20%, driven by 15% growth in gross floor
area (GFA) and a 4% increase in average selling price (ASP).
Hongkun's contracted sales growth may be constrained if it cannot
buy enough suitable land in 2H19 as its 5M19 contracted sales GFA
rose 9% yoy, but it did not buy any land.

Healthy Margin, Quality Land Bank: Fitch expects Hongkun to
maintain its EBITDA margin above 31% in 2019-2021 (2018: 43%),
which will support its ability to generate contracted sales to
improve its liquidity position. Beijing accounted for 25% of
Hongkun's land bank and Tier 2 cities made up another 30%. The
average land cost of its land reserves is low at CNY1,934 per sq m,
or 15% of its ASP at end-2018. The company has been prudent in
expanding contracted sales and land acquisition, and about 20% of
its land reserves are lower-cost land acquired in or before 2014.

Weaker Oversight: Hongkun is not a listed company and Fitch
believes limited regulatory oversight and the lack of independent
directors on its board weaken the protection to creditors. The only
regulatory oversight is through the two Chinese stock exchanges
where Hongkun's domestic bonds are traded. The terms governing
Hongkun's borrowings, including the covenants, are the key
protection its creditors have. The continued issuance of domestic
bonds or issuance of offshore bonds is the source of financial
reports for investors.

Hongkun Group, which owns Hongkun, currently does not have any
material investment other than in Hongkun. However, Hongkun's
ratings may come under pressure if it is required to support its
parents other investments. Fitch believes corporate governance does
not currently constrain the ratings on Hongkun, but any material
weakening of the strength of its debt covenants or any gaps in its
corporate governance could place constraints on its rating.

DERIVATION SUMMARY

Hongkun's business profile is similar to that of 'B' category
peers. Hongkun's land quality is stronger than most of the peers
rated 'B-', but the limited geographical diversification of the
land constrains its rating.

Its 2018 contracted ASP of CNY13,141/sq m was at the mid-range of
peers rated 'B' while 2018 attributable contracted sales of CNY13.4
billion was at a lower-end of that of its 'B' peers. Its 2018 sales
churn, indicated by contracted sales to total debt, of 0.7x is in
at the mid-range of 'B' rated peers'. Hongkun's 2018 EBITDA margin
of 43% is one of the highest among 'B+' and 'B' rated peers as its
relatively low land cost supports its margin.

Its 2018 leverage ratio of 62.3% is at the high-end of that of 'B'
rated peers, but Fitch believes Hongkun's leverage will gradually
decrease to below 55% in 2020.

Hongkun has a stronger business profile and much higher EBITDA
margin than 'B-' peers like Xinhu Zhongbao Co., Ltd. (B-/Stable).
Oceanwide Holdings Co. Ltd (B-/Stable) has smaller contracted
sales, substantially slower churn rate and much lower EBITDA margin
than Hongkun. Fitch estimates Oceanwide's leverage will stay above
70% in the next few years, compared with our expectation that
Hongkun will deleverage.

Hongkun has a similar business model and regional focus (Bohai Rim)
as Guorui Properties Limited (B-/Stable). Guorui has a wider
geographical footprint and slightly higher 2018 contracted sales,
while Hongkun has a higher EBITDA margin. Guorui's 2018 leverage
was lower than Hongkun's, and Fitch forecasts both to deleverage to
a similar level in 2020. Guorui is subject to higher liquidity
risk, illustrated by its much lower cash to short-term debt ratio
of 0.1x at end-2018 compared with Hongkun's 0.5x. This explains why
Guorui is rated one notch below Hongkun.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

  - Attributable contracted sales to rise 14% yoy on average in
2019-2022, mainly driven by growth of GFA sold

  - EBITDA margin to stay above 31% in 2019-2021 but peak in 2018

  - Land-bank life to stay at 3.2 to 3.4 years in 2019-2022

  - Land purchase cost at below 40% of contracted sales in
2019-2022

  - Construction cash outflow of below 45% of contracted sales in
2019-2022

Recovery Rating assumptions:

  - Hongkun would be liquidated in a bankruptcy because it is an
asset-trading company

  - 10% administrative claims

The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed to
creditors.

  - Fitch applied a haircut of 30% to accounts receivable

  - Fitch applied a haircut of 20% on adjusted inventory, which is
higher than that applied to its domestic peers as its EBITDA margin
is higher than the industry norm and reflects the high quality and
low cost of its land reserves

  - Fitch applied a haircut of 45% to investment properties

  - Fitch applied a haircut of 50% to property, plant and
equipment

  - Fitch applied no haircut to restricted cash

These assumptions result in a recovery rate for the offshore senior
unsecured debt within the 'RR1' range. However, Hongkun operates in
China, which Fitch classifies as under Group D of jurisdictions
where the law is not supportive of creditor rights or there is
significant volatility in application of law and enforcement of
claims. As a result, the Recovery Rating for Hongkun's senior debt
is capped at 'RR4'.

CAMSING INT'L: $490M Fraud Behind Missed Repayments, Says Noah
--------------------------------------------------------------
Bloomberg News reports that Noah Holdings Ltd., one of China's
largest wealth managers, levied accusations of fraud against
Camsing International Holding Ltd., the Hong Kong-listed company
that said last week its chairman had been detained by police.

The asset manager has filed a lawsuit and reported Camsing to
regulators in relation to a CNY3.4 billion ($490 million) asset
management product that's in danger of default, Wang Jingbo, Noah's
chief executive officer and co-founder, said in an internal memo on
July 8 that was obtained by Bloomberg News. The product's duration
will be extended by as much as one year to ensure repayment, Wang
said in the memo, the contents of which were confirmed by a
spokeswoman.

Camsing, a conglomerate with businesses spanning entertainment and
health care, saw its stock plunge 80% in Hong Kong on July 8 after
the company said Chairman Lo Ching was being held in criminal
custody by the Shanghai police. Noah's shares fell 20% in New York
after it said some credit funds managed by one of its affiliates
provided "supply chain financing involving third-party companies
related to Camsing," Bloomberg relays.

Bloomberg says Chinese investors have seen a slew of recent frauds
involving listed companies, including false financial reporting by
drugmaker Kangmei Pharmaceutical Co. and fake profits at
laminating-film maker Kangde Xin Composite Material Group Co. The
incidents are adding to an already stressed credit market: Bonds
from at least 56 Chinese companies totaling $40 billion face
repayment pressure, according to company and ratings firm
statements compiled by Bloomberg.

The incident "could significantly hit investor confidence,
especially given current high macro-economic uncertainty and low
risk appetite among clients," Citigroup Inc. analysts led by Daphne
Poon wrote in a note published on July 9, Bloomberg adds.

Camsing International Holding Limited, formerly Fittec
International Group Limited, is an investment holding company
principally engaged in the development, sales and distribution of
intellectual property rights (IP) derived products and mobile
devices. The Company provides IP licensing and comprehensive
services.

GREENLAND HONG KONG: Moody's Rates Proposed Sr. Unsec. Notes Ba3
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the proposed
senior unsecured USD notes to be issued by Greenland Hong Kong
Holdings Limited (Ba2 stable).

The rating outlook is stable.

The proceeds from the proposed issuance will be used to refinance
existing debt.

RATINGS RATIONALE

"The issuance of the proposed notes will not materially affect the
company's financial profile or Ba2 corporate family rating, because
the proceeds will be used to refinance existing debt," says Danny
Chan, a Moody's Assistant Vice President and Analyst, and also
Moody's Lead Analyst for Greenland Hong Kong.

Greenland Hong Kong's Ba2 corporate family rating (CFR) includes a
two-notch rating uplift, based on Moody's expectations that the
company will receive strong support from Greenland Holding Group
Company Limited (Ba1 stable) in times of need.

Greenland Hong Kong's standalone credit profile reflects its
developing but well-located land bank, and Moody's expectation that
it will grow in size through organic expansion and increased levels
of operational integration with its parent. Its standalone credit
profile also takes into consideration the parent company's support
for Greenland Hong Kong's operations and access to funding.

In addition, Greenland Hong Kong's plan to sell a property project
in Shanghai's South Bund area to Brookfield Asset Management Inc.,
if it eventuates, will improve the company's capital structure and
liquidity buffer.

Moody's expects Greenland Hong Kong's pro forma debt leverage, as
measured by revenue/adjusted debt, to improve to 85%-90% over the
next 12-18 months from 80% in 2018. Its pro forma
interest-servicing ability, as measured by EBIT/interest, is also
likely to improve to 3.8x-3.9x over the same period from 3.7x in
2018.

Greenland Hong Kong's liquidity is adequate. In particular, Moody's
expects its cash balance and the likely cash proceeds from the
project disposal, will be sufficient to cover its upcoming debt
maturities and other committed obligations.

The company's liquidity profile is also supported by the
state-owned background of its parent.

Greenland Holding's status as a state-owned enterprise of the
Shanghai Municipal Government and its own refinancing track record
provide a certain level of assurance that it can refinance its debt
through domestic and offshore channels and provide support to
Greenland Hong Kong in times of need.

The Ba3 senior unsecured rating for the proposed notes is one notch
lower than Greenland Hong Kong's Ba2 CFR, reflecting the risk of
structural subordination, given the fact that the majority of
claims are at the operating subsidiaries and have priority over
claims at the holding company in a bankruptcy scenario.

In addition, the holding company lacks significant mitigating
factors for structural subordination, reducing the likely recovery
rate for claims at the holding company level.

The stable outlook for Greenland Hong Kong's ratings reflects
Moody's expectation that the parent company will provide Greenland
Hong Kong with financial and operational support in times of need,
and that Greenland Hong Kong's standalone credit profile will
remain stable over the next 12-18 months.

Moody's could upgrade Greenland Hong Kong's CFR if (1) Moody's
upgrades the parent company's rating; and (2) Greenland Hong Kong
can: (a) successfully implement its business plan; (b) improve its
scale and diversity; and (c) improve its credit metrics, such that
debt leverage — as measured by revenue/adjusted debt— is above
85%-90%, and adjusted EBITDA/interest rises above 3x-3.5x on a
consistent basis.

On the other hand, Greenland Hong Kong's ratings could come under
downward pressure if the company: (1) fails to generate operating
cash flow to maintain its liquidity buffer; (2) fails to maintain
contracted sales and revenue growth; or (3) materially accelerates
development, and executes an aggressive land acquisition plan or
acquisitions, such that debt leverage — as measured by
revenue/adjusted debt — falls below 60%-65% on a sustained
basis.

Any evidence of a reduction in ownership or weakening of support
from its parent, or a downgrade of the parent's rating, will result
in a downgrade of Greenland Hong Kong's ratings.

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

Greenland Hong Kong Holdings Limited is principally engaged in the
development of large-scale, high-quality residential communities,
city center integrated projects, and travel and leisure projects
that target the middle- to high-end customer segment.

At March 28, 2019, the company's land bank totaled 20 million
square meters, located in key cities in the Pan-Yangtze River Delta
and Pan-Pearl River Delta.

Greenland Holding Group Company Limited owned 59.11% of Greenland
Hong Kong at December 31, 2018.

HNA GROUP: Sells Beijing Office Building to Vanke
-------------------------------------------------
Huang Rong and Yang Ge at Caixin Global report that HNA Group will
sell a major Beijing office building at a renegotiated price to
real estate giant Vanke after shareholders rejected an earlier
deal, marking the latest asset sale for the debt-laden company.

Caixin relates that the latest deal will see one of HNA's building
management units sell 75.1% of the property to a unit of China
Vanke Co. Ltd. for about CNY1.3 billion ($189 million), according
to a stock exchange filing on July 5 by Hainan Airlines Holding Co.
Ltd., HNA's flagship airline. Vanke had agreed to buy the other
24.9% of the building last month through a CNY430 million capital
injection into the property's owner, Caixin relays.

The acquired building has 39,100 square meters (420,860 square
feet) of floor space, according to an asset assessment report, and
is currently home to Hainan Airlines' Beijing operations in the
city's Chaoyang district, Caixin discloses. The property management
company that officially owns the building has assets of CNY1.74
billion and CNY444 million in debt, giving it net assets of about
CNY1.3 billion, according to Caixin.

Caixin notes that HNA had originally planned to sell the building
to Vanke last September for about 1.3 billion. But some
shareholders resisted, saying the price was too low, and asked for
negotiations to be reopened. The latest deal has been approved by
the company's board, but must still receive shareholder approval.

Caixin says the sale is the latest in a long string for HNA, which
is one of the highest-profile among a group of Chinese
conglomerates that accumulated billions of dollars in assets both
at home and abroad in major buying sprees over the last seven
years. Many of those have been forced to sell off those assets
since Beijing launched a debt clampdown against the group two years
ago.

Others in the group include real estate and entertainment
conglomerate Wanda Group, as well as Anbang Insurance, which has
been taken over by the government.

Caixin says HNA's building sale marks one of the latest
transactions from its core travel and tourism business. In late
June the company signed an agreement with Beijing Tourism Group to
reorganize their Capital Airlines joint venture, making Beijing
Tourism Group the controlling shareholder. Earlier that month, HNA
announced a similar reorganization by handing over controlling
rights to its partner in GX Airlines, a carrier based in Southwest
China's Guangxi Zhuang autonomous region.

According to Caixin, the company has also been selling off assets
in some of its newer areas including finance and technology.
Earlier this year it sold off its stake in Guangdong province-based
brokerage Lianxun Securities, and it is reportedly looking to sell
Ingram Micro, the U.S. computer component distributor it acquired
for $7.5 billion in 2016.

The group's latest annual report shows it had debts of CNY755.3
billion at the end of 2018, up 3% from a year earlier. Its revenue
rose 5% to CNY617 billion for the year, while it posted a net loss
of CNY4.9 billion, Caixin discloses.

                           About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2018, the Financial Times related that HNA Group defaulted on a
CNY300 million (US$44 million) loan raised through Hunan Trust.

According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China Development
Bank, following a liquidity crunch in the final quarter of last
year. The default came despite an estimated $18 billion in asset
sales by HNA this year that have done little to address its ability
to meet its domestic debts, the FT noted.

SHANDONG YUHUANG: Fitch Corrects June 27 Press Release
------------------------------------------------------
Fitch Ratings replaced a ratings release published on June 27, 2019
to correct the name of the obligor for the bonds.

Fitch Ratings has downgraded China-based Shandong Yuhuang Chemical
Co., Ltd.'s Long-Term Issuer Default Rating to 'CCC+', from 'B'.
The company was previously on Negative Outlook. Fitch has also
downgraded the senior unsecured rating and the rating on Yuhuang's
senior unsecured US dollar notes due 2020 to 'CCC+' with Recovery
Rating of 'RR4', from 'B' with Recovery Rating of 'RR4'. The notes
were issued by its offshore SPV, Rock International Investment
Inc., and guaranteed by Yuhuang.

The downgrade is mainly due to Yuhuang's deteriorating liquidity
position, as the company has not secured sufficient funding by
mid-2019 to refinance short-term debt due over the next 12 months,
including the USD300 million of notes due in March 2020.

Fitch thinks Yuhuang may have some flexibility to delay capex so
that it can cover its domestic debt obligations in 2019, but Fitch
does not believe it will have sufficient liquidity to address
repayment of the US dollar bonds. The company said it had expected
to secure sizeable new facilities from domestic financial
institutions, but those discussions have ended. The company
continues to explore other funding channels. However, Fitch expects
Yuhuang is unlikely to be able to issue new debt in capital
markets, even if the restructuring of Hongye Chemical Group Co.,
Ltd. (Hongye), to whom Yuhuang provides guarantees, is completed in
the near term. As a result, the refinancing risk on the US dollar
bonds has significantly increased.

The Recovery Rating of 'RR4' reflects average recovery prospects
for Yuhuang's offshore senior unsecured creditors.

KEY RATING DRIVERS

Higher Restricted Cash Squeezes Liquidity: Yuhuang reported much
higher restricted cash at end-2018 than Fitch forecast, despite
declining bills payable, which use restricted cash as collateral.
Fitch believes the rise in restricted cash was related to Yuhuang's
maintenance of banking relationships, although it has reduced cash
available for debt repayment. Fitch has also lowered our forecast
for 2019 free cash flow (FCF) due to the downward trend of most
petrochemical and refining products prices in 2Q19, despite a
pickup in crude price.

Hongye Not the Only Hurdle: Fitch thinks it will remain challenging
for Yuhuang to resume debt capital market financing, even if
Hongye's restructuring can be completed without adverse impact on
Yuhuang's financial profile. Hongye has not provided further
updates after it said in November 2018 that it was recruiting
restructuring investors. Yuhuang's management still expects the
restructuring process to be completed by end-June 2019. The amount
that Yuhuang needs to pay under its guarantee to Hongye is still
uncertain.

Looming Debt Maturities: Yuhuang repaid CNY2.4 billion of onshore
bonds from 3Q18, using government cash injections and its internal
resources. Its banks continued to roll over maturing loans, but the
company has two onshore bonds (CNY1 billion) with put options that
may be exercised in November and December 2019, and the USD300
million bond due in March 2020. Fitch believes the government will
continue to offer liquidity support to Yuhuang, but the extent of
support may not be sufficient to address all of its refinancing
needs. The company is trying to obtain new facilities from
financial institutions, but has not secured any agreement yet.

Rising Connected Transactions: Yuhuang reported that sales to a
connected party rose to 20% of total revenue, and procurement cost
paid to the same entity rose to 16% of total costs in its 2018
audited financial report. It also reported a large increase in
other receivables and payables in 2018, which are usually loans to
and from third parties. Yuhuang's reported average selling price
and margins are still in line with market levels, despite higher
connected transactions, and the trade receivable days from related
parties also appear reasonable. However, the rise in connected
transactions and third-party loans could increase risk of cash
leakage, as those transactions increased without creditors'
approval.

Financial Metrics Remain Weak: Yuhuang has deconsolidated its 60%
US joint venture (JV) since 2018, as management believes that
certain key decisions need to be approved by its JV partner. Fitch
re-consolidated the US JV when calculating Yuhuang's financial
metrics as Yuhuang and its operating subsidiaries provided a
guarantee for the project loan. Yuhuang's 2018 FFO fixed-charge
coverage ratio of 3.0x is in line with Fitch's forecast, but the
FFO adjusted net leverage of 5.6x was higher than expected, mainly
due to higher restricted cash. Fitch expects leverage to rise to
6x-7x while the US project is being constructed and then decline
towards 5x after the project starts operation.

DERIVATION SUMMARY

Yuhuang's 'CCC+' rating mainly reflects its heightened refinancing
risk with the looming maturity of its USD300 million bond. Compared
to Zhongrong Xinda Group Co., Ltd. (ZRXD, B-/Negative), Yuhuang has
a more pressing bond maturity schedule. Meanwhile, ZRXD issued
CNY1.5 billion of onshore bonds in December 2018, while Yuhuang has
not been able to raise funds from the bond market since mid-2017.
Yuhuang repaid the bonds that matured mainly through government
cash injections and internal resources.

KEY ASSUMPTIONS

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

  - Sales volume for the China operation to decline slightly; US
project to start operations in 2020 with 30% utilisation initially
and 70% in 2021 and 100% in 2022;

  - Product prices to decline in 2019 from 2018, and change with
Fitch's price-deck assumptions of oil prices thereafter. Methanol
price for its US project at USD350 per tonne in 2020, and then
decline in 2021-2022.

  - China operation's EBITDA margin to decline to 10.7% in 2019 and
2020 from 11.6% in 2018, and US methanol project EBITDA margin at
around 30% in 2020-2022;

  - Maintenance and upgrade capex for the China operation at CNY600
million in 2019-2020 with no expansionary capex. Total capex for US
methanol project at USD1.6 billion.

Fitch's key assumptions for the bespoke recovery analysis include:


  - Yuhuang would be considered a going-concern in bankruptcy and
would be reorganised rather than liquidated.

  - Fitch has assumed Yuhuang's going-concern EBITDA is equal to
estimated 2019 EBITDA with a 15% discount. The discount rate is
smaller than in our previous assumptions as Fitch believes our 2019
forecast EBITDA already incorporates a down-cycle impact on
EBITDA.

  - A 4.5x enterprise value (EV)/ EBITDA multiple is used to
calculate the post-reorganisation valuation

  - 10% administrative claim

  - Fitch has included the liquidation value of the US project at
40% advance rate for the property, plant and equipment (PP&E)
recorded for the project at end-2019. The advance rate reflects
management expectations that all major equipment installation will
be completed by October 2019, and Fitch thinks a higher advance
rate for equipment, which is more valuable than ground
infrastructure, is justifiable. Our PP&E advance rate is still
lower than sector average of 50% to be conservative.

  - The CNY3.6billion liquidation value is insufficient to cover
our projected CNY5 billion outstanding balance of the US project
loan, which has been drawn down. The Yuhuang holding company
guarantees 50% of a USD800 million US project loan while Yuhuang's
subsidiaries provided guarantees for the remaining 50%. Fitch has
treated the amount guaranteed by the subsidiaries as prior-ranking
to the US dollar notes and the amount guaranteed by the holding
company as pari passu with the US dollar notes.

  - Yuhuang's external guarantees of CNY1.9 billion are also
treated as pari passu to the US dollar notes in our recovery
analysis.

  - The recovery waterfall results a 'RR4' Recovery Rating.

TIMES CHINA: Fitch Rates Proposed USD Sr. Notes BB-(EXP)
--------------------------------------------------------
Fitch Ratings has assigned homebuilder Times China Holdings
Limited's (BB-/Stable) proposed US dollar senior notes a 'BB-(EXP)'
expected rating.

The proposed notes will be rated at the same level as Times China's
senior unsecured rating because they will constitute its direct and
senior unsecured obligations. The final rating is subject to the
receipt of final documentation conforming to information already
received.

Times China's ratings are supported by a significant increase in
scale without compromising its financial profile. The company has
expanded quickly within Guangdong province and has achieved a
healthy gross profit margin of around 28% for its
property-development business despite a fast churn rate. Leverage
rose to 43% in 2018, and Fitch expects it to probably remain at
40%-45% over the next two years. In addition, government refunds
from the sale of Times China's urban redevelopment projects (URPs)
introduce a new source of liquidity. Fitch believes Times China's
sales scale and financial profile are commensurate with those of
'BB-' rated peers.

KEY RATING DRIVERS

Contribution from URPs: Times China expects 41 URPs, with an
estimated gross floor area (GFA) of 11 million sq m, to be sold or
converted into land bank in 2019-2021, after securing 80 projects
with a GFA of 25 million sq m by end-2018. It started harvesting
its URPs in 2018, either by receiving government compensation for
performing primary-land development services or benefiting from
lower land costs. Primary land development contributed CNY2.8
billion (8% of total revenue) in 2018, with a high gross profit
margin of 65%. Times China has a competitive advantage in obtaining
low-cost URPs, particularly in Guangzhou and Foshan, which helps
control land costs and ease land-acquisition pressure.

Leverage Higher but Under Control: Leverage, measured by net
debt/adjusted inventory, is likely to remain at 40%-45% over the
next two years based on Fitch's forecast of an improving
cash-collection rate but more expenditure on land replenishment.
Times China has a satisfactory record of managing its financials
while expanding quickly. The company's leverage of below 45%
remains commensurate with that of 'BB-' rated peers, even though
leverage increased to 43% in 2018, from 38% in 2017, due to a
historically low cash-collection ratio of around 70%.

Cash Collection to Pick Up: Fitch expects Times China's cash
collection rate to recover to 76% in 2019, as the company has seen
price-restriction policies ease and mortgage-approval periods
shorten in some cities in Guangdong. In addition, Times China had
uncollected cash of CNY20 billion at end-2018. The company
collected cash of around CNY42 billion, including from joint
ventures, or 70% of reported contracted sales, in 2018; lower than
its 75% cash collection rate in 2017 and 85% before 2016. Fitch
believes this is due to a tight onshore credit environment starting
in 2H17. Tighter credit may see buyers experiencing delays in
obtaining mortgage loans, slowing cash collection for the market.

Land Acquisition to Increase: Fitch forecasts Times China will
spend CNY21 billion for land acquisitions in 2019, which amounts to
half of our estimated sales proceeds for the year. Total land
acquisition expenditure was CNY13 billion in 2018, much less than
the company's guidance of CNY22 billion-25 billion due to slower
cash collection. Its average land cost increased by 20% to
CNY4,055/sq m in 2018 due to the higher portion of GFA acquired in
tier-one and two cities. This was partly offset by a smaller
portion of land acquired through public auction. Two-thirds of GFA
was acquired through acquisitions, while the rest was purchased via
public auctions and conversion from URPs.

Slower Sales Growth: Times China's contracted sales growth is
likely to slow in 2019, in line with our assessment of a negative
sentiment on China's property market. Total sales increased by 46%
in 2018 to CNY61 billion (2017: 42% increase), which was 10% above
the company's target, with support from a 32% rise in GFA sold and
10% rise in the average selling price. Fitch expects sales to
continue increasing over the next three years, albeit at a slower
pace, in light of Times China's medium-term sales target of CNY100
billion and robust demand in Guangdong province due to the
government's initiative to deepen integration within the Greater
Bay Area.

DERIVATION SUMMARY

Times China has a large footprint in Guangdong province, similar to
that of KWG Group Holdings Limited (BB-/Stable), Logan Property
Holdings Company Limited (BB-/Positive) and China Aoyuan Group
Limited (BB-/Positive). Times China's closest peer is KWG, although
KWG has a more diverse geographic exposure but smaller attributable
sales scale. Fitch forecasts that the two companies will have
similar leverage, measured by net debt/adjusted inventory, of
around 40% over the next 12 to 18 months and will see EBITDA
margins, excluding capitalised interest, of over 30% for the next
two years, although Times China has faster churn of around 1.4x,
against KWG's 0.5x.

Times China has smaller scale but faster churn than Logan. The two
companies have similar leverage of 40%-45% and an EBITDA margin of
over 30%. Aoyuan has larger scale than Times China and better
leverage of below 40%. However, Fitch expects Times China's EBITDA
margin to exceed Aoyuan's margin of around 25%, due to the
contribution from Times China's URPs; both companies have a similar
churn rate.

KEY ASSUMPTIONS

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

  - Contracted sales to increase by 15% in 2019 and 10% in 2020
(2018: 46%)

  - Cash collected as a percentage of total sales at 76% (2018:
70%)

  - Attributable land premium of around 50% of sale proceeds in the
next three years (2018: 37%)

  - Overall EBITDA margin, excluding capitalised interest,
improving to 33% in 2020 (2018: 31%)

YIHAU ENTERPRISE: Moody's Downgrades CFR to Caa1, Outlook Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded Yihua Enterprise (Group)
Co., Ltd.'s corporate family rating to Caa1 from B3.

At the same time, Moody's has downgraded to Caa2 from Caa1 the
backed senior unsecured rating on the senior unsecured notes issued
by Yihua Overseas Investment Ltd and guaranteed by Yihua Group.

The ratings outlooks for both Yihua Group and Yihua Overseas
Investment Ltd remain negative.

RATINGS RATIONALE

"The ratings downgrade reflects Yihua Group's heightened liquidity
risk, following the legal action by a lender of the company
freezing certain shares of the company's key subsidiary, Yihua
Lifestyle Technology," says Ying Wang, a Moody's Vice President and
Senior Analyst.

"The downgrade also takes into account the company's high
refinancing needs over the next 12-18 months," adds Wang.

On July 2, 2019, Yihua Lifestyle disclosed that Tianjin Kanghong
Medical Investment Co. Ltd. filed a petition to the Third
Intermediate People's Court of Tianjin to freeze shares equivalent
to a 19% shareholding in Yihua Lifestyle. Moody's is concerned that
there may be further legal actions.

If the freeze and ensuing legal actions are not resolved quickly,
it will negatively impact Yihua Group's financial position and
ability to raise funding from the domestic bank and capital
markets.

Yihua Lifestyle was 29% owned by the Yihua Group at the end of
2018, and represents a key part of the company's earnings and
assets. Moody's estimates that Yihua Lifestyle accounted for 48%
and 32% of the company's consolidated EBITDA and assets
respectively, at the end of 2018.

Moody's points out that Yihua Group's liquidity position is already
weak. It held cash of around RMB5.4 billion at March 31, 2019, but
had RMB6.0 billion in debt maturing over the next 12 months, and
RMB2.3 billion of puttable bonds in the same period.

The freezing of certain Yihua Lifestyle shares, and the company's
weak liquidity position, will result in increasing repayment risk
and therefore the downgrade of Yihua Group's CFR to Caa1.

Yihua Group's Caa1 CFR reflects the company's high liquidity risk,
private company status, and weak control over its furniture and
healthcare businesses, due to partial ownerships.

The Caa2 senior unsecured rating on the bonds is one notch lower
than the CFR, due to structural subordination risk. This risk
reflects the fact that the majority of claims are at the company's
operating subsidiaries. These claims have priority over Yihua
Group's senior unsecured claims in a bankruptcy scenario.

With respect to environmental, social and governance risks, Moody's
considers that the Yihua Group faces moderate corporate governance
risk, because of its private company status and concentrated
ownership — with 100% of the company owned by a family — and
its aggressive financial management, by pledging significant
shareholdings of its key operating subsidiary.

The ratings outlook is negative, reflecting uncertainty over the
company's ability to arrange funding on a timely basis to meet its
near-term debt repayments.

The company is not under any ratings upgrade pressure, given the
negative ratings outlook.

Nevertheless, the ratings outlook could return to stable, if Yihua
Group (1) resolves the freeze and any ensuing legal actions related
to the pledged Yihua Lifestyle shares, and (2) improves its
liquidity position, by refinance its maturing debt over the coming
12-18 months.

Downward ratings pressure could emerge, if Yihua Group defaults on
its debt repayments.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Yihua Enterprise (Group) Co., Ltd. was established in April 1995
and is based in Shantou, China.

Yihua Group is a diversified private company that operates in four
key segments: (1) furniture manufacturing, (2) healthcare, (3)
property development, and (4) financial investment.

ZHENGZHO ZHONGRUI: Moody's Affirms B2 CFR, Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has revised the outlook of Zhengzhou
Zhongrui Industrial Group Co., Ltd and Zhongrui Industrial Group
Limited to negative from stable.

At the same time, Moody's has affirmed Zhongrui's B2 corporate
family rating and the B3 senior unsecured rating to the bonds
issued by Zhongrui Industrial Group Limited and guaranteed by
Zhongrui, China Coal Solution Co., Ltd and Hechang Real Estate
Group Co., Ltd.

RATINGS RATIONALE

"The change in outlook to negative reflects our concern that
Zhongrui's debt leverage will remain elevated over the next 12-18
months, constraining its financial flexibility amid a challenging
operating and credit environment," says Kaven Tsang, a Moody's
Senior Vice President.

"The negative outlook also reflects the company's moderately high
refinancing risk, due to its high level of short-term debt," adds
Tsang.

Like other small-scale developers in China's property market,
Zhongrui's contracted sales, on a consolidated basis, and revenue
have grown slowly as large-scale developers expand their market
shares.

The company's revenue grew only 2.6% in 2018 amid weak demand in
its two core businesses: property development and coal trading.
Accordingly, its net debt/EBITDA rose to 7.8x in 2018 from 7.2x in
2017.

Looking ahead, Moody's expects Zhongrui's contacted sales growth
will remain weak. Specifically, Moody's estimates the company will
generate RMB25-27 billion of contracted sales over the next 12-18
months, including contracted sales from Shenzhen Yunchang
Management Consulting Co., Ltd and other joint ventures, compared
to RMB29 billion in 2018.

Nonetheless, Moody's expects the company will reduce its debt
leverage by (1) lowering its spending on land to around 30% of cash
flows from property sales in 2019, and (2) maintaining the same
level of coal trading as in 2018.

Under this scenario, Zhongrui's adjusted net debt/EBITDA will
improve to 6.5x-7.0x over the next 12-18 months from 7.8x for in
2018. Similarly, its EBITDA/interest coverage will also improve to
around 1.5x-1.6x over the same period from 1.3x in 2018. These
ratios weakly position the company at the B2 rating level.

Zhongrui's B2 CFR reflects the company's track record in property
development in Zhengzhou, Henan. It also considers the strengths of
its coal solution business in terms of its scale, track record in
coal trading, professional integrated management services and
quality clients, and the risk diversification offered by this
business.

However, Zhongrui's B2 CFR is constrained by its high debt leverage
and weak liquidity because of the debt-funded growth of its
property business and the high level of short-term debt associated
with its coal trading business.

In terms of environmental, social and governance risks, Moody's has
considered Zhongrui's moderate governance risk due to its private
company status, with less rigorous corporate governance
requirements when compared with listed companies. The company's
ownership is also concentrated in its chairman, who owns 70%, but
this risk is mitigated by the track record of equity provided by
the chairman to support Zhongrui's businesses growth.

Zhongrui's liquidity position is weak, with a high level of
short-term debt. At the end of 2018, Zhongrui's cash holdings of
RMB6.7 billion, including unrestricted and restricted cash, were
insufficient to cover its short-term debt--including Moody's
estimate of notes payable--of RMB15.6 billion as of the same date.

However, the refinancing risk of commodity trade-related short-term
debt, including the notes payable as of the end of 2018, should be
manageable, as such debt is mostly secured by cash and accounts
receivable.

Zhongrui's B3 senior unsecured debt rating is one notch lower than
the CFR because of structural subordination risk.

This risk reflects the consideration that most claims are
positioned at the operating subsidiaries and have priority over
claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
to reduce structural subordination risk for its unsecured
debtholders. As a result of these factors, the likely recovery rate
for claims at the holding company will be lower.

The rating is unlikely to be upgraded, given the negative outlook.
However, the outlook could return to stable if Zhongrui reduces its
debt leverage, improves its liquidity position and broadens its
funding access.

Credit metrics that would indicate a possible change of the outlook
to stable include (1) net debt/EBITDA trending towards 5.0x-5.5x,
(2) EBITDA/interest consistently above 1.5x-2.0x, and (3)
cash/short-term debt maintained above 75% on a sustained basis.

The ratings could be downgraded if the company's contracted sales,
cash flow, credit metrics or liquidity position further
deteriorate.

Credit metrics indicative of a possible downgrade include (1) net
debt/EBITDA of above 6.0x, (2) EBITDA/interest below 1.5x, or (3)
cash/short-term debt below 50%, all on a sustained basis.

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

Zhengzhou Zhongrui Industrial Group Co., Ltd is a privately owned
enterprise engaged in two major businesses: property development
and coal solutions. As of December 2018, the company was 70% owned
by Wan Wongzing, its founder and chairman, and 30% by Liu Yi.



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

AFFIL VITRIFIED: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Affil Vitrified
Private Limited's (Affil) Long-Term Issuer Rating to 'IND BB' from
'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based limits downgraded with IND BB/Stable
     rating; and

-- INR40 mil. Non-fund-based limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects a substantial deterioration in Affil's
credit metrics over FY18-FY19 compared to FY17 due to a significant
fall in the absolute EBITDA over this period (FY19: INR41 million;
FY18: INR23 million; FY17: INR82 million). In FY19, the credit
metrics improved slightly on a YoY basis because of a rise in the
EBITDA but remained weak. The interest coverage (operating
EBITDA/gross interest expenses) was 1.6x in FY19 (FY18:0.9;
FY17:2.5x) and net financial leverage (net debt/ operating EBITDA)
was 5.4x (10.2x; 3.5x).

The EBITDA margins fell over FY18-FY19 compared to FY17 levels on
account of a drop in the selling prices of end-product and
fluctuations in raw material prices. The margin rose to a modest
6.7% in FY19 from 2.8% in FY18 (FY17: 13.6%) due to a decline in
operating expense such as power and fuel costs The RoCE stood at 3%
in FY19 (FY18: negative RoCE; FY17: 10%).

Moreover, the scale of operations continued to be medium. The
revenue fell to INR621 million in FY19 from INR802 million in FY18
(FY17: INR608 million) owing to a decline in orders from Affil's
main customer - Asian Granito India Ltd. Affil's dependency on
Asian Granito India Ltd is likely to remain high in the medium
term.

Furthermore, the company's liquidity profile continued to be
modest, with 100% average utilization of its fund-based limits
during the 12 months ended in May 2019. The cash flow from
operations remained positive at INR8 million in FY19 (FY18: INR73
million; FY17: INR66 million) due to high creditor levels. The cash
and cash equivalent stood at INR4 million in FY19 (FY18: INR10
million; FY17: INR1 million).

The ratings benefit from Affil's nearly decade-long association
Asian Granito, which is a leading player in India.

The ratings are also supported by the promoter's experience of two
decades in the tile segment.

RATING SENSITIVITIES

Negative: A further deterioration in the interest coverage below
1.5x, on a sustained basis, or additional stress on the liquidity
profile could be negative for the ratings.

Positive: An improvement in the scale of operations, along with the
interest coverage rising above 2x, on a sustained basis, could be
positive for the ratings.

COMPANY PROFILE

Incorporated in 2010, AVPL is a Gujarat-based manufacturer of
double-charged vitrified tiles, with an installed capacity of 2.59
million square meters per annum. The company is managed by Hiren
Sureshbhai Patel, Girishbhai K. Patel, and Dipakbhai Patel.

AISHWARYA IMPEX: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aishwarya
Impex's (Aishwarya) Long-Term Issuer Rating to 'IND B+' from 'IND
BB- (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150.00 mil. Fund-based working capital limit downgraded
     with IND B+/Stable/IND A4 rating; and

-- INR46.14 mil. (reduced from INR58.50 mil.) Term loan due on
     March 2024 downgraded with IND B+/Stable rating.

KEY RATING DRIVERS

The downgrade reflects Aishwarya's stressed liquidity position on
account of overutilization of its working capital facilities during
the 12 months ended June 2019. This was due to the penal interest
charged on account of delay in interest payment of the cash credit
facility, resulting from delay in collecting receivables. The
firm's cash flow from operations was low at INR24.90 million in
FY19 (FY18: INR17.40 million), due to low absolute EBITDA of
INR57.00 million (INR46.70 million). Furthermore, its cash and cash
equivalents stood at INR1.30 million (FY18: INR0.20 million). The
firm has debt obligations of INR35.00 million, which it expects to
repay from the receipt of subsidy of INR37.50 million against
setting up of the processing unit. FY19 financials are provisional
in nature.

The ratings also factor in the firm's continued modest margin
attributed to the trading nature of business. Its return on capital
employed was 11% in FY19 (FY18: 10%). Its EBITDA margins improved
to 5.27% in FY19 (FY18: 4.70%) on account of an improvement in the
top line and a decline in operating expenses.

The ratings remain constrained by Aishwarya's weak credit metrics
on account of a high debt of INR249.30 million in FY19 (FY18:
INR273.10 million). Its interest coverage (operating EBITDA/gross
interest expense) improved to 1.96x in FY19 (FY18: 1.44x) and net
leverage (Ind-Ra-adjusted net debt/operating EBITDAR) to 4.35x
(5.84x) on account of reduction in debt, resulting from the
scheduled debt repayment.

However, the ratings are supported by the firm's improving revenue
owing to increased customer demand, driven by strong relationships
with its customers. During FY19, the revenue improved to
INR1,082.10 million (FY18: INR994.30 million, FY17: INR976.30
million); the firm achieved total revenue of INR300.00 million till
May 2019.

The ratings also continue to be supported by the founders' around
two decades of experience in shrimp trading and processing
business.

RATING SENSITIVITIES

Positive: A sustained improvement in the revenue leading to an
improvement in the credit metrics along with an improvement in the
liquidity position will be positive for the ratings.

Negative:  A decline in the revenue or the EBITDA margin leading to
deterioration in the credit metrics on a sustained basis, along
with further stress on the liquidity position will be negative for
the ratings.

COMPANY PROFILE

Formed in 2011, Aishwarya initially provided cold storage rental
services. It ventured into the trading of prawns in January 2015
and the processing of shrimps in FY18.  

AJAY PROTECH: ICRA Cuts INR16.35cr Loan Rating to D, Not Coop.
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Ajay Protech Private Limited (APPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based         16.35     [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Downgraded from [ICRA]BB-
                                (Stable); Rating continues to
                                remain in the 'Issuer Not
                                Cooperating' category

   Interchangeable    (3.00)    [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Downgraded from [ICRA]A4; Rating
                                continues to remain in the
                                'Issuer Not Cooperating' category

   Non-Fund-based     10.00     [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Downgraded from [ICRA]A4; Rating
                                continues to remain in the
                                'Issuer Not Cooperating' category

ICRA has downgraded the long-term rating for the bank facilities of
APPL to [ICRA]D ISSUER NOT COOPERATING from the long term rating of
[ICRA]BB- ISSUER NOT COOPERATING and the short term rating
downgraded to [ICRA]D ISSUER NOT COOPERATING from [ICRA]A4 ISSUER
NOT COOPERATING. The rating continues to remain in the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D/D;
ISSUER NOT COOPERATING" for the bank facilities of the company.

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

Rationale
The ratings take into consideration the irregularity in debt
servicing by APPL, as confirmed by its lender to ICRA.

Incorporated in April 2011, Ajay Protech Private Limited is
involved in engineering, procurement and construction (EPC) of
roads and bridges. It is promoted by Mr. Amratlal Patel, Mr.
Arvindh Patel and Mr. Chandresh Patel. The company has received an
"AA" class contractor certificate in February 2012 from the State
Government of Gujarat, besides also receiving a "Special Category
I" certificate which allows the company to bid for large projects.
Since its inception, the company has executed projects for several
Government clients like Surat Municipal Corporation, Western
Railways, Gujarat State Road Development Corporation, etc.

ALPINE PANELS: ICRA Maintains D Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating of INR14.00-crore bank facilities of Alpine
Panels Pvt. Ltd (APPL) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-           0.75      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/CC                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-         10.00      [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund Based                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category


   Long Term/          3.25       [ICRA]D ISSUER NOT COOPERATING;
   Short Term-                    Rating continues to remain
   Unallocated                    under 'Issuer Not Cooperating'
                                  category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in March
2018. The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating does not adequately reflect the credit risk profile of
the entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

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

Alpine Panels Pvt. Ltd (APPL) was incorporated in 2005 and is
engaged in the manufacturing of veneer and cutting and processing
of timber (sawn timber and wooden plates). These are primarily used
as the raw material in the manufacturing of plywood. The
manufacturing unit is located in Visakahapatnam with an installed
capacity of 24,000 Cubic meters per annum. The company is led by
Mr. Sudama Seth and Mr. Deepak Saxena who have nearly two decades
of experience in the timber and plywood industry. The company is
part of the Deccan Group, which has more than two decades of
experience in the plywood business.

ANIL BUILCON: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Anil Buildcon
(India) Private Limited's (ABIPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR5 mil. Fund-based limits downgraded with IND BB+/Stable
     rating; and

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

KEY RATING DRIVERS

The downgrade reflects ABIPL's highly concentrated order book and
modest liquidity position in FY19. The single-largest customer
accounted for 59% of the total order book in FY19. As of June 2019,
the company had an order book of INR1,704.73 million (1.96x of FY19
revenue), to be executed by FY21. Its average use of the non-fund
based working capital limits was 93% during the 12 months ended May
2019. ABIPL only has an overdraft facility to avail for its
short-term working capital requirements.

As per FY19 provisional financials, revenue grew to INR869.43
million (FY18: INR720.22 million), owing to an increase in the
number of orders executed Although, the scale of operations is
medium. Its EBITDA margins were average at 12.1% in FY19 (FY18:
11.5%) with a return on capital employed of 15% (11%). The decline
in margins was on account of a decline in the cost of raw
materials.

However, the ratings continue to benefit from ABIPL's comfortable
credit metrics, although deteriorating, due to strong
profitability.  Its interest coverage (operating EBITDAR/gross
interest expense + rents) deteriorated to 5.89x in FY19 (FY18:
8.9x, FY17: 13.26x), while net leverage (total adjusted net
debt/operating EBITDAR) was stable at 1.1x (1.1x, 0.8x). The
deterioration in interest coverage was due to an increase in the
interest expenses due to the increase in debt to fund its working
capital requirement. Ind-Ra expects the credit metrics to continue
to deteriorate over FY20-FY21 on the back of high working capital
requirement for executing the new work orders.

ABIPL's net working capital days were comfortable at negative 10
days in FY19 (FY18: negative 34 days, FY17: negative 45 days). The
company's cash flow from operations declined to INR24.27 million
(FY18: INR57.07 million) due to changes in working capital. Cash
and Cash equivalents stood at INR10.06 million (FY18: INR37.59
million). In FY20, ABIPL has INR47.77 million of debt repayment.

The ratings remain supported by the company's promoters' four
decades of experience in the civil construction business.

RATING SENSITIVITIES

Negative: Elongation of the working capital cycle, along with the
inability to tie up for fresh funds leading to delays in the
execution of orders, resulting in the net leverage increasing above
2.5x on a sustained basis, will be negative for the ratings.
Positive: Increase in the scale of operations, diversification of
order book and improvement in the liquidity position while
maintaining the current credit metrics will be positive for the
ratings.

COMPANY PROFILE

ABIPL was incorporated in 1984 as a partnership firm named Anil
Construction Company. In 2011, it was converted into a private
limited company and renamed ABIPL. It is registered as an A-5 class
contractor, due to which it can participate in unlimited tenders
for five years from the date of registration (18 July 2014). It
undertakes civil construction work in Chhattisgarh and Madhya
Pradesh. Its key clients are the Public Works Department, Madhya
Pradesh Rural Road Development Authority, South Eastern Coalfields
Limited, Pradhan Mantri Gram Sadak Yojana and the Chhattisgarh
Rural Roads Development Agency.

ASCENT NETWORKS: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ascent Networks
Private Limited's (ANPL) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR35 mil. Fund-based working capital facilities affirmed with

     IND B+/Stable/IND A4 rating; and

-- INR42 mil. Non-fund-based working capital facilities affirmed
     with IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects ANPL's continued weak credit profile
despite interest coverage (operating EBITDA/gross interest expense)
improving to 1.4x according to the provisional financials for FY19
(FY18: 1.1x) and net leverage (adjusted net debt/operating EBITDAR)
to 7.5x (7.9x), driven by an increase in operating EBITDA to INR7.7
million (INR6.8 million). The company's total debt increased to
INR60 million in FY19 (FY18: INR55 million).

Revenue increased to INR156 million (FY18: INR146 million) on
account of the execution of the majority of orders in FY19.
However, it has remained weak over FY15-FY19 due to the intense
competition in the industry. At end-June 2019, the company had
outstanding orders worth INR30 million likely to be completed by
October 2019. Operating profitability remained moderate despite
increasing slightly to 4.9% in FY19 (FY18: 4.6%) due to the better
absorption of fixed costs. ROCE was 9% in FY19 (FY18: 8%). Ind-Ra
expects the operating profitability to increase further over the
medium term aided by the various costs control measures taken by
the company.

The ratings are supported by ANPL's comfortable liquidity,
indicated by 79.5% average utilization of its fund-based facilities
for the 12 months ended May 2019. The company does not have any
repayment obligations in the near term due to the absence of term
debt. The net cash conversion cycle marginally improved to 155 days
in FY19 (FY18:162 days) on debtor days that reduced to but remained
high at 292 (299). The creditor days remained in the range of
80-188 over FY16-FY19.

The ratings continue to be supported by the promoters' experience
of more than two decades in electronic systems integration and
installation.

RATING SENSITIVITIES

Negative: Any decline in the EBITDA margins, leading to any
deterioration in the credit metrics, could lead to negative rating
action.

Positive: A substantial rise in the revenue and the EBITDA margins,
leading to an improvement in the credit metrics, all on a sustained
basis, will lead to positive rating action.

COMPANY PROFILE

ANPL provides system-integrated designs and installs products for
data, voice, sound and security applications. Its promoters are
Bishwambhar Dayal Bubna and Ajaykumar Bubna.

ASIAN HANDICRAFTS: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Asian
Handicrafts Private Limited's (AHPL) Long-Term Issuer Rating to
'IND B+' from 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR135.26 mil. (increased from INR100 mil.) Fund-based limit
     downgraded with IND B+/Stable/IND A4 rating; and

-- INR4.0 mil. Term loans due on April 2021 assigned with IND
     B+/Stable rating.

KEY RATING DRIVERS

The downgrade reflects a decline in AHPL's operating profitability
in FY19 (Provisional), leading to deterioration in its credit
metrics. The operating profitability declined to 5.86% in FY19
(FY18: 7.03%) because of an increase in raw material cost,
administrative cost and selling cost. Despite the decline, the
margins remain healthy with return on capital employed of 22.06% in
FY19 (FY18: 17.80%). The credit metrics are weak as reflected in
its gross interest coverage (operating EBITDA/gross interest
expense) deteriorating to 1.24x in FY19 (FY18: 1.43x) and net
leverage (total adjusted net debt/operating EBITDA) to 10.06x
(FY18: 5.68x) because of the decline in EBITDA and an increase in
total debt due to an increase in its working capital requirement
and capex incurred to for purchase of a building.

The ratings remain constrained by AHPL's small scale of operations.
Its revenue grew to INR267.85 million (FY18: INR257.43 million)
because of increased demand.

However, the ratings are supported by the company's comfortable
liquidity position as indicated by around 64% average utilization
of its fund-based limits during the 14 months ended in May 2019.
The cash flow from operations increased to INR27.54 million in FY19
(FY18: INR7.92 million) owing to an improvement in the net working
capital cycle to 45 days (56 days), resulting from a decline in the
inventory holding period.

The ratings continue to benefit from the company's promoter's more
than three decades of experience in the handicraft business.

RATING SENSITIVITIES

Negative: Any further decline in the operating profitability,
leading to further deterioration in the credit metrics, could lead
to negative rating action.

Positive: Any substantial rise in the revenue and an increase in
the profitability, leading to an improvement in the credit metrics,
could lead to positive rating action.

COMPANY PROFILE

AHPL manufactures handicrafts such as picture frames, decorative
items, jeweled boxes, and fashion jeweler and exports them to
Australia, Japan, and the UK, other European countries, the UAE,
the US, and others.

GAYATHRI SUSTAINABLE: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating of INR22.87-crore bank facilities of Gayathri
Sustainable Energies India Private Limited (GSEIPL) continues to
remain under 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING."

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term-           4.80        [ICRA]B+(Stable) ISSUER NOT
   Fund Based TL                    COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Unallocated limits   18.07       [ICRA]B+(Stable) ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in March
2018. The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating does not adequately reflect the credit risk profile of
the entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

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

Founded in 2011, Gayathri Sustainable Energies India Private
Limited (GSEIPL) is engaged in wind power generation. The company
is headquartered in Hyderabad while its wind power plants are
located in Tamil Nadu. It has established five wind electric
generators, with 0.85MW generation capacity each, in association
with Gamesa in Coimbatore. Additionally, two wind electric
generators with 0.85MW capacity each, based in Theni district in
Tamil Nadu, were added by GSEPL in 2012. The total wind power
capacity of the company stands at 5.95 MW.

GLOBAL METAL: ICRA Downgrades Rating on INR53.74cr Loan to D
------------------------------------------------------------
ICRA has downgraded the rating of Global Metal & Energy Private
Limited (GMEPL) to [ICRA]D from [ICRA]BB+ with a Stable outlook.
The rating continues to remain in the 'Issuer Not Cooperating'
category. The rating is now denoted as '[ICRA]D ISSUER NOT
COOPERATING'.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based-        53.74       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      downgraded from
                                  [ICRA]BB+(Stable); Rating
                                  continues to remain in 'Issuer
                                  Not Cooperating' category

   Unallocated         2.06       [ICRA]D ISSUER NOT COOPERATING;
                                  downgraded from
                                  [ICRA]BB+(Stable); Rating
                                  continues to remain in 'Issuer
                                  Not Cooperating' category

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

Rationale
The rating downgrade follows the delays in debt servicing by GMEPL
to the lender(s), as confirmed by them to ICRA.

Key rating drivers

Credit strengths

Established presence of promoters in wind power industry --
Management experience of successful commissioning and operations of
2.55 megawatt (MW) and 10 MW wind power projects in Maharashtra.

Credit challenges

Delays/defaults in term loan repayment -- There has been a
delays/defaults in the repayment on term loan instalments to the
banker in 10 MW project.

Liquidity position
The company's liquidity postilion is stretched due to increasing
receivables.

Incorporated in August 2012, GMEPL operates a 2.55 MW and 10 MW
wind based power plants in District Sangli, Maharashtra. The 10 MW
project had a project cost of INR67.27 crore, has been funded by
term loan (from Rural Electrification Corporation Limited) of
INR47.09 crore and equity of INR20.18 crore.

GSR TEXTILES: ICRA Maintains D Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA said the rating of INR23.84 crore bank facilities of GSR
Textiles Private Limited are continues to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based         18.27      [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Non fund            1.35      [ICRA]D ISSUER NOT COOPERATING;
   Based Limits                  Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Unallocated         4.22      [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Incorporated in December 2005, GSR Textiles Private Limited is
primarily engaged in production of cotton yarn. The company has a
spinning mill located in Nandimpalem village in Guntur district
with an installed capacity of 15,072 spindles per annum. The
company's production facility can produce cotton and bended yarn in
counts ranging from 30s to 60s. The company commenced its
production in December 2006.

H D MOTORS: Ind-Ra Migrates B- LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated H D Motors' (HDM)
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:

-- INR30 mil. Long term loan due on May 2021 migrated to non-
     cooperating category with IND B- (ISSUER NOT COOPERATING)
     rating; and

-- INR50 mil. Fund-based facilities migrated to non-cooperating
     category with IND B- (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 5, 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 2015, HDM is an authorized car dealer for Mahindra
and Mahindra Limited ('IND AAA'/Stable) and Ford India Private Ltd
('IND AAA'/Stable) in Tumkur, Karnataka. The firm, owned and
promoted by Mr. Sunil Gawda and Mr. Lakshmikant, is engaged in
sales and service of new and old cars.

HARIOM PROJECTS: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hariom Projects
Private Limited's 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
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR110 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 12, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

The company was incorporated in April 1989 as a partnership firm
under the name Hariom Builders. It was converted into a private
limited company under the name Hariom Projects Private Limited in
2003.

J P FOODS: CARE Migrates B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of J P
Foods Oil Company to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      8.85        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 J P Foods Oil
Company to monitor the rating vide e-mail communications dated May
29, 2019, May 22, 2019, May 15, 2019, April 30, 2019, April 3,
2019, April 1, 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 company has
not provided no default statement for monitoring the rating. 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 J P Foods Oil Company's bank facilities will now be
denoted as CARE B+; Stable; Issuer not cooperating.

JET AIRWAYS: Court Denies Founder Permission to Fly Outside India
-----------------------------------------------------------------
Bloomberg News reports that an Indian court denied Naresh Goyal,
founder of India's once largest airline by market value, permission
to fly overseas after the government told the court a $2.6 billion
fraud investigation involving Jet Airways India Ltd. is underway.

The Delhi High Court's single-judge bench of Justice S.K. Kait
expressed apprehension Goyal may not return like others facing
allegations of fraud, Bloomberg relates. "I won't name but some
people are sitting outside the country, and India is not able to
bring them back," Kait said. The court sought government's written
response and said it will hear the case again on Aug. 23, according
to Bloomberg.

Jet Airways owes at least INR73 billion ($1.1 billion) to banks and
is undergoing bankruptcy resolution after it defaulted on loans
that were due by Dec. 31, Bloomberg discloses. The carrier is a
casualty of cut-throat price war in India's tough aviation market
seven years after Vijay Mallya's Kingfisher Airlines Ltd. shut
down, the report says.

Bloomberg notes that the government is trying to extradite Mallya
from London. Mallya is among several fraud accused, including
diamond tycoon Nirav Modi, who fled the country in recent years.

Goyal on May 25 was made to deboard a flight to Dubai and London at
Mumbai airport after India's Serious Fraud Investigation Office had
issued a lookout notice for him, Bloomberg recalls. Goyal's lawyer
Maninder Singh said the lookout circular was illegal and curtailed
his fundamental right to life and liberty. The founder of the
airline needs to travel overseas to explore funding for the
carrier, Singh told the court, Bloomberg relays.

The government has opposed Goyal's petition, the report says. "It
is a serious investigation of 18,000 crore-rupee ($2.6 billion)
fraud. He must cooperate in the investigation," Bloomberg quotes
the government's lawyer Additional Solicitor General Maninder
Acharya as saying. Goyal has been summoned by the investigator to
depose on July 10, adds Bloomberg.

                        About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provides passenger and cargo air
transportation services. It also provides aircraft leasing
services. It operates flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
28, 2018, ICRA revised the ratings on certain bank facilities of
Jet Airways (India) Limited to [ICRA]C from [ICRA]B. The rating
downgrade considers delays in the implementation of the proposed
liquidity initiatives by the management, further aggravating its
liquidity, as reflected in the delays in employee salary payments
and lease rental payments to the aircraft lessors. Moreover, the
company has large debt repayments due over the next four months
(December-March) of FY2019 (INR1,700 crore), FY2020 (INR2,444.5
crore) and FY2021 (INR2,167.9 crore). The company is undertaking
various liquidity initiatives, which includes, among others, equity
infusion and a stake sale in Jet Privilege Private Limited (JPPL),
and the timely implementation of these initiatives is a key rating
sensitivity.  Moreover, the company continues to witness a stress
in its operating and financial performance.

KAMARLI STEELS: ICRA Maintains D Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating for INR20.00-crore bank facilities of Kamarli
Steels Private Limited ('KSPL') continues to remain under 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING". ICRA had earlier moved the rating of KSPL
to the 'ISSUER NOT COOPERATING' category due to non-submission of
requisite information by the entity to undertake surveillance of
the rating.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         (10.00)     [ICRA]D ISSUER NOT COOPERATING;
   Interchangeable                Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-         20.00      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-
   Interchangeable    (10.00)     [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

The rating is based on no information on the entity's performance
since the time it was last rated in March 2018. The lenders,
investors and other market participants are thus advised to
exercise appropriate caution while using this rating as the rating
does not adequately reflect the credit risk profile of the entity.
The entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

KSPL commenced operations from June 2015. The company is managed by
Mr. Shreenath Das Agarwal and Mr. Amit Agarwal. KSPL trades in
various types of steel items like MS Scrap, MS Structure, TOR (Cold
treated bars) Steel, CR Sheet, MS Plate and other scrap items. The
company has its registered office in Darukhana, Mumbai and rented
warehouses at Kalamboli (Navi Mumbai) and Bhavnagar (Gujarat). The
company's associate concern, Kasturi Commodities Private Limited is
involved in the business of ship breaking and trading in various
types of steel and scrap items. It has an outstanding rating of
[ICRA]D ISSUER NOT COOPERATING.

KASTURI COMMODITIES: ICRA Maintains D Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for INR75.00-crore bank facilities of Kasturi
Commodities Private Limited ('KCPL') continues to remain under
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D ISSUER NOT COOPERATING". ICRA had earlier moved the rating
of KCPL to the 'ISSUER NOT COOPERATING' category due to
non-submission of requisite information by the entity to undertake
surveillance of the rating.


                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         (16.00)     [ICRA]D ISSUER NOT COOPERATING;
   Interchangeable                Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-         75.00      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-        (10.50)     [ICRA]D ISSUER NOT COOPERATING;
   Interchangeable                Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

The rating is based on no information on the entity's performance
since the time it was last rated in March 2018. The lenders,
investors and other market participants are thus advised to
exercise appropriate caution while using this rating as the rating
does not adequately reflect the credit risk profile of the entity.
The entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

KCPL, incorporated in 1993, was acquired by its present promoters,
Mr. Shreenath Das Agarwal and Mrs. Pooja Agarwal in 2003. The
company is engaged in the business of ship breaking and trading of
various types of steel and scarp items. The company operates its
ship-breaking business from Alang (Gujarat) and Darukhana, Mumbai
(Maharashtra). The company's associate concern, Kamarli Steels
Private Limited is involved in trading of various types of steel
and scrap items. It has an outstanding rating of [ICRA]D ISSUER NOT
COOPERATING.

KP POLYOLEFIN: Ind-Ra Hikes Long Term Issuer Rating to 'BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded KP Polyolefin
Sacks Private Limited's (KPPSPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR110.0 mil. Fund-based limits Long-term rating upgraded;
     short-term rating affirmed with IND BB+/Stable/IND A4+
     rating;

-- INR30.0 mil. (increased from INR10 mil.) Non-fund-based limits

     affirmed with IND A4+ rating; and

-- INR23.21 mil. (reduced from INR43.6 mil.) Term loans due on
     December 2020 Long-term rating upgraded with IND BB+/Stable
     rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in KPPSPL's credit metrics on a
rise in absolute EBITDA. According to the provisional financials of
FY19, gross interest coverage (operating EBITDA/gross interest
expense) was 2.86x (FY18 2.04x), net leverage (adjusted net
debt/operating EBITDAR) was 2.17x (2.76x) and absolute EBITDA was
INR61.41 million (INR53.94 million).

Operating EBITDA margins remained modest at around 9.41% in FY19
(FY18: 8.80%); return on capital employed was 8.9% (7.04%). The
scale of operations remained modest with revenue of INR652.60
million in FY19 (FY18: INR613.03 million).

Liquidity is tight with KPPSPL's average utilization of the working
capital limits during the 12 months ended May 2019 being 99.16%.
Further, the cash flow from operations was low at around INR20.47
million in FY19 (FY18: INR16.40 million). The cash and cash
equivalent were around INR0.03 million at FYE19 (FYE18: INR0.40
million).

The ratings continue to be supported by the diverse use of KPPSPL's
packaging products in various industries including fertilizers,
food, sugar, and textiles, thereby ensuring continuous demand. The
ratings also factor in the founder's over a decade-long experience
in the plastic industry.

The ratings continue to be constrained by the company's
susceptibility to raw material prices due to volatile crude oil
prices as its main raw material, polypropylene, is a derivative of
crude and petroleum products.

RATING SENSITIVITIES

Negative: Any decline in the scale of operations leading to a
decline in the credit metrics on a sustained basis will be negative
for the ratings.

Positive: An increase in the scale of operations leading to an
improvement in the credit metrics on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 2011, KPPSPL manufactures woven fabric, bags, sacks
and tarpaulin for cargo packaging. The company is promoted by
Krishnapatnam Port Company Limited (KPCL) and Middle East
Industrial Investment LLC. Its manufacturing facility has an
installed capacity of 6,500 metric tons per annum.

LOTUS OVERSEAS: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR8.15-crore bank facilities of Lotus
Overseas continues to remain under the Issuer Not Cooperating
category. The rating is now denoted as [ICRA]B+ (Stable); ISSUER
NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          1.15       [ICRA]B+ (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund-based-          7.00       [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in May 2017, Lotus Overseas (LO) is a partnership firm
promoted and managed by Mr. Manish Pipaliya and Mr. Chhagan
Pipaliya. The firm is involved in processing and trading in
agro-commodities such as groundnuts, sesame and cumin. The firm's
commercial operations commenced from October 2017. Its
manufacturing facility is located at Junagadh in Gujarat. The
promoters have experience of more than a decade in the
agro-commodity sector.

MANGALORE SEA: ICRA Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of
Mangalore Sea Products (MSP) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash credit          5.00       [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating moved to
                                   'Issuer not cooperating'
                                   Category

   Letter of credit     2.50       [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating moved to
                                   'Issuer not cooperating'
                                   Category

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

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

Mangalore Sea Products was bought by Mr. Abdul Khader from Mr. H.S.
Nissar on January 28, 2014. It is a partnership firm closely held
by Mr. Abdul Khader and his wife Ms. Hafeeza Khathijamma. The firm
manufactures and sells fish meal and fish oil. The firm has a
manufacturing unit at Ullal, Mangalore with capacity to process 200
tonne of fish per day. The firm started its operations in May 2014.
The firm has its corporate office in Mangalore.

MUZAFFARPUR VIDYUT: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Muzaffarpur
Vidyut Vitaran Limited's (MVVL) Long-Term Issuer Rating to 'IND D'
from 'IND BB+'. The Outlook was Stable.

The instrument-wise rating actions are given below:

-- INR728.2 mil. Term loan (Long-term) due on June 30, 2027 D
     downgraded with IND D rating;

-- INR100 mil. Fund-based working capital facility (Long-term)
     downgraded with IND D rating; and

-- INR415.4 mil. Non-fund-based working capital facility (Short-
     term) downgraded with an IND D rating.

KEY RATING DRIVERS

The downgrade reflects continuous delays in repayment of principal
and interest for more than 90 days during six months ended June
2019, mainly due to discontinuation of the project as it was not
viable for the company.

RATING SENSITIVITIES

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

COMPANY PROFILE

Founded in April 2013, MVVL is a special purpose vehicle, sponsored
by Utilities Grid Solutions Limited. The sponsor is owned by Essel
Utilities Distribution Company Limited, which is an engineering
procurement and construction arm of Pan India Network Infravest.
MVVL operated as a power distribution franchise in the Muzaffarpur
circle in Bihar.

NEOGEM INDIA: ICRA Maintains D Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA said the rating for INR15.00-crore bank facilities of Neogem
India Limited continues to remain under 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING". ICRA had earlier moved the rating of NIL to the
'ISSUER NOT COOPERATING' category due to non-submission of
requisite information by the entity to undertake surveillance of
the rating.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term/Short    15.00      [ICRA]D ISSUER NOT COOPERATING;
   Term-Fund Based               Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

The rating is based on no information on the entity's performance
since the time it was last rated in March 2018. The lenders,
investors and other market participants are thus advised to
exercise appropriate caution while using this rating as the rating
does not adequately reflect the credit risk profile of the entity.
The entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

NIL was set up in September 1991, by Mr. Mahindra Doshi to
manufacture and export gold and studded jewellery. The company came
out with its public issue in April 1993 to fund its jewellery
manufacturing unit located in SEEPZ Andheri, Mumbai. The unit is
spread over a total space of around 7,000 square feet and the
company employs around 240 employees including the administrative
staff. The company exports its jewellery products to USA, Europe,
Middle East, etc., and recently the company has received the status
as a 'Two Star Export House'. Apart from this, the company is also
engaged in trading activities, where it imports cut and polished
diamonds and rough diamonds and exports the same to UAE, Hong Kong,
Europe, etc. either directly or through merchant exporters.

PM GRANITE: ICRA Maintains C+ Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA said the rating for the INR10.4 crore bank facilities of PM
Granite Exports Private Limited continues to remain in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]C+/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term-Fund     0.75       [ICRA]C+ ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-Fund     1.72       [ICRA]C+ ISSUER NOT COOPERATING;
   Based TL                      Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-Fund    5.00       [ICRA]A4 ISSUER NOT COOPERATING;
   Based Long Term/              Rating continues to remain under
   Short Term-                   'Issuer Not Cooperating'
   Unallocated        
                      
   Long Term/Short    2.93       [ICRA]C+/[ICRA]A4; ISSUER NOT
   Term-Unallocated              COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating'

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

PM Granites Export Private Limited (PMGEPL) is engaged in
processing of granite stone blocks and export of granite blocks,
slabs, tiles and other related products. PMGEPL was originally set
up in 2001 as PM Rocks Private Limited by Mr. M Babanna.
Subsequently, the firm was renamed as PM Granites Export Private
Limited in 2004. The company largely exports granite slabs & tiles.
In addition, PMGEPL also has an operational windmill of a capacity
of 1.25MW.

PMGEPL has 79,784 metric ton (MT) per annum installed manufacturing
capacity at its manufacturing facility located at Hosur, Tamil
Nadu. The company is currently being managed by Mr. M Babanna who
has over one decade of experience in the granite industry.

PREMIER SEAFOODS: Ind-Ra Reassigns B+ LT Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Premier Seafoods
Exim Private Limited's (PSEPL) Long-Term Issuer Rating to 'IND D'
from 'IND BB+'. Simultaneously, Ind-Ra has reassigned PSEPL a
Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR73.88 mil. (reduced from INR83.85 mil.) Long term loan* due

     on June 2024 downgraded and reassigned with IND B+/Stable
     rating; and

-- INR111.97 mil. (increased from INR102 mil.) Fund-based working

     capital limit** downgraded and reassigned with IND
     B+/Stable/IND A4 rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by PSEPL during
May- December 2018 and February 2019 due to a stressed liquidity
position.

The reassignment of the 'IND B+' Long-Term Issuer Rating reflects
PSEPL's timely debt servicing for the three months ended May 2019,
due to improvement in its liquidity position, resulting from timely
receivables from customers. The liquidity position was moderate as
indicated by 88% average use of its working capital facility for
the 12 months ended in May 2019.

The ratings are constrained by PSEPL's weak credit metrics as
indicated by interest coverage (operating EBITDA/gross interest
expense) of 2.0 x in FY19 (FY18: 4.1x) and net leverage (total
adjusted net debt/operating EBITDAR) of 5.5x (4.5x). The
deterioration in the credit metrics was mainly due to high debt
levels and low EBITDA. FY19 financials are provisional in nature.

The ratings also factor in a decline in PSEPL's revenue to INR1,007
million in FY19 (FY18: INR1,172 million) on account of reduction in
aquacultured shrimp sales, due to lower demand. The company's scale
of operations is medium. As of 1QFY20, the company booked revenue
of INR203 million

The ratings also factor in the company's modest margin with a
return on capital employed of 8% in FY19 (FY18: 13%). Despite the
revenue decline, the operating margin improved to 3.8% in FY19
(FY18: 3.4%) owing to a decrease in raw material price. The agency
expects the EBITDA margin to improve owing to a rise in the sale of
high-margin ready-to-cook shrimp and better inventory management.

The ratings, however, are supported by the company's promoters more
than four decades of experience in the seafood export business.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2000, PSEPL processes sea caught and cultured
shrimps. Based in Kerala, the company has three processing units in
Cochin (Kerala), Aroor (Alappuzha)  and Paradip (Odisha) each of
daily processing capacity of 113mt per day, of which 80% capacity
is utilized. The Chennai (Tamil Nadu) unit is closed. The company
primarily caters to customers in Japan, Europe, and other Asian
countries.

RAMAPRIYA SOLAR: ICRA Maintains B Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR10.50 crore bank facilities of
Ramapriya Solar Energy Private Limited continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      10.50       [ICRA]B (Stable) ISSUER NOT
   Based TL                        COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Ramapriya Solar Energy Private Limited (RSEPL) was incorporated in
May 2015 as a Special Purpose Vehicle (SPV) to set up 2 MW Solar
Power Project in Chitradurga District, Karnataka under the Farmer's
Scheme allotted to Mr. T R Bheemaneedi. The solar power plant is
expected to be commissioned in October 2016 and a Power Purchase
Agreement (PPA) has been signed by SPD with BESCOM for a period of
25 years.

RATNESH INFRA: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ratnesh Infra (RI)
a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30.0 mil. Fund-based facilities assigned with IND BB-
     /Stable/IND A4+ rating; and

-- INR30.0 mil. Non-fund-based facilities assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect RI's small scale of operations with revenue of
INR446 million in FY19 (FY18: INR387 million, FY17: INR270
million). The revenue growth was on account of increase in the
installed capacity with an increase in capacity utilization. The
firm's revenue grew at a CAGR of 32.89% during FY15-FY19. RI had an
order book position of INR169.2 million, as on 11 June 2019, and
the management expects to complete it by end of September 2019.
FY19 financials are provisional in nature.

The ratings also factor in RI's moderate credit metrics with
interest coverage (operating EBITDA/gross interest expense) of 3.3x
in FY19 (FY18: 3.4x) and net leverage (total adjusted net
debt/operating EBITDAR) of 3.1x (3.4x) owing to increase in
absolute EBITDA to INR25 million (INR18 million), due to a
reduction in operating expenses and the increase in top line.

The ratings also reflect the firm's modest liquidity position as
reflected by average utilization of 90.4% and 74.7%, respectively,
of its fund-based and non-fund-based facilities during the 12
months ended May 2019. The fund flow from operations remained
positive from FY15-FY19 (FY19: INR38 million; FY18: INR13 million;
FY17: INR15 million; FY16: INR10 million; FY15: INR8 million) on
account of higher absolute EBITDA and Ind-Ra expects it to remain
positive in the near future owing to the same reason.

The ratings also factor in the proprietorship nature of the
business.

However, the ratings are supported by comfortable net cash
conversion cycle, which stood at 34 days in FY19 (FY18: 22 days) on
account of higher creditor days of 76 in FY19 (FY18: 114) since it
is backed by a letter of credit up to 90-120 days. The firm's
margins were healthy at 5.6% in FY19 (FY18: 4.6%) and the
improvement was on account of a reduction in the cost of raw
material consumed. Its return on capital employed was 26% in FY19
(FY18: 22%).

The ratings are further supported by promoter's almost a decade of
experience in executing engineering, procurement, and construction
(EPC) business.

RATING SENSITIVITIES

Negative: A decline in the revenue or EBITDA margin below 4.5%
leading to deterioration in credit metrics, all on a sustained
basis, will be negative for the rating.

Positive: A rise in the revenue and EBITDA margin leading to an
improvement in the credit metrics, all on a sustained basis, will
be positive for the ratings.

COMPANY PROFILE

RI is a proprietorship firm incorporated in September 2010. The
firm is engaged in EPC business and its manufacturing unit is
located at Chakan (Pune). RI has an installed capacity of 7,500
metric tons per annum.

RELISHAH EXPORT: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Relishah Export's
(Relishah) Long-Term Issuer Rating to 'IND BB' from 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR240 mil. Fund-based post shipment demand loan/usance
     foreign bill purchased/foreign bill purchased upgraded with
     IND A4+ rating;

-- INR260 mil. Fund-based packing credit/packing credit in
     foreign currency* upgraded with IND A4+ rating; and

-- INR2 mil. Non-fund-based inland bank guarantees upgraded with
     IND A4+ rating.

* Includes standby limit of INR80 million

KEY RATING DRIVERS

The upgrade reflects the 24.4% YoY growth in Relishah's revenue to
INR2,959 million in FY19  (FY18: INR2,379 million, FY17: INR2,722
million) due to an increase in orders from existing customers. The
firm has moved its focus from the sluggish Chinese market to other
regions like Peru and European countries, which are characterized
by comparatively higher demand and better margins; as a result, the
revenues are likely to rise further in the near term. The figures
for FY19 are provisional in nature. Relishah achieved revenue of
INR647.2 million in 2MFY20 (provisional), backed by high order
inflows.

The ratings remain constrained by the partnership structure of the
business.

The ratings also reflect the high competition in and the cyclical
nature of the cotton trading industry. Furthermore, Relishah is
susceptible to the risks arising from any adverse changes in
regulatory policies.

The rating factor in Relishah's adequate liquidity position, as
indicated by an average maximum utilization of 25.4% of fund-based
working capital limits during the 12 months ended May 2019. The
cash and cash equivalents stood at INR3.0 million during FY19
(FY18: INR113 million). The cash flow from operations turned
negative at INR84 million (FY18: INR270 million) due to an increase
in working capital requirements. The firm had unutilized working
capital lines of INR390 million as of April 2019; this will be
sufficient to meet the incremental working capital requirement in
the near term. Relishah does not have any debt repayment
obligations in the near term due to the absence of term debt. The
ratings also factor in the firm's working-capital-intensive nature
of business. The company's net working capital cycle elongated to
54 days in FY19 (FY18: 50 days) due to high receivable days and low
payable days.

The ratings are supported by the healthy EBITDA margins. The margin
was stable at 3.1% (FY18: 3.2%); the return on capital employed
stood at 18% in FY19 (FY18: 14%).

Additionally, Relishah's credit metrics are comfortable. The
interest coverage (EBITDA/gross interest expense) improved to 2.5x
in FY19 (FY18: 1.9x) owing to a rise in the operating EBITDA to
INR91 million in FY19 (FY18: INR77 million) on the back of revenue
growth. The net leverage deteriorated (total adjusted net
debt/operating EBITDAR) deteriorated to 2.4x in FY19 (FY18:1.5x)
due to an increase in the debt levels to INR220 million in FY19
(FY18: INR124 million).

Moreover, the company has a geographically diversified customer
base and benefits from its strong relationships with customers.

The ratings also continue to draw comfort from the founders'
three-decade-long experience in the cotton trading industry.

RATING SENSITIVITIES

Positive: Increase in the scale of operations and profitability,
while maintaining the overall credit metrics, along with an
adequate liquidity position and/or conversion in the business
structure to corporate from a partnership, could lead to positive
rating action.

Negative: Reduction in the scale of operations or profitability,
leading to the interest coverage reducing below 1.7x, on a
sustained basis, could be negative for the ratings.

COMPANY PROFILE

Established in 1987, Relishah is a registered partnership firm
engaged in the exports of textile goods such as cotton yarn.   

SARAVANA GLOBAL: ICRA Withdraws D Rating on INR28.74cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Saravana Global Energy Limited (SGEL, formerly known as Saravana
Insulators Limited), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund
   Based Cash Credit   25.00      [ICRA]D ISSUER NOT COOPERATING;
                                  Withdrawn

   Long Term-Fund
   Based Term Loan     28.74      [ICRA]D ISSUER NOT COOPERATING;
                                  Withdrawn


   Short Term-
   Fund Based          10.00      [ICRA]D ISSUER NOT COOPERATING;
                                  Withdrawn

   Short Term-Non-
   Fund Based          12.50      [ICRA]D ISSUER NOT COOPERATING;
                                  Withdrawn

   Long Term-
   Unallocated          3.76      [ICRA]D ISSUER NOT COOPERATING;
                                  Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company.

Saravana Global Energy Limited (SGEL, formerly known as Saravana
Insulators Limited) was incorporated in 2003 by acquiring the
assets of Seshasayee Industries Limited, a sick unit. SGEL
manufactures alumina porcelain insulators in Unit I located at
Cuddalore, Tamil Nadu, with capacity of 15,000 tons per annum
(MTPA) and, polymer insulators in Unit II located in
Madhurandhakam, Tamil Nadu, with capacity of ~27,000 pieces per
annum for application in transmission lines, power equipment
manufactures, and railway electrification projects. The company
also has a separate division, Global Power Research Institute, a
National Accreditation Bureau of Laboratories (NABL) recognized
extra high voltage (EHV) testing lab in Cuddalore. The promoters
hold ~80% of the stake in the company in their personal capacity
while the remaining is held by a private equity investor.

SHIV SHAKTI: ICRA Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA said the rating for INR10.00-crore bank facilities of Shiv
Shakti Enterprise continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING". ICRA had earlier moved the rating of SSE to the
'ISSUER NOT COOPERATING' category due to non-submission of
requisite information by the entity to undertake surveillance of
the rating.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       10.00     [ICRA]D ISSUER NOT COOPERATING;
   Based Term Loan                Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

The rating is based on no information on the entity's performance
since the time it was last rated in March 2018. The lenders,
investors and other market participants are thus advised to
exercise appropriate caution while using this rating as the rating
does not adequately reflect the credit risk profile of the entity.
The entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

Established as a partnership firm in February 2014, Shiv Shakti
Enterprise commenced the development of its first residential real
estate project viz. Siddhi Vinayak Heights in April 2014. The
project is one with 152 two BHK flats, with saleable area in the
range of 1138sq.ft to 1186sq.ft. Located in the Pal-Adajan area of
Surat, the management is targeting the people employed in companies
located in the Hazira industrial belt as prospective buyers. The
management had rescheduled the project completion from September
2016 to July 2017.

SHREE RADHA: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Radha Govind
Agro Industries' (Radha) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR6.4 mil. Term loan due on October 2019 withdrawn (paid in
     full) and the rating is withdrawn;

-- INR90.0 mil. (increased from INR75.2 mil.) Fund-based working
     capital facilities affirmed with IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects Radha's continued small scale of
operations. The firm's revenue decreased to INR356 million in FY19
(FY18: INR386 million) on account of a decrease in orders. FY19
financials are provisional in nature.

Its return on capital employed stood at 12% in FY19 (FY18: 10%) and
EBITDA margins were average at 4.8% (4.3%). The improvement in
margins was on account of the processing of high-margin products.
Its net financial leverage (adjusted net debt/operating EBITDAR)
improved to 3.8x in FY19 (FY18: 4.2x) due to the repayment of the
term loan in 3QFY19. However, its interest coverage (operating
EBITDA/gross interest expense) remained low at 1.3x (1.4x), due to
high-interest expenses owing to increased utilization of fund-based
facility to meet the working capital requirement.

The rating is further constrained by the firm's modest liquidity,
as reflected by its 83% average utilization of the fund-based
facilities over the 12 months ended May 2019. Its cash flow from
operations was negative INR2 million in FY19 (FY18: INR28 million)
due to elongation of working capital cycle. Furthermore, its net
working capital cycle elongated to 96 days in FY19 (FY18:78) on
account of an increase in inventory holding period due to the
increased stocking of raw materials during the season. The firm
gives a credit period of 15-20 days to its customers and had a cash
balance of INR1.0 million as of March 2019 (March 2018: INR1
million).

The ratings also factor in the partnership form of the firm.

However, the ratings are supported by the promoters' over two
decades' experience in the rice milling industry.

RATING SENSITIVITIES

Positive: An increase in revenue and profitability, leading to an
improvement in credit metrics, on a sustained basis, will be
positive for the ratings.

Negative: A decline in revenue and operating profitability,
resulting in deterioration in credit metrics, all on a sustained
basis, will be negative for the ratings.

COMPANY PROFILE

Ahmedabad-based Radha is a partnership firm established in 1998 and
processes rice from paddy with an installed capacity of 13,500
million tons per year.

SREE JEYASOUNDHARAM: ICRA Maintains C Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR27.65-crore bank facilities of Sree
Jeyasoundharam Textile Mills Private Limited (SJTMPL) continues to
remain in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]C/[ICRA]A4; ISSUER NOT COOPERATING". ICRA had
earlier moved the ratings of SJTMPL to the 'ISSUER NOT COOPERATING'
category due to non-submission of monthly 'No Default Statement'
("NDS") by the entity.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long-term-        23.07       [ICRA]C ISSUER NOT COOPERATING;
   Fund-based                    Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Long-term-        (1.00)      [ICRA]C ISSUER NOT COOPERATING;
   Interchangeable               Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Long-term-         1.33       [ICRA]C ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Short-term-        3.25       [ICRA]A4 ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

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

Sree Jeyasoundharam Textile Mills Private Limited was incorporated
as a private limited company in September 1989 in Sivagangai, Tamil
Nadu. In 1997, it was taken over by Mr. T R Dhinakaran, the
promoter of Ramalinga Group of Companies. The company is primarily
engaged in manufacturing of cotton yarn of medium to fine counts.
Over the years, the company has increased the spindle capacity from
3,000 spindles to its current level of 41,760 spindles and 672
rotors.

The company is a part of Ramalinga Group of Companies based out of
Aruppukottai, Tamil Nadu. The major companies in the Ramalinga
group include (a) Shri Ramalinga Mills Limited (SRML) (ii)
Aruppukottai Shri Ramalinga Spinners Private Limited and (iii)
Tamilnadu Jaibharath Mills Limited.

SUBIR DIAMONDS: Ind-Ra Lowers Long Term Issuer Rating to 'B'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Subir Diamond
Pvt Ltd.'s (SDPL) Long-Term Issuer Rating to 'IND B' from 'IND B+'.
The Outlook is Stable.

The instrument-wise rating action is:

-- INR90 mil. Fund-based working capital limits downgraded with
     IND B/Stable rating.

KEY RATING DRIVERS

The downgrade reflects the EBITDA loss of INR0.69 million incurred
by SDPL in FY19 (FY18: profit of INR8.41million; EBITDA margin of
0.9%; RoCE of 7%) due to the increased costs of diamond imports.
The company's profitability remains susceptible to volatility in
diamond prices and fluctuations in foreign exchange rates. The
figures for FY19 are provisional.

The ratings reflect the steep deterioration in the credit metrics
in FY19 because of the EBITDA loss (FY18: interest coverage of
2.6x, net leverage of 1.2x).

The ratings are also constrained by continued small scale
operations, as indicated by revenue of INR939 million in FY19
(FY18: INR932 million).

The ratings are supported by the company's comfortable liquidity
profile, as reflected from its 49.07% use of the working capital
limits on an average during the 12 months ended May 2018. The cash
flow from operations turned negative at INR10.73 million in FY19
(FY18: INR18.45million) due to unfavorable changes in the working
capital requirements.

The ratings also derive comfort from the directors' experience of
over three decades in the diamond business.

RATING SENSITIVITIES

Negative: Further decline in the operating margin and continued
deterioration in the credit metrics will lead to negative rating
action.

Positive: Improvement in the operating margin, along with interest
coverage rising above 1.5x, on a sustained basis, may lead to
positive rating action.

COMPANY PROFILE

Incorporated in 1982, SDPL is engaged in the manufacturing,
polishing, and trading of high-quality diamonds. It manufactures
round cut diamonds of various sizes. SDPL distributes polished
diamonds to major global consumer markets like Singapore. It is
managed by Mr. Nirav Mehta and family.

SWARGIYA BHIKAM: Ind-Ra Maintains BB Loan Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Swargiya Bhikam
Singh Smriti Samaj Kalyan Sansthan's bank loan 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:

-- INR74.28 mil. Bank loans maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on July
10, 2015. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Swargiya Bhikam Singh Smriti Samaj Kalyan Sansthan was established
in 1998 under the Societies Registration Act, 1973 in Gwalior,
Madhya Pradesh. It manages two colleges and offers nursing,
computer application, and business administration courses. The
society also has a 350-bed hospital.

TRANS CONDUCT: Ind-Ra Moves 'B' LT Issuer Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/S Trans Conduct
(India)'s 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:

-- INR65 mil. Fund-based limits migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) / IND A4 (ISSUER

     NOT COOPERATING) rating; and

-- INR40 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 5, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Trans Conduct is a partnership firm that constructs roads and
buildings and undertakes repairs and maintenance, mainly for
Municipal Corporation of Greater Mumbai. The firm also undertakes
work for Public Work Department, Maharashtra, and Indian Railways
and subcontracts from private contractors.

TRUWOODS PRIVATE: ICRA Maintains D Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating of INR20.00-crore bank facilities of Truwoods
Private Limited continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING."

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/CC                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-        13.00       [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund Based                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in March
2018. The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating does not adequately reflect the credit risk profile of
the entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

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

Truwoods Pvt. Ltd. (TPL) was incorporated in 2001 and is engaged in
manufacturing of plywood and Veneers. The company is part of the
Deccan Group, which has a history of about two decades in the
plywood business. The other group companies include Deccan Veneers
Pvt Ltd, Maxworth Plywoods Pvt Ltd, Alpine Panels Pvt Ltd, and
Indus tropics ltd. All the group companies are involved in plywood
and Veneer related business. Truwoods is an ISO 9001, 14001 and
18001 company and has diverse product portfolio which include
Marine Plywood, Shuttering and Film Faced Plywood, Fire guard
Plywood, Block Boards, Flush doors, and Decorative Veneers.

VARIETY LUMBERS: ICRA Hikes Rating on INR2.0cr Loan to B-
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Variety Lumbers Private Limited's (VLPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based           2.00       [ICRA]B-(Stable); Upgraded
   Cash Credit                     from [ICRA]C

   Non-fund based      20.00       [ICRA]A4; Reaffirmed
   Import Letter
   of Credit cum
   Buyers Credit       


Rationale

The revision in the ratings takes into account the regular debt
servicing in the past five months, following the improvement in the
working capital cycle. Additionally, the churning up of inventory
to sales with easing up of labour shortage issues and realisation
of receivables leading to some easing up of liquidity position in
recent months. The ratings continue to favourably factor in the
extensive experience of VLPL's promoters in the timber industry and
the location-specific advantages due to the company's proximity to
the Kandla port in Gujarat.

The ratings, however, are constrained by the company's weak
financial risk profile, marked by a leveraged capital structure,
weak coverage indicators and tight liquidity position owing to high
working capital intensity (31% as on FY2019-end). ICRA notes that
the inventory days increased to 97 in FY2019 from 58 in FY2018-end
because of temporary labour shortage; however, the problem is
expected to be resolved in the near term. Further, the ratings
factor in the stiff competition in the timber industry and the
vulnerability of VLPL's profitability to volatility in timber
prices and to foreign exchange fluctuation because of substantial
imports.

Outlook: Stable

ICRA expects VLPL to continue to benefit from the extensive
experience of its promoters in the timber business and the
strategic location of its facilities. The outlook may be revised to
Positive if substantial growth in revenue and profitability leads
to higher-than-expected cash accruals, which along with prudent
working capital management improve the liquidity and the overall
financial risk profile. The outlook may be revised to Negative if
substantial reduction in scale and profitability leads to
inadequate cash accruals or any stretch in the working capital
cycle weakens the company's liquidity position and impacts its debt
repayments capabilities.

Key rating drivers

Credit strengths

Extensive experience of promoters in timber industry --
Incorporated in 2002, VLPL's operations are managed by the members
of the Dubey family, who have more than two decades of experience
in the timber business.

Location-specific advantage -- VLPL's facility is located at
Gandhidham in Gujarat, which has been declared a timber zone by the
Government. Further, as a major part of its procurement is through
imports, the company's proximity to the Kandla port in Gujarat
provides logistical advantage.

Regular debt servicing and improvement in working capital cycle --
The company has been regularly repaying his debts to its lenders
since the last five months (i.e. January 2019 – May 2019).
Further, with churning up of inventory to sales with easing up of
labour shortage issues and realisation of stuck receivables in
recent months there has been some easing up of liquidity position.

Credit challenges

Weak financial risk profile characterised by leveraged capital
structure and weak coverage indicators – Low value addition in
timber sawing and trading business results in low operating margin
(4.7% in FY2018) and net margin (0.9% in FY2018). VLPL's capital
structure continues to remain leveraged; the gearing was 2.3 times
as on FY2018-end and 2.7 times as on FY2017-end. The debt coverage
indicators remained weak, with interest coverage of 1.4 times,
TD/OPBIDTA of 4.3 times, DSCR of 1.3 times and NCA/TD of 6% as on
FY2018-end as against interest coverage of 1.3 times, TD/OPBIDTA of
8.6 times, DSCR of 1.2 times and NCA/TD of 3% as on FY2017-end.
Further, its operating income (OI) declined by 14% to INR37.8 crore
in FY2019 (provisional numbers) from INR43.9 crore in FY2018.

Stretched liquidity position – VLPL's working capital intensity
spiked substantially in FY2019—the NWC/OI was 31% as on
FY2019-end compared to 20% as on FY2018-end—due to an increase in
inventory holding to 97 days in FY2019 from 58 days in FY2018. The
inventory increased as labour shortage lowered production, leading
to pile up of raw material inventory. However, by May 2019, the
labour shortage problem was addressed, which released the stuck raw
material inventory and consequently improved the liquidity
position.

Intense competition due to presence of numerous players – The
company's margins are low as timber sawing and trading is a low
value-added business. Additionally, stiff competition from numerous
players operating in the fragmented industry keeps the company's
margins under check.

Exposure to government regulations of importing country; volatility
in timber prices – A significant share of VLPL's key raw material
requirement, i.e. timber, is imported from New Zealand. This
exposes the company to the risks associated with timber
availability and adverse changes/restrictions in timber export
policies by the Government of the timber-supplying countries.

Vulnerability of profitability to adverse fluctuation in foreign
currency exchange rate – Import constitutes a major part of
VLPL's total purchase and the entity does not have any formal
hedging policy for its forex risk; hence, its import payables
remain exposed to adverse movements in forex rates.

Liquidity position

VLPL's fund flow from operations (FFO) turned positive to INR0.31
crore in FY2018, compared to FY2017. Additionally, its free cash
flows (before debt repayment) turned positive due to lower
incremental working capital requirement. The company's liquidity
position is expected to remain tight, given the LC repayment in the
near term. However, normalisation of labour situation has improved
the conversion cycle of inventory to finished goods and increased
the realisation of receivables, which are expected to support the
liquidity. The liquidity will be further supported by cushion
available in terms of undrawn working capital limits.

Incorporated in 2002, VLPL processes and trades timber logs and
manufactures wooden pallets. It deals in radiate pine logs, which
are mainly imported from New Zealand and Singapore. The plant is
located at Gandhidham in Gujarat, which is close to the Kandla
port. The company is promoted by the Dubey family, the key
promoters being Mr. Swami Nath Dubey and his son Mr. Jay Kumar
Dubey. The promoters have more than 25 years of experience in the
timber business.

In FY2018, VLPL reported a net profit of INR0.40 crore on an
operating income (OI) of INR43.90 crore compared to a net profit of
INR0.26 crore on an OI of INR36.72 crore in the previous year.
Further, it achieved revenue of INR37.8 crore in FY2019 on a
provisional basis.

VIDEOCON GROUP: NCLT Mumbai Directed to Pass Order vs. 15 Units
---------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) has directed the Mumbai bench of the NCLT to pass
an order over the insolvency plea against 15 Videocon group
companies within next three weeks.

According to BloombergQuint, the NCLAT said that taking into
consideration the nature of the matter, the National Company Law
Tribunal Mumbai should pass an order within three weeks over the
insolvency plea filed by banks.

BloombergQuint says the NCLAT order came over the plea filed by the
lenders, led by SBI and the Resolution Professional of the company.
The lenders had pleaded that the NCLT was yet to pronounce its
judgement even as it reserved an order after the completion of
arguments in January 2019.

Observing that arguments in the matter have already been completed,
a three-member NCLAT bench headed by Chairman Justice S J
Mukhopadhaya asked the lenders to inform it, if the NCLT does not
pronounce its order within three weeks timeframe.

"In the facts and circumstances consideration of process of 15
companies has already been raised and argued. Taking into
consideration the nature of the matter, we direct the Adjudicating
Authority (NCLT), Mumbai Bench to pronounce its judgment on an
early date preferably within three weeks," NCLAT, as cited by
BloombergQuint, said.

The appellate tribunal further said that it appears that even on
April 16, 2019, when the matter was listed, order has not been
pronounced, adds BloombergQuint.

"If it is not pronounced within three weeks, the parties may bring
this fact to the notice of this Appellate Tribunal," said NCLAT in
its order on July 4, BloombergQuint relays.

According to the report, the lenders informed the NCLAT that
arguments have already been completed at the NCLT on January 25,
2019, and an order has been reserved and no judgement has been
delivered till date.

According to them, the fate of 15 companies is not decided because
no order has been passed in the case, BloombergQuint relates.

                     About Videocon Industries

Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.

Videocon is on the second list of 28 defaulters by the Reserve Bank
of India (RBI) under the Insolvency and Bankruptcy Code.

The State Bank of India (SBI) filed its insolvency petition against
Venugopal Dhoot-controlled Videocon Industries in January 2018
before the NCLT, which admitted the plea on June 6, 2018.

On June 9, the NCLT had also admitted the insolvency petition filed
by SBI against Videocon Telecommunications Ltd.

VISTA PHARMACEUTICALS: Ind-Ra Hikes LT Issuer Rating to 'BB-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Vista
Pharmaceuticals, Ltd.'s (VPL) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital facilities upgraded with

     IND BB-/Stable/IND A4+ rating;

-- INR30 mil. Non-fund-based working capital facilities upgraded
     with IND A4+ rating; and

-- INR60 mil. Term loan due on March 2027 upgraded with IND BB-
     /Stable rating.

KEY RATING DRIVERS

The ratings reflect an improvement in VPL's liquidity position with
the utilization of its fund-based limits within the sanctioned
limits and timely repayment of its long-term debt during the six
months ended May 2019. Cash flow from operations improved to INR15
million in FY19 (FY18: INR2 million) owing to the favorable changes
in working capital. The company's working capital cycle improved to
189 days in FY19 (FY18:228 days), as a result of a decrease in
debtor days as wells as creditor days since it had generated more
revenue from the domestic market, which offers better credit terms.
However, the company's cash and cash equivalents stood low at
INR0.2 million, against the total outstanding debt of INR112
million as on 31 March 2019.

The ratings remain constrained by VPL's small scale of operations.
Revenue grew to INR311 million in FY19 (FY18: INR289 million), as a
result of an increase in the number of orders executed. The company
applied abbreviated new drug application for a generic drug in
2017, for which it has set up an additional unit. The company is
awaiting approval from the U.S.Food & Drug Administration, likely
to be received in FY20, to begin with, the commercial production.

Despite the revenue growth, its operating margins contracted and
remained modest at 8.2% in FY19 (FY18: 19.3%) owing to the decline
in sales to the export markets, which offer higher margin than the
domestic market. Its return on capital employed was 3%.
Consequently, its interest coverage (operating EBITDA/gross
interest expense) deteriorated to 1.5x in FY19 (FY18: 3.5x) and net
leverage (total adjusted net debt/operating EBITDAR) to 4.4x
(1.8x). VPL's credit metrics remain modest. The management expects
the revenue and profitability to improve in the medium term once it
receives the required approval.

The ratings remain supported by VPL's promoters' more than two
decades of experience in the pharmaceutical industry.

RATING SENSITIVITIES

Positive: An increase in the revenue and the EBITDA margins, along
with an improvement in the credit metrics, resulting in the
interest coverage increasing above 3.5x and a further improvement
in the overall liquidity position, all on a sustained basis, could
lead to positive rating action.

Negative: Any decline in the revenue and/or the EBITDA margins,
resulting in further deterioration in the credit metrics with the
interest coverage remaining below 2x and deterioration in the
liquidity position, could lead to negative rating action.

COMPANY PROFILE

Established in 1992, VPL manufactures pharmaceutical drugs such as
sulphamethoxazole, trimethoprim, and isoxsuprine. VPL is a 100%
export oriented unit and caters to the US market. It is has a
manufacturing facility in Andhra Pradesh.



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

CRYPTOPIA: Liquidators Obtain Ch.15 Bankruptcy Recognition in U.S.
------------------------------------------------------------------
Grant Thornton, the liquidators for Christchurch-based crypto
exchange, Cryptopia, said in its latest update that they
successfully obtained bankruptcy recognition in Chapter 15 in the
United States.

                           Securing assets

"We have undertaken a significant legal process to further secure
the crypto-asset holdings. This is a very positive development,"
Grant Thornton said.

"We have obtained Chapter 15 Bankruptcy Recognition in the United
States. Now that the Recognition Order has been entered, certain
protections apply to Cryptopia and its property within the
territorial jurisdiction of the United States. An "automatic stay"
is effective and acts as a moratorium in favour of Cryptopia and
its property within the territorial limits of the United States
concerning pre-petition claims including litigation (whether class
action or otherwise), creditor collection efforts with respect to
Cryptopia's assets in the United States, and efforts by contract
counterparties to terminate contracts with Cryptopia.

A similar automatic stay against legal action is also in force
under New Zealand insolvency law.

                   Determining customer holdings

"These legal processes mean we have now recovered the customer
holdings database from Phoenix. Initiatives are now underway to
reconcile this with Cryptopia-controlled crypto-asset wallets. This
is not a simple task as there are hundreds of thousands of
customers and many hold multiple crypto-assets," the liquidators
said.

"We have begun and continue the process of recovering certain
wallets which were established after the January hack and moving
them into a "safe non-hacked environment". The requirement to
undertake this task is also contributing to the complexity of the
process.

"We continue to liaise with our legal advisors to determine how
crypto-assets could be returned to customers. However, due to the
January hack, this is a complex and time-consuming process. For
example, an Exchange that has been hacked cannot simply be
reopened. We have certain legal requirements and obligations both
in New Zealand and internationally that liquidators must meet, such
as Anti Money Laundering/Know Your Client (AML/KYC) requirements
when considering any repayment or return of assets.

"We continue to liaise with the New Zealand Police and other
authorities internationally in relation to the January hack and
other issues arising in connection with customers' use of the
Exchange."  

                  Working through the legal process

"International law governing crypto-assets is still very much in
its infancy. Alongside our legal advisors we are looking to answer
questions such as the legal status of crypto-assets, and the legal
relationship between Cryptopia and its customers," Grant Thornton
added.

                      About Cryptopia Limited

Cryptopia Limited -- https://support.cryptopia.co.nz/csm --
is a cryptocurrency exchange based in New Zealand.

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

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

TARATAHI INSTITUTE: Staff to be Paid Next Week or So
----------------------------------------------------
Pam Graham at Wairarapa Times-Age reports that the former staff of
Taratahi Institute of Agriculture near Masterton are to get a
payment in the next week or so.

David Ruscoe and Malcolm Moore of Grant Thornton were appointed as
interim liquidators of Taratahi Agricultural Training Centre
[Wairarapa] Trust Board on December 19 and became full liquidators
on February 5, the report says.

In a letter dated July 2 to a former staff member, they say a
distribution to preferential creditors will happen within two
weeks, according to Wairarapa Times-Age.

Wairarapa Times-Age relates that Mr. Ruscoe didn't return calls on
July 5 but the first report he and Mr. Moore made public in March
said employees had preferential entitlements at the date of
liquidation estimated to total NZ$2.09 million. Inland Revenue also
have a preferential claim of NZ$655,000.

Staff are, by law, preferential creditors up to the value of
NZ$23,960 and then they become unsecured creditors, Wairarapa
Times-Age notes.

Taratahi employed 250 staff, of whom 35 to 45 worked at Telford,
the campus near Balclutha, in the South Island.

According to the report, staff were paid up until January 9, so
they are owed pay from when they were suspended until the full
liquidation on February 5, holiday pay and redundancy pay.

There's also speculation they may be owed pay for a notice period
from the liquidation, the report states.

Wairarapa Times-Age adds that Kris Smith, an organiser with the
Tertiary Education Union, said what is owed depends on a person's
contract and most people at Taratahi were on individual contracts
so she doesn't know the details.

"People at Telford had good employment terms and conditions, people
at Taratahi didn't," Wairarapa Times-Age quotes Ms. Smith as
saying.

A few staff in Wairarapa were kept on to keep assets running until
they were sold, and they were on employment conditions that were
not as good as previously, the report says.

After the costs of a liquidation, secured creditors and
preferential creditors are paid first, and then unsecured
creditors, Wairarapa Times-Age states.

The report signalled preferential liabilities will be paid in
full.

There are 1,194 unsecured creditor claims totalling NZ$15,863
million and there has been no estimate of payments to them,
according to Wairarapa Times-Age.

The secured creditors were listed as Westpac, CSG Finance, HJ
Asmuss and Co, Fuji Xerox Finance Ltd, NZ Farmers Livestock Ltd,
Ricoh Finance, Sgfleet NZ, and Swanndri New Zealand, Wairarapa
Times-Age discloses.

Staff initially had their pay suspended without being made
redundant, which caused uncertainty but they ultimately lost their
jobs, adds Wairarapa Times-Age.

Taratahi was placed in interim liquidation on December 19 last year
and on February 5 it was placed in full liquidation by a High Court
order.  Taratahi had 2,500 students around New Zealand when it
collapsed, and employed 250 staff.


                           *********


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

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

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

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