TCRAP_Public/190711.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, July 11, 2019, Vol. 22, No. 138

                           Headlines



A U S T R A L I A

AD SECURITIES: Second Creditors' Meeting Set for July 19
BRADBURY INDUSTRIAL: First Creditors' Meeting Set for July 18
CC BLAND: Second Creditors' Meeting Set for July 17
CN BUILDING: First Creditors' Meeting Set for July 19
FGM PTY: First Creditors' Meeting Set for July 19

RT COMMUNICATIONS: First Creditors' Meeting Set for July 18
TYRES FOR LESS: First Creditors' Meeting Set for July 17


C H I N A

LOGAN PROPERTY: S&P Assigns 'B+' Rating to New US$ Sr. Unsec. Notes
SUNSHINE 100: S&P Affirms 'CCC+' Long-Term Issuer Credit Rating
TEWOO GROUP: Fitch Withdraws B- IDR Due to Insufficient Information
TIMES CHINA: Moody's Rates Proposed Sr. Unsec. USD Notes B1
TIMES CHINA: S&P Assigns 'B+' Rating to New US$ Sr. Unsec. Notes



H O N G   K O N G

MELCO RESORTS: S&P Rates New U.S. Dollar Sr. Unsecured Notes 'BB'


I N D I A

ARYAN VILLA: CRISIL Migrates B+ Rating to Not Cooperating
BALAJI PACK: CRISIL Migrates B Rating to Not Cooperating Category
DEEPAK FASTENERS: CRISIL Migrates D Rating to Not Cooperating
GR8 CONSTRUCTIONS: CRISIL Migrates B+ Rating to Not Cooperating
GREENBERRY FOILS: CRISIL Migrates B+ Rating to Not Cooperating

IMMACULE LIFESCIENCES: CRISIL Cuts Rating on INR33cr Loan to D
K. K. TEX: CRISIL Migrates B Rating to Not Cooperating Category
MANAS AGRO: CRISIL Migrates B+ Rating to Not Cooperating Category
MARUTI BARRIER: CRISIL Migrates B Rating to Not Cooperating
MEENAKSHI FISHING: CRISIL Migrates D Rating to Not Cooperating

NAKSHTRA: Ind-Ra Cuts LT Issuer Rating to 'D', Not Cooperating
SHAKTI INDUSTRIES: CRISIL Lowers Rating on INR6.75cr Loan to B
SHRI K.K.: Ind-Ra Affirms 'BB+' Ratings, Outlook Negative
SOMNATH CERAMIC: CRISIL Migrates B+ Rating to Not Cooperating
SOUTHERN GOLD: CRISIL Cuts INR30cr Loan Rating to D, Not Coop.

SPICY HUB: CRISIL Migrates B+ Rating to Not Cooperating Category
THREE SEASONS: CRISIL Migrates B+ Rating to Not Cooperating
UNICCA EMPORIS: CRISIL Migrates B+ Rating to Not Cooperating
UNITECH MERCANTILE: CRISIL Migrates B Rating to Not Cooperating
VORA PACKAGING: CRISIL Lowers Rating on INR10cr Cash Loan to B-



I N D O N E S I A

ANEKA TAMBANG: S&P Raises LT Issuer Rating to 'B', Outlook Pos.
KAWASAN INDUSTRI: S&P Places 'B' LT ICR on CreditWatch Negative
TOWER BERSAMA: S&P Raises ICR to 'BB' on Lower Country Risk


J A P A N

NOMURA HOLDINGS: Egan-Jones Lowers Senior Unsecured Ratings to BB+

                           - - - - -


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

AD SECURITIES: Second Creditors' Meeting Set for July 19
--------------------------------------------------------
A second meeting of creditors in the proceedings of AD Securities
Australia Pty Ltd has been set for July 19, 2019, at 11:30 a.m. at
the offices of Walker Waylan Advantage, Level 7, at 114 William
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 18, 2019, at 3:00 p.m.

Andrew Schwarz and Jon Howarth of AS Advisory were appointed as
administrators of AD Securities on April 1, 2019.

BRADBURY INDUSTRIAL: First Creditors' Meeting Set for July 18
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bradbury
Industrial Services Pty Ltd will be held on July 18, 2019, at 10:00
a.m. at CQ Functions, Room 201, at 113 Queen Street, in Melbourne,
Victoria.

Geoffrey Trent Hancock of PKF was appointed as administrator of
Bradbury Industrial on July 9, 2019.

CC BLAND: Second Creditors' Meeting Set for July 17
---------------------------------------------------
A second meeting of creditors in the proceedings of CC Bland Group
Pty Ltd has been set for July 17, 2019, at 3:30 p.m. at Level 9, at
66 Clarence 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.

Daniel John Frisken of O'Brien Palmer was appointed as
administrator of CC Bland on March 28, 2019.

CN BUILDING: First Creditors' Meeting Set for July 19
-----------------------------------------------------
A first meeting of the creditors in the proceedings of CN Building
Holdings Pty Ltd will be held on July 19, 2019, at 11:00 a.m. at
the offices of O'Brien Palmer, Level 9, at 66 Clarence Street, in
Sydney, NSW.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
CN Building on July 9, 2019.

FGM PTY: First Creditors' Meeting Set for July 19
-------------------------------------------------
A first meeting of the creditors in the proceedings of FGM Pty Ltd
and FG Pty Ltd will be held on July 19, 2019, at 10:00 a.m. at the
offices of KordaMentha, Level 14, at 12 Creek Street, in Brisbane.

Rahul Goyal and Jarrod Villani of KordaMentha were appointed as
administrators of FGM Pty on July 9, 2019.

RT COMMUNICATIONS: First Creditors' Meeting Set for July 18
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of RT
Communications Pty Limited and R T Rigging Pty Limited will be held
on July 18, 2019, at 4:00 p.m. at the offices of Mercure Kooindah
Waters Central Coast, at Kooindah Boulevard, in Wyong, NSW.  

Andrew Thomas Sallway and Duncan Clubb of BDO were appointed as
administrators of RT Communications on July 8, 2019.

TYRES FOR LESS: First Creditors' Meeting Set for July 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Tyres for
Less Pty Ltd will be held on July 17, 2019, at 11:00 a.m. at the
offices of Veritas Advisory, Level 5, at 123 Pitt Street, in
Sydney, NSW.

Steve Naidenov and Vincent Pirina of Veritas Advisory were
appointed as administrators of Tyres for Less on July 9, 2019.



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

LOGAN PROPERTY: S&P Assigns 'B+' Rating to New US$ Sr. Unsec. Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes by
Logan Property Holdings Co. Ltd. (BB-/Positive/--). The China-based
developer intends to use the proceeds to refinance its existing
debt. The issue rating is subject to S&P's review of the final
issuance documentation.

S&P said, "We rate the notes one notch below the issuer credit
rating on Logan to reflect structural subordination risk. As of
Dec. 31, 2018, Logan's capital structure consists of Chinese
renminbi (RMB) 6.1 billion in secured debt, RMB33.7 billion in
unsecured debt at the subsidiary level (including financial
guarantees provided to borrowings of joint ventures), and RMB22.1
billion in unsecured debt at the parent level (including perpetual
securities). As such, Logan's priority debt ratio is about 64%,
which is significantly above our notching-down threshold of 50%.

"We expect Logan to improve its financial leverage over the next
one to two years, supported by continued EBITDA growth and
controlled land acquisitions. We also anticipate Logan's operating
performance to continue strengthening. Therefore, our positive
outlook on Logan reflects that its leverage--as measured by the
debt-to-EBITDA ratio--may improve close to 4.0x over the next 12
months, from 5.0x in 2018."

SUNSHINE 100: S&P Affirms 'CCC+' Long-Term Issuer Credit Rating
---------------------------------------------------------------
On July 8, 2019, S&P Global Ratings affirmed its 'CCC+' long-term
issuer credit rating on Sunshine 100 China Holdings Ltd.

S&P said, "We affirmed the rating because we expect Sunshine's
recent project sales to ease the company's tight liquidity
position, and slightly improve its debt servicing ability. The
disposals, related to two of Sunshine's project companies in
Chongqing and Qingyuan, will bring in about Chinese renminbi (RMB)
6 billion in cash considerations (excluding potential additional
consideration on land swap). We consider the amount as material
compared to Sunshine's RMB29.8 billion of debt as of end-2018.

"In addition, we believe Sunshine's deleveraging plan is becoming
more visible after the company obtained shareholders' approval on
June 28, 2019, on the Qingyuan project disposal. Sunshine plans to
use 85% of the RMB4.66 billion consideration from the Qingyuan
project, and RMB600 million from the RMB1.33 billion Chongqing
disposal to repay debt and strengthen its cash balance. There will
also be a direct debt reduction on the deconsolidation of these
subsidiaries. We estimate the company's debt level to reduce to
RMB24 billion-RMB26 billion by the end of 2019, considering the
payment terms of the project sales and the increased investment in
other projects.

"We estimate Sunshine has already received around RMB2.4 billion
from the project disposals, with the remaining RMB3.6 billion being
received in installments throughout the next 18 months. These funds
should support the company's upcoming debt repayments, including a
US$200 million convertible bond puttable in August 2019 and a total
of RMB1.9 billion onshore bonds puttable or maturing in the second
half of 2019. Sunshine also issued US$200 million senior notes on
June 28, 2019, with a two-year tenor.

"That said, Sunshine's business visibility over the longer term
remains unclear, in our view. The company consistently relies on
high-cost financing to fund its operations, and failed to meet its
contracted sales target in 2018. We expect the company's EBITDA
will remain insufficient to cover interest payments in 2019."

Sunshine's liquidity position could weaken over the next 12-15
months if the company does not have a solid refinancing plan well
ahead of the large maturities. In particular, Sunshine has US$400
million offshore senior notes and a RMB1 billion onshore bond
maturing in September 2020. In addition, the company has 42% of its
borrowings from non-bank financial institutions and 22% from
onshore corporate bonds as of end 2018. Refinancing of these
borrowings could be at risk if liquidity in the onshore market
tightens, or if the company does not obtain onshore issuance
approval.

S&P said, "The negative outlook reflects our expectation that
Sunshine's liquidity may weaken over the next 12 months, despite
the recent project disposals. In our view, the company remains
vulnerable to further tightening in onshore credit conditions,
given its large debt maturities in 2020 and low cash level.

"We may lower the rating if Sunshine faces a near-term liquidity
crisis. This could be due to a significant increase in short-term
debt maturities or a quicker depletion of the cash balance than we
expect.

"We could revise the outlook to stable if Sunshine improves its
capital structure and at the same time demonstrates a more
sustainable business model with consistent sales, margin, and
financial leverage."


TEWOO GROUP: Fitch Withdraws B- IDR Due to Insufficient Information
-------------------------------------------------------------------
Fitch Ratings has withdrawn Chinese commodities trader Tewoo Group
Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating of
'B-' on Rating Watch Negative. Fitch has also withdrawn its senior
unsecured rating of 'B-' on RWN and Recovery Rating of 'RR4', as
well as the ratings of all its outstanding bonds.

Fitch is withdrawing the ratings of Tewoo due to insufficient
information to maintain the ratings. Fitch will no longer provide
ratings or analytical coverage for Tewoo.

TIMES CHINA: Moody's Rates Proposed Sr. Unsec. USD Notes B1
-----------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the proposed
senior unsecured USD notes to be issued by Times China Holdings
Limited (Ba3 stable).

The rating outlook is stable.

The proceeds from the proposed issuance will mainly be used by
Times China to refinance existing offshore debt.

RATINGS RATIONALE

"The proposed notes will not materially impact Times China's
financial profile or Ba3 corporate family rating, because the
proceeds will mainly be used to refinance existing debt," says
Danny Chan, a Moody's Assistant Vice President and Analyst, and
also Moody's Lead Analyst for Times China.

Moody's expects Times China's leverage, as measured by
revenue/adjusted debt, to improve towards 75% over the next 12-18
months from 62% in 2018, supported by increased revenue recognition
from strong contracted sales over the past two years and a slowdown
in debt growth.

The company's interest-servicing ability, as measured by adjusted
EBIT/interest coverage, will remain largely stable at 3.5x from
3.6x over the same period, underpinned by stable gross margins.
Such credit metrics support the company's Ba3 corporate family
rating.

Times China continues to report solid sales in the first half of
2019, with contracted sales — including its share in joint
ventures — growing by about 20% year-on-year in the six months to
June 30, 2019 to RMB31.2 billion, after growing 46% year-on-year in
2018.

Times China's Ba3 CFR reflects its growing operating scale,
established brand, and good track record of property development in
Guangdong Province. The rating also takes into account the
company's stable profit margins and strong liquidity profile.

However, the company's Ba3 CFR is constrained by its: (1)
geographic concentration in Guangdong Province; and (2) exposure to
the financing and execution risks associated with its fast growth
business strategy.

The B1 rating on the proposed notes reflects 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 expected recovery rate for claims at
the holding company level.

Times China's liquidity is good. The company's reported cash
balance of RMB27.4 billion at the end of 2018 well covered its
short-term debt of RMB7.3 billion and committed capital spending,
including USD375 million in offshore notes maturing or puttable
over the next 12 months.

The stable outlook on Times China's ratings reflects Moody's
expectation that the company will maintain growth in its presales,
show disciplined land acquisitions and debt management to achieve a
financial profile consistent with its Ba3 CFR.

Upward ratings pressure could emerge, if Times China shows stable
growth in sales and an increased operating scale, while maintaining
a strong liquidity position.

Financial ratios indicative of upward ratings pressure include
cash/short-term debt of 1.5x, revenue/adjusted debt above 90%, and
adjusted EBIT/interest above 4.0x on a sustained basis.

Conversely, downward ratings pressure could emerge, if Times China
shows declining sales, aggressive land or project acquisitions,
increased debt leverage or a weakening liquidity position.

Metrics indicative of downward ratings pressure include: (1)
cash/short-term debt below 1.0x, (2) EBIT/interest coverage below
2.5x, or (3) revenue/adjusted debt below 65% on a sustained basis.

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

Times China Holdings Limited is a property developer based in
Guangdong Province, focused on meeting end-user demand for
mass-market housing. At December 31, 2018, it had a total 99
property projects across eight cities in Guangdong Province and
Changsha city in Hunan Province, and a land bank of around 18.4
million square meters.

TIMES CHINA: S&P Assigns 'B+' Rating to New US$ Sr. Unsec. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes by
Times China Holdings Ltd. (BB-/Stable/--). The China-based
developer intends to use the proceeds to refinance its existing
debt. The issue rating is subject to S&P's review of the final
issuance documentation.

S&P said, "We rate the notes one notch below the issuer credit
rating on Times to reflect structural subordination risk. As of
Dec. 31, 2018, Times China's capital structure consists of Chinese
renminbi (RMB) 13.4 billion in secured debt, RMB18 billion in
unsecured debt at the subsidiary level (including financial
guarantees provided to borrowings of joint ventures), and RMB16.2
billion in unsecured debt at the parent level. As such, Times
China's priority debt ratio is about 66%, which is significantly
above our notching-down threshold of 50%.

"The stable outlook reflects our view that Times China's leverage
will stabilize at about 4.5x over the next 12 months. Strong EBITDA
growth should partially offset debt growth and a moderate decline
in margins from a peak."




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

MELCO RESORTS: S&P Rates New U.S. Dollar Sr. Unsecured Notes 'BB'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to the
U.S. dollar-denominated senior unsecured notes that Melco Resorts
Finance Ltd. proposes to issue. The rating on the notes is subject
to our review of the final issuance documentation. Melco Resorts
Finance plans to use the net proceeds from the notes issuance to
repay part of the principal amount outstanding under its senior
secured revolving credit facility (RCF).

S&P said, "We rate the notes the same as the long-term issuer
credit rating on Melco Resorts (Macau) Ltd. (Melco Macau:
BB/Stable/--). That's because we view Melco Macau as the core
operating subsidiary and major driver of the group's credit
profile. Melco Resorts Finance is one of the financing subsidiaries
of Melco International Development Ltd., which is the ultimate
parent of Melco Macau.

"We believe the risk of subordination is insignificant in Melco
Resorts Finance's capital structure. As of June 30, 2019, the
company has US$1.5 billion in senior unsecured notes and about
US$1.45 billion in senior secured credit facilities borrowed by
Melco Macau. The share of senior secured debt in Melco Resorts
Finance's total debt has risen to 49.2% from 38.9% due to the
drawdown of the RCF in June 2019 to partially fund a purchase of
minority stake in Crown Resorts Ltd. We expect the ratio to fall
significantly after the issuance of the proposed notes."



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

ARYAN VILLA: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Aryan Villa
and Resorts LLP (AVR) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             25        CRISIL B+/Stable (ISSUER
                                   NOT COOPERATING; Rating
                                   Migrated)

CRISIL has been consistently following up with AVR for obtaining
information through letters and emails dated March 12, 2019 and
April 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

AVR is setting up a 70-key 5-star hotel and luxury resort on
Pakhowal Road, Ludhiana at a cost of INR64.50 crore, with
debt-funding to the tune of INR25 crore. The resort is expected to
commence operations by March 2019.

BALAJI PACK: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Balaji Pack
and Pack Private Limited (BPPPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            1.65        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Rating
                                      Migrated)

   Proposed Long Term     2.90        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Rating
                                      Migrated)

   Term Loan              5.45        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Rating
                                      Migrated)

CRISIL has been consistently following up with BPPPL for obtaining
information through letters and emails dated March 30, 2019 and May
24, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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


Detailed Rationale

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

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

BPPPL, incorporated in 2001, was trading in paper and beverages
till October 2017; post which the company has started assembly of
coolers for which an injection moulding machine has been set up in
Uttar Pradesh. BPPPL has a tie up with Vishal Video & Appliances
Pvt Ltd, a distribution company for the sale of its coolers. Mr
Bimal Sultania is the promoter.

DEEPAK FASTENERS: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Deepak
Fasteners Limited (DFL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit@           123        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Cash Credit^            39        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Cash Credit&            30        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Cash Credit$            39        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Cash Credit#            39        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   External Commercial
   Borrowings             100.87     CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Foreign Bill
   Discounting**           10        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Letter of Credit%       50        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Letter of Credit^^      20        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Letter of Credit$$      15        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Letter of Credit&&      15        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Letter of Credit##      25        CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Term Loan               42.13     CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

@includes a sub limit of INR65 Crore Packaging Credit and INR30
Crore of Bill Discounting
^includes a sub limit of INR39 Crore Packaging Credit and INR39
Crore of Bill Discounting
&includes a sub limit of INR30 Crore Packaging Credit
$includes a sub limit of INR20 Crore Packaging Credit
#includes a sub limit of INR18 Crore Packaging Credit
%includes a sub limit of INR50 Crore Buyer Credit and INR15 Crore
of Bank Guarantee. Interchangeable from Non  
  fund based to Fund based limits to the extent of INR20 Crore
^^includes a sub limit of INR20 Crore of Buyer credit and INR2
Crore of Bank Guarantee
$$includes a sub limit of INR15 Crore Buyer Credit and INR4.5
Crore of Bank Guarantee
&&includes a sublimit of INR15 Crore Buyer Credit and INR10 Crore
of Bank Guarantee
##includes a sublimit of INR25 Crore of Buyer Credit.
Interchangeable from Non fund based to Fund based limits   
   to the extent of INR5 Crore.
**Represents Foreign Outward Bill Negotiated under Letter of
Credit (FOBNLC)/ Foreign Outward

CRISIL has been consistently following up with Deepak Fasteners
Limited (DFL) for obtaining information through letters and emails
dated June 14, 2019 and June 20, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

DFL, incorporated in 1958 and promoted by Mr Kailash Kalra, has
consolidated finishing capacity of 70,000 tonne per annum (tpa) of
fasteners at its facilities in Punjab, Himachal Pradesh, and Madhya
Pradesh. In fiscal 2009, DFL acquired the Unbrako brand from
Precision Castparts Corp (PCC), along with its intellectual
property rights, manufacturing facilities in Ireland, and workforce
and distribution network. In fiscal 2011, Banyan Tree Growth
Capital LLC and DEG-Deutsche infused INR70 crore into DFL in the
form of zero-coupon compulsorily convertible bonds for a 13% equity
stake (post conversion into equity). In fiscal 2014, DFL
commissioned a plant, with finishing capacity of 28,500 tpa, near
Bhopal.

DFUK and DFA commenced commercial operations in fiscals 2008 and
2009, respectively, and are the distribution arms. DFSL,
incorporated in fiscal 2009 after DFL acquired the Unbrako fastener
business from PCC, has a manufacturing and research facility in
Shannon, Ireland.

GR8 CONSTRUCTIONS: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of GR8
Constructions Private Limited (GR8) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with GR8 for obtaining
information through letters and emails dated March 30, 2019, June
10, 2019 and June 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GR8. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GR8 is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GR8 to 'CRISIL B+/Stable Issuer not cooperating'.

GCPL was established in 2005, promoted by Mr Pathapati Venkata
Srinivasa Raju, who also manages operations. The company undertakes
residential real estate construction at Bhimavaram in
Visakhapatnam. It has one ongoing project.

GREENBERRY FOILS: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Greenberry
Foils India Limited (GFIL) to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Letter of Credit       10         CRISIL A4 (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Long Term Loan          5         CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with GFIL for obtaining
information through letters and emails dated March 12, 2019, June
10, 2019 and June 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GFIL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GFIL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GFIL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

GFIL, was established as in 2006 by Ms Janak Nandini Gupta, Mr
Rajesh Kumar Gupta and Mr Parag Gupta. Company started its
commercial operations in December 2017 and is engaged in
manufacturing of SRC, House foil, Aluminum foil container, blister
foil, yielding foil and pharma foil.

IMMACULE LIFESCIENCES: CRISIL Cuts Rating on INR33cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Immacule Lifesciences Private Limited (ILPL) to 'CRISIL D' from
'CRISIL B-/Stable' while reassigned its 'CRISIL D' rating to the
short term bank facility.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Foreign Currency       33         CRISIL D (Downgraded from
   Term Loan                         'CRISIL B-/Stable')

   Letter of credit        0.5       CRISIL D (Downgraded from
   & Bank Guarantee                  'CRISIL B-/Stable')

   Proposed Long Term     13.26      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Term Loan               2.94      CRISIL D (Reassigned)

The downgrade reflects delay by the company in servicing its debt
obligations for May 2019 on account of weak liquidity.

The rating also reflects ILPL's modest scale of operations,
susceptibility to volatile raw material prices, and weak financial
risk profile. The weaknesses are partially offset by the extensive
experience of the promoters.

Analytical Approach
Of the preference share capital extended to ILPL, 75% has been
treated as equity and the remaining as debt because the shares are
non-convertible and carry lower-than-market interest (of 5%) and a
maturity period of 10 years. Furthermore, the company has given an
undertaking regarding deferability in the event of distress.

CRISIL has not consolidated the business and financial risk
profiles of the group companies because all transactions are
independent. Also, the product profile is different and there is no
financial fungibility between the companies.

Key Rating Drivers & Detailed Description

* Delay in servicing debt
ILPL has delayed servicing its debt obligations for May 2019 on
account of weak liquidity.

Weaknesses:

* Modest scale of operation
Scale of operations is small, with turnover estimated at INR42.23
crore in fiscal 2019. The modest scale renders the company
susceptible to fluctuations in raw material prices because of low
bargaining power with key customers. Besides, the early stage of
operation and high fixed overhead costs have resulted in operating
losses. Operations are expected to remain small over the medium
term due to low size of orders in the pipeline.

* Weak financial risk profile
Financial risk profile is weak and should remain so over the medium
term, owing to significant losses at the operating level. Total
outside liabilities to tangible networth ratio was negative 9.04
times as on March 31, 2019, due to large borrowings. Debt
protection metrics also remained weak, with interest coverage and
net cash accrual to adjusted debt ratios estimated at negative 2.90
time and negative 0.30 time, respectively, in fiscal 2019.

Strength:
* Extensive experience of the promoters
Benefits from the promoters' extensive experience in the industry
through group companies SRS and Acme, and their understanding of
local market dynamics and healthy relations with corporates should
continue to support the business. Acme is into manufacturing, while
SRS is into marketing of drugs overseas.

Liquidity
Liquidity is weak on account of continued cash losses vis-a-vis
debt obligations of INR6.0 crore each in fiscals 2019 and 2020.
Utilisation of fund-based limit of INR3.25 crore averaged 48% in
the 12 months through May 2019. With gross current assets of 254
days as on March 31, 2019, borrowings are likely to remain
significant. However, liquidity is supported by need-based funding
support from the group companies and the promoters.

Incorporated on September 20, 2010, Nalagarh (Himachal
Pradesh)-based ILPL is an exporter, manufacturer, and supplier of
allopathic medicines, including tablets, capsules, and injections,
and a drop trader of antibiotic, antifungal, diuretic, and
cardiovascular formulations. Mr Viral Shah, Mr Suchet Shyamsunder
Rastogi, Mr Rishi Aggarwal, and Mr Nirav Vikram Maniar are the
promoters.

K. K. TEX: CRISIL Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of K. K. Tex
Enterprises (KKTE) to 'CRISIL B/Stable Issuer not cooperating'.

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

   Proposed Long Term      0.57      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Rating
                                     Migrated)

   Term Loan                .43      CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with KKTE for obtaining
information through letters and emails dated June 10, 2019 and June
14, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

KKTE, established in 2003 by the Mumbai-based Gada family, is
engaged in the manufacturing of various types of grey fabrics. KKTE
mainly manufacturers grey fabric for suiting and shirting. The
firm's business operations are managed by Mr. Kalpesh Gada. The
promoters of KKTE have gained experience in the textile business
over the past 20 years by virtue of their association with other
entities operating in a similar line of business.

MANAS AGRO: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Manas Agro
Industries (MAI) to 'CRISIL B+/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            2.6         CRISIL B+/Stable (ISSUER
                                      NOT COOPERATING; Rating
                                      Migrated)

   Term Loan              3.4         CRISIL B+/Stable (ISSUER
                                      NOT COOPERATING; Rating
                                      Migrated)

CRISIL has been consistently following up with MAI for obtaining
information through letters and emails dated March 12, 2019, June
10, 2019 and June 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MAI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MAI is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

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

Established in 2015 as a partnership firm by Mr Amit Kumar Jain, Ms
Gunja Jain, Ms Suman Devi Churiwal, Mr Abhishek Jain, and Ms Jyoti
Jain, MAI processes non-basmati parboiled rice at its unit in
Howly, Assam, which has installed capacity of 1 lakh kg per day.

MARUTI BARRIER: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Maruti Barrier
Films (MBF) to 'CRISIL B/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             3        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan          9        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MBF for obtaining
information through letters and emails dated March 12, 2019, June
10, 2019 and June 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

MBF, based in Rajkot (Gujarat), was set up in June, 2017; it
manufactures flexible packaging material such as low density and
nylon multi-layer plastic films, plastic bags and plastic sheets
which finds application mainly in packaging of food items and
consumer goods. The firm is promoted by Mr Jayesh Sorathiya and
family. The firm has a plant based in Veraval, Rajkot, Gujarat.
Commercial operations commenced from September 2017.

MEENAKSHI FISHING: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Meenakshi
Fishing and Trading Co. (MFTC) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            .15         CRISIL D (ISSUER NOT
                                      COOPERATING; Rating
                                      Migrated)

   Long Term Loan        8.00         CRISIL D (ISSUER NOT
                                      COOPERATING; Rating
                                      Migrated)

   Proposed Long Term    1.85         CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Rating
                                      Migrated)

CRISIL has been consistently following up with MFTC for obtaining
information through letters and emails dated May 8, 2019, June 10,
2019 and June 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Meenakshi fishing and trading co (MFTC), is engaged in fishing and
providing ferry services for tourists of Andaman Islands. The
firm's entire operation is based out of Andaman Islands.

NAKSHTRA: Ind-Ra Cuts LT Issuer Rating to 'D', Not Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Nakshtra's
Long-Term Issuer Rating to 'IND D (ISSUER NOT COOPERATING)' from
'IND B- (ISSUER NOT COOPERATING'. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limits (Long-term/Short-
     term) downgraded with IND D (ISSUER NOT COOPERATING) / IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Proposed fund-based working capital limits (Long-
     term/Short-term) downgraded with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Nakshtra, the
details of which are not available.

COMPANY PROFILE

Nakshtra manufactures and trades cotton and viscose fabrics along
with dress materials.

SHAKTI INDUSTRIES: CRISIL Lowers Rating on INR6.75cr Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shakti Industries - Tarapur (SI) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             1.9        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Term Loan               6.75       CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's expectation that the credit risk
profile of the firm will remain constrained over the medium term,
driven by lower-than-previously-estimated cash accrual due to a dip
in revenue. Cash accrual is expected at INR0.25-0.65 crore against
repayment obligation of INR0.80-1.31 crore, per fiscal over the
medium term. Revenue is expected to be INR1.5 crore in fiscal 2020
as against expectation of INR15 crore owing to delay in
commencement of operations. The financial risk profile is, however,
likely to remain at similar level over the medium term

The rating continues to reflect exposure to risks associated with
stabilisation and ramp-up of operations. This weakness is partially
offset by the extensive experience of the partners in the bulk
drugs industry, their funding support, and a comfortable capital
structure.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to stabilisation of operations:
Commercial operations started only in December 2018, and
stabilisation and ramp-up of operations remain key rating
sensitivity factors.

Strengths:
* Extensive industry experience of the partners: The partners'
experience of two decades in the bulk drugs industry has given them
a keen understanding of local market dynamics. They have also
extended need-based financial support.

* Comfortable capital structure: The networth was moderate at
INR8.11 crore and the gearing healthy at 0.61 time, as on March 31,
2019. The gearing is likely to remain at this level over the medium
term.

Liquidity
Liquidity is under pressure. Net cash accrual, estimated at
INR0.25-0.65 crore, will be barely sufficient to meet debt
obligation of INR0.80-1.31 crore, per fiscal over the medium term.
However, liquidity is supported by funding from the partners.

Outlook: Stable

CRISIL believes SI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised to
'Positive' in case of earlier-than-expected stabilisation of
operations, leading to higher-than-anticipated cash accrual. The
outlook may be revised to 'Negative' if any delay in ramp-up of
operations and low capacity utilisation negatively impact cash
flow.

SI was set up as a partnership concern in 2015 by Mr Dahyabhai
Patel, Mr Babubhai Patel, Mr Milind Patel, Mr Jignesh Amin, and Mr
Bhavin Shah. The firm manufactures active pharmaceutical
ingredients at its plant in Boisar, Maharashtra. Operations
commenced from December 2018.

SHRI K.K.: Ind-Ra Affirms 'BB+' Ratings, Outlook Negative
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Shri K. K. Jain Educational Trust's (KKJET) bank
facilities:

-- INR102.7 mil. (reduced from INR120.4 mil.) Term loan due on
     February 2024 affirmed; Outlook revised to Negative with IND
     BB+/Negative rating; and

-- INR100.0 mil. Working capital facility affirmed; Outlook
     revised to Negative with IND BB+/Negative rating.

The Outlook revision reflects the likelihood that KKJET's liquidity
position would remain constrained in the near-to-medium term due to
the relatively low accruals and regular capex.

KEY RATING DRIVERS

The affirmation reflects KKJET's continued tight liquidity position
in FY19, as reflected by the low cushion available with the trust
for both financial leverage (FY19: 0.86%; FY18: 0.74%) and
operating expenditure (FY19: 0.88%; FY18: 0.64%). The figures for
FY19 are provisional.

To cater to the limited liquidity, the trust has availed three
overdraft facilities, two with a reducing drawing power of INR137.5
million and one facilities of INR50 million. Its average maximum
monthly utilization of the facility was 100.00% during the 12
months ended May 2019.

The ratings are also constrained by the high debt burden
(debt/current balance before interest and depreciation: 4.73x in
FY19; FY18: 4.51x). Despite scheduled repayments, the total debt
increased to INR428.5 million in FY19, mainly due to an increase in
unsecured loans to INR110.2 million (FY18: INR53.2 million). With
the fall in the cash flow from operations to INR55.0 million in
FY19 (FY18: INR62 million) and the capex of INR69.1 million, the
trust had to rely on unsecured loans from promoters sponsored
entities to fund the deficit.

The rating factor in the debt service coverage ratio of 1.29x in
FY19 (FY18: 1.13x). The ratio remained above 1x during FY16-FY19.
The interest service coverage ratio improved to 2.85x in FY19
(FY18: 2.36x) owing to an increase in the current balance to
INR10.05 million in FY19 (FY18: INR6.04 million).

The ratings are supported by KKJET's consistent operating margins
(FY19: 26.32%; FY18: 25.92) coupled with its strong market
position.

The ratings are also supported by KKJET's continued ability to
attract students, as reflected by the fairly stable headcount of
3,928 in FY19 (FY18: 3,946; FY17: 4,036), and the quality
maintained by the trust, as evident from its moderate average
acceptance rate of 65.49% during FY14-FY19. Also, the schools run
by the trust have a respectable market position, as seen from its
enrolment rate of 100% during FY14-FY19. Ind-Ra expects the demand
for seats to grow at a consistent pace in the near-to-medium term.

KKJET's total income remained largely stable at INR339.64 million
in FY19 (FY18: INR326.06 million; FY17: INR324.94 million). For
income, KKJET is largely reliant on tuition fees, which constituted
an average of 95.30% of the total income during FY15-FY19. The
trust's fee income grew at a CAGR of 8.50% during the same period.
The total expenditure of the trust is largely dominated by staff
cost (average FY15-FY19: 39.85%), followed by operating expenditure
(average: 35.49%).

RATING SENSITIVITIES

Positive: A sustained improvement in the operating performance,
liquidity position, and credit metrics could be positive for the
ratings.

Negative: Declining headcount and/or a significant fall in the
operating margins and/or a significant debt-funded capex, leading
to a stress on the liquidity position and deterioration in the
credit metrics, could lead to negative rating action.

COMPANY PROFILE

KKJET also is known as Pt. Kailash Chandra Jain Keshav Dev Jain
Educational Trust was established in 1998 in Aligarh, Uttar
Pradesh. It has established three schools in collaboration with
DPSS, namely Delhi Public School Aligarh, Delhi Public School Civil
Lines (Aligarh) and Delhi Public School Hathras.

SOMNATH CERAMIC: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Somnath
Ceramic (SOMCER) to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Long Term Loan        1.22     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term    1.97     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SOMCER for obtaining
information through letters and emails dated March 12, 2019 and
April 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SOMCER. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SOMCER is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Somnath Ceramics (SOMCER) is a partnership firm incorporated in
2005, in the morbi district of Gujarat. SOMCER has set up a
manufacturing unit morbi of ceramic tiles. Its production capacity
is 4 Lakhs box per day.

SOUTHERN GOLD: CRISIL Cuts INR30cr Loan Rating to D, Not Coop.
--------------------------------------------------------------
CRISIL has downgraded the ratings of Southern Gold Private Limited
(SGPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4; Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          30         CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL A4 ISSUER NOT
                                      COOPERATING')

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

   Cash Credit &            9         CRISIL D (ISSUER NOT
   Working Capital                    COOPERATING; Downgraded
   demand loan                        from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING')

   Long Term Loan           7.5       CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL A4 ISSUER NOT
                                      COOPERATING')

CRISIL has been consistently following up with SGPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Due to delays in debt servicing, CRISIL has downgraded the ratings
of SGPL to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4; Issuer not cooperating'.

SGPL was set up in 2010, and is engaged in the business of gold
retailing and wholesaling. The day to day operations of the company
are managed by Mr. CA Collins and his brother, Mr C A Raphy. The
company currently operates two showrooms in Ernakulam and Palakkad
(Kerala) totalling 5500 sq ft.

SPICY HUB: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Spicy Hub (SH)
to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Proposed Long Term
   Bank Loan Facility      .07         CRISIL B+/Stable (ISSUER
                                       NOT COOPERATING; Rating
                                       Migrated)

   Term Loan              5.75         CRISIL B+/Stable (ISSUER
                                       NOT COOPERATING; Rating
                                       Migrated)

CRISIL has been consistently following up with SH for obtaining
information through letters and emails dated March 12, 2019, June
10, 2019 and June 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SH was set up in 2002 as an ethnic garden-cum-multi cuisine
restaurant in Dilsukhnagar (Hyderabad) by the proprietor, Mr Vijay
Kumar. The firm now has a restaurant, a food court, an ice cream
parlour, a sweet shop, a three-star hotel and banquet halls in its
property.

THREE SEASONS: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Three Seasons
Exim Limited (TSEL) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         50        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with TSEL for obtaining
information through letters and emails dated March 12, 2019, June
10, 2019 and June 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

TSEL, incorporated in fiscal 2014, is setting up a seafood
processing unit to process shrimps and export the same. The plant
is in East Godavari district, Andhra Pradesh.

Operations of the company are expected to commence by October 2018.

UNICCA EMPORIS: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Unicca Emporis
Private Limited (UEPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       40       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with UEPL for obtaining
information through letters and emails dated April 24, 2019, June
10, 2019 and June 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

UEPL is presently developing a project 'Unicca Emporis '?. The
project comprise of 214 luxury apartments along with club & other
facilities and a commercial tower over 3.6 acres of land area at
Varthur Hobli in Bangalore (Karnataka).

UNITECH MERCANTILE: CRISIL Migrates B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Unitech
Mercantile Private Limited (UMPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          12        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

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

CRISIL has been consistently following up with UMPL for obtaining
information through letters and emails dated March 12, 2019, June
10, 2019 and June 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in December 1996 and promoted by Mr. Binod Kumar
Gupta, Sunil Kumar Agarwal and their family, UMPL operates a
three-star hotel-cum-commercial project on a 0.98 acre land at
Sevoke Road in Siliguri, West Bengal. The hotel, which is managed
by LTH, has 52 rooms, a café, restaurant, bar, health club, and
conference hall. It began operations from March 5, 2018.

The company's commercial space spreads 26,000 square feet and is
divided into 30 shops, of which 24 have been sold and the remaining
6 have been retained by UMPL for future requirement.

VORA PACKAGING: CRISIL Lowers Rating on INR10cr Cash Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vora Packaging Private Limited (VPPL) to 'CRISIL B-/Stable' from
'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Cash            4.41     CRISIL B-/Stable (Downgraded
   Credit Limit                      from 'CRISIL B+/Stable')

   Term Loan                5.59     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects continued pressure on VPPL's business risk
profile with stagnant revenues and reduced operating margins
resulting in stretched liquidity. Revenues have been range bound at
around INR24 crore to INR25 crore over the past three fiscals
through 2019. The operating margin contracted to 7.6% in fiscal
2018 from 11.7% in fiscal 2017 and is estimated to be at 4.0% for
fiscal 2019 on account of increase in raw material cost and
inability to fully pass on same to its customers. Moreover, the
company has reported post tax losses to the tune of 5.5% in fiscal
2019 as against profits of 0.1% in fiscal 2017. Cushion between
cash accruals and repayment obligation to remain sensitive to
operating margin of the company.

The rating reflects VPPL's modest scale of operations amidst
intense competition and large working capital cycle. These
weaknesses are partially offset by the extensive experience of the
promoter.

Analytical Approach
Unsecured loans extended by the promoter (outstanding at INR11.11
crore as on March 31, 2019) have been treated as neither debt nor
equity, since they are expected to be in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations amidst intense competition: Scale is
modest as reflected in operating income of INR24.47 crore in fiscal
2019 and pricing power constrained due to intense competition in
the packaging industry.

* Working-capital-intensive operations: Gross current assets were
267 days as on March 31, 2019, due to stretched receivables and
large inventory of 100 and 162 days, respectively.

Strength
* Extensive experience of the promoter: Promoter's experience of
three decades and established relationships with major customers
and suppliers should support the business risk profile.

Liquidity
VPPL liquidity is poor indicated by expected cash accruals of
around INR0.02 crore to INR0.06 crore in fiscal 2020 and 2021
respectively against repayment obligation of INR1.11 crore each in
fiscal 2020 and 2021. The company had estimated cash and cash
equivalent of INR0.09 crore as on March 31, 2019 and estimated
current ratio at 1.19 times as on March 31, 2019. The same is
expected to be in the similar range over the medium term. Further,
the company has no debt funded capex plans over the medium term.
VPPL also has access to fund based limit of INR10 crore, utilised
at an average of 100% for 12 months ended February 2019. CRISIL
expects internal accruals and cash and cash equivalent to be
tightly matched to meet its repayment obligations and incremental
working capital requirement.

Outlook: Stable

CRISIL believes VPPL will continue to benefit from its promoter's
extensive experience and continued funding support. The outlook may
be revised to 'Positive' if significant ramp-up in scale, healthy
margin, and improving working capital cycle strengthen credit
metrics. The outlook may be revised to 'Negative' if
lower-than-expected cash accrual or further stretch in working
capital cycle or significant debt funded capex constrains financial
risk profile, especially liquidity.

Incorporated in 1999, VPPL manufactures expanded polyethylene cap
seals and aluminium foil induction heat seal liners. Manufacturing
unit is in MIDC Tarapur. Day-to-day operations are managed by Mr
Pankaj Vora.



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

ANEKA TAMBANG: S&P Raises LT Issuer Rating to 'B', Outlook Pos.
---------------------------------------------------------------
On July 8, 2019, S&P Global Ratings revised the long-term issuer
rating on PT Aneka Tambang Tbk. (ANTAM) to 'B' from 'B-'

The rating upgrade on ANTAM reflects the company's execution on its
operational targets and downstream projects, which have led to
increased cash flows. S&P said, "We believe this will lead to the
EBITDA to interest coverage ratio remaining above 3x and do not
expect liquidity to constrain the company in the next 12 months.
However, we expect free operating cash flow will continue to be
directed toward downstream projects and increasing dividends to the
parent, which will limit reduction in gross debt levels."

ANTAM's leverage has been improving over the past few years as the
company has increased production and resumed measured ore exports
while completing construction projects. Debt-to-EBITDA ratios have
improved from over 20x in 2015, to 14x in 2016, 6.6x in 2017 and
3.3x last year. Absolute debt levels have remained stable;
improving cash flows helped boost interest coverage levels.

While leverage has been decreasing, ANTAM has also been completing
downstream capacity expansion. The nickel plant in Pomalaa
increased capacity in 2017 to 27,000-30,000 metric tons per year
from 18,000-20,000 metric tons previously.

S&P expects the first phase of the Halmahera ferronickel plant is
nearing completion now with an additional 13,500 metric tons of
annual capacity, which will begin to come online in the second half
of this year. The ownership of the PT ICA plant has also been
resolved, and the production is increasing and showing progress
towards financial stability.

As these projects are completed ANTAM is planning to add a
smelter-grade alumina refinery (SGAR) in West Kalimantan. S&P
expects ANTAM to take an equity position in the project and begin
the two-year construction later this year.

ANTAM has obtained export quotas from the Indonesian government on
output from these downstream projects. These quotas have supported
their growth in production and sales. Nickel ore export quotas
increased to 2.7 million metric tons (mmt) in 2017, then to 3.9 mmt
in 2018 as the Halmahera plant progressed. The same amount has been
granted for 2019, with an expected additional 1.3 mmt quota in July
bringing the total to 5.2 mmt. S&P expects these to be in place
through the end of the ban relaxation in 2022.

An export quota for 840,000 metric tons of bauxite ore was granted
in 2017 and 2018, and we expect this to increase to three metric
tons in 2019 as the SGAR project begins.

S&P view sANTAM as strategically important to its parent PT
Indonesia Asahan Aluminium (Persero) (INALUM). However, it is
neutral to ANTAM's creditworthiness as INALUM's stand-alone profile
is not significantly better than ANTAM's.

INALUM carries large debt, which was used to increase the stake in
PT Freeport Indonesia Tbk. (PTFI), and is dependent on dividends
from the subsidiaries to service the debt. S&P said, "We expect the
group will rely on these dividends, especially from PTFI and PT
Bukit Asam Tbk. until the economic interest in PTFI increases in
2022. We also believe the Indonesian government would support the
debt at INALUM, but that support to ANTAM would come from INALUM."

S&P said, "The positive outlook reflects our view that ANTAM will
maintain leverage of below 3x debt to EBITDA while continuing to
execute on its downstream expansion projects. We expect the company
will also maintain sufficient liquidity to service its capital
structure.

"We would revise the outlook to stable if ANTAM's operating
performance deteriorated, resulting in weaker financial ratios,
specifically debt to EBITDA sustained above 3x. This could result
from lower metal prices than expected, high oil prices pressuring
margins, or reduced ore export quotas.

"We would also revise the outlook to stable if we saw the company's
liquidity position significantly weaken. An indication of
deteriorating liquidity could be negative free operating cash flows
rapidly consuming a dwindling cash balance.

"We could raise the rating on ANTAM if the ratio of debt to EBITDA
was sustained below 3x with sufficient liquidity from higher cash
flows, reduced short-term debt, or lower capital spending.

"We would also raise the rating if the INALUM group's consolidated
cash flows and debt servicing capacity improved, or if debt levels
reduce through repayment resulted in a better stand-alone
profile."

ANTAM is a diversified mining and metals company in Indonesia and
internationally. The company is involved in the exploration,
excavation, processing, and marketing of nickel ore, ferronickel,
gold, silver, bauxite, alumina, and coal. ANTAM is a 65%-owned
subsidiary of INALUM.


KAWASAN INDUSTRI: S&P Places 'B' LT ICR on CreditWatch Negative
---------------------------------------------------------------
S&P Global Ratings placed its 'B' long-term issuer credit rating on
PT Kawasan Industri Jababeka Tbk. and 'B' long-term issue rating on
the company's outstanding guaranteed senior unsecured notes on
CreditWatch with negative implications.

The CreditWatch placement reflects that S&P's view that Jababeka
could face increasing default risk following the change in the
composition of its Board of Director and Board of Commissioner. The
Islamic Development Bank, which owns 10.8% of Jababeka's shares,
and PT Imakotama Investindo (6.4%) proposed these changes, which
the majority of shareholders approved during the latest annual
general meeting on June 26, 2019.

The company is exploring its legal options to avoid the exercise of
the notes' change-of-control clause. However, the outcome and
timing of these talks are uncertain.

Jababeka could face snowballing default risk if that clause is
triggered. This is because the company must offer to repurchase its
US$300 million outstanding notes at a price of 101% plus accrued
and unpaid interest within 30 days following the occurrence of a
change of control, as required by the notes' terms and conditions.
If the company fails to make a repurchase offer within 30 days, the
company would be in a default scenario.

S&P said, "If the company offers to repurchase, we believe even
partial repayment of the US$300 million notes could considerably
pressure the company in light of its financial resources. As of
March 31, 2019, the company had about US$60 million cash balance
and we forecast company's full-year operating cash flow to be
marginally positive at close to US$10 million. In addition,
Jababeka's refinancing options of US$300 million through the
domestic market is limited, in our opinion. The company does not
have a track record of securing such an amount of long-term loans
through domestic banks. Jababeka faces execution risk given the
limited refinancing window of 30 days for securing a long-term
loan.

"Nevertheless, we do not expect the company's daily operations to
be immediately affected by the potential change of control, given
the remaining board members are unchanged. As of end-March 2019,
Jababeka had achieved Indonesian rupiah (IDR) 221 billion in
property sales, or 16% of our full-year projection.

"The CreditWatch placement indicates a one-in-two likelihood that
we could downgrade Jababeka, potentially by multiple notches in the
next few weeks. This would happen if bondholders representing
commitments well exceeding Jababeka's current financial resources
opt to sell back their notes to the company upon activation of the
change-of-control clause.

"We may affirm the current rating on Jababeka if the proposed
change of control is aborted. The affirmation would also be
contingent upon Jababeka showing steady property sales performance,
prudent spending management, a sound liquidity buffer, and keeping
its EBITDA interest coverage above 1.5x."

TOWER BERSAMA: S&P Raises ICR to 'BB' on Lower Country Risk
-----------------------------------------------------------
On July 9, 2019, S&P Global Ratings raised the long-term issuer
credit rating on PT Tower Bersama Infrastructure Tbk.'s (TBIG) to
'BB' from 'BB-'. The outlook is stable. S&P also raised the
long-term issue rating on the company's senior unsecured notes to
'BB' from 'BB-'.

S&P said, "The upgrade on TBIG reflects our view that will remain a
dominant player in the Indonesian telecom tower market and maintain
a stable growth trajectory supported by growing demand for mobile
data. In our view, growth will also be supported by favorable
policies by the Indonesian government and economic and
infrastructure development, as reflected in our recent upward
revision of the Indonesia's country risk assessment and upgrade of
the sovereign rating."

TBIG is the second largest tower company in Indonesia with about
15,192 towers and 25,998 tenants as of March 2019. The company
benefits from long-term contracts that include clauses for price
escalation, as well as high renewal rates with all the Indonesian
telecom carriers, leading to high cash flow predictability. It also
enjoys high barriers to entry due to regulatory limitations in
Indonesia. Despite these merits, the company fares lower than peers
such as America's SBA Communications Corp. (SBA) in terms of tower
assets, geographic diversification, and revenue size.

S&P said, "We believe revenue growth will be supported by favorable
demand for mobile data as telecom companies continue to invest in
growing their wireless network, though this has been somewhat
subdued over the past year, in our view. Having said that, PT XL
Axiata Tbk. (XL Axiata) and PT Hutchison CP Telecommunications have
been growing their presence outside of the heavily populated Java
island. Given TBIG's long-standing relationships with these telcos,
the company will stand to benefit from this expansion. We expect
increases in colocations in Java and tower growth will keep the
overall tenancy ratio (number of operators per tower) at about
1.71x to 1.72x per year over the projected period.

"In our view, TBIG will maintain its high profitability with EBITDA
margins of about 85% over the next 12-24 months, supported by the
full cost-pass through clause embedded in its contracts. This
differentiates the company from U.S. peers like American Tower
Corp. or SBA, which have adjusted margins of around 75%-80% given
their higher exposure to less mature, less profitable emerging
markets.

"In our opinion, the company's leverage will remain high in line
with its financial policy. We therefore expect TBIG to maintain the
ratio of debt to EBITDA in the range of 5x-5.5x over the next 12-24
months. This is mainly because of high capital investments for
building new towers, land purchases, site upgrades, and excess cash
flows being deployed for shareholder returns.

"We believe the company is focused on growing its operations either
organically or via debt-fueled acquisitions if a favorable
opportunity arose. While an acquisition could push up the leverage
ratio to near 6x, we believe the company would undertake necessary
action like scaling back the dividends if required to bring back
debt to EBITDA ratio below 5.5x in line with our expectation for
the 'BB' rating. Cash flows accrued from new tower acquisitions
will also contribute to bring down the leverage.

"The stable outlook on TBIG reflects our expectation that the
company's solid market position and good client relationships will
result in stable cash flows. This will help TBIG withstand higher
leverage nearer to 5x to 5.5x over the next 12-24 months.

"We may lower the rating if TBIG's appetite for debt-funded
acquisitions, capital expenditure (capex), or shareholder returns
increases beyond our expectations. EBITDA interest coverage below
1.75x with no prospect of recovery would indicate such
deterioration.

"An upgrade is unlikely over the next 12 months, given the
company's high capex and shareholder returns. However, we may raise
the rating if the company commits to a more conservative financial
policy such that the ratio of debt-to-EBITDA stays sustainably
below 5.0x indicating improvement in its leverage."



=========
J A P A N
=========

NOMURA HOLDINGS: Egan-Jones Lowers Senior Unsecured Ratings to BB+
------------------------------------------------------------------
Egan-Jones Ratings Company, on July 5, 2019, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Nomura Holdings Incorporated to BB+ from BBB-.

Headquartered in Tokyo, Japan, Nomura Holdings, Inc. is a Japanese
financial holding company and a principal member of the Nomura
Group.


                           *********


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.

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