TCRAP_Public/190715.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

          Monday, July 15, 2019, Vol. 22, No. 140

                           Headlines



A U S T R A L I A

3IVX TECHNOLOGIES: Second Creditors' Meeting Set for July 22
AUSGMS PTY: First Creditors' Meeting Set for July 23
AUSTRALIAN COW: Second Creditors' Meeting Set for July 23
AUSTRALIAN MUTUAL: ASIC Cancels AFS License
AYLA CONSTRUCTIONS: Enters Into Voluntary Liquidation

CWS MORTGAGE: ASIC Cancels Australian Financial Services License
EDEN FAB: First Creditors' Meeting Set for July 23
FAUNCE DEVELOPMENTS: Second Creditors' Meeting Set for July 19
HJ FAMILY: Second Creditors' Meeting Set for July 19
METRO FINANCE: Moody's Assigns B1 Rating to AUD4.4MM Class F Notes

PROVIDORES NSW: First Creditors' Meeting Set for July 23
WOODLAND HOUSE: Fine Dining Institution Enters Liquidation


C H I N A

CHENGDU AIRPORT: Fitch Publishes 'BB' LT IDRs, Outlook Stable
CHINA SCE: Moody's Rates Proposed USD Notes B2, Outlook Stable
FUTURE LAND: S&P Puts BB ICR on Watch Neg. on Chairman's Detention
KANGDE XIN: CSRC Probes Auditor After Massive Fraud
TIMES CHINA: Fitch Puts Final 'BB-' Rating to $400MM Sr. Notes

WANDA GROUP: S&P Alters Outlook to Negative & Affirms 'B+' ICR
[*] US$35MM of Investment Products May Default, China Broker Says


F I J I

FIJI: Moody's Affirms Ba3 Issuer Rating, Outlook Stable


H O N G   K O N G

CHONG SING: Online Payments Unit Embezzled Funds, Sources Say


I N D I A

A KUMAR: CRISIL Migrates B Rating to Not Cooperating Category
ALLIANCE COMMERCIAL: CRISIL Assigns B+ Rating to INR.02cr Loan
BHAGWAN MOTORS: Insolvency Resolution Process Case Summary
BHUSHAN POWER: PNB Reports More Than INR38.05 Billion Fraud
BMW ENTERPRISES: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating

BMW LOGISTICS: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
COLLEYER CONTAINERS: Insolvency Resolution Process Case Summary
DEVANS MODERN: CRISIL Maintains 'D' Rating in Not Cooperating
EDIZ CERAMIC: CRISIL Migrates C Rating to Not Cooperating
EVEREST INFRA: Ind-Ra Lowers Long Term Issuer Rating to 'D'

GENERAL POWER: Insolvency Resolution Process Case Summary
GLITTEK GRANITES: CRISIL Lowers Rating on INR7cr Loan to B+
GOA INVESCAST: Insolvency Resolution Process Case Summary
HERCULES AUTOMOBILES: Ind-Ra Migrates D Rating to Non-Cooperating
IL&FS: Pension, PF Money to Get Top Priority in Repayment

ISHANIKA HOTELS: CRISIL Lowers Rating on INR12cr Loan to 'D'
JET AIRWAYS: NCLAT Agrees to Hear Dutch Court's Plea
JOSEPH JOHN: Ind-Ra Migrates 'B+' Issuer Rating to Non-Cooperating
KALAPURNA STEEL: CRISIL Assigns B+ Rating to INR10cr Cash Loan
KEEP IN TOUCH: Insolvency Resolution Process Case Summary

KERALA STATE: Ind-Ra Affirms 'B+' Rating on INR100MM Bank Loan
KF BIOTECH: CRISIL Lowers Rating on INR8cr Cash Loan to 'C'
KUDOS CHEMIE: Insolvency Resolution Process Case Summary
KUSMASULI MULTIPURPOSE: CRISIL Cuts Rating on INR5.29cr Loan to D
LEOLINE FOODS: CRISIL Migrates D Rating from Not Cooperating

MB POWER: Ind-Ra Maintains BB Term Loan Rating in Non-Cooperating
NOVA ENT: Ind-Ra Assigns B+ LongTerm Issuer Rating, Outlook Stable
PHATAK CLEANTECH: CRISIL Assigns 'B' Rating to INR15cr Term Loan
PRABHAT GLOBAL: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
PRAJWAL PROMOTERS: Ind-Ra Affirms B Issuer Rating, Outlook Stable

R & C INFRAENGINEERS: Ind-Ra Keeps 'BB-' Rating in Non-Cooperating
RAMINFO LIMITED: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
RHC HOLDING: NCLAT Dismisses HDFC's Insolvency Plea vs. Firm
SAHAY METALS: Insolvency Resolution Process Case Summary
SETUBANDHAN INFRASTRUCTURE: Ind-Ra Lowers LT Issuer Rating to 'D'

SHIRAM TRANSPORT: Fitch Rates Proposed USD Sr. Sec. Notes BB+(EXP)
SHRINIVAS ELECTRICALS: CRISIL Lowers Rating on INR1cr Loan to D
SOLANKI CONSTRUCTION: CRISIL Reaffirms B Rating on INR3cr Loan
SRI BHAVANI: CRISIL Assigns 'B' Rating to INR13.42cr Term Loan
TEJAS SUPERSTRUCTURES: CRISIL Assigns B Rating to INR4.5cr Loan

TERAI TEA: Ind-Ra Affirms Then Withdraws BB+  LT Issuer Rating
V AND S: Insolvency Resolution Process Case Summary
VAG BUILDTECH: CRISIL Lowers Rating on INR25cr Loan to D
VIDHATRI MOTORS: CRISIL Cuts Rating on INR7.50cr Loan to D


I N D O N E S I A

KAWASAN INDUSTRI: Fitch Places 'B' LT IDR on Watch Negative


M O N G O L I A

TAVAN BOGD: Fitch Withdraws B-(EXP) Rating on Prop. USD Sr. Notes


N E W   Z E A L A N D

CBL CORP: Former MD Calls for Fresh Inquiry Into RBNZ
NAKED BRAND: Mulls Selling Bendon Brands After Financing Falters
SOUTHERN BOUNDARY: Director Pleads Guilty to Label Fraud Charges


S O U T H   K O R E A

DONGBU STEEL: Watchdog Approves KG Group's Takeover


V I E T N A M

VIETNAM PROSPERITY: Moody's Rates Proposed Sr. Unsec. USD Notes B1

                           - - - - -


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A U S T R A L I A
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3IVX TECHNOLOGIES: Second Creditors' Meeting Set for July 22
------------------------------------------------------------
A second meeting of creditors in the proceedings of 3IVX
Technologies Pty Ltd has been set for July 22, 2019, at 4:00 p.m.
at the offices of Veritas Advisory, Level 5, at 123 Pitt Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 22, 2019, at 10:00 a.m.

Vincent Pirina of Veritas Advisory was appointed as administrator
of 3IVX Technologies on June 14, 2019.


AUSGMS PTY: First Creditors' Meeting Set for July 23
----------------------------------------------------
A first meeting of the creditors in the proceedings of AUSGMS Pty
Ltd will be held on July 23, 2019, at Level 4, 12 Pirie Street, in
Adelaide, SA.

Andrejs Janis Strazdins of BRI Ferrier was appointed as
administrator of AUSGMS Pty on July 11, 2019.

AUSTRALIAN COW: Second Creditors' Meeting Set for July 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of The Australian
Cow Dog Challenge Pty Ltd, trading as The Australian Stock Dog
Spectacular, has been set for July 23, 2019, at Best Western
Sanctuary Inn, at 293 Marius Street, in Tamworth, 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 19, 2019, at 4:00 p.m.

Glen Oldham of Oldhams Advisory was appointed as administrator of
The Australian Cow on June 17, 2019.


AUSTRALIAN MUTUAL: ASIC Cancels AFS License
-------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
cancelled the Australian financial services licence of Sydney-based
financial services provider Australian Mutual Holdings Limited.
Australian Mutual was a responsible entity who operated a number of
managed investment schemes.

The cancellation was effective from July 5, 2019.

The terms of the AFS licence cancellation allow Australian Mutual's
AFS licence to provide financial services which are reasonably
necessary for, or incidental to, the winding up of the:

   * Australian Pink Diamond Fund ARSN 120 329 240;

   * Grange Capital Management Growth Plus Fund ARSN 120 328 823;
     And

   * Accelerated Trend Hedge Fund ARSN 116 742 333 (AFS Licence
     Cancellation).

'A key priority for ASIC is ensuring that responsible entities take
their duty to act in the best interest of investors seriously. This
duty of loyalty has been described as the 'most fundamental' rule
of trust law. The community expects responsible entities to fully
comply with the best interest duty and ASIC will take legal action
to enforce this,' ASIC Commissioner Danielle Press said.

On July 8, 2019, ASIC varied the AFS licence cancellation to
include the Trident Global Growth Fund ARSN 120 329 026.

                      About Australian Mutual

Australian Mutual held AFS licence 295393 from Feb. 10, 2006.

On June 28, 2019, Peter Paul Krejci of BRI Ferrier (NSW) Pty Ltd
was appointed voluntary administrator of Australian Mutual. Under
the Corporations Act, ASIC has the power to suspend or cancel an
AFS licence, without holding a hearing, where the AFS licence held
by a body corporate is placed under external administration.

Australian Mutual has the right to seek a review of ASIC's decision
at the Administrative Appeals Tribunal.

Following an ASIC investigation, on April 17, 2019, ASIC's
Financial Services and Credit Panel banned Australian Mutual's
joint executive officers and directors, Mr. Jeffrey Worboys and Mr.
Matthew Barnett from providing financial services for six years.

ASIC found that Mr Worboys and Mr Barnett did not exercise the
degree of care and diligence required and failed to act in the best
interests of the members of the Courtenay House Capital Investment
Fund, which was operated by Australian Mutual. This included a
failure to ensure that the persons responsible for trading funds
had the requisite qualifications and experience to manage a foreign
exchange and derivatives fund.

Mr. Worboys and Mr. Barnett did not appeal to the Administrative
Appeals Tribunal for a review of ASIC's decisions.

In a separate investigation, ASIC took action to wind up Courtenay
House Capital Trading Group Pty Ltd and Courtenay House Pty Ltd.
The Supreme Court of NSW appointed Said Jahani and John McIerney of
Grant Thornton, as joint liquidators to both companies.

AYLA CONSTRUCTIONS: Enters Into Voluntary Liquidation
-----------------------------------------------------
Scott Sawyer at Sunshine Coast Daily reports that Ayla
Constructions Pty Ltd entered voluntary liquidation on July 5,
after a long battle to try and keep the company afloat.

The company, directed by Mark Deighton, was renowned for its
high-end work on new homes and renovations around the region, the
report says.

According to the report, liquidator Jason Cronan, director of SV
Partners Sunshine Coast, said Mr. Deighton had been trying "for
some time" to resolve the company's debt issues.

Sunshine Coast relates that Mr. Cronan said he'd been told the loss
of Mr. Deighton's wife and daughter within a short period some
years ago had taken its toll and Mr. Deighton had "lost the will to
fight" to keep the company running.

"He's really tried all he could to save it," the report quotes Mr.
Cronan as saying.

Mr. Cronan said two "guardian angel" investors had put in about
AUD500,000 in total over the past 6-12 months, in a bid to keep the
company afloat, the report relays.

Sunshine Coast relates that Mr. Cronan said Mr. Deighton had
ensured all building works were finished up to the end of May,
before he handed in his building licence, unable to continue.

Mr. Cronan said there was another entity looking at undertaking a
possible restructure of the company to keep it going.

He said Mr. Deighton had "paid back a significant amount of the
company debt" already, but it was understood there was still "at
least" hundreds of thousands of dollars worth of debt outstanding
to trade suppliers and other groups, according to Sunshine Coast.

The report adds Mr. Cronan said continuing the company had been
considered, with the support of the "guardian angel" investors, but
a lack of work, weather and the general economic climate had
conspired to ensure the company couldn't be sustained as it was.

"He (Mr. Deighton) didn't leave any customers in the lurch," the
report quotes Mr. Cronan as saying.  "He's pretty gutted."

Mr. Deighton registered the company in late-2011, and named it in
honour of his daughter, Ayla Deighton.

The Sunshine Coast born and bred local had followed in his
grandfather's footsteps, who was also a builder, and had
established a reputation for quality, high-end work, including
stunning hinterland homes and sprawling coastal mansions.

In August last year the Daily reported that Craig Cleary, of The
Cleary Group, which had gone into liquidation, had transferred a
number of projects to Ayla Constructions for completion.

Mr. Deighton was the director and sole shareholder of Ayla
Constructions, the Daily discloses.

According to the Daily, Mr. Cronan said it was too early to say
exactly how many creditors there were and how much was owed, or
comment on the likelihood of a recovery.

He said he expected his investigations to take about six months,
says the Daily.

Mr. Deighton placed the company into liquidation on July 5, when he
appointed SV Partners Queensland executive director and national
board member David Stimpson to wind the company up.

CWS MORTGAGE: ASIC Cancels Australian Financial Services License
----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) license of
Hobart-based CWS Mortgage Ltd (CWS).  CWS operated the CWS Mortgage
Fund ARSN 094 313 096 (Fund), a registered managed investment
scheme.

The license cancellation took effect on June 26, 2019.

ASIC took this action because CWS had not held professional
indemnity insurance since September 15, 2017. Moreover, CWS was
likely to continue to not have the required insurance cover because
it was unsuccessful in its attempts to obtain the required cover.
As a result, ASIC considered that CWS was not providing retail
clients the statutory protection required by the law.

Under the Corporations Act 2001, AFS licensees must have
arrangements in place for compensating retail clients for losses
they suffer as a result of a breach of obligations by the licensee
or its representatives. These arrangements must generally include
professional indemnity insurance cover that is adequate and takes
into account the nature of the licensee's business and potential
liability for compensation claims.

CWS commenced winding up the Fund on October 31, 2016. It filed an
application in the Federal Court seeking orders and directions to
wind up the Fund on May 17, 2019.

Under the terms of the licence cancellation, CWS can continue
limited operations until June 21, 2020 to facilitate the winding up
of the Fund.

                       About CWS Mortgage

CWS Mortgage Ltd has held AFS licence 244391 since January 7, 2004.
Under the Corporations Act, ASIC has the power to suspend or cancel
an AFS licence if a licensee does not comply with the law, and/or
if ASIC has reason to believe a licensee is likely to contravene
its legal obligations.

CWS has the right to seek a review of ASIC's decision from the
Administrative Appeals Tribunal.

EDEN FAB: First Creditors' Meeting Set for July 23
--------------------------------------------------
A first meeting of the creditors in the proceedings of Eden Fab Pty
Ltd will be held on July 23, 2019, at 11:00 a.m. at the offices of
HLB Mann Judd Insolvency WA, Level 3, at 35 Outram Street, in West
Perth, WA.

Kimberley Stuart Wallman of HLB Mann Judd Insolvency was appointed
as administrator of Eden Fab on July 11, 2019.

FAUNCE DEVELOPMENTS: Second Creditors' Meeting Set for July 19
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Faunce
Developments Pty Ltd has been set for July 19, 2019, at the offices
of WJ Hamilton & Co., Suites 508-509, at 147 King 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 19, 2019, at 9:00 a.m.

William James Hamilton of WJ Hamilton & Co. was appointed as
administrator of Faunce Developments on June 28, 2019.

HJ FAMILY: Second Creditors' Meeting Set for July 19
----------------------------------------------------
A second meeting of creditors in the proceedings of HJ Family Homes
Pty Ltd has been set for July 19, 2019, at Quest Apartments
Rockhampton, at 48 Victoria Parade, in Rockhampton, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 18, 2019, at 4:00 p.m.

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

METRO FINANCE: Moody's Assigns B1 Rating to AUD4.4MM Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited, as trustee of Metro
Finance 2019-1 Trust.

Issuer: Metro Finance 2019-1 Trust

AUD120.00 million Class A-S Notes, Assigned Aaa (sf)

AUD202.00 million Class A-L Notes, Assigned Aaa (sf)

AUD30.00 million Class B Notes, Assigned Aa2 (sf)

AUD14.00 million Class C Notes, Assigned A2 (sf)

AUD8.00 million Class D Notes, Assigned Baa2 (sf)

AUD12.00 million Class E Notes, Assigned Ba1 (sf)

AUD4.40 million Class F Notes, Assigned B1 (sf)

The AUD4.60 million Class GA Notes and the AUD5.00 million Class GB
Notes are not rated by Moody's.

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

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

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

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

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

  - The fact that 79.1% of the receivables were extended to prime
commercial obligors on a no-income verification basis, referred to
as "streamlined". This streamlined product allows obligors who meet
certain stringent requirements to access the loan without providing
financial statements.

  - The 47.4% exposure to loans with a balloon payment at the end
of the receivable term. The aggregate balloon exposure as a
percentage of current portfolio balance is 15.4%. Loans with a
balloon payment are subject to higher refinancing and,
consequently, default risk;

  - The evaluation of the capital structure;

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

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

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

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

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

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

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 3.25%,
coefficient of variation (CoV) of 65.6%, a recovery rate of 35.0%
and a portfolio credit enhancement of 22.0%. After accounting for
the seasoning of the initial portfolio (7.6 months), Moody's mean
default rate assumption was adjusted to 3.44%. Moody's assumed
default rate, CoV and recovery rate are stressed compared to the
historical levels of 1.9%, 49.1% and 64.1% respectively.

The difference between the historical and assumed default rate, CoV
and recovery rate is in part explained by the additional stresses
assumed by Moody's to address the lack of a full economic cycle in
the historical data, and by exposure to balloon loans (47.4%) in
the portfolio.

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

The streamlined product offering has been originated for almost ten
years in the Australian auto and equipment loan space. However,
through-the-cycle historical data on the performance of this
product is limited. To address this risk and the fact that the
portfolio has a very high proportion of streamlined (79.1%),
Moody's has applied further qualitative stresses in its analysis.

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

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

Methodology Underlying the Rating Action

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

Factors that would lead to an upgrade or downgrade of the ratings:

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

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

PROVIDORES NSW: First Creditors' Meeting Set for July 23
--------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Providores (NSW) Pty Ltd, trading as "Figtree Providores" will be
held on July 23, 2019, at the offices of Amos Insolvency, at
25/ 185 Airds Road, in Leumeah, NSW.

Peter Andrew Amos of Amos Insolvency was appointed as administrator
of The Providores on July 11, 2019.

WOODLAND HOUSE: Fine Dining Institution Enters Liquidation
----------------------------------------------------------
Dominic Powell at SmartCompany reports that Melbourne-based
fine-dining establishment Woodland House has closed its doors for
good, with the business entering liquidation on July 11 after five
years in operation.

The Prahran business was founded by chefs Hayden McFarland and
Thomas Woods, who took over the site of one of Melbourne's most
revered and well-loved restaurants Jacques Reymond, SmartCompany
discloses. The restaurant had received a number of accolades in its
tenure, including being named Australia's 53rd best restaurant in
2019, and given two hats by Good Food in 2017.

However, the business appointed liquidators Matthew Kucianski and
Ivan Glavas from Worrells to oversee the liquidation on July 11,
and the founders made a post on Instagram with a Douglas
Adams-inspired farewell of "so long and thanks for all the fish,"
SmartCompany relays.

"After five wonderful years we have closed our doors. Hayden and
Thomas would like to thank their staff, customers and supporters
far and wide," the post read.

"It has been an incredible journey but it's time to say goodbye."

Mr. Glavas told SmartCompany the liquidation was due to a broader
downturn in the fine dining market over the past few years, along
with recurring losses incurred by the business over previous
years.

"The directors were concerned about a change at that end of the
market. They'd seen a downturn, and they were trying to be
proactive about it, and as a result, made the decision to close,"
SmartCompany quotes Mr. Glavas as saying.

Worrells are currently calling for creditors to lodge a proof of
debt, along with seeking out a buyer for the restaurant, something
Mr. Glavas is hopeful for, SmartCompany says.

"The hope would be that we could sell it and someone would re-open
the business. It's a location that's housed a restaurant for many
years, so that's the hope," SmartCompany quotes Mr. Glayas as
saying.

However, Mr. McFarland himself was less hopeful, telling Good Food
while he didn't think the closure signalled the end of fine dining,
"maybe people don't want to do it in a 120-year-old mansion".

Fine dining restaurants have been on the decline in recent years,
with a number of Sydney and Melbourne institutions shutting their
doors or switching up their business models, SmartCompany notes.



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C H I N A
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CHENGDU AIRPORT: Fitch Publishes 'BB' LT IDRs, Outlook Stable
-------------------------------------------------------------
Fitch Ratings published China-based Chengdu Airport Xingcheng
Investment Group Co., Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings of 'BB'. The Outlook is Stable. Fitch has
also assigned CAXIG's proposed US dollar senior unsecured bonds a
'BB(EXP)' rating.

The proposed bonds will be CAXIG's direct, unconditional,
unsubordinated and unsecured obligations and will rank pari passu
with all its other present and future unsecured and unsubordinated
obligations. The proceeds will be used for general corporate
purposes. The final rating on the proposed notes is contingent upon
the receipt of final documents conforming to information already
received.

CAXIG is a major urban developer in the Shuangliu district of
Chengdu municipality in southwest China. The company is mainly
engaged in resettlement housing, shantytown renovation and other
urban-infrastructure projects, including the Chengdu Airport
High-tech Industrial Park, the Southwest Airport Economic
Development Zone and the Chengdu Military-Civilian Integration
Industrial Park, in the district, which is also the location of the
city's airport.

CAXIG's ratings are assessed under Fitch's Government-Related
Entities Rating Criteria, reflecting Shuangliu district's full
ownership, strong control and support of the company. Fitch has
also factored in the strategic importance of CAXIG to the district
as a local major urban developer. The local government therefore
has the incentive to support the company as a default would have
moderate socio-political and very strong financial implications for
the district.

KEY RATING DRIVERS

'Very Strong' Status, Ownership, Control: CAXIG was established as
a state-owned limited liability company under Chinese company law.
The Shuangliu district government maintains full ownership and
exerts strong control over the company through the Chengdu
Shuangliu District State-owned Assets Supervision, Administration
and Financial Bureau (Chengdu Shuangliu SASAFB) by appointing
senior management, approving major investment and financing plans,
and closely monitoring operating and financial performance.

'Strong' Support Track Record, Expectations: CAXIG has received
regular and substantial cash and asset injections, as well as
regular operating subsidies from the local government. Accumulated
capital injections during 2014-2018 amounted to CNY12.6 billion,
equivalent to 52% of 2018 shareholder equity. Annual operating
subsidies during 2017-2018 averaged around CNY100 million, or about
10% of revenue for the year.

'Moderate' Socio-Political Implications of Default: CAXIG provides
a wide range of public services, including resettlement-housing
construction, shantytown renovation and various
urban-infrastructure development projects. However, Fitch has
assessed that the socio-political implications of a default by the
company are moderate as there are other GREs in the region that
could partially undertake its functions without severe service
disruptions.

'Very Strong' Financial Implications of Default: CAXIG is the
largest GRE under Chengdu Shuangliu SASAFB's supervision,
accounting for more than 40% of the total assets of local GREs. Its
total debt at end-2018 was equivalent to 1.5x the district's direct
debt, and it has also provided CNY5.4 billion in guarantees for
local GREs. Most of its debt is raised to finance local
urban-infrastructure projects that serve the public. Fitch believes
a default would severely damage the local government's reputation
and constrain its financing capability.

Maximum 'b' Category Standalone Credit Profile: Fitch has assessed
CAXIG's revenue defensibility and operating risk as 'Midrange' as
more than 90% of its revenue is from contracted work with the local
government with pre-defined profit margins and payment schedules.
Its financial profile remains weak as its net adjusted debt to
Fitch-adjusted EBITDA remained high at 36.4x by end-2018, and Fitch
does not expect the ratio to significantly improve in next two or
three years. Nevertheless, continuous government support in terms
of capital and assets injections could partially mitigate its
refinancing risk.

DERIVATION SUMMARY

CAXIG's ratings are assessed under Fitch's Government-Related
Entities Rating Criteria. Fitch believes the local government has
strong incentive to provide extraordinary support to the company,
if needed. Fitch has also factored in the Shuangliu district
government's control and support, CAXIG's public service function
in local urban development and the impact of a default on the
government and other GREs in light of its large assets and debt
scale.

CHINA SCE: Moody's Rates Proposed USD Notes B2, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the proposed USD notes to be issued by China SCE Group Holdings
Limited (B1 stable).

The rating outlook is stable.

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

RATINGS RATIONALE

"The proposed notes will improve China SCE's liquidity profile,
lengthen its debt maturity profile, and will not have a material
impact on its credit metrics, as the company plans to use the
proceeds mainly to refinance offshore debt," says Danny Chan, a
Moody's Assistant Vice President and Analyst, and also Moody's Lead
Analyst for China SCE.

China SCE's B1 corporate family rating reflects (1) its track
record and strong market position in Quanzhou, Fujian Province; (2)
its growing operating scale and geographic diversification; (3) its
stable profit margins following its expansion to cities outside
Fujian; and (4) its good liquidity position. China SCE also has a
long track record of good access to the banks and capital markets.

On the other hand, the corporate family rating is constrained by
China SCE's moderate debt leverage and the execution risks
associated with its debt-funded expansion. In addition, the rating
reflects China SCE's increased exposure to joint venture (JV)
businesses, a situation which lowers the transparency of its credit
metrics. Nevertheless, this risk is mitigated by its reputable JV
partners.

Moody's has taken into account the concentrated ownership by China
SCE's key shareholder, Mr. Wong Chiu Yeung, who held a total 51.02%
stake in the company as of June 27, 2019.

This risk of concentrated ownership is incorporated in the B1 CFR
and is partly mitigated by: (1) the presence of three independent
non-executive directors on the board, who also chair the audit and
remuneration committees; (2) the company's moderate 20%-25%
dividend payout ratio over the past three years; and (3) the
presence of other internal governance structures and standards, as
required under the Corporate Governance Code for companies listed
on the Hong Kong Stock Exchange.

The B2 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

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

Moody's expects China SCE's revenue will grow by 25%-35%
year-on-year over the next 12-18 months, supported by its strong
contracted sales growth over the past two years. In the first six
months of 2019, China SCE's contracted sales, including joint
ventures and associates, grew 78% year-on-year to RMB37.0 billion,
following 54% annual growth to RMB51.4 billion in 2018.

As revenue growth will outpace debt growth debt in the next 12-18
months, Moody's expects China SCE's debt leverage — as measured
by revenue/adjusted debt — will improve to around 55%-60% in
2019-20 from a weak level of 49% in 2018.

While leverage will improve, China SCE's interest coverage — as
measured by adjusted EBIT/interest — will fall mildly to
2.5x-3.0x over the next 12-18 months from around 3.0x in 2018, as
its gross margin is likely to decline to around 29% from 35% over
the same period. This decline in turn reflects rising land costs
and price restrictions imposed in some of its major markets over
the past 1-2 years, as well as increasing project deliveries in
second tier cities with lower profitability.

While these financial metrics are weak for China SCE's B1 CFR, the
associated risks are partly alleviated by the company's track
record of good liquidity and maturity management.

The stable outlook on China SCE's B1 corporate family rating
reflects Moody's expectation that the company will maintain
sustained revenue growth and remain prudent in its land
acquisitions and debt management over the next 12-18 months, while
maintaining a moderate leverage ratio and healthy liquidity.

China SCE's ratings could be upgraded if the company: (1)
demonstrates stable sales growth and increases its scale; (2)
maintains its prudent approach to land acquisitions; and (3)
maintains EBIT/interest coverage in excess of 3.0x and
revenue/adjusted debt in excess of 75%-80% on a sustained basis.

On the other hand, the company's ratings could be downgraded if:
(1) contracted sales weaken; (2) its profit margins decline
materially; (3) its liquidity position deteriorates, with
cash/short-term debt falling below 1.0x; and/or (4) its debt
leverage rises materially.

Credit metrics indicative of a downgrade include EBIT/interest
coverage below 2.0x and/or revenue/adjusted debt below 60% on a
sustained basis.

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

Founded in 1996, China SCE Group Holdings Limited listed on the
Hong Kong Stock Exchange in February 2010. It was 51.02% owned by
its chairman, Mr. Wong Chiu Yeung, as of June 27, 2019.

As of December 31, 2018, the company had a total land bank
(excluding investment properties) of 23.2 million square meters,
with nationwide coverage in different tiers of cities across
different regions in China.

FUTURE LAND: S&P Puts BB ICR on Watch Neg. on Chairman's Detention
------------------------------------------------------------------
S&P Global Ratings placed its 'BB' long-term issuer credit rating
on Future Land Development Holdings Ltd. and 'BB-' long-term issue
rating on the company's outstanding senior unsecured notes on
CreditWatch with negative implications.

S&P Global Ratings placed the ratings on CreditWatch with negative
implications to reflect the potential reputational damage and
ensuing operational and financing impact on Future Land Development
from the detention of the company's former chairman by Shanghai
police on personal criminal allegations.

S&P said, "We see a potential risk associated with financial
institutions enforcing shares pledged by the former chairman if
Future Land's share price plummets for an extended period. That
said, the company is unlikely to be miss a margin call, should it
happen, given the current liquidity position. As of June 30, around
34% of the company's outstanding domestically listed "A-shares" are
pledged out of the 67% equity held by entities controlled by the
Hong Kong-listed "H-share" entity. We also believe Future Land has
sufficient resources to service its short-term debt, including
domestic bonds totaling Chinese renminbi (RMB) 4.5 billion puttable
in August and October of this year. The company's next offshore
maturity is US$350 million due Feb 2020.

"In our view, the seriousness of the allegation and sudden change
in leadership could have severe repercussions for Future Land's
reputation and brand name. This could hurt the company's
relationships with business partners and financial institutions.
Also, investor perception may affect Future Land's capital market
or other financing activities in the near term.

"We do not expect the company's daily operations to be immediately
affected, given senior management consists of experienced industry
veterans. But, the event could place Future Land under a period of
general uncertainty. We think the extent of damage will manifest
over the next few months on multiple aspects including sales,
personnel, funding, investment, and collaboration with other
partners."

According to company announcement on July 3, 2019, Future Land
elected the former chairman's son Mr. Xiaosong Wang to be the new
chairman. He has been serving as the A-share listco's president and
the H-share listco's non-executive director, heading up Future
Land's commercial development segment.

CreditWatch

S&P said, "We expect to resolve the CreditWatch when there is more
clarity around the extent of any impact on Future Land's operations
and financial standing.

"We could lower the rating if we believe the negative consequences
for investor confidence and business operations are substantial. We
could downgrade Future Land, potentially more than one notch, if we
see scenarios such as sales performance materially weakening, key
management personnel changes, funding channels being inaccessible,
and liquidity tightening.

"We could affirm the rating with a stable outlook if the impact on
the company proves to be short-term and manageable. This could be
indicated by stable contracted sales performance, steady cash
generation from normal business operations, and new financing or
refinancing being largely accessible from capital markets and
financial institutions."

KANGDE XIN: CSRC Probes Auditor After Massive Fraud
---------------------------------------------------
Wang Juanjuan and Lin Jinbing at Caixin Global report that the
auditor of scandal-ridden Kangde Xin Composite Material Group Co.
Ltd. has been placed under investigation for failing to perform its
duties, an official with China's securities regulator said on July
8, after an inquiry into the listed company uncovered a massive
fraud.

Ruihua Certified Public Accountants, one of China's largest
accounting firms, is being probed by the China Securities
Regulatory Commission (CSRC), an official from the inspection
division said at a briefing, Caixin relates. The firm has been
Kangde Xin's auditor since 2012, responsible for preparing the
Shenzhen-listed company's annual report and accounts, the report
says.

According to Caixin, the CSRC began an investigation into Kangde
Xin in January when the laminating film manufacturer defaulted on
its debts even though its financial statements showed it had CNY15
billion in cash and bank deposits four months earlier. The company
was found to have overstated its profits for the four years through
2018 by a total of CNY11.9 billion ($1.73 billion), the commission
said in a statement released on July 5 summarizing its findings,
Caixin discloses.

Although Ruihua in April gave a disclaimer of opinion for Kangde
Xin's 2018 annual report, it gave standard unqualified opinions for
the company's annual reports from 2015 to 2017. Over the four-year
period, it was paid CNY8.4 million by Kangde Xin for its auditing
services, Caixin says.

"Generally speaking, when investigating fraud or information
disclosure violations at listed companies, we also pay attention to
the responsibilities of intermediary agencies," the CSRC official,
who was not identified, said at the briefing, Caixin relays.

Caixin notes that under China's Securities Law, the CSRC has the
right to take action against intermediary firms, including audit
companies, which fail to "diligently perform their duties" and
issue documents with falsified information. It can order them to
correct their wrongdoings, confiscate income received related to
the offenses, and suspend or revoke their business licenses.

This isn't the first time Ruihua has come under the regulatory
spotlight, Caixin says. It was penalized in June 2016 for failing
to assist a probe by the National Association of Financial Market
Institutional Investors into Yunfeng Group Co. Ltd., an audit
client, which defaulted on CNY2 billion of bonds earlier that year.
Caixin adds that Ruihua was also subject to two further
punishments, in December 2016 and January 2017, for fabricating
information in its audit reports and the CSRC temporarily banned it
from taking on new securities-related business.

According to Caixin, Kangde Xin published the CSRC's findings in
full in a stock market filing on July 5, which revealed that the
company had failed to disclose in its annual reports; that its
controlling shareholder had embezzled its funds; and that it had
provided guarantees for the shareholder's fundraising activities.
It also failed to truthfully disclose how it used the funds it
raised.

In January, the company's shares were put under Special Treatment
status, a label given to firms in financial distress or facing
regulatory problems, Caixin recalls. The filing noted the shares
are now likely to be delisted as the investigation found the
company was unprofitable for four years through 2018, says Caixin.

"If the fraud is finally confirmed, we will make a decision to
delist (the company)," Caixin quotes Cao Yong, a deputy director of
the CSRC department that oversees listed companies, as saying at
the briefing.

The commission plans to fine Kangde Xin CNY600,000 and impose
financial penalties totalling CNY2.67 million on 28 of its
employees, the filing said, Caixin relays. Zhong Yu, the actual
controller of the company, will be fined CNY900,000 and banned from
the securities market for life.

Zhong, who stepped down as chairman in February, is already in
trouble with the police, Caixin notes. In May, the Public Security
Bureau of Zhangjiagang city in the eastern province of Jiangsu,
where the company is based, said he had been put under "criminal
coercive measures," without giving further details, according to
Caixin. Criminal coercive measures can include things like summons
by force, residential surveillance, detention or arrest, the report
states.

China Kangde Xin Composite Material Group Co., Ltd. --
http://www.kangdexin.com/-- engages in laminating film and
photoelectric materials, 3D, and Internet applications businesses
worldwide. It offers printing substrates, environmental laminating
films, 3D grating materials, 3D imaging technology, automatic
coating equipment, and electronic display equipment under the
Kangde Film and KDX brand names for the printing and packaging, and
decoration markets.

TIMES CHINA: Fitch Puts Final 'BB-' Rating to $400MM Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned homebuilder Times China Holdings
Limited's (BB-/Stable) USD400 million 6.75% senior notes due 2023 a
final rating of 'BB-'.

The notes are rated at the same level as Times China's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The final rating is in line with the
expected rating assigned on July 8, 2019.

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 its 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 its 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 Its 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%)

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - Net debt/adjusted inventory sustained below 40%

  - EBITDA margin, excluding capitalised interest, sustained above
30%

  - Contracted sales/total debt sustained above 1.2x

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

  - Net debt/adjusted inventory above 50% for a sustained period

  - EBITDA margin, excluding capitalised interest, below 20% for a
sustained period

LIQUIDITY

Sufficient Liquidity: Times China had cash and cash equivalents of
CNY27 billion, including restricted cash of CNY4 billion, as of
end-2018, against CNY7 billion in short-term debt. The company's
average funding cost remained stable at 7.7% in 2018, compared with
7.6% in 2017.

WANDA GROUP: S&P Alters Outlook to Negative & Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on China-based Wanda Group
Co. Ltd. to negative from stable. At the same time, S&P affirmed
the 'B+' long-term issuer credit rating on the refinery and
chemical producer.

S&P said, "We revised outlook to negative because we expect Wanda
Group's weighted average debt maturity to shorten over the next 12
months, which may lead to refinancing pressure in the longer run.
In our view, Wanda Group's capital structure may become
over-reliant on short-term debt financing if the company refinances
its upcoming maturities and puttable bonds with short-term bank
loans or short-term commercial paper."

Wanda Group faces a maturity wall in the coming 12-18 months. The
company has a high amount of domestic bonds that could be put by
investors. Chinese renminbi (RMB) 2.4 billion of these bonds are
puttable in September this year, and another RMB4.6 billion are
puttable in 2020. These amounts represent approximately 35% and 90%
amount of Wanda Group's debt maturities in 2019 and 2020,
respectively. In addition, the company has also reported RMB4.0
billion in short-term bank loans as of March 31, 2019.

Wanda Group still has access to the domestic debt market as
demonstrated by its successful issuance of RMB1.07 billion domestic
bonds on July 5, 2019. However, it is uncertain whether the company
can continue to issue longer-term bonds to refinance its upcoming
debt maturities. Wanda Group is a key guarantor of Snton Group Co.
Ltd.'s liabilities. Since Snton Group went into financial distress
in late 2018, the majority of the company's domestic bonds listed
on the Shenzhen Stock Exchange have been trading below par.

The impact of Wanda Group's guarantee extended to Snton Group will
likely depend on the timing and outcome of Snton Group's bankruptcy
and restructuring proceedings. The exact amount and timing of such
a potential liability to Wanda Group is uncertain at the moment. As
of March 31, 2019, Wanda Group reported that it has outstanding
guarantees of RMB903 million to Snton Group. S&P has taken this
amount of guarantee into its debt calculation of Wanda Group, but
have not treated it as one of the uses of liquidity due to the
uncertainty on its timing.

S&P said, "We do not view Wanda Group to have imminent repayment
risks or a material liquidity deficit. We also expect the company
to maintain its relationships with local banks and be able to roll
over its bank borrowings." In January 2019, the local government of
Dongying city in Shandong province published a list of companies
and encouraged local banks to be supportive of these companies by
continuing to provide financial services and maintaining credit
lines with them. Wanda Group's parent, Wanda Holdings, is one of
the companies included in that list. As of March 31, 2019, Wanda
Group has unused bank credit lines of RMB8.2 billion. These are
uncommitted in nature and are at the discretion of banks to extend.
The company has also obtained approval to issue up to RMB3.0
billion short-term commercial paper in the domestic market.

Wanda Group's funds from operations may be lower in 2019 due to
softening performance in the refinery and chemical segments.
Although S&P expects the company's sales volumes to be stable,
lower prices in key products could reduce its revenue and margins
this year. So far this year, domestic prices of gasoline, diesel,
propylene, and aromatics have been lower than that in 2018. China's
slower economic growth outlook and the commencement of new
large-scale refinery operations in other regions of China this year
will likely continue pressure product prices, in S&P's view. The
considerable amount of new capacity aggravates the oversupply of
domestically produced refinery products.

S&P said, "We continue to expect Wanda Group's leverage to increase
in the coming two years. This is mainly due to the company's high
capital spending for its petrochemical expansion plans. We do not
expect the expansion to contribute to revenue before 2021. We also
assume the company will have working capital requirements of RMB1.2
billion in the coming two years to support its expanding
operations. We expect Wanda Group's debt-to-EBITDA ratio to
increase to 3.4x-4.2x, from 2.9x in 2018. We expect debt-to-EBITDA
ratio of its parent, Wanda Holdings Group Co. Ltd., to increase to
2.8x-3.5x from 2.4x in 2018.

"The negative outlook reflects our view that Wanda Group's debt
maturity profile may shorten to below two years if the company
refinances its long-term maturities with short-term borrowing,
adding to the ongoing refinancing pressure.

"We may downgrade Wanda Group if Wanda Holdings refinances its
upcoming puttable bonds with short-term financing. A downgrade
trigger could be Wanda Group's weighted debt maturity profile
weakening to less than two years or a weakening of the company's
access to domestic capital markets.

"We may also downgrade Wanda Group if Wanda Holdings' liquidity
buffer tightens materially. This could happen if the parent's
relationships with banks deteriorates, business performance is
considerably weaker than our expectations, or unrestricted cash
balance decreases materially.

"We may revise Wanda Group's outlook to stable if Wanda Holdings
improves its capital structure by refinancing its debt with
long-term borrowings, such that its reliance on short-term debt
reduces. An upside trigger could be the company's weighted debt
maturity profile sustainably improving to over two years."


[*] US$35MM of Investment Products May Default, China Broker Says
-----------------------------------------------------------------
Bloomberg News reports that Central China Securities Co. said two
asset management products totaling CNY240 million (US$35 million)
are in danger of defaulting after the borrower falsified
documents.

According to Bloomberg, the brokerage said on July 11 that it
conducted follow-up checks on the products following missed
payments to investors in April and May and found that documents
used to obtain financing had been fabricated. Central China
Securities didn't provide more details or name the borrower, but
said the case is being investigated by the police.

It's the latest fraud allegation involving Chinese companies amid
credit-market stresses that have seen $10 billion worth of missed
bond payments this year, Bloomberg relates. The incident also
raises questions about risk-management procedures at the nation's
asset managers. On July 8, Noah Holdings Ltd. levied claims of
fraud against Camsing International Holding Ltd. related to CNY3.4
billion of wealth products, Bloomberg notes.

Central China Securities, based in the central province of Henan,
has CNY42 billion of assets, ranking it 42nd out of China's 98
securities firms, Bloomberg discloses citing the Securities
Association of China. Its shares have gained 36% in Shanghai and
6.6% in Hong Kong this year, the report adds.



=======
F I J I
=======

FIJI: Moody's Affirms Ba3 Issuer Rating, Outlook Stable
-------------------------------------------------------
Moody's Investors Service affirmed the Government of Fiji's local
and foreign currency long-term issuer and senior unsecured debt
ratings at Ba3. The outlook is maintained at stable.

The Ba3 rating is supported by Moody's assessment that ongoing
reforms, aided by the engagement with development partners,
underpin the moderate strength of Fiji's institutions. The
associated increase in financial assistance from development
partners will also support government debt affordability and reduce
government liquidity risk. At the same time, Fiji's small economy
and limited economic diversification continue to constrain the
economy's capacity to absorb shocks.

The stable outlook reflects balanced risks. On the upside, ongoing
efforts by the authorities to diversify the tourism sector and
attract investment into new sectors may boost Fiji's economic
prospects and resilience beyond Moody's expectations. On the
downside, moderating global and regional growth could weaken demand
for tourism in Fiji and result in greater fiscal and external
challenges than Moody's currently anticipates.

Fiji's long-term local currency bond and deposit ceilings remain
unchanged at Baa3. The Ba3 long-term foreign currency bond ceiling
and B1 long-term foreign currency deposit ceiling are also
unchanged. The short-term foreign currency bond and deposit
ceilings remain unchanged at Not-Prime. These ceilings typically
act as a cap on the ratings that can be assigned to the obligations
of other entities domiciled in the country.

RATINGS RATIONALE

RATIONALE FOR RATING AFFIRMATION

ONGOING REFORMS SUPPORT MODERATELY STRONG INSTITUTIONS, DEBT
AFFORDABILITY

The Ba3 rating reflects Moody's assessment that institutions and
policy credibility and effectiveness continue to strengthen in
Fiji, aided by the government's engagement with development
partners around its reform agenda. Increased financial assistance
as part of the engagement will further anchor debt affordability
and reduce government liquidity risks. Moody's expects ongoing
political stability, marked by a second successive democratic
election in November 2018, to foster policy continuity and sustain
the reform momentum.

Fiji's institutional strength is reflected in the large captive
source of domestic financing that supports the government's
moderate debt burden, as well as the macroeconomic stability and
generally low and stable inflation over the past few years, despite
the occurrence of large climate shocks. The country also continues
to address its vulnerability to climate change, by building more
resilient infrastructure and early warning systems, financed by
green bond issuances and an environmental and climate adaptation
levy.

Moody's expects the coverage of government debt by assets at the
Fiji National Provident Fund to remain high -- the assets were
sufficient to cover around 140% of general government debt as of
the end of fiscal 2018 (ending July 2018) and total assets continue
to grow. Moody's also expects real GDP growth to remain solid over
the next two years at around 3%, and consumer price inflation to
remain anchored at around 3.5%.

Ongoing engagement with development partners will support the
government's reform agenda and underpin Fiji's strengthened
institutional capacity. Moody's expects the technical assistance
from multilateral and bilateral partners, such as the Asian
Development Bank (ADB), Australia, Singapore and the World Bank
(IBRD), to raise the effectiveness of measures in areas such as
climate change mitigation, public financial management, state-owned
enterprise management, and economic competitiveness.

The engagement with development partners will further expand the
external financing resource that is available to the government to
meet the country's large financing needs for infrastructure,
socioeconomic development, and climate change mitigation. These
include a policy-based loan from the ADB and IBRD, the ADB's
five-year country partnership framework for Fiji, and Australia's
"Pacific step-up", an infrastructure financing programme for the
South Pacific that is on top of its annual financial aid for the
region. Borrowing terms from these sources are generally
concessional, with low interest rates and long repayment terms,
which enhance debt affordability. In addition, the government is in
final stages of discussions with Japan International Cooperation
Agency for low-cost contingency financing, which will mitigate
sharp increases in financing needs and costs in the event of a
natural disaster.

Moody's expects Fiji's debt affordability to remain high over the
next three to five years. Further supporting debt affordability and
sustainability is Moody's expectation for the government's fiscal
deficit to narrow to around 2-3% of GDP over the next two to three
years, after an average deficit of around 4% of GDP over fiscals
2018 and 2019. This will keep general government debt level stable
at around 45-48% through fiscal 2022.

SMALL SIZE AND LIMITED DIVERSIFICATION CONTINUE TO CONSTRAIN THE
ECONOMY'S SHOCK ABSORPTION CAPACITY

Despite stronger institutions, improved debt affordability and
sound government liquidity, Fiji's economy and government finances
will remain highly exposed to shocks, including the physical
effects of climate-related disasters. In particular, its small size
and still-limited diversification will continue to limit its shock
absorption capacity.

Moody's estimates that Fiji's tourism sector, including
tourism-related activities, accounts for around 40% of GDP, a third
of employment, and more than 50% of total domestic goods and
services exports. The sugar industry accounts for an additional 20%
of employment, although the contributions to GDP and exports are
very modest. Moody's does not expect these shares to significantly
reverse over the next three to five years. In fact, Moody's expects
growth in Fiji's tourism sector to remain robust, as demand for the
country's tourist offerings remains solid, aided by increasing air
traffic with the fleet expansion of the national carrier, Fiji
Airways. Meanwhile, Moody's expects sugar production to gradually
recover in the aftermath of the large cyclones over 2016-18, helped
by reinvestment by the government and Fiji Sugar Corporation into
the production process to raise productivity and output.

Both the tourism sector and sugar industry are vulnerable to the
physical effects of climate change, which threaten employment,
incomes, domestic demand and government finances. Sugar cane crops
are easily destroyed by cyclones and floods, while Fiji's
attraction as a tourism destination has so far been centered around
its physical environment, which can be affected by both climate
trends and shocks.

The authorities are aiming to diversify the economy by offering
incentives for private investment, and to broaden Fiji's tourism
appeal by expanding into the sports and meetings, incentives,
conferences and exhibitions (MICE) segments. Some headway has
already been made, for instance in Fiji hosting the ADB's 2019
annual meeting, as well as some business processes outsourcing
(BPO) by multinational companies to Fiji, albeit modest in scale
thus far. While Moody's currently sees some potential in BPO,
commercial agriculture, and events tourism, diversification will
take time, given still-low levels of economic competitiveness and
physical infrastructure constraints that will take years to
address. Fiji's geographical remoteness compared to alternative
events destinations with similar appeal will remain an obstacle to
expanding tourism.

RATIONALE FOR THE STABLE OUTLOOK

The decision to maintain the stable outlook reflects balanced risks
to the Ba3 ratings.

On the upside, ongoing efforts by the authorities to diversify the
tourism sector and attract investment into new sectors may boost
Fiji's economic prospects and resilience beyond Moody's
expectations. In particular, a sustained increase in sports or MICE
tourism, especially during the offpeak travel season, will help
fill excess capacity during this period and raise economic growth
and incomes. Sizeable investments into productive sectors such as
in BPO and logistics can also increase incomes, employment and
Fiji's growth potential materially.

On the downside, moderating global and regional growth could weaken
demand for tourism in Fiji and result in greater fiscal and
external challenges than Moody's currently anticipates. Given the
importance of the tourism sector to government finances and
exports, a sharp decline in tourist arrivals -- especially from the
main markets of Australia, New Zealand and the US -- would result
in weaker government revenue and wider fiscal and current account
deficits. A severe shock, including from climate events and/or the
reemergence of political instability, could also weigh more broadly
on the government's credit profile by more than is currently
factored into the ratings.

WHAT COULD CHANGE THE RATING UP

The rating would likely be upgraded if (1) ongoing and further
reforms were to translate into sustained improvements in economic
competitiveness and the business climate, which would lift Fiji's
growth potential, and/or raise policy credibility and effectiveness
beyond Moody's current expectations; (2) significant economic
diversification, including in the tourism sector and the expansion
into new industries, were to enhance the economy's resilience to
shocks; and (3) fiscal consolidation and privatisation of
state-owned entities were to raise prospects for a rapid decline in
the government's debt burden.

WHAT COULD CHANGE THE RATING DOWN

The rating would likely be downgraded if (1) a large shock,
possibly stemming from a natural disaster, were to substantially
weaken Fiji's economic growth prospects and fiscal outcomes for a
prolonged period; (2) balance of payments strains were to emerge
and result in a significant decline in external buffers,
threatening policy credibility and macroeconomic stability; and (3)
domestic political risks were to reemerge, with the potential to
disrupt economic and fiscal management and/or strain relationships
with development partners, weakening institutional and fiscal
strength.

GDP per capita (PPP basis, US$): 10,234 (2018 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 4.2% (2018 Estimate) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 4.9% (2018 Actual)

Gen. Gov. Financial Balance/GDP: -4.4% (2018 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -8.8% (2018 Actual) (also known as
External Balance)

External debt/GDP: 19.1% (2018 Actual)

Level of economic development: Low level of economic resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On July 08, 2019, a rating committee was called to discuss the
rating of the Fiji, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutional strength/framework, have materially increased. The
issuer's fiscal or financial strength, including its debt profile,
has not materially changed. Other views raised included: The
issuer's susceptibility to event risks has not materially changed.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in November 2018.



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

CHONG SING: Online Payments Unit Embezzled Funds, Sources Say
-------------------------------------------------------------
Wu Yujian and Han Wei at Caixin Global report that Hong Kong-listed
Chong Sing Holdings FinTech Group, a subsidiary of UCF Holdings
Group Ltd., suspended trading on July 8 citing issues related to
misconduct of its wholly owned online payments unit UCF Pay.

Chinese authorities criticized UCF Pay for several major failures
to comply with regulations, Caixin says. Regulators ordered UCF Pay
to rectify the issues, which is likely to cause significant impacts
on the company's business and financials, Chong Sing said in a
statement. Chong Sing will evaluate the matter and release further
information later, it said in the statement, Caixin relays.

Two separate sources told Caixin that UCF Pay violations involve
embezzling funds, causing a shortfall of CNY240 million ($34.8
million). The payment provider moved clients' funds for other uses,
taking advantage of the time gap before the money was promised to
arrive in customers' accounts, the sources, as cited by Caixin,
said.

Chong Sing's statement didn't address specifics of the regulators'
findings, the report notes.

Established in 2007, UCF Pay had 5.4 million users at the end of
March. With registered capital of CNY100 millio, the company
handled transactions totaling CNY215.7 billion during the first
quarter, up 36% from a year ago. UCF Pay's first-quarter revenue
reached CNY115 million, contributing 22% to the total revenue of
Chong Sing, Caixin discloses.

It was another domino falling as troubles continued brewing for the
sprawling conglomerate linked to the secretive tycoon Zhang
Zhenxin, the report states. Even before the suspension, Chong
Sing's shares were nearly worthless, trading at HK$0.012 ($0.0015),
Caixin discloses.

Founded in 2003 and controlled by Zhang, UCF Holdings runs a wide
range of businesses including online payment, wealth management,
peer-to-peer lending, health care and investment, according to
Caixin.

In May, Liaoning-based N-Securities, indirectly controlled by
Zhang, fell under investigation by financial watchdogs, Caixin
recounts. A senior manager of the company was later detained by
police for alleged misconduct in the company's bond business.

Last month, UCF Holdings' online investment and lending business
unit NCF Group was reportedly terminating its business, fueling
worries about a potential default to investors, Caixin reports.

Caixin relates that NCF later said its business remained normal but
warned that defaults have occurred in some products. As of June 30,
NCF's major peer-to-peer lending platform had outstanding loans of
CNY5.9 billion from 140,000 individual lenders, Caixin discloses
citing data from the National Internet Finance Association.

NCF Group and Chong Sing are the two major business segments of UCF
Holdings. Several sources told Caixin that the latest trouble for
UCF Pay is related to NCF, without elaborating.

Caixin learned that the transaction settlement provider China
UnionPay suspended part of UCF Pay's services because of concerns
about violations, barring the company's access to some bank
credit.

A person close to the matter said the problems with UCF Pay emerged
early this year after several senior managers left the company,
Caixin relates. In March, the central bank's branch in Dalian fined
UCF Pay CNY420,000 for business violations. The regulator and
company didn't provide any detail of the misconduct, Caixin notes.

Chong Sing Holdings FinTech Group Limited offers financing
services. The Company provides third party payment, technology
enabled lending, traditional loans, financing, and other services.
Chong Sing Holdings FinTech Group also operates online investment
businesses.



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

A KUMAR: CRISIL Migrates B Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of A Kumar
Reality Developers (AKRD) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan        10        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

AKRD was set up as a proprietorship firm of Mr Sanwar M Khandelwal
in 2005, to undertake residential and commercial real estate
projects in Mumbai region. The firm is a part of the Mumbai-based
Kumar Associates group.

ALLIANCE COMMERCIAL: CRISIL Assigns B+ Rating to INR.02cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Alliance Commercial Transport (ACT).

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Overdraft               .98        CRISIL A4 (Assigned)

   Proposed Long Term
   Bank Loan Facility      .02       CRISIL B+/Stable (Assigned)

The ratings reflect ACT's susceptibility to volatile input cost,
stretched working capital cycle, and highly leveraged capital
structure. These weakness are partially offset by the extensive
experience of the partners and the firm's association with diverse
end-user industries.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to volatile input cost, intense competitive
pressure, and government policies in the road freight transport
segment: Operating margin'estimated at 6.8% in fiscal 2019'remains
vulnerable to volatile fuel prices, which, in turn, depend on
international crude oil rates. Furthermore, intense competitive
pressure in the logistics industry restricts the ability to pass on
any hike in fuel prices to customers. Cost structure and
profitability are also susceptible to the government's transport
policies related to heavy vehicle and pollution.

* Stretched working capital cycle: Operations are working capital
intensive, with gross current assets estimated at 566 days as on
March 31, 2019, driven by debtors of 420 days, respectively.

* Highly leveraged capital structure: Capital structure is highly
leveraged, with total outside liabilities to tangible networth
ratio remaining high at 7.24 times in the three years through March
31, 2019.

Strengths:
* Extensive experience of the partners: Benefits from the partners'
experience of over 40 years, and their sound understanding of
market dynamics and healthy relationships with suppliers and
customers should continue to support business risk profile.

* Association with diverse end-user industries: Apart from
providing third-party logistics solutions, ACT also gives heavy
equipment on hire to multiple industries. This helps mitigate the
risk of a slowdown in any particular sector or end-user industry.

Liquidity
Liquidity is adequate. Net cash accrual is estimated at INR2.21
crore in fiscal 2019 vis-a-vis debt obligation of INR0.30 crore.
Utilisation of bank lines averaged 50% in the 12 months through
April 2019. Current ratio was low at an estimated 0.97 time as on
March 31, 2019. Financial assistance may be expected from the
partners whenever necessary.

Outlook: Stable

CRISIL believes ACT will continue to benefit from the extensive
experience of its partners, and their healthy relationships with
clients. The outlook may be revised to 'Positive' if ramp-up in
revenue and stable profitability strengthen financial risk profile.
The outlook may be revised to 'Negative' if a decline in
profitability, stretch in working capital cycle, or large
debt-funded capital expenditure weakens capital structure.

Established in 2001 and based in Kolkata, ACT provides third-party
logistics solutions, mainly transportation of overweight project
cargo transport. It also provides heavy equipment on hire to
multiple industries. Operations are managed by Mr Nimish Saraf and
Ms Prerana Saraf.

BHAGWAN MOTORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Bhagwan Motors Private Limited

        Registered office:
        101/F, Sector-1
        Industrial Area, Rd-II
        Pithampur 454775 (MP)

Insolvency Commencement Date: June 21, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: December 17, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Rajesh Lohia

Interim Resolution
Professional:            Mr. Rajesh Lohia
                         414, Manas Bhavan Extn
                         11 RNT Marg, Indore
                         MP 452001  
                         E-mail: rlohiaandcompany@gmail.com

Last date for
submission of claims:    July 16, 2019


BHUSHAN POWER: PNB Reports More Than INR38.05 Billion Fraud
-----------------------------------------------------------
The Economic Times reports that state-run lender Punjab National
Bank on July 6 declared loan exposure of INR3,805 crore (INR38.05
billion) to Bhushan Power and Steel as fraudulent. In a notice to
exchanges, PNB said it had reported the fraud to the Reserve Bank
of India on the basis of forensic audit findings, the report says.


"On the basis of Forensic Audit Investigation findings and CBI
filing FIR, on suo moto basis, against the Company and its
Directors, alleging diversion of funds from banking system, a fraud
of INR3,805.15 core is being reported by Bank to RBI," Punjab
National Bank said, ET relays.

The INR3,805 crore includes domestic exposure of INR3191.5 crore at
the lender's Chandigarh Large Corporate branch, overseas exposure
of INR345.74 crore at its Dubai branch and INR267.90 crore
disbursed from its Hong Kong operations, ET discloses. The bank has
already made provisions of INR1932.47 crore towards this exposure,
it said.

"It has been observed that the company has misappropriated bank
funds, manipulated books of accounts to raise funds from consortium
lender banks," PNB, as cited by ET, said. "At present, the case is
at NCLT which is in advance stage and the Bank expects good
recovery in the account."

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and cold
rolled products; and long products, including iron making and
sponge iron products. The company also provides steel pipes, hollow
steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings, according to
LiveMint.com. Barring Era Infra Engineering Ltd, petitions have
been admitted in all other cases, LiveMint.com said.

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

The instrument-wise rating actions are:

-- INR420 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 23, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Started in 2005, BMW Enterprises has a corporate office in Kolkata
and registered office in Patna. It has a 35,000 square feet
stockyard and 60MT capacity weighbridge in Patna.

BMW LOGISTICS: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated BMW Logistics
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 now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR110 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR30 mil. Proposed fund-based working capital limits migrated

     to non-cooperating category with Provisional IND BB+ (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 24, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

BMW Logistics is an authorized distributor of International
Tractor's Sonalika tractors in parts of central and eastern Uttar
Pradesh.

COLLEYER CONTAINERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Colleyer Containers Terminal Private Limited

        Registered office:
        1st Floor Morabia Commercial Centre
        Plot no. 44 Sector 9
        Gandihidham Kutch 370201

Insolvency Commencement Date: May 30, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: November 25, 2019
                               (180 days from commencement)

Insolvency professional: Shri Arvind Gaudana

Interim Resolution
Professional:            Shri Arvind Gaudana
                         307, Ashirwad Paras
                         Corporate Road
                         Nr. Prahladnagar Garden
                         Satellite, Ahmedabad 380015
                         Gujarat
                         E-mail: arvindg_cs@yahoo.com
                         Tel.: 079-40324567/68

Last date for
submission of claims:    July 18, 2019


DEVANS MODERN: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Devans Modern
Breweries Limited (DMBL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          1          CRISIL D (ISSUER NOT
                                      COOPERATING)

   Cash Credit            45          CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term     22.3        CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan              50.7        CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with DMBL for obtaining
information through letters and emails dated December 31, 2018 and
May 29, 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 DMBL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DMBL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

DMBL, set up as a liquor-bottling unit in 1962, manufactures malt
spirit, beer, and Indian-made foreign liquor.

EDIZ CERAMIC: CRISIL Migrates C Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ediz Ceramic
Private Limited (ECPL) to 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.06       CRISIL A4 (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Cash Credit            2.75       CRISIL C (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)
   Proposed Long Term
   Bank Loan Facility     2.86       CRISIL C (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

   Term Loan              2.33       CRISIL C (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with ECPL 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 ECPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ECPL 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 ECPL to 'CRISIL C/CRISIL A4 Issuer not cooperating'.

Set up in May 2013 as Florim Ceramic Pvt Ltd by Morbi-based Kalaria
family and renamed ECPL, following a change in management December
2014 (acquired by Mr Bishan), the company manufactures ceramic wall
tiles. The company has been taken over by Mr Pravin Patel and Mr
Dhirajlal Aghara and their family members, in 2017.

EVEREST INFRA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Everest Infra
Ventures (India) Private Limited's (EIVPL) Long-Term Issuer Rating
to 'IND D' from 'IND BBB-' while simultaneously migrating the
ratings to the non-cooperating category. The Outlook was Stable.
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:

-- INR700 mil. Fund-based working capital limit (Long-term/Short-
     term) downgraded and migrated to non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR1.80 bil. Non-fund-based working capital limit (Short-term)

     downgraded and migrated to non-cooperating category 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 EIVPL, indicated
by the overutilization of its working capital limits, devolvement
in non-fund based working capital for the period February 2019 to
May 2019, and non-payment of interest obligations for May 2019 and
June 2019.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated on September 5, 2014, EIVPL is engaged in the
execution of turnkey civil contracts in Andhra Pradesh, Telangana,
and Uttar Pradesh.

GENERAL POWER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: General Power Company Private Limited

        Registered office:
        E-406, International Trade Tower
        Nehru Place, New Delhi 110019

Insolvency Commencement Date: July 2, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 29, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Subraveti Krishna

Interim Resolution
Professional:            Mr. Subraveti Krishna
                         A-21, Belvedere Tower
                         DLF Phase 2
                         Gurgaon 122008
                         E-mail: skrishna0056@gmail.com
                                krsubravgp@gmail.com

Last date for
submission of claims:    July 18, 2019


GLITTEK GRANITES: CRISIL Lowers Rating on INR7cr Loan to B+
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Glittek
Granites Limited (GGL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          .15        CRISIL A4 (ISSUER NOT
                                      COOPERATING; Migrated from
                                      'CRISIL A4+')

   Bill Discounting      10.00        CRISIL A4 (ISSUER NOT
                                      COOPERATING; Migrated from
                                      'CRISIL A4+')

   Letter of Credit       2.00        CRISIL A4 (ISSUER NOT
                                      COOPERATING; Migrated from
                                      'CRISIL A4+')

   Packing Credit         7.00        CRISIL B+/Stable (ISSUER
                                      NOT COOPERATING; Migrated
                                      from 'CRISIL BB-/Stable')

   Standby Export         1.00        CRISIL A4 (ISSUER NOT
   Packing Credit                     COOPERATING; Migrated from
                                      'CRISIL A4+')

CRISIL has been consistently following up with GGL for obtaining
information through letters and emails dated May 30, 2019 and June
04, 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 GGL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GGL is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information with '.

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

Established in 1990 by Mr Bimal Kumar Agarwal and his brothers, Mr
Kamal Kumar Agarwal and Mr Ashok Agarwal, Bengaluru-based GGL
processes and exports granite tiles and slabs. Facility has
installed capacity of 126,000 square meters per annum.

The company is listed on Bombay Stock Exchange.

GOA INVESCAST: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Goa Invescast Limited
        105-106, Kundaim Industrial Estate
        Kundaim, Goa 403115

Insolvency Commencement Date: July 8, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 4, 2020

Insolvency professional: Vinit Gangwal

Interim Resolution
Professional:            Vinit Gangwal
                         Office No. 503, 5th Floor
                         Varun Capital, CTS No. 364-365/13
                         Off J M Road, Bharat Petrolium Lane
                         Next to Citiotel, Shivajinagar
                         Pune 411005
                         E-mail: ip.vinitgangwal@sudharman.in

                            - and -

                         502, The Central
                         Postal Colony Road
                         Chembur (East)
                         Mumbai 400071
                         E-mail: ip.goainvescast@gmail.com

Last date for
submission of claims:    July 22, 2019


HERCULES AUTOMOBILES: Ind-Ra Migrates D Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Hercules
Automobiles International Private Limited's (HAIPL) Long-Term
Issuer Rating to 'IND D (ISSUER NOT COOPERATING)' from 'IND BB-'
and simultaneously migrated the rating to the non-cooperating
category. The Outlook was Stable. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Thus, the ratings are based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR280 mil. Fund-based working capital limits (Long-
     term/Short-term) downgraded and migrated to non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR125.97 mil. Term loan (Long-term) due on December 2020 –
     March 2024 downgraded and migrated to non-cooperating
     Category 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 overutilization of the fund-based limits by
HAIPL over the four months ended June 2019, the details of which
are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to positive rating action.

COMPANY PROFILE

Incorporated in 1999, HAIPL is the authorized dealer of Maruti
Suzuki India Limited at Alappuzha and Thiruvananthapuram in Kerala.
It is engaged in the sale of new cars, pre-owned cars (under True
Value outlets), spare parts and accessories, and services. The
company operates two showrooms, 21 retail outlets, 12 service
centers, four True Value outlets, and six Maruti driving schools.


IL&FS: Pension, PF Money to Get Top Priority in Repayment
---------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on July 12 said that pension and provident funds
which invested in the crisis-hit IL&FS will be the top priority in
terms of repayment from the IL&FS group companies.

Livemint.com relates that the funds will be on top of the priority
list irrespective of which category an IL&FS group company belongs
to -- green, amber or red.

During the hearing on July 12, IL&FS told the appellate tribunal
that lenders are cooperating with the company for restructuring of
the debt. IL&FS also said that out of the 13 companies in the amber
category, three would be reclassified, the report says. After the
transition of the three companies is complete, the rest of the 10
would also be brought under the amber bracket.

IL&FS has to file the status report on the 10 companies on or
before the next hearing on August 8, Livemint.com relates.

According to the report, the new board at IL&FS had classified the
IL&FS group companies into three categories -- 'green', 'amber',
and 'red' -- on the basis of their ability to service debt
obligations to secured and unsecured creditors. Firms classified as
"green" would continue to meet their payment obligations, while
"amber" category firms can meet only operational payment
obligations to secured financial creditors.

Those under the "red" category are the entities which cannot meet
their payment obligations at all, Livemint.com notes.

                            About IL&FS

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

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

ISHANIKA HOTELS: CRISIL Lowers Rating on INR12cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ishanika Hotels Private Limited (IHPL) to 'CRISIL D; Issuer Not
Cooperating' from 'CRISIL B/Stable; Issuer Not Cooperating', as
there have been delays in servicing repayment obligations on term
loan.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan               12         CRISIL D (ISSUER NOT
                                      COOPERATING: Downgraded
                                      from 'CRISIL B/Stable
                                      ISSUER NOT COOPERATING')

CRISIL has been consistently following up with IHPL for obtaining
information through letters and emails dated May 10, 2018, May 15,
2018 and January 23, 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 IHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IHPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, CRISIL has downgraded its
ratings on the bank facilities of IHPL to 'CRISIL D; Issuer Not
Cooperating' from 'CRISIL B/Stable; Issuer Not Cooperating', as
there have been delays in servicing repayment obligations on term
loan.

Incorporated in 2015, IHPL is promoted by Mr Arun Singh and his
wife Ms Rolli Singh. The company is setting up a hotel project in
the area of around 12000 sq. ft. comprising seven floors. The
property comprises 58 rooms and is situated at Gomti Nagar, Vibhuti
Khand Lucknow, and Uttar Pradesh. The commercial operations are
expected to start from April 2017.

JET AIRWAYS: NCLAT Agrees to Hear Dutch Court's Plea
----------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Appellate Tribunal (NCLAT), on July 12, agreed to hear a plea filed
by a Dutch court seeking access to the financial details of Jet
Airways. Staying an order by the National Company Law Tribunal, the
NCLAT Bench headed by Chairman Justice SJ Mukhopadhaya asked the
lenders to the airline to file a response to the Dutch court's plea
within two weeks, the report says.

Earlier, the NCLT had rejected the Dutch court's plea on the
grounds that under the Insolvency and Bankruptcy Code, the debt
resolution process of Jet can be undertaken only in India,
according to the report. In April, two vendors of Jet Airways from
the Netherlands had filed a petition in a local Dutch court seeking
recovery of about INR280 crore.

Around the same time, the lenders to Jet Airways dragged the
airline to the NCLT to initiate insolvency proceedings. This raised
a key question as to whether parallel debt recovery cases can be
heard against Jet in two countries.

According to the report, the NCLT's Mumbai Bench ruled that only it
had the jurisdiction over the case and rejected the Dutch court's
request for access to Jet Airways' financials.

Staying the NCLT order, the NCLAT Bench asked the Dutch court to
assist the proceedings. The Dutch court has appointed lawyer Rocco
Mulder as its representative, the report notes.

BusinessLine relates that Mr. Mulder assured the NCLAT that he is
ready to give an undertaking that there will not be any action on
Jet Airways' assets confiscated in the Netherlands till the Indian
court gives a ruling on the issue.

The NCLAT asked Mr. Mulder to compile a list of claims and to
ensure that the airline's assets in their possession are not sold.
The NCLAT has asked the lenders to suggest a procedure that could
be followed without any conflict of interest of stakeholders in
both the countries, says BusinessLine.

The next hearing in the case has been set for August 21, the report
notes.

                        About Jet Airways

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2019, Reuters said the National Company Law Tribunal
(NCLT), on June 20 accepted an insolvency petition against Jet
Airways Ltd filed by its creditors as they attempt to recover some
of their dues.  The insolvency process will allow lenders to sell
the company as a whole or in parts, laying out a fixed timeline for
a resolution around its future. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

Jet Airways Ltd on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

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

JOSEPH JOHN: Ind-Ra Migrates 'B+' Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Joseph John'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:

-- INR110 mil. Fund-based facilities migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 3, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Joseph John is an engineering, procurement and construction
contractor that undertakes projects for the government of Kerala,
such as pipeline fitting and water treatment plant and building
construction.

KALAPURNA STEEL: CRISIL Assigns B+ Rating to INR10cr Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on the
bank facilities of Kalapurna Steel and Engineering Private Limited
(Kalapurna).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash
   Credit Limit           1          CRISIL B+/Stable (Assigned)

   Letter of Credit      17.5        CRISIL A4 (Assigned)

   Bank Guarantee         2.5        CRISIL A4 (Assigned)

   Cash Credit           10          CRISIL B+/Stable (Assigned)

The rating reflects Kalapurna's intensive working capital
operations and presence in the highly fragmented and competitive
metal trading industry.  The weakness are partially offset by
promoter's extensive experience in the metal trading business and
funding support.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensive operations:  Kalapurna's large working
capital requirements arise from its high debtor levels. The gross
current assets (GCAs), in terms of days, stood at over 300 days as
on March 31, 2019, indicating a high working capital requirement.
Also there are substantial amount of debtors more than 6 months
amounting to over INR17 crore as on 31st March 2019. However
working capital cycle is expected to improve over medium term with
reduction in debtor days.

* Presence in the highly fragmented and competitive metal trading
industry: Kalapurna trades in ferrous and non-ferrous metal. The
metal trading industry in India is fragmented with several players.
Hence, individual players have limited pricing power and usually
are price takers in the market. Besides, the resilience of a player
with a larger scale to external shocks is significantly higher than
a player with smaller scale.

Strength
* Promoter's extensive experience in the metal trading business and
their funding support: Mr. Naresh Chandan and Mr. Umesh Jain has
over a decade of experience in the metal trading industry.
Promoter's extensive experience, understanding of the dynamics of
the market and established relations with suppliers and customers
should continue to support the business risk profile. Also in order
to support liquidity; promoter has infused unsecured loan of
INR4.48 crore in fiscal 2019.

Liquidity
Kalapurna's liquidity is stretched marked by high bank limit
utilization of 98% for 12 months till May 19. However liquidity is
supported by promoters in form of unsecured loan to tune of INR6.95
crore as on 31st March 2019.

Outlook: Stable

CRISIL believes that Kalapurna will benefit over the medium term,
from its promoter's extensive experience and established clientele.
The outlook may be revised to 'Positive' if Kalapurna's revenues
and profitability increase substantially, while maintaining its
existing capital structure. Conversely, the outlook may be revised
to 'Negative' if Kalapurna's debt protection metrics deteriorate
materially, most likely because of decline in profitability, or any
large, debt-funded capital expenditure.  

Established in 1994 as a proprietorship concern by Mr. Naresh
Chandan, Kalapurna Steel & Engineering Private Limited (Kalapurna)
was reconstituted into private limited company in 2006 and is
currently managed professionally by director Mr. Naresh Chandan and
Mr. Umesh Jain. KSEPL is engaged in trading of ferrous and
non-ferrous metals. The company supplies specialized metal bars,
sheets & tubes to domestic customers from various segments such as
marine, aerospace, nuclear, manufacturing, processing and
automotive engineering industry.

KEEP IN TOUCH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Keep In Touch Clothing Pvt. Ltd.

        Registered office:
        128, Hog Market
        Rajendra Place
        Delhi 110008

        Factory address:
        (1) B-63, Sector-83
            Gautam Budh Nagar
            Noida 201305

        (2) E-26, Industrial Area
            Site-II, UPSIDC, Haridwar
            Uttarkhand 249402

Insolvency Commencement Date: July 3, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: January 2, 2020

Insolvency professional: Anup Kumar

Interim Resolution
Professional:            Anup Kumar
                         Chamber No. 734, Lawyers Chamber Block
                         Western Wing, Tis Hazari Court
                         Delhi 110054
                         E-mail: sachanlawanalyst@gmail.com
                                 cirp.keepintouch@gmail.com

Last date for
submission of claims:    July 20, 2019


KERALA STATE: Ind-Ra Affirms 'B+' Rating on INR100MM Bank Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kerala State
Electronics Development Corporation Ltd.'s (KSEDC) bank facilities
as follows:

-- INR100 mil. Working capital limits affirmed with IND
     B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects the willingness of the Kerala state
government, which holds a 98% stake in KSEDC, to extend unsecured
loans to support the company's capex plans. KSEDC's debt largely
consists of unsecured loans from the state government; there is an
interest-freeze on these loans until FY21. The affirmation also
factors in the proposal submitted by the company for the
restructuring of its debt with the state government. The proposal,
which is under consideration, aims to primarily set off the
investments and advances amounting to INR720.0 million in
subsidiaries/associates that have turned defunct against the
government loan of INR826.6 million and conversion of the balance
INR106.6 million into equity.

The rating continues to be constrained by KSEDC's tight liquidity
position due to weak earnings and high working capital
requirements. The tight liquidity has resulted in continued delays
in debt servicing on the unsecured loans from state government and
other government entities. Unsecured loans from the government of
Kerala and other state government entities accounted for INR2,085.2
million of KSEDC's total outstanding debt of INR2,096 million as on
March 31, 2018. The working capital cycle of the company remained
stretched at 111 days in FY18 (FY17: 111 days), primarily because
the debtor days were high at  250-280 days over FY15-FY18 due to
delayed payments from customers, primarily government bodies.

The rating continues to reflect KSEDC's continued weak financial
profile, primarily owing to investments in weak subsidiaries, some
of which are defunct. The company's revenue grew at 4.9% YoY to
INR3,967 million in FY18 (provisional numbers), primarily driven by
higher revenue from the IT business group division. As per the
company's estimates for FY19, the revenue was INR4,620 million. The
scale of operations remains medium. The company had an unexecuted
order book position of INR6316.0 million as on 31 March 2019,
indicating strong short-term revenue visibility. KSEDC reported an
EBITDA profit of INR114 million in FY18 as against a loss of
INR35.7 million in FY17 due to better absorption of fixed cost.

In FY18, the company's EBITDA margin stood at a modest 2.9%  and
the return on capital employed was 4%. As per the company's
estimates, the margin stood at 2.8% in FY19.

The net leverage (total adjusted net debt/operating EBITDAR) of the
company was high at 14.8x in FY18 (FY17: negative 46.5x) on account
of high debt levels and modest EBITDA. The interest coverage
(operating EBITDA/gross interest expense) was comfortable at 4.0x
in FY18 (FY17: negative 1.1x) on account of the above-mentioned
interest freeze available on unsecured loans from the state
government until FY21. As per the company's estimates for FY19, the
interest coverage was 3.6x and net leverage was 14.8x.

The ratings are supported by KSEDC's significant track record; the
company has been operating in the electronics industry since 1973.

Moreover, KSEDC has a strong market position across a diverse range
of product segments.  

RATING SENSITIVITIES

Negative: Any decline in operating profitability and continued
stretch in the working capital cycle, leading to further
deterioration in the liquidity position and credit metrics, would
be negative for the rating.

Positive: Significant correction in the working capital cycle,
leading to an improvement in the liquidity position, while
sustaining the scale of operations and profitability, and favorable
resolution of ongoing restructuring plans with its shareholder,
would collectively be positive for the rating.

COMPANY PROFILE

Incorporated in 1972, KSEDC is a government of Kerala undertaking
that is engaged in the manufacturing of a wide range of electronic
goods. Moreover, it undertakes projects involving the design,
manufacturing, testing, installation, commissioning, and
maintenance of electronic equipment in industrial establishments.
KSEDC has six strategic business units, along with a diversified
product portfolio, catering to sectors such as defense, space,
power electronics, control and instrumentation, traffic management,
IT/ITES, and security and surveillance. Based in Trivandrum,
Kerala, KSEDC has three manufacturing facilities across the state.

KF BIOTECH: CRISIL Lowers Rating on INR8cr Cash Loan to 'C'
-----------------------------------------------------------
CRISIL has revised its rating on the bank facilities of KF Biotech
Private Limited (KFBPL) to 'CRISIL C; Issuer Not Cooperating' from
'CRISIL B/Stable; Issuer Not Cooperating', as there have been
delays in servicing repayment obligations on a term loan not rated
by CRISIL.

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

   Long Term Loan           1         CRISIL C (ISSUER NOT
                                      COOPERATING: Revised
                                      from 'CRISIL B/Stable
                                      ISSUER NOT COOPERATING')

   Proposed Working         1         CRISIL C (ISSUER NOT
   Capital Facility                   COOPERATING: Revised
                                      from 'CRISIL B/Stable
                                      ISSUER NOT COOPERATING')

CRISIL has been consistently following up with KFBPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 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 KFBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KFBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, CRISIL has revised its
rating on the bank facilities of KFBPL to 'CRISIL C; Issuer Not
Cooperating' from 'CRISIL B/Stable; Issuer Not Cooperating', as
there have been delays in servicing repayment obligations on a term
loan not rated by CRISIL.

KFBPL was established in 2005 by the Kapur group of companies and
is engaged in the high quality seed potato business. The company
has a dedicated plant tissue culture-based facility in Bengaluru.

KUDOS CHEMIE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Kudos Chemie Limited

        Registered office/Works Office:
        Village Kuranwala Barwala Road
        Tehsil Dera Bassi, Distt. SAS Nagar
        Punjab 140507

Insolvency Commencement Date: July 5, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: January 1, 2020

Insolvency professional: Mr. Rajender Kumar Jain

Interim Resolution
Professional:            Mr. Rajender Kumar Jain
                         House No. 3698/1, First Floor
                         Sector-46 C, Chandigarh 160047
                         Mobile: +9199155-98862
                         E-mail: amicusthe@gmail.com

                            - and -

                         SCO-131, 2nd Floor, MDC
                         Sector-5, Panchkula
                         Haryana 134119
                         E-mail: kudoschemie.ip@ductrus.com
                                 claims.kudos@ductrus.com
                         Mobile: +91-99155-98862
                         Tel.: +91-73470-11150

Last date for
submission of claims:    July 19, 2019


KUSMASULI MULTIPURPOSE: CRISIL Cuts Rating on INR5.29cr Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kusmasuli Multipurpose Cold Storage Private Limited (KMCSPL) to
'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          .13        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Cash Credit            5.29        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Proposed Long Term     1.38        CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B/Stable')

   Term Loan              2.13        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Working Capital         .45        CRISIL D (Downgraded from
   Facility                           'CRISIL B/Stable')

The downgrade reflects delays in servicing the working capital
facility.

The ratings continue to reflect KMCSPL's weak financial risk
profile, and exposure to the risk of unfavourable regulations and
intense competitive pressure. These weaknesses are partially offset
by the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

* Default in debt servicing: The company has delayed in servicing
its debt on account of stretched liquidity.

Weakness

* Exposure to the risk of unfavourable regulations and intense
competition: The potato cold storage industry in West Bengal is
regulated by the West Bengal Cold Storage Association, with rental
rates fixed by Department of Agricultural Marketing. Players are
also forced to offer discounts to ensure healthy utilisation of
storage capacity. Intense competition and unfavourable regulations
may continue to restrict scalability, pricing power, and
profitability.

* Weak financial risk profile: Networth remains modest at 2.45
crore as on March 31, 2018, while gearing was high at 2.83 times
due to loans extended to farmers, especially around end of fiscal.
Interest coverage and net cash accrual to total debt ratios were
average at 1.33 times and 0.10 time, respectively, in fiscal 2018.
The financial risk profile is expected to remain weak over the
medium term.

Strengths:

* Extensive experience of the promoters: Benefits from the
promoters' experience of over 25 years, their strong understanding
of local market dynamics, and healthy relations with customers and
suppliers should continue to support the business. Utilisation of
storage capacity is, therefore, expected to be healthy.

Liquidity

The company has delayed in servicing its debt on account of
stretched liquidity.

KMCSPL, incorporated in 2011 at Paschim Medinipur (West Bengal),
operates a cold storage unit for potatoes, and has a capacity of
16,000 tonne. The company occasionally trades in potatoes to
optimise capacity utilisation at the cold storage unit. It also
finances farmers. Mr Nandalal Ghosh and Mr Bibekananda Sannigrahi
are the promoters.

LEOLINE FOODS: CRISIL Migrates D Rating from Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Leoline Foods Private
Limited (LFPL) to CRISIL D Issuer Not Cooperating. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL is migrating the rating on bank facilities of
LFPL from 'CRISIL D Issuer Not Cooperating' to 'CRISIL D'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             2          CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

   Long Term Loan          7.5        CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

   Proposed Fund-          3.1        CRISIL D (Migrated from
   Based Bank Limits                  'CRISIL D ISSUER NOT
                                      COOPERATING')

The rating factors in delays by LFPL in servicing its term debt.

LFPL's financial risk profile remains weak. Benefits from the
extensive experience of the promoters, however, continue to support
the business risk profile.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in servicing debt: There are delays of more than 60 days in
servicing the term debt. The delays have been caused by weak
liquidity.

* Weak financial risk profile: The financial risk profile remains
constrained by low networth and high gearing'of INR4.65 crore and
3.25 times as on March 31, 2018. Debt protection metrics, however,
are adequate: interest coverage was 0.8 times in fiscal 2018.
Working capital remains under pressure, with sizeable gross current
assets of 242 days as of March 2018 (11175 days a year earlier).

Strengths:
* Extensive experience of the promoters: Benefits from the
promoters' experience of over two decades in the broadcasting
industry, and their keen grasp of industry dynamics and trends will
continue to support the business.

Liquidity
Liquidity is stretched resulting in delays of more than 60 days in
servicing interest on the term debt.

LFPL was incorporated in 2015, by the promoter, Mr Agarwal, and his
family, based in Patna. The company is engaged in manufacturing 2D
and 3D pellets, pasta, and vermicelli at Choti Nawada, Patna.

MB POWER: Ind-Ra Maintains BB Term Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained MB Power (Madhya
Pradesh) Limited's (MBPL) debt facilities in the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The ratings will
continue to appear as 'Provisional IND BB (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating actions are:        

-- INR51.960 bil. Proposed rupee term loan due on April 2034
     maintained in a non-cooperating category with Provisional IND

     BB (ISSUER NOT COOPERATING) rating; and

-- INR2.50 bil. Proposed short-term loan under working capital
     facility maintained in a non-cooperating category with
     Provisional IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 20, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

MBPL is a 100% subsidiary of Hindustan Thermal Projects Limited,
which is a 100% subsidiary of Hindustan Power Projects Private
Limited (HPPPL). Hindustan Power Projects is the energy holding
company of the group and has 100% step-down subsidiaries for
thermal, hydro and solar verticals. MBPL has set up a 2x600MW
coal-based sub-critical thermal power plant in the Anuppur district
of Madhya Pradesh.

NOVA ENT: Ind-Ra Assigns B+ LongTerm Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nova ENT Head &
Neck Hospital Private Limited (Nova ENT) a Long-Term Issuer Rating
of 'IND B+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR50.0 mil. Term loan due on September 2024 assigned with IND

     B+/Stable rating.

KEY RATING DRIVERS

The ratings reflect Nova ENT's small scale of operations even
though revenue increased to INR23.8 million according to the
provisional financials of FY19 (FY18: INR21.1 million)  due to a
rise in its operational beds to 50 from in FY19 from 35 in FY18.
The hospital was operational for only six months in FY19 due to
renovation activities. Revenue improved further to INR10 million in
2MFY20 due to increased occupancy and a better-established brand
name.

Nova ENT's credit metrics were weak in FY19 due to high debt levels
and a fall in absolute EBITDA. Net financial leverage (adjusted net
debt/operating EBITDAR) deteriorated to 8.1x in FY19 (FY18: 2.2x),
interest coverage (operating EBITDA/gross interest expense) to 1.7x
(2.5x) and EBITDA to INR6.9 million in (INR10.4 million). The
company's margins have been volatile in the range of 29.0%-49.4%
over FY15-FY19 due to the nature of its operations. In FY19,
margins were modest at 29% (FY18: 49.4%) and ROCE was 5.3% (34%).

The company's liquidity was tight in FY19 as cash flow from
operations turned negative at INR3.7 million (FY18: INR4.2 million)
due to an increase in its capital requirements on a growing scale
of operations. However, Ind-Ra expects cash flows to turn positive
FY20 onwards due to bed additions. The company has scheduled debt
repayment of INR8.3 million in FY20 and FY21 each. Networking cycle
was nil in FY19 (FY18: negative 58 days).  Cash and equivalents
stood at INR0.6 million at FYE19 (FYE18: INR3.3 million).

The ratings derive comfort from the experience of Nova ENT's
promoter, Dr. Mohan Reddy, a renowned otolaryngologist with an
experience of over three decades. The reputation of the promoter
has aided in establishing the hospital's brand name in Hyderabad.

RATING SENSITIVITIES

Negative:  Any decline in the scale of operations leading to
further deterioration of 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

Nova ENT was incorporated in 1997. It provides healthcare services
and specializes in the ear, nose and throat field. The hospital is
in the prime location Punjagutta, Hyderabad with a bed capacity of
50 beds.

PHATAK CLEANTECH: CRISIL Assigns 'B' Rating to INR15cr Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facility of Phatak Cleantech Private Limited (PCPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan     15         CRISIL B/Stable (Assigned)
  
The rating reflects exposure to risks associated with the ongoing
project, susceptibility to dependence on climatic conditions for
power generation. These weaknesses are partially offset by the
extensive entrepreneurial experience of the promoter.

Key Rating Drivers & Detailed Description

Strengths:

Weaknesses
* Exposure to risks associated with the ongoing project: The
Company is setting up a 15-megawatt (MW) solar power plant and will
start generating revenue by the end of fiscal 2020. Hence, it is
exposed to risks related to funding, technology, implementation,
and demand. The land has already been procured through promoter
contribution, but the construction and installation of solar panels
would be fully funded through external debt; hence, funding risk
remains high. Further, though vendors for supply of solar panels
and machinery have been identified, there may be challenges during
erection and thereafter during stabilisation of the plant.

* Susceptibility to dependence on climatic conditions for power
generation: Power generation depends on radiation levels at the
site; any significant decline in this may result in a fall in the
plant load factor and affect revenue and cash accrual. However,
this risk is partially by the fact that company would be availing
insurance cover for lack of sun policy which will cover any losses
due the lesser solar radiation after installation.

Strength
* Extensive entrepreneurial experience of the promoter: The
promoter, Mr Keshav Pathak, has an experience of more than 30 years
across various industries including pharmaceutical,
instrumentation, engineering, pumping, and renewable energy. His
experience and knowledge should continue to support the business
risk profile.

Liquidity
Liquidity is adequate. The DSCR will be 1.2-1.4 times over the
tenure of the loan. Cash accrual and cash and cash equivalents
should be sufficient to meet debt obligation, and support capital
expenditure and working capital requirements. Also, the bank
guarantee issued by VUEPL ensures timely receipts of payments and
would support loan repayment.

Outlook: Stable

CRISIL believes PCPL will continue to benefit from the extensive
experience of the promoter. The outlook may be revised to
'Positive' if timely completion of the project and stabilisation of
operations result in a higher-than-expected debt service coverage
ratio (DSCR). The outlook may be revised to 'Negative' if any
delays in commencement or stabilisation of operations, or
lower-than-expected power generation, leads to
lower-than-anticipated cash accrual, thus weakening liquidity,
particularly the DSCR.

PCPL was incorporated in 2017 to develop, manage, and operate a
100-MW solar power project. It is promoted by Mr Keshav Phatak. The
project is divided into phases, and phase 1 (15 MW) would be set up
by March 2020.

PRABHAT GLOBAL: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prabhat Global
Colourcoated 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 now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR240 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR140 mil. Term loan due on March 2024 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 23, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Prabhat Global Colourcoated was incorporated in February 2017 to
set up a 1,00,000mtpa plant for manufacturing color coated plain
sheets (galvanized iron) in Raigad District, Maharashtra.

PRAJWAL PROMOTERS: Ind-Ra Affirms B Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Prajwal Promoters
Private Limited's (Prajwal) Long-Term Issuer Rating at 'IND B'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR68 mil. (decreased from INR195 million mil.) Term loan
     limit due on December-2019 affirmed with IND B/Stable rating.

KEY RATING DRIVERS

The affirmation reflects the saleability risk associated with
Prajwal's residential real estate project, Adithya. The project
comprises 217 units (130 villas and 87-row houses), out of which
143 units belong to Prajwal and 74 units belong to the developers.
According to the management, the company had sold 37 units till
March 2019; this was higher than the sales registered in FY18 but
was lower than the agency's projection. As of June 2019, the
company had around 108 unsold units; the management expects them to
be sold by 2021.

The ratings reflect the modest funding risk, as Prajwal commences
construction on a unit only after a customer makes a booking and
offers the payment. In FY19 (provisional numbers), the total booked
value of the units was INR144.2 million, of which  Prajwal has
received cash of INR52.33 million; the company expects to receive
the balance of INR 92 million by October 2019.

The rating factor in the upcoming development near the project,
which is located near the Jigani-Anekal road. This single-lane road
has received approval for double-lane expansion.

Moreover, the Karnataka government's cabinet has approved the
supply of the Cauveri river's water to the residents of Anekal and
Suryanagari.

RATING SENSITIVITIES

Negative: Project delays or weak sales, which would affect the
company's debt serviceability, could lead to negative rating
action.

Positive: The completion and sale of the villas and row houses as
planned, resulting in strong cash flow visibility, could lead to
positive rating action.

COMPANY PROFILE

Incorporated in 2008, Bengaluru-based Prajwal has been engaged in
the construction of its real estate project, Adithya, which covers
an area of 491,139 square feet and saleable area 270,000 square
feet.

R & C INFRAENGINEERS: Ind-Ra Keeps 'BB-' Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained R & C
Infraengineers Private Limited's Long-Term Issuer Rating of 'IND
BB- (ISSUER NOT COOPERATING)' in the non-cooperating category and
has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR15 mil. Term loan* due on March 2021 maintained in the non-
     cooperating category and withdrawn;

-- INR33.5 mil. Fund-based working capital limits* maintained in
     the non-cooperating category and withdrawn; and

-- INR50 mil. Non-fund-based working capital limits** maintained
     in the non-cooperating category and withdrawn.

*Maintained at 'IND BB- (ISSUER NOT COOPERATING)' before being
withdrawn

**Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

R & C Infraengineers did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.

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

COMPANY PROFILE

Incorporated in 2013, R & C Infraengineers executes government road
projects.

RAMINFO LIMITED: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Raminfo Limited
(RMIL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit assigned with IND
     BB/Stable/IND A4+ rating;

-- INR10 mil. Non-fund-based working capital limits assigned with

     IND A4+ rating;

-- INR40 mil. Proposed fund-based working capital limits*
     assigned with Provisional IND BB/Stable/Provisional IND A4+
     rating;

-- INR40 mil. Proposed non-fund-based working capital limits*
     assigned with Provisional IND A4+ rating; and

-- INR200 mil. Proposed term loan assigned with Provisional IND
     BB/Stable rating.

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

KEY RATING DRIVERS

The rating reflects RMIL's small scale of operations, as reflected
by its revenue of INR329.0 million in FY19 (FY18: INR261.3
million). due to improved execution of orders of existing customers
as well as the addition of new customers to the portfolio. The
company expects an order book value of INR2,288.6 million and has
confirmed orders of INR584 million as of May 2019, to be executed
from FY20 to FY24. FY19 financials are provisional in nature.

The rating factor in RMIL's modest EBITDA margins, which remained
volatile at 5.7%-8.9% during FY16-FY19 due to the diverse nature of
orders. Margins improved slightly to 5.4% in FY19 (FY18: 4.9%;
FY17: 8.0%) mainly due to an increase in higher-margin orders from
new and existing customers. Its return on capital employed ratio
was 7% in FY19 (FY18: 5%).

The ratings also factor in the company's modest credit metrics,
with interest coverage (operating EBITDA/gross interest expense) of
2.4x in FY19 (FY18: 3.1x) and net financial leverage (total
adjusted net debt/operating EBITDAR) of 2.1x (2.5x). Interest
coverage deteriorated in FY19 due to a rise in interest expenses to
INR6.1 million in FY19 (FY18: INR2.6 million). Net financial
leverage improved due to an increase in absolute EBITDA to INR17.9
million in FY19 (FY18: INR12.7 million).

The ratings also reflect the working capital intensive nature of
its business due to growing competition. The company's working
capital cycle deteriorated to 150 days in FY19, from 91 days in
FY18, due to decline in creditor days to 105 in FY19 from 208 days
in FY18.

The ratings, however, are supported by RMIL's comfortable liquidity
position with 83.72% average utilization of its fund-based limits
during the 12 months ended June 2019. At end-March 2019, cash flow
from operations declined to negative INR26.8 million in FY19 (FY18:
negative INR3.6 million) due to deterioration of the working cycle.
The company's cash balance was INR15.1 million (end-March 2018:
INR1.3 million).

The ratings are further supported by the directors' over two
decades of experience in the field of software technology.

RATING SENSITIVITIES

Negative: A decline in the revenue and/or profitability resulting
in a sustained deterioration in the credit profile of the company
will lead to negative rating action.

Positive: A substantial growth in the top-line while maintaining
profitability, leading to improvement in credit metrics, will lead
to positive rating action.

COMPANY PROFILE

RMIL, a Hyderabad-based company incorporated in 1994, is engaged in
software development and IT services, providing end-to-end
solutions and products and services to the government, exports,
tourism, cooperatives, and health care sector.

RHC HOLDING: NCLAT Dismisses HDFC's Insolvency Plea vs. Firm
------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) dismissed a petition by Housing Development
Finance Corporation Ltd. to initiate insolvency proceedings against
RHC Holding, an entity promoted by billionaire brothers Malvinder
Mohan Singh and Shivinder Mohan Singh.

A two-member bench headed by Chairman Justice SJ Mukhopadhaya
upheld the order of the principal bench of the National Company Law
Tribunal which had rejected HDFC's plea, the report says.

According to BloombergQuint, the appellate tribunal said it found
"no merits" in HDFC's petition and said that non-bank financial
lenders come under the purview of the Reserve Bank of India and
should seek remedies from the central bank, not the bankruptcy
court.

Passing an order on Dec. 6, 2018, the NCLT had observed that RHC
Holding was a non-banking financial company and does not come under
the purview of the Insolvency and Bankruptcy Code, BloombergQuint
relates.

BloombergQuint says HDFC had then approached the appellate tribunal
to challenge the NCLT's ruling. The mortgage lender had moved the
NCLT to recover an amount of INR41 crore.

RHC Holding, promoted by the Singh brothers, had taken a loan of
INR200 crore from HDFC in April 2016. RHC Holding had paid the
interest for the first quarter on time but later started defaulting
on its dues.

According to HDFC, even after adjusting the proceeds from the sale
of pledged shares, an amount of INR41.09 crore remained due. HDFC
filed an insolvency plea against RHC Holding before the NCLT to
recover the remaining amount, BloombergQuint relays.

The NCLAT had in January this year issued notices to RHC Holding
and other parties and directed them to file their replies, adds
BloombergQuint.

SAHAY METALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. Sahay Metals and Minerals Private Limited
        Plot No. 10, Panchavati Colony
        Tarbund Secunderabad 500009

Insolvency Commencement Date: July 3, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: December 30, 2019

Insolvency professional: Habibullah Mohammed

Interim Resolution
Professional:            Habibullah Mohammed
                         Flat No. 407 and 602
                         Door No. 6-1-1059
                         Taj Enclave, Khairatabad
                         Hyderabad 500004
                         E-mail: habib.lawyer@yahoo.com

                            - and -

                         301, 3rd Floor, Bhavya’s Fantastika
                         D.No. 8-2-684/A, Road No. 12
                         Banjara Hills, Hyderabad 500034
                         Telangana State

Last date for
submission of claims:    July 17, 2019


SETUBANDHAN INFRASTRUCTURE: Ind-Ra Lowers LT Issuer Rating to 'D'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Setubandhan
Infrastructure Limited's (SIL; formerly known as Prakash
Constrowell Limited) Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BBB (ISSUER NOT COOPERATING)' while
resolving the Rating Watch Negative (RWN). 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 these ratings.

The instrument-wise rating actions are:

-- INR350 mil. Fund-based working capital limits (Long-
     term/Short-term) downgraded; Off RWN with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR550 mil. Non-fund-based working capital limits (Short-term)

     downgraded; Off RWN 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 and RWN resolution reflect the default in repayment
of principal and interest on working capital facilities, based on
exchange disclosure.

RATING SENSITIVITIES

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

COMPANY PROFILE

SIL was formed in January 1996 as Prakash Constrowell Private
Limited. It was reconstituted as a public limited company in 2011.
SIL is engaged in the business of infrastructure development and
civil construction (buildings, schools, hostels, hospitals,
district courts, and redevelopment) and provides integrated EPC
services. It undertakes projects for various
government/semi-government bodies. The company is a 'Class IA
Contractor' for the Public Works Department of the government of
Maharashtra.

SHIRAM TRANSPORT: Fitch Rates Proposed USD Sr. Sec. Notes BB+(EXP)
------------------------------------------------------------------
Fitch Ratings has assigned India-based Shriram Transport Finance
Company Limited's (STFC, BB+/Stable) proposed US dollar-denominated
senior secured notes an expected rating of 'BB+(EXP)'.

The proposed bonds are similar to the bonds issued in April 2019,
and will carry a fixed-rate coupon payable semi-annually. The
proposed notes will be secured by a fixed charge over specified
accounts receivable, in line with STFC's domestic secured bonds and
rupee-denominated senior secured bonds issued overseas. The
proposed notes are also subject to maintenance covenants that
require STFC to meet regulatory capital requirements at all times,
maintain a net non-performing loan (NPL) ratio equal to or less
than 7%, and ensure its security coverage ratio is equal to or
greater than 1x at all times. The proposed notes are likely to
carry maturities of three to five years.

The proposed US dollar-denominated notes will be issued in the
international market by the company under the Reserve Bank of
India's New External Commercial Borrowings (ECB) framework issued
in January 2019.

KEY RATING DRIVERS

STFC's proposed bonds are rated at the same level as its Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'BB+' in accordance
with Fitch's rating criteria.

Most of STFC's debt is secured and Fitch considers that non-payment
of the company's senior secured debt would reflect uncured failure.
STFC can issue unsecured debt in the overseas market, but such debt
is likely to constitute a small portion of its funding and thus
cannot be viewed as its primary financial obligation.

RATING SENSITIVITIES

The rating on the proposed bond will move in tandem with STFC's
Long-Term Foreign-Currency IDR.

SHRINIVAS ELECTRICALS: CRISIL Lowers Rating on INR1cr Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Shrinivas Electricals GTD Private Limited (SEGPL) from 'CRISIL
BB+/Stable/CRISIL A4+; Issuer Not Cooperating' to 'CRISIL D//CRISIL
D; Issuer Not Cooperating'. The downgrade reflects overutilization
in cash credit limits for more than 30 days.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------       -----------     -------
   Cash Credit           1          CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL BB+/Stable
                                    ISSUER NOT COOPERATING')

   Letter of Credit      9          CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL A4+ Stable
                                    ISSUER NOT COOPERATING')

CRISIL has been consistently following up with SEGPL for obtaining
information through letters and emails dated
November 14, 2017, March 07, 2018, March 12, 2018, February 26,
2019 and June 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 SEGPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality.  CRISIL believes information available on SEGPLis
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB rating category
or lower'.

Based on the last available information, CRISIL has downgraded its
rating on the long-term and short term bank facilities of SEGPLto
'CRISIL D/CRISILD Issuer Not Cooperating' from 'CRISIL
BB+/Stable/CRISIL +A Issuer Not Cooperating', as there has been
delays in term loan repayments.

Incorporated in 2011 in Nashik as Sairus Infrastructure Pvt Ltd and
renamed in 2013, SEGPL is promoted by Mr. Ganesh Nibe and
undertakes engineering, procurement, and construction (EPC)
contracts primarily for Maharashtra State Electricity Distribution
Company Ltd.

SOLANKI CONSTRUCTION: CRISIL Reaffirms B Rating on INR3cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Solanki Construction (SC).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3.5        CRISIL A4 (Reaffirmed)
   Cash Credit            3.0        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the modest scale of operations and
low profitability, below-average financial risk profile and
exposure to risks related to tender-based business and to intense
competition. These weaknesses are partially offset by the extensive
experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue and operating margin are
estimated at a modest INR28 crore and 1%, respectively, in fiscal
2019.

* Below-average financial risk profile: Networth is estimated at a
modest INR2.16 crore as on March 31, 2019, while total outside
liabilities to tangible networth ratio high at 4.3 times. Interest
coverage is also estimated to be weak at 0.7 time in fiscal 2019.

* Exposure to risks related to tender-based business and to intense
competition: Susceptibility to risks related to tender-based nature
of business and to intense competition constrain business growth.
Also, cash flow largely depends on successful winning of tenders.

Strengths:

* Extensive experience of the partners: Benefits from the partners'
experience of over two decades, their strong understanding of the
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Liquidity
Liquidity may remain moderate: cash accrual, expected at INR0.1-0.2
crore each in fiscals 2020 and 2021 will be just about adequate to
service maturing term debt of INR0.1 crore each year. Fund-based
limit of INR3 crore was utilised 78% in the 12 months through March
2019. Interest-free unsecured loans of INR0.98 crore (as on March
31, 2019) received from the partners also support liquidity.

Outlook: Stable

CRISIL believes SC will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if higher-than-expected cash accrual strengthens
financial risk profile. The outlook may be revised to 'Negative' if
low cash accrual, stretch in working capital cycle, or any large,
debt-funded capital expenditure weakens liquidity.

Set up in 2000, SC, a partnership firm of Mr Bhalji Solanki and
family, undertakes projects in civil construction, primarily road
constructions and also, outsources the same to sub-contractors.

SRI BHAVANI: CRISIL Assigns 'B' Rating to INR13.42cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sri Bhavani Castings Limited (SBCL).

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan              13.42       CRISIL B/Stable (Assigned)

The rating reflects susceptibility of operating margin to
volatility in raw material prices and weak financial profile. These
weakness are partially offset by extensive industry experience of
the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and operating losses: SBCL's scale of
operations is modest, as reflected in revenues of around INR41.66
crore in Fiscal 2019. Modest scale of operations constrains
company's ability to take advantages associated with economies of
scale. Furthermore, fragmented industry, modest scale of
operations, low capacity utilization results and volatility in raw
material prices resulted in operating losses in past.

* Modest financial risk profile: Financial risk profile is
constrained by the leveraged capital structure, as indicated by
high estimated gearing of around 8.8 times as on March 31, 2019,
due to the large term debt. Estimated net worth stood low at
INR2.70 crore as on same date. However, debt protection metrics
remained moderate, as reflected in interest coverage of 1.68 times
in fiscal 2019.

Strength:
* Extensive industry experience of the promoters: The promoters
have an experience of over 35 years in manufacturing of commercial
vehicle spare part. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity
Liquidity is adequate, marked by moderate bank limit utilization,
and sufficient cushion between expected net cash accrual of INR1.98
crore for fiscal 2019 against repayment obligation of INR1.2-1.3
crore. Current ratio was comfortable at 1.13 times as on March 31,
2019 (estimated).


Outlook: Stable

CRISIL believe SBCL will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients. The outlook may be revised to 'Positive' if ramp-up in
scale of operations and stable profitability strengthen financial
risk profile particularly capital structure. The outlook may be
revised to 'Negative' if decline in revenue or profitability or
stretch in working capital cycle or large debt funded capital
expenditure weakens capital structure.

SBCL, incorporated in 1983. SBCL is engaged in manufacture of cast
iron components catering to the automobile replacement market. SBCL
has its manufacturing facilities in the Kakinada, Andhra Pradesh
with an installed capacity of 4500MT per annum. SBCL is currently
managed by Mr. Sri Karipineni Venkateswara Vara Prasada Rao is the
Managing Director of the Company.

TEJAS SUPERSTRUCTURES: CRISIL Assigns B Rating to INR4.5cr Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Tejas Superstructures Private Limited (TSPL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        15.5       CRISIL A4 (Assigned)
   Cash Credit            4.5       CRISIL B/Stable (Assigned)

The ratings reflect the modest scale of TSPL's operations,
susceptibility to tender-based operations, and large working
capital requirement. These weaknesses are partially offset by the
experience of the promoters and moderate order flow.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and susceptibility to tender-based operations
Revenue and profitability entirely depend on the ability to win
tenders through competitive bidding. Also, entities in this segment
face intense competition from similar players, thus requiring to
bid aggressively to get contracts, which restricts the operating
margin. Revenue is estimated at about INR37 crore in fiscal 2019.

* Large working capital requirement: Operations are likely to
remain working capital intensive over the medium term, thereby
constraining the financial risk profile. Gross current assets
(GCAs) have been 150-250 days over the three fiscals ended March
31, 2019; GCAs were 209 days as on March 31, 2019. Though reliance
on external debt is limited, the stretch in the working capital
cycle restricts cash flow and liquidity. Networth was modest at
about INR10 crore as on March 31, 2019.

Strengths
* Experienced promoters and moderate order flow: Benefits from the
promoters' experience of over a decade, their strong understanding
of local market dynamics, and healthy relations with customers and
suppliers should continue to support the business. Further,
unexecuted orders worth over INR175 crores thereby assuring revenue
visibility for the medium term.

Liquidity
Liquidity is likely to remain stretched. Cash accrual is expected
at over INR2 crores per annum over the medium term, against modest
repayment obligation of INR40 lakhs. Bank limit utilisation was
high during the 12 months through May 2019. Delays in realisation
of debtors impact cash flow and liquidity and hence remain key
monitorable factors.

Outlook: Stable

CRISIL believe TSPL will continue to benefit from the experience of
the promoters and moderate order flow.  The outlook may be revised
to 'Positive' if ramp-up in scale of operations and stable
profitability strengthen the cash accrual and financial risk
profile. Conversely, the outlook may be revised to 'Negative' if a
steep decline in profitability, a further stretch in the working
capital cycle, or any large, debt-funded capital expenditure
weakens the financial risk profile, especially the capital
structure.

TSPL was established in 2005 by Mr. Tamanappa Surlikar and friends.
This Maharashtra-based company undertakes civil construction works,
mainly bridges.

TERAI TEA: Ind-Ra Affirms Then Withdraws BB+  LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Terai Tea Company Limited's (TTCL) Long-Term Issuer Rating at 'IND
BB+ (ISSUER NOT COOPERATING)' and has simultaneously withdrawn it.


The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR216.03 mil. Fund-based working
     capital limit* affirmed and withdrawn; and

-- The 'IND A4+' rating on the INR20 mil. Non-fund-based working
     capital limit** affirmed and withdrawn;

* Affirmed at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn
** Affirmed at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

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

KEY RATING DRIVERS

The affirmation reflects TTCL's modest credit metrics. Its net
financial leverage (total adjusted net debt/operating EBITDA)
improved to 4.86x in FY19 (FY18: 5.09x) and interest coverage to
1.77x (FY18:1.75x) owing to marginal improvement in absolute EBITDA
and reduction in debt

The company's return on capital employed was 4% in FY19 and EBITDA
margin was modest at 4.73% (FY18: 5.10%). The ratings also factor
in the company's medium scale of operations as indicated by revenue
of INR1,407.51 million in FY19 (FY18: INR1,291.21 million).

TTCL did not participate in the surveillance exercise and has not
provided information about bank utilization, future plans, and
performance of its group companies, among others.

COMPANY PROFILE

Incorporated in 1973, TTCL has one tea estate with an installed
capacity of 10 million kg. TTCL group is managed by Ajit Kumar
Agarwala and family.

V AND S: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: V and S International Pvt. Ltd.
        H.No. 1 Near MCD Primary School
        Samalka Village
        New Delhi 110037

        Other address (as per MCA records):
        301, Phase II, Udyog Vihar
        Gurugram 122016

Insolvency Commencement Date: July 1, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 27, 2019

Insolvency professional: Manoj Kumar Agarwal

Interim Resolution
Professional:            Manoj Kumar Agarwal
                         49A, Pocket B, SFS Flats
                         Mayur Vihar 3
                         Delhi 110096
                         E-mail: agarwal.manojk@gmail.com

Last date for
submission of claims:    July 15, 2019


VAG BUILDTECH: CRISIL Lowers Rating on INR25cr Loan to D
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Vag
Buildtech Limited (VBL) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          10         CRISIL D (Downgraded from
                                      'CRISIL A4')

   Cash Credit             25         CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Proposed Long Term      15         CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B+/Stable')

The rating downgrade reflects delays in servicing of interest on
cash credit facility and over-utilisation for more than 30 days.
This is on account of inadequate cash flow generation due to
weakened credit risk profile of Sunil Hitech Engineering Ltd
(SHEL), VBL's parent entity, amidst an unprecedented stretch in the
working capital cycle and liquidity.

VBL has working capital-intensive nature, and below-average
financial risk profile. These weaknesses are partially offset by
moderate order pipeline.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing of debt obligations: VBL has been delaying in
servicing of interest on its cash credit facility because of weak
liquidity arising from inadequate cash flow generation.

* Working capital-intensive nature of operations: Operations are
highly working capital intensive, as evident from the high gross
current assets of 170-200 days over the past three fiscals (172
days as on March 31, 2017). That is due to the long collection
period and multiple deposits required to be kept with customers in
the form of earnest money and retention money.

* Below-average financial risk profile: Financial risk profile is
marked by a high total outside liabilities to tangible networth
ratio. Liquidity remains stretched due to large working capital
requirement leading to nearly full utilisation of bank debt.

Strength:
* Order book offering near-term visibility: Orders worth over
INR600 crore, to be executed over the next 24-36 months, offer
revenue visibility for the near term, though counterparty credit
risk on all such orders remains a key monitorable.

Liquidity

VBL has weak liquidity as reflected in delay in repayment of debt
obligations on account of low cash inflows.

VBL, formerly known as Ecological Road Construction Pvt Ltd, was
incorporated in 2012, with the parent, SHEL holding a 72% stake.
The Mumbai-based company undertakes civil construction projects
related to buildings, roads, waste management, and solar power.

VIDHATRI MOTORS: CRISIL Cuts Rating on INR7.50cr Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Vidhatri Motors Private Limited (VMPL) to 'CRISIL D'
from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            .75         CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Inventory Funding     7.50         CRISIL D (Downgraded from
   Facility                           'CRISIL B/Stable')

   Term Loan             1.75         CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The downgrade reflects the company's delays in paying interest on
its working capital facility from the bank because of weak
liquidity.

The company has a below-average financial risk profile and faces
intense competition in the automotive dealership industry. However,
it benefits from the extensive experience of the promoter.

Key Rating Drivers & Detailed Description

* Delay in paying interest on working capital facility because of
weak liquidity: Weak liquidity on account of modest accrual and
fully utilised bank lines resulted in delays in interest payment on
the working capital facility.

Weaknesses:

* Below-average financial risk profile: The financial risk profile
is constrained by small networth of INR1.97 crore and high gearing
of 6.21 times as on March 31, 2018. The debt protection metrics
remained moderate, reflected in interest coverage of 1.51 times and
net cash accrual to debt ratio of 0.04 time for fiscal 2018.

* Exposure to intense competition: Intense competition from dealers
of established automotive manufacturers such as Maruti Suzuki India
Ltd (MSIL; 'CRISIL AAA/Stable/CRISIL A1+'), Tata Motors Ltd (TML),
and Hyundai Motors India Ltd (HMIL) as well as from the unorganised
used-car market will continue to constrain VMPL's business risk
profile. Geographic concentration risks may also persist.

Strength

* Extensive industry experience of the promoter: The promoter, Mr M
L Kantharaj Urs, began operations by acquiring a dealership of
Daewoo Motors India Pvt Ltd. Group company Vidhatri Automobiles Pvt
Ltd (VAPL) has been a dealer for TML in Karnataka for almost 10
years, and for Fiat since fiscal 2015. Benefits from the extensive
experience of the promoter should continue to support the
business.

Liquidity

Remains weak on account of modest accruals and fully utilized bank
lines and the same has resulted in delays in debt servicing.

Incorporated in 2012, VMPL is a dealer of passenger vehicles of
Renault India Ltd in Mysore, Karnataka. The company has a showroom
and a workshop in Hinkal in Mysore.



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

KAWASAN INDUSTRI: Fitch Places 'B' LT IDR on Watch Negative
-----------------------------------------------------------
Fitch Ratings has placed Indonesia-based property developer PT
Kawasan Industri Jababeka Tbk's Long-Term Issuer Default Rating of
'B' on Rating Watch Negative. At the same time, Fitch Ratings
Indonesia has placed KIJA's National Long-Term Rating of 'A-(idn)'
on RWN.

The RWN reflects risks around the potential buyback requirement of
KIJA's outstanding USD300 million 6.5% bond due 2023 that could
arise should it be determined that a change of control event has
been triggered. The US dollar bond was issued by KIJA's wholly
owned subsidiary, Jababeka International B.V., and guaranteed by
KIJA and certain subsidiaries.

'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.

KEY RATING DRIVERS

Change of Control Event: KIJA held its annual general shareholders'
meeting on June 26, 2019, during which 52% of the shareholders
present voted to appoint a new president director and one new
independent commissioner. The company said that the size of the
voting bloc in favour of the change, if seen as acting in concert,
suggests that there may be a change of control over the company.
Fitch believes that the company may be exposed to liquidity and
refinancing challenges if it is deemed that such an event has
occurred as KIJA would be required to make an offer to repurchase
the USD300 million bond. Failure to buy back the notes upon a
change of control would constitute an event of default.

A change of control is triggered when any person or group is or
becomes the beneficial owner, directly or indirectly, of the total
voting power from a block of shares that exceeds that of the
permitted holders. The permitted holders refer to Setyono Djuandi
Darmono, Hadi Rahardja, and any affiliates. KIJA said that it is in
the process of determining if the voting bloc, which is anchored by
Islamic Development Bank and PT Imakotama Investindo, which
together own about 17% of KIJA, deemed to act in concert and
therefore constitutes a change of control.

Requirement to Buy Back Bonds: If a change of control event has
occurred, KIJA would be required to make an offer to purchase the
USD300 million bond at 101% of the principal amount plus any
accrued and unpaid interest no later than 30 days after the change
of control. Failure to make the offer will constitute an event of
default of the bond, and therefore it would become immediately due
and payable. However, the majority of the bondholders may opt to
cure or waive the event of default.

Fitch believes the company may not have sufficient funds to
complete a buyback of the USD300 million bond if it has to make the
offer and if the bondholders accept the offer. KIJA may attempt to
obtain a waiver on any breach of an event of default or may find
alternative funding channels to buy back the bond. The RWN reflects
these risks.

Launches to Resume in 2H19: Fitch expects rising competition among
industrial property developers in Cikarang, east of Jakarta, to
affect KIJA's industrial land sales in the medium term. However
Fitch expects the company's housing sales in to recover in 2H19
from 1Q19 as KIJA is likely to launch new projects in 2H19
following better consumer sentiment after elections in April and
the Eid holiday in June.

KIJA's attributable presales fell 21% yoy to IDR193 billion in 1Q19
- the lowest since 1Q16 - on weak residential sales in Kota
Jababeka, KIJA's township development in Cikarang, as the company
withheld new launches due to the April elections. Fitch also
expects KIJA to shift towards the mid- to high-end market, which
has performed better than the low-end within Kota Jababeka.

DERIVATION SUMMARY

KIJA's rating is comparable with that of other Fitch-rated property
developers, such as PT Modernland Realty Tbk (B/Stable), PT Alam
Sutera Realty Tbk (ASRI; B/Stable) and PT Ciputra Development Tbk
(CTRA; BB-/Negative). No Country Ceiling, parent/subsidiary or
operating environment aspects have an impact on KIJA's rating.

Fitch believes KIJA has a weaker development profile than both
Modernland and ASRI. There is higher demand risk in KIJA's Cikarang
township and the company's Kendal township is at an earlier stage
of development relative to the more mature and strategically
located townships of Jakarta Garden City by Modernland and Alam
Sutera by ASRI. Fitch believes these are compensated by KIJA's
stronger and stable non-development interest coverage, which
provides sufficient interest cover across economic cycles. However,
KIJA's higher leverage and thinner profit margins, combined with
its exposure to the risks of potential liquidity challenges if
there is a change of control in the company, indicate KIJA's weaker
financial profile relative to ASRI and Modernland.

Fitch believes KIJA's business profile is weaker than that of CTRA,
which has significantly larger operating presales, more
geographically diversified projects and lower business cyclicality
as it focuses on residential properties rather than industrial land
sales, which KIJA's key business. CTRA also has lower leverage,
which supports its higher rating than KIJA.

KIJA's rating on the National Rating scale is comparable with that
of PT Ciputra Residence (CTRR; A+(idn)/Negative) and PT PP Properti
Tbk (PPRO; BBB+(idn)/Negative). CTRR's rating is based on the
consolidated profile of its parent company, CTRA. Fitch rates CTRR
two notches above KIJA because CTRR has larger property development
scale, broader geographical project diversification, lower leverage
and KIJA has higher exposure to cyclical industrial land sales.

KIJA has wider profit margin, stronger non-development interest
cover and better operating cash flow generation than PPRO. KIJA
also has a more established track record in property development.
These factors result in KIJA being rated one notch above PPRO.

KEY ASSUMPTIONS

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

  - Attributable presales of around IDR1 trillion in 2019 (1Q19:
IDR193 billion)

  - Discretionary land acquisition capex of IDR350 billion-400
billion in 2019 (2018: IDR93 billion)

KEY RECOVERY RATING ASSUMPTIONS

  - The recovery analysis assumes KIJA would be liquidated in a
bankruptcy rather than be considered as a going concern. Fitch has
also assumed a 10% administrative claim in the recovery analysis.

  - Fitch assigned a liquidation value under a distressed scenario
of around IDR3.2 trillion as of end-March 2019. The estimate
reflects Fitch's assessment of the value of trade receivables under
a liquidation scenario, with a 75% advance rate, net investment
property with a 50% advance rate and land bank with a 100% advance
rate. Fitch believes the company's reported land bank value, which
is based on historical land cost, is at a significant discount to
current market value and, thus, is already conservative.

  - The company's power plant fixed assets, land bank located in
Kendal and total assets of certain non-guarantor subsidiaries are
excluded from the liquidation value estimate, as they are not part
of KIJA's US dollar senior unsecured bonds' guarantor group

  - The IDR240 billion of senior secured loans are senior to the
outstanding USD300 million senior unsecured bond in the waterfall.

  - These assumptions result in a recovery rate for the outstanding
senior unsecured bonds within the range for a 'RR2' Recovery
Rating. Nevertheless, Fitch rates the senior unsecured bonds at 'B'
with a Recovery Rating of 'RR4' because, under its Country-Specific
Treatment of Recovery Ratings criteria, Indonesia falls into Group
D of creditor friendliness and instrument ratings of issuers with
assets in this group are subject to a soft cap at the issuer's IDR

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Resolution of RWN:

Fitch may affirm the ratings if it is determined that the change of
control has not been triggered

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

Fitch may take negative rating action, which could include a
multiple-notch downgrade, if the change of control clause is
triggered and leads to the acceleration of the outstanding USD300
million bond and subsequent liquidity challenges.

LIQUIDITY

Possible Liquidity Challenges: Fitch believes KIJA may face
liquidity challenges if its USD300 million bonds' change of control
clause is triggered and the company is required to make an offer to
buy back its bonds. As of March 2019, KIJA had readily available
cash balance of IDR874 billion and around IDR4.5 trillion of
outstanding debt, 95% of which consists of its US dollar bond.
Fitch believes that an acceleration of the bond payment will pose
significant refinancing and liquidity risks to the company.

FULL LIST OF RATING ACTIONS

PT Kawasan Industri Jababeka Tbk

  - Long Term Issuer Default Rating of 'B' placed on RWN

  - National Long Term Rating of 'A-(idn)' placed on RWN

  - Senior unsecured debt class rating of 'B' placed on RWN

Jababeka International B.V.

  - USD300 million senior unsecured debt rated 'B' with Recovery
Rating of 'RR4' placed on RWN



===============
M O N G O L I A
===============

TAVAN BOGD: Fitch Withdraws B-(EXP) Rating on Prop. USD Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has withdrawn the 'B-(EXP)' expected rating with a
Recovery Rating of 'RR4' assigned to Mongolia-based Tavan Bogd
Trade LLC's (TBG, B-/Stable) proposed US-dollar senior notes. TBG
had intended to use the proceeds to refinance bank debt located at
its operating subsidiaries, invest in capex and to boost its cash
balance.

KEY RATING DRIVERS

Fitch is withdrawing the expected rating as TBG's proposed debt
issuance is no longer expected to convert to final ratings as the
company has not proceeded with the note issue within the previously
envisaged timeline. The expected rating on the proposed notes was
assigned on May 3, 2019.

DERIVATION SUMMARY

Not relevant.

KEY ASSUMPTIONS

Not relevant.

RATING SENSITIVITIES

Not applicable as the rating has been withdrawn.



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

CBL CORP: Former MD Calls for Fresh Inquiry Into RBNZ
-----------------------------------------------------
Insurance News reports that former CBL Corporation MD Peter Harris
has called for a fresh inquiry into the Reserve Bank of New
Zealand's (RBNZ) handling of investigations that led to the group
being placed into liquidation.

According to the report, Mr. Harris said an RBNZ-commissioned
report released on July 3 fails to answer a number of questions
around disputed issues and doesn't address why CBL was not given
time to present and work through an agreed solution.

"To actually understand the motivations and dynamics around these
questions a proper, independent inquiry is needed," RNZ quotes Mr.
Harris as saying in a statement.  "It needs to be broadly based,
with access to information and perspective from all relevant
parties--even more so given the review's findings about the RBNZ's
lack of resources and insurance experience."

The report relates that Mr. Harris said the RBNZ report reflects
interviews and inputs from those within the regulator and "some of
the criticisms of CBL are based on undefended and unproven
allegations and are completely rejected".

"As a consequence of these and other flaws, in our view the review
falls dramatically short of being a document that would provide
confidence to the public and international financial community that
the regulation of NZ's insurance market is in capable hands," he
said, the report relays.

The report recalls that CBL Insurance Ltd was placed into interim
liquidation by the New Zealand High Court in February last year on
the application of the RBNZ, and went into full liquidation in
November.

The court in May also approved liquidation of parent company CBL
Corporation, which listed in 2015 and which had a market
capitalisation of around NZD750 million at the time of its
suspension from New Zealand's stock exchange.

RNZ adds that Mr. Harris has accused the RBNZ of effectively
destroying a company that was commercially viable.

RNZ notes that the report by actuary and former Australian
Prudential Regulation Authority member John Trowbridge and QC Mary
Scholtens focuses on supervisory shortcomings in the 2014-16 period
and says early doubts about CBL should have been taken up with a
greater sense of urgency and acted upon as early and decisively as
possible.

But it found the bank acted strongly from 2017 when alarms were
raised over Gibraltar-based Elite Insurance, which wrote most of
CBL's European business, leading to the liquidation.

"During this period the bank acted firmly and decisively and, in
our view, properly within its powers," it said, RNZ relays.

According to RNZ, challenges highlighted in the report included "an
apparent steadfast and unfaltering belief by CBL in its business
strategy and the profitability of its business that was primarily
dependent on the level of claims reserves as assessed by the
company's Appointed Actuary".

The report authors said they were conscious that "some parties
associated with CBL" may perceive parts of the report as reflecting
adversely on them, and had provided draft excerpts and considered
their submissions in consultations during January and March, RNZ
relates.

"We did not accept all of the input in the submissions but have
edited the report to reflect as best we could a fair, balanced and
relevant commentary wherever references are made to these
parties."

                         About CBL Corp.

Founded in 1973, CBL Corporation Limited --
http://cblcorporation.co.nz/-- together with   
its subsidiaries, provides insurance and reinsurance products and
services primarily in New Zealand. It offers financial risk
products, builders' risks, sureties, guarantees, and contractor
bonds primarily in Europe and Scandinavia; deposit guarantees in
Australia; and bonding and fiduciary services to the Mexican
commercial sector. The company also provides a range of specialty
products, such as credit enhancement, surety bonds, specialized
property insurance, aviation, and rural risk in Australia, as well
as distributes construction-sector insurance products in France
through a network of brokers.

CBL Corp. went into voluntary administration in late February 2018,
in a move to prevent other regulators from taking action after the
Reserve Bank moved to have its subsidiary CBL Insurance placed in
interim liquidation.

On Feb. 23, 2018, KordaMentha New Zealand partners Brendon Gibson
and Neale Jackson were appointed Voluntary Administrators by the
Board of CBL Corporation Ltd and certain of its subsidiaries.

The administration relates to New Zealand-domiciled companies.

Messrs. Gibson and Jackson are administrators to these CBL
entities: CBL Corporation Limited; LBC Holdings New Zealand Ltd;
LBC Holdings Americas Ltd; LBC Holdings UK Ltd; LBC Holdings Europe
Ltd; LBC Holdings Australasia Ltd; LBC Treasury Company Ltd;
Deposit Power Ltd; South British Funding Ltd; and CBL Corporate
Services Ltd.

NAKED BRAND: Mulls Selling Bendon Brands After Financing Falters
----------------------------------------------------------------
Radio New Zealand reports that Bendon lingerie is looking to sell
some of its brands as the future of the company becomes more
uncertain.

RNZ relates that parent company Naked Brand Group, which is listed
on the United States Nasdaq exchange, said it had hired an
Australian firm to review its assets.

"As a management team, we will consider offers made for select
brands within our portfolio where we feel there is the opportunity
to fortify our balance sheet, drive strategic growth initiatives
and create value for our shareholders over the long-term," chief
executive Anna Johnson said in a market statement, RNZ relays.

The company was once majority owned by embattled businessman Eric
Watson.

According to the report, the company was in talks to extend its
debt facility after breaching banking covenants twice in the past
year, and was also facing tough trading conditions after losing the
licence for the Stella McCartney brand, and could be delisted by
Nasdaq next month because its shares are trading too cheap.

It said it had previously considered seeking support from Mr.
Watson's Cullen Group, but had been told that company could no
longer be relied on for financing because it was in financial
difficulty, RNZ relays.

Cullen Group was found liable to pay a NZD112 million historical
tax bill in New Zealand in March, notes RNZ.

US Securities and Exchange Commission documents showed 50 of
Naked's shareholders sold either partially or totally out of the
company in June, including former Eric Watson business affiliates
Timothy Connell and Don Stanway, RNZ reports.

                         About Naked Brand

Naked Brand Group Limited designs, manufactures, and markets
intimate, apparel, and swimwear products worldwide. The company has
a portfolio of 11 company-owned and licensed brands, including
Heidi Klum Intimates, Heidi Klum Accessories, Bendon, Fayreform,
Pleasure State, Lovable, Heidi Klum Swim, Naked, Hickory, Bendon
Man, and Davenport. It operates through approximately 6,000 retail
stores and 61 company-owned Bendon retail and outlet stores in
Australia and New Zealand, as well as e-commerce sites. The company
is based in Alexandria, Australia.

In June 2019, Naked Brand Group Limited filed with the U.S.
Securities and Exchange Commission its annual report on Form 20-F,
disclosing a total comprehensive loss of NZD49,227,000 on
NZD111,920,000 of revenue for the year ended Jan. 31, 2019,
compared to a total comprehensive loss of NZD37,445,000 on
NZD131,388,000 of revenue for the year ended in 2018.

The audit report of PricewaterhouseCoopers states that the Company
has suffered recurring losses and cash outflows from operations,
has a net working capital deficiency, has breached debt covenants
and other matters that raise substantial doubt about its ability to
continue as a going concern.

The Company's balance sheet at Jan. 31, 2019, showed total assets
of NZD75,687,000, total liabilities of NZD65,167,000, and
NZD10,519,000 in total equity.

SOUTHERN BOUNDARY: Director Pleads Guilty to Label Fraud Charges
----------------------------------------------------------------
David Clarkson at Stuff.co.nz reports that a North Canterbury
winery director has admitted frauds involving labelling and
certification for hundreds of thousands of litres of wine--much of
it heading for export markets.

Stuff relates that Scott Charles Berry, 38, pleaded guilty to 36
charges in the High Court at Christchurch on July 5, ahead of a
long trial that was due to begin on July 22.

He was remanded on bail for sentencing on September 6. His defence
counsel Allister Davis said Mr. Berry would have sold his house by
then--settlement is due in mid-August--and would offer to pay as
much reparations as possible, Stuff relays.

Mr. Berry was a director of Southern Boundary Wines at Waipara,
which has since gone into liquidation.

Two other people are denying charges and are still due to stand
trial on July 22, the report says. They are director Andrew Ronald
Moore, 45, and employee Rebecca Junell Cope, 44, of Waipara, Stuff
discloses.

Stuff notes that the wine brands involved have had suppression
orders through the early part of the hearing process.

Some of the charges involve batches of wine totalling tens of
thousands of litres.

Allegations include substituting adulterated wine with intent to
deceive, and aiding or abetting one sale of 20,700 litres of which
did not comply with the requirements under the Wine Act, according
to Stuff.

After taking the guilty pleas from Mr. Berry, Justice David Gendall
dismissed 49 other charges on which prosecutor Mitchell McClenaghan
said the Crown would offer no evidence, Stuff says.

According to Stuff, Justice Gendall entered convictions on 34
charges, but the other two are related to Mr. Berry's role as a
director of Southern Boundary Wines. A hearing may be needed to
determine the company's position before he can be convicted.

The amount of reparations is still disputed, but a figure is
expected to be put before the court at the time of sentencing, the
report says.

Stuff adds that Mr. Davis asked for a report on Mr. Berry's
suitability for a term of home or community detention, and said he
was willing to meet the wine companies involved at a restorative
justice meeting if they wished.

He said Mr. Berry's financial position was not strong and he would
tell the Crown how much could be paid in reparations ahead of the
sentencing. Mr. Berry would not be in a position to pay a fine as
well as reparations--he believed the court would see reparations as
the important factor.

Stuff adds that the charges Mr. Berry has admitted include:
substituting wine for a dishonest purpose, being a party to false
applications for export eligibility approval, selling and exporting
non-compliant wine, making a false application for an export
eligibility statement, making a false statement for a certificate
for export, and dishonest labelling.

Waipara-based Southern Boundary Wines Ltd was placed in liquidation
in February 2018.



=====================
S O U T H   K O R E A
=====================

DONGBU STEEL: Watchdog Approves KG Group's Takeover
---------------------------------------------------
Yonhap News Agency reports that South Korea's corporate watchdog,
the Fair Trade Commission (FTC), approved on July 9, the takeover
of Dongbu Steel Co., South Korea's fifth-largest steelmaker by
sales, by a KG Group-led consortium.

Last month, KG Group, a local logistics and chemical business
operator, and a Seoul-based private equity firm, Cactus Private
Equity, signed a deal with creditors to buy a majority stake in
Dongbu Steel for KRW360 billion (US$304 million), Yonhap recounts.

Under the deal, KG Group will hold 40 percent stake in the
steelmaker, Yonhap says.

Dongbu Steel was put under a debt workout scheme in 2015. Last
year, the company posted KRW2.5 trillion in sales and logged an
operating loss of KRW59.6 billion, Yonhap discloses.



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

VIETNAM PROSPERITY: Moody's Rates Proposed Sr. Unsec. USD Notes B1
------------------------------------------------------------------
Moody's Investors Service has assigned a B1 long-term foreign
currency senior unsecured rating to the proposed senior unsecured
USD notes to be issued by Vietnam Prosperity Joint Stock Commercial
Bank (VP Bank, B1 stable, b1).

The notes are a drawdown from the bank's USD1 billion medium term
note program, which is rated at (P)B1. The rating is subject to
receipt of final documentation, the terms and conditions of which
are not expected to change in any material way from the draft
documents that Moody's has reviewed.

The rating outlook is stable.

RATINGS RATIONALE

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

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

WHAT COULD CHANGE THE RATING UP

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

WHAT COULD CHANGE THE RATING DOWN

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

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

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


                           *********


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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