TCRAP_Public/190729.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 29, 2019, Vol. 22, No. 150

                           Headlines



A U S T R A L I A

BARKER AIR: First Creditors' Meeting Set for Aug. 5
FLEXTANK INT'L: First Creditors' Meeting Set for Aug. 5
GREEN LEAF: First Creditors' Meeting Set for Aug. 7
IKAS INT'L: First Creditors' Meeting Set for Aug. 5
LAVERTON COLLISION: First Creditors' Meeting Set for Aug. 6

NETKIOSK PTY: First Creditors' Meeting Set for Aug. 2
PUMPFREE ENERGY: First Creditors' Meeting Set for Aug. 5
QUEENSLAND NICKEL: Clive Palmer Admonished by Trial Judge Again
SKM RECYCLING: Wins Reprieve From Insolvency Until August 2
TLC PLUMBING: First Creditors' Meeting Set for Aug. 5



C H I N A

HAWTAI MOTOR: Likely to Default on CNY1.5BB Bonds
JIANGSU NANTONG: Moody's Lowers CFR to Caa1, Outlook Negative
JIAYUAN INT'L: Moody's Ups CFR to B3 & Alters Outlook to Stable
JIAYUAN INT'L: S&P Assigns 'B' ICR, Outlook Negative
[*] CHINA: Bankruptcies Among Developers Up by 50% in 2018



I N D I A

AKHIL SHIP: Ind-Ra Migrates B LT Issuer Rating to Non-Cooperating
CHINTAPALLY SAI: CRISIL Lowers Rating on INR7cr LT Loan to D
CLASSIC COIR: CRISIL Hikes Rating on INR5cr Loan to B+
GSR VENTURES: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
HE-MAN AUTO: CRISIL Lowers Ratings on INR10cr Loans to B

HIMACHAL COLD: CRISIL Migrates B- Rating From Not Cooperating
J AND J ASSOCIATES: CRISIL Reaffirms B Rating on INR0.25cr Loan
K G N MOTORS: CRISIL Lowers Ratings on INR15cr Loans to D
MAHESHWARI FABTEX: CRISIL Reaffirms B+ Ratings on INR10cr Loans
MANMAN MANUFACTURING: Ind-Ra Gives B+ Issuer Rating, Outlook Stable

MONAD EDUKASIONAL: Ind-Ra Maintains 'BB' Ratings in Non-Cooperating
NIRUPAMA COLD: CRISIL Hikes Rating on INR9.05cr Loans to B+
PANCHAM JEWELLERS: CRISIL Lowers Ratings on INR25cr Loans to D
QUALITY FLAVOURS: CRISIL Moves B+ Rating From Non-Cooperating
SANTOSH KUMAR: CRISIL Lowers Rating on INR5cr Cash Loan to D

STEELEX PRECISIONS: CRISIL Migrates B+ Rating From Non-Cooperating
TRAVANCORE EARTH: CRISIL Lowers Rating on INR4.35cr Loan to D
VADALIA FOODS: Ind-Ra Lowers Issuer Rating to 'B-', Outlook Stable
VASUDEV ALUCAN: CRISIL Migrates B Rating From Not Cooperating


I N D O N E S I A

SULFINDO ADIUSAHA: Moody's Withdraws B2 CFR for Business Reasons


N E W   Z E A L A N D

FOWLER HOMES: Homes Left Unfinished After Ex-Owner's Arrest
WAIWERA WATER: Owes Estimated NZD9.9 Million to Creditors


S I N G A P O R E

EPICENTRE HOLDINGS: Plans to Dismiss Chairman & Conduct Audit
FALCON ENERGY: Files For 6-Month Moratorium
SINO GRANDNESS: Gets Further 2-Week Extension to Hold AGM


V I E T N A M

VPBANK FINANCE: Moody's Affirms B1 CFR, Outlook Stable

                           - - - - -


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

BARKER AIR: First Creditors' Meeting Set for Aug. 5
---------------------------------------------------
A first meeting of the creditors in the proceedings of Barker Air
Services Pty Ltd will be held on Aug. 5, 2019, at 11:00 a.m. at the
offices of Deloitte Financial Advisory Pty Ltd, Eclipse Tower,
Level 19, at 60 Station Street, in Parramatta, NSW.

David Ian Mansfield and Michael James Billingsley of Deloitte
Financial were appointed as administrators of Barker Air on July
25, 2019.

FLEXTANK INT'L: First Creditors' Meeting Set for Aug. 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Flextank
International Ltd will be held on Aug. 5, 2019, at 11:00 a.m. at
Level 14, at 330 Collins Street, in Melbourne, Victoria.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of Flextank International on July 24,
2019.

GREEN LEAF: First Creditors' Meeting Set for Aug. 7
---------------------------------------------------
A first meeting of the creditors in the proceedings of Green Leaf
Chef Pty Ltd, trading as Green Leaf Chef Chinese Restaurant, will
be held on Aug. 7, 2019, at 10:30 a.m. at the offices of Worrells
Solvency & Forensic Accountants, Level 8, at 102 Adelaide Street,
in Brisbane, Queensland.

Christopher Richard Cook of Worrells Solvency was appointed as
administrator of Green Leaf on July 26, 2019.

IKAS INT'L: First Creditors' Meeting Set for Aug. 5
---------------------------------------------------
A first meeting of the creditors in the proceedings of Ikas
International (Australia) Pty Ltd will be held on Aug. 5, 2019, at
2:00 p.m. at Level 8, 1 O'Connell Street, in Sydney, NSW.

Bradley John Tonks and Mark Roufeil of PKF were appointed as
administrators of Ikas International on July 26, 2019.

LAVERTON COLLISION: First Creditors' Meeting Set for Aug. 6
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Laverton
Collision Repair Centre Pty Ltd will be held on Aug. 6, 2019, at
11:00 a.m. at the Offices of SV Partners, Level 17, at 200 Queen
Street, in Melbourne, Victoria.

Peter Gountzos and Richard John Cauchi of SV Partners were
appointed as administrators of Laverton Collision on July 25,
2019.


NETKIOSK PTY: First Creditors' Meeting Set for Aug. 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Netkiosk Pty
Ltd will be held on Aug. 2, 2019, at 11:00 a.m. at the offices of
Restructuring Works Pty Ltd, Level 8, at 80 Clarence Street, in
Sydney, NSW.

John Raymond Gibbons of Restructuring Works were appointed as
administrators of Netkiosk Pty on July 24, 2019.

PUMPFREE ENERGY: First Creditors' Meeting Set for Aug. 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of PumpFree
Energy Pty Ltd will be held on Aug. 5, 2019, at 10:00 a.m. at the
offices of Level 27, at 259 George Street, in Sydney, NSW.

Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of PumpFree Energy on July 24,
2019.

QUEENSLAND NICKEL: Clive Palmer Admonished by Trial Judge Again
---------------------------------------------------------------
Josh Robertson at ABC News reports that a judge has admonished
Clive Palmer over another delay in the Queensland Nickel (QN)
trial, this time because his expert witness is in Brazil.

Justice Debra Mullins has also suggested the billionaire was
"misleading" the court by claiming to be representing himself,
saying he appeared to be getting help from lawyers, ABC says.

According to the report, Mr. Palmer, who is fighting a Supreme
Court bid by liquidators to claw back AUD200 million over the
failure of QN, sought to adjourn proceedings until this week.

ABC relates that Mr. Palmer said he would speak with his insolvency
expert - Bryan Hughes from Pitcher Partners - today, July 29 or on
July 30 when he returned to Australia.

His latest request for a delay raised the ire of Justice Mullins,
who had previously lectured him about failing to turn up to the
trial and wasting the court's time, according to ABC.  The judge
pointed out that "the defendants don't seem to have got Mr. Hughes'
firm to act with urgency," ABC cites.

Justice Mullins had already shifted the appearance of accounting
witnesses to the end of the trial to give Mr. Palmer more time to
secure his expert, but stood the trial down next Monday, Aug. 5, to
allow Mr. Palmer and his team to brief Mr. Hughes, ABC relays.

Judge Mullins also said when reading Mr. Palmer's submissions in
the case, "[R]elying on your status as a self-represented litigant
. . . I have to say they appear to have the hand of a lawyer," the
report relays.  The judge asked Mr. Palmer to mark documents with
the name of the lawyer assisting him, "otherwise it's a little
misleading to emphasise your self-represented status when it
appears you have the assistance of a lawyer", the report cites.

                      About Queensland Nickel

Queensland Nickel was engaged in the production and marketing of
nickel and cobalt.  It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd and
QNI Metals Pty Ltd, with the directorship going to Palmer's nephew
Clive Theodore Mesnick.

On Jan. 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield and
Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that the
Company "incurred debts of AUD771 million after going insolvent in
November [2015]."

On April 22, 2016, the Companies' creditors voted for liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.

SKM RECYCLING: Wins Reprieve From Insolvency Until August 2
-----------------------------------------------------------
ABC News reports that one of Australia's biggest recyclers has been
given a short reprieve from insolvency after a court gave it until
the end of next week to pay millions of dollars in debts, citing
"significant" environmental ramifications if the company closes.

SKM Recycling, which is contracted to more than 30 Victorian
councils, is facing liquidation as creditors take court action to
have it wound up, the report says.

According to ABC, logistics company Tasman has taken the recycler
to court, claiming it is owed AUD3.35 million, and nine other
creditors have come forward saying they collectively are owed more
than AUD1.7 million.

"It is in the public interest that insolvent companies be wound
up," Tasman's lawyer Arnie Vijayakumar told the Supreme Court on
July 24.

But the company argued a prospective AUD40 million deal, involving
two other entities, would save the company, and debts could be paid
off by the end of the week, ABC notes.

ABC relates that SKM's lawyer Michael Gronow QC told the court it
was in the public interest that the company be given the chance to
survive, because of the work it does and the social and
environmental ramifications insolvency would have.

He also told the court that if the company was wound up, its assets
would not be enough to repay debts.

"If the company is wound up today, it is likely creditors would get
zero," the report quotes Mr. Gronow as saying.  "We are hoping to
pay everyone by Friday."

The report says the promise divided creditors in court, with some
seeking to have the company wound up on July 24, while others were
happy to give SKM a fortnight to finalise the deal.

In response, Judicial Registrar Julian Hetyey agreed to adjourn the
case until August 2, essentially giving SKM a one-and-a-half-week
lifeline, ABC says.

He said the adjournment could also benefit workers, because the
company employed 300 people, and created another 300 jobs through
the supply chain, the report relates.

According to the report, SKM told a parliamentary inquiry last week
its financial woes stemmed from the fact overseas buyers of
recycled goods, mainly from China, were not accepting its product
anymore. That had led to hundreds of tonnes of recycled material
being stockpiled or put in landfill.

It told the inquiry that if it went under, 400,000 tonnes of
recyclable material collected from Victorian councils every year
would go to landfill, ABC relays.

ABC adds that Mr. Hetyey said he is concerned about the
environmental impact of a significant amount recyclable material
going to landfill.

The Victorian Government has ruled out bailing out SKM but insists
it is working behind the scenes and has several plans to deal with
Victoria's rubbish problem if SKM folds, ABC adds.

TLC PLUMBING: First Creditors' Meeting Set for Aug. 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of TLC Plumbing
& Bathrooms Pty Ltd will be held on Aug. 5, 2019, at 11:00 a.m. at
the offices of Rapsey Griffiths, Level 5, at 55-57 Hunter Street,
in Newcastle, NSW.

Mitchell Griffiths of Rapsey Griffiths Turnaround + Insolvency was
appointed as administrators of TLC Plumbing on July 26, 2019.



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

HAWTAI MOTOR: Likely to Default on CNY1.5BB Bonds
-------------------------------------------------
An Limin, Peng Yanfeng and Han Wei at Caixin Global report that
Hawtai Motor, a financially strapped private carmaker, was likely
to default on CNY1.5 billion (US$218 million) of privately offered
bonds as a deadline approaches by the end of July 26 with no
payment yet made.

Beijing-based Hawtai Motor failed to pay principal and interest on
the three-year bonds into an account managed by fund manager
Sealand Securities Co. on July 22, five days before the deadline as
promised in the bond issuance document, Caixin relates citing
Sealand.

Missing the payment to the deposit account means Hawtai technically
defaulted on the bond, a bond market source said. Actual default
will occur if the company fails to make the payment by the end of
July 26, Caixin says. The company faces additional bond payment
deadlines totaling CNY3 billion by the end of October.

Established by businessman Zhang Xiugen in 2000, Hawtai owns four
auto assembly plants with total capacity of 638,500 cars a year, as
well as two auto parts manufacturing plants. A Caixin visit to
Hawtai's major facilities in March found that its production in
Tianjin, Jiangsu and Inner Mongolian was mostly suspended. Hawtai's
access to additional funds is limited as most of its assets are
already pledged, Caixin states.

Amid rising defaults on corporate bonds, a number of companies have
made last-minute payments to bond investors, often citing issues
such as money transfer errors. Chinese bond investors refer to
delayed payments as technical defaults, the report notes.

According to Caixin, Sealand said it sent a letter to Hawtai urging
payment and requiring additional guarantee for the bonds. Hawtai
Motor and Sealand didn't comment in response to an inquiry from
Caixin's on whether and when the payment may be made.

Hawtai has more than CNY5.5 billion of bond repayment obligations
as it suffers a worsening capital crunch. The company has four
outstanding bonds, including the one due July 26, a CNY1 billion
bond due July 28 and a CNY2 billion note due Oct. 26, Caixin
discloses.

Funds raised by the bond sales were used to repay Hawtai's debts
and supplement operating capital, the company said in its bond
issuance documents.

By the end of 2018, the carmaker had CNY37.6 billion of outstanding
debts, up from CNY25.9 billion at the end of 2015, Caixin discloses
citing company financial reports.

According to its 2018 financial report, Hawtai pledged CNY10.5
billion of plants and land, plus CNY3.58 billion of financial
assets by the end of 2018. Hawtai also pledged most of its stakes
in subsidiaries, including car assembly plants and auto parts
factories, to banks for loans.

Hawtai pledged all its holdings in its Shanghai-listed arm SG
Automotive Group to the Bank of Jinzhou for loans to fund its 2018
takeover of SG Automotive, sources told Caixin. Hawtai owns 4.68%
of the Jinzhou bank, which is also under liquidity pressure.
Bloomberg reported on July 25 that the bank is in talks to
introduce strategic investors to ease the crunch.

Caixin says Hawtai is also seeking external support. Earlier this
month, Hawtai said it forged a strategic partnership with property
developer R&F Properties. R&F was to invest in Hawtai, the carmaker
said, without giving details. But no progress has been announced.


A company document dated May 20 showed that its wholly owned engine
subsidiary, Inner Mongolia Ouyide Engine Co., was set to halt
production the next day because of business difficulties, Caixin
reports. A manager at Hawtai's Beijing headquarters said most
employees have had their salary payments delayed for months.

In 2018, Hawtai reported annual sales of 102,300 vehicles to the
auto industry association. However, vehicle registration and
customs records showed that it sold only 21,300 cars that year,
including 2,950 domestically, adds Caixin.

JIANGSU NANTONG: Moody's Lowers CFR to Caa1, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has downgraded Jiangsu Nantong Sanjian
Construction Group Co., Ltd.'s corporate family rating and the
senior unsecured rating on the bond issued by Jiangsu Nantong
Sanjian International Co., Ltd. and guaranteed by JNTC to Caa1 from
B3.

The ratings outlook is negative.

RATINGS RATIONALE

"The downgrade of JNTC's ratings reflects the uncertainty over the
refinancing of its onshore and offshore debt obligations over the
next 12-18 months" says Roy Zhang, a Moody's Associate Vice
President and Analyst.

JNTC liquidity is tight. As of December 31, 2018, the company's
total cash of RMB3.3 billion, including RMB1.2 billion in
restricted cash, was insufficient to cover its short-term debt of
RMB7.6 billion. Moody's estimates that JNTC's cash to short-term
debt weakened to 27% at the end of 2018 from 67% at the end of
2017.

Moody's believes the company's refinancing plan, either onshore or
offshore, will be highly dependent on market conditions, which
remain tight. Such dependency creates uncertainty over JNTC's
ability to meet its payment obligations.

JNTC's cash flow will remain tight, due to the prolonged cash
conversion cycle, caused by intense competition and longer
settlement days with property developers in China. JNTC's
cash-conversion cycle increased to 183 days in 2018 from 165 days
in 2017. Moody's expects JNTC's operating cash outflow to total
RMB100-RMB200 million annually in 2019 and 2020.

Increased lending activities outside the scope of the construction
business over the past 12 months have also contributed to JNTC's
tight liquidity. At the end of 2018, intercompany borrowings
provided by JNTC amounted to RMB8-RMB9 billion, representing nearly
28% of its total assets.

JNTC continued to increase its banking facilities in 2018 and
issued medium-term notes onshore in 2019. It also extended an
outstanding bond puttable in the second quarter of 2019.

JNTC's ratings are also constrained by the weak financial profile
and limited disclosure of its parent, Nantong Sanjian Holdings Co.
Ltd., a private company.

In terms of environmental, social and governance considerations,
the ratings factor in (1) the company's concentrated ownership of
90.53% by Nantong Sanjian Holdings at end-June 2019; (2) JNTC's
weakened reporting and disclosure requirements, after delisting
from the National Equities Exchange and Quotations market; and (3)
the presence of large amounts of connected transactions and
intercompany borrowings.

The negative ratings outlook mainly reflects Moody's concern over
JNTC's high refinancing risk.

The prospect of upward ratings pressure in the near term is
limited, given the negative outlook on the ratings.

But, the outlook could return to stable if the company demonstrates
a significant improvement in its liquidity position or reduction in
refinancing risk.

Downgrade ratings pressure could arise if JNTC fails to meet its
payment obligations.

The principal methodology used in these ratings was Construction
Industry published in March 2017.

Jiangsu Nantong Sanjian Construction Group Co., Ltd., headquartered
in Haimen, Jiangsu Province, is a privately owned engineering
contractor in Eastern China. Revenue reached approximately RMB22.5
billion in 2018.

As of end-June 2019, the company is 90.53% owned by Nantong Sanjian
Holdings Co., Ltd., which is in turn majority owned by its founders
and 13.2% owned by Haimen City Development and Construction Co.,
Ltd., under the Haimen State-owned Assets Supervision and
Administration Commission.

JIAYUAN INT'L: Moody's Ups CFR to B3 & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has upgraded Jiayuan International Group
Limited's corporate family rating to B3 from Caa1, and the senior
unsecured rating on its USD notes to Caa1 from Caa2.

The outlook on the ratings revised to stable from review for
upgrade.

This rating action concludes Moody's review for upgrade initiated
on May 15, 2019.

RATINGS RATIONALE

"The upgrade reflects the reduced change of control risk as
Jiayuan's share prices have stabilized and the company's equity
base will improve following the approval of an asset injection by
its key shareholder," says Josephine Ho, a Moody's Vice President
and Senior Analyst.

In the 60 days to July 23, 2019, Jiayuan's share price remained
largely stable in the range of HKD3.43-HKD3.73, reducing pressure
on the key shareholder to provide additional security for his share
pledge loans.

On July 18, 2019, Jiayuan announced it had obtained shareholder
approval to acquire Huiyuan Investment Holdings Limited, which has
property projects in Anhui Province, from its largest shareholder
and chairman, Mr. Shum Tin Ching, for a consideration of RMB4.2
billion. The acquisition will be settled by an issue of shares to
Mr. Shum, raising the latter's stake in Jiayuan to 69.4% from 52.9%
upon completion of the transaction. Jiayuan's equity base will also
rise by the same amount, improving the net asset value per share.

These positive developments have somewhat reduced the risk of a
change of control potentially triggered by a reduction in Mr.
Shum's stake in Jiayuan if it fails to meet the terms of its share
pledge financing.

In addition, Jiayuan issued a 3-year $225 million senior note in
May 2019 and a 2.7-year $225 million senior note in July 2019,
reducing earlier concerns over its access to offshore funding. The
issuances have strengthened the company's liquidity position, in
turn supporting the rating upgrade.

Jiayuan's B3 corporate family rating reflects (1) the company's
track record in its core markets in Jiangsu Province; and (2) its
low-cost and quality land bank.

These strengths support the company's business growth and provide
it with pricing flexibility during down-cycles.

However, the B3 rating is constrained by Jiayuan's small operating
scale, its high geographic concentration, the execution risks
associated with its rapid growth plan, and the share pledge
financing of its key shareholder.

The company achieved 19% year-on-year growth in contracted sales to
RMB8.7 billion in the first six months of 2019, despite the large
drop in its share price in January 2019. Moody's expects the
company will achieve total contracted sales of about RMB25 billion
in 2019, which includes the sales recorded by Huiyuan.

Looking ahead, Moody's expects the company will grow its revenues
to around RMB17 billion by the end of 2020 and improve its debt
leverage -- as measured by adjusted revenue/debt -- to around 70%.

The company's liquidity is adequate. Moody's expects the company
will (1) take a cautious approach towards its land acquisitions;
and (2) generate strong contracted sales such that its cash
combined with operating cash flow will be sufficient to repay its
maturing debt over the next 18 months.

In terms of environment, social, and governance (ESG) factors,
Moody's has considered the risks posed by the company's
concentrated ownership and its shareholders' share pledge
financing.

The concentrated ownership of Jiayuan's ownership in its key
shareholder is somewhat mitigated by the presence of three
independent non-executive directors out of nine directors on its
board to protect the interests of minority shareholders. In
addition, the company's listed status means it is subject to the
Hong Kong Listing Rules and Securities and Future Ordinance.

And in terms of the share pledge financing, the company's key
shareholder has demonstrated its ability to inject assets to
improve the company's equity base, and thus manage the risk of
having to provide additional security for his share pledge
financing.

The Caa1 senior unsecured rating on the USD notes is one notch
lower than the CFR due to structural subordination risk.

This risk reflects the fact that the majority of claims are at the
operating subsidiaries. These claims have priority over Jiayuan's
senior unsecured claims in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

The stable outlook reflects Moody's expectation that (1) Mr. Shum
will not take out further share pledge loans; (2) the company's
liquidity position will remain adequate through continued access to
the onshore and offshore debt and capital markets; and (3) the
company will generate contracted sales growth over the next 12-18
months.

The rating could be upgraded if Jiayuan (1) grows its business
while maintaining adjusted revenue/debt around 70% and
EBIT/interest around 3.0x; (2) maintains adequate liquidity; and
(3) its key shareholder keeps his share pledge financing at very
low levels.

The rating could be downgraded if Jiayuan's (1) liquidity profile
weakens; (2) Mr. Shum takes out further share pledge financing; or
(3) contracted sales or revenue are weaker than expected, leading
to a deterioration in its credit metrics.

Credit metrics indicative of rating downgrade include (1) adjusted
revenue/debt falling below 40%; or (2) EBIT/interest falling below
1.5x.

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

Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu Province. The company
expanded its footprint to Shenzhen in 2016, Macau in 2017, and
Guiyang, Shanghai, Hong Kong and Cambodia in 2018. The company had
a total land bank of around 9.2 million square meters at the end of
2018. It also develops and operates commercial properties alongside
its residential property projects.

JIAYUAN INT'L: S&P Assigns 'B' ICR, Outlook Negative
----------------------------------------------------
On July 25, S&P Global Ratings assigned its 'B' long-term issuer
credit rating to China-based property developer Jiayuan
International Group Ltd. (Jiayuan).

Jiayuan International Group Ltd.'s newly assigned rating reflects
the company's small but growing operating scale with high project
and regional focus in Jiangsu province. In S&P's view, the
company's offshore borrowing repayment risk has reduced thanks to
adequate offshore cash balance, completion of an exchange offer,
and issuance of new notes. The negative outlook reflects the view
that Jiayuan's tight liquidity could worsen given its sizable
short-term debt after the consolidation of recently purchased
projects in Anhui province. It also incorporates lingering
uncertainty about its offshore refinancing and weak capital
structure.

S&P said, "The recent offshore bond issuance and debt exchange has
meaningfully helped Jiayuan address near-term offshore repayment
pressure, in our view. Jiayuan has completed the exchange of US$175
million of its US$400 million unsecured notes due October 2020
(with a put option in October 2019). Over the next 12 months, the
company has total offshore borrowing due of Chinese renminbi (RMB)
1.9 billion (offshore bank loan of about RMB400 million equivalent
plus US$225 million of bonds puttable in October 2019). We believe
this will be adequately covered by existing offshore cash of an
unrestricted balance, which we estimate to be about RMB2 billion.
In addition, the company will likely receive about RMB2
billion-RMB3 billion of sales proceeds from the two projects in
Hong Kong, which were launched this year.

"However, Jiayuan has a tight liquidity position and a weak capital
structure, in our view. The company mainly relies on short-term
funding, with a weighted average debt maturity profile of around
two years as of June 30, 2019. Following the consolidation of the
new Anhui projects, we estimate that Jiayuan has RMB7 billion-RMB8
billion of short-term debt maturing or puttable in the next 12
months compared with the company's unrestricted cash (including
Anhui projects) of about RMB6 billion as of June 30, 2019."

In addition, the company faces large offshore bond maturities in
early 2021 with a US$225 million bond puttable in March that year
and US$225 million puttable in May. The Chinese government's recent
tightening of offshore funding for Chinese developers may restrict
the company's ability to early refinance offshore maturities, in
S&P's view.

S&P said, "However, we expect Jiayuan will generate solid growth in
contracted sales with satisfactory cash collection. We forecast the
company's contracted sales will grow to about RMB24 billion-RMB32
billion in the next 12-24 months, from RMB20 billion in financial
year 2018. Although the company only generated about RMB8.7 billion
of contracted sales as of June 30, 2019, we expect the increase
will be supported by its growing sales from the Anhui asset
injection. In addition, we also anticipate the company to have
satisfactory cash collection of about 77%-80% over the next two
years.

"In our view, Jiayuan's geographic diversity and operating scale
will show slight improvement after the expansion outside Jiangsu
province (into the Greater Bay Area--encompassing Hong Kong,
Shenzhen, Macao, and Guangzhou--and Shanghai) and following the
acquisition of the Anhui assets. In June 2019, the company
announced it would acquire the Anhui projects for a total
consideration of RMB4.2 billion, fully funded by issuing new shares
to the chairman, Mr. Shum Tin Ching.

"As a result, Mr. Shum's shareholding will increase to about 70% of
total issued capital from about 52% following completion of the
issuance in 2019. We estimate the total land reserve of the
enlarged group is about 10 million square meters, which could
support the group's development over the next three years.

"Given Jiayuan's small operating scale, any delay or negative
market conditions will materially affect the cash flow and credit
metrics. We forecast Jiayuan's debt-to-EBITDA ratio will hover at
5.5x-6x over the next 12-24 months, from about 5.5x in 2018.

"We expect the company to continue to be prudent in debt-funded
land acquisitions and to spend about 20%-30% of cash collected from
contracted sales in fiscal 2019 and about 35%-45% in fiscal 2020 on
land. Nonetheless, the company could adopt a flexible approach and
slow land acquisitions if sales conditions and financing channels
are weaker than expected. Jiayuan has only spent about RMB1.9
billion on acquiring land during the first half of 2019.

"The negative outlook reflects our view that Jiayuan's liquidity
will stay tight over the next 12 months with significant short-term
maturities. Nonetheless, we believe the company's imminent offshore
repayment needs are manageable given the adequate offshore cash and
potential sales proceeds from offshore projects.

"We could lower the rating if Jiayuan's capital structure weakens
or its liquidity deteriorates. This could happen if the company's
liquidity sources are insufficient to cover its uses over the next
12 months or if its weighted average debt maturity including
puttable debt is below two years.

"We could also downgrade the company if its debt-to-EBITDA ratio is
worse than our expectation of 6.5x. This could happen if the
company's debt-funded acquisitions became more aggressive and
contracted sales are lower than we estimated.

"We could revise the outlook to stable if: (1) Jiayuan improves its
capital structure showing the weighted average debt maturities
(include puttable debt) is sustainably above two years; (2) the
ratio of liquidity sources to uses is comfortably above 1.2x; and
(3) the debt-to-EBITDA ratio consistently stays below 6.5x."

[*] CHINA: Bankruptcies Among Developers Up by 50% in 2018
----------------------------------------------------------
Pearl Liu at South China Morning Post reports that the number of
Chinese property developers going out of business as they find
themselves struggling to borrow money amid a slowing economy has
gone up by half, according to official figures.

So far this year, 274 builders have filed for bankruptcy, a rise of
50 per cent from a year ago, the Post discloses citing the website
of the People's Court Daily, a state-owned publication.

A recent, high-profile example was Yinyi Group, a developer in the
Chinese port city of Ningbo, which filed for bankruptcy
reorganisation in June after it failed to pay back CNY300 million
in debt issued three years ago, the Post says.

Although the numbers are only a tiny fraction of the estimated
100,000 developers in mainland China, concern is growing that
defaults and bankruptcies will only increase, the report notes.
China's economy expanded 6.2 per cent in the three months ending in
June, the slowest quarterly pace since records began in 1992, the
report discloses.

"Everyone, from home buyers to savvy investors, is worried about
developers' cash flow," the report quotes Yan Yuejin, a research
director with Shanghai-based property services firm E-House China
R&D Institute, as saying.

According to the Post, home builders have found it harder and
harder to access their traditional sources of credit as Beijing has
sought to clamp down on high debt levels.

In May, the China Banking and Insurance Regulatory Commission
banned direct financing to developers who have not yet secured all
the approvals necessary to start building or who have not secured
all the funding they need for a project, the Post recalls. The ban
was later expanded to include indirect financing through equity
investments and bond subscriptions.

And earlier this month the National Development and Reform
Commission said that any new offshore bonds issued by real estate
firms must be used only to replace medium- and long-term offshore
debt maturing in the next year, the Post relates.

Previously, developers could use offshore debt issuance proceeds to
refinance existing debt, both onshore and offshore, and for general
corporate purposes, the report says.

"The government is determined to reduce risks in the financial
system, and maintaining stability amid a deteriorating economy is
the key mission," the report quotes Joe Zhou, executive director of
CBRE, as saying.

He said that if highly leveraged developers were allowed to
continue borrowing money, bidding for land and selling homes, they
would soon be unable to pay their debts. That would soon leave them
unable to finish or hand over vast numbers of homes that have
already been sold, causing a public outcry.

"That is the last thing the government would like to see now,"
Mr. Zhou, as cited by the Post, said. "It is better to screen off
those struggling builders now than later. We will see more of them
being acquired or going bankrupt."

According to the Post, Mr. Yan said that credit control policies in
the sector have been tightened 15 times this year alone.

He believes more are to come, leaving China's builders little room
to obtain fresh loans in the second half of the year to refinance
the debt they borrowed earlier, the report relays.

More than 500 domestic bonds worth a total of CNY530 billion raised
by Chinese home builders will mature this year, up 30 per cent from
2018, the Post discloses citing financial data provider Wind
Information.

Adding in offshore debt, developers will need to refinance nearly
US$30 billion in the rest of the year, according to Hong Kong-based
credit research firm Bondcritic, adds the Post.



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

AKHIL SHIP: Ind-Ra Migrates B LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Akhil Ship
Breakers Pvt Ltd.'s (ASBPL) 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 action is:

-- INR300 mil. Non-fund-based limits migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) / IND A4 (ISSUER

     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 2, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

ASBPL, incorporated in 1999, is engaged in shipbreaking and is
managed by Mr. Anil Jain and Mr. Manish Jain.


CHINTAPALLY SAI: CRISIL Lowers Rating on INR7cr LT Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Chintapally Sai Baba Energy Private Limited (CSEPL) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'. The downgrade follows delays in debt servicing
because of weak liquidity.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          7         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

CRISIL has been consistently following up with CSEPL for obtaining
information through letters and emails dated January 23, 2019,
April 13, 2019, and July 9, 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 has
not received any information on either the financial performance or
strategic intent of CSEPL. This restricts CRISIL's ability to take
a forward-looking view on the entity's credit quality.

CRISIL has downgraded its rating on the long-term bank facility of
CSEPL to 'CRISIL D Issuer Not Cooperating' from 'CRISIL BB+/Stable
Issuer Not Cooperating'. The downgrade follows delays in debt
servicing because of weak liquidity.

Incorporated in August 2013 and promoted by Mr Sanjeev Kumar, Ms
Indu Mouli, Vainavi Energy Ventures Pvt Ltd, and Mr Panati Radha
Krishna Reddy, CSEPL has set up a 2-megawatt power plant in
Nalgonda, Telangana.

CLASSIC COIR: CRISIL Hikes Rating on INR5cr Loan to B+
------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Classic Coir Factory (CCF) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' while reaffirming the rating on the short term facilities
at 'CRISIL A4'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Export Packing
   Credit                  1.8        CRISIL A4 (Reaffirmed)

   Foreign Bill Purchase   5.0        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Packing Credit          5.00       CRISIL A4 (Reaffirmed)

   Proposed Working        2.2        CRISIL B+/Stable (Upgraded
   Capital Facility                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in the financial risk
profile of CCF marked by gearing and TOL/TNW of around 1.5 times
and 1.7 times respectively. Net Borrowings is expected to decrease
owing to repayments made in the next fiscal. Also the business risk
profile is supported by steady operating income and healthy
margin.

The ratings continue to reflect modest scale of operations and
Large Working capital requirement. These rating weaknesses are
mitigated by extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The scale of operations is modest
marked by operating income of INR28.8 crore. The same is due to
intense competition in the coir industry. Low entry barrier to the
industry and susceptible to risks related to intense competition
has led to modest scale of operations.

* Large Working capital requirement: Working capital requirement is
large marked by GCA days of 162 days. The same is due to high
inventory days marked by raw material price impacting inventory
stock up.

Strengths:

* Promoters' extensive experience: The promoters of the firm have
more than two decades of experience in the coir mat industry which
will help the firm to grow over the medium term.

Liquidity

Average bank limit utilization for the last 12 months ended on
March 2019 is around 99%. The same is due to intense working
capital requirement. Net cash accrual of INR2.35 crore is
sufficient against no major repayment obligations. Current ratio is
moderate at 1.4 times.

Outlook: Stable

The outlook may be revised to 'Positive' if ramp-up in scale of
operations, efficient working capital management, better cash
accrual, or fund infusions by promoters, strengthens the key credit
metrics. The outlook may be revised to 'Negative' if significant
pressure on working capital management, due to a stretch in
receivables, or lower-than-expected support from suppliers and
promoters, further weakens liquidity.

CCF is a kerala based sole proprietorship firm established in
September 1995 and it is one of the largest manufacturers and
exporters of coir door mats, rubber mats, Jute rugs etc. It has its
manufacturing unit located in Alleppey, Kerala.

GSR VENTURES: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed GSR Ventures
Private Limited's (GSR) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. (increased from INR20 mil.) Fund-based working
     capital limits affirmed with IND BB/Stable/IND A4+ rating;
     and

-- INR450 mil. (increased from INR350 mil.) Non-fund-based
     working capital limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects GSR's continued small scale of operations,
as indicated by revenue of INR334.0 million in FY19 (FY18: INR463.8
million). Revenue decreased on account of slower execution of work
orders due to land acquisition woes in irrigation projects. The
management expects the revenue to increase over the medium term, as
the company had an outstanding order book of INR58.94 billion at
end-March 2019 (17.6x of FY19 revenue), to be executed by March
2022. FY19 financials are provisional in nature.

The ratings take into consideration GSR's modest EBITDA margin.
Despite the decline in revenue, GSR's margin remained flat at 3.3%
in FY19 (FY18: 3.3%) owing to the reduction in labor cost. The
return on capital employed was 3.4% in FY19 (FY18: 6.7%).

The ratings also factor in GSR's moderate credit metrics. Interest
coverage (operating EBITDA/gross interest expense) deteriorated to
4.1x in FY19 (FY18: 7.1x) due to an increase in interest expense.
Net leverage (total adjusted net debt/operating EBITDA) improved to
2.5x in FY19 (FY18: 4.0x) due to lower use of its fund-based
working capital facilities at INR3.8 million (FY18: INR19.3
million) coupled with repayment of unsecured loans at INR59.4
million (INR70.8 million). Ind-Ra expects GSR's credit metrics to
deteriorate in FY20 as it is likely to increase the use of its
fund-based working capital facilities to execute its outstanding
order book of INR58.94 billion.

The ratings, however, are supported by GSR's comfortable liquidity
position, as reflected by around 50% average utilization of its
fund-based facility during the 12 months ended June 2019. The
company's cash flow from operations turned positive at INR42.7
million at FYE19 (FY18: negative INR51.8 million; FY17: negative
INR23.6 million) on account of changes in its working capital. The
company had an unutilized cash credit limit of INR36.2 million and
a cash balance of INR31.5 million at FYE19 (FYE18: INR28.3
million).

The ratings are further supported by GSR's promoters' over four
decades of experience in civil construction.

RATING SENSITIVITIES

Negative: A decline in the revenue and/or the profitability
resulting in deterioration in the credit metrics on a sustained
basis will lead to negative rating action.

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

COMPANY PROFILE

Hyderabad-based GSR was set up as a partnership firm in 1971 by Mr.
G. Sivakumar Reddy and his family members and was reconstituted as
a private limited company in 2008. The company executes projects
across various fields, such as water supply schemes, engineering,
procurement, and construction and undertakes civil construction,
mainly canal earthwork excavation and construction of bridges for
government, semi-government, private and co-operative sectors in
Assam, Andhra Pradesh and Telangana state as a Class I unlimited
contractor.

HE-MAN AUTO: CRISIL Lowers Ratings on INR10cr Loans to B
--------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of He-Man
Auto RoboPark Private Limited (HARPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.5        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term     1.08       CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan              1.42       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects the improvement in the business and financial
risk profile. The company has reported topline of INR11.7 crores in
fiscal 2019 as against INR6.6 crores in fiscal 2018, driven by
steady order flow from the customers. Further, the financial risk
profile has improved in fiscal 2019, marked by interest coverage
and net cash accruals to total debt of 3.09 times and 24 percent
respectively in fiscal 2019, also the capital structure is expected
to gradually improve in the medium term.  .

The rating also reflects HARPL's modest scale of operations. The
rating weakness is partially offset by the extensive experience of
its promoters in the engineering industry.

Key Rating Drivers & Detailed Description

Weakness
* Modest scale of operations: HARPL has a modest scale of
operations as indicated by INR6.6 crores in revenue in fiscal 2018.
However, the revenue is expected to be modest in the medium term as
well.

Strength
* Extensive experience of promoters: HARPL benefits from its
promoters' extensive experience of over two decades in the
engineering industry. Over the years, the management has developed
technical expertise in the automated multi-level car parking domain
and has received a patent for its automated parking product.

Liquidity
The company has an adequate liquidity profile. The firm has highly
utilized the bank limits at around 93% in the last 12 months ending
September 2018. The net cash accruals (NCA) was sufficient against
the repayment obligations. Further, HARPL is expected to generate
sufficient NCA to meet the term debt obligations in the medium
term. The need based funding support from promoter's supports the
liquidity profile in the medium term. The current ratio stood at
around 0.69 times in 2019.

Outlook: Stable

CRISIL believes HARPL will continue to benefit over the medium term
from the extensive experience of promoters. The outlook may be
revised to 'Positive' if HARPL reports better-than-expected topline
and margins, backed by timely ramp-up in operations, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of low cash accrual or
larger-than-expected working capital requirements or if debt-funded
capital expenditure weakens the financial risk profile.

Incorporated in 2012, HARPL is engaged in providing automated
multi-level car parking. The company is promoted by Mr and Mrs Jose
and is based in Kerala.

HIMACHAL COLD: CRISIL Migrates B- Rating From Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL had migrated its rating on
the long-term bank facilities of Himachal Cold Storage Solutions
(HCSS) to 'CRISIL B-/Stable Issuer Not Cooperating'. However, the
firm has subsequently begun sharing information necessary for a
comprehensive rating review. CRISIL is, therefore, migrating its
rating from 'CRISIL B-/Stable Issuer Not Cooperating' to 'CRISIL
B-/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             2.5       CRISIL B-/Stable (Migrated
                                     from 'CRISIL B-/Stable
                                     ISSUER NOT COOPERATING')

   Term Loan               2.7       CRISIL B-/Stable (Migrated
                                     from 'CRISIL B-/Stable
                                     ISSUER NOT COOPERATING')

   Working Capital          .2       CRISIL B-/Stable (Migrated
   Facility                          from 'CRISIL B-/Stable
                                     ISSUER NOT COOPERATING')

The rating reflects HCSS' below-average financial risk profile and
vulnerability to delays in payment by farmers. These weaknesses are
partially offset by the extensive experience of its promoters in
the cold storage and potato trading businesses.

Key Rating Drivers & Detailed Description

Weakness:

* Vulnerability to delays in payment by farmers: As part of the
Bihar government's initiative to support agriculture, banks extend
financial assistance to farmers for storing produce in private cold
storages against pledge of cold storage receipts. Cold storages
obtain loans from banks on behalf of farmers and traders. However,
the primary responsibility to repay the loan is of the cold
storages. During adverse market conditions and decline in potato
prices, farmers do not find it profitable to pay rental and
interest charges along with the loan principal and hence, do not
retrieve potatoes from cold storages. This affects the
profitability of cold storage owners.

* Weak financial risk profile: Networth was small and gearing high
at INR1.74 crore and 2.5 times, respectively, as on March 31, 2019.
Muted accretion to reserves will keep networth subdued, though
gearing may improve with gradual term debt repayment.

Strengths:
* Extensive experience of promoters: Presence of close to four
decades in the cold storage and potato trading businesses has
resulted in healthy relationship with traders and farmers.

Liquidity

Cash accrual of around INR65 lakh was sufficient to meet debt
obligation of around INR40 lakh in FY19. Bank limit remains highly
utilised during peak season (March-April). Current ratio remained
moderate at 1.2 times as on March 31, 2019.

Outlook: Stable

CRISIL believes HCSS will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if higher-than-expected cash accrual along with improved
working capital management lead to a better financial risk profile.
The outlook may be revised to 'Negative' in case of pressure on
liquidity on account of delay in repayment by farmers, considerably
low cash accrual, or significant debt-funded capital expenditure.

Set up in 2016 as a partnership firm by Mr Anupam Kumar, Mr Subodh
Kumar, and Ms Swati Baranwal, HCSS provides cold storage facilities
to farmers in Samastipur, Bihar. The two-chamber storage has total
capacity of 8,500 tonne and began operations from March 2017.

J AND J ASSOCIATES: CRISIL Reaffirms B Rating on INR0.25cr Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of J And J Associates (JANJAJ).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5          CRISIL A4 (Reaffirmed)

   Overdraft              4.75       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      .25       CRISIL B/Stable (Reaffirmed)

The ratings reflect JANJAJ's weak financial risk profile, marked by
weak capital structure and modest debt protection metrics, modest
scale of operations, and susceptibility to risks related to intense
competition in the civil construction industry. This rating
weakness is partially offset by the benefits that firm derive from
extensive experience of its promoters in civil construction
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: JANJAJ has high gearing and modest
networth with modest debt protection metrics reflected in its
interest coverage and net cash accruals to total debt (NCATD) of
1.5 times and 0.02 times respectively for fiscal 2018.

* Modest scale of operations and exposure to intense competition in
civil construction industry: JANJAJ's scale of operation has been
modest reflected in its revenue of INR6.16 cr during 2017-18.
Fragmented industry with tender based nature of business and
geographical concentration has restricted JANJAJ's scale of
operation. Civil construction business is characterized by intense
competition because of presence of a large number of players.

Strengths

* Promoter's extensive experience in civil construction industry
and established customer relationship: Mr. Viju V K has been in the
civil construction business over past 9 years through his
proprietorship firm JANJAJ.  Over the years, Mr. V.K has
successfully implemented several civil construction contracts for
roads, bridges, building etc in Kerala. CRISIL believes that JANJAJ
will continue to benefit from the promoter's extensive industry
experience and established customer as well as supplier
relationship.

Liquidity

JANJAJ liquidity is marked by the cushion in between the accruals
and debt obligations and moderate reliance on bank lines. The firm
is expected to generate accruals of around Rs.0.2-0.3 Cr over
medium term against maturing debt obligations of Rs.0.16 Cr per
annum.The bank lines have been utilized at an average of 81% for
last 12 months ended March 2019.

Outlook: Stable

CRISIL believes that JANJAJ will continue to benefit from the
extensive experience of the promoters in the civil construction
sector, over the medium term. The outlook may be revised to
'Positive' if the company diversifies and sustainably improves its
scale of operations and profitability, or in case of capital
infusion thereby enhancing its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if JANJAJ's financial risk
profile weakens, due to reduced revenues and margins, or if the
company undertakes a large debt-funded capital expenditure (capex)
programme, or in case of delays in the receipt of bills from its
principal contractors.

Set up in 2009, by Mr. Viju V K as a proprietorship firm, J and J
associates (JANJAJ) is engaged in civil construction works in
Kerala. The company undertakes civil construction works related to
construction of roads, buildings etc for PWD Kerala. The company is
based out of Eranakulam district in Kerala. The company undertakes
works manly for Public Works Department Kerala.

K G N MOTORS: CRISIL Lowers Ratings on INR15cr Loans to D
---------------------------------------------------------
CRISIL has downgraded the rating on K G N Motors Private Limited
(KMPL)'s bank facilities to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable' as there have been delays in principal repayment
on term loan and continues overutilization of cash credit limit.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             10         CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL B/Stable')

   Rupee Term Loan          5         CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL B/Stable')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent KMPL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of the
entity. CRISIL believes that the information available for KMPL 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 and banker feedback, CRISIL
has downgraded the rating to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable' as there have been delays in principal repayment
on term loan and continues overutilization of cash credit limit.

KMPL was incorporated in 2007, promoted by Mr. Mubin Riaz Inamdar.
The company is an authorised dealer of ALL for sales and service of
its entire range of commercial vehicles. The company currently has
three 3S (sales, service, and spares) showrooms in Pune.

MAHESHWARI FABTEX: CRISIL Reaffirms B+ Ratings on INR10cr Loans
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term facilities of Maheshwari Fabtex Private Limited (MFPL).

                    Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           8         CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        1.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's small scale of
operations in the highly competitive textile trading industry and
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Despite improvement, scale of
operation remains modest because of intense competitive pressure:
operating income is estimated at INR61 crore in fiscal 2019.
Furthermore, competition from cheaper imports, limited value
addition, and product differentiation constrains the bargaining
power of traders. Operating margin (3.3% in fiscal 2019) has,
therefore, remained thin.

* Below-average financial risk profile: Financial risk profile is
weak. Networth remained modest at an estimated INR3.47 crore as on
March 31, 2019. Total outside liabilities to adjusted networth
ratio was high at 4.63 times (provisional) but likely to improve
over the medium term, backed by the absence of any capital
expenditure and gradual repayment of loans. Debt protection metrics
were average, with interest coverage and net cash accrual to total
debt ratios estimated at 1.6 times and 0.08 time, respectively, in
fiscal 2019.

Strengths
* Extensive experience of the promoters: Benefits from the
promoters' experience of two decades and their healthy
relationships with suppliers and customers should continue to
support the business. Clients include players such as Raymond Ltd,
Bombay Dyeing, S Kumar, and Grasim Industries. The company has also
started weaving grey fabric on job work basis for Bombay Dyeing.

* Prudent working capital management: Working capital management is
prudent, with gross current assets estimated at 103 days as on
March 31, 2019, driven by receivables and inventory of 53 and 50
days, respectively.

Liquidity
MFPL has weak liquidity as reflected in small cash accrual against
small debt obligation, high bank limit utilization, moderate
current ratio and low unencumbered cash and bank balance. The
company generated cash accrual of around INR0.78 crore in fiscal
2019 against debt obligation of INR0.03 crore'is likely to be at
INR0.77-0.84 crore per annum over medium term against yearly debt
obligation of INR0.05 crore. Bank limit utilisation averaged a high
99% in the 12 months through May 2019. Current ratio is estimated
at 1.18 times as on March 31, 2019, and should be around 1.2 times
over the medium term. Unencumbered cash and bank balance, on
provisional basis, remained modest at 0.03 crore as on March 31,
2019.

Outlook: Stable

CRISIL believes MFPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in revenue and stable profitability, and
efficient working capital management or improved capital structure
strengthen key credit metrics. The outlook may be revised to
'Negative' if large working capital requirement or low cash accrual
weakens liquidity.

Incorporated in 2002, MFPL primarily trades in grey and shirting
fabric. In 2009, it started undertaking job work (for weaving grey
fabric from yarn) for local dealers and traders. The manufacturing
unit is in Bhiwandi, while the head office is in Mumbai. The
promoters also operate two other entities: Khator Fibre and Fabrics
Ltd and Goyal Creations Pvt Ltd. Operations are managed by Ms Bina
Devi Khator and her nephew, Mr Praful Khator.

MANMAN MANUFACTURING: Ind-Ra Gives B+ Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Manman
Manufacturing Company Private Limited (Manman) a Long-Term Issuer
Rating of 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based limits assigned with IND B+/Stable
     rating;

-- INR2 mil. Non-fund based limits assigned with IND A4 rating;
     and

-- INR20.88 mil. Term loan due on August 2022 assigned with IND
     B+/ Stable rating.

KEY RATING DRIVERS

The ratings reflect Manman's small scale of operations. Its revenue
grew to INR116.64 million (FY18: INR100.86 million) owing to 15.64%
YoY increase in exports. Exports from SAARC countries like
Bangladesh, Bhutan, Nepal, etc. increased to 5%-6% in FY19 (FY18:
2%-3%). The company's outstanding order book, likely to be executed
over FY20, was worth INR21.59 million as of April 2019. FY19
financials are provisional nature.

The ratings are constrained by the company's tight liquidity
position, as indicated by average 98.79% utilization of fund-based
working capital limit for the 12 months ended May 2019. The company
has a stretched working capital cycle as it executes government
orders where the realization period and inventory holding period is
very high (FYE19: 182 days; FYE18: 183 days). The working capital
cycle, however, contracted to 264 days at FYE19 (FYE18: 311) as its
collection period fell to 166 days (206 days). Its cash flow from
operations turned positive to INR0.37 million at FYE19 (FYE18:
negative INR15.41 million) due to favorable changes in the working
capital.

The ratings also factor in the company's average EBITDA margins.
The margin expanded to 15.06% in FY19 (FY18: 11.10%) owing to
deterioration in personnel and other expenses. The return on
capital employed stood at 14.61% in FY19.

The ratings, however, are supported by the company's comfortable
credit metrics. The interest coverage (operating EBITDA/gross
interest expense) improved to 2.51x in FY19 (FY18: 1.75x) due to an
increase in absolute EBITDA to INR17.57 million (FY18: INR11.20
million). Meanwhile, the net leverage (total adjusted net
debt/operating EBITDAR) improved to 3.22x (FY18: 4.80x) owing to
the same reason.

The ratings are also supported by the promoter's experience of over
four decades in the manufacturing of scientific and medical
equipment.

RATING SENSITIVITIES

Negative: A decline in EBITDA margin leading to deterioration in
credit metrics could lead to negative rating action.

Positive: Growth in revenue, along with improvement in credit
metrics, on a sustained basis could lead to positive rating
action.

COMPANY PROFILE

Incorporated in 2000, Manman designs manufactures and supplies
various scientific and medical equipment, such as surgical bone
saws, drills, trephines, and burrs, after careful interaction with
surgical professionals.

MONAD EDUKASIONAL: Ind-Ra Maintains 'BB' Ratings in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Monad
Edukasional Society's bank facilities in the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the ratings. The ratings will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR74.43 mil. Term loans maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR110 mil. Fund-based working capital facility maintained in
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 27, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Monad Edukasional Society, established in April 2007, offers
diploma, post-graduation, graduation, Ph.D. and other courses over
a wide range of subjects.

NIRUPAMA COLD: CRISIL Hikes Rating on INR9.05cr Loans to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Nirupama Cold Storage Private Limited (NCSPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.47       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility     2.27       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Working Capital
   Facility               1.31       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in financial risk profile,
especially liquidity. Term loan repayment has resulted in a better
gearing, while steady accretion to reserves led to an increase in
networth. With no debt-funded capital expenditure (capex) over the
medium term, financial risk profile, including liquidity, is
expected to sustain. The upgrade also factors in sustenance of the
company's business risk profile, driven by optimal utilisation of
cold storage space. Upward revision in rentals should help improve
revenue over the medium term.

The rating reflects NCSPL's susceptibility to regulatory changes
and intense competition in the West Bengal cold storage business,
vulnerability to delays in payment by farmers because of adverse
market conditions, and modest networth. These weaknesses are
partially offset by promoters' extensive experience.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptible to regulatory changes and intense competition: The
potato cold storage industry in West Bengal is regulated by the
West Bengal Cold Storage Association. Storage rent as well as
marketing, drying, and insurance charges are fixed by the
association. Fixed rentals limit the company's ability to generate
profits based on strengths and geographical advantages.
Furthermore, the cold storage segment is fragmented. Hence, players
have limited bargaining power and offer discounts to ensure healthy
utilisation of storage capacities.

* Vulnerability to delays in payment by farmers because of adverse
market conditions: NCSPL provides loans to farmers against the
stored products. In the event of adverse market trends, farmers do
not find it profitable to pay rental and interest charges along
with loan obligation and hence, do not retrieve potatoes from cold
storages.

* Modest networth: Though the networth of the company has increased
due to steady accretion to reserves, the networth has remained
modest at around INR2.50 crore as on March 31, 2019. The networth
is expected to further increase with steady accretion to reserves.

Strengths:

* Promoters' extensive experience: Presence of more than two
decades in the cold storage segment has enabled the promoters to
establish longstanding association with farmers and traders. This
has ensured healthy utilisation of storage capacity.

Liquidity

Cash accrual of around INR60 lakh is expected to be sufficient to
meet debt obligation of around INR30 lakh in FY19. Working capital
limit remained highly utilised during year-end. Current ratio was
around 1.5 times as on March 31, 2019.

Outlook: Stable

CRISIL believes NCSPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of increase in cash accrual along with improved
working capital management, while capital structure remains stable.
The outlook may be revised to 'Negative' if pressure on liquidity
on account of delays in repayment by farmers, considerably low cash
accrual, or significant debt-funded capex affects financial risk
profile, particularly liquidity.

Incorporated in 1997 and promoted by Mr Bidyut Kumar Mal, Mr Ranjan
Kumar Mal, Mr Joydeb Mal, Mr Shyama, Mr Baran Chattaraj, and Mr
Sunil Kumar Mal, NCSPL provides cold storage facility to potato
farmers and traders in Bankura, West Bengal. The company has an
installed capacity of 2,15,000 quintal per annum.

PANCHAM JEWELLERS: CRISIL Lowers Ratings on INR25cr Loans to D
--------------------------------------------------------------
CRISIL has downgraded its rating on Pancham Jewellers Private
Limited (PJPL)'s bank facilities to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating' as
there are on-going delays in the servicing of debt obligation, i.e.
delays in interest servicing on working capital limits availed by
the company.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          24        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL BB/Stable ISSUER NOT
                                  COOPERATING')

   Standby Line          1        CRISIL D (ISSUER NOT
   of Credit                      COOPERATING; Downgraded from
                                  'CRISIL BB/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with PJPL for obtaining
information through letters and emails dated July 31, 2018,
September 3, 2018 and September 10, 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 has
not obtained any information on either the financial performance or
strategic intent of PJPL. This restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available for the company is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with 'CRISIL BB' rating category or lower.'

Based on the best available information, CRISIL has downgraded its
rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL BB/Stable
Issuer Not Cooperating' as there are on-going delays in the
servicing of debt obligation, i.e. delays in interest servicing on
working capital limits availed by the company.

PJPL is a manufacturer and wholesale dealer of gold-,
precious-stone- and diamond-studded jewellery. The company was
established in 2005 and is promoted by Mr. RK Aggarwal and his
family. PJPL has its showroom in Rajpura (Punjab). The wholesale
business contributes to around 95 per cent of its revenue.

QUALITY FLAVOURS: CRISIL Moves B+ Rating From Non-Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with the Securities
and Exchange Board of India guidelines, had migrated its rating on
the long-term bank facilities of Quality Flavours Exports (QFE) to
'CRISIL B/Stable Issuer Not Cooperating'. However, the firm has
subsequently started sharing requisite information necessary for
carrying out a comprehensive review of the rating. Consequently,
CRISIL is migrating its rating to 'CRISIL B+/Stable' from 'CRISIL
B/Stable Issuer Not Cooperating'.

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

   Foreign Bill            3        CRISIL B+/Stable (Migrated
   Purchase                         from 'CRISIL B/Stable  
                                    ISSUER NOT COOPERATING')

The rating continues to reflect QFE's highly volatile operating
margin because of exposure to fluctuations in foreign exchange
(forex) rates (as menthe oil is traded on commodity exchanges), and
susceptibility to intense competition. These weaknesses are
partially offset by promoters' extensive experience and comfortable
financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: With turnover of INR13-25 crore over
the five fiscals through 2019, scale remains small. Also, revenue
is expected to remain volatile because of change in demand in the
domestic and international markets. Moreover, the menthol industry
in India is highly fragmented due to low entry barrier and easy
availability of raw material. Being a small player, QFE has low
pricing power against suppliers and customers, which is reflected
in volatile scale and profitability.

* Susceptibility of operating margin to fluctuations in raw
material and forex rates: Prices of mentha oil (key raw material)
are highly volatile, despite robust production. This is because the
mentha industry is small, and the commodity is traded on the
commodity exchanges, thus leaving it open to speculation and
consequently, high volatility. Intense competition and high pricing
power of consolidated customers further limit players' ability to
pass on price fluctuations to them. Furthermore, the firm maintains
a large inventory which, along with volatility in forex rates,
exposes operating margin to price fluctuations: margin has remained
in the 3-7% range in the five fiscals through 2019.

* Working capital-intensive operations: Gross current assets have
been in the 223-438 days' range over the four fiscals through 2019
because of large inventory. This is because production time for
menthol is long (20-40 days). Also, mentha oil is an agricultural
product that is mainly available during June-September. The firm
procures half of total menthe requirement during this period,
leading to greater dependence on bank limit. Also, QFE has to
extend credit of 30-60 days to customers, against which it gets no
credit from suppliers (farmers and dealers).

Strengths:

* Partners' extensive experience: Presence of over three decades in
the menthol industry has enabled the promoters to increase product
portfolio (menthol crystals, peppermint oil, distilled menthe oil,
menthol flacks, menthol rice, and menthol powder) and manufacturing
capacity to around 900 tonne per annum. Promoters have also
developed sound understanding of market dynamics and established
relationship with customers and suppliers.

* Comfortable financial risk profile: Gearing was healthy at around
1 time and return on capital employed strong at around 12 times, as
on March 31, 2019. Debt protection metrics were robust, with
interest coverage and net cash accrual to adjusted debt ratios of
2.09 times and 9%, respectively, in fiscal 2019. However, networth
was small at INR6.2 crore as on March 31, 2019.

Liquidity

Liquidity is adequate. Cash accrual of INR0.5-0.6 crore will be
sufficient to meet debt obligation of INR0.06-0.3 crore in fiscals
2020-21. Cash credit limit of INR4.5 crore from Canara Bank was
utilised at 95% during the 12 months ended March 2019. Limit is
likely to be enhanced by INR1 crore (request pending with the
bank). Unsecured loan of around INR5.25 crore from promoters (as on
March 31, 2019) also supports liquidity. The loan is expected to
remain in business over the medium term.

Outlook: Stable

CRISIL believes QFE will continue to benefit from its promoters'
extensive experience and funding support. The outlook may be
revised to 'Positive' if a significant and sustained improvement in
scale and profitability leads to better-than-expected cash accrual,
while efficiently managing working capital requirement. The outlook
may be revised to 'Negative' if liquidity weakens due to
lower-than-expected cash accrual, significant increase in working
capital requirement, or unanticipated capital withdrawal or funding
support by promoters.

Established in 1999 in Moradabad (Uttar Pradesh) as a partnership
firm by Mr Rishik Gupta and family, QFE manufactures mint products.

SANTOSH KUMAR: CRISIL Lowers Rating on INR5cr Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Santosh Kumar Rajesh Kumar (SKRK) to 'CRISIL D' from 'CRISIL
B+/Stable'.

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

The downgrade reflects weak liquidity evident by continuous
overdrawal in the cash credit limit'for past couple of months. The
overdrawal in the limit as of June 2019 is yet to be regularised.

SKRK's scale of operations remains modest, and its financial risk
profile weak. These weaknesses are partially offset by the
extensive experience of the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Over-utilisation of cash credit limit: Cash credit limit remains
over-utilised'for more than 30 days'on account of weak liquidity.
The limit is yet to be regularised as of June 2019.

* Modest scale of operations and intense competitive pressure:
Intense competition may continue to restrict the scale of
operations, pricing power and profitability; revenue was INR22.86
crore in fiscal 2018.

* Below-average financial risk profile: Networth is modest and
outside liabilities to tangible networth (TOL/TNW) was high at 2.65
times. Interest coverage and net cash accruals to adjusted debt
ratios were weak at 1.40 times and 0.03 time, respectively, in
fiscal 2018.

Strength

* Experience of the proprietor: Benefits derived from the
proprietor's experience of about 40 years in trading in edible
oils, his strong understanding of market dynamics, and healthy
relations with customers and suppliers should continue to support
the business.

Liquidity

Liquidity is weak, reflected in continuous overdrawal'for more than
30 days'of cash credit limit. The limit is yet to be regularised as
of June 2019.

SKRK was set up in 1978 by the proprietor, Mr Santosh Agarwal. The
Lucknow-based firm trades in edible oil.

STEELEX PRECISIONS: CRISIL Migrates B+ Rating From Non-Cooperating
------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated its rating on the
long-term bank facilities of Steelex Precisions Private Limited
(SPPL) to 'CRISIL BB-/Stable Issuer Not Cooperating'. However, the
management has now shared the requisite information for a
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             15        CRISIL B+/Stable (Migrated
                                     from 'CRISIL BB-/Stable
                                     ISSUER NOT COOPERATING')

   Term Loan               12.5      CRISIL B+/Stable (Migrated
                                     from 'CRISIL BB-/Stable
                                     ISSUER NOT COOPERATING')

The rating reflects modest scale of operations amid intense
competition, below-average financial risk profile and large working
capital requirement. These weaknesses are partially offset by the
extensive experience of the promoters.

Analytical Approach

Out of the total unsecured loans of INR6.11 crore as on March 31,
2019 extended to SPPL by the promoters and their family, INR2.42
crore is treated as neither debt nor equity and remaining as debt
(on account of repayment of the same).

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations is modest, with
revenue of INR87.49 crore in fiscal 2019.  Modest scale limits
bargaining power with customers and suppliers, thus restricting
economies of scale. On account of low entry barriers, the steel
industry has a large number of unorganised and organised players,
which restricts scale of operations and profitability. Revenues
have declined in last four fiscals to INR87.49 crores in fiscal
2019 from INR131.54 crore in fiscal 2016.

* Average financial risk profile: Networth was small at INR10.6
crore and total outside liabilities to adjusted networth (TOLANW)
high at 2.77 times, as on March 31, 2019. Interest coverage and net
cash accrual to total debt ratios were weak, at 1.3 times and 0.06
time, respectively, in fiscal 2019. This is on account of debt
funded capex incurred in past two fiscals and large working capital
requirements.

* Large working capital requirements: Operations are working
capital intensive with gross current assets of 137 days as on March
31, 2019, driven, by debtors and inventory of 78 and 49 days,
respectively. Debtors remain high due to extended credit offered to
a few customers and inventory is high on account of increase in
job-work activity. This leads to high utilisation of bank lines
with average of above 90%.

Strength

* Extensive experience of the promoters: The promoters have been
trading in steel products since 1990s. Over the years, the
promoters have demonstrated a track record of running the business
successfully while weathering adverse business cycles. Financial
support is also expected from the promoters whenever necessary, as
in the past.

Liquidity

Liquidity is under pressure. Net cash accrual'expected at INR2
crore each in fiscals 2020 and 2021'should be tightly matched
against yearly maturing debt of INR2.45 crore. Utilisation of
fund-based bank limit of INR15 crore averaged 90% in the 12 months
through March 2019. Unencumbered cash and bank balance was low at
INR0.61 crore as on March 31, 2019.

Outlook: Stable

CRISIL believes SPPL will continue to benefit from its promoters'
extensive experience and their funding support. The outlook may be
revised to 'Positive' if significant improvement in revenue,
profitability, and cash accrual, or large capital infusion improves
financial risk profile. The outlook may be revised to 'Negative' if
stretch in working capital cycle or lower-than-expected cash
accrual weakens financial risk profile, especially liquidity.

Incorporated in 2011 and based in Mumbai, SSPL cuts, slits,
de-coils, and profiles stainless steel and mild steel. Mr Abdul
Qadir Chaudhary, Mr Abdul Basit Chaudhary, Mr Atif Chaudhary, and
Mr Abdul Majid Chaudhary are the promoters.

TRAVANCORE EARTH: CRISIL Lowers Rating on INR4.35cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Travancore Earth Moving Company (TEMC) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.65       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            4          CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Fund-
   Based Bank Limits      4.35       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflect delays in the repayment of bank loan
by TEMC. The delays have been on account of stretch in working
capital.

The ratings also reflect modest scale of operations in the
intensely competitive industry. However firm benefits from the
extensive experience of promoters in the civil construction
industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: TEMCs scale of operation has been
modest as reflected in the estimated turnover of INR2.9 cr for
fiscal 2019.  The industry is highly fragmented with several small
and medium players.

Strength

* Promoter's extensive experience in civil industry: The promoters
have been in the civil works industry for over 10 years and have
developed deep understanding of the dynamics of the local market.
The extensive experience of promoter will help firm in bringing
significant business linkage over and above the financial support.

Liquidity

Liquidity profile is weak on account of overutilization of bank
limits. Same was on account of stretched working capital
management.

TEMC was established in 2008 and is promoted Mr. Joseph. The firm
is engaged in road construction and civil works through contract by
PWD in the state of Kerala.

VADALIA FOODS: Ind-Ra Lowers Issuer Rating to 'B-', Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vadalia Foods'
Long-Term Issuer Rating to 'IND B-' from 'IND B (ISSUER NOT
COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are given below:

-- INR50 mil. (reduced from INR70 mil.) Fund-based working
     capital limits Long term rating downgraded; Short-term rating

     affirmed with IND B-/Stable/IND A4 rating; and

-- INR127.06 mil. (reduced from INR171 mil.) Term loan due on
     September 2021 to May 2023 downgraded with IND B-/Stable
     rating.

KEY RATING DRIVERS

The downgrade reflects continuing deterioration in Vadalia Foods'
revenue in FY19, leading to EBITDA losses and the consequent
deterioration in its credit metrics. As per FY19 provisional
financials, the firm's revenue declined to INR389 million (FY18:
INR524 million, FY17: INR650 million) attributed to declining
capacity utilization of major products (FY19: 47.8%; FY18: 59.2%;
FY17: 97.9%) on account of lower off-take from the customers. It
reported EBITDA losses of INR3 million in FY19 (FY18: INR24
million) due to intense competition in the industry and volatility
in prices of raw materials (agricultural commodities), leading to
further worsening of the credit metrics (FY18 interest coverage:
1.3x, FY17: 1.1x; net leverage 10.7x, 21.3x).

The rating factor in Vadalia Foods' modest liquidity position as
reflected by 86.7% average use of the working capital limits over
the 12 months ended June 2019. The firm had a cash balance of INR2
million at FYE19 (FYE18: INR4 million, FYE17: INR5 million). The
cash flow from operations remained negative at INR29 million in
FY19 (FY18: negative INR21 million, FY17: negative INR50 million).
The firm has debt repayment of INR34.25 million falling due in
FY20, which will be serviced through promoter funds.

However, the ratings are supported by continuous fund infusion by
the partners in the form of capital and unsecured loan to support
the debt repayment and meet the firm's working capital
requirements.

RATING SENSITIVITIES

Positive: A substantial growth in the revenue along with an
improvement in the operating profitability, leading to an
improvement in the credit metrics and liquidity position will lead
to positive rating action.

Negative: Inability to improve the operating profitability, leading
to further stress on the liquidity position will be negative for
the ratings.

COMPANY PROFILE

Established in July 2013, Gujarat-based Vadalia Foods is engaged in
processing and manufacturing of packaged snacks.

VASUDEV ALUCAN: CRISIL Migrates B Rating From Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
long-term bank facility of Vasudev Alucan Private Limited (VAPL) to
'CRISIL B/Stable Issuer Not Cooperating'. However, VAPL has
subsequently started sharing requisite information necessary for
carrying out a comprehensive review of the rating. Consequently,
CRISIL is migrating the rating to 'CRISIL B/Stable' from 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B/Stable (Migrated
                                     from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

   Term Loan               3.5       CRISIL B/Stable (Migrated
                                     from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

The rating continues to reflect risks associated with timely
commencement and stabilisation of operations at the manufacturing
unit being set up, and modest scale of operations amid intense
competitive pressure. These strengths are partially offset by the
experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Risks associated with timely commencement and stabilisation of
the project: Any delay in commencement and stabilisation of the
ongoing project may impinge on revenue and profitability.

* Modest scale of operation: Intense competition may continue to
constrain scalability, and therefore, bargaining power and
profitability: revenue and operating margin remained subdued at
INR2.05 crore and 2.3%, respectively, in fiscal 2019.

Strength

* Experience of the promoters: Benefits from the promoters'
experience of a decade, and VAPL's diversified distributor network
should continue to support the business risk profile.

Liquidity

Liquidity is expected to remain stretched as nascent stages of
operation will render low accruals (in the range of INR0.16-0.45
crore annually)-insufficient to meet yearly repayments of INR0.5
crore. Though expected support from promoters (via unsecured loans)
will come in handy, however, timeliness w.r.t. fund infusion will
remain a key rating monitorable going forward.

Outlook: Stable

CRISIL believes VAPL will continue to benefit from the experience
of its promoters. The outlook may be revised to 'Positive' if
timely commencement and stabilisation of operations at the
manufacturing unit leads to significant growth in revenue and
operating margin, thus strengthening cash accrual and overall
liquidity position. The outlook may be revised to 'Negative' if a
delay in commencement of operations, stretch in working capital
cycle, or any large capital expenditure weakens liquidity.

VAPL, incorporated in August 2017, is in the final stages of
commencing operations of its aluminium can and jar manufacturing
unit in Meerut. Operations are managed by Mr Rakesh Kumar Gupta and
Ms Meenakshi Gupta. The company will have a capacity of producing
75,000 bottles a day.



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

SULFINDO ADIUSAHA: Moody's Withdraws B2 CFR for Business Reasons
----------------------------------------------------------------
Moody's Investors Service withdrawn Sulfindo Adiusaha's B2
corporate family rating and stable outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Sulfindo Adiusaha is a fully integrated chlor-alkali and PVC
producer in Indonesia. The company's plants are located at a 28
hectare site in Merak, Indonesia and includes plants for the
production of caustic soda, ethylene dichloride, vinyl chloride
monomer and polyvinyl chloride. Sulfindo is owned by entities
controlled by Debora Wahjutirto Tanoyo.



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

FOWLER HOMES: Homes Left Unfinished After Ex-Owner's Arrest
-----------------------------------------------------------
Leighton Keith at Stuff.co.nz reports that Taranaki traders have
been praised for stepping up to complete unfinished building
projects after the arrest of a high profile builder in the region.

In October, the former owner of Fowler Homes Taranaki, Lauchlan
James MacMillan, was arrested by the region's organised crime group
during a series of drug raids targeting the sale and supply of
Class A drug methamphetamine, Stuff recalls.

A month later, Fowler Homes New Zealand severed ties with Mr.
MacMillan's company, which was put into liquidation owing creditors
more than NZD1.2 million.

It also left eight clients with uncompleted homes. The 42-year-old
also owed his company about NZD500,000 it was revealed, Stuff
discloses.

According to the Stuff, the owner of Fowler Homes Christchurch,
Ivan Stanicich, stepped in to attempt to right the wrongs and said
he had now completed seven of the eight unfinished homes.

"Only one didn't get completed because the clients, who had no
issue with me, decided they wanted to finish it themselves," the
report quotes Mr. Stanicich as saying.  "I'm stoked but it has
never been about me, it has always been about the customers. To my
knowledge, everyone is happy."

Stuff relates that Mr. Stanicich said the Taranaki tradies, without
exception, had been awesome in helping him achieve the goal.

"Even though many of them won't see a dollar of what the old
company owed them they have really helped the clients complete
their houses.

"I was an outsider coming into a pretty ugly situation and they
have really been outstanding. I would have anyone of them working
for me."

He said being able to finish the homes for the contracted price and
had helped restore some of the goodwill for the company which would
help in the future.

Mr. Stanicich said he had several inquiries from builders wanting
to go into partnership with him on the franchise, Stuff relays.

In June, Mr. MacMillan, who remains in custody in Whanganui prison,
was further remanded to reappear in court for a case review hearing
on August 19, Stuff notes. He is defending 30
methamphetamine-related charges, the majority of which arose from
the New Plymouth drug bust, by way of jury trial which is not
likely to be held until 2020, the report discloses.

WAIWERA WATER: Owes Estimated NZD9.9 Million to Creditors
---------------------------------------------------------
The New Zealand Herald reports that Waiwera Water New Zealand has
estimated debts of NZD9.9 million but how much it will pay
creditors remains unknown, according to a report out this month.

Liquidators Tony Maginness and Jared Booth of Baker Tilly Staples
Rodway in Auckland have produced their first report on the company
which went into liquidation on May 17, the report notes.

But by far, the largest single amount in the estimated NZD9.9
million claims, the liquidators noted, was a "related party
payables with a book value of NZD9.2 million," the Herald relays.

An associated company is Waiwera Thermal Resort, also in
liquidation, the report indicated, adds the Herald.



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

EPICENTRE HOLDINGS: Plans to Dismiss Chairman & Conduct Audit
-------------------------------------------------------------
Vivienne Tay at the Business Times reports that in response to
Singapore Exchange queries, Epicentre Holdings said on July 25 it
plans to terminate the employment of Kenneth Lim Tiong Hian, its
executive chairman and acting chief executive officer who has been
uncontactable since May 24.

BT relates that the former Apple reseller is also planning to
engage an audit firm for an investigative audit of past
transactions involving Mr. Kenneth Lim and his associates. The
special auditor will report directly to the Singapore Exchange
Regulation (SGX RegCo) on the past transactions and review the
validity of each claim or debt, the report says.

"Hard measures on spending" will also be put in place by the
company and its subsidiaries, it said in response to SGX queries
over creditors and steps its independent directors had taken to
safeguard the group's interests, as well as future plans, BT
relays.

In a regulatory update filed just before midnight [July 25],
Epicentre disclosed additional details on various creditors -
including the events leading up to creditor Goh Chee Hong's filing
an application with the High Court to place Epicentre under
judicial management, according to BT. It also stated the debts owed
to ELush T3, which runs Apple reseller iStudio, and Jonathan Lim.

BT adds that Epicentre also said there were "discrepancies" in five
loan agreements it was not aware of with two creditors, and that it
has made two police reports on the matter requesting an
investigation.

                     About Epicentre Holdings

Epicentre Holdings Limited is an investment holding company. The
Company is an Apple Premium Reseller (APR), which offers a range of
Apple and Apple-related products, as well as pre- and post-sale
services. The Company's segments are Apple brand products, and
third party and proprietary brand complementary products. It also
retails a range of non-Apple branded fashion-skewed accessories in
EpiLife concept stores. EpiLife also carries merchandise under
iWorld, the Company's brand of accessories targeted at the young
and trendy. EpiCentre's e-stores offer a range of accessories,
cases, headphones and styluses from various brands such as,
Monster, JAYS, Belkin, Gosh, Klipsch and B&O. The Company, through
its subsidiary, Epicentre Solutions Pte. Ltd., provides information
technology solutions to educational institutions within Singapore.
It operates approximately five and over six EpiCentre stores in
Singapore and Malaysia (Kuala Lumpur) respectively, and an EpiLife
store in Singapore.

FALCON ENERGY: Files For 6-Month Moratorium
-------------------------------------------
Leila Lai at The Business Times reports that Falcon Energy Group
and its subsidiary Asetanian Marine on July 25 filed applications
in the High Court for a moratorium as part of a court-supervised
process to reorganise their liabilities.

The six-month moratorium they are seeking includes a condition that
no legal proceedings can be taken against them during the period,
the report says.

An automatic moratorium is in effect upon the making of the
applications, starting from July 25 and lasting 30 days or until
the date on which the applications are decided by the court,
whichever is earlier, according to the report. During this period,
no order may be made or resolution passed for the winding up of the
group and subsidiary, the report says.

Falcon Energy Group and Asetanian have engaged Rajah & Tann
Singapore LLP as legal advisers and KPMG Services as their
independent financial adviser in this process, the report
discloses.

Shares of Falcon Energy have been suspended since Jan. 18, when
they last traded at SGD0.027, BT notes.

Singapore-based Falcon Energy Group Limited, an investment holding
company, provides services from the initial exploration stage to
production and postproduction stage to oil companies and
contractors worldwide.

Falcon Energy reported a net loss of US$80.9 million for the 12
months ended June 30, 2018 and a net loss of US$121.8 million for
the same period in 2017.

SINO GRANDNESS: Gets Further 2-Week Extension to Hold AGM
---------------------------------------------------------
Fiona Lam at The Business Times reports that Sino Grandness Food
Industry, which is on the Singapore Exchange's (SGX) watch list,
has fixed its annual general meeting (AGM) for fiscal 2018 on Aug.
8, and will also release its first-quarter financial results by
Aug. 29.

This is after SGX gave another extension of time to the canned
fruits and vegetables producer to hold the AGM and announce its Q1
results, Sino Grandness said in a filing on July 25, BT relays.

According to the report, the company has not confirmed a date for
the release of the results for Q1 ended March 31. The notice of AGM
and annual report have been despatched to shareholders on July 24.

BT says Sino Grandness also applied for a one-month extension to
release its Q2 results to Sept. 14 from Aug. 14, but it did not
provide an update on the outcome of this application in the
filing.

Sino Grandness had requested the further extensions on July 16
because of a delay in finalising the financial statements and
annual report for FY2018, BT relates. The delay was because
outstanding audit confirmation replies and follow-up matters were
only completed on July 13, and external auditors needed time to
assess the impact on the audited financial statements for FY2018.

The company had also just finalised the financial statements and
annual report, and is in the process of arranging for typesetting
and printing, so it would not be able to observe the 14 days'
notice to its shareholders, BT relays.

On July 25, Sino Grandness confirmed that it is not aware of any
information, which it has yet to announce, that will have a
material bearing on investors' decision.

The latest two-week extensions - to hold the AGM by Aug. 14 from
July 31, and to release the Q1 results by Aug. 29 from Aug. 15 -
come after SGX had already granted it extensions in March and
April, BT notes.

According to BT, SGX gave the company a two-month extension in
April to hold the AGM by July 31 and a one-month extension to
release the Q1 results by Aug. 15, when the group was still
addressing its default on the loan from engineering firm Soleado
Holdings. Sino Grandness was served a letter of demand by Soleado
Holdings in January over a sum of about US$22 million.

In its reasons for seeking the extension, Sino Grandness had also
cited high staff turnover and reduced staff strength in the finance
team in FY2018, with staff movement affecting the accuracy of the
financial information and delaying the release of the results, BT
adds.

As its market capitalisation was lower than its net assets, its
external auditors had also requested formal valuations to be done
on the assets of the group's four principal subsidiaries, BT
reports. Sino Grandness said in April that more time was needed to
obtain outstanding audit confirmation replies and to follow up on
pending matters such as site visits.

Earlier in March, the company already pushed back the deadline for
the AGM from April 30 to May 31, and the deadline for its Q1
results from May 14 to June 14, BT notes.

Sino Grandness Food Industry Group Ltd. processes food. The Company
cans fruits and vegetables including asparagus, long beans,
mushrooms, bamboo shoots, sweet corn, chillies, lychees,
pineapples, and peaches.



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

VPBANK FINANCE: Moody's Affirms B1 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a B1 foreign currency senior
unsecured rating to VPBank Finance Company Limited's proposed
USD-denominated senior unsecured notes. The notes will mature in
2022.

In addition, Moody's affirmed FE Credit's B1 long-term corporate
family rating.

The entity-level outlook on FE Credit is stable.

RATINGS RATIONALE

B1 SENIOR UNSECURED RATING

The B1 senior unsecured bond rating is in line with FE Credit's B1
CFR.

The notes represent direct, unsubordinated and unsecured
obligations of FE Credit. As such, they rank pari passu with FE
Credit's existing and future unsecured and unsubordinated
obligations.

B1 CFR

FE Credit's B1 CFR is two notches higher than its b3 standalone
assessment because of Moody's assumption of a very high likelihood
of affiliate support from its parent bank, Vietnam Prosperity Jt.
Stk. Commercial Bank (VP Bank, B1 stable, b1) that has a 100% stake
in FE Credit.

FE Credit's b3 standalone assessment takes into account its B1
Financial Profile and B3 Operating Environment scores. The latter
score captures Vietnam's (Ba3 stable) macroeconomic indicators and
the high risks inherent to Vietnam's consumer finance industry.

FE Credit's b3 standalone assessment reflects its leading position
in Vietnam's consumer finance market, strong profitability and
healthy capitalization. These strengths are offset by the company's
exposure to the high credit risk inherent to Vietnam's rapidly
growing unsecured consumer finance market, as well as its high
reliance on wholesale funding sources and modest level of excess
liquidity on its balance sheet.

The CFR is assigned to a corporate family as if it had a single
class of debt and a consolidated legal entity structure.
Consequently, if a single security class of debt represents the
clear majority of a family's total debt, the rating assigned to
that debt will equal the CFR.

Given that the majority of FE Credit's outstanding debt are on a
senior unsecured basis, FE Credit's CFR is assigned to the
company's senior unsecured debt class.

WHAT COULD CHANGE THE RATING UP

FE Credit's standalone assessment could be upgraded if the company
demonstrates an improvement in its liquidity, while maintaining
stable asset quality and capital, and/or if the operating
environment score is revised upwards. An upgrade of the BCA of its
parent VP Bank could also lead to an upgrade of its CFR.

WHAT COULD CHANGE THE RATING DOWN

FE Credit's standalone assessment could be downgraded if there is a
significant increase in its leverage and a sharp deterioration in
its asset quality, leading to a significant reduction in
profitability and erosion of capital. In addition, a downgrade of
VP Bank's BCA or any indication of a change in the company's
importance to its parent, which would alter its assessment of the
probability of support in times of stress, could lead to a
downgrade of FE Credit's rating.

The principal methodology used in these ratings was Finance
Companies published in December 2018.

Headquartered in Ho Chi Minh City, Vietnam, VPBank Finance Company
Limited reported total assets of VND58.0 trillion (USD2.5 billion)
at December 31, 2018, according to audited financial statements
prepared under International Financial Reporting Standards.


                           *********


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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