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       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, August 5, 2019, Vol. 22, No. 155

                           Headlines



A U S T R A L I A

DOWNER EDI: Senvion's Insolvency to Hit Full Year 2019 Results
FG PTY: Second Creditors' Meeting Set for August 13
INTERSTAR MILLENNIUM 2004-5: S&P Cuts Class B Notes Rating to BB+
LIFE RESOLUTIONS: Collapse Left Psychologists Financially Ruined
MICK'S MOTOR: Clifton Hall Appointed as Liquidator

REDZED TRUST 2019-1: Moody's Rates AUD2.8MM Class F Notes 'B1(sf)'
RMT SECURITISATION 7: S&P Cuts Class B Notes Rating to BB(sf)
SKM RECYCLING: Victoria Supreme Court Enters Wind Up Order
TURBO ENGINEERING: First Creditors' Meeting Set for Aug. 12
WINGED MEDIA: First Creditors' Meeting Set for Aug. 12



C H I N A

CENTRAL CHINA: Fitch to Rate New Sr. Unsec. Notes Due 2022 BB-(EXP)
CENTRAL CHINA: Moody's Rates New USD Sr. Unsecured Bonds 'B1'
CHINA: Auditors Warn Over Local Governments' Hidden Debts
CHINA: Corporate Bond Defaults Rebound Further in July
GUANGDONG HENGJIAN: S&P Cuts SACP to bb+ on Increased Debt Leverage

HONGHUA GROUP: Fitch Assigns B Rating to USD200MM Sr. Unsec. Notes
TIBET FINANCIAL: Moody's Rates New Sr. Unsecured Bonds 'Ba2'


I N D I A

BARAK VALLEY: CARE Assigns 'B' Rating to INR25cr LT Loan
BIG POWER: Insolvency Resolution Process Case Summary
EMMANUEL RESORTS: CARE Lowers Rating on INR11.30cr Loan to B
FUJIN WIND: CARE Lowers Rating on INR296cr LT Loan to D
GCX LIMITED: Fitch Lowers LongTerm Issuer Default Ratings to C

GCX LIMITED: Moody's Lowers CFR to Ca, Outlook Still Negative
GEOXA LOGISTICS: CARE Lowers Rating on INR6.60cr Loan to D
GEOXA STEELS: CARE Lowers Rating on INR7.51cr Loan to D
GRAND HIRA: CARE Maintains D Rating in Not Cooperating Category
HELIOS PHOTO: CARE Maintains D Ratings in Not Cooperating Category

JAYPEE INFRATECH: Parent Still Barred From Bidding for 2 More Weeks
JET AIRWAYS: Deadline to Submit EOIs Extended to Aug. 10
JUBILEE INFRASTRUCTURES: CARE Cuts Rating on INR6cr Loan to D
KAMPILYA BUILDERS: Insolvency Resolution Process Case Summary
KSR DEVELOPERS: CARE Lowers Rating on INR20cr Loan to B+

MOSER BAER: CARE Maintains D Ratings in Not Cooperating Category
NEWTECH SHELTERS: CARE Maintains D Rating in Not Cooperating
PLATINA STEELS: CARE Lowers Rating on INR17.16cr Loan to D
R.G.R EDUCATIONAL: CARE Assigns B+ Rating to INR10cr LT Loan
RAJLAXMI AGRO: CARE Moves B+ on INR6cr Loans to Not Cooperating

RIDHAM TEXPORT: CARE Keeps B on INR7.5cr Debt in Non-Cooperating
RLJ INFRACEMENT: CARE Keeps D on INR12cr Loans in Not Cooperating
ROSHNI JEWELLERS: CARE Moves B on INR9cr Debt to Not Cooperating
SHRI RAM: CARE Keeps B on INR18.7cr Loans in Non-Cooperating
SIWANA SOLAR: Insolvency Resolution Process Case Summary

TEJAS ISPAT: CARE Moves B on INR9cr Debt to Non-Cooperating
VATSA AUTOMOBILES: CARE Moves D on INR12cr Loans to Non-Cooperating
YASH SMELTER: Insolvency Resolution Process Case Summary


M A L A Y S I A

VITAXEL GROUP: Needs Profitability, Capital to Stay Going Concern


S I N G A P O R E

EPICENTRE HOLDINGS: E&Y Appointed as Interim Judicial Managers
EZION HOLDINGS: Warns Likely to Post 'Significant Net Loss'

                           - - - - -


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

DOWNER EDI: Senvion's Insolvency to Hit Full Year 2019 Results
--------------------------------------------------------------
Nikhil Subba at Reuters reports that Downer EDI Ltd warned on Aug.
1 that it expects a negative impact to its full year 2019 results
following the insolvency of Germany's Senvion SA, the company's
construction partner in the Murra Warra wind farm in Victoria.

According to Reuters, Sydney-based Downer said wind turbine
manufacturer Senvion's bankruptcy would result in a charge of
AUD45 million (US$30.83 million) for the full year, related to
obligations for completing the wind farm.

In April, Senvion, which has more than a billion euros of debt,
received approval for insolvency from a German court, as the
Hamburg-based company faced delays and penalties related to big
projects, while the wind industry as a whole has seen falling
prices and increased competition, Reuters relates.


FG PTY: Second Creditors' Meeting Set for August 13
---------------------------------------------------
A second meeting of creditors in the proceedings of FG Pty Ltd and
FGM Pty Ltd has been set for Aug. 13, 2019, at 12:00 p.m. at the
offices of KordaMentha, Level 14, at 12 Creek Street, in Brisbane,
Queensland.

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

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

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


INTERSTAR MILLENNIUM 2004-5: S&P Cuts Class B Notes Rating to BB+
-----------------------------------------------------------------
S&P Global Ratings raised its rating on one class of residential
mortgage-backed securities (RMBS) in Challenger Millennium Series
2007-1E Trust. At the same time, S&P lowered the ratings on nine
RMBS classes in the following Interstar Millennium transactions:
Series 2004-1E Trust, Series 2004-5 Trust, Series 2005-1G Trust,
Series 2006-1 Trust, and Series 2006-2G Trust.

S&P said, "In addition, we affirmed our ratings on 17 classes of
notes in Challenger Millennium Series 2007-1E, Interstar Millennium
Series 2002-1G Trust, Interstar Millennium Series 2004-1E Trust,
Interstar Millennium Series 2004-2G Trust, Interstar Millennium
Series 2004-4E Trust, Interstar Millennium Series 2004-5 Trust,
Interstar Millennium Series 2005-1G Trust, Interstar Millennium
Series 2005-3E Trust, Interstar Millennium Series 2006-1 Trust, and
Interstar Millennium Series 2006-2G Trust."

S&P's analysis takes into consideration the recent downgrades on
Genworth Financial Mortgage Insurance Pty Ltd. and QBE Lenders'
Mortgage Insurance Ltd. on July 25, 2019.

The raised rating reflects:

-- S&P's view that the rating on the class AB notes in Challenger
Millennium series 2007-1E is no longer capped following its revised
"Counterparty Risk Framework: Methodology And Assumptions"
criteria, published on March 8, 2019. The rating was capped at one
notch above the issuer credit rating on the currency swap
counterparty under its previous counterparty risk framework.

The lowered ratings reflect:

-- S&P's view that the ratings on the six classes of senior
ranking and mezzanine notes in four transactions are capped at the
swap counterparty rating under its revised counterparty criteria
because the relevant swaps do not have a rating trigger for the
replacement of the swap counterparty. These are class A2 and class
AB notes of Interstar Millennium Series 2004-1E Trust; class A
notes of Interstar Millennium Series 2005-1G Trust; and class A-1,
class A-2, and class AB notes of Interstar Millennium Series
2006-2G Trust.

-- S&P's opinion that for the subordinated class B notes in
Interstar Millennium Series 2004-5, as well as mezzanine class AB
and subordinated class B notes in Interstar Millennium Series
2006-1 Trust, the transactions have passed their call dates and now
have relatively small and concentrated pools. As of May 31, 2019,
the outstanding balance of the loan portfolio is A$16.1 million for
Interstar Millennium Series 2004-5 Trust and A$33.2 million for
Interstar Millennium Series 2006-1 Trust. As outstanding assets and
notes reduce significantly, tail risk takes greater precedence in
both transactional performance and S&P's rating analysis.
Mitigating this is the current level of excess spread available to
these trusts, despite the pool's small size.

In addition, the top 10 borrowers in those two transactions account
for more than 10% of the pool balance. As of March 31, 2019, the
top 10 borrowers account for 22.8% of Interstar Millennium Series
2004-5 Trust's loan portfolio and 18.1% for Interstar Millennium
Series 2006-1 Trust's. S&P has assessed pool concentrations by
sizing an alternate loss scenario for the pools. Under this
scenario, the top 10 loans at the 'AAA' rating level, the top eight
loans at the 'AA' rating level, the top four loans at the 'BBB'
rating level, and the top two loans at the 'BB' level default and
are recovered upon. The loss severity for each loan is the higher
of 50%, the loan's loss severity, and the pool's weighted-average
loss severity. The expected loss for the pool is the higher of that
number, and the number is sized by applying S&P's standard credit
analysis as per our "Australian RMBS Rating Methodology And
Assumptions" criteria, published Sept. 1, 2011.

The rating affirmations on the senior-ranking and mezzanine notes
in the remaining transactions reflect:

-- The build-up of credit support for the notes, facilitated by
the current sequential paydown structure, which S&P expects to
continue for the remainder of the transaction's life.

-- The senior notes' sufficient credit support to withstand
stresses at their respective rating levels, including our alternate
loss scenarios.

-- The lenders' mortgage insurance provided for all loans in each
of the portfolios.

-- The strong cash flow available to each trust, despite the
relatively small size of the pools.

The rating affirmations on the subordinated notes in the remaining
transactions reflect:

-- The strong cash flow available to the trusts, and the ability
of the trusts to generate sufficient level of excess spread under
S&P's cash-flow modeling, despite the relatively small size of the
pools.

-- The lenders' mortgage insurance provided for all loans in each
of the portfolios.

As part of this review, S&P Global Ratings removed the "under
criteria observation" (UCO) identifier from its ratings on all
classes of notes in the following transactions: Challenger
Millennium Series 2007-1E Trust, Interstar Millennium Series
2004-1E Trust, Interstar Millennium Series 2004-2G Trust, Interstar
Millennium Series 2004-E Trust, Interstar Millennium Series 2005-1G
Trust, and Interstar Millennium Series 2006-2G Trust. S&P
previously placed its ratings on the notes under criteria
observation following the release of its counterparty criteria on
March 8, 2019.

The removal of the UCO identifiers from those transactions reflects
our analysis of the currency swap documentation for the transaction
in relation to our updated counterparty risk framework.

  RATING RAISED

  Challenger Millennium Series 2007-1E Trust
  Class      Rating To      Rating From
  AB         AAA (sf)       AA (sf)

  RATINGS AFFIRMED

  Challenger Millennium Series 2007-1E Trust
  Class      Rating
  B          A+ (sf)        

  Interstar Millennium Series 2002-1G Trust
  Class      Rating
  B          BBB (sf)       

  Interstar Millennium Series 2004-1E Trust
  Class      Rating
  B          BBB (sf)       

  Interstar Millennium Series 2004-2G Trust
  Class      Rating
  A          A+ (sf)
  AB         A (sf)
  B          BBB (sf)       

  Interstar Millennium Series 2004-4E Trust
  Class      Rating
  A1         AA (sf)
  A2         AA (sf)
  AB         AA (sf)
  B          BBB+ (sf)
   
  Interstar Millennium Series 2004-5 Trust
  Class      Rating
  AB         AAA (sf)      

  Interstar Millennium Series 2005-1G Trust
  Class      Rating
  AB         A (sf)
  B          BBB (sf)       

  Interstar Millennium Series 2005-3E Trust
  Class      Rating
  AB         AAA (sf)
  B          A+ (sf)        

  Interstar Millennium Series 2006-1 Trust
  Class      Rating
  A          AAA (sf)       

  Interstar Millennium Series 2006-2G Trust
  Class      Rating
  B          A (sf)         

  RATINGS LOWERED

  Interstar Millennium Series 2004-1E Trust
  Class      Rating To      Rating From
  A2         AA (sf)        AAA (sf)
  AB         AA (sf)        AA+ (sf)

  Interstar Millennium Series 2004-5 Trust
  Class      Rating To      Rating From
  B          BB+ (sf)       BBB- (sf)

  Interstar Millennium Series 2005-1G Trust
  Class      Rating To      Rating From
  A          A (sf)         A+ (sf)

  Interstar Millennium Series 2006-1 Trust
  Class      Rating To      Rating From
  AB         AA+ (sf)       AAA (sf)
  B          BBB- (sf)      BBB+ (sf)

  Interstar Millennium Series 2006-2G Trust
  Class      Rating To      Rating From
  A-1        A (sf)         A+ (sf)
  A-2        A (sf)         A+ (sf)
  AB         A (sf)         A+ (sf)


LIFE RESOLUTIONS: Collapse Left Psychologists Financially Ruined
----------------------------------------------------------------
David Chau at ABC News reports that a group of mental health
practitioners claimed they have been misled by a failed psychology
franchise called Life Resolutions.

The ABC relates that that in the past decade, dozens of mental
health practitioners across Australia signed up to Life Resolutions
with high hopes.  The ABC however has spoken to 31 disgruntled
psychologists who either claim to have been misled, or to have
departed the business financially worse-off.

Only two psychologists the ABC spoke to described their experience
as "good", saying they left the franchise in better financial shape
than when they entered into the arrangement.

According to the report, two Melbourne-based women, Mary Magalotti
and Jodie Brenton, founded Life Resolutions in 2001. Ms. Magalotti
was a high-ranking executive of the Australian Psychological
Society and Ms. Brenton has a background in marketing and
advertising.

The ABC says the pair sold prospective franchisees a dream:
"success without the stress".  All the marketing, advertising,
client referrals and bookings would be handled by head office. The
practitioners merely had to do what they do best, and watch the
cash roll in.  But the dream quickly unravelled. Many psychologists
who had borrowed heavily to buy in found they were unable to earn
enough to repay their debt, the report cites.

They claim the head company charged exorbitant fees, failed to
deliver clients in sufficient numbers, and was tardy in paying
franchisees for clients they had counseled, the ABC relays.

The psychologists said their experience was at odds with the bold
promises that have appeared on Life Resolutions website - including
a "100 per cent success rate", "guaranteed" minimum income of
AUD120,000 during the first year, "extensive" support and "ongoing
new clients" - that lured them in, according to the ABC.

The companies behind the psychology franchise - LRA and Life
Resolutions Pty Ltd (LR) - went into liquidation in October 2018
with Mackay Goodwin appointed as liquidator of LRA and Jones &
Associates (CJA) as liquidator of LR.

Between them, they owe more than AUD2.2 million to the Australian
Taxation Office (ATO), several major banks and a long list of
psychologists.  The biggest creditors are the Mary Magalotti Trust
(AUD1.17 million), ATO (AUD280,000) and Melbourne-based People
Psychology (AUD191,000), the ABC discloses.

According to the ABC, CJA on Dec. 7 reported that LR may have
traded insolvent since June 30, 2017.

Mackay reported on Jan. 4 that LRA also may have engaged in
insolvent trading, the ABC relates.

On March 20, LR was deregistered, with no assets, and no dividends
payable to any creditors, adds the ABC.


MICK'S MOTOR: Clifton Hall Appointed as Liquidator
--------------------------------------------------
Daniel Lopresti of Clifton Hall was appointed as liquidator of
Mick's Motor Cycles Gawler Pty Ltd (formerly trading as Mick's
Motorcycles & Powersports) on August 1.


REDZED TRUST 2019-1: Moody's Rates AUD2.8MM Class F Notes 'B1(sf)'
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Trustee Company Limited as
trustee of RedZed Trust Series 2019-1.

Issuer: Perpetual Trustee Company Limited as trustee of RedZed
Trust Series 2019-1

AUD260.0 million Class A-1 Notes, Assigned Aaa (sf)

AUD76.0 million Class A-2 Notes, Assigned Aaa (sf)

AUD36.2 million Class B Notes, Assigned Aa2 (sf)

AUD4.4 million Class C Notes, Assigned A2 (sf)

AUD8.6 million Class D Notes, Assigned Baa2 (sf)

AUD6.4 million Class E Notes, Assigned Ba2 (sf)

AUD2.8 million Class F Notes, Assigned B1 (sf)

The AUD5.60 million of Class G1 and Class G2 Notes (together, the
Class G Notes) are not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by RedZed Lending Solutions Pty
Limited (RedZed, unrated).

The portfolio includes 95.1% of loans to self-employed borrowers.
92.6% were extended on alternative income documentation
verification ('alt doc') basis; and, based on its classifications,
12.4% are to borrowers with adverse credit histories.

RATINGS RATIONALE

The definitive ratings take into account, among other factors, an
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.5% of the notes balance, the legal structure, and the
experience of RedZed as servicer.

Moody's MILAN CE — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 16.0%. Moody's expected loss for this transaction is 2.3%.

Key transactional features are as follows:

  - While the Class A-2 Notes are subordinate to Class A-1 Notes in
relation to charge-offs, Class A-2 and Class A-1 rank pari passu in
relation to principal payments, on the basis of their stated
amounts, before the call option date. This feature reduces the
absolute amount of credit enhancement available to the Class A-1
Notes.

  - The servicer is required to maintain the weighted average
interest rates on the mortgage loans at least at 4.50% above one
month BBSW, which is within the portfolio yield of 6.25% as at
cutoff date. This generates a high level of excess spread available
to cover losses in the pool.

  - Under the retention mechanism, excess spread is used to repay
principal on the Class F Notes, up to approximately AUD750,000,
thereby limiting their exposure to losses. At the same time, the
retention amount ledger ensures that the level of credit
enhancement available to the more senior ranking notes is
preserved.

  - The Class B to Class F Notes will start receiving their
pro-rata share of principal if certain step-down conditions are
met. Pro-rata allocation is effectively limited to a maximum of two
years.

  - While the Class G Notes do not receive principal payments until
the other notes are repaid, once step-down conditions are met,
their pro-rata share of principal will be allocated in a reverse
sequential order, starting from the Class F Notes.

Key pool features are as follows:

  - The pool has a weighted-average scheduled loan-to-value (LTV)
of 69.3%, and 23.8% of the loans have scheduled LTVs over 80%.
There is no loan with a scheduled LTV over 85%.

  - Around 95.1% of the borrowers are self-employed. This is in
line with RedZed's business model and strategy to focus on the
self-employed market. The income of these borrowers is subject to
higher volatility than employed borrowers, and they may experience
higher default rates.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

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

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

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


RMT SECURITISATION 7: S&P Cuts Class B Notes Rating to BB(sf)
-------------------------------------------------------------
S&P Global Ratings affirmed its ratings on the class AB and class
A3 notes in the RHG Mortgage Securities Trust Series 2006-1 and RHG
Mortgage Corp. Ltd. Series 11 transactions, respectively.

S&P said, "At the same time, we lowered our ratings on the class B
notes in the RHG Mortgage Securities Trust Series 2006-1, RHG
Mortgage Corp. Ltd. Series 11, and RMT Securitisation Trust No. 7
transactions.

"We have incorporated the recent lowering of the ratings on
Genworth Financial Mortgage Insurance Pty Ltd. and QBE Lenders'
Mortgage Insurance Ltd. in our analysis. Lenders' mortgage
insurance is provided for all loans in each of the transactions."

The rating affirmations on the senior-ranking notes in the RHG
Mortgage Securities Trust Series 2006-1 and RHG Mortgage Corp. Ltd.
Series 11 reflect:

-- The build-up of credit support for the notes, which S&P expects
to continue for the remaining term of the transactions.

-- S&P's view that the senior notes have sufficient credit support
to withstand stresses at the 'AAA' level, including its alternate
loss scenarios, in which it assesses losses based on the top 10
loans by borrower exposure in the pool.

-- The strong cash flow available to each trust, despite the
relatively small size of the pools.

The lowered ratings on the class B notes reflect:

-- The small and increasingly concentrated nature of the pools. As
of May 31, 2019, RHG Mortgage Securities Trust Series 2006-1 had a
remaining mortgage balance of A$33.6 million comprising 238 loans,
RHG Mortgage Corp. Ltd. Series 11 had a remaining mortgage balance
of A$15.6 million comprising 387 loans, and RMT Securitisation
Trust No. 7 had a remaining mortgage balance of A$8.3 million
comprising 115 loans.

-- S&P said, "Our opinion that as outstanding assets and notes
reduce significantly, tail risk takes greater precedence in both
transactional performance and our rating analysis. Yield strain
could occur as the portfolios continue to amortize, given each
trust's ability to generate sufficient income to cover expenses and
losses is reduced with the smaller remaining pool balance. We also
take the view that despite the transactions currently generating
sufficient levels of excess spread under our cash-flow modelling in
the medium term, potential adverse economic conditions and changing
circumstances (event risk) at the tail end could weaken the
capacity for the trusts to meet their financial commitments as the
pools become smaller and further concentrated."

-- The concentrations in the pools. As of March 31, 2019, the top
10 borrowers accounted for 12.9% of the pool balance for RHG
Mortgage Securities Trust Series 2006-1, 19.7% for RHG Mortgage
Corp. Ltd. Series 11, and 45.8% for RMT Securitisation Trust No. 7.


-- S&P said, "Our assessment of pool concentrations by sizing an
alternate loss scenario for the pool. Under this scenario, the top
10 loans at the 'AAA' rating level and top two loans at the 'BB'
rating level default and are recovered upon. The loss severity for
each loan is the higher of 50%, the loan's loss severity, and the
pool's weighted-average loss severity. The expected loss for the
pool is the higher of that number, and the number sized applying
our standard credit analysis as per our "Australian RMBS Rating
Methodology And Assumptions" criteria, published Sept. 1, 2011."

-- S&P said, "Our view that arrears in these transactions have
been volatile due to the small number of loans in the portfolio,
and are at elevated levels. As of May 31, 2019, loans more than 30
days in arrears total 3.2% in RHG Mortgage Securities Trust Series
2006-1, 4.4% in RHG Mortgage Corp. Ltd. Series 11, and 7.3% in RMT
Securitisation Trust No. 7. Losses as a percentage of the original
note balance have been steady since our most recent review, at 0.2%
in RHG Mortgage Securities Trust Series 2006-1, 0.1% in RHG
Mortgage Corp. Ltd. Series 11, and 0.5% in RMT Securitisation Trust
No. 7."

  RATINGS AFFIRMED

  RHG Mortgage Securities Trust Series 2006-1

  Class        Rating
  AB           AAA (sf)

  RHG Mortgage Corp. Ltd. Series 11

  Class        Rating
  A3           AAA (sf)

  RATINGS LOWERED

  RHG Mortgage Securities Trust Series 2006-1

  Class       Rating To         Rating From
  B           BBB (sf)          BBB+ (sf)

  RHG Mortgage Corp. Ltd. Series 11

  Class       Rating To         Rating From
  B           BB+ (sf)          BBB (sf)

  RMT Securitisation Trust No. 7

  Class       Rating To         Rating From
  B           BB (sf)           BBB- (sf)


SKM RECYCLING: Victoria Supreme Court Enters Wind Up Order
----------------------------------------------------------
Josh Taylor and Ben Butler at Guardian Australia report that the
supreme court of Victoria has ordered recycling company SKM to be
wound up, as tens of thousands of tonnes of recycling more than
previously disclosed may be headed for landfill.

SKM, which is owned by Melbourne's Italiano family and handles
about half of Victoria's recycling, had staked its hopes on a buyer
who was willing to rescue the company with a AUD40 million
injection. But a lawyer representing SKM, Reegan Grayson Morison,
told the court on August 2 that the "funds had not been received as
hoped by the company" and SKM was not in a position to oppose the
wind-up.

SKM has at least 15 creditors, owed more than AUD5 million, the
court heard, mostly consisting of a variety of transport and
logistics services.

According to Guardian Australia, Judicial registrar Julian Hetyey
said the evidence that SKM had provided to the court of its
financial position was "wholly inadequate", with no balance or
profit and loss sheets prepared and submitted to the court, and it
was not clear whether SKM continues to trade.

He said SKM should be "promptly wound up as a matter of public
interest" and appointed David Anthony Ross as liquidator, the
Guardian relays.

The Guardian says the other recycling operators can absorb about
40% of the approximately 300,000 tonnes of recycling handled by SKM
every year, but that leaves at least 180,000 destined for landfill,
under the contingency plan put in place by the Victorian government
last month.

The plan only covers SKM's intake from Victorian councils, and does
not cover an additional 100,000 tonnes a year the group collected
from Tasmanian households, industry and from its Sydney operation,
the report notes.

Earlier last week, Rob Spence, a former local government executive
who has worked as a consultant for SKM, told Guardian Australia
about 30,000 tonnes came from Tasmania, with the remainder split
between industrial recycling and material from Sydney.

He said the Tasmanian pipeline was still moving but close to
capacity, and SKM could not take any more industrial recycling.

Guardian Australia notes that the Victorian government has made
clear its dislike of SKM, which it sees as having destabilised the
recycling market by undercutting competitors.

Last month, the premier, Daniel Andrews, said SKM had a "shady
history when it comes to safety and providing services to the
highest standards" while the environment minister, Lily D'Ambrosio,
called the company "cowboys," the report recalls.

Stockpiles of material at its depots have been plagued by fire,
prompting a series of bans by the Environment Protection Authority
that stopped SKM processing recycling, adds Guardian Australia.

According to the report, SKM's corporate failure has opened the
door for its facilities to be bought by another operator without
any benefit flowing to the owners of the company, the Italiano
family.

On top of the AUD5 million it owes trade creditors, the group owes
tens of millions of dollars to its bankers, CBA and Westpac, the
report says.

Guardian Australia say the government's contingency plan involves
SKM's main competitors, Visy and Polytrade, putting on extra shifts
and giving workers overtime to increase their capacity to take on
recycling.

Councils, and therefore ratepayers, are likely to bear any
additional cost.

While the Metropolitan Waste and Resource Recovery Group, which
co-ordinates council garbage collection, hopes to increase the
amount existing players can take to as much as 65% of SKM's
capacity within weeks, a return to 100% recycling seems likely to
take months, the report relates.

New tenders to collect recycling will be put to the market this
month and contracts should be in place by the middle of next year,
the MWRRG said.

On August 1, SKM was also ordered to pay AUD1.2 million in
compensation to residents affected by a fire at its Coolaroo plant
in 2017, Guardian Australian reports.


TURBO ENGINEERING: First Creditors' Meeting Set for Aug. 12
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Turbo
Engineering Corporation Pty Ltd will be held on Aug. 12, 2019, at
10:00 a.m. at the offices of PCI Partners Pty Ltd, Level 8, at 179
Queen Street, in Melbourne, Victoria.

Stephen John Michell of PCI Partner was appointed as administrator
of Turbo Engineering on Aug. 1, 2019.


WINGED MEDIA: First Creditors' Meeting Set for Aug. 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Winged Media
Pty Ltd will be held on Aug. 12, 2019, at 12:00 p.m. at the offices
of TPH Advisory, Suite 101, at 167b The Entrance Road, in Erina,
NSW.

Amanda Lott and Timothy Heesh of TPH Advisory were appointed as
administrators of Winged Media on July 31, 2019.




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

CENTRAL CHINA: Fitch to Rate New Sr. Unsec. Notes Due 2022 BB-(EXP)
-------------------------------------------------------------------
Fitch Ratings has assigned Central China Real Estate Limited's
(CCRE; BB-/Stable) proposed US dollar senior notes due 2022 an
expected rating of 'BB-(EXP)'. The proposed notes are rated at the
same level as CCRE's senior unsecured rating because they
constitute its direct and senior unsecured obligations. The final
rating is subject to the receipt of final documentation conforming
to information already received. CCRE intends to use the net
proceeds from the proposed note issue for refinancing.

CCRE's ratings are supported by the company's position as a leading
real-estate developer in China's Henan province, with broad
housing-product diversification and a growing non-property
development business in rental properties and project management.
The ratings also reflect the company's healthy financial profile,
with leverage, measured by net debt/adjusted inventory that
proportionately consolidates its joint ventures, falling to 31% by
end-2018, from 34% at end-2017.

KEY RATING DRIVERS

Strong Presence in Henan: Fitch believes CCRE's record supports its
plan to increase its market share in Henan to 10%-13% in the next
one to three years, from 9% in 2018. CCRE has been developing
residential properties almost entirely in the province for more
than 27 years and it has projects in 18 prefecture-level cities and
an established reputation. CCRE's lower average selling price (ASP)
of CNY7,284 a sq m in 2018, compared with peers' ASP of above
CNY11,000/sq m, reflects its wide product exposure, which includes
projects in smaller cities.

Sales, Market Share to Increase: CCRE's total contracted sales in
2018 were strong at CNY53.7 billion, rising by 76.5% from 2017, and
continued increasing in 1H19 by 24% yoy to CNY39.6 billion. This
was driven by a larger share of sales from lower-tier cities in
Henan. Fitch expects CCRE's annual contracted sales to increase to
CNY61 billion-68 billion in 2019-2020, while the company's market
share in Henan province is likely to expand to more than 10% in the
medium term. The company remained the largest developer in the
province in 2018.

CCRE's expansion into project management of residential-property
developments in the province's smaller towns drove the increase in
EBITDA from non-development businesses. CCRE had 110 projects under
this asset-light business model as of December 2018. The company
expects these to provide CNY3.5 billion of revenue over the next
three to four years. Revenue from the asset-light model more than
doubled to CNY675 million in 2018, with a gross margin of 91%.

Aggressive Land Acquisitions Drive Leverage: CCRE acquired 13.5
million sq m in attributable gross floor area of land for CNY17.0
billion in 2018. The company achieved a land acquisition/contracted
sales value ratio of 0.28x in 2018, in line with the 0.2x-0.3x in
previous years. Fitch expects the acquisitions to drive up the
company's leverage, measured by net debt/adjusted inventory on a
proportionate consolidation basis, to above 33% in 2019-2020, from
about 31% in 2018. Leverage fell in 2018 from 34% in 2016-2017
thanks to strong contracted sales growth.

Fitch believes CCRE's leverage will not rise above 40% as the
company has the flexibility to slow down its land acquisitions due
to a bigger attributable land bank of 34.7 million sq m that is
sufficient for development over the next five to six years.

Stabilising Margin: Fitch estimates CCRE's EBITDA margin (deducting
capitalised interest from cost of sales) to be higher than 20% in
2019. The EBITDA margin fell to 16% in 2017, from 17% in 2016,
affected by CCRE's strategy to accelerate inventory clearance in
1H15. Higher contracted sales than revenue also squeezed the EBITDA
margin as the selling, general and administrative expenses, which
are more a function of its contracted sales, are apportioned to a
much lower level of revenue. Fitch expects CCRE's EBITDA margin to
expand when it starts to recognise revenue from previous contracted
sales.

DERIVATION SUMMARY

CCRE's contracted sales of CNY53.7 billion in 2018 are comparable
with those of 'BB-' rated peers, although it has maintained a
healthier financial profile. Yuzhou Properties Company Limited
(BB-/Stable) had contracted sales of CNY56.0 billion in 2018 and
KWG Group Holdings Limited (BB-/Stable) had CNY65.5 billion.

CCRE's leverage ratio, measured by net debt/adjusted inventory on a
proportionately consolidated basis, was 31% in 2018, well below the
'B+' and 'B' rated peers' ratio of 40%-60% and in line with 'BB-'
rated peers' ratio of 20%-45%. However, CCRE's leverage ratio may
remain at 31%-33% in 2019-2020.

CCRE's EBITDA margin of 18% in 2017 was near the bottom of the
'BB-' peers' range of 18%-25% due to the company's destocking
strategy. However, Fitch expects CCRE's EBITDA margin to rise to
24%-25% in 2019-2020 as revenue from projects with a higher
contracted sales ASP will start to be recognised and there will
also be revenue increases from the company's higher-margin rental
property and project-management businesses.

KEY ASSUMPTIONS

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

  - Total contracted sales by gross floor area to increase by
    13% in 2019 and 11% in 2020

  - Average selling price for contracted sales to increase by
    up to 1% a year in 2019-2020

  - EBITDA margin (excluding capitalised interest) to reach 19%
    in 2018 and 24%-25% in 2019-2020

  - Land acquisition budget to be 22%-24% of total contracted
    sales for 2019-2020 for the company to maintain its land
    bank at approximately five years of contracted sales
    (32% in 2018).

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory on a
proportionately consolidated basis, persistently at 30% or below,
while the company maintains its leading position in Henan province

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

  - A decline in contracted sales for a sustained period

  - Leverage at 40% or above for a sustained period

  - EBITDA margin at below 18% for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity: The company had total cash of CNY17.8 billion
(including restricted cash of CNY3.6 billion) as of December 2018,
sufficient to cover short-term debt of CNY5.3 billion maturing in
one year.

Diversified Funding Channels: CCRE had total debt of CNY19.8
billion as of December 2018, consisting of bank loans, other loans,
senior notes and corporate bonds. There were unutilised banking
facilities of CNY66.6 billion. CCRE is listed on the Hong Kong
stock exchange and raised about CNY800 million in an equity
placement in 1H18.

Stable Funding Cost: The average cost of borrowing was 7.0% in
2018, lower than the 6.8%-6.9% in 2016-2017.


CENTRAL CHINA: Moody's Rates New USD Sr. Unsecured Bonds 'B1'
-------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured rating
to the proposed USD bonds to be issued by Central China Real Estate
Limited (Ba3 stable).

CCRE will use the proceeds from the proposed bonds to refinance
existing debt.

RATINGS RATIONALE

"The proposed bonds — which will be mainly used for debt
refinancing — will not have a material impact on CCRE's credit
metrics, but they will improve the company's liquidity and debt
maturity profile," says Kaven Tsang, a Moody's Senior Vice
President and also Moody's Lead Analyst for CCRE.

CCRE's Ba3 corporate family rating reflects its leading market
position and long operating track record in Henan Province. The
rating also takes into consideration the company's track record of
achieving good growth in contracted property sales over the past
five years.

At the same time, the CFR reflects CCRE's geographic concentration
in Henan Province that will expose it to potential volatility in
the province's economy, as well as any changes in the local
government's regulatory restrictions on property purchases and
construction activities. Its high level of exposure to joint
ventures will also raise contingent liabilities.

Moody's expects CCRE's contracted sales will grow to around
RMB60.0-RMB70.0 billion over the next 12-18 months, after
registering strong 76.5% year-on-year growth to RMB53.7 billion in
2018. In the first six months of 2019, the company's contracted
sales of heavy assets rose 9.2% year-on-year to RMB27.7 billion.

CCRE's good contracted sales performance will support its revenues
and EBIT growth over the next 12-18 months. Moody's therefore
expects CCRE's revenue/adjusted debt, including from its shares in
joint ventures, to improve to around 80% over the next 12-18 months
from Moody's estimates of 64% in 2018.

Moody's also expects adjusted EBIT/interest, including from its
shares in joint ventures, to improve to around 3.0x over the next
12-18 months compared to Moody's estimates of 2.4x for 2018.

These projected metrics are appropriate for CCRE's Ba3 CFR.

CCRE's liquidity is adequate. It had unrestricted cash totaling
RMB14.2 billion at the end of 2018. Adjusted cash/short-term debt -
including amounts due to and from its joint ventures - was at 134%
as of the same date. Moody's expects CCRE's cash holdings, plus its
operating cash flow, to be sufficient to cover its short-term debt
and committed land premiums over the next 12 months.

The B1 senior unsecured debt rating is one notch lower than the CFR
due to structural subordination risk. This risk reflects the fact
that the majority of claims are at its operating subsidiaries and
have priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination.

As a result of these factors, the likely recovery rate for claims
at the holding company will be lower.

The stable ratings outlook reflects Moody's expectation that CCRE
can maintain (1) its leadership position in Henan Province and
generate sales growth; (2) adequate liquidity levels; and (3) a
disciplined approach to land acquisitions.

An upgrade of the ratings could occur if CCRE (1) consistently
achieves its sales targets; (2) demonstrates a track record of good
financial discipline by keeping adjusted cash/short-term debt above
2.0x, adjusted revenue/debt above 90% and adjusted EBIT/interest
above 4.0x, all on a sustained basis; with the ratios adjusted for
its JV financials; and (3) broadens its geographic coverage in a
disciplined manner and strengthens its offshore banking
relationships.

The ratings could come under downward pressure if (1) CCRE
experiences a significant decline in sales; (2) the company suffers
a material decline in its profit margins; (3) CCRE accelerates its
expansion, such that its liquidity position deteriorates or its
debt levels rise materially, or both; or (4) construction stoppages
become more frequent and the company is unable to make up for the
lost time and misses deadlines on project deliveries.

Specific indicators for a downgrade include (1) adjusted
cash/short-term debt below 1.0x-1.5x, (2) adjusted EBIT/interest
consistently below 2.5x-3.0x, or (3) adjusted revenue/debt below
70%-75% on a sustained basis. The ratios are adjusted for its JV
financials.

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

Central China Real Estate Limited is a leading property developer
in Henan Province, with a land bank of 34.66 million square meters
in attributable gross floor area at the end of 2018. It was founded
in 1992 and listed on the Hong Kong Stock Exchange in June 2008.


CHINA: Auditors Warn Over Local Governments' Hidden Debts
---------------------------------------------------------
Cheng Siwei and Guo Yingzhe at Caixin Global report that several
provincial auditors have warned in their 2018 audit reports about
the risks that hidden debt poses to local governments.

Caixin relates that the auditors' offices of the Zhejiang, Jiangsu,
Shandong and Henan provincial governments have raised concerns
about a host of issues at lower-level governments regarding their
off-balance-sheet debts. The problems include local governments
pushing back the repayment dates for the debts they owe,
miscalculating the size of such debts, and an insufficient ability
to repay these debts.

Beijing has been pushing local governments in recent years to clean
up the mountain of off-balance-sheet debt they have taken on,
typically through companies they control known as local government
financing vehicles (LGFVs), as it poses a significant threat to
China's financial system, Caixin says.

According to Caixin, economists with investment bank Nomura
International (Hong Kong) Ltd. estimated that Chinese local
governments' outstanding hidden debts amounted to around CNY40
trillion (US$5.8 trillion) at the end of last year. This figure is
approximately double their on-the-books liabilities, which totaled
CNY20.5 trillion at the end of June, Caixin discloses citing data
from the Ministry of Finance.

Caixin says local governments have had a hard time dealing with
their off-the-books debt.  According to Caixin, the auditor's
office of East China's Zhejiang province warned in a report on July
29 that some towns and village governments, which do not have the
ability to repay their obligations in full, had resorted to
borrowing new debt to repay the old.

In the neighboring province of Jiangsu, the auditor's office said
in a report last month that some lower-level governments had
delayed planning how to resolve their off-balance-sheet debts
because of scheduling issues, Caixin discloses. Others had not
bothered to include interest payments in their debt repayment
plans, the report said.

Caixin relates that auditors next door in Shandong province said in
a report last month that in the first half of this year, 441, or
44.2% of all 997 of the province's LGFVs or state-owned enterprises
that assume the function of LGFVs, reported zero revenue. In the
same period, 699, or 70.1% of the total, reported net losses.

In Central China's Henan province, auditors reported last month
that local governments sometimes miscalculate their
off-balance-sheet debt simply because of a lack of understanding.
The auditors found that 70 city and county-level governments had
overstated their hidden debts, while 58 others had understated
them, according to Caixin.

In 2018, Beijing ordered local governments to resolve their
existing hidden debt issues within five to 10 years and barred them
from taking on new off-balance-sheet obligations, Caixin reports.

Several local government officials told Caixin that a large amount
of hidden local government debt will be due within three years. In
one province in central China, for example, nearly half of its
hidden debts will come due by the end of 2021, an official said.


CHINA: Corporate Bond Defaults Rebound Further in July
------------------------------------------------------
Bloomberg News reports that company bond defaults in China hit a
four-month high in July as a slowing economy and risk aversion
triggered by the unexpected seizure of Baoshang Bank Co. marred
refinancing prospects at weaker firms.

Onshore corporate bond defaults reached at least CNY14.4 billion
(US$2.1 billion) from 14 notes in July, according to data compiled
by Bloomberg, bringing the total year-to-date defaults to CNY70.9
billion from 89 bonds.

After two straight months of declines through May, bond
delinquencies are climbing back, the report says. According to
Bloomberg, the rebound coincides with weak manufacturing data
showing the nation's economic recovery lost steam in the first half
of the year. Early indicators also show growth continued to weaken
in July, bolstering the case for greater policy support.

Bloomberg notes that risk appetite in China's local bond market
took a hit after Baoshang's seizure in May, limiting funding
channels for the nation's weaker firms. The selloff pressure is
also increasing in the secondary bond market, adding to more
refinancing difficulties for private firms, said Yang Hao,
fixed-income analyst from Nanjing Securities Co. He expects
repayment pressure to remain elevated and sees more defaults going
forward.

Bloomberg lists a further breakdown of China's onshore default data
as:

   - Real estate sector with CNY10.2 billion defaults tops
     year-to-date default list, followed by wholesale at
     CNY9.5 billion and retail sales at CNY7.9 billion

   - Investment companies topped July's defaults, accounting
     for 45% of monthly total

   - Jiangsu, Anhui provinces and Shanghai City were among
     the top 3 default locations in July

According to Zhao Xue, head of fixed income at Shanxi Securities
Co., small and medium-sized banks and non-bank financial
institutions are cutting their holdings of lower-rated credit bonds
after regulators assumed control of Baoshang Bank, Bloomberg
relays.

Private-sector companies are still having hard time to obtain
funding, as net financing of corporate bonds in private enterprises
declined for three straight months, said Dong Dezhi, a fixed-income
analyst at Guosen Securities, adds Bloomberg.

Monthly defaulted amount may be revised based on the latest company
announcements and bondholder's conference resolution announcements,
Bloomberg notes.


GUANGDONG HENGJIAN: S&P Cuts SACP to bb+ on Increased Debt Leverage
-------------------------------------------------------------------
S&P Global Ratings, on Aug. 1, 2019, affirmed its 'A' long-term
issuer credit rating on Guangdong Hengjian Investment Holding Co.
Ltd. (Hengjian). The outlook is stable.

S&P said, "We lowered our assessment of the stand-alone credit
profile (SACP) of Hengjian to 'bb+' from 'bbb-', due to the
company's increasing debt leverage from its investments in China
Southern Air Holding and other Greater Bay Area related investment
projects.

"We lowered our assessment of the stand-alone credit profile (SACP)
of Guangdong Hengjian Investment Holding Co. Ltd. (Hengjian),
because we expect Hengjian's debt leverage to remain elevated from
our previous base case given rising investment commitments directed
by the Guangdong provincial government. However, we affirmed our
rating on Hengjian given our view that there is an extremely high
likelihood of extraordinary support from the Guangdong government.

"We forecast Hengjian's loan-to-value (LTV) ratio to increase to
about 25% in the next 12-24 months, from 17% as on December 2018,
due to new investment projects. Such projects include Hengjian's
commitment to invest Chinese renminbi (RMB) 10 billion in China
Southern Air Holding for a 10.445% equity stake. We believe
Hengjian will fund the transaction mostly with debt, which will
result in a 4-5 percentage point rise in Hengjian's LTV ratio. And
despite the equity investment, we do not see a material improvement
in the liquidity of Hengjian's portfolio. Unlisted assets still
account for more than 90% of its portfolio value.

"In addition, we expect Hengjian to increase its commitments to
investment projects connected to the Guangdong-Macao Co-operation
and Development Fund, which it manages for the government. Since
the fund's inception in mid-2018, Hengjian has started to provide
guarantees for the investment projects backed by the fund. As of
June 2019, Hengjian provides RMB6 billion in guarantees to those
projects collectively. Because the investment horizon for those
projects range from two-three years to four-five years, we do not
expect this guarantee to decrease in the next 12-24 months.

"In our view, the aforementioned investments are highly related to
government policies. The China Southern Air Holding placement is in
keeping with government requirements for more diverse ownership of
state-owned enterprise (SOEs). This investment also facilitates the
building of infrastructure in the Greater Bay Area--comprising Hong
Kong, Macao, Shenzhen and Guangzhou--as well as projects tied to
the Belt and Road initiative. Additionally, Hengjian's guarantees
provided to Guangdong-Macau Fund projects are also for the
development of the Greater Bay Area. Such events reaffirm our view
that Hengjian plays a major role in executing the Guangdong
government's public and social policies."

S&P maintains its view there is an extremely high likelihood that
Hengjian will receive support from the Guangdong provincial
government if needed, based on the following reasons:

-- Critical role to the government. Hengjian has a special status
as the platform of the province's core asset holdings, asset
management, and financing and capital market operations. Hengjian's
business operations support important economic, political, and
social objectives of the provincial government. Hengjian even acts
on behalf of the government in holding and managing most Chinese
SOE shareholdings owned by the province.

-- Very strong link to the government. The Guangdong government
owns 100% of Hengjian, and S&P believes this ownership is unlikely
to fall below 50% in the next five years. The government closely
monitors and supervises Hengjian's strategy and financial
performance, through its appointed board and senior management.

S&P said, "The stable outlook on Hengjian for the next 24 months
reflects our view that the company's role and links with the
Guangdong provincial government will not change. We also expect the
credit profile of the Guangdong government will remain stable.

"We see a low likelihood of a downgrade of Hengjian over the next
12-24 months. However, we could lower the rating if the Guangdong
government develops investment platforms similar to Hengjian or
substantially reduces its 100% ownership of the company. Both these
events could signify decreasing support for Hengjian.

"We could also lower the rating if the company's SACP deteriorates
to 'b+' or below, which could result from its LTV ratio exceeding
60%.

"We believe the likelihood of an upgrade is also low over the next
12-24 months. We could upgrade Hengjian if its SACP improves to 'a'
or higher. This could happen if Hengjian lowers its LTV to
sustainably below 20% and at the same time improve its asset
liquidity and diversity significantly." This could happen if, for
example, Hengjian's largest portfolio asset--China Southern Power
Grid Co. Ltd.--becomes a listed entity. It could also happen if the
Guangdong government injects a large amount of diversified assets
into Hengjian, such that: (1) the value of the largest asset is
less than 20% of the portfolio; and (2) the value of the largest
three assets combined is less than 35% of the portfolio.


HONGHUA GROUP: Fitch Assigns B Rating to USD200MM Sr. Unsec. Notes
------------------------------------------------------------------
Fitch Ratings has assigned Honghua Group Limited's (B/Stable)
USD200 million 6.375% senior unsecured notes due 2022 a final
rating of 'B' with a Recovery Rating of 'RR4'.

The senior notes are rated at the same level as Honghua's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The assignment of the final rating follows
the receipt of documents conforming to information already
received. The final rating is in line with the expected rating
assigned on July 22, 2019.

Honghua's Long-Term Foreign-Currency Issuer Default Rating of 'B'
and senior unsecured rating of 'B' incorporate a one-notch uplift
from its Standalone Credit Profile of 'b-'. This is based on
potential support from its controlling shareholder, China Aerospace
Science and Industry Corporation Limited, as Fitch assesses the
legal, operational and strategic ties between Honghua and CASIC as
moderate under its Parent and Subsidiary Rating Linkage criteria.
Honghua's SCP reflects improved profitability and positive funds
from operation.

KEY RATING DRIVERS

Moderate Linkage with CASIC: CASIC became Honghua's largest
shareholder after an equity placement in 2017; CASIC holds 29.98%
of Honghua's shares and treats Honghua as a subsidiary in its
accounts. Honghua's and CASIC's operations are largely independent,
although Fitch understands from management that CASIC views
Honghua's expertise in land drilling equipment as complementary to
CASIC's energy business.

CASIC appointed three board members and several key senior managers
to Honghua, including the chairperson and chief financial officer.
CASIC, through a subsidiary, has provided tangible support to
Honghua in the form of credit facilities and two low-interest
shareholder loans totalling CNY600 million since 2017. In addition,
CASIC has supported Honghua in building business relations with
central state-owned enterprises (SOEs) in the oil and gas sector
and power and energy industries.

New Orders Support Expansion: Honghua signed 34 new orders for
land-drilling rigs in 2018 that will support the company's growth
in 2019. The orders are worth around USD453 million. Honghua
returned to profit in 2018 thanks to a recovery in the oil and gas
market and the disposal of its unprofitable offshore business. Both
EBITDA and EBIT turned positive for the first time since 2015.
Honghua's core land-drilling rigs business experienced a surge in
orders and sales, driven by demand from Ukraine and Middle East.
Honghua sold 24 land-drilling rigs in 2018, with an average selling
price (ASP) of CNY97 million, compared with eight units in 2017
with an ASP of CNY52 million.

Improving Financial Profile: Honghua's financial profile at
end-2018 and Fitch's expectation of steady recovery in cash flow
generation support Honghua's SCP. Honghua's financial metrics have
improved as the business recovered. Honghua generated positive FFO
in 2018, with an FFO margin of 7.1%, compared with negative FFO in
2017 and 2016. FFO fixed-charge coverage also improved to 2.1x in
2018, from negative figures in 2016-2017. It posted FFO adjusted
net leverage of 5.2x in 2018, the lowest level since 2013 (and
excluding 2016 and 2017, when it had negative FFO). However, 2018
leverage was still above 4.5x, the level below which Fitch may
consider positive rating action.

Medium-Term Benefits from Asset Sale: Honghua completed the sale of
its unprofitable offshore business in 2H18. The immediate cash
benefit is minimal, as Honghua only received a token consideration,
but the transaction brings medium-term benefits, as the company
will receive debt repayments from the offshore operations and avoid
the heavy capex required for the business. Fitch assumes only
partial debt repayments in its rating-case forecast, as there is
uncertainty around the offshore segment's operation and
debt-repayment ability.

Stronger Receivables Collection: Fitch expects stable receivables
turnover in the medium term to support Honghua's SCP of 'b-'.
Honghua's receivables collection improved considerably in 2018.
Receivables turnover declined to 255 days in 2018, from 429 days in
2017, due to a recovery in the upstream oil and gas market and the
assistance provided by CASIC in collecting receivables from SOEs.
Honghua's inventory turnover also improved, with inventory days
dropping significantly to 183 days, from 430 days.

DERIVATION SUMMARY

Honghua's IDR incorporates a one-notch uplift for potential support
from its controlling shareholder, CASIC. Honghua's SCP remains
weaker than that of domestic oilfield equipment and service peers,
such as Hilong Holding Limited (B+/Stable) and Anton Oilfield
Services Group (B/Stable), despite the improvement in operation and
financial metrics in 2018. Honghua's operating EBITDA margin of
13.7% is the lowest of the three oilfield equipment and service
peers, while its FFO adjusted net leverage of 5.2x is the highest.

KEY ASSUMPTIONS

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

  - Revenue growth of 3%-8% during 2019-2022 (2018: 81%).

  - EBITDA margin of 13.8%-14.2% in 2019-2022 (2018: 13.7%).

  - Capex of CNY300 million a year in 2019-2022 (2018: CNY405
million).

  - Partial repayment of debt from disposed offshore segment in
2019-2022.

  - No major investment plan during 2019-2022.

Its recovery analysis is based on enterprise value as a going
concern, as it is higher than the liquidation value. The
going-concern value is derived from Honghua's 2018 EBITDA of CNY577
million, enterprise value/EBITDA multiple of 5.0x and 10%
administrative claim. The Recovery Rating assigned to Honghua's
senior unsecured debt is 'RR4', as implied by the recovery
analysis.

RATING SENSITIVITIES

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

  - Evidence of stronger legal, operational and strategic linkages
with CASIC.

  - FFO adjusted net leverage sustained below 4.5x (2018: 5.2x).

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

  - Evidence of weaker legal, operational and strategic linkages
with CASIC.

  - FFO fixed charge coverage below 1.2x for a sustained period
(2018: 2.1x).

LIQUIDITY

Adequate Liquidity: Fitch believes Honghua's financing ability has
improved with CASIC's shareholding; Honghua has obtained
shareholder loans and credit facilities from CASIC. Honghua's
CNY2.5 billion of short-term debt at end-2018, including the 2019
US dollar senior notes of CNY0.8 billion, should be covered by
CNY0.7 billion of available cash and CNY5.8 billion of undrawn
borrowing facilities, including unused facilities of around CNY1.1
billion provided by CASIC. The facilities are uncommitted, as
committed facilities are uncommon in China's banking system.


TIBET FINANCIAL: Moody's Rates New Sr. Unsecured Bonds 'Ba2'
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 long-term foreign
currency senior unsecured rating to the proposed bonds to be issued
by Tibet Financial Leasing Co., Ltd. (Ba2 stable, baseline credit
assessment [BCA]: b1).

RATINGS RATIONALE

The Ba2 long-term senior unsecured rating for Tibet Financial
Leasing's senior unsecured bonds takes into account (1) the
company's Ba2 long-term issuer rating and corporate family rating
(CFR); and (2) the bonds' priority of claims in Tibet Financial
Leasing's capital structure.

The bonds will constitute Tibet Financial Leasing's direct,
unconditional, unsubordinated and unsecured obligations, and shall
at all times rank pari passu and without any preference among
themselves, and at least equally with all other present and future
unsecured and unsubordinated obligations of Tibet Financial
Leasing.

Tibet Financial Leasing's issuer rating and CFR reflect the
company's (1) BCA of b1 which takes into account the company's
sound financial metrics, but short operating history, rapid asset
growth and high liquidity risk due to asset and liability
mismatches; and (2) a two-notch uplift based on Moody's assumption
that the company will receive — in times of need — a moderate
level of indirect support from and high level of dependence on the
Government of China (A1 stable) via the Government of the Tibet
Autonomous Region through some of its shareholders, under Moody's
joint-default analysis for government-related issuers.

What Could Change the Rating -- Up

An upgrade of Tibet Financial Leasing's issuer rating and CFR could
trigger an upgrade of the bond rating.

Tibet Financial Leasing's issuer rating and CFR could be upgraded
if the company (1) establishes a good operating track record and
maintains its existing good financial metrics, including its strong
profitability and low nonperforming loan ratio; and (2) reduces the
tenor mismatch between its assets and liabilities.

Moody's could also upgrade the company's ratings if Moody's
observes a stronger connection between the company and the
Government of the Tibet Autonomous Region, including an increase in
the government's shareholding to over 50% and more explicit support
from the central government via the Government of the Tibet
Autonomous Region.

What Could Change the Rating -- Down

The bond rating could be downgraded if (1) Tibet Financial
Leasing's issuer rating and CFR are downgraded; or (2) Tibet
Financial Leasing's structurally senior and/or secured debt
increases materially.

Tibet Financial Leasing's issuer rating and CFR could be downgraded
if Moody's observes (1) a weakening of support from the Chinese
government via the Government of the Tibet Autonomous Region; (2) a
significant reduction in shareholding by the Government of the
Tibet Autonomous Region; (3) a significant deterioration in the
company's asset quality, due to weak risk management; and/or (4) a
decline of tangible common equity/tangible managed assets to below
11% due to higher than expected asset growth.




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

BARAK VALLEY: CARE Assigns 'B' Rating to INR25cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Barak
Valley Cements Limited (BVCL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           25.00      CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers:

The rating assigned to the bank facilities of BVCL takes into
account long track record of operations in the cement industry,
integrated cement plant operations with captive limestone mines and
locational advantage with strong customer base in North-East India.
The rating is, however, constrained by relatively small scale of
operations, moderate financial risk profile and solvency position,
working capital intensive operations, stretched liquidity position,
exposure to volatility in input costs and cyclicality of the cement
industry. Going forward, higher capacity utilization levels,
improvement in financial profile, efficient management of working
capital cycle and strengthening of liquidity position shall be the
key rating sensitivities.

Detailed description of the key rating drivers:

Key Rating Weaknesses

Relatively small scale of operations: The company has relatively
small scale of operations with installed capacity of 1000 tonnes
per day (TPD) of cement and 600 TPD of clinker and sells cement
only in the North-Eastern region of India. Capacity utilization
during FY19 stood at 72% for cement and 90% for clinker.

Moderate financial risk profile and solvency position: The company
has reported total operating income (TOI) of INR140.28 crore and
profits after tax (PAT) of INR3.03 crore for FY19 as compared to
TOI of INR150.23 crore and PAT of INR2.83 crore for FY18. The
decline in TOI was mainly on account of heavy rains in the North
Eastern region and partial plant shutdown for 35-40 days during
FY19 for replacement and repair of machinery parts, which impacted
the overall cement production. However, PAT in FY19 was higher on
account of increase in other income, along with lower depreciation
and interest cost. Overall gearing and interest coverage ratio
stood at 0.76x as on March 31, 2019 (0.80x as on March 31, 2018)
and 1.79x for FY19 (2.00x for FY18).

Working capital intensive operations and stretched liquidity
position: The company's operations are working capital intensive.
Gross Current Asset days stood at 77 days, while creditor days
stood at 88 days in FY19 resulting into negative working capital
cycle. However, high credit period is on account of stretched
liquidity position of the company. Average utilization of
fund-based limits remained high at 99.42% for the 12 months period
ended May 2019. The company had free cash and bank balance of
INR4.31 crore as on March 31, 2019.

Exposure to volatility in input costs and cement prices: The
company has captive lime stone mines and procures its entire
limestone requirement from its wholly-owned subsidiary i.e.
Meghalaya Minerals and Mines Limited. Further, it meets its coal
requirement through auctions or open market purchases from the
domestic producers and thus remains exposed to risk arising on
account of the volatility in the raw material prices. The company
also remains exposed to risk of volatile movement in the price of
diesel with respect to freight cost. Furthermore, with the
company's presence restricted to North-East India, it remains
susceptible to demand-supply dynamics and volatility in the prices
of cement.

Key rating strengths

Long track record of operations in cement industry: Established in
1999, the company has nearly 2 decades of experience in the
business of cement manufacturing and sells cement under the brand
name 'Valley Strong Cement'. It manufactures Ordinary Portland
Cement (OPC) and Portland Pozzolana Cement (PPC) and it target
markets are located in the North-Eastern states of India.

Cement plant operations with captive limestone mines: The company's
manufacturing plant has locational advantage as the
unit is situated on the National Highway connecting Guwahati and
Silchar and located in the Barak Valley region of Badarpurghat,
Distt. Karimganj, Assam and it is connected to other states of
North-East such as Manipur, Mizoram, Tripura and southern part of
Meghalaya, which are the company's target markets. The company also
has captive lime stone mines, in its wholly owned subsidiary viz.
Meghalaya Minerals and Mines Limited (MMML), in district Jaintia of
Meghalaya. The limestone mines are located within 75 km radius from
the cement plant and have deposit life of over 100 years. BVCL is
procuring its entire requirement of limestone from its subsidiary.

Strong customer base in North-Eastern region of India: The company
sells cement through a distribution network comprising 150 dealers,
in the North-Eastern states of Assam, Mizoram, Tripura, Manipur and
Meghalaya. The company has a diversified and strong customer base
including institutions and government agencies like Director
General Of Supplies & Disposals (DGS&D), 19th Assam Rifals,
Executive Engineer Rural Development (EERD), CPWD, ONGC, BSF, etc.

Industry outlook: Given the inherently cyclical nature of the
cement industry, the company remains exposed to risks associated
with the same. However, higher outlay and focus on infrastructure,
housing and rural development are likely to boost the cement demand
in the long-term, which in turn will benefit the companies in the
sector.

Liquidity analysis: The company has free cash and bank balance of
INR4.31 crore as on March 31, 2019. Average utilization of
fund-based limits remained high at 99.42% for the 12 months period
ended May 2019. The company has scheduled debt repayments of around
INR1.56 crore in FY20 and INR1.23- INR1.56 crore in FY21 as against
generated Gross Cash Accruals of INR8.72 crore in FY19

Barak Valley Cements Limited (BVCL), incorporated in April 1999, is
engaged in the business of manufacturing and marketing cements of
different grades under the brand name 'Valley Strong Cement'. The
manufacturing unit of the company is located at Jhoom Basti,
Devendranagar, Badarpurghat, District Karimganj, Assam and the
company sells cement in the North-Eastern states of India.


BIG POWER: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Big Power Glass India Private Limited
        Survey No. 459, POR Gam
        Gandhinagar 382421
        Gujarat, India

Insolvency Commencement Date: June 21, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: December 18, 2019
                               (180 days from commencement)

Insolvency professional: Manish Santosh Buchasia

Interim Resolution
Professional:            Manish Santosh Buchasia
                         306, 3rd Floor, (Part-A), "Gala Mart"
                         Nr Sobo Centre, Before Safal Parisar
                         Above SBI/Union Bank/Hindimart
                         South Bopal, Ahmedabad
                         Gujarat 380058
                         E-mail: manishbuchasiacs@gmail.com
                         Website: www.ip.buchasia.com
                         Tel.: 98980055367

Last date for
submission of claims:    August 13, 2019


EMMANUEL RESORTS: CARE Lowers Rating on INR11.30cr Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Emmanuel Resorts Private Limited (ERPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       11.30      CARE B; Stable; Issuer not
   Facilities                      cooperating: Revised from
                                   CARE BB-; Stable; on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from ERPL to monitor the
rating vide email communications dated May 10, 2019, May 17, 2019,
June 17, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided no default statement
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on ERPL's
bank facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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


FUJIN WIND: CARE Lowers Rating on INR296cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Fujin Wind Parks Private Limited (Fujin), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     296.00       CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BBB-; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   Best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 20, 2019, placed the
rating of Fujin under the 'issuer non-cooperating' category as
Fujin had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. Fujin continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in rating assigned to the bank facilities of Fujin
Wind Parks Private Limited is on account of delays in debt
servicing due to cash flow mismatches.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing owing to stretched liquidity position: The
Company has delayed in meeting its debt servicing obligation due to
delay in receipt of payments from Southern Power Distribution
Company of Andhra Pradesh (APSPDCL) resulting in cash flow
matches.

Incorporated in September 2011, Fujin Wind Parks Private Limited
(Fujin) is a wholly owned subsidiary of Ecoren One Wind Energy
Private Limited (EOW) which is part of Ecoren Energy India Private
Limited.

EOW is a Joint Venture (JV) between Ecoren and GE Affiliate;
Guayama P.R. Holdings BV (Guayama) in the ratio of 51:49. EOW was
incorporated on July 1, 2015 and is an investment holding company
for the Independent Power Producer (IPP) executed under the JV.
Guayama is a 100% subsidiary of GE Capital International Holdings
Limited whose ultimate holding company is General Electric Company
(GE); New York.

Total project cost was INR400 crore (envisaged cost of INR396
crore) which was funded in debt equity ratio of 74:26 viz. debt of
INR296 crore and equity of INR104 crore. The cost overrun has been
met by sponsors. The project comprises of 20 Wind Turbine
Generators (WTG) of GE 2.3-116 (2.3MW each). The project
commissioned operations in from March 31, 2017. Fujin has entered
into PPA on September 16, 2016 with APSPDCL for sale of 45.77 MW
capacity for a period of 25 years from Commercial Operation Date
(COD) (i.e March 31, 2017) at a tariff of INR4.84/unit.


GCX LIMITED: Fitch Lowers LongTerm Issuer Default Ratings to C
--------------------------------------------------------------
Fitch Ratings has downgraded Global Cloud Xchange (GCX) Limited's
Long-Term Foreign- and Local-Currency Issuer Default Ratings to 'C'
from 'CC'. Fitch has also downgraded the rating on GCX's USD350
million 7% senior secured notes due 2019 to 'CCC-' from 'CCC' with
a Recovery Rating of 'RR2'.

The downgrade reflects that GCX has entered into a temporary
negotiated waiver following a payment default on bond and interest
due on August 1, 2019.

The notes, issued by subsidiary, GCX Limited, are rated two notches
higher than GCX's IDR due to its bespoke recovery analysis
assumptions, which indicate recoveries in the 'RR2' range. The
notes are secured by the assets and equity interests of GCX and its
key subsidiaries and are guaranteed by GCX and its key operating
subsidiaries, which generate most of the group's revenue and
EBITDA.

KEY RATING DRIVERS

Negotiated Waiver Following Non-Payment: GCX has failed to pay its
USD350 million bond and the semi-annual coupon of USD12 million due
on August 1, 2019. It has entered into a temporary negotiated
waiver with its bondholders.

Forbearance Agreement with Bondholders: GCX announced on July 31,
2019 that it reached a forbearance agreement with 87% of its
bondholders to allow the company extra time to pursue refinancing
or restructuring options. The agreement provides a minimum of two
weeks before bondholder action, with the possibility for a two-week
extension if negotiations progress. On July 25, 2019, GCX announced
that a prospective private-loan provider would not proceed with a
loan that could have allowed GCX to repay its bonds at maturity.
The secured notes are currently trading at around mid-80 cents to
the dollar. Fitch believes successful refinancing through a private
lender or sale of GCX in the next four weeks is highly uncertain.

The forbearance agreement provides for a 2% consent fee payable to
forbearing noteholders and payment of accrued interest to all
noteholders. Such amounts will be added to the principal amount of
the notes. GCX will also pay 5% of the outstanding principal amount
to forbearing bondholders if the notes are subsequently refinanced
in full.

Lower Cash Generation: Fitch forecasts GCX's cash EBITDA to decline
to around USD60 million-70 million in the financial year ending
March 2020 (FY20) on lower indefeasible right of usage (IRU) sales.
EBITDA increased to USD81 million in FY19, with IRU sales of USD78
million, and led to positive FCF of USD14 million, while the cash
balance improved to USD63 million. GCX wrote off USD132 million of
net receivables (USD147 million of gross receivable and payables of
USD15 million) due from Rcom. GCX will provide services to Rcom
worth USD5 million in FY20 and will use Rcom circuits and offices
for an equal amount of USD5 million, reducing its exposure to nil
on a net basis.

Recovery Rating of 'RR2': Fitch uses a going-concern value approach
to calculate the post-restructuring enterprise value. The
liquidation approach is not appropriate, as GCX's assets are of
little use if dismantled and liquidated. Fitch estimates
post-restructuring cash flow of around USD62 million, assuming
depletion of the current position to reflect the distress that
provoked a default, and a level of corrective action that Fitch
assumes would have occurred during restructuring. Fitch assumes a
cash flow multiple of 4.5x and a deduction of 10% for
administrative claims. These assumptions result in a recovery rate
for the bonds within the 'RR2' range to generate a two-notch uplift
to the debt rating from the IDR.

DERIVATION SUMMARY

The IDR is 'C' because Fitch's rating definitions specify that this
rating is appropriate if a default or default-like process has
begun. An issuer entering into a temporary negotiated waiver
following a payment default on a material financial obligation is
indicative of this situation.

KEY ASSUMPTIONS

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

  - Revenue to decline by around 8%-10% in FY20 on lower IRU
    sales.

  - Cash EBITDA of around USD60 million-70 million, with an IRU
    sale of around USD55 million in FY20.

  - Annual capex of around USD30 million (FY19: USD26 million).


GCX LIMITED: Moody's Lowers CFR to Ca, Outlook Still Negative
-------------------------------------------------------------
Moody's Investors Service downgraded GCX Limited's corporate family
rating to Ca from Caa1.

The rating outlook remains negative.

GCX - held through intermediate holding companies Global Cloud
Xchange Limited and Reliance Globalcom BV - is ultimately a wholly
owned subsidiary of Reliance Communications Limited, which is
currently undergoing insolvency proceedings under India's
Insolvency and Bankruptcy Code.

RATINGS RATIONALE

"The rating downgrade on GCX's corporate family rating to Ca from
Caa1 follows the payment default on the company's $350 million 7%
senior secured notes," says Annalisa Di Chiara, a Moody's Vice
President and Senior Credit Officer.

The notes, issued on a senior secured basis by GCX, a holding
company, and unconditionally guaranteed and secured by a pledge of
the outstanding equity interests and security interests of all
material subsidiaries, matured on August 1, 2019.

GCX reported a cash balance of $62.6 million at March 31, 2019.

"Although the company announced the signing of a forbearance
agreement with 87% of its bondholders on July 31 -- one day in
advance of the maturity of the notes -- a missed scheduled payment
of either interest or principal is considered a default under
Moody's definitions," adds Di Chiara, who is also Moody's Lead
Analyst for GCX.

Under the terms of the forbearance agreement, bondholders have
agreed not to exercise remedies under the existing indenture as a
result of the payment default for a minimum period of two weeks,
with the possibility of extending the agreement for an additional
two weeks, assuming GCX continues to progress in its negotiations.
The forbearance agreement provides GCX with an opportunity to
continue negotiating options related to the refinancing of the
notes.

GCX operates one of the largest privately owned global subsea fiber
networks. For the fiscal year ended March 31, 2019, the company
reported EBITDA of $110 million, excluding impairments, and a
resultant reported leverage of around 3.3x.

At the same time, governance risk is high considering the company's
concentrated ownership - as a wholly owned subsidiary of RCOM - and
lack of independent board level oversight. To that end, in early
June the company announced its intention that additional
independent directors will join the boards of GCX and GCXL to
strengthen corporate governance.

The rating outlook is negative, reflecting the ongoing uncertainty
on the progress of debt restructuring.

Moody's could downgrade the rating further if the debt
restructuring fails to be completed during the forbearance period.

Moody's could upgrade the rating once a committed debt
restructuring plan is agreed with noteholders, which improves in
turn the company's liquidity.

The principal methodology used in this rating was Communications
Infrastructure Industry published in September 2017.

GCX Limited, incorporated in Bermuda in 2014, wholly owns five
subsea cable systems on major data traffic routes, including the
world's largest private undersea cable system spanning more than
68,000 route kms.

GCX provides data connectivity solutions to major
telecommunications carriers and large multinational enterprises in
the US, Europe, Middle East and Asia Pacific with a need for
multinational IP-based solutions and connectivity.


GEOXA LOGISTICS: CARE Lowers Rating on INR6.60cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Geoxa Logistics (GL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      6.60        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   Best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 2, 2018 placed the
rating of GL under the 'issuer noncooperating' category as GL had
failed to provide information for monitoring of the rating. GL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 5, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The revision in the rating assigned to the bank facilities of Geoxa
Logistics (GL) factors in ongoing delays in the servicing of the
debt obligations.

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the term debt obligation. The cash credit limit
availed by the firm has remained overdrawn for more than 30 days.

GL is a proprietorship firm established in October-2015 by Mr
Amanpreet Singh Sondhi. GL has been established with an aim to
offer logistic services (on rental basis) to construction,
infrastructure, hosiery, auto component industries, etc. throughout
India. GL owns a fleet of 4 excavators, 10 hydra machines, 10
tippers and 2 backhoe loaders, as on March 31, 2016. GL has a group
concern by the name- Geoxa Steel Private Limited (GSPL; rated 'CARE
D; Issuer Not Cooperating') which was established in 2012 and is
engaged in the manufacturing of stainless steel pipes.


GEOXA STEELS: CARE Lowers Rating on INR7.51cr Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Geoxa Steels Private Limited (GSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      7.51        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   Best available information

Detailed description of the key rating drivers

CARE had, vide its press release dated April 2, 2018, placed the
rating of GSPL under the 'issuer non-cooperating' category as GSPL
had failed to provide information for monitoring of the ratings.
GSPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 5, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the ratings on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The revision in the rating assigned to the bank facilities of GSPL
takes into account ongoing delays in the servicing of the debt
obligation by the company.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in the debt servicing: There are ongoing delays in
the servicing of the debt obligation for the working capital limits
availed by the company. The cash credit limit has remained
overdrawn for more than 30 days.

Incorporated in 2012, GSPL is engaged in the manufacturing of
stainless steel pipes at its manufacturing facility located at
Ludhiana, Punjab with an installed capacity of manufacturing 15
Tonnes Per Day (TPD), as on March 31, 2016. The company started its
operations in Aug-2013. The products manufactured by the company
are sold under the brand name “Geoxa” to dealers and
wholesalers situated in Punjab. GSPL has a group concern by the
name- Geoxa Logistics (GL; rated 'CARE D; Issuer not cooperating')
which was established in 2015 and is engaged in the logistic
services for construction, infrastructure, auto component
industries, etc.


GRAND HIRA: CARE Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Grand Hira
Resorts Private Limited (GHRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     15.00        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on Best
                                   Available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018 placed the
rating of GHRPL under the 'issuer non-cooperating' category as
GHRPL had failed to provide information for monitoring of the
rating. GHRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
dated July 09, 2019 and May 31, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings take into account ongoing delays in meeting the debt
obligations.

Grand Hira Resorts Private Limited (GHRPL) was incorporated in 2006
and is currently being managed by Mr Randhir Singh Yadav, Mrs Billo
Yadav and Mr Sunny Yadav. GHRPL is in the hospitality industry and
constructed a four star hotel with a total cost of project of INR22
crore. The hotel consists of 48 double rooms, 4 suites and banquet
facility. It also includes 4 specialty restaurants comprising of a
fast food facility, Indian food restaurant, coffee house cum bar
and a Japanese cuisine restaurant .The hotel is located close to
Neemrana, Rajasthan which lies within the Delhi- Mumbai Industrial
Corridor. The hotel commenced commercial operations in June 1,
2015. GHRPL has tied up with Golden Tulip for marketing and
management assistance.


HELIOS PHOTO: CARE Maintains D Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Helios
Photo Voltaic Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      978.38      CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on Best
                                   Available Information

   Short term Bank       2.15      CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on Best
                                   Available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 28, 2018, placed
the ratings of Helios Photo Voltaic Limited under the 'Issuer not
cooperating' category as Helios Photo Voltaic Limited has not paid
the surveillance fees for the rating exercise agreed to in its
Rating Agreement. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating of Helios Photo Voltaic Limited bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

There is continuous default by Helios Photo Voltaic Limited in
servicing debt obligation as per publically available information.

HPVL, previously known as Moser Baer Photo Voltaic Limited is a
wholly-owned subsidiary of Moser Bear Solar Limited (MBSL, rated
CARE D; Issuer not cooperating) and a step-down subsidiary of Moser
Baer India Limited (MBIL, rated CARE D; Issuer not cooperating).
HPVL is primarily engaged into design, manufacture and export of
photo voltaic cells, modules and systems. HPVL commenced its
commercial shipment of PV (Photo Voltaic) cells and modules in June
2007 and November 2007 respectively. HPVL also provides turnkey
solutions and EPC services for the large grid-connect solar farms.


JAYPEE INFRATECH: Parent Still Barred From Bidding for 2 More Weeks
-------------------------------------------------------------------
Livemint.com reports that the Supreme Court on August 2 ordered
status quo, for two weeks, on Jaypee Group's plea against the
National Company Law Appellate Tribunal (NCLAT) order barring
parent company Jaypee Associates Ltd from bidding for Jaypee
Infratech Ltd (JIL).

The order by a bench of Justices A. M. Khanwilkar and Dinesh
Maheshwari came after they were informed that the Parliament had
passed amendments to the Insolvency and Bankruptcy Code, the report
says.

Mint relates that the court said that it has not seen the amendment
till now and thereafter deferred the matter.

On July 30, the NCLAT extended the resolution process of JIL by 90
days, thereby allowing submission of fresh bids for the bankrupt
realty company, Mint recalls.

According to the report, the tribunal said the process of bidding
and approval of a resolution plan by the committee of creditors
(CoC) should conclude in 45 days.

Mint notes that the 90-day extension came amid the lenders' request
to exclude around 250 days, from September 17, 2018 to June 4,
2019, from the stipulated period for corporate insolvency
resolution process, as during this period no bid could be voted
upon in view of the confusion regarding the voting rights of the
home buyers.

Under the Insolvency and Bankruptcy Code, the resolution process of
a company is mandated to be concluded within 270 days, failing
which the company has to go for liquidation, the report says. The
270-day deadline for JIL ended on May 6, Mint discloses.

                      About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development.  The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In September 2017, the Supreme Court of India stayed the insolvency
proceedings initiated against JIL, after various associations of
homebuyers moved a batch of petitions fearing they will lose their
apartments and not get any compensation, according to Livemint. The
stay was later revoked by the court, which directed the resolution
professional to submit an interim resolution plan that takes into
account the interest of homebuyers.

The court also directed the parent company, JAL, to deposit
INR2,000 crore to protect the interest of homebuyers.  Out of this,
only INR750 crore has been deposited so far, Livemint relayed.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company, JAL owes
more than INR29,000 crore to various banks, the report added.


JET AIRWAYS: Deadline to Submit EOIs Extended to Aug. 10
--------------------------------------------------------
Livemint.com reports that the last date to submit expressions of
interest (EoIs) for Jet Airways has been extended to August 10
after the company received interest from only a "couple of
investors" by August 3, the original deadline.

A person aware of the development said on the condition of
anonymity that since the insolvency resolution process is keeping
pace with the prescribed timelines, it has been decided to wait for
a few more days and gather more resolution proposals, Mint
relates.

"This is to bring to the attention of all interested resolution
applicants that the revised deadline for submission stands at 4:00
p.m. (India time) on 10 August, 2019," said Ashish Chhawchharia,
Jet Airways' resolution professional in a note on August 3, Mint
relays.

According to Mint, the note said that on basis of requests received
from prima-facie credible interested resolution applicants for some
additional time, the deadline for submission of EoI is being
provisionally extended, subject to formal ratification by the
committee of creditors.

"The proposed extension is to ensure the objectives of the IBC are
achieved and we are able to maximise the value of the assets of the
corporate debtor and achieve a better outcome for all stakeholders
in this fast-track process," the note said.

The invitation for EoIs in the ongoing corporate insolvency
resolution process of Jet Airways, released by the resolution
professional on July 20, 2019 had specified the deadline to be
August 3, 2019.

Mint reported on August 1 that as many as four potential bidders
have evinced interest in Jet Airways (India) Ltd. SBI Capital
Markets, which is advising the lenders in the process of finding
new investors for the grounded airline, has reached out to as many
as 20 potential investors.

According to the report, State Bank of India (SBI), which leads the
lenders' consortium for Jet Airways, has sanctioned INR10 crore as
a part of the approved interim funding of $10 million (about INR69
crore) for the airline, which was decided by the lenders earlier in
July.

At the meeting on August 1, lenders, however, have reservations
about releasing a month's salary for Jet Airways' staff as sought
by several worker unions, Mint says.

Jet Airways, which grounded its operations in April, due to an
acute fund crunch, has yet to pay salaries since January to a
section of its staff such as pilots, engineers and general
managers, the report notes. The airline hasn't paid salaries to the
rest of its staff since March.

                         About Jet Airways

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

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

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

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


JUBILEE INFRASTRUCTURES: CARE Cuts Rating on INR6cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jubilee Infrastructures (JI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      6.00        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   Best available information

Detailed Rationale & Key Rating Drivers

CARE has conducted the review on the basics of best available
information and had classified JI as 'Non Cooperating' vide its
press release dated February 7, 2019, furthermore, CARE's rating on
Jubilee Infrastructures (JI) bank facilities will now be denoted as
CARE D; Issuer Not Cooperating. The rating has been revised on
account of ongoing delays in debt serving by the company.

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

Detailed description of the key rating drivers

Key rating Weaknesses

Ongoing delays in meeting of debt obligations: Jubilee
Infrastructures (JI) has been facing liquidity issues due to which
there are ongoing delays in interest serving and overdrawings in
cash credit account.

Constitution of the entity as proprietor firm with inherent risk of
withdrawal of capital: The sole proprietor typically makes all the
decisions and runs the entire business operation. If he becomes ill
or disabled, there may be nobody else who can step in and keep the
business going. Running a business single-handedly can also pose a
risk due to heavy burden. Constitution as a proprietorship has the
inherent risk of possibility of withdrawal of the capital at the
time of personal contingency which can adversely affect its capital
structure.

Key Rating Strengths

Experience of promoter for around fifteen years in the construction
industry: Ms. Vinaya Sri Talla, the proprietor of the firm is
qualified post graduate and has around fifteen years of experience
in the construction industry. She is supported by her husband,
Mr.Niranjan Talla, who has more than 25 years of experience in the
construction industry.

Telangana based, Jubilee Infrastructures (JI) was established in
August 2017 as a proprietorship firm by Mrs. Vinaya Sri Talla. The
firm is engaged in providing construction services like
construction of buildings, canals and roads relating to government
department.


KAMPILYA BUILDERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kampilya Builders Private Limited

        Registered office:
        P-65, Bansdroni Park, 3rd Floor
        Kolkata 700070

        Principal office:
        Maurya Centre 1, Fraser Road
        Patna 800001, Bihar

Insolvency Commencement Date: July 26, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 22, 2020

Insolvency professional: Shashi Agarwal

Interim Resolution
Professional:            Shashi Agarwal
                         Subarna Appartment
                         (Opp.: Udayan Club)
                         21N, Block-A, New Alipore
                         Kolkata 700053
                         E-mail: shashiagg@rediffmail.com
                                 s9339216750@rediffmail.com

Last date for
submission of claims:    August 9, 2019


KSR DEVELOPERS: CARE Lowers Rating on INR20cr Loan to B+
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
KSR Developers Private Limited (KSR), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      20.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   Best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 4, 2018, placed the
rating(s) of KSR under the 'issuer non-cooperating' category as KSR
had failed to provide information for monitoring of the rating. KSR
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated June 21, 2019, June 27, 2019, June 28, 2019, July 1, 2019,
July 4, 2019 In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

The ratings assigned to the bank facilities of KSR Developers
Private Limited (KSR) are continues to be constrained by intense
competition in the hospitality segment and high geographic
concentration risk. However, the rating also takes into account
increase in net losses, leveraged capital structure and elongated
creditor's days and growth in total operating income. The ratings
are underpinned by the extensive experience of promoter with
satisfactory track record in real estate project development, and
stable hospitality industry outlook.

Going forward, the company's ability to increase its scale of
operations and turnaround from losses to profits and improve its
capital structure and debt coverage indicators while improving its
working capital requirements effectively would be the key rating
sensitivities.

Key Rating Weakness

Increase in net losses: The company has incurred net losses during
the review period due to the high financial expenses and
depreciation provisions.

Leveraged capital structure: The capital structure of the company
marked by overall gearing ratio has deteriorated from 2.21x as on
March 31, 2017 to 4.28x as on March 31, 2018 at the back of
increase in term loans and unsecured loans.

Elongated creditor days: The working capital cycle remained
negative at -31 days in FY18 due to elongated creditor days 56 days
in FY18 although improved from 492 days in FY17.

Intense competition in the hospitality segment: The company faces
competition from a number of small and medium players. Though there
are other regional players offering services, KSRDPL is able to
withstand in the market through its vast experience and established
track record coupled with the association with Marriott group.

Key rating strengths

Extensive experience of the promoter with established track record
in real estate project development: KSR group has been promoted by
Mr K Subba Raju, (Managing Director) who has been associated with
the KSRDPL since its inception (as a partnership firm) and has been
present in the real estate development segment since the past two
decades.

The business operations of KSRDPL have benefited from his long
established track record and the vast industry network
developed over the years. While the promoters have established
track record in the real estate segment, the exposure to the
hospitality segment is relatively new. This results in high project
risk associated which is, however, slightly mitigated by the
association with Marriott group, which will operate the hotel for a
percentage of the total gross revenue.

Growth in total operating income: The total operating income of the
company has increased from 0.39 crore in FY17 to 5.67 crore in
FY18.

Stable hospitality industry outlook: With revival in the global as
well as Indian economy, international tourist inflow into the
country is expected to rise. The Indian hotel industry especially
the Midmarket/Budget category is expected to witness a strong
growth of about 15% going ahead, while the demand for Luxury/Deluxe
hotels is expected to show a growth of about 12% up to FY19. With
the expected improvement in investment cycle, the occupancy rates
are expected to rise going ahead. However, with majority of the
supply to be added in the mid-market and budget category the ARR
growth is projected to stay muted.

KSR Developers Private Limited (KSRDPL) was incorporated on
November 02, 2010. The company was started as a partnership
firm in 1987 under the name of M/s. Prasad Constructions before
being incorporated as a private limited concern. KSRDPL has
been engaged in developing residential apartments and commercial
complexes and has recently completed a residential apartment
project, KSR Pleasant Valley, with total built up area of 1.85 lakh
square feet consisting of 117 residential flats (entirely sold
out).

The company is now entering into the hospitality business and it
is, currently, engaged in development of a new Three Star hotel
project, 'Fairfield Marriott' at Madhavadhara, NH-5 road,
Visakhapatnam at an aggregate project cost of INR56.48 crore.
Financial closure has been achieved for the project. The project
comprises total room inventory of 126 keys, all day dining
restaurant, Spa and Health club, banquet/conference and commercial
shops on the ground floor. The hotel is being developed under the
brand name of 'Fairfield by Marriott' with Marriot International
Design & Construction Services Inc. (MIDCS) as the technical
partner for the project. KSRDPL has a franchise agreement with
Marriott group, wherein Marriott will do the marketing and branding
for the hotel along with operating the hotel as per international
standards.

In FY18 the company has incurred net loss of INR4.68 crore on a
total operating income of INR5.67 crore as against net loss of
INR0.09 crore and total operating income of INR0.39 crore.


MOSER BAER: CARE Maintains D Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Moser Baer
Solar Limited continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      881.46      CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on Best
                                   Available Information

   Short term Bank      64.60      CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on Best
                                   Available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 28, 2018, placed
the ratings of Moser Baer Solar Limited under the 'Issuer not
cooperating' category as Moser Baer Solar Limited has not paid the
surveillance fees for the rating exercise agreed to in its Rating
Agreement. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating of Moser Baer India Limited bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

There is continuous default by Moser Baer Solar Limited in
servicing debt obligation as per publically available information.

MBSL, formerly PV Technologies India Limited (PVTIL) is a step-down
subsidiary of Moser Baer India Limited (MBIL). MBSL is primarily
engaged into manufacture, design and export of thin film and EPC
systems, thick film photo voltaic modules etc. MBSL has installed
capacity for 50 MW thin film based on amorphous silicon technology
and 90 MW high efficiency silicon cell and module line.


NEWTECH SHELTERS: CARE Maintains D Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Newtech
Shelters Private Limited (NSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     13.44        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on Best
                                   Available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2018, placed the
rating(s) of NSPL under the 'issuer non-cooperating' category as
Newtech Shelters Private Limited had failed to provide information
for monitoring of the rating. Newtech Shelters Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 3, 2019, May 30, 2019 and May 28, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 23, 2018, the following was the
rating weakness:

(Updated for the information available from the Registrar of
companies)

On-going delays: The rating takes into account the on-going delays
by NSPL in servicing of its debt obligations. This is on account of
the stressed liquidity position of the company owning to slowdown
in real estate market leading to slow sales and collection from the
customers.

Noida-based (Uttar Pradesh) NSPL was incorporated in July, 2010 and
currently being managed by Mr. Mukesh Kumar Roy and Mr. Sanjeev
Kumar Roy. NSPL is engaged in the development of real estate
projects (commercial) mainly in Ghaziabad, Uttar Pradesh. NSPL is
currently executing one project "La- Gracia" a commercial complex
(shopping mall) in Ghaziabad, Uttar Pradesh. The "La-Gracia"
consists of 288 shops/commercial complexes. NSPL is a part of the
Newtech group and has group associates, namely, Ashiyana Promoters
& Developers Private Limited, Newtech La' Palacia Private Limited,
La Residentia Developers Private Limited, Newtech Residentia
Private Limited, HRC Global Limited and Gardiania Newtech
Developers LLP engaged in the real estate business.


PLATINA STEELS: CARE Lowers Rating on INR17.16cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Platina Steels Private Limited (PSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     17.16        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   Best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 22, 2018, placed the
rating(s) of PSPL under the 'issuer non-cooperating' category as
PSPL had failed to provide information for monitoring of the
rating. PSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated June 24, 2019, June 27, 2019, June 28, 2019, July
1, 2019, July 4, 2019 In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 22, 2018 following were the
strengths and weaknesses.

Key Rating Weakness

Weakening of financial risk profile: The overall gearing ratio of
the company deteriorated to 2.35x as on March 31, 2015, from 1.98x
as on March 31, 2014, due to increase in working capital bank
borrowing in tandem with scale of operations and erosion of net
worth with reported losses during FY15. The PBILDT interest
coverage ratio also deteriorated to 1.44x during FY15 from 2.26x
during FY14 due to decrease in PBILDT level and increase in
interest burden.

Highly competitive nature of industry and volatility associated
with raw material prices: PSPL operates in a highly competitive
industry marked by the presence of large number of players in the
organized and unorganized sector. The industry is characterized by
low entry barriers due to low technological inputs and easy
availability of standardized machinery for production. The prices
of raw material are highly volatile in nature and closely linked to
international prices demand and supply and international prices.
Adverse movement in the prices will impact the profitability of the
company.

Key Rating Strengths

Experienced and resourceful promoters: The promoter of PSPL has
been present in the manufacturing of hot-rolled and cold-rolled
products of steel for more than a decade. He is supported by the
other directors Mr D Prabhakara Rao, Mr V Kiran Kumar and Mr M
Srinivasa Reddy. During FY15, the promoters have infused equity to
the extent of INR1.23 crore to support the growing operations.

Growth in the total operating income albeit decline in
profitability margin: The total operating income of the company
almost doubled to INR23.52 crore during FY15 over INR11.55 crore
during FY14 backed by increase in sale of Stainless Steel patta
(Rs.21.09 crore in FY15 compared with INR9.66 crore in FY14).
However, the PBILDT margin declined to 12.29% during FY15 from
27.75% during FY14 on account of increase in raw material cost
which the company could not pass on due to weak bargaining power.
Decline in PBILDT in FY15 coupled with increase in interest burden
resulted in net loss during the year.

Incorporated in June 2011, PSPL is engaged in the manufacturing of
stainless steel rerolling mill with plant located at Thimmapuram,
Guntur District, Andhra Pradesh with an installed capacity of 4,200
metric tonnes per annum (MTPA). The company is currently procuring
its raw materials from Jindal Steel and Power Limited and Rohit
Ferrotech Limited and is supplying through agents to various
manufacturing entities.

In FY15, PSPL had a Profit after Tax (PAT) of INR-0.57 crore on a
total operating income of INR23.52 crore, as against PAT and TOI of
INR0.07 crore and INR11.55 crore, respectively, in FY14.


R.G.R EDUCATIONAL: CARE Assigns B+ Rating to INR10cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of of R.G.R
Educational Trust (RGR), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          10.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RGR is primarily
tempered small scale of operations, project implementation risk,
high level of competition from other established institutions in
the region, inherent regulatory risk in the educational sector.
However, the rating derives comfort from vast experience of the
trustees, qualified and experienced management, increase in gross
receipts during the review period albeit fluctuating surplus
margins, financial risk profile marked by comfortable capital
structure and satisfactory debt-coverage indicators, satisfactory
infrastructure facilities and resources and healthy demand outlook
for educational services industry.

Going forward, the trust's ability to scale up its operations,
maintain its capital structure and improve its margins amidst
tough competition and intense regulations and ability of the trust
to complete the project without time and cost overruns are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations: The trust has a small scale of
operations marked by gross receipts of INR2.48 crore during FY18
and a corpus fund of INR2.78 crore as on March 31, 2018, as
compared to its peers.

Project implementation risk: The trust intends on constructing an
additional building for Matriculation and CBSE Schools. The total
cost of the project is estimated at INR15.70 crore, which shall be
funded by way of term loan INR9 crore and remaining by way of funds
from trustees through infusion to corpus INR6.70 crore. The project
shall enable the institute to have 66 class rooms for
Matriculation school and 63 class rooms for CBSE School along with
lab facilities. The trust commenced the project in June 2018 and
proposes to complete the construction by July 2019. It has incurred
a cost of INR14.92 crore (i.e 95% complete as of
June 2019). Although the project is nearing completion, the
successful implementation of the project remains critical.

High level of Competition from other established schools in the
region: The educational sector is highly competitive. There are
number of schools offering CBSE and State board curriculum of
education in and around Namakkal district. Though the demand for
CBSE schools is increasing, established institutions have
an upper hand owing to their quality of education and capacity of
expansion. Due to the above mentioned reason the school
operated under RGR face intense competition with respect to filling
of seats.

Inherent regulatory risk in the educational sectors: The regulatory
authorities for the CBSE schools function under the supervision of
Ministry of Human Resource Development, Government of India. As
such, K-12 education segment is exposed to the inherent regulatory
risk in the education sector.

Key Rating Strengths

Vast experience of the trustees, qualified and experienced
management team: RGR was formed in 2011 by Mr. P. Rajamanickam,
Founder and Chairman of the trust who is also engaged in Poultry
business for more than four decades. Mrs. P. Nilmala Devi and Mr.
G. Samikannu, the Principal of the RGR Matriculation Higher
Secondary School and RGR International School respectively, has
around 18 years and 10 years of experience each in the
educational field.

Increase in gross receipts during the review period albeit
fluctuating surplus margins: Over the years, the trust's scale of
operations have gradually increased. With increase in students'
strength for both the schools, the trust reported gross receipts of
INR2.48 crore in FY18 as against INR2.03 crore in FY17. The trust
reported satisfactory SBID margin of 48.79% in FY16. However, with
increase in student's strength, the salary cost to teaching staff
increased, further the student welfare expenses also increased with
increased expense towards extracurricular activities resulting in
decline in SBID margin to 34.93% in FY18. In FY18, although the
SBID improved, as compared to FY17, the
increase in interest cost and depreciation provision in FY18 led to
a decline in SBT margin from 14.29% in FY17 to 12.94% in
FY18.

Financial risk profile marked by comfortable capital structure and
satisfactory debt-coverage indicators: The capital structure marked
by overall gearing stood satisfactory at 0.12x as of March 31,
2016, however deteriorated to 0.43x as of March 31, 2017 on account
of loans availed for purchase of buses and vans to provide
transportation facility to the students. Further it improved to
0.29x as of March 31, 2018 on the back of repayment of term debt
and improved surplus in FY18 which led to increase in corpus fund.
On the back of increase in gross cash accruals along with decline
in debt level, the trust reported improved TD/GCA of 1.09x in FY18
as against 1.63x in FY17. However, increase in the interest cost
resulted in deterioration in interest coverage to 6.95x in FY18 as
against 15.39x in FY17.

Satisfactory infrastructure facilities: The school building was
constructed on a 15 acre campus and has physics lab, mathematics
lab, and smart classrooms, playground and libraries. The trust also
provides separate hostel facilities for boy and girls with
accommodation for over 300 students.

Healthy demand outlook of educational services industry: India's
education sector offers a great opportunity with approximately 29
per cent of India's population being between the age group of 0-14
years. India has over 250 million school going students, more than
any other country. The education sector in India is poised to
witness major growth in the years to come as India will have
world's largest tertiary-age population and second largest graduate
talent pipeline globally by the end of 2020

Liquidity Analysis
The trust had total cash and cash equivalents amounting to INR0.13
crore and INR0.16 crore as on March 31, 2018 and March 31, 2017
respectively. As on March 31, 2018, the current ratio stood at
1.56x. The working capital utilization stood at 50% during the last
two months.


RAJLAXMI AGRO: CARE Moves B+ on INR6cr Loans to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Rajlaxmi
Agro Processors Private Limited (RAPPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on Best
                                   Available Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RAPPL to monitor the rating
vide email communications/letters dated November 8, 2018, November
12, 2018, November 14, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
RAPPL's bank facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

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

The rating takes into account its Volatile agro-commodity (rice)
prices with linkages to vagaries of the monsoon, Regulated nature
of the industry and intensely competitive nature of the industry
with presence of many un organized players. Moreover, the rating
continues to derive strengths by its experienced promoters,
locational advantage of the proposed unit and increasing demand of
rice and rice bran.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Volatile agro-commodity (rice) prices with linkages to vagaries of
the monsoon: Rice is mainly a 'kharif' crop and is cultivated from
June-July to September-October and the peak arrival of crop at
major trading centers begins in October. The output is highly
dependent on the monsoon. Unpredictable weather conditions
could affect the domestic output and result in volatility in price
of rice. In view of seasonal availability of paddy, working
capital requirements remain high at season time owing to the
requirement for stocking of paddy in large quantity.

Regulated nature of the industry: The Government of India (GoI),
every year decides a minimum support price (MSP) to be paid to
paddy growers which limits the bargaining power of rice millers
over the farmers. The MSP of paddy has been increased to
INR1815/quintal in 2019-20 (as mentioned by the Commission for
Agricultural Costs and Prices, the apex body to advice on MSP to
the government) from INR1750/quintal in crop year 2018-19. The sale
of rice in the open market is also regulated by the government
through levy of quota, depending on the target laid by the central
government for the central pool. Given the market determined prices
for finished product vis-à-vis fixed acquisition cost for raw
material, the profit margins are highly vulnerable.

Intensely competitive nature of the industry with presence of many
unorganized players: Rice milling industry is highly fragmented and
competitive due to presence of many players operating in this
sector owing to its low entry barriers, due to low capital and
technological requirements. Murshidabad and nearby districts of
West Bengal are a major paddy growing area with many rice mills
operating in the area. High competition restricts the pricing
flexibility of the industry participants and has a negative bearing
on the profitability.

Key Rating Strengths

Experienced promoters
The company is managed by Mr. Mrinal Kanti Das, Director, with the
help of the other director Mrs. Sujata Das. He has around a decade
of experience in rice milling and trading business.

Locational advantage of the unit: The proposed milling unit of RLAP
is located at Murshidabad district of West Bengal which is a paddy
growing region in eastern India resulting in lower logistic
expenditure (both on transportation and storage), easy availability
and procurement of raw materials at effective prices.

Increasing demand of rice and rice bran: Rice, being one of the
primary food articles in India, demand is high throughout the
country and with the change in life style and health consciousness;
by-products of the same like rice bran oil etc. are in huge
demand.

Rajlaxmi Agro Processor Pvt Ltd (RLAP) was incorporated during
March 2014 to initiate a rice milling unit at Murshidabad in West
Bengal. The area and the surrounding districts are important
agricultural and commercial areas in West Bengal where availability
of paddy and demand of rice and related products are increasing.

The day-to-day affairs of the company are looked after by Mr Mrinal
Kanti Das along with other director Mrs Sujata Das (wife of Mr.
Mrinal Kanti Das) and a team of experienced personnel.


RIDHAM TEXPORT: CARE Keeps B on INR7.5cr Debt in Non-Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ridham
Texport Private Limited (RTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      7.51        CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on Best
                                   Available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 14, 2019, placed the
rating(s) of RTPL under the 'issuer non-cooperating' category as
Ridham Texport Private Limited had failed to provide information
for monitoring of the rating. Ridham Texport Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 11, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 14, 2019, the following were
the rating strengths and weaknesses (Updated from information
available from banker).

Key Rating Weaknesses

Decline in scale of operations along with decline in operating
margin and net losses incurred in FY18: During FY18, the total
income declined by 10.27% to INR10.49 crore (vis-à-vis INR11.69
crore in FY17). Further the operating margin declined and stood at
15.75% in FY18 vis-à-vis 18.30% in FY17 owing to increase in
material cost, manufacturing expenses and various expenses.
Furthermore, the company incurred net losses amounting to INR0.99
crore in FY18 vis-à-vis APAT of INR0.45 crore in FY17 owing to
declined operating profitability and increase in the interest
expense.

Deterioration in working capital cycle: RTPL's working capital
cycle deteriorated and remained elongated during FY18 and stood at
376 days in FY18 as against 319 days in FY17 mainly on account of
high debtors and inventory days. The collection period improved
marginally and stood at 113 days in FY18 vis-à-vis 124 days in
FY17. Further, the inventory days elongated and stood at 289 days
in FY18 vis-à-vis 238 days in FY17. Due to the same, working
capital limits were utilized at 100% for the past twelve months
ending December 2018 (vis-a-vis 98% utilization for the past twelve
months ending May 2018).

Leveraged capital structure and weak debt coverage indicators: The
overall gearing has declined to 4.46x as on March 31, 2018
vis-a-vis 3.26x as on March 31, 2017 owing to increase in the debt
level on the back of increase in term loan along with unsecured
loans availed from related parties. Further the total debt /GCA has
remained weak and stood at 628.69x in FY18 vis-a-vis 19.61x in FY17
on account of increase in debt level as stated above and due to
significant decline in gross cash accruals in FY18 as against
FY17.

Key Rating Strengths

Experienced promoters: RTPL is a closely-held promoter-driven
company incorporated in 1997, Mr Chetan V. Bafna has been in the
textile business for over two decades and had previously been
working as a trader in the textile industry.

Incorporated in 1997, Ridham Texport Private Limited (RTPL) is
primarily engaged in the weaving of cotton fabrics for shirting
purposes. Currently, it has 52 looms installed (with capacity to
manufacture 20,59,200 meters of fabric per annum) at its factory
located at MIDC Tarapur, Maharashtra. RTPL is primarily a domestic
player and sells fabric to various garment manufacturers in the
domestic market; however the company has recently started exports
which formed minor part of the total operating income.


RLJ INFRACEMENT: CARE Keeps D on INR12cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RLJ
Infracement Private Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     12.00        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on Best
                                   Available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 20, 2018, placed the
rating(s) of RLJ under the 'issuer non-cooperating' category as RLJ
Infracement Private Limited had failed to provide information for
monitoring of the rating. RLJ Infracement Private Limited continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 3, 2019, May 30, 2019 and May 28, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 20, 2018, the following was the
rating weakness:

(Updated for the information available from the Registrar of
companies)

On-going delays: The rating takes into account the ongoing delays
in debt servicing due to stressed liquidity position.

West Bengal-based RLJ was originally incorporated in March 2008 as
RLJ Steel Plant Private Limited. Thereafter, it changed its name to
RLJ Infracement Private Limited in November 2013. Its commercial
operations commenced in September 2014. It is currently being
managed by Mr. Manmohan Agarwal, Mr. Rameshwar Singh and Mr. Sneh
Jain. The company is engaged in the manufacturing and trading of
cement. The grinding unit for manufacturing Portland Pozzolana
Cement (PPC) is located in Chunar, Mirzapur, Uttar Pradesh. The
company has two cement grinding mills having total installed
capacity of 90,000 TPA each. The company majorly procures raw
material, i.e., clinker, from the company based in Satna, Madhya
Pradesh. The other raw materials i.e. gypsum and fly ash are
procured from Rajasthan and Uttar Pradesh. The company procures
packaging material from its group company “RLJ Woven Sacks
Private Limited” based in Kolkata. The company mainly sells its
products in the regions of Bihar and Uttar Pradesh under the brand
'RLJ Captain King Cement'. The company's associate concerns,
namely, RLJ Woven Sacks Private Limited, RLJ Multigrain Private
Limited, S A Iron & Alloys Private Limited, Shree Salasarhanumanji
Grains Private Limited, Sudarshan Beopar Company Limited, RLJ
Concast Private Limited, RLJ Sarees Private Limited and Aadyakirti
Fashions Private Limited engaged in different types of business as
manufacturing of HDPE Bags, sponge iron, atta, sooji, maida and
embroidery of sarees.


ROSHNI JEWELLERS: CARE Moves B on INR9cr Debt to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Roshni
Jewellers Private Limited (RJPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     9.00         CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on Best
                                   Available Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RJPL to monitor the ratings
vide e-mail communications/letters dated June 27, 2019. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on RJPL's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The rating has been revised on account of ongoing delays in
servicing the interest obligations.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in servicing debt obligation: There are ongoing
delays in servicing of interest obligations on account of stretched
liquidity position.

Delhi based Roshni Jewellers Private Limited (RJL) was incorporated
in 2011 by Mr.Sandeep Gupta and his wife, Ms.Anju Gupta. RJL is
engaged in wholesale trading of gold jewellery, diamond jewellery
and loose cut & polished diamonds and has its office located in
Karol Bagh, Delhi. The company procures jewellery and cut &
polished diamond from wholesalers and jewellery manufacturers and
in turn sells them to retail jewellers in Delhi. The company has
also started in-house manufacturing of gold & diamond jewellery in
FY14 and sells under its own brand name 'BalikaVadhu'. RJL sells
hallmark certified gold and diamond jewellery.


SHRI RAM: CARE Keeps B on INR18.7cr Loans in Non-Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Ram
Solvex (SRS) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       18.75      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on Best
                                   Available Information

Detailed Rationale and key rating drivers

CARE had, vide its press release dated April 5, 2018, placed the
ratings of SRS under the 'issuer noncooperating' category as SRS
had failed to provide information for monitoring of the rating. SRS
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 4, 2019, July 3, 2019 and July 1, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 5, 2018, the following was the
rating weaknesses.

Key rating Weaknesses

Highly fragmented agro commodity industry characterized by intense
competition: The commodity nature of the product coupled with low
barriers to entry makes the industry highly fragmented, with
numerous players operating in the unorganized sector with very less
product differentiation.

Punjab-based, Shri Ram Solvex (SRS) is a partnership firm which was
established in August 2005 and commenced its operations in December
2005. SRS is engaged in the extraction of rice bran oil and
processing of de-oiled cakes. The firm has two manufacturing
plants, out of which one is owned and the other is on lease basis.


SIWANA SOLAR: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Siwana Solar Power Project Private Limited
        (Earlier Known As Siwana Solar Power Private Limited)
        Village Mithi
        Tehsil Siwani, Bhiwani
        Bhiwani, HR 127021 IN

Insolvency Commencement Date: July 26, 2019

Court: National Company Law Tribunal, Panipat Bench

Estimated date of closure of
insolvency resolution process: January 22, 2020
                               (180 days from commencement)

Insolvency professional: Mukesh Kumar

Interim Resolution
Professional:            Mukesh Kumar
                         436, 3rd Floor
                         Sector-7, HUDA
                         Near Tau Devilal Park
                         Panipat, Haryana 132103
                         E-mail: ca.mukeshmittal@gmail.com
                                 ipsiwanasolarpower@gmail.com

Last date for
submission of claims:    August 11, 2019


TEJAS ISPAT: CARE Moves B on INR9cr Debt to Non-Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Tejas
Ispat Pvt Ltd (TIPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      9.00        CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on Best
                                   Available Information

Detailed Rationale & Key Rating Drivers

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

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

The rating continues to factor in the factors like its project
implementation risk, working capital intensive nature of
operations, volatility in raw material and finished goods prices,
intensely competitive nature of the industry and cyclical industry.
The rating, however, derives strength from its experienced
promoters and presence of partial backward integration.

Detailed description of the key rating drivers

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

Key Rating Weaknesses:

Project risk: TIPL is setting up furnace division with aggregate
project cost of INR6.89 crore which will be financed at debt equity
of 1.38x. The financial closure for the required term loan of
INR4.0 crore has already been sanctioned. Further, TIPL has already
spent INR2.89 crore on the project till June, 2017 and the project
is estimated to be completed by October 2017. Going forward, the
ability of the company to complete the ongoing project and commence
operations, achieve revenue, profit margins as envisaged will be
critical for the company.

Working capital intensive nature of operations: The operation of
the company is estimated to be working capital intensive as the
company will require holding raw materials as well as finished
products inventories for about a month as for smooth functioning of
production process as well as for timely supply to its customers.
Furthermore, being new entrant in the market, the company is
required to allow around a month credit period to its customers to
penetrate in the market. However, it has estimated to receive
credit from its suppliers for around 15 days which will mitigate
its working capital to a certain extent. Considering its nature of
business, the bank has sanctioned fund based limit of INR5.0 crore.


Exposed to volatility in raw materials and finished products
prices: The basic raw material required for ingots manufacturing is
sponge iron/pig iron and the company has proposed to purchase the
same from open market at prevailing spot prices. The prices of the
sponge iron/pig iron are highly volatile in nature and the company
will remain exposed for the same. Further, the prices of the
finished products (structural steels) are also highly volatile in
nature and the company is exposed for the same.

Intensely competitive industry with sluggish growth in end user
industries and cyclical industry: TIPL has proposed to manufacture
ingots and structural steels which are primarily dominated by large
players and characterized by high fragmentation and competition due
to the presence of numerous players in India owing to relatively
low entry barriers. High competitive pressure limits the pricing
flexibility of the industry participants which induces pressure on
profitability. The fortunes of companies like TIPL from the iron &
steel industry are heavily dependent on the automotive, engineering
and infrastructure industries. Steel consumption and, in turn,
production mainly depends upon the economic activities in the
country. Construction and infrastructure sectors drive the
consumption of steel. Slowdown in these sectors may lead to decline
in demand of steel& alloys. Furthermore, all these industries are
susceptible to economic scenarios and are cyclical in nature.

Key Rating Strengths

Experienced promoters: TIPL is promoted by the Malhotra family of
Jamshedpur, Jharkhand in 2006. The key promoter Mr. Kailash
Malhotra has around four decades of experience in iron and steel
industry through his partnership firm 'M/s K.R. Enterprises', will
look after the day to day operations of the company. He will be
supported by his son Mr. Vivek Malhotra who has joined his family
business since 2009 and accordingly has seven years of experience
in iron and steel industry. Going forward, the company will derive
benefits out of wide experience of the promoters in the iron &
steel industry.

Presence of partial backward integration: Integration activity in
the long run will help TIPL to partly mitigate the uncertainty in
procurement of M.S. Ingots & would result in improvement of
profitability, as per unit cost of internally manufactured ingots
is lower than that of procuring them externally. However, the
sourcing of raw material (i.e. sponge iron) for manufacturing of MS
ingots will be critical for the company in the long run.

Tejas Ispat Private Limited (TIPL) was incorporated in May 2006 by
the Malhotra family of Jamshedpur, Jharkhand for setting of an iron
& steel manufacturing plant. The manufacturing plant of the company
will consist of furnace division and a rolling division and the
same are proposed to be located at Adiyapur Industrial Area,
Jamshedpur in Jharkhand with installed capacity for ingots of
36,500 metric ton per annum and 21,900 metric ton per annum of
structural steels. TIPL has already set up the rolling division
entirely funded by the promoters and presently setting up furnace
division with aggregate project cost of INR6.89 crore which will be
financed at debt equity of 1.38x. The financial closure for the
required term loan of INR4.00 crore has already been achieved.
Further, TIPL has already spent INR2.89 crore on the project
financed by promoter's fund of INR1.46 crore and term loans of
INR1.43 crore till June, 2017and the project is estimated to be
operational by October 2017.

Mr Kailash Malhotra has around four decades of experience in iron
and steel industry will look after the day-to-day operations of the
company. He will be supported by his son: Mr Vivek Malhotra who is
also has around seven years of experience in steel industry.


VATSA AUTOMOBILES: CARE Moves D on INR12cr Loans to Non-Cooperating
-------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Vatsa
Automobiles Pvt. Ltd. (VAPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      12.04       CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on Best
                                   Available Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VAPL to monitor the rating
vide e-mail communications/letters dated June 6, 2019, June 10,
2019, June 12, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
VAPL's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING. Further, banker could not be contacted.

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

The rating takes into account its ongoing delays in debt
servicing.

Detailed description of the key rating drivers

At the time of last rating in July 19, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing: Ongoing delays in debt servicing as the
company has not payed the term loan installment over last three
months and the respective account has been classified as NPA.

Incorporated on April 10, 2012, Bhagalpur (Bihar) based Vatsa
Automobiles Pvt Ltd (VAPL) was promoted by Mr. Shailesh Singh with
his wife Mrs. Kiran Singh and son Mr. Chandra Prakash Singh. VAPL
is an authorized dealer of Mahindra & Mahindra Ltd (M&M: Rated CARE
AAA/A1+) for its commercial and passenger vehicle segment. It also
offers spare parts, accessories, lubricants& aftersales services
(repair and refurbishment) for its vehicle sold. The commercial
operation of VAPL was started since September 13, 2013. VAPL has
one showroom at Bhagalpur (Bihar) equipped with 3-S facilities
(Sales, Service and Spare-parts) which covers Munger, Naogachia and
Bhagalpur area of Bihar.


YASH SMELTER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Yash Smelter Private Limited
        13, Ramdhan Ghosh Lane, Belurmath
        Howrah 711202

Insolvency Commencement Date: July 25, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 21, 2020

Insolvency professional: Shashi Agarwal

Interim Resolution
Professional:            Shashi Agarwal
                         Subarna Appartment
                         (Opp.: Udayan Club)
                         21N, Block-A, New Alipore
                         Kolkata 700053
                         E-mail: shashiagg@rediffmail.com
                                 s9339216750@rediffmail.com

Last date for
submission of claims:    August 8, 2019




===============
M A L A Y S I A
===============

VITAXEL GROUP: Needs Profitability, Capital to Stay Going Concern
-----------------------------------------------------------------
Vitaxel Group Limited filed its quarterly report on Form 10-Q,
disclosing a net loss of $156,827 on $14,515 of revenue for the
three months ended March 31, 2019, compared to a net loss of
$402,729 on $12,715 of revenue for the same period in 2018.

At March 31, 2019, the Company had total assets of $323,090, total
liabilities of $4,680,478, and $4,357,388 in total shareholders'
deficit.

For the period ended March 31, 2019, the Company reported a net
loss of $156,827 and had negative working capital of $4,499,358.
The Company had an accumulated deficit of $9,268,227 as of March
31, 2019 due to the fact that the Company incurred losses during
the years prior to March 31, 2019.

Chief Executive Officer Leong Yee Ming and Chief Financial Officer
Lim Wee Kiat disclosed that the continuation of the Company as a
going concern is dependent upon improving the profitability and the
continuing financial support from its stockholders or other capital
sources.  Management believes that the continuing financial support
from the existing shareholders or external debt financing will
provide the additional cash to meet the Company's obligations as
they become due.

A copy of the Form 10-Q is available at:

                       https://is.gd/ulHEDl

Vitaxel Group Limited, through its subsidiaries, operates as a
direct selling and multi-level marketing company in Malaysia. It
offers travel, entertainment, lifestyle, and other products and
services primarily through electronic commerce. The company
operates online shopping Websites for retail sales direct to
consumers. Vitaxel Group Limited is based in Kuala Lumpur,
Malaysia.




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

EPICENTRE HOLDINGS: E&Y Appointed as Interim Judicial Managers
--------------------------------------------------------------
Nisha Ramchandan at The Business Times reports that interim
judicial managers (IJMs) have been appointed for Epicentre
Holdings, the Catalist-listed firm said in a filing to the
Singapore Exchange on Aug. 2.

On Aug 2, after hearing the IJM application, Justice Kannan Ramesh
appointed Ernst & Young's Ee Meng Yen Angela and Purandar
Janampalli Rao as IJMs of Epicentre "until the making of a judicial
management order herein or until further order", Epicentre said, BT
relates.

According to the report, Epicentre had previously filed an
affidavit to resist creditor Goh Chee Hong's application for the
company to be placed under judicial management and the appointment
of IJMs. Mr. Goh is claiming a sum of S$3 million arising from a
loan that he provided to the company, the report discloses.

A pre-trial conference for the application will be held on Aug. 8
at 2:30 p.m. at the High Court of Singapore, BT discloses.

Trading in Epicentre's shares has been suspended since May 30.

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.


EZION HOLDINGS: Warns Likely to Post 'Significant Net Loss'
-----------------------------------------------------------
Annabeth Leow at The Business Times reports that debt-stricken
offshore and marine group Ezion Holdings will likely post losses in
the second quarter and half-year to June 30, the board warned on
Aug. 1.

BT relates that the board said Ezion has assessed the impairments
of its assets and, while the value has not been determined, "the
group is expected to record a significant net loss."

"The challenging market conditions and general caution of the
secured lenders towards the offshore oil and gas industry have
continued to affect the reactivation and deployment plans of the
group significantly and severely impacted the financial position of
the group," it added.

The profit guidance was based on a preliminary review of unaudited
financial results, which are expected to be released on or around
Aug. 8, BT notes.

Trading in Ezion shares has been suspended since March, BT says.

Singapore-based Ezion Holdings Limited --
http://www.ezionholdings.com/-- engages in investment  holding and
provision of management services. The Company, along with its
subsidiaries, specializes in the development, ownership and
chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the oil
and gas industry; Exploration and development support, which is
engaged in owning, chartering and management of rigs and vessels
involved in the exploration and development phase of the oil and
gas industry, and Others, which includes assets or investments
involved in renewable energy and other oil and gas related
industry. The Company owns a fleet of multipurpose self-propelled
service rigs. It owns a fleet of service rigs in Southeast Asia for
use in offshore oil and gas industry, and offshore wind farm
industry.



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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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