TCRAP_Public/190809.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, August 9, 2019, Vol. 22, No. 159

                           Headlines



A U S T R A L I A

BLUE SKY: SA Government Drops Firm as Manager of Tech Fund
BRISTOW GROUP: Puts Australian Airline Unit Up for Sale
MILE HIGH: First Creditors' Meeting Set for Aug. 16
PERSONNEL CONCEPT: Second Creditors' Meeting Set for Aug. 16
PROVIDORES NSW: Second Creditors' Meeting Set for Aug. 15

QNV HOLDINGS: First Creditors' Meeting Set for Aug. 16
TFBOW PTY: First Creditors' Meeting Set for Aug. 21
TIAN HOLDINGS: First Creditors' Meeting Set for Aug. 16
YANSAN HOLDINGS: First Creditors' Meeting Set for Aug. 16
ZIP MASTER 2019-1: Moody's Gives (P)B2 Rating on AUD16MM D Notes



C H I N A

CBAK ENERGY: Creditors Agree to Cancel $7.45M in Debt for Equity
DALIAN WANDA: S&P Alters Outlook to Positive & Affirms BB ICR
SOUTHERN ENERGY: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
ZHONGLIANG HOLDINGS: Fitch Assigns B+ LT IDR, Outlook Stable
ZHONGLIANG HOLDINGS: S&P Assigns 'B+' LT ICR, Outlook Stable



I N D I A

ABHINAV STEELS: Insolvency Resolution Process Case Summary
AMBICO EXPORTS: CRISIL Lowers Rating on INR24cr Loan to D
ASHAPURA INTIMATES: CARE Lowers Ratings on INR72.50cr Loans to D
BANERJIDA FIVE: CRISIL Assigns B Rating to INR14.9cr Loan
BHAWANI MOULDERS: CRISIL Assigns B+ Ratings to INR15cr Loans

BHOWMIK DYEING: Insolvency Resolution Process Case Summary
CEDAR INFONET: Insolvency Resolution Process Case Summary
CLIFFTON PACKAGINGS: CRISIL Assigns B+ Ratings to INR10cr Loans
DABANG METAL: CARE Moves D on INR5.95cr Loans to Non-Cooperating
DEVI INFRADEVELOPERS: Insolvency Resolution Process Case Summary

ECO POLYFIBRES: CARE Keeps D on INR15cr Loans in Non-Cooperating
ESSAR STEEL: Court Defers Insolvency Case Hearing Til Aug. 9
FOURTH DIMENSION: Insolvency Resolution Process Case Summary
GOLDSTONE TECHNOLOGIES: CRISIL Hikes Rating on INR2cr Loan to B+
GREWAL TRANSPORT: CRISIL Assigns B+ Rating to INR8cr Cash Loan

H.S. RAMESH: CRISIL Lowers Rating on INR5cr Cash Loan to D
HS RAMESH: CARE Lowers Ratings on INR5cr LT Loan to D
IMMORTAL BUILDCON: Insolvency Resolution Process Case Summary
INDO-GULF DIAGNOSTICS: Insolvency Resolution Process Case Summary
JET AIRWAYS: Employees Seek Interim Financial Relief

KD INFRAENGICON: CARE Lowers Rating on INR3.15cr LT Loan to D
KUMAR BROTHERS: CRISIL Assigns B+ Rating to INR37cr Cash Loan
M.K. CABLES: Insolvency Resolution Process Case Summary
M.K. PEACOCK: Insolvency Resolution Process Case Summary
MAA VAISHNO: CRISIL Lowers Rating on INR1.15cr Loan to 'D'

MAXIMUM AGENCY: Insolvency Resolution Process Case Summary
NIFTY TECHNOLOGIES: CARE Lowers Rating on INR10.47cr Loans to D
NINEX DEVELOPERS: Insolvency Resolution Process Case Summary
ORCHID SALON: Insolvency Resolution Process Case Summary
R.S. AJIT SINGH: Insolvency Resolution Process Case Summary

RAOS EDUCATIONAL: CRISIL Assigns D Rating to INR10cr Term Loan
REAL VALUE: Insolvency Resolution Process Case Summary
RITVIK STEEL: CRISIL Assigns B+ Rating to INR5cr Cash Loan
RS INGOT: Insolvency Resolution Process Case Summary
S. R. TEXTILE: CRISIL Withdraws B+ Ratings on INR21.9cr Loans

SAMRUDDHI REALTY: CRISIL Moves D on INR55cr Debt to Non-Cooperating
SAMRUDH PHARMACARE: CRISIL Raises Rating on INR8.89cr Loan to B
SRI RAMA: CRISIL Lowers Rating on INR33.23cr LT Loan to D
SRUSTI INFRADEVELOPERS: CRISIL Hikes Rating on INR20cr Loan to B+
SWASTIK OIL: CARE Keeps D on INR105cr Loans in Not Cooperating

TORK FASTNERS: Insolvency Resolution Process Case Summary
VALIKULAM RUBBER: CRISIL Moves B on INR6cr Loans to Non-Cooperating
VEETEEJAY MOTORS: CRISIL Hikes Ratings on INR10cr Loans to B-


I N D O N E S I A

BLACKGOLD NATURAL: To Seek 3rd Extension of Annual Gen. Meeting
KAWASAN INDUSTRI: Fitch Maintains B IDR on Rating Watch Negative
MODERNLAND REALTY: Fitch Affirms B LongTerm IDR, Outlook Stable


N E W   Z E A L A N D

MASS CONSTRUCTION: Platinum Homes Franchisee Goes Into Liquidation


S I N G A P O R E

HYFLUX LTD: NEA Closely Monitors TuasOne Project
YUUZOO NETWORKS: Ex-Chairman Asks Firm to Pay Unpaid Salaries

                           - - - - -


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

BLUE SKY: SA Government Drops Firm as Manager of Tech Fund
----------------------------------------------------------
InnovationAUS.com reports that the South Australian government has
dropped Blue Sky as the manager of its AUD50 million tech fund, as
the company now shows "no interest" in venture capital.

It comes as Blue Sky Venture Capital general manager and head of
the South Australian VC fund Elaine Stead announced on August 7
that she had been made redundant from the company she had been
"central to building," the report says.

After falling into administration earlier this year, Blue Sky
Alternative Investments' receivers announced the company would
undergo a "restructure" that would lead to a number of
redundancies, according to InnovationAUS.com.

The Blue Sky receivers now had "no interest" in the venture capital
side of the business, according to the South Australian
government.

Blue Sky has previously played a prominent role in the Australian
tech and startup sectors, and has invested in the likes of Vinomofo
and Shoes of Prey.

InnovationAUS.com notes that Blue Sky Venture Capital was appointed
as the manager of the AUD50 million South Australia Venture Capital
Fund (SAVCF) in mid-2017, established by the former Labor
government to help local startups and tech companies secure growth
funding. But its future has been in doubt since Blue Sky Venture
Capital's parent company fell into receivership in May this year.

It followed a disastrous year for Blue Sky Alternative Investments.
Activist hedge fund Glaucus published a spurious report in March
last year claiming the fund manager's assets were overvalued by 77
per cent, a claim Blue Sky has repeatedly denied, the report says.

Since the report landed, the company's market value has fallen from
nearly AUD1.2 billion to AUD14 million. It secured a AUD50 million
convertible note facility from Oaktree Capital Management in
September last year, but breached the covenant of this deal earlier
this year, InnovationAUS.com recalls. Oaktree then enforced its
rights to appoint receivers and managers to the company.

Following the news, South Australian treasurer Rob Lucas said the
government had sought "urgent advice" on the future of its fund,
and the independent committee set up to oversee it has now decided
that Blue Sky should be removed from its position,
InnovationAUS.com relates.

"I am advised the team has continued to manage the SA Venture
Capital Fund effectively -- notwithstanding the events that have
impacted its parent company over the past year -- and has met all
its obligations under the terms of the management agreement," the
report quotes Mr. Lucas as saying in a statement last week.

"In the past two years, they have evaluated more than 350
investment opportunities and actively manage AUD6 million into
three investments in the fund. The independent SAVCF management
committee expects this level of activity to continue."

The committee is now set to open up an expression of interest and
proposal process to select the manager, adds InnovationAUS.com.

The state government said that the receivers of Blue Sky have shown
no interest in the venture capital side of the business.

"Receivers KordaMentha have since indicated to the SAVCF management
committee that Oaktree has no interest in the venture capital
component of the Blue Sky business," Mr. Lucas said,
InnovationAUS.com relays.

It's understood that Ms. Stead would remain in her role overseeing
the South Australian VC fund despite being made redundant at Blue
Sky Venture Capital, the report notes.

In a market update at the end of July, the Blue Sky receivers
confirmed that a "restructuring" of the company would lead to
redundancies, commencing at the start of this month, according to
InnovationAUS.com.

"With the review completed, a number of positions regrettably are
in the process of being made redundant. All entitlements will be
met in full for affected employees," the company said.

                                About Blue Sky

Blue Sky Alternative Investments Limited --
https://blueskyfunds.com.au/ -- is a private equity and venture
capital firm specializing in growth capital and late stage
investments. The firm also invests in private real estate,
infrastructure, hedge funds, and water asset classes. For growth
capital the firm invests in range of sectors including food,
healthcare and education. For venture capital the firm invests in
sectors including software, healthcare, food, retail and education.
The firm seeks to invest in Australia.

Bradley Vincent Hellen and Nigel Robert Markey of Pilot Partners
were appointed as administrators of Blue Sky on May 20, 2019.


BRISTOW GROUP: Puts Australian Airline Unit Up for Sale
-------------------------------------------------------
Sarah Thompson and Anthony Macdonald at Australian Financial
Review's Street Talk report that regional airline operator
Airnorth, which operates flights across Western Australia,
Queensland and the Northern Territory, is up for sale with first
round bids due last week.

Street Talk relates that Airnorth's owner, US-based Bristow Group,
has had boutique corporate adviser Allier Capital pitching the
business to potential buyers in Australia and offshore in recent
weeks, spruiking its AUD100 million or so a year revenue and
potential to be part of a bigger network.

Perhaps the most logical acquirer is ASX-listed independent
regional airline Regional Express Holdings Ltd, which is
considering a move into the Northern Territory, the report says.

According to Street Talk, sources said Regional Express had
approached Airnorth about a deal late last year, but has since
moved on.

Another potential buyer is UK-based Cobham Group, which owns the
country's third largest aviation business Cobham Aviation Services,
the report relates.

Interestingly, Cobham has bankered up and is considering a sale of
its own Australian arm.  However it is also understood to be
mulling a bid for Airnorth and combining it with its own business.
Cobham has hired Bank of America Merrill Lynch's local team, as
Street Talk revealed earlier this month.

There are also believed to be a handful of financial investors
circling Airnorth, who are likely to consider Airnorth as a
platform to a bigger move into the Australian skies, Street Talk
notes.

Bids were due last week with a second round slated to commence in
the next two weeks, the report says.

Street Talk notes that the auction comes soon after Airnorth's
owner, Houston-based Bristow Group, entered chapter 11 bankruptcy
in the United States in May.

It is understood prospective acquirers have been told the
Australian business is ringfenced and its auction is slated to
proceed as planned, the report adds.

When Bristow last reported earnings for the quarter ended September
30, 2018, it said Airnorth recorded AUD47 million operating revenue
and a AUD3 million loss in terms of adjusted EBITDA, Street Talk
discloses.


MILE HIGH: First Creditors' Meeting Set for Aug. 16
---------------------------------------------------
A first meeting of the creditors in the proceedings of Mile High
Contracting Pty Ltd will be held on Aug. 16, 2019, at 11:00 a.m. at
Level 1, at 255 Mary Street, in Richmond, Victoria.

Stephen Robert Dixon and Andrew Mattinson of Hamilton Murphy were
appointed as administrators of Mile High on Aug. 6, 2019.


PERSONNEL CONCEPT: Second Creditors' Meeting Set for Aug. 16
------------------------------------------------------------
A second meeting of creditors in the proceedings of Personnel
Concept Group Pty Limited has been set for Aug. 16, 2019, at 11:00
a.m. at the offices of Romanis Cant, Level 2, at 106 Hardware
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by  Aug. 15, 2019, at 4:00 p.m.

Renee Sarah Di Carlo and Anthony Robert Cant of Romanis Cant were
appointed as administrators of Personnel Concept on July 15, 2019.



PROVIDORES NSW: Second Creditors' Meeting Set for Aug. 15
---------------------------------------------------------
A second meeting of creditors in the proceedings of The Providores
(NSW) Pty Ltd, trading as Figtree Providores, has been set for Aug.
15, 2019, at 11:00 a.m. at the offices of Amos Insolvency, 25/ 185
Airds Road, in Leumeah, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 14, 2019, at 4:00 p.m.

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


QNV HOLDINGS: First Creditors' Meeting Set for Aug. 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     -- QNV Holdings Pty Ltd
     -- QNV Constructions (NSW) Pty Ltd
     -- QNV Constructions (QLD) Pty Ltd
     -- QNV Constructions (SA) Pty Ltd
     -- QNV CONSTRUCTIONS (TAS & NT) PTY LTD
     -- QNV CONSTRUCTIONS (VIC) PTY LTD
     -- QNV PROPERTY PTY LTD

will be concurrently held on Aug. 16, 2019, at 11:00 a.m. at the
Karstens Conference Centres located at:

   - Level 1, 111 Harrington Street, in Sydney, NSW;
   - Level 24, 215 Adelaide Street, in Brisbane, QLD; and
   - 123 Queen Street, in Melbourne, VIC

Andrew James Barnden and Brent Leigh Morgan of Rodgers Reidy were
appointed as administrators of QNV Holdings and related companies
on Aug. 6, 2019.

TFBOW PTY: First Creditors' Meeting Set for Aug. 21
---------------------------------------------------
A first meeting of the creditors in the proceedings of TFBow Pty.
Ltd. will be held on Aug. 21, 2019, at 10:00 a.m. at the offices of
SV Partners, at 22 Market Street, in Brisbane, Queensland.

David Michael Stimpson of SV Partners was appointed as
administrator of TFBow Pty on Aug. 8, 2019.


TIAN HOLDINGS: First Creditors' Meeting Set for Aug. 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Tian
Holdings (Aust) Pty Ltd will be held on Aug. 16, 2019, at 9:30 a.m.
at the offices of Australian Institute of Company Directors Level
1, Allendale Square, at 77 St Georges Terrace, in Perth, WA.

Cameron Hugh Shaw and Richard Albarran of Hall Chadwick were
appointed as administrators of Tian Holdings on Aug. 6, 2019.


YANSAN HOLDINGS: First Creditors' Meeting Set for Aug. 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Yansan
Holdings Pty Ltd ATF the Yansan Investment Trust will be held on
Aug. 16, 2019, at 9:00 a.m. the offices of Australian Institute of
Company Directors Level 1, Allendale Square, at 77 St Georges
Terrace, in Perth, WA.

Cameron Hugh Shaw and Richard Albarran of Hall Chadwick were
appointed as administrators of Yansan Holdings on Aug. 6, 2019.


ZIP MASTER 2019-1: Moody's Gives (P)B2 Rating on AUD16MM D Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by Perpetual Trustee Company Limited, as trustee of
the Zip Master Trust.

Issuer: Zip Master Trust Series 2019-1

AUD208.0 million Class A1 Notes, Assigned (P)A1 (sf)

AUD84.0 million Class A2 Notes, Assigned (P)A1 (sf)

AUD40.0 million Class B Notes, Assigned (P)Baa2 (sf)

AUD12.0 million Class C Notes, Assigned (P)Ba2 (sf)

AUD16.0 million Class D Notes, Assigned (P)B2 (sf)

The AUD20.0 million Class E Notes and AUD20.0 million Class F Notes
are not rated by Moody's.

DESCRIPTION OF TRANSACTION AND ISSUER

The transaction is a revolving cash securitisation of two types of
revolving line of credit products with either full (Zip Pay) or
initial (Zip Money) interest-free terms, more commonly known as
'buy-now-pay-later' receivables. All receivables were originated
and are serviced by zipMoney Payments Pty Limited (Zip, unrated, a
wholly owned subsidiary of Zip Co Limited).

Zip is an Australian non-bank fintech that was founded in 2013 as a
buy-now-pay-later retail credit platform. Zip provides customers
with a revolving line of credit to finance their retail purchase at
a large variety of merchant partners. The transaction is the first
revolving 'buy-now-pay later' securitization in the Australian
market.

Series 2019-1 is also the first issuance out of the Zip Master
Trust. As is usual in master trust structures, Zip may designate
additional accounts for assignment to the master trust for an
initial period. For Series 2019-1, principal collections will be
retained and can be used to purchase substitution receivables for
at least the first 12 months, and potentially up to 24 months,
provided a "controlled accumulation period" or "rapid amortization"
has not started. Additionally, the master trust may be in a
position to buy receivables from principal allocation to other
series even if Series 2019-1 has entered controlled accumulation,
scheduled amortisation or rapid amortisation.

The optional controlled accumulation period for the series can
begin from September 2020. During the controlled accumulation
period, Series 2019-1 principal allocations will be retained in a
ledger, to be distributed at the expected maturity date in
September 2021. If the series notes remain outstanding after that
date, the series will enter the scheduled amortisation period,
during which Series 2019-1 principal allocations will be
distributed on a pass-through basis. The scheduled amortisation
period ends on the scheduled maturity date in September 2022. The
legal final maturity date is September 2029, seven years after the
scheduled maturity date.

As of the June 30, 2019 cut-off date, the securitised pool
consisted of 694,132 buy-now-pay-later revolving credit accounts.
The total outstanding balance of the receivables is AUD366,967,101,
comprising AUD197,361,324 Zip Money receivables (53.8% of the total
pool) and AUD169,605,777 Zip Pay receivables (46.2% of the total
pool). The maximum credit limit is AUD30,000 for Zip Money accounts
and AUD1,500 for Zip Pay accounts. The average account balance is
AUD1,151 for Zip Money accounts and AUD325 for Zip Pay accounts.
More than 98% of Zip Money accounts have a balance less than
AUD5,000. Similarly, just under 96% of Zip Pay accounts have a
balance less than AUD1,000.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

  - The limited amount of historical data. Zip was established in
2013, with significant origination growth beginning in 2017. The
collateral performance data used in its analysis reflects Zip's
short origination history — with the period limited to between
July 2016 and December 2018 — and does not cover a full economic
cycle. Additionally, buy-now-pay-later products are still in their
relative infancy in Australia, with limited availability of
performance data from similar products for benchmarking purposes.

  - The revolving nature of the master trust structure. The nature
of the trust and the ability of the sponsor to add new accounts to
the trust could introduce some variability in the quality of the
securitised portfolio over time. The risk of a change in
underwriting is partially mitigated by the average excess spread
trigger. In addition, there are eligibility criteria as well as
triggers and other structural features to mitigate portfolio
deterioration.

  - The high degree of dependency on Zip. Zip acts as the sponsor,
originator, servicer and trust manager. In addition, given Zip's
short operating history, it has a comparably weaker credit profile.
These risks are mitigated by the inclusion of Perpetual Trustee
Company Limited (unrated) as a standby servicer and sub-trust
manager, as well as by various replacement and notification
triggers.

  - The minimum credit enhancement levels set for each class of
notes.

  - The availability of a significant amount of excess spread over
the life of the transaction.

  - The minimum seller note size of 1%. These seller notes can
provide the trust with protection against a number of events,
including fraud and dilutions. Additionally, excess seller note
interest and principal allocations will be used to cover any income
shortfalls for Series 2019-1 and shortfalls on amortisation amounts
for Series 2019-1.

  - The liquidity facility in the amount of 1% of the note balance
subject to a floor of AUD750,000.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was 'Moody's
Approach to Rating Credit Card Receivables-Backed Securities'
published in July 2017.

Moody's credit card ABS rating methodology begins by developing a
maximum loss that is consistent with an Aaa (sf) rating ("Aaa loss
given sponsor default"), assuming that the sponsor has closed its
revolving consumer loan accounts. This scenario is associated with
sponsors that are in or near to default. For Zip Master Trust, the
Aaa LGSD is 47.8%.

The key parameters used to derive the Aaa LGSD are: charge off
rates (current, long run and peak); payment rates (current and at
the start of early amortisation), receivable yield rates (current,
at the start of early amortisation and the compression level, due
to potential asset-liability mismatches); servicing fees (current
and stressed) and the minimum seller's interest (as per the
documents).

In a second step, the level of credit enhancement that is
consistent with a Aaa (sf) rating is determined by lowering the Aaa
LGSD by the applicable "dependency ratio". This ratio varies
according to the sponsor's credit rating or counterparty risk
assessment ("CR Assessment"), if available. The higher the
sponsor's credit rating or CR Assessment as the case may be, the
lower the dependency ratio. The ratio reflects the likelihood of
the sponsor entering default. Higher rated sponsors will therefore
require lower Aaa enhancement, all else being equal. The result is
the minimum Aaa credit enhancement (CE), absent other counterparty
or operational risks. For Zip Master Trust, the Moody's Aaa CE is
based on Moody's undisclosed assessment of Zip's credit profile.

For credit card-backed securities — with CE less than that
consistent with a Aaa (sf) rating — Moody's adjusts the rating of
the securities based on the level of credit enhancement available.
Finally, for subordinate securities, additional adjustments are
made to account for the higher severity of loss inherent, due to
the smaller sizes and the ranking of those classes of securities.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:


Factors that could lead to an upgrade of the notes include
better-than-expected collateral performance or improvement in the
credit quality of the sponsor.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Specifically, if the
charge off rate rises or the payment rate or yield falls. A
downgrade of the sponsor's CR Assessment could also lead to a
downgrade of the rating of the Rated Notes, given the ongoing role
of the bank sponsor as underwriter, originator, risk manager,
servicer and collector. 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.

Although certain triggers are in place to help decrease, to a
certain extent, the exposure to the sponsor in its various roles,
these will probably not fully mitigate the impact of a significant
deterioration in the credit quality of the sponsor. Consequently,
the originator's credit quality is always an important input in
monitoring the transaction.




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C H I N A
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CBAK ENERGY: Creditors Agree to Cancel $7.45M in Debt for Equity
----------------------------------------------------------------
CBAK Energy Technology, Inc. entered into a Cancellation Agreement
with three creditors, including the Company's Chief Executive
Officer, Mr. Yunfei Li, who loaned an aggregate of approximately
$7.45 million to the Company's wholly-owned subsidiary.  Pursuant
to the terms of the Cancellation Agreement, the creditors agreed to
cancel the Debts in exchange for an aggregate of 7,092,219 shares
of common stock of the Company at an exchange price of $1.05 per
share.  Upon receipt of the Shares, the creditors will release the
Company from any claims, demands and other obligations relating to
the Debts.  The Cancellation Agreement contains customary
representations and warranties of the creditors.  The creditors do
not have registration rights with respect to the Shares.  The
closing price of the Company's common stock on July 25, 2019, as
reported by the Nasdaq Stock Market, was $0.971 per share.

                        About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn-- is engaged in the  
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of $1.95 million for the year ended
Dec. 31, 2018, compared with a net loss of $21.46 million for the
year ended Dec. 31, 2017.  As of March 31, 2019, CBAK Energy had
$123.24 million in total assets, $120.28 million in total
liabilities, and $2.95 million in total equity.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Dec. 31, 2018. All these
factors raise substantial doubt about its ability to continue as a
going concern.


DALIAN WANDA: S&P Alters Outlook to Positive & Affirms BB ICR
-------------------------------------------------------------
S&P Global Ratings revised the outlook on Dalian Wanda Commercial
Management Group Co. Ltd. (Wanda Commercial) and its Hong
Kong-based subsidiary Wanda Commercial Properties (Hong Kong) Co.
Ltd. (Wanda HK) to positive from stable. At the same time, S&P
affirmed the issuer credit ratings at 'BB' on Wanda Commercial and
'BB-' on Wanda HK. S&P also affirmed the 'B+' long-term issue
rating on the senior unsecured notes that Wanda HK guarantees.

S&P said, "We revised the outlook on Wanda Commercial because the
company's business model transition is progressing faster than our
previous forecast, leading to a quicker shift to lower volatility
in cash flow and leverage over the longer term. We revised the
outlook on Wanda HK to positive in tandem with the parent."

In 2018, Wanda Commercial further reduced contracted sales from
property development by 41% to about Chinese renminbi (RMB) 53
billion, lower than S&P's forecast of RMB60 billion. Its rental
income, on the other hand, delivered solid growth of 23% to about
RMB30 billion, above our previous forecast of 15%-20%.

The company is on track to becoming a commercial property manager
by 2020, which generally has higher margins and lower capital
intensity than typical property developers. According to Wanda
Commercial, it is planning to fully wind down its property
development business from 2020. Most of its projects will be sold
during 2019, with the remaining to be transferred to a sister
company, Wanda Properties Group Co. Ltd. (unrated). S&P expects
Wanda Commercial's leasing activities to generate about 50% of
EBITDA in 2019 and over 90% in 2020.

S&P said, "In our view, Wanda Commercial will benefit from greater
stability and sustainability as it transitions to a real estate
operator. As at end-2018, the company operated 280 Wanda Plazas
across 165 cities nationwide. It is the country's largest
commercial property manager by rental income as well as by leasable
gross floor area (more than 28 million square meters as of
end-2018). We expect the number of Wanda Plazas to increase to more
than 350 by 2020, covering all tier-one and tier-two cities."

Wanda Commercial has a robust track record of sustaining high
occupancy rates and rental reversion in its malls. Over the past
three years, its average occupancy rate was 99.3% with an annual
net rental reversion rate of more than 8%, in line with or better
than international peers such as Link Real Estate Investment Trust
(A/Stable/--) and Unibail-Rodamco-Westfield SE (A/Stable/A-1). The
company's RMB30 billion rental income for the latest fiscal year is
also significantly higher than Link's RMB8 billion and covers about
3.0x its gross interest expenses.

Tenant stickiness is one of Wanda Commercial's key competitive
advantages, in S&P's opinion. Its diversified tenant base also
underpins resilient rental income. The company derives 30% of total
rental income from top- and second-tier brands, including brands
from its parent group such as Wanda Cinema and Wanda Department
Store. Lease terms usually start from five years, with top- and
second-tier brands typically signing leases up to 10 years.

However, these strengths are partly offset by Wanda Commercial's
concentration within China compared with its international peers,
and execution risks associated with the still-evolving asset-light
business model. China's commercial property management sector is
also less mature than its residential property development sector.
Total rental revenue of the top 10 operators (with Wanda Commercial
as the leader) in 2018 was about RMB95 billion and pales in
comparison to the top 10 developers' approximate RMB2.2 trillion
property sales revenue.

That said, S&P expects Wanda Commercial's EBITDA margin to improve
to 55%-60% by 2021, from 38.8% in 2018, because of the winding down
of the lower-margin property development business. S&P believes the
company can sustain the enhanced profitability given its track
record.

Wanda Commercial will need to maintain high capital expenditure
(capex) over the next two to three years to support its target of
opening 45-50 new malls per year, but we believe the costs can be
largely absorbed by internal cash generation. The revised model is
targeting about 70% of new malls being asset-light-–where Wanda
Commercial acts only as a franchise partner and provides management
services, with no material capex. According to S&P's forecast,
40%-50% of new malls slated for 2019 will adopt this model.

While the asset-light model will lower its capital needs
considerably, Wanda Commercial's financial leverage, measured by
adjusted debt to EBITDA, may rise in 2020 before deleveraging
again. This is because the decline in EBITDA will outpace debt
reduction amid lower property sales. Nonetheless, financial
leverage should trend down gradually after 2020 to below 4.5x,
supported by continued growth in EBITDA. This compares to a
debt-to-EBITDA ratio of 3.6x-3.7x over 2017-2018.

S&P said, "At the same time, we do not expect Dalian Wanda Group to
aggressively resume property development under Wanda Properties. We
anticipate that Wanda Properties will focus mainly on mixed-use
urban projects which are typically supported by local governments,
given their commercial and residential dual functionality. We also
believe one of Wanda Properties' key responsibilities is to support
Wanda Commercial through developing residential portions of
projects that the latter undertakes. As a result, we expect Wanda
Properties' investment spending, including land acquisitions, to be
fairly disciplined and with a consideration of not raising the
group's overall leverage.

"We also believe Dalian Wanda Group will not aggressively extract
cash or financial support from Wanda Commercial. In our view, the
group has a strong incentive to preserve the financial strength of
Wanda Commercial, given it is its flagship subsidiary and core
asset, and largest income contributor.

"The positive outlook reflects our view that Wanda Commercial will
complete its business model transition within the next 12 months,
and that its rental income will continue its strong growth over the
next two to three years. We also expect the company to maintain a
disciplined expansion plan such that its financial leverage and
liquidity remain stable.

"We may raise the rating if Wanda Commercial's rental income
continues to grow, leading to positive free cash flow despite lower
property sales. An indication of this could be a ratio of debt to
EBITDA below 5.0x on a sustained basis, and EBITDA from leasing
activities remaining above two-thirds of total EBITDA."

At the same time, the group credit profile of Dalian Wanda Group
would also need to improve in tandem.

S&P said, "We may revise the outlook back to stable if Wanda
Commercial's execution of its asset-light model is slower than we
anticipate, leading to capex and investments substantially above
our forecast. An indication of this could be a debt-to-EBITDA ratio
of above 5x on a sustained basis, or EBITDA from leasing activities
below two-thirds of total EBITDA.

"At the same time, we may revise the outlook if Dalian Wanda
Group's credit profile deteriorates due to aggressive expansion
into property development or cash flow is weaker than we
anticipate. A ratio of debt to EBITDA at the group level over 5.5x
on a sustained basis could indicate such a weakness.

"We may also revise the outlook if shareholders exert pressure on
Wanda Commercial to provide shareholder-friendly measures, such as
large dividend payments or funding for property development
projects which would materially affect its financial metrics."


SOUTHERN ENERGY: Moody's Cuts CFR to B3 & Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service downgraded Southern Energy Holdings Group
Limited's corporate family rating to B3 from B2.

At the same time, Moody's has changed the outlook to negative from
stable.

RATINGS RATIONALE

"The rating downgrade and negative outlook reflect our concern that
Southern Energy's access to funding will be significantly
impaired," says Shawn Xiong, a Moody's Assistant Vice President and
Analyst.

"Amid an increasingly challenging operating environment, such a
weakening in company's fundraising capability will likely reduce
its cash buffer and increase liquidity risks," adds Xiong.

The rating downgrade follows a steep drop in the company's equity
price and its announcement on August 5 that the proposed
acquisition by Bijie City Anfang Construction Investment (Group)
Co. Ltd of an approximate 20% stake from the company's controlling
shareholder, Lavender Row Limited, has been terminated.

Moody's previously expected that the acquisition by Bijie City
Anfang, an entity that is owned by the local government, would
support Southern Energy's operations and improve its access to
funding. However, the termination of the transaction and drop in
its equity price will likely significantly impair its access to
funding and, in turn, weaken its financial flexibility.

Moody's views access to funding as a very important consideration
for Southern Energy, especially given its small absolute scale,
significant investment needs and its exposure to the inherent
volatility in coal prices and regulations in China.

In terms of environmental, social and governance (ESG) factors, the
rating incorporates the following considerations.

Firstly, the global mining industry faces elevated emerging
environmental risk, including the risk of soil and water pollution.
While some safety incidents have occurred at the company in the
past, it has since rectified this situation. In addition, Southern
Energy holds appropriate licenses to operate, and its production
volumes are approved by the government.

Secondly, the company is exposed to China's evolving government
policies and environmental regulations. These regulations could
raise its operating costs and capital spending levels, as it seeks
to comply with changes in environmental and safety standards.

Thirdly, Southern Energy's ownership is concentrated in its key
shareholders Mr. Xu Bo and Mr. Xiao Zhijun.

Although Southern Energy's liquidity is adequate, its financial
flexibility is limited, because the majority of its current
borrowings were on a secured basis as of the end of 2018.

Southern Energy's B3 rating reflects Moody's concern around its
fundraising capability, which reduces its financial flexibility and
buffer against volatility in its coal mining operations. This risk
largely offsets the company's strength in generating steady
operating cash flow from its anthracite coal mining operations.

The outlook could return to stable if the company improves its
access to funding and reduces its reliance on secured borrowings,
all on a sustained basis.

Conversely, Moody's could downgrade the rating if the expected
restricted access to funding leads to a significant deterioration
in the company's liquidity position.

The principal methodology used in this rating was Mining published
in September 2018.

Headquartered in Guizhou, Southern Energy Holdings Group Limited is
a Chinese anthracite coal miner. At December 31, 2018, it had three
producing mines with an annual nameplate production capacity of
around 1.35 million tonnes.


ZHONGLIANG HOLDINGS: Fitch Assigns B+ LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Zhongliang
Holdings Group Company Limited a Long-Term Foreign-Currency Issuer
Default Rating of 'B+' with a Stable Outlook. Fitch has also
assigned Zhongliang a senior unsecured rating of 'B+' with a
Recovery Rating of 'RR4'.

Zhongliang's ratings are underpinned by its contracted sales scale,
which is comparable with 'BB' category homebuilders. Its 353
projects spread across five core economic regions in China help
mitigate potential regional economic and policy risks.

Zhongliang adopts a fast-churn model and it aims to begin sales
soon after land acquisition. However, its faster-turnover model
results in a short land-bank life, and low adjusted inventory base
and EBITDA margin, which Fitch believes may lead to volatility in
the company's financial profile, a key constraint to its ratings.

KEY RATING DRIVERS

Geographically Diversified Homebuilder: Zhongliang's 353 property
projects were located in 124 cities across five core economic
regions in China as of March 2019. The majority of these projects
were in third- and fourth-tier cities, which have weaker demand
fundamentals than higher-tier ones, but Zhongliang has increased
its presence in second-tier cities through a change in the
composition of land acquired in 1H19. The improved diversification
helps to mitigate any regional economic or policy shocks.

Strong Growth: Zhongliang's standardised operational procedures,
which cover its whole value chain of property development including
land-acquisition modules, marketing campaigns, design and product
lines, aided its rapid expansion from 2015 to 2018. Its aggregate
contracted sales increased to CNY84 billion in 2018 from CNY16
billion in 2016, helping the company become one of the top 20
property developers in China.

Zhongliang has been responsive to changing market conditions. Its
land-bank acquisitions have been focused on third- and fourth-tier
cities, mainly to benefit from selling homes to buyers resettled
from shanty towns as part of the government's policies. As of
end-2018, 80% of Zhongliang's land bank was located in third- and
fourth-tier cities. However, the weakening demand fundamentals in
lower-tier cities have led Zhongliang to shift its focus to second-
and stronger third-tier cities.

Low Inventory: Zhongliang's fast-churn model requires the company
to enter the pre-sale phase quickly after land is acquired. Most of
its projects are small, with less than 120,000 sq m in gross floor
area (GFA), enabling the company to de-stock quickly and achieve
positive cash flow generation within a short period. The internally
generated cash flow supports its capital needs for land acquisition
and development expenditure, reducing the need for large debt
funding. However, the model resulted in a short land-bank life and
small adjusted inventory base of CNY15.9 billion by end-2018
(including proportional consolidation of joint ventures and
associates), while net debt was low at CNY3.9 billion.

The company's continued growth in scale amid a moderating property
market may lead to significant pressure to replenish land and incur
higher development expenditure. Fitch believes this may result in
large swings in leverage, especially if contracted sales slow
significantly. Zhongliang's leverage, measured by net debt/adjusted
inventory (with proportional consolidation of joint ventures and
associates) was low at 24.6% as of end-2018. Fitch expects leverage
to increase to 40%-45% in the next three years after factoring in
CNY2.6 billion in IPO proceeds received in July 2019.

Small Land Bank: Fitch estimates Zhongliang's unsold attributable
land bank at end-2018 is sufficient for 2.4 years of development.
It requires continuous land acquisition to sustain contracted sales
growth. This is likely to drive the company to replenish its land
bank at market prices and could limit its ability to keep land
costs low, especially as it acquires more land parcels in Tier 2
cities where there is more intense competition on land bidding.
Fitch forecasts Zhongliang will gradually lengthen its land-bank
life to around three years over the next few years, which Fitch
believes will improve its adjusted inventory base and lower the
pressure to acquire land.

Low Margins: Zhongliang's fast-churn model and focus on low-tier
cities in the past three years have resulted in low average selling
prices (ASP) and EBITDA margin of 17% as of end-2018. These two
metrics are at the lower end of 'B+' rated peers. However, Fitch
forecasts its EBITDA margin will edge up to around 20% in 2019-2021
as the company increases its proportion of sales of higher-margin
products, which will start to be booked in 2019.

Significant Minority Shareholders: Total non-controlling interests
in Zhongliang's balance sheet accounted for 90% and 62% of total
equity in 2017 and 2018, respectively. Zhongliang had been relying
on capital contributions from non-controlling shareholders as a
source of financing to expand its scale. A large percentage of the
non-controlling interests in Zhongliang's equity came from capital
injections by minority shareholders in the company's new projects,
lowering Zhongliang's need for debt funding but presenting the
potential for cash leakages.

However, Fitch expects the non-controlling interests to drop to
around 40% in 2019 and stabilise at 40%-45% in 2019-2022, partly
helped by the increase in equity owners after the company's CNY2.6
billion IPO in July 2019.

DERIVATION SUMMARY

Zhongliang's CNY84 billion in aggregate contracted sales are at the
high-end of 'B+' peers in terms of scale. Its land bank is also
more widely spread across China's core economic regions compared
with other 'B+' peers such as Hong Kong JunFa Property Company
Limited (B+/Stable). However, more than 80% of Zhongliang's land
bank is in Tier 3 and 4 cities, which Fitch believes have weaker
demand than first- and second-tier cities. Zhongliang's land-bank
quality is weaker than other 'B+' rated peers with ASP below
CNY10,000 per sq m in 2018.

Zhongliang's leverage of 24% at end-2018 is at the low end of 'BB'
rated peers. However, Fitch estimates Zhongliang's unsold
attributable land bank at end-2018 is equivalent to around 2.4
years of GFA sold, which is also shorter than that of other
fast-churn peers like CIFI Holdings (Group) Co. Ltd. (BB, Stable),
with its land-bank life of 2.9 years. This gives Zhongliang more
pressure to acquire land even when land prices are not optimal to
maintain its moderate growth in the coming years. Zhongliang's
attributable contracted sales are at a similar scale to that of
CIFI, but Zhongliang's adjusted inventory is only 16% of that of
CIFI, which means Zhongliang has a much smaller headroom to weather
the business cycle. This explains rating Zhongliang two notches
below CIFI.

Fitch expects Zhongliang's leverage to rise in 2019 to ensure its
land bank is enough for more than 2.5 years of sales, and stabilise
at around 40%-45% in the next few years, which is the mid-range of
'B+' peers. Zhongliang's forecast leverage in the next few years
will be much lower than that of 'B' rated peers with similar
contracted sales scale such as Kaisa Group Holdings Limited
(B/Stable) and Yango Group Co., Ltd. (B/Positive) whose leverage
Fitch estimates will be above 65%.

Zhongliang's fast-churn model resulted in a contracted sales/total
debt ratio of 2.8x in 2018, one of the highest among Fitch's rated
Chinese homebuilders. Its EBITDA margin of 17.3% in 2018 is at the
lower end of 'B+' rated peers. Zhongliang's investment-property
interest coverage is also minimal.

The company's IPO in July 2019 on the Hong Kong stock exchange will
enhance its financial transparency, leading to better regulatory
oversight compared with other unlisted 'B+' peers such as Guangdong
Helenbergh Real Estate Group Co., Ltd. (B+/Stable) and JunFa.

KEY ASSUMPTIONS

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

  - Attributable contracted sales to rise by 24% yoy in 2019, and
16% on average in 2020-2022, mainly driven by growth of GFA sold

  - EBITDA margin to stay at around 20% in 2019-2021

  - Land-bank life to gradually lengthen to over three years in
2022

  - Average land purchase cost per sq m to rise by 25% yoy in 2019
and rise by 2% per year in 2020-2021

  - Consolidated land premium at 53% of consolidated contracted
sales on average in 2019-2022

RATING SENSITIVITIES

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

  - EBITDA margin (after adding back capitalised interest)
sustained at 20% or above

  - Leverage (net debt/adjusted inventory) sustained below 40%

  - Land-bank life (attributable unsold land reserves/GFA to be
sold in the following year) above 3 years

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

  - EBITDA margin (after adding back capitalised interest)
sustained below 18%

  - Net debt/adjusted inventory sustained above 50%

Key Recovery Rating Assumptions

  - Zhongliang to be liquidated in a bankruptcy as it is an
asset-trading company

  - 10% administration claims

  - 70% advance rate to accounts receivable

  - 60% advance rate to adjusted net inventory of Zhongliang and
its joint ventures. Applied 20% discount to customer deposits when
calculating adjusted net inventory to reflect the around 20% gross
profit margin. For joint-venture adjusted net inventory, Fitch
takes (investment in joint ventures + amount due from joint
ventures - amount due to joint ventures).

  - 50% advance rate to investment properties, property, plant and
equipment

  - 100% advance rate to restricted cash

LIQUIDITY

Adequate Liquidity: Zhongliang's total cash-to-short-term debt
ratio was 1.8x as of April 2019. It had cash and cash equivalents
of CNY23.7 billion, including restricted cash and pledged deposits
of CNY14.9 billion, against CNY13.4 billion in short-term debt. The
company had unutilised banking facilities of CNY6.9 billion at-end
April 2019 and received CNY2.6 billion in IPO proceeds in July
2019.


ZHONGLIANG HOLDINGS: S&P Assigns 'B+' LT ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings, on Aug. 8, 2019, assigned its 'B+' long-term
issuer credit rating to China-based property developer Zhongliang
Holdings Group Co. Ltd.

The rating reflects Zhongliang's high exposure to lower-tier
cities, low profit margins, untested ability in higher-tier cities,
and small land bank. The rating also reflects the company's high
financial leverage and uneven capital structure, with material
exposure to nonbank financing and short-term debt. Zhongliang's
strong sales execution and cash collection, well-managed liquidity,
and good record in Yangtze River Delta (YRD) temper these
weaknesses.

S&P said, "We expect Zhongliang's growth to slow down over the next
12 months, after rapid growth in 2015 to 2018. The company's
contracted sales grew significantly to Chinese renminbi (RMB) 101.5
billion in 2018, from RMB19.0 billion in 2016, thanks to strong
demand in lower-tier cities. This represents a compounded annual
growth rate of about 131%. With China's slowing economic growth and
weakening policy stimulus, Zhongliang's high exposure to lower-tier
cities could be more susceptible to sector cycles. We forecast
sales growth of about 26% to RMB125 billion-RMB128 billion in 2019,
and 24% growth in 2020.

"Zhongliang's high exposure to YRD should partly offset the risk,
in our view. Cities in the region have good economic integration,
economic prospects, and population inflow, supporting housing
demand. Many lower-tier cities in YRD still record reasonable
growth in price and transaction volume. As of March 31, 2019, 53%
of Zhongliang's land resources are in YRD. Besides, more than 90%
of company's saleable resources target first-time buyers that
usually have inelastic demand.

"In our view, Zhongliang's foray into higher-tier cities would
pressure the company's execution of its fast-churn business model,
potentially increasing execution risks. Since June 2018, Zhongliang
has acquired land in tier-two cities (such as Tianjian and
Qingdao), which accounted for more than 50% of land premium in the
second half of 2018. Tier-two cities accounted for 14% of land
premiums in the first half of 2018 and 28% in full-year 2017.
Zhongliang's increased exposure to higher-tier cities could help
the company's growth in prices, improve cyclical resilience, and
balance the saleable sources mix. However, such expansion involves
higher land costs, acquisition deposits, and stricter presale
requirements.

"Zhongliang's fast-churn model and large exposure to lower-tier
cities constrain its gross margin. The company's profit margin is
weaker than that of most 'B+'-rated peers, mainly due to its
strategy of adapting prices to market conditions to preserve cash
flow. Zhongliang keeps a thin land bank and has a short development
cycle (from land acquisition to presale), leading to limited land
appreciation gains. We expect the company's gross margin to
slightly improve to above 23% in 2019-2020, from 22.9% in 2018,
reflecting price growth in properties sold but not recognized in
lower-tier cities over the past two years. However, further upside
would be limited under current market conditions. Potential
positive impact of projects in newly entered higher-tier cities
will also likely be limited because of increased land and
construction costs.

"In our view, Zhongliang's high reliance on short-term debt from
nonbank financing channels leads to weak flexibility. These
alternative funding sources are usually costlier and shorter in
duration, leading to a weighted average debt maturity of less than
two years as of end-2018. Nevertheless, we expect the proportion of
short-term debt to fall, and the company will likely gradually
improve its uneven capital structure. Zhongliang raised about Hong
Kong dollar 3.0 billion through its IPO in the Hong Kong stock
exchange in July 2019. About 30% of the amount will be used to
repay trust loans. We also anticipate better banking relationships
and access to more diverse funding following the listing.

"We expect Zhongliang's leverage to moderately improve, given the
company's strong revenue growth and the IPO. The ratio of debt to
EBITDA is likely to drop to about 5.1x at the end of 2019 and
remain below 6.0x in 2020-2021, compared with 5.7x in 2018.
Zhongliang's debt leverage and its scale are stronger than that of
its similar-rated peers.

"We forecast Zhongliang's debt to grow at 57%-52% per year in
2019-2020, after a 35.5% increase in 2018, mainly due to
significant land replenishments. We believe the company's land
reserves will be only sufficient for two year's development.
Although debt growth will remain substantial, Zhongliang's absolute
debt is relatively low, given that company is able to refinance or
repay maturing obligations using cash inflows from presales,
underpinned by its fast turnover and good cash collection record.

"The stable outlook reflects our view that Zhongliang will grow its
contracted sales, increase its revenue recognition, and execute its
expansion in tier-two cities well over the next 12 months. We
expect the company to continue to operate with high but stable
leverage, despite some improvement in 2019. We also anticipate some
improvement in the diversification of Zhongliang's capital
structure and funding costs.

"We could lower the rating if Zhongliang's debt leverage
significantly deteriorates from our expectation, taking the
debt-to-EBITDA ratio to above 6.0x for an extended period. This is
likely to happen if: (1) the company's sales execution in new
markets or revenue recognition is materially weaker than we
anticipate; or (2) its debt-funded expansion is more aggressive due
to elevated land costs and construction spending to maintain the
current scale.

"We may raise the rating if Zhongliang improves its leverage and
capital structure over the next 12 months. Indications of such
improvement would be debt-to-EBITDA ratio staying sustainably below
5.0x, reduced reliance on nonbank financing, and a lengthening of
the weighted average debt maturity to well above two years."




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

ABHINAV STEELS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Abhinav Steels and Power Limited

        Registered office:
        401, Mahavirji Complex
        LSC, Rishabh Vihar
        New Delhi DL 110092

        Corporate office:
        04th Floor, Sangam Palace
        Civil Lines, Allahabad
        UP 211001

        Factory address:
        A-42, 43, 44, 45, 46, 47
        SIDA Industrial Area
        Satharia, Jaunpur, UP

Insolvency Commencement Date: July 31, 2019

Court: National Company Law Tribunal, Lucknow Bench

Estimated date of closure of
insolvency resolution process: January 26, 2020
                               (180 days from commencement)


Insolvency professional: CS Shravan Kumar Vishnoi

Interim Resolution
Professional:            CS Shravan Kumar Vishnoi
                         BCC Tower, 1008, 10th Floor
                         Sultanpur-Lucknow Road
                         Arjun Ganj, Near Saheed Path
                         Lucknow 226002 (UP)
                         E-mail: shravan.vishnoi@yahoo.com

Last date for
submission of claims:    August 14, 2019


AMBICO EXPORTS: CRISIL Lowers Rating on INR24cr Loan to D
---------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Ambico
Exports and Imports Private Limited (AMBICO) 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Line of Credit        24       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with AMBICO for obtaining
information through letters and emails dated January 25, 2019 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of Ambico downgraded to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

Ambico was founded by Mr. Kalpesh Patel and Mr. Harshad Patel in
Mumbai in 2004. The company polishes rough diamonds and trades in
bulk chemicals. It derives most of its revenue from the diamond
polishing segment.


ASHAPURA INTIMATES: CARE Lowers Ratings on INR72.50cr Loans to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ashapura Intimates Fashion Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         57.50       CARE D; Issuer not cooperating
   LT-Cash Credit                  Revised from CARE C; Issuer
                                   not cooperating

   Bank Facilities-    15.00       CARE D; Issuer not cooperating
   LT-Term Loan                    Revised from CARE C; Issuer
                                   not cooperating

Detailed Rationale & Key Rating Drivers

The rating revision factors in delays in debt servicing. As per the
banker, the account has been classified as NPA.

Detailed description of the key rating drivers

Key Rating weakness

Delay in debt servicing: The rating revision factors in delays in
debt servicing. As per the banker the account has been classified
as NPA.

Incorporated in 2006, Ashapura Intimates Fashion Limited is engaged
in the business of designing, branding, marketing and retailing of
intimate garments under established brands (viz. Valentine, N-Line,
Night & Day, Valentine Sports etc) and undertakes sales through
organized retail chains and own outlets. All its products are being
manufactured by its subsidiary, Momai Apparels Limited at its
manufacturing facility in Vapi, Gujarat. However MAL has been
merged with the company with appointed date of April 1, 2016. The
Company's creditor has initiated insolvency procedure against the
company as per BSE filling for the dues worth INR40 crore.


BANERJIDA FIVE: CRISIL Assigns B Rating to INR14.9cr Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility Banerjida Five Lotus Resorts Private Limited
(BFLRPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan            14.9      CRISIL B/Stable (Assigned)

The rating reflects the company's nascent stage of operations and
exposure to cyclicality and intense competition. These weaknesses
are partially offset by the extensive experience of BFLRPL's
promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Nascent stage of operations and exposure to cyclicality and
intense competition: Since operations began from July 2018, revenue
till March 2019 was INR4.50 crore. This is compounded by intense
competition in the hospitality industry. Scale will remain modest
over the medium term, and will continue to be exposed to cyclical
trends and intense competition.

Strength

* Promoters' extensive experience: Industry presence of almost
three decades through group companies will likely support business
over the medium term.

Liquidity

Cash accrual is expected at over INR0.94 crore in fiscals 2019-20
against no major debt obligation.

Outlook: Stable

CRISIL believes BFLRPL will continue to benefit from the extensive
experience of its promoters and established client relationship.
The outlook may be revised to 'Positive' if ramp-up in operations
and stable profitability strengthen financial risk profile. The
outlook may be revised to 'Negative' if decline in profitability,
stretch in working capital cycle, or large, debt-funded capital
expenditure weakens capital structure.

Incorporated in 2009 in Raipur, Chhattisgarh, and promoted by Mr
Achin Banerjee and family, BFLRPL operates a resort-cum-naturopathy
treatment centre.


BHAWANI MOULDERS: CRISIL Assigns B+ Ratings to INR15cr Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Bhawani Moulders Private Limited (BMPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          9         CRISIL B+/Stable (Assigned)

   Term Loan            6         CRISIL B+/Stable (Assigned)

The rating reflects BMPL's exposure to volatile steel prices and
cyclicality in the steel industry, marginal market share and
average financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoters in the steel
industry.

Key Rating Drivers & Detailed Description

Weakness

* Marginal market share and early stage of operations: The company
began operations in producing mild steel angles and channels only
in June 2019. Scale of operations is, therefore, likely to be
modest, with revenue of around INR70 crore expected in fiscal 2020.
The small scale will limit pricing power and profitability.

* Susceptibility to volatile steel prices and cyclicality:
Profitability is largely linked to the fortunes of the steel
industry. Also, demand is highly sensitive to any change in iron
and steel prices.

* Average financial risk profile: Networth (Rs 4.5 crore as of
March 2019) is expected to remain modest over the medium term on
account of early stage of operation and therefore, low accretion to
reserve. Gearing is high around 3 times on account of the term loan
availed of for the capital expenditure. Debt protection metrics are
weak, too.

Strengths

* Promoters' extensive experience: Experience of close to two
decades, keen understanding of market dynamics, and healthy
relationships with suppliers and customers should help BMPL
stabilise operations and weather cyclicality in the steel segment.

Liquidity

BMPL is expected to generate adequate cash accrual against upcoming
debt of INR60 lakh in fiscal 2020. Cash credit limit of INR9 crore
is being utilised since June 2019. Current ratio is expected to
remain around 2 times over the medium term.

Outlook: Stable

CRISIL believes BMPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if timely completion of the rolling mill project
improves revenue and operating margin, while working capital cycle
remains stable. The outlook may be revised to 'Negative' if time
and cost overrun in the project, significant pressure on liquidity,
or low net cash accrual weakens debt-servicing ability.

Incorporated in 1988 by Mr Sunil Agrawal and Mr Vikas Agarwal, BMPL
began operations by manufacturing of CI ingot moulds. The company
had shut down the operation from fiscal 2018, opting instead to
produce mild steel angles and channels from June 2019.


BHOWMIK DYEING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Bhowmik Dyeing and Bleaching Private Limited
        P-16, Motijheel Avenue
        3rd Floor, Plot-B
        Kolkata 700074
        West Bengal

Insolvency Commencement Date: August 2, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 28, 2020
                               (180 days from commencement)

Insolvency professional: Raj Singhania

Interim Resolution
Professional:            Raj Singhania
                         Central Plaza
                         41 B.B. Ganguly Street
                         5th Floor, Room No. 5A
                         Kolkata 700012
                         E-mail: rajsinghania_ca@yahoo.co.in
                                 bdbpl.cirp@gmail.com

Last date for
submission of claims:    August 16, 2019


CEDAR INFONET: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Cedar Infonet Private Limited
        D-159 Okhla Industrial area Phase-1
        Third Cabin 1st Floor New Delhi
        South Delhi DL 110020

Insolvency Commencement Date: July 22, 2019

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: January 18, 2020

Insolvency professional: Dhiren Shantilal Shah

Interim Resolution
Professional:            Dhiren Shantilal Shah
                         B-102, Bhagirathi Niwas
                         Near Natraj Studio
                         Sir M.V. Road, Andheri (East)
                         Mumbai 400069
                         E-mail: dss@dsshah.in
                                 ip2@dsshah.in

Last date for
submission of claims:    August 15, 2019


CLIFFTON PACKAGINGS: CRISIL Assigns B+ Ratings to INR10cr Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Cliffton Packagings Private Limited (CPPL).

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

   Proposed Fund-
   Based Bank Limits      2       CRISIL B+/Stable (Assigned)

The rating reflects CPPL's average financial profile and
working-capital-intensive operations. These weaknesses are
partially offset by the promoters' extensive experience and CPPL's
improving scale of operations.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: Financial risk profile is
constrained by high total outside liabilities to tangible networth
for last three year ending on 31st March 2018.

CPPL's debt protection measures have also been at weak level in
past due to high gearing and low accruals from the operations. The
interest coverage and net cash accrual to total debt (NCATD) ratios
are at 1.45 times and 0.02 times for fiscal 2018. CPPL debt
protection measures are expected to on account of improving cash
accruals over the medium term.

* Working capital intensity in operations: Gross current assets
were 218-248 days over the three fiscals through March 2018, and an
estimated 160 days as of March 2019, keeping working capital under
pressure. Sizeable debtors and inventory, especially
work-in-progress, should keep operations working capital intensive
over the medium term as well.

Strengths

* Extensive experience of the promoters: The promoters have
experience of over three decades in the packaging industry, a keen
understanding of market dynamics, and healthy relationships with
suppliers and customers. These should continue to benefit CPPL's
operations.

* Improving scale of operation: Improvement in capacity utilisation
has led to revenue growth at a compound annual rate of 24% in the
four fiscals through March 2019. Operating margin improved to 7.69%
in fiscal 2018 from 6.89% in fiscal 2016. However the scale of
operation modest marked by revenue at INR28.05 crore in fiscal
2019.

Liquidity

Liquidity remains adequate, aided by moderate bank limit
utilisation of 88% over the 12 months through June 2019. Net cash
accrual is expected around INR110 lakh per annum over the medium
term against maturing debt of INR73 lakh in fiscal 2020. Funding
support from the promoters is expected to continue whenever
necessary. Current ratio was at 1.26 times in fiscal 2018.

Outlook: Stable

CRISIL believes CPPL will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.  The outlook may be revised to 'Positive' if ramp-up in
scale of operations and capital infusion will strengthen financial
risk profile.  The outlook may be revised to 'Negative' if a
decline in profitability, stretch in working capital cycle, or any
large capital expenditure weakens financial risk profile.

CPPL, incorporated in 2007 manufactures pilfer-proof caps, boxes,
corrugated sheets, envelopes and other allied paper packaging
material. CPPL is based in Noida, UP. Mr Sunil Kaicker and Ms
Geetika Kaicker are the promoters.


DABANG METAL: CARE Moves D on INR5.95cr Loans to Non-Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Dabang
Metal Industries (DMI) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.95       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 8, 2018 placed the
rating of DMI under the 'issuer non-cooperating' category as Dabang
Metal Industries had failed to provide information for monitoring
of the rating. Dabang Metal Industries continues to be
non-cooperative despite repeated requests for submission of
information through e-mail dated July 18, 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. The rating on Dabang
Metal Industries 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

Key Rating Weaknesses

At the time of last rating on June 7, 2018, the following were the
rating weakness:

There have been ongoing delays in debt servicing due to stretched
liquidity position.

Dabang Metal Industries (DMI) is a partnership firm and was
established in February 2012 by Mr Vishal Tayal, Mr Mahender Jain,
Mr Sachin Gupta, Mr Sharad Alan and Mr Sunil Gupta as partners,
sharing profit and loss in the ratio of 35%, 35%, 10%, 10%, and 10%
respectively. The firm is engaged in drawing of copper wires of
thickness of 1 mm to 6 mm which is used in the electricity cables.
The manufacturing facility of the firm is located in Kotdwar
(Uttrakhand). The commercial production of DMI started in February,
2013. The main raw material of DMI is copper rod which is mainly
procured from Hindalco Industries Limited, Sterlite Industries
Limited, Birla Copper Limited and Hindustan Copper Limited at the
rate prevailing in the market. The firm is selling its products
mainly in Uttrakhand and Uttar Pradesh to cable manufacturing
units.


DEVI INFRADEVELOPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Devi Infradevelopers Private Limited
        116, Anand Nagar
        Sirsi Road, Vaishali Nagar
        Jaipur 302021 (Rajasthan)

Insolvency Commencement Date: July 31, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: January 27, 2020
                               (180 days from commencement)

Insolvency professional: Brij Kishore Sharma

Interim Resolution
Professional:            Brij Kishore Sharma
                         AB-162, Vivekanand Marg
                         Nirman Nagar, Near DCM
                         Ajmer Road, Jaipur 302019
                         E-mail: bksharma162@gmail.com

Last date for
submission of claims:    August 14, 2019


ECO POLYFIBRES: CARE Keeps D on INR15cr Loans in Non-Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Eco
Polyfibres Private Limited (EPPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

   Short-term Bank      7.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 3, 2018 placed the
rating of EPPL under the 'issuer non-cooperating' category as Eco
Polyfibres Private Limited had failed to provide information for
monitoring of the rating. Eco Polyfibres Private Limited continues
to be non-cooperative despite repeated requests for submission of
information through e-mail dated July 18, 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. The rating on Eco
Polyfibres Private Limited's 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

Key Rating Weaknesses

At the time of last rating on June 27, 2018, the following were the
rating weakness: There have been ongoing delays in debt servicing
due to stretched liquidity position.

EPPL was incorporated in 2011 by Mr Sanjay Kumar Aggarwal and Mr
Vinod Kumar. The company is engaged in trading of plastic products
such as Low Density Poly Ethylene (LDPE), High Density Poly
Ethylene (HDPE), etc. The company procures traded products mainly
through wholesalers and manufacturers in the domestic market. The
company sells its products to various manufacturers and wholesalers
in the domestic market. Furthermore, the company has one associate
concern, namely, Swastik Lifesceince Pvt. Ltd. which is engaged in
the trading of plants since 2007.


ESSAR STEEL: Court Defers Insolvency Case Hearing Til Aug. 9
------------------------------------------------------------
Livemint.com reports that the Supreme Court on August 7 deferred
until August 19 the hearing in the Essar Steel insolvency case,
saying said the matter should be decided in light of fresh
challenges following recent amendments to the Insolvency and
Bankruptcy Code.

A division bench, headed by Justice Rohinton Fali Nariman and
comprising Justice Surya Kant, heard the submissions by operational
creditors and agreed to adjourn the case until August 19,
Livemint.com relates. The operational creditors said they would
file petitions within a week challenging the validity of the
amendments to the IBC, the report relays.

Livemint.com says the apex court bench also sought the presence of
Attorney General before it in relation to the matter and sought his
assistance regarding the amendments and their effect on the case.

According to the report, the Supreme Court had on July 22 put on
hold the sale of Essar Steel India Ltd to ArcelorMittal after
lenders to the bankrupt Indian steel maker challenged an appeals
court ruling that said operational creditors have to be treated on
a par with financial creditors.

The appellate tribunal had ruled that lenders and operational
creditors will get 60.7% of their outstanding claims and
proportionately share the money that ArcelorMittal has offered to
pay for the Indian firm, which in rupee terms entails a payment of
INR30,030 crore to financial creditors and INR11,969 crore to
operational creditors, Livemint.com discloses.

Livemint.com notes that the Supreme Court agreed to 'expeditiously'
hear the plea filed by banks against the National Company Law
Appellate Tribunal (NCLAT) order of July 4.

Operational creditors with admitted claim amounts of less than INR1
crore would get 100%, while for those with claims of more than INR1
crore, the payment would be 60.26%, Livemint.com says citing the
NCLAT ruling.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar
Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip)
and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore
slurry from the beneficiation plant (located near the iron ore
mines in Dabuna and Kirandul) to the pellet plant (located near the
Paradip and Vizag ports). A large portion of the iron ore pellets
produced are intended for captive consumption by ESIL's steel plant
at Hazira for cost optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench admitted
Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.


FOURTH DIMENSION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Fourth Dimension Solutions Limited
        Registered office:
        DSM 340 DLF Trade Tower
        Shivaji Marg
        New Delhi 110015

Insolvency Commencement Date: July 25, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Jaswant Singh

Interim Resolution
Professional:            Mr. Jaswant Singh
                         70/15, 2nd Floor
                         Ashok Nagar
                         New Delhi 110018
                         E-mail: csjaswantsingh@gmail.com

                            - and -

                         DSM 340, DLF Trade Tower
                         Shivaji Marg
                         New Delhi 110015
                         E-mail: fcs.jaswant@gmail.com

Last date for
submission of claims:    August 13, 2019


GOLDSTONE TECHNOLOGIES: CRISIL Hikes Rating on INR2cr Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Goldstone Technologies Limited (GTL; part of the GTL group) to
'CRISIL B+/Stable' from 'CRISIL B/Stable'. CRISIL has also
withdrawn its rating on the proposed long-term bank loan facility
of INR5 crore at the company's request. The withdrawal is in line
with CRISIL's policy of withdrawal of ratings.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Overdraft             2        CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Proposed Long Term    5        CRISIL B/Stable (Withdrawn)
   Bank Loan Facility     

   Proposed Overdraft    3        CRISIL B+/Stable (Upgraded
   Facility                       from 'CRISIL B/Stable')

The upgrade reflects improvement in the group's business risk
profile supported by higher-than-expected revenue growth and
sustained improvement in the operating margin. Operating income
grew 17% fiscal-on-fiscal to INR41.8 crore in fiscal 2019 mainly
because of significant growth in revenue from sale of tableau
licences. The margin improved to 2.0-2.5% over the two fiscals
through 2019 as against loss reported earlier, driven by
significant reduction in employee costs in the software services
segment.

The ratings also reflect a modest scale of operations, customer
concentration in revenue, and exposure to intense competition in
the software development and management services industry. These
weaknesses are partially offset by the extensive industry
experience of the promoter and an above-average financial risk
profile.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GTL and its wholly-owned subsidiaries,
Staytop Systems Inc (SSI) and Staytop Systems and Software Pvt Ltd
(SSSPL). That's because all these entities, collectively referred
to as the GTL group, are in the same business and have significant
operational and financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: With revenue
of INR42 crore in fiscal 2019, the scale of operations remained
small in the intensely competitive information technology services
segment.

* High customer concentration: Key clients, CISCO and Capgemini,
accounted for over 60% of the topline in fiscal 2019, which exposes
the group to any change in the business policies of these
companies.

Strengths

* Extensive industry experience of the promoter: Benefits from the
promoter's decade-long experience in the industry and healthy
relationship with customers and suppliers should continue.

* Above-average financial risk profile: The networth was moderate
at INR34.25 crore and the gearing low at 0.06 time, as on March 31,
2019. Debt protection metrics were adequate, with interest coverage
and net cash accrual to total debt ratios at 2.65 times and 0.34
time, respectively, in fiscal 2019.

Liquidity

Liquidity is moderate despite modest net cash accrual, supported by
limited reliance on external debt and healthy financial flexibility
of the parent, Trinity Infraventures Ltd. Bank limit utilisation
was high at about 93% over the 12 months through June 2019.
However, the parent has sizeable unencumbered cash balance/fixed
deposits of around INR100 crore as on date and is expected to
extend need-based fund support if required.

Outlook: Stable

CRISIL believes the GTL group will continue to benefit from the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive' if there is significant and sustained
improvement in revenue and operating margin, thus strengthening key
credit metrics. The outlook may be revised to 'Negative' if the
financial risk profile weakens, most likely because of a
significant decline in the operating margin or any large,
debt-funded capital expenditure.

Incorporated in 1994 and based in Hyderabad, GTL is promoted by Mr
L P Sashikumar. It provides software development and management
services. The company is listed on the Bombay Stock Exchange and
the National Stock Exchange of India Ltd.

SSI is engaged in the Information Technology and related services
business and is a wholly owned subsidiary of GTL.

SSSPL is a wholly owned subsidiary of GTL. However there are no
operations in this entity.


GREWAL TRANSPORT: CRISIL Assigns B+ Rating to INR8cr Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Grewal Transport Company (GTC).

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

The rating reflect susceptibility to volatile input cost, intense
competition and government policies in road freight transport
segment and working capital intensive nature of operations. These
weakness are partially offset by extensive industry experience of
the proprietor.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to volatile input cost, intense competition and
government policies in road freight transport segment:  Operating
margin in the intensely competitive logistics industry is
vulnerable to volatility in fuel prices, which in turn depends on
international crude oil prices. Also, the cost structure and
profitability margins are highly exposed to transport policies at
state and national level related to heavy vehicle and pollution.

* Working capital intensive nature of operations:  Working capital
intensive nature of operations are reflected in high Gross current
assets estimated at 351 days as on March 31, 2019. Its large
working capital requirements arise from its high debtor and
inventory levels. CRISIL believes that commensurate with increase
in scale of operations, working capital requirements may further
stretch over the medium term.

Strengths:

* Extensive industry experience of the proprietor:  The promoters
have an experience of over 15 years in transport industry. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity

Liquidity is moderate as reflected in healthy net cash accruals
estimated at around 60 lakhs against no repayment obligation and
BLU utilisation averaged around 80 percent. Liquidity also draw
comfort from unsecured loan by the promoters.

Outlook: Stable

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

GTC was established in 2001 as proprietorship firm. It is engaged
in providing transportation services such as freight transport
services by road, cargo handling services, etc. It is Based in
Punjab and owned by Mr. K.S. Grewal.


H.S. RAMESH: CRISIL Lowers Rating on INR5cr Cash Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term and short term
bank facilities of H.S. Ramesh (HSR) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating', as
there has been delays in term loan repayments.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        4        CRISIL D (ISSUER NOT
                                  COOPERATING Downgraded from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Cash Credit           5        CRISIL D (ISSUER NOT
                                  COOPERATING Downgraded from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long Term    1        CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING Downgraded from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with HSR for obtaining
information through letters and emails dated July 30, 2018,
September 3, 2018 and September 10, 2018 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

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

Detailed Rationale

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

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

HSR, set up as a proprietorship firm in 2010 by Mr H S Ramesh. Is
engaged in construction and maintenance of roads. The firm is based
in Mysuru, Karnataka, and execute orders in the state, where it is
registered as a first class contractor.


HS RAMESH: CARE Lowers Ratings on INR5cr LT Loan to D
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
H S Ramesh (HSR), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B+; Issuer
                                   not cooperating on the basis
                                   of best available information

   Short term Bank      4.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE A4; Issuer
                                   not cooperating on the basis
                                   of best available information

Detailed Rationale& Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
HSR in tempered by ongoing delays in servicing interest due to
stressed liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in servicing of interest due to stressed liquidity
position: There are On-going delays in servicing the debt
obligation on time due to insufficient cash accruals and stressed
liquidity position.

Decline in total operating income: The total operating income of
the firm declined by 46% from INR36.52 crore in FY17 to INR19.88
crore in FY18. Further, during FY19 (Prov.), the firm achieved a
total operating income of ~Rs.20.58 crore. The proprietor has
floated a new partnership firm, in January 2018, under the name
'KVC HSR' for undertaking the works contracts and the revenue for
the new contracts has been accounted under the new firm resulting
in the decline during FY18. The business of HSR will be merged with
the new firm and will get converted into a partnership firm in the
coming years.

Deterioration in capital structure and low debt coverage
indicators: The capital structure of the firm marked by overall
gearing deteriorated from 1.07x as on March 31, 2017 to 1.63x as on
March 31, 2018 on back of an increase in unsecured loans from
friends and relatives to manage the day to day operations of
the firm. The net worth of the firm also remained low at INR9.35
crore as on March 31, 2018 as against INR9.68 crore as on March 31,
2017 on back of withdrawal of capital from the business. The
proprietor has withdrawn capital of INR0.14 crore during FY18.
The debt coverage indicators marked by PBILDT interest coverage
ratio declined and stood at 2.38x in FY18 as compared to 2.77x in
FY17 due to decline in PBILDT in absolute terms. TD/GCA of the firm
deteriorated and stood weak at 11.78x in FY18 as against 6.03x in
FY17 due to increase in total debt levels. TD/CFO stood negative in
FY17 and FY18 on back of low cash accruals.

Short term revenue visibility from order book position with high
geographical concentration risk: The firm has an order book of
INR20 crore as on July 22, 2019 which translates to 1.01x of total
operating of FY18 and the same is likely to be completed by March
2020. The said order book provides revenue visibility for short
term. The entire work order comprises of Karnataka government
resulting in high customer and geographic concentration risk.

Working capital intensive nature of operations: The firm, being in
the construction industry, has high working capital requirement to
meet its operations. and the average working capital utilization
for FY17 was almost full and it remained the same for FY19 (prov.).
The working capital cycle period deteriorated from 98 days in FY17
to 240 days in FY18 due to increase in average inventory period
from 88 days in FY17 to 201 days in FY18 due to slow movement of
contracts being executed. The average collection period also
increased from 35 days in FY17 to 75 days in FY18 as there was a
delay in receiving the receivables. The average creditors' period
also increased from 25 days in FY17 to 35 days in FY18. The firm
has a working capital limit of INR5 crore and remains fully
utilized for the last 12 months ended June 30, 2019 with ongoing
overdraws for more than 30 days.

Margins susceptible to change in raw material prices: The prices of
raw materials i.e. sand, cements, bricks and steel etc. have
remained fluctuating in past and are also dependent upon the
availability of these raw materials. Further, the average cost of
unskilled labour has reflected increasing trend in the recent past.
Moreover, projcets in hand of HSR does not contain any price
escalation clauses related to the prices of raw material. Hence,
HSR remains exposed to raw material and labour price fluctuation
risk and any adverse movement in the key raw material or unskilled
labour cost may have direct bearing on the net margins of the HSR.

Key Rating Strengths

Experienced promoter with a long track record of operations: The
proprietor, Mr. H S Ramesh, has been in the business of undertaking
construction contracts for over two decades. The firm was
established in year 2010 and since its inception, HSR has
undertaken number of construction contracts of roads, buildings,
bridges. Due to its long-term presence in the market, the firm has
established relationship with government organizations and
suppliers.

Marginal improvement in profitability margins: The PBILDT margin of
the firm improved and stood at 11.26% in FY18 as against 7.33% in
FY17 on back of execution of relatively better margin work orders
with decrease in the employee and labor expenses, vehicle repair
and maintenance expenses. The PAT margin also improved in line with
PBILDT margin and stood at 4.68% in FY18 as against 3.61% in FY17
mainly due to decline in the depreciation provision.

H S Ramesh (HSR) is a proprietorship firm established in 2010 by
Mr. H. S. Ramesh in Mysore, Karnataka. The firm is a class I
contractor for Public Works Department (PWD), Karnataka for
undertaking civil constructions of buildings, roads etc. Over the
last few years, HSR has undertaken various contracts for
construction of roads and buildings in Mysore and Bengaluru regions
of Karnataka for the Public Works Department, Karnataka. Currently,
the firm is executing contracts for PWD in Mysore for construction
of roads in Mysore and Rampura districts of Karnataka.


IMMORTAL BUILDCON: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Immortal Buildcon Private Limited
        Registered office as per MCA Records:
        1 Main Road Maujpur Delhi
        North East Delhi 110053

Insolvency Commencement Date: July 31, 2019

Court: National Company Law Tribunal, Delhi NCR Bench

Estimated date of closure of
insolvency resolution process: January 20, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Ranjan Chakraborti

Interim Resolution
Professional:            Mr. Ranjan Chakraborti
                         Flat No. 522, Sector-17D
                         Konark Enclave, Vasundhara
                         Ghaziabad 201012
                         E-mail: ranjanns@gmail.com
                                 irpimmortal@gmail.com

Last date for
submission of claims:    August 13, 2019


INDO-GULF DIAGNOSTICS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Indo-Gulf Diagnostics & Research Centre Private Limited

        Registered office:
        1506, Hemkuunt Chamber
        89, Nehru Place
        New Delhi 110019

        Corporate office:
        B-498A, Sector-19
        Noida 201301

Insolvency Commencement Date: July 31, 2019

Court: National Company Law Tribunal, Principal Bench New Delhi

Estimated date of closure of
insolvency resolution process: January 26, 2020
                               (180 days from commencement)

Insolvency professional: Ajay Goyal

Interim Resolution
Professional:            Ajay Goyal
                         49A, DDA Site No. 1
                         M Block, New Rajendra Nagar
                         New Delhi 110060
                         E-mail: ajaygoyalca75@gmail.com
                                 ip.indogulf@gmail.com

Last date for
submission of claims:    August 14, 2019


JET AIRWAYS: Employees Seek Interim Financial Relief
----------------------------------------------------
Livemint.com reports that scores of Jet Airways employees on August
6 gathered in the national capital and sought an interim financial
assistance till completion of the insolvency resolution process.

An employees' consortium has demanded that the Committee of
Creditors (CoC) should look at providing one month's salary as an
interim financial assistance, the report says.

According to the report, A K Mohanty said the consortium represents
around 9,000 employees, including pilots, engineers and cabin
crew.

Livemint.com relates that Mr. Mohanty, a representative of the
consortium, said one month's salary should be released to existing
employees of Jet Airways for their basic survival.

"The resolution process should be fast-tracked and operations
should be restarted at the earliest. There shouldn't be
liquidation," he added.

Most of the employees, who gathered at Jantar Mantar, were clad in
the airline's uniform, the report notes.

The deadline for submission of initial bids under the insolvency
resolution process ends on August 10, Livemint.com notes.

                        About Jet Airways

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

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

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

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


KD INFRAENGICON: CARE Lowers Rating on INR3.15cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
KD Infraengicon Private Limited (KDIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       3.15       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B+; Issuer
                                   not cooperating on the basis
                                   of best available information

   Long/Short term      4.00       CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Revised from CARE A4; Issuer
                                   not cooperating on the basis
                                   of best available information

Detailed Rationale and key rating drivers

The revision in the ratings assigned to the bank facilities of
KDIPL takes into account the ongoing delay in debt servicing of the
company. Going forward, the ability of KDIPL to serve its debt
obligation in timely manner will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: There are frequent instances of
over-drawings in the cash credit account during last 12 months
ended on June 30, 2019. Further, currently the cash credit account
remained over-drawn for around 60 days i.e. May 21, 2019 to July
20, 2019 due to its stretched debt receivables collection period
from its customers.

Comment of liquidity position: The liquidity position of the
company remained stressed as reflected by frequent overdrawing in
cash credit limit during last 12 months ended on June 30, 2019.

Jharkhand based K.D. Infraengicon Private Limited (KDIPL) was
initially incorporated as MD. Quiyamuddin Khan Engineers Private
Limited on August 3, 2010. Subsequently the name of the company has
been changed to its current name (KDIPL) on May 15, 2017. Since its
inception, KDIPL has been engaged in civil construction business in
the segments like construction of road, bridges etc. The company
procures orders through tender and executes orders floated by the
various Govt. entities. KDIPL has an unexecuted order book position
of INR12.20 crore (1.57x of FY19 provisional TOI) as on July 19,
2019 which is to be executed within December 2019.


KUMAR BROTHERS: CRISIL Assigns B+ Rating to INR37cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the bank
facility of Kumar Brothers Chemists Private Limited (KBCPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           37       CRISIL B+/Stable (Assigned)

The rating reflect geographic concentration in revenue along with
intense competition, working capital intensive operations and its
weak financial profile. These weakness are partially offset by
established market position and its sound operating efficiencies
driven by favorable location of the retail store.

Key Rating Drivers & Detailed Description

Weakness

* Geographic concentration in revenue and intense competition:
Notwithstanding the 2 decade-long presence of in the medical
distribution business, the scale and networth has remained
moderate. Though KBCPL has been able to establish its brand within
the region, it has not diversified its geographic presence, thus
leading to significant concentration in revenue.

* Working capital intensive operations:  Gross current assets were
at 409 -315 days over the three fiscals ended March 31, 2018.
Working capital intensity is reflected in its gross current assets
(GCA) of 409 days as on March 31, 2018. Large working capital
requirements arise from its high debtor and inventory levels. It is
required to extend long credit period. Furthermore, due to its
business needs, KBCPL holds large inventory in the store.

* Weak financial profile:  KBCPL's debt protection measures have
also been at weak levels in past due to high gearing and low
accruals from the operations. The interest coverage and Net cash
accrual to total debt (NCATD) ratio are at 1.3 times and 0.02 times
for fiscal 2018. KBCPL's debt protection measures are expected to
remain at weak levels with high debt levels.

Strength

* Established market position:  KBCPL's moderate scale provides it
operating flexibility in an intensely competitive industry.
Further, it also benefits from the promoters' experience of over
the decades, their strong understanding of market dynamics, and
healthy relations with customers and suppliers and will continue to
support the business.

* Sound operating efficiencies driven by favorable location of the
retail store:  KBCPL has healthy operating efficiencies, marked by
healthy return on capital employed (RoCE). Driven by favorable
location of the retail store resulting in high economies of scale.
KBC has one shop located near CMC hospital and other located close
to PGI hospital, which are the prime medical institutes in
Chandigarh.

Liquidity

Liquidity may remain constrained over the medium term due to
extended credit facility to customer. The company is fully
utilizing the bank limits over the last one year through Mar'19.
Also, cash accrual is projected at INR120 lakh in fiscal 2020
against debt obligation of INR80 lakh, in the same year.
Furthermore, the promoters have infused additional 2.50 crore of
USL in fiscal 2019 to support the liquidity.

Outlook: Stable

CRISIL believes KBCPL will continue to benefit over the medium term
from its longstanding relationships with principals and experience
of the management to mitigate the inherent risk in trading
business.  The outlook may be revised to Positive if  revenue
growth and operating margins are sustained over the medium term
while ensuring an improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if business
stagnates due to weak demand or a stretch in receivables or pile-up
of inventory adversely affects liquidity.

KBCPL was set as a partnership firm under the name Kumar Brothers
in 1980. It was later converted to private limited under its
present name in 1998. Mr. Ashwani Singla and Mrs. Sangeeta Singla
are the directors of the company. The company is engaged in
retailing and institutional sale of Pharmaceutical product and
other clinical FMCGs like surgical products and cosmetic products
etc. KBCPL operates their retail unit at Chandigarh.


M.K. CABLES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M.K. Cables & Conductors Privae Limited
        No. 32, Old No. 6
        Jamalia Nagar
        Perambur High Road
        Chennai 600012

Insolvency Commencement Date: July 30, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 26, 2020

Insolvency professional: R. Sankaram

Interim Resolution
Professional:            R. Sankaram
                         J-3, Rajendra Apartments
                         11, Babu Rajendra Prasad 1st Street
                         West Mambalam
                         Chennai 600033
                         E-mail: sanumlegal@gmail.com
                                 sanumassociates@gmail.com

Last date for
submission of claims:    August 14, 2019


M.K. PEACOCK: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M.K. Peacock Mineral Water Private Limited
        S-410, Greater Kailash Part-II
        New Delhi 110048

Insolvency Commencement Date: July 26, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Rajiv Bajaj

Interim Resolution
Professional:            Rajiv Bajaj
                         4/180, Ground Floor
                         Backside, Subhash Nagar
                         New Delhi 110027
                         E-mail: rbajajip@gmail.com
                                 cirpmk@gmail.com

Last date for
submission of claims:    August 14, 2019


MAA VAISHNO: CRISIL Lowers Rating on INR1.15cr Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Maa
Vaishno Devi Educational Trust (MVD) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Drop Line            1.15      CRISIL D (Downgraded from
   Overdraft                      'CRISIL BB-/Stable')
   Facility             

   Overdraft            5.00      CRISIL D (Downgraded from
                                  'CRISIL A4+')

The downgrade reflects overdrawing in the cash credit facility for
more than 30 days. The amount outstanding as on March 31, 2019, was
regularised on June 15, 2019.

The trust also has low occupancy rates in its colleges, which
impact operating efficiency, a modest scale of operations, and
geographical concentration in revenue. However, it continues to
benefit from the extensive experience of the trustees in the
education sector.

Key Rating Drivers & Detailed Description

Weaknesses:

* Continuous overdrawing in the cash credit facility:  The trust
had overdrawn its cash credit facility for more than 30 days due to
delay in fee collection from students.

* Modest scale of operations with geographical concentration:
Revenue remained the same in fiscals 2018 at 2019 at INR2.1 crore.
This is a sharp deviation from CRISIL's earlier expectation of
revenue of over INR4 crore for fiscal 2019. The modest scale is
expected to continue to constrain the business risk profile over
the medium term.

Strength:

* Extensive experience of the trustees in the education sector:
The trustees, Mr Ajay Raj Agarwal and his mother, Mrs Sudha
Agarwal, have an experience of around a decade in the education
sector. This has enabled the trust to introduce additional
educational courses in its colleges.

Liquidity

Liquidity is weak as reflected by continuous overdrawing in the
cash credit facility for more than 30 days from March till June
2019.

MVD is a Lucknow-based educational trust that runs two colleges.
Maa Vaishno Devi Law College provides courses for achieving a
graduate degree in law and Maa Vaishno Devi and Law College
provides courses for postgraduate management degrees in finance,
human resources, and marketing. Both the colleges are based in
Lucknow and are affiliated to Lucknow University.


MAXIMUM AGENCY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Maximum Agency Pvt. Ltd.
        Registered office:
        127A, Sarat Bose Road
        Kolkata 700026

Insolvency Commencement Date: August 2, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 29, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Hrisikesh Dasgupta

Interim Resolution
Professional:            Mr. Hrisikesh Dasgupta
                         AV Insolvency Professionals Pvt. Ltd.
                         Bajarang Kunj, Room No. 412 & 413
                         2B, Grant Lane, 4th Floor
                         Kolkata 700001
                         E-mail: hkdaspt@gmail.com
                                 info@avipgroup.co.in
                                 cirp.maximmum@gmail.com

Last date for
submission of claims:    August 16, 2019


NIFTY TECHNOLOGIES: CARE Lowers Rating on INR10.47cr Loans to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nifty Technologies (N-Tech), as:

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/short       10.47       CARE D/CARE D ISSUER NOT
   term Bank                         COOPERATING; revised from
   facilities                        CARE B/CARE A4; ISSUER
                                     NOT COOPERATING on the
                                     basis of best available
                                     information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide its press release dated July 3, 2019, placed the
rating of NT under the 'issuer noncooperating' category as NT had
failed to provide information for monitoring of the rating and had
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. NT 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 ratings have been revised on account of publically available
information regarding delays in debt servicing, however, not
able to contact the client as well as banker.

Detailed description of the key rating drivers

At the time of last rating on July 23, 2018, the following were the
rating strengths and weaknesses.

Key Rating Weakness

Cyclical and Competitive nature of the industry with dependence on
tourist arrivals: The hospitality industry is highly sensitive to
the untoward events such as slowdown in the economy. Jaipur hotel
industry is primarily dependent on Foreign Tourist Arrivals (FTA)
which in turn is dependent on the global economy. These factors
combine to form a very uncertain scenario. The muted growth was
attributed to continuing slowdown in source countries.

Nascent stage of operations: FY17 is first year of operations and
has achieved Total Operating Income (TOI) of INR0.58 crore with net
and cash loss in FY17. Further, solvency position stood weak due to
nascent stage of operations and net and cash loss.

Key Rating Strengths

Experienced management: The proprietor of N-Tech does not have any
experience in the hotel industry. However, this risk is offset to a
large extent due to technical and managerial assistance provided by
his cousin brother, Mr. Harjeet Vasan, who has more than 2 decade
of experience in the hotel industry and gained experience while
working as a hotel management of Country Inn, Jaipur and Park Inn
hotel of Jaipur.

Location advantage: Jaipur is traditionally a leisure destination
with the hospitality industry thriving on tourist arrivals
especially Foreign Tourist Arrivals (FTA) as Jaipur receives an
average of 4 Lakh foreign tourists with October to February
being the prime season.

Nifty Technologies (N-Tech) was formed in 2005 as a proprietorship
concern by Mr. Sudhir Kumar Nijhawan with an objective to set up a
four star hotel in Jaipur (Rajasthan). The firm started
construction of hotel from November 2014 and envisaged total cost
of INR16.05 crore towards the project.


NINEX DEVELOPERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ninex Developers Limited
        Kh.No. 300, Gopi Ram Building
        Sultanpur Village
        New Delhi South 110030 Delhi

Insolvency Commencement Date: July 25, 2019

Court: National Company Law Tribunal, Ghaziabad Bench

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

Insolvency professional: CS Vekas Kumar Garg

Interim Resolution
Professional:            CS Vekas Kumar Garg
                         D-4 B First Floor Ramprastha
                         Near Raghunath Temple Ghaziabad
                         Uttar Pradesh 201011
                         Ghaziabad
                         E-mail: vikasgarg_k@rediffmail.com

                            - and -

                         1/17 1B First Floor, Paras Chamber
                         Lalita Park, Laxmi Nagar
                         Delhi 110092
                         E-mail: irp.ninex@gmail.com
    
Classes of creditors:    Real Estate Buyers inclusive of
                         Home Buyers whose dues are outstanding
                         towards the Corporate Debtor as a
                         Financial Creditor on CIRP commencement
                         date i.e. 25th July, 2019.  

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Radhey Shaym Yadav
                         Mr. Mahesh Taneja
                         Mr. Subramanian Natarajan

Last date for
submission of claims:    August 10, 2019


ORCHID SALON: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Orchid Salon Services Private Limited
        14 B Shir Shakti Apartments
        Sector 10, Dwarka
        New Delhi 110075

Insolvency Commencement Date: July 12, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 25, 2020

Insolvency professional: Lalit Gandhi

Interim Resolution
Professional:            Lalit Gandhi
                         27/7, East Patel Nagar
                         New Delhi 110008
                         E-mail: lalitgandhica@yahoo.com

                            - and -

                         C/o Seva Advisory LLP
                         4, Vikram Vihar Extension (Basement)
                         Lajpat, Nagar-IV
                         New Delhi 110024

Last date for
submission of claims:    August 12, 2019


R.S. AJIT SINGH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. R.S. Ajit Singh and Co. (Automotives) Private Limited
        Registered office:
        C-91/10, Wazirpur
        Industrial Area
        New Delhi 110052

Insolvency Commencement Date: July 31, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 26, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Mohinder Singh

Interim Resolution
Professional:            Mr. Mohinder Singh
                         1102, 11th Floor
                         Padma Tower-1
                         Rajendra Place
                         New Delhi 110008
                         E-mail: mohinder@singhandsingh.in
                                 cirp.rsajit@gmail.com

Last date for
submission of claims:    August 17, 2019


RAOS EDUCATIONAL: CRISIL Assigns D Rating to INR10cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
loan facility of Raos Educational Society (RES), owing to delays in
debt servicing. The delays have been caused by weak liquidity.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Rupee Term Loan        10      CRISIL D (Assigned)

The rating also factors in Weak financial profile and Vulnerability
to stringent regulations. However, these rating weaknesses are
partially offset by Extensive industry experience of the
management.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial profile:  RES's debt protection measures have been
at weak level due to high gearing and low accruals from the
operations. The interest coverage and Net cash accrual to total
debt (NCATD) ratio are at 0.79 and -0.03 for fiscal 18 .RES debt
protection measures are expected to remain at weak level with high
debt levels.

* Vulnerability to stringent regulations:  Establishment and
operations of educational institutions are regulated by various
governmental and quasi-governmental agencies, such as the
University Grants Commission (UGC), MCI, AICTE, CBSE, universities,
state governments etc. Each body has detailed procedures for
granting permission to set up institutions, and approvals need to
be renewed every three or five years. Any non-compliance will
result in cancellation of affiliation, license etc. leading to loss
of reputation for the college and revenue for the trust.

Strength:

* Extensive industry experience of the management:  The chairman
and managing director have an experience of over 25 years in
Education Services industry. This has given them an understanding
of the dynamics of the market, and enabled them to establish
relationships which will continue to support the business profile.

Liquidity

Liquidity profile of the company remains weak on account of low
accruals due to accumulated losses in the last 3 years.

Rao's Group is one of the leading educational organization in
Telangana and Andhra Pradesh prominent states in India. Established
in the year 1985 and has expanded to 32 schools and junior college.
RES was incorporated by Mr.Prabhakar Rao and currently has
Mr.Nidhin Rao Polsani as its managing director.


REAL VALUE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s. Real Value Promoters Private Limited
        Ambojini No. 17
        POES Road, IIND Street
        Teynampet, Chennai 600018

Insolvency Commencement Date: July 30, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 26, 2020
                               (180 days from commencement)

Insolvency professional: C. Shenbagamoorthy

Interim Resolution
Professional:            C. Shenbagamoorthy
                         207-B, Police Station Road
                         Near Ayyappan Temple
                         Sivakasi 626123
                         Tamil Nadu
                         E-mail: ipeak36@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    CA. S. Annetha
                         Mobile: 9840024178

                         CA. T. Sivagurunathan
                         Mobile: 9566272006

                         CA. A. Priya
                         Mobile: 9840718073

Last date for
submission of claims:    August 13, 2019


RITVIK STEEL: CRISIL Assigns B+ Rating to INR5cr Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ritvik Steel Private Limited (RSPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           5        CRISIL B+/Stable (Assigned)

The rating reflects the company's exposure to risks related to
implementation of its ongoing project, susceptibility of its
operating margin to volatility in raw material prices, and
vulnerability to cyclicality in the infrastructure and real estate
sectors. These weaknesses are partially offset by the extensive
experience of the promoters in the steel industry and their funding
support to the company.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to implementation of ongoing project:
RSPL is scheduled to commence operations in July 2019. Intense
competition in the steel ingot business may lead to moderate demand
risk. Timely completion of the project and successful stabilization
of operations will remain key rating sensitivity factors.

* Susceptibility of operating margin to volatility in raw material
prices, and vulnerability to cyclicality in the infrastructure and
real estate sectors:  Cost of production and profit margin depend
on prices of raw materials (sponge iron and mild steel scrap).
Furthermore, profitability is linked to the fortunes of the steel
industry, which is inherently cyclical and has a strong correlation
with growth in the gross domestic product. Operating performance
will remain susceptible to volatility in raw material prices and
demand from the infrastructure and real estate sectors, which are
the key user sectors.

Strengths:

* Extensive industry experience of the promoters:  The promoters
have experience of over 5 yearsin the steel industry, which has
given them an understanding of the dynamics of the market and
helped them establish relationships with suppliers and customers.

* Promoters' funding support:  The project of INR8.5 crore has been
funded entirely through promoters' equity (Rs 5 crore) and
unsecured loan (Rs 3.5 crore). This should keep the gearing
moderate. Furthermore, timely and need-based financial support from
the promoters (capital and unsecured loans) should continue to
support the business.

Liquidity

* Nil term debt obligation:  Liquidity is supported by the fact
that there is no debt obligation. Expected annual cash accrual of
INR0.70-1.0 crore from fiscals 2020 to 2022 should help fund
incremental working capital requirement.

* Support from the promoters by way of unsecured loan or equity
infusion:  The promoters are likely to extend support in the form
of equity and unsecured loans to meet working capital requirement.

Outlook: Stable

CRISIL believes TELLP will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if sustained and significant increase in scale of
operations and operating profitability and efficiency in working
capital cycle strengthens financial risk profile. The outlook may
be revised to 'Negative' if low revenue or profitability or large
working capital requirement or capital expenditure, weakens
financial risk profile particularly liquidity.

Incorporated in 2018, RSPL is setting up a plant to manufacture
steel ingots in Bahraich (Uttar Pradesh). The plant is to be
commissioned in July 2019. RSPL is owned and managed by Mr Yogesh
Kumar, Mr Mohit Maheshwari, and Mr Devendra Kumar.


RS INGOT: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: RS Ingot and Billet Private Limited

        Registered office:
        401, Mahavirji Complex
        LSC, Rishabh Vihar
        New Delhi DL 110092

        Factory address:
        A-18, 19, 21, 22, 25, 26, 27
        SIDA Industrial Area
        Satharia, Jaunpur, UP

Insolvency Commencement Date: July 31, 2019

Court: National Company Law Tribunal, Lucknow Bench

Estimated date of closure of
insolvency resolution process: January 26, 2020
                               (180 days from commencement)

Insolvency professional: CS Shravan Kumar Vishnoi

Interim Resolution
Professional:            CS Shravan Kumar Vishnoi
                         BCC Tower, 1008, 10th Floor
                         Sultanpur-Lucknow Road
                         Arjun Ganj, Near Saheed Path
                         Lucknow 226002 (UP)
                         E-mail: shravan.vishnoi@yahoo.com

Last date for
submission of claims:    August 14, 2019


S. R. TEXTILE: CRISIL Withdraws B+ Ratings on INR21.9cr Loans
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of S. R. Textile Suppliers
(SRT; part of the SRT group) to 'CRISIL B+/Stable/Issuer not
cooperating'. CRISIL has withdrawn its rating on bank facility of
SRT following a request from the company and on receipt of a 'no
dues certificate' from the banker. Consequently, CRISIL is
migrating the rating on bank facilities of SRT from 'CRISIL
B+/Stable/Issuer Not Cooperating' to 'CRISIL B+/Stable'. The rating
action is in line with CRISIL's policy on withdrawal of bank loan
ratings. CRISIL was in possession of the 'no dues certificate' from
the bank at the time of migration of the rating to issuer not
cooperating, hence, the above rectification.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           21       CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Proposed Long Term     0.9     CRISIL B+/Stable (Migrated from
   Bank Loan Facility             'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SRT, Ajar Enterprises Pvt Ltd (Ajar),
Ashajyot Mercantile Pvt Ltd, Satyatej Mercantile Pvt Ltd, Aanvik
Mercantile Pvt Ltd, and Sathvik Infrastructure & Property
Developers Pvt Ltd (Sathvik). All the companies, collectively
referred to as the SRT group, are promoted by the same family and
are in the same business, and have fungible cash flow.

SRT, founded by the late Mr Gordhandas Nawal in 1956, procures,
breaks up, and sells distressed industrial assets and obsolete
plants. The assets are procured through open market auctions
conducted by banks, financial institutions, and private
auctioneers.


SAMRUDDHI REALTY: CRISIL Moves D on INR55cr Debt to Non-Cooperating
-------------------------------------------------------------------
CRISIL has migrated its rating on the non-convertible debentures of
Samruddhi Realty Limited (SRL) to 'CRISIL D Issuer not cooperating'
on account of lack of cooperation by SRL in the rating review
process. The rating also reflects continued delays in debt
servicing by SRL owing to its severe liquidity crunch. The ratings
are based on information available in the public domain.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Non Convertible      55.00     CRISIL D (ISSUER NOT
   Debentures LT                  COOPERATING; Rating Migrated)

CRISIL has been following up with SRL for information through
letters and emails, dated May 2, 2019 and July 5, 2019, July 12,
2019 and July 17, 2019 through telephone calls. However, SRL
continues to be non-cooperative.

Investors, lenders, and all other market participants should
exercise due caution while using ratings assigned/reviewed with the
suffix, 'issuer not cooperating'. Such ratings lack a forward
looking component as they are arrived at without interaction with
the entity's management. The ratings are, thus, based on best
available, limited, or dated information on the entity.

Detailed Rationale

CRISIL has migrated its rating on the non-convertible debentures of
SRL to 'CRISIL D Issuer not cooperating' on account of lack of
cooperation by SRL in the rating review process. The rating also
reflects continued delays in debt servicing by SRL owing to its
severe liquidity crunch. The ratings are based on information
available in the public domain.

Analytical Approach

CRISIL has taken a standalone view on SRL's business and financial
risk profiles.

Set up in 2003 by Mr V R Manjunath, Mr Hemang Rawal, and Mr
Ravindra Madhudi, SRL develops real estate in Bengaluru and
currently undertakes only residential projects. The company has
around 1.7 million sq ft of ongoing and 2.3 million sq ft of
planned projects.


SAMRUDH PHARMACARE: CRISIL Raises Rating on INR8.89cr Loan to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Samrudh Pharmacare Private Limited (SPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable', and has reaffirmed its 'CRISIL A4' rating to
the short-term facilities.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           1        CRISIL B/Stable (Upgraded
                                  from 'CRISIL B-/Stable')

   Letter of Credit     .5        CRISIL A4 (Reaffirmed)

   Proposed Long Term   .11       CRISIL B/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL B-/Stable')

   Term Loan           8.89       CRISIL B/Stable (Upgraded
                                  from 'CRISIL B-/Stable')

The upgrade reflects an improvement in the business risk profile,
marked by growth in revenue and sustained operating margin, and
funding support via unsecured loans, received from the promoters.

The ratings continue to reflect SPL's below-average financial risk
profile, its small scale of operations, and exposure to risks
related to customer concentration in revenue and intense
competition in the pharmaceutical formulations segment. These
weaknesses are partially offset by the extensive experience of
promoters and efficient working capital management.

Analytical Approach

Unsecured loans estimated to be around INR12.14 crore as on
March 31, 2019, are treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile:  Financial risk profile was
marked by small networth and high total outside liabilities to
adjusted networth ratio, estimated at INR6 lakh and 317 times as on
March 31, 2019, due to high reliance on external debt. Interest
coverage and net cash accrual to adjusted debt ratios were weak,
estimated at 1.74 times and 0.08 time, respectively, for fiscal
2019.

* Improved yet small scale of operations, and customer
concentration in revenue:  Though revenue rose to INR27.71 crore in
fiscal 2019, from INR19.41 crore in fiscal 2018, the scale of
operations remains small, thus restricting the bargaining power
with customers and suppliers. The revenue profile is also highly
concentrated, as the top five customers form around 90% of total
revenue.

* Exposure to intense competition in the pharmaceutical
formulations industry:  SPL manufactures veterinary pharmaceutical
formulations. However, the company faces intense competition from
several organised and unorganised players in the domestic
formulation drugs industry.

Strengths

* Extensive experience of the promoters in the pharmaceutical
industry:  The promoter, Mr Sharad S. Sheth has over three decades
of experience in the pharmaceutical industry. He was the founder
and working partner of SR Pharmaceutical, which used to cater to
the requirements of multinational companies.

* Funding support received from the promoters:  The promoters have
extended unsecured loans to help the company cover working capital
requirement and debt obligation. Unsecured loans were estimated at
INR12.14 crore as on March 31, 2019.

* Efficient working capital cycle:  Working capital is managed
efficiently, as reflected in estimated gross current assets of 76
days as on March 31, 2019, led by inventory and receivables of
around 27 days and 42 days, respectively.

Liquidity

Liquidity remains stretched, as reflected in insufficient cash
accrual against the maturing debt, moderate bank limit utilisation,
low current ratio and unencumbered cash and bank balance, though
supported by unsecured loans extended by the promoters and absence
of any large capex plan. Cash accrual of around INR1.17 crore was
reported in fiscal 2019, against maturing term debt of INR2.17
crore. The shortfall was met via unsecured loans extended by the
promoters, (Rs 3.61 crore infused in fiscal 2019). Cash accrual of
INR1-1.25 crore expected per annum in the medium term, should
comfortably cover the yearly term debt of INR0.42 crore. Bank limit
utilisation was moderate, averaging 55% over the 12 months through
March 2019. Current ratio is estimated at 0.79 time as on March 31,
2019 and seen around 1 time in the medium term. Unencumbered cash
and bank balance was estimated at INR0.03 crore as on March 31,
2019.

Outlook: Stable

CRISIL believes SPL's credit risk profile will benefit from the
extensive experience of the promoters, while infusion of unsecured
loans will aid liquidity. The outlook may be revised to 'Positive'
in case of a substantial and sustained growth in profitability, or
a sizeable equity infusion by the promoters, strengthens liquidity.
The outlook may be revised to 'Negative' if a steep decline in
profitability, a large capital expenditure or stretch in the
working capital cycle, weakens liquidity.

SPL (formerly known as Samrudh Packaging Pvt Ltd) was incorporated
in 1995, by the promoters, Mr Sharad Sheth, Mr Piyush Shah, Mr Alok
Sheth and Mr J C D'Souza. The Mumbai-based company manufactures
ointments and creams, at its facility in Tarapur, Maharashtra.


SRI RAMA: CRISIL Lowers Rating on INR33.23cr LT Loan to D
---------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Sri Rama
Educational Trust (SRET) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'. The rating action follows recent instances of
delay in servicing term debt, caused by weak liquidity.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        1        CRISIL D (Downgraded from
                                  'CRISIL A4')

   Cash Credit           5        CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Long Term Loan       33.23     CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Proposed Fund-        2.77     CRISIL D (Downgraded from
   Based Bank Limits              'CRISIL B+/Stable')

Liquidity remains constrained due to inherent cash flow mismatches,
between the fee collection period and repayment schedule, and
delays in fee receipts.

The ratings continue to reflect the modest scale of operations,
small networth and exposure to risks related to intense
competition, geographical concentration, and adverse regulatory
changes, if any, in the education sector. These ratings weaknesses
are partially offset by the extensive experience of the trustees.

Key Rating Drivers & Detailed Description

* Weak liquidity: Liquidity is stretched due to delay in fee
receipts and cash flow mismatches, arising because fee collection
dates are not aligned with due dates for term debt repayment.

Weaknesses:

* Modest scale of operations, amidst geographical concentration:
Revenue of INR66.44 crore reported for fiscal 2018, reflects the
modest scale of operations. Moreover the entire revenue comes from
the Andhra Pradesh (AP) region, thereby exposing the trust to
geographical concentration risk.

* Susceptibility to intense competition and adverse regulatory
changes: Presence of large number of players in the education
sector subjects the trust to intense competition. Also
establishment and operations of educational institutions are
regulated by various governmental and quasi-governmental agencies,
such as the University Grants Commission, All India Council for
Technical Education, universities, state governments, and so on.
Each body has detailed procedures for granting permission to set up
institutions, and approvals need to be renewed every three or five
years. Any non-compliance will result in cancellation of
affiliation and license, leading to loss of reputation for the
college and revenue for the trust.

Strength:

* Extensive experience of its promoters: The promoter, Mr Allury
Murthy Raju is an industrialist and a politician. He is closely
associated with All India Congress Committee (AICC). His brother Mr
Sri Alluri Satyanarayana Raju (one of the trustees in SRET) had
served as general secretary in AICC in the past. Both the promoters
have extensive experience in the education sector.

Liquidity

Bank limit of INR5 crore is almost fully utilised due to the large
working capital requirement on account of the high receivables from
the government. Though the net cash accruals are tightly matching
the debt obligations that the trust has to serve over medium term,
unsecured loans support the timely servicing of debt obligations.

Established in 2000, SRET runs a medical college at Vizianagaram
(AP) in the name of Maharaja Institute of Medical Sciences, and a
general hospital. The medical college offers undergraduate courses
including bachelor programmes in medicine, surgery, and homeopathy,
and clinical and non-clinical post graduate courses and
para-medical courses.


SRUSTI INFRADEVELOPERS: CRISIL Hikes Rating on INR20cr Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded the rating on proposed long term bank
facilities of Srusti Infradevelopers (India) Private Limited (SIPL)
to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        20       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

Upgrade in the rating reflects healthy flow of customer advances
compared to that of the construction cost. 77 % of the flats are
already booked against the construction progress of 73 %.

The rating continues to reflect offtake risk pertaining to the
unsold inventory and exposure to cyclicality in real estate. These
weaknesses are offset extensive experience of the promoters in the
industry and low implementation risk.

Key Rating Drivers & Detailed Description

Weaknesses

* Offtake risk for the unsold inventory: SIPL is exposed to offtake
risk pertaining to the remaining 23 % of the flats to be sold.
Booking progress and flow of future customer advances remains a key
rating sensitive factors over the medium term.

* Exposure to industry cyclicality: SIPL's business risk profile is
susceptible to risks related to cyclicality in India's real estate
industry, which is marked by volatile prices, opaque transactions,
and a highly fragmented market structure.

Strength:

* Established track record in industry aided by promoters'
extensive industry experience: Partners are into the business for
more than a decade. Their experience is expected to support the
business over the medium term.

* Low implementation risk: As nearly 73 % of the project is
completed and majorly interior works are pending, implementation
risk remains low. Therefore, implementation risk. SIPL has not
availed any debt for the current project and as the project is near
completion, it is not expected to avail any bank debt for the
remaining construction cost to be incurred.

Liquidity

Healthy pace of booking is expected to fund the remaining
construction cost to be incurred. SIPL doesn't have repayment
obligations.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit from the
extensive industry experience of its promoters and its established
track record in the real estate industry in Hyderabad. The outlook
may be revised to 'Positive' if the company achieves an
earlier-than-expected completion and sale of its upcoming project
resulting in timely collection of customer advances leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if there are delays in project
completion, in the receipt of advances from customers, or if SIPL
undertakes a large debt-funded project leading to deterioration in
its financial risk profile.

Incorporated in 2010 by Mr R. Shyam Sunder Rao, Mr G. Sharath Kumar
Reddy, Mr G. Jagpal Reddy, Mrs R. Vimala Devi, Mr G. Venkatesh
Reddy, Mr J. Rajasekhar Rao, Mrs J. Varalaxmi and Mrs G. Swapna,
Srusti Infradevelopers (India) Private Limited (SIPL) is involved
in developing real estate projects. The company has undertaken one
real estate project consisting of 170 residential apartment blocks
in Kondapur, Hyderabad. The company is based out of Kondapur,
Hyderabad Telangana.


SWASTIK OIL: CARE Keeps D on INR105cr Loans in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Swastik Oil
Refinery Private Limited (SORPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      87.10       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

   Short-term Bank     17.90       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 20, 2018, placed the
ratings of SORPL under the 'issuer non-cooperating' category as
SORPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SORPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 09, 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 ratings.

The ratings take into account the ongoing delays in debt serving by
the company.

Detailed description of the key rating drivers

At the time of last rating on March 20, 2018, the following were
the rating strengths and weaknesses (updated for the available
information):

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in debt
servicing by the company due to stretched liquidity position.

Low capacity utilization: Capacity utilisation (CU) for Refined
Palm Oil was low and deteriorated from 39% in FY15 to 32% in FY16.
CU for Vanaspati oil remained at similar level 38% in FY16 in
comparison with FY15.

Significant losses leading to tight liquidity position: SORPL was
adversely affected by the sharp decline in oil prices and adverse
movements in INR against USD during FY13-FY16. This resulted in
significant operational loss as well as forex fluctuation loss,
leading to stretched liquidity position. SORPL approached its
lender in October 2014 for restructuring of its bank facilities
which was sanctioned by the bank on March 31, 2015. The moratorium
period was till September 30, 2016.

Low profitability margins being inherent in the nature of business:
The profitability margin is quite low mainly on account of low
value addition involved in business, fragmented nature of
industry and high competition.

SORPL incorporated in April 1997, is engaged in manufacturing of
various edible oils (refined palm and rice bran) and Vanaspati
ghee. The company is promoted by Kolkata-based Mr. O.P. Agarwal,
his son Mr. Manoj Agarwal and his nephew Mr. Ashok Agarwal. The
company has a total installed capacity of 20,000 tonnes per annum
(TPA) for vanaspati and 70,000 TPA for refined oil at its
manufacturing facilities located in Howrah (West Bengal).


TORK FASTNERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Tork Fastners Private Limited
        W-33 B, MIDC
        Ambad-Nasik
        Nasik 422010
        Maharashtra

Insolvency Commencement Date: July 22, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 18, 2020

Insolvency professional: Bharatiraju Vegiraju

Interim Resolution
Professional:            Bharatiraju Vegiraju
                         Flat No. 503, Build No. 21
                         Mhada Oshiwara Complex
                         Andheri (West)
                         Mumbai 400053
                         Maharashtra

                            - and -

                         612, Manish Chambers
                         Sonavala X Road
                         Goregaon (East)
                         Mumbai 400063
                         Maharashtra
                         E-mail: vbraju1@yahoo.com

Last date for
submission of claims:    August 6, 2019


VALIKULAM RUBBER: CRISIL Moves B on INR6cr Loans to Non-Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Valikulam
Rubber Traders (VRT) to 'CRISIL B/Stable Issuer not cooperating'.

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

   Key Cash Credit       3        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VRT for obtaining
information through letters and emails dated July 8, 2019 and July
12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 1980 as a proprietorship by Mr. Tomy Sebastian, the
Thodupuzha, Kerala based VRT trades in rubber sheets and scrap
rubber.


VEETEEJAY MOTORS: CRISIL Hikes Ratings on INR10cr Loans to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Veeteejay
Motors Private Limited (VMPL) to 'CRISIL B-/Stable' from 'CRISIL
D'. The rating upgrade reflects timely repayment of bank loans by
VMPL.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Inventory Funding      6        CRISIL B-/Stable (Upgraded
   Facility                        from 'CRISIL D')

   Proposed Long Term     4        CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

The rating reflects the company's susceptibility to intense
competition in the automotive dealership segment. The weakness is
partially offset by the moderate scale of operations and promoter's
extensive entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to intense competition in the automotive
dealership segment: The company faces intense competition from
dealers of other major car brands such as Maruti, Toyota, Ford, and
also from other dealers of Hyundai in Kerala.

Strengths

* Moderate scale of operations: The moderate scale is reflected in
revenue of INR81 crore in fiscal 2018. Going forward, the margin is
expected to gradually improve in the medium term.

* Extensive experience of the promoter: The business risk profile
is benefited by the entrepreneurial experience of three decades of
promoter Mr Thomas J Vayalat.

Liquidity

The bank limits have been moderately utilized at around 76 percent
in the past five months ending April 2019. The company has reported
net cash accruals (NCA) of INR1.4 crores as against the repayment
obligations of around 1.12 crores in 2018. Further, the company is
expected to generate sufficient NCA to meet the term debt
obligations in the medium term. Also, the need based funding
support from promoters supported the liquidity profile in the
medium term. The current ratio stood at around 0.95 times in 2018.

Outlook: Stable

CRISIL believes VMPL will benefit from the extensive
entrepreneurial experience of the promoter. The outlook may be
revised to 'Positive' if the financial risk profile improves on
account of significant increase in revenue or operating margin
leading to better cash accrual. The outlook may be revised to
'Negative' if financial risk profile deteriorates due to
significant decline in cash accrual or larger-than-expected,
debt-funded capital expenditure.

The company is an authorized dealer of passenger vehicles of
Hyundai Motor India Ltd (HMIL) and is based in Kochi, Kerala. It
operates two 3S (sales, service and spares) showrooms and three
sales outlets in Kochi. It is promoted by Mr Thomas J.




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

BLACKGOLD NATURAL: To Seek 3rd Extension of Annual Gen. Meeting
---------------------------------------------------------------
Lynette Tan at The Business Times reports that BlackGold Natural
Resources will seek a third extension from the Singapore Exchange
(SGX) to hold its annual general meeting (AGM) by September 30,
citing more time was needed for its qualified person's report.

BT relates that BlackGold, which had been entangled in an
Indonesian power plant graft scandal last year, said: "The company
understands the gravity of the situation and is currently in the
midst of reviewing the draft 2018 QPR (qualified person's report)
which has already been submitted by the qualified persons."

This emerged in BlackGold's response to SGX, which had queried the
firm on how it plans to publish its annual report, given that the
chief financial officer and majority of the independent directors
have left, according to BT.

BT says BlackGold replied that the executive chairman and chief
executive officer of the company, together with the present
directors, will oversee the annual report process and the holding
of the AGM.

BlackGold Natural Resources Limited is an Indonesia-focused coal
mining company targeting Indonesia's rapidly-growing power plant
industry, with a specific focus on supplying coal to power plants
located in Riau province, Sumatra, Indonesia.


KAWASAN INDUSTRI: Fitch Maintains B IDR on Rating Watch Negative
----------------------------------------------------------------
Fitch Ratings has maintained PT Kawasan Industri Jababeka Tbk's
Long-Term Issuer Default Rating of 'B' and National Long-Term
Rating of 'A-(idn)' on Rating Watch Negative.

The RWN is maintained as there is no resolution as to whether there
has been a change of control (CoC) event, as set out in the
documentation of the company's USD300 million 6.5% bond due 2023. A
CoC event would trigger the buyback requirement of the bond. If
that happens, Fitch believes that the company could face liquidity
and refinancing challenges. KIJA said it is still determining if
the voting bloc that voted in favour of appointing a new president
director and independent commissioner was deemed to have acted in
concert, which would have therefore constituted a CoC. KIJA also
said that it needs to provide the bondholders with a notice
indicating the status of the CoC. However, the trustee did not
provide a specific timeline for the submission.

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

KEY RATING DRIVERS

Change of Control: Fitch believes KIJA will be exposed to liquidity
and refinancing challenges if it is deemed that a CoC event has
occurred, as it would be required to make an offer to repurchase
its USD300 million bond. Fitch believes the company may not have
sufficient funds to complete the buyback if it has to make the
offer and the bondholders accept the offer, and that it would have
to resort to alternative financing, such as a bridge loan, new bond
issuance or a combination of both.

Board Composition Unchanged: Although the company is still
determining whether a CoC was sparked by the proposed appointment
of new board members, KIJA received three letters from its
contractors and suppliers on July 12, 2019 that indicated
disapproval of its board member changes. In its release to the
Indonesia Stock Exchange on July 17, 2019, KIJA stated that,
following one of the decisions on the annual general shareholders
meeting on June 26, 2019, the appointment of new board members was
conditional on approval from third parties, including the company's
creditors. Thus, KIJA stated that there was no change in board
composition. On July 24, 2019, KIJA then stated that the two
proposed new board members could not be made part of the board due
to disapproval from the contractors and a lawsuit filed on July 22,
2019 by a group of minority shareholders that hold a combined 5%
stake opposing the board changes.

Launches to Resume in 2H19: Fitch expects rising competition among
industrial property developers in Cikarang, east of Jakarta, to
affect KIJA's industrial land sales at its Cikarang estate.
However, sales in the Kendal estate may see robust growth in the
medium-term due to the entrance of an anchor tenant, Chinese
textile manufacturer Jiangsu Lianfa, in 2Q19. KIJA sold 17 hectares
of land, the largest amount since the inception of the estate, to
Jiangsu in June 2019 and Fitch believes this may attract more
investments into the estate, driven by improved reputation and
potential growth of supporting industries within the estate.

Fitch also expects housing sales to improve in 2H19 as KIJA is
likely to launch new projects on better consumer sentiment after
elections in April and the Eid holiday in June. However, any
operational disruption, which may stem from uncertainties over the
CoC event, may delay the launches and affect sales. KIJA's
attributable presales increased by 17% yoy in 1H19, predominantly
due to the land sale to Jiangsu. However, residential sales
remained weak, declining by 64% yoy, as the company withheld
launches in 1H19. Fitch also expects KIJA to shift towards the mid
and mid- to high-end market, which has performed better than the
low-end within Kota Jababeka.

Power Plant EBITDA to Improve: Fitch expects EBITDA from KIJA's
power plant to improve to around IDR220 billion from 2020, after a
decline to a forecast IDR199 billion this year due to more frequent
stops-and-starts in operations in 1Q19 and a scheduled broiler
maintenance in 3Q19, which will prevent KIJA from declaring
capacity to the state electricity company, PT Perusahaan Listrik
Negara (Persero) (PLN; BBB/Stable). Fitch also forecasts KIJA's
non-development EBITDA gross interest cover ratio, after
proportionately consolidating key variables from KIJA's joint
ventures, to be 1.0x from 2020, after falling to a forecast 0.9x in
2019. KIJA's 130 megawatt power plant is still under reserve
shutdown, nevertheless the 20-year power purchase agreement (PPA)
with PLN remains in force.

Flexible Capex: KIJA's non-development capex, which Fitch forecasts
at around IDR165 billion in 2019-2022, will be limited to regular
maintenance of its power plant, dry port facilities and other
infrastructure for the next few years. This, coupled with the
discretionary nature of land acquisitions and construction costs,
which are partly contingent on meeting sales thresholds, allows the
company to accumulate cash buffers and strengthen its liquidity
profile.

Increasing Product Diversification: Fitch believes KIJA's increased
focus on residential and commercial products in Kota Jababeka and
Kawasan Industri Kendal, its second industrial estate, will provide
long-term diversification benefits. The residential and commercial
segments contributed an average of around 55% of total presales in
the past five years, compared with 14% in 2011. Similarly, presales
concentration in Cikarang has declined to an average of around 75%
in the past three years, from 100% in 2011. Improved
diversification could lessen KIJA's exposure to the high
cyclicality of industrial land sales and provide traction for
growth.

Large, Low-Cost Land Bank: KIJA has a mature land bank in Kota
Jababeka of over 1,200 hectares, adequate for over 50 years of
development assuming sales of 10 hectares a year. Kota Jababeka is
the company's most mature development, with established
infrastructure and a captive industrial market. This land has
commanded premium pricing due to little competition, but now faces
threats from cheaper pricing in neighbouring estates. Kawasan
Industri Kendal adds another 570 hectares to KIJA's land bank,
which provides enough resources for over 30 years of development,
assuming sales of 10 hectares a year.

Forex and Concentration Risk: KIJA's rating is limited by its
highly concentrated business in Kota Jababeka, which Fitch expects
to contribute around 60%-70% of presales over the medium term.
Concentration risk should gradually dissipate with the increasing
contribution from Kendal. KIJA is also exposed to currency
fluctuation, as most of its debt is US dollar-denominated while the
majority of its EBITDA is in rupiah. KIJA has also hedged USD200
million of its USD300 million bonds at various upper-strike prices,
the highest of which is at IDR16,000 to USD1. Fitch believes KIJA's
remaining currency fluctuation risk is manageable, as
non-development income adequately covers interest expenses in the
medium term.

DERIVATION SUMMARY

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

Fitch believes KIJA has a weaker development profile than
Modernland and ASRI. There is a high demand risk in KIJA's Cikarang
township and its Kendal township is at an earlier stage of
development relative to the more mature and strategically located
townships of Modernland's Jakarta Garden City and ASRI's Alam
Sutera. Fitch believes this is compensated by KIJA's stronger and
stable non-development cashflow, which support debt servicing
capacity across economic cycles. However, its higher leverage and
thinner profit margin, combined with potential liquidity issues if
it is determined that there was a CoC, indicates KIJA's weaker
financial profile relative to ASRI and Modernland.

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

Lippo's property presales scale is similar to that of KIJA, as
Fitch expects both companies to sell around IDR1 trillion in annual
presales. A substantial portion of KIJA's presales stem from
industrial land, which can be more volatile than residential
property sales during downturns. However, the company has gradually
reduced its industrial sales mix in favour of higher residential
properties and commercial plots. In contrast, Lippo's presales have
dried up in the last few years owing to weak operational execution,
despite its focus on residential property, and a sustained
turnaround is yet to be seen. KIJA is rated higher than Lippo to
reflect the availability of non-development cash flow from its
long-term PPA with PLN, which supports its interest payments in the
medium term.

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

KIJA has a wider profit margin, stronger non-development interest
cover and better operating cash flow generation than PPRO. KIJA
also has a more established property development record. These
factors result in KIJA being rated two notches above PPRO's
standalone credit profile. Relative to Lippo, KIJA's higher rating
reflects the availability of non-development cash flow to support
its interest payments in the medium term and also Lippo's weak
operational execution and uncertainties around its business
turnaround.

KEY ASSUMPTIONS

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

  - Attributable presales of around IDR1 trillion in 2019-2020
(2018: IDR 1.2 trillion).

  - Discretionary land acquisition capex of around IDR90 billion in
2019 and IDR200 billion in 2020-2022 (2018: IDR 93 billion).

  - Construction capex of around IDR500 billion-600 billion in
2019-2020 (2018: IDR 444 billion).

  - No dividend payout in 2019 and a 10% dividend payout ratio in
2020-2022 (2018: none).

  - IDR165 billion of non-development capex annually for 2019-2022
(2018: IDR 66 billion).

KEY RECOVERY RATING ASSUMPTIONS

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

  - Fitch assigned a liquidation value under a distressed scenario
of around IDR3.4 trillion as of end-June 2019. The estimate
reflects Fitch's assessment of the value of trade receivables under
a liquidation scenario, with a 75% advance rate, net investment
property with a 50% advance rate and land bank with a 100% advance
rate. Fitch believes the company's reported land bank value, which
is based on historical land cost, is at a significant discount to
current market value and, thus, is already conservative.

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

  - Trade payable of IDR124 billion is assumed to be fully covered
by a cash balance of around IDR850 billion

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

  - These assumptions result in a recovery rate for the outstanding
senior unsecured bonds within the range for a 'RR3' Recovery
Rating. Nevertheless, Fitch rates the senior unsecured bonds at 'B'
with a Recovery Rating of 'RR4' because, under its Country-Specific
Treatment of Recovery Ratings criteria, Indonesia falls into 'Group
D' of creditor friendliness and instrument ratings of issuers with
assets in this group are subject to a soft cap at the issuer's
IDR.

RATING SENSITIVITIES

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

Fitch may affirm the ratings if it is determined that the CoC has
not been triggered.

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

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

LIQUIDITY

Possible Liquidity Challenges: Fitch believes KIJA may face
liquidity challenges if its USD300 million bonds' CoC clause is
triggered and the company is required to make an offer to buy back
its bonds. KIJA had a cash balance of around IDR850 billion as of
June 2019 and around IDR4.5 trillion of outstanding debt, 95% of
which consisted of its US dollar bond. Fitch believes an
acceleration of the bond payment will pose significant refinancing
and liquidity risks to the company.

FULL LIST OF RATING ACTIONS

PT Kawasan Industri Jababeka Tbk

  - Maintain RWN on Long-Term IDR of 'B'

  - Maintain RWN on senior unsecured rating of 'B'/RR4

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

Jababeka International B.V.

  - Maintain RWN on senior unsecured USD300 million bond rating of
'B'/RR4


MODERNLAND REALTY: Fitch Affirms B LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based property developer PT
Modernland Realty Tbk's Long-Term Issuer Default Rating at 'B' with
a Stable Outlook. The agency has also affirmed the outstanding
unsecured US dollar notes' rating at 'B' with a Recovery Rating of
'RR4'. The notes were issued by Modernland Overseas Pte Ltd and JGC
Ventures Pte. Ltd.

Key Rating Drivers

Mature Projects Support Cash Flow: Fitch expects that Modernland
will continue to generate at least around IDR2 trillion-2.5
trillion of presales annually over the medium-term despite volatile
property demand. Healthy demand for its mature projects and the
company's satisfactory sales execution will support the presales.
Modernland's key projects include its industrial estate in Cikande,
west of Jakarta, and the residential township in Jakarta Garden
City (JGC) in east Jakarta. Fitch expects the contribution from
both projects will remain significant over the short- to
medium-term at around 70%-80% to total presales. Sales from these
two projects typically generate high EBITDA margins and require
limited committed construction costs as they are mostly low-rise
residential buildings or industrial land.

The JGC project is accentuated by the Aeon mall's 2017 opening and
Indonesia's second IKEA store, which is due to open in 2020. JGC is
targeting middle-upper segment buyers or upgraders due to its close
proximity to the affluent residential area in Kelapa Gading and
northern Jakarta. Modern Cikande is the largest integrated
industrial estate in the west of Jakarta. The project benefits from
close proximity to other industrial areas in Tangerang and Cilegon,
and direct toll-road access via the New Cikande exit, which opened
in May 2018.

Cash Flow to Turn Positive: Fitch expects Modernland's cash flow
from operations (CFFO) to turn positive by end-2019, after turning
negative in 2018 when collections from a bulk land sale to
40%-owned joint venture (JV) PT Waskita Modern Realty (WMR) were
delayed. Its positive CFFO estimate is supported by impending
collections from higher industrial sales of IDR900 billion in 1H19
(2018: IDR520 billion) and its expectation that a second bulk land
sale the company is working on with a multinational corporation
will occur in 2H19.

In the WMR sale Modernland had initially expected to receive 60% of
the total net proceeds of IDR691 billion in 2018 and the balance in
2019. The company says changes in the administrative setup at the
Bekasi local authority in 2018 drove the delays in completing the
documentation for the sale. The setup has since been completed with
the appointment of a new regent in June 2019, and Modernland says
that the documentation process has resumed. Fitch conservatively
expects Modernland to only start collecting proceeds from this sale
in 2020, versus the company's expectation in 2019, to account for
any other unforeseen delays which may be beyond the company's
control.

Debt Incurrence Test Breached: Modernland was in breach at end-2018
of the debt incurrence test on its US dollar notes that requires
fixed-charge cover to remain above 2.5x. The breach limits the
company's ability to incur working capital borrowings up to USD20
million or, separately, construction loans of up to 10% of total
assets (around IDR1.5 trillion). Fitch forecasts Modernland will
only need to draw down around IDR100 billion of debt in the next
12-24 months.

Project Concentration, Large Land Bank: Modernland's rating is
constrained by its still-limited scale in residential sales, for
which there is more stable demand across economic cycles than
industrial land. There are longer-term risks to Modernland's
residential sales because it only has land for another six years of
sales at JGC. Nevertheless, Fitch believes that risk is mitigated
by Modernland's large, low-cost land bank for expansions in Bekasi
and Cilejit. This should improve Modernland's residential project
diversification over the medium term, and maintain stable profit
margins.

The company has 120 hectares of land in Cilejit and 961 hectares of
land in Bekasi. A soft launch of residential property in Cilejit in
July 2019 yielded IDR200 billion of presales, and Fitch expects
this project to contribute more meaningfully to presales in the
next few years. Fitch has not included presales from Bekasi in its
forecasts in light of the uncertainty around the timing of its
launch.

JVs Accelerate Developments: Fitch regards Modernland's
partnerships with larger corporations, such as PT Astra Modernland
(AML) and WMR, favourably as it allows the company to accelerate
the development of existing projects and monetise its land bank
quickly to fund expansions. Fitch also believes that these
partnerships help elevate the projects' profile and Modernland's
brand image. AML is 33% owned by the company, with the balance held
by PT Astra Land Indonesia, a JV between PT Astra International Tbk
and Hongkong Land. WMR is a JV with PT Waskita Realty - a
subsidiary of PT Waskita Karya Tbk, one of the largest construction
companies owned by the state.

Derivation Summary

Fitch regards Modernland's credit risk profile as similar to that
of PT Alam Sutera Realty Tbk (ASRI, B/Stable) and PT Kawasan
Industri Jababeka Tbk (KIJA, B/Rating Watch Negative), and
therefore rates all companies the same. ASRI and Modernland have
established records in executing residential township projects, as
evidenced by their ability to generate sustained presales at
flagship projects. ASRI and Modernland's financial risk profiles
are also similar.

Fitch believes KIJA has a weaker business risk profile than
Modernland because of the increased competition affecting its
flagship industrial estate in Cikarang, and the high composition of
industrial sales in its presales mix. KIJA is also exposed to a
higher degree of project concentration risk relative to Modernland,
taking into account its nascent second industrial estate in Kendal,
central Java. However KIJA has better financial flexibility than
Modernland because it has sufficient non-development income from a
long-term power purchase agreement with the state electricity
company to cover annual borrowing costs. Therefore, Fitch rates
both companies at the same level.

PT Lippo Karawaci Tbk (Lippo, B-/Stable) is rated one notch below
Modernland owing to the former's weaker presales generation and
negative CFFO. Fitch also believes Lippo's mixed-use project model
has greater cash flow risks in a downturn than Modernland's
township model in light of the high committed construction costs
involved. Fitch expects Lippo's CFFO will remain negative at least
until 2020, versus its expectation of Modernland returning to
positive CFFO in 2019. Lippo's ability to revive presales and cash
flow is subject to substantial challenges after weak project
executions in the past few years.

Key Assumptions

  - Increase in 2019 total presales to IDR3.7 trillion from IDR2.3
trillion in 2018, driven by strong presales achievement in 1H19
totalling IDR 1.7 trillion, and Fitch's expectation of one-off bulk
land sales in 3Q19.

  - CFFO returning to positive in 2019, supported by increased cash
collections from higher industrial land sales in 2019 than in 2018,
and partial collection from one-off bulk sales in 3Q19. Fitch
expects collection from bulk sales to WMR to start in 2020.

  - Cilejit project will be launched as planned in 2019 and 2020,
following the soft launch in July 2019.

  - No dividend or share buyback assumed in the next two years as
Fitch expects Modernland will remain in breach of US dollar bond
incurrence test, which prohibits the company from paying
dividends.

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

  - Fitch assigned a liquidation value under a distressed scenario
of around IDR11 trillion as of end-June 2019. The estimate reflects
Fitch's assessment of the value of trade receivables under a
liquidation scenario at 75% advance rate, inventory at 50% advance
rate, fixed assets at 50% advance rate, investments in associates
at 100% advance rate and land bank for long-term development at
100% advance rate. Fitch believes the company's reported land-bank
value, which is based on historical land costs, is at a significant
discount to market value and, thus, its assumption is already
conservative.

  - These assumptions result in a recovery rate for the outstanding
senior unsecured bonds within the range for a 'RR1' Recovery
Rating. Nevertheless, Fitch rates the senior unsecured bonds at 'B'
with a Recovery Rating of 'RR4' because, under its Country-Specific
Treatment of Recovery Ratings Criteria, Indonesia falls into Group
D of creditor friendliness and instrument ratings of issuers with
assets in this group are subject to a soft cap at the issuer's
Issuer Default Rating.

RATING SENSITIVITIES

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

  - Sustainable generation of residential and commercial presales
(excluding bulk sales) above IDR2 trillion (2019F: IDR1.7 trillion)
without any material weakening in the financial profile
Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Presales (excluding bulk sales) below IDR1.5 trillion for a
sustained period

  - Weakening leverage, as measured by net adjusted debt/adjusted
inventory, to above 50% for a sustained period (2019F: 43%)

Liquidity and Debt Structure

Sufficient Liquidity: Modernland's liquidity is supported by its
expectation that it will return to positive CFFO in 2019, no
significant debt maturities in the next 12- 18 months, plus
sufficient access to diversified funding sources. Modernland
reported an unrestricted cash balance of IDR313 billion as of
end-June 2019, against short-term debt of IDR78 billion and IDR150
billion onshore bond due in July 2020. Modernland's next
significant debt maturity is the USD150 million notes, due in
August 2021.




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

MASS CONSTRUCTION: Platinum Homes Franchisee Goes Into Liquidation
------------------------------------------------------------------
Susan Edmunds at Stuff.co.nz reports that a construction company
operating as Platinum Homes in the greater Wellington region has
gone into liquidation.

Grant Thornton New Zealand has been appointed liquidator of Mass
Construction, which held the franchise for Platinum Homes in
greater Wellington and Wairarapa.

At that point, some of the clients still waiting for houses had
signed contracts two years earlier, the report says.

According to Stuff, franchisee Jason Strange also held the South
Island Platinum Homes franchise until it was hit by cash flow
problems in 2016.

Platinum Homes said it would terminate the licence.

"Some time ago, it came to my attention our licensee for Wellington
and Kapiti Coast was breaching our policies and procedures," Stuff
quotes chief executive Dave Andrew as saying. "We worked very
closely with him to try and resolve the issues he was facing,
however the disconnect between him and Platinum Homes could not be
fixed, leaving us with no choice but to terminate his licence.

"We realise this is not good news for our customers and suppliers
in the region. We are in contact with all of our customers, and
will be liaising with our suppliers both national and local, to
ensure they are fully informed about what is happening.

"We will work closely with all of our customers during this
difficult time to ensure the building of their new home runs
smoothly.

"This decision is solely related to our agreement with the licensee
for Wellington and Kapiti Coast and does not reflect in any way on
Platinum Homes' financial position."




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

HYFLUX LTD: NEA Closely Monitors TuasOne Project
------------------------------------------------
Channel News Asia reports that as Hyflux Ltd's bid to restructure
its debt continues, authorities have been keeping a close eye on
developments around one of the company's assets -- a
waste-to-energy plant in Tuas that is on the cusp of completion.

In response to queries from CNA, the National Environment Agency
(NEA) said it "has been closely monitoring discussions" among the
stakeholders of the TuasOne waste-to-energy project so as to see it
through its final phase of construction. TuasOne, according to the
agency, is now 96 per cent completed, the report relates.

Last week, the chief executive of Utico, the United Arab Emirates
utility firm which plans to acquire an 88 per cent stake in
embattled Hyflux, told Singapore reporters that the TuasOne project
"needs more money next month," CNA points out.

When contacted, NEA confirmed the meeting with Utico, noting that
it has been closely monitoring the discussions "for months" and
during which, it may involve "occasional meetings with the TuasOne
stakeholders, lenders and other interested parties".

"At Utico's request, NEA met Utico's chief executive, Mr. Richard
Menezes, together with representatives from Hyflux on Aug 2 to
discuss the progress of the TuasOne Waste-to-Energy plant project,"
said the agency in its reply to CNA earlier this week.

"At the meeting, NEA informed Utico and Hyflux that it was critical
that the TuasOne stakeholders, namely Hyflux, Mitsubishi Heavy
Industries and the project's lenders, come to a quick agreement to
complete the project expeditiously," it added.  This includes
making available financing under the facility agreement or from
other sources so as to allow remaining work on site to be
completed, as well as testing and commissioning of the TuasOne
facility to be accelerated, NEA said, according to CNA.

TuasOne, set to be Singapore's sixth waste-to-energy plant, is
designed to add 3,600 tonnes of incineration capacity per day to
the nation's waste disposal system.  It is meant to meet
Singapore's medium-term waste disposal needs, said NEA.

Worth about SGD750 million, the project was awarded to Hyflux and
its Japanese partner Mitsubishi Heavy Industries in September 2015.
Under the project, the joint venture partners will provide waste
treatment services exclusively to the NEA for a period of 25 years
under a Design-Build-Own-Operate scheme.

TuasOne was slated to be completed in May 2019, but has seen its
finish date pushed back as funds ran low, CNA notes.

Hydrochem, a Hyflux subsidiary which is the engineering,
procurement and construction contractor of TuasOne, had lacked
funding to continue construction in accordance with the project
schedule, wrote founder-CEO Olivia Lum in an affidavit dated
April 30, CNA relays.

Last month, Mitsubishi Heavy Industries injected an additional
equity commitment of about SGD23 million, CNA recounts. This was to
be deployed to finance the project "for the next few weeks",
according to a July 15 bourse filing.

While there have been further negotiations with the project's
lenders since then, there continue to be delays in the project
given "restructuring and funding issues", according to Ms. Lum's
recent July 29 affidavit cited by CNA.

CNA adds that the debt-ridden water treatment firm has repeatedly
described TuasOne as having "significant" potential returns and
that its completion will "enhance the value" of the group.

For instance, TuasOne can access monthly payments of about SGD3.8
million from NEA, as consideration of the plant's thermal waste
-processing services and incentives for the generation of clean
energy once it reaches commercial operation date, said Ms. Lum in
another affidavit dated May 27.

According to the report, NEA said it currently expects TuasOne to
turn operational in 2020.

BT notes that the company abruptly called off a deal with
Indonesian consortium SM Investments in April and has been in
search of a new rescue investor since.

With its fifth debt moratorium extension approved, it has until
September 30 to work out how to return to solvency, although Utico
has given it only until August 26 to sign a definitive agreement,
the report says.

Amid the financial woes, Hyflux lost its largest asset, Tuaspring.
The desalination plant was taken over by PUB on May 18 at zero
dollars, after the national water agency served default notices on
the company for operational defaults, adds BT.

                            About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ --
provides various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.

The Company said it is taking this step in order to protect the
value of its businesses while it reorganises its liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.


YUUZOO NETWORKS: Ex-Chairman Asks Firm to Pay Unpaid Salaries
-------------------------------------------------------------
Lynette Tan at The Business Times reports that former YuuZoo
chairman Thomas Zilliacus has asked the company to "commit itself"
to paying unpaid salaries to staff laid off regionally, according
to a statement by YuuZoo Shareholders Association (YSHA) on
August 7.

According to the report, YSHA, which was formed in January 2019 by
about 20 shareholders from the US, Europe and Australia,  said that
due to the trading suspension of YuuZoo's shares on the Singapore
stock exchange, YuuZoo has been unable to continue funding its
subsidiaries.

As a result, staff working for subsidiaries in Singapore, Thailand,
Nigeria, France and China were laid off, "many with 1-3 months of
salaries unpaid," the report relates.

According to the statement, the former chairman also told YuuZoo he
has "donated all proceeds to be made from his share options in
YuuZoo to charities," BT relays.

Mr. Zilliacus resigned from YuuZoo last April as the company faced
investigations, currently ongoing, by the Commercial Affairs
Department for possible breaches of the Securities and Futures Act,
the report notes.

In April 2018, the white-collar crime buster raided its office and
seized documents for the financial years 2013 to 2016. It also
interviewed former management staff, including Mr. Zilliacus, whose
whereabouts are unclear.

In March this year, the company closed its Singapore-based
subsidiaries and terminated all its Singapore-based employees, a
move it said was a direct consequence of its trading suspension.
YuuZoo blamed the share suspension, police investigation and other
issues for its woes, BT states.

Later in May, The Business Times reported that several former
employees of YuuZooNow! Pte Ltd in Singapore, an indirect
wholly-owned subsidiary of YuuZoo, have made claims against the
company for unpaid salaries.

About 10 people may have registered their claims at the Tripartite
Alliance for Dispute Management for mediation. But since these were
not resolved, they were referred to the Employment Claims Tribunal,
the report says.

Among the claims referred to the tribunal were that of the group's
former general counsel and head of legal who is claiming unpaid
salary from Jan 1, 2019 to Apr 2, 2019, amounting to about
SGD37,090, adds BT.

YuuZoo Networks Group Corporation -- http://www.yuuzoo.com/-- an
investment holding company, engages in social networking,
e-commerce, payments, and gaming businesses in Singapore and
internationally. It operates through Network Development and
Franchise Sales; E-Commerce; and Logistic segments. The Network
Development and Franchise Sales segment is primarily involved in
building mobile-optimized device agnostic that targets social
e-commerce networks for businesses and consumers. This segment also
sells franchise and marketing rights. The E-Commerce segment
provides a range of services for online mobile transactions,
including payment processing, advertising, mobile social games, and
other online transactions.



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