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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, September 2, 2019, Vol. 22, No. 175

                           Headlines



A U S T R A L I A

ALITA RESOURCES: Enters Into Voluntary Administration
BUSTERBOO PTY: Second Creditors' Meeting Set for Sept. 6
D & D QUARRIES: Second Creditors' Meeting Set for Sept. 6
RUBICOR GROUP: Second Creditors' Meeting Set for Sept. 9
WELLARD LTD: Full-Year Loss Widens to AUD48.4MM; Outlook Uncertain



C H I N A

ANBANG INSURANCE: Dajia Sets Up 4 Units to Take Over Firm's Assets
BANK OF JINZHOU: ICBC Still Awaits Audit Results
CBAK ENERGY: Chief Financial Officer Resigns
CBAK ENERGY: Incurs $2.33 Million Net Loss in Second Quarter
CHINA LENDING: Receives Listing Deficiency Notice From NASDAQ

SKYFUEL INC: Committee Hires Kutner Brinen as Legal Counsel


I N D I A

FAMOUS STATIONERY: CRISIL Lowers Rating on INR9.8cr Loan to 'D'
FASTBUILD BLOCKS: Ind-Ra Moves BB- Debt Rating to Not Cooperating
GREENPEACE SUSTAINABLE: CRISIL Moves B+ Rating to Not Cooperating
HIMALAYA INDIA: CRISIL Moves B on INR10 Loans to Not Cooperating
JOHN ENERGY: Ind-Ra Moves D Debt Ratings to Non-Cooperating

KOPARGAON AHMEDNAGAR: Ind-Ra Keeps D Loan Rating in Not Cooperating
KOTKAPURA MUKTSAR: Ind-Ra Keeps D on INR750M Loan in NonCooperating
MFL INDIA: CRISIL Lowers Rating on INR33.5cr Cash Loan to 'D'
MISTRY CONSTRUCTION: CRISIL Assigns 'D' Rating to INR34cr Loan
MISTRY ENTERPRISES: CRISIL Assigns 'D' Rating to INR20.5cr Loans

N.P. AGRO: CRISIL Migrates B+ Rating to Not Cooperating Category
PALANIAPPA ELECTRONICS: CRISIL Moves B+ Rating From Not Cooperating
PCS AUTO: CRISIL Reaffirms B+ Ratings on INR7cr Loans
PHENIL SUGARS: CRISIL Assigns 'D' Ratings to INR60cr Loans
PRERNA BEVERAGES: CRISIL Moves B on INR10cr Loans to NonCooperating

R D FASHIONS: CRISIL Lowers Rating on INR5.4cr Cash Loan to 'B'
SAFA TRADING: CRISIL Moves Rating on INR2cr Debt to B+/Cooperating
SAVITRI STEELS: CRISIL Moves B+ Debt Ratings to Not Cooperating
SHREE HANUMAN: Ind-Ra Moves B+ Debt Rating to Non-Cooperating
SHRI VAIJANATH: CRISIL Lowers Rating on INR10cr Loans to 'D'

SRI SAI SRINIVASA: CRISIL Moves B+ Debt Rating to Not Cooperating
SUDALAGUNTA SUGARS: CRISIL Migrates D Ratings to Not Cooperating
SWADESHI ALUMINIUM: CRISIL Lowers Rating on INR23cr Loan to D
THREE C PROJECTS: NCLT Appoints Manish Kumar Gupta as IRP
ULTRA READY: CRISIL Moves D on INR44.68cr Loans to Not Cooperating

WELTIME FOOTWEAR: CRISIL Reaffirms B- Ratings on INR12.95cr Loans


I N D O N E S I A

DELTA MERLIN: Fitch Lowers LT Issuer Default Rating to CC
SAWIT SUMBERMAS: Fitch Lowers Foreign Currency IDR to 'B-'


J A P A N

TAKATA CORPORATION: Airbag Inflator Defect Claim Process Ongoing


N E W   Z E A L A N D

FP IGNITION 2019-1: Fitch Rate Class F Notes 'B+(EXP)'


P A K I S T A N

PAKISTAN: S&P Affirms B-/B Sovereign Credit Ratings, Outlook Stable


S I N G A P O R E

KITCHEN CULTURE: 2019 Full-Year Loss Narrows to SGD3.7 Million
MAGNUS ENERGY: Posts SGD16.2-Mil. Net Loss in Q4 Ended June 30

                           - - - - -


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

ALITA RESOURCES: Enters Into Voluntary Administration
-----------------------------------------------------
Vanessa Zhou at Australian Mining reports that Alita Resources,
formerly Alliance Mineral Assets, has entered into voluntary
administration after its directors decided the group of companies
was insolvent or likely to become insolvent in the future.

Alita has appointed KordaMentha as the administrator for the
company and its five subsidiaries: Alliance Mineral Assets
Exploration, Tawana Resources, Lithco No. 2, Tawana Gold and Waba
Holdings, the report discloses.

Australian Mining, citing an ASX statement, relates that the
company has been negotiating the terms of a potentially viable
restructure proposal from a consortium of unsecured creditors,
existing shareholders and new investors, in conjunction with its
new unsecured lender.

KordaMentha stated it would shortly meet with key stakeholders to
reduce the "ongoing monthly cash burn" at the Alita Group's
operations, the report relays.

Alita owns the Bald Hill lithium and tantalum mine in Western
Australia, and has a 15 per cent interest in the Cowan lithium
project adjacent to Bald Hill.

According to the report, the company reportedly owes Primero Group
AUD325,000 of unpaid accrued work-in-progress as part of a contract
this year.

Primero was also awarded an engineering, procurement and
construction contract at Bald Hill last year ahead of the mine's
first lithium concentrate production.

Alita's AUD40 million secured loan facility, which its largest
shareholder Galaxy Resources has recently acquired, is also at a
standstill, Australian Mining notes.

The report relates that Galaxy will work with its appointed
receivers KPMG and the voluntary administrators to determine a
course of action for the Alita Group.

Alita will make further announcements in relation to its
restructure or recapitalisation process in due course, Australian
Mining adds.

Alita Resources Limited (ASX:A40) operates as a mineral exploration
and excavation company. The Company explores and produces lithium
and tantalum concentrates. Alita Resources offers its services in
Australia.


BUSTERBOO PTY: Second Creditors' Meeting Set for Sept. 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of Busterboo Pty
Ltd, trading as Fernwood Loganholme (ATF The Park House Family
Trust), has been set for Sept. 6, 2019, at 12:00 p.m. at the
offices of Hall Chadwick Chartered Accountants, Level 4, at 240
Queen Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 5, 2019, at 5:00 p.m.

David Allan Ingram and Kathleen Vouris of Hall Chadwick Chartered
Accountants were appointed as administrators of Busterboo Pty on
Aug. 5, 2019.


D & D QUARRIES: Second Creditors' Meeting Set for Sept. 6
---------------------------------------------------------
A second meeting of creditors in the proceedings of D & D Quarries
Pty Ltd has been set for Sept. 6, 2019, at 11:30 a.m. at the
offices of Level 54, at 111 Eagle Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 5, 2019, at 4:00 p.m.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of D & D Quarries on June 14, 2019.


RUBICOR GROUP: Second Creditors' Meeting Set for Sept. 9
--------------------------------------------------------
A second meeting of creditors in the proceedings of:

      - Rubicor Group Limited
      - Rubicor Workforce Pty Ltd
      - Choice HR (Logistics) Pty Ltd
      - Xpand Group Pty Ltd
      - Rubicor Technical Pty Ltd
      - Rubicor Professional Pty Ltd
      - Rubicor Gov Pty Ltd
      - Locher & Associates Pty Ltd
      - Rubicor (T1) Pty Limited
      - Careers Unlimited Pty Ltd
      - Choice HR (Liverpool) Pty Ltd
      - Choice HR (Maitland) Pty Ltd
      - Choice HR (Newcastle) Pty Ltd
      - Choice HR (Parramatta) Pty Ltd
      - Choice HR (Penrith) Pty Ltd
      - Choice HR Pty Ltd
      - CIT Professionals Pty Ltd
      - Rubicor Gemteq Pty Ltd
      - SMF Recruitment Pty Ltd
      - Skillsearch Contracting Pty Ltd
      - Rubicor CRS Pty Ltd
      - Dolman Pty Limited
      - Rubicor SW Personnel Pty Ltd
      - James Gall & Associates Pty Ltd
      - Dolman F-Lex Pty Ltd
      - Locher Holdings Pty Ltd
      - Dolman Group Pty Limited
      - Rubicor Services (Aus) Pty Ltd
      - The Australian Personnel Consortium Pty Ltd
      - ACN 072 437 364 Pty Ltd
      - A.C.N. 101 254 022 Pty Ltd
      - 135 999 709 Pty Ltd
      - Cadden Crowe (Victoria) Pty Limited
      - Cadden Crowe (Queensland) Pty Ltd
      - Rubicor Workforce (WA) Pty Ltd

has been set for Sept. 9, 2019, at 12:00 p.m. at these locations:

      NEW SOUTH WALES
      Karstens, Level 1
      111 Harrington Street
      Sydney, NSW

      QUEENSLAND
      FTI Consulting
      Central Plaza One
      Level 20
      345 Queen Street
      Brisbane, QLD

      VICTORIA
      FTI Consulting
      Bourke Place
      Level 21
      600 Bourke Place
      Melbourne, VIC

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 Sept. 7, 2019, at 5:00 p.m.

Joanne Dunn and John Park of FTI Consulting were appointed as
administrators of Rubicor Group on Aug. 5, 2019.


WELLARD LTD: Full-Year Loss Widens to AUD48.4MM; Outlook Uncertain
------------------------------------------------------------------
The West Australian reports that Wellard Ltd shares have dropped
more than 7.0 per cent after the cattle exporter said its full-year
loss widened by 33 per cent and flagged an uncertain outlook.

Revenue for the 12 months to June 30 was flat at AUD235.1 million
but Wellard, which had reported a healthy first-half profit, took a
second-half hit as shipments between South America and Turkey dried
up due to the latter's halt on live feeder imports, the report
discloses.

Its MV Ocean Shearer vessel was idle for the whole second half and
Wellard's full-year loss grew to AUD48.4 million from AUD36.4
million in the prior corresponding period, according to the West
Australian.

The West Australian says Wellard's bottom line was also hit by a
jump in impairments to AUD22.4 million, largely against its MV
Ocean Ute and MV Ocean Swagman.

The firm has since agreed a deal to sell and lease back the latter
as it continues to pay down debt, the report notes.

"We continue to work hard on restructuring Wellard's balance sheet
as these results are further evidence that our earnings volatility
cannot support the company's existing debt levels, particularly
when there are major trade interruptions," the report quotes
executive chairman John Klepec as saying on Aug. 29.

"The post-balance sheet sale of the MV Ocean Swagman, with
associated future reduction in liabilities to shipping financiers
and noteholders will be of considerable help in this area."

Total liabilities fell from AUD194.3 million to AUD142.5 million
but Wellard is still in talks with its lenders after breaching its
banking covenants, the West Australian states.

According to the report, Wellard said that while all its vessels
were currently chartered and it is confident the short-term leases
would be repeated, the outlook was still uncertain and it would
exclusively focus on the chartering of its ships until its balance
sheet restructure was completed.

"The current outlook has improved on what was a very challenging H2
FY2019 but does not have the same level of certainty as this time
last year, when Wellard released its FY2018 financial results and
was looking out to H1 FY2019," Mr. Klepec said, the report relays.

Headquartered in Fremantle, Australia, Wellard Limited --
http://www.wellard.com.au/-- primarily supplies live sheep and   
cattle to customers in the Middle East and Asia. It operates
through Trading and Chartering, and Other segments. The Trading and
Chartering segment engages in the business of livestock marketing;
buying livestock from various sources for export to buyers in
international markets; and logistics and transportation activities
for the delivery of livestock, which include the carriage of cargo
owned by third parties through its vessels. The Other segment
processes and distributes meat.




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

ANBANG INSURANCE: Dajia Sets Up 4 Units to Take Over Firm's Assets
------------------------------------------------------------------
Wu Yujian and Denise Jia at Caixin Global reports that Dajia
Insurance Group, created to take over parts of fallen Anbang
Insurance Group Co. Ltd.'s assets, moved to erase the name Anbang
from China's financial industry as it established four subsidiaries
and outlined their business scope in a statement on Aug. 29.

Dajia was set up in June to receive Anbang's life insurance,
annuity insurance and asset management operations and some of the
assets of its property and casualty insurance unit, Caixin says.
The name on Anbang's Beijing headquarters was replaced with Dajia
last month, and the receiving company is putting its own name on
Anbang's former businesses.

Caixin relates that the four Dajia subsidiaries cover life
insurance, property and casualty insurance, annuity insurance and
asset management, Dajia said.

Dajia Property and Casualty Insurance Co. Ltd. has CNY4 billion
(US$560 million) of registered capital, providing insurance
coverage for property loss, liability, credit and guarantee,
short-term health, and accident and injury, as well as reinsurance,
the parent company said on its official WeChat account, Caixin
relays.

After the takeover, Anbang Life will be renamed Dajia Life; Anbang
Pension, Dajia Pension; and Anbang Asset Management, Dajia Asset
Management, the report notes. According to Caixin, Anbang said the
renaming will not change the relevant rights and obligations
stipulated in contracts and agreements previously signed by Anbang
and its subsidiaries, and the interests of insurance consumers will
be protected.

China Merchants Bank, China Minsheng Bank and Chang Chun Eurasia
Group Co. Ltd., in which Anbang owned stakes, recently issued
announcements on the change of shareholders. After the takeover and
name change, Dajia Life now owns 4.99% of China Merchants, 17.84%
of China Minsheng and 14.99% of Eurasia, says Caixin.

According to Caixin, Dajia has also sent notice of the name changes
to more than 6 million individual policy holders to prevent
misleading and fraudulent activities.

Debt-ridden Anbang was taken over by regulators in February 2018.
That May, its founder Wu Xiaohui was sentenced to 18 years in
prison for fundraising fraud and embezzlement.

So far, Anbang has disposed of or initiated the process of
disposing of more than CNY1 trillion of assets, China Banking and
Insurance Regulatory Commission Vice Chairman Liang Tao said last
month at a press briefing, Caixin recalls.

Dajia was jointly established by state-owned bailout fund China
Insurance Security Fund Co. Ltd., state-owned Shanghai Automotive
Industry (Group) Corp. and state-owned oil giant China
Petrochemical Corp., Caixin notes.

                         About Anbang Insurance

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.

As reported in the Troubled Company Reporter-Asia Pacific on  Feb.
26, 2018, The Strait Times related the Chinese government had
seized control of Anbang Insurance, the troubled Chinese company
that owns the Waldorf Astoria hotel in New York and other marquee
properties around the world, and charged its former chairman with
economic crimes. The Strait Times noted that the move is Beijing's
biggest effort yet to rein in a new kind of Chinese company, in
this case, one that spent billions of dollars around the world over
the past three years buying up hotels and other high-profile
properties.  The rise of these companies illustrates China's
growing economic might, but Chinese officials have grown
increasingly concerned that they were piling up debt to make
frivolous purchases. In a statement posted on its website on Feb.
23, the China Insurance Regulatory Commission said the government
was taking over to ensure the "normal and stable operation" of the
company. "Illegal operations at Anbang may have seriously
endangered the company's solvency, prompting the government to take
control," the statement read.

The Strait Times noted the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.

Mr. Wu Xiaohui was later sentenced to 18 years in prison for fraud
and embezzlement, according to Reuters.


BANK OF JINZHOU: ICBC Still Awaits Audit Results
------------------------------------------------
Jiang Xueqing at chinadaily.com.cn reports that the president of
the Industrial and Commercial Bank of China Ltd (ICBC) said on Aug.
29 the bank will abide by the principles of marketization and the
rule of law regarding its investment in Bank of Jinzhou Co Ltd, and
ensure that the uncertainties associated with the investment are
under control.

chinadaily.com.cn relates that ICBC, the country's largest
State-owned commercial lender by assets, said on July 28 its wholly
owned unit, ICBC Financial Asset Investment Co, will invest up to
CNY3 billion (US$420 million) in a 10.82 percent stake of Bank of
Jinzhou.

China is restructuring Bank of Jinzhou, a troubled city commercial
lender, by introducing new investors to deal with its
non-performing loans, improve corporate governance, and prevent the
triggering of systemic risk, chinadaily.com.cn notes.

According to the report, Gu Shu, president of ICBC, said the bank
is still waiting for an external auditor to announce audit results
from Bank of Jinzhou.

"Using the audit results as a benchmark, we will revalue the price
of Bank of Jinzhou shares by referring to the valuation of similar
listed companies. We will also conduct rigorous due diligence on
the bank to finally determine the price we offer for the transfer
of equity," the report quotes Gu as saying at a news conference
announcing ICBC's 2019 interim results.

With an upper limit of CNY3 billion, the investment will have a
relatively small impact on ICBC. As the investment will be made by
ICBC Financial Asset Investment Co, any risks associated with the
investment will be isolated from the parent bank, he said,
chinadaily.com.cn relays.

"Bank of Jinzhou will maintain an independent corporate governance
system after the equity transfer. Its board of directors will make
decisions on whether or not to implement a further capital increase
in the future," Gu, as cited by chinadaily.com.cn, said.

Bank of Jinzhou Co., Ltd. provides various banking products and
services in the People's Republic of China.


CBAK ENERGY: Chief Financial Officer Resigns
--------------------------------------------
Wenwu Wang resigned from his position as the chief financial
officer of CBAK Energy Technology, Inc., effective Aug. 20, 2019.
Mr. Wang's resignation was due to personal reasons and not because
of any disagreement with the Company on any matter relating to the
Company's operations, policies or practices.  Mr. Wang will
continue to serve the Company as general manager of Dalian CBAK
Battery Co., Ltd., the Company's subsidiary.

On Aug. 23, 2019, the Board of Directors appointed Ms. Xiangyu Pei
as the interim chief financial officer.  Ms. Pei, 30, has been the
secretary of the Company since 2017.  She has also served as the
financial controller of the Company's subsidiary, Dalian CBAK since
2017.  She has been responsible for the auditing, accounting and
investor relationship of Dalian CBAK, as well as assisting in
consolidation and financial reporting of the Company.  Ms. Pei
received a PhD in World Economics from Jilin University in China.

                       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 June 30, 2019, the Company had
$118.34 million in total assets, $112.16 million in total
liabilities, and $6.17 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.


CBAK ENERGY: Incurs $2.33 Million Net Loss in Second Quarter
------------------------------------------------------------
CBAK Energy Technology, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $2.33 million on $4.27 million of net revenues for the three
months ended June 30, 2019, compared to a net loss of $3.44 million
on $6.05 million of net revenues for the three months ended June
30, 2018.

For the six months ended June 30, 2019, the Company reported a net
loss of $5.14 million on $9.44 million of net revenues compared to
a net loss of $6.01 million on $9.36 million of net revenues for
the same period a year ago.

As of June 30, 2019, the Company had $118.34 million in total
assets, $112.16 million in total liabilities, and $6.17 million in
total equity.

                    Liquidity and Capital Resources

CBAK Energy has financed its liquidity requirements from short-term
bank loans, other short-term loans and bills payable under bank
credit agreements, advances from its related and unrelated parties,
investors and issuance of capital stock.

As of June 30, 2019, the Company had cash and cash equivalents of
$0.3 million.  The Company's total current assets were $46.8
million and its total current liabilities were $88.7 million,
resulting in a net working capital deficiency of $41.9 million.
These factors raise substantial doubts about the Company's ability
to continue as a going concern.

CBAK Energy said, "We are currently expanding our product lines and
manufacturing capacity in our Dalian plant, which require more
funding to finance the expansion.  We may also require additional
cash due to changing business conditions or other future
developments, including any investments or acquisitions we may
decide to pursue.  We plan to renew these loans upon maturity, if
required, and plan to raise additional funds through bank
borrowings and equity financing in the future to meet our daily
cash demands, if required.  However, there can be no assurance that
we will be successful in obtaining this financing. If our existing
cash and bank borrowing are insufficient to meet our requirements,
we may seek to sell equity securities, debt securities or borrow
from lending institutions.  We can make no assurance that financing
will be available in the amounts we need or on terms acceptable to
us, if at all.  The sale of equity securities, including
convertible debt securities, would dilute the interests of our
current shareholders.  The incurrence of debt would divert cash for
working capital and capital expenditures to service debt
obligations and could result in operating and financial covenants
that restrict our operations and our ability to pay dividends to
our shareholders.  If we are unable to obtain additional equity or
debt financing as required, our business operations and prospects
may suffer.

"In the meanwhile, due to the growing environmental pollution
problem, the Chinese government is currently providing vigorous
support to the new energy facilities and vehicle.  It is expected
that we will be able to secure more potential orders from the new
energy market, especially from the electric car market.  We believe
with that the booming future market demand in high power lithium
ion products, we can continue as a going concern and return to
profitability."

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/iHYeYi

                        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.


CHINA LENDING: Receives Listing Deficiency Notice From NASDAQ
-------------------------------------------------------------
China Lending Corporation received a notification letter from
Nasdaq Listing Qualifications advising the Company that based upon
the closing bid price for the Company's common shares for the past
30 consecutive business days, the Company no longer met the minimum
$1.00 per share Nasdaq continued listing requirement set forth in
Nasdaq Listing Rule 5555(a)(2). The notification also stated that
the Company would be provided 180 calendar days, or until Feb. 11,
2020, to regain compliance with the foregoing listing requirement.
To do so, the bid price of the Company's common stock must close at
or above $1.00 per share for a minimum of 10 consecutive business
days prior to that date.

If the Company does not regain compliance by the compliance
deadline, the Company may be eligible for additional time to regain
compliance. To qualify, the Company will be required to meet the
continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq
Capital Market, with the exception of the bid price requirement,
and will need to provide written notice of its intention to remedy
the deficiency during the second compliance period, by effecting a
reverse stock split, if necessary. If the Company meets these
requirements, the Nasdaq staff will inform the Company that it has
been granted an additional 180 calendar days. However, if it
appears to the Nasdaq staff that the Company will not be able to
remedy the deficiency, or if the Company is otherwise not eligible,
the staff will provide notice that its securities will be subject
to delisting. The Company cannot provide any assurance that its
common shares will trade at levels necessary to regain and maintain
compliance with the above-referenced bid price rule before the
compliance deadline.

The Company intends to continue to monitor the bid price for its
common stock. If the Company's common shares do not trade at a
level that is likely to regain compliance with the Nasdaq
requirements, the Company's Board of Directors will consider
alternative options that may be available to achieve compliance.

                        About China Lending

Founded in 2009, China Lending -- http://www.chinalending.com/--
is a non-bank direct lending corporation and provides services to
micro, small and medium sized enterprises, farmers, and
individuals, who are currently underserved by commercial banks in
China. The Company is headquartered in Urumqi, the capital of
Xinjiang Autonomous Region.

China Lending reported a net loss US$94.12 million for the year
ended Dec. 31, 2018, compared to a net loss of US$54.78 million for
the year ended Dec. 31, 2017. As of Dec. 31, 2018, the Company had
US$95.66 million in total assets, U$122.01 million in total
liabilities, US$9.65 million in convertible redeemable Class A
preferred shares, and a total deficit of US$36 million.

Friedman LLP, in New York, the Company's auditor since 2017, issued
a "going concern" qualification in its report dated April 26, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, citing that the Company has incurred
significant losses and is uncertain about the collection of its
loans receivables and extension of defaulted loans. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


SKYFUEL INC: Committee Hires Kutner Brinen as Legal Counsel
-----------------------------------------------------------
The official committee of unsecured creditors of Skyfuel, Inc.
seeks authority from the U.S. Bankruptcy Court for the District of
Colorado to retain Kutner Brinen, P.C. as its legal counsel.

The firm will provide these services in connection with Skyfuel's
Chapter 11 case:

     a. provide the committee with legal advice with respect
        to its powers and duties under the Bankruptcy Code;

     b. conduct factual inquiries into matters on behalf of the
        committee relating to the Debtor's assets, liabilities,
        and financial condition;

     c. file the necessary petitions, pleadings, reports and
        actions which may be required in the continued
        administration of the estate;

     d. assist the committee in determining the proper course of
        the case and issues that arise during the case including
        potential sale of assets and the formulation of plan of
        reorganization; and

     e. perform all other legal services for the committee which
        may be necessary.

The firm's standard hourly rates are:

     Lee Kutner          $550
     Jeffrey Brinen      $475
     Jenny Fujii         $380
     Keri Riley          $320
     Maureen Gerardo     $200
     Paralegal            $75

Keri Riley, Esq., at Kutner Brinen, disclosed in a court filing
that the firm is "disinterested" as defined in section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Keri L. Riley, Esq.
     Kutner Brinen, P.C.
     1660 Lincoln St., Suite 1850
     Denver, CO 80264
     Phone: (303) 832-2400
     Telecopy: (303) 832-1510
     Email: klr@kutnerlaw.com

                        About Skyfuel Inc.

Founded in 2007, Skyfuel, Inc. -- http://www.skyfuel.com/--
designs, manufactures and deploys complete solar field solutions
featuring the SkyTrough and SkyTroughDSP parabolic trough
concentrating solar collectors. SkyFuel is the solar thermal
technology arm of the Sunshine Kaidi New Energy Group Co., Ltd.
(Kaidi), a multi-billion dollar energy company based in Wuhan,
China.

An involuntary Chapter 11 petition for relief against SkyFuel, Inc.
(Bankr. D. Colo. Case No. 19-12400) was filed on March 29, 2019.
The court entered an order for relief on April 23, 2019.  The
Debtor is represented by Akerman LLP.




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

FAMOUS STATIONERY: CRISIL Lowers Rating on INR9.8cr Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Famous
Stationery Private Limited (FSPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating', as there has been delay in repayment debt obligations
and overdrawals in Cash credit facility for more than 30 days.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            4       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Export Packing         6       CRISIL D (ISSUER NOT
   Credit                         COOPERATING; Downgraded from
                                  'CRISIL A4+ ISSUER NOT
                                  COOPERATING')

   Term Loan              9.8     CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with FSPL for obtaining
information through letters and emails dated February 09, 2018,
March 31, 2018 and February 26, 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 FSPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for FSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower.

Based on the last available information, CRISIL has downgraded the
ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating', as there has been
delay in repayment debt obligations and overdrawals in Cash credit
facility for more than 30 days.

FSPL, incorporated in 2013, is promoted by Mr Jayantilal Mehta and
his son Mr Ashish Mehta. It took over the business of its
promoters' firm in 2014. Based in Palghar, Maharashtra, the company
manufactures paper stationery such as textbooks, graph books,
diaries, notebooks, envelopes, calendars, and practical papers.
Most of its revenue comes from abroad.

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

The instrument-wise rating actions are:

-- INR112 mil. Long term loans due on March 2023 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR50 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 6, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Fastbuild Blocks was incorporated in 2012 by Mr. Ashish Rungta and
two other directors in Odisha. It manufactures autoclaved aerated
concrete blocks at a capacity of 150,000 cubic meters per annum.


GREENPEACE SUSTAINABLE: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Greenpeace
Sustainable Foods Private Limited (GSFPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

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

CRISIL has been consistently following up with GSFPL for obtaining
information through letters and emails dated May 20, 2019 and June
26, 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 GSFPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GSFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2018, in Nellore, Andhra Pradesh, by Mr Ziyaullah
Shaikh and Mrs Vijayalakshmi, GSFPL will trade marine products
(mainly shrimps). It will start its commercial operations in June,
2018.


HIMALAYA INDIA: CRISIL Moves B on INR10 Loans to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Himalaya India
Developers (HID) to 'CRISIL B/Stable Issuer not cooperating'.

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

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

CRISIL has been consistently following up with HID for obtaining
information through letters and emails dated May 20, 2019 and June
26, 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 HID. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HID is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

HID was set up as a partnership firm of Mr Mukesh Agarwal and Mr
Akhilesh Agarwal. The firm is currently engaged in construction of
a residential complex at Raipur (Chhattisgarh).


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

The instrument-wise rating actions are:

-- INR578.4 mil. Term loan (Long-term) due on June 2024 migrated
     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR2,832.1 bil. External commercial borrowings (Long-term) due

     on August 2025 migrated to non-cooperating category with IND
     D (ISSUER NOT COOPERATING) rating;

-- INR1.270 bil. Working capital limits (Long-term/Short-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR1,816.1 bil. Non-fund-based limits (Long-term/Short-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 5, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

John Energy is an oil and gas field services provider. It provides
drilling/work-over, integrated drilling (including mud services,
cementing services and directional drilling services), gas
compression and man-management services.


KOPARGAON AHMEDNAGAR: Ind-Ra Keeps D Loan Rating in Not Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kopargaon
Ahmednagar Tollways Phase 1 Private Limited's senior project term
loan in the non-cooperating category. The issuer did not
participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR1.560 bil. Senior project bank loan(long-term) maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kopargaon Ahmednagar Tollways Phase 1 is a special purpose vehicle
that was incorporated to implement the expansion of a 42.6km
stretch on the Kopargaon Ahmednagar section of State Highway 10 in
Maharashtra to four lanes from two under a seven-year concession
from the state government.


KOTKAPURA MUKTSAR: Ind-Ra Keeps D on INR750M Loan in NonCooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kotkapura
Muktsar Tollways Private Limited's senior project bank loan rating
in the non-cooperating category. The issuer did not participate in
the surveillance exercise, despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating action is:

-- INR750 mil. Senior project bank loan maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kotkapura Muktsar Tollways is a special-purpose vehicle promoted by
Supreme Infrastructure BOT Holdings Private Limited (48%), Supreme
Infrastructure India Limited (26%) and SPML Infra Limited (26%). It
has been set up to build, operate and maintain a 30 kilometer
stretch on State Highway 16. The project progress details are not
available.


MFL INDIA: CRISIL Lowers Rating on INR33.5cr Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded MFL India Limited (MFL)'s ratings to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        1        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Cash Credit          33.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

   Line of Credit        3.75     CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long Term    1.75     CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Downgraded from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with MFL for obtaining
information through emails and letter, dated June 1, 2018,
June 11, 2018, February 26, 2019, August 16, 2019, and August 19,
2019, 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 and are arrived at without any management
interaction. In addition, these ratings are based on best available
or limited or dated information'.

Detailed Rationale

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

Due to delay in repayment of debt obligation in timely manner,
CRISIL has downgraded MFL's ratings to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

MFL was incorporated as a public limited company and listed on the
Bombay Stock Exchange in 1981. It was subsequently merged with
Dynamic Movers Pvt Ltd (DMPL), promoted by Mr Anil Thukral, in
April 2010. MFL provides transportation services to automobile,
cement, infrastructure, and construction industries, and to
integrated metal players.


MISTRY CONSTRUCTION: CRISIL Assigns 'D' Rating to INR34cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the short term bank
facility of Mistry Construction Co Private Limited (MCCPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Overdraft             34       CRISIL D (Assigned)

The rating reflects delay in servicing of interest on the working
capital limits. The delay is on account of stretched liquidity
position of the company.

MCCPL has weak financial risk profile and susceptibility to risks
related to tender-based operations. These weaknesses are partially
offset by the extensive experience of promoters in the civil
construction industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MCCPL and Mistry Enterprises Ltd (MEL);
that is because these companies, collectively referred to as the
Mistry group, are in the same business, under a common promoter and
management, with significant operational and financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in interest payments: There are instances of delay in
interest payments for more than 30 days. This was on account of
weak liquidity arising from inadequate cash flow generation.

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the group's ability to win tenders
amid intense competition. On account of same, the group has no
revenues in the last four fiscals. Ramp up in operations going
forward will be critical.

* Below-average financial risk profile: Financial risk profile is
weak as high losses in past four fiscal has led to erosion of
networth. High capital work in progress and loans and advances
given to group entities have led to high debt levels and weak
interest coverage.

Strengths:

* Extensive experience of the promoter: Benefits derived from the
promoter's experience of around three decades in the construction
business, will support the business risk profile.

Liquidity

Liquidity is poor marked by cash losses. The group does not have
long term repayment obligations, however has overdraft limits which
are fully utilised. High loans and advances to group entities have
led to stretch in liquidity position.

MCCPL was set up in 1983 and MEL in 2007 and are promoted by Mr.
Jagdish Mistry. It is engaged in civil construction works, such as
site grading, site development, hard rock excavation, and mining
works.


MISTRY ENTERPRISES: CRISIL Assigns 'D' Rating to INR20.5cr Loans
----------------------------------------------------------------
CRISIL has revoked the suspension and assigned its 'CRISIL D'
rating to the short term bank facilities Mistry Enterprises Limited
(MEL). CRISIL had suspended the ratings on October 15, 2013 due to
non-furnishing of information by MEL. MEL has now shared the
requisite information enabling CRISIL to assign the ratings.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Letter Of Guarantee       3       CRISIL D (Assigned;
                                     Suspension Revoked)

   Overdraft                17.5     CRISIL D (Assigned;
                                     Suspension Revoked)

The rating reflects delay in servicing of interest on the working
capital limits. The delay is on account of stretched liquidity
position of the company.

MEL has weak financial risk profile and susceptibility to risks
related to tender-based operations. These weaknesses are partially
offset by the extensive experience of promoters in the civil
construction industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Mistry Construction Co Private Limited
(MCCPL) and MEL; that is because these companies, collectively
referred to as the Mistry group, are in the same business, under a
common promoter and management, with significant operational and
financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in interest payments: There are instances of delay in
interest payments for more than 30 days. This was on account of
weak liquidity arising from inadequate cash flow generation.

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the group's ability to win tenders
amid intense competition. On account of same, the group has no
revenues in the last four fiscals. Ramp up in operations going
forward will be critical.

* Below-average financial risk profile: Financial risk profile is
weak as high losses in past four fiscal has led to erosion of
networth. High capital work in progress and loans and advances
given to group entities have led to high debt levels and weak
interest coverage.

Strengths:

* Extensive experience of the promoter: Benefits derived from the
promoter's experience of around three decades in the construction
business, will support the business risk profile.

Liquidity

Liquidity is poor marked by cash losses. The group does not have
long term repayment obligations, however has overdraft limits which
are fully utilised. High loans and advances to group entities have
led to stretch in liquidity position.

MCCPL was set up in 1983 and MEL in 2007 and are promoted by Mr.
Jagdish Mistry. It is engaged in civil construction works, such as
site grading, site development, hard rock excavation, and mining
works.


N.P. AGRO: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of N.P. Agro
India Industries Limited (NP Agro) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          24.65     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit       .35     CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term    5.26     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan             1.74     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NP Agro for
obtaining information through letters and emails dated July 22,
2019 and July 26, 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 NP Agro. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on NP Agro is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

NP Agro was incorporated in fiscal 1998 and was taken over by the
present management headed by Mr Prateek Pasricha along with his
associates in fiscal 2009. The company manufactures high-density
polyethylene/poly propylene bags and tarpaulin, masterbatches, and
printed laminated plastic films. The manufacturing unit is in
Bareilly, Uttar Pradesh.


PALANIAPPA ELECTRONICS: CRISIL Moves B+ Rating From Not Cooperating
-------------------------------------------------------------------
Due to inadequate information, CRISIL had migrated its rating on
the bank facilities of Palaniappa Electronics (PE) to 'CRISIL
B+/Stable/CRISIL A4 issuer not cooperating'. However, the
management has subsequently shared the information necessary for a
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
B+/Stable/CRISIL A4 issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee         1       CRISIL A4 (Migrated from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Cash Credit           10       CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

The rating reflects the firm's moderate scale of operation in an
intensely competitive segment and its below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the proprietor in the home appliances distribution
segment and tie-up with a strong brand.

Analytical Approach

Unsecured loans (outstanding at INR2.5 crore as on March 31, 2019)
extended to PE by the proprietor have been treated as neither debt
nor equity. That is because these loans bear low interest and are
likely to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Moderate scale of operation: Scale of operation is moderate
because the firm deals in products for just one principal, and
that, too, only in Chennai. Scale of operation is moderate as
reflected in the revenue of INR103.03 crores for fiscal 2019. Also
the firm operates in an intensely competitive segment which
constrains the firm's ability to scale up.

* Below-average financial risk profile: Financial risk profile is
weak, with gearing and networth at 4.39 times and INR5.46 crore,
respectively, as on March 31, 2019. Debt protection metrics are
below average, too, with interest coverage and net cash accrual to
total debt ratios at 1.45 times and 0.04 time, respectively, in
fiscal 2019.

Strengths

* Extensive experience of the proprietor
Benefits from the proprietor's experience of over two decades, and
their sound relationships with the principal and key customers
should continue to support business risk profile.

* Tie-up with a strong brand
PE distributes electronic appliances for Samsung Electronics India
Pvt Ltd in Chennai. Association with a reputed brand should ensure
steady business growth.

Liquidity

Liquidity is modest. Net cash accrual'estimated at INR0.77 crore in
fiscal 2019 and likely to be at INR1.0-1.5 crore per annum over the
near term'could be used as working capital in the absence of any
debt obligation. This would be a cushion to meet working capital
requirement. The Utilisation of fund-based bank limit of INR24
crore averaged 67% in the 10 months through June 2019.

Outlook: Stable

CRISIL believes PE will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if a significant improvement in revenue and
profitability, or substantial equity infusion strengthen financial
risk profile. The outlook may be revised to 'Negative' if revenue
or profitability decline or there is a stretch in working capital
cycle or any large debt-funded capital expenditure weakens key
credit metrics.

PE, based in Chennai in 2004, was managed by by Mr Solaiappan and
his family. It distributes consumer electronic equipment and home
appliances for Samsung.


PCS AUTO: CRISIL Reaffirms B+ Ratings on INR7cr Loans
-----------------------------------------------------
CRISIL has reaffirmed its ratings on the long-term bank facility of
PCS Auto Cast (PCS) at 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           5        CRISIL B+/Stable (Reaffirmed)
   Term Loan             2        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect PCS' small scale of operations and
average financial risk profile. These weaknesses are partially
offset by extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations amidst intense competition: Intense
competition in the castings business may continue to constrain the
scale of operations, as reflected in revenue of around INR18 crore
in fiscal 2019.

* Average financial risk profile: Financial risk profile is marked
by a modest networth and high gearing of around INR4 crore and 2.7
times, respectively, as on March 31, 2019. Debt protection metrics
were moderate, marked by interest coverage and net cash accrual to
adjusted debt ratios of 2.17 times and 0.12 time, respectively, in
fiscal 2019. Liquidity remains comfortable, marked by sufficient
cash accrual against debt obligation.

Strength

* Extensive experience of the partners: The
two-and-half-decade-long experience of the partners in the castings
business, has helped them maintain a healthy relationship with the
customers.

Liquidity

* High bank limit utilization: Bank limit utilisation is high at
around 95 percent for the past twelve months ended June 31, 2019.
CRISIL believes that bank limit utilization is expected to remain
high on account large working capital requirement.

* Cash accrual sufficient to meet debt obligation: Cash accrual are
expected to be over INR1.5 crores which are sufficient against term
debt obligation of INR0.8-1 crores over the medium term.

* Moderate current ratio: Current ratio are moderate at around 1.2
time as on March 31, 2019.

Outlook: Stable

CRISIL believes PCS will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if sustained growth in revenue and profitability, and a
stable working capital cycle, strengthen the business risk profile.
Deterioration in financial risk profile, most likely because of
lower-than-expected cash accrual or any large capital expenditure,
may lead to a revision in outlook to 'Negative'.

PCS was formed in fiscal 2015, as a partnership firm of Mr Selva
Kumar, Mr Senthil Kumar and Mr Chenniappan. The firm manufactures
iron castings and has total capacity of 350 tonnes per month.
Operations commenced in September 2015.


PHENIL SUGARS: CRISIL Assigns 'D' Ratings to INR60cr Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings on the bank
facilities of Phenil Sugars Limited (Phenil).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Working Capital
   Term Loan           48.32      CRISIL D (Assigned)

   Long Term Loan        .44      CRISIL D (Assigned)

   Bank Guarantee       2.00      CRISIL D (Assigned)

   Funded Interest
   Term Loan            9.24      CRISIL D (Assigned)

The ratings reflect a delay by Phenil in servicing its repayment
obligation for more than 60 days and the account being currently
recognised under Special Mention Account 2.

The ratings also take into account the shutdown of Phenil's
operations, the continuous cash loss over the last four fiscals,
and the exposure to cyclicality associated with the sugar business.
These weaknesses are partially offset by the extensive experience
of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Shutdown of business operations: The company has two
manufacturing plants in Basti (Uttar Pradesh) namely, Govind Nagar
Mill (GNM) and Basti Sugar Mill (BSM). Due to the continuously
increasing price of raw material and government-controlled sugar
prices in the market, the company has been making losses for at
least five fiscals through 2019. This resulted in shutdown of the
operations of BSM in fiscal 2014 and GNM in October, 2018.
Currently, the company is not operational at all and also does not
plan to restart anytime soon.

* Continuous cash losses: Due to unfavourable sugar industry
environment, coupled with the ever increasing price of raw material
and low realisation price in market, Phenil has been incurring
large losses of a minimum of INR10 crore annually since fiscal
2017, the highest being INR22.66 crore in fiscal 2018. Cash loss
may continue as the company is not operational as of now and has no
plans to restart anytime soon.

* Cyclicality associated with sugar business: Cane production is
highly dependent on the monsoons and realisations in alternative
crops such as rice and wheat, which may prompt farmers to switch to
sowing other crops. Also, the cane availability is restricted to
the command area allocated to each company. In India, alternative
sweeteners to sugar are gur and khandsari. Lower sugarcane yields
and an increase in the sale of sugarcane to gur and khandsari
manufacturers may further impact the industry.

Liquidity

Liquidity should remain weak, with delays in servicing bank debts
by over 60 days and also because the company has ceased to have
operations as of now.

Incorporated in 2003 as Phenil Sugars Pvt Ltd, the company had its
registered office in Mumbai, which was later shifted to Delhi for
better operational efficiency and monitoring. It got converted into
a public-limited company as on April 26, 2013. In October 2004,
Phenil acquired two sugar companies, Govind Nagar Sugar Ltd (GNSL)
and Basti Sugar Mills Co Ltd (BSML) from the Narang group. Both,
GNSL and BSML have been amalgamated with Phenil with effect from
April 1, 2010. Pursuant to a High Court order dated April 19, 2011,
GNSL merged with Phenil and subsequently, according to a High Court
order dated February 20, 2013, BSML merged with Phenil with the
appointed date being April 1, 2010. Phenil has total sugarcane
crushing capacity of 6,000 tonne of cane per day and power
cogeneration capacity of 13.6 megawatt. Entire power generated is
used for captive consumption.


PRERNA BEVERAGES: CRISIL Moves B on INR10cr Loans to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Prerna
Beverages Private Limited (PBPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           0.4      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Cash
   Credit Limit          1.5      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

   Term Loan             2.35     CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PBPL for obtaining
information through letters and emails dated July 22, 2019 and July
26, 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 PBPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

PBPL, based in Nashik, Maharashtra, was established in 2015,
promoted by Dr Sanjay Sanghale and Ms Sunita Sanghale is engaged in
manufacturing of mineral water and bottling for Pernod Ricard.


R D FASHIONS: CRISIL Lowers Rating on INR5.4cr Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term facilities of
R D Fashions Private Limited (RDF) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'. The rating on the short-term facility has been
reaffirmed at 'CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           5.4      CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

   Letter of Credit       .35     CRISIL A4 (Reaffirmed)

   Term Loan             0.50     CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

The downgrade reflects deterioration in the business risk profile
of the company in fiscal 2019, on account of fall in revenue and
stretch in working capital cycle. Revenue declined to INR12.48
crore in fiscal 2019 from INR20.61 crore in fiscal 2018 on account
of muted demand for readymade garments. Stretch in working capital
cycle was marked by increase in gross current assets (GCA) to 613
days as on March 31, 2019 from 337 days a year ago. The stretch is
mainly owing to increase in inventory and debtor levels. High GCA
has resulted in full utilisation of the working capital limit.

The ratings continue reflect the elongated working capital cycle,
small scale in an intensely competitive textile industry and below
average financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoters.

Analytical Approach

Out of unsecured loan of Rs.4.38 crore as on March 31, 2019, Rs.
3.99 cr has been treated as neither debt not equity(NDNE) on
account of non- withdrawal for three years.

Key Rating Drivers & Detailed Description

Weaknesses:

* Elongated working capital-cycle: Operations are working capital
intensive as reflected in GCAs of 613 days as on March 31, 2019,
with receivables of 132 days and inventory of 313 days.

* Small scale of operations: Intense competition keeps scale of
operations small. Revenue has declined to INR12.48 crore in fiscal
2019 from INR20.61 crore in fiscal 2018.

* Weak financial risk profile: Networth was small at INR3.4 crore
and Total outside liabilities to adjusted net worth (TOL/ANW) high
at 5.9 times as on March 31, 2019. Interest cover was also below
average at 1.3 times in fiscal 2019. While financial profile will
improve with increase in revenue and profitability, it may remain
weak over the medium term.

Strength:

* Extensive experience of the promoters: Benefits from the
promoters' experience of more than three decades and healthy
relations with customers and suppliers should continue to support
the business.

Liquidity
RDF has poor liquidity marked by marginal cash and cash equivalents
of Rs. 2 cr and tightly matched cash accruals of around
INR0.26-0.27 cr per annum in FY20 and FY21 against term debt
obligation of INR0.19 cr per annum.  RDF has access to fund based
limits of 5.4 cr which are fully utilizaed over the 12 months ended
June 2019. The company has seen few instances of over utilization
of limits in the past.  The ability of the entity to meet its
repayments depends on an increase in accruals or access to
incremental fund based limits.

Outlook: Stable

CRISIL believes RDF will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if revenue and profitability or working capital
management or capital structure improves over the medium term. The
outlook may be revised to 'Negative' if lower than expected cash
accrual or stretch in working capital cycle, or any large
debt-funded capital expenditure further weakens financial risk
profile.

Incorporated in 2006, RDF, promoted by Mr Rajan Dsouza,
manufactures ready-made garments for men and children at its
facility in Vasai, Maharashtra.


SAFA TRADING: CRISIL Moves Rating on INR2cr Debt to B+/Cooperating
------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Safa Trading Company (STC)
to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. However,
the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating. Consequently, CRISIL is migrating the rating on bank
facilities of STC from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' to 'CRISIL B+/Stable/CRISIL A4'.

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

   Letter of Credit       3       CRISIL A4 (Migrated from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

The ratings continue to reflect STC's modest scale of operations
and below average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations
STC has modest scale of operations as reflected in revenue of
around INR35.5 crore in fiscal 2019. Plywood and Veneer trading
industry is intensely competitive due to presence of both
established as well as small players, which makes retaining
customers and as well as margin tough.

Going forward, CRISIL believes scale of the firm is expected to
remain modest over the medium term.

* Below average financial risk profile
STC has below average financial risk profile marked by high gearing
of more than 3 times. The same has happened due to low networth of
around INR1.26 crore as on March 31, 2019. However, in the absence
of any major debt funded capex plan and consistently improving
accruals, capital structure is expected to improve gradually over
the medium term.

Strength

* Extensive experience of the promoters:
The promoters of the firm have more than 10 years of experience in
trading of goods. The extensive experience of the promoter is
expected to help in establishing relations with the customers and
suppliers.

Liquidity

Average bank limit utilization for the last 12 months ended on June
2019 is high at around 98%. However in the absence of any major
repayment obligations, net cash accruals of around Rs. 34 lakh is
sufficient. Current ratio is moderate at .28 times.

Outlook: Stable

CRISIL believes STC will continue to benefit over the medium term
from the experience of the promoters. The outlook may be revised to
'Positive' if a substantial increase in revenue, profitability, and
cash accrual along with a prudent working capital management
strengthen the financial risk profile. Conversely, the outlook may
be revised to 'Negative' if delays in realization of receivables or
a sizeable withdrawal of capital weakens the financial risk
profile.

STC is a sole proprietorship firm promoted by Mr. Muhammed Yuffas
in 2016. STC is a Kerala based company with its main office at
Ernakulum and is into the trading of plywood and Veneer. The firm
imports majority of its goods from Asian countries like Singapore,
Indonesia, China, etc. and caters to the retail customers in
Kerala.


SAVITRI STEELS: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Savitri Steels
and Rerollings Private Limited (SSRPL) to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        1        CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit          13.5      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit      3.5      CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)
   Long Term Loan        5.0      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term    7.0      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSRPL for obtaining
information through letters and emails dated July 9, 2019, July 22,
2019 and July 26, 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 SSRPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSRPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

SRPL was incorporated in 2008, promoted by Mr. Kamal Kishore
Agarwal. The company has a manufacturing facility in Hyderabad for
thermo-mechanically-treated (TMT) bars.


SHREE HANUMAN: Ind-Ra Moves B+ Debt Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Hanuman
Mosaic & Marble's 'IND B+' Long-Term Issuer Rating with a Stable
Outlook to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR3.14 mil. Term loan due on December 2019 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 30, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Shree Hanuman Mosaic & Marble is a
proprietorship firm that trades tiles, marbles, and sanitary ware.


SHRI VAIJANATH: CRISIL Lowers Rating on INR10cr Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Shri
Vaijanath Industries Private Limited (SVPL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable Issuer Not Cooperating', as
there has been delay in repayment debt obligations.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           4.1      CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B-/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long Term    4.53     CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B-/Stable ISSUER NOT
                                  COOPERATING')

   Rupee Term Loan       1.37     CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with SVPL for obtaining
information through letters and emails dated December 27, 2018,
March 15, 2019 and March 20, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on the last available information, CRISIL has downgraded the
rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B-/Stable
Issuer Not Cooperating', as there has been delay in repayment debt
obligations.

SVPL was incorporated in 2008 as a private limited company by Mr.
Girish Huddar, Mr. Namdeo patil and Mr. Dayanand Shastri. The firm
is engaged in the manufacturing of tractor & farm equipment
primarily comprising gears. SVPL's manufacturing facility is
located in Kolhapur, Maharashtra.


SRI SAI SRINIVASA: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with the Securities
and Exchange Board of India guidelines, had migrated its rating on
the long-term bank facility of Sri Sai Srinivasa Rice Industries
Private Limited (SSSRIPL) to 'CRISIL B+/Stable Issuer Not
Cooperating'. However, the company's management has subsequently
begun sharing information necessary for a comprehensive rating
review. CRISIL is, therefore, migrating its rating from 'CRISIL
B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           9.5      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

The rating continues to reflect SSSRIPL's working capital-intensive
operations, below-average financial risk profile because of modest
networth, high gearing, and weak debt protection metrics, and
susceptibility to unfavourable regulatory changes and volatile
paddy prices. These weaknesses are partially offset by the
extensive experience of promoters in the rice milling industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations
Gross current assets were 78 days as on March 31 2019, because of
large inventory of 42 days (as rice is a seasonal product) and
moderate receivables.

* Below-average financial risk profile:

Networth was small at INR2.11 crore and gearing moderate at 1.71
times, as on March 31, 2019. Debt protection metrics were muted,
with interest coverage and net cash accrual to total debt ratios of
1.49 times and 8%, respectively, for fiscal 2019. Metrics will
remain at a similar level over the medium term.

* Susceptibility to unfavorable regulatory changes and volatile
paddy prices

Strict regulations on paddy prices, export/import policies, and the
rice release mechanism affect credit quality of players.
Profitability of rice mills is determined by the minimum support
price of paddy and prevailing rice prices. Paddy accounts for
85-90% of the production cost of millers. Hence, paddy prices are
susceptible to change in government policies.

Strength:

* Extensive experience of promoters

Benefits from the three-decade long experience of promoters,
location of the mill at the centre of heavy paddy-growing areas,
and healthy relationship with local traders and farmers would
continue. Promoters set up the company to widen their scale of
operations and are well-known among the local rice- growing and
-milling communities. Being high networth individuals, they also
have healthy relationship with the lending community.

Liquidity

Liquidity is adequate: cash accrual is expected at INR30 lakh over
the medium term against nil debt obligation. Bank limit utilisation
averaged 55% over the 12 months ended June 31, 2019. Current ratio
was 1.35 times as on March 31, 2019.

Outlook: Stable

CRISIL believes SSSRIPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant growth in revenue and operating
profitability strengthens financial risk profile. The outlook may
be revised to 'Negative' if aggressive, debt-funded expansions,
sharp drop in revenue and profitability, or stretch in working
capital weakens financial metrics.

Incorporated in 1998 and promoted by Mr Piduru Venkata Suresh Reddy
and his family, SSSRIPL mills and processes paddy into rice, bran,
broken rice, and husk. Facility is in Nellore, Andhra Pradesh.


SUDALAGUNTA SUGARS: CRISIL Migrates D Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sudalagunta
Sugars Limited (SSL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       15.05     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

   Cash Credit          92.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan       46.17     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   SEFASU Loan          12.37     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Warehouse Financing  24.85     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Working Capital
   Demand Loan           3.34     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSL for obtaining
information through letters and emails dated July 9, 2019,
July 22, 2019 and July 26, 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 SSL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

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

SSL was incorporated in 1994 by Mr S Jayaram Chowdary. The company
manufactures white sugar, which it sells to dealers in the domestic
market. It also exports to the Gulf countries and Singapore.


SWADESHI ALUMINIUM: CRISIL Lowers Rating on INR23cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Swadeshi Aluminium Company Private Limited (SACPL) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           23       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with SACPL for obtaining
information through letters and emails dated November 26, 2018,
December 20, 2018, and August 18, 2019, among others'and telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
the strategic intent of the company. This restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes the information available on SACPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower.

Due to irregularity in the bank facilities, CRISIL has downgraded
its rating on the long-term bank facility of SACPL to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'.

SACPL, based in Sonipat (Haryana), was established by Mr Shyam
Sunder Nagpal, Mr Satpal Nagpal, Mr Sanjay Nagpal, and Mr Som
Bhutani in 2000. It manufactures aluminium profiles used in the
real estate sector.


THREE C PROJECTS: NCLT Appoints Manish Kumar Gupta as IRP
---------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has ordered start of insolvency proceedings against
NCR-based realty firm Three C Projects Ltd and also appointed an
Interim Resolution Professional (IRP) to take over the management
of the debt-ridden company.

A two-member principal bench, headed by President Justice M M
Kumar, admitted a plea filed by five flat buyers who had booked
homes in the company's Lotus Zing project in Noida, Uttar Pradesh,
the report says.

According to ET, NCLT also directed the ex-management of Three C
Projects to "provide all documents in their possession and furnish
every information in their knowledge" within a period of one week
to the IRP.

The tribunal declared a moratorium, protecting the company from the
lenders by prohibiting them from recovering their dues for a
certain period, the report notes.

The NCLT order came on a petition filed by flat buyers of the
company for its project Lotus Zing, through their counsel Aditya
Parolia, Partner, PSP Legal, ET discloses.

The report says flat buyers, who are now treated as financial
creditors after recent amendments in the Insolvency and Bankruptcy
Code (IBC), had paid money to the realty firm as per their
construction-linked payment plans on various dates.

According to the buyer agreements, the flats were to be delivered
in 33 months in the year 2014, the report states.

ET relates that Three C Projects submitted that the petition
against it was not maintainable and that the project was delayed
due to various factors, including demonetisation, order from NGT
and farmers' unrest.

However, NCLT rejected the builder's argument, saying that
"submission made by the respondents (Three C Projects) is whole
unsustainable," ET relays.


ULTRA READY: CRISIL Moves D on INR44.68cr Loans to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ultra Ready
Mix Concrete Private Limited (URMCPL) to 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           25       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan       19.68     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with URMCPL for obtaining
information through letters and emails dated July 17, 2019, July
22, 2019 and July 26, 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 URMCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on URMCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

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

Started in 2005 and based in Coimbatore (Tamil Nadu), URMC
manufactures RMC. The operations are managed by Mr. S Sivasamy.


WELTIME FOOTWEAR: CRISIL Reaffirms B- Ratings on INR12.95cr Loans
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on bank
facilities of Weltime Footwear Private Limited (WFPL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Open Cash Credit       4.5       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .05       CRISIL B-/Stable (Reaffirmed)

   Term Loan              8.4       CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the company's weak liquidity,
average financial risk profile and large working capital
requirement. These weaknesses are partially offset by the extensive
industry experience of the promoters and improving scale of
operation with moderate margin.

Analytical Approach

Unsecured loans (INR4.50 crore as on March 31, 2019) from the
promoters and their family members have been treated as neither
debt nor equity as the loans are expected to remain in the business
over the medium term and are subordinated to bank loan.

Key Rating Drivers & Detailed Description

Weaknesses:

* Average financial risk profile: Financial risk profile is average
marked by high gearing at 2.71 times on account of modest net worth
at around 6.67 crore in fiscal 2019. Further, debt protection
metrics were moderate, with interest coverage and net cash accrual
to total debt ratios at 1.80 times and 0.07 time, respectively, for
fiscal 2019.

* Large working capital requirement: Operations are working capital
intensive, reflected in gross current assets of 250 days as on
March 31, 2019, on account of large receivables at around 134 days
and inventory at around 83 days for fiscal 2019.

Strengths:

* Extensive industry experience of the promoters: The promoters'
experience of around 30 years in the industry has helped them
develop strong relationships with suppliers and customers.

* Improving scale of operations with moderate margin: The company
has reported continuous revenue growth marked by CAGR at 52% in
last three fiscal and however revenue is modest at INR 28.57 crore
in fiscal 2019. The operating profitability was moderate at 9-10%
in the past two fiscals ending fiscal 2019and expected to remain in
same range in medium term.

Liquidity

Liquidity may remain week over the medium term in the absence of
sufficient cash accrual to repay the loan obligations, however
promoters are likely to extend support in the form of equity or
unsecured loans to the company to meet its working capital
requirements and repayment obligations. Further, bank limit was
also fully utilized over the past one year through Jun '19.

Outlook: Stable

CRISIL believes WFPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised to
'Positive' if increase in revenue and profitability along with
improvement in working capital requirement leads to better
financial risk profile. The outlook may be revised to 'Negative' if
there is a delay in financial support from promoters, or
significant increase in working capital requirement.

Established in 2014 as a private limited company and promoted by Mr
Mohd Hausildar, Mr Mohd Havaldar, and Mr Mohd Taiyab, WFPL
manufactures footwear including hawai chappals, sandals, and shoes.
Its manufacturing facility at Haryana has capacity of 30,000-35,000
pairs of shoes and sandals per day.




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

DELTA MERLIN: Fitch Lowers LT Issuer Default Rating to CC
---------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based textile manufacturer
PT Delta Merlin Dunia Textile's (DMDT) Long-Term Issuer Default
Rating to 'CC' from 'CCC-' and the rating on its senior unsecured
US dollar notes to 'CC'/'RR4' from 'CCC-'/'RR4'.

KEY RATING DRIVERS

Probable Default: The downgrade reflects the extremely high
liquidity issues faced by DMDT as the company may not be able to
meet its upcoming debt-servicing and forward-contract settlement
obligations in 3Q19. Fitch believes DMDT will use its
interest-reserve account to meet a scheduled bond interest payment
of around USD13 million due September 12, 2019 but will
subsequently be unable to maintain a minimum of one semi-annual
coupon payment in the account as required under the terms of its
USD300 million 8.625% bond. A failure to do so would constitute an
event of default if not cured within 30 days. Fitch thinks DMDT's
last reported cash of around IDR700 billion (around USD50 million)
as of March 30, 2019 may no longer be available to meet the
company's financial obligations after its explanation of a cash
drain due to slow sales, stretched working capital and settlement
of deeply out-of-the-money forward contracts.

DMDT has also requested for a deferral in the scheduled principal
amortisation payment on its USD79 million syndicated loan. The next
amortised principal payment is due September 20, and should DMDT
not obtain its creditors' consent for changes to the principal
repayment, the cross-default clause may be triggered, which would
in turn lead to an event-of-default under DMDT's US dollar bond.

Restricted Financial Flexibility: Fitch believes DMDT's access to
banks and capital markets is constrained by the reports of a number
of parent Duniatex group's entities missing their principal and
interest payments. The initial financial distress reportedly
occurred when DMDT's affiliate, PT Delta Dunia Sandang Tekstil
(DDST), one of Duniatex group's spinning companies, missed a
scheduled loan payment in July 2019. Fitch believes the common
ownership across the group and DMDT's integrated operations within
the Duniatex group give rise to contagion risk, which could make it
difficult for DMDT to refinance debt, including short-term
working-capital facilities, and may affect day-to-day operations
and its ability to service debt obligations.

Liquidity Affected by Foreign-Exchange Settlements: DMDT's
liquidity has also been affected by the settlement of the company's
US dollar forward contracts. DMDT, along with its affiliates,
typically hedges a portion of its US dollar requirements through
the use of forward contracts of six to 12 months. DMDT said the
company's foreign-exchange contracts are deeply out-of-the-money
and therefore the company faces material cash outflows from the
settlement of the contracts in the short term. This has limited the
company's ability to meet its debt repayment.

DERIVATION SUMMARY

DMDT's 'CC' rating reflects Fitch's assessment that the company is
exposed to a very high risk of default, especially in light of the
uncertainty over its ability to service its near-term debt
obligations and also maintain a minimum cash balance in the
interest-reserve account for the US dollar bond. Fitch believes
that default appears probable as DMDT's poor cash flow generation
due to the company's sales and profit margin deterioration, and the
significant drain on its cash balance make it difficult for the
company to service its interest and principal repayments in the
near term. Fitch thinks these factors also handicap DMDT's
financial flexibility and hamper its ability to obtain new loans to
support its liquidity profile.

KEY ASSUMPTIONS

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

  - Significant deterioration in net sales and profit margin
    in 2019 (2018 EBITDA margin: 21%)

  - No dividends for the next two years

Key Recovery Rating Assumptions

  - Fitch believes DMDT would be considered a going concern
    in a bankruptcy and would be reorganised rather than
    liquidated because of its nature as a
    manufacturing-based company

  - Fitch has assumed going-concern EBITDA of around
    IDR1.4 trillion, equal to its estimate of the level
    of EBITDA necessary to service the company's
    post-restructuring debt obligations, maintenance capex
    and working-capital requirements

  - An enterprise value (EV) multiple of 4x is used to
    calculate a post-reorganisation EV. Fitch believes
    this is closer to a distressed multiple, considering
    that other Indonesia-based textile and garment
    manufacturers - PT Sri Rejeki Isman Tbk (BB-/Stable) and
    PT Pan Brothers Tbk (B/Stable) - are trading at around
    5x and 10x EV/EBITDA multiples, respectively

  - Around IDR1.5 trillion of secured debt as of March 31, 2019
    has priority over the senior unsecured US dollar bond.  
    On the other hand, Fitch has assumed the forward contracts'
    settlement obligations will rank pari passu with the senior
    unsecured bond.

  - 10% administrative claim to be applied on the going-concern EV

  - These assumptions result in a recovery rate for senior
    unsecured notes within the 'RR3' range. However, because
    Indonesia falls into Group D of creditor friendliness under
its
    Country-Specific Treatment of Recovery Ratings Criteria, the
    recovery rate is subject to a soft cap of 'RR4', which maps
    to a senior unsecured rating of 'CC' in line with its
   Corporates Notching and Recovery Ratings Criteria

RATING SENSITIVITIES

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

  - DMDT demonstrates it has a credible-refinancing plan or
    liquidity-management strategy to address its liquidity issues

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

  - If the company enters into a grace or cure period

  - Announcement by the company, or its agent, of a distressed
    debt exchange

LIQUIDITY AND DEBT STRUCTURE

Poor Liquidity; High Refinancing Risk: DMDT had around IDR700
billion in cash compared with around IDR500 billion in debt
maturing in the next 12 months as of end-March 2019. The company
has not published its 2Q19 financials; however, Fitch expects
liquidity to be tight due to a combination of cash outflow relating
to the settlement of the US dollar forward contracts and further
working-capital outflow in the three months ended June 2019. Fitch
estimates DMDT may not have sufficient cash to address its upcoming
debt maturities in the next three months.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Fitch includes advance payments, which are mostly for raw
    materials, as part of the working-capital calculation

  - Shareholder loans are not treated as debt


SAWIT SUMBERMAS: Fitch Lowers Foreign Currency IDR to 'B-'
----------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based palm-oil producer PT
Sawit Sumbermas Sarana Tbk's (SSMS) Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'B-', from 'B+', and the rating on
the USD300 million 7.75% senior notes due 2023 issued by
subsidiary, SSMS Plantation Holdings Pte. Ltd., to 'B-', from 'B+',
with a Recovery Rating of 'RR4'. Fitch Ratings Indonesia has also
downgraded SSMS's National Long-Term Rating to 'BBB-(idn)', from
'A(idn)'. The Outlook is Stable.

SSMS's rating is based on the consolidated profile of its 54%
parent, PT Citra Borneo Indah (CBI). The downgrade follows a sharp
rise in net adjusted debt/EBITDAR leverage to above 5.0x in 2018,
significantly weakening CBI's financial profile. Fitch expects
leverage to increase to above 6.0x in 2019 on weak crude palm-oil
(CPO) prices; this is significantly above its previous negative
rating action sensitivity of 3.5x. The leverage spike in 2018
followed lower earnings at SSMS due to poor CPO prices and higher
unit costs, sustained losses at CBI's other businesses and a jump
in receivables from CBI's related parties.

However, leverage should improve to a level that is consistent with
a 'B-' rating of below 5.5x by 2020 on a rebound in CPO prices as
well as yields, following a weak 1Q19, due to increased fertiliser
use. Nonetheless, losses at CBI's other businesses, further large
outflow from related-party transactions and acquisitions and an
inability to control costs could drive leverage higher and further
weaken SSMS's credit profile.

'BBB' National Ratings denote a moderate default risk relative to
other issuers or obligations in the same country. However, changes
in circumstances or economic conditions are more likely to affect
the capacity for timely repayment than is the case for financial
commitments denoted by a higher rated category.

KEY RATING DRIVERS

Rating Based on Consolidated Profile: Fitch rates SSMS based on the
consolidated profile of its parent, CBI. Several of CBI's
subsidiaries, outside of SSMS, are loss-making; therefore, Fitch
assesses the parent, ex-SSMS, to have a weaker credit profile.
Fitch also deems legal and operational linkages between SSMS and
CBI to be strong, as SSMS's US-dollar notes have a cross-default
clause covering CBI and its subsidiaries outside of SSMS. A
majority of SSMS's board of commissioners are also on CBI's
management team.

Yields Likely to Rebound: Fitch expects SSMS's yields of
fresh-fruit bunches (FFB) to rebound - after falling by 16% yoy in
1Q19 and compounding the effect of weaker CPO prices on EBITDA -
due to management's focus on boosting output through increased
fertiliser use. Yields should then remain stable over the next two
to three years, as SSMS's average tree age is 11 years, compared
with a typical lifespan of around 20 years.

SSMS's 2018 yield, at around 24.5 tonnes per mature hectare, and
oil-extraction rate (OER) of 23% are above industry average. This
has supported SSMS's business profile and offset concentration risk
from poor weather and social unrest at its planted acreage of
around 71,300ha in a 60km radius in Central Kalimantan.

Unit Costs to Continue Rising: SSMS does not expect fertiliser use
or its labor force to increase significantly from 2018 levels, but
says wages are likely to continue to increase, which will push up
unit costs. Lower FFB yield in 2019 is another risk to unit costs,
which could weaken SSMS's cost position relative to peers. Unit
costs increased in 2018, even though price realisation fell due to
weaker CPO prices, which hurt SSMS's EBITDA. The company says the
cost increase was due to more intensive fertiliser use to improve
yields over the long term, around 30% increase in its labor force
and an 8% hike in wages in accordance with local regulations.

Losses at Other Businesses: Fitch believes CBI's businesses outside
of SSMS, which include a CPO refinery, industrial-park development
and operations in shipping, forest products and timber, are
generally loss-making. The refinery, which started operation in
2018, has struggled to ramp-up utilisation rates due to issues such
as insufficient tankage capacity. Fitch expects CBI to address the
issues and increase refinery throughput, but meaningful EBITDA
generation could take a couple of years. The outlook for better
earnings at the other businesses is unclear and continued losses at
these entities are a key risk to CBI's deleveraging.

Related-Party Transactions Hurt Profile: Fitch believes CBI's
complex group structure and extensive related-party transactions
increase cash flow volatility and hurt its overall credit profile,
as captured in SSMS's rating. A sharp increase in receivables from
CBI's related parties contributed to the jump in leverage in 2018.
Receivables, which were due to the advanced reimbursement of
related parties' operational expenses, fell in 1Q19 and Fitch
assumes a net cash inflow on account of related-party transactions
in 2019.

Acquisition Risk: Inorganic growth remains a part of SSMS's growth
strategy, since it has limited unplanted landbank. Management said
it will evaluate potential targets on the basis of valuation,
location and time-frame of value-accretion. SSMS intends to focus
on producing or planted assets that are contiguous to existing
acreage and immediately add to EBITDA. Fitch has not factored in
acquisitions in its forecast and see risk to deleveraging from
large transactions. In addition, the operating performance of
acquired assets may not be comparable with SSMS's plantation's
standards, which could pressure its business profile.

DERIVATION SUMMARY

SSMS's ratings are weaker than those of Sime Darby Plantation
Berhad (SDP, BBB+/Stable) and the subsidiaries of Golden
Agri-Resources Ltd.  (GAR) - PT Sinar Mas Agro Resources and
Technology Tbk (AA-(idn)/Stable), PT Ivo Mas Tunggal
(AA-(idn)/Stable) and PT Sawit Mas Sejahtera (AA-(idn)/Stable) -
whose ratings are based on GAR's consolidated profile. SDP and
GAR's subsidiaries are the world's largest palm-oil companies by
acreage, with planted areas of around 600,000ha and 500,000ha,
respectively, and are rated higher than SSMS due to their
significantly stronger business profiles. The two peers also have
significant downstream diversification, which lends some earning
stability. Fitch believes part of SDP's acreage in Malaysia can be
sold for alternate uses, such as property development, to generate
cash, improving the company's financial flexibility in times of
weak CPO prices.

SSMS's ratings can also be compared with those of PT Tunas Baru
Lampung Tbk (TBLA, B+/A(idn)/Stable). TBLA has smaller planted
palm-oil acreage than SSMS of around 40,000ha and weaker upstream
operating metrics, but it benefits from significant downstream
diversification and its sugar milling and refinery operations. It
is one of the few Indonesian peers with an integrated sugar
business. Fitch believes this diversification has helped the
company achieve comparatively stable performance in 2018. The net
adjusted debt/EBITDAR leverage ratio for both TBLA and CBI was 2.5x
in 2017. However, the increase in TBLA's leverage in 2018 to around
3.2x was much lower than for CBI.

KEY ASSUMPTIONS

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

  - CBI to earn consolidated revenue of IDR4.5 trillion in 2019,
jumping to IDR5.5 trillion in 2020

  - EBITDA margin of 21% in 2019 and 22% in 2020, based on a price
assumption for Malaysian benchmark CPO of USD490/tonne in 2019 and
USD550/tonne in 2020 (2018: USD555/tonne)

  - Annual group capex of around IDR800 billion

  - IDR300 billion inflow in 2019 from lower related-party
receivables

  - No acquisition-related spending or inflows from divestments

The recovery analysis assumes that SSMS would be reorganized as a
going-concern in bankruptcy rather than liquidated. Fitch also
assumes a 10% administration claim.

Going-Concern Approach

  - The USD300 million bonds are guaranteed by all of SSMS's key
operating subsidiaries, except PT Mitra Mendawai Sejati, as well as
by certain subsidiaries of CBI, which Fitch estimates are
loss-making. For recovery analysis, Fitch considers EBITDA and debt
at SSMS's consolidated level, as Fitch believes debt at CBI's other
subsidiaries is structurally subordinated and any losses at those
entities will not affect the valuation for SSMS's business
post-restructuring.

  - SSMS's going-concern EBITDA assumption of around IDR1 trillion
factors in weak CPO prices and allows the business to be free cash
flow neutral. The estimate corresponds to a 10% discount on SSMS's
2018 EBITDA and reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
enterprise valuation.

  - An enterprise valuation multiple of 5.0x EBITDA is applied to
the going-concern EBITDA to calculate a post-reorganisation
enterprise value, which is unchanged from its previous analysis.
The enterprise value translates to a valuation of around
USD5,000/ha of planted area.

  - SSMS had secured bank loans of IDR1.7 trillion as of end-March
2019. In its debt waterfall, this secured debt has priority over
the USD300 million senior unsecured notes.

  - The waterfall results in a recovery of over 50% for note
holders. However, Fitch rates the senior unsecured notes 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 located in this group of countries 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

  - Adjusted net debt/EBITDAR below 4.5x on a sustained basis

  - Neutral to positive free cash flow generation

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

  - Adjusted net debt/EBITDAR above 5.5x for a sustained period

  - Evidence of weakening liquidity, potentially due to sustained
cash outflows for related-party transactions

LIQUIDITY

Adequate Liquidity, but Lumpy Maturities: CBI had cash and cash
equivalents of around IDR2.1 trillion at end-March 2019, of which
around IDR1.9 trillion was at the SSMS consolidated level. Debt
maturing within the next 12 months at CBI was around IDR740
billion, of which IDR560 billion comprised short-term bank loans.
SSMS only had IDR108 billion of long-term debt maturing within the
next 12 months. CBI's considerable cash balance underpins its
liquidity, although Fitch expects the group to generate negative
free cash flow.




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

TAKATA CORPORATION: Airbag Inflator Defect Claim Process Ongoing
----------------------------------------------------------------
Professor Eric D. Green, Special Master for the Department of
Justice's Takata Airbag Individual Restitution Fund and Trustee of
the Tort Compensation Trust Fund Created in the Takata Bankruptcy
Cases, on Aug. 19, 2019, issued the following statement:

         Takata Defective Airbag Claims

Professor Eric D. Green, as Special Master and Trustee, announced a
compensation program in May 2018 for individuals who have suffered
or will suffer personal injury or wrongful death caused by the
rupture or aggressive deployment of a Takata phase-stabilized
ammonium nitrate airbag inflator (a "Takata Airbag Inflator
Defect").  Under that program, claimants may seek compensation from
the Department of Justice's $125 million Individual Restitution
Fund ("IRF") and/or the approximately $140 million Takata Airbag
Tort Compensation Trust Fund ("TATCTF").  The claim process is
ongoing and eligible claimants still have time to act.

There are three types of claims that can be brought by individuals
who suffered injury or wrongful death caused by a Takata Airbag
Inflator Defect: (i) an "IRF Claim" against Takata for compensation
from the IRF, the personal injury and wrongful death restitution
fund overseen by the Special Master and established under the
Restitution Order entered by the United States District Court for
the Eastern District of Michigan in connection with the Department
of Justice's criminal case against Takata, U.S. v. Takata
Corporation, Case No. 16-cr-20810 (E.D. Mich.); (ii) a "Trust
Claim" against Takata for compensation from the TATCTF, the
personal injury and wrongful death trust fund overseen by the
Trustee and established in connection with Takata's Chapter 11 Plan
of Reorganization in the Bankruptcy Court for the District of
Delaware, and (iii) a "POEM Claim" against a Participating Original
Equipment Manufacturer (a "POEM;" presently the only POEM is
Honda/Acura) for compensation from the POEM, which must be resolved
through the TATCTF overseen by the Trustee.   

Each of these three types of claims has its own eligibility
requirements; however, each claim type covers only physical
injuries and wrongful death resulting from a Takata Airbag Inflator
Defect.  Claims related to injuries or wrongful death caused by
other airbag components -- such as airbag failure to deploy,
spontaneous airbag deployment, crash injuries unrelated to the
inflator, or economic losses unrelated to physical injuries or
death -- are not covered by the three types of claims described
above.

Individuals can access the claim forms, which include detailed
instructions regarding how to file a claim, on the IRF website,
www.takataspecialmaster.com, or on the TATCTF website,
www.TakataAirbagInjuryTrust.com.

  Oversight of the Claims Process and Resources for More
Information

Professor Green was appointed by the District Court to serve as the
Special Master overseeing IRF Claims and was appointed by the
Bankruptcy Court to serve as the Trustee overseeing Trust Claims
and POEM Claims.

For more information about eligibility requirements, filing
deadlines and how to file a claim, please visit
www.takataspecialmaster.com, www.TakataAirbagInjuryTrust.com, email
Questions@TakataAirbagInjuryTrust.com, or call us toll-free at
(888) 215-9544.

                        About Takata Corp.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the U.S.,
amid recall costs and lawsuits over its defective airbags.  Takata
and its Japanese subsidiaries commenced proceedings under the Civil
Rehabilitation Act in Japan in the Tokyo District Court on June 25,
2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
17-11375) on June 25, 2017.  Together with the bankruptcy filings,
Takata announced it has reached a deal to sell all its global
assets and operations to Key Safety Systems (KSS) for US$1.588
billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.

PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata.  Ernst & Young LLP is
tax advisor.  Prime Clerk is the claims and noticing agent.  The
Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor.  UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of the
Chapter 11 Debtors, obtained an order of the Ontario Superior Court
of Justice (Commercial List) granting, among other things, a stay
of proceedings against the Chapter 11 Debtors pursuant to Part IV
of the Companies' Creditors Arrangement Act.  The Canadian Court
appointed FTI Consulting Canada Inc. as information officer.  TK
Holdings, as the foreign representative, is represented by McCarthy
Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and Tyson
Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New York;
and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in Washington, D.C., as its bankruptcy counsel.  The Committee
has also tapped Chuo Sogo Law Office PC as Japan counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel.  Gilbert LLP will evaluate of the
insurance policies.  Sakura Kyodo Law Offices will serve as special
counsel.

Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP and
Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan.  The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.

                          *     *     *

In February 2018, the U.S. Bankruptcy Court confirmed the Fifth
Amended Chapter 11 Plan of Reorganization filed by TK Holdings,
Inc. ("TKH"), Takata's main U.S. subsidiary, and certain of TKH's
subsidiaries and affiliates.




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

FP IGNITION 2019-1: Fitch Rate Class F Notes 'B+(EXP)'
------------------------------------------------------
Fitch Ratings has assigned expected ratings to Series 2019-1 of the
FP Ignition Trust 2011-1 New Zealand's pass-through floating-rate
notes. The issuance consists of notes backed by a pool of
passenger, light and heavy commercial vehicle operating and finance
leases originated by Eclipx Fleet Holding Limited (FleetPartners
NZ), the New Zealand subsidiary of FleetPartners Limited. The notes
will be issued by NZGT Trustee Limited as trustee for FP Ignition
2019-1.

Series 2019-1 of the FP Ignition Trust 2011-1 New Zealand

Class A      LT  AAA(EXP)sf  Expected Rating
Class B      LT  AA(EXP)sf   Expected Rating
Class C      LT  A(EXP)sf    Expected Rating
Class D      LT  BBB(EXP)sf  Expected Rating
Class E      LT  BB(EXP)sf   Expected Rating
Class F      LT  B+(EXP)sf   Expected Rating
Class G      LT  NR(EXP)sf   Expected Rating
Originator   LT  NR(EXP)sf   Expected Rating

KEY RATING DRIVERS

Macroeconomic Factors: The Stable Outlook is supported by New
Zealand's strong and benign macroeconomic environment, which is
underpinned by robust governance, a solid policy framework and
sound prudential fiscal management. Fitch forecasts the economy to
grow at 2.8% in 2019, supported by low unemployment and high net
migration.

SME Borrower Credit Risk: Fitch analysed annual default rates
associated with the underlying portfolio to derive a one-year
default probability assumption for each contract type. The default
probability assumption was added to Fitch's proprietary portfolio
credit model (PCM), together with other key variables, including
the portfolio amortisation profile, portfolio concentration and
industry distributions. The derived default probability for the SME
portfolio is 1.3%. The PCM-derived results were applied to Fitch's
cash flow modelling.

Obligor Concentration: The pool's 20-largest obligors account for
26.8% of the asset balance. Fitch deems this concentration higher
than that usually observed in ABS transactions, but notes that none
of the underlying leases are extended to consumer lessees and has
therefore derived default assumptions that take into account lessee
concentration and correlation risk, in line with its SME criteria.

Portfolio Analysis: The underlying collateral pool consisted of
8,547 leases to 1,866 obligors, totalling NZD262.1 million as at
the July 31, 2019 cut-off date. The portfolio consists
predominantly of operating leases with underlying collateral
comprising passenger vehicles (49.5%), light commercial vehicles
(45.1%) and heavy commercial vehicles (5.4%). The leases are
extended to obligors spanning various industries throughout New
Zealand.

Residual Value Risk: Residual value (RV) risk is present, as the
portfolio comprises 93.9% operating leases with a weighted-average
(WA) RV of 63.0% associated with the leases. Fitch assumes a
'AAAsf' RV loss of 13.0%.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and is likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.




===============
P A K I S T A N
===============

PAKISTAN: S&P Affirms B-/B Sovereign Credit Ratings, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings, on Aug. 29, 2019, affirmed its 'B-' long-term
and 'B' short-term sovereign credit ratings on Pakistan. The
outlook for the long-term rating is stable. S&P also affirmed its
'B-' long-term issue rating on Pakistan's senior unsecured debt and
sukuk trust certificates.

Outlook

S&P said, "The stable outlook reflects our expectations that donor
and partner financing will ensure that Pakistan is able to meet its
external obligations over the next 12 months, and that external,
fiscal, and economic metrics will not deteriorate materially beyond
our current projections.

"We may lower our ratings if Pakistan's fiscal, economic, or
external indicators continue to deteriorate, such that the
government's external debt repayments come under pressure.
Indications of this would include GDP growth below our forecast, or
external or fiscal imbalances higher than what we expect.

"Conversely, we may raise our ratings on Pakistan if the economy
materially outperforms our expectations, strengthening the
country's fiscal and external positions more quickly than
forecast."

Rationale

The ratings on Pakistan reflect subdued expectations for the
country's economic growth, heightened external indebtedness and
liquidity needs, and an elevated general government fiscal deficit
and debt stock. While Pakistan has secured financial aid from the
IMF and numerous other international partners to address its
immediate external financing needs, fiscal and external imbalances
will remain elevated over the near to medium term.

Institutional and economic profile: Economic outlook subdued amid
financial, fiscal stress

-- Subdued domestic sentiment, a negative fiscal impulse, and
difficult external conditions will weigh on economic growth over
the medium term.

-- Pakistan's very low income level remains a rating weakness.

-- Inadequate infrastructure and security risks continue to be
structural impediments to foreign direct investment and sustainable
economic growth.

The economic slowdown results from a paucity of growth drivers. In
particular, real investment contracted sharply by 8.9% in the
fiscal year ended June 2019, the worst performance since fiscal
2011. Prospects for a rapid recovery in investment are limited
owing to the fading impulse from China-Pakistan Economic Corridor
(CPEC) related projects, along with cautious sentiment in the
private sector.

Nevertheless, the government has begun to implement more powerful
economic reform measures, in line with its agreement to a US$6
billion, 39-month extended funding facility with the IMF. Chiefly,
these include fiscal reforms aimed at increasing the government's
revenue mobilization, as well as the introduction of and commitment
to a more flexible, market-determined exchange rate regime. The
government's fiscal 2020 budget, announced in July, aims to boost
revenue by 1.7% of GDP this fiscal year, primarily through
improvements to the government's sales and income tax regimes.

The ratings on Pakistan remain constrained by a narrow tax base and
domestic and external security risks, which continue to be high.
Although the country's security situation has gradually improved
over the recent years, ongoing vulnerabilities weaken the
government's effectiveness and weigh on the business climate.

Pakistan's economy has begun a period of structural adjustment
which entails slower real GDP growth as officials address
significant external and fiscal imbalances. In view of the negative
impulse stemming from the government's nascent fiscal reforms, as
well as weak domestic and external demand conditions, we expect
real GDP growth to fall to 2.4% this fiscal year--a 12-year low.
Taken together with Pakistan's relatively fast population growth of
approximately 2.0% per year, real per capita economic growth will
fall to an anemic 0.4%. That will contribute to a decline in
Pakistan's 10-year weighted average per capita growth to 1.8%,
below the global average of 2.3% for economies at a similar level
of income.

The Pakistani rupee's approximately 25% depreciation against the
U.S. dollar in fiscal 2019 has also contributed to a decline in the
economy's nominal GDP per capita. S&P forecasts GDP per capita to
fall to just above US$1,200 by the end of this fiscal year, versus
US$1,565 in fiscal 2017-2018.

Although S&P believes that economic reforms, including the
introduction of enhanced flexibility for the Pakistani rupee, will
help to stabilize and eventually support a recovery in economic
activity, this effect is unlikely to sufficiently offset the loss
in momentum in the economy during this period of acute fiscal and
external stress.

Growth will also be constrained by domestic security challenges and
extended hostility with neighboring India and Afghanistan. These
conditions, along with inadequate infrastructure, mainly in
transportation and energy, are additional bottlenecks to foreign
direct investments. The former Pakistan Muslim League government
improved the security situation within the country, and we would
expect the Pakistan Tehreek-e-Insaf (PTI) government to continue
this positive momentum. However, tensions with neighboring India
have flared on multiple occasions in 2019, and further incidents,
especially in the vicinity of the line of control in Kashmir,
cannot be ruled out.

Flexibility and performance profile: Reforms and partner funding to
help stabilize acute fiscal and external stresses

-- Structural imbalances have contributed to a significant
weakening in external metrics.

-- Pressure on external and fiscal accounts should stabilize from
2020 onward, although it will remain elevated for some time.

-- S&P forecasts net general government debt to rise toward 75% of
GDP by the end of fiscal 2022 before leveling off. Meanwhile,
Pakistan's interest-servicing burden will average more than 40% of
total revenue over the next three years.

Pakistan is facing considerable external and fiscal pressure
following a significant rise in both general government and
external indebtedness in the fiscal year ended June 2019. These
metrics have deteriorated owing largely to aggressive external fund
raising and the rupee's rapid depreciation, because the central
bank allowed the currency to weaken in line with fundamentals
following a period of overvaluation.

In order to meet the economy's elevated external funding needs, the
government has secured substantial foreign exchange support from a
large contingent of multilateral and bilateral creditors. Creditors
including the IMF, Saudi Arabia, UAE, Qatar, and China, among
others, have committed to total support for Pakistan of
approximately US$38 billion. These funds will help to alleviate
acute external stresses and to supplement the central bank's
limited foreign exchange reserves.

International support has coalesced around the IMF's Extended Fund
Facility (EFF), which has helped to ensure sufficient funding for
Pakistan's considerable external financing needs throughout the
duration of the 39-month program, which began in July 2019.

S&P said, "We believe the combined support from Pakistan's
international partners will add to debt, but will also help to
smooth pressing external financing needs. However, more will need
to be done to stem Pakistan's vulnerability over the long term,
especially on export promotion and energy security. The country's
current account deficit decreased to 4.8% of GDP in the fiscal year
ended June 2019, from 6.3% the year before. The narrowing of the
deficit was due largely to import compression amid weakening
demand, especially following official administrative measures,
along with the decreased purchasing power of the Pakistani rupee.
We expect the current account deficit to continue to decline
gradually over the next few years as the economy rebalances.

"Although we expect the current account deficit to decline somewhat
over the next three years, Pakistan's external financing and
indebtedness metrics exhibit significant stress. Its high degree of
external stress is marked by a continued rise in the economy's
gross external financing needs relative to its current account
receipts and usable reserves; we forecast this ratio will climb to
approximately 161% at the end of fiscal 2020, versus approximately
133% at the end of fiscal 2018. We deduct approximately US$8
billion from gross reserves owing to the central bank's net short
position with the domestic commercial banking sector, resulting in
usable reserves of just US$1.9 billion as of the end of fiscal
2019.

"Although we believe the central bank will gradually pare down its
net short position over the coming years, usable reserves will
remain modest in terms of import cover. Meanwhile, we project the
country's narrow net external debt will rise to approximately 188%
of current account receipts this fiscal year, from just 140% two
years prior. Although external aid will help to meet immediate
payment needs, indebtedness will also rise."

Pakistan's fiscal profile has deteriorated, as evident from a surge
in the general government's budget deficit to an estimated 8.9% of
GDP in fiscal 2019. The government is in the process of
implementing difficult reform measures, which will aim to rein in
its deficit largely through revenue generation. Change in net
general government debt rose to 13.3% in fiscal 2019 versus 9.3% in
the previous year, largely owing to the government's higher fiscal
deficit, the depreciation of the Pakistani rupee, and borrowing
from bilateral and multilateral partners.

Under the auspices of the IMF EFF program, the government has
elucidated its aim to consolidate its fiscal accounts, and S&P
believes it can make material progress toward achieving lower
annual fiscal deficits and a greater revenue share of GDP.
Pakistan's ratio of tax revenue to GDP remains one of the lowest
among sovereigns that S&P rates, and improvements in collection
will be critical in determining the success of its fiscal reform
program.

Constructive measures including the withdrawal of exemptions and
preferential rates under the government's sales tax regime, a
rationalization of income tax thresholds and rates, and the
augmentation of Federal Excise Duties, among others, should help to
solidify the government's revenue base beginning this fiscal year.
A proposed strengthening of the Fiscal Responsibility and Debt
Limitation Act should contain fiscal risks over the long term.

Reforms in the energy sector also constitute an important pillar of
the government's agenda, especially given the recent rise in
circular debt (arrears) stemming from imbalances in the power
sector. The total stock of circular debt stood at more than 4% of
GDP as of March 2019, according to IMF estimates. This poses a
contingent liability to the sovereign. The authorities'
implementation of an automatic quarterly tariff adjustment scheme,
along with further structural changes to the sector under its
comprehensive strategy planned for introduction in September,
should help to alleviate this risk.

S&P said, "However, we also note the difficulty in growing revenue
as a share of GDP during a period of muted economic growth; we
therefore expect the government's revenue-to-GDP ratio to rise only
gradually over the next three years. We forecast the average annual
change in net general government debt at 6.9% of GDP through 2022,
which is higher than our previous expectations.

"Coupled with our lower expectations for real GDP growth, the
forecast fiscal deficits will gradually raise net general
government indebtedness close to 75% of GDP by the end of 2022.

"Pakistan's unusually high interest expense relative to fiscal
revenue is an additional constraint on our assessment of the
government's debt burden. Interest expense consumes more than a
third of government revenue, partly a function of its narrow tax
base.

"Pakistan's banking system is relatively small by international
standards, with total bank assets comprising approximately 56% of
GDP. We do not have a Banking Industry Country Risk Assessment on
Pakistan. However, its banking system appears stable, reflecting
its high profitability, adequate liquidity, and strong
capitalization. Combining our view of Pakistan's government-related
entities and its financial system, we assess the country's
contingent fiscal risks as limited. That said, at more than 20% of
total system assets, Pakistan's banking system bears an outsized
exposure to the sovereign.

"We believe the State Bank of Pakistan's (SBP) autonomy and
performance has strengthened since the setup of a monetary policy
committee for rate-setting in January 2016. The SBP's interest rate
corridor helps the monetary transmission mechanism by providing
directions for short-term market interest rates. The central bank
has also allowed the Pakistani rupee to float more freely and to
find its level over recent quarters, which should mitigate the risk
of further external imbalances in future.

"However, inflationary pressure is likely to remain elevated in
fiscal 2020 following the recent depreciation of the rupee. From
2020 onward, we expect inflation to gradually decline toward its
long-term trend. The government's commitment to end budget
financing by the SBP starting July 2019 should also assist in
cutting inflationary pressure over the medium term."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed

  Pakistan
    Sovereign Credit Rating      B-/Stable/B
    Transfer & Convertibility
     Assessment                  B-

  Pakistan
    Senior Unsecured             B-
    Short-Term Debt              B

  Second Pakistan International
  Sukuk Co. Ltd. (The)
    Senior Unsecured             B-

  The Third Pakistan
  International Sukuk Company
  Limited
    Senior Unsecured             B-




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

KITCHEN CULTURE: 2019 Full-Year Loss Narrows to SGD3.7 Million
--------------------------------------------------------------
Rachel Mui at The Business Times reports that Kitchen Culture
Holdings saw its 2019 full-year net loss narrow to SGD3.7 million
from SGD4 million last year, though the supplier of high-end
kitchen systems continued to face a slump in its residential
projects, as well as its distribution and retail segments.

For the 12 months ended June 30, loss per share (LPS) stood at 3.1
Singapore cents, from four cents previously, the report discloses.


BT says revenue slipped 26.7 per cent to SGD10.5 million,
attributable to lower contributions from its residential projects
segment by 40.5 per cent, or SGD2 million; and from its
distribution and retail segment by 19.2 per cent, or SGD1.8
million.

The decline in revenue occurred across the group's operations in
Singapore, Malaysia and Hong Kong, but was partially offset by
increases in revenue from China, the company said, BT relays.

No dividend has been declared as the group is loss-making for the
year, and has accumulated losses of SGD13.9 million as at end June
this year, the report adds.

According to BT, commenting on the group's results, Kitchen Culture
noted that its retail and distribution business has been slow in
the past few years, though it is seeing more orders from its
overseas markets, despite the consolidation of its showrooms in
Hong Kong.

Based on deposits received from customers, the group's order book
for kitchen appliances and kitchen systems stands at SGD4.5
million. There are also plans to add new brands of appliances to
the group's portfolio of products, the company said, BT relays.

In addition, the group's residential projects business in the past
three years had also faced "significant challenges", due to the
dearth of projects in the premium market, which the group says it
has a competitive advantage in, relates BT.

That said, due to the high numbers of en-bloc projects in Singapore
last year, its management has noted a surge in new project
launches, the report relays. "The group has managed to capitalise
on this, and our order book pipeline (based on letters of award and
intent) currently stands at SGD19.1 million for five residential
projects in Singapore, and SGD3.4 million for a residential project
in Hong Kong, which are expected to be completed over the next two
to three years," the company, as cited by BT, added.

Singapore-based Kitchen Culture Holdings Ltd. --
https://www.khlmktg.com/ -- sells and distributes imported kitchen
systems, kitchen appliances, wardrobe systems, and household
furniture and accessories under the Kitchen Culture brand name. It
operates through Residential Projects, and Distribution and Retail
segments.


MAGNUS ENERGY: Posts SGD16.2-Mil. Net Loss in Q4 Ended June 30
--------------------------------------------------------------
Vivienne Tay at The Business Times reports that Catalist-listed
Magnus Energy on Aug. 30 posted a fourth quarter net loss of
SGD16.2 million, widening from a loss of SGD13.5 million a year
ago.

This was due to its fiscal 2018 winding down of its oil and gas
equipment distribution segment in South-east Asia and Australia,
tempered by one-off gains, BT says.

Loss per share stood at 0.13 Singapore cent, from 0.12 cent a year
ago. No dividend has been declared, unchanged from a year ago, the
group said in a regulatory filing, BT relays.

Meanwhile, fourth quarter revenue fell 23.4 per cent to SGD4.5
million, from SGD5.9 million a year ago. The group's other income
saw one-off gains from the disposal of its joint venture in India
for around SGD0.6 million, the sale of oil and gas equipment
inventories for around SGD0.8 million, and dividend income of about
SGD0.1 million, BT discloses.

For the full year ended June this year, Magnus Energy's net loss
widened to SGD17.5 million, from SGD14.8 million a year ago, BT
discloses. LPS was at 0.14 Singapore cent, from 0.13 cent a year
ago.

BT relates that the group's revenue dropped 7.2 per cent to SGD17.6
million, from SGD18.9 million a year ago. Out of that amount,
around SGD12.2 million was from the group's United States
subsidiary, with the remaining contributed from the disposal of
remaining inventories in Australia and Singapore subsidiaries.

On outlook, the group said its focus remains in the energy sector
and its oilfield equipment supplies and services segment with
principal subsidiary Mid-Continent Equipment Inc in the US, the
report relays.

According to BT, the recent disposal of the business in South-east
Asia has also enabled Mid-con Group, an indirect subsidiary, to
rationalise its business and costs structure -- allowing it to
focus its resources and efforts into territories such as the US.

BT relates that the group said it is expecting funds from the
capital reduction in Mid-con Group, and that it intends to use the
funds as working capital.

Magnus Energy also said that it has provided for an impairment loss
of SGD12.9 million for a microalgae crude oil production plant that
it failed to bring into production phase. This was due to funding,
contamination and low growth rates of microalgae, among other
reasons, the report relays.

It had initially embarked on the pilot commercialisation of
microalgae crude oil with the objective of providing a renewable
source of energy.

"However, as these are exploratory and require further funding, the
group continues to explore other options for the resolution of
these issues," Magnus Energy, as cited by BT, added.

BT adds that the group also said it is exposed to movements in the
US dollar and the Australian dollar as a result of operations in
the US and Australia. Thus, the strengthening or weakening of these
currencies may have "significant impact" on the group's future
results.

Magnus Energy shares have been suspended since Aug. 23, BT notes.

Magnus Energy Group Limited -- https://www.magnusenergy.com.sg/
--is an upstream oil and gas company. The Company's businesses
involves oil and gas equipment distribution in Asia Pacific, gas
exploration in Australia, crude oil production in China and coal
mining activities in Indonesia.



                           *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2019.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***