TCRAP_Public/190912.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, September 12, 2019, Vol. 22, No. 183

                           Headlines



A U S T R A L I A

ABI (WA) PTY: First Creditors' Meeting Set for Sept. 24
AXSESSTODAY LIMITED: Cerberus Signs Agreement to Acquire Firm
BLITZ SERVICES: Second Creditors' Meeting Set for Sept. 19
LITTLE TAMMY: First Creditors' Meeting Set for Sept. 19
MARESI CORPORATIONS: Second Creditors' Meeting Set for Sept. 18

MESOBLAST LIMITED: Reports $89.8 Million Net Loss for Fiscal 2019
NORNICO PTY: Second Creditors' Meeting Set for Sept. 20
RUBICOR GROUP: Likely Traded While Insolvent, Administrators Say
SAPPHIRE XXII: Moody's Gives (P)B2 Rating on AUD2.25MM Cl. F Notes
TOLBALE PTY: Second Creditors' Meeting Set for Sept. 18



C H I N A

ANBANG INSURANCE: Sells Luxury Hotels to Mirae for US$5.8 Billion
CBAK ENERGY: Grants 1.9 Million Restricted Share Units
HILONG HOLDING: Fitch Affirms B+ LongTerm IDR, Outlook Stable


H O N G   K O N G

BANK OF EAST ASIA: S&P Rates AT1 Undated Capital Securities 'BB'
BANK OF EAST: Moody's Rates New AT1 Securities 'Ba2(hyb)'


I N D I A

AB&CO GLOBAL: ICRA Keeps 'D' Debt Ratings in Not Cooperating
ADITYA ESTATES: NCLAT Upholds NCLT Order to Initiate Insolvency
ANOOP FORGINGS: ICRA Reaffirms B- Rating on INR4cr Cash Loan
ASIAN LAKTO: ICRA Moves B+ on INR13cr Loan to Not Cooperating
AZURE POWER: Moody's Rates New 5.25Yr USD Sr. Unsec. Notes 'Ba2'

BICERO TILES: ICRA Reaffirms B+ Rating on INR15cr Term Loan
D.R. COATS: ICRA Keeps B+ on INR12cr Loan in Not Cooperating
FAITH LUMBER: ICRA Withdraws B+ Rating on INR21.75cr Cash Loan
FINOLITE CERAMIC: ICRA Keeps B on INR23cr Loan in Not Cooperating
G.N. PAL: ICRA Withdraws B+ Ratings on INR14cr Loans

HIMALAYA FOOD: ICRA Keeps D Debt Ratings in Not Cooperating
KARUN RICE: ICRA Keeps B on INR7cr Loans in Not Cooperating
PANACHE EXPORTS: ICRA Keeps D on INR21cr Loans in Not Cooperating
PARVATI SOLVENT: ICRA Keeps D on INR12.7cr Loans in Not Cooperating
PRAVIN ELECTRICALS: ICRA Cuts Rating on INR7cr Cash Loan to B+

PREHARI PROTECTION: ICRA Lowers Rating on INR2cr Loan to D
PROTAC FOODS: ICRA Keeps D on INR22cr Loans in Not Cooperating
SALGUTI INDUSTRIES: ICRA Reaffirms B+ Rating on INR17.4cr Loan
SANKALP ENGINEERING: ICRA Keeps D on INR84cr Debt in NonCooperating
SEPAL CERAMIC: ICRA Keeps B+ on INR3.4cr Loans in Not Cooperating

SHREE NAVKAR: ICRA Keeps B+ on INR10cr Loan in Not Cooperating
SHRI SHYAMJI: ICRA Keeps D Debt Ratings in Not Cooperating
SUDARSHAN TV: ICRA Keeps D Debt Ratings in Not Cooperating
VIDEOCON INDUSTRIES: SBI Asked Not to Sell Firm's Overseas Assets
WARADE PACK: ICRA Keeps B on INR5cr Loans in Not Cooperating

YASH PAL: ICRA Keeps B+ on INR19cr Loans in Not Cooperating


N E W   Z E A L A N D

[*] NEW ZEALAND: SMEs Struggling with NZ$7.4BB Overdue Payments


V I E T N A M

MONG DUONG: Fitch Rates USD Secured Notes Due 2029 'BB'

                           - - - - -


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

ABI (WA) PTY: First Creditors' Meeting Set for Sept. 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of ABI (WA) Pty
Ltd will be held on Sept. 24, 2019, at 10:30 a.m. at Level 4, at 15
Ogilvie Road, in Mount Pleasant, WA.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
was appointed as administrator of ABI (WA) on Sept. 11, 2019.


AXSESSTODAY LIMITED: Cerberus Signs Agreement to Acquire Firm
-------------------------------------------------------------
Cerberus Capital Management, L.P. and its affiliates have executed
a Deed of Company Arrangement related to certain subsidiaries of
Axsesstoday Limited, a provider of equipment finance solutions to
small and medium businesses in Australia. Upon closing of the
transaction, Axsesstoday will operate as a privately held company,
majority-owned by Cerberus.

"Axsesstoday is a recognized specialist lender for commercial
equipment for businesses across Australia," commented Lee
Millstein, President of Cerberus Global Investments. "We look
forward to leveraging our industry expertise, operating experience,
and financial resources to expand the Company's platform. Together
with the Axsesstoday team, we are confident we will be able to
strengthen the Company, capitalize on growth opportunities, and
meet the equipment financing needs of customers."

The partnership between Cerberus and the Axsesstoday management
team will represent Cerberus' second successful acquisition in
Australia. In 2018, Cerberus acquired Bluestone Mortgages, a
leading specialist mortgage lending and servicing business with
operations in Australia, New Zealand, and the Philippines.

The transaction is expected to close by the end of September 2019.

Vaughan Neil Strawbridge, Salvatore Algeri and Glen Kanevsky of
Deloitte were appointed as administrators of Axsesstoday Limited
and related entities on April 7, 2019.


BLITZ SERVICES: Second Creditors' Meeting Set for Sept. 19
----------------------------------------------------------
A second meeting of creditors in the proceedings of:

  -- Blitz Services Pty Ltd, trading as Newcastle Mini Cranes
  -- Karlee Crane Services Pty Ltd
  -- Trailer Cranes (Australia) Pty Ltd

has been set for Sept. 19, 2019, at 11:00 a.m. at the offices of SV
Partners, Suite 3, Level 3, at 426 King Street, in Newcastle West.

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. 18, 2019, at 5:00 p.m.

Daniel Jon Quinn and Joshua-Lee Robb of SV Partners were appointed
as administrators of Blitz Services on June 13, 2019.


LITTLE TAMMY: First Creditors' Meeting Set for Sept. 19
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Little Tammy
Pie Factory Pty Ltd will be held on Sept. 19, 2019, at 10:00 a.m.
at the offices of Chifley Advisory, Suite 1903, Level 19, at 31
Market Street, in Sydney, NSW.

Gavin Moss of Chifley Advisory was appointed as administrator of
Little Tammy on Sept. 9, 2019.


MARESI CORPORATIONS: Second Creditors' Meeting Set for Sept. 18
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Maresi
Corporations Pty. Ltd. has been set for Sept. 18, 2019, at 11:00
a.m. at the offices of Paladin Advisory, Suite 3, at 1004 Doncaster
Road, in Doncaster East, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 17, 2019, at 4:00 p.m.

Dino Berardino Calvisi of Paladin Advisory was appointed as
administrator of Maresi Corporations on Aug. 20, 2019.


MESOBLAST LIMITED: Reports $89.8 Million Net Loss for Fiscal 2019
-----------------------------------------------------------------
Mesoblast Limited reported a net loss attributable to the owners of
the Company of US$89.79 million on US$16.72 million of revenue for
the year ended June 30, 2019, compared to a net loss attributable
to the owners of the Company of US$35.29 million on US$17.34
million of revenue for the year ended June 30, 2018.

The increase in the loss is primarily due to commercial
manufacturing investment of US$9.9 million to support potential
launch of remestemcel-L, and an increase of US$9.5 million in
finance costs.  Additionally, in the FY2018 comparative period, the
Company recognized a one-off non-cash income tax benefit of US$23.0
million primarily due to a revaluation of tax liabilities given
changes in tax rates and a non-cash US$10.5 million gain on
remeasurement of contingent consideration for reduction of future
payments to third parties.

Revenues comprised:

   * US$10.0 million revenue recognized in FY2019 in relation to
     establishing a partnership with Tasly in China, compared
     with US$11.8 million revenue recognized in FY2018 in
     relation to the patent license agreement with Takeda
     Pharmaceutical Company Limited.

   * US$6.0 million royalties and milestone revenues recognized
     in FY2019 from sales of TEMCELL by JCR compared with US$5.1
     million in FY2018, an increase of US$0.9 million. Royalty
     revenue on sales of TEMCELL increased by 37% for FY2019
     compared to FY2018.

For the three months ended June 30, 2019, Mesoblast reported a net
loss attributable to the owners of the Company of US$20.72 million
on US$1.96 million of revenue compared to a net loss attributable
to the owners of the Company of US$20.83 million on US$1.70 million
of revenue for the three months ended June 30, 2018.

Research and development expenses were US$59.8 million for FY2019,
compared to US$65.9 million for FY2018.  This US$6.1 million
decrease was due to a reduction in third party costs in the
Company's Phase 3 clinical trials.

As of June 30, 2019, the Company had US$652.11 million in total
assets, US$171.06 million in total liabilities, and US$481.05
million in total equity.

Mesoblast Chief Executive Dr. Silviu Itescu stated: "The Company is
well positioned to deliver substantial shareholder value in the
coming year.  Our expenditure over the 2019 financial year has been
specifically targeted at advancing our lead cell therapy candidates
towards commercialization.  We are excited about the planned
readouts of our major Phase 3 trials in chronic heart failure and
low back pain, and are also especially pleased with the growth in
revenues on graft versus host disease (GVHD) product sales in Japan
as we progress the United States Food and Drug Administration (FDA)
filing process to seek approval of our GVHD product in the United
States market."

            Board and Senior Executive Appointments

As Mesoblast transitions to a commercial stage company, there have
been two key additions to its Board of Directors and the
appointment of a new chief medical officer.

Joseph R. Swedish has been appointed as Mesoblast's non-executive
chairman and Shawn Tomasello as a non-executive director.

Mr. Swedish most recently served as chairman, president and CEO of
Anthem Inc., a Fortune 29 company and the leading health benefits
provider in the U.S.  He also serves on the boards of IBM
Corporation, CDW Corporation, Proteus Digital Health, and
Centrexion Therapeutics.  Ms. Tomasello was chief commercial
officer at leading immuno-oncology cell therapy company Kite
Pharma, where she played a pivotal role in its acquisition in 2017
by Gilead Sciences.  Prior to this she served as chief commercial
officer at Pharmacyclics, Inc., which was acquired in 2015 by
AbbVie, Inc.  Ms Tomasello previously was president of the
Americas, Hematology and Oncology at Celgene Corporation.  Ms.
Tomasello currently serves on the Board of Directors of Centrexion
Therapeutics, Oxford BioTherapeutics and Diplomat Rx.

Mesoblast's new Chief Medical Officer, Dr. Fred Grossman, brings a
wealth of commercial experience gained from numerous leadership
roles at global pharmaceutical companies.  He has over 20 years of
industry experience, and has held key leadership positions at major
global pharmaceutical companies, including Eli Lilly, Johnson &
Johnson (J&J), Bristol Myers Squibb (BMS), Sunovion, and Glenmark.

During his career, he has managed global clinical development,
pharmacovigilance, medical affairs and clinical operations for
innovative product development, as well as FDA approvals and
post-market support for numerous blockbuster, specialty and generic
products.  Dr. Grossman has led and built teams in the United
States, Europe and Japan with responsibility for global medical
affairs, global clinical development, health economics and outcomes
research and global drug safety.

A full-text copy of the press release is available for free at:

                    https://is.gd/xLg7zz

                       About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) -- http://www.mesoblast.com/-- is a global developer
of innovative cell-based medicines.  The Company has leveraged its
proprietary technology platform to establish a broad portfolio of
late-stage product candidates with three product candidates in
Phase 3 trials - acute graft versus host disease, chronic heart
failure and chronic low back pain due to degenerative disc
disease.

Through a proprietary process, Mesoblast selects rare mesenchymal
lineage precursor and stem cells from the bone marrow of healthy
adults and creates master cell banks, which can be industrially
expanded to produce thousands of doses from each donor that meet
stringent release criteria, have lot to lot consistency, and can be
used off-the-shelf without the need for tissue matching.  Mesoblast
has facilities in Melbourne, New York, Singapore and Texas and is
listed on the Australian Securities Exchange (MSB) and on the
Nasdaq (MESO).

Mesoblast reported a net loss attributable to the owners of
Mesoblast of US$35.29 million for the year ended June 30, 2018,
compared to a net loss attributable to the owners of Mesoblast of
US$76.81 million for the year ended June 30, 2017.  As of  March
31, 2019, Mesoblast had $675.7 million in total assets, $174.8
million in total liabilities, and $500.9 million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" opinion in its report
on the Company's consolidated financial statements for the year
ended June 30, 2018.  The auditors noted that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


NORNICO PTY: Second Creditors' Meeting Set for Sept. 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of Nornico Pty Ltd
has been set for Sept. 20, 2019, at 10:00 a.m. at Level 7, at 175
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. 19, 2019, at 5:00 p.m.

Anthony Connelly and William Harris of McGrathnicol were appointed
as administrators of Nornico Pty on Aug. 16, 2019.


RUBICOR GROUP: Likely Traded While Insolvent, Administrators Say
----------------------------------------------------------------
Julian Bajkowski at ITNews reports that administrators at Rubicor
Group have painted a bleak picture of the company's affairs,
estimating it likely traded as insolvent for more than two years
before being sin-binned by the ASX for failing to produce financial
accounts.

And now the Australian arm of Google has been roped into mopping up
the mess, the report says.

Information released to frustrated creditors on Sept. 3 by
administrator FTI Consulting estimates that Rubicor "was likely
insolvent as at March 31, 2017" right up until corporate
undertakers were called in on August 5, 2019.

ITNews says the length of likely insolvency is certain to send
shudders across the technology recruiting and contracting sector.

Rubicor's major clients include Google, the Commonwealth Bank,
National Australia Bank and the federal government, all of whom are
meant to sniff for dodgy labour hire practices, ITNews relates.
Like not paying superannuation.

According to ITNews, Rubicor's collapse is somewhat of an anathema
– especially when its nearest rivals like HiTech are booming and
buying-up book.

ITNews relates that the focus of investigations over how the
company was driven into a wall in the midst of one of the biggest
boom markets for tech recruiters is now certain to focus on its
board, with FTI Consulting observing that offences directors "may
have committed" include insolvent trading and non-payment of
outstanding superannuation.

According to the creditor's report, the biggest spenders with
Rubicor's tech subsidiary Xpand Group when it hit administration
were Google, spending almost AUD7 million a year, Gumtree AUD4.1
million  and eBay on AUD2.8 million, ITNews relays.

However Google has since ripped up its contract, with
administrators saying the search giant had cited "concerns over
Xpand's prior conduct surrounding employment obligations and the
impact on market perception as a key driver for the termination."

"The administrators continue to liaise with Google and assist in
the orderly transition of 55 contractors to an alternate provider,"
the creditor documents said, noting Xpand continues to trade under
administration, ITNews reports.

Signs of major trouble in Rubicor surfaced in between late 2018 and
early 2019 when Telstra, the Western Australian Government, Yahoo7
and Coca Cola Amitil tore up contracts with the firm, ITNews
recalls.

In March 2019, Telstra dropped Rubicor like a hot potato after
deficiencies in superannuation payments to contractors surfaced,
prompting union agitation, ITNews relays.

ITNews notes that bleeding major customers, the company went into a
revenue nosedive as it tried to fend off the Australian Tax Office
at the same time as unsuccessfully juggling its superannuation
liabilities.

"Unpaid superannuation of contractors across the varying entities
contributed to over 40 percent of trade and other payable in FY19
(totalling AUD22.5 million)," Rubicor's creditor's report, as cited
by ITNews, said.

"At the date of appointment, the total principal superannuation
outstanding for the group was approximately AUD10.3 million
(excluding ATO interest and administration charges)."

Intriguingly, digital services contractors at Xpand appear to have
gleaned a slightly less dud deal compared to their peers in other
Rubicor subsidiaries.

ITNews adds that the investigations report to creditors notes that
Rubicor "appears to have prioritised paying superannuation for
employees of Xpand".

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


SAPPHIRE XXII: Moody's Gives (P)B2 Rating on AUD2.25MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to the notes to be issued by Permanent Custodians Limited
as trustee of Sapphire XXII Series 2019-2 Trust.

Issuer: Sapphire XXII Series 2019-2 Trust

AUD90.00 million Class A1S Notes, Assigned (P)Aaa (sf)

AUD225.00 million Class A1L Notes, Assigned (P)Aaa (sf)

AUD74.25 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD31.50 million Class B Notes, Assigned (P)Aa2 (sf)

AUD6.75 million Class C Notes, Assigned (P)A2 (sf)

AUD7.65 million Class D Notes, Assigned (P)Baa2 (sf)

AUD6.30 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.60 million Class F Notes, Assigned (P)B2 (sf)

AUD2.25 million Class G1 Notes are not rated by Moody's

AUD2.7 million Class G2 Notes are not rated by Moody's

The transaction is an Australian residential mortgage-backed
securities (RMBS) transaction secured by a portfolio of residential
mortgage loans. All receivables were originated by Bluestone Group
Pty Limited or Bluestone Mortgages Pty Limited (Bluestone) and are
serviced by Bluestone Servicing Pty Limited (Bluestone Servicing).

Bluestone is an experienced securitiser in the Australian RMBS
market, having completed 28 term RMBS transactions since 2000.
Bluestone also has extensive securitisation experience through its
various warehouse funding arrangements. This is Bluestone's second
transaction for 2019.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, the
evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 2.0% of the note balance, the legal structure, and
the credit strength and experience of Bluestone Servicing as the
servicer.

  - Moody's MILAN CE — representing the loss that Moody's expects
the portfolio to suffer in the event of a severe recession scenario
— is 13.5%. Moody's expected loss for this transaction is 2.2%.

Key transactional features are as follows:

  - Whilst the Class A1L and Class A2 Notes rank sequentially in
relation to interest and charge-offs, they rank pari passu in
relation to principal throughout the life of the transaction.
Principal repayments will be allocated pro-rata, based on the
stated amount of the notes. This feature reduces the absolute
amount of credit enhancement available to the Class A1L Notes.

  - The servicer is required to maintain the weighted-average
interest rate on the mortgage loans of at least 3.90% above
one-month BBSW, which is within the current portfolio yield of
5.65%. This generates a high level of excess spread available to
cover losses in the pool.

  - The yield enhancement reserve is available to meet senior
expenses and the required payments for Class A Notes only, while
any Class A Notes are outstanding and before the call option
trigger date. The reserve account is funded by trapping excess
spread at an annual rate of 0.30% of the outstanding principal
balance of the portfolio up to a maximum amount of AUD900,000.
After the Class A Notes have fully amortised, the yield enhancement
reserve will be released to repay principal on the outstanding
classes of notes from Class F to Class B Notes (until the stated
amount of each class of notes is reduced to zero).

  - A retention mechanism will be used to divert excess available
income towards the repayment of the most junior class of the rated
notes outstanding. The retention amount will be up to 0.3% of the
current outstanding pool balance, and up to a total captured amount
of AUD900,000. At the same time, the trustee will issue Class RM
Notes, equivalent to the retention amount allocated, leaving
subordination levels unchanged.

  - The Class A1L to Class F Notes will start receiving their
pro-rata share of principal if step-down conditions are met.

  - Permitted further advances can be funded within the trust,
which could lead to a deterioration in the credit quality of the
pool. Further advances are subject to certain conditions. Further
advances will be funded through principal collections.

Key pool features are as follows:

  - The pool has a weighted-average scheduled loan-to-value (LTV)
ratio of 68.4% and there are no loans in the pool with a scheduled
LTV ratio over 85.0%.

  - The portfolio has a low level of weighted-average seasoning of
4.4 months.

- Investment and interest-only loans represent 26.1% and 6.1% of
the pool, respectively.

  - Based on Moody's classifications, the portfolio contains 16.8%
exposure to borrowers with prior credit impairment histories
(default, judgment or bankruptcy). Moody's assesses these borrowers
as having a significantly higher default probability.

  - Based on Moody's classifications, the portfolio contains 47.0%
of loans granted on the basis of alternative income documentation,
with a further 1.0% granted on the basis of low income
documentation.

  - Around 51.2% of the loans in the portfolio were extended to
self-employed borrowers.

Methodology Underlying the Rating Action:

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

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

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

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

TOLBALE PTY: Second Creditors' Meeting Set for Sept. 18
-------------------------------------------------------
A second meeting of creditors in the proceedings of Tolbale Pty Ltd
AFT Williams Family Trust, trading as Mobile Glass & Glazing, has
been set for Sept. 18, 2019, at 11:00 a.m. at the offices of
Hamilton Murphy Advisory, Unit 18, at 28 Belmont Avenue, in
Rivervale, in Western Australia.

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. 17, 2019, at 2:00 p.m.

Stephen Robert Dixon of Hamilton Murphy Advisory was appointed as
administrator of Tolbale Pty on July 15, 2019.




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

ANBANG INSURANCE: Sells Luxury Hotels to Mirae for US$5.8 Billion
-----------------------------------------------------------------
South China Morning Post reports that Anbang Insurance Group agreed
to sell a luxury hotel portfolio for a little more than US$5.8
billion to South Korea's Mirae Asset Management, marking the end of
the Chinese insurer's short-lived investment in the properties.

SCMP relates that Mirae posted a 10 per cent deposit on the
portfolio this week, according to a person familiar with the matter
who asked not to be named because the details are private. The
parties were nearing a sale last month, as Bloomberg News reported
at the time, says SCMP. Irregularities in the deeds to some of the
properties delayed the sale, SCMP relates citing The Wall Street
Journal.

According to SCMP, Anbang bought the properties' owner, Strategic
Hotels & Resorts, from Blackstone Group for about US$5.5 billion in
2016. The deal was part of a global buying spree that made Anbang
emblematic of China's unbridled appetite for international trophy
assets. That era ended when Chinese authorities seized control of
Anbang and later sentenced Chairman Wu Xiaohui to 18 years in
prison, the report states.

The properties include the Westin St. Francis in San Francisco, the
Loews Santa Monica Beach Hotel, the JW Marriott Essex House in New
York and the Four Seasons in Jackson Hole, Wyoming, the report
discloses.

Separately, Anbang still owns the famed Waldorf Astoria hotel in
Manhattan from a US$1.95 billion deal in 2015, SCMP adds.

                        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.


CBAK ENERGY: Grants 1.9 Million Restricted Share Units
------------------------------------------------------
Pursuant to the CBAK Energy Technology, Inc. 2015 Equity Incentive
Plan, the Board of Directors of CBAK Energy Technology, Inc.
granted an aggregate of 1,877,000 restricted share units to certain
employees, officers and directors of the Company.  Each restricted
share unit represents the contingent right to receive one share of
the Company's common stock upon vesting of the unit. Specifically,
the Company granted the RSUs to the following executive officers
and directors:

  Name and Position                             Amount
  -----------------                            -------
  Yunfei Li, CEO and Chairman                  400,000
  Xiangyu Pei, Interim CFO                     180,000
  Guosheng Wang, Director                       70,000
  Martha Agee, Director                         20,000
  Jianjun He, Director                          20,000
  J. Simon Xue, Director                        20,000

The RSUs vest semi-annually in six equal installments over a three
year period with the first vesting on Sept. 30, 2019.

Each recipient entered into a standard restricted share units award
agreement with the Company.

                       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.


HILONG HOLDING: Fitch Affirms B+ LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Rating (IDR) of China-based Hilong Holding Limited at 'B+'.
The Outlook is Stable. Fitch has also affirmed Hilong's senior
unsecured rating and the rating on its USD250 million 7.25% senior
notes due June 2020 at 'B+', with a Recovery Rating of 'RR4'.

Hilong's solid 1H19 results and well-controlled capex support the
company's 'B+' ratings. The ratings also reflect Hilong's leading
market position in drill pipe manufacturing and coating services
for oil country tubular goods (OCTG) in China, expanded footprint
in the global oilfield services market, and continued improvement
in leverage metrics.

KEY RATING DRIVERS

Leverage Improving on Lower Capex: Fitch expects Hilong's leverage
to continue to improve in the coming 12 months on controlled capex
and continued moderate expansion in FFO. Fitch reduced the capex
assumption for 2019 to CNY250 million from CNY450 million after
Hilong's capex was more than halved in 1H19. We now expect FFO
adjusted net leverage to drop to around 3.5x by the end of 2019
from 3.7x at end-2018. The leverage improvement will also be driven
by strong growth in revenue.

Solid 1H19 Results: Hilong's sales and profit continued to recover
in 1H19 despite volatile oil prices. Revenue rose by 24% yoy
compared with 21% yoy in 2018. EBITDA margin remained stable at
around 24% in 1H19, after adjusting for the impact of IFRS 16.
Growth was primarily driven by the oilfield services and oilfield
equipment segments, where revenue rose by 51% yoy and 27% yoy,
respectively. Domestic demand for Hilong's drill pipes has
increased, with sales volume surging 438% yoy in 1H19. The rise in
oilfield services revenue was due to improved utilisation and
contribution from drilling and workover rigs in Oman and Iraq,
which started operations in 4Q18 and 1Q19, respectively.

Capex to Remain Controlled: Hilong reduced capex by over 62% yoy to
CNY94 million in 1H19 as there was no major expansion in capacity
or purchase of equipment. Most of the capex was for the purchase of
drill pipes for its oilfield equipment rental business. Management
says that the company does not need any major expansion in
production capacity in the next one to two years as Hilong still
has room to increase utilisation and production efficiency. The
company has no plans to buy new drilling rigs unless it secures
major new oilfield services contracts.

Refinancing of US Dollar Notes: Hilong's short-term debt increased
to CNY2,903 million in 1H19 as the outstanding US dollar notes
(CNY2,121 million) were reclassified as current liabilities at
end-June 2019. Hilong's outstanding USD310 million 7.25% senior
notes mature in June 2020 and the company is exploring refinancing
options. We expect Hilong's liquidity to improve once it completes
the refinancing of its outstanding US dollar bonds. Hilong had
CNY675 million of readily available cash at end-1H19 and CNY419
million of undrawn credit facilities at end-July 2019.

DERIVATION SUMMARY

Hilong's ratings are primarily supported by its leading market
position in drill pipe manufacturing and OCTG coating services in
China and reflect its growing international presence and improving
revenue outlook. However, the ratings are constrained by Hilong's
leverage, and limited earnings visibility. Hilong has a weaker
financial profile with higher leverage and lower coverage than
'BB-' rated peers, such as Yingde Gases Group Company Limited
(BB-/Stable).

Hilong has demonstrated more stability in its business operations
and financial metrics than oilfield equipment and services peers
such as Honghua Group Limited (B/Stable) and Anton Oilfield
Services Group (B/Stable). Hilong has a stronger financial profile
in terms of leverage, coverage and FCF margins than Honghua.
Hilong's leverage and coverage are comparable with those of Anton,
but Hilong generates stronger FCF. In addition, Anton's ratings are
constrained by the high revenue contribution from Iraq.

KEY ASSUMPTIONS

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

  - Revenue growth of 14% yoy in 2019 and 6.5% yoy in 2020.

  - EBITDA margin of 24.1% in 2019-2020.

  - Annual capex of CNY250 million in 2019 and CNY300 million in
2020.

  - No acquisition in 2019-2020.

Recovery Rating Assumptions:

Our recovery analysis is based on going-concern value, as it is
higher than the liquidation value. The going-concern value is
derived from Hilong's 2018 EBITDA of CNY769 million with 10%
discount, enterprise value-to-EBITDA multiple of 5.0x, and 10%
administrative claim.

The Recovery Rating assigned to Hilong's senior unsecured debt is
'RR4' because under Fitch's Country-Specific Treatment of Recovery
Ratings criteria, China falls into the Group D of countries in
terms of creditor friendliness. Recovery Ratings of issuers with
assets in this group are capped at 'RR4'.

RATING SENSITIVITIES

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

  - Consistent improvement in order book and revenue.

  - FFO adjusted net leverage remaining below 3.5x for a sustained
period (end-2018: 3.7x).

  - Improved debt maturity profile.

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

  - EBITDA margin below 20% for a sustained period (2018: 23.9%).

  - Significant deterioration in receivables collection and working
capital outflow.

  - FFO adjusted net leverage above 4.5x for a sustained period.

  - No meaningful progress towards refinancing the 2020 US dollar
bond.

LIQUIDITY

Manageable Liquidity: At end-1H19, Hilong had around CNY2,903
million in short-term debt due in 12 months, among which CNY2,121
million was its US dollar senior notes due in June 2020. Hilong is
exploring refinancing options. We expect Hilong's liquidity to
improve once the refinancing of its existing senior notes is
completed. At end-1H19, Hilong had readily available cash of CNY675
million. In addition, Hilong had around CNY419 million of undrawn
bank facilities as of end-July 2019. These facilities are
uncommitted as committed credit facilities are not common in the
Chinese banking environment.



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

BANK OF EAST ASIA: S&P Rates AT1 Undated Capital Securities 'BB'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to a
proposed issuance of additional tier-1 (AT1) undated capital
securities by The Bank of East Asia Limited (BEA: A-/Stable/A-2).
S&P also assigned its 'BB' issue rating to the undated capital
securities tranche (qualifying as regulatory AT1) of the US$6
billion medium-term notes program from which the proposed issuance
will be drawn down. The issue rating is subject to its review of
the final issuance documentation.

S&P's rating on the issuance is four notches below its assessment
of BEA's stand-alone credit profile (SACP) of 'bbb+' to reflect its
view on the following features:

-- One notch because the notes are contractually subordinated;

-- Two notches because S&P expects the notes to have discretionary
and mandatory nonpayment clauses leading to coupon nonpayment, and
the regulator classifies them as tier-1 regulatory capital; and

-- One notch because the notes contain a contractual principal
writedown clause.

S&P said, "Our view of these notes as having intermediate equity
content is based on several factors. In particular, the issue will
be regulatory AT1 capital instruments and will have no coupon
step-up. In addition, the notes can absorb losses on a
going-concern basis. We expect the issuance of this hybrid
instrument to have limited impact on our assessment of the group's
risk-adjusted capital ratio, which we consider to be in the
adequate range."


BANK OF EAST: Moody's Rates New AT1 Securities 'Ba2(hyb)'
---------------------------------------------------------
Moody's Investors Service has assigned a Ba2(hyb) foreign currency
rating to Bank of East Asia, Limited's proposed USD-denominated,
undated, non-cumulative and subordinated Additional Tier 1 (AT1)
capital securities.

The undated AT1 capital securities will be drawn down from the
bank's existing USD6 billion Medium Term Note (MTN) programme. The
terms and conditions of the capital securities incorporate Basel
III-compliant non-viability language in accordance with Hong Kong
capital rules, and will qualify as regulatory AT1 capital.

The rating is subject to the receipt of final documentation, the
terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's has reviewed.

RATINGS RATIONALE

The undated AT1 capital securities constitute direct, unsecured and
subordinated obligations of Bank of East Asia and shall at all
times rank pari passu and without any preference with other AT1
capital securities. The securities' Ba2(hyb) rating is positioned
three notches below the bank's baseline credit assessment (BCA) and
Adjusted BCA of baa2, in accordance with Moody's standard notching
guidance for preferred securities with loss triggered at the point
of non-viability on a contractual basis.

The three-notch difference from the Adjusted BCA reflects the
probability of impairment associated with non-cumulative coupon
suspension, as well as the likelihood of high loss severity when
the bank reaches the point of non-viability.

Under the terms and conditions, the principal and any accrued but
unpaid distribution on these capital securities would be written
down or converted into shares, partially or in full, in the event
that the Hong Kong Monetary Authority notifies the bank that
without such write-off or conversion the bank would become
non-viable, or if the relevant government body, government officer
or regulatory body decides to make a public sector capital
injection without which the bank would become non-viable. The
amount of write-off has to be sufficient to ensure that the
non-viability event ceases to continue.

In addition, to be classified as AT1 capital, Bank of East Asia, as
a going concern, may choose not to pay distributions on a
non-cumulative basis. As such, the distributions on these capital
securities are fully discretionary.

These securities are senior to common shareholders, but junior to
all depositors, general creditors, senior debt and dated
subordinated debt holders.

What could change the ratings up/down

The rating of the undated AT1 capital securities is notched from
Bank of East Asia's adjusted BCA. As such, the rating of the
securities will move in tandem with Bank of East Asia's adjusted
BCA.

Bank of East Asia's BCA could be upgraded if (1) operating
conditions in Hong Kong and mainland China improve; (2) the bank
maintains good asset quality and effective risk controls; (3) the
bank demonstrates consistently sound underwriting in its mainland
lending; and (4) the bank maintains strong capitalization with
Common Equity Tier 1 ratio above 15%.

The bank's BCA could be downgraded if (1) strong loan and asset
growth outpaces capital generation, leading to Common Equity Tier 1
below 13%; (2) there is a material economic slowdown in Hong Kong
and mainland China; or (3) there is a significant deterioration in
the bank's asset quality metrics.

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




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

AB&CO GLOBAL: ICRA Keeps 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR50.00-crore bank facility of Ab&Co
Global Private Limited continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-       (10.00)#     [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Fund based–       (25.00)#     [ICRA]D ISSUER NOT
COOPERATING;
   Buyers Credit                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Non-Fund Based-    50.00       [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit               Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Non-Fund Based-    (10.00)#    [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

#Sub limit of letter of credit facility

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

AB&Co Global Private Limited (AB&Co) was initially incorporated in
the name of Navib Constrade Pvt. Ltd. in the year 1997. In 2001,
its name was changed to AB&Co Advisors Pvt. Ltd. In 2011, the
company was renamed as 'AB&Co Global Private Limited'. AB&Co trades
in various products such as raw cotton, mild steel ingots, angles,
plates, rounds, chemicals, IT products and copper, depending upon
the demand scenario. The company sells its products primarily in
the domestic market. The major customers of AB&Co are domestic
textile, engineering and chemical companies. From FY13 onwards, the
company diversified into civil construction business to reduce its
dependence on trading operations.

ADITYA ESTATES: NCLAT Upholds NCLT Order to Initiate Insolvency
---------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal has dismissed a plea challenging NCLT's order to initiate
insolvency proceedings against Aditya Estates over the claims filed
by ICICI Bank U.K. Plc.

A three-member bench of NCLAT headed by Chairman Justice SJ
Mukhopadhaya upheld the order of NCLT and rejected the claims of
Aditya Kumar Jajodia that ICICI Bank U.K. Plc. was not a direct
financial creditor of Aditya Estates, BloombergQuint relates.

According to BloombergQuint, the appellate tribunal said that
Aditya Estates in a debt asset swap agreement had undertaken
obligation to repay the loans availed by Assam Oil Company from
ICICI Bank U.K. Plc.

"We find that ICICI Bank U.K. Plc. has successfully made out a case
that it is the financial creditor of the Corporate Debtor and the
Adjudicating Authority has rightly admitted the application under
Section 7 of I&B Code," said NCLAT.

It further added: "We find no merit in this appeal. It is
accordingly dismissed," BloombergQuint relays.

Earlier, the Principal Bench of the National Company Law Tribunal
on Feb. 26, 2019 had admitted the plea filed by ICICI Bank U.K.
Plc. to initiate insolvency proceedings against Aditya Estates,
BloombergQuint recalls.

BloombergQuint says ICICI Bank U.K. Plc. claimed to be a financial
creditor of Aditya Estates on account of debt of $63 million
granted to Assam Oil Company, an overseas company.

It had contended that as per terms of debt asset swap agreement,
Aditya Estates defaulted to pay the debt.  However, in its plea
Aditya Kumar Jajodia, who is shareholder of Aditya Estates,
contended that the financial creditor has given a loan to Assam Oil
Company, which is a U.K.-based overseas company.

For thus no guarantee has been given by Aditya Estates nor any
property has been mortgaged or charge has been created, hence,
ICICI Bank U.K. Plc cannot claim to be the financial creditor, adds
BloombergQuint.


ANOOP FORGINGS: ICRA Reaffirms B- Rating on INR4cr Cash Loan
------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Anoop
Forgings (AFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          4.00       [ICRA]B- (Stable); Re-affirmed
   Cash Credit**        

   Fund-based-          3.00       [ICRA]B- (Stable); Re-affirmed
   Packing Credit**     

   Fund-based-FOBP/     3.00       [ICRA]B- (Stable); Re-affirmed
   FOUBP/FOUBNLC/
   FAUBC/FABC**         

   Non-fund based-      0.50       [ICRA]A4; Re-affirmed
   Inland Letter
   of Credit            

   Long Term/          (0.20)***   [ICRA]B- (Stable)/ [ICRA]A4;
   Short Term-                     Re-affirmed
   Interchangeable      

**the total fund-based limit cannot exceed INR6.00 crore
**the Inland letter of credit is interchangeable to fund based
limits to an extent of INR0.20 crore

Rationale

The ratings reaffirmation reflects AFPL's modest scale of operation
and its presence in a highly competitive and fragmented business
segment with low entry barriers leading to limited pricing
flexibility. Further, the ratings remain constrained by the
company's weak financial profile characterised by low operating
profitability metrics, negligible accrual, given the net losses in
the past, its stretched capital structure and low coverage
indictors.

The ratings also remain constrained by the company's high working
capital intensity of business as reflected by NWC/OI of 42.61% in
FY2019 arising from a high inventory level, leading to high
utilisation of sanctioned working capital limits from the bank.
Furthermore, high dependence on external borrowing coupled with
sizeable creditor funding in the business, led to an elevated
TOL/TNW ratio of 12.17 times as on March 31, 2019. The ratings are
also impacted by the vulnerability of profitability to any adverse
change in raw material prices, foreign exchange fluctuations and
cyclicality inherent in the steel industry.

The ratings, however, draw comfort from the extensive experience of
the company's promoters in the steel forging industry and its
established relationship with its customers, which has enabled it
to garner repeat orders over the years.

Going forward, the company's operating income is expected to remain
muted on account of the weak demand scenario in the end-user
industries viz. automobile, farm equipment and petrochemical
businesses. The profitability margins would remain vulnerable to
fluctuations in steel prices and forex fluctuations. AFPL's ability
to scale up operations and manage working capital effectively to
improve its cash flow position would be the key sensitivity.

Outlook: Stable

ICRA believes AFPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to Positive
if there is a substantial growth in revenue and profitability, and
better working capital management strengthening the financial risk
profile. The outlook may be revised to a Negative if revenues and
profitability are lower than expected, or if any major capital
expenditure, or in case of further elongation of working-capital
cycle, leads to stress in liquidity position.

Key rating drivers

Credit strengths

Extensive experience of promoters in steel forging industry - AFPL
was promoted by Mr. Jitendra Verma and is managed by him, his wife,
Mrs. Anoop Verma and son Rahul Verma. Mr. Jitendra Verma has an
experience of more than two decades in the steel forging business.
The extensive experience of the promoters has enabled the company
to establish strong relationships with its customers as well as
suppliers.

Credit challenges

Modest scale of operations - The company has a small scale of
operations and its operating income witnessed a growth of 18% in
FY2019 to INR18.75 crore. The operating income marked an increase
in FY2019, backed by the increase in export sales. The relatively
small scale of operations limits its pricing flexibility. The
margins are largely affected by the raw material price fluctuation
which in turn affects the sales realisations.

Negligible cash generation from business on account of losses
suffered in past - On account of the low operating profitability,
the company booked modest cash accruals resulting in marginal
accretion to reserves. It was able to generate cash profits of only
INR0.23 crore in FY2019P.

High working capital intensity of operations arising from high
inventory levels - The average production cycle of the company is
about three months. The inventory position of the company remains
high as the company manufactures the products as per the customer's
design and specifications in bulk while the delivery of the same is
in a scheduled manner. This results in high inventory of finished
goods with the company. AFPL receives a credit period of 60-90 days
from its suppliers. Further, on account of its long-standing
relationship with the suppliers it avails of extended credit
facilities from local suppliers. The creditors also include
creditors for expenses like transportation and consumables to whom
payment is made in three to four months. High inventory levels have
resulted in high working capital intensity of operations (NWC/OI)
of the company at 42.61% in FY2019P, though it has reduced from
53.64% in FY2018. The working capital limit utilisation levels have
also remained high at 88% during the last 12-month period ended
March 2019.

Stretched capital structure and weak coverage indicators - The
total debt of AFPL as on March 31, 2019, primarily consisted of
working capital borrowings, unsecured loans from the directors and
term loans. Negative accretion to reserves in the three years
(FY2016 to FY2018) eroded the net worth of the company, resulting
in high gearing levels in the past. However, in FY2019P, the
company reported cash profits, which positively impacted its net
worth. This led to a gearing of 9.14 times as on March 31, 2019, as
compared to 10.27 times as on March 31, 2018, which continues to
remain aggressive.

The debt coverage indicator continues to remain weak with
OPBDITA/Interest of 1.30 times (0.83 time in FY2018), NCA/Total
Debt of 2.70% (0.49% in FY2018) and Total Debt/OPBIDTA of 8.15
times (13.52 time in FY2018) in FY2019P, though improved from the
preceding year.

Profitability susceptible to foreign exchange fluctuation risks -
AIPL sells its products in the domestic and export markets; hence,
its margins are susceptible to exchange rate fluctuations. Entire
purchases of the company are made from the domestic market.
However, it has nearly ~30-40% of the sales in the international
market, thus exposing its profitability to any adverse movements in
foreign exchange rates. The firm's operations also remain exposed
to volatility in raw material prices, particularly, steel bars and
intense competition prevailing in the industry, affect its pricing
flexibility to a large extent.

Intense competition due to highly fragmented industry structure -
AIPL faces intense competition from established organised players
and dominant unorganised players in the industry. Over the last few
years, the forging industry has become more competitive with
several new players entering the fray, thereby exerting pressure on
AFPL's revenues and margins.

Liquidity position
AFPL had external term loans of INR0.32 crore outstanding as on
March 31, 2019, of which INR0.09 crore is scheduled to be repaid in
FY2020, INR0.05 crore from FY2021 to FY2024 and INR0.03 crore in
FY2025. The repayment burden is going to ease further in the years
ahead as the company does not have any major capacity expansion
plans with all external term loans scheduled to be fully repaid by
FY2025. It had interest-free unsecured loans of INR2.19 crore as on
March 31, 2019 with no fixed repayment schedule.

AFPL's fund flow from operations (FFO) remained positive in FY2019
due to moderate improvement in operating profitability. However,
with AIPL's business expected to chart a modest growth trajectory
in the medium term, its CFO is estimated to remain negative due to
incremental working capital requirement. AIPL has limited cushion
available in the form of undrawn working capital limits.

AFPL's dependence on external debt remains moderate since it meets
a portion of its working capital requirement from unsecured loans
from promoters. High dependence on working capital borrowing and
creditor funding in the business, led to an elevated TOL/TNW ratio
of 12.17 times as on March 31, 2019. The liquidity remains
stretched, mainly due to low accruals from the business. This has
entailed high utilisation of sanctioned working capital limits.

Incorporated in 1991, Anoop Forgings Private Limited (AFPL)
manufactures closed die forging products, which cater to the
automobile and allied industries, agriculture, machine building and
petrochemical industries (flanges & pipe fittings). AFPL was
constituted by Mr. Jitendra Verma, who is currently the Managing
Director of the company and is assisted by his son Mr. Rahul Verma
and wife Mrs. Anoop Verma. The company has an installed capacity of
1,500 metric tonne per annum and its manufacturing facility is
located in Murbad (near Thane).

It manufactures forgings (gears, shafts and nuts) used in the
automobile and farm equipment sector and various types of flanges
and pipe fittings for the petrochemical industry. It supplies both
machined and un-machined forgings (rough forgings) which are
supplied in material grades such as carbon steel and stainless
steel.

In FY2019 (provisional), AFPL reported a net profit of INR0.02
crore on an OI of INR18.75 crore, compared to a net loss of INR0.13
crore on an OI of INR15.92 crore in the previous year.


ASIAN LAKTO: ICRA Moves B+ on INR13cr Loan to Not Cooperating
-------------------------------------------------------------
ICRA has moved the rating for INR13.00-crore bank facility of Asian
Lakto Industries Limited (ALIL) to the 'Issuer Not Cooperating'
category. The rating is now denoted as [ICRA]B+ (Stable) ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         13.00       [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

ICRA has been seeking information from the entity so as to monitor
its performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating as
it may not adequately reflect the credit risk profile of the
entity.

Asian Lakto Industries Limited (ALIL) processes fruit pulp to
produce fruit juice, which is sold under the brand, 'Mr Fresh'.
Starting as bottling partners for Thums Up, the company's promoters
have extensive experience of more than four decades in the beverage
industry, by virtue of which ALIL has an established distribution
network across the states of Haryana, Punjab and Himachal Pradesh.
It leverages this network to market its product. Apart from its
traditional markets, the company also sells its products in modern
retail stores like Reliance Fresh and Metro Cash & Carry.


AZURE POWER: Moody's Rates New 5.25Yr USD Sr. Unsec. Notes 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the proposed
5.25-year USD backed senior unsecured notes of Azure Power Solar
Energy Private Limited.

The notes are guaranteed by its holding company, Azure Power Global
Limited.

The rating outlook is stable.

Azure Power Solar is a special purpose vehicle which will use the
proceeds from the USD notes to subscribe to senior secured
INR-denominated bonds and loans as external commercial borrowings
to be issued by 10 restricted subsidiaries in the restricted group
(RG-2). Azure Power Solar is also a part of RG-2.

The restricted subsidiaries are ultimately majority-owned by APGL.
APGL is a leading solar power company in India, with an operational
capacity as of June 30, 2019 of 1,609 megawatts (MW). APGL's
business of setting up solar power projects is in alignment with
India's target to reduce its carbon footprint and meet its
nationally determined contributions.

The holders of the USD notes will benefit from a guarantee from
APGL, and from a share pledge over the issuer, thereby establishing
a linkage between the credit profile of Azure Power Solar, RG-2 and
APGL. APGL's guarantee on the USD notes will not be released unless
RG-2's combined leverage ratio, defined as debt/EBITDA, falls below
5.5x.

The proceeds of the proposed 5.25-year USD senior notes will be
used to (1) refinance the existing project debt of the restricted
subsidiaries, (2) refinance the existing debt of Azure Power Solar,
(3) incur capital expenditure for repowering, (4) transaction
expenses, and (5) advance the balance amount to repay shareholder
loans.

RATINGS RATIONALE

"The Ba2 rating of the proposed USD notes mirrors the credit
quality of RG-2, which is in turn supported by its predictable
revenues from a geographically diverse set of projects in India
under long-term power purchase agreements with fixed tariffs, and
diversified off-takers," says Abhishek Tyagi, a Moody's Vice
President and Senior Analyst.

"The rating also benefits from APGL's strong operating management,
good disclosure standards, and strong and committed shareholders,"
adds Tyagi.

At the same time, the rating considers RG-2's moderate financial
leverage, the limited track record of the majority of projects
within RG-2, and its exposure to financially weak state-owned
distribution companies, which account for around 40% of revenues.

Moody's expects output from RG-2's portfolio at P-90 levels (output
that is likely to be exceeded 90% of the time) over the term of the
bond, after taking into account transmission capacity additions and
as performance of newer projects stabilize over time.

Moreover, given that RG-2 is not permitted to add renewable
projects into the restricted group, there is a high degree of
visibility in the asset composition and average maturity of the
portfolio.

Moody's projects that RG-2's funds from operation (FFO)/debt and
FFO interest coverage ratios will be in the 5%-9% and 1.2x-1.8x
range respectively over the next three to four years. The leverage
metrics exhibit strengthened position when assessed on a net debt
basis. The achievement of these metrics will be assisted by
incremental operating cash flow from recently commissioned
projects, including 130 MW commissioned in September 2019.

Moody's views RG-2 as representing backbone assets in APGL's value
chain and also recognizes the close relationship between the credit
profiles of RG-2 and that of APGL, given that (1) APGL will
continue to own and manage RG-2's projects and (2) the insolvency
of APGL could trigger an event of default or RG-2's debt.

"In linking the credit profiles of AGPL and RG-2, we recognize that
the assets within RG-2 represent approximately 40% of AGPL's total
operational capacity and we consider that that they have a level of
strategic significance to the overall business despite being in the
restricted group." Says Tyagi.

Furthermore, the credit profile of RG-2 benefits from Moody's
expectation of support from Caisse de depot et placement du Quebec
which holds 41.4%, and International Finance Corporation (Aaa
stable) and IFC GIF Investment Company together holding 28.4% of
APGL. It is likely that they will provide support for APGL in case
of need, consistent with their shareholdings.

To mitigate the currency risk stemming from the absence of
USD-based revenues to service the proposed USD notes, Azure Power
Solar will undertake a hedging program to manage USD/INR exchange
rate movements by implementing a full hedge for the coupon and
call-spread hedges of the principal for INR movements up to an
exchange rate of INR93 against the dollar.

In addition, Moody's expects APGL to ensure that Azure Power Solar
is not exposed to significant foreign-exchange risks, which would
be incurred by the INR's depreciation against the USD to above the
defined level, given RG-2's importance in its value chain.

The terms of the proposed USD notes include restrictions on RG-2's
debt incurrence, restricted payments to the parent with certain
carve-outs and cash traps at RG-2, thereby mitigating concerns over
potential material cash leakages to any entities outside RG-2. The
cash traps enhance the credit profile of RG-2 and reduce
refinancing risk for the USD notes. Ba2 ratings also factor in
management's commitment to use the trapped cash towards refinancing
of the notes and to bring down the leverage as measured by Net Debt
to EBIDTA of the RG-2 to be below 4.0x by the end of the bond
tenor.

The USD notes will be secured by a first priority pledge of Azure
Power Solar shares and an escrow account of Azure Power Solar. The
INR bonds to be issued by RG-2 will be secured by the moveable and
immovable assets of the restricted subsidiaries, as well as by
majority share pledges and rights under project documents. The INR
bonds will be cross guaranteed by the restricted subsidiaries.

The stable rating outlook reflects Moody's expectation that
incremental cash flows from newly commissioned projects under
long-term power purchase agreements will lead RG-2 to maintain its
credit metrics within the tolerance levels of a Ba2 rating category
over the next 12-18 months, without any material ramp-up risk, and
APGL's credit quality will not deteriorate materially.

Upward rating momentum could evolve if FFO/debt and FFO interest
coverage ratios are maintained above 10% and 2x on a sustained
basis, and if APGL's credit quality improves.

The rating could come under downward pressure if APGL's credit
quality deteriorates and/or RG-2's FFO/debt falls towards 7% on a
sustained basis.

The principal methodology used in this rating was Power Generation
Projects published in June 2018.

Azure Power Solar Energy Private Limited is a special purpose
vehicle, which was incorporated in Mauritius in 2018 as a wholly
owned subsidiary of Azure Power Global Limited (APGL).

The restricted subsidiaries under the proposed USD notes issuance
are ultimately majority owned by APGL. The restricted subsidiaries
operate solar power plants with a total capacity of 647.5 MW as of
September 2019.

Listed on the New York Stock Exchange, APGL is one of the largest
solar power companies in India. Its total operational capacity was
1,609 MW across 24 states in India as of June 30, 2019.


BICERO TILES: ICRA Reaffirms B+ Rating on INR15cr Term Loan
-----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Bicero Tiles LLP (BTL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           15.00       [ICRA]B+(Stable); reaffirmed

   Cash Credit          7.00       [ICRA]B+(Stable); reaffirmed

   Unallocated Limits   1.00       [ICRA]A4; reaffirmed

Rationale

The ratings remained constrained by BTL's average financial risk
profile, marked by small scale, leveraged capital structure and
below-average debt coverage indicators. Further, the ratings
consider its stretched working capital position emanating from high
inventory holding, leading to BTL's stretched liquidity profile.
The ratings also consider the intense competition in the tile
industry and the vulnerability of profitability to volatility in
raw material and fuel prices. ICRA further considers the exposure
of the company's operations and cash flows to the cyclicality in
the real estate industry (the main end-user sector).

The ratings, however, favorably factor in the adequate experience
of partners in the tiles industry and the firm's proximity to raw
material sources because of its presence in Morbi (Gujarat).

Outlook: Stable

ICRA expects BTL to continue to benefit from the adequate
experience of its promoters in the tiles industry. The outlook may
be revised to Positive if substantial growth in revenue and
profitability, and better working capital management strengthen the
financial risk profile. The outlook may be revised to Negative if
the company reports a substantial decline in its revenue and
profitability, or if any major debt-funded capital expenditure, or
a stretch in the working capital cycle, weakens its overall
liquidity.

Key rating drivers

Credit strengths

Adequate experience of partners in tile industry – BTL's key
promoters have adequate experience in the tile industry, through
associate concerns such as Blue Sun Ceramic, Kali Enterprise,
Saicon Tiles Private Limited and Italiano Ceramic that are engaged
in a similar line of business. The promoters' adequate experience
supports volume off-take of BTL's product.

Favourable location provides easy access to raw materials - The
firm's manufacturing facility is in the ceramic tile manufacturing
hub of Morbi, which provides easy access to quality raw materials
and allows savings in transportation cost. Cheaper raw material
procurement improves cost competence of BTL.

Credit challenges

Small scale of operations – The firm's revenue increased to
INR32.79 crore in FY2019 from INR22.69 crore in FY2018 owing to
healthy volume off-take of its products. Albeit, the overall scale
of operations continued to remain small. The operating
profitability improved to 15.49% in FY2019 from 13.42% in FY2018 on
the back of lower business expenses. At the net level,
profitability stood miniscule at 0.32% because of lower absorption
of depreciation and interest cost. The return indicators stood
moderate, as evident from ROCE of 6.85% in FY2019. The operating
profit margin is expected to remain moderate, at ~15% in the near
medium term.

Average financial risk profile – Debt level reduced to INR19.52
crore as on March 31, 2019 from INR21.82 crore as on March 31,
2018. The capital structure continued to remain leveraged on the
back of higher debt levels and modest net-worth base. The same is
evident from the aggressive gearing of 2.18 times as on March 31,
2019. The debt coverage indicators were below-average—the
interest coverage was 2.62 times and Total Debt/OPBDITA was 3.84
times in FY2019.

High working capital intensity – The firm's working capital
intensity improved significantly to 25% as on March 31, 2019 from
37% in FY2018 due to the timely realisation of receivables.
However, the overall working capital intensity stood high on the
back of higher inventory holding period of 138 days in FY2019.
Inventory holding majorly consisted of finished goods as the firm
is required to maintain stock of tiles with various designs. Going
forward, the working capital intensity is estimated to remain in
the range of 24-25%.

Profitability susceptible to intense competition and cyclicality in
real estate industry – The ceramic tile-manufacturing industry is
fragmented, which results in intense competition and exerts
pressure on the profit margins. Further, the real estate industry
is the major consumer of ceramic tiles and hence BTL's
profitability and cash flows are likely to remain vulnerable to the
cyclicality in the real estate industry.

Vulnerability of profitability to fluctuations in raw material and
fuel costs – Raw material and fuel are the two major
manufacturing cost components that determine the cost
competitiveness of a player in the ceramic industry. Earlier, BTL
undertook production using a coal-based gasifier. However, it
switched to liquified natural gas (LPG) as a fuel alternative from
February 2019 post NGT's order banning the use of coal-based
gasifier in Morbi. Since BTL has limited control over key input
prices such as those of raw material and fuel, adverse movements in
raw material and gas prices can expose its profitability to
fluctuations.

Liquidity position

The liquidity position remained stretched, as reflected from its
high debt repayment obligations against moderate cash accruals
(estimated DSCR of 1.40 times for FY2020), limited cushion in
working capital limits (an undrawn facility of INR0.62 crore as on
Mach 31, 2019) and cash and bank balance of INR0.91 crore in March
31, 2019. The average utilisation of the cash credit facility stood
high at 91% in the past 12 months. The funding support from
promoters and the enhancement in working capital limit will remain
crucial to support future revenue growth, given the pressure on
profit margins and high working capital cycle.

Established in 2016, BTL manufactures nano vitrified floor tiles in
600mm X 600 mm size. The facility of the firm is located at Morbi
and has an installed capacity to manufacture 63,000 metric tonnes
(~6,000 boxes per day) of nano vitrified floor tiles. The unit
became fully operational on June 2017. The firm promotes its
products under the brand name of 'Bicero'.

D.R. COATS: ICRA Keeps B+ on INR12cr Loan in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR25.84 crore bank facilities of D.R.
Coats Ink & Resins Private Limited (DRCL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         12.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-          1.04       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-          3.40       [ICRA]A4 ISSUER NOT
   Packing Credit                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund Based       9.40       [ICRA]A4 ISSUER NOT
   limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

D.R. Coats Ink & Resins Private Limited (DRCPL) was incorporated in
the year 2003. The company is in the business of manufacturing
synthetic resins such as polyamides, ketonic resins and epoxy
resins, which mainly find applications in paint & ink
manufacturing, production of adhesives, wood polish and acrylic
production. The company has steadily expanded its capacity over the
years from around 360 MTPA in 2006 to current levels of about
10,000 MTPA.


FAITH LUMBER: ICRA Withdraws B+ Rating on INR21.75cr Cash Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Faith Lumber Pvt. Ltd. (FLPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         21.75       [ICRA]B+ (Stable); Withdrawn
   Cash Credit         

   Non-fund based-     (2.75)      [ICRA]A4; Withdrawn
   Short-term
   Interchangeable     

   Unallocated          3.25       [ICRA]B+(Stable)/[ICRA]A4;
                                   Withdrawn

ICRA has withdrawn the long-term rating of [ICRA]B+ with a Stable
outlook and short-term rating of [ICRA]A4 assigned to the INR25.00
crore bank facilities of FLPL.

Rationale

The ratings assigned to Faith Lumber Pvt. Ltd. have been withdrawn
at its request based on the no objection certificate provided by
its banker.

Faith Lumber Private Limited (FLPL) was incorporated in October
2011 and commenced its operation from August 2012. The company is
involved in the business of processing and trading of lumber, wood
logs and teak wood products such as wooden frames etc. The
processing facility of the company is located in the Gandhidham
region of Gujarat. Till FY 2015, the company was operating with a
total of 9 sawing machines with the installed capacity to process
~25,500 Cubic Meter (CBM) of timber annually. However, due to
inability to get license renewed for 1 machine, FLPL currently
operates with 8 sawing machines with the total annual installed
capacity of ~23,520 CBM.


FINOLITE CERAMIC: ICRA Keeps B on INR23cr Loan in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR23.50 crore bank facilities of
Finolite Ceramic continues to remain under 'Issuer Not Cooperating'
category. The rating continues to remain as "[ICRA]B
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Proposed Limits     23.50       [ICRA]B (Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Established in June 2015, Finolite Ceramic is a Partnership Firm
engaged in the manufacturing of vitrified tiles and digital wall
tiles. The firm's corporate office is located in Morbi, Gujarat and
upcoming factory unit located at Ranpar village of Morbi district
in Gujarat. The factory unit is expected to have an installed
capacity of ~10000 Boxes per day of size 12"*24" and of ~30Kg per
Box i.e ~90,000 MT per Annum.

The firm has eight partners. However, Mr. Digesh Durlabhjibhai
Aghara, Mr. Nileshkumar Anantrai Mendapara, Mr. Ramnikbhai Anantrai
Mendpara, Mr. Kishorbhai Premjibhai Varasada, Mr. Dineshbhai
Kanjibhai Kothiya, and Mr. Ashishbhai Hansrajbhai Kalariya would be
the key partners managing overall operations of the firm. A few of
the partners have considerable experience within the manufacturing
and marketing of ceramic tiles though their group companies namely
Lexico Ceramic and Doll Ceramic Private Limited. Partner of the
firm are from varied background having experience within industries
namely, manufacturing of packing materials, manufacturing of die &
mould and chemical trading activities.


G.N. PAL: ICRA Withdraws B+ Ratings on INR14cr Loans
----------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
G.N. Pal and Sons, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         13.00       [ICRA]B+ (stable); Rating
   Cash Credit                     Withdrawn

   Fund based-          1.00       [ICRA]B+ (stable); Rating
   Term Loan                       Withdrawn

Rationale

The ratings assigned to G.N. Pal and Sons have been withdrawn at
the request of the client, based on the no-objection certificate
provided by its banker.

G.N. Pal and Sons was established in 2015 as a partnership concern
and started operations in October 2015. The firm operates a
franchise of Tanishq in Haldwani. All the ornaments sold are
manufactured and supplied by Titan Industries Ltd. The showroom has
been set up to fulfil the norms and standards of Titan with respect
to display, stocking and selling.


HIMALAYA FOOD: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR206.00 crore bank facilities of
Himalaya Food International Ltd continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D/D
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Fund      61.64      [ICRA]D ISSUER NOT
   Based-Cash credit              COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term Fund      136.11     [ICRA]D ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-Non         7.00     [ICRA]D ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Short Term Non        1.25     [ICRA]D ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.  
Himalya International Limited (HIL) was promoted by Mr. Man Mohan
Malik and Mr. Sanjay Kakkar in 1992 as Himalya Cement & Calcium
Carbonate Private Limited (HCC) for manufacturing precipitated
calcium carbonate and hydrate of lime. HCC was reconstituted as a
public limited company with its current name in 1994. In 1998-99,
these operations were discontinued. Currently, HIL cultivates
mushrooms and manufactures canned mushrooms, canned soups, ready to
eat and other processed food items, cottage cheese, yoghurt,
sweets, snacks, and breaded appetizers (French Toast Sticks, Bites,
Veg Patty, Samosa). HIL has its manufacturing facility in Sirmaur
(Himachal Pradesh) and Mehsana (Gujarat).


KARUN RICE: ICRA Keeps B on INR7cr Loans in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR7.00-crore bank facility of M/s
Karun Rice & General Mills (KRGM) continues to remain in 'Issuer
Not Cooperating' category. The rating is denoted as [ICRA]B
(Stable) ISSUER NOT COOPERATING; rating continues to remain in
ISSUER NOT COOPERATING' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit          6.50      [ICRA]B (Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in 'Issuer Not
                                  Cooperating' category

   Unallocated          0.50      [ICRA]B (Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in 'Issuer Not
                                  Cooperating' category

ICRA has been seeking information from the entity to monitor its
performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA based on the best available/dated/limited
information on the issuer's performance. Accordingly, lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as it may not
adequately reflect the credit risk profile of the entity.

Incorporated in the year 1996, KRGM is a partnership firm engaged
in milling, processing and sorting of rice. The firm has its plant
at Cheeka (Haryana) with a milling capacity of 3.25 tonnes per hour
and sorting capacity of 2 tonnes per hour. The company deals in
both basmati and non-basmati rice, however majority (more than 75%)
of the company's revenue is generated from sale of basmati rice.
The entity is also engaged in the trading of basmati and
non-basmati rice. It primarily procures paddy/rice from Haryana,
Punjab and U.P.

PANACHE EXPORTS: ICRA Keeps D on INR21cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR30.75-crore bank facility of
Panache Exports Private Limited continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Fund-     7.00      [ICRA]D ISSUER NOT COOPERATING;
   based Limit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Short-term Fund-   21.00      [ICRA]D ISSUER NOT COOPERATING;
   based Limits                  Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Short-term Non-     2.75      [ICRA]D ISSUER NOT COOPERATING;
   fund based Limits             Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Panache Exports Private Limited, incorporated in 1991, is promoted
by Mr. Puneet Kapur. PEPL is engaged in designing and manufacturing
diamond studded gold jewellery ranging from 9–18 carats. The
product profile includes a variety of fine jewellery such as
earrings, rings, pendants, bracelets, chains, necklaces etc. The
company has two manufacturing units at Lower Parel and at the
Santacruz Electronic Exports Processing Zone in Andheri, Mumbai.
From FY2016, the company has also ventured into trading of diamonds
in the local markets.The company has a subsidiary unit in London,
'House of Panache (UK) Ltd.', to carry out marketing operations in
the European market.

PEPL recorded a net profit of INR0.17 crore on an operating income
of INR66.76 crore for the year ending March 31, 2016.


PARVATI SOLVENT: ICRA Keeps D on INR12.7cr Loans in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR12.71-crore bank facility of
Parvati Solvent Extraction Private Limited continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       10.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund Based-        2.71      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Parvati Solvent Extraction Private Limited (PSEPL) was incorporated
as a private limited company in 2009. The company commenced
operations from July 2010 and is engaged in solvent extraction and
production of soya products viz. crude oil and de-oiled cake (DOC).
It has an extraction unit at Jalna, Maharashtra with an intake
capacity of 250 MT per day. The day-to day operations is looked
after by Mr. Pritam Longaonkar, director of the company along with
his experienced management team.


PRAVIN ELECTRICALS: ICRA Cuts Rating on INR7cr Cash Loan to B+
--------------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]B+ 'ISSUER NOT
COOPERATING' from [ICRA]BB 'ISSUER NOT COOPERATING', and the
short-term rating to [ICRA]A4 'ISSUER NOT COOPERATING' from
[ICRA]A4+ 'ISSUER NOT COOPERATING, for the bank facilities of
INR64.50 crore of Pravin Electricals Private Limited. The rating
continues to be in the 'Issuer Not Cooperating' category. The
ratings are now denoted as "[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT
COOPERATING."

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-          7.00      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Downgraded from
                                  [ICRA]BB (Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Non-fund based-     57.50      [ICRA]A4 ISSUER NOT
   Bank Guarantee                 COOPERATING; Downgraded from
                                  [ICRA]A4+; ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category
Rationale

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Pravin Electricals Private Limited was set up by Mr. M.G. Philip
who has over thirty years of experience in electrical contracting
industry. Until 1999, the company operations were carried out
through a proprietorship firm in the name of Mr. M.G. Philip. PEPL
was incorporated in 2000 and the business operations of the firm
were taken over by the company. The company is 100% owned by the
promoter family.

The company is primarily engaged in design, supply, installation,
testing and commissioning of electrical installation projects. The
company caters to companies across various segments like
residential, commercial, infrastructure and industrial among
others. The company is ISO 9001:2008 certified and has a pan India
presence with branch offices across eight locations in India. PEPL
offers services including complete HT (High Tension) and LT (Low
Tension) electrical installations, lighting, earthing, telephone
and intercom systems, security and access control, fire detection
and alarm systems, closed circuit TV surveillance and integrated
building management systems.


PREHARI PROTECTION: ICRA Lowers Rating on INR2cr Loan to D
----------------------------------------------------------
ICRA has downgraded the rating of INR5 crore bank facilities of
Prehari Protection Systems Pvt. Ltd (PPSPL) to [ICRA] D from
[ICRA]BB/Stable and [ICRA]A4+. The rating continues to remain in
the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-         2.00       [ICRA]D ISSUER NOT COOPERATING;
   Working Capital                downgraded from [ICRA]BB
                                  (Stable) ISSUER NOT
                                  COOPERATING; rating continues
                                  in the 'Issuer Not Cooperating'
                                  category

   Unallocated         0.34       [ICRA]D ISSUER NOT COOPERATING;
                                  downgraded from [ICRA]BB
                                  (Stable) ISSUER NOT
                                  COOPERATING; rating continues
                                  in the 'Issuer Not Cooperating'
                                  category

   Non-fund Based      2.66       [ICRA]D ISSUER NOT COOPERATING;
                                  downgraded from [ICRA]A4+
                                  ISSUER NOT COOPERATING; rating
                                  continues in the 'Issuer Not
                                  Cooperating' category

Rationale

The revision in rating is on account of irregularities in loan
repayment as per the banker feedback received.

ICRA has been seeking information from the entity so as to monitor
its performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating as
it may not adequately reflect the credit risk profile of the
entity. Going forward, the company's ability to improve its
liquidity position and service its debt in a timely manner will be
the key rating sensitivity.

Credit challenges

Irregularities in debt servicing – There are irregularities in
repayment of loan.

PPSPL was established in 1992 as a proprietorship entity (Prehari
Protection Systems) by Mr Rajinder Pal. Later in 1995, the entity
was reconstituted as a private limited company by Mr Rajinder Pal
and his son-in-law, Mr Kamaljit Singh. The company provides
facility management services such as security, housekeeping and
cleaning solutions; human resource services; solid waste management
services etc to various government departments and public-sector
undertakings.


PROTAC FOODS: ICRA Keeps D on INR22cr Loans in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR22.00 crore bank facilities of
Protac Foods International Private Limited continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-Fund     4.00      [ICRA]D ISSUER NOT COOPERATING;
   Based Cash                   Rating continues to remain in
   Credit                       the 'Issuer Not Cooperating'
                                Category

   Long Term-Fund    18.00      [ICRA]D ISSUER NOT COOPERATING;
   Based Term Loan              Rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Incorporated in February 2014, PFIPL started its commercial
operations from July 2016. The company is engaged in processing of
poultry birds for production of dressed and frozen chicken. The
product portfolio of the company consists of fresh chilled chicken,
frozen chicken, chicken cut parts (whole, boneless and portions)
and ready to eat product(marinated chicken pieces). The company's
processing plant is located in Kolar district of Karnataka and has
an installed capacity of processing 6000 birds per hour. However,
with certain capital expenditure yet to undertaken, the current
operational capacity stands at 2500 birds per hour. As per
provisional results for FY2017, the company reported a net loss of
INR5.64 crore on an operating income of INR10.96 crore for the
period from July 2016 to November 2016.

SALGUTI INDUSTRIES: ICRA Reaffirms B+ Rating on INR17.4cr Loan
--------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Salguti
Industries Limited (SIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund
   Based/ CC            17.40      [ICRA]B+(Stable); reaffirmed

   Long Term-Fund
   Based TL              7.69      [ICRA]B+(Stable); reaffirmed

   Long Term-Non
   Fund Based            0.15      [ICRA]B+(Stable); reaffirmed

   Long Term-
   Unallocated           4.76      [ICRA]B+(Stable); reaffirmed

   Short Term-Non
   Fund Based            8.29      [ICRA]A4; reaffirmed

Rationale

The reaffirmation of ratings is constrained by SIL sharp decline in
operating margins to 6.02% in FY2019 from 9.47% in FY2018, along
with its weak financial profile characterised by high gearing of
3.90 times as on March 31, 2019, NCA/Total Debt of 2.6% and
interest coverage of 1.22 times in FY2019. The ratings note its
tight liquidity position, as reflected by 97% of average
utilisation of working capital limits between January 2018 and May
2019, owing to high debtor and high inventory levels. The ratings
are constrained by the company's high customer concentration with
top three customers accounting for more than 79% of the total sales
in FY2019, with the entire customer base from the fertiliser and
cement industry.

The ratings, however, positively factor in the extensive experience
SIL's promoters, spanning more than three decades in manufacturing
poly-woven sacks, along with established relationship with major
customers including Coromandel International Limited (CIL) and
healthy capacity utilisation at 91% in FY2019 and 92% in Q1
FY2020.

Going forward, the company's ability to improve its operating
margins, while managing its working capital requirements, will be
the key credit rating sensitivities.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that SIL will
continue to benefit from the extensive experience of the promoters
in the poly-woven sacks industry and the long-term association of
the company with its key customers. The outlook may be revised to
Positive if it achieves significant growth in profitability and
better working capital management strengthening the financial risk
profile. The outlook may be revised to Negative if cash accruals
are lower than expected, or if any major capital expenditure, or a
stretch in the working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in the poly-woven sack industry
– SIL is involved in manufacturing poly-woven sacks for the past
three decades. It has two manufacturing facilities, one each based
out of Bollaram, Medak district and Rajapur, Mahaboobnagar district
of Telangana.

Healthy capacity utilisation – The capacity utilisation increased
to 91% in FY2019 and further to 92% in Q1 FY2020 from 86% in FY2018
owing to higher demand from the existing customers and addition of
new customers in the cement sector.

Established relationship with major customers – The major
customers in the poly-woven sacks segment are fertiliser companies
such as CIL, Indian Potash Limited (IPL), Nagarjuna Fertilisers and
Chemicals Limited (NFCL), Mangalore Chemicals and Fertilisers
Limited etc. SIL has added new customers in from cement industries
such as Vasavadatta Cement, Kalburgi Cement Private Limited, Penna
Cement Industries Limited, Sagar Cements Ltd., etc, in the past two
years. The established relation with customers over the years
resulted in repeat orders and would support its revenues going
forward.

Credit challenges

Sharp decline in profitability in FY2019 – SIL's operating
profitability declined to 6.02% in FY2019 and 6.32% in Q1 FY2020
from 9.47% in FY2018 due to higher raw material expense and
increased share of sales to the cement segment, where the margins
are lower than the fertiliser segment. The bags sold to fertiliser
companies have additional lamination, resulting in better
value-added products and higher margins. Going forward, the
operating profitability margins are expected to be weak.

High customer concentration – The top three customers are CIL,
NFCL and IPL, which together accounted for more than 79% of sales
in FY2019 with CIL alone accounting for 60% of the sales. However,
extensive relationship with CIL mitigates the risk to certain
extent.

Tight liquidity position – The company's liquidity position is
tight as reflected by 97% average utilisation of working capital
limits between April 2018 and July 2019 due to high inventory and
debtor days. SIL has to maintain high inventory as the orders
received from CIL have to be supplied within a week. With no
further expected enhancement in its sanctioned working capital
limits, the liquidity position is expected to remain weak in the
near term.

Weak financial risk profile – With SIL availing loan against
property in FY2019 to support its working capital requirements, the
company's financial risk profile weakened further in FY2019. The
gearing increased to 3.90 times as on March 31, 2019, while the
interest coverage ratio declined to 1.22 times, NCA/TD to 2.60% and
Total Debt/OPBDITA stood at 7.39 times for FY2019 against interest
coverage of 1.33 times, NCA/TD at 5.69% and Total Debt/OPBDITA at
4.50 times for FY2018.

Liquidity position

SIL had external term loans of INR8.13 crore on its books as on
March 31, 2019, of which INR1.41 crore is scheduled to be repaid in
FY2020. High repayment obligations vis-à-vis cash accruals have
led to DSCR at less than 1.0 times in FY2019. However, the
repayment burden is going to ease further in the years ahead as the
company does not have any major capacity expansion plans. Further,
it reported free cash and bank balance of INR0.21 crore and
encumbered cash balance of INR0.96 crore as on March 31, 2019. With
limited cushion available in its working capital limits, the
liquidity position is expected to remain weak.

SIL was incorporated in 1984 as a private limited company and was
converted into a public company in 1992. It manufactures poly-woven
sacks for packaging of fertilisers and cement. In 2005, SIL
diversified into the textile segments and started manufacturing of
cotton grey fabric for garments, bed linen and furnishings. The
company exited the textile business in Q3 FY2018. The manufacturing
facilities for the packaging division are located in Bollaram,
Medak District and Rajapur, Mahaboobnagar district of Telangana.
The installed capacity of poly-woven sacks is 10,400 MT/annum.


SANKALP ENGINEERING: ICRA Keeps D on INR84cr Debt in NonCooperating
-------------------------------------------------------------------
ICRA said the rating for the INR84.09 crore bank facilities of
Sankalp Engineering and Services Private Limited (SESPL) continues
to remain under 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-       45.00      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund Based-       39.09      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Incorporated in 1996, SESPL manufactures couplings under the
tubular division and forged components under the non-tubular
division. The products of SESPL find their applications in diverse
industries such as oil and gas, automobile and general engineering.
SESPL is a subsidiary of Innoventive Industries Limited (IIL),
which acquired 51% of Sankalp Engineering and Services Private
Limited's equity in the year 2008.


SEPAL CERAMIC: ICRA Keeps B+ on INR3.4cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR8.13 crore bank facilities of Sepal
Ceramic continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-         1.24       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund-based-         3.40       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Non-fund Based-     2.00       [ICRA]A4 ISSUER NOT
   Bank Guarantee                 COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category
                                  
   Unallocated         1.49       [ICRA]B+ (Stable)/[ICRA]A4
   Limits                         ISSUER NOT COOPERATING; Rating
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Sepal Ceramic was established as a partnership firm in 2007 by Mr.
Paresh Vilpara and family. The commercial operations of the firm
commenced from April 2008. SC manufactures digitally printed
ceramic wall tiles from its unit in Morbi, Gujarat, with an
installed production capacity of 38,500 metric tonnes per annum.

SHREE NAVKAR: ICRA Keeps B+ on INR10cr Loan in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of
Shree Navkar Tex Creations (erstwhile Navkar Tex Creations) (SNTC)
continues to remain in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable), ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term Fund      10.00      [ICRA]B+(Stable) ISSUER NOT
   Based                          COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

SNTC is a proprietorship firm based in Pali, Rajasthan which was
incorporated in 2008 and is managed by second generation
entrepreneur Mr. Kalpesh Bhandari. The firm is a part of the
Pali-based ISON group, whichhas interests in real estate
development, apart from textile trading. The firm trades in
'rubia', a fabric which is primarily used in blouses for women and
as an inner lining in dresses. It procures the grey fabric from
'mandis' in Rajasthan and Maharashtra and gets it processed on an
outsourced basis in Pali, which is a hub for textile processing. It
sells its fabric to wholesalers across the country through agents
on a commission basis.


SHRI SHYAMJI: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR21.25-crore bank facility of Shri
Shyamji Agrico Exports Private Limited (SSAEPL) continues to remain
in 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; rating continues to remain in ISSUER NOT COOPERATING'
category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       15.25      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain in
                                'Issuer Not Cooperating' category

   Term Loan          5.72      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain in
                                'Issuer Not Cooperating' category

   Unallocated        0.28      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain in
                                'Issuer Not Cooperating' category

ICRA has been seeking information from the entity to monitor its
performance. Despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA based on the best available/dated/limited
information on the issuer's performance. Accordingly, lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as it may not
adequately reflect the credit risk profile of the entity.

SAEPL is a closely held company and was incorporated in 2014 after
taking over D.S International (partnership firm). After the
above-mentioned take-over, all the assets and liabilities of D.S.
International were transferred to SAEPL. The partners of D.S.
International have become the promoters of the company. The company
is engaged in milling and processing of basmati rice at its plant
located at Karnal, Haryana which has a milling capacity of 13 tons
per hour.


SUDARSHAN TV: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR21.88 crore bank facilities of
Sudarshan TV Channel Limited (STCL) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]
D, ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term Fund       16.40     [ICRA]D ISSUER NOT COOPERATING;
   Based                          Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

   Short-term Fund-      3.50     [ICRA]D ISSUER NOT COOPERATING;
   Based                          Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

   Unallocated           1.98     [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Sudarshan TV Channel Limited (STCL) is a public limited company,
incorporated in 2007 by Mr. Suresh k. Chavhanke and his wife Mrs.
Maya Chavhanke. STCL has an experience of 5 years in the business
of television media. STCL is performing both tasks i.e. collection
of news content as well as broadcasting; however some work of
up-linking and down-linking has been outsourced. Presently, the
company is running two news channels, Surdashshan News from 2007
and A to Z News m from 2009; and one devotional channel, Sai Tv
from 2014. Sudarshan News is concentrating on urban area as well as
rural area and A to Z is concentrating only on urban area.
Sudarshan News channel is available in all over India through DTH
services of Videocon, Dish TV and Big TV as well as through
digitized cable service providers like Den, Hathway, Win etc.

VIDEOCON INDUSTRIES: SBI Asked Not to Sell Firm's Overseas Assets
-----------------------------------------------------------------
BloombergQuint reports that the National Company Law Tribunal
(NCLT) has asked the State Bank of India to not go ahead with its
plans to sell the overseas oil and gas assets of Videocon
Industries Ltd. in its bid to recover some of their dues from the
bankrupt group.

Ordering a status quo, the NCLT said if SBI is allowed to execute
the sale as advertised, the Videocon Group may suffer an
irreparable losses if the tribunal in future takes a view that the
assets in question belong to or owned by the group, according to
BloombergQuint.

These subsidiaries are special purpose vehicles specifically
incorporated by Venugopal Dhoot for holding foreign oil and gas
assets for and on behalf of the group, the tribunal said in its
order dated Sept. 7, BloombergQuint relays.

Therefore, it said, the creditors of these SPVs have lodged their
claims with the RP. However, on merits the matter is still
subjudice, the tribunal added.

"SBI is hereby prohibited to go ahead with the advertisement and is
directed to maintain the status quo till the decision is pronounced
on merits," the NCLT, as cited by BloombergQuint, said.

According to BloombergQuint, the order came after SBI has
advertised to sell the upstream oil and gas assets of Videocon in
Brazil and Indonesia inviting expression of interests.

BloombergQuint says Videocon Industries had earlier requested NCLT
to include Videocon Energy Brazil and Videocon Indonesia Nunukan
Inc. in the ongoing corporate insolvency resolution process, after
its lenders invited bids for these assets to recover part of their
debt.

Videocon Group, along with its 15 operating companies, owes over
INR90,000 crore to lenders and was among the 40 large defaulters
identified by the Reserve Bank of India in 2016.

                    About Videocon Industries

Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.

On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai
bench, admitted a petition for initiating insolvency resolution
process against the company under the Insolvency and Bankruptcy
Code, 2016.

According to Videocon's FY17 annual report, the company is liable
to repay the liability of other group companies to the extent of
INR5,082 crore as on March 31, 2017. The company's total debt stood
at INR19,506 crore as of March last year, Livemint.com discloses.


WARADE PACK: ICRA Keeps B on INR5cr Loans in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR9.00 crore bank facilities of
Warade Pack Tech Private Limited continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA] A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       5.00      [ICRA]B (Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/Short      0.50      [ICRA]B (Stable)/[ICRA]A4
   Term-Unallocated               ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-Non      3.50       [ICRA]A4 ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Warade Pack Tech Private Limited (WPTPL), located in Pune, was
incorporated in the year 2003 by Mr. Suresh Warade with the name
'Warade Automation Solutions Private Limited'. Subsequently, its
name was changed to WPTPL to better reflect the end-usage of its
products. The company is engaged in assembly of packaging equipment
and offers End-of-Line packaging solutions like cartooning systems,
Conveyor systems, Checkweigher systems etc. It purchases
standardized parts from other manufacturers of automation equipment
and custom-designs them to meet client requirements. WPTPL caters
to customers across verticals like FMCG, pharmaceutical, textiles
and fertilizers. The company has an assembling unit at Sinhgad
Road, Pune where it employs 100 personnel.


YASH PAL: ICRA Keeps B+ on INR19cr Loans in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR19.50 crore bank facilities of Yash
Pal & Sons (HUF) continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable),
ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Fund      19.50       [ICRA]B+(Stable) ISSUER NOT
   Based                           COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

YPS was formed in 1997 by Mr. Yashpal Arora, who is also the Karta
of the entity. The other members of the HUF include Mr. Arora's
wife and two sons. YPS has been carrying out real estate
development for more than a decade and forayed into its first
hospitality venture and started construction of a hotel in 2010.
The hotel is branded 'Park Inn by Radisson' and is managed by the
Carlson Rezidor Hotel Group, which owns the Park Inn brand. The
hotel is located near Manesar, Haryana, an industrial hub, with a
total of 98 rooms divided into three categories - Superior Rooms
(76 rooms), Deluxe Rooms (16 rooms) and Executive suites (6 rooms).
The hotel commenced operations in January 2014.




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

[*] NEW ZEALAND: SMEs Struggling with NZ$7.4BB Overdue Payments
---------------------------------------------------------------
Radio New Zealand reports that small businesses in New Zealand are
struggling to make ends meet as they wait for an estimated NZ$7.4
billion in overdue payments.

RNZ relates that the latest Xero Small Business Insights estimates
half of small businesses are owed at least NZ$7,000 on any given
day, with half of the overdue invoices at least 16 days past due on
average.

According to the report, Xero New Zealand managing director Craig
Hudson said it was a staggering amount of money, with the
proportion of businesses reporting late payments rising to more
than 79 percent in May and June, from 77 percent in March.

"It's unfair that there is a lot of Kiwi small businesses out there
waiting too long for money that's rightfully theirs," RNZ quotes
Mr. Hudson as saying.

He said there was also a slight uptick in the average amount of
overdue invoices per firm, which was making it difficult for
businesses to pay suppliers, staff, rent and other bills, RNZ
relays.

"We hope sharing (these) figures will make late payers,
particularly bigger firms, aware of the burden they're imposing on
small firms and the wider economy, and encourage them to adopt
quicker, more reliable payment practices. It's certainly something
we are investigating with our own payments, to ensure we practice
what we preach," Mr. Hudson said.

Accommodation and food service businesses were the most affected by
late payments, with a third of their invoices overdue, the report
notes.




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

MONG DUONG: Fitch Rates USD Secured Notes Due 2029 'BB'
-------------------------------------------------------
Fitch Ratings has assigned Vietnam-based AES - VCM Mong Duong Power
Co.,Ltd's US dollar senior secured notes due 2029 a final rating of
'BB'. The Outlook is Positive. The debt securities are issued by
Mong Duong Finance Holdings B.V. , a Netherlands-domiciled SPV that
acquires all of AES - VCM's outstanding project financing loans.

Principal and interest payments for the US dollar notes rely on
payments made by AES - VCM to the offshore SPV under the project
financing loans. The final rating follows the receipt of documents
conforming to information already received and is in line with the
expected rating assigned on July 18, 2019.

RATING RATIONALE

AES - VCM benefits from a favourable 25-year power purchase
agreement (PPA) with state-owned Vietnam Electricity (EVN,
BB/Positive) until 2040. The PPA provides for capacity and energy
payments to cover the fixed and variable costs of company's plant -
Mong Duong 2 (MD2) - subject to a minimum performance level. A
coal-supply agreement (CSA) is signed with state-owned Vinacomin at
a price regulated by the Vietnamese government, which covers the
entire project life.

The MD2 project also benefits from a government guarantee on all
payment obligations and financial commitments of the Ministry of
Industry and Trade (MOIT) under a build-operate-transfer (BOT)
agreement for the entire project life. The government guarantee
also covers the obligations of EVN under the PPA and Vinacomin
under the CSA for 18 years from the commercial operation date.

The notes' rating is capped at 'BB'/Positive by Vietnam's sovereign
rating (BB/Positive) due to the government guarantee of Vietnamese
state counterparty obligations. The underlying credit rating is
'bbb-'.

KEY RATING DRIVERS

Strong Long-Term PPA: Revenue Risk – Stronger

MD2's revenue stream under the PPA includes capacity payments that
are intended to cover debt service, fixed operating costs and
provide a return on equity. The PPA also includes energy payments
to cover variable costs, including fuel and variable operating
costs. However, full fuel-cost pass-through is dependent on meeting
the contracted heat rate. MD2 has no exposure to merchant
power-price risk.

The PPA foresees pass-through of costs associated with changes in
environmental legislation or permits to EVN. We regard the
termination provisions as mostly in line with these types of power
projects. Fixed-capacity charges are indexed to the US dollar,
providing protection against foreign-exchange fluctuation; a
portion of operating expense payments is in Vietnamese dong to
cover costs in local currency. EVN's performance and financial
obligations under the PPA are covered by the government guarantee
until 2033.

Self-Operated; Experienced Sponsors: Operation Risk - Midrange
MD2 uses conventional commercially proven technology and has an
operating history of four years. The project is self-operated and
shareholders provide technical consulting services through a
cost-plus technical services agreement.

MD2 has maintained its availability above the contracted level. The
project is liable to a capacity damages charge if outages energy is
greater than the allowance. The allowed outages energy is
calculated annually. This means that a forced outage in one month
could be compensated by higher availability in the next month. MD2
is also allowed to carry up to 160GWh of allowed outages energy
from one year to another if it remains unutilised.

The plant has had heat rates higher than contracted. Management has
implemented measures to tackle the problem, and heat rates improved
to be more in line with PPA requirement in 2018 and 2019. However,
a longer record is needed to confirm that the improvement is
sustainable. The company does not anticipate a heat-rate deviation
relative to the PPA in its projection. Fitch's rating case
forecasts a 2% underperformance relative to the PPA.

The plant is protected against low-load dispatch, as the heat rate
is adjusted to dispatch level. Fitch's operation risk assessment is
constrained to 'Midrange' due to heat-rate underperformance, the
self-operated contractual structure and limited technical advisor
input in the rating process.

Fuel Supply Risk Passed-Through: Supply Risk – Midrange

MD2 has a coal-supply agreement with state-owned Vinacomin until
2040, in line with the PPA, at a coal price regulated by the
government but no higher than that charged to other EVN power
plants. There are several coal mines close to the power plant and
we expect that the coal will be supplied by those coal mines during
the entire project life. Vinacomin's payment obligations and
financial commitments are covered by a government guarantee until
2033.

The BOT contract protects the project against interruption in coal
supplies, other than that caused by AES - VCM. The company will
still receive capacity charges from the MOIT if Vinacomin fails to
supply the coal and the plant cannot generate electricity

AES - VCM also has the right to buy coal from a different supplier.
Vinacomin is obligated to cover any difference if the cost of coal
between the alternative source and Vinacomin is less than 3%.
However, it is unlikely that AES - VCM will be able to buy coal in
the market with only a 3% increase in cost, since Vinacomin is
Vietnam's largest coal producer and the cost would be at market
prices, not the government-regulated price.

Non-Standard Structure/Security Package: Debt Structure - Midrange
The offshore SPV issued a four-year floating-rate loan, which is
swapped into a fixed-rate loan, and 10-year senior secured
fixed-rate notes. The SPV uses the proceeds to purchase the
existing BOT loan for around USD1.1 billion. The new debt, which
has the same quantum and amortisation profile as the BOT loan, will
be serviced by BOT-loan debt-service payments.

The security package of the original financing is available to the
new lenders, but indirectly through the loan provided by the
offshore SPV to AES - VCM. The new lenders will also benefit from a
pledge of shares in the SPV and security over the SPV's assets. The
transaction's structure is not standard due to a lack of a direct
relationship between the offshore SPV and AES - VCM, either through
shareholding of the offshore SPV or a guarantee from AES - VCM.

The debt is fully amortising and ranks pari passu. The amortisation
will be sequential among the two tranches; the 10-year bond will
start amortising when the four-year loan is fully amortised in
2023. Covenants include limitations on indebtedness, business
activities and asset disposals. The debt also benefits from a
backward-looking distribution lockup at a 1.15x debt service
coverage ratio (DSCR). A debt service reserve letter of credit will
be maintained at the amount of debt service in the next six months.
A maintenance reserve account will prefund major overhaul capex
over the next six years.

PEER GROUP

The notes issued under Minejesa Capital BV, which are guaranteed by
PT Paiton Energy, are rated 'BBB-' with a Stable Outlook. Paiton is
the second-largest independent power producer in Indonesia's
eastern Java and the rating applies to three units of the plant,
one of which (Unit 3) is also using super-critical pulverised coal
technology. The project is fully contracted under a long-term PPA,
with fuel costs effectively passed through, and is run by a
sponsor-owned operator. Paiton's debt structure is typical of
project finance transactions, featuring a fully amortising,
six-month debt service reserve account, 12-month major maintenance
reserve account and a distribution lock-up covenant of 1.2x DSCR.
MD2 has a non-standard structure and security package, but benefits
from a six-month debt service reserve letter of credit and a 1.15x
lock-up covenant. Paiton benefits from a longer operating history.
Paiton has an average profile DSCR of 1.45x and a minimum of 1.18x
in Fitch's rating case.

The notes issued under LLPL Capital Pte. Ltd., which are guaranteed
by Indonesia-based PT Lestari Banten Energi (LBE), are rated 'BBB-'
with a Stable Outlook. LBE operates a 635MW super-critical
coal-fired power plant in west Java. Similarly to MD2, the project
has a favourable long-term PPA with the state-owned electricity
supplier, which provides capacity payments and a pass-through
element to cover operating costs. Both projects have cost-plus
operation and maintenance structure. LBE benefits from input from
US-based Black & Veatch, which allows us to apply lower stress in
our rating case. LBE's debt is fully amortising with a six-month
debt service reserve account and a distribution lockup at 1.20x
DSCR, which is slightly stronger than that of MD2. LBE has an
average profile DSCR of 1.44x and a minimum of 1.28x in Fitch's
rating case.

RATING SENSITIVITIES

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

  - Upgrade of the sovereign rating of Vietnam to 'BB+' with no
deterioration in the underlying credit rating

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

  - Downgrade of the sovereign rating of Vietnam to 'BB-'

  - Operational difficulties or other developments that result in
the projected annual DSCR dropping below 1.20x in Fitch's rating
case

TRANSACTION SUMMARY

The transaction is an issuance of US dollar senior secured notes
due 2029. The offshore SPV uses the proceeds to acquire the
original project-financing loans of AES - VCM. The transaction is
to refinance the project financing loans at a lower interest rate.

MD2 is a 2x560MW (net capacity: 1,120MW) sub-critical coal-fired
power plant located 220km east of Hanoi, in northern Vietnam's
Quang Ning province. The plant is one of the first independent
power producers in Vietnam and is operating under a 25-year BOT
agreement between AES Mong Duong Holdings B.V.  and the MOIT until
2040.

FINANCIAL ANALYSIS

The key assumptions underpinning Fitch's base and rating cases
under our Thermal Power Project Rating Criteria refer to
availability, dispatch, heat rate, operating and capital costs, and
cost indexation. The rating case incorporates a combination of
operational and economic stresses that simulates a scenario of
material underperformance, with the stresses based on Fitch's
experience, peer comparison, and the opinions expressed by the
technical advisor.

The Fitch base case uses MD2 management's projections for
availability factors, dispatch factors, coal costs, routine
operating expenses and scheduled maintenance costs. We forecast the
heat rate to be 0.5% above the PPA's target. The Fitch base case
also reflects our macroeconomic assumptions for US CPI, Vietnam CPI
and exchange rates.

The Fitch rating case applies further stresses to the Fitch base
case, including stresses on outage durations (1pp increase to
annual forced outages duration and 10% stress to planned outage
durations), and a heat rate 2% above the PPA's target to reflect
historical underperformance of the plant. Fitch stresses the
operating costs and capital expenditure by 15% following guidance
in the Thermal Power Projects Rating Criteria.

Fitch focuses on the minimum and average annual DSCR in light of
the fully amortising debt and the limited term of the PPA, which
terminates in 2040. The average annual DSCR under Fitch's base case
for the 10-year senior secured notes is 1.49x, with a minimum of
1.43x. The average annual DSCR under Fitch's rating case for the
notes is 1.41x, with a minimum of 1.32x.


                           *********


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
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***