TCRAP_Public/190925.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

          Wednesday, September 25, 2019, Vol. 22, No. 192

                           Headlines



A U S T R A L I A

ACME OPERATIONS: Second Creditors' Meeting Set for Oct. 2
ANTHONY H: First Creditors' Meeting Set for Oct. 3
INFRABUILD AUSTRALIA: Moody's Rates $325MM Sr. Sec. Notes 'Ba3'
LBA CAPITAL: Assets Frozen; Continental Hotel Deal Under Cloud
OTWAY FUNDS: First Creditors' Meeting Set for Oct. 3

PREMIER WINDOWS: First Creditors' Meeting Set for Oct. 2
SKM GROUP: Recycling Resumes Across Four Melbourne Councils
STELLER INVESTMENT: First Creditors' Meeting Set for Oct. 3
STELLER PROPERTY: First Creditors' Meeting Set for Oct. 3
STELLER RESOURCES: First Creditors' Meeting Set for Oct. 3

TMC GLOBAL: Second Creditors' Meeting Set for Oct. 3


C H I N A

CHINA EVERGRANDE: Fitch Affirms B+ LT IDR, Alters Outlook to Stable
CHINA GRAND: Moody's Affirms B1 CFR, Alters Outlook to Stable
CHINA HONGQIAO: Fitch Rates Proposed US$ Sr. Unsec. Notes BB-(EXP)
MENGXI-HUAZHONG RAILWAY: Gets Injection From State Rail Unit
SUNAC CHINA: Fitch Affirms BB LT IDR, Outlook Stable

ZHENRO PROPERTIES: Fitch Rates New US$ Sr. Unsec. Notes  B+(EXP)
ZHENRO PROPERTIES: Moody's Rates Proposed US$ Sr. Unsec. Notes B2
ZHONGLIANG HOLDINGS: Fitch Puts Final B+ Rating to $300MM Sr. Notes
ZHONGRONG XINDA: Fitch Withdraws CCC LT IDR for Commercial Reasons


H O N G   K O N G

FDG ELECTRIC: Li Ka-shing Files Bankruptcy Petition vs. Chairman


I N D I A

BALAJEE MINI: Ind-Ra Lowers Bank Loan Rating to BB/Not Cooperating
BMM ISPAT: CARE Maintains D Rating in Not Cooperating Category
CHOUDHARI CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
DARP CONSTRUCTION: CRISIL Keeps 'D' Rating in Not Cooperating
DIPAK J: CRISIL Maintains 'D' Rating in Not Cooperating

ENTALLY ASTHA: Ind-Ra Maintains 'D' Loan Rating in Non-Cooperating
GEMUS ENGINEERING: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
H K LUMBERS: CRISIL Maintains 'D' Rating in Not Cooperating
HCO INFRASTRUCTURE: CRISIL Maintains D Rating in Not Cooperating
HUBLI COTTON: CARE Maintains D Rating in Not Cooperating Category

IL&FS: Starts Repaying INR5,071cr to Creditors of 3 Group Firms
J. P. INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
JSW STEEL: Fitch Rates Proposed USD Sr. Unsec. Notes BB(EXP)
KRISHNA COIL: Ind-Ra Lowers Bank Loan Rating to BB/Not Cooperating
MOTILAL DHOOT: CRISIL Maintains 'D' Rating in Not Cooperating

ORCHID PHARMA: CARE Keeps D Rating in Not Cooperating Category
OSIA JEWELS: CRISIL Maintains 'D' Rating in Not Cooperating
PINAKIN PLASTOFORMING: CARE Keeps D Rating in Not Cooperating
POLIXEL SECURITY: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
POPULAR GROUP: CARE Maintains D Rating in Not Cooperating Category

PRAJAY PROPERTIES: CRISIL Maintains D Rating in Not Cooperating
REDDIES TEXTILE: CARE Maintains 'D' Rating in Not Cooperating
RELIANCE COMMUNICATIONS: CARE Keeps D Rating in Not Cooperating
RIYA IMPEX: Ind-Ra Migrates B+ LT Issuer Rating to Non-Cooperating
S S M FOUNDATION: CRISIL Maintains D Rating in Not Cooperating

SANCHETI ORNAMENTS: CRISIL Maintains D Rating in Not Cooperating
SATYAM ISPAT: CRISIL Maintains 'D' Rating in Not Cooperating
SGM PACKAGING: CRISIL Maintains 'D' Rating in Not Cooperating
SHREEJI CONSTRUCTION: CARE Keeps D Rating in Not Cooperating
SHRI SHYAM GLOBAL: Ind-Ra Migrates B+ LT Rating to Non-Cooperating

SHRI SHYAM OIL: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
SHRI SHYAM WAREHOUSING: Ind-Ra Moves 'D' Rating to Non-Cooperating
SIDDHAM JEWELS: CRISIL Maintains 'D' Rating in Not Cooperating
SIDHARTHA BUILDHOME: CARE Keeps 'D' Rating in Not Cooperating
SIVARAM YARNS: CRISIL Maintains 'D' Rating in Not Cooperating

SK. CHAN: CRISIL Maintains 'D' Rating in Not Cooperating Category
SKANDASHREE JEWEL: CRISIL Maintains D Rating in Not Cooperating
SPARSH INFRATECH: Ind-Ra Cuts Rating to 'B', Not Cooperating
SRI KALISWARI: Ind-Ra Cuts Bank Loan Rating to BB-/Not Cooperating
SRIKARA PACKAGING: CRISIL Maintains D Rating in Not Cooperating

STAR RAISON: CRISIL Cuts INR40cr LT Loan Rating to 'D'
STARWOOD TECHNO: CRISIL Maintains 'D' Rating in Not Cooperating
SUMA FOODS: CRISIL Maintains 'D' Rating in Not Cooperating
TEAM INTERVENTURE: CRISIL Keeps 'D' Rating in Not Cooperating
TEXAS LIFESTYLE: CRISIL Maintains 'D' Rating in Not Cooperating

THE ACADEMY: Ind-Ra Migrates 'D' Loan Rating to Non-Cooperating
TIRUPATI BASMATI: CRISIL Maintains D Rating in Not Cooperating
TRIMURTI FLOUR: CRISIL Maintains 'C' Rating in Not Cooperating
URVARAK ABHIKARAN: CRISIL Keeps 'D' Rating in Not Cooperating
VEEKAY POLYCOATS: CRISIL Maintains D Rating in Not Cooperating

VETRIVEL FORGINGS: CARE Keeps 'D' Rating in Not Cooperating
VISHAL INFRAGLOBAL: CRISIL Maintains D Rating in Not Cooperating
VISHNU STEELS: CRISIL Maintains 'D' Rating in Not Cooperating
WHITE HOUSE: CARE Maintains D Rating in Not Cooperating Category


M O N G O L I A

CAPITRON BANK: Moody's Assigns B3 LC Deposit Rating, Outlook Stable


N E W   Z E A L A N D

ZIERA RETAIL: Placed in Voluntary Administration


S I N G A P O R E

PACC OFFSHORE: JV Faces Cross Default After an Earlier Default
TRANSCORP HOLDINGS: Assessing Going-Concern Ability

                           - - - - -


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

ACME OPERATIONS: Second Creditors' Meeting Set for Oct. 2
---------------------------------------------------------
A second meeting of creditors in the proceedings of ACME Operations
Pty Ltd, ACME Equipment Pty Ltd, and ACME Properties Pty Ltd, has
been set for Oct. 2, 2019, at 2:00 p.m. at the offices of
KordaMentha, Rialto South Tower, Level 31, at 525 Collins St, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 1, 2019, at 4:00 p.m.

Craig Peter Shepard and Leanne Kylie Chesser of KordaMentha were
appointed as administrators of ACME Operations on Aug. 1, 2019.

ANTHONY H: First Creditors' Meeting Set for Oct. 3
--------------------------------------------------
A first meeting of the creditors in the proceedings of Anthony H
Motorcycles Pty Ltd, formerly Known As Carr Brothers Motorcycles
Pty. Ltd., will be held on Oct. 3, 2019, at 2:00 p.m. at the
offices of O'Brien Palmer, Level 9, at 66 Clarence Street, in
Sydney, NSW.

Daniel John Frisken -- dfrisken@obp.com.au -- of O'Brien Palmer was
appointed as administrator of Anthony H on Sept. 23, 2019.

INFRABUILD AUSTRALIA: Moody's Rates $325MM Sr. Sec. Notes 'Ba3'
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the $325 million
(around AUD480 million) senior secured notes issued by InfraBuild
Australia Pty Ltd. At the same time, Moody's has affirmed the
company's Ba3 corporate family rating. The outlook is stable.

The proceeds from the notes issuance will be used--along with a
$150 million (around AUD220 million) equity injection from its
owners--to refinance the company's current credit facilities and
receivables program, pay transaction fees, and for general
corporate purposes.

The transaction replaces the previously proposed $475 million
senior unsecured notes transaction, which Moody's assigned a Ba3
rating to on September 5, 2019. This rating has subsequently been
withdrawn.

InfraBuild will also enter into a 3-year AUD250 million senior
secured asset based revolving credit facility (ABL) along with the
new notes issuance, which will be available to support working
capital, liquidity and general corporate purposes. This facility
will be undrawn at financial close.

The new notes are secured and benefit from a first priority lien on
substantially all assets other than the ABL priority
collateral--which largely consists of receivables and
inventory--and will rank pari passu to certain designated swap
obligations. The notes will also benefit from a second priority
lien on the ABL collateral.

RATINGS RATIONALE

The affirmation of the Ba3 CFR reflects Moody's view that while the
lower leverage under the new transaction is credit positive and
demonstrates the ability and willingness of the sponsor to inject
equity, the rating remains constrained by the current low margins
of the business, limited track record, and weaker environment for
construction activity over the next 1-2 years.

The proposed equity funded debt reduction as part of the
refinancing will lower initial pro forma leverage by around 1.0x.
Over the next 24 months, leverage will now likely range between
2.5-3.0x.

InfraBuild's Ba3 CFR continues to reflect its strong market
position in steel long products in Australia. The rating also takes
into account the company's vertically integrated business model,
with a flexible operating profile and lower fixed cost profile
relative to blast furnace operators, consistent production levels
and improving utilization rates, high barriers to entry, close
proximity to projects, quality products, and government policy
benefits for the sector.

InfraBuild's credit profile is balanced by the company's limited
scale on a production and earnings basis, the cyclical nature of
steel prices and demand, and its exposure to volatile input costs
and foreign exchange rates.

Moody's expects weaker demand for steel in the Australian
construction sector over the next 12-18 months, a key end market
for InfraBuild's steel products, given weaker residential
construction activity and some delays to large infrastructure
spending. Moody's expects this demand to stabilize and then improve
over the next 2-3 years, supported by the large pipeline of
government infrastructure spending and a stabilization in
residential construction activity.

The company's credit profile and CFR remain constrained by its high
costs and low margins, with adjusted EBIT margins of around 3.8% in
fiscal year ended June 30, 2019.

While InfraBuild's margins are currently low for the rating,
Moody's says that the company's margins and earnings levels should
benefit from its continuous improvement initiatives, increased
investment spending, and as changes to its pricing model flow
through. This situation should allow for higher and also more
stable margins through the cycle, but is also associated with some
execution risk.

In terms of environmental, governance and social factors,
InfraBuild's CFR reflects the elevated environmental risk facing
steel producers, such as carbon regulation and air pollution.
Nevertheless, given InfraBuild's electric arc furnace (EAF)
production, which uses scrap steel and emits lower emissions than
blast furnace operations, Moody's sees this risk materializing more
around electricity prices and security of supply.

Governance risk is also a key consideration, reflecting the
concentrated ownership of the company, which is ultimately fully
owned by the UK-based GFG Alliance. Moody's points out that GFG has
full control of InfraBuild, appointing all of its directors and
ultimately making all major decisions for InfraBuild. This risk
could most likely manifest through aggressive dividends, increased
leverage, or other cash flow leakage to boost returns or support
other GFG businesses. The risk is also amplified by the limited
information available on the financial position of GFG and its
entities.

The stable ratings outlook reflects Moody's expectation that
InfraBuild's continuous improvement initiatives and the changes to
its pricing model will somewhat offset softer demand from the
construction sectors over the next 12-18 months. These initiatives,
combined with acquisitions, should allow for some modest margin
improvement over the next 12-24 months, despite potential revenue
volatility.

While the new notes will benefit from security, they are rated at
the same level as InfraBuild's CFR, reflecting the fact that the
notes account for the vast majority of funded debt in the company's
capital structure.

WHAT COULD CHANGE THE RATING

An upgrade of InfraBuild's ratings would require the company to
demonstrate a continued track record of sustainably improving its
operations, including achieving cost reductions and improving
productivity, as well as a track record of maintaining conservative
financial policies under its current ownership.

In addition, an upgrade would require the following metrics be
achieved and sustained through the cycle: (1) EBIT margins above
6%; (2) debt/EBITDA below 3.0x; (3) EBIT/interest above 3.5x; and
(4) (operating cash flow less dividends)/ debt sustained above
25%.

Moody's could downgrade the ratings if economic weakness and
increased competition leads to a deterioration in operating
performance and credit metrics and/or if the company cannot achieve
its continuous improvement objectives. The rating could also be
downgraded if the company pays out material dividends or enters
into further significant related-party transactions that negatively
impact its credit profile.

Specifically, Moody's could downgrade the rating if (1) the
company's EBIT margin does not show sustained improvement above 4%;
or (2) debt/EBITDA exceeds 4.0x, and/or EBIT/interest stays below
2.5x.

The principal methodology used in these ratings was Steel Industry
published in September 2017.

BACKGROUND

InfraBuild Australia Pty Ltd is Australia's largest and only
vertically integrated EAF manufacturer and supplier of steel long
products. The company supplies around 2.2 million tonnes per annum
of steel long products to over 15,000 active customers in
Australia. The company's integrated operations reflect its position
as the second largest ferrous and non-ferrous recycling business in
Australia by volume and its large distribution network of more than
120 outlets across Australia.

InfraBuild is a private company, and is ultimately owned by GFG
Alliance, a United Kingdom based international industrial, energy,
natural resources and financial services group.

LBA CAPITAL: Assets Frozen; Continental Hotel Deal Under Cloud
--------------------------------------------------------------
Simon Johanson at The Sydney Morning Herald reports that the future
of Sorrento's landmark Continental Hotel has again been plunged
into uncertainty after AUD108 million in assets of its new
developer, who purchased the prominent pub several months ago, were
frozen by the courts.

Developer Demetrios Charisiou's LBA Capital was revealed last week
by The Age as the mystery buyer who signed a AUD21 million contract
to take over the heritage-listed hotel, a deal that now looks
likely to fall over.

SMH relates that in another body blow to the Continental's owner,
hotelier Julian Gerner, the Supreme Court has moved to freeze LBA
Capital's cash and real estate assets after its South Korean-based
financiers alleged the developer breached its loan obligations.

According to the report, heavyweight South Korean lenders KB
Securities and JB Asset Management gave almost AUD400 million to
LBA Capital to invest in government-subsidised National Disability
Insurance Scheme (NDIS) housing for disabled people.

The funding was meant to be used to buy homes, remodel them and
lease them under the NDIS system to gain Australian government
subsidies, the firms said, the report relays.

Instead, the funds raised from South Korean institutional and
private investors were allegedly diverted by LBA Capital into
buying land--not homes--as the local real estate market overheated
during the last housing boom.

It is unclear how substantial LBA's involvement with NDIS was, SMH
states.  

SMH adds that KB Securities said in a statement it had clawed back
AUD247 million from LBA, gained a freezing order over a further
AUD108 million, and would go after LBA's three registered
executives for the remaining AUD40 million.

"We will recover up to 89 per cent of our investment," the South
Korean firms, as cited by SMH, claimed.

SMH notes that the Continental's redevelopment has proved a major
headache for Mr. Gerner, a well-known Melbourne hotelier.

The report says the unexpected collapse of his joint partner in the
project, another over-stretched developer Steller, prompted Mr.
Gerner to sell the Italianate-style hotel midway through its AUD80
million redevelopment.

"This is just another speed hump for me. It's been a bumpy ride for
sure. I was aware there were issues [with LBA] and I have been
trying to move heaven and earth to find an alternate solution," Mr.
Gerner told The Age, notes the report.

The Continental transaction was due to settle next month, the
report says.

SMH relates that Mr. Gerner would not comment on what he intended
to do with the Continental or if he would seek to continue the
redevelopment himself. He purchased the popular seaside pub,
reportedly the largest limestone structure in the southern
hemisphere, in 2015 from the Di Pietro family.

Work on its redevelopment ground to a halt in May as Steller's
difficulties began to bite, SMH recalls.

Tighter construction financing conditions and a slump in the
apartment market have put the squeeze on Australia's developers.

According to SMH, receivers McGrathNicol last week quietly put
seven of Steller's Victorian development sites on the market in an
attempt to clean up the developer's books and recoup funds from
assets.

SMH relates that the sites have an estimated end value of AUD80
million and are controlled by Asia-based financier OCP which
appointed McGrathNicol as receiver over 13 Steller subsidiaries in
July. Other financiers, Sydney-based Atlas Advisors and the Bendigo
Bank, are also owed money by Steller.

KB Securities and JB Asset Management took legal action against LBA
Capital through global commercial law firm Allens, adds SMH.

OTWAY FUNDS: First Creditors' Meeting Set for Oct. 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Otway Funds
Limited (Formerly Trading As Arcadis Funds Management) will be held
on Oct. 3, 2019, at 1:30 p.m. at the Orchid Room of the Adina
Apartment Hotel, at 189 Queen Street, in Melbourne, Victoria.

Timothy James Brace, Peter Gountzos and Michael Carrafa of SV
Partners were appointed as administrators of Otway Funds on Sept.
20, 2019.

PREMIER WINDOWS: First Creditors' Meeting Set for Oct. 2
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Premier
Windows Pty Ltd will be held on Oct. 2, 2019, at 12:00 p.m. at
Suite 19.03, Level 19, at 31 Market Street, in Sydney, NSW.

Gavin Moss of Chifley Advisory was appointed as administrator of
Premier Windows on Sept. 20, 2019.



SKM GROUP: Recycling Resumes Across Four Melbourne Councils
-----------------------------------------------------------
Zach Hope and Sumeyya Ilanbey at The Age report that recycling has
resumed in four Melbourne councils in the first sign of a
resolution to Victoria's waste crisis that has seen thousands of
tonnes of reusable material sent to landfill following the collapse
of recycler SKM.

Brimbank, Moonee Valley and Melbourne councils announced on Sept.
23 their recycling had been taken to SKM's former Laverton North
plant after receivers KordaMentha cleared more than 10,000 tonnes
of stockpiled waste from the site over the last three weeks.

Port Phillip Council will be the fourth council to have their
recycling bins collected after negotiating a contract on Sept. 23,
according to a KordaMentha spokesman.

"[Moonee Valley, Brimbank and Melbourne] are the councils the
receivers were able to negotiate contracts with quickly and they're
quite close to the [Laverton North] plant," The Age quotes a
KordaMentha spokesman as saying.  "More councils will be added as
soon as possible."

SKM abruptly stopped accepting household recycling from more than
30 councils in late July after the Environment Protection Authority
ordered another SKM-linked company, Glass Recovery Services, to
stop taking material at its Coolaroo plant, The Age recalls.

According to the report, the Laverton North facility began
accepting recyclable materials again early on Sept. 23 after trucks
worked 24 hours a day, five days a week to move much of SKM's
stockpiles into landfill.

The site is three times the size of the MCG and the biggest of
SKM's sorting centres, the report says.

The Age relates that the effort has been helped by a AUD10 million
loan to KordaMentha from the Andrews government to clear the mess.

But thousands of tonnes of recycling will continue to go to
landfill from the councils that have not yet found alternatives to
SKM.

The Age adds that the KordaMentha spokesman said the contracts with
Brimbank, Melbourne and Moonee Valley were short-term until a buyer
was announced.

He said there had been interest from potential buyers and the
receivers expected to announce a successful bidder next month.

"All [potential buyers] can see there's been quite a lot of work in
three weeks," the spokesman said. "They can see viable
opportunities and potential, and have been visiting the site. That
will continue this week," The Age relays.

                          About SKM Group

SKM Group is one of Australia's biggest residential material
recyclers capable of processing more than 400,000 tonnes of
commingled recyclable material annually. The Group owns and
operated seven sites including three material recovery facilities
and a transfer station in Victoria and a material recovery facility
in Tasmania.

Mark Korda and Bryan Webster of KordaMentha were appointed as
Receivers and Managers of most of the SKM Group on Aug. 21, 2019.
The appointment excludes the Group's glass recovery business known
as Glass Recovery Services (GRS) which separately holds glass
processing facilities in Penrith (NSW) and Coolaroo (VIC).

The appointment of Receivers follows EPA intervention in early 2019
over fire risk concerns from stockpiled commingled material at a
number of SKM's sites.  

The previous secured creditor appointed Receivers over SKM
Corporate Pty Ltd following the appointment of Liquidators by the
Supreme Court of Victoria on Aug. 2, 2019.

SKM's secured creditor, Cleanaway Waste Management Limited, is owed
more than AUD60 million. The total amount outstanding to creditors
and employees is estimated to be AUD100 million.

STELLER INVESTMENT: First Creditors' Meeting Set for Oct. 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Steller
Investment Notes Pty Ltd will be held on Oct. 3, 2019, at 3:00 p.m.
at the Orchid Room of the Adina Apartment Hotel, at 189 Queen
Street, in Melbourne, Victoria.

Timothy James Brace, Peter Gountzos and Michael Carrafa of SV
Partners were appointed as administrators of Steller Investment on
Sept. 20, 2019.

STELLER PROPERTY: First Creditors' Meeting Set for Oct. 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Steller
Property Funds Pty Ltd will be held on Oct. 3, 2019, at 12:00 p.m.
at the Orchid Room of the Adina Apartment Hotel, at 189 Queen
Street, in Melbourne, Victoria.

Timothy James Brace, Peter Gountzos and Michael Carrafa of SV
Partners were appointed as administrators of Steller Property on
Sept. 20, 2019.

STELLER RESOURCES: First Creditors' Meeting Set for Oct. 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of:

    - Steller Resources Pty Ltd
    - Steller Short Stays Pty Ltd
    - Steller 225 Pty Ltd
    - Steller PF 3 Pty Ltd
    - Steller Hub Pty Ltd
    - Steller 208 Pty Ltd
    - Steller 203 Pty Ltd
    - Steller Continental Development Pty Ltd
    - Steller 202 Pty Ltd
    - Steller 189 Pty Ltd
    - Steller 262 Pty Ltd
    - Steller 168 Pty Ltd
    - Steller 141 Pty Ltd
    - Steller 107 Pty Ltd
    - Steller 239 Pty Ltd
    - SPF Funds Management Pty Ltd

will be held on Oct. 3, 2019, at 9:30 a.m. at the Orchid Room of
the Adina Apartment Hotel, at 189 Queen Street, in Melbourne,
Victoria.

Timothy James Brace, Peter Gountzos and Michael Carrafa of SV
Partners were appointed as administrators of Steller Resources and
related entities on Sept. 20, 2019.

TMC GLOBAL: Second Creditors' Meeting Set for Oct. 3
----------------------------------------------------
A second meeting of creditors in the proceedings of TMC Global Pty
Ltd, trading as Two Monkeys Cycling Penshurst & Two Monkeys
Clothing, has been set for Oct. 3, 2019, at 12:30 p.m. at the
offices of TPH Advisory, Lower Level, at 133 Macquarie Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 1, 2019, at 4:00 p.m.

Tim Heesh and Amanda Lott of TPH Insolvency were appointed as
administrators of TMC Global on Aug. 30, 2019.



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

CHINA EVERGRANDE: Fitch Affirms B+ LT IDR, Alters Outlook to Stable
-------------------------------------------------------------------
Fitch revised the Outlook on China Evergrande Group and that of its
subsidiary, Hengda Real Estate Group Co., Ltd, to Stable from
Positive and has affirmed the companies' Long-Term Foreign-Currency
Issuer Default Ratings at 'B+'. At the same time, Fitch has
affirmed Evergrande's senior unsecured rating at 'B' with a
Recovery Rating of 'RR5' and Hengda's senior unsecured rating at
'B+' with Recovery Rating of 'RR4'.

The Outlook revision reflects Fitch's belief that the group's
ability to cut debt will weaken due to flat contracted sales,
higher payables stemming from heavier spending on non-property
businesses and increased reliance on short-term debt.

Fitch rates Evergrande and Hengda based on the group's consolidated
profile due to strong operational linkages, an approach that is in
line with its Parent and Subsidiary Rating Linkage criteria. The
difference in the companies' senior unsecured ratings reflects the
deeper subordination of Evergrande's creditors to those of Hengda,
which carries most of the group's debt and accounts for the
majority of group profit.

KEY RATING DRIVERS

Higher Payables, No Deleverage Trend: Evergrande's leverage,
measured by net debt/adjusted inventory, fell to 41% in 1H19, from
44% in 2018, after adjusting for external guarantees. However, this
was achieved by increasing trade payables to CNY495 billion, from
CNY424 billion in 2018. Trade payables/gross inventory also rose to
0.4x, from 0.3x, to fund construction. Fitch expects leverage to
rise again to 42%-43% in 2019-2020 due to aggressive landbanking
and investment in Evergrande's electric-vehicle business, in which
it has no operating record. Evergrande is paying additional land
premiums to acquire residential and commercial land around
factories amid slowing contracted sales and China's
property-industry slowdown.

Evergrande's land reserves increased to 319 million square metres
(sqm) in 1H19, from 303 million sqm in 2018 and 305 million sqm in
1H18. Its cost of land/contracted sales reached 27% in 1H19,
against 15% in 2018; Fitch expects the ratio to moderate to 18%-21%
in 2019-2021, as the company has land reserves adequate for five to
six years of development.

Flat Contracted Sales: Fitch expects Evergrande's 2019 contracted
sales to equal the CNY551 billion reached in 2018 (1H19: CNY281
billion), below the company's CNY600 billion target. The
homebuilder's business model implies that operating cash flow
should rise when growth slows. However, this may not be the case,
as Fitch expects Evergrande to become more aggressive in land
acquisition and capex on electric vehicles, leading to weaker
operating cash flow.

High Reliance on Short-Term Debt: The proportion of Evergrande's
short-term debt/total debt - at 46% in 1H19 (2018: 47%, 2017: 49%)
- remained higher than that of peers. The company says it is
committed to issuing longer-term debt, but this may take time, as a
large part of its short-term loans are construction loans.

Continued Non-Development Capex: Evergrande paid CNY14 billion for
the acquisition of electric-vehicle companies, land purchases and
the establishment of factories in 1H19. Fitch expects Evergrande to
spend CNY6 billion in capex for its electric-vehicle business in
2H19, while the company plans to spend CNY5 billion-10 billion a
year in 2020 and 2021 on non-property businesses, including on the
research, development and production of electric vehicles. This
compares with the CNY16 billion in non-property capex in 2018.
Fitch gives little credit to Evergrande's non-property business, as
it makes minimal contribution to recurring income.

Subordination of Evergrande's Senior Creditors: Evergrande's
creditors are subordinated to those of Hengda, as Evergrande owns
only 63.5% of the subsidiary. Fitch rates Evergrande's senior
unsecured ratings at 'B', as Fitch believes the recovery value to
creditors has fallen due to higher payables at Hengda, whose senior
unsecured debt Fitch rates at 'B+'.

DERIVATION SUMMARY

Evergrande's scale and diversification is in line with that of
higher-rated homebuilders, such as Country Garden Holdings Co. Ltd.
(BBB-/Stable) and China Vanke Co., Ltd. (BBB+/Stable), which also
have nationwide operations. Evergrande's ratings are constrained by
its weaker leverage and liquidity and volatile historical
performance, with a short record of high profit margins. Its
working-capital management, which relies on payables rather than
customer deposits to fund inventory, and high short-term debt, also
leads to the multiple-notch rating difference with peers.

Evergrande is rated lower than Future Land Development Holdings
Limited (FLDH, BB/Rating Watch Negative), despite being
significantly larger, as FLDH has better working capital and
liquidity management, higher churn and rising investment property
income.

KEY ASSUMPTIONS

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

  - Average selling price to increase by 3% in 2019 and 1% in
2020-2021 (2018: 6%)

  - Contracted sales by gross floor area to drop by 5% in 2019 and
stay flat in 2020 (2018: 4%)

  - Landbank gross floor area to increase by 1%-5% per annum in
2019-2020 (2018: -3%)

  - Land cost to increase by 3%-5% a year in 2019-2021, with an
EBITDA margin of 24%-27% in 2019-2021 (2018: 24%)

  - Dividend payout ratio of 30% during 2019-2021 (2018: 45% after
special dividend)

Recovery Rating Assumptions:

Evergrande

  - Evergrande will be liquidated in a bankruptcy because it is an
asset-trading company. Fitch assumes both Hengda and Evergrande
would go into bankruptcy if Evergrande fails

  - 10% administrative claims

  - Fitch estimates Evergrande's liquidation value by
deconsolidating Hengda. The estimate reflects Fitch's view of the
value of inventory and other assets that can be realised and
distributed to creditors

  - Fitch applied a 25% haircut on net inventory

  - Fitch applied a 30% haircut on receivables and a 50% haircut on
investment properties and plant, property and equipment

  - Fitch assumes third-party payables, excluding Hengda, of CNY69
billion at June 2019 are senior to all other debt

  - Fitch assumes Evergrande will be able to use all of its
available and restricted cash to pay debt and payables

  - Fitch assumes the full residual value from Hengda will be
distributed to Evergrande's creditors

Hengda

  - Hengda will be liquidated in a bankruptcy because it is an
asset-trading company

  - 10% administrative claims

  - Its liquidation estimate reflects its view of the value of
inventory and other assets that can be realised and distributed to
creditors

  - Fitch applied a 20% haircut on net inventory

  - Fitch applied a 30% haircut on receivables and a 50% haircut on
investment properties

  - Fitch assumes third-party payables of CNY427 billion at June
2019 are senior to all other debt

  - Fitch assumes Hengda will be able to fully use available and
restricted cash to pay debt and payables

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 50%, with
materially lower trade payables (1H19: 41%, 2018: 44%)

  - Contracted sales/gross debt sustained above 0.8x (1H19: 0.7x,
2018: 0.8x)

  - Evidence of limited contagion risk from non-property businesses
to core business

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

  - Net debt/adjusted inventory above 60% for a sustained period

  - EBITDA margin of below 20% for a sustained period

  - Evidence of more difficulty in accessing non-project debt
financing

LIQUIDITY

Weak but Manageable Liquidity: Evergrande's high reliance on
short-term debt and a low readily available cash balance result in
weak liquidity. The company had a cash/short-term debt ratio of
0.8x in 1H19 (2018: 0.7x, 2017: 0.8x). However, this is manageable,
as a large portion of short-term debt comprises construction loans,
which are normally rolled over.

FULL LIST OF RATING ACTIONS

China Evergrande Group

  - Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook
revised to Stable

  - Senior unsecured rating affirmed at 'B', with a Recovery Rating
of 'RR5'

  - USD500 million 7.00% senior unsecured notes due 2020 affirmed
at 'B', with a Recovery Rating of 'RR5'

  - USD598 million 6.25% senior unsecured notes due 2021 affirmed
at 'B', with a Recovery Rating of 'RR5'

  - USD1.0 billion 8.25% senior unsecured notes due 2022 affirmed
at 'B', with a Recovery Rating of 'RR5'

  - USD1.3 billion 7.50% senior unsecured notes due 2023 affirmed
at 'B', with a Recovery Rating of 'RR5'

  - USD1.0 billion 9.50% senior unsecured notes due 2024 affirmed
at 'B', with a Recovery Rating of 'RR5'

  - USD4.7 billion 8.75% senior unsecured notes due 2025 affirmed
at 'B', with a Recovery Rating of 'RR5'

Hengda Real Estate Group Co., Ltd

  - Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook
revised to Stable

  - Senior unsecured rating affirmed at 'B+', with a Recovery
Rating of 'RR4'

Scenery Journey Limited - a fully owned subsidiary of Hengda

  - USD565 million 11.00% senior unsecured notes due 2020 affirmed
at 'B+', with a Recovery Rating of 'RR4'

  - USD645 million 13.00% senior unsecured notes due 2022 affirmed
at 'B+', with a Recovery Rating of 'RR4'

  - USD590 million 13.75% senior unsecured notes due 2023 affirmed
at 'B+', with a Recovery Rating of 'RR4'

  - USD600 million 9.00% senior unsecured notes due 2021 affirmed
at 'B+', with a Recovery Rating of 'RR4'

CHINA GRAND: Moody's Affirms B1 CFR, Alters Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has changed the outlook on China Grand
Automotive Services Group Co., Ltd to stable from positive.

At the same time, Moody's has affirmed the company's B1 corporate
family rating.

RATINGS RATIONALE

"The change in outlook to stable reflects our view that China Grand
Auto's leverage will remain around 5.5x-6.0x over the next 12-18
months, due to a weak operating environment and its continued
reliance on short-term financing, but that this level is still
appropriate for its B1 rating," says Roy Zhang, a Moody's Assistant
Vice President and Analyst.

"Our affirmation of the company's B1 rating reflects its strong
business profile and rising ability to tap into revenues from
higher margin services," adds Zhang.

China's overall auto sales declined by 12.4% in 1H2019 according to
the China Association of Automobile Manufacturers. This weak
operating environment will have a negative impact on China Grand
Auto's business performance.

Moody's expects China Grand Auto's leverage to remain around
5.5x-6.0x over the next 12-18 months compared with 5.9x at the end
of 2018, reflecting slower earnings growth and stable debt when
compared with 2018.

However, China Grand Auto has proven its business resilience during
current industry downturn. Its year-on-year unit sales of new
vehicles grew by 6.1% and revenue grew by 3% in 1H2019, despite
declining auto sales in China. Moody's believes this strong
performance is underpinned by the company's large and diversified
operating scale and favorable brand exposure to high-end markets.
These strengths, combined with increasing profit contributions from
high-margin services and commission-based business, have all
improved the company's operating stability.

At the same time, China Grand Auto has a high reliance on
short-term debt, resulting in a weak liquidity profile.

The company's reported interest expense increased by 13% in 1H2019,
due to higher funding costs amid a tight funding environment.
Moody's expects the company's financing cost to keep rising as it
refinances its existing debt at higher interest rates.

China Grand Auto's liquidity is weak. At June 30, 2019, its
restricted and unrestricted cash pool of RMB20.3 billion was
insufficient to cover its short-term debt of RMB61 billion.

However, Moody's expects that the company will be able to roll over
its debt with new funding from domestic banks, given its profitable
operations, strong market position and inventory of branded cars.

The company has also demonstrated a track record of access to
diversified funding channels, including onshore debt instruments
such as corporate bonds, medium-term notes, and asset-backed
securities.

In addition, its strategic relationships with auto makers and
highly liquid working capital provides it with a buffer against
liquidity needs.

The rating also takes into account the following environmental,
social and governance considerations.

The company is benefiting from the social trend of increasing car
ownership in China. This trend is supported by China's improving
infrastructure, rising disposable income and urbanization rate.

The company faces regulatory risks related to vehicle ownership
controls, vehicle fuel economy and emission standards, as well as
risks stemming from its financial services and used-vehicle sales.
Any further tightening of related regulations could hamper the
company's sales.

China Grand Auto's ownership is concentrated in Xinjiang Guanghui
Industry Investment Group Co., Ltd (B2 stable), which held a 32.64%
stake in the company at end the of June 2019. This risk is somewhat
mitigated by the fact that China Grand Auto is a listed and
regulated entity with minimal intercompany transactions with
Xinjiang Guanghui.

Upward rating pressure could emerge if China Grand Auto maintains
its business profile and access to diversified funding sources, and
refinances its short-term debt, while improving these two factors:
(1) its debt leverage; and (2) the contribution of revenue and
gross profit from its auto maintenance business on a sustained
basis.

Credit metrics indicative of upward rating pressure include
adjusted debt/EBITDA trending towards 5.0x-5.5x, and interest
coverage as measured by EBITDA/interest exceeding 3.0x on a
sustained basis.

On the other hand, downward rating pressure could emerge if (1) the
company's business profile weakens; (2) its revenue and/or margins
decline due to deteriorating market conditions or the termination
of contracts with vehicle suppliers; (3) its liquidity position or
funding access weakens; or (4) its interest coverage--as measured
by EBITDA/interest--falls below 2.5x, or its leverage rises above
6.0x on a sustained basis.

The principal methodology used in this rating was Retail Industry
published in May 2018.

CHINA HONGQIAO: Fitch Rates Proposed US$ Sr. Unsec. Notes BB-(EXP)
-------------------------------------------------------------------
Fitch Ratings assigned aluminium manufacturer China Hongqiao Group
Limited's (BB-/Stable) proposed US dollar senior unsecured notes an
expected 'BB-(EXP)' rating.

The notes are rated at the same level as Hongqiao's senior
unsecured debt as they represent unsecured and unsubordinated
obligations of the company. The final rating on the proposed notes
is contingent upon the receipt of documents conforming to
information already received.

Net proceeds from the issue will mainly be used for refinancing
existing debt and general corporate purposes.

KEY RATING DRIVERS

Surcharge Risk Weighs on Profitability: Fitch expects the
profitability of Hongqiao's aluminium business to decrease if the
company has to start paying power surcharges to the government
(such as a renewable energy surcharge and cross-subsidies) for
electricity generated by its captive power plants.

Our sensitivity analysis shows that a CNY0.029/kWh and
CNY0.0504/kWh increase in power tariffs could reduce the company's
aluminium gross profit per tonne by as much as CNY370 and CNY650,
respectively (2019 forecast gross profit per tonne: CNY2,000).
Hongqiao's net leverage could increase to 3.0x-3.5x between 2020
and 2022 if both the surcharge and cross-subsidies are applied,
although there is little clarity over the government's plans for
the surcharges.

Leading Producer, Stable Capacity: Fitch expects Hongqiao's total
primary aluminium smelting capacity to remain stable at around 6.5
million tonnes per year as its current capacity is legal and
compliant with the latest government policies. The company has
retained its domestic market share of around 15% and remains one of
the largest aluminium smelters in the world. Hongqiao's size allows
it to enjoy large economies of scale, making it one of the most
profitable smelters in China.

Lower Margins: Hongqiao's EBITDA margin narrowed to 22% in 2018,
from 25% in 2017, driven by weaker aluminium prices and rising
input costs. Fitch expects Hongqiao's EBITDA margin to remain at
around 20% over 2019-2022, supported by Fitch's forecasts for
stable aluminium prices. Hongqiao's profitability should remain
well ahead of that of other domestic aluminium smelters due to its
scale and high levels of input self-sufficiency, as Hongqiao is
100% self-sufficient in alumina production and also has access to
overseas bauxite resources in Guinea.

Stable Leverage: Hongqiao's net leverage dropped to 2.1x in 2018,
from around 2.3x in 2017 and 3.9x in 2016, on the back of strong
profitability in its core aluminium business. Fitch expects
Hongqiao's net leverage to stabilise at around 2.4-2.7x between
2019 and 2022; driven by strong funds from operations (FFO)
generation. Fitch expects Hongqiao to post positive free cash flow
(FCF) but less so than in previous years due to higher working
capital needs and higher dividend payouts, despite limited capex.

Improving Corporate Governance: The company maintained a record of
satisfactory corporate governance, with adequate internal controls
and timely financial disclosure, over the last two years, following
a delay in the publication of its annual report in 2017. Fitch
believes that Hongqiao's corporate governance and financial
transparency are no longer constraints on its current ratings.

DERIVATION SUMMARY

Comparable Fitch-rated peers include Alcoa Corporation
(BB+/Stable), United Company RUSAL Plc (BB-/Stable), and Aluminum
Corporation of China Limited (Chalco; A-/Stable).

Hongqiao has a less sophisticated range of products than Alcoa, but
it maintains slightly higher margin due to the scale and efficiency
of its core aluminium smelting business. However, Hongqiao's net
leverage remains higher than that of Alcoa, even after the
deleveraging in 2018.

Rusal benefits from substantial size, low input costs and its stake
in PJSC MMC Norilsk Nickel (BBB-/Stable). Hongqiao has higher
profitability than Rusal and maintains a lower net leverage, but
has higher business risks due to uncertainty about the power
surcharges. Rusal's rating also captures the higher-than-average
systemic risks associated with the Russian business and
jurisdictional environment.

Compared to Chalco, Hongqiao is larger in scale, has higher
profitability and consistently maintains lower and less volatile
net leverage.

KEY ASSUMPTIONS

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

  - Aluminium capacity to remain at 6.5 million tonnes

  - Capex of CNY3 billion per year between 2019 and 2022

  - 50% dividend pay-out ratio between 2019 and 2022

RATING SENSITIVITIES

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

  - FFO net leverage sustained below 2.5x (2019F: 2.7x)

  - Greater clarity on the regulatory implications surrounding
Hongqiao's unpaid power tariffs or potential imposition of power
surcharges, which will not result in any negative impact on the
company's financial metrics.

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

  - FFO net leverage above 3.5x on a sustained basis

  - Further capacity shutdowns or significant deterioration of
market position

  - Significant increase in power surcharges paid or substantial
payment of previously unpaid tariff

LIQUIDITY AND DEBT STRUCTURE

Hongqiao has around CNY46 billion in cash as of end-2018, which was
adequate to cover its short-term debt of around CNY28 billion.
Hongqiao also has an unutilised credit facility of around CNY18
billion, as well as adequate access to domestic and international
bond and equity markets.

MENGXI-HUAZHONG RAILWAY: Gets Injection From State Rail Unit
------------------------------------------------------------
Bai Yujie and Mo Yelin at Caixin Global report that a listed unit
of China's state-owned rail operator has committed to pumping an
additional CNY4 billion ($565.75 million) into Mengxi-Huazhong
Railway Co. Ltd., the company building one of the nation's longest
coal transportation lines.

Daqin Railway Co. Ltd., which had already invested CNY2 billion in
the Mengxi-Huazhong Railway, will up its stake to 10%, making it
the project's third-largest shareholder, the Shanghai-listed unit
of China State Railway Group Co. Ltd. (CR) said in a statement,
Caixin relays.

According to Caixin, Daqin is coming to the rescue for
Mengxi-Huazhong, which is building a coal railway stretching across
China from north to south, after two other participants failed to
make payments on the construction project--including a different
unit of CR.

Running from Inner Mongolia to East China's Jiangxi province, the
1,814 kilometer (1,127 mile) railway line was supposed to open by
the end of September. It will be capable of carrying 200 million
tons of coals annually, Caixin says.

Caixin relates that construction began in 2015, but the project has
run short by a total of CNY7 billion, after CR unit China Railway
Investment Co. Ltd. and a unit of China Construction Bank failed to
make their payments under a previous funding agreement.

China Railway Investment backed out of the agreement due to a cash
flow issue, a source familiar with the situation told Caixin.

Caixin says the tie-up with Mengxi-Huazhong will strengthen Daqin's
grip on the country's coal transportation business. The firm
already runs Datong-Qinhuangdao Railway, China's busiest coal
railway with an annual capacity of 451 million tons--about 10% of
China's annual railway coal freight.

Daqin expects Mengxi-Huazhong to lose money for the next several
years before turning for a profit in 2023.

CR is China's state-owned railway operator for freight and
passenger services. The company changed its name from China Railway
Corp. in June.

Daqin is CR's only listed unit. Caixin reported last year that CR
was planning to take its other unit--the operator behind
Beijing-Shanghai high-speed railway line--to the public market.

SUNAC CHINA: Fitch Affirms BB LT IDR, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed Sunac China Holdings Limited's Long-Term
Foreign-Currency Issuer Default Rating, senior unsecured rating and
the ratings on its outstanding senior notes at 'BB'. The Outlook on
the IDR is Stable.

The affirmation reflects Fitch's expectations Sunac will continue
deleveraging until it has increased headroom below 40% for a
sustained period. Sunac's leverage, measured by net debt/adjusted
inventory with proportional consolidation of joint ventures (JV)
and associates, was maintained at around 39% in 1H19.

Sunac aims to control land acquisitions or investments in 2H19. Its
large attributable land bank of more than 136 million sq m of
saleable gross floor area is well-diversified across various
regions in China, which should support contracted sales and further
deleveraging.

KEY RATING DRIVERS

Leverage to Decrease: Sunac's leverage increased to 39% in 1H19
from 38% in 2018 as the company made significant land acquisitions.
Debt at the consolidated level increased by around CNY70 billion in
1H19, but its stable leverage ratio reflects the increasing trend
of funding JVs and associates at the parent level, leading to
relatively low leverage at the JVs and associates. Sunac's land
acquisition pace has since slowed and Fitch expects the company to
control land acquisition and allow some headroom below the 40%
leverage ratio.

Fitch believes Sunac will be able to maintain steady growth in
attributable contracted sales, leading to sustained cash generation
and lower leverage. Attributable contracted sales rose by 7% to
CNY147.9 billion in 1H19, while total contracted sales reached
CNY214.2 billion, or 39% of its full-year sales target of CNY550
billion. Sunac's trade payables have also risen significantly in
line with its expanding scale. Nevertheless, its trade
payables-to-inventory ratio was manageable at around 0.2x in 1H19
and 2018, which was lower than that of peers that rely heavily on
trade payables to fund construction. Fitch believes Sunac's trade
payables-to-inventory ratio will not rise significantly.

Diversified Land Bank: Sunac's land bank is diversified across
various Chinese regions, including northern, south-west and
south-east China, the Beijing area and the Yangtze River Delta. It
also has a presence in central China, the Greater Bay Area and
Hainan province. Up to 83% of Sunac's land bank, based on saleable
value, is situated in tier 1 and 2 cities, where pent-up demand is
more robust than in lower-tier cities. The remaining land bank is
in strong third-tier cities. Geographical diversification helps
mitigate against local policy restrictions as each local government
implements differing home-purchase limits.

Strong Sales and Margins: Fitch forecasts Sunac's average selling
price (ASP) to be around CNY14,000-14,500/sq m in the next few
years. The company has maintained its ASP at around CNY14,500/sq m
in 2019, reflecting its focus on higher-tier cities. Sunac's
attributable contracted sales are comparable with that of other
large Chinese homebuilders, including China Vanke Co., Ltd.
(BBB+/Stable) and Poly Developments and Holdings Group Co., Ltd.
(BBB+/Stable).

Sunac's large scale also allows it to trim construction costs,
leading to a strong EBITDA margin - including the proportional
share of EBITDA from JVs and associates - of around 26% in 1H19, or
31% if valuation gains from acquired projects are removed from
costs of goods sold (COGS). Fitch expects an EBITDA margin,
including valuation gains in COGS, of around 25% in the medium
term.

Non-Development Contribution: Fitch forecasts Sunac will spend
CNY15 billion-21 billion a year in 2019 and 2020 to ramp up its
property management, rental and decoration businesses as well as
the cultural and tourism business it acquired in 2017. Fitch
expects the projects to be fully funded by the sale of properties
in the same area. Revenue contribution from Sunac's non-development
business was CNY3.4 billion in 1H19, with gross margin of about
31%. Sunac also aims to improve the operating efficiency of the
cultural and tourism business after the acquisition of the
operational and management team from Dalian Wanda Commercial
Management Group Co., Ltd. (BB+/Stable).

DERIVATION SUMMARY

Sunac's homebuilding attributable sales scale and geographical
diversification are comparable with that of large 'BBB' rated
homebuilders, such as Vanke and Poly, and also comparable with or
superior to that of Longfor Group Holdings Limited (BBB/Stable) and
Shimao Property Holdings Limited (BBB-/Stable).

Country Garden Holdings Co. Ltd. (BBB-/Stable) has larger
attributable scale and geographic coverage than Sunac. However,
Country Garden's land bank is more concentrated in low-tier cities,
where demand is susceptible to negative sentiment, while the
majority of Sunac's land bank is situated in tier-1 and 2 cities,
as reflected in Sunac's higher margin.

However, Sunac's financial profile is more volatile than that of
investment-grade peers. Sunac's recurring EBITDA interest coverage
of 0.3x is less than Longfor's 0.7x and Shimao's 0.5x.

Our leverage forecast for Sunac of around 35%-40% is more
comparable with 'BB' rated issuers such as Sino-Ocean Group Holding
Limited (BBB-/Stable; Standalone Credit Profile: bb+), Future Land
Development Holdings Limited (BB/Rating Watch Negative) and its
subsidiary, Seazen Holdings Co., Ltd. (BB/Rating Watch Negative),
CIFI Holdings (Group) Co. Ltd. (BB/Stable) and China Aoyuan Group
Limited (BB-/Positive).

Sunac's leverage is similar to China Evergrande Group's (B+/Stable)
40% in 2018, but Sunac's trade payables/inventory ratio of around
0.2x in 2018 is lower than Evergrande's 0.4x, with the latter
relying significantly on trade payables to fund its construction.
Evergrande's high payables/inventory ratio constrains its ratings.

KEY ASSUMPTIONS

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

  - Land-bank replenishment to maintain a land-bank life of 4.0-4.5
years

  - Capex of CNY15 billion-21 billion a year in 2019 and 2020,
decreasing thereafter

  - Contracted gross floor area to increase by 5% to 15%

  - Contracted ASP of around CNY14,000-14,500/sq m

  - EBITDA margin, including the effect of revaluation of acquired
projects from COGS, at around 22%-26%

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory below 30% for a sustained period
(1H19: 39%)

  - EBITDA margin, excluding the effect of revaluation of acquired
projects from COGS, sustained above 25% (1H19: 31%)

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

  - Net debt/adjusted inventory above 40% for a sustained period

  - EBITDA margin, excluding the effect of revaluation of acquired
projects from COGS, sustained below 20%

  - Change in management strategy to refocus on aggressive
acquisitions, away from Sunac's stated objective to reduce its
leverage ratio

LIQUIDITY

Sufficient Liquidity: Fitch expects Sunac to maintain sufficient
liquidity for its operations and debt repayment, as contracted
sales reached CNY326 billion on an attributable basis in 2018.
Sunac had a cash balance of CNY138 billion in 1H19, including
restricted cash of CNY39 billion, sufficient to cover short-term
debt of CNY121 billion. Sunac raised USD1.9 billion in offshore
senior notes in 2018 and an additional USD2.95 billion to date in
2019.

ZHENRO PROPERTIES: Fitch Rates New US$ Sr. Unsec. Notes  B+(EXP)
----------------------------------------------------------------
Fitch Ratings assigned Zhenro Properties Group Limited's
(B+/Stable) proposed US dollar senior unsecured notes an expected
'B+(EXP)' rating with a Recovery Rating of 'RR4'.

The proposed notes are rated at the same level as Zhenro's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. Zhenro intends to use net proceeds from the
proposed issue to primarily refinance existing debt. The final
rating is subject to the receipt of final documentation conforming
to information already received.

Zhenro has been repaying its debt through equity issuance and
internally generated cash flow, which Fitch believes has reduced
its leverage - as defined by net debt/adjusted inventory, including
proportional consolidation of joint ventures and associates - to
around 51%, from 55% at end-June 2019. Fitch believes Zhenro can
sustain leverage at around 50% as it pursues a less aggressive
growth strategy than in the past two years.

Zhenro's IDR is supported by its high-quality and diverse land
bank, healthy contracted sales growth, sales churn and good margin.
The rating is constrained by a small land bank, which creates some
pressure to replenish land and limits room for significant
deleveraging.

KEY RATING DRIVERS

Sustained Leverage Profile: Fitch believes Zhenro can sustain a
leverage profile commensurate with a 'B+' rating. Leverage
increased to 55% in 1H19, but Fitch believes subsequent debt
repayment from equity issuance and internal cash generation has
lowered leverage to around 51%. Zhenro spent around CNY16 billion
on land acquisitions in 1H19, which represented around half of
1H19's attributable contracted sales. Fitch forecasts Zhenro will
spend CNY35 billion on land acquisition in 2019, resulting in
leverage of around 50%. Chinese homebuilders have been more active
in acquiring land in Tier 2 cities during 2019, resulting in higher
land premiums.

More Balanced Capital Structure: The cash/short-term debt ratio was
stable at 1.2x in 1H19. Fitch also expects funding costs to
continue to fall, as more expensive trust loans are replaced with
lower-cost financing. Zhenro has diversified its funding sources
since its IPO in 2018. The percentage of unsecured borrowings
increased to 41% of total debt in 1H19, from 34% in 2018. The
company continues to replace onshore non-bank borrowings with
offshore funding.

High-Quality Land Bank: Zhenro's land bank is focused on Tier 2
cities and is diversified across China's eastern, northern,
south-east, western and central regions. No single city contributes
a significant portion to total sales, avoiding concentration and
regional policy risks. This allowed Zhenro to achieve robust
attributable contracted sales growth in the previous three years,
with attributable sales reaching CNY30 billion in 1H19. The average
selling price (ASP) dropped to CNY15,390/square metre (sq m), from
CNY16,770/sq m, due to a lower proportion of sales from Tier 1
cities, but was still higher than that of most 'B+' category
peers.

Relatively Small Land Bank: Fitch estimates Zhenro's unsold
attributable land bank at end-1H19 was sufficient for around 2.5
years of development. The company relies on continuous land
acquisition to sustain contracted sales growth. This is likely to
drive Zhenro to replenish land bank at market prices and could
limit its ability to keep land costs low, especially as it acquires
more land parcels in Tier 2 cities, where there is more intense
competition on land bidding. Fitch forecasts Zhenro will keep its
land-bank life at current levels, as Zhenro believes a larger land
bank would limit its flexibility to manage policy uncertainties.

Zhenro acquired new land at an average cost of CNY6,311/sq m in
1H19, 31% higher than in 2018. Land costs accounted for about 41%
of contracted sales ASP. Fitch expects the EBITDA margin to
gradually edge down from the 2018 level, following the same trend
as most other Chinese homebuilders.

Significant Minority Shareholders: Total non-controlling interest
in Zhenro's balance sheet increased to CNY10.6 billion in 1H19,
from CNY8 billion in 2018, due to minority shareholders completing
capital injections for projects acquired in 2018. Total
non-controlling interest was 36.5% of total equity in 1H19. Fitch
expects non-controlling interest to stay stable, as Zhenro sought
higher shareholdings in its land acquisitions during 2019, although
this also increased leverage in 1H19.

DERIVATION SUMMARY

Zhenro's leverage of 50%-55% and relatively small land bank
constrains its rating to the 'B+' category, while its sustainable
contracted sales scale and diverse and quality land bank is
comparable with those of 'BB-' peers. As with Zhongliang Holdings
Group Company Limited (B+/Stable), Zhenro's unsold attributable
land bank at end-1H19 was equivalent to around 2.5 years of GFA
sold, which is shorter than that of fast-churn peers.

Zhenro's leverage is at the higher-end of 'B+' peers, but is
complemented by a high-quality land bank, which drives its
contracted sales scale and satisfactory margin. Attributable
contracted sales of CNY56 billion and an EBITDA margin of 27% in
2018 were comparable with those of 'BB-' peers, such as Yuzhou
Properties Company Limited (BB-/Stable).

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY62 billion-85 billion a
year in 2019-2022 (1H19: CNY30 billion)

  - 10% drop in ASP in 2019, followed by a 0%-2% rise each year in
2020-2022 (1H19: CNY15,382)

  - Annual land premium to be maintained at around 2.5 years of
land-bank life, accounting for about 40%-55% of attributable
contracted sales (1H19: 54%)

RATING SENSITIVITIES

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

  - Leverage (net debt/adjusted inventory) sustained below 45%

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, above 25% for a sustained period

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

  - Leverage (net debt/adjusted inventory) above 55% for a
sustained period

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, below 20% for a sustained period

LIQUIDITY

Sufficient Liquidity: Zhenro had unrestricted cash of CNY25.1
billion, pledged deposits of CNY0.5 billion, restricted cash of
CNY4.6 billion, undrawn bank credit facilities and the unused
onshore and offshore bond issuance quota for refinancing at
end-1H19, enough to cover short-term borrowings of CNY24.9 billion.
Zhenro raised CNY2.8 billion from the debt and equity capital
markets in 2H19 to repay debt and for refinancing purposes. It
repaid CNY5 billion of debt, which led to a CNY2.6 billion drop in
net debt.

ZHENRO PROPERTIES: Moody's Rates Proposed US$ Sr. Unsec. Notes B2
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Zhenro Properties
Group Limited's (B1 stable) proposed senior unsecured USD notes.

Zhenro plans to use the proceeds from the proposed notes to
refinance existing debt.

RATINGS RATIONALE

"Zhenro's B1 corporate family rating reflects the company's sizable
scale, strong sales execution and quality and geographically
diversified land bank, as well as good liquidity," says Cedric Lai,
a Moody's Vice President and Senior Analyst.

On the other hand, the CFR is constrained by Zhenro's moderate but
improving financial metrics, because of its rapid debt-funded
growth. In addition, the rating reflects Zhenro's increasing
exposure to joint venture businesses; a situation which lowers the
transparency of its credit metrics. Nevertheless, this risk is
mitigated by the company's reputable JV partners.

Moody's expects that Zhenro's debt leverage — as measured by
revenue/adjusted debt — will trend towards 60% over the next
12-18 months from 46% for the 12 months ended June 30, 2019. Its
interest coverage — as measured by adjusted EBIT/interest —
should also improve to around 2.3x from 1.8x over the same period.

The proposed bond issuance will not materially change Zhenro's
credit metrics because it will mainly use the proceeds to refinance
existing debt.

Zhenro's liquidity is good. The company's cash and cash
equivalents/short-term debt was 121% at the end of June 30, 2019.
The company has also demonstrated improved assess to funding,
especially in the debt capital markets.

The B2 senior unsecured debt rating is one notch lower than the CFR
due to structural subordination risk. This risk reflects the fact
that the majority of Zhenro's claims are at its operating
subsidiaries and have priority over claims at the holding company
in a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination.
Consequently, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership by the
owner family who held a 64.56% stake in the company at July 30,
2019. This factor is partly mitigated by (1) the fact that
independent directors chair the audit and remuneration committees;
(2) the low level of related-party transactions and dividend
payout, and (3) the presence of other internal governance
structures and standards as required by the Hong Kong Exchange.

The stable rating outlook reflects Moody's expectation that over
the next 12-18 months Zhenro will be able to execute its sales
plan, demonstrate its prudent financial management with sufficient
liquidity.

Moody's could upgrade Zhenro's ratings if the company (1)
demonstrates sustained growth in its contracted sales and revenue
through the economic cycles without sacrificing its profitability;
(2) remains prudent in its land acquisitions and financial
management; (3) improves its credit metrics, such that
EBIT/interest registers at least 3.0x and revenue/adjusted debt
rises to 75%-80% or above on a sustained basis; and (4) maintains
adequate liquidity.

On the other hand, the company's ratings could come under downward
pressure if Zhenro: (1) generates weak contracted sales; (2)
suffers from a material decline in its profit margins; (3)
experiences an impairment of its liquidity position, such that
cash/short-term debt falls below 1.0x; and/or (4) materially
increases its debt leverage.

Credit metrics indicative of a downgrade include EBIT/interest
coverage falling below 2.0x and/or adjusted revenue/debt falling
below 50%-55% on a sustained basis.

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

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. At June 30, 2019, Zhenro had 167 projects in 29
cities across China. Its key operating cities include Shanghai,
Nanjing, Fuzhou, Suzhou, Tianjin and Nanchang.

The company was founded by Mr. Ou Zongrong, who indirectly owned
54.6% of Zhenro Properties at July 30, 2019. His sons, Mr. Ou
Guowei and Mr. Ou Guoqiang, together owned 9.96% of the company as
of the same date.

ZHONGLIANG HOLDINGS: Fitch Puts Final B+ Rating to $300MM Sr. Notes
-------------------------------------------------------------------
Fitch Ratings assigned Zhongliang Holdings Group Company Limited's
(B+/Stable) USD300 million 11.5% senior unsecured notes due 2021 a
final 'B+' rating with a Recovery Rating of 'RR4'.

The notes are rated at the same level as Zhongliang's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. Zhongliang intends to use the net proceeds
from the issue to refinance existing debt. The final rating follows
the receipt of final documentation conforming to information
already received and is in line with the expected rating assigned
on September 1, 2019.

Zhongliang's ratings are underpinned by its contracted sales scale,
which is comparable with 'BB' category homebuilders. Its 353
projects across five core economic regions in China help mitigate
regional economic and policy risks. Zhongliang adopts a fast-churn
model and aims to begin sales soon after acquiring land. However,
its fast turnover model results in a short land-bank life and a low
adjusted inventory base and EBITDA margin, which Fitch believes may
lead to volatility in the company's financial profile, a key
constraint on its ratings.

KEY RATING DRIVERS

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

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

Zhongliang has been responsive to changing market conditions. Its
land bank acquisitions have been focused on third- and fourth-tier
cities, mainly to benefit from selling homes to buyers resettled
from shanty towns as part of the government's policies.
Zhongliang's land bank was 83% located in third- and fourth-tier
cities as of end-2018. However, weakening demand fundamentals in
lower-tier cities have led Zhongliang to shift its focus to second-
and stronger third-tier cities.

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

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

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

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

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

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

DERIVATION SUMMARY

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

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

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

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

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

KEY ASSUMPTIONS

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

  - Attributable contracted sales to rise by 24% yoy in 2019 and
16% on average in 2020-2022, driven by growth of GFA sold (2018:
29%)

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

  - Land-bank life to gradually lengthen to over three years in
2022 (2018: 2.7x years)

  - Average land purchase cost to rise by 25% per sq m in 2019 and
by 2% a year in 2020-2021 (2018:23%)

  - Consolidated land premium at 53% of consolidated contracted
sales on average in 2019-2022 (2018: 52%)

Key Recovery Rating Assumptions

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

  - 10% administration claims

  - 70% advance rate to accounts receivable

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

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

  - 100% advance rate to restricted cash

RATING SENSITIVITIES

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

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

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

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

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

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

  - Net debt/adjusted inventory above 50% for a sustained period

LIQUIDITY

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

ZHONGRONG XINDA: Fitch Withdraws CCC LT IDR for Commercial Reasons
------------------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn Zhongrong
Xinda Group Co., Ltd.'s Long-Term Foreign Currency Issuer Default
Rating of 'CCC' and its senior unsecured rating of 'CCC' with a
Recovery Rating of 'RR4'. Fitch has also affirmed and withdrawn the
rating of Zhongrong International Resources Co., Ltd's USD500
million 7.25% senior unsecured notes of 'CCC' with a Recovery
Rating of 'RR4'.

Fitch has chosen to withdraw the ratings of ZRXD for commercial
reasons.

KEY RATING DRIVERS

Fitch recently downgraded the ratings of ZRXD.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant as the ratings have
been withdrawn.



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

FDG ELECTRIC: Li Ka-shing Files Bankruptcy Petition vs. Chairman
----------------------------------------------------------------
South China Morning Post reports that Hong Kong billionaire Li
Ka-shing, known for his prescient and successful investments in
industries ranging from property to infrastructure, has hit a speed
bump as far as his foray into the electric-vehicle sector is
concerned.

His four-year-old investment in FDG Electric Vehicles, a Hong
Kong-listed Chinese maker of new-energy vans and buses, has shrunk
by 42 per cent in value. Over the weekend, he filed a bankruptcy
petition against Cao Zhong, FDG's chairman, through his foundation
in Canada, according to the report.

The Post discloses that shares of FDG, which is based in the
eastern Chinese city of Hangzhou, tumbled 29 per cent to 26.5 HK
cents on Sept. 23, extending its losses to 73 per cent this year.
FDG was unable to assess the impact of Li's petition on the company
as the petition was still at a preliminary stage, the Post relates
citing the company's exchange filing with the Hong Kong bourse.

Li now holds a 2.1 per cent stake in FDG, as its fourth-largest
shareholder, while Cao has a 4.1 per cent stake and is FDG's
third-largest shareholder. Li bought 743 million shares of FDG for
46 HK cents apiece in 2015, valuing the deal at HK$341.8 million
(US$43.6 million), the Post discloses.

According to the Post, FDG has been unprofitable over the past few
years and its business has worsened recently amid headwinds facing
the industry, such as an economic slowdown in China and the
government's scaling back of subsidies on new-energy vehicle
purchases. It posted a net loss of HK$1.99 billion for the
financial year ending in March, after a loss of HK$2.23 billion for
the previous year, the Post discloses.

The Post relates that the company acknowledged its financial
difficulties in its annual report and said it had defaulted on a
couple of bank loan repayments, and that it was negotiating with
debtors to convert debt into equity and had asked the government
for help. One of its subsidiaries, Hangzhou Changjiang Automobile,
had even stopped paying employees, the National Business Daily
reported in July, the Post relays.



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

BALAJEE MINI: Ind-Ra Lowers Bank Loan Rating to BB/Not Cooperating
------------------------------------------------------------------
India Rating and Research has reassigned and downgraded Balajee
Mini Steels & Rerolling Private Limited's (Balajee) bank loans to
'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB- (SO)(ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The detailed rating actions are:

-- INR13.4 mil. Term loan due on March 2018 reassigned and
     downgraded with IND BB (ISSUER NOT COOPERATING) rating;

-- INR250 mil. Fund-based working capital limits reassigned and
     downgraded with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based working capital limits reassigned
     and downgraded with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Analytical Approach: The rating action is based on a change in
Ind-Ra's rating approach for Balajee. Ind-Ra has reassigned and
downgraded the bank loan rating to 'IND BB (ISSUER NOT
COOPERATING)' / 'IND A4+ (ISSUER NOT COOPERATING)' from 'IND
BBB-(SO)(ISSUER NOT COOPERATING)' / 'IND A3 (SO)(ISSUER NOT
COOPERATING)' because the corporate guarantee extended by its
associate company, Balmukund Sponge & Iron Private Limited, towards
the rated debt is not a pre-default guarantee. Ind-Ra has taken
standalone view of Balajee.

KEY RATING DRIVERS

The ratings factor in Balajee's weak credit metrics, with gross
interest coverage (operating EBITDAR/ gross interest expense) of
1.77x in FY18 (FY17: 0.65x) and net leverage (total adjusted net
debt/ operating EBITDTAR) of 4.87x (10.77x). The total adjusted
debt of Balajee increased to INR412.91 million in FY18 from
INR369.66 million in FY17 (FY16: INR303.15 million).

The ratings also factor in the modest EBITDA margins of the
company. The EBITDA margin of Balajee stood at 3.17% in FY18 (FY17:
1.37%), with return on capital employed of 8.8% (1.2%).

Furthermore, the scale of operation remained medium, as indicated
by revenue of INR2,649.13 million in FY18 (FY17: INR2,475.40
million).

The ratings also factor in the volatility in steel prices, which
may affect the already low EBITDA margins of Balajee.

Additionally, the ratings take into account the current weak demand
scenario for steel which might lead to higher inventory levels and
further increase the working capital requirement of the company.

Balajee did not participate in the surveillance exercise and has
not provided information about the working capital utilization,
latest financials, revised projections, sanction letters, updated
management certificate, etc.

RATING SENSITIVITIES

Negative: Decline in EBITDA margins, leading to deterioration in
overall credit metrics, on a sustained basis, could lead to a
negative rating action.

Positive: Substantial improvement in the EBITDA margins, leading to
an improvement in the overall credit metrics, on a sustained basis,
and co-operation from the management in sharing relevant and timely
information could lead to a positive rating action.
COMPANY PROFILE

Balajee Mini Steels & Rerolling manufactures rods and TMT bars. The
company is a part of the Balmukund group, the flagship company of
which is steel product manufacturer Balmukund Sponge & Iron Pvt
Ltd.

BMM ISPAT: CARE Maintains D Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BMM Ispat
Ltd. (BMM) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank     2780.69      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short-term Bank   1,180         CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2018, placed the
rating(s) of BMM under the 'issuer non-cooperating' category as BMM
had failed to provide information for monitoring of the rating. BMM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and letter
dated August 30, 2019, August 7, 2019, August 5, 2019, August 1,
2019, July 31, 2019, May 3, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 23, 2018 the following were the
rating strengths and weaknesses (updated for FY18 Audited
financials available from MCA):

Key Rating Weaknesses

Delays in debt servicing by the company due to weak liquidity
position: The company is facing liquidity issues with weak
cash accruals in relation to its debt servicing obligation due to
idling of its power division owing to non-renewal of PPAs and
subdued steel division performance.

Loss making in FY18: During FY18, company earned revenue of
INR1442.58 crore as against INR1522.09 crore in FY17. Due to high
interest cost, company continues to incur losses. Company reported
net loss of INR1992.20 Crores in FY18 as against net loss of
INR306.84 crore in FY17.

BMM was incorporated in 2002 and is promoted by Mr Dinesh Kumar
Singhi and has its plant operations at Danapur, HospetTaluk in
Bellary district of Karnataka. The Company primarily operates under
three major verticals, viz, Mineral Processing, Manufacture of
Steel and Generation of power.

CHOUDHARI CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Choudhari
Construction Co. (CCC) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.8        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           5          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.2        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with CCC for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of CCC continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

CCC was set up as a partnership firm in 1983 by Mr. Hamiram
Choudhari and his wife, Mrs. Ratanben Choudhari. It undertakes
various infrastructure-related construction activities, comprising
construction and repair of roads, buildings, and sewerage systems
in Mumbai and Pune. The firm participates in tenders floated by the
Brihanmumbai Municipal Corporation, Mumbai Metropolitan Regional
Development Authority, and Public Works Department.

DARP CONSTRUCTION: CRISIL Keeps 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of DARP Construction
(J.V.) (DARP) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan               15       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with DARP for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of DARP continues to be 'CRISIL D Issuer not
cooperating'.

DARP, set up in August 2009, is a joint venture of Mr Anant Kumar
Singh, his affiliates Ms Ranjana Kumari and Ms Pratima Devi, his
sister-in-law Ms Dehuti Sinha, M/s Shivanar Constructions Pvt Ltd
(SCPL; promoted by Ms Ranjana Kumari) and M/s Rajnandani Projects
Pvt Ltd (RPPL; promoted by Mr Anant Kumar's wife). DARP was formed
to construct a commercial complex, THE MALL, at Frazer Road in
Patna.

DIPAK J: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------
CRISIL said the ratings on bank facilities of M/S. Dipak J. Bhivare
(DJB) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            10.5      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term       .12     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with DJB for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of DJB continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

DJB was set up in 2002 as a proprietorship firm by Mr Dipak J
Bhivare. The firm undertakes civil construction work, primarily
construction of water filters and overhead reservoirs, and laying
of pipelines, for government agencies. It is registered as a Class
1 contractor with Maharashtra Jiwan Pradhikaran.

ENTALLY ASTHA: Ind-Ra Maintains 'D' Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Entally Astha's
term loan rating in the non-cooperating category. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other users
are advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Term loan maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on July
30, 2015. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

COMPANY PROFILE

Entally Astha, established in 2004-2005, was incorporated under the
Society Registration Act, 1961. Its head office is in Kolkata.
Since April 2010, it has been engaged in microfinance operations
through the self-help group model and various livelihood
programmes.

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

The instrument-wise rating actions are:

-- INR85 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR23.5 mil. Term loan due on September 2024 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR40 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 20, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1996, Gemus Engineering manufactures cast iron
components of various grades and shapes at its 7,000 metric
ton-per-annum facility in Birshibpur in the Uluberia industrial
region of West Bengal. The company is promoted by Mr. Rajeev
Sharma.

H K LUMBERS: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of H K Lumbers LLP (HKL)
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       5.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with HKL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of HKL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Established in 2014, HKL is a Gujarat based company engaged in
trading of timber. Apart from trading, it would also undertake
processing of timber so as to cater to customized orders. The day
to day operations will be managed by Mr. Bharat Kumar Rudrani.

HCO INFRASTRUCTURE: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of HCO Infrastructure
(HCOI) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2.02      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            1.3       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         3.8       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      .88      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with HCOI for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of HCOI continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Established in 1986, HCOI is a partnership firm by Ravi Hulkoti,
Shailaja Hulkoti and Nikunj Hilkoyi.  Frim is engaged in road
construction constriction of buildings for private players. The day
to day affairs of the firm is managed by Ravi Hulkoti.

HUBLI COTTON: CARE Maintains D Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hubli
Cotton Industries (HCI) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 28, 2019, placed the
rating(s) of HCI under the 'issuer non-cooperating' category as HCI
had failed to provide information for monitoring of the rating. HCI
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated August 16, 2019, August 19, 2019, August 20, 2019, August 21,
2019 and August 22, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the public available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

At the time of last rating January 28, 2019, the following were the
rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delay/default in servicing the debt obligations: HCI
continues to be Non-Performing Asset (NPA) from September 2018.  

Short track record and small scale of operations with, net losses
in FY17 and low net worth base: The firm started its commercial
operations from January 2017 and FY17 was the first year of
operations. The firm has a short track record of around two years,
resulted in small scale of operations i.e, the total operating
income (TOI) of the firm remained small at INR5.68 crore in FY17
with low net worth base of INR0.51 crore as on March 31, 2017 as
compared to other peers in the industry. The firm has incurred net
losses in FY17 due to initial year of operations resulted in under
absorption of overheads like depreciation and finance cost.

Leveraged capital structure and weak debt coverage indicators: HCI
has leveraged capital structure during review period. The debt
equity ratio of the firm remained leveraged at 7.98x as on March
31, 2017 due firm availed term loans for setting up of cotton
ginning unit and unsecured loans, working capital bank borrowings
to support the business operations and meet the working capital
requirement. Due to the above said factor the overall gearing ratio
also remained leveraged at 20.03x as on March 31, 2017. Due to
aforementioned reason coupled with low cash accruals the Total
debt/GCA of the firm stood weak at 24.13x in FY17 and PBILDT
interest coverage ratio stood at 2.40x in FY17at the back of high
interest cost and low PBILDT level.

Working capital intensive nature of operations: The firm is
operating in working capital intensive nature of operations. The
operating cycle of the firm stood at 17 days due to comfortable
collection and inventory holding period of 13 days and 12 days
respectively during three months operations in FY17. The firm
maintains an average inventory 1-2 months as the HCI has to
undergoes various stages of manufacturing process of cotton
ginning, cleaning, bailing and packaging. Each process requires
inventory holding for processing. To meet the above working capital
requirements, the reliance on working capital bank borrowings is
high. The average utilization of working capital of the firm
remained about 95% for the last 12 month ended November 30, 2017.

Highly fragmented industry with intense competition from large
number of player: The cotton industry is highly fragmented in
nature with several organized and unorganized players. Prices of
raw cotton are highly volatile in nature and depend upon the
factors like area under cultivation, crop yield, international
demand-supply scenario, export quota decided by the government and
inventory carry forward of the previous year. The cotton processing
operators procure raw materials in bulk quantities to avail
discount from suppliers to mitigate the seasonality associated with
availability of cotton resulting in higher inventory holding
period. Further, the profitability margins of the firm are
susceptible to fluctuation in raw material prices.

Constitution as partnership firm: Constitution as a partnership
firm has the inherent risk of possibility of withdrawal of the
partner's capital at the time of personal contingency which can
adversely affect its capital structure. Furthermore, partnership
firms have restricted access to external borrowings as credit
worthiness of the partners would be key factors affecting credit
decision for the lenders.

Key Rating Strengths

Experience of the partners for three decades in cotton industry:
HCI is promoted by Mr. Maheshchandra P Khandelwal along with his
family members. The other partners are Mrs. Manjudevi U Khandelwal,
Mr. Umashankar P Khandelwal, and Mr. Tushar M Khandelwal. All the
partners are qualified graduates and have three decades of
experience as the promoters have worked in private organizations
relating to cotton ginning business. Due to long term presence in
the market by the partners, the firm has good relation with
customer and supplier.

Location advantage: HCI is located in one the major cotton growing
areas of Karnataka. Availability of raw material is not expected to
be an issue as the firm procures raw material (raw cotton) from the
farmers and traders located in and around Haveri. HCI enjoys
proximity to the cotton producing belt of Karnataka which results
in ease of access to raw material with low transportation cost.

Stable outlook of cotton industry: Amongst all the cotton growing
countries of the world, India ranks number one in cotton
cultivation area spreading out to about 95 lakh hectares. The
ginning outturn of the Indian cotton also presents a wide spectrum
of variations from 24% to 42%.There are over 3500 factories in
India dispersed in nine major cotton-growing states. Out of these,
over 2600 factories perform only ginning operation and over 2000
factories has installed capacity of as small as 6-12 double roller
gins. It is reported that as many as 860 ginning & pressing
factories have completed modernization out of 1000 projects
approved by Technology Mission on Cotton during its implementation.
With these developments, ginning infrastructure in the country
seems to be well on its way to secure a firm foundation. The cotton
textile industry in India can look forward to meet its major raw
material requirements through indigenous supply of clean cotton.

Karnataka based, Hubli Cotton Industries (HCI) was established on
July 18, 2015 as a partnership firm and its commercial operations
started from January, 2017. The firm is promoted by Mr.
Maheshchandra P Khandelwal along with his family members. The firm
is engaged in processing of cotton lint and seeds. The
manufacturing unit is spread in total area 8 acres located at
Haveri (Karnataka). HCI purchases raw cotton from farmers located
in and around Haveri, Karnataka. The firm processes the raw cotton
and separates the lint and cotton seeds from raw cotton. Later on,
pressing and compressing cotton lint into bales along with packing
the bales is undertaken. HCI sells bales to the customers and
cotton seeds to oil mills located in all over India.

IL&FS: Starts Repaying INR5,071cr to Creditors of 3 Group Firms
---------------------------------------------------------------
The Economic Times reports that Infrastructure Leasing and
Financial Services (IL&FS) has started repaying the creditors of
three group entities, with outstanding claims of INR5,071 crore,
according to an affidavit filed before an appellate tribunal on
Sept. 26.

According to ET, IL&FS reached an agreement to restructure the debt
of Moradabad Bareilly Expressway Ltd, Jharkhand Road Project
Implementation Company Ltd and West Gujarat Expressway Ltd without
any haircut for the lenders.

ET relates that the National Company Law Appellate Tribunal (NCLAT)
passed a moratorium against the entities on October 15, 2018 for an
orderly resolution of claims. IL&FS Group has total debt
obligations of INR94,215 crore.

Defaults by its group entities triggered a liquidity crunch in the
nonbanking financial services sector in September 2018, the report
says.

According to ET, senior counsel for IL&FS Ramji Srinivas submitted
that the company has proposed to reach agreements with the lenders
of nine other group entities. It has proposed a 22% loss to the
creditors of Thiruvananthapuram Road Development Company, which has
an outstanding debt of INR8,708 crore, and a 10% loss to the
creditors of Chennai Nashri Tunnelway Limited, which owes INR5,401
crore.

The proposed haircuts treat all lenders, including secured,
unsecured and related-party lenders, on a par, ET relates.

ET says secured lenders against the proposed restructuring plans
have claimed that the debt of these companies to other IL&FS group
companies should be subordinate to the external debts of these
companies.

A two-member bench led by Justice SJ Mukhopadhaya, however, did not
pass any direction on treatment of related-party creditors. "Other
creditors such as IL&FS group entities are also lenders," he said,
adding that all similarly situated lenders should be treated
equally and that no one would be discriminated without exceptional
grounds," according to ET.

ET adds that the creditors also opposed the IL&FS measures to sell
assets of group entities without the outstanding debts, keeping the
lenders at bay. The IL&FS Group has sold its stake in seven wind
energy subsidiaries to Orix corporation of Japan.

The bench also directed IL&FS and the Union of India to file an
affidavit, outlining "the steps taken for payment of dues to funds
such as pension funds, provident funds, insurance funds, etc." The
pension and provident funds have a total exposure of INR9,134 crore
to the group, ET relays.

The bench had earlier said it may direct that claims of such funds
be given priority over claims by other lenders. The case will be
heard next on November 18, ET discloses.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the Indian government on Oct.
1, 2018, stepped in to take control of crisis-ridden IL&FS by
moving the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.

J. P. INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of J. P. Industries
(JPI) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             6        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with JPI for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of JPI continues to be 'CRISIL D Issuer not
cooperating'.

JPI was established in 1990 as a partnership firm by Mr Harish
Kumar, Mr Ashok Kumar and Mr Rakesh Kumar. The firm processes
basmati rice at its plant at Jalalabad in Punjab. It has milling
and sorting capacity of 4 tonne per hour.

JSW STEEL: Fitch Rates Proposed USD Sr. Unsec. Notes BB(EXP)
-------------------------------------------------------------
Fitch Ratings assigned a 'BB(EXP)' expected rating to India-based
JSW Steel Limited's (BB/Stable) proposed US dollar senior unsecured
notes.

The company says it will use the proceeds from the issuance for
capex or any other purpose in accordance with regulations. The
final rating is subject to the receipt of final documentation
conforming to information already received.

JSWS's ratings continue to be underpinned by its competitive
conversion costs and position as one of the largest steel producers
in India, which is one of the fastest-growing steel markets
globally. Its leverage in terms of total adjusted debt to EBITDAR
stood at 3.1x in the financial year ended March 2019 (FY19),
supported by high industry-wide margins. However, Fitch expects
leverage to increase to 4x in FY20 due to a moderation in margins
and an increase in capex. Fitch also expects a pick-up in domestic
demand growth from 2HFY20 after relative weakness in 1QFY20. There
is limited rating headroom and demand that is weaker than our
expectations could result in further margin erosion and lower sales
volumes. This could increase JSWS's leverage further and therefore
have rating implications.

KEY RATING DRIVERS

Lower Margins, Weak Volumes: JSWS's EBITDA per tonne margin for its
standalone operations, which contribute almost all of its
consolidated earnings, declined 15% from the FY19 average to around
INR9,900 in 1QFY20 on lower steel prices. JSWS's sales volumes for
the quarter were also down 2% yoy and 13% qoq. Tighter liquidity
conditions affected private-sector demand, especially in the auto
sector. Disbursals for public-sector infrastructure projects also
slowed in 1QFY20, likely due to the general elections during the
period. Fitch had factored a margin squeeze in our forecasts, but
the weakness in domestic demand and the impact on sales volume were
greater than expected.

Fitch expects domestic demand to increase from 2HFY20 after the
seasonally weak second quarter, at least from a resumption in
government spending. However, overall demand growth could remain
subdued unless demand from other sectors picks up as well. Indian
steel prices, which are largely following the global trend, also
face risks from a further decline in international prices due to
weaker global steel demand if trade disputes remain unresolved.

Substantial Capex Planned: JSWS intends to spend a total of around
INR300 billion in FY20 and FY21 in India on increasing steelmaking
and downstream capacity and on cost-saving projects. It is aiming
to expand crude steel capacity at its Dolvi plant by 5 million
tonnes per annum (mtpa) to 10mtpa by March 2020. The company has
scaled back its capex plans for its plate and pipe mill in Texas,
US, by around USD300 million by putting plans for backward
integration on hold and intends to spend a total of around USD200
million over FY19-FY21. These projects should generate substantial
earnings within two years, mitigating risks to JSWS's financial
profile. However, JSWS's planned capex had jumped in 2018, and
another significant increase could weaken its credit profile.

Cost-Efficient Operations: JSWS has a dominant market share in
southern and western India, where its plants are located, supported
by a rising share of value-added products. Its highly efficient
operations partly offset its lack of significant vertical
integration. JSWS's main plant at Vijayanagar placed in the second
quartile of CRU's cost curve for flat steel products for 2018. The
company is ramping up output of iron ore from six iron-ore mines in
Karnataka and is aiming to produce at a rate of 4.5mtpa-5mtpa, or
about 20% of the amount needed by its Vijayanagar plant, by
end-FY20. JSWS also emerged as the highest bidder for three more
iron-ore mines in Karnataka in July 2019, which the company aims to
start in FY21. Output from these mines should increase the
self-sufficiency of the Vijayanagar plant to above 40%, improving
supply certainty and reducing costs to an extent.

Uncertainty Prevails over Acquisition: JSWS plans to acquire a
minority stake in Bhushan Power and Steel Ltd (BPS) with debt at
the entity not having legal recourse to JSWS. The company has also
sought immunity from liabilities due to the actions of the previous
BPS management. Fitch intends to account for BPS using the equity
method after factoring in investment outflows. However, Fitch
awaits further details regarding the acquisition's transaction
structure, which may be materially more adverse than our
assumptions. Fitch also sees risks to JSWS's credit profile from an
increase in spending on organic growth if the acquisition is
unsuccessful.

Risk from Auction Delays: JSWS is purchasing all its iron ore
domestically and has benefitted from the divergence in
international and domestic iron-ore prices this year. International
prices have risen due to supply-side constraints, but domestic
prices have stayed largely flat due to ample local production ahead
of the lease expiries of private merchant miners in March 2020. A
delay in the completion of the mining auction process and the grant
of approvals to new owners would raise the risk of a temporary
iron-ore shortage in the Indian market in 2020, affecting JSWS's
margins and increasing its inventory levels and working-capital
requirements.

Increase in Leverage, Negative FCF: Fitch estimates JSWS's gross
adjusted debt to EBITDAR leverage to increase to around 4x in
FY20-FY21 based on a decline in margins and an increase in capex as
capacity expansion and other projects near completion. This is also
likely to result in significantly negative free cash flow (FCF)
over the next two years. Thereafter, Fitch believes that a
combination of increased output and lower capex will lead to an
improvement in the FCF profile and a steady reduction in leverage.

DERIVATION SUMMARY

JSWS can be compared with domestic peer Tata Steel Limited (TSL,
BB/Stable), whose Standalone Credit Profile of 'bb-' is based on a
combination of robust operations in India and a much weaker
operating profile in Europe. TSL's Indian operations have better
vertical integration and a higher EBITDA margin than that of JSWS.
However, this is partly counterbalanced by JSWS's cost-efficient
operations. Fitch forecasts JSWS's total adjusted debt-to-EBITDAR
leverage, after including acceptances, will be at a similar level
to that of TSL.

ArcelorMittal S.A. (AM, BBB-/Stable) is rated higher than JSWS,
based on ArcelorMittal's position as the world's largest as well as
most-diversified steel producer by product type and geography.
ArcelorMittal benefits from significant vertical integration into
iron ore, with around 50% of its iron-ore needs met by its own
output. ArcelorMittal also has significantly better leverage and
coverage metrics than JSWS. These strengths are partly offset by
its thinner margins due to its global manufacturing facilities,
including large operations in geographies with structurally high
costs such as Europe and the US.

JSWS has a larger EBITDAR scale and better margins than United
States Steel Corporation (BB-/Stable). U.S. Steel's leverage is
lower than that of JSWS, but Fitch expects it to increase to a
similar level by 2020. In addition, U.S. Steel's significant
exposure to the US oil and gas sector results in higher demand and
earnings volatility than for JSWS.

KEY ASSUMPTIONS

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

  - Standalone sales volume to have CAGR of 6% over FY20-FY22

  - Average of annual standalone EBITDA per tonne of around
INR9,500 over FY20-FY22 (FY19: INR11,700)

  - Cumulative consolidated capex of around INR450 billion over
FY20-FY22

  - Spending on acquisitions of around INR50 billion in FY20

RATING SENSITIVITIES

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

  - Total adjusted debt-to-EBITDAR leverage below 3.0x on a
sustained basis.

  - Sustained neutral or positive FCF

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

  - Total adjusted debt-to-EBITDAR leverage above 4.0x for a
sustained period

  - Negative FCF for a sustained period

  - Evidence of a move away from maintaining investment discipline

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: JSWS had readily available cash of INR61
billion as of end-March 2019, compared with debt maturing within
the next 12 months of around INR300 billion. Around INR180 billion
of the debt maturities were composed of short-term working-capital
debt and acceptances, which are likely to be rolled over. JSWS also
had available undrawn working-capital lines (fund and non-fund
based) of around INR146 billion and undrawn lines for capex of
INR75 billion. In addition to a drawdown of its cash balance and
unutilised lines, Fitch expects the company to rely on refinancing
to address debt maturities over the next year as FCF is likely to
be significantly negative. However, Fitch does not see significant
refinancing risk due to JSWS's diverse banking relationships,
access to various funding sources and a robust market position.

SUMMARY OF FINANCIAL ADJUSTMENTS

Material Financial Adjustments: JSWS's acceptances, related to
trade payables and payables for capital projects, have been treated
as debt (FY19: INR116 billion) and long-term advances from
customers have been included under working capital (FY19: INR41
billion).

KRISHNA COIL: Ind-Ra Lowers Bank Loan Rating to BB/Not Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has reassigned and downgraded
Krishna Coil Cutters Private Limited's (KCCPL) bank loan to 'IND BB
(ISSUER NOT COOPERATING' from 'IND BBB- (SO)(ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise, despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based cash credit facility reassigned and
     downgraded with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR400 mil. Non-fund-based limits reassigned and downgraded
     with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best-available information

Analytical Approach: The rating action is based on a change in
Ind-Ra's rating approach for KCCPL. Ind-Ra has reassigned and
downgraded the bank loan rating of 'IND BB (ISSUER NOT
COOPERATING)' / 'IND A4+ (ISSUER NOT COOPERATING)' ,previously 'IND
BBB- (SO) (ISSUER NOT COOPERATING)'/ 'IND A3 (ISSUER NOT
COOPERATING)' to KCCPL because the corporate guarantee extended by
group company Krishna Sheet Processors Private Limited (KSPPL; 'IND
BBB- (ISSUER NOT COOPERATING)') towards the rated debt is not a
pre-default guarantee. Ind-Ra has taken a standalone view of
KCCPL.

KEY RATING DRIVERS

The downgrade factors in KCCPL's weak credit profile as reflected
in moderate revenue of INR4,521.88 million in FY18 (FY17:
INR2,715.86 million) despite growth in scale of operations.

The downgrade also factors in KCCPL's modest operating margins. The
gross interest coverage (operating EBITDAR/ gross interest expense)
improved to 1.44x in FY18 (FY17: 0.64x) and net leverage (total
adjusted net debt/ operating EBITDTAR) to 6.50x (20.75x). The
EBITDA margin of KCCPL was modest at 1.89% in FY18 (FY17: 0.94%)
with return on capital employed at 8.8% (2.9%).

The ratings are constrained by the company's total adjusted debt of
INR704.4 million in FY18 from INR618.15 million in FY17
(FY16:INR245.98 million).

The ratings also factor in volatility in prices of steel, which may
affect the already thin EBITDA margin of KCCPL. The ratings are
further impacted by the current weak demand scenario for steel
which might increase KCCPL's inventory levels and further increase
the working capital requirement of the company.

KCCPL did not participate in the surveillance exercise and has not
provided information about the working capital utilization, latest
financials, revised projections, sanction letters, updated
management certificate, etc.

RATING SENSITIVITIES

Positive: Substantial improvement in EBITDA margins leading to
improvement in overall credit metrics, on a sustained basis and
co-operation from management in sharing relevant and timely
information could lead to a positive rating action.

Negative: Decline in EBITDA margins leading to deterioration in
overall credit metrics, on a sustained basis, could lead to a
negative rating action.

COMPANY PROFILE

KCCPL was incorporated on March 13, 2007 and is engaged in steel
cutting and trading.

MOTILAL DHOOT: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Motilal Dhoot
Infrastructure Private Limited (MDIPL) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee      3.25         CRISIL D (ISSUER NOT
                                    COOPERATING)
  
   Cash Credit         4.15         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan            1.6         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MDIPL for obtaining
information through letters and emails dated
February 26, 2019 and August 16, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MDIPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

MDIPL, based in Pune (Maharashtra) was incorporated in 2006 and was
acquired by its current promoters, Mr Sushil Dhoot and family, in
fiscal 2010. MDIPL manufactures ready-mix concrete and supplies
aggregates such as crushed stone and dust obtained from stone
crushing. It also undertakes civil construction activities.

ORCHID PHARMA: CARE Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Orchid
Pharma Limited (Orchid) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      2687.49     CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short term Bank      498.50     CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018 placed the
ratings of Orchid under the 'issuer non-cooperating' category as
Orchid had failed to provide information for monitoring of the
rating exercise as agreed to in its Rating Agreement. Orchid
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated June 4, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings continue to take into ongoing delays by the company.

Detailed description of the key rating drivers

At the time of last rating on April 6, 2018 the following were the
rating strengths and weaknesses (updated for the information
available in BSE website):

Key Rating Weaknesses

Instances of delays in debt servicing: The company is currently
under Corporate Insolvency Resolution Process (CIRP) proceedings.
The Resolution Plan approved by NCLT vide its order dated 25th/27th
of June 2019 has been disputed by one of the resolution applicants.
The dispute is currently under National Company Law Appelate
Tribunal and the matter is presently sub judice.

Continuous losses over the last few years coupled with high debt
commitments have resulted in tight liquidity position of the
company. Orchid's scale of operations has also been declining
continuously over the past and it has come down to INR583.64 crore
from INR760.11 crore in FY17.

Orchid Pharma Limited (Orchid), established in 1992, is an
integrated pharmaceutical company with presence in bulk drug
manufacturing, formulations and drug discovery. Orchid commenced
its operations as a cephalosporin Active Pharmaceutical Ingredient
(API) manufacturer and largely remained so till 2004 before moving
to formulations. Orchid presently operates in API business (of
Cephalosporin based antibiotics) and formulation business (Oral
Cephalosporin and Non Penicillin Non Cephalosporin).

OSIA JEWELS: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Osia Jewels Private
Limited (OJPL) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility    12.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with OJPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of OJPL continues to be 'CRISIL D Issuer not
cooperating'.

CRISIL consolidates the business and financial profile of SOPL,
Siddham Jewels Pvt Ltd (SJPL) and OJPL as all the entities are in
similar line of business and are managed by the same management.

Sancheti Group is promoted by Mr Ashok Sancheti and his family. The
three group companies, SOPL, SJPL and OJPL were setup in 2011 in
Mumbai to manufacture and wholesale gold jewellery. The promoters
have been in business since 1988.

PINAKIN PLASTOFORMING: CARE Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pinakin
Plastoforming Limited (PPFL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      8.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short-term Bank     0.50        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 22, 2019, placed the
rating(s) of PPFL under the 'issuer non-cooperating' category as
PPFL had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. PPFL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated June 24, 2019, July 3, 2019, July 16, 2019, August 13, 2019,
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 22, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delay in debt servicing: There were irregularity in debt
servicing owing to weak liquidity of the PPFL.

Liquidity Analysis:
The liquidity remained weak owing to cashflow mismatch from
operations.

Vadodara-based (Gujarat) PPFL was incorporated in 2002 by Joshi
family as a private limited company and changed its constitution to
closely held limited company during February 2016. The operation of
PPFL is currently managed by Mr. Dinesh Joshi, Mr. Divyesh Joshi
and Ms. Pratiksha Joshi. PPFL is engaged into manufacturing
Polypropylene (PP) Disposable plastic products such as disposable
glass, cups etc.. PPFL is operating from its sole manufacturing
unit located in Vadodara(Gujarat), having installed capacity of
1,500 Metric Tonne Per Annum (MTPA) as on March 31, 2017.
Siddhivinayak Industries and Shri Sainath Industries are associated
entities managed and owned by members of Joshi family. Both
entities are engaged into manufacturing and trading of plastic
disposables.

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

The instrument-wise rating actions are:

-- INR25 mil. Fund-based limit migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 14, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in February 2010, PSSPL provides turnkey solutions in
the business of integrated security and surveillance systems.

POPULAR GROUP: CARE Maintains D Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Popular
Group Mangalore (PGM) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      6.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 18, 2018, placed the
rating(s) of PGM under the 'issuer non-cooperating' category as PGM
had failed to provide information for monitoring of the rating. PGM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated August 16, 2019, August 19, 2019, August 20, 2019, August 21,
2019 and August 22, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the public available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

At the time of last rating October 18, 2018, the following were the
rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weakness

Delays in servicing debt obligations: There are delays in repayment
of installments of the term loan facility.

Key Rating Strengths

Experienced promoters: Mr. Shivji Gopal Patel, head of the family
and leading promoter has more than three decades of experience in
the trading of wood products. His sons Mr. Kishore Patel and Mr.
Praveen Patel also have more than two decades of experience in the
same line of business. All the three partners look after the day to
day operations of the firm.

Popular Group Mangalore (PGM) was established in the year 2014, as
a partnership firm by Mr. B.A. Mohideen, Mr. Abubakar Siddiq, Mr.
B.M. Ishaq and Mr. Nurul Ameen Damudi. The partners are qualified
graduates and have experience of over a decade in various field
i.e. Constructions and sanitary ware. The firm is planning to
construct commercial complex for lease rental purpose. PGM has
started constructing the project in April 2014 near Kasaba Village,
Mangalore. The firm is expected to commence its operations in
January 2018. The property is built on total land area of 22000 sq.
ft. comprising of five floors and two basements each. After the
commencement of business operations, the firm is planning to rent
and lease the complex.

PRAJAY PROPERTIES: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Prajay Properties
Private Limited (PPPL; part of the Prajay group) continues to be
'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Project Loan          121.3      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility       .7      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PPPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of PPPL continues to be 'CRISIL D Issuer not
cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profile of PPPL and its wholly owned subsidiary -
Prajay Land Capital Pvt Ltd (PLCPL), together referred to as the
Prajay group. This is because each company owns a part of the land
on which the Prajay Megapolis project is being constructed, and
PPPL will pay a revenue share to PLCPL for the proportion of land
owned by the latter.

PPPL, incorporated in 2007 by Prajay Engineers Syndicate Ltd, is
developing a high-rise residential real estate project ' Prajay
Megapolis - in Hyderabad (Andhra Pradesh). State General Reserve
Fund, Oman, has invested around INR659 million in PPPL by way of
compulsory convertible debentures. PLCPL, a wholly owned subsidiary
of PPPL, owns 8.35 acres of land out of the total 17.12 acres under
development.

REDDIES TEXTILE: CARE Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reddies
Textile Industries Private Limited (RTIPL) (Erstwhile Badhri
Spinning Mills Private Limited) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      30.51       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 19, 2018, placed the
rating(s) of RTIPL under the 'issuer non-cooperating' category as
RTIPL had failed to provide information for monitoring of the
rating. RTIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated August 23, 2019, August 26, 2019, August 27, 2019
and August 28, 2019 In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The ratings assigned to the bank facilities of Reddies Textile
Industries Private Limited continues to remain constrained by the
delays in debt servicing due to subdued demand. The rating also
takes into account the losses incurred by the company during
FY18.The ratings, however, are underpinned by the experienced
promoters with track record for more than four decades in the
cotton industry.

Key Rating Weakness

Delays in debt servicing due to subdued demand: The company has
been delaying in debt servicing (interest payments on cash credit
facility) due to working capital intensive nature of operations.
Further, the banker has confirmed that the account continues to be
an NPA.

Losses incurred during FY18: The company has incurred net losses of
INR7.65 crore in FY18.

Key Rating Strengths

Experienced promoters with track record for more than four decades
in the cotton industry: Mr B. Siva Reddy, director is a post
graduate and has more than 40 years of experience in the spinning
industry. Mr Badri Venkata Reddy, director, has more than 4 years
of experience in the field of cotton business. He is an advocate by
profession and worked with the companies engaged in cotton
manufacturing and trading business. Mrs Badri Laxmi Neeraja,
director, is a B.A graduate and working as a partner of associate
company engaged in cotton bales trading and has experience in real
estate business for more than 3 years. Mr T. Kishore, director, has
more than one decade experience in the textile industry under
operations and marketing department. Mr Sudhakar Vemuri, director,
has 4 years of experience in cotton industry.

Reddies Textile Industries Private Limited earlier known as Badhri
Spinning Mills Private Limited started commercial operations from
December, 2012. The company is managed by Mr. Badhri Venkata Reddy,
Mr. B. Siva Reddy Mr. BadhriLaxmi Neeraja, Mr.T.Kishore,
Mr.Sudhakar Vemuri. The company is engaged in cotton yarn spinning
with 31,248 spindles of 3650 Metric tonnes per annum. Its mill is
located at Prakasam district. The key raw material being cotton
bales is procured from local suppliers. Badhri Spinning sells the
cotton yarn to dealers and traders in Maharastra, Tamilnadu,
Telangana and Andhra Pradesh.

RELIANCE COMMUNICATIONS: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliance
Communications Ltd. (RCIL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short-term Bank     1,180       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2018, placed the
rating(s) of RCIL under the 'issuer non-cooperating' category as
RCIL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RCIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 12, 2019; August 8, 2019 and August 7, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of the last rating on June 13, 2017 the following were
the rating strengths and weakness.

Key Rating Weakness

Delay in servicing of debt obligation: The group had delayed in
servicing of its debt obligations due to severe deterioration in
the financial and liquidity profile coupled with high debt service
obligations.

Liquidity - Poor

RCIL, a wholly owned subsidiary of Reliance Communications Limited,
offers Passive Infrastructure and other telecom support services.
It is the holding company of Reliance Infratel Limited (RITL). RITL
is in the business to build, own and operate telecommunication
towers, optic fiber cable assets and related assets at designated
sites and to provide these passive telecommunication infrastructure
assets on a shared basis to wireless service providers and other
communications service providers under long term contracts.

About the Guarantor: RCOM

Reliance Communications Limited (RCOM), founded by late Mr.
Dhirubhai H Ambani, is the flagship company of the Reliance
Group (Reliance Group), led by Mr. Anil Dhirubhai Ambani in the
telecom segment. RCOM offers Nationwide Direct-To-Home (DTH)
service through its wholly owned subsidiary, Reliance Big TV
Limited in many towns across the country. Following are the brief
financials of RCOM (consolidated).

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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR180 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 26, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, Riya Impex is a proprietorship firm engaged
in the import and export of cashews and spices.

S S M FOUNDATION: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of S S M Foundation
Trust For Educational and Social Development (SSM) continues to be
'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         4.4       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft              1.6       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SSM for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SSM continues to be 'CRISIL D Issuer not
cooperating'.

SSM, set up in 1998, operates SSM College of Engineering, which
offers engineering under-graduation and post-graduation courses, at
Komarapalayam in Tamil Nadu. The trust is recognised by the All
India Council for Technical Education and is affiliated to Anna
University, Tamil Nadu.

SANCHETI ORNAMENTS: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sancheti Ornaments
Private Limited (SOPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             18       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SOPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SOPL continues to be 'CRISIL D Issuer not
cooperating'.

CRISIL consolidates the business and financial profile of SOPL,
Siddham Jewels Pvt Ltd (SJPL) and Osia Jewels Private Limited
(OJPL) as all the entities are in similar line of business and are
managed by the same management.

Sancheti Group is promoted by Mr Ashok Sancheti and his family. The
three group companies, SOPL, SJPL and OJPL were setup in 2011 in
Mumbai to manufacture and wholesale gold jewellery. The promoters
have been in business since 1988.

SATYAM ISPAT: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Satyam Ispat (North
East) Limited (SINEL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit          20.9        CRISIL D (ISSUER NOT
                                    COOPERATING)


   Letter of Credit      9.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Term Loan    9.2        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital
   Term Loan            13.9        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SINEL for obtaining
information through letters and emails dated
February 26, 2019 and August 16, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SINEL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SINEL, incorporated in 2005, is a part of Satyam Group of
Industries. It commenced commercial operations in April 2007, and
manufactures TMT bars and mild steel billets, which it sells under
Satyam Super TMT brand. The company has a semi-integrated plant in
Assam, with capacity to manufacture TMT and mild steel billets.

SGM PACKAGING: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of SGM Packaging
Industries (SGM) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1.25      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            3.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit        .25      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     2.00      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               .5       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SGM for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SGM continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Set up in 2007 as a proprietorship firm by Mr. Rajesh Chauhan, SGM
manufactures wooden crates, corrugated paper boxes, and plastic
pallets at its facility in Gurgaon.

SHREEJI CONSTRUCTION: CARE Keeps D Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shreeji
Construction Company_Vadodara (SCC) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      8.50        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SCC to monitor the ratings
vide e-mail communications/letters dated April 18, 2019, April 29,
2019, May 7, 2019, May 24, 2019, June 21, 2019, July 1, 2019,
July 8, 2019, July 9, 2019, July 22, 2019, July 29, 2019 and August
19, 2019 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines
CARE has reviewed the ratings on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings of SCC's bank facilities will
now be denoted as 'CARE D; ISSUER NOT COOPERATING'.

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

Detailed description of the key rating drivers

At the time of last rating done on March 7, 2019, the following
were the rating strengths and weaknesses.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in Debt Servicing: There is ongoing delay in debt
servicing due to weak liquidity position of SCC. The firm has been
irregular in servicing its term debt obligations and the account is
classified as NPA.

Halol-based (Gujarat) SCC was established as a Partnership firm in
2014 by three partners i.e. Mr Gopal Patel, Mr Shreeji Patel and Mr
Chirag Patel. The firm is engaged into real estate activities.
Currently, the firm is executing a commercial real estate project
'SHREEJI ARCADE' consisting of 270 shops at Halol, Panchmahal. The
construction of said project was started in October, 2014 with the
total estimated cost of INR18.35 crore and the firm has incurred
83% of total estimated cost till May 31, 2018, while the rest is
expected to be incurred by March, 2019. The firm has been granted
RERA registration under project registration no.
PR/GJ/PANCHMAHAL/HALOL/Others/CAA02682/160518.

SHRI SHYAM GLOBAL: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Shyam Global
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR60 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 21, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, Shri Shyam Global has a 24,000MTPA rice mill
in Banari, Chhattisgarh. It sells rice, rice bran and other
products in Madhya Pradesh, Bihar, Jharkhand, and Maharashtra
through dealers and distributors. SSGPL procures paddy from the
local market. It also undertakes custom milling for state
governments. The company is promoted by Shri Liladhar Agrawal and
Shri Ramesh Agrawal.

SHRI SHYAM OIL: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Shyam Oil
Extraction Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

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

-- INR21.24 mil. Term loan due on June 2021 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 17, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, Shri Shyam Oil Extraction operates a
60,000mtpa solvent extraction plant for the production of rice bran
oil in Janjgir, Chhattisgarh.

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

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limit (Long term)
     migrated to non-cooperating with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR113.3 mil. Term loan (Long term) due on March 2022 migrated

     to non-cooperating with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 7, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE
Incorporated in October 2002, SSWPPL has a warehouse storage
capacity of 87,000 sf and a 10MW biomass-based power generation
plant.

SIDDHAM JEWELS: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Siddham Jewels
Private Limited (SJPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      5        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with SJPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SJPL continues to be 'CRISIL D Issuer not
cooperating'.

CRISIL consolidates the business and financial profile of SOPL,
Siddham SJPL and Osia Jewels Private Limited (OJPL) as all the
entities are in similar line of business and are managed by the
same management.

Sancheti Group is promoted by Mr Ashok Sancheti and his family. The
three group companies, SOPL, SJPL and OJPL were setup in 2011 in
Mumbai to manufacture and wholesale gold jewellery. The promoters
have been in business since 1988.

SIDHARTHA BUILDHOME: CARE Keeps 'D' Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sidhartha
Buildhome Private Limited (SBPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      129.00     CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 13, 2018, placed the
ratings of SBPL under the 'issuer non-cooperating' category as SBPL
had failed to provide information for monitoring of the ratings.
SHPL continues to be non-cooperative despite requests for
submission of information through e-mails, dated August 6, 2019,
August 27, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 13, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

Key Rating Weaknesses

Delays in debt servicing: There have been on-going delays by SBPL
in servicing of its debt obligations. This could be attributed to
the tight liquidity position of the company owning to slowdown in
real estate market leading to slow sales and collection from
customers.

Key Strengths

Entrepreneurial experience of Promoters: SBPL is promoted by Mr
Sidharth Chauhan and Mr Randhir Singh Chauhan. Mr Sidharth Chauhan
has been into consolidation and aggregation of land for more than
15 years for companies like Adani Group, DLF, NYK Logistics,
Panacea Biotech, etc. The group entered into the real estate
development by launching its first project in Gurgaon in the year
2009. Though the promoters have been in real estate related
activities for long, their vintage in project development remains
limited.

Liquidity: Data not available

Incorporated in November 21, 1995, Sidhartha Buildhome Private
Limited (SBPL) is engaged in the development of residential/ group
housing project in Gurgaon (Haryana). SBPL (formerly Pashupati
Buildwell Pvt Ltd) is promoted by Mr. Sidharth Chauhan (97%
shareholding) and Mr. Randhir Singh Chauhan (3%). Mr. Sidharth
Chauhan had been into consolidation and aggregation of land for
more than 15 years for companies like Adani Group, DLF, NYK
Logistics, and Panacea Biotech etc. Mr. Randhir Singh is the father
of Mr. Sidharth Chauhan and is a graduate with experience of over
45 years. He has served the Indian Army for 15 years and has more
than 20 years of experience in banking sector. SBPL has recently
completed phase I of NCR project i.e. NCR One (Sector 95, Gurgaon)
with saleable area of 2.56 lsf and is currently engaged in the
construction and development of projects viz. phase II of NCR
project i.e. NCR – Greens & Lotus (Sector 95, Gurgaon) with
saleable area of 6.41 lsf and Estella (Sector 103, Gurgaon) with
saleable area of 8.73 lsf. The company has obtained requisite
approvals for the development and construction of the project.

SIVARAM YARNS: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sivaram Yarns Private
Limited (SYPL) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             9        CRISIL D (ISSUER NOT
                                    COOPERATING)
   Long Term Loan         15.5      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SYPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SYPL continues to be 'CRISIL D Issuer not
cooperating'.

SYPL was set up in 2012 by Mr. Mediseeti Venkata Rattaiah and his
family members. The company manufactures cotton yarn, and its
spinning unit is located in East Godavari district (Andhra
Pradesh).

SK. CHAN: CRISIL Maintains 'D' Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of SK. Chan Basha and Co
(SCB) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting      8.25       CRISIL D (ISSUER NOT
   under Letter                     COOPERATING)
   of Credit             

   Cash Credit           5          CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SCB for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SCB continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SCB, set up in 2009, trades in shrimp. The firm is promoted by Mr.
SK Chan Basha and his family members.

SKANDASHREE JEWEL: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Skandashree Jewel
Creations (SJC) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            9         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SJC for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SJC continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SJC was set up in 2008 as a partnership firm by Mr. A V Vijay
Krishna and his brother-in-law, Mr Karthik Nallapeta. The firm
manufactures plain gold and diamond-studded jewellery. Its
clientele comprises retailers in Karnataka and Tamil Nadu. SJC's
manufacturing facility is in Bangalore.

SPARSH INFRATECH: Ind-Ra Cuts Rating to 'B', Not Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has reassigned and downgraded
Sparsh Infratech Private Limited's (SIPL) instrument rating to 'IND
B (ISSUER NOT COOPERATING' from IND BBB- (SO)(ISSUER NOT
COOPERATING)', while maintaining the rating in non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND B (ISSUER NOT COOPERATING)' on the
agency's website.

The details of the instrument are:

-- INR652.7 mil. Term loans reassigned and downgraded with IND B
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best-available information.

Change in Analytical Approach: The reassignment reflects a change
in Ind-Ra's rating approach for SIPL. Ind-Ra has reassigned ratings
of 'IND BBB- (ISSUER NOT COOPERATING)' (earlier 'IND
BBB-(SO)(ISSUER NOT COOPERATING)' to the bank loans because the
corporate guarantee extended by Bramhacorp Limited (BCL) towards
the rated debt can be invoked only post the company commits a
default. Simultaneously, the agency has downgraded the ratings to
'IND B (ISSUER NOT COOPERATING)'.

KEY RATING DRIVERS

The downgrade reflects SIPL's weak credit metrics with gross
interest coverage (operating EBITDAR/gross interest expense) of
1.02x in FY18 (FY17: 1.02x) and net leverage (total adjusted net
debt/operating EBITDAR) of 19.9x (34.9x). The total adjusted debt
of SIPL increased to INR1,423 million in FY18 from INR1,213 million
in FY17.

The ratings also reflect SIPL's small scale of operations with
revenue of INR214 million in FY18 (FY17: INR141 million). SIPL's
EBITDA margin was modest at 31.3% in FY18 (FY17: 23.7%) with ROCE
of negative 3.3% (7.8%).

However, the ratings benefit from SIPL's strong linkages with its
group company BCL that has provided a continuing and irrevocable
corporate guarantee to SIPL's debt funded by the bank. Ind-Ra
believes this corporate guarantee covers the execution and
implementation risk of SIPL's five-star resort project - Le
Meridien Mulshi.

SIPL did not participate in the surveillance exercise and has not
provided information such as working capital utilization, sanction
terms for various loans and management representation certifying
timely debt service.

RATING SENSITIVITIES

Positive: An increase in the profitability while maintaining the
revenue leading to an improvement in the credit metrics, all on a
sustained basis, will be positive for the ratings.

Negative: Any decline in the revenue or EBITDA margin leading
deterioration in the credit metrics, all on a sustained basis, will
be negative for the ratings.

COMPANY PROFILE

SIPL was incorporated in 2007 by the Bramha Group to run Le
Meridien Mulshi, a five-star resort and health and wellness spa in
Pune. The resort is being operated and maintained by Le Meridien.

SRI KALISWARI: Ind-Ra Cuts Bank Loan Rating to BB-/Not Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has reassigned and downgraded
Sri Kaliswari Metal Powders Private Limited's (SKMPPL) bank loans'
ratings to 'IND BB- (ISSUER NOT COOPERATING)' from 'IND BB+
(SO)(ISSUER NOT COOPERATING)'. The issuer did not participate in
the rating exercise, despite continuous requests and follow-ups by
the agency. Thus, the rating is based on best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR40.0 mil. Fund-based cash credit facility long-term rating
     reassigned and downgraded; short-term rating reassigned and
     affirmed with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR155.6 mil. Non-fund-based limits long-term rating
     reassigned and downgraded; Short-term rating reassigned and
     affirmed with IND BB- (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best-available information

Analytical Approach: The reassignment reflects a change in Ind-Ra's
rating approach for SKMPPL. Ind-Ra has reassigned ratings of 'IND
BB+ (ISSUER NOT COOPERATING)'/ 'IND A4+ (ISSUER NOT COOPERATING)'
(earlier 'IND BB+ (SO)(ISSUER NOT COOPERATING)'/'IND A4+
(SO)(ISSUER NOT COOPERATING)' to the bank loans because the
corporate guarantee extended by Sri Kaliswari Fireworks Private
Limited (SKFPL) towards the rated debt can be invoked only post the
company commits a default. Simultaneously, the agency has
downgraded the ratings to 'IND BB- (ISSUER NOT COOPERATING)'/'IND
A4+ (ISSUER NOT COOPERATING)'.

KEY RATING DRIVERS

The downgrade reflects SKMPPL's continued weak credit profile. The
company's scale of operations remains small, despite marginal
growth in revenue to INR571.3 million in FY18 (FY17: INR556.5
million).

The operating margins continue to be modest at 7.8% in FY18 (FY17:
8.2%), although declined, with return on capital employed of 11%
(11%). However, SKMPPL's gross interest coverage (operating
EBITDAR/ gross interest expense) improved to 4.3x in FY18 (FY17:
3.8x) and net leverage (total adjusted net debt/ operating
EBITDTAR) to 1.0x (1.11x) owing to a decline in total adjusted debt
INR56.3 million (INR62.0 million).

The ratings have been maintained in the non-cooperating category as
SKMPPL has not provided information about the working capital
utilization, latest financials, revised projections, sanction
letters and updated management certificate, despite continuous
requests and follow-ups.

RATING SENSITIVITIES

Negative: Inability to improve the operating profitability or
decline in the revenue or deterioration in the credit metrics will
be negative for the ratings.

Positive: Any increase in the profitability while maintaining the
revenue, leading to an improvement in the credit metrics, will be
positive for the ratings.

COMPANY PROFILE

SKMPPL is a part of the Sri Kaliswari Group, which manufactures and
markets fireworks under the brand Cock. The company manufactures
and exports aluminum powder and aluminum paste.

SRIKARA PACKAGING: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Srikara Packaging
Private Limited (SPPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             4        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan          5        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SPPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SPPL continues to be 'CRISIL D Issuer not
cooperating'.

Set up in 2012, Srikara Packaging Private Limited (SPPL), is
engaged in manufacturing of polypropylene non-woven fabric. The
firm is based out of Madurai (Tamil Nadu) and is promoted by Mr. V.
Vairamuthu and his family members.

STAR RAISON: CRISIL Cuts INR40cr LT Loan Rating to 'D'
------------------------------------------------------
Due to inadequate information, CRISIL, in-line with the Securities
Exchange Board of India guidelines, had migrated its ratings on
Star Raison Landmarks (SRL) to 'CRISIL BB+/Stable Issuer Not
Cooperating'. However, the management has subsequently started
sharing information, necessary for carrying out a comprehensive
review of the rating. Consequently, CRISIL is downgraded the rating
to 'CRISIL D' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         40        CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

Downgrade reflects delay in servicing instalment on term loan due
to weak liquidity. SRL also has a deteriorating business risk
profile. However, the firm benefits from the extensive experience
of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in meeting term loan obligation: The firm has delayed
paying the term loan instalments due to stretched liquidity.

* Exposure to risks associated with the ongoing project: Demand
risk is moderate as a large portion of the project is yet to be
sold, which leads to a moderate demand risk. Any delay in inflow of
customer advances or bookings from current and future customers may
impact liquidity.

* Exposure to risks and cyclicality inherent in real estate
industry: The real estate sector in India is cyclical and is marked
by sharp movements in prices and a highly fragmented market
structure. The overall uncertain economic climate, and, higher
caution by banks towards exposure to the sector, can also impact
firm's credit profile.

Strength

* Extensive experience of promoters in real estate industry: The
promoter have extensive experience of more than 30 years in the
construction industry and have implemented several residential and
commercial real estate projects in and around Ghaziabad and
Rajasthan through its group concerns.

Liquidity: Poor

Liquidity is poor. Decline in business performance has led to poor
liquidity profile resulting in delay in debt servicing.

Rating Sensitivity Factor

Upward Factor
* Track record of timely debt servicing for at least over 90 days
* Improvement in business performance.

Setup in 2006, SRL undertakes real estate development in Ghaziabad
and Rajasthan. The firm, promoted by Star Realcon Pvt Ltd and
Pinnacle Housing Pvt Ltd, is currently developing Rameshwar Orchids
and Avant Garde.

STARWOOD TECHNO: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Starwood Techno
Industries Private Limited (STIPL) continues to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.7       CRISIL D (ISSUER NOT
                                    COOPERATING)


   Proposed Long Term     0.3       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               4        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with STIPL for obtaining
information through letters and emails dated
February 26, 2019 and August 16, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of STIPL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2016, STIPL has set up a project in Nanded
(Maharashtra) to manufacture LED (light emitting diode) and CRT
(cathode ray tube) televisions (TV). The project will start
commercial operations in December 2016. The promoters Mr
Kanhaiyalal Rangani, Mr Dilip Rangani, Mrs Vimla Devi Rangani and
Mrs Komal Rangani'had two other proprietorship firms, Parisons
Electronics (PE) and Kings Electronics (KE) which were importing
LED and CRT TVs from China and selling it under its own brand
'Starwood'. Both firms ceased operations in March 2016 and the
business was taken over by STIPL. STIPL plans to stop trading
operations once its manufacturing operations stabilises.

SUMA FOODS: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Suma Foods Private
Limited (SFPL) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan              7.79      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SFPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SFPL continues to be 'CRISIL D Issuer not
cooperating'.

Karnal-based SFPL, incorporated in 2015 by Mr Sachin Singla and Mr
Ankit Singla, mills and processes paddy. The company started
operations in May 2015; it has milling and sorting capacity of 16
tonne per hour.

TEAM INTERVENTURE: CRISIL Keeps 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Team Interventure
Exports India Private Limited (TIEIPL) continues to be 'CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill
   Purchase               127       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Short Term
   Bank Loan Facility      13       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with TIEIPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of TIEIPL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 1990 in Mumbai and promoted by Mr. Suresh Agarwal,
Mr. Mahendra Agarwal, and Mr. Vinod Agarwal, TIEIPL exports cotton
yarn and fabric.

TEXAS LIFESTYLE: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Texas Lifestyle
Furniture Private Limited (TEXAS) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            3         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         4.3       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      .3       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with TEXAS for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of TEXAS continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 2003, Texas manufactures furniture and constructs
pre-engineered buildings. The company sells furniture under the
brand name next. It is based in Aurangabad (Maharashtra) and
promoted by Mr. Ranjeet Kakkad and Mr. Ankushkumar Kadam.

THE ACADEMY: Ind-Ra Migrates 'D' Loan Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated The Academy of
Engineering and Management Trust's (AEMT) bank loan ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:
-- INR79.69 mil. Bank loans (Long-term) migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR250.00 mil. Fund-based working capital limits (Long-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
September 21, 2018. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1999 under the Indian Trust Act, 1882, AEMT manages
an engineering and management college, eight CBSE schools and a
state board school.

TIRUPATI BASMATI: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of with Tirupati Basmati
Exports Private Limited (TBEPL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            43.5      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Export Packing         52        CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

   Foreign Bill           17.5      CRISIL D (ISSUER NOT
   Purchase                         COOPERATING)

   Foreign Exchange        5        CRISIL D (ISSUER NOT
   Forward                          COOPERATING)

   Proposed Long Term      3.5      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Standby Line of        10.5      CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

   Term Loan               8        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with TBEPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of TBEPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 2009, TBEPL is a Karnal, Haryana based company
engaged in milling, processing, and sorting of PUSA 1121 basmati
rice. The company's operations are being looked after by Mr. Lalit
Kumar and his two brothers, Mr. Vijendra Kumar and Mr. Ravinder
Kumar.

TRIMURTI FLOUR: CRISIL Maintains 'C' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Trimurti Flour Mill
Private Limited (TFMPL) continues to be 'CRISIL C Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit-         1.5         CRISIL C (ISSUER NOT
   Book Debt                        COOPERATING)

   Cash Credit-Stock    4.5         CRISIL C (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with TFMPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of TFMPL continues to be 'CRISIL C Issuer not
cooperating'.

Incorporated in 2010, TFMPL started commercial operations in
February 2014. The company is engaged in processing of wheat at its
facility in Patna. The day-to-day operations of the company are
managed by Mr. Abhishek Sinha.

URVARAK ABHIKARAN: CRISIL Keeps 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Urvarak Abhikaran
Neemuch Private Limited (UANPL; part of the Patwa group) continues
to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           6          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    6.75       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with UANPL for obtaining
information through letters and emails dated
February 26, 2019 and August 16, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of UANPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Patwa Marketing Pvt Ltd (PMPL) and
UANPL. This is because the two companies, together referred to as
the Patwa group, have common promoter and management, and are in
the same business.

UANPL and PMPL were incorporated in 1989 and 1995, respectively,
and are promoted by Mr. Surendra Patwa. The companies are del
credere agent (DCAs) for RIL's polymer products. PMPL is also a
carry and forwarding agent for TPL. Registered office is in Indore.
The promoter is also engaged in automobile dealership through other
entities.

VEEKAY POLYCOATS: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Veekay Polycoats
Limited (VPL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            66.5      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       66        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     44.39     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              25.61     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital        22.5      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with VPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of VPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

VPL was set up by Mr. Vinod Garg in 1992. The company manufactures
synthetic leather, vinyl flooring, and Polyvinyl Chloride (PVC)
films, and commenced manufacturing of non-woven fabric in 2006. It
has two manufacturing facilities, in Gurgaon (Haryana) and Bhiwadi
(Rajasthan).

VETRIVEL FORGINGS: CARE Keeps 'D' Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vetrivel
Forgings (VF) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      8.91        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short-term Bank     3.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 27, 2018, placed
the rating(s) of VF under the 'issuer non-cooperating' category as
Vetrivel Forgings had failed to provide information for monitoring
of the rating. Vetrivel Forgings continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and email dated August 08, 2019, August 12,
2019, August 13, 2019, and August 19, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on September 27, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Ongoing delays in meeting of debt obligations: The firm was unable
to generate sufficient cash flows leading to strained liquidity
position resulting in ongoing delays in meeting its debt
obligation.

Small scale of operations: VF's operations are small marked by its
total operating income of INR21.07 crore in FY17 (Provisional,
refers to the period April 1 to March 31) and moderate net worth of
INR10.21 crore as of March 31, 2017. The small scale of operations
impacts the firm's negotiation capabilities with suppliers and
customers, while limiting its financial flexibility with the
lenders.

Declining profit margins during the review period: The PBILDT
margin of the firm declined from 16.64% in FY15 to 13.55% in FY17
(Provisional) with increase in the cost of sales. PAT margin also
declined during the review period and stood low at 1.26% in FY17
(Provisional) as against 2.16% in FY15. Furthermore, the profit
margins are also susceptible to the volatile prices of iron and
steel.

Constitution as a proprietorship concern with risk of withdrawal of
capital, limited resources of proprietor and continuity of
business:
VF's constitution as a proprietorship concern has the inherent risk
of possibility of withdrawal of the capital at the time of personal
contingency which will affect its capital structure. Also, the
tenure of the business is conterminous with the proprietor's life
span.

Weak financial position characterized by leveraged capital
structure, weak debt coverage indicators and stressed liquidity
Position: The financial position of TEW stood weak marked by
leveraged gearing of 1.66x as of March 31, 2017 (Provisional) as
against 1.44x as of March 31, 2015 on the back of increase in the
total debt associated with unsecured loans borrowed from the
associate concerns. However, debt equity ratio stood comfortable at
0.37x as of March 31, 2017 (Provisional) as compared to 0.43x as of
March 31, 2016 on back of decrease in the long term debt levels
associated with the repayment of the same. The debt protection
metrics of the firm stood very weak marked by TD/GCA of 17.40x in
FY17 (Provisional) as compared to 16.73x in FY16 on the back of
decrease in the cash accruals. Interest coverage ratio stood
moderate during the review period with decline in interest expenses
over the period. The liquidity position of the firm was stressed in
FY17 (Provisional) marked by
current ratio of 0.96x which stood below unity.

Working capital intensive nature of operations resulting in
elongated operating cycle: Being in the forging industry, the firm
is in a working capital intensive and labor intensive nature of
operations. Since the manufacturing process has to undergo various
stages, the inventory is stocked for 3-4 months period. With
elongated creditors and inventory period, the operating cycle of
the firm also stood elongated at 197 days in FY17 (Provisional) as
against 132 days in FY15.

Key Rating Strengths

Vast experience of the promoter and operational support derived
from the associate concerns: Mr A Thillai Natarajan (H/o the
proprietor), the promoter of VF is a graduate in Mechanical
Engineering, has around five decades of experience in the forging
industry. Mrs T N Sabithadevi, the proprietor of the firm also has
around 25 years of experience in the forging industry through the
associate concerns. Being established in 2007, the firm also has
moderate operational track record of around ten years in the
forging industry. The firm has three associate concerns namely
Thillai Engineering Works (Engaged in manufacturing of forgings),
Vetrivel Auto Components and Sathya Forging Agencies (Engaged in
machining and fabrication works) in Chennai, Tamil Nadu. VF derives
operational and financial support from its associate concerns as
all the entities are engaged in similar activities.

The day to day operations of the firm are managed by Mr A Thillai
Natarajan (H/o the proprietor) and Mr T N Sathya Narayanan (S/o the
Proprietor), who has more than 10 years of experience in the
forging industry.

Established relationship with the customers and suppliers: Being in
the forging industry for more than a decade, the firm has
established good relationship with all its customers and suppliers.
Iron and steel rods, being the major raw material, are procured
from reputed suppliers like United Steel Corporation, Durable Ispat
& Alloys Private Limited, BMM Ispat Limited, etc. The clientele
base of the firm comprises of reputed customers like Bharat Heavy
Electricals Limited, TAFE Access Limited, Royal Enfield, etc.

Stable growth in total operating income: The total operating income
of the firm grew at a CAGR of 3.18% and stood stable during the
review period on the back of effective utilization of the installed
capacity and sustained orders. The TOI grew from INR19.79 crore in
FY15 to INR21.07 crore in FY17 (Provisional). The firm has moderate
order book position of INR15 crore which is expected to be
completed in FY18, thus providing stable revenue visibility.

Presence in a niche segment: The firm derives comfort from being in
a niche segment with high demand in the market. The industry is
increasingly tapping opportunities arising out of the growing trend
among global automotive OEMs to outsource components from
manufacturers in low-cost countries. As a result, the Indian
forging industry has been making significant contributions to the
country's growing exports. With business sentiments having improved
in India, in the coming years it is expected to improve business
activity which will consequently push the demand for forging
products as well as exports. Furthermore, several forging plants
are being shut down in the developed nations and it is up to the
Indian forging community to grab the opportunity.

Vetrivel Forgings (VF) was established in January 2007 as a
proprietorship concern by Mrs T N Sabithadevi in Chennai, Tamil
Nadu. The firm is engaged in manufacturing of iron and steel
forgings which finds its application primarily in automotive,
mining, power sectors and engineering industries. The installed
capacity of VF stood at 3600 MTPA with capacity utilization of 85%
as of June 27, 2017. The product range of the firm is well
diversified which includes Shells, Inconel, Rollers, Link Plates,
rods, brake flanges, hooks, levers, joint couplings, flywheels, cam
Shafts, etc. The firm manufactures closed die forgings in all types
of steels like Carbon, low-alloy & stainless. The firm has its
registered office and manufacturing facility located in Chennai,
Tamil Nadu. The firm has three associate concerns namely Thillai
Engineering Works (Engaged in manufacturing of forgings), Vetrivel
Auto Components and Sathya Forging Agencies (Engaged in machining
and fabrication works) in Chennai, Tamil Nadu.

VISHAL INFRAGLOBAL: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vishal Infraglobal
Private Limited (VIPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee      47         CRISIL D (ISSUER NOT
                                  COOPERATING)

   Cash Credit         25         CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with VIPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of VIPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

VIPL was originally established as a proprietorship concern by Mr.
Virsangbhai F Chaudhary in 1990. The firm was reconstituted as
partnership firm in 2007 and subsequently as a private limited
company in 2012. The company undertakes construction of roads and
bridges and is recognized as an AA-class contractor by the
Government of Gujarat for the execution of road projects.

VISHNU STEELS: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vishnu Steels (VS)
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            19        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of credit
   & Bank Guarantee        1.55     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan          3.9      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with VS for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of VS continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Vishnu Steels, set up in 2003 by Mr. Gumansingh B Rajpurohit,
manufactures thermo-mechanically treated (TMT) bars from ingots.
The firm has a plant in Wada district, Thane (Maharashtra).

WHITE HOUSE: CARE Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of White House
Tiles Private Limited (WHTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      13.30       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      0.75       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 8, 2019, placed the
rating(s) of WHTPL under the 'issuer non-cooperating' category as
WHTPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. WHTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated June 24, 2019, July 3, 2019, July 16, 2019,
August 13, 2019, In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 8, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delay in debt servicing: WHTPL has been irregular in
servicing its debt obligation owing to weak liquidity position.

Liquidity Analysis: The liquidity remained weak owing to cashflow
mismatch from operations.

Morbi (Gujarat) based White House Tiles Private Limited (WHTPL), is
a private limited company established in 2007 by four promoters led
by Mr Vimal Patel and Mr Chunilal Bhanvadia. Mr Vimal Patel and Mr
Chunilal Bhanvadia have 20 years and 30 years of industry
experience, respectively. WHTPL is engaged in the manufacturing of
vitrified floor tiles. WHTPL operates from its manufacturing
facility located in ceramic cluster (Morbi) and has an installed
capacity to manufacture 18 lakh boxes per annum of floor tiles as
on March 31, 2016. WHTPL is selling its product under brand name of
"White House".



===============
M O N G O L I A
===============

CAPITRON BANK: Moody's Assigns B3 LC Deposit Rating, Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Capitron
Bank LLC, including B3 local currency long-term deposit, local
currency and foreign currency long-term issuer ratings, and a Caa1
foreign currency long-term deposit rating.

The ratings outlook is stable.

RATINGS RATIONALE

Capitron Bank's b3 Baseline Credit Assessment (BCA) reflects (1)
the bank's credit concentration in the risky mining and
construction sectors and Moody's expectation that its asset quality
will deteriorate as its loans start to season; (2) its small
domestic deposit franchise and high top-20 depositor concentration;
and (3) the shareholder support that the bank receives to maintain
its moderate capital position and liquid balance sheet.

Capitron Bank's asset risk is high and reflects the risks
associated with its rapid loan growth and exposure to the mining
and construction sectors. These two sectors accounted for 27% of
Capitron Bank's loan portfolio as of the end of 2018, and are
inherently volatile and risky, because of Mongolia's (B3 stable)
high dependence on global commodity prices.

The BCA also considers the changes in the bank's strategy and
internal risk controls following the change in its majority
shareholder in 2015. Following this change, its shareholders
injected additional capital that resulted in the bank's equity
rising to MNT79.6 billion at the end of 2018 from MNT18.0 billion
at the end of 2015.

Capitron Bank's problem loan ratio improved to 1.28% at the end of
2018 from 8.0% at the end of 2015, on the back of average 55% loan
growth over the past three years. Despite this rapid loan growth,
the bank's capitalization--as measured by tangible common equity to
risk weighted assets--remained moderate at 14.8% at the end of 2018
from 13.1% at the end of 2015, supported by additional capital
injections from its shareholders.

Capitron Bank faces challenges in expanding its depositor base,
given its small number of branches when compared to the largest
five banks, which together command over 90% of the country's
deposit pool. While Capitron Bank's high dependence on top-20
depositors has reduced its reliance on market funding, it has also
resulted in a very high deposit concentration.

Capitron Bank's share of liquid assets is high when compared to its
Mongolian peers, providing it with a strong buffer against
potential downturns. However, Moody's expects the bank's liquid
assets will decline as it continues to grow its loan book. Capitron
Bank's liquid resources ratio registered 48% at the end of 2018,
compared to the 38% average for the five largest commercial banks
in Mongolia by assets.

Capitron Bank's governance structure is exposed to key man risk,
whereby the bank's key shareholders might influence the
decision-making process. The bank is also heavily reliant on its
majority shareholders for additional capital injections to meet the
regulatory requirement of MNT100 billion in equity capital by the
end of 2021.

Capitron Bank's b3 adjusted BCA is in line with its b3 BCA, because
the bank does not benefit from affiliate support given no parent
entity to provide support during times of stress.

Capitron Bank's long-term deposits and issuer ratings do not
incorporate any uplift for government support, because the bank's
b3 adjusted BCA is already at the same level as Mongolia's B3
issuer rating. Capitron Bank's foreign currency deposit rating of
Caa1 reflects Mongolia's foreign currency deposit ceiling of Caa1.

Moody's assumption of a low likelihood of government support takes
into account the bank's limited deposit franchise in Mongolia.

Capitron Bank's counterparty risk ratings (CRRs) are positioned at
B2/NP, and the bank's counterparty risk assessment (CRA) is
positioned at B2(cr)/NP(cr).

Moody's regards Mongolia as a jurisdiction with a nonoperational
resolution regime (non-ORR). For non-ORR countries, the starting
points for the CRR and CRA are one notch above the bank's Adjusted
BCA, to which Moody's then adds a government support uplift. In the
case of Capitron Bank, the CRRs and CRA do not incorporate any
uplift from government support.

What Could Change the Rating - Up

Because Capitron Bank's b3 BCA is already at the same level as
Mongolia's sovereign rating, an upgrade is unlikely in the absence
of an upgrade of the sovereign rating.

What Could Change the Rating - Down

Factors that could result in a downgrade include: (1) a downgrade
of Mongolia's sovereign rating; or (2) a downgrade of the bank's
BCA.

Capitron Bank's BCA could be downgraded if the bank's: (1) tangible
common equity falls below 8% of risk weighted assets; (2)
profitability deteriorates significantly, leading to annual net
losses on a sustained basis; or (3) asset quality deteriorates
materially, with its problem loan ratio rising above 9%.

The principal methodology used in these ratings was Banks published
in August 2018.

Capitron Bank LLC is headquartered in Ulaanbaatar. Its assets
totaled MNT817 billion (approximately $310 million) at the end of
2018.

LIST OF ASSIGNED RATINGS AND ASSESSMENTS

  - Local currency long-term deposit rating of B3 with a stable
outlook

  - Foreign currency long-term deposit rating of Caa1 with a stable
outlook

  - Local currency and foreign currency short-term deposit ratings
of NP

  - Local currency and foreign currency long-term issuer ratings of
B3 with stable outlook

  - Local currency and foreign currency short-term issuer ratings
of NP

  - Baseline credit assessment and adjusted baseline credit
assessment of b3

  - Long-term and short-term Counterparty Risk Assessment of B2(cr)
and NP(cr)

  - Local currency and foreign currency long-term counterparty risk
ratings of B2

  - Local currency and foreign currency short-term counterparty
risk ratings of NP

  - Outlook is stable



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

ZIERA RETAIL: Placed in Voluntary Administration
------------------------------------------------
NZ Herald reports that women's footwear business Ziera Retail,
which has 140 staff in New Zealand, has been placed into voluntary
administration.

Ziera was formerly known as Kumfs and has 22 stores in New Zealand
and 23 stores in Australia where it employs 110 staff.

Conor McElhinney and Andrew Grenfell, partners of McGrathNicol,
have been appointed administrators of Ziera's New Zealand entities,
NZ Herald discloses.

"The appointment follows a number of challenging trading years for
Ziera, caused by the rapidly changing retail landscape, changing
consumer trends and major changes in their supply chain," NZ Herald
quotes McGrathNicol as saying in a statement.

"Globally, independent footwear retailers have been closing as
larger competitors and online sales take more market share,
limiting Ziera's wholesale market.

"With new season orders having to be placed this week and lease
agreements coming up for renewal, the directors were faced with a
difficult decision. After much consideration, the directors
resolved to appoint administrators rather than risk further
losses," McGrathNicol said, notes the report.

NZ Herald says the administrators have taken control of Ziera and
intend to continue operating the companies while seeking a sale of
the business, either in whole or in part.

"Ziera offers something unique in the women's footwear market:
stylish, quality shoes that have been orthopedically designed to be
able to be worn all day in comfort. There is an incorrect
perception that the shoes are only for mature women," the report
quotes Conor McElhinney, one of the administrators, as saying.

"The business rebranded from Kumfs to Ziera to appeal to a broader
customer base, but the message about Ziera's technology did not cut
through.

"In our assessment, the technology has real value and we hope to
find another footwear retailer to take on the Ziera mantle and
continue to supply its loyal market, while bringing the comfortable
fashion message to all women."

Ziera Retail was founded in 1946 by David Robertson and Mervyn
Adams and employs approximately 250 staff on both sides of the
Tasman.  The company sells footwear to independent shoe retailers
around the world, including in the United States, Australia and
Singapore, as well as through its own retail store network in New
Zealand and Australia.



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

PACC OFFSHORE: JV Faces Cross Default After an Earlier Default
--------------------------------------------------------------
Tay Peck Gek at The Business Times reports that an event of default
on a loan granted to PACC Offshore Services Holdings' (Posh) joint
venture has triggered a cross-default under a second loan facility
by another lender to the joint venture.

BT relates that Posh had announced that the 50 per cent-owned joint
venture Posh Terasea was in default on a US$27.6 million loan as at
Sept 17. Following its filing to the Singapore Exchange on Sept.
19, a second lender to Posh Terasea has declared that an event of
cross default has occurred, said Posh in a regulatory filing on
Sept. 21.

Cross default is a provision in a bond indenture or loan agreement
that puts a borrower in default if the borrower defaults on another
obligation, the report says.

According to the report, the outstanding amount of the facility
comprising ship financing loans and a short-term facility from the
second lender was approximately US$7.1 million as at Sept 19. The
loan is solely secured by mortgages over two anchor handling tugs
owned by Posh Terasea and its subsidiaries Terasea Falcon and
Terasea Hawk.

BT relates that the second lender will exercise its rights to
appoint a receiver for the two anchor handling tugs should the
event of default be continuing after five days from Sept. 20. It is
one of the only two financial institutions that have extended
facilities to Posh Terasea, and neither of them were named in the
announcements, the report states.

As at the date of the latest announcement, Posh said that the
extent of the financial impact to the group arising from the cross
default "cannot be fully ascertained" but it expects "no change" to
the potential maximum financial impact of up to US$42 million which
had been disclosed in the Sept 19. Announcement, according to BT.

Also, it does not expect the development to have any impact on its
operating cash flow.

Posh commented: "Based on the unaudited consolidated financial
statements of the group for the first six months ended June 30,
2019, the group generated positive Ebitda (earnings before
interest, tax, depreciation and amortisation) of approximately
US$24.5 million. Posh Terasea is not a contributor to such
Ebitda."

The Business Times understands that Posh had explored options such
as a possible capital injection from shareholders to rescue Posh
Terasea.

Posh is the largest Asia-based international operator of offshore
support vessels with a diversified fleet servicing offshore oil and
gas exploration and production activities. It operated a combined
fleet of 122 vessels (of which nine vessels were operated by Posh
Terasea and its subsidiaries) and had a debt headroom of
approximately US$90.4 million as at June 30.

Terasea, a separate joint venture between Ezion and Seabridge
Marine Services, owns the remaining 50 per cent stake in Posh
Terasea--a specialist offshore marine service contractor primarily
focusing on niche speciality services such as towage and mooring
installation of floating production storage and offloading.

BT adds that Ezion had made a filing on Sept. 20 to assure that
Posh Terasea's event of default and any cross defaults have "no
material impact" on the offshore and marine group.

TRANSCORP HOLDINGS: Assessing Going-Concern Ability
---------------------------------------------------
Fiona Lam at The Business Times reports that Transcorp Holdings,
which sells and rents cars, on Sept. 22 said that its board is
assessing the group's ability to operate as a going concern, in
light of a SGD48,736 claim it received from Fuji Xerox Singapore as
well as the lapse of its proposed share placement.

According to the report, Transcorp had on July 20 proposed to raise
SGD550,000 through a placement of 110 million new shares at the
issue price of 0.5 Singapore cent apiece to two private investors.
The completion of each placement agreement was conditional upon the
fulfilment or waiver of certain conditions precedent.

On Sept. 22, the company said the long-stop date for the agreements
had lapsed, as the conditions precedent were not fulfilled or
waived within 60 days. Transcorp and the placees will not proceed
with the placement.

BT relates that Transcorp said its board continues to seek out and
engage potential investors as part of its efforts to improve the
company's cash flow and financial resources through third-party
funding.

The lapse of the placement agreements is not expected to have any
material impact on Transcorp's consolidated net tangible assets
(NTA) or earnings per share (EPS) for fiscal 2019 ending Oct 31.

Separately, the company also received a writ of summons from Fuji
Xerox Singapore for a claim of S$48,736 in the State Courts of
Singapore on Sept. 9, in relation to rental arrangements for two
photocopiers, BT reports.

BT relates that the company said it is seeking legal advice on this
matter, and is also investigating the circumstances surrounding the
photocopiers' rental arrangements.

According to the report, the claim is not expected to have any
material impact on the company's consolidated NTA or EPS for the
fiscal year ending Oct 31, notwithstanding the lapse of the
placement agreements, based on the group's latest audited financial
statements for fiscal 2018 and the first half ended April 30,
2019.

Transcorp's board is assessing the group's going concern basis
premised on the successful raising of capital through corporate
actions, as well as the follow-on business plans that will generate
sufficient cash flows from the group's operating activities and
financing plans, to allow the group to ramp up its operations and
meet its obligations for the foreseeable future, BT relays.

BT relates that the company said it will make announcements as and
when there are material developments on potential investments and
the Fuji Xerox claim. In the meantime, shareholders are advised to
exercise caution when dealing with the company's securities.

Transcorp had announced previously that it would have a
going-concern issue if it did not manage to raise funds by the end
of June. On July 9, it said it was in talks with various groups of
investors, the report recalls.

Transcorp also noted on July 9 that it had spoken to professional
services firms on its winding up process in the worst case
scenario, in the event that Transcorp is not able to successfully
raise funds, adds relays.

BT adds that the group needed to raise some S$1 million to pay its
debts and liabilities by the end of June. It was also struggling to
recover S$8.6 million in deposits paid to two entities owned by
people with links to Transcorp.

Based in Singapore, Transcorp Holdings Limited, an investment
holding company, engages in the import, wholesale, and rental of
motor vehicles in Singapore. It is also involved in the rental and
leasing of private cars without operator.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***