TCRAP_Public/190930.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

          Monday, September 30, 2019, Vol. 22, No. 195

                           Headlines



A U S T R A L I A

ALOHA SURF-HOUSE: Second Creditors' Meeting Set for Oct. 7
AUSTRALIAN BULK: Second Creditors' Meeting Set for Oct. 4
COOLGARDIE MINERALS: Second Creditors' Meeting Set for Oct. 8
LATITUDE AUSTRALIA 2019-1: DBRS Finalizes BB  Class E Notes Rating
SNACKING INVESTMENTS: S&P Assigns Prelim. 'B' ICR, Outlook Stable



C H I N A

AIRNET TECHNOLOGY: Receives Non-compliance Notice From NASDAQ
ANBANG INSURANCE: Shanghai Court Auctions Founder's Villas
BEIJING HONGKUN: Fitch Rates Proposed US$ Sr. Unsec. Notes  B(EXP)
CBAK ENERGY: Receives Non-compliance Notice from NASDAQ
EAGLE SUPER: S&P Alters Outlook to Negative & Affirms 'B-' ICR

GUANGXI LIUZHON: Fitch Rates $300MM Bonds Due 2022 Final 'BB'
HNA GROUP: Unit Sells Stake in Xi'an Retailer CCOOP
REDCO PROPERTIES: Fitch Affirms 'B' Long-Term IDR, Outlook Stable


I N D I A

AGC NETWORKS: CARE Lowers Rating on INR100cr Loan to 'D'
BR. SHESHRAO: Ind-Ra Maintains B+/ Issuer Not Cooperating Rating
CLASSIC FOODS: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
COFFEE DAY: CARE Lowers Rating on INR397.20cr Loan to 'D'
COGENT STEEL: CARE Maintains 'B' Rating in Not Cooperating

DASHMESH EDUCATIONAL: Ind-Ra Withdraws BB+/Non-Cooperating Rating
DOLPHIN OFFSHORE: CARE Cuts INR61.75cr Loan Rating to D, Not Coop.
DREAMZ INFRA: Insolvency Resolution Process Case Summary
ESSEL GROUP: Top Mutual Funds Risk Regulator Wrath on Debt Pact
HIMALAYA CONSTRUCTION: CARE Assigns C Rating to INR4cr LT Loan

INDIA: Egan-Jones Withdraws BB+ Sr. Unsec. Debt Ratings
ISR INFRA PRIVATE: Insolvency Resolution Process Case Summary
JMJ SWITCH: CARE Maintains D Rating in Not Cooperating Category
K.K. WELDING LIMITED: Insolvency Resolution Process Case Summary
K.M. SUGAR: Ind-Ra Affirms Then Withdraws 'BB+' LT Issuer Rating

K.P CHACKO: CARE Reaffirms B+ Rating on INR17cr LT Loan
M.P MINING: CARE Maintains 'D' Rating in Not Cooperating
MARUTI NANDAN: CARE Maintains 'D' Rating in Not Cooperating
MCNALLY BHARAT: CARE Maintains D Rating in Not Cooperating
NAVA BHARATH: Ind-Ra Keeps BB, Issuer Non-Cooperating Rating

ODYSSEY ADVANCED: Ind-Ra Lowers Long Term Issuer Rating to 'B'
OMID ENGINEERING: CARE Maintains 'D' Rating in Not Cooperating
OPTECH ENGINEERING: Ind-Ra Affirms 'BB' LT Rating, Outlook Stable
ORBIT AVIATION: CARE Maintains 'D' Rating in Not Cooperating
ORBIT RESORTS: CARE Maintains 'D' Rating in Not Cooperating

RAKE POWER: CARE Assigns 'D' Rating to INR7.0cr LT Loan
RENEW POWER: Fitch Rates $300MM Sr. Sec. Notes Due 2022 Final 'BB-'
RISING SUN: CARE Maintains 'D' Rating in Not Cooperating
ROHIT FERRO: NCLAT Sets Aside NCLT June Order Rejecting SBI Plea
SANCO INDUSTRIES: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating

SHREE KRISHNA: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
TEC INFRA: Insolvency Resolution Process Case Summary
TECHNICO STRIPS: CARE Lowers Rating on INR21.55cr LT Loan to D
U R AGROFRESH: Ind-Ra Affirms D LT Rating, Moves to Not Cooperating
UNITED BROTHERS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating

VAISHNO DEVI: Insolvency Resolution Process Case Summary


J A P A N

PIONEER CORPORATION: Egan-Jones Withdraws BB Sr. Unsec. Ratings
UNITIKA LIMITED: Egan-Jones Lowers Senior Unsec. Debt Ratings to B-


M O N G O L I A

DEVELOPMENT BANK: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
KHAN BANK: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
XACBANK LLC: Fitch Affirms 'B' Long-Term IDR, Outlook Stable


S I N G A P O R E

HYFLUX LTD: Utico to Support Debt Moratorium Extension
SERRANO LIMITED: Orders Independent Review, Internal Audit

                           - - - - -


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A U S T R A L I A
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ALOHA SURF-HOUSE: Second Creditors' Meeting Set for Oct. 7
----------------------------------------------------------
A second meeting of creditors in the proceedings of Aloha
Surf-House Joondalup Pty Ltd, trading as Aloha Surfhouse, Aloha
Surf Pty Ltd, and Aloha Clip N Climb Pty Ltd has been set for Oct.
7, 2019, at 11:00 a.m. at Level 17, at 37 St Georges Terrace, in
Perth, WA.

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. 4, 2019, at 4:00 p.m.

Robert Kirman and Robert Brauer of McGrathNicol were appointed as
administrators of Aloha Surf-House on June 27, 2019.

AUSTRALIAN BULK: Second Creditors' Meeting Set for Oct. 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of Australian Bulk
Transport Pty Ltd has been set for Oct. 4, 2019, at 11:00 a.m. at
the offices of BDO, Level 11, 1 Margaret 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. 3, 2019, at 5:00 p.m.

Andrew Peter Fielding and Gerald Collins of BDO were appointed as
administrators of Australian Bulk on Aug. 29, 2019.

COOLGARDIE MINERALS: Second Creditors' Meeting Set for Oct. 8
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Coolgardie
Minerals Limited has been set for Oct. 8, 2019, at 10:30 a.m. at
the offices of Pitcher Partners, Level 11, at 12-14 The Esplanade,
in Perth, WA.

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. 7, 2019, at 4:00 p.m.

Bryan Kevin Hughes of Pitcher Partners was appointed as
administrator of Coolgardie Minerals on Feb. 28, 2019.

LATITUDE AUSTRALIA 2019-1: DBRS Finalizes BB  Class E Notes Rating
------------------------------------------------------------------
DBRS finalized its provisional ratings of the Series 2019-1 Notes
(the Notes) issued by Latitude Australia Credit Card Loan Note
Trust (the Issuer) as follows:

-- Series 2019-1 Class A1 Notes at AAA (sf)
-- Series 2019-1 Class A2 Notes at AAA (sf)
-- Series 2019-1 Class B Notes at AA (sf)
-- Series 2019-1 Class C Notes at A (sf)
-- Series 2019-1 Class D Notes at BBB (sf)
-- Series 2019-1 Class E Notes at BB (sf)

The ratings of the Notes address the timely payment of interest and
ultimate repayment of principal by the legal maturity date.

The transaction represents the issuance of notes backed by credit
card receivables related to credit agreements originated or
acquired by Latitude Finance Australia (Latitude) to customers in
Australia and assigned to the Latitude Australia Credit Card Master
Trust. DBRS previously assigned ratings to the Issuer's Series
2017-1 Notes in April 2017, the Series 2017-2 Notes in September
2017 and the 2018-1 Notes in March 2018.

The majority of credit card accounts within the portfolio were
originated by GE Capital Australia prior to its acquisition by a
consortium comprising Deutsche Bank AG and funds managed by Värde
Management L.P. and KKR & Co. L.P. in November 2015. After the
acquisition, the business was renamed Latitude and accounts were
subsequently originated by Latitude.

With respect to the Series 2019-1 Notes, the Class A1 Notes benefit
from a minimum credit support of 32.5%, which includes
subordination of the Class A2 Notes, the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Notes (collectively 28.0%)
and the series-specific Originator VFN (4.5%). Upon closing, part
of the initial balance of the Series Originator VFN subordination,
equal to 1.0% of the rated notes, will be used to fund a specific
ledger that provides liquidity support to the transaction. This
liquidity support would only be available as credit enhancement if
not utilized for liquidity purposes.

The ratings are based on DBRS's review of the following
considerations:

-- The transaction capital structure including the form and
sufficiency of available credit enhancement.

-- Credit enhancement levels are sufficient to support DBRS's
expected charge-off, payment and yield rates under various stress
scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repays the Notes.

-- The transaction parties' capabilities with respect to
originations, underwriting, servicing and cash management.

-- The credit quality of the collateral and Latitude's ability to
perform collection activities on the collateral.

-- The sovereign rating of the Commonwealth of Australia,
currently rated AAA with a Stable trend by DBRS.

-- The consistency of the legal structure with DBRS's "Legal
Criteria for European Structured Finance" methodology and presence
of legal opinions expected to address the assignment of the assets
to the Issuer.

The transaction cash flow structure was analyzed in DBRS's
proprietary tool.

DBRS considers the Australian credit card market to share a similar
consumer credit protection framework to European jurisdictions.
Furthermore, the performance and operation of Latitude's portfolio
is deemed comparable with other originators where DBRS has
previously assigned structured finance ratings. Subsequently, DBRS
has elected to continue to reference its "Rating European Consumer
and Commercial Asset-Backed Securitizations" methodology when
assessing the transaction.

Notes: All figures are in Australian dollars unless otherwise
noted.

SNACKING INVESTMENTS: S&P Assigns Prelim. 'B' ICR, Outlook Stable
-----------------------------------------------------------------
On Sept. 26, 2019, S&P Global Ratings assigned its 'B' preliminary
issuer credit rating to Snacking Investments BidCo Pty Ltd.'s
(Arnott's). S&P also assigned its 'B' preliminary issue ratings to
the company's proposed US$500 million and A$300 million (US$205
million) term loan issuance, A$90 million (US$60 million) delayed
draw term loan credit facility and US$100 million revolver. The
preliminary recovery ratings on these facilities are '4',
reflecting average (30%-50%; rounded estimate: 45%) recovery
prospects in a payment default.

The rating on Arnott's reflects the company's highly leveraged
balance sheet, which leaves it with limited headroom for
underperformance or ability to defend against competitors. S&P
said, "We expect minimal deleveraging over the next two years while
Arnott's implements its strategic initiatives. As a result, the S&P
Global Ratings-adjusted leverage is likely to remain in the mid-7x
over this period. We expect EBITDA interest coverage to improve
toward 2.0x over this period, which will likely be driven by an
improvement in profitability and growth in EBITDA.”

Arnott's leading market position and strong brand equity underpin
its fair business risk assessment. The company benefits from a
portfolio of market-leading products in the Australian biscuit
segment. This is supported by strong brand recognition and customer
loyalty, enabling the business to maintain consistent margins and
be shielded from the rising threat of private-label substitute
products.

Arnott's significant customer concentration to the major
supermarket retailers, who are pursuing a private-label strategy,
weighs on its business risk assessment. S&P expects Australian
consumer preference for "better for you" products and affordable
snacking alternatives to affect Arnott's business over the long
term. This will pressure Arnott's volumes, limit price increases,
and constrain overall margin growth over the next few years.
Arnott's is undertaking a cost control strategy that S&P expects
will protect margins and counter this threat. However, the benefits
will not be manifested for a number of years. In addition, Arnott's
significant presence in the category and aisle space occupied in
the major supermarkets support our favorable assessment of its
competitive advantage.

S&P said, "Our assessment of Arnott's business risk is constrained
by the mature branded food market in which it operates, significant
customer concentration to major supermarkets, and high geographic
concentration in Australia (from where it generates more than 70%
of sales). We also believe the rising threat of private-label
substitute products from discount players and major supermarket
retailers' own brands will grow and potentially limit the pricing
power of branded food manufacturers.

"While Arnott's has meaningful product diversity across the narrow
biscuit segment, we believe the company will be challenged to
respond to emerging consumer trends." Australian consumer
preferences are gradually migrating to "better for you" products
and affordable alternatives. This shift will pressure Arnott's
volumes, limit price increases, and constrain overall margin growth
over the next few years.

To counter this threat, Arnott's portfolio consists of products at
differing price segments and healthy alternatives. Some products
have a price/product proposition that makes them more resilient,
particularly in times of economic turbulence. This low correlation
to economic cycles has helped to produce a long track record of
stable sales growth, albeit in the low single-digit range.

S&P said, "We believe Arnott's will continue to extract the
benefits it derives from its leading market position in the
biscuits segment. The company's brand equity underpins our business
assessment, which benefits from a portfolio of leading products."
Arnott's brand recognition and customer loyalty have historically
enabled the business to maintain consistent margins and offset the
threat of private-label substitute products.

The Asia-Pacific division accounts for less than 20% of Arnott's
group earnings, and provides some degree of geographic and
operational diversity. The division increases the company's
exposure to emerging southeast Asian markets. However, growth is
predicated on the successful execution of increasing volumes,
market penetration, and expanding the Arnott's product range in
these regions. At the same time, any diversification benefit
derived from the company's Campbell's Australia and New Zealand
(ANZ) division is constrained due to its steady earnings decline.
This is despite the relatively strong market position and
well-performing specialty juice range.

S&P said, "Our assessment of Arnott's financial risk is influenced
by the company's highly leveraged capital structure. In our view,
there is minimal headroom at the 'B' rating for any deterioration
in the initial proforma adjusted EBITDA interest coverage of 1.8x.
We expect operating efficiency improvements and margin expansion to
grow earnings and support EBITDA interest coverage to approach and
exceed 2.0x over the next few years.

"We also expect Arnott's pro forma S&P Global Ratings-adjusted
leverage to be in the mid-7x range and remain above 7x over the
next two years. We also believe that the company's cash flow
generation will remain constrained by fixed commitments and limit
the ability to weather adverse impacts to performance." Arnott's
has the ability to access undrawn debt facilities to meet funding
requirements, which might be precipitated by a need to invest
further capital in the manufacturing plants or the supply chain.

Arnott's has a significant amount of senior secured debt,
comprising a seven-year US$500 million and A$300 million (US$205
million) first-lien term loans, a seven-year A$90 million (US$60
million) first-lien delayed draw term loan, a US$100 million
revolving credit facility (RCF), and an eight-year A$315 million
(US$210 million) second-lien term loan.

Proceeds from the sale and leaseback transaction involving three of
Arnott's manufacturing facilities in Huntingwood, New South Wales;
Virginia, Queensland; and Marleston, South Australia, will be used
to partially fund a part of the overall transaction price. The sale
of the three facilities will be leased back on long-dated
tenancies.

Also constraining the rating on Arnott's is the ownership by
financial sponsor Kohlberg Kravis Roberts & Co L.P. (KKR). S&P
said, "We expect KKR to remain committed to the company's
efficiency initiatives and growth strategy. This is supported by
the retention of key personnel from the existing senior management
team. We also expect KKR to prefer reinvestment of earnings in
organic long-term growth opportunities, supply chain efficiencies,
and not pursue an aggressive short-term cost-out strategy."

S&P said, "The stable outlook reflects our view that Arnott's will
continue to generate modest revenue growth over the next 12 months
at least, driven by its longstanding market position and defensive
core brands. We also expect the company to improve its operating
performance, supporting modest margin growth and leading to EBITDA
interest coverage growing beyond 2.0x in the next two years."

However, Arnott's significant ongoing financing obligations
(interest, scheduled debt amortization, and operating lease
commitments) will likely weigh on the rating over the next two
years at least. In addition, exposure to mature, low growth
markets, and threats from private-label competition will limit the
pace of deleveraging. To this end, we believe there is limited
headroom for underperformance at the current rating level.

S&P said, "We could lower the rating if competition from private
labels, failure to successfully execute growth strategies, or
ineffective cost control manifests in lower margins. A
deterioration in capacity utilization or higher capital expenditure
could also pressure the rating. These headwinds would be evident if
Arnott's EBITDA interest coverage fails to improve toward 2.0x or
if the company sustains negative free operating cash flow over the
next two years.

"We consider an upgrade to be unlikely, given the financial sponsor
ownership. An upgrade would be reliant on a strengthening of the
group's business risk profile that would be a result of
stable-to-growing market share in core and emerging Asian markets,
improved capacity utilization, and margin improvement leading to
earnings growth."

Founded in 1865, Arnott's is Australia's largest producer of
biscuits and the second-largest supplier of snack food. Since 1997,
Arnott's has been a subsidiary of the Campbell Soup Co.
(Campbell's, BBB-/Stable/A-3), a NYSE listed manufacturer and
marketer of branded food and beverage products. Post divestment,
and under the ownership of KKR, Arnott's will operate through its
Arnott's Biscuits division in Australia and New Zealand,
Asia-Pacific division, and Campbell's Soup ANZ.



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C H I N A
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AIRNET TECHNOLOGY: Receives Non-compliance Notice From NASDAQ
-------------------------------------------------------------
AirNet Technology Inc. received a notification letter from the
Listing Qualifications Department of The Nasdaq Stock Market Inc.
on Sept. 24, 2019 indicating that the Company is no longer in
compliance with the minimum bid price requirement set forth in Rule
5550(a)(2) of the Nasdaq Listing Rules as the Company's closing bid
price per American depositary share, each representing ten ordinary
shares of the Company, has been below $1.00 for a period of 30
consecutive business days.  The Nasdaq notification letter does not
result in the immediate delisting of the Company's securities.

Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the
Company has a compliance period of 180 calendar days, or until
March 23, 2020, to regain compliance with Nasdaq's minimum bid
price requirement.  If at any time during the Compliance Period,
the closing bid price per ADS is at least $1.00 for a minimum of 10
consecutive business days, Nasdaq will provide the Company a
written confirmation of compliance and the matter will be closed.

In the event that the Company does not regain compliance by March
23, 2020, subject to the determination by the staff of Nasdaq, it
may be eligible for an additional 180 calendar days compliance
period if it meets the continued listing requirements, with the
exception of bid price requirement, of the Nasdaq Capital Market,
and provides written notice to Nasdaq of its intention to cure the
deficiency.

                     About AirNet Technology

Incorporated in 2007 and headquartered in Beijing, China, and
formerly known as AirMedia Group Inc, AirNet (Nasdaq: AMCN)
provides in-flight solutions to connectivity, entertainment and
digital multimedia in China.  AirNet --
http://ir.ihangmei.com/-- empowers Chinese airlines with
seamlessly immersive Internet connections through a network of
satellites and land-based beacons, provides airline travelers with
interactive entertainment and a coverage of breaking news, and
furnishes corporate clients with advertisements tailored to the
perceptions of the travelers.

Marcum Bernstein & Pinchuk LLP, in New York, issued a "going
concern" qualification in its report dated April 30, 2019, on the
Company's consolidated financial statements for the year ended Dec.
31, 2018, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

AirMedia incurred a net loss of US$93.41 million in 2018 following
a net loss of US$179.2 million in 2017.  As of Dec. 31, 2018,
AirMedia had US$129.8 million in total assets, $115.41 million in
total liabilities, and US$14.39 million in total equity.

ANBANG INSURANCE: Shanghai Court Auctions Founder's Villas
----------------------------------------------------------
Niu Mujiangqu and Han Wei at Caixin Global report that a Shanghai
court auctioned off four villas on Sept. 26 that were owned by Wu
Xiaohui, jailed founder and former chairman of embattled Anbang
Insurance Group, to enforce fraud and embezzlement sentence.

The four villas, located in the scenic city of Hangzhou in Zhejiang
province, were sold at public auction for a combined CNY71 million
($9.97 million), about 42.7% higher than the asking prices, Caixin
discloses citing a document from the Shanghai No. 1 Intermediate
People's Court.

The auction attracted dozens of bidders, and the winning bids were
all submitted by individual buyers, the court document showed,
Caixin relays.

According to Caixin, the property auction is part of the legal
process of unwinding the assets of Wu to implement the verdict
against him. Wu was convicted in May 2018 of fundraising fraud and
embezzlement. In addition to 18 years in prison, the court ordered
confiscation of CNY10.5 billion ($1.65 billion) of Wu's assets and
the return of more than CNY75 billion of illegal gains.

In 2004, Wu founded Anbang as a car insurance company with
registered capital of CNY500 million, Caixin recalls. He quickly
expanded the company into a global conglomerate with around 2
trillion yuan in assets and businesses including insurance,
banking, investments, hotels, and property development.

In 10 years, Anbang grew into China's third-largest insurer and a
high-profile global shopper. According to Caixin, the company spent
around $16 billion in an overseas acquisition spree over 18 months
beginning in October 2014, buying trophy assets including the
iconic Waldorf Astoria Hotel in New York. Most of the deals were
funded by borrowed money.

Caixin relates that the reckless expansion of Anbang caught
regulators' attention. A formal investigation of the company by the
top insurance industry regulator was launched following the
downfall of Xiang Junbo, former head of the China Insurance
Regulatory Commission (CIRC), in April 2017.

Insurance industry sources told Caixin that Anbang had the capacity
to "push regulatory limits" and get regulators to revise rules
because of Wu's close ties to CIRC officials.

Wu stepped down from the company in June 2017 shortly after he was
detained by police, Caixin notes.

The insurance regulator took over Anbang in early 2018 as the
debt-ridden conglomerate struggled to repay customers.

Under the regulator's guidance, Anbang has since started to offload
global assets acquired over the past few years, including its
luxury hotel portfolio, according to Caixin.

Liang Tao, vice chairman of the China Banking and Insurance
Regulatory Commission, said in July that Anbang had disposed of, or
is in the process of disposing of, more than CNY1 trillion of
assets.

In June, a new insurance company, Dajia Insurance Group, was
created to take over several insurance subsidiaries of Anbang as
regulators continue to restructure the troubled company, Caixin
discloses. Dajia is backed by state investors including China
Insurance Security Fund Co. Ltd. (CISFC), state-owned Shanghai
Automotive Industry (Group) Corp. and state-owned oil giant China
Petrochemical Corp.

Anbang will be barred from getting into new insurance businesses
after its subsidiaries are transferred to Dajia, though it will
still be responsible for its existing insurance contracts, the
regulator said, adds Caixin.

                       About Anbang Insurance

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

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

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

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

BEIJING HONGKUN: Fitch Rates Proposed US$ Sr. Unsec. Notes  B(EXP)
-------------------------------------------------------------------
Fitch Ratings assigned Beijing Hongkun Weiye Real Estate
Development Co., Ltd.'s (B/Negative) 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 Hongkun's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations. Hongkun intends to use net proceeds from the
proposed issue to refinance debt. The final rating is subject to
the receipt of final documentation conforming to information
already received.

The Negative Outlook reflects its belief that Hongkun will find it
difficult to refinance its short-term maturities due to China's
challenging liquidity environment, after the company's
cash/short-term debt ratio deteriorated to 49% in 2018, from 115%
in 2017. Fitch will monitor Hongkun's ability to access the capital
market and management's execution in improving the company's
debt-maturity profile.

Hongkun has healthy profitability and Fitch expects its EBITDA
margin to remain above 31% in 2019-2021 (2018: 43%). Stronger
contracted sales and cash collection in 1H19 should help the
company meets its contracted sales target and improve liquidity.

KEY RATING DRIVERS

Large Short-Term Debt Maturities: Hongkun had CNY8.7 billion of
debt maturing in the next 12 months at end-May 2019. Cash of CNY4.6
billion and CNY5.3 billion in uncommitted undrawn banking
facilities can cover the maturing debt, but are insufficient to
also cover operating cash outflow. The tight liquidity will
constrain Hongkun's rating until it improves its debt maturity
profile or enhances its cash/short-term debt ratio, which recovered
slightly to 51% in March 2019. The company aims to strengthen cash
collection from contracted sales, attract investors for its
reissued corporate bonds and draw on new loans from banks and
asset-management companies. Hongkun's rating could be downgraded if
it fails to improve its cash/short-term debt ratio to at least 100%
in 2019.

Leverage to Improve: Fitch forecasts Hongkun's leverage to drop
below 55%, the level above which Fitch would consider negative
rating action, by 2020 on improved cash collection, disciplined
land acquisitions and moderate contracted sales growth. Leverage,
as measured by net debt/adjusted inventory, rose to 62% in 2018,
from 61% in 2017, due to low cash collection. The company cut cash
outflow and used only 9% of contracted sales to buy land in 2018,
but plans to normalise land replenishment in 2019 with a budget of
CNY3.4 billion, or around 20% of contracted sales.

Land Bank Geographically Limited: Hongkun's rating is constrained
by its limited regional diversification, which exposes the company
to tight home-purchase restrictions in the pan-Beijing region.
Hongkun started buying land in cities in the Bohai Rim, namely
Beijing, Tianjin and Hebei, in 2012 and has developed deep
relationships with local governments. This resulted in 69% of 2018
contracted sales coming from the region. The remainder were from
Hainan in southern China, Wuxi in Yangtze River Delta and the
provinces of Anhui and Hubei in central China. Fitch expects a
similar geographical spread in the next two years based on
Hongkun's land-bank distribution.

Smaller-than-Peer Scale: Hongkun's rating is also constrained by
its small contracted-sales scale. Attributable contracted sales
increased by 15% in 2018 to CNY13.5 billion; a lower amount than
that of some 'B' and 'B-' rated peers. Fitch expects Hongkun's 2019
contracted sales to rise by 20%, driven by a 15% increase in gross
floor area (GFA) (5M19: 9% yoy growth) and a 4% rise in its average
selling price (ASP). However, Hongkun's contracted sales growth may
be limited in 2020 if it cannot buy enough suitable land in 2H19,
as it did not buy any land in 5M19.

Healthy Margin, Quality Land Bank: Fitch expects Hongkun to
maintain its EBITDA margin above 31% in 2019-2021 (2018: 43%),
which will support its ability to generate contracted sales to
improve its liquidity position. Beijing accounted for 25% of
Hongkun's land bank and tier-two cities made up another 30%. The
average land cost of its land reserves was a low CNY1,934 a square
metre in 2018, or 15% of its ASP. The company has been prudent in
expanding contracted sales and land acquisition, and about 20% of
its land reserves comprise low-cost land acquired prior to 2015.

Weak Oversight: Hongkun is not a listed company; Fitch believes
limited regulatory oversight and a lack of independent board
directors weaken creditor protection. The only regulatory oversight
is through two Chinese stock exchanges where Hongkun's domestic
bonds are traded. Creditors are mainly protected by the terms
governing Hongkun's borrowings, including covenants, with continued
domestic and offshore bond issuance being the source of financial
reporting for investors.

Hongkun Group, which owns Hongkun, does not have any large
investments other than Hongkun. However, Hongkun's ratings may come
under pressure if it is required to support its parent's other
investments. Corporate governance does not constrain the ratings on
Hongkun, but this could change upon any significant weakening in
the strength of its debt covenants or gaps in its corporate
governance.

DERIVATION SUMMARY

Hongkun's business profile is similar to that of 'B' category
peers. Its land quality is stronger than that of most 'B-' peers,
but the limited geographical diversification of the land constrains
its rating. Contracted ASP of CNY13,141/square metre and sales
churn, indicated by contracted sales/total debt, of 0.7x in 2018
was at the mid-range of 'B' rated peers, while attributable
contracted sales of CNY13.4 billion was at a lower end. Hongkun's
EBITDA margin of 43%, which was supported by its low land cost, was
one of the highest among 'B+' and 'B' rated peers. Its leverage
ratio of 62% was at the high-end of 'B' rated peers, but Fitch
expects leverage to fall below 55% in 2020.

Hongkun has a stronger business profile and higher EBITDA margin
than 'B-' peers, like Xinhu Zhongbao Co., Ltd. (B-/Stable).
Oceanwide Holdings Co. Ltd. (B-/Stable) has smaller contracted
sales, a slower churn rate and lower EBITDA margin than Hongkun and
Fitch estimates that Oceanwide's leverage will stay above 70% in
the next few years, compared with its expectation that Hongkun will
deleverage.

Hongkun has a similar business model and regional focus in the
Bohai Rim as Guorui Properties Limited (B-/Stable). Guorui has a
wider geographical footprint and slightly higher 2018 contracted
sales, while Hongkun has a higher EBITDA margin. Guorui's 2018
leverage was lower than Hongkun's and Fitch forecasts both to
deleverage to a similar level in 2020. Guorui is subject to higher
liquidity risk, illustrated by its lower cash/short-term debt ratio
of 0.1x at end-2018, compared with Hongkun's 0.5x. This explains
why Guorui is rated one notch below Hongkun.

KEY ASSUMPTIONS

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

  - Attributable contracted sales to rise by an average of 14% yoy
in 2019-2022 on increased GFA sold

  - EBITDA margin to stay above 31% in 2019-2021, but below the
2018 peak

  - Land-bank life to stay at 3.2-3.4 years in 2019-2022 (2018: 3.1
years)

  - Land purchase cost at below 40% of contracted sales in
2019-2022 (2018: 9%)

  - Construction cash outflow of below 45% of contracted sales in
2019-2022 (2018: 43%)

Recovery Rating assumptions:

  - Hongkun would be liquidated in a bankruptcy because it is an
asset-trading company

  - 10% administrative claims

The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed to
creditors.

  - Fitch applied a haircut of 30% to accounts receivable

  - Fitch applied a haircut of 20% on adjusted inventory, which is
higher than that applied to domestic peers, as its EBITDA margin is
higher than the industry norm and reflects the high quality and low
cost of its land reserves

  - Fitch applied a haircut of 45% to investment properties

  - Fitch applied a haircut of 50% to property, plant and
equipment

  - Fitch did not apply a haircut to restricted cash

These assumptions result in a recovery rate for offshore senior
unsecured debt within the 'RR1' range. However, Hongkun operates in
China, which Fitch classifies as under Group D of jurisdictions,
where the law is not supportive of creditor rights or there is
significant volatility in application of law and enforcement of
claims. As a result, the Recovery Rating for Hongkun's senior debt
is capped at 'RR4'.

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory above 55% for a sustained period

  - Cash/short-term debt ratio remaining below 1.0x at end-2019

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

- The Outlook may be revised to Stable if the negative guidelines
are not met

LIQUIDITY

Tight Liquidity: Hongkun had cash and cash equivalents of CNY4.6
billion and CNY5.3 billion in uncommitted undrawn banking
facilities as of May 2019, which could cover the CNY8.7 billion of
debt maturing in the coming 12 months. However, this was
insufficient to also cover operating cash outflow.

CBAK ENERGY: Receives Non-compliance Notice from NASDAQ
-------------------------------------------------------
CBAK Energy Technology, Inc., received notice from the Listing
Qualifications Department of The NASDAQ Stock Market on Sept. 25,
2019, indicating that, for the last 30 consecutive business days,
the bid price for the Company's common stock had closed below the
minimum $1.00 per share and as a result, the Company is no longer
in compliance with the NASDAQ Listing Rule 5550(a)(2).  The
notification letter states that the Company will be afforded 180
calendar days, or until March 23, 2020, to regain compliance with
the minimum bid price requirement.  In order to regain compliance,
shares of the Company's common stock must maintain a minimum
closing bid price of at least $1.00 per share for a minimum of ten
consecutive business days.  In the event the Company does not
regain compliance with the minimum closing bid price requirement by
March 23, 2020, Nasdaq may provide the Company an additional
180-day period to regain compliance, if the Company meets the
continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq
Capital Market, with the exception of the bid price requirement,
and will need to provide written notice of its intention to cure
the deficiency during the second compliance period, by effecting a
reverse stock split, if necessary. However, if Nasdaq determines
that the Company will not be able to cure the deficiency, or if the
Company is otherwise not eligible, Nasdaq will notify the Company
that its securities will be subject to delisting.

The Company intends to actively monitor the bid price for its
common stock between now and March 23, 2020, and will consider all
available options to resolve the deficiency and regain compliance
with the NASDAQ minimum bid price requirement.

                         About CBAK Energy

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

CBAK Energy reported a net loss of $1.95 million for the year ended
Dec. 31, 2018, compared with a net loss of $21.46 million for the
year ended Dec. 31, 2017.  As of June 30, 2019, the Company had
$118.34 million in total assets, $112.16 million in total
liabilities, and $6.17 million in total equity.

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


EAGLE SUPER: S&P Alters Outlook to Negative & Affirms 'B-' ICR
--------------------------------------------------------------
S&P Global Ratings affirmed its ratings on Eagle Super Global
Holding B.V., including its 'B-' issuer credit rating.

S&P said, "On a standalone basis, we continue to expect that credit
metrics will remain appropriate for the rating, including funds
from operations (FFO) to total debt of less than 12% and debt to
EBITDA greater than 5x.

"However, we are revising the ratings outlook to negative from
positive to reflect our view that credit risks are slightly higher
than before given the strained liquidity of the parent company.

"The outlook revision to negative on Eagle Super Global Holding
B.V. (doing business as The LYCRA Company) reflects our view of a
potential impact on the company's credit quality due to
deterioration of the Shandong Ruyi group's liquidity. While it is
not currently our base case, the negative outlook takes into
account the possibility that Shandong Ruyi Technology Group Co.
Ltd. (Ruyi) could cause The LYCRA Company's credit quality to
weaken as it addresses its own weakened liquidity."

The negative outlook reflects the possibility of extraordinary
negative intervention from the group, which could cause weaker
credit quality at The LYCRA Company.

S&P said, "In our base case, we expect that total debt to adjusted
EBITDA will remain around 6x and FFO to debt to be slightly less
than 10% on a weighted average basis. We have not factored in any
significant debt-funded acquisitions or shareholder rewards in our
base case, and we base our ratings on the assumption of control by
Ruyi.

"We could the lower rating over the next 12 months if we no longer
expect that management is committed to maintaining current leverage
levels or if we expect that the owners will take dividends. Along
these lines, we could also lower the rating if credit quality at
Ruyi deteriorated further, which could in turn hurt The LYCRA
Company's credit quality. Specifically, we could lower our rating
on The LYCRA Company if we see leverage rising to unsustainable
levels, with debt to EBITDA approaching 10x. This could occur if
organic revenue growth fell by 2% and EBITDA margins deteriorated
500 basis points (bps) beyond our expectations. An economic
downturn in any of the company's key markets, especially the
apparel segment, could also result in a negative rating action
given The LYCRA Company's notable product concentration in
spandex.

"We could also lower the rating if the company's liquidity
deteriorated such that sources did not exceed uses by more than
1.2x or if its covenant were pressured.

"We could revise the outlook to stable if we no longer believed
that the deteriorating credit quality at the parent was heightening
the risk to The LYCRA's company's credit quality.

"To consider an upgrade, we would have to assess the credit quality
of Ruyi to see that it didn't constrain ratings on The LYCRA
Company. We could raise our ratings if there was a positive rating
action on the owner and we saw improvement in The LYCRA Company's
stand-alone credit quality. However, we view an upgrade as unlikely
over the next 12 months given the liquidity pressures at Ruyi."


GUANGXI LIUZHON: Fitch Rates $300MM Bonds Due 2022 Final 'BB'
--------------------------------------------------------------
Fitch Ratings has assigned China-based Guangxi Liuzhou Dongcheng
Investment Development Group Co., Ltd.'s (BB/Stable) USD300 million
7% bonds due 2022 a final rating of 'BB'.

The final rating is the same as the expected rating, which was
assigned on November 22, 2018 and affirmed on August 27, 2019, and
follows the receipt of documents conforming to information
received.

KEY RATING DRIVERS

The bonds are issued directly by LDID and are rated at the same
level as its Issuer Default Rating. The bonds will constitute its
direct, unconditional, unsubordinated and unsecured obligations and
shall at all times rank pari passu and without any preference among
themselves. The net proceeds will be used for domestic business
development, domestic debt refinancing and general corporate
purposes.

RATING SENSITIVITIES

Rating action on LDID would lead to similar action on the rating of
its US dollar bonds.

HNA GROUP: Unit Sells Stake in Xi'an Retailer CCOOP
---------------------------------------------------
Peng Yanfeng and Denise Jia at Caixin Global reports that a
subsidiary of financially troubled HNA Group is selling a 5% stake
in a Shenzhen-listed retail store operator, continuing to unload
assets to shrink the conglomerate's debt overhang.

According to Caixin, HNA Retailing Holding Co. signed a cooperation
framework agreement on Sept. 26 to sell 300 million shares of CCOOP
Group Co. Ltd., formerly known as Xi'an Minsheng Group Co. Ltd., to
the company's second-largest shareholder, New Cooperation Trade
Chain Group Co. Ltd.

A transaction price wasn't disclosed, but based on the closing
price of CCOOP's stock on Sept. 26, the deal would be valued at
CNY660 million ($92.7 million), Caixin discloses. Soon after the
opening of trading on Sept. 27, CCOOP's stock surged by the 10%
daily limit to CNY2.42, the report says.

Caixin notes that the sale is the latest in a long string for HNA
Group, which has been forced to sell off assets since Beijing
launched a debt clampdown against the group two years ago. HNA has
sold or agreed to dispose of more than 40 assets since 2018,
according to a Bloomberg tally.

HNA Group's latest annual report shows it had debts of CNY755.3
billion at the end of 2018, up 3% from a year earlier, Caixin
discloses.

HNA Retailing directly holds 15.31% of CCOOP, but together with
concerted-action parties, HNA controls a 29.27% stake, Caixin
relays citing CCOOP's 2019 first-half financial report.

New Cooperation, a subsidiary of state-owned agricultural
conglomerate China Co-op Group Co., holds a 24.91% stake in CCOOP.
After the transaction, it will become the controlling shareholder
of CCOOP.

HNA acquired its stake in CCOOP from the Xi'an government in 2004,
Caixin discloses. CCOOP has been struggling in recent years. In the
first half of 2019, the company's profit declined 98% to CNY6.78
million, following a 46% drop in 2018.

CCOOP owns nearly 200 department stores and super markets
throughout the country and operates 4,700 franchised stores. It
also owns more than 40 warehouses and logistics facilities.

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2018, the Financial Times related that HNA Group defaulted on a
CNY300 million (US$44 million) loan raised through Hunan Trust.

According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China Development
Bank, following a liquidity crunch in the final quarter of last
year. The default came despite an estimated $18 billion in asset
sales by HNA this year that have done little to address its ability
to meet its domestic debts, the FT noted.

REDCO PROPERTIES: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings affirmed China-based Redco Properties Group Ltd's
Long-Term Foreign-Currency Issuer Default Rating and senior
unsecured rating at 'B'. The Outlook is Stable. The agency has also
affirmed the rating on Redco's USD310.4 million 11% senior
unsecured notes due 2020 and USD180 million 9.875% senior unsecured
notes due 2021 at 'B' with a Recovery Rating of 'RR4'.

The affirmation reflects its view that, although Redco demonstrated
consistent growth in attributable contracted sales of CNY11.2
billion in 2018, its sales scale is still small relative to that of
higher-rated peers. Redco had saleable resources for around 3.5
years of development and its leverage - measured by net
debt/adjusted inventory, including adjustments to joint ventures
and associates - fell to 24% in 1H19, from 27% in 2018. However,
Fitch expects leverage to increase as the company continues its
land acquisition activity to increase its sales scale.

Fitch will consider positive rating action if Redco continues to
expand its scale, with attributable sales exceeding CNY20 billion -
a level that is more comparable with 'B+' peers - while maintaining
saleable land bank life of at least 2.5 years and leverage of below
40%.

KEY RATING DRIVERS

Small Scale Constrains Rating: Redco's rating is constrained by its
attributable sales scale of CNY11.2 billion in 2018, which is small
relative to peers in the higher 'B+' category, whose attributable
sales Fitch expects to increase to at least CNY20 billion in 2019.
Redco has transitioned to a fast-churn model, which entails swifter
sales turnover and faster sales growth; total contracted sales,
including joint ventures, rose by 67% to CNY22.0 billion in 2018
and by more than 79% to CNY10.9 billion in 1H19 compared with 1H18.
Attributable contracted sales accounted for around 51% of the total
in 2018, against around 60% in 2017.

Redco maintained healthy sales efficiency in 2018, with
attributable sales/total debt, including joint-venture debt, at
1.0x and attributable sales/adjusted inventory at 0.8x.

Higher Leverage Forecast: Fitch expects Redco to continue to
increase contracted sales to develop a sustainable market presence.
This is likely to see Redco acquiring land bank to sustain its
rising contracted sales and result in leverage rising to around
40%, after it fell to 25% in 2018 (2017: 43%) on increased
financing through non-controlling interests and joint ventures.
Fitch will determine if the company can stabilise its leverage
below 40% at a larger scale before considering positive rating
action.

Land Bank Supports Growth: Redco boosted its land bank to around
12.4 million square metres (sq m) in 1H19, from 10.0 million sq m
in 2018 and 4.9 million sq m in 2017, with the cities of Tianjin,
Nanchang, Hefei and Jinan accounting for 74% of gross floor area.
Fitch estimates Redco's land bank is sufficient for around three
and a half years of attributable sales. However, Redco would need
to continually secure low-cost land to sustain a healthy land bank
life if it is to reach its larger contracted sales target.

Improved Profit Margin: Redco's EBITDA margin rose to 26.6% in
2018, from 17.9% in 2017, due to lower average land-acquisition
costs of CNY1,114/sq m in 2018, against CNY2,173 in 2017. Redco
mainly acquires land bank through M&A, allowing it to keep the
average cost of unsold land bank at only CNY1,800/sq m. Its sales
are concentrated in non-prime locations in second-tier cities and
its product mix is targeted at first-time purchasers, insulating
the company from price-ceiling policies. This helps Redco maintain
healthy margins at a high-churn rate.

DERIVATION SUMMARY

Redco's attributable contracted sales of CNY11.2 billion in 2018
were lower than those of 'B' rated peers, such as Xinyuan Real
Estate Co., Ltd.'s (B/Negative) CNY13.9 billion and Modern Land
(China) Co., Limited's (B/Stable) CNY19.5 billion. However, Redco's
leverage was lower than that of both peers. Xinyuan and Modern Land
have longer land bank life, but a lower margin than Redco. Redco's
high sales efficiency has made it easier to transfer to a
fast-churn business model while controlling leverage.

Companies rated one notch above Redco, at 'B+', generally have
proven sustainable business models with attributable sales of over
CNY20 billion, land banks of more than three years' of development
and stabile leverage of around 45%. Furthermore, 'B+' rated
homebuilders have a stronger nationwide presence, with better
regional project diversification. Redco's attributable sales are
lower than those of 'B+' peers and it requires a stronger record
outside of its core markets.

KEY ASSUMPTIONS

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

  - Contracted sales, including joint ventures, reaching CNY26.5
billion in 2019, CNY31.5 billion in 2020 and CNY36.5 billion in
2021. Attributable sales at 53% of total.

  - Gross profit margin from property development maintained at
between 30%-35% during 2019-2022 (2018: xx%).

  - Land premium accounting for 45%-50% of annual sales receipts in
2018-2021 (2017: xx%) and average land acquisition cost increasing
at 4% annually from 2019 (2017: xx%).

  - 13% increase in contracted sales average selling price in 2019
and no increase in 2020-2022 (2018: xx%).

  - Construction costs accounting for around 45% of annual sales
receipts in 2019-2022 (2018: xx%).

Key Recovery Rating Assumptions

  - The recovery analysis assumes Redco would be liquidated in a
bankruptcy because it is an asset-trading company.

  - Fitch assumes a 10% administrative claim.

  - The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

  - Advance rate of 60% applied to adjusted inventory, as Redco's
EBITDA is higher than 25%.

  - Property, plant and equipment advance rate at 50%.

  - Redco will be able to use all of its CNY2.5 billion in
restricted cash to repay debt.

  - Advance rate of 100% applied to restricted cash, which mainly
consists of guarantees for bank borrowings and construction work.

RATING SENSITIVITIES

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

  - A strong record outside core markets.

  - Annual attributable contracted sales sustained above CNY20
billion, while maintaining available-for-sale land bank at 2.5
years of development.

  - Net debt/adjusted inventory sustained below 40%.

  - EBITDA margin sustained above 20%.

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

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

  - EBITDA margin below 15% for a sustained period.

LIQUIDITY

Sufficient Liquidity: Redco had cash and cash equivalents of CNY8.3
billion, restricted cash of CNY2.5 billion and CNY0.5 billion in
undrawn bank facilities at end-June 2019, sufficient to cover
short-term debt of CNY5.5 billion.



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

AGC NETWORKS: CARE Lowers Rating on INR100cr Loan to 'D'
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
AGC Networks Limited (AGC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     21.37        CARE D Removed from credit
   Facilities                      watch with developing
   (Term Loan)*                    implications; Rating revised
                                   from CARE BB+

   Long term Bank    100.00        CARE D Removed from credit
   Facilities                      watch with developing
   (Fund-based                     implications; Rating revised
   facility)                       from CARE BB+

   Short term Bank    38.70        CARE A4 Removed credit watch
   Facilities                      with developing implications;
                                   Rating revised from CARE A4

* As confirmed by the management, the term loan has been fully
repaid in July 2019. However, No Dues Certificate has not been
received by CARE.

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities (term
loan above) of AGC factors in the delays in debt servicing on the
working capital term loan rated by CARE. Consequently the ratings
of the other bank facilities have also been revised. The ratings
are constrained by the weakened capital structure and coverage
indicators on account of acquisition of Black Box Corporation Inc.
(BBC), elongated collection period with high utilisation of working
capital limits, significant decline in the profitability due to the
one-time extraordinary expense of INR78.79 crore incurred towards
the acquisition of BBC, and corporate guarantee extended to a group
company although the amount of guarantee has reduced. The ratings
also factor in the foreign exchange risk faced by the company and
competitive nature of the IT/ITes industry.

The ratings continue to be supported by the experience of the
promoters (viz. Essar group) and management, sound technical
know-how and domain expertise of AGC, strong and diverse client
based across various verticals and diversified capabilities in
Information and Communication Technology (ICT) solutions. The
ratings also factor in the significant improvement in the scale of
operations post BBC's acquisition, and the turnaround of the
operating loss into operating profit in Q1FY20 (refers to the
period from April 01 to June 30). Going forward, the ability of the
company to improve its capital structure and profitability margins
will be the key rating sensitivities. Further, any large sized
debt-funded capex, mergers or acquisitions or unrelated
diversification adversely impacting the capital structure would be
crucial from the credit perspective.

Delays in debt servicing
As per the annual report for FY19, the company has defaulted in
repayment of some term loan instalments. As confirmed by the
management, the term loan has been fully repaid in July 2019.

Significant decline in the profitability on account of BBC's
acquisition in FY19
On a consolidated basis, AGC's total income from operation
registered a growth of 153% primarily on account of acquisition of
BBC in January 2019. However, the profitability margins of the
company declined substantially mainly because BBC was a loss making
company. Due to this acquisition, the AGC had incurred net loss of
INR78.77 crore and cash loss of INR64.41 crore during FY19 mostly
on account of one-time extraordinary expense of INR78.79 crore
incurred towards the acquisition of BBC. AGC has earned net profit
of INR13.56 crore and cash profit of INR37.92 crore in Q1FY20
post-acquisition of BBC and COPC in January 2019 as compared to the
net loss of INR98.02 crore and cash loss of INR91.64 crore in
Q4FY19.

On Standalone basis there was drop in PBILDT level and margins in
FY19. The PBILDT margin declined by 620 bps in FY19, from 10.00% in
FY18 to 3.80% in FY19, primarily due to the waiver of rental
expense to AGC in FY18. The total operating income (on standalone
basis) grew by 10.89% yearly and 11.47% quarterly during Q1FY20.
The revenue improved on account of new orders through BBC (as a
result of acquisition of BBC).

Weakened capital structure and coverage indicators on account of
BBC's acquisition
AGC reported net loss and cash loss in FY19 on account of one-time
extraordinary expense of INR78.79 crore incurred towards the
acquisition of BBC, which resulted in erosion of the networth as on
March 31, 2019. Accordingly the capital structure and debt coverage
indicators weakened. Interest coverage ratio deteriorated from 1.37
times in FY18 to 1.12 times in FY19. However, due to the
improvement in the profitability levels in Q1FY20, the interest
coverage ratio improved to 2.44 times in Q1FY20.

Elongated collection period with high utilisation of working
capital limits
On a consolidated basis for FY19, AGC's collection period is at 104
days. AGC's collection period remains high primarily due to
milestone based projects. Further, the projects executed were of
long gestation period. The collection period is also high on
account of credit extended to Indian customers is for 60-90 days,
as against US customers from whom they take payment in advance.
Stretched receivable cycle over the years has led to moderation in
liquidity position and higher dependence on working capital
borrowings. The average month-end utilisation of the fund based
working capital limits was around 92% in the twelve months ended
July 2019.

Foreign exchange risk
On a standalone level AGC is a net importer with major portion of
third party equipment requirement being imported by the company.
However, on a consolidated level AGC is net exporter wherein the
major part of its earnings are in dollars from its US and Singapore
subsidiaries (which contribute 83% of the consolidated revenue in
FY19). Hence, on consolidated level the revenue from US and other
subsidiaries acts as a natural hedge for its foreign exchange
exposure.  The company incurred forex loss of INR2.18 crore in FY19
as against the forex gain of INR0.45 crore in FY18.

Corporate guarantee extended to subsidiary company

During FY14 AGC had extended a corporate guarantee of INR108.20
crore (USD 18 Million) towards the financial obligation (working
capital borrowings of USD 15 Mn) of AGC Networks Pte. Limited,
Singapore (ANPL). The amount guaranteed has reduced to around
INR35.74 crore as on March 31, 2019 (USD 5.16 million) and further
to INR33.63 crore (USD 4.88 million) as on June 30, 2019. The
reduction in exposure was on account of scheduled repayment of the
term loan by ANPL.

Competitive nature of the business
The managed IT services market is highly competitive with
competition from Tier I domestic IT service providers, global IT
service providers, large telecommunication companies,
telecommunication service providers as well as small and midsize IT
services companies. Moreover, the managed IT solutions market has
seen significant capacity expansion over the past few years to tap
into the potential of the growing domestic IT solutions market. The
presence of large industry players, increasing number of smaller
firms, robust capacity expansion for the industry together with the
rapidly changing business dynamics of the IT industry have resulted
in increased competition within the IT solutions market leading to
subdued revenue growth and pressure on profit margins.

Key Rating Strengths

Experienced Promoters
AGC is a part of the Essar group through Essar Telecom Ltd (ETL)
which is subsidiary of Essar Global Fund Limited (“EGFL”). ETL
was holding company of AGC till January 4, 2019. As on March 31,
2019, ETL holds 46.69% of the paid-up capital compared to 74.90% as
on March 31, 2018. ETL has transferred its shares to other
subsidiaries of EGFL (Onir Metallics Limited holding 14.46% shares
of the paid-up capital).

Sound technical know-how and domain expertise
AGC has been operating in telecommunication & networking related
business for nearly three decades. Over the period, AGC has
developed sound technical know-how and domain expertise, helping it
to diversify into related businesses with relative ease as well as
to adapt to any technological developments in its existing domain
of operations. This expertise has enabled AGC to offer customised
solutions/services to its customers, thereby giving it a
competitive advantage.

Strong and well diversified client base
AGC's clientele is spread across a broad spectrum of verticals such
as banking, financial services and insurance, government, PSUs and
defence, healthcare, travel and hospitality, IT/ITes,
manufacturing, energy and utilities, etc. In addition, customer
concentration risk has been moderate, with the top 10 customers
contributing around 73.98% to the total sales. The well diversified
client base insulates the company's revenue stream from any
industry specific risks of business cycles.

Diversified capabilities in ICT solutions
Over the period, AGC has evolved as one of the major solutions
integrators in the enterprise communication space. The company
offers services across the lifecycle of the solution, spanning
design, deployment and management of communication solutions for
enterprises to interact with the customers, employees, suppliers,
etc. AGC also provides maintenance activities through its customer
care segment required periodically for the hardware set up by the
company.

Liquidity Analysis: On a consolidated basis for FY19, AGC's
collection period is at 104 days. AGC's collection period remains
high primarily due to milestone based projects. Further, the
projects executed were of long gestation period. The collection
period is also high on account of credit extended to Indian
customers is for 60-90 days, as against US customers from whom they
take payment in advance. Stretched receivable cycle over the years
has led to moderation in liquidity position and higher dependence
on working capital borrowings. The average month-end utilisation of
the fund based working capital limits was around 92% in the twelve
months ended July 2019.

Analytical approach: CARE has considered consolidated financials of
AGC and its group companies on account of significant operational
and financial linkages. The consolidated results include the
following subsidiaries:

Serial   Name of the Entity                  % of holding as
No.                                          on March 31, 2019

1        AGC Networks Australia Pty Ltd            100
2        AGC Networks Pte. Ltd                     100
3        AGC Networks Inc. and its
          subsidiaries (consolidated)               100
4        AGC Networks Philippines, Inc.            100
5        AGC Networks and Cyber Solutions Ltd      100
6        AGC Solutions Pte Ltd                     100
7        AGC Networks L.L.C., Dubai                100
8        AGC Networks L.L.C., Abu Dhabi            100
9        AGC Networks New Zealand Limited          100
10       Black Box Main Inc.                       100
11       BBC and its subsidiaries (consolidated)   100
12       COPC Holdings Inc. and its
          subsidiaries (consolidated)               100

                         About AGC Networks

AGC Networks Ltd. (AGC), incorporated in 1986 by Tata Telecom Pvt.
Ltd. to manufacture telecommunication equipment, was acquired by
the USA based Avaya Inc in 2004. In August 2010, Essar group
acquired 79.13% stake in the company which was transferred to a
group company Aegis Ltd. Aegis Ltd. transferred the investment in
AGC to another group company (viz., Essar Telecom Ltd) effective
from March 28, 2014.

Over the years, AGC evolved into an information and communication
(ICT) solutions provider and integrator with a differentiated
vertical approach in business communication systems, applications
and services mainly within India. The company provides server based
converged networking platform for voice, data and video including
IP telephony, multimedia call centre and Customer Relationship
Management (CRM) solutions, unified communications and customer
service.

AGC has been undergoing major expansion in its international
operations. The company has consistently increased its global
footprint through foray into multiple geographies such as Middle
East, Africa, North America, Australia, New Zealand, Singapore,
Philippines and UK servicing over 8000+ customers. Further, to
expand its global presence AGC completed the acquisition of Black
Box Corporation Inc. (BBC) on January 7, 2019. Further, AGC
Networks Pte. Ltd. (ANPL; a Singapore based wholly owned-subsidiary
of AGC) and AGC Networks Inc. (AGC US; a USA based wholly
owned-subsidiary of ANPL) had jointly entered into a share purchase
agreement with COPC Holdings Inc.(COPC) and Global Quality
Assurance Limited (Seller) for acquisition of 100% stake in COPC
for a purchase consideration of USD 5.5 million (approximately
INR38.04 crore). The acquisition was effective from January 1,
2019.

BR. SHESHRAO: Ind-Ra Maintains B+/ Issuer Not Cooperating Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Br. Sheshrao
Wankhede Shetkari Sahakari Soot Girni 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 actions are:

-- INR21.40 mil. Bank loans maintained in non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Fund-based working capital limit maintained in
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     rating.

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

COMPANY PROFILE

Established in 1989 and operational since 2004, Br. Sheshrao
Wankhede Shetkari Sahakari Soot Girni is a cooperative entity
registered under Cooperative Societies Act of Maharashtra. It
manufactures 100% cotton yarn.

CLASSIC FOODS: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Classic Foods'
(CF) Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR67.5 mil. (reduced from INR68 mil.) Fund-based facilities
     affirmed with IND B+/ Stable/ IND A4 rating; and

-- INR3.4 mil. Long-term loans due on July 2018 withdrawn (fully
     repaid).

KEY RATING DRIVERS

The affirmation reflects CF's continued small scale of operations.
Its FY19 revenue remained stable at INR330 million (FY18: INR338
million) on account of new orders and repeat orders from existing
customers. The firm achieved revenue of INR93.48 million in 1QFY20.
FY19 are provisional numbers.

The ratings factor in CF's modest EBITDA margins of 3.3% in FY19
(FY18: 4.5%) due to trading nature of business. The return on
capital employed stood at 9% in FY19 (FY18: 12%).

The ratings remain constrained by the firm's weak credit metrics.
Interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.4x in FY19 (FY18: 1.5x) and net leverage (total
adjusted net debt/operating EBITDAR) to 6.5x (FY18: 4.7x). The
deterioration was on account of fall in absolute EBITDA to INR11
million in FY19 (FY18: INR15 million) on account of increase in the
operating expenses as floods in Kerala in August 2018 resulted in
operations being shut for two months.

The ratings also factor in CF's moderate net cash conversion cycle.
In FY19, the net cash conversion cycle elongated to 52 days (FY18:
23 days) due to reduction in creditor days to 67 days (FY18: 126
days) due to early payment to suppliers.

Liquidity Indicator – Poor: CF's average maximum utilization of
the fund-based facility was almost fully utilized during the last
12 months ended August 2019. The cash flow from operations in FY19
remained positive at INR3 million (FY18: INR8  million) due to
increase in fund flow from operations. Cash and cash equivalents
remained low at INR0.5 million at FYE19 (FYE18: INR1.8 million).

The ratings, however, continue to be supported by the  proprietor's
experience of two decades in trading line of business.

RATING SENSITIVITIES

Negative: A decline in the revenue or operating profitability,
leading to net leverage above 6.0x, with stretched liquidity, on a
sustained basis, could be negative for the ratings.

Positive: A significant increase in revenue with rise in operating
profitability leading to net leverage below 4.8x, on a sustained
basis, could be positive for the ratings.

COMPANY PROFILE

Set up in 2000, CF is majorly engaged in the trading of agriculture
products mainly nutmeg, nutmeg mace, pepper and rice products. Mrs.
Mini Dominic is the proprietor of the firm and day-to-day
operations are managed by Mr. P.P Dominic along with his accounts
team. CF deals with wide range of products in agricultural
business.

COFFEE DAY: CARE Lowers Rating on INR397.20cr Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Coffee Day Global Limited (CDGL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       72.41      CARE D; Revised from
                                   CARE BBB; and removed from
                                   credit watch with negative
                                   implications

   Long-term Bank      397.20      CARE D; Revised from
   Facilities-                     CARE BBB; and removed from
   Working Capital                 credit watch with negative
                                   implications

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

The revision in rating assigned to CDGL is on account of recent
instance of delay in servicing of its WCDL/STL. The company has
reported delays in repayment of its WCDL of INR25 crore due on
August 29, 2019 and STL of INR50 crore due on August 14, 2019. It
may be mentioned that as per audited accounts for the period ended
March 31, 2019, company had reported cash and bank balance of
INR468 crore.

Coffee Day Global Limited (CDGL) was originally incorporated as
Amalgamated Bean Coffee Trading Company Limited on December 6, 1993
as a Private Limited company and subsequently on February 3, 1997
was converted to a Public Limited company. CDGL is an integrated
coffee retailer, having presence across the entire business
activities from coffee procuring till retailing. Company forayed
into retailing of coffee by opening retail shops in the name of
'Coffee Day' in 1995 and cafés in the name of 'Café Coffee Day'
(CCD) in 1996. CDGL, at present has five business divisions; Café
Division (Café Coffee Day), Xpress Division, Vending Division,
Package Division and Production, Procurement and Exports (PPE)
Division.

COGENT STEEL: CARE Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Cogent
Steel and Pipes Private Limited (CSPPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      14.70       CARE B; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CSPPL to monitor the rating
vide email communications/letters dated July 31, 2019, August 2,
2019, August 14, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
CSPPL's bank facilities will now be denoted as CARE B; Stable;
ISSUER NOT COOPERATING. Further, banker could not be contacted.

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

The rating takes into account its nascent stage of operation,
volatility in raw material prices and highly competitive and
fragmented nature of the industry. The rating, however, derives
strength from its experienced promoters with locational advantage.

Detailed description of the key rating drivers

At the time of last rating in January 30, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Nascent stage of operation
The company started its commercial operation from September 2017,
thus having very nascent stage of operation. However, the company
has already earned INR37.08 crore till January 2018.

Volatility in raw material prices
CSPPL does not have any backward integration for its basic raw
material (MS Billet) for producing products like MS pipes, strip
etc. and would be required to purchase the same from open market.
The finished goods as well as raw material prices of steel products
are volatile in nature. Even though raw material prices move in
tandem with finished goods prices, it does the same with a time
lag. Since, raw material is the major cost driver, any southward
movement of finished goods price with no decline in raw material
price result in adverse performance of the company.

Highly competitive and fragmented industry
The spectrum of the steel industry in which the company operates is
highly fragmented and competitive marked by the presence of
numerous players in northern and eastern India. Hence the players
in the industry do not have pricing power and are exposed to
competition induced pressures on profitability. This apart, CSPPL's
products being steel related, it is subjected to the risks
associated with the industry like cyclicality and price volatility.


Key Rating Strengths

Experienced promoters with locational advantage
CSPPL is currently managed by Mr. Sanjay Kumar Bansal, Managing
Director, along with other six directors. All the directors are
having over a decade of experience in similar line of business.
This apart, CSPPL plant is located at Rourkela in Odisha, which is
also in proximity to the steel and mining areas of Odisha, West
Bengal and Jharkhand. Hence, its presence in the steel and mining
region results in benefits derived from a lower logistic
expenditure (both on transportation and storage), easy availability
and procurement of raw materials at effective prices.

Liquidity
The liquidity position of the company was moderate as on March 31,
2018. Cash and Bank Balance was INR 0.11 crore and current ratio of
the company was at 0.78x as on March 31, 2018. This apart, quick
ratio was at 0.51x as on March 31, 2018. During FY18, GCA was INR
2.03 crore.

Cogent Steel and Pipes Private Limited (CSPPL) was incorporated
during September 2015 to initiate an iron and steel products
manufacturing business. After incorporation the company started to
set up a manufacturing unit at Sundargarh, Odisha with an installed
capacity of 28,800 MTPA and the same has completed during August
2017 with a project cost of INR12.95 crore. The commercial
operation has started from September 2017.

The day-to-day affairs of the company are looked after by Mr.
Sanjay Kumar Bansal, Managing Director, along with other six
directors and a team of experienced personnel.

DASHMESH EDUCATIONAL: Ind-Ra Withdraws BB+/Non-Cooperating Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dashmesh
Educational Charitable Trust's bank facilities' ratings in the
non-cooperating category and simultaneously withdrawn it.

The detailed rating actions are:

-- The 'IND BB+ (ISSUER NOT COOPERATING)' rating on the
     INR1,383.6 bil. Term loans due on October 2023 maintained in
     non-cooperating category and withdrawn;

-- The 'IND BB+ (ISSUER NOT COOPERATING)' rating on the INR150
     mil. Fund-based working capital facility maintained in
     non-cooperating category and withdrawn;

-- The 'IND A4+ (ISSUER NOT COOPERATING)' rating on the INR177
     mil. Non-fund-based facility maintained in non-cooperating
     category and withdrawn; and

-- 'Provisional IND BB+ (ISSUER NOT COOPERATING)' rating on the
     INR389.40 mil. Proposed fund-based working capital facility
     maintained in non-cooperating category and withdrawn.

Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn

Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Maintained at 'Provisional IND BB+ (ISSUER NOT COOPERATING)' before
being withdrawn

KEY RATING DRIVERS

The rating has been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the rating, as it has
received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated 31 March 2017 for credit rating agencies.

COMPANY PROFILE

Dashmesh Educational Charitable Trust was incorporated under the
Societies Registration Act, 1860. The trust commenced operations
with Shree Guru Gobind Singh Tricentenary Dental College in 2002,
and went on to open a 300-bed general hospital in 2005; a medical
college in 2010; and a nursing college in 2012. Shree Guru Gobind
Singh Tricentenary attained private university status in 2013 under
the name of Shree Guru Gobind Singh Tricentenary University.

DOLPHIN OFFSHORE: CARE Cuts INR61.75cr Loan Rating to D, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dolphin Offshore Enterprises (India) Ltd. (DOEIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      25.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE C; Stable

   Short term non-     61.75       CARE D; ISSUER NOT COOPERATING;
   fund based bank                 Revised from CARE A4
   facilities          
                                   
   Short term fund     14.00       CARE D; ISSUER NOT COOPERATING;
   based bank                      Revised from CARE A4
   facilities–OD       
                                   
   Fixed Deposit        5.00       CARE D (FD); ISSUER NOT
   Programme                       COOPERATING; Revised from
                                   CARE C (FD); Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DOEIL to monitor the
rating(s) vide e-mail communications/letters dated August 23, 2019,
August 5, 2019, August 1, 2019, July 15, 2019, July 5, 2019 July 3,
2019 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on DOEIL's bank
facilities and instruments will now be denoted as CARE D; ISSUER
NOT COOPERATING and CARE D (FD); Stable ISSUER NOT COOPERATING
respectively.

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

The revision in rating of the bank facilities of Dolphin Offshore
Enterprises (India) Limited (DOEIL) is on account of recent delays
in debt servicing by the company due to weak liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing
There have been recent delays in debt servicing by the company due
to weak liquidity position.

Dolphin Offshore Enterprises (India) Ltd. (DOEIL) is the flagship
company of the Dolphin Group and is listed on BSE and NSE. It is in
the business of providing a complete range of offshore support
services to the oil and gas industry.

DREAMZ INFRA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Dreamz Infra India Limited
        577/B, 2nd Floor
        Outer Ring Road
        Teachers Colony
        Koramangala
        Bangalore 560034
        India

Insolvency Commencement Date: August 20, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: February 15, 2020
                               (180 days from commencement)

Insolvency professional: Ashok Kriplani

Interim Resolution
Professional:            Ashok Kriplani
                         10/18, First Floor
                         Old Rajinder Nagar
                         New Delhi 110060
                         E-mail: ashok.kriplani1956@gmail.com
                                 dreamzcirp@gmail.com

Classes of creditors:    Homebuyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Viswanathan Sankaran
                         Mr. K N Ravindra
                         Mr. Balady Shekar Shetty

Last date for
submission of claims:    September 13, 2019


ESSEL GROUP: Top Mutual Funds Risk Regulator Wrath on Debt Pact
---------------------------------------------------------------
Bloomberg News reports that India's top mutual funds risk running
afoul of the country's securities regulator for granting more time
to media mogul Subhash Chandra for repaying nearly a billion
dollars in debt.

Bloomberg says shares of the group's flagship Zee Entertainment
Enterprises Ltd. have steadied since hitting a five-year low on
Sept. 23 after the group said the money managers had agreed to
extend the repayment timelines on obligations due by
September-end.

What's unclear is how the extension will be looked at by the
regulator, who in June invalidated pacts between funds and their
borrowers. On Sept. 26, Chairman Ajay Tyagi reiterated the
watchdog's stance, saying "there is no confusion" and that all
market participants must adhere to the rules, Bloomberg relates.

According to Bloomberg, Chandra's Essel Group has repaid INR44.50
billion ($628 million) after selling stake in Zee to Invesco
Oppenheimer Developing Markets Fund and divesting solar farms and
other non-media assets. The sales still leaves a large repayment
gap for the conglomerate, the report notes.

Bloomberg says the first extension, known as standstill agreement
on sale of the group's shares pledged as collateral, was granted
after Zee's shares tumbled as much as 37% in a single day in
January amid worries about the group's debt, increasing the risk of
default.

Some of India's biggest asset managers, including Aditya Birla Sun
Life Asset Management Co. and HDFC Asset Management Co., hold
shares of Zee as collateral against dues owed by Essel Group, the
report notes.

                         About Essel Group

Essel Group, a business conglomerate, operates in media,
entertainment, packaging, infrastructure, education, precious
metals, lifestyle and wellness, and technology sectors. The
company's activities include operating news and entertainment
television channels; DNA, an English-language broadsheet; amusement
parks and lifestyle malls; operating a chain of commercial
complexes, housing complexes, construction business, and multiplex
cinema-cum-family activity centers; digital screens; a food and
lifestyle television channel; and a chain of K-12 schools and
pre-schools. The company also provides direct-to-home entertainment
services and information technology infrastructure outsourcing
services.

HIMALAYA CONSTRUCTION: CARE Assigns C Rating to INR4cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Himalaya
Construction Company Private Limited (HCCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities           4.00       CARE C; Stable Assigned

   Long Term/Short     20.00       CARE C; Stable/CARE A4
   Term Bank                       Assigned
   Facilities          
                                   
Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of HCCPL are primarily
constrained by its stressed liquidity position, small and
fluctuating scale of operations coupled with net losses, leveraged
capital structure and stressed debt coverage indicators. The
ratings are further constrained by competitive nature of industry
and business risk associated with tender–based orders. The
ratings, however, draw comfort from experienced promoters with long
track record of operations.

Going forward; ability of the company to increase its scale of
operations while improving the profitability and capital structure,
shall be key rating sensitivity. Further, efficient management of
its working capital requirements and timely execution of projects,
shall be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

History of overutilization of cash credit facility and stressed
liquidity position: There were instances of invocations in bank
guarantee which led to the overutilization in the cash credit
account during FY18 (refers to the period April 1 to March 31)
attributable to delay in orders execution, resulting in stressed
liquidity and cash flow mismatch. However, the account became
standard in September, 2018 and no overutilization in cash credit
and invocations in bank guarantee have been observed since October,
2018.

Furthermore, elongated collection period and almost full
utilization of its working capital borrowings coupled with cash
losses of INR3.65 crore in FY18 indicates the stressed liquidity
position of the company against timely servicing of its debt
obligations.

Small and fluctuating scale of operations coupled with net losses:
HCCPL is a small regional player mainly involved in executing civil
construction contracts. The ability of the company to scale up to
larger-sized contracts having better operating margins is
constrained by its comparatively small capital base of INR7.44
crore as on March 31, 2018 and total operating income of INR15.69
crore in FY18 (refers to the period April 1 to March 31). Moreover,
HCCPL's scale of operations remained fluctuating for the period
FY16-FY18 (refers to the period April 1 to March 31) and declined
significantly from INR38.37 crore in FY17 to INR15.69 crore in FY18
owing to lower contracts executed. Moreover, the company has
incurred net losses of INR4.04 crore in FY18 owing to high interest
and operational cost. The small scale of operations in a
competitive industry limits the bidding capability, pricing power
and benefits of economies of scale. During FY19 (refers to the
period April 1 to March 31; based on provisional results), the
company has achieved the total operating income of ~Rs.20.00
crore.

Leveraged capital structure and stressed debt coverage indicators:
The capital structure of the company stood leveraged as marked by
overall gearing ratio which stood at 1.67x as on March 31, 2018
showing deterioration from 1.01x as on March 31, 2017 mainly on
account of higher utilization of working capital borrowings as on
balance sheet date, increase in unsecured loans coupled with
erosion of net worth base owing to net losses incurred by the
company. Further, the debt coverage indicators of the company
remained stressed during FY18 on account of cash losses and high
debt levels.

Competitive nature of industry: HCCPL faces direct competition from
various organized and unorganized players in the market. There are
number of small and regional players catering to the same market
which has limited the bargaining power of the company and has
exerted pressure on its margins. Further, the award of contracts
are tender driven and lowest bidder gets the work. Hence, going
forward, due to increasing level of competition and aggressive
bidding, the profits margins are likely to be under pressure in the
medium term.


Business risk associated with tender-based orders: The company
majorly undertakes government/public sector undertakings projects,
which are awarded through the tender-based system. The company is
exposed to the risk associated with the tender-based business,
which is characterized by intense competition. The growth of the
business depends on its ability to successfully bid for the tenders
and emerge as the lowest bidder. Further, any changes in the
government policy or government spending on projects are likely to
affect the revenues of the company.

Key Rating Strengths

Experienced promoters with long track record of operations: HCCPL's
operations are currently being managed by Mr. Ranbir Singh Chahal,
Mr. Manjit Singh, Mr. Harisharan Singh and Mr. Gurtej Singh Chahal.
Mr. Ranbir Singh Chahal and Mr. Manjit Singh have accumulated
experience of nearly three decades in construction industry through
their association with this entity. They are ably supported by
other directors i.e., Mr. Harisharan Singh and Mr. Gurtej Singh
Chahal having considerable experience of varied up to two decades
in construction industry through their association with this
entity. Furthermore, HCCPL is also supported by a team of qualified
engineers, supervisory staff and technicians to work on various
sites. The company is having a considerable track record in this
business which has resulted in long term relationships with both
suppliers and customers.

Delhi based Himalaya Construction Company Private Limited (HCCPL)
(CIN No. U74899DL1979PTC014291) was incorporated in December, 1979.
The company is currently being managed by Mr. Ranbir Singh Chahal,
Mr. Manjit Singh, Mr. Harisharan Singh and Mr. Gurtej Singh Chahal.
The company is engaged in civil construction works such as
construction of tunnels, underground power house, surge shaft,
dams, etc. for hydroelectric projects. The company mainly caters to
government/ public sector undertakings. In order to get the
business, company has to participate in tenders floated by
government companies.

INDIA: Egan-Jones Withdraws BB+ Sr. Unsec. Debt Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on September 19, 2019, withdrew its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Republic of India.

India is a country in South Asia. It is the seventh-largest country
by area, the second-most populous country, and the most populous
democracy in the world.


ISR INFRA PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: ISR Infra Private Limited

        Registered office:
        Door No. 50-1-41/B, ASR Nagar
        Seethammadhara
        Visakhapatnam 530013

Insolvency Commencement Date: September 9, 2019

Court: National Company Law Tribunal, Amaravathi Bench

Estimated date of closure of
insolvency resolution process: March 7, 2020
                               (180 days from commencement)

Insolvency professional: Pradeep Kumar Sravanam

Interim Resolution
Professional:            Pradeep Kumar Sravanam
                         6-40, Plot No: 101
                         Suprabhat Township, Venture-2
                         Near Nalla Mallareddy Engineering
                         College, Kachavani Singaram
                         Hyderabad 500088
                         E-mail: 12283kumar@icmaim.in

Last date for
submission of claims:    September 26, 2019


JMJ SWITCH: CARE Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of JMJ Switch
Gears Private Limited (JMJ) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.12       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      1.72       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 16, 2018, placed the
rating(s) of JMJ under the 'issuer non-cooperating' category as JMJ
had failed to provide information for monitoring of the rating. JMJ
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated September 10, 2019, September 11, 2019, September 12, 2019,
September 16, 2019 and September 17, 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 these ratings (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 in July 16, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weakness

Ongoing delay in debt servicing
The banker has confirmed that there are ongoing delays in interest
payment attributed by stretched liquidity position.

JMJ Switch Gears Private Limited (JMJ) incorporated in August, 2013
is promoted by Mr Adaikalasamy along with his friend Mr Philip
Kumar. The company started its commercial operation in January,
2014. It has been engaged in the business of manufacturing of
electrical products like power control panels, low-tension &
high-tension panels, compact substations with its sole
manufacturing facility located at Bommasandra Industrial Area,
Bangalore. These panels provide backup protection to the power
transformers, generation, capacitor banks and power distribution.
The day-to-day affairs of the company are looked after by Mr
Adaikalasamy and he has more than one-and-a-half-decade long
experience in the relevant line of business.

K.K. WELDING LIMITED: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: K.K. Welding Limited
        128, Narayan Dhuru Street
        Micro House, Ground Floor
        Mumbai 400003

Insolvency Commencement Date: August 28, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 24, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Anil Rajkotia

Interim Resolution
Professional:            Mr. Anil Rajkotia
                         501, Balkrishna Co-op Housing Society
                         Tilak Road, Next to Asha Parekh Hospital
                         Santacruz (West)
                         Mumbai 400054
                         E-mail: anilrajkotia@gmail.com

                            - and -

                         502, Marathon Icon
                         Off Ganpatrao Kadam Marg
                         Lower Parel (West)
                         Mumbai 400013
                         E-mail: cirp.kkwelding@gmail.com

Last date for
submission of claims:    September 23, 2019


K.M. SUGAR: Ind-Ra Affirms Then Withdraws 'BB+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn K.M.
Sugar Mills Limited's (KMS) Long-Term Issuer Rating of 'IND BB+
(ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND BB+ (ISSUER NOT COOPERATING)' rating on the
     INR1,005.10 bil. Fund-based limits affirmed & withdrawn;

-- The 'IND A4+ (ISSUER NOT COOPERATING)' rating on the INR20
     mil. Non-fund based limits affirmed & withdrawn; and

-- The 'IND BB+ (ISSUER NOT COOPERATING)' rating on the INR279.00

     mil. Term loan due on June 30, 2020 affirmed & withdrawn.

Affirmed at 'IND BB+ (ISSUER NOT COOPERATING)' before being
Withdrawn

Affirmed at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated 31 March 2017 for credit rating agencies.

KEY RATING DRIVERS

The affirmations reflect KMS' continued modest credit metrics. In
FY19, net leverage (total adjusted net debt/operating EBITDAR)
deteriorated to 1.87x (FY18: 1.45x), while interest coverage
(operating EBITDA/gross interest expense) improved to 6.85x
(4.79x). The improvement in interest coverage was primarily due to
a decline in interest cost to INR76.2 million in FY19 (FY18:
INR112.1 million). While the deterioration in net leverage was due
to a rise in total debt to INR1,005.9 million (FY18: INR890.6
million) to fund the working capital requirement.

The ratings also factor in the company's modest margins, which
expanded to 13.40% in FY19 (FY18: 11.40%) owing to a decline in raw
material price.  Its return on capital employed was 23.54% in FY19
(FY18: 12.85%).

Liquidity Indicator - Stretched: The company had liquid cash and
cash equivalents of INR32.21 million at FYE19 (FYE18: INR109.05
million). The ratings are constrained by risks inherent to the
sugar industry, which is highly regulated and cyclical in nature.

However, the ratings benefit from KMS' large scale of operations,
despite the decline in revenue to INR3,900.6 million (FY18:
INR4,697.8 million). The decline was attributed to lower sale of
sugar (FY19: INR3,263 million, FY18: INR4,138.8 million).

COMPANY PROFILE

KMS manufactures sugar, distillery products and bio-fertilizers at
its plant in Faizabad, Uttar Pradesh.

K.P CHACKO: CARE Reaffirms B+ Rating on INR17cr LT Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
K.P Chacko and Sons (KPCS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank   
   Facilities          17.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of KPCS continue to be
tempered by moderate scale of operations, elongated working capital
with working capital intensive nature of operations, thin
profitability margins due to volatility associated with gold
prices, presence in highly fragmented industry leading to intense
competition and constitution of the entity as partnership firm with
inherent risk of withdrawal of capital.

The ratings, however, continue to derive strength from the vast
experience of the promoter with long track record of the firm,
established relationship with suppliers and customers and stable
outlook of gold business with scope of growth for certified and
branded jewellery.

Going forward, the firm's ability to increase its scale of
operations, improve the profitability margins, capital structure
and to manage working capital cycle efficiently are key
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations
Despite long track record of the firm, the scale of operations
marked by a moderate total operating income (TOI) of the firm which
declined from INR59.88 crore during FY18 to INR51.60 crore during
FY19 (Prov.) due to fluctuation in the price of gold in the
international market. The sale was further affected by the floods
during 2018.

Leveraged capital structure and weak debt coverage indicators
The capital structure of the firm marked by overall gearing ratio
remained leveraged, however, improved at 2.20x as on March 31, 2019
(Prov.) as compared to 2.30x as on March 31, 2018 due to relatively
lower outstanding balance of working capital borrowings as on
balance sheet date and repayment of term loan installments.
Further, the debt coverage indicators of the firm have been weak
due to thin profitability, low cash accruals and high debt levels.
TD/GCA of the firm remained weak, however, improved at 38.80x in
FY19 (prov.) as compared to 66.74x in FY18 at the back of increase
in gross cash accruals. Furthermore, PBILDT/Interest coverage ratio
of the firm remained low at 1.42x in FY19 (prov.) as compared to
1.17x in FY18 on back of decrease in the interest costs during FY19
(Prov.).

Elongated working capital cycle with working capital intensive
nature of business
The operating cycle of the firm deteriorated from 82 days in FY17
to 151 days in FY18 and further deteriorated to 173 days in FY19
(prov.) due to increased inventory levels on the balance sheet
date. The increase in inventory period was because the firm is
required to keep minimum display stock level of 3-4 months to cater
to the ready display of ornament jewelry for the walk-in customers
of the firm.

Thin profitability margins along with volatility associated with
gold prices
The firm is engaged in retailing of gold ornament jewelry, silver
ornaments and sale of diamonds. Prices of gold and silver are
highly volatile affected by international market and domestic
demand forces. Such high volatile products of the firm resulted in
fluctuating and thin profitability margins during the review
period. KPCS's PBILDT margin continues to be thin during FY18-FY19
(prov.) in the range of around 3.80-4.40% due to volatile bullion
prices along with presence in highly fragmented industry leading to
intense competition. The PAT margin also stood low in the range of
0.30-0.75% during FY18-FY19 (prov.) due to higher amount of
interest costs of the firm.

Presence in highly fragmented industry leading to intensive
competition
The firm operates in the Jewellery industry which is a fragmented
industry with a high level of competition from both the organized
and largely unorganized sector. Moreover, the global and domestic
macroeconomic environment continues to remain uncertain and poses a
major challenge for the companies operating in Jewellery industry

Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital
Constitution as a partnership has the inherent risk of possibility
of withdrawal of the 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. During FY19 (Prov.), the partners
have withdrawn INR0.15 crore.

Key Rating Strengths

Vast experience of the promoters with long track record of the
firm
Mr. Jerald Jacob who is the Managing Partner of the firm has more
than three decades of experience in retailing of jewellery. He
belongs to the K.P Chacko family who are engaged in jewellery
business for over 35 years and considered to be one of the
established players in the jewellery business of Kerala. He handles
the overall operations of the firm and is ably supported by his
wife Mrs. Rajee Jerald. The firm was established in the year 1992
and since then is engaged in retailing of ornament jewellery. The
firm is likely to be benefitted from the experienced promoters and
long track record of the firm.

Established relations with reputed customers and suppliers
The firm being into the same business from past three decades the
promoters has been associated with their suppliers from past 20 to
30 years. The firm has established relations with reputed suppliers
like Peeyar Jewellers, Gold Tree Bullion India Private Limited, M J
Gold, S J S Gold Private Limited, Southern Gold Private Limited,
etc. and despite of the sales being done to walk-in and retail
customers, the firm has several regular customers who include
individuals and families.

Stable outlook of gold business with scope of growth for certified
and branded jewellery
In the past few years, the dynamics of consumption of gold and
other jewellery has been changing. The preference for good quality,
branded, certification and fashionable jewellery have been rising.
KPCS being BIS hall Mark certificated has good opportunity to grow
due to the changing dynamics.

Liquidity analysis
The liquidity position of the firm stood weak marked by current
ratio at 1.43x and below unity level of quick ratio at 0.11x as on
March 31, 2019 (prov.) due to higher inventory holding period.
While the TD/CFO was positive and standing at 8.83x in FY19
(prov.), the unencumbered cash & bank balance as on March 31, 2019
(prov.) was INR0.17 crore. The unutilized portion of cash credit
facility stood at ~5% on an average for the 12-month period ending
August 31, 2019 and there had not been any instance of overdrawing
in the account.

K.P. Chacko & Sons (KPCS) based at Kerala was established in the
year 1992 as a partnership firm by Mr. Jerald Jacob and his wife
Mrs. Rajee Jerald. The firm is mainly engaged in retailing of
jewelry, ethnic gold and stone studded ornaments along with silver
jewellery and gift articles. KPCS has its retail showroom located
at Thodupuzha, Kerala in around 2000 sq. ft. area. Around 95% of
the total revenues of the firm are generated from sale of gold and
gold ornaments while balance of the sales is being done from sale
of silver and silver articles.

M.P MINING: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.P Mining
and Energy Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       10.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from M.P Mining and Energy
Limited to monitor the rating vide letters/e-mails communications
dated 31.07.2019, 06.08.2019, 14.08.2019 and numerous phone calls.
However,  despite CARE's repeated requests, the entity 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 publicly available information which however,
in CARE's opinion is not sufficient to arrive at fair ratings. The
rating on M.P Mining and Energy Limited's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING*. Further, the bank
could not be contacted.

Users of these 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

Key Rating Weaknesses:

On-going delays
The rating takes into account ongoing delay in the servicing of the
bank debt obligations on account of the stretch liquidity position
of the company.

Incorporated in September 2011, M.P Mining and Energy Limited
(MPME) is engaged in manufacturing of steel shot and grit which is
used in the process of metal surface cleaning, metal surface
finishing, improving the surface tension of metal and it also finds
application in construction, automobile and steel industry etc. The
facility of the company is located at Deoghar, Jharkhand with an
aggregate installed capacity of 9,000 Metric Tonne Per Annum
(MTPA). The company started its commercial operations from February
2016.Mr. Rajesh Bajoria, having around two decades of experience in
the steel industry, looks after the overall management of the
company along with the other directors Mr. Rajiv Tekriwal and Mr.
Puneet Jain and supported by the team of experienced professionals.

MARUTI NANDAN: CARE Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maruti
Nandan Food Products Pvt. Ltd (MNFP) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MNFP to monitor the rating
vide e-mail communications/letters dated July 31, 2019, August 2,
2019, August 14, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
MNFP's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING. Further, banker could not be contacted.

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

The rating takes into account on-going delays in debt servicing due
to stressed liquidity condition of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in debt servicing: Sluggish demand with high
competition has resulted in stressed liquidity position which led
to delay in debt servicing obligation of the bank facility.

Liquidity
The liquidity position of the company was weak as on March 31,
2018. Cash and Bank Balance was about nil and current ratio and
quick ratio was not meaningful as on March 31, 2018.


Maruti Nandan Food Products Pvt. Ltd (MNFP), incorporated in July,
2007, was promoted by two brothers Shri Abhimanyu Kumar Singh and
Shri Abhijeet Kumar Singh of Patna to set up a flour mill (both
Roller Flour Mill and Atta 'Chakki'). The company is engaged in
manufacturing of different flour qualities like “Atta”,
“Maida” and “Suzi”. MNFP commenced commercial production on
February 9, 2011, upon commissioning of its plant at Arrah (Bihar).
MNFP's manufacturing facility is well equipped with modern
amenities which have been reflected from the ISO 22000:2005
certification that it has received for maintaining a standard
quality system. MNFP procures wheat from wholesalers and commission
agents present in local grain markets and sell its products to
wholesale traders in the states of Bihar, Orissa and West Bengal.
The day-to-day affairs of the company are looked after by Shri
Abhimanyu Kumar Singh, with adequate support from other two
directors and a team of experienced personnel.

MCNALLY BHARAT: CARE Maintains D Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mcnally
Bharat Engineering Co Ltd (MBEL) continues to remain in the 'Issuer
Not Cooperating' category.


                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-Convertible       43.50       CARE D (RPS); ISSUER NOT
   Redeemable                        COOPERATING; Based on best
   Preference Shares                 available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 13, 2018, placed the
ratings of MBEL under the 'issuer non-cooperating' category as MBEL
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. MBEL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 5, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Key Rating Weaknesses

Delays in debt servicing by the company: The liquidity position of
the company remains stressed due to losses and stretched operating
cycle. This has led to ongoing delays in servicing of debt
obligations.

MBEL has high working capital requirement due to elongated
operating cycle. The operating cycle has been stretched due to high
collection period.

High overall gearing ratio: The capital structure of MBEL is highly
leveraged due to erosion of networth resulting from continuing
losses and high debt level.

MBEL, incorporated in 1961, based in Kolkata, is one of the
established engineering turnkey project execution companies of
India belonging to the B. M. Khaitan group. MBEL has completed more
than 320 turnkey projects in different areas of its operations like
bulk material handling, ash handling, port handling, mineral
beneficiation plant, water management, road construction and
maintenance, structural fabrication, erection, piping, utilities,
etc.

NAVA BHARATH: Ind-Ra Keeps BB, Issuer Non-Cooperating Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Nava Bharath
Educational Trust's (NBET) bank loans' ratings 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 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:

-- INR86.08 mil. Bank loans maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
September 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2007, NBET is registered as a public charitable
trust under the Indian Trusts Act, 1882. The trust's registered
office and schools are situated in Annur, Coimbatore.

ODYSSEY ADVANCED: Ind-Ra Lowers Long Term Issuer Rating to 'B'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Odyssey Advanced
Telematics Systems' (OATS) Long-Term Issuer Rating to 'IND B' from
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limits downgraded with IND B/Stable
     rating; and

-- INR19 mil. Non-fund based limits downgraded with IND A4
     rating.

KEY RATING DRIVERS

Liquidity indicator – Stretched: The downgrade reflects OATS's
average peak utilization of fund-based limits of 96.07% for the 12
months ended August 2019. The cash flow from operations turned
negative at INR11.27 million in FY19 (FY18: INR16.34 million)
because of higher working capital requirements. The net working
capital cycle elongated to 100 days in FY19 (FY18: 32 days) due to
an increase in debtor days, driven by higher execution of civil
construction projects. The figures for FY19 are provisional.

Furthermore, the increase in working capital requirements and
higher long-term borrowings led to an increase in the net
borrowings to INR115.34 million (FY18: INR94.54 million). This
caused deterioration in OATS' credit metrics. The EBITDA interest
coverage ratio (operating EBITDA/gross interest expense) was 1.4x
in FY19 (FY18: 1.8x) and net financial leverage (adjusted net
debt/operating EBITDAR) was 5.5x ( 3.3x).

Additionally, the scale of operations continued to be small, as
indicated by revenue of INR201.86 million in FY19 (FY18: INR330.90
million). The revenue declined due to a fall in orders from the
telecommunications sector.  

The ratings reflect the modest EBITDA margins. The margin increased
to 10.4% in FY19 (FY18: 7.9%) due to increased execution of
high-margin construction projects and a decline in raw material
costs. The return on capital employed was 9% in FY19 (FY18: 15%).

The ratings continue to benefit from the proprietor's decade-long
experience in the construction industry.

RATING SENSITIVITIES

Negative: Further weakening of the credit metrics, on a sustained
basis, and deterioration in the liquidity position will be negative
for the rating.

Positive: Growth in the scale of operations coupled with an
improvement in the credit metrics, on a sustained basis, and an
improvement in the liquidity profile will be positive for the
rating.

COMPANY PROFILE

OATS is a proprietorship concern that provides operations and
maintenance services to the telecommunication sector. In addition,
it is engaged in civil construction and executes orders issued by
different state government entities.

OMID ENGINEERING: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of OMID
Engineering Private Limited (OEPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       14.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 2, 2018 placed the
rating of OEPL under the 'issuer non-cooperating' category as OEPL
had failed to provide information for monitoring of the rating.
OEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 5, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the 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 April 02, 2018 the following was the
rating weakness:

Key Rating Weaknesses
Ongoing delays in debt servicing: There have been overdrawls in the
working capital account of the company for more than 30 days.

New Delhi-based OEPL, incorporated in October 1983, belongs to the
'Him Group of Companies' and is engaged in the manufacturing of LPG
cylinders. The company was initially engaged in the job work
activities of painting the cylinders manufactured by its sister
concern Him Cylinders Ltd (HCL; rated 'CARE D; ISSUER NOT
COOPERATING'). Subsequently, in July 2001, the company established
a facility for manufacturing of LPG cylinders in the Una district
of Himachal Pradesh. OEPL is having an installed capacity of
500,000 units per annum as on March 31, 2016 and sells its entire
output to the public sector Oil Marketing Companies (OMCs). The Him
group, promoted by Mr Ashok Prakash Raja, is into the manufacturing
of LPG cylinders & related products like valves and regulators,
manufacturing of steel ingots and real estate business. Over the
years, the group has gradually expanded its capacities and
diversified into different products. The company has six group
concerns, namely HIM Motors Private Limited, HIM Valves and
Regulators Private Limited (HVRPL; rated 'CARE D'; ISSUER NOT
COOPERATING), HIM Cylinders Limited, HIM Alloys and Steels Private
Limited (HASPL; rated 'CARE D'; ISSUER NOT COOPERATING), HIM
Colonizers Private Limited and HIM Cements Private Limited.

OPTECH ENGINEERING: Ind-Ra Affirms 'BB' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Optech Engineering
Private Limited's (Optech) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR10 mil. Term loan due on March 10, 2022 affirmed with IND
     BB/Stable rating;

-- INR50 mil. (reduced from INR80 mil.) Fund-based working
     capital limits affirmed with IND BB/Stable/IND A4+ rating;
     and

-- INR45 mil. Non-fund-based working capital limits affirmed with

     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects Optech's continued small scale of
operations as indicated by revenue of INR612 million in FY19 (FY18:
INR660 million). The fall in revenue was attributed to lower
execution of orders. As of July 2019, the company had an order book
of INR1,106 million (1.8x of FY19 revenue), to be executed by
1HFEY20. FY19 numbers are provisional in nature.

The ratings also continue to factor in the company's modest credit
metrics. Its EBITDA interest coverage (operating EBITDA/gross
interest expense) improved to 3.5x in FY19 (FY18: 3.1x) and net
leverage (adjusted net debt/operating EBITDAR) to 1.1x (1.5x) on
account of an increase in absolute EBITDA to INR39 million (INR38
million) and a decrease in total debt to INR51 million (INR62
million).

Liquidity Indicator - Poor: The company's average use of the
working capital limits was around 79% during the 12 months ended
August 2019. Cash flow from operation declined to INR1 million in
FY19 (FY18: INR45 million) due to an increase in other current
liabilities. Its free cash flow has been negative since FY16 owing
to capex incurred towards vehicle and machinery procurement. Optech
had cash of INR1 million and unutilized credit line of INR10
million at FYE19. The company expects debt service coverage ratio
of 1.9x for FY20 and 2.4x for FY21.

However, the ratings are supported by Optech's healthy EBITDA
margin, which improved to 6.4% in FY19 (FY18: 5.8%) due to an
increase in execution of high-margin orders. Its return on capital
employed was 21% in FY19 (FY18: 22%).

The ratings also continue to benefit from the promoters' a
decade-long experience in the oil and liquid petroleum gas
engineering services business.

RATING SENSITIVITIES

Positive: Any significant improvement in the revenue and the EBITDA
margin, leading to an improvement in the credit metrics and
liquidity position, could lead to a positive rating action.

Negative: Any decline in the revenue or the EBITDA margin leading
to deterioration in the credit metrics or further stretch in the
liquidity position could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2005 by Mr. Siddhartha Desai and Mr. Trisit
Bhuiyan, Optech provides oil and liquid petroleum gas engineering
services. It operates through four divisions: fabrication, project
and construction, onsite service, and non-destructive testing and
certifications.

ORBIT AVIATION: CARE Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Orbit
Aviation Private Limited (OAP) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      59.52       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 3, 2018, placed the
rating(s) of OAP under the 'issuer non-cooperating' category as
Orbit Aviation Private Limited had failed to provide information
for monitoring of the rating and as agreed to in its Rating
Agreement. Orbit Aviation Private Limited continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 13 2019, September 05, 2019 and September 04, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Orbit Aviation Private Limited's bank facilities will now
be denoted as CARE BB+; Stable; ISSUER NOT COOPERATING; CARE A4;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 3, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weakness

Delays in debt servicing
As reported by the bankers, there have been delays in payment of
principal and interest of upto 30 days. These were mainly on
account of mismatch of cash flows.

Weak financial profile
The operating revenues grew by 3.35% to INR81.28 cr in FY18, from
INR78.64 cr in FY17. Overall, the total debt increased to Rs.77.52
cr (PY: 64.86), leading to overall gearing of 3.97 as on
31-Mar-18.

Key rating Strengths

Experienced promoters
Orbit Aviation Private Limited (OAP) is part of Punjab based Orbit
Group. It is a 64.96% subsidiary of Orbit Resorts Ltd which is into
hospitality and bus transport business. Mr. Lakhvir Singh, Mr.
Gurmeher Singh Majithia, Mr. Mohd Jameel, Mr. Mohd Rafiq are
directors in the company.

Orbit Aviation Private Limited (OAP) incorporated in June 2007 is
engaged in providing chartered flight and public road transport
services. It is a 64.96% subsidiary of Orbit Resorts Ltd, while
rest is held by promoter group. Mr. Lakhvir Singh, Mr. Gurmeher
Singh Majithia, Mr. Mohd Jameel, Mr. Mohd Rafiq are directors in
the company. The company is a NonScheduled Operator for India and
abroad and it owns additionally, the company also provides
passenger bus services through a fleet of 60 buses (including both
standard and luxury) buses in Punjab.

ORBIT RESORTS: CARE Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Orbit
Resorts Limited (ORL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      248.91      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 3, 2018, placed the
rating(s) of ORL under the 'issuer non-cooperating' category as
Orbit Resorts Limited had failed to provide information for
monitoring of the rating and as agreed to in its Rating Agreement.
Orbit Resorts Limited continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 14 2019, August 13 2019
and August 12 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Orbit Resorts Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 3, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

Delays in debt servicing
As reported by the bankers, there have been delays in payment of
principal and interest of upto 30 days in ORL. These were mainly on
account of mismatch of cash flows as well as payment of some tax
liabilities by the company.

Key rating Strengths

Tie up with the EIH group and favorable location
ORL has entered into an 'Operating and Management Agreement' with
EIH Ltd., a leading hotel and leisure company, for operations and
management of both the hotels. EIH Ltd is a fully integrated owner
and operator of hotels, resorts and cruises with internationally
renowned luxury brands, The Trident and The Oberoi. The established
brand of The Oberoi and Trident and long experience of EIH in
management of hotels reduces the management & marketing risk to a
great extent.

Orbit Resorts Ltd (ORL), incorporated in March 1988, is promoted by
Mr. Sukhbir Singh, Deputy Chief Minister of Punjab. The company is
engaged in hospitality business and owns two 5-star hotels in
Gurgaon viz. Trident and Oberoi. Also, the company has a passenger
bus transport business.

Hotel properties: Oberoi Gurgaon: The hotel commenced operations in
March 2011 and is a 202 rooms property with 2 restaurants, a bar, a
cigar lounge, a private club, a bakery shop, fitness and spa
facility and conference and banquet facilities. The hotel is
located in the prime business and shopping district of Gurgaon and
is a 15 minute drive from Delhi International Airport. Trident
Gurgaon: It is a 5-Star hotel having 136 rooms, 3 dining
restaurant, 2 bars, a spa and conference and banquet facilities.
The hotel has been operational since Feb 2004. The hotel is
situated right next to the Oberoi hotel.

RAKE POWER: CARE Assigns 'D' Rating to INR7.0cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rake
Power Limited (RPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.00       CARE D Assigned

   Long-term/Short-
   term Bank
   Facilities           3.00       CARE D/CARE D Assigned

Detailed Rationale & Key Rating Drivers:

The ratings assigned to the bank facilities of RPL takes into
account stretched liquidity position of the company with net loss
and cash loss reported during FY19 (refers to period April 1 to
March 31) along with delayed receipt of payment from the
off-taker.

Detailed description of the key rating drivers

Key Rating Weakness

Stressed liquidity position: RPL has reported subdued operational
and financial performance during FY19. The power generation has
been on the lower side due to lack of availability of raw materials
and adequate working capital required to generate & sell power
units. Consequently, the Total Operating Income (TOI) of the
company declined significantly by 35.33% to INR20.38 crore during
FY19 (Provisional) from INR31.60 crore in FY18 and the company
reported net loss and cash loss during the year. This apart, the
company has been facing delayed recovery of bills from the
off-taker, Maharashtra State Electricity Distribution Company
(MSEDCL) which has strained the cash flow position resulting in
delays in debt servicing.

Counter-party credit risk; albeit firm off-take agreement: RPL had
entered into Energy Purchase Agreement with MSEDCL for a tenor of
13 years from COD (July 25, 2008) at a fixed tariff of INR6.73 per
kWh and provides revenue visibility for only next two years.
However, the company is exposed to associated counter party credit
risk and has been facing delayed payment recovery from the
off-taker.

Key Rating Strengths

Experienced promoters: RPL is a part of Hyderabad-based Shalivahana
group and is a subsidiary of Shalivahana Green Energy Limited
(SGEL) which is a flagship company of Shalivahana group.

The promoters have established track record in managing the
business of the group. The promoter of RPL; Mr. Malka Naveen Kumar
(Managing Director) has graduated in Electrical Engineering and has
experience of almost a decade in power sector and looks after
day-to-day operations of RPL.

The parent (SGEL) of the company has been continuously extending
financial support to fund losses and meet operational requirement,
by way of infusion of unsecured loans which aggregated to INR15.67
crore as on March 31, 2019 (INR10.04 crore as on March 31, 2018).

Strategic location of unit: The plant is strategically located at
Village Patgowari, Ramtek Tahsil, Nagpur, Maharashtra. RPL's unit
is designed to use non-fossil fuel & is spread over 17 acres of
land in vicinity of biomass fuel (such as agro-industrial residues,
crop residues, forest residues etc.) availability with 50 km radius
from unit and water requirements are met from river pench, 8 km
from plant location.

Rake Power Limited (RPL) incorporated on June 20, 2000, is a
subsidiary of Shalivahana Green Energy Limited (SGEL) and has Setup
a biomass-based 10.00 MW power plant at Ramtek Tehsil, Nagpur,
Maharashtra. The project achieved Commercial Operations Date (COD)
on July 25, 2008 and the project was completed at total cost of
INR41 crore. The company has entered  in to Energy Purchase
Agreement (EPA) with Maharashtra State Electricity Distribution
Company (MSEDCL) for a period of 13 years from COD. At present, the
company is billing as per the tariff of INR6.73 per kWh.

Hyderabad based Shalivahana group has multiple business operations
in construction, real estate, power generation and education.

RENEW POWER: Fitch Rates $300MM Sr. Sec. Notes Due 2022 Final 'BB-'
-------------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB-' to India-based
ReNew Power Limited's (ReNew, BB-/Stable) USD300 million senior
secured notes due 2022.

The notes are senior secured obligations of the issuer and have
direct security of the two wind-power operating projects directly
held by the ReNew holding company (ReNew holdco) - the 90MW
Kod-Limbwas project and the 51MW Pratapgarh project - along with a
pledge of over 100% of the equity shares and 62% of the preference
shares of ReNew Power Services Private Limited (a wholly owned
subsidiary of ReNew that holds the assets acquired by ReNew in its
acqusition of Ostro Energy in April 2018). The  US dollar notes
also include a USD20 million interest service reserve account
(ISRA).

This final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on July 30, 2019.

ReNew is one of India's leading renewable independent power
producers (IPP), with around 4.7GW of operational capacity of wind
(66%) and solar (34%) power projects and a project pipeline of
around 3.5GW. ReNew holdco directly holds 485MW of the wind-power
assets, with the rest held by various SPVs. ReNew plans to use the
proceeds from the US dollar notes to fund its capex. Fitch does not
expect ReNew's net debt to rise with this note issuance as the
company intends to use the USD300 million raised from its rights
issue in June 2019 to repay existing borrowings over the next two
years.

KEY RATING DRIVERS

Leading Producer with Diversified Presence: ReNew's large size and
diversified renewable-asset portfolio provide it with economies of
scale and operating leverage, mitigating concentration risk. Its
project portfolio is diversified across original equipment
manufacturer suppliers and also geographically, with no single
Indian state accounting for more than 25% of the total portfolio.

Price Certainty, Volume Risk: Fitch believes the long-term
power-purchase agreements (PPA) for the ReNew group's operating
assets offer price certainty and long-term cash flow visibility.
The majority of the assets, representing 96% of group capacity,
have PPAs with state-owned power-distribution companies or
sovereign-backed entities with tenor of around 20-25 years, and a
long remaining life: the weighted-average operating life for the
group's assets is around three years. PPAs for the balance of the
capacity have a shorter duration, ranging from eight-10 years. The
long-term PPAs provide protection from price risk, but production
volume will vary based on resource availability, which is affected
by seasonal and climatic patterns.

Weak Counterparty Profile: The rating reflects the weak credit
profile of ReNew group's key counterparties - state-owned
power-distribution utilities. These account for about 60% of group
total capacity, including projects under development. Around 36% of
the offtake is tied up with sovereign-backed entities - Solar
Energy Corporation of India Ltd. with 27%, NTPC Limited
(BBB-/Stable) with 6% and PTC India Limited with 3% - which have
more timely payment records. The remaining 4% is sold directly to
corporate customers, increasing the diversity of counterparties.

Growth to Moderate; Event Risk: Fitch expects the pace of organic
growth to slow due to ReNew's large base and slower capacity
additions in India's renewable sector in the near-to-medium term.
ReNew has doubled its operational capacity, via organic and
inorganic growth, in each of the last three years and has followed
a policy of raising equity before committing to a project.
Under-construction pipeline capacity of 3.5GW poses some execution
risk, but this is mitigated by ReNew's execution record and
operational capability. Fitch has not factored in any acquisitions
and will treat one as an event risk; a large-scale debt-funded
acquisition may hamper its expectations of an improvement in
ReNew's credit profile.

Improving Financial Profile: ReNew's financial profile is likely to
improve on positive cash flow from operating capacity and slower
growth in capacity additions. Fitch has deconsolidated the EBITDAR
and debt of ReNew's two restricted groups - Neerg Energy Ltd
(senior notes rated B+) and ReNew RG II (senior secured notes rated
BB) - to calculate its credit metrics; EBITDAR incorporates its
expectations of the cash it receives from the two restricted
groups. Net adjusted debt/operating EBITDAR is likely to fall below
5.0x by the financial year ending March 2022 (FY22) (FY19: 7.1x),
and remain around 5.0x-5.5x thereafter as capacity additions pick
up modestly. EBITDAR/net interest coverage should improve to around
1.9x by FY22 (FY19: 1.4x).

Adequate Holding-Company Liquidity: Fitch expects ReNew holdco to
benefit from the operating cash flow from its 485MW of wind-power
assets and cash upstreaming (including interest on shareholder
debt, intercompany loans and dividends) from the operating assets
held at various subsidiaries. Fitch believes this cash flow
provides sufficient liquidity at ReNew holdco, with an
interest-coverage ratio, including cash upstreaming from operating
subsidiaries, of well above 2x through the tenor of the  notes. The
diversity of projects across geographies, resource types and
counterparties should limit volatility in cash upstreaming from the
operating subsidiaries. Fitch also expects the EBITDA from the two
projects, provided as direct security for the US dollar notes, to
be sufficient to cover 0.9x to 1.0x of the annual interest expense
for the notes, including the hedging costs.

No Notching for Subordination: Fitch does not notch down the  US
dollar note rating in light of its assessment of at least average
recovery for noteholders. The assessment factors in the
subordination of notes to other secured debt at ReNew holdco and to
prior-ranking project debt at the operating entities in the group.
An increase in prior-ranking debt may result in higher
subordination, leading to a reassessment by Fitch.

Currency Hedging, Refinancing Risk: ReNew's earnings will be in
rupees, but the notes are denominated in US dollars, resulting in
exposure to foreign-exchange risk. However, ReNew plans to mitigate
the risk by substantially hedging both the coupon and principal of
the  notes. The  US dollar notes face refinancing risk, as Fitch
estimates the cash balance at ReNew will be insufficient to repay
the  notes at maturity. However, this risk is mitigated by ReNew's
proven access to debt and equity funding.

DERIVATION SUMMARY

Fitch sees Greenko Energy Holdings (BB-/Stable) and Concord New
Energy Group Limited (CNE, BB-/Stable) as ReNew's close peers.
Greenko, like ReNew, is one of India's leading power producers,
with a focus on renewable energy. Both have total operating
capacity in excess of 4GW, although Greenko's is somewhat lower
than ReNew's, and both have expanded their operating capacity by
4x-5x over the last three years, including through an inorganic
route. Both are exposed to construction risk and have similar
counterparty exposure and financial profiles.

ReNew has larger unrestricted capacity than Greenko, totalling
around 7GW, which offers better granularity. ReNew's resource risk
is lower with higher exposure of 39% to solar-based projects
(Greenko: 27%), and counterparty risk is also lower with 43% of
unrestricted capacity contracted with sovereign-owned entities and
the balance with state-owned distribution companies. On the other
hand, ReNew has higher construction risk with half of its capacity
still under construction. Greenko's credit assessment also derives
support from its strong shareholders - Singapore's sovereign wealth
fund GIC and Abu Dhabi Investment Authority. These shareholders, in
addition to putting in equity, have also introduced stronger
risk-management practices at Greenko over the years, including the
commitment from management towards deleveraging. These factors
combined result in a similar credit assessment, in its view.

CNE has an attributable wind capacity of 2,277MW across multiple
projects in China. CNE's feed-in tariffs are stable and its
counterparty risk is lower as its revenue stream is mostly reliant
on State Grid Corporation of China (A+/Stable) and China's
Renewable Energy Subsidy Fund. However, CNE's cash flow, similar to
other Chinese wind-power operators, is significantly affected by
the time lag in the receipt of renewable subsidies, which accounted
for 42% of its power revenue in 2018. Fitch expects CNE's financial
profile to be stronger than that of ReNew, with funds from
operations (FFO) fixed-charge coverage of more than 2.5x compared
with below 2.0x. However, ReNew's considerably larger size and
diversified wind and solar portfolio lead to a similar credit
assessment for both.

ReNew benefits from a stronger business profile than Neerg Energy
due to its much larger scale, which results in better project
diversification across geographies, superior counterparty mix and a
higher share of more stable solar assets. The credit metrics of
Neerg Energy and ReNew are similar, but cash flow at the ReNew
holdco are subordinated to debt at the operating subsidiaries.
However, Fitch believes ReNew holdco's access to operating cash
flow from its 485MW of wind-power assets, together with the
diversity of cash upstreamed from operating subsidiaries, limits
the subordination, resulting in no notching for the  US dollar
notes. These factors, combined with ReNew holdco's better leverage
and coverage ratios, lead to a rating that is one notch higher than
that of Neerg Energy.

KEY ASSUMPTIONS

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

  - Plant-load factors ranging from 17% to 42% for all assets, in
line with historical performance or resource assessment studies

  - Plant-wise tariff in accordance with respective PPAs

  - EBITDA margins of 80%-93% for all assets, in line with
historical performance or management guidance

  - Gradual improvement of average receivable days to around 120
(FY19: 147 days)

  - New bids or acquisitions from FY22 following completion of
current pipeline of 3.5GW

  - No dividend payout in the medium term

RATING SENSITIVITIES

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

  - Improved leverage, measured by net adjusted debt/operating
EBITDAR, to below 4.5x on a sustained basis (FY19: 7.1x)

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

  - Adjusted EBITDAR net fixed-charge coverage at below 1.5x for a
sustained period for both ReNew and the
holdco

  - Net adjusted debt/operating EBITDAR of above 5.5x for a
sustained period

  - Significant and prolonged deterioration of the receivable
position

  - Failure to adequately mitigate foreign-exchange risk

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: ReNew's readily available cash and cash
equivalents as of FYE19 were around INR25.6 billion against current
debt maturities of around INR36.2 billion. Current debt maturities
include short-term borrowings of INR20.7 billion in the form of
working-capital loans, acceptances and buyer's or supplier's
credit, which are relatively easy to refinance. Fitch expects the
company to generate negative free cash flow in the near-to-medium
term due to the ongoing capacity additions. However, ReNew has a
policy and record of raising equity in advance for its projects and
it has adequate access to the domestic bank loan market. ReNew has
staggered debt maturities, with the majority of the debt in the
form of amortising project-level loans (tenor in the range of 13-23
years) and two tranches of US dollar notes (Neerg Energy: USD475
million due 2022 and ReNew RG II: USD435 million due 2024).

RISING SUN: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rising Sun
Power Private Limited (RSPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.26       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 12, 2018, placed the
rating(s) of RSPL under the 'issuer non-cooperating' category as
RSPL 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. RSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated July 12,
2019, July 18, 2019 and August 16, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of Rising Sun Power
Private Limited (PVTPL) continues to be tempered by delays in debt
servicing obligations mainly due to stretched liquidity position.

Detailed description of the key rating drivers

At the time of last rating on October 12, 2018, the following were
the rating strengths/weaknesses (updated for the information
available from Registrar of Companies (ROC) website):

Key Rating Weaknesses

Delays in debt servicing obligations
The banker has confirmed that there are on-going delays in
servicing the interest of the bank facilities.

Hydrological risks associated with run-of-the-river power
generation
Run-of-the-river power is considered an un-firm source of power, as
a run-of-the-river project has little or no capacity for water
storage and therefore is dependent on the flow of river water for
power generation. It thus generates much more power during times
when seasonal river flows are high and much less during the drier
months.

Stressed liquidity position
The current ratio and quick ratio stood at 0.04x and 0.04x as on
March 31, 2018 compared to 0.01x and 0.01x as on March 31, 2017.
Further, the cash and cash equivalents stood at INR 0.15 crores.

Rising Sun Power Private Limited (RSPL) was incorporated in
December, 2009 by Shri Ashirwad Agarwal and Shri R. Shridhar of
Bangalore, Karnataka with the objective of setting up a hydel power
plant. The company commenced operation from October 26, 2014 with
commencement of 2.5 MW (1.25 MWx2) run-of-the-river hydro power
generation plant in Ramanagaram district of Karnataka. RSPL has
already entered into medium-term (5 years) power purchase
agreements (PPAs) with Ozone Properties Private Limited for the
entire hydro power generation capacity (expiring in the year 2019)
at a tariff of INR6.05 per kwh, which ensures steady revenues from
sale of power.

ROHIT FERRO: NCLAT Sets Aside NCLT June Order Rejecting SBI Plea
----------------------------------------------------------------
Financial Express reports that the National Company Law Appellate
Tribunal (NCLAT) on Sept. 20 set aside National Company Law
Tribunal, Kolkata bench's June 28 order that rejected State Bank of
India's insolvency petition against Rohit Ferro Tech.  According to
the report, SBI had moved a plea in the NCLT under Section 7 of the
Insolvency and Bankruptcy Code (IBC) against Rohit Ferro Tech, but
the adjudicating authority dismissed the appeal "on the ground that
the circular issued by the RBI, dated February 12, 2018, to file
Corporate Insolvency Resolution Process (CIRP) has been declared to
be ultra vires and illegal" by the Supreme Court.

FE, citing the RBI's circular, relates that an application under
Section 7 can be filed only on completion of the period of 180 days
after August 31, 2018. SBI filed the application on Aug. 23, 2018.
NCLAT said, from the record, it was found that SBI did not file the
application pursuant to the RBI circular.

In its order, the NCLT, however, accepted the fact that there was a
default and debts are payable by Rohit Ferro to the state-run
lender, FE relays. As of end of July, 2018, Rohit Ferro's debt to
SBI stood at Rs 1,792 crore. SBI took the company to the insolvency
court after Rohit Ferro committed default in paying the debt.

The NCLAT, however, said, "Petition under Section 7 of the IBC is
to be considered by the adjudicating authority on its own merits
taking into consideration the records and in absence of any
evidence to show that SBI filed the application only because of the
circular issued by RBI, it was not open to the adjudicating
authority to reject the application."

"We set aside the impugned order dated June 28, 2019, and remit the
case to the adjudicating authority, Kolkata bench, Kolkata with
direction to admit the application under Section 7 after notice to
the corporate debtor (Rohit Ferro), so as to enable the corporate
debtor to settle the matter, if it so chooses before admission,"
the NCLAT order, as cited by FE, said.

Rohit Ferro Tech Ltd (RFTL) is a Kolkata-based manufacturer &
trader of high carbon ferro chrome & other related products used in
manufacturing of steel (primarily mild, alloy and stainless steel).
This apart the company is also engaged into manufacturing
of stainless steel.

SANCO INDUSTRIES: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sanco Industries
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 the rating. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR305 mil. Fund-based working capital limit (long- and short-
     term) migrated to non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating; and

-- INR224 mil. Non-fund-based facilities (short-term) migrated to

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 3, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sanco Industries manufactures polyvinyl chloride (PVC) conduit
pipes, PVC casing and capping, PVC/PP-R plumbing pipes, and
PVC-insulated domestic wires and cables.

SHREE KRISHNA: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Shree Krishna
Steel Udhyog (SKSU) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR5.0 mil. Fund based facilities assigned with IND
     B+/Stable/IND A4 rating; and

-- INR75.0 mil. Non-fund based facilities assigned with IND A4
     rating.

KEY RATING DRIVERS

The ratings reflect SKSU's small scale of operations, as reflected
by revenue of INR326 million in FY19 (FY18: INR352 million).
Revenue fell as the firm stopped working with customers due to
their delayed payments. Ind-Ra expects the revenue to increase in
FY20 on the back of increase in installed capacity from 15 tons per
day to 30 tons per day. SKSU booked revenue of INR61 million in
1QFY20 and its order book as on July 2019 was INR49.1 million to be
executed by end of August 2019.

The ratings factor in the firm's modest profitability margins.
Margins contracted 0.3% during FY19 (FY18: 1.2%) on account of
increase in cost of raw materials. Ind-Ra expects margins to remain
low due to high operating expenses. The return on capital employed
(RoCE) was 0.1% in FY19 (FY18: 9%).

The ratings are further constrained by the firm's weak credit
metrics. Gross interest coverage (operating EBITDA/gross interest
expense) improved to 28.7x in FY19 (FY18: 1.8x) due to low interest
expenses during the year and net leverage (total adjusted net
debt/operating EBITDA) deteriorated to 22x (FY18: 0.9x) due to
increase in cash credit utilization at the end of the year coupled
with increase in unsecured loans. Further, the agency expects the
credit metrics to continue to be weak due to debt-led-capex to be
incurred in November 2019.

Liquidity Indicator – Stretched: SKSU's liquidity position is
tight with negative cash flow from operations of INR33 million in
FY19 (FY18: positive INR42 million) due to decrease in payable
period. The firm's working capital cycle days elongated to 13 days
in FY19 (FY18: negative 6 days) due to decrease in payable period.
The average utilization of fund-based facilities was 83.3% for the
eight months ended July 2019 and non-fund based facilities was
51.3%.

The ratings, however, are supported by the partners' over a decade
of experience in the field of transformer lamination.

RATING SENSITIVITIES

Negative: Decline in revenue along with contraction in EBITDA
margin leading to further deterioration in gross interest coverage
below 1.5x and stretch in liquidity position on a sustained basis
would lead to a negative rating action.

Positive: Significant growth in revenue along with substantial
expansion in EBITDA margin leading to improvement in credit metrics
and improvement in liquidity position on a sustained basis would
lead to positive rating action.

COMPANY PROFILE

M/s Shree Krishna Steel Udhyog (SKSU) is engaged in process of
transformer lamination. It is located in Surat, Gujarat and the
installed capacity is 15 tons per day.

TEC INFRA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: TEC Infra LLP
        51/2402, Govt. Housing Colony
        Opp. M.I.G. Colony
        Gandhi Nagar, Kherwadi
        Bandra East, Mumbai
        Maharashtra 400051

Insolvency Commencement Date: September 5, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 2, 2020

Insolvency professional: Mr. Sundararajan Devanathan

Interim Resolution
Professional:            Mr. Sundararajan Devanathan
                         C/o PAN India Legal Services LLP
                         303-304, Natwar Chambers
                         94, Nagindas Master Road
                         Fort, Mumbai
                         Maharashtra 400023
                         E-mail: dsrajan@plslegal.in

                            - and -

                         601, Griselda, Plot No. 35
                         5th Road, Matunga East
                         Mumbai 400019
                         E-mail: tecinfra.cirp@gmail.com

Last date for
submission of claims:    October 7, 2019


TECHNICO STRIPS: CARE Lowers Rating on INR21.55cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Technico Strips and Tubes Private Limited (TSTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities          21.55       CARE D Revised from CARE BB-;
                                   Stable

   Short term Bank
   Facilities          14.50       CARE D Revised from CARE A4

Detailed description of the key rating drivers

The revision in the rating assigned to the bank facilities of TSTPL
factors in instances of delays in the servicing of the debt
obligations.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in the debt servicing: As per account statements
provided by the company, there have been instances of delays in the
servicing of the repayment obligations for the term loans availed
by the company. Further, there have also been instances of
overdrawals in the fund based limits availed by the company for up
to ~28 days in the twelve months ended Jul-2019. The same has been
on account of the stretched liquidity position of the company.

Technico Strips & Tubes Private Limited (TSTPL) was incorporated in
April-1992 by the name 'R.N. Gupta Cycles Private Limited' and was
earlier engaged in the manufacturing of cycle parts. Subsequently,
the company changed its name to TSTPL in 2007. The company is
promoted by Mr. Ajay Gupta and his son, Mr. Nitin Gupta and
currently is engaged in the manufacturing of electric-resistance
welded steel tubes and cold-drawn welded steel tubes at its sole
facility in Ludhiana, with an annual production capacity of 22000
MT (as on March 31, 2018).

U R AGROFRESH: Ind-Ra Affirms D LT Rating, Moves to Not Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed U R Agrofresh
Private Limited's (U R Agro) Long-Term Issuer Rating at 'IND D' and
simultaneously migrated the rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the ratings
are 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 D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR51.50 mil. Fund-based facilities (long-/short-term) due on
     March 2024 affirmed and migrated to non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR64.88 mil. Term loan (long-term) affirmed and migrated to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 25, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by U R
Agro during the six months ended August 2019 owing to a stressed
liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.

COMPANY PROFILE

Incorporated in 2009, U R Agro processes gherkins and exports
semi-processed gherkins to the United States of America and Europe.



UNITED BROTHERS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated United Brothers
Polytech LLP's (UBPL) 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:

-- INR80 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISUER NOT COOPERATING) rating.

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

COMPANY PROFILE

UBPL was established as a partnership firm in August 2012. The firm
is an agent and a consignment stockist for the distribution and
marketing of HPCL Mittal Energy's polypropylene products in
Maharashtra, Daman and Silvassa


VAISHNO DEVI: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Vaishno Devi Dairy Products Limited
        Gat No. 88/1/B, Nandur
        Tal-Daund
        Pune 412202

Insolvency Commencement Date: September 17, 2019

Court: National Company Law Tribunal, Thane Bench

Estimated date of closure of
insolvency resolution process: March 15, 2020

Insolvency professional: Mr. Vimal Kumar Agrawal

Interim Resolution
Professional:            Mr. Vimal Kumar Agrawal
                         Office No. 11-12, Krishna Kunj
                         Above HDFC Bank Ltd.
                         Near East-West Flyover
                         Bhayander West
                         Thane 401101
                         Maharashtra
                         E-mail: vimalpagarwal@rediffmail.com
                                 cirp.vaishnoddppl@gmail.com

Last date for
submission of claims:    October 1, 2019




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

PIONEER CORPORATION: Egan-Jones Withdraws BB Sr. Unsec. Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on September 18, 2019, withdrew its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Pioneer Corporation.

Pioneer Corporation commonly referred to as Pioneer, is a Japanese
multinational corporation based in Tokyo, Japan, that specializes
in digital entertainment products. The company was founded by
Nozomu Matsumoto in 1938 in Tokyo as a radio and speaker repair
shop, and its current president is Susumu Kotani.


UNITIKA LIMITED: Egan-Jones Lowers Senior Unsec. Debt Ratings to B-
-------------------------------------------------------------------
Egan-Jones Ratings Company, on September 16, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Unitika Limited to B- from B. EJR also downgraded
the rating on commercial paper issued by the Company to C from B.

Unitika Limited is a Japanese company based in Osaka, Japan.
Primarily, the company produces various textiles, glass, plastics,
and carbon fiber products. They are also known for their films,
which are used in consumer products like athletic apparel and food
packaging.




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

DEVELOPMENT BANK: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings affirmed the Long-Term Issuer Default Ratings of
Mongolia's only policy bank, Development Bank of Mongolia LLC, at
'B'. The Outlook is Stable.

KEY RATING DRIVERS

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

The IDRs and Support Rating Floor of DBM are equalised with the
IDRs of the sovereign, reflecting its belief that the state has
strong propensity to support the bank, if required. This stems from
DBM's policy role, full state ownership and close linkages to the
government, such as board representation, lending to state-owned
companies and state-guaranteed legacy debt. The Support Rating of
'4' takes into account its view of the state's lower ability to
provide support, as reflected in the sovereign's 'B' rating.

DBM is the only policy financial institution in Mongolia and it has
a specific mandate to finance projects in important sectors that
support the economy, as specified in the Development Bank of
Mongolia Act. For instance, DBM provides financing to large-scale
projects in the energy, mining, agriculture and construction
sectors, which have significant socio-economic impact. The act
stipulates that at least 60% of DBM's exposures should be
channelled towards export-related projects.

Fitch views the state's 100% ownership of the bank as strategic in
light of DBM's policy role. The DBM act requires the government to
conduct on-site inspections of the bank every two years to verify
if DBM is in compliance with applicable laws and regulations.
However, the government's involvement in DBM's day-to-day
operations has been minimal and it does not refer specific projects
to DBM. All board members in DBM are appointed by the state.

DBM does not benefit from an automatic loss-absorption mechanism
according to the act, and the government will decide whether to
inject capital into DBM if the bank's reserve fund is insufficient
to cover losses. DBM is required to build the reserve fund using
part of its comprehensive income while the remainder will be used
to reduce accumulated losses, which amounted to MNT153 billion at
end-2018, slightly smaller than MNT157 billion a year ago.

The Bank of Mongolia monitors certain of DBM's prudential ratios,
including the total capital-adequacy ratio, which stood at 30% at
end-June 2019 versus the minimum regulatory requirement of 10.5%,
and the all-currency liquidity-coverage ratio, which was 186% at
end-1H19 - well above the minimum requirement of 100%. The central
bank can recommend remedial actions to the government through the
Ministry of Finance if DBM breaches any of the prudential ratios,
but the power of putting DBM into liquidation resides with the
government.

The Stable Outlook reflects that of the Outlook on Mongolia's
sovereign rating.

Fitch does not assign a Viability Rating to DBM because the bank's
operations are largely determined by its policy role and it has
limited commercial operations.

SENIOR DEBT AND RECOVERY RATING

Fitch equalises the rating on the senior unsecured debt issues with
DBM's Long-Term IDR as they constitute direct, unsecured and
unsubordinated obligations of the bank. They rank pari passu with
DBM's other unsecured and unsubordinated obligations, and they are
subordinated to the secured debt of the bank and the obligations of
its subsidiaries. The senior unsecured notes contain various
default clauses that are closely linked to the creditworthiness of
the sovereign, reinforcing its expectation of strong incentive for
the state to support the bank, if required.

The Recovery Rating of 'RR4' indicates typical recovery prospects
of 31%-50%.

RATING SENSITIVITIES

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's IDRs, Support Rating and Support Rating Floor are
sensitive to Fitch's perception of the state's ability or
willingness to support the bank, and movement in the sovereign
rating.

DBM's ratings may be notched down from the sovereign rating if the
bank's policy role were to diminish, the state's stake in the bank
were to fall significantly or the linkages between the two were to
weaken. Fitch does not expect the scenarios to occur in the near to
medium term.

SENIOR DEBT AND RECOVERY RATING

The rating on the notes is sensitive to changes to the sovereign
ratings and Fitch's view on DBM's linkages to the government,
including state ownership.

The Recovery Rating of the notes is sensitive to Fitch's assessment
of potential recoveries for creditors in case of default or
non-performance. It could be downgraded if there is a change in
Fitch's assumptions on the quality or the recovery rates of the
assets.

KHAN BANK: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings affirmed the Long-Term Issuer Default Ratings of
Mongolia-based Khan Bank LLC at 'B' and its Viability Rating at
'b'. The Outlooks on the bank's Long-Term IDRs are Stable. The
rating action follows Fitch's periodic review of the Mongolian
banks.

The operating environment for Mongolian banks, in its view, should
benefit from the country's strong economic growth outlook and
banking system reforms, including improvement in the regulatory
framework. However, some actions mandated for certain banks by the
Bank of Mongolia (BoM) - the country's central bank - following the
asset-quality review have yet to be resolved.

The BoM identified capital shortfalls in at least seven banks from
the asset-quality review (AQR) undertaken last year. The regulator
has requested that these capital shortfalls to be addressed by
end-2018. One of these banks was liquidated in April 2019. This
action demonstrates the authorities' commitment to ensure banking
system stability. A forensic audit - conducted by a third party -
was recently completed upon the request of IMF to look into the
sources and the nature of capital raised as per the AQR. The IMF
requires the BoM to take the appropriate actions based on the audit
findings. Success in the actions will pave the way for the fund to
resume its sixth review of the funding programme extended to
Mongolia.

KEY RATING DRIVERS

IDRS AND VIABILITY RATINGS

The IDRs of Khan Bank are driven by its Viability Rating, which is
highly influenced by the operating environment in Mongolia. In its
view, the implementation and enforcement of effective regulations
remain a challenge. The Stable Outlook on its IDRs reflects its
expectations of steady profitability and improving asset quality,
which would help the bank to maintain its intrinsic credit profile
even though loan growth could put pressure on capitalisation.

Fitch expects Khan Bank's asset quality to improve further on the
back of a strong economy. The bank's regulatory non-performing loan
(NPL) ratio improved to 5.7% by end-June 2019 from 7.7% at
end-2017. The macro-prudential measures on non-mortgage consumer
loans, which accounted for more than half of Khan Bank's total
loans, has limited the bank's consumer loan growth and its ability
to restructure its salary loans. This has led to a slight
deterioration in the quality of these loans in 1H19.

Fitch expects Khan Bank's profitability to be steady as loan growth
moderates. The bank's loans increased by 8.6% from end-2018 to
end-June 2019, slowing from the 12.5% pace a year earlier. Its
annualised net interest margins contracted to 7.4% (1H18: 7.6%)
despite having cut deposit rates several times in 2018 and 1H19.

The risk controls and capital management frameworks have helped the
bank maintain sufficient risk buffers amid sector-wide loan
deterioration. Khan Bank's higher-than-peer total capital ratio of
19.3% at end-June 2019 indicates better loss-absorption capacity.
The BoM is phasing in a new set of Tier 1 capital requirements. The
first phase stipulates a Tier 1 capital ratio of 10% from July 2019
and the full requirement will be 13% by January 2021. Khan Bank's
ratio was 17.7% at end-June 2019.

Fitch expects Khan Bank's funding and liquidity profile to remain
adequate, anchored by its strong domestic franchise. The bank
accounts for about 30% of system deposits. The lending business is
supplemented by foreign-currency term funding from international
financial institutions which comprised 13% of the bank's total
funding at end-June 2019.

Khan Bank is the largest bank in Mongolia by system deposits and
primarily focuses on retail banking operations.

SUPPORT RATING AND SUPPORT RATING FLOOR

The affirmation of Khan Bank's Support Rating and Support Rating
Floor reflects Fitch's view that the sovereign's propensity to
provide extraordinary support remains unchanged, based on the
bank's systemic importance and its high share of retail deposits in
Mongolia. The bank has been designated domestic systemically
important bank (D-SIB), and a re-capitalisation law in Mongolia
provides grounds for sovereign support as well as for a bail-in,
should the bank need it. Its support assessment assumes that the
authorities would favits support over a bail-in for the D-SIBs,
subject to the authorities' conditions and the banks' prospects of
viability.

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

Khan Bank's ratings are sensitive to developments in Mongolia's
operating environment. A sovereign rating upgrade, combined with
steady and significant progress towards a stronger legal and
regulatory framework, could open up the possibility for positive
rating action on Khan Bank. Rating upside for Khan Bank would then
more specifically depend on a sustained improvement in asset
quality.

Negative rating action on the bank's Viability Rating could stem
from a higher risk appetite, leading to disproportionate asset
concentration in riskier sectors. Significant loan quality
deterioration and an erosion of the bank's capital or funding
positions could also lead to a downgrade.

SUPPORT RATING AND SUPPORT RATING FLOOR

A perceived change in Fitch's assumptions around the sovereign's
willingness or ability to provide timely support could result in a
change of the bank's Support Rating Floor.

XACBANK LLC: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings affirmed the Long-Term Issuer Default Ratings of
Mongolia-based XacBank LLC at 'B' and its Viability Rating at 'b'.
The Outlooks on the bank's Long-Term IDRs are Stable. The rating
action follows Fitch's periodic review of the Mongolian banks.

The operating environment for banks in Mongolia, in its view,
should benefit from the economy's strong growth outlook and reforms
in the sector, including improvement in the regulatory framework.
However, some actions mandated for certain banks by the central
bank - The Bank of Mongolia (BoM) - following the asset-quality
review remain unresolved.

BoM identified capital shortfalls in at least seven banks following
the asset-quality review conducted last year. The regulator had
required that these shortfalls to be addressed by end-2018. One of
these banks was liquidated in April 2019. This action demonstrates
the authorities' commitment to ensure banking system stability. A
forensic audit - conducted by a third party - was recently
completed upon the request of IMF to investigate the sources and
the nature of capital raised as per the asset-quality review. The
IMF requires the BoM to take the appropriate actions based on the
audit findings. Success in these actions will pave the way for the
fund to resume its sixth review of the funding programme extended
to Mongolia.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING

The IDRs of XacBank are driven by its intrinsic credit profile,
which is represented by its Viability Rating. The bank's Viability
Rating is highly influenced by the operating environment in
Mongolia, which typically is volatile and the implementation and
enforcement of effective regulations remain a challenge. The Stable
Outlook reflects its expectation of steady profitability and
improving asset quality, which should help the bank to maintain its
intrinsic credit profile.

Fitch expects XacBank's asset quality to continue to improve as the
economy continues to recover. The bank's regulatory non-performing
loan (NPL) ratio of 5.1% at end-June 2019 was better than system
average of 10.6%, largely aided by strong loan growth. The quality
of these new loans would be known once they are tested in a less
benign environment. Future growth is likely to be restrained by a
higher requirement on regulatory Tier 1 capital ratio of up to 13%
(including capital conservation buffers) versus current requirement
of 10%. The new capital requirement will be effective from January
2021.

Fitch expects XacBank's profitability to be steady as loan growth
moderates, while deposit growth is likely to remain strong.
XacBank's loans grew by about 5% in the six months to end-June
2019, much slower than the 18% pace a year earlier. Its annualised
net interest margin improved to close to 4% (1H18: 3.4%). XacBank's
reported revenue in 2018 was weighed down by the cost of managing
currency risk through swaps with the central bank.

The risk controls and capital management frameworks of XacBank have
helped it to maintain adequate risk buffers amid sector-wide loan
deterioration. However, the BoM is phasing in a new set of Tier 1
capital requirements. XacBank's Tier 1 ratio was 10.1% at end-June
2019. XacBank is likely to meet the higher capital requirement by
modifying its growth strategy and continuing to reduce costs to
improve its profitability, or having its shareholders inject
capital.

Fitch expects the bank's funding and liquidity profile to remain
adequate with steady deposit franchise, mainly in local currency.
Its lending business is supplemented by foreign-currency term
funding from international financial institutions. These term funds
would mostly be swapped into local currency through the central
bank.

XacBank is one of the largest commercial banks in Mongolia,
accounting for about 10% of the system's deposits. It focuses on
SME and retail banking operations.

SUPPORT RATING AND SUPPORT RATING FLOOR

The affirmation of XacBank's Support Rating and Support Rating
Floor reflects Fitch's view that the sovereign's propensity to
provide extraordinary support remains unchanged, based on the
bank's systemic importance and increasing retail deposit franchise
in Mongolia. The bank has been designated a domestic systemically
important bank (D-SIB), and a re-capitalisation law in Mongolia
provides grounds for sovereign support as well as for a bail-in,
should the bank need it. Its support assessment assumes that the
authorities would favits support over a bail-in for the D-SIBs,
subject to the authorities' conditions and the banks' prospects of
viability.

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

Xacbank's ratings are sensitive to developments in Mongolia's
operating environment. A sovereign rating upgrade, combined with
steady and significant progress towards a stronger legal and
regulatory framework, could open up the possibility for positive
rating action on XacBank. Rating upside for XacBank would be
subject to significant and sustainable improvement in
profitability, asset quality and capitalisation.

Negative rating action on the bank's Viability Rating could stem
from a higher risk appetite, leading to disproportionate asset
concentration in riskier sectors. Significant loan quality
deterioration and an erosion of the bank's capital or funding
positions could also lead to a downgrade.

SUPPORT RATING AND SUPPORT RATING FLOOR

A perceived change in Fitch's assumptions around the sovereign's
willingness or ability to provide timely support could result in a
change of the bank's Support Rating Floor.



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

HYFLUX LTD: Utico to Support Debt Moratorium Extension
------------------------------------------------------
The Business Times reports that potential white knight Utico has
said it supports a further extension of Hyflux's debt moratorium,
as long as the insolvent water treatment firm can confirm there
will be no "value leakage", and that an extension will not be
prejudicial to Hyflux's creditors as well as perpetual and
preference (PNP) shareholders.

This is of particular concern given that Hyflux still has not
signed the definitive restructuring agreement, although Utico had
signed it on the Aug. 26 deadline, the Middle Eastern utility firm
said in a statement on Sept. 27, BT relates.

According to the report, Hyflux and three of its subsidiaries in
mid-September requested the court to extend their debt moratorium
by another two months until November. The applications will be
heard in court on Sept. 30, when the previous extension expires.

On Sept. 27, Utico claimed that Hyflux's board and its advisers
have "refused" to guarantee that they will stop any "leaking of
value" in the event the extension is granted by the court.

"The same issues--of advisers' fees, board representation and
management oversight, all of which are related--have remained as
the key gap items even till today," the utility firm wrote.

Hyflux on Aug. 28 said parties had yet to resolve "final
outstanding issues" in the draft agreements, BT recalls.

Utico's proposed a rescue package will see it taking an 88 per cent
stake in Hyflux through a SGD300 million equity injection and a
SGD100 million shareholder loan, the report notes.

In addition, Utico is offering two possible options to the 34,000
retail PNP investors hoping to recover the SGD900 million they
invested in Hyflux, the utility firm told The Business Times. One
option is a payout totalling SGD50 million, based on small
investors (who had invested SGD2,000-SGD3,000) each receiving 50
per cent of their holdings, up to SGD1,500 per investor.

The other option is a SGD100 million payout over four years plus a
4 per cent stake in the enlarged Utico group, BT says.

During a poll at an Aug. 1 townhall at Sheraton Singapore arranged
by the Securities Investors Association (Singapore) or Sias, more
than 77 per cent of the 43 representative PNP attendees voted in
favour of Utico's offer, the firm said on Sept. 27, according to
BT. On Sept. 28, Utico told BT that it is open to organising a full
meeting with all 34,000 PNP investors at a larger venue such as a
stadium, if necessary.

The restructuring agreement has also received the support of
creditors and Sias, according to Utico chief executive Richard
Menezes, BT adds.

Moreover, Utico said it has written to Sias, stating that it is
keen to file an affidavit with Sias' support and to offer further
testimony of Utico's negotiations with Hyflux starting from its
offer in mid-April 2019, if the court requires it, according to
BT.

The agreement signed by Utico on Aug 26 contains clauses requiring
Hyflux to inform Utico of any other investor offers, said Mr.
Menezes. The clauses also imply a right of first refusal for Utico,
as they give Utico the opportunity to match any higher or lower
offers, he added, BT relays.

"Hyflux's board is also obliged by fiduciary duty and
responsibility to accept the highest offer without prejudice to
creditors and PNP investors," Mr. Menezes, as cited by BT, noted.

He emphasised that Utico remains committed to the same terms under
the Aug. 26 agreement.

"This situation was not caused by Utico and it has not gotten
better with any further passage of time," he added.

According to the report, Utico's statement on Sept. 27 comes almost
a week after Sias said it is "fully supportive" of Hyflux's request
for an extension of the debt moratorium to facilitate negotiations
with Utico with a view to finalising and executing the agreement.
Should a deal with Utico not be reached, an extension will also
allow Hyflux to pursue discussions with other interested investors,
Sias chief David Gerald said, BT relays.

The investors' rights advocacy group believes there will be no
prejudice caused to the creditors, the report says.

In August, Utico first gave Hyflux an ultimatum to ink a definitive
deal, failing which it would walk away from a potential investment.
However, Utico later changed its mind, giving Hyflux until Aug. 26
to enter into the agreement, BT states.

Prior to Utico, Hyflux saw a failed deal with Indonesian consortium
SM Investments, which offered a SGD530 million plan to help Hyflux
fix its defaults under the water contract. The rescue plan was
canned in April, recalls BT.

                            About Hyflux

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

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

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

SERRANO LIMITED: Orders Independent Review, Internal Audit
----------------------------------------------------------
Nisha Ramchandani at The Business Times reports that
Catalist-listed interior designer Serrano has identified an
accounting firm to perform an independent review after it was made
aware of allegations of improprieties and concerns relating to
transactions, businesses as well as possibly conduct of
management.

These allegations relate to the group's old business before the
schemes of arrangement to restructure group debt, BT says.

BT relates that in a filing to the Singapore Exchange (SGX) on
Sept. 26, Serrano said it aims to finalise the scope of work and
appoint the independent review firm within the next 30 days, with
the company expected to complete its work within 60 days of being
appointed.

In addition, over the next three months, Serrano will be conducting
a comprehensive internal audit that will cover internal controls
relating to financial, operational, compliance, information
technology and risk management systems. The internal audit is
slated to be completed within the next three months, after which
the internal auditor will issue a report, according to BT.

Meanwhile, Serrano intends to submit a revised resumption of
trading proposal within the next three months following the
completion of the independent review and internal audit, taking
into account outcomes of the review and the audit, and identifying
action points to tackle the concerns and issues raised by
stakeholders, including SGX, BT relays.

In addition, it will prepare a business viability and a going
concern assessment as part of the revised resumption proposal. The
company may be delisted from the Catalist board if it fails to
submit the revised resumption proposal within the next three
months, the report notes.

BT adds that in the same announcement, Serrano also said that it
has been awarded a contract of about SGD2 million for the supply
and installation of aluminium and glazing works for Mont Botanik
Condominium at Jalan Remaja.

Trading in Serrano's shares has been suspended since June 2017,
after the company and a subsidiary went under schemes of
arrangement to restructure group debt, the report discloses.

Serrano Limited Serrano provides fit-out solutions for for property
development and refurbishment projects in Singapore and across
Southeast Asia. The Company's projects include residential,
hospitality, retail and commercial sectors, with a focus on mid- to
high-end private residential developments.


                           *********


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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