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

                      A S I A   P A C I F I C

           Monday, December 17, 2018, Vol. 21, No. 249

                            Headlines


A U S T R A L I A

AUSTRALIAN PROPERTY: High Court Decision on Prime Trust Directors
DYNAMIC CONCRETE: First Creditors' Meeting Set for Dec. 24
EASTERN GOLDFIELDS: Owes AUD65 Million to Creditors
GONDON SEVEN: First Creditors' Meeting Set for Dec. 21
LIBERTY SERIES 2018-1: Moody's Assigns Ba3 Rating to Cl. F Notes

OLDZ AUSTRALIA: Second Creditors' Meeting Set for Dec. 21
PITTSBERG HOLDINGS: Second Creditors' Meeting Set for Dec. 20
PITTSBERG HOLDINGS: Second Creditors' Meeting Set for Dec. 20
SIAJJ PTY: Second Creditors' Meeting Set for Dec. 24
YY WINDOWS: Second Creditors' Meeting Set for Dec. 21


C H I N A

BLUEFOCUS INTELLIGENT: Fitch Withdraws B+ Expected Bond Rating
GREENLAND HONG KONG: Moody's Assigns Ba3 Sr. Unsec. Notes
JIANGSU NEWHEADLINE: Fitch Affirms BB LT IDR, Outlook Stable
QINGHAI PROVINCIAL: S&P Affirms B+ ICR, Off CreditWatch
SHIMAO PROPERTY: Moody's Alters Outlook on Ba2 CFR to Positive

XINHU 2018: Moody's Assigns B3 Sr. Unsec. Rating, Outlook Stable
XINHU ZHONGBAO: Fitch Assigns B Rating to Proposed US$ Sr. Notes
YANGZHOU SLENDER: Moody's Assigns Ba2 CFR, Outlook Stable


H O N G  K O N G

PANDA GREEN: S&P Lowers Long-Term ICR to CCC+ on Refinancing Risk


I N D I A

AGNI INDUSTRIAL: CRISIL Migrates D Rating to Not Cooperating
ANANT INTERCONTINENTAL: CRISIL Moves B Rating to Not Cooperating
BANSHIDHAR AGRO: CRISIL Migrates B+ Rating to Not Cooperating
EASTERN DOORS: CRISIL Raises Rating on INR4.35cr Loan to B+
GALLOPS AUTOLINK: CRISIL Assigns B Rating to INR15cr Cash Loan

GHSPL JEYPORE: CRISIL Migrates B+ Rating to Not Cooperating
GHSPL SAMBHAV: CRISIL Migrates B+ Rating to Not Cooperating
KALYAN RESORTS: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
MIRAMAR RESORTS: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
OM SAI: CRISIL Migrates B+ Rating to Not Cooperating Category

PAREKH PETROCHEMICALS: Ind-Ra Assigns BB- Rating, Outlook Stable
S S OFFSHORE: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
SHAHWAR MOTIVES: CRISIL Maintains B Rating in Not Cooperating
SHIV RICE: CRISIL Maintains B Rating in Not Cooperating Category
SRI DURGA: CRISIL Migrates B- Rating to Not Cooperating Category

SUSHIL FROZEN: CRISIL Reaffirms 'B' Rating on INR8cr LT Loan
THE HIMANIS: CRISIL Maintains B Rating in Not Cooperating Cat.
TIGER TANNING: CRISIL Maintains 'B' Rating in Not Cooperating
TILAK RAM: CRISIL Hikes Rating on INR15cr Cash Loan to B+
TRIUMPH AUTO: CRISIL Maintains 'B' Rating in Not Cooperating

TRIVIK HOTELS: CRISIL Reaffirms D Rating on INR10cr Term Loan
V. G. SHIPBREAKERS: CRISIL Maintains D Rating in Not Cooperating
VARADVINAYAK DEVELOPERS: CRISIL Keeps B Rating in Not Cooperating
VASUMATHY TRADERS: CRISIL Reaffirms B Rating on INR5cr Loan
VEERA ASSOCIATES: CRISIL Maintains B+ Rating in Not Cooperating

VINAYAGA IMPEX: CRISIL Maintains 'D' Rating in Not Cooperating
VISHWASRAO NAIK: CRISIL Maintains B- Rating in Not Cooperating
YOUNG INDIA: CRISIL Assigns B+ Rating to INR5.25cr Cash Loan
ZERO MICROFINANCE: CRISIL Maintains B- Rating in Not Cooperating


I N D O N E S I A

WIJAYA KARYA: Fitch Affirms BB LT IDR, Alters Outlook to Neg.


J A P A N

UNIVERSAL ENTERTAINMENT: Fitch Rates $600MM Sr. Secured Notes B+


N E W  Z E A L A N D

LATITUDE NEW ZEALND: Fitch Assigns BBsf Rating to Class E Notes


S I N G A P O R E

HYFLUX LTD: Suspends Contract for Desalination Package in Iran
NOBLE GROUP: Moody's Affirms Caa1 CFR, Alters Outlook to Negative


S O U T H  K O R E A

GM KOREA: KDB to Complete Injecting US$750 Million This Month


V I E T N A M

HOME CREDIT: Moody's Affirms B3 CFR, Outlook Stable


X X X X X X X X

TAJIKISTAN: Moody's Affirms B3 Ratings, Alters Outlook to Neg.


                            - - - - -


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A U S T R A L I A
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AUSTRALIAN PROPERTY: High Court Decision on Prime Trust Directors
-----------------------------------------------------------------
The High Court has handed down judgment in the appeals brought by
Australian Securities and Investments Commission (ASIC) against
the former directors (Mr. Bill Lewski, Dr. Michael Wooldridge,
Mr. Mark Butler and Mr. Kim Jaques) of Australian Property
Custodian Holdings Pty Ltd (APCHL).

The Court unanimously allowed ASIC's appeals in part, finding
that ASIC had succeeded in two of its three grounds of appeal.
The effect of the High Court's decision is to set aside orders
made by the Full Court of the Federal Court dismissing ASIC's
claim and to reinstate all declarations made by Murphy J in the
Federal Court at first instance, other than those in relation to
another former director, Mr. Peter Clarke and those that related
to the ground of appeal upon which ASIC did not succeed.

APCHL was the responsible entity of the Prime Retirement and Aged
Care Property Trust (Prime Trust), a managed investment scheme
which owned retirement villages in Queensland, NSW and Victoria.
APCHL collapsed in 2010 when administrators were appointed owing
investors approximately AUD550 million.

The High Court found that:

   * there is no concept of interim validity in the Corporations
     Act (Act) which allows an unlawful amendment to a scheme
     constitution to take effect, upon its lodgement with ASIC,
     until it is set aside by an order of the Court. The law does
     not confer validity upon an amendment invalidly made.

   * a director's subjective honest belief of validity of
     amendments to the constitution is not sufficient to absolve
     a director and responsible entity of breaches of their
     duties under the Act. Directors have a duty of loyalty to
     the members and must act in the members' interests and not
     make improper use of their position.

   * contrary to the contention of the directors, it is a
     'members' right' to have a scheme administered according
     its constitution and that the trial judge had been correct
     in finding that the relevant conduct by the directors had
     adversely affected members' rights. The directors were
     required to consider this before resolving to lodge the
     amended scheme constitution.

The High Court dismissed ASIC's ground of appeal relating to the
operation of s208(3) of the Act, finding that the directors had
not breached the contravention against being involved in related-
party payments by the responsible entity because ASIC could not
meet its onus to prove that they knew the scheme constitution did
not permit the payments to be made. These payments were made in
2009 to interests associated with Mr. Lewski.

'ASIC welcomes the significant High Court decision handed down in
the APCHL matter. The judgment is a significant win for ASIC
after a number of years of pursuing justice through the courts,'
said ASIC Commissioner John Price.

'Directors who are officers of responsible entities have an
obligation to scheme members to discharge their duties with care
and diligence, not improperly use their position, comply with the
law and act in the interests of investors. The matter also
highlights the need for people in business to recognise they are
custodians of other people's money.'

'The High Court result provides clear guidance regarding
important issues of principle that needed to be clarified for the
benefit of responsible entities, their officers and investors. It
is a positive outcome for investors, who need to be able to trust
their representatives to act in their interests.'

'This also shows that ASIC's willingness to take hard cases and
litigate them through to superior Courts when needed. ASIC has
the people, the powers and the desire to hold those engaged in
misconduct to account' concluded Commissioner Price.'

The proceeding has been ordered to be remitted to the Full Court
for determination of what effect the decision has on the
penalties and disqualification orders made against the directors
(other than Mr. Clarke), together with ASIC's cross-appeals about
the adequacy of the penalties ordered by Murphy J.

In the case of ASIC's High Court appeal concerning Mr. Clarke,
this was conducted due to procedural requirements. ASIC did not
ask the High Court to set aside the Full Federal Court's finding
that Mr. Clarke had not breached his duties and no adverse
findings have been made against him by the High Court. ASIC
remains liable to pay his costs of the Federal Court trial and
appeal proceedings.

ASIC commenced its proceeding on Aug. 22, 2012, when it
challenged the lawfulness of a decision by APCHL's Board in 2006
to amend the constitution of the Prime Trust to introduce and or
amend various fees payable to APCHL. The amendments resulted in a
fee of approximately AUD33 million being paid to APCHL (an entity
owned by interests associated with Mr Lewski) subsequent to the
listing of Prime Trust on the ASX in August 2007.

Although ASIC was successful in the Federal Court, resulting in
disqualifications and fines, an appeal by the directors to the
Full Court of the Federal Court of Australia overturned this
decision. ASIC then applied to the High Court of Australia for
special leave to appeal, which was granted.

Justice Murphy delivered the following disqualifications and
penalties in the Federal Court decision on Dec. 2, 2014:

  * William Lionel Lewski - disqualified for managing a company
    for 15 years and fined AUD230,000
  * Mark Frederick Butler - disqualified for managing a company
    for 4 years and fined AUD20,000
  * Kim Jaques - disqualified for managing a company for 4 years
    and fined AUD20,000
  * Dr Michael Wooldridge - disqualified for managing a company
    for 2 years, 3 months and fined AUD20,000
  * Peter Clarke - was not disqualified from managing a company
    but was fined AUD20,000; the Full Federal Court's order
    overturning that fine was not appealed by ASIC and is
    unaffected by the High Court's judgment delivered Dec. 13,
    2018).


DYNAMIC CONCRETE: First Creditors' Meeting Set for Dec. 24
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Dynamic
Concrete Cutting Pty Ltd will be held at the offices of Hamilton
Murphy, at Level 1, 255 Mary Street, in Richmond, Victoria, on
Dec. 24, 2018, at 9:30 a.m.

Richard Rohrt and Stephen Dixon of Hamilton Murphy were appointed
as administrators of Dynamic Concrete on Dec. 14, 2018.


EASTERN GOLDFIELDS: Owes AUD65 Million to Creditors
---------------------------------------------------
Stuart McKinnon at The West Australian reports that
administrators for Michael Fotios' collapsed Eastern Goldfields
have revealed the company owes creditors about AUD65 million.

The figure was disclosed as about 45 people representing some of
the failed gold miner's 100 creditors met for the first time in
Perth on Dec. 11, the report relates.

Administrators Ferrier Hodgson were called in last month after a
AUD75 million rescue plan to save the then-embattled gold miner
fell through, the report discloses.

According to the report, Martin Jones, of Ferrier Hodgson, told
creditors on Dec. 11 Eastern Goldfields' financial problems
stemmed from "fundamental issues" at its Davyhurst processing
plant north of Kalgoorlie, including lower than expected
utilisation, head grades and recoveries. The plant is now on care
and maintenance.

Mr. Jones said entities associated with Mr. Fotios would join the
list of creditors, owing to loans they made to the company before
its collapse, The West Australian relays.

Mr. Fotios, who was Eastern Goldfields' executive chairman until
late August, is also the company's biggest shareholder, the
report notes.

A swag of local contractors and suppliers are among the other
creditors and former employees of the company are owed about
AUD250,000.

The report adds that Mr. Jones said Ferrier Hodgson would appoint
corporate advisers to value the company's assets and recommend
the best path forward.

Options include returning Eastern Goldfields to its board,
restructuring the company under a deed of company arrangement
agreed to by creditors or winding it up with its assets sold and
the funds distributed, The West Australian says.

Creditors are expected to meet again on January 8, the report
notes.

Based in Balcatta, Australia, Eastern Goldfields Limited operates
as a gold exploration and production company. It owns 100%
interest in the Davyhurst and the Mt Ida gold projects, which are
located to the north-west of Kalgoorlie. It also holds interests
in Siberia, Riverina, Callion, Waihi, and LOI projects. The
company was formerly known as Swan Gold Mining Limited and
changed its name to Eastern Goldfields Limited in December 2015.

Andrew Smith and Martin Jones of Ferrier Hodgson were appointed
Administrators of the following Companies on Nov. 29, 2018,
pursuant to Section 436A of the Corporations Act 2001:

- Eastern Goldfields Limited
- Monarch Nickel Pty Ltd
- Monarch Gold Pty Ltd
- Carnegie Gold Pty Ltd
- Siberia Mining Corporation Pty Ltd
- Mt Ida Gold Operations Pty Ltd
- Ida Gold Operations Pty Ltd
- Pilbara Metals Pty Ltd
- Mt Ida Gold Pty Ltd
- Eastern Goldfields Mining Services Pty Ltd
- Siberia Gold Operations Pty Ltd


GONDON SEVEN: First Creditors' Meeting Set for Dec. 21
------------------------------------------------------
A first meeting of the creditors in the proceedings of Gondon
Seven Pty Ltd will be held at the offices of Chartered
Accountants Australia & New Zealand, at Level 9, Lawson Room, 33
Erskine Street, in Sydney, NSW, on Dec. 21, 2018, at 10:00 a.m.

Patrick Loi of Greengate Advisory was appointed as administrator
of Gondon Seven on Dec. 11, 2018.


LIBERTY SERIES 2018-1: Moody's Assigns Ba3 Rating to Cl. F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes to be issued by Liberty Funding Pty Ltd in respect of
Liberty Series 2018-1 Auto.

Issuer: Liberty Series 2018-1 Auto

AUD 175.0 million Class A Notes, Assigned Aaa (sf);

AUD 22.5 million Class B Notes, Assigned Aa1 (sf);

AUD 18.7 million Class C Notes, Assigned A1 (sf);

AUD 13.0 million Class D Notes, Assigned Baa2 (sf);

AUD 13.3 million Class E Notes, Assigned Ba2 (sf);

AUD 5.0 million Class F Notes, Assigned Ba3 (sf);

The AUD 2.5 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
consumer auto loans, secured by motor vehicles, originated by
Liberty Financial Pty Ltd (Liberty, unrated).

This is Liberty's first auto ABS transaction issued in 2018.

The transaction includes a three month prefunding period, whereby
Liberty Funding Pty Ltd will issue notes up to AUD 250 million,
based on the initial pool of AUD 195.0 million. During the three
month prefunding period Liberty may originate loans up to the
prefunding amount of AUD 55.0 million, which can be sold into the
trust.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

  - the evaluation of the underlying receivables and their
    expected performance,

  - Historical performance of Liberty's consumer auto loans,

  - the evaluation of the capital structure,

  - the availability of excess spread over the life of the
    transaction,

  - the liquidity facility in the amount of 2.00% of the initial
    balance of all rated notes,

  - the interest rate swap provided by National Australia Bank
    Limited (Aa3/P-1/Aa2(cr)/P-1(cr)),

The Class A, Class B, Class C, Class D, Class E and Class F notes
are supported by 30.00%, 21.00%, 13.52%, 8.32%, 3.00% and 1.00%
subordination, respectively. The notes will be repaid on a
sequential basis until the subordination percentage on Class A
notes increases from the initial 30.0% to 45.0% following which,
should the step down conditions also be met, principal
collections will be distributed to Class A, Class B, Class C,
Class D, Class E and Class F Notes on a pro rata basis. The Class
G Notes do not step down and will only receive principal payments
once all other notes have been repaid. The transaction will
revert to a sequential repayment once the transaction reaches the
10% pool factor.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 7.0%, a
recovery rate of 37.5% and a portfolio credit enhancement (PCE)
of 28.0%. After accounting for the seasoning of the initial
portfolio (4.4 months), Moody's mean default rate assumption was
adjusted to 7.1%. Moody's assumed mean default rate and recovery
rate are stressed compared to the historical levels of 5.5%
(based on origination vintages from 2008 to 2017) and 56.6%
(based on origination vintages from 2001 to 2017) respectively.
Moody's default rate analysis focused on historical performance
post 2008 which is when Liberty reduced the volume of adverse
credit history loan origination. The stress addresses the lack of
economic stress during the historical data period.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.

Please note that on November 14, 2018, Moody's released a Request
for Comment, in which it has requested market feedback on
potential revisions to its Methodology for ABS. If the revised
Methodology is implemented as proposed, the Credit Rating on
Liberty Series 2018-1 Auto may be NEUTRALLY affected. Please
refer to Moody's Request for Comment, titled "Proposed Update to
Moody's Global Approach to Rating Auto Loan- and Lease Backed
ABS" for further details regarding the implications of the
proposed Methodology revisions on certain Credit Ratings."

Factors that would lead to an upgrade or downgrade of the
ratings:

A factor that could lead to an upgrade of the notes is better-
than-expected collateral performance and a rapid build-up of
credit enhancement.

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


OLDZ AUSTRALIA: Second Creditors' Meeting Set for Dec. 21
---------------------------------------------------------
A second meeting of creditors in the proceedings of Oldz
Australia Pty Ltd has been set for Dec. 21, 2018, at 10:30 a.m.
at the offices of SV Partners, at 22 Market Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 20, 2018, at 5:00 p.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Oldz Australia on Nov. 27, 2018.


PITTSBERG HOLDINGS: Second Creditors' Meeting Set for Dec. 20
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Pittsberg
Holdings Pty Ltd has been set for Dec. 20, 2018, at 11:00 a.m. at
the offices of Quigley & Co, Level 5, 231 Adelaide 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 Dec. 19, 2018, at 3:00 p.m.

Peter Reymond Quigley of Quigley & Co was appointed as
administrator of Pittsberg Holdings on Oct. 11, 2018.


PITTSBERG HOLDINGS: Second Creditors' Meeting Set for Dec. 20
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Pittsberg
Holdings Pty Ltd has been set for Dec. 20, 2018, at 11:00 a.m. at
the offices of Quigley & Co, Level 5, 231 Adelaide 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 Dec. 19, 2018, at 3:00 p.m.

Peter Reymond Quigley of Quigley & Co was appointed as
administrator of Pittsberg Holdings on Oct. 11, 2018.


SIAJJ PTY: Second Creditors' Meeting Set for Dec. 24
----------------------------------------------------
A second meeting of creditors in the proceedings of Siajj Pty Ltd
will be held concurrently on Dec. 24, 2018, at 11:00 a.m. at the
offices of Cor Cordis:

  - One Wharf Lane, Level 20, 171 Sussex Street,
    in Sydney, New South Wales; and

  - Level 29, 360 Collins Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 23, 2018, at 4:00 p.m.

Andre Lakomy and Sam Kaso of Cor Cordis were appointed as
administrators of Siajj Pty on Nov. 21, 2018.


YY WINDOWS: Second Creditors' Meeting Set for Dec. 21
-----------------------------------------------------
A second meeting of creditors in the proceedings of YY Windows
and Doors Pty Limited has been set for Dec. 21, 2018, at
10:00 a.m. at the offices of Bernardi Martin, at 195 Victoria
Square, in Adelaide, SA.

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 Dec. 21, 2018, at 9:00 a.m.

Hugh Sutcliffe Martin and Michael Dirk Hawker van Dissel of
Bernardi Martin were appointed as administrators of YY Windows on
Nov. 23, 2018.



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C H I N A
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BLUEFOCUS INTELLIGENT: Fitch Withdraws B+ Expected Bond Rating
--------------------------------------------------------------
Fitch Ratings has withdrawn the expected ratings assigned to
China-based BlueFocus Intelligent Communications Group Co.,
Ltd.'s (B+/Negative) proposed US dollar senior unsecured notes.

The company intended to use the proceeds from the issue for
equity investment, refinancing of interest-bearing debt and
general corporate purposes. The proposed notes were to have been
issued by BlueFocus's wholly owned subsidiary Blue Skyline
Communication Limited and were assigned a 'B+(EXP)' expected
rating with Recovery Rating of 'RR4' on November 20, 2017.

Fitch is withdrawing the expected ratings as BlueFocus's proposed
debt issuance is no longer expected to convert to final ratings.
BlueFocus is evaluating other options for financing.

Key Rating Drivers

Not relevant

Derivation Summary

Not relevant

Key Assumptions

Not relevant

RATING SENSITIVITIES

Not relevant

Liquidity and Debt Structure

Not relevant


GREENLAND HONG KONG: Moody's Assigns Ba3 Sr. Unsec. Notes
---------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the
proposed senior unsecured USD notes to be issued by Greenland
Hong Kong Holdings Limited (Ba2 stable).

The rating outlook is stable.

The proceeds from the proposed issuance will be used to refinance
existing debt.

RATINGS RATIONALE

"The proposed note issue will not materially affect the company's
financial profile and its Ba2 corporate family rating (CFR),
because the proceeds will be used to refinance existing debt,"
says Danny Chan, a Moody's Analyst, and also Moody's Lead Analyst
for Greenland Hong Kong.

Greenland Hong Kong's Ba2 CFR includes a two-notch rating uplift,
based on Moody's expectations that the company will receive
strong support from Greenland Holding in times of need.

Greenland Hong Kong's standalone credit profile reflects its
developing but well-located land bank, and Moody's expectation
that it will grow in size through organic expansion and increased
levels of operational integration with its parent.

Its standalone credit profile also takes into consideration
Greenland Holding's support for Greenland Hong Kong's operations
and access to funding.

Moody's expects Greenland Hong Kong's debt leverage, as measured
by revenue/adjusted debt, to stay stable at about 80% over the
next 12-18 months, similar to the level in 2017.

And for the same period, its adjusted EBIT/interest is likely to
remain around 3.3x-3.4x over the next 12-18 months, compared with
around 3.3x for the 12 months ended June 2018 and 2017.

These projected credit metrics support its final CFR of Ba2 and
stable outlook.

Greenland Hong Kong's liquidity is adequate, with cash/short-term
debt at 100% at the end of June 2018.

The company's liquidity profile is also supported by the state-
owned background of its parent.

Greenland Holding's status as a state-owned enterprise of the
Shanghai municipal government and its own refinancing track
record provide a certain level of assurance that it can refinance
its debt through domestic and offshore channels and provide
support to Greenland Hong Kong in times of need.

The Ba3 senior unsecured rating for the proposed notes is one
notch lower than the company's Ba2 CFR, reflecting the risk of
structural subordination, given the fact that the majority of
claims are at the operating subsidiaries and have priority over
claims at the holding company in a bankruptcy scenario.

In addition, the holding company lacks significant mitigating
factors for structural subordination, reducing the expected
recovery rate for claims at the holding company level.

The stable outlook for Greenland Hong Kong's ratings reflects
Moody's expectation that Greenland Holding will provide Greenland
Hong Kong with financial and operational support in times of
need, and that Greenland Hong Kong's standalone credit profile
will remain stable over the next 12-18 months.

In addition, Greenland Hong Kong's CFR could be upgraded if (1)
Greenland Holding is upgraded and (2) the company can: (a)
successfully implement its business plan; b) improve its scale
and diversity; and (c) improve its credit metrics, such that debt
leverage - as measured by revenue/adjusted debt - is above 85%-
90%, and adjusted EBITDA/interest rises above 3x-3.5x on a
consistent basis.

On the other hand, Greenland Hong Kong's ratings could come under
downward pressure if the company: (1) fails to generate operating
cash flow to maintain its liquidity buffer; (2) fails to maintain
contracted sales and revenue growth; or (3) materially
accelerates development, and executes an aggressive land
acquisition plan or acquisitions, such that debt leverage - as
measured by revenue/adjusted debt - falls below 60%-65% on a
sustained basis.

Any evidence of a reduction in ownership or weakening of support
from its parent, or a downgrade of Greenland Holding's rating,
will result in a downgrade of Greenland Hong Kong's ratings.

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


JIANGSU NEWHEADLINE: Fitch Affirms BB LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has removed the ratings on Jiangsu NewHeadLine
Development Group Co., Ltd. from Rating Watch Negative and
affirmed the Long-Term Foreign- and Local-Currency Issuer Default
Ratings at 'BB'. The Outlook is Stable.

Fitch has also removed the rating on Jiangsu NHL's USD300 million
6.20% senior unsecured notes from Rating Watch Negative and
affirmed it at 'BB'. In addition, Fitch has withdrawn the
'BB(EXP)' rating on JiangsuNHL's proposed US dollar bonds as its
forthcoming debt issuance is no longer expected to convert to
final ratings.

The ratings actions result from Fitch's perception that the
likelihood of government support for the company is unchanged,
despite the accounting reclassification of a significant amount
of receivables due from the government as long-term assets.

KEY RATING DRIVERS

'Strong' Status, Ownership and Control: Jiangsu NHL is wholly
owned by Lianyungang municipal government. The municipal
government delegates the supervision of Jiangsu NHL to the
Management Committee of Lianyungang Economic and Technological
Development Zone (ETDZ). Jiangsu NHL is registered as a wholly
state-owned limited liability company under China's Company Law.
Under the company's current legal status, its major decisions
(such as M&As, spin-offs, bankruptcy and liquidation) require
approval from Lianyungang municipality. The full ownership and
tight control by the government is offset by the government's
delegation of the company's management to the Lianyungang ETDZ.

'Strong' Support Track Record and Expectations: Jiangsu NHL is a
major government-related entity responsible for infrastructure
development in Lianyungang ETDZ and the city's eastern urban
area. Its main customer is Lianyungang ETDZ Management Committee,
which accounted for 84% of turnover for 2017 (2016: 95%).
According to Jiangsu NHL, Liangyungang ETDZ is committed to
provide at least CNY400 million in subsidies each year from 2016
to 2020 to support the entity's operations. For 2015, 2016, 2017
and 1Q18, NHL received subsidies of CNY585 million, CNY659
million, CNY519 million and CNY79 million, respectively. Jiangsu
NHL usually needs to raise debt and pay for expenses related to
construction in advance, thus the consistent financial support
from the government is vital to its operation. In addition,
receivables of more than CNY22 billion were due from the
government (more than half of the total assets) at end-2017.
Fitch assesses the support record and expectation attribute as
'Strong' as the regular financial support is offset by a lack of
a debt guarantee.

'Moderate' Socio-Political Implications of Default: Jiangsu NHL
is an important entity for developing large urban infrastructure
projects and providing ancillary services in Lianyungang ETDZ. It
helps to implement the blueprint of Lianyungang municipality and
Lianyungang ETDZ's management committee. Nonetheless, if Jiangsu
NHL were to default, the government would be able to continue
maintenance of existing infrastructure with only limited funding
and any disruption to services would be temporary given the
availability of substitutes.

'Strong' Financial Implications of Default: Jiangsu NHL has a
large amount of receivables due from Lianyungang ETDZ and its
finance bureau. A default by the company would hint at the
government's difficulty in providing timely support even if it
were willing to do so. A default by Jiangsu NHL is likely to have
a significant impact on the availability and cost of both
domestic and foreign financing option for the Liangyungang
municipal government.

'B' Category Standalone Credit Profile: Jiangsu NHL's revenue
mainly comes from the Lianyungang ETDZ Management Committee, but
the company has limited or no price-setting power, resulting in
the Revenue Defensibility attribute being assessed at 'Mid-
Range'. Fitch considers operating risk as 'Weak' as the timing of
material capital expenditure is usually directed by the
government. Fitch also assesses the financial profile as 'Weak'
due to the persistent negative operating cash flow and high total
debt-to-adjusted EBITDA ratio of more than 20x. Overall, the
issuer's standalone credit profile is in the 'B' rating category
at best.

RATING SENSITIVITIES

Any change in Fitch's perception of Lianyungang municipality's
ability to provide subsidies, grants or other legitimate
resources allowed under the policies and regulations would result
in a change in Jiangsu NHL's IDRs.

An increase in socio-political and financial implications of a
default as well as stronger track record and expectations of
support that enhance Lianyungang municipality's incentive to
provide such legitimate support, may trigger positive rating
action on Jiangsu NHL. In contrast, a significant decrease in the
socio-political and financial implications of a default to the
municipality, weaker support record or expectations, or a
dilution of the government's shareholding, may result in a
downgrade.

An improvement or deterioration of Jiangsu NHL's standalone
credit profile or liquidity position may result in rating action
on its IDRs.

Any change in Jiangsu NHL's IDRs will result in a similar change
in the rating of its existing and proposed notes.

FULL LIST OF RATING ACTIONS

Jiangsu NewHeadLine Development Group Co., Ltd.

Long-Term Foreign-Currency IDR affirmed at 'BB'; Outlook Stable,
off Rating Watch Negative

Long-Term Local-Currency IDR affirmed at 'BB'; Outlook Stable,
off Rating Watch Negative

ZHIYUAN Group (BVI) Co., Ltd. (Jiangsu NHL's wholly owned
subsidiary)

USD300 million 6.2% senior unsecured notes due 2019 affirmed at
'BB', off Rating Watch Negative

XINHAILIAN Group (BVI) Co., Ltd. (Jiangsu NHL's wholly owned
subsidiary)

Expected rating on proposed US dollar senior unsecured notes of
'BB(EXP)' withdrawn


QINGHAI PROVINCIAL: S&P Affirms B+ ICR, Off CreditWatch
-------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B+' long-term
issuer credit rating on Qinghai Provincial Investment Group Co.
Ltd. (QPIG). The outlook is stable. S&P also affirmed the 'B+'
long-term issue rating on QPIG's outstanding senior unsecured
notes.

S&P said, "We removed all the ratings from CreditWatch, where
they were placed with negative implications on June 21, 2018.
QPIG is a China-based aluminum producer.

"We affirmed the ratings on QPIG because we believe the company's
refinancing risk has reduced following its repayment of its
US$300 million notes due on Dec. 11, 2018. Although QPIG's
liquidity remains tight even after the repayment, we believe the
company will continue to receive ongoing government support and
be able to roll over its short-term debt."

QPIG continues to have exposure to lumpy short-term maturities.
However, these are mainly in the form of bank borrowings and
trust loans. The company has no offshore or onshore bonds due in
2019. S&P therefore sees lower refinancing risk.

QPIG's operating cash flows are likely to remain thin and
insufficient to cover its interest expenses and capital spending
needs. That's because of the company's small scale of operations
and high production costs. The resulting negative free operating
cash flows should keep leverage high, with the debt-to-EBITDA
ratio above 30.0x in 2018-2019.

S&P said, "We continue to view QPIG's capital structure to be
unsustainable on a stand-alone basis, which leads to a 'ccc+'
stand-alone credit profile. We believe it would be hard for QPIG
to turn around on its own, even in the longer term, given its
heavy debt burden. The company plans to reduce debt and improve
its capital structure via long-term debt issuance, debt-to-equity
swap, or mixed-ownership reform. However, the timing and
execution remain uncertain.

"Our rating on QPIG includes three-notch uplift from its stand-
alone credit profile to reflect our view that there is a high
likelihood that the government of Qinghai province would extend
timely and sufficient extraordinary support to the company in
times of financial distress." S&P's view is based on the
following characteristics of QPIG:

-- Very strong link with the Qinghai provincial government. The
government as a controlling shareholder holds 69.3% stake in the
company. Qinghai provincial government appoints the company's
senior management, and Qinghai State-owned Assets Supervision and
Administration Commission appoints the board of directors. The
government does not provide guarantees but exerts strong
influence on QPIG's operational and refinancing activities when
needed.

-- Important role to Qinghai's economy and the government.
QPIG's core business aligns with Qinghai's development plans.
QPIG is the largest aluminum producer in Qinghai province. Its
credit standing is important for the government because a default
could reverberate throughout the value chain, including the power
and coal industries.

S&P said, "The stable outlook reflects our expectation that
QPIG's financial leverage will remain high for the next 12
months. However, we anticipate that the company will be able to
refinance its short-term debt. In our view, the Qinghai
provincial government will continue to provide ongoing support to
QPIG for refinancing and business development over the next 12
months.

"We would downgrade QPIG if its refinancing prospects and
liquidity position weaken. This could happen if the company's
funding sources tighten, its refinancing requires higher
collateral, or borrowing costs rise considerably.

"We could also lower the rating if we believe government support
to QPIG has weakened, which we view to be unlikely in the next 12
months.

"We would upgrade QPIG if: (1) the company can strengthen its
liquidity such that there is no significant liquidity deficit;
and (2) the company's financial leverage shows an improving trend
such that we do not assess the company's capital structure as
unsustainable on a stand-alone basis."

These could happen if QPIG can significantly lower its production
cost or reduce its debt via debt-to-equity swaps or mixed
ownership reform.


SHIMAO PROPERTY: Moody's Alters Outlook on Ba2 CFR to Positive
--------------------------------------------------------------
Moody's Investors Service has revised to positive from stable the
outlook on Shimao Property Holdings Limited's Ba2 corporate
family rating and Ba3 senior unsecured rating.

At the same time, Moody's has affirmed the ratings of Shimao.

RATINGS RATIONALE

"The positive rating outlook reflects our expectation that Shimao
will improve its credit metrics, supported by strong contracted
sales execution over the next 12-18 months," says Wenhan Chen, a
Moody's Assistant Vice President and Analyst.

Shimao's contracted sales increased 75% year-on-year to RMB155
billion (total according to wholly owned and shares in joint
ventures and associates) in the first 11 months of 2018,
following 48% year-on-year sales growth to RMB100.8 billion in
2017.

The stronger-than-expected sales performance was due to the
company's (a) improved product designs and broadened product
offerings; (b) use of enhanced sales incentive schemes for sales
staff; and (c) the consideration that its land bank is now more
diversified for managing regulatory risks.

Moody's expects Shimao will achieve 64% year-on-year growth to
RMB165 billion (total according to wholly owned and shares in
joint ventures and associates) in 2018, 18% above its target of
RMB140 billion. This level is substantially higher than RMB101
billion in 2017 and RMB68 billion in 2016.

Shimao is also expected to grow its contracted sales by around
21% to RMB200 billion in 2019, despite Moody's expectation of an
overall 5% year-on-year decline in the overall value of new home
sales in China in 2019.

Its exceptionally strong sales performance and good liquidity
position will enable it to take market share from weaker
developers in a challenging environment.

As a result of the expected strong contracted sales in the coming
12 to 18 months, Shimao will register 23% year-on-year revenue
growth to around RMB87 billion in 2018 followed by 37% year-on-
year to around RMB119 billion in 2019.

Such a large scale of revenue -- which exceeds RMB100 billion --
will offer the benefit of economies of scale in terms of
construction costs.

It also further strengthens the company's access to domestic bank
financing.

These positive developments position the company closer to its
Ba1 rated peers.

Moreover, the company's debt leverage, as measured by
revenue/adjusted debt, will trend towards around 85-90% over the
next 12-18 months from 71% in 2017, driven by revenue growth,
disciplined land replenishment, and moderate debt growth.

Moody's also expects Shimao's EBIT/interest coverage will
continue to improve to 3.8x-4.0x over the next 12-18 months as
the company continues to deliver revenue growth and maintains
stable gross profit margins at around 30%.

The positive outlook is also based on Shimao's growing non-
property development income, including hotel revenue and
investment property rental income, which will increase above RMB3
billion and will be equivalent to around 35% of its gross
interest expenses over the next 12-18 months, a feature not
common among Ba-rated peers.

Such non-development revenues strengthen the company's debt-
servicing ability over the property development cycles which
could expose the company to liquidity stress. The hotels and
investment properties will offer an alternative source of funding
through mortgage financing or asset disposals.

Shimao's Ba2 corporate family rating (CFR) reflects the company's
diversified and well-located land bank, which will support its
business growth in the medium term. The company's improved
product mix and geographic focus will also underpin better sales
execution and inventory turnover.

In addition, Shimao has a good track record of stable and
diversified access to domestic and offshore funding. The company
has two equity-raising platforms, which are listed companies, in
Hong Kong and Shanghai.

However, Shimao's rating is constrained by the company's moderate
credit metrics, but which are expected to improve gradually over
the next 12-18 months because the company will adopt a more
disciplined approach financial management.

Shimao's liquidity profile is adequate. The company's cash
holdings, including restricted cash, totaled RMB36 billion at the
end of June 2018. This amount is sufficient to cover its maturing
debt of RMB29 billion in the next 12 months.

Upward rating pressure could emerge if Shimao (1) continues to
deliver strong sales growth and improves its profitability, (2)
maintains its strong liquidity and good access to the domestic
and offshore bank and capital markets, or (3) shows more prudent
approaches to financial management and land acquisitions.

Credit metrics indicative of upward rating pressure include
EBIT/interest coverage in excess of 4.25x and adjusted
revenue/debt exceeding 90% on a sustained basis.

The outlook on the ratings could return to stable if Shimao shows
(1) contracted sales growth below expectations; (2) a weakening
of its liquidity position; (3) aggressive land acquisitions
funded by debt; or (4) credit metrics unlikely to exceed upgrade
triggers over the next 12 months.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Shimao Property Holdings Limited is a Chinese property developer
that listed on the Hong Kong Stock Exchange in July 2006. Its
Chairman, Mr. Hui Wing Mau held a 69.6 % stake in the company at
September 30, 2018. The company, together with its 58.92%-owned
Shanghai A-share-listed subsidiary, Shanghai Shimao Co., Ltd.
(Shanghai Shimao), held an attributable land bank of 37 million
square meters (sqm), at the end of June 2018.


XINHU 2018: Moody's Assigns B3 Sr. Unsec. Rating, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured
rating to the proposed USD senior notes to be issued by Xinhu
2018 Holding Company Limited and unconditionally and irrevocably
guaranteed by Xinhu Zhongbao Co., Ltd. (Xinhu Zhongbao, B2
stable).

The rating outlook is stable.

Xinhu Zhongbao plans to use the proceeds from the proposed notes
mainly to refinance certain of its existing indebtedness and
replenish its working capital.

RATINGS RATIONALE

"The proposed bond issuance will improve Xinhu Zhongbao 's
liquidity profile," says Celine Yang, a Moody's Assistant Vice
President and Analyst. "The issuance will also not materially
affect its credit metrics, because the company will mainly use
the proceeds to refinance existing debt."

Xinhu Zhongbao 's short-term refinancing needs are strong as it
will have RMB14.5 billion short-term debt for the 12 months
ending June 30, 2019 and RMB3.5 billion of onshore bonds becoming
puttable for the full year of 2019.

The proposed bond issuance will help to moderately lengthen Xinhu
Zhongbao's debt maturity profile.

Xinhu Zhongbao's B2 corporate family rating reflects the
company's quality and abundant land reserve, acquired at low
cost, and higher-than-average gross profit margin for its
property development business.

Moody's also expects that the company will continue to have good
access to funding, based on its good track record of accessing
the domestic loans and debt capital markets. This factor and its
holdings of sizable liquid unpledged listed securities will keep
supporting its liquidity profile.

On the other hand, the rating is constrained by weak financial
metrics because of its debt-funded investments in various
financial institutions and other businesses, as well as its
continued land acquisitions and the capital requirements for its
redevelopment projects.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.
This risk reflects the fact that the majority of Xinhu Zhongbao's
claims are at its operating subsidiaries and have priority over
claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating
factors for structural subordination. Consequently, the likely
recovery rate for claims at the holding company will be lower.

Moody's forecasts that Xinhu Zhongbao's debt leverage - as
measured by revenue/adjusted debt - will remain at 24%-25% in
2019, compared with 23.9% for the 12 months ended June 2018. Its
EBIT/interest, will weaken to 1.6-1.7x in the coming 12-18 months
from around 1.96x for the 12 months ending June 2018 due to its
elevated level of debt.

The stable ratings outlook reflects Moody's expectation that over
the next 12-18 months, Xinhu Zhongbao will meet its contracted
sales target, successfully refinance its short-term debt, and
adopt a disciplined approach to land acquisitions and financial
investments.

Upward ratings pressure could emerge, if Xinhu Zhongbao improves
its credit metrics.

Credit metrics that would indicate upgrade pressure include 1)
EBIT/interest coverage above 2.0x-2.5x; and/or 2)
revenue/adjusted debt above 60%-65% on a sustained basis.

The ratings could be downgraded if there is any deterioration in
Xinhu Zhongbao's credit metrics, contracted sales, revenue growth
or liquidity.

Credit metrics that could trigger a downgrade include 1) adjusted
EBIT/gross interest below 1.25x-1.50x; and/or 2) cash/short-term
debt below 1.0x on a sustained basis.

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

Xinhu Zhongbao Co., Ltd. listed on the Shanghai Stock Exchange in
1999. The company is headquartered in Hangzhou and commenced its
first residential property project in Wenzhou, Zhejiang Province,
in early 1990.

Its operations are mainly focused on residential property
development. In addition, the company invests in financial
services, internet and information-related companies, and is also
engaged in commodities trading.


XINHU ZHONGBAO: Fitch Assigns B Rating to Proposed US$ Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Xinhu Zhongbao Co., Ltd.'s (B/Stable)
proposed US dollar senior notes a 'B(EXP)' expected rating with a
Recovery Rating of 'RR4'.

The proposed notes, which will be issued by wholly owned
subsidiary, Xinhu (BVI) 2018 Holding Company Limited and
unconditionally and irrevocably guaranteed by Xinhu Zhongbao, are
rated at the same level as Xinhu Zhongbao's senior unsecured
rating because they will constitute its direct and senior
unsecured obligations. The final rating on the proposed notes is
subject to the receipt of final documentation conforming to
information already received. Xinhu Zhongbao intends to use the
net proceeds from the note issue for refinancing existing debt
and replenishing its working capital.

Xinhu Zhongbao's ratings are supported by its high-quality land
bank, which should drive robust contracted sales growth and
higher margins, and are constrained by high leverage. The ratings
are based on a consolidated group financial profile and
incorporate the financial profile of Xinhu Zhongbao's parent,
Zhejiang Xinhu Group Co. Ltd., due to strong legal, operational
and strategic linkages, in line with Fitch's Parent and
Subsidiary Rating Linkage criteria.

KEY RATING DRIVERS

High Leverage Constrains Ratings: Xinhu Zhongbao has reported
persistently high leverage of 60%-70%, as measured by net
debt/adjusted inventory, if including financial joint-venture
investments, due to its primary land and secondary property
development business model. However, the model helps keep land
costs low and provides the company with room to deleverage by
lowering pressure for new land acquisitions. Furthermore, Xinhu
Zhongbao's significant investment in financial institutions keeps
its leverage higher than for most other homebuilders that solely
focus on property development.

Strong Parent and Subsidiary Linkage: Fitch assesses the linkage
between Xinhu Zhongbao and Zhejiang Xinhu Group, which had a
40.18% equity stake in Xinhu Zhongbao, as strong, in view of
historical intragroup asset transfers, upward guarantees provided
by Xinhu Zhongbao to the parent, some management overlap, and
common control of a subsidiary - Xiangcai Securities.

Slower Turnover than Peers: Xinhu Zhongbao's project churn of
0.3x in 2017, as measured by contracted sales/net inventory, is
low compared with the 0.6x average of 'B' rated peers. Fitch
expects most primary land development costs to occur in the next
year or two, which will push up inventory levels, while
contracted sales will kick in to cover property development costs
from late 2019.

Quality Land Bank: The majority of Xinhu Zhongbao's land
designated for secondary development is in key cities around the
Yangtze River Delta, with about 50% of its sellable resources by
value located within the Shanghai inner-ring, which benefits from
limited supply. This supports Fitch's forecast increase in Xinhu
Zhongbao's average selling price when its Shanghai projects are
launched in 2019 or 2020.

Margin Improvement: Fitch expects Xinhu Zhongbao's high-quality
land bank to support robust contracted sales growth and higher
margins. Xinhu Zhongbao's operating EBITDA margin (excluding
capitalised interest in the cost of goods sold), rose to 32% in
2017 from 22% in 2016, mainly due to higher average selling-price
(ASP) recognised. Fitch expects EBITDA margin to stay at about
30% in 2018 and 2019 due to the company's high quality land bank.

Financial Investments Given Credit: Xinhu Zhongbao has been
building up its portfolio of long-term equity investments in
financial institutions, mainly Xiangcai Securities Co., Ltd.,
Shengjing Bank, Bank of Wenzhou Co., Ltd and China CITIC Bank
Corporation Limited (CNCB) (BBB/Stable). Fitch has included these
investments in its leverage calculation as part of adjusted
inventories. Fitch also adjusted Xinhu Zhongbao's net debt to
include a cash credit from its marketable equity investments. The
company has consistently made large marketable equity investments
in the Chinese and Hong Kong equity markets.

DERIVATION SUMMARY

Xinhu Zhongbao's ratings are supported by its high land quality,
which should drive robust contracted sales growth and higher
margins. Its ratings are mainly constrained by high leverage. The
company is rated based on the consolidated financial profile of
the Zhejiang Xinhu Group, in line with Fitch's Parent and
Subsidiary Rating Linkage criteria.

Xinhu Zhongbao has a similar business model and contracted sales
scale as Oceanwide Holdings Co. Ltd. (B-/Stable). Both companies
have high quality land bank in Shanghai with low land costs,
which supports their EBITDA margins. They also have slow churn,
as measured by contracted sales/total debt, and make active
investments in finance institutions. Xinhu Zhongbao has lower
leverage than Oceanwide, as measured by net debt/adjusted
inventory. Xinhu Zhongbao has a larger and better-quality land
bank compared with other Chinese property peers rated in the 'B'
category, such as Redco Properties Group Ltd (B/Stable) and
Guorui Properties Limited (B/Stable). However, its leverage is
higher due to its active investments in financial institutions.

KEY ASSUMPTIONS

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

  - The company will pay down the primary land development
expenditure for its Shanghai projects in the next two to three
years, with limited new land acquisitions in 2018 and 2019.

  - Contracted sales to increase at about 15% per year in 2018
and 2019 (2017: -18%).

  - Contracted sales cash collection ratio of 90%-95% (2017:
95%).

  - EBITDA margin, excluding capitalised interest, rising to 25%-
30% in 2017-2019 due to the booking of Shanghai projects

Recovery Rating assumptions:

  - Xinhu Zhongbao would be liquidated in a bankruptcy because it
is an asset-trading company.

  - 10% administrative claims.

  - The value of inventory and other assets can be realised in a
reorganisation and distributed to creditors.

  - A haircut of 25% on net inventory at fair value, as Xinhu
Zhongbao's EBITDA margin is higher than the industry average.
This implies its inventory will have a higher liquidation value
than that of peers.

  - A 40% haircut to investment properties and 50% haircut to
properties, plant and equipment.

  - An 80% haircut to equity investments, which are mainly in
financial institutions.

  - Xinhu Zhongbao's large cash balance is adjusted so that cash
in excess of its three-month contracted sales is invested in new
inventories.

  - Based on its calculation of the adjusted liquidation value
after administrative claims, Fitch estimates the recovery rate of
the offshore senior unsecured debt to be 100%. Fitch has rated
the senior unsecured debt at 'B'/RR4. Under the Country-Specific
Treatment of Recovery Ratings criteria, China falls into the
Group D of countries in terms of creditor friendliness.
Instruments ratings of issuers with assets in this group are
subject to a soft cap at the level of the issuer's IDR.

RATING SENSITIVITIES

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

  - Contracted sales/net inventory sustained above 0.5x.

  - EBITDA margin sustained above 30% (2017: 32%).

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

  - Contracted sales/net inventory below 0.3x for a sustained
period, contracted sales below CNY10 billion for a sustained
period and failing to support property business expansion or
lower debt repayment capacity.

  - EBITDA margin below 20% for a sustained period.

LIQUIDITY

Sufficient Liquidity:  Xinhu Zhongbao's unrestricted cash and
marketable equity investments totalled CNY20 billion at end-June
2018, after Fitch reduced the company's CNY11.8 billion in
marketable equity investments and available-for-sale financial
investments by 60% and discounted its CNY0.2 billion investments
in wealth management products by 30%. Xinhu Zhongbao can cover
its short-term debt of around CNY14.5 billion plus its CNY4
billion negative free cash flow forecast for 2018. In addition,
the company's high quality and sufficient land reserve provides
an adequate pledge for financing if necessary.


YANGZHOU SLENDER: Moody's Assigns Ba2 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating to Yangzhou Slender West Lake Tourism Development
Group Co, Ltd.

The rating outlook is stable.

RATINGS RATIONALE

Yangzhou Slender Development's Ba2 rating primarily combines (1)
its b1 baseline credit assessment (BCA); and (2) Moody's
assessment of the "Moderate" likelihood of support from and
"High" level of dependence on the Government of China (A1
stable), which results in a rating that is two notches above the
company's BCA.

Moody's support assessment reflects Yangzhou Slender
Development's leading role in tourism operations and
infrastructure construction for the Yangzhou Shugang-Slender West
Lake Scenic area, its ultimate 100% ownership by the Yangzhou
municipal government, and track record of receiving government
support.

Tourism is an important industry for Yangzhou city and generated
total revenue of RMB79.6 billion in 2017, representing a year on
year growth of 15%. Moreover, tourism contributes to around 8% of
total GDP for Yangzhou city in 2017.

Yangzhou Slender Development reports its budget, operating
objectives, business plan and performance to the Slender West
Lake Scenic Area Management Committee (the Management Committee),
which appoints the company's senior management.

The support assessment also considers the reputational and
contagion risks that could arise if Yangzhou Slender Development
were to default, given the Yangzhou Slender West Lake brand name
in Jiangsu Province and nationally.

As such, Moody's believes the central government would support
efforts by the Yangzhou city and Jiangsu provincial governments,
through the Management Committee, to prevent Yangzhou Slender
Development from defaulting, thereby avoiding disruption to the
domestic financial market.

These factors are counterbalanced by the fact that although the
platform is owned by the Yangzhou government, financial support
flows from the Management Committee of the Slender West Lake
Scenic Area rather than directly from the Yangzhou government.

This support can take various forms, including government
subsidies, capital or asset injections, as well as loans from
policy and state-owned banks.

Yangzhou Slender Development's BCA is primarily driven by its:
(1) leading market position in tourism construction and operation
in Yangzhou city; and (2) good access to domestic funding.

These credit strengths are partly offset by the company's high
leverage, narrow and concentrated business profile on tourism,
and its high reliance on cash flow from the government, which is
in turn exposed to the uncertain schedule for land sales.

Moody's estimates that the company will maintain its revenue at
around RMB1 billion over the next two years, a reduction of 29%
from the RMB1.4 billion recorded in 2016. Yangzhou Slender
Development intends to increase the overall proportion of
Chinese-styled gardens in relation to its revenue composition.

Moody's expects that Chinese classic-styled gardens will account
for 30% of revenue over the next two years from around 20% in
2017. Adjusted debt/capitalization will likely remain around 60%
over the next two years, and FFO/interest coverage - after
government subsidies and payments - will register around 1.0x
over the next two years. These credits metrics are in line with
its BCA of b1.

Yangzhou Slender Development has also demonstrated its continued
access to diversified sources of domestic funding, as evidenced
by its multiple onshore banking relationships and track record of
tapping the onshore debt capital markets. The company issued
RMB3.2 billion in bonds in the domestic market in 2018, with low
coupon rates, against the backdrop of tight market conditions.

The stable rating outlook reflects: (1) the stable outlook on
China's sovereign rating; and (2) the consideration that Yangzhou
Slender Development's BCA is appropriately positioned at the
current level.

Moody's could upgrade the rating if: (1) the likelihood of
government support for Yangzhou Slender Development increases,
and/or (2) Yangzhou Slender Development's standalone credit
profile improves significantly.

Moody's could raise Yangzhou Slender Development's BCA if the
company's business or financial profile improves. Credit metrics
indicative of upward pressure on its BCA include adjusted (FFO
from non-government transactions + government cash payments +
interest)/interest exceeding 2.5x on a sustained basis.

But Moody's could downgrade the rating if: (1) the likelihood of
government support for Yangzhou Slender Development decreases,
and/or (2) the company's standalone credit profile weakens.

Moody's could lower Yangzhou Slender Development's BCA if its
business or financial profile deteriorates materially. Credit
metrics indicative of a potential downgrade of the BCA include
adjusted (FFO from non-government transactions + government cash
payments + interest)/interest below 1x on a sustained basis.

The methodologies used in these ratings were Business and
Consumer Service Industry published in October 2016, and
Government-Related Issuers published in June 2018.

Yangzhou Slender West Lake Tourism Development Group Co, Ltd
(Yangzhou Slender Development) is 100% owned by the Yangzhou
municipal government. The company is mainly engaged in the
construction and operation of the tourism infrastructure for the
Slender West Lake Scenic Area in Yangzhou city on behalf of the
Yangzhou government. It is also involved in - among other
things - tourism management, the construction of traditional
Chinese gardens, garden landscape design, and real estate
development.



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


PANDA GREEN: S&P Lowers Long-Term ICR to CCC+ on Refinancing Risk
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Panda Green Energy Group Ltd. (PGE) to 'CCC+' from 'B'. S&P said,
"At the same time, we placed the rating on CreditWatch with
negative implications. We also lowered the issue rating on the
company's senior unsecured notes to 'CCC' from 'B-'."

PGE is a Hong Kong-listed solar power operator with a
consolidated installed capacity of about 1.8 gigawatts as of June
30, 2018.

The downgrade reflects PGE's deteriorating liquidity and
available cash resources, which raises uncertainty over its
ability to meet its near-term debt obligations. These near-term
maturities include Hong Kong dollar (HKD) 233 million and US$100
million convertible bonds (CBs), as well as US$20 million in
medium-term notes (MTNs), all scheduled to mature at the end of
December 2018.

The CreditWatch negative placement reflects the potential to
lower the rating by one or more notches if PGE fails to redeem
these CBs on or before the maturity date, materially extend the
maturity date before the scheduled maturity, or present and
execute a clear course of action on how the CB holder will
convert the CBs into company shares.

PGE is in discussions to extend the maturity date with the holder
of these CBs. Currently, S&P has no certainty on whether an
agreement will be reached, nor when the new potential maturity
date might be.

The rating takes into consideration: (i) PGE's increasing
financial risk tolerance, evidenced by a lack of action related
to the upcoming CB maturities; (ii) the low visibility on how PGE
will repay the US$350 million senior unsecured notes scheduled to
mature in January 2020; (iii) the likelihood of the CB holder
converting into shares, without impairing China Merchants New
Energy's position as the largest shareholder of the company; and
(iv) lack of track record to reduce debt via an equity injection
from shareholders or disposal of project-level shares.

PGE obtained a Chinese renminbi (RMB) 200 million financial
leasing arrangement on Dec. 7, 2018. It has also received around
RMB500 million in overdue subsidy receivables over the past 60
days. Nevertheless, S&P is uncertain if these additional cash
resources can help to meet all the near-term debt maturities. As
such, S&P has also lowered PGE's liquidity to weak, given the
uncertainty over whether PGE can redeem its CBs based on its
existing cash resources.

The CreditWatch negative placement reflects the potential to
lower the rating by one or more notches if PGE fails to redeem
its CBs on or before the maturity date, materially extend the
maturity date before the scheduled maturity, or present and
execute a clear course of action on how the CB holder will
convert the CBs into shares.

These CBs are scheduled to mature by the end of December. S&P
expects to resolve the CreditWatch in the next 30 days.



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


AGNI INDUSTRIAL: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Agni
Industrial Fire Services Limited (AISL) to 'CRISIL D Issuer not
cooperating'.

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

   Proposed Working     2.75      CRISIL D (ISSUER NOT
   Capital Facility               COOPERATING; Rating Migrated)

   Term Loan            4.25      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AISL for obtaining
information through letters and emails dated August 28, 2018 and
September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established as a proprietorship concern and reconstituted as a
private-limited company in 2002, AISL supplies, installs, tests,
and commissions fire-fighting systems. Operations are managed by
Mr Debashish Chakraborthy.


ANANT INTERCONTINENTAL: CRISIL Moves B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Anant
Intercontinental Private Limited (AIPL) to 'CRISIL B/Stable
Issuer not cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Export Packing Credit     10       CRISIL B/Stable (ISSUER
                                      NOT COOPERATING; Rating
                                      Migrated)

CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated August 28, 2018 and
September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2012, AIPL exports basmati and non-basmati rice,
to Singapore and Middle East. The company began commercial
operations from August 2014 and is based in Raipur
(Chhattisgarh). The operations are managed by promoters, Mr Umesh
Jain and Mr Mukesh Jain.


BANSHIDHAR AGRO: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Banshidhar
Agro Cold Storage Private Limited (BACSPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              3.92      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BACSPL for
obtaining information through letters and emails dated
October 31, 2018 and November 5, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

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

Set up in April 2015 and promoted by Mr Suresh Chandra Sharma, Ms
Santosh Sharma, and Mr Debi Prasad Sharma, BACSPL operates a 4900
tonne multi-purpose cold storage in Rangidaspur, Odisha.
Operations commenced from March 2016.


EASTERN DOORS: CRISIL Raises Rating on INR4.35cr Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Eastern Doors (ED) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                   Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Cash Credit       1.5         CRISIL B+/Stable (Upgraded
                                 from 'CRISIL B/Stable')

   Term Loan         4.35        CRISIL B+/Stable (Upgraded
                                 from 'CRISIL B/Stable')

The upgrade is driven by ramp-up in scale of operations and the
continuously increasing demand, while sustenance in operating
margin and improvement in working capital cycle. The firm
reported an operating income of INR8.39 Crore in fiscal 2018, a
305% growth over the previous fiscal, owing to conclusion of
capital expenditure undertaken in the previous fiscal. The
operating margin sustained at 14.2% in fiscal 2018. Operating
margin has ranged from 13.5% - 14.7% over the last four fiscals.
Working capital cycle has improved, as reflected in gross current
assets (GCAs) improving to 120 days in fiscal 2018 from 270 days
in the previous fiscal. Improvement in working capital cycle is
primarily owing to better inventory management, with inventory
level improving to 68 days in fiscal 2018 from 235 days in the
previous fiscal.

The rating reflects the extensive experience of the firm's
partners in the plywood industry. This strength is partially
offset by the firm's modest scale of operations in the highly
fragmented and competitive plywood industry, moderate financial
risk profile, and moderately intensive working capital
operations.

Analytical Approach

Unsecured loans of INR2.45 Crore as on March 31, 2018 have been
treated as Neither Debt nor Equity. These are extended by
promoters, are subordinated to bank-debt and are likely to
continue in the business over the medium term.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of the promoters in the plywood industry:
The promoters have an experience of 12 years in the plywood
industry, and have gained insight into the industry and built a
market position in Uttar Pradesh, Bihar, and Jharkhand. The
company also exports to Nepal, Thailand and Australia. It has a
strong distribution network of 50 distributors in Uttar Pradesh,
Bihar and Jharkhand, and has established relationships with a
large pool of suppliers which ensures steady availability of raw
materials. CRISIL believes the promoter's extensive industry
experience will help the company gradually scale up operations.

Weakness

* Modest scale of operations in the highly fragmented and
competitive wood industry: ED is a relatively smaller player in a
highly fragmented plywood industry. Turnover was INR8.39 Crore in
fiscal 2018. Although turnover rose 305% in fiscal 2018 over the
previous fiscal, the scale of operations continues to remain
small. Furthermore, the plywood industry has a large number of
small players. CRISIL believes the intense competition in the
industry will constrain ED's scale of operations.

* Moderate financial risk profile and moderately intensive
working capital operations: Moderate total outside liabilities to
tangible networth ratio of 0.92 time is partially offset by
modest networth of INR1.67 as on March 31, 2018. Debt-protection
metrics are moderate with net cash accruals to adjusted debt and
interest coverage ratios of 0.20 time and 1.85 times,
respectively in fiscal 2018. Working capital operations are
moderately intensive in nature, as reflected in improvement in
GCAs to 120 days in fiscal 2018 from 270 days in the previous
fiscal.

Outlook: Stable
CRISIL believes ED will continue to benefit from the promoters'
extensive experience in the plywood business. The outlook may be
revised to 'Positive' in case of significant scale up in
operations, while sustenance of working capital cycle, leading to
better-than-expected cash accrual, and consequently improved
financial risk profile. Conversely the outlook may be revised to
'Negative' if financial risk profile particularly liquidity,
weakens due to larger-than-expected working capital requirement,
lower cash accrual or any large, debt-funded capital expenditure.

Set up in 2006 by Mr. Ahsan Karim Khan, Mr. Faizan Ahmar, and Ms.
Ismat Fatma, ED manufactures ply, block board, and flush doors,
at its facility in Gorakhpur (Uttar Pradesh).


GALLOPS AUTOLINK: CRISIL Assigns B Rating to INR15cr Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the bank
facilities of Gallops Autolink Private Limited (GAPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Cash
   Credit Limit           1         CRISIL B/Stable (Assigned)

   Channel Financing      4         CRISIL B/Stable (Assigned)

   Cash Credit           15         CRISIL B/Stable (Assigned)

   Cash Credit/
   Overdraft facility    10         CRISIL B/Stable (Assigned)

The ratings reflects GAPL's susceptibility to intense competition
in the automobile dealership business, limited bargaining power
with the principal, and it's weak financial risk profile. This
weakness is partially offset extensive experience of the promoter
in the passenger and commercial vehicle industry.

Analytical Approach

Unsecured loans from the promoters have been treated as neither
debt nor equity. That is because these loans are subordinated to
bank debt, interest-free in nature, and expected to remain in the
business over the medium term

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to intense competition in the automotive
dealership business and limited bargaining power with the
principal: GAPL faces competitive pressures from other commercial
vehicle players. The competition compels automobile manufacturers
to cut costs as well as reduce their commissions to dealers. The
principals also encourage more dealerships (thereby increasing
competition) to improve penetration and sales.

* Weak financial risk profile: Financial risk profile is weak, as
reflected in modest networth of Rs. 0.76 crores as on March 31,
2018. Debt protection metrics, were also weak as reflected in
interest coverage and net cash accrual to total debt ratios of
1.98 times and 0.03 time, respectively, in fiscal 2018.

Strengths

* Extensive experience of the promoters in the industry: The
promoters' experience of about two decades through other group
companies has helped GAPL establish its market position in the
automobile dealership business. The company's position is further
strengthened by its status as a dealer for Tata Motors, which is
a dominant player in the Commercial vehicle segment in India. The
promoters' industry experience has also helped the company
continuously add showrooms and workshops, and ramp-up operations.

Outlook: Stable

CRISIL believes that GAPL will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if the financial risk profile improves,
backed by infusion of equity or sizable cash accruals.
Conversely, The outlook may be revised to 'Negative' if steep
decline in profitability, stretched working capital cycle, or any
large, debt-funded capital expenditure further weakens financial
risk profile.

GAPL was established in 2015, by Mr Aman Nirwani, Mr. Tanuj
Pugalia and Mr. Rajkumar Pugalia. The company is an authorized
automobile dealer for TATA Motors Limited for commercial vehicles
and has facilities based out of Ahmedabad and Gandhinagar.


GHSPL JEYPORE: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of GHSPL
Jeypore Healthcare LLP (Jeypore, part of the Glocal group) to
'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        7.61      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Fund-        2.39      CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Jeypore for
obtaining information through letters and emails dated October
30, 2018 and November 5, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Jeypore and Glocal Healthcare Systems
Pvt Ltd (Glocal) as they are in the same line of operations,
under a common management and have financial linkages.

Incorporated in July 2010, Glocal is the flagship company of the
Glocal group promoted by Dr Syed Sabahat Azim and Mr Meleveetil
Damodaran to provide basic secondary healthcare services to the
suburban and rural populations of the country. Glocal runs 8
(including 6 as special purpose vehicles) basic secondary
hospitals of 100 beds each. Incorporated in 2013, Jeypore is a
secondary care hospital in in Jeypore, Odisha.


GHSPL SAMBHAV: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of GHSPL
Sambhav KNJ Healthcare LLP (Sambhav, part of the Glocal group) to
'CRISIL B+/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Long Term Loan      8.49       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Fund-      1.51       CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits              COOPERATING; Rating Migrated)


CRISIL has been consistently following up with Sambhav for
obtaining information through letters and emails dated
October 30, 2018 and November 5, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sambhav and Glocal Healthcare Systems
Pvt Ltd (Glocal) as they are in the same line of operations,
under a common management and have financial linkages.

Incorporated in July 2010, Glocal is the flagship company of the
Glocal group promoted by Dr Syed Sabahat Azim and Mr Meleveetil
Damodaran to provide basic secondary healthcare services to the
suburban and rural populations of the country. Glocal runs 8
(including 6 as special purpose vehicles) basic secondary
hospitals of 100 beds each.


KALYAN RESORTS: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kalyan Resorts'
Long-Term Issuer Rating of 'IND BB-'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The IND BB- rating on the INR342.7 mil. Term loan due on
    March 2028 are withdrawn;

-- The IND BB- rating on the INR10 mil. Fund-based facilities
    are withdrawn; and

-- The IND BB- rating on the INR2 mil. Non-fund-based facilities
    are withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Kalyan Resorts is a part of Mirasol Resorts, a reputed hotel,
resort and waterpark in Daman, Gujarat.


MIRAMAR RESORTS: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Miramar Resorts
Private Limited's (MRPL) Long-Term Issuer Rating of 'IND BB-'.
The Outlook was Stable.

The instrument-wise rating actions are:

-- The IND BB- rating on the INR4.679 mil. Term loan due on
    March 2019 are withdrawn;

-- The IND BB- rating on the INR2 mil. Fund-based facilities are
    withdrawn; and

-- The IND BB- rating on the INR3 mil. Non-fund-based facilities
    are withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Miramar Resorts is a part of Mirasol Resorts, a reputed hotel,
resort and water park in Daman, Gujarat.


OM SAI: CRISIL Migrates B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Om Sai Aqua
(OSA) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           1.50      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        1.33      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    8.42      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with OSA for obtaining
information through letters and emails dated October 22, 2018,
October 29, 2018 and November 5, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

OSA is a proprietary firm set up in 2000 by Mr. B Venkateshwarlu.
The firm manufactures fish meal, shrimp head meal, and fish oil,
which are intermediary products used in manufacturing aqua feed.


PAREKH PETROCHEMICALS: Ind-Ra Assigns BB- Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Parekh
Petrochemicals (PP) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR50.00 mil. Fund-based working limits assigned IND BB-/
    Stable/IND A4+ rating; and

-- INR100.00 mil. Non-fund-based working limits assigned with
    IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect PP's proprietorship nature of business and
medium, volatile scale of operations. Revenue fell to INR1,521
million in FY18 (FY17: INR1,722 million; FY16: INR1,846 million)
because of lower volumes in the last two years, and was INR819.3
million (53% of FY18) during April-September 2018. FY18
financials are provisional in nature.

The ratings, however, are supported by PP's healthy EBITDA
margin, leading to comfortable credit metrics. EBITDA margin
improved to 3% in FY18 (FY17: 2.5%; FY16: 2.3), mainly on account
of an increase in realization/product. The ROCE of the firm was
23% in FY18 (FY17: 18%). The firm is able to pass on increases in
raw material price to customers. However, it does not have a
hedging policy in place, despite imports accounting for 90% of
the total purchases. Gross interest coverage reduced to 3.2x in
FY18 (FY17: 8.3x) as interest expenses increased with increased
use of the cash credit facility, while net leverage (adjusted net
debt/operating EBITDA) improved to 2.8x (3.5x) due to the
repayment of term loans.

The ratings factor in PP's moderate liquidity position with
average utilization of the working capital facilities being 91%
for the 12 months ended October 2018. PP's cash flow from
operations turned positive in FY18 to INR41 million and will
remain so in the medium term.

The ratings are further supported by the firm's proprietor's
experience of more than 25 years in the trading and distribution
of polymers.

RATING SENSITIVITIES

Negative: Any further decline in the revenue along with
deterioration in the profitability margins resulting in
deterioration in the credit metrics would be negative for the
ratings.

Positive: A substantial improvement in the revenue and
profitability margins resulting in an improvement in the credit
metrics on a sustained basis would be positive for the ratings.

COMPANY PROFILE

PP is a proprietorship firm, headed by Mr. Rajesh Parekh. It is
engaged in the trading and distribution of various grades of
polymers. The firm is a part of Sukesh Group, consisting of four
companies, all engaged in the same line of business.


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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR213.9 mil. Term loan due on March 2023 migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR30 mil. Non-fund-based limit migrated to Non-Cooperating
    Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 14, 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 2008, Mumbai-based S S Offshore is engaged in the
marine transportation business. It provides crew and vessels on a
contractual basis and operates for only eight months (October-
May).


SHAHWAR MOTIVES: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Shahwar Motives
Private Limited (SMPL) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          7        CRISIL B/Stable (ISSUER NOT
                                 COOPERATING)

CRISIL has been consistently following up with SMPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of SMPL, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

SMPL, incorporated in 2003, has been an authorised dealer for
Nissan's passenger cars since April 2004. The company has two
showrooms and one service station in Bengaluru. It sells Nissan's
passenger cars, including Teana, Micra, Sunny, Terrano, and
Datsun Go; it also sells spare parts and accessories and
undertakes servicing of vehicles.


SHIV RICE: CRISIL Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Shiv Rice Mill (SRM)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     2.65      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              1.35      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SRM for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of SRM, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established in 2008, SRM mills non-basmati parboiled rice. Its
manufacturing facility is in Murshidabad (West Bengal). The firm
is owned by the Murshidabad-based Mr. Goutam Bhakat and Ms.
Nafisa Begam and their family members. The operations are managed
by Mr. Goutam Bhakat. SRM sells rice under the 'Shiv Rice' brand
in the open market; it also mills rice on a jobwork basis for
government agencies.


SRI DURGA: CRISIL Migrates B- Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Durga
Estates (SDE) to 'CRISIL B-/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          5.5       CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long        2.5       CRISIL B-/Stable (ISSUER NOT
   Term Bank Loan                 COOPERATING; Rating Migrated)
   Facility

CRISIL has been consistently following up with SDE for obtaining
information through letters and emails dated October 29, 2018 and
November 5, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SDE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SDE is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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


SUSHIL FROZEN: CRISIL Reaffirms 'B' Rating on INR8cr LT Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Sushil Frozen Agro Processing Private
Limited (SFPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B/Stable (Reaffirmed)
   Long Term Loan        8.0        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect SFPL's below-average financial
risk profile and working capital intensive operations. These
weaknesses are partially offset by the extensive experience of
the promoters and their funding support.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Networth was modest and
gearing moderately high at INR3.75 crore and 3.20 times,
respectively, as on March 31, 2018. While debt protection metrics
were moderate with interest coverage and net cash accrual to
adjusted debt ratios of 2.75 times and 0.15 time, respectively,
in fiscal 2018.

* Working capital-intensive operations: Gross current assets were
high at 552 days, driven by inventory of 750 days as on March 31,
2018. Operations are likely to remain working capital-intensive
over the medium term, thereby constraining financial flexibility.

Strength

* Experience of the promoters: Benefits from the promoters'
experience of over a decade in trading of fast-moving consumer
goods will sustain the business. Further, need-based funding
support from the promoters is expected to continue.

Outlook: Stable

CRISIL believes SFPL will continue to benefit from the experience
of its promoters. The outlook may be revised to 'Positive' if
increase in revenue and operating margin leads to high cash
accrual and strengthens capital structure. The outlook may be
revised to 'Negative' if low cash accrual or debt-funded capital
expenditure weakens capital structure, or if increase in working
capital requirement results in stretched liquidity.

Incorporated in 2014, SFPL, processes and packages frozen peas
and provides cold storage and warehouse services for peas,
carrots, and cauliflowers. Its facility is in Nainital,
Uttarakhand. Ms Vijayata Singhal and Mr Sushil Kumar Singhal
manage the operations.


THE HIMANIS: CRISIL Maintains B Rating in Not Cooperating Cat.
--------------------------------------------------------------
CRISIL said the rating on bank facilities of The Himanis (The)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with The for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of The continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

The Himanis was set up as a partnership firm in 2015 by Mr.
Dinesh Gupta and his family. It is setting up a hotelcum-resort
of 60 rooms (including five cottages) in Kasauli, Himachal
Pradesh which is expected to be completed by March 2017.


TIGER TANNING: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Tiger Tanning
Industries (TTI) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           6.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Fund-        0.7       CRISIL B/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING)

CRISIL has been consistently following up with TTI for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of TTI, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

TTI, set up in 1997 in Kolkata, tans raw hides to produce
finished leather used in manufacturing leather gloves. Mr. S
Javed, Mr. Shoeb Alam, and Mr. Sohail Alam are partners in the
firm.


TILAK RAM: CRISIL Hikes Rating on INR15cr Cash Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Tilak Ram Babu Ram Private Limited (TRBR) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          15        CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

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

The upgrade reflects continued improvement in the business risk
profile, marked by growth in operating income to INR192 crore in
fiscal 2018, from INR77 crore in fiscal 2017. Operating margin
remained low at 0.4% given the trading nature of the business.
Cash accrual improved to INR15 lakh from INR8 lakh over the same
period.

Liquidity will remain comfortable, amid growing scale of
operations, unsecured loans from the promoters, and cushion in
bank limit, with utilisation averaging 61%, and no term debt.

Analytical Approach

Unsecured loans of INR4.39, crore extended by the promoters, have
been treated as neither debt nor equity, as the loans are
subordinated to external debt and should remain in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Low operating margin: Intense competition from several
unorganised players in the cotton ginning and trading business,
limits the bargaining power with customers. Operating margin, at
0.4% for fiscal 2018, is therefore, expected to remain low over
the medium term.

* Weak financial risk profile: Financial risk profile is marked
by a low adjusted interest coverage of 1.2 times for fiscal 2018,
because of low profitability Total outside liabilities to
tangible networth ratio rose to 5.20 times as on March 31, 2018,
from 2.30 times a year before, due to increased working capital
debt.

Strength

* Extensive experience of the promoters: The decade-long
experience of the promoters, and their established relationships
with suppliers and customers like Vardhman Textile Ltd, should
continue to support the business risk profile.

* Funding support from promoters: The promoters have been
providing funding support via unsecured loans, which are non-
interest are bearing.

Outlook: Stable

CRISIL believes TRBR will continue to benefit from the extensive
experience of its promoters, and established relationships with
customers and suppliers. The outlook may be revised to 'Positive'
if the company reports growth in revenue and profitability, and
improvement in working capital management and capital structure.
The outlook may be revised to 'Negative' if decline in
profitability, due to fluctuations in cotton prices, weakens the
financial risk profile.

TRBR was set up in 2012, by the promoter, Mr Raj Kumar Garg,
based in Haryana. In April 2013, TRBR acquired Tilak Industries,
the promoter's proprietorship firm established in 1992 at Tohna,
Haryana. TRBR trades in cotton bales.


TRIUMPH AUTO: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Triumph Auto Parts
Distributors Private Limited (TADPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Electronic Dealer      6.75      CRISIL B/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING)
   (e-DFS)

CRISIL has been consistently following up with TADPL for
obtaining information through letters and emails dated April 30,
2018 and October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of TADPL, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

Incorporated in 2004, TADPL is an authorised distributor of spare
parts of TML's commercial vehicles (buses, trucks, and Tata Ace)
in Northern Haryana. TADPL is promoted by Mr. Manu Gupta and Mr.
Naresh Gupta.


TRIVIK HOTELS: CRISIL Reaffirms D Rating on INR10cr Term Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on long term bank facilities of
Trivik Hotels and Resorts Private Limited (Trivik) at 'CRISIL D'
due to continued delays in servicing of debt instalments and
interest payments.

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

Trivik's scale of operations is small, and financial risk profile
is weak because of modest networth and weak capital structure.
However, the company benefits from the extensive experience of
its promoters in the hospitality industry, and the advantageous
location of its upcoming hotel.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in the intensely competitive
hospitality industry: Small scale of operations, indicated by
revenue of INR7.18 cr for fiscal 2018, in the intensely
competitive hotel industry will continue to constrain business
risk profile.

* Weak financial risk profile: Financial risk profile is
constrained by small networth, aggressive gearing, and inadequate
debt protection metrics. Continued large debt and losses will
keep the financial risk profile weak.

Strengths

* Extensive experience of the promoters in the hospitality
industry, and advantageous location of upcoming hotel: The
promoters have been operating a hotel in Bengaluru since fiscal
2013 and have established relationships with corporate clients
because of their diverse business interests.

Trivik was incorporated in 2010 as KSS Hotels and Resorts Pvt
Ltd, and got its present name in 2013. Promoted by Mr J Krishna
Chaitanya Varma, Mr Sri Rama Raju, and Mr A Sri Harsha Varma,
Trivik is constructing a 45-villa, five-star hotel in
Chikkamangalur in Karnataka.


V. G. SHIPBREAKERS: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of V. G. Shipbreakers
Private Limited (VGS) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          7          CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit     8          CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with VGS for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

VGS, incorporated in 2006, is primarily engaged in ship breaking
and steel trading businesses. The company is owned and managed by
the Prajapati family based in Mumbai, Maharashtra.


VARADVINAYAK DEVELOPERS: CRISIL Keeps B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Varadvinayak
Developers (VD) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Project Loan          12.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with VD for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of VD, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

VD, established in 2010 by members of the Panvelkar group,
develops residential real estate projects in Badlapur (Thane
District). The firm is presently implementing three residential
projects, Panvelkar-Heights, Panvelkar-Optima and Panvelkar
Montana in Badlapur.  The Panvelkar group has over 20 years'
experience in the real estate industry.


VASUMATHY TRADERS: CRISIL Reaffirms B Rating on INR5cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Vasumathy Traders (VT).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B/Stable (Reaffirmed)
   Key Cash Credit       5.0        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     .5        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect VT's modest scale of operations
in an intensely competitive segment and a below-average financial
risk profile. These weaknesses are partially offset by the
experience of the promoter.


Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in an intensely competitive segment
The scale of business is modest as reflected by revenues of Rs.29
crores in fiscal 2018.Also operating margins has historically
remained low at around 2% due to trading nature of operations.
Intense competition, trading nature of the business, and volatile
product prices may continue to constrain scalability, pricing
power, and profitability.

* Below-average financial risk profile: Financial risk profile is
expected to remain weak over the medium term. Networth was modest
at INR3.9 crore as on March 31, 2018. Interest coverage ratio and
net cash accruals to total debt was modest at 1.42 times and 0.06
times respectively as on March 31, 2018. However the TOLTNW is
moderate at 2.98 times as on that date.

Strength

* Experience of promoter: Benefits from the promoter's experience
of four decades and a strong reputation with the Tamil Nadu
Government for procurement of imported pulses for its various
civil schemes should continue to support the business.

Outlook: Stable

CRISIL believes VT will continue to benefit from the experience
of the promoter. The outlook may be revised to 'Positive' if
substantial increase in revenue and profitability strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if steep decline in revenue or sizeable withdrawal of
funds weakens capital structure.

VT, set up in 1977 at Virudhunagar (Tamil Nadu) by Mr A
Surendran, sells imported pulses and spices to the Tamil Nadu
Government and a few private players.


VEERA ASSOCIATES: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Veera Associates
(VA) continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bill Discounting        3       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Export Packing          1       CRISIL B+/Stable (ISSUER NOT
   Credit                          COOPERATING)

   Long Term Loan          5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Overdraft               3.5     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with VA for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of VA, continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 2010, VA is primarily engaged in production of
Polyester viscose yarn. Based out of Guntur district in Andhra
Pradesh, VA is promoted by Mr.K.Veeraiah and his family. The day
to day operations of the firm are managed by his son
Mr.K.V.Prasad.


VINAYAGA IMPEX: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Vinayaga Impex
Private Limited (VIPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.4        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Export Bill           4.5        CRISIL D (ISSUER NOT
   Rediscounting                    COOPERATING)

   Inland/Import         0.25       CRISIL D (ISSUER NOT
   Letter of Credit                 COOPERATING)

   Overdraft             2.50       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit        2.50       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    1.39       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              .46       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with VIPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Started in 2003, VIPL is a Delhi-based company that manufactures
garments and fabrics. It is managed by Mr. B M Arora, Mr. Arjun
Dev, and Mr. Pradeep Nanda. Its manufacturing unti is based in
Ludhiana (Punjab).


VISHWASRAO NAIK: CRISIL Maintains B- Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Vishwasrao Naik
Sahkari Sakhar Karkhana Limited (VNSSKL) continues to be 'CRISIL
B-/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          7.5      CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING)

   Proposed Long Term   2.5      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility            COOPERATING)

CRISIL has been consistently following up with VNSSKL for
obtaining information through letters and emails dated April 30,
2018 and October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of VNSSKL, continues to be 'CRISIL B-/Stable Issuer
not cooperating'.

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

Set up in 1972-73 by Mr. Vishwasrao Naik as a co-operative sugar
mill in the Shirala taluka of Sangli district, Maharashtra,
VNSSKL is currently chaired by Mr. Mansingh Rao Naik. Its mill
has sugarcane crushing capacity of 3500 tonne per day, distillery
with capacity 30 kilolitre per day, and a 10-kilowatt
cogeneration plant.


YOUNG INDIA: CRISIL Assigns B+ Rating to INR5.25cr Cash Loan
------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long term
bank facility of Young India Films (YIF).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         5.25      CRISIL B+/Stable (Assigned)

The rating reflects a small scale of operations and an average
financial risk profile. These weaknesses are partially offset by
the extensive industry experience of the partners.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations: Revenue was modest at INR8.2 crore
for fiscal 2018. Growth in the educational sector will drive
revenues however scale is expected to remain modest over the
medium term.

* Average financial risk profile: The networth is small,
estimated at around INR2.8 crore as on March 31, 2018 leading to
high total outside liabilities to total networth (TOLTNW) of 2.8
times as on March 31, 2018. Debt protection metrics were below
average with interest cover of 1.4 times and net cash accruals to
total debt of 5 percent

Strengths:
* Extensive industry experience of the partners: The firm is
managed by the third generation of promoters, who have extensive
experience of more than a decade in the industry. This has
enabled the firm to establish a healthy relationship with
suppliers and customers.

Outlook: Stable

CRISIL believes YIF will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of an increase in the scale of operations
and profitability, leading to better-than-expected cash accrual
and hence improvement in the financial risk profile. The outlook
may be revised to 'Negative' in case of a decline in revenue or
profitability, or a stretched working capital cycle, resulting in
weakening of the financial risk profile, especially liquidity.

Young India Films was set up in 1962 to distribute movies for
Columbia Pictures before moving into the education segment. YIF
is engaged in setting up smart classroom, language and math labs
and distribution of educational software.


ZERO MICROFINANCE: CRISIL Maintains B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Zero Microfinance
and Savings Support Foundation (ZMF, a part of the ALW group)
continues to be 'CRISIL B-/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Proposed Long        15        CRISIL B-/Stable (ISSUER NOT
   Term Bank Loan                 COOPERATING)
   Facility

CRISIL has been consistently following up with ZMF for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of ZMF continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of ZMF and A Little World Private
Limited (ALW). This is because both entities, together referred
to as the ALW group, are managed by the same promoters and have
common business. There is large financial support extended by ALW
to ZMF. Both entities are expected to be merged over the near to
medium term.

ALW, incorporated in 2000, is engaged in developing and providing
licensed technology for enabling smart cards and other electronic
technology-based commerce, electronic-identity systems, and
trading and delivery systems. ZMF operates as one of the largest
business correspondents for State Bank of India (SBI, rated
'CRISIL AAA/FAAA/Stable/CRISIL A1+') and is engaged in the
extension of banking services in the rural and urban areas of
India where banking penetration is limited. The group is managed
and operated by Mr. Anurag Gupta.



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


WIJAYA KARYA: Fitch Affirms BB LT IDR, Alters Outlook to Neg.
-------------------------------------------------------------
Fitch Ratings has revised Indonesia-based construction company PT
Wijaya Karya Tbk's Outlook to Negative from Stable. At the same
time, the agency has affirmed the company's Long-Term Issuer
Default Rating at 'BB'. Fitch Ratings Indonesia has also revised
the Outlook on the National Long-Term Rating to Negative from
Stable, and affirmed the rating at 'AA(idn)'.

The Outlook revision reflects risks that WIKA's financial profile
will weaken due to potential investments in further government
infrastructure projects. The company's leverage, measured by net
adjusted debt/ adjusted EBITDA, could increase to above 2x, the
level at which Fitch would consider negative rating action, and
remain above that in the medium term. Nevertheless, pressure on
the financial profile in the medium to long term may be
alleviated by improving cash flow generation, driven by robust
order-book growth, which stems from WIKA's strong market position
as one of the largest state-owned construction companies in
Indonesia.

WIKA's ratings incorporate a two-notch uplift from its standalone
credit profile of 'B+'/'A+(idn)' to reflect Fitch's expectation
of exceptional support from its parent, the government of
Indonesia (BBB/Stable), during distress scenarios.

'AA' National Ratings denote expectations of very low default
risk relative to other issuers or obligations in the same
country. The default risk inherent differs only slightly from
that of the country's highest-rated issuers or obligations.

KEY RATING DRIVERS

Investment Pipeline Raises Leverage: Fitch forecasts WIKA's
leverage will rise above 2x in 2020, mainly due to the company's
plan to invest in large infrastructure projects over the next few
years, in line with the government's focus on this area. Fitch
forecasts investment outflow of IDR4 trillion-5 trillion in 2018-
2019, which is likely to put pressure on WIKA's financial
profile. However, the investments are uncommitted in nature and a
change in government after elections next year may shift the
focus away from infrastructure, which may affect WIKA's capex in
the medium term.

Healthy Order Book Growth: WIKA's order book increased by CAGR of
25% in 2012-2017, bringing it to IDR107 trillion in 2017, around
4% above its expectation. However, new orders secured in 9M18
have fallen around 20% yoy, although the company forecasts growth
to pick up in 4Q18, driven by expectations that a number of large
government-related infrastructure projects will be awarded at the
end of the year.

Fitch forecasts new orders to reach IDR45 trillion in 2018, lower
than the management's forecast of IDR58 trillion, as its rating
case scenario factors in risks of delays in the tender process of
some larger government-related projects. New contract wins over
the medium term are likely to ease gradually as the company
focuses on executing its existing order book to improve revenue
recognition and cash flows. Nevertheless, construction order
book/adjusted revenue should remain high at between 3.5x and 4.0x
in 2019-2021.

Small Scale, Cash Flow Deficit: WIKA's standalone credit profile
of 'B+'/'A+(idn)' reflects its small operating scale relative to
global and national peers. Fitch expects WIKA to continue to
expand quickly over the next few years as it recognises the
revenue and cash flow from its enlarged order book. Therefore,
Fitch expects WIKA to post negative free cash flow (FCF), after
investments in joint ventures and associates, for the medium
term. This will be partly counterbalanced by WIKA's strong access
to domestic credit markets due to its association with the
government and government-sponsored construction projects.

Linkage to Government: WIKA's ratings benefit from a two-notch
uplift from its standalone profile, based on Fitch's Government-
Related Entities (GRE) Rating Criteria. Fitch assesses that WIKA
has strong linkages with the Indonesian sovereign, which owns a
65% stake. Nevertheless Fitch assesses that the parent's
incentive to provide support is weak to moderate, primarily due
to Fitch's assessment that a default by WIKA would have only weak
financial implications for the government.

The government's plan to create a holding company for all state-
owned contractors, including WIKA, may lead to a reassessment of
the linkage and the relevant criteria. However, there is
currently uncertainty, not only regarding which entity will be
the holding company of the state-owned contractors, but also the
timing of the government's restructuring of state-owned
enterprises.

DERIVATION SUMMARY

WIKA's standalone credit profile may be compared with that of
international peers, such as Grupo Aldesa S.A. (B/Stable),
Obrascon Huarte Lain SA (OHL; B+/Stable) and Salini Impregilo
S.p.a (BB+/Stable). Compared with Aldesa, Fitch believes WIKA's
larger operating scale in terms of order book and EBITDA, wider
profit margins and stronger financial profile justify a one-notch
difference between their credit profiles. Fitch also believes
WIKA has stronger growth prospects from its heavy exposure to
government-related infrastructure projects in Indonesia.

WIKA has a larger operating scale and wider profit margins than
OHL, but has a stronger financial profile. Fitch expects OHL to
be in a net cash position over the next three years. Fitch also
believes OHL's more geographically diversified order book offsets
the benefit from WIKA's strong domestic market position, which
results in a similar credit profile for both names. The multiple-
notch difference between the credit profiles of WIKA and Salini
is due to the latter's significantly larger operating scale and
stronger financial profile. Salini's better project and
geographical diversification, which spans over 50 countries
compared to WIKA's Indonesia-centric operations, further
justifies the difference in rating level.

On the National rating scale, WIKA may be compared with PT Sri
Rejeki Isman Tbk (Sritex/A+(idn)/Stable) and PT Waskita Karya
(Persero) Tbk (A(idn)/standalone BBB+(idn)/Stable). Compared with
Sritex, WIKA's cash flows are more cyclical as they are linked to
the pace at which the Indonesian government executes its
infrastructure programme. WIKA's order book and cash flows
increased strongly in the last few years as Indonesia made
improving the country's infrastructure a priority. Nevertheless,
WIKA's stronger financial profile than Sritex compensates for its
more cyclical cash flows. As a result, WIKA's standalone credit
profile is the same as the rating on Sritex.

Waskita has a larger operating scale, measured by order book and
EBITDA, and has wider profit margins than WIKA. However, Fitch
believes WIKA benefits from more prudent operational and
financial management, which gives it a significantly stronger
financial profile. WIKA also has better revenue visibility given
its higher order book backlog ratio compared to Waskita. Fitch
also believes Waskita's liquidity to be tighter than that of
WIKA, as the former is more exposed to turnkey projects, which
require significant prefunding of working capital. Cash inflow
after project completion is also very much dependent upon
successful divestment of the projects. As a result, Fitch thinks
the multiple-notch difference between the standalone credit
profiles of Waskita and WIKA is appropriate

KEY ASSUMPTIONS

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

  - New orders to increase by 30% in 2018 and 20% in 2019

  - EBITDA margin to remain stable at 10%-11% in 2018-2021

  - Aggregate capex of around 2%-3% of revenue annually

  - Investments of around IDR5 trillion in 2018-2019

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to the
Outlook being revised to Stable

  - Improvement in leverage, as measured by net adjusted debt/
adjusted EBITDA, to below 2x for a sustained period, without any
weakening in the credit profile of Indonesia and/or linkages
between WIKA and the government

Developments that May, Individually or Collectively, Lead to a
Downgrade

  - Further deterioration in leverage to above 2x for a sustained
period (2017: net cash)

  - Weakening credit profile of Indonesia and/or weakening
linkages between WIKA and the government

LIQUIDITY

Adequate Liquidity: WIKA had readily available cash of IDR8.5
trillion at September 30, 2018, compared with IDR5.7 trillion of
short-term maturities. Fitch believes WIKA has adequate liquidity
to cover its maturing term loans, and Fitch expects WIKA's strong
access to domestic credit markets to support the company's
projected negative free cash flow (after investments) in the
medium term. WIKA's strong access to domestic credit markets,
particularly to state-owned banks, stems from its association
with the state and its strong operating record, which further
underpins its liquidity profile.

FULL LIST OF RATING ACTIONS

PT Wijaya Karya (Persero) Tbk

  - Long-Term IDR affirmed at 'BB'; Outlook revised to Negative
    from Stable

  - Long-Term Local-Currency IDR affirmed at 'BB'; Outlook
    revised to Negative from Stable

  - IDR5.4 trillion senior unsecured Komodo bond affirmed at 'BB'

  - National Long-Term Rating affirmed at 'AA(idn)'; Outlook
    revised to Negative from Stable



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


UNIVERSAL ENTERTAINMENT: Fitch Rates $600MM Sr. Secured Notes B+
----------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'B+' and Recovery
Rating of 'RR4' to Japan-based Universal Entertainment
Corporation's (UE, B+/Stable) US dollar 600 million 8.5% senior
secured notes due December 11, 2021. The final rating on the
senior secured notes is in line with the expected rating assigned
on November 29, 2018 and follows the receipt of final
documentation conforming to the information already received.

The ratings reflect UE's strong market position both in the
casino business as the operator of the Okada Manila, the largest
integrated casino resort (IR) in Manila's Entertainment City, and
in its Japanese pachinko and pachislot business where UE commands
a leading market share. UE's issuer default rating (IDR) is also
supported by moderate financial risk and sound liquidity.
Conversely, the IDR is constrained by UE's modest size, single-
location focus and execution risk in the casino operations due to
the lack of a track record in the junket and high-roller business
lines.

The company also faces headwinds in the pachinko and pachislot
segment in light of the sector's long-term decline. A further
constraint is UE's corporate governance amid the ongoing dispute
with its founder and former chairman Kazuo Okada.

KEY RATING DRIVERS

Casino Key to Growth Strategy: Fitch thinks UE's growth plans for
the casino business are ambitious and subject to material
uncertainty. The Okada Manila has good potential to establish
itself as a leading IR in Entertainment City thanks to its scale
and high-end focus. The ramp-up is well under way and UE expects
to complete the construction in 3Q19. Project risk is limited,
even after accounting for potential delays and cost overruns, as
most of the investment has been completed.

Fitch expects high single-digit gross gaming revenue (GGR) growth
in the Philippines as a result of robust economic expansion.
Increasing international tourist numbers are likely to boost
junkets and ancillary revenue streams at high-end casinos. As the
largest IR in Entertainment City, the Okada Manila is well-
positioned to benefit from these positive dynamics.

Material Execution, Operational Risks: Mass-market operations
began in early 2017 and should benefit from the casino's dominant
scale, with 500 tables and 3,000 slot machines upon completion,
placing it ahead of local competitors. The IR generated GGR of
JPY41 billion in the first nine months of 2018, and EBITDA turned
positive in 3Q18. The trend remained positive in October 2018 as
the company reported GGR of JPY17 billion and positive EBITDA.

Expansion plans for the business are however highly dependent on
growth in junkets and high rollers, an area in which UE does not
have a track record. It will not only compete directly with
established local competitors such as Solaire and City of Dreams,
but also strong and experienced overseas rivals. As a result,
there is limited earnings and cash flow visibility in these sub-
segments and greater risk that actual performance may lag behind
UE's growth targets.

Event Risks Limited: Potential risks could arise from investments
in the casino or other steps to expand the operations not
reflected in UE's current plans. A number of projects are being
evaluated, according to management, but any significant
investment beyond the current scope would be done via
partnerships. Fitch therefore believes management is unlikely to
take any steps that would threaten the company's operational or
financial profile in terms of gross leverage, which Fitch
considers a more useful measure of indebtedness than net debt as
the casino is still in the expansion phase.

Domestic Business Volatile, Recovery Likely: Fitch believes
growth in the pachislot and pachinko business will be modest and
continue to exhibit volatility over the near term. Performance in
the segment has been affected by regulatory changes that led to a
spike in demand ahead of their implementation in 2017. This was
followed by a sharp decline in revenue to JPY32 billion and an
operating loss of JPY2 billion in January-September 2018,
compared with revenue of JPY50 billion and a profit of JPY9
billion in the nine months to December 2017.

The domestic pachinko and pachislot market is in a structural
decline but UE's competitive technology and leading market share
should help the segment to recover and achieve stable, albeit
low, growth and exhibit steady profitability, supported by
replacement demand. However, Fitch expects segmental margins to
stay below historical averages in view of the downward pressure
on pachinko hall operators' income as a result of declining
player numbers and more stringent regulation. There is also
limited visibility over the timing and the extent of this
recovery.

Evolving Regulatory Framework: The Philippine regulatory
framework is less established than that of other countries in the
region, including Macau, Singapore, Malaysia and Australia.
Recent developments such as President Rodrigo Duterte's public
criticism of gambling add an element of uncertainty and may lead
to regulatory changes. However, Fitch does not expect such
potential changes to be materially harmful to the casino sector
as the Philippines has benefitted from gambling bans in other
south-east Asian countries, with IRs providing new jobs and
generating substantial tourism and tax revenue.

Moderate Leverage, Sufficient Liquidity: The IDR is supported by
its expectation of moderate debt levels and adequate liquidity
over 2018-2021. UE repaid outstanding high-yield bonds and a
large portion of loans in early 2018, and has now issued USD600
million of senior secured notes. The total debt quantum, at
around JPY77 billion in interest-bearing debt at end-2018, will
still be significantly below prior year levels of JPY252 billion
after the issue's completion. Fitch expects cash balances of
around JPY90 billion at end-2018 following the note issuance, and
the company to turn free cash flow (FCF) positive in 2020, with
gross leverage remaining slightly below 3.0x thereafter.

DERIVATION SUMMARY

UE operates the largest casino in Entertainment City, but on a
standalone basis, the scale of the IR is modest compared with
most peers such as Crown Resorts Limited (BBB/Stable) and Las
Vegas Sands Corp (BBB-/Positive). UE's profitability is roughly
in line with these two peers but Fitch thinks its casino business
is more vulnerable due to the company's dependency on a single
location vis-a-vis Crown's diversification across Australia and
Sands' multiple attractive locations. Crown and Sands also
operate in more stable regulatory regimes than UE.

The Japanese company's execution and operational risks are also
notably higher than Crown's and that of other peers as UE has not
yet established any form of track record in the junket and high-
roller segments. Heightened volatility in the previously stable
domestic pachislot and pachinko segment in 2018 in the wake of
regulatory changes adds to the uncertainty amid the lack of
visibility over the timing and extent of a recovery. This offsets
UE's moderate leverage and robust coverage metrics to a large
extent.

KEY ASSUMPTIONS

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

  - High single-digit to double-digit revenue growth, driven by
    successful rollout of junkets and further mass-market
    expansion

  - Return to positive EBITDA in 2018 and improving margins over
    the next three years

  - Higher capex in 2018-2019 to complete casino ramp-up, but
    normalising thereafter to around 4% of revenue

Key Recovery Rating Assumptions
Its distressed scenario envisages failure to ramp up the casino
business and a prolonged deterioration of the domestic pachinko
and pachislot segment. Fitch believes the going-concern (GC)
approach would yield the higher recovery for creditors given the
brand value of the Okada Manila.

In its GC enterprise valuation, Fitch has assumed a 30% discount
to a projected EBITDA of JPY24 billion, broadly in line with its
base-case projection for group EBITDA after the completion of the
casino expansion, resulting in post-distress EBITDA of about
JPY17 billion. At this level, FCF would be mildly negative and
FFO adjusted gross leverage at more than 4.0x would exceed its
negative guidance. Fitch has applied a distressed enterprise
value (EV)/EBITDA multiple of 4.5x, which balances the brand
value of the Okada Manila with the muted long-term prospects of
the pachislot and pachinko business and, in its view, represents
a suitable haircut to a broader sector trading benchmark.

After deducting 10% of EV for administrative claims and excluding
JPY6 billion of cash deposits securing bank facilities as per the
pro forma capital structure currently envisaged by UE, the senior
secured notes will theoretically recover 100%. Despite the notes
being secured obligations of subsidiary guarantors, a country cap
applies under Fitch's criteria because of the lack of a track
record of enforceability in the Philippines, the location of the
IR and future source of much of the group's future earnings and
cash flows in Fitch's projections, limiting the instrument rating
to 'B+'/'RR4'/50%.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:

  - Group revenue above JPY200 billion, reflecting a successful
    ramp-up and competitiveness in the casino business

  - Sustainably positive FCF with at least high single-digit
    margins

  - FFO adjusted gross leverage sustained below 2.5x

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

  - Failure to achieve a meaningful increase in scale, reflecting
    a lack of competitiveness in the casino business and the
    pachinko and pachislot segment

  - Failure to generate positive FCF in the pachinko and
    pachislot business over the next 12 months

  - FFO adjusted gross leverage above 4.0x for a sustained period

LIQUIDITY

Manageable Leverage, Sound Liquidity: UE has reduced leverage
significantly by repaying its outstanding high-yield bonds as
well as a large portion of bank debt. The company has now issued
USD600 million of senior secured notes. Even with the additional
debt, leverage should be manageable, with long-dated bond
maturities providing a high degree of flexibility. Fitch expects
cash balances of around JPY90 billion at end-2018, following the
note issuance. Fitch expects the company to turn FCF positive in
2020 upon completion of the casino ramp-up and recovery of the
pachinko and pachislot business, and gross leverage to remain
slightly below 3.0x thereafter.



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


LATITUDE NEW ZEALND: Fitch Assigns BBsf Rating to Class E Notes
---------------------------------------------------------------
Fitch Ratings has assigned final ratings to the Latitude New
Zealand Credit Card Master Trust's notes. The issuance consists
of notes backed by a pool of New Zealand consumer sales finance
and credit card receivables originated by Latitude Financial
Services Limited. The trust has a master trust structure that
permits purchase of eligible receivables on a revolving basis,
which will be funded through potential issuance of additional
series of notes from time to time.

NZD157.22 million Series 2018-1 Class A notes: 'AAAsf'; Outlook
Stable

NZD12.83 million Series 2018-1 Class B notes: 'AAsf'; Outlook
Stable

NZD11.76 million Series 2018-1 Class C notes: 'Asf'; Outlook
Stable

NZD9.63 million Series 2018-1 Class D notes: 'BBBsf'; Outlook
Stable

NZD8.56 million Series 2018-1 Class E notes: 'BBsf'; Outlook
Stable

NZD13.90 million Series 2018-1 Originator VFN Subordination
notes: 'NRsf'

NZD20.0 million 2018-VFN notes: 'BBBsf'; Outlook Stable

NZD2.35 million Series 2018-VFN Originator VFN Subordination
notes: 'NRsf'

The notes issued constitute Series 2018-1 and were issued by The
New Zealand Guardian Trust Company Limited as trustee for
Latitude New Zealand Credit Card Master Trust.

At the June 30, 2018 cut-off date, the total collateral pool
consisted of 331,161 accounts with a total receivables balance of
NZD1.0 billion.

KEY RATING DRIVERS

Stable Receivables Performance: Portfolio performance has been
stable, with gross charge-offs averaging at 3.70%, yield -
excluding merchant service fees - averaging at 14.50% and the
monthly payment rate (MPR) averaging at 11.80% over the previous
year. Based on observed past performance, Fitch set base cases of
4.25% for charge-offs, 13.00% for yield and 10.75% for the MPR.
Performance is expected to be stable and supported by New
Zealand's strong economic environment.

Satisfactory Originator and Servicer Quality: Fitch believes
Latitude is an effective and capable originator and servicer due
to its long and consistent record. Latitude, through previous
ownership, has been managing large consumer receivable portfolios
for over a decade in Australia and New Zealand. Fitch reviewed
Latitude's underwriting and servicing capabilities and found them
satisfactory. Latitude is not rated and servicer risk is
mitigated through back-up arrangements.

Added Flexibility: The structure employs an originator VFN
purchased and held by Latitude to add funding flexibility that is
typical and necessary for credit-card trusts. It provides series-
specific credit enhancement to the rated notes, adds protection
against dilution and meets risk-retention requirements. A
separate VFN provides funding flexibility for the trust.

Mitigated Counterparty Risk: The notes' ratings are dependent on
the financial strength of certain counterparties. Fitch believes
this risk is mitigated based on the counterparties' ratings and
the legal documentation covering their roles.

Mitigated Interest-Rate Risk: Interest rate risk is mitigated by
available credit enhancement.

Rated Above Sovereign: Structured finance notes can be rated up
to six notches above New Zealand's Long-Term Local-Currency
Issuer Default Rating of 'AA+', supporting the 'AAAsf' rating on
the class 'A' notes.

A summary of the steady states and rating stresses applied in the
cash flow modelling analysis is shown:

Steady States:

Charge-offs: 4.25%

MPR: 10.75%

Gross yield: 13.00%

Purchase rate: 100%

Rating Stresses:

Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf

Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.50x

MPR (% decrease): 40.00% / 35.00% / 30.00% / 25.00% / 20.00%

Gross yield (% decrease): 35.00% / 30.00% / 25.00% / 20.00% /
15.00%

Purchase rate (% decrease): 90.00% / 85.00% / 80.00% / 70.00% /
60.00%

In addition to the stresses, Fitch has applied haircuts to fee
income and has excluded merchant service fees when performing its
cash flow analysis.

RATING SENSITIVITIES

Unanticipated increases in charge-offs or reductions in purchase
rates or yield could produce loss levels higher than Fitch's base
case and is likely to result in a decline in credit enhancement
and remaining loss-coverage levels available to the notes.
Decreased credit enhancement may make certain note ratings
susceptible to negative rating action, depending on the extent of
coverage decline. Hence, Fitch conducts sensitivity analysis by
stressing a transaction's initial steady-state assumptions. The
results should only be considered as one potential outcome as the
transaction is exposed to multiple dynamic risk factors.

Expected impact on ratings from increased charge-offs:

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf

Increase base case by 25%: AA+sf / AA-sf / A-sf / BBBsf / BBsf

Increase base case by 50%: AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf

Increase base case by 75%: AAsf / Asf / BBB+sf / BB+sf / B+sf

Expected impact on ratings from decreased payment rates:

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf

Decrease base case by 15%: AA+sf / AA-sf / A-sf / BBB-sf / BBsf

Decrease base case by 25%: AA+sf / Asf / BBB+sf / BB+sf / BB-sf

Decrease base case by 35%: AAsf / A-sf / BBBsf / BBsf / B+sf

Expected impact on ratings from decreased yield:

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf

Decrease base case by 15%: AAAsf / AAsf / Asf / BBBsf / BBsf

Decrease base case by 25%: AAAsf / AAsf / Asf / BBBsf / BB-sf

Decrease base case by 35%: AAAsf / AA-sf / A-sf / BBB-sf / BB-sf

Expected impact on ratings from increased charge-offs and
decreased payment rates:

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf

Increase charge-offs by 25% / Decrease payment rates by 15%:

AAsf / Asf / BBB+sf / BB+sf / BB-sf

Increase charge-offs by 50% / Decrease payment rates by 25%:

Asf / BBB+sf / BBB-sf / BBsf / Bsf

Increase charge-offs by 75% / Decrease payment rates by 35%:

BBB+sf / BBB-sf / BBsf / B+sf /

Sensitivity testing was also completed on the 2018-VFN note:

Expected impact on ratings from increased charge-offs:

Rating: BBBsf

Increase base case by 25%: BBBsf

Increase base case by 50%: BBB-sf

Increase base case by 75%: BB+sf

Expected impact on ratings from decreased payment rates:

Rating: BBBsf

Decrease base case by 15%: BBB-sf

Decrease base case by 25%: BBB-sf

Decrease base case by 35%: BB+sf

Expected impact on ratings from decreased yield:

Rating: BBBsf

Decrease base case by 15%: BBBsf

Decrease base case by 25%: BBBsf

Decrease base case by 35%: BBB-sf

Expected impact on ratings from increased charge-offs and
decreased payment rates:

Rating: BBBsf

Increase charge-offs by 25% / Decrease payment rates by 15%: BBB-
sf

Increase charge-offs by 50% / Decrease payment rates by 25%: BBsf

Increase charge-offs by 75% / Decrease payment rates by 35%: B+sf



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


HYFLUX LTD: Suspends Contract for Desalination Package in Iran
--------------------------------------------------------------
The Business Times reports that Hyflux Ltd has suspended a
contract for a seawater reverse osmosis desalination package in
Iran, which the company said on Dec. 14 is expected to have a
material adverse effect on its financial performance.

According to the report, the contract was signed in April between
Hyflux subsidiary Hyflux International and Iran's Asia Water
Development Engineering Company (AWDEC) for a seawater reverse
osmosis desalination package in Bandar Abbas, Iran. In July,
AWDEC indicated - through a letter of intent - for a second
contract for the project.

BT relates that Hyflux, which has its shares suspended on the
Singapore Exchange (SGX), cited that it was unable to maintain
the requisite banking support to receive payment from AWDEC for
works to be performed under the contract. This is a result of the
US's decision to withdraw from October 2015's implementation of
the Joint Comprehensive Plan of Action (JCPOA) and to reinstate
the US sanctions that were in force before the implementation of
the JCPOA.

In its filing with the SGX on Dec. 14, Hyflux said that after
having discussions with AWDEC, it notified the Iranian company on
Dec. 11 of its decision to suspend the contract with effect from
Oct. 16, BT relays. As a result of these geopolitical
developments, Hyflux said that it has also taken no further step
to "formalise and/or execute the second contract with AWDEC".

Separately, BT reports that Hyflux terminated a joint venture
(JV) agreement signed in March 2014 with Tolaram Corporation for
the development of membrane-based water treatment plants in
Nigeria.

Established in 1948, Tolaram conducts business in manufacturing,
energy, real estate, digital services and infrastructure.

As part of the JV agreement, Yewa Water (Singapore) was set up,
which both Tolaram and Hyflux had an equal stake in. The
Singapore-registered entity owned the majority stake in Yewa
Water Company (Nigeria), a company incorporated in Nigeria that
was intended to be used to undertake water projects in the
country, according to the report.

BT relates that the termination of the JV, and the liquidation
and striking off of the Yewa Water entities with Tolaram is not
expected to have a material adverse effect on the financial
performance of Hyflux.

The termination of the JV with Tolaram is not expected to have a
material adverse effect on the financial performance of Hyflux,
BT says.

Trading in Hyflux shares remains suspended, BT adds.

                           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.

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.


NOBLE GROUP: Moody's Affirms Caa1 CFR, Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has revised to negative from stable the
rating outlook on Noble Group Limited.

At the same time, Moody's has affirmed Noble's Caa1 corporate
family rating, the Ca ratings on its senior unsecured notes, and
the (P)Ca rating on its senior unsecured medium-term note (MTN)
program.

The company is in default on its existing debt obligations.

RATINGS RATIONALE

"The negative outlook reflects the increased risks that Noble's
restructuring will not be completed as planned, and risks from
regulatory investigations in Singapore," says Gloria Tsuen, a
Moody's Vice President and Senior Credit Officer.

The Monetary Authority of Singapore (MAS) and Singapore Exchange
Regulation announced on December 7, 2018 that Noble will not be
allowed to transfer its listing status to new Noble as part of
the company's proposed restructuring.

The regulators cited uncertainties about the financial position
of new Noble, given Noble's potential non-compliance with
accounting standards.

In addition, the Singapore Police Force, MAS and Accounting and
Corporate Regulatory Authority are also jointly investigating
suspected false and misleading statements and breaches of
disclosure requirements. In this regard, further measures from
the regulators that may harm Noble's operations may not be ruled
out.

In response to this development, Noble said that it plans to
complete its restructuring without the transfer of its listing
status and its board may implement the restructuring through a
court-appointed officer.

The Ca ratings on Noble's senior unsecured notes continue to
reflect the default on these obligations and an expected high
economic loss compared with the original payment promises.

The ratings outlook could return to stable if the company
successfully completes its restructuring.

Noble's CFR could be downgraded if (1) the company's
restructuring fails, (2) its liquidity weakens, or (3) it reports
negative EBITDA or operating cash flow on a sustained basis.

The principal methodology used in these ratings was Trading
Companies published in June 2016.

Noble Group Limited is a manager of global supply chains for
physical commodities. The company's activities across these
chains include the sourcing, storage, processing, transportation,
and distribution of various commodity products.



====================
S O U T H  K O R E A
====================


GM KOREA: KDB to Complete Injecting US$750 Million This Month
-------------------------------------------------------------
Yonhap News Agency reports that the state-run Korea Development
Bank (KDB) said on Dec. 13 it will complete its injection of
US$750 million into the South Korean unit of General Motors Co.
later this month, ending a controversy over GM Korea's plan to
spin off its research unit.

Yonhap says the KDB and GM signed a deal in May on the rescue
package for GM Korea. Under the agreement, the KDB pledged to
inject $750 million, while GM agreed to provide $3.6 billion in
fresh loans to keep GM Korea afloat, the report notes.

In June, the KDB injected $375 million into GM Korea, but the
bank said the remaining half may not be provided amid concerns
that the U.S. carmaker may keep only its research facility in
South Korea and eventually shut down its manufacturing facilities
in South Korea, Yonhap states.

Yonhap relates that the KDB's decision came after GM Korea
submitted details of its spin-off plan to the bank, the second-
largest shareholder of GM Korea.

The KDB said it will buy about 11.9 million preferred shares of
GM Korea for KRW404.5 billion ($360 million), or KRW33,932 per
share, Yonhap adds.

The transaction will be made on Dec. 26, the KDB said.

Yonhap notes that the May agreement prohibits GM from selling any
stake in GM Korea over the next five years and limits GM's right
to sell shares or assets in GM Korea for 10 years.

GM Korea Co. is the South Korean unit of General Motors Co.
The U.S. automaker owns 77 percent of GM Korea while KDB owns a
17 percent stake. GM's main Chinese partner, SAIC Motor Corp,
controls the remaining 6.0 percent.

GM Korea continued to post net losses worth an accumulated
KRW3.134 trillion from 2014-2017 due to lower demand for its
models, according to Yonhap News.



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


HOME CREDIT: Moody's Affirms B3 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating of Home Credit Vietnam Finance Company Limited, with a
stable outlook.

This rating action follows the publication of Moody's new Finance
Companies rating methodology, which now is the primary
methodology that Moody's uses to rate finance companies globally,
except in jurisdictions where certain regulatory requirements
must be fulfilled prior to the new methodology's implementation.

RATINGS RATIONALE

Moody's rating action on HCV follows the publication of Moody's
new Finance Companies rating methodology and takes into account
the significant changes and enhancements from Moody's previous
rating methodology for rating these firms.

Changes introduced by the new methodology include new financial
ratios, the dynamic weighting of operating environment conditions
that can influence a firms' creditworthiness, and the
incorporation of specific qualitative factors such as direct
notching adjustments to ratings.

HCV's B3 CFR is based on its b3 standalone assessment, which
remains unchanged under the new methodology.

The b3 standalone assessment takes into account the company's B1
financial profile and B3 operating environment score. The latter
score captures Vietnam's macroeconomic indicators and the high
risks inherent to Vietnam's consumer finance industry.

HCV is exposed to high credit risk in unsecured consumer finance
in Vietnam, and its funding and liquidity are modest. Against
these risks, HCV maintains a high capital buffer and strong
profitability, despite an increase in loan loss provisions in
2018.

HCV's rating does not include any uplift for parental or
government support.

OUTLOOK STABLE

The stable rating outlook reflects Moody's expectation that HCV
will maintain stable credit fundamentals over the next 12-18
months.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward rating pressure is possible if the company improves its
funding and liquidity, while maintaining stable asset quality and
capital. A higher industry risk score for Vietnam's consumer
finance market could result in upward rating pressure.

Moody's could downgrade the rating if HCV's solvency and
liquidity significantly deteriorate, or if Moody's lowers the
industry risk score.

The principal methodology used in this rating was Finance
Companies published in December 2018.

Headquartered in Ho Chi Minh City, Home Credit Vietnam Finance
Company Limited (HCV) held total assets of VND17.5 trillion at
the end of 2017, according to audited financial statements
prepared under International Financial Reporting Standards.



===============
X X X X X X X X
===============


TAJIKISTAN: Moody's Affirms B3 Ratings, Alters Outlook to Neg.
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on the
Government of Tajikistan's issuer rating to negative from stable
and affirmed the long-term issuer and senior unsecured B3
ratings.

The decision to change the outlook to negative reflects the risk
that Tajikistan's fragile external position may weaken further,
given the country's very large external financing needs to
complete the Rogun hydropower generation project (HPP), very low
foreign exchange reserves (excluding gold) in a period of
tightening global liquidity conditions, and with downside risks
on exports in a range of sectors. Moreover, persistent acute
weakness among some banks and state-owned enterprises will
continue to pose material contingent liability risks to the
government.

Moody's decision to affirm the B3 rating balances a robust
medium-term growth outlook, supported by hydropower generation,
improving political relations with neighbours, and a high share
of concessional government borrowings that helps maintain low
debt servicing costs; against significant external
vulnerabilities, weak institutions, and high government debt
levels for a small, low income economy.

The local-currency bond and deposit ceilings are unchanged at B1.
The foreign-currency bond ceiling is unchanged at B3 and the
foreign-currency deposit ceiling is unchanged at Caa1. In
addition, the short-term foreign-currency bond and deposit
ceilings are unchanged at "Not Prime.''

RATINGS RATIONALE

RATIONALE FOR THE NEGATIVE OUTLOOK

ALREADY FRAGILE EXTERNAL POSITION RISKS WEAKENING GIVEN LARGE
FINANCING NEEDS, LOW RESERVES, TIGHTENING GLOBAL LIQUIDITY
CONDITIONS

Tajikistan's foreign exchange reserves (excluding gold) are
insufficient to cover external debt repayments due over the next
year and cover less than two months of imports of goods and
services as of September 2018. Ongoing large financing needs to
finance the next phases of Rogun HPP in a period of tightening
global financing conditions and downside risk to export revenue
point to rising external liquidity pressure.

Public and private sector external debt payments due over the
next year are materially higher than foreign exchange reserves.
The stock of short-term public and private sector debt stood at
$908 million in the first half of 2018, which, added to maturing
external debt obligations over the next year, remains much higher
than the stock of foreign exchange reserves of $417 million as of
October 12, 2018.

Moody's projects its External Vulnerability Indicator (EVI),
which measures short- and long-term debt repayments relative to
official foreign currency reserves (excluding gold), to remain
very high at above 800% in 2019 and 2020 and much higher than
similarly rated sovereigns.

Significant financing needs to complete the Rogun HPP project
will continue to put pressure on reserves adequacy. The
authorities estimate the overall cost of the project at $3.9
billion, or about 55% of 2017 GDP. While power production will
start in 2019, construction will continue for at least another 10
years, financed by the remaining proceeds from the $500 million
Eurobond issuance in September 2017, domestic financing,
including government contingency fund and state budget, early
generation profits from the project and additional external
funding.

Additional external funding could come from a mix of concessional
and commercial market sources. The IMF in October indicated the
potential for an economic reform program that could be supported
by financial arrangement, which if it materialised, would support
financing for Rogun HPP and would likely catalyse additional
concessional funding.

Looking forward, downside risks to export revenue add to
significant external vulnerability risks. Notwithstanding a
possible increase in remittances as the Russian economy continues
to recover, export shortfalls could result from the slowdown in
Turkey (Ba3 negative) (about 21% of Tajikistan's exports through
the first eight months of 2018), further fall in primary
aluminium prices (aluminium accounted for around 23% of export
revenue in the first half of 2018).

Moody's forecasts the current account deficit to widen to around
4% to 5% of GDP in the next few years, following a 2.1% surplus
in 2017 as imports continue to increase, including for Rogun HPP
construction, placing downward pressure on the stock of foreign
exchange reserves.

External debt and imports payments will, to some extent, rely on
sales from the central bank's significant gold reserves that are
regularly replenished. The potential to monetise liquid gold
reserves, which amounted to $773 million as of October 12, 2018,
supports Tajikistan's capacity to meet its external repayment
commitments, although the value of any gold sale would be subject
to fluctuations in international gold prices.

A relatively high share of direct investor lending for investment
purposes and between related entities, which accounted for around
27% of Tajikistan's stock of short-term external debt in the
first half of 2018, partly mitigates the risk of a sharp reversal
of funds in the near future.

MATERIAL CONTINGENT LIABILITY RISKS POSED BY BANKS AND STATE-
OWNED ENTERPRISES

Ongoing weakness among some banks and SOEs will continue to pose
contingent liability risks that, if materialising, would weaken
fiscal strength and the credit profile.

Resolution of the two large troubled banks that required
recapitalisation following asset and liquidity stress in 2016 has
yet to be finalised. The potential for some other banks to come
under stress, particularly those lending predominately to
financially weak state-owned enterprises, may require additional
government support, particularly in the event of an unanticipated
domestic or external shock. In 2016, the recapitalisation of the
two banks cost the government TJS 3.3 billion or about 6% of GDP.

High dollarisation rates of loans and deposits, notwithstanding
some decline in recent years, will continue to leave the banking
sector exposed to local currency depreciation. Reliance on
remittances earnings exposes some borrowers to shifts in economic
conditions in Russia (Ba1 positive). Combined, these factors will
continue to pose downside risks to banks' asset quality.

Aided by international financial institutions, the National Bank
of Tajikistan has implemented financial sector reforms and
additional banking regulation to improve the operating
environment in the wake of the recent banking crisis. Bank
profitability and capital have shown some recovery. Although
banks' non-performing loan ratios have declined since 2016, a
large legacy of problem loans remains.

Outstanding debt of financially weak state-owned enterprises
(SOEs), particularly in the energy sector, pose contingent
liability risks to the government. With revenue collection below
cost levels, arrears to creditors and suppliers has grown.
Tajikistan has implemented a new electricity tariff methodology,
with technical support from international financial institutions,
among other measures, to achieve full cost recovery from all
consumers and restore the financial health of SOEs. However, the
effectiveness of these measures in shoring up the financial
health of SOEs through economic and financial cycles is untested.

RATIONALE FOR THE RATING AFFIRMATION AT B3

HYDROPOWER GENERATION AND IMPROVING POLITICAL RELATIONS SUPPORT
MEDIUM-TERM GROWTH PROSPECTS

Rogun HPP will support GDP growth in the near and longer term.
The government's National Development Strategy 2030, which aims
to boost GDP growth and support diversification into
manufacturing, is tied to enhancing energy supply, which Rogun
HPP is likely to deliver.

The first of six turbines is now operational as of November 16,
2018, and the authorities expect a second turbine to be in
operation in April 2019. Besides providing more stable power to
the domestic economy, Moody's expects the project will boost
exports of electricity to neighbouring countries, including
Afghanistan (unrated) and Pakistan (B3 negative).

The recent improvement in Tajikistan's relations with Uzbekistan
(unrated) also supports an increase in exports, particularly of
electricity to both Uzbekistan and the broader Central Asia
region. Tajikistan's goods exports to Uzbekistan reached $137
million through the first eight months of 2018, up from $40
million in the corresponding period in 2017, and significantly
higher than the $10 million per year, on average, from 2010-2016.

In the context of improved foreign relations, construction of new
transmission lines, funded by international financial
institutions and bilateral partners, will enable a further
increase in electricity exports in the coming decade through the
reconnection of Tajikistan's electricity system to the Central
Asia Power Grid and construction of the new Central Asia-South
Asia power project (CASA-1000).

There are inherent project risks attached to the construction,
financing and operation of Rogun HPP, particularly given the
large size of the project. Competition from increased investments
in power generation elsewhere in the region could limit the
export benefits.

Balancing robust potential growth are very low incomes and a
narrowly diversified economy, which raise the sovereign's
susceptibility to economic and financial shocks. In particular,
the economy is reliant on agriculture and aluminium production
and remittances from Russia, which accounted for about 32% of GDP
in the first half of 2018, to drive private consumption.

DEBT AFFORDABILITY REMAINS HIGH DUE TO RELIANCE ON CONCESSIONAL
DEBT; GOVERNMENT'S FINANCING NEEEDS ARE LOW

A large share of concessional borrowing helps maintain low debt-
servicing costs for the government. Debt affordability is also
supported by the government's relatively large revenue base,
which Moody's estimate at about 28% of GDP in 2018.

Moody's expects interest payments to absorb about 8% of revenue
in 2019-2020, up from 4.5% in 2017 due to higher-costing market
debt, but remain below the 12% median ratio for B3-rated
sovereigns.

Overall, Moody's estimates that government gross borrowing
requirements, incorporating projections on fiscal deficits and
maturing government external and domestic debt repayments, to
reach about 5%-5.5% of GDP in the next few years, a low level
relative to similarly rated sovereigns.

In addition, the government's accumulation of local and foreign
currency deposits at commercial banks and the central bank
equates to 10.1% of GDP in September 2018, providing a buffer for
government funding in the next few years.

RELATIVELY HIGH GOVERNMENT DEBT BURDEN AND WEAK INSTITUTIONS

High debt affordability and low government borrowing needs are
balanced by a relatively high government debt burden that
constrains the flexibility of fiscal policy to counter shocks.

In the baseline, Moody's expects government debt to remain around
50% of GDP in 2019-20, up from about 27% in 2014, which is
relatively high to sustain for a small, low-income economy with
limited financing sources. Should the call on government spending
increase, potentially related to some weak banks or SOEs, higher
government debt would put downward pressure on fiscal strength.

Tajikistan's weak institutions add to the credit challenge of
managing a very large project, with an already relatively high
government debt burden. The country's rankings on government
effectiveness, rule of law, and control of corruption in the
Worldwide Governance Indicators are very low. In general,
political and policy institutions are nascent, having mainly
developed after the collapse of the Soviet Union in 1991.

Recent reforms at the National Bank of Tajikistan are aimed at
improving the framework for bank regulation. The central bank is
also transitioning to an inflation-targeting monetary policy
framework, which, if effective, would be positive for anchoring
inflation expectations and enhancing transparency.

Despite some progress in these areas, significant benefits are
unlikely to materialise in the next few years, as high
dollarisation levels in the banking sector and shallow domestic
capital markets remain a constraint on the effectiveness of
monetary policy.

WHAT COULD CHANGE THE RATING UP

The negative outlook signals that an upgrade is unlikely.

Moody's would consider changing the outlook to stable upon
evidence that increasing non-debt creating inflows are
contributing to a build-up in foreign exchange reserves
(excluding gold), durably reducing external vulnerability risks.

Effective implementation of reforms in the banking sector and
state-owned enterprises that significantly reduces the risk of a
need for government support would also support a stable outlook
at B3.

WHAT COULD CHANGE THE RATING DOWN

Moody's would likely downgrade the rating if a deterioration in
the foreign exchange reserve position looked likely to raise
repayment risk on external debt obligations. This could result
from underperforming revenue from Rogun HPP, potentially due to
project delays or weaker demand for power from export markets.

A materialisation of contingent liabilities posed by banks or
state-owned enterprises with large fiscal costs, would weigh on
fiscal strength and would likely prompt Moody's to downgrade the
rating.

GDP per capita (PPP basis, US$): 3,187 (2017 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 7.1% (2017 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 6.7% (2017 Actual)

Gen. Gov. Financial Balance/GDP: -6.5% (2017 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 2.1% (2017 Actual) (also known as
External Balance)

External debt/GDP: 77.3% (2017 Actual)

Level of economic development: Low level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On December 5, 2018, a rating committee was called to discuss the
rating of the Tajikistan, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially decreased. The
issuer's institutional strength/ framework, have not materially
changed. The issuer's fiscal or financial strength, including its
debt profile, has not materially changed. The issuer's
susceptibility to event risks has not materially changed.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in November 2018.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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 2018.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



                 *** End of Transmission ***