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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, April 22, 2019, Vol. 22, No. 80

                           Headlines



A U S T R A L I A

ASHFORD ROAD: First Creditors' Meeting Set for May 1
BIOCOAL GROUP: Second Creditors' Meeting Set for April 30
CARNEGIE CLEAN: Creditors Approve Restructuring Plan
CIVIL ASSIST: First Creditors' Meeting Set for May 3
EMC ENGINEERING: Second Creditors' Meeting Set for April 24

PALTAR PETROLEUM: First Creditors' Meeting Set for April 30
RISK ADVISOR: Second Creditors' Meeting Set for May 2
TOQUE PTY: First Creditors' Meeting Set for May 2


C A M B O D I A

NAGACORP: Moody's Affirms CFR & USD Bonds at 'B1', Outlook Stable


C H I N A

CENTRAL CHINA REAL: Moody's Rates Proposed USD Bonds 'B1'
CENTRAL CHINA: Fitch Rates Proposed USD Senior Notes 'BB-(EXP)'
CHINA EVERGRANDE: Fitch Cuts Sr. Unsec. Rating to B, Outlook Pos.
CHINA GRAND: Fitch Rates $100MM Senior Notes Final 'BB-'
CHINA MINSHENG: Hit With $800 Million Cross Default

FUTURE LAND: Fitch Affirms LT IDRs at 'BB', Outlook Stable
KWG GROUP: S&P Affirms B+ LT ICR, Alters Outlook to Neg.
MODERN LAND: Fitch Rates $300MM Senior Unsecured Notes Final 'B'
RONSHINE CHINA: Fitch Rates $200M Senior Notes Final 'B+'
RONSHINE CHINA: Moody's Rates New Senior Unsecured USD Notes 'B2'

TEWOO GROUP: Fitch Corrects April 15 Ratings Release
YIDA CHINA: Fitch Cuts Long-Term IDR to 'B-', Outlook Stable
YIDA CHINA: S&P Cuts ICR to CCC on Weaker Liquidity, Outlook Neg.


H O N G   K O N G

MELCO RESORTS: Moody's Affirms CFR & $1BB Sr. Unsec. Notes at Ba2


I N D I A

AASTHA SURGIMED: Insolvency Resolution Process Case Summary
AKSHAY ENTERPRISES: CRISIL Assigns B+ Rating to INR10cr Loan
ANJALI INFRACRETE: Insolvency Resolution Process Case Summary
B.P. CONSTRUCTION: CRISIL Hikes Rating on INR4cr Loan to B-
BHAWNA HOUSING: CRISIL Maintains 'B' Rating in Not Cooperating

CHOUDHARY FASHIONS: Ind-Ra Affirms BB+ LT Rating, Outlook Stable
CLOVER ENERGY: CRISIL Lowers Rating on INR216.40cr Loan to D
CONGLOME TECHNOCONSTRUCTIONS: Insolvency Resolution Case Summary
CRYSTAL INDIA: CRISIL Raises Rating on INR12cr Loan to B+
CTV NETWORKS: Insolvency Resolution Process Case Summary

FOMENTO RESOURCES: Ind-Ra Lowers Long Term Issuer Rating to 'D'
GAGAN DISTILLERS: Insolvency Resolution Process Case Summary
GLOBAL PACKAGING: Ind-Ra Migrates BB LT Rating to Non-Cooperating
GMR HYDERABAD: Fitch Rates $300MM Notes Final 'BB+'
GRADE 1: CRISIL Assigns 'B+' Rating to INR15cr Cash Loan

HOTEL JAYAPUSHPAM: Ind-Ra Affirms 'BB+' LT Rating, Outlook Stable
HV SYNTHETICS: Insolvency Resolution Process Case Summary
IRIS ECOPOWER: CRISIL Lowers Rating on INR109.55cr Loan to D
J.M.D. LAXMI: CRISIL Maintains 'D' Rating in Not Cooperating
JAI BHOLE: Insolvency Resolution Process Case Summary

JAYASHARATHAM LIFESPACES: Insolvency Resolution Case Summary
JET AIRWAYS: Halts Operations After Banks Reject Emergency Funding
JET AIRWAYS: Lenders Explore Ways to Utilise 15 Planes
LEAP GREEN: CRISIL Lowers Rating on INR31cr Term Loan to B
LEO MERIDIAN: Insolvency Resolution Process Case Summary

LOTUS CLEAN: CRISIL Lowers Rating on INR129.46 cr Loan to D
M K PINE: Ind-Ra Migrates 'B+' LT Issuer Rating to Non-Cooperating
MAA TARA: Insolvency Resolution Process Case Summary
MAHARAJA THEME: Insolvency Resolution Process Case Summary
MANI MORE: Ind-Ra Migrates BB+ LT Issuer Rating to Non-Cooperating

MAPLE RENEWABLE: CRISIL Lowers Rating on INR178.82cr Loan to D
NASBAN IMPORT: Insolvency Resolution Process Case Summary
NTPC BHEL: Ind-Ra Corrects March 28, 2019 Press Release
OLIVE ECOPOWER: CRISIL Lowers Rating on INR88.28cr Loan to D
ORCHID RENEWABLE: CRISIL Lowers Rating on INR164cr Loan to D

RR LEATHER PRODUCTS: Insolvency Resolution Process Case Summary
SANTOSH HOSPITALS: Insolvency Resolution Process Case Summary
SAUBHAGYA ORNAMENTS: Insolvency Resolution Process Case Summary
SITARAM MAHARAJ: Insolvency Resolution Process Case Summary
SK WHEELS: Insolvency Resolution Process Case Summary

SRI RAGHURAMACHANDRA: CRISIL Keeps B+ Rating in Not Cooperating
T.R. CHEMICALS: Insolvency Resolution Process Case Summary
TULIP RENEWABLE: CRISIL Cuts Rating on INR206cr Loan to B
VALLABH TEXTILES: Insolvency Resolution Process Case Summary
VIOLET GREEN: CRISIL Lowers Rating on INR66cr Loan to B



I N D O N E S I A

TOWER BERSAMA: Fitch Affirms LT IDRs at 'BB-', Outlook Stable
TUNA BARU: Moody's Affirms Ba3 CFR, Outlook Stable


N E W   Z E A L A N D

FP IGNITION 2011-1: Moody's Gives Ba1 Rating to Class E Notes


S I N G A P O R E

HYFLUX LTD: SM Investments Sue for Breach of Agreement Terms


S O U T H   K O R E A

ASIANA AIRLINES: To Receive Fresh Liquidity Soon, KDB Says
ASIANA AIRLINES: Up for Sale to Anyone, Parent Heir Apparent Says

                           - - - - -


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A U S T R A L I A
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ASHFORD ROAD: First Creditors' Meeting Set for May 1
----------------------------------------------------
A first meeting of the creditors in the proceedings of Ashford Road
Equity Pty Ltd, trading as The Drink Well Philosophy will be held
on May 1, 2019, at 10:30 a.m. at the offices of Worrells Perth, at
Level 4, 15 Ogilvie Road, in Mount Pleasant, WA.

Mervyn Jonathan Kitay of Worrells Solvency was appointed as
administrator of Ashford Road on April 18, 2019.

BIOCOAL GROUP: Second Creditors' Meeting Set for April 30
---------------------------------------------------------
A second meeting of creditors in the proceedings of Biocoal Group
Pty Limited has been set for April 30, 2019, at 11:00 a.m. at the
offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 29, 2019, at 4:00 p.m.

Liam Thomas Bailey of O'Brien Palmer was appointed as administrator
of Biocoal Group on Jan. 17, 2019.

CARNEGIE CLEAN: Creditors Approve Restructuring Plan
----------------------------------------------------
Hamish Hastie at The Sydney Morning Herald reports that creditors
of Carnegie Clean Energy have launched a bid to rebirth the
company, but it will have to undergo another round of capital
raising to the tune of AUD5 million.

A second meeting of creditors held in Perth on April 17 unanimously
accepted a restructuring plan to save the company and relist on the
ASX after trading was suspended on March 1, according to the
report.

SMH says the company has been dragged through the spotlight since
September last year after doubts emerged over its ability to
complete a WA government-funded wave energy project.

In March, the state announced it would not provide any further
funding to Carnegie and days later administrators were called in,
the report recalls.

According to SMH, administrators found Carnegie had just AUD3,200
in the bank while its renewable energy subsidiary Energy Made Clean
only had AUD52,000.

KordaMentha's Richard Tucker and John Bumbak put a deed of company
arrangement plan to creditors, which would see the company
restructured and relisted in the next four months, SMH says.

Under the restructure EMC, which the company purchased in 2016,
would be liquidated and the company would put its hands out to
raise up to AUD5 million.

SMH adds that KordaMentha said major shareholders and directors,
such as former AFL director Mike Fitzpatrick, who fronted cash to
keep the company going would swap debt for equity, with some debt
being restructured and carried over to the relisted company.

"This is a significant step for Carnegie as it strives to emerge
from voluntary administration in a well-capitalised financial
position, to continue its core business of transforming the global
renewable energy market through its world leading wave energy
technology," the report quotes Mr. Tucker as saying.

KordaMentha said unsecured creditors would receive up to 10 cents
in the dollar back on their claims, SMH relays.

In the administrator's reports, Carnegie directors placed blame for
the company's woes on federal government changes to research and
development tax incentives in 2018, as well as the cash-sapping
Energy Made Clean.  The R&D changes resulted in an additional
AUD1.45 million tax bill, SMH states.

In February, the souring joint venture between property giant
Lendlease and EMC hit the company hard after Lendlease made a
AUD3.2 million cash call, SMH recalls.

SMH notes that the joint venture was described as "not a success"
and resulted in significant losses on projects such as the Northam
Solar Power Station, Kalbarri battery system and Summerhill solar
plant for the City of Newcastle in NSW.

According to the report, administrators said communications between
the parties had broken down and separation negotiations were under
way.

Lendlease submitted to administrators they were owed AUD6.2
million, SMH discloses.

Administrators only received four bids to purchase the company with
prices ranging from AUD40,000 to AUD200,000. Carnegie purchased EMC
for AUD17.5 million in 2016, the report notes.

                       About Carnegie Clean

Carnegie Clean Energy Limited develops and commercializes the CETO
wave energy technology for zero-emission electricity generation
from ocean swell worldwide. The company also generates and supplies
solar power, as well as delivers commercial and utility scale solar
PV projects. In addition, it offers battery energy storage systems
for remote stations, farmers, large homes, commercial businesses,
and accommodation and road houses; and designs and installs solar,
battery, and microgrid infrastructure for sale.

Richard Tucker and John Bumbak of KordaMentha were appointed as
administrators of Carnegie Clean on March 14, 2019.

CIVIL ASSIST: First Creditors' Meeting Set for May 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Civil Assist
Australia Pty Ltd will be held on May 3, 2019, at 10:00 a.m. at the
Central Park, at Level 43, 152-158 St Georges Terrace, in Perth,
WA.

David Mark Hodgson and Matthew James Byrnes of Grant Thornton
Australia were appointed as administrators of Civil Assist on April
18, 2019.

EMC ENGINEERING: Second Creditors' Meeting Set for April 24
-----------------------------------------------------------
A second meeting of creditors in the proceedings of EMC Engineering
Australia Pty Ltd and EMC Co Pty Ltd has been set for April 24,
2019, at 9:00 a.m. at the offices of KordaMentha, Level 10, 40 St
Georges Terrace, 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 April 23, 2019, at 4:00 p.m.

John Bumbak and Richard Tucker of were appointed as administrators
of KordaMentha on March 14, 2019.

PALTAR PETROLEUM: First Creditors' Meeting Set for April 30
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Paltar
Petroleum Limited will be held on April 30, 2019, at 10:00 a.m. at
the offices of Ferrier Hodgson, at Level 25, One International
Towers Sydney, 100 Barangaroo Avenue, in Sydney, NSW.

Ryan Eagle and Peter Gothard of Ferrier Hodgson were appointed as
administrators of Paltar Petroleum on April 17, 2019.

RISK ADVISOR: Second Creditors' Meeting Set for May 2
-----------------------------------------------------
A second meeting of creditors in the proceedings of Risk Advisor
Pty Ltd, trading as Risk Point, has been set for May 2, 2019, at
11:30 a.m. at Eagle Room, Level 24 Allendale Square, 77 St Georges
Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 1, 2019, at 5:00 p.m.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Risk Advisor on Jan. 17, 2019.


TOQUE PTY: First Creditors' Meeting Set for May 2
-------------------------------------------------
A first meeting of the creditors in the proceedings of Toque Pty
Ltd, trading as J.G. Haulage, will be held on May 2, 2019, at 10:00
a.m. at Unit 18, 28 Belmont Avenue, in Rivervale, WA.

Stephen Dixon and Richard Rohrt of Hamilton Murphy were appointed
as administrators of Toque Pty on April 17, 2019.



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C A M B O D I A
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NAGACORP: Moody's Affirms CFR & USD Bonds at 'B1', Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of NagaCorp Ltd.

At the same time, Moody's has affirmed the B1 senior unsecured
rating of the company's US dollar bond issuance. The bonds are
unconditionally and irrevocably guaranteed by the major operating
subsidiaries of NagaCorp.

The outlook on the ratings is stable.

RATINGS RATIONALE

"The rating affirmation reflects NagaCorp's strong performance and
our expectation that key risks around the company's $3.52 billion
development of Naga 3 are sufficiently mitigated. Moody's also
expects the company will have sufficient resources over the next
three years to fund 50% of the development cost, with the remaining
share funded through equity contributions from the company's
controlling shareholder, Tan Sri Dr. Chen Lip Keong, who has track
record of providing funds for NagaCorp's previous expansions," says
Jacintha Poh, a Moody's Vice President and Senior Credit Officer.

"Beyond 2021, NagaCorp's capacity to fund its portion of the
development cost, without incremental borrowings, will depend on
the company's ability to (1) refinance rather than repay all
maturing debt; and (2) generate free cash flows of around $270
million per annum," adds Poh, who is also Lead Analyst for
NagaCorp.

On April 14, 2019, NagaCorp announced that it had entered into a
guaranteed maximum sum design and build agreement of $3.52 billion
for the development of its Naga 3 project, which will have a gross
floor area of 544,801 square meters. The development will commence
on or before September 30, 2019 and complete by September 30,
2025.

The risks associated with the development of Naga 3 are mitigated
by (1) the guaranteed maximum sum design and build agreement with
CCAG Asia Co., Ltd., which undertakes to deliver a fully completed
and operational Naga 3 that will allow the company to commence
operations upon handover; (2) CCAG Asia Co., Ltd.'s successful
track record of completing both the Naga 1 and Naga 2 projects; and
(3) an arrangement with its controlling shareholder, which will
cover any cost overrun.

The $3.52 billion development cost will be spent across six years.
According to the company, around 25% of the cost will be incurred
between 4Q 2019 and 3Q 2022. The remaining 75% will likely be
incurred between 4Q 2022 and 3Q 2025.

As of December 31, 2018, NagaCorp had a cash position of $390
million, including $150 million that will be used to refurbish Naga
1. Moody's expects the company to generate operating cash flows of
around $480 million in 2019 and around $530 million in 2020,
sufficient to cover its (1) maintenance capital spending estimated
at around $70 million; (2) dividend payouts of around $250 million;
and (3) its portion of the development cost for Naga 3 of around
$20 million in 2019 and around $95 million in 2020.

NagaCorp's B1 ratings continue to reflect (1) the dominant position
of its integrated casino and hotel complex, NagaWorld, in Phnom
Penh, Cambodia (B2 stable), underpinned by the company's casino
license with an exclusive right to operate casinos in and around
the capital city of Phnom Penh; and (2) the company's track record
of a strong operating performance since its listing, despite
economic challenges and increasing competition within the gaming
industry in Asia.

In 2018, NagaCorp achieved 60% growth in adjusted EBITDA to a
record of $525 million, driven by the company's (1) VIP gaming
business, which rose 71% owing to the successful ramp-up of Naga 2,
following its first full year of operations in 2018, and (2) strong
gaming margins of 45%. Over the next 12-18 months, Moody's expects
EBITDA growth to moderate owing to increase in gaming taxes and a
reduction in consumer discretionary spending over concerns of a
slowdown in economic growth in Asia Pacific.

Nonetheless, Moody's expects NagaCorp to maintain solid financial
metrics. Leverage, as measured by adjusted debt/EBITDA, will stay
at 0.7x in 2019 and 0.6x in 2020, as compared to 0.7x in 2018.
Retained cash flow (RCF)/debt will weaken to around 65% in 2019 and
78% in 2020, from 90% over the same period owing to higher dividend
payouts.

NagaCorp is rated one notch above Cambodia's sovereign rating,
based on Moody's assessment that there is a low likelihood of the
company being affected in the event of a weakening in Cambodia's
economic fundamentals. The company demonstrates a degree of
insulation from domestic conditions because it generates most of
its revenue from tourists and does not rely on local banks or the
capital markets for funding.

The rating outlook is stable, reflecting Moody's expectation that
NagaCorp will carry out its expansion plans in a prudent manner
while maintaining solid financial metrics and liquidity over the
next 12-18 months.

NagaCorp's rating is unlikely to be upgraded, because it is
constrained to one notch above Cambodia's sovereign rating. To
upgrade the rating, Moody's would expect--in addition to a
sovereign upgrade--the company to maintain its strong operating
position within the Cambodian gaming market and solid financial
metrics, as evidenced by adjusted debt/EBITDA below 2.0x and
adjusted retained cash flow/debt above 25%.

Downward rating pressure could emerge if (1) Cambodia's rating is
downgraded; (2) the operating environment deteriorates, resulting
in protracted weakness in operating cash flow generation; (3) the
company fails to maintain 100% ownership of Ariston Sdn. Bhd, which
holds its Cambodian casino license, and 100% ownership of
NagaWorld; (4) the company increases its debt leverage, capital
spending or shareholder returns, such that adjusted debt/EBITDA
exceeds 2.5x and adjusted retained cash flow/debt falls below 20%
over the next 12-18 months; and (5) the company has insufficient
cash to cover its short-term debt obligations.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.

NagaCorp Ltd. was incorporated in the Cayman Islands in 2003 and
listed on the Hong Kong Stock Exchange in 2006. The company owns
and manages NagaWorld, the largest integrated casino and hotel
complex in Phnom Penh, Cambodia. It is developing a second
integrated casino and hotel complex in Vladivostok, Russia, which
the company expects will commence operations in 2019. NagaCorp was
founded by Tan Sri Dr. Chen Lip Keong, the company's chief
executive officer and largest shareholder with an approximate 66%
stake as of 15 April 2019.



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C H I N A
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CENTRAL CHINA REAL: Moody's Rates Proposed USD Bonds 'B1'
---------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured rating
to the proposed USD bonds to be issued by Central China Real Estate
Limited (CCRE, Ba3 stable).

CCRE will use the proceeds from the proposed bonds to refinance
existing debt.

RATINGS RATIONALE

"The proposed bonds--which will be mainly used for debt
refinancing--will not have a material impact on CCRE's credit
metrics, but they will improve the company's liquidity and debt
maturity profile," says Kaven Tsang, a Moody's Senior Vice
President and also the Lead Analyst for CCRE.

CCRE's Ba3 corporate family rating reflects its leading market
position and long operating track record in Henan Province. The
rating also takes into consideration the company's track record of
achieving stable growth in contracted property sales over the past
five years.

At the same time, the CFR reflects CCRE's geographic concentration
in Henan Province that will expose it to potential volatility in
the province's economy, as well as any changes in the local
government's regulatory restrictions on property purchases and
construction activities. Its high level of exposure to joint
ventures will also raise contingent liabilities.

Moody's expects CCRE's contracted sales will grow to around
RMB60-70 billion in the next 12-18 months after registering strong
76.5% year-on-year growth to RMB53.7 billion in 2018. In the first
three months of 2019, the company's contracted sales remained
robust with a 44.4% year-on-year increase to RMB8.2 billion.

The solid sales performance will support the company's revenues and
EBIT growth in the next 12-18 months, which will partly mitigate in
turn the effect of rising debt to fund its fast-growth plan.

Moody's expects CCRE's revenue/adjusted debt, including from its
shares in joint ventures, to improve to around 80% over the next
12-18 months from Moody's estimates of 64% in 2018.

Moody's also expects adjusted EBIT/interest, including from its
shares in joint ventures, to improve to 3.0x-3.5x in the next 12-18
months, compared to Moody's estimates of 3.0x for 2018.

CCRE's revenue/adjusted debt ratio, including from its shares in
joint ventures, fell to 64% in 2018 from 96.7% in 2017 as the
company raised debt at both the consolidated level and at joint
ventures to support its fast growth in contracted sales. However,
the growth in contracted sales will only be reflected in revenues
in the next 1-2 years.

Meanwhile, CCRE's EBIT/interest, including from its shares in joint
ventures, rose slightly to 3.0x in 2018 from 2.8x in 2017, as the
sharp improvement of its gross margin to 34.4% in 2018 from 23.6%
in 2017 more than offset the increase in interest expenses.

Moody's expects CCRE will maintain adequate liquidity. CCRE
reported unrestricted cash totaling RMB14.2 billion at the end of
2018. Adjusted cash/short-term debt — including amounts due to
and from its joint ventures — was at 134% at the same time.

The B1 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 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.

As a result of these factors, the expected recovery rate for claims
at the holding company will be lower.

The stable rating outlook reflects Moody's expectation that CCRE
can maintain (1) its leadership position in Henan Province and
generate sales growth; (2) adequate liquidity levels; and (3) a
disciplined approach to land acquisitions.

An upgrade could occur if CCRE (1) consistently achieves its sales
targets; (2) demonstrates a track record of good financial
discipline by keeping adjusted cash/short-term debt above 2.0x,
adjusted revenue/debt above 90%, and adjusted EBIT/interest above
4.0x, all on a sustained basis (the ratios are adjusted for its
joint-venture financials); and (3) broadens its geographic coverage
in a disciplined manner and strengthens its offshore banking
relationships.

The ratings could come under downward pressure if (1) CCRE
experiences a significant declines in sales; (2) the company
suffers a material decline in its profit margins; (3) CCRE
accelerates its expansion, such that its liquidity position
deteriorates or its debt levels rise materially, or both; or (4)
construction stoppages become more frequent and the company is
unable to make up for the lost time and misses deadlines on project
deliveries.

Specific indicators for a downgrade include (1) adjusted
cash/short-term debt below 1.0x-1.5x; (2) adjusted EBIT/interest
consistently below 2.5x-3.0x; or (3) adjusted revenue/debt below
70%-75% on a sustained basis. The ratios are adjusted for its
joint-venture financials.

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

Central China Real Estate Limited is a leading property developer
in Henan Province, with a land bank of 34.66 million square meters
in attributable gross floor area at the end of 2018. It was founded
in 1992 and listed on the Hong Kong Stock Exchange in June 2008.

CENTRAL CHINA: Fitch Rates Proposed USD Senior Notes 'BB-(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned Central China Real Estate Limited's
(CCRE; BB-/Stable) proposed US dollar senior notes due 2022 an
expected rating of 'BB-(EXP)'. The proposed notes are rated at the
same level as CCRE's senior unsecured rating because they
constitute its direct and senior unsecured obligations. The final
rating is subject to the receipt of final documentation conforming
to information already received. CCRE intends to use the net
proceeds from the proposed note issue for refinancing.

CCRE's ratings are supported by the company's position as a leading
real-estate developer in China's Henan province, with broad
housing-product diversification and a growing non-property
development business in rental properties and project management.
The ratings are also supported by the company's healthy financial
profile, with leverage, as measured by net debt/adjusted inventory
that proportionately consolidates its joint ventures, lowered to
31% by end-2018, from 34% at end-2017.

KEY RATING DRIVERS

Strong Presence in Henan: Fitch believes CCRE's record supports its
plan to increase its market share in Henan to 10%-13% in the next
one to three years, from 9% in 2018. CCRE has been developing
residential properties almost entirely in the province for more
than 27 years and it has projects in 18 prefecture-level cities and
an established reputation. CCRE's lower average selling price (ASP)
of CNY7,284 a square metre (sq m) in 2018, compared with peers' ASP
of above CNY11,000/sq m, reflects its wide product exposure, which
includes projects in smaller cities.

Sales, Market Share to Increase: CCRE's contracted sales in 2018
were strong at CNY53.7 billion, up by 76.5% from 2017. This was
driven by a larger share of sales from lower-tier cities in Henan.
Fitch expects CCRE's annual contracted sales to increase to CNY61
billion-68 billion in 2019-2020, while the company's market share
in Henan province is likely to expand to more than 10% in the
medium term. The company remained the largest developer in the
province in 2018.

CCRE's expansion into project management of residential property
developments in the province's smaller towns drove the increase in
EBITDA from non-development businesses. CCRE had 110 projects under
this asset-light business model as of December 2018. The company
expects these to provide CNY3.5 billion of revenue over the next
three to four years. Revenue from the asset-light model more than
doubled to CNY675 million in 2018, with a gross margin of 91%.

Aggressive Land Acquisitions Drive Leverage: CCRE acquired 13.5
million sq m in attributable gross floor area of land for CNY17.0
billion in 2018. The company achieved a land acquisition/contracted
sales value ratio of 0.28x in 2018, in line with 0.2x-0.3x in
previous years. Fitch expects the acquisitions to drive up the
company's leverage, measured by net debt/adjusted inventory on a
proportionate consolidation basis, to above 33% in 2019-2020, from
about 31% in 2018. Leverage fell in 2018 from 34% in 2016-2017
thanks to strong contracted sales growth.

Fitch believes CCRE's leverage will not rise above 40%, as the
company has the flexibility to slow down its land acquisitions due
to a bigger attributable land bank of 34.7 million sq m that is
sufficient for development over the next five to six years.

Stabilising Margin: Fitch estimates CCRE's EBITDA margin (deducting
capitalised interest from cost of sales) to be higher than 20% in
2019. The EBITDA margin fell to 16% in 2017, from 17% in 2016,
affected by CCRE's strategy to accelerate inventory clearance in
1H15. Higher contracted sales than revenue also squeezed the EBITDA
margin as the selling, general and administrative expenses, which
are more a function of its contracted sales, are apportioned to a
much lower level of revenue. Fitch expects CCRE's EBITDA margin to
expand when company starts to recognise revenue from previous
contracted sales.

DERIVATION SUMMARY

CCRE's contracted sales of CNY53.7 billion in 2018 are comparable
with those of 'BB-' rated peers, although it has maintained a
healthier financial profile. Yuzhou Properties Company Limited
(BB-/Stable) had contracted sales of CNY56.0 billion in 2018 and
KWG Group Holdings Limited (BB-/Stable) had CNY65.5 billion.

CCRE's leverage ratio, measured by net debt/adjusted inventory on a
proportionately consolidated basis, was 31% in 2018, well below the
'B+' and 'B' rated peers' ratio of 40%-60% and in line with 'BB-'
rated peers' ratio of 20%-45%. However, CCRE's leverage ratio may
remain at 31%-33% in 2019-2020.

CCRE's EBITDA margin of 18% in 2017 was near the bottom of the
'BB-' peers' range of 18%-25% due to the company's destocking
strategy. However, Fitch expects CCRE's EBITDA margin to rise to
19%-25% in 2018-2020 as revenue from projects with a higher
contracted sales ASP will start to be recognised and there will
also be revenue increases from the company's higher-margin rental
property and project management businesses.

KEY ASSUMPTIONS

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

  - Total contracted sales by gross floor area to increase by 13%
in 2019 and 11% in 2020

  - Average selling price for contracted sales to increase by up to
1% a year in 2019-2020

  - EBITDA margin (excluding capitalised interest) to reach 19% in
2018 and 24%-25% in 2019-2020

  - Land acquisition budget to be 22%-26% of total contracted sales
for 2018-2020 for the company to maintain its land bank at
approximately five years of contracted sales (28% in 2017).

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory on a
proportionately consolidated basis, persistently at 30% or below,
while the company maintains its leading position in Henan province

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

  - A decline in contracted sales for a sustained period

  - Leverage at 40% or above for a sustained period

  - EBITDA margin at below 18% for a sustained period

LIQUIDITY

Ample Liquidity: The company had total cash of CNY17.8 billion
(including restricted cash of CNY3.6 billion) as of December 2018,
sufficient to cover short-term debt of CNY5.3 billion maturing in
one year.

Diversified Funding Channels: CCRE had a total debt CNY19.8 billion
as of December 2018, consisting of bank loans, other loans, senior
notes and corporate bonds. There were unutilised banking facilities
of CNY66.6 billion. CCRE is listed on the Hong Kong stock exchange
and conducted an equity placement in 1H18 that raised about CNY800
million.

Stable Funding Cost: The average cost of borrowing was 7.0% in
2018, lower than 6.8%-6.9% in 2016-2017.

CHINA EVERGRANDE: Fitch Cuts Sr. Unsec. Rating to B, Outlook Pos.
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings on
China Evergrande Group and its subsidiary Hengda Real Estate Group
Co., Ltd at 'B+'. The Outlook remains Positive. At the same time,
Fitch has downgraded the senior unsecured rating on Evergrande to
'B' from 'B+', with Recovery Rating of 'RR5'. Hengda's senior
unsecured rating is affirmed at 'B+', with a Recovery Rating of
'RR4'.

The downgrade of the senior unsecured rating on Evergrande is
driven by the deeper subordination of its creditors to those at
Hengda, which carries most of the group's debt and accounts for
most of the group's profit.

The Positive Outlook on Evergrande's ratings reflects Fitch's
expectation that the group will continue to reduce debt and
leverage as operating cash inflows increase. While leverage
improved materially in 2018, this was in conjunction with a rise in
trade payables. A positive rating action is predicated on the
stabilisation of both measures and lower reliance on short-term
debt.

Evergrande and Hengda are rated based on the consolidated profile
of the group due to the strong operational linkages between the two
entities, an approach in line with Fitch's Parent and Subsidiary
Rating Linkage criteria.

KEY RATING DRIVERS

Improving Leverage, Higher Payables: Evergrande's leverage,
measured by net debt/adjusted inventory, fell to 40% by end-2018
from 42% at end-June 2018 and 50% at end-2017. This was driven by a
faster 30% increase in adjusted inventory than the 5% rise in net
debt. Evergrande's adjusted inventory expanded faster despite its
slowing land purchases because it had more projects under
construction to support its enlarged scale. This also meant that
trade payables rose significantly to push up the payables to
inventory ratio to 0.42x by end-2018 from 0.33x at end-2017.

Sales Growth to Moderate: Fitch expects the company's contracted
sales growth to be below 3% in 2019, in line with industry
slowdown; although the company has a contracted sales target of
CNY600 billion for 2019, which is 9% more than in 2018. Positive
rating action would depend on Evergrande's management of working
capital during the period of slower growth. The homebuilder's
business model implies that operating cash flows should rise when
growth slows. However, this link may be disrupted if the company
has weaker-than-expected operating cash flows, possibly due to
higher land purchases or a sharp reduction in payables relative to
construction in progress.

High Reliance on Short-Term Debt: The proportion of Evergrande's
short-term debt in total debt remained higher than that of its
peers, although it decreased slightly to 47% by end-2018 from 49% a
year earlier. The company says it is committed to issue longer-term
debt, but the process may be slow due to as a large part of the
short-term loans are construction loans.

Low-Cost Land Reserve: Evergrande has low-cost land reserves
sufficient for around six years of development. Its low land cost
is a key driver to its high operating margins (reported EBITDA
margin of 28.6% in 2018) despite an average selling price (ASP)
that is lower than that of industry peers. The higher margin also
mitigates its higher-than-peer interest costs.

Continued Non-Development Capex: Evergrande expects to spend CNY20
billion in 2019 and CNY5 billion a year in 2020 and 2021 on
non-property businesses, including the research, development and
production of electric vehicles. This compares to the CNY16 billion
in non-property capex in 2018. Fitch gives little credit to
Evergrande's non-property business as it makes minimal contribution
to the company's recurring income. However, Fitch expectsthe
company to generate free cash flows if it does not exceed these
targets.

Subordination of Evergrande's Senior Creditors: Evergrande's
creditors are subordinated to Hengda's as Evergande owns only
63.46% of Hengda. Fitch has downgraded the senior unsecured ratings
of Evergrande as it believes that the recovery value to its
creditors has fallen due to the higher payables at Hengda.

DERIVATION SUMMARY

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

Evergrande is also rated lower than Future Land Development
Holdings Limited (FLDH, BB/Stable) despite being significantly
larger. However, FLDH has better working capital and liquidity
management, higher churn, and growing income from investment
property.

KEY ASSUMPTIONS

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

  - ASP to increase by 3% in 2019 but to moderate to 1% in 2020-21;
contracted sales by GFA to drop by 1% and stay flat in 2020

  - Low single-digit growth in land bank over the next three years

  - Land cost to increase by 3%-5% per annum in 2019-2021, such
that Evergrande's EBITDA margin drops to 27% in 2019-2021 from
28.6% in 2018

  - Dividend payout ratio of 30% during 2019-2021

Recovery Rating Assumptions:

Evergrande

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

  - 10% administrative claims

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

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

  - Fitch applied a higher haircut of 40% on adjusted inventory
despite Evergrande's high margin

  - Fitch assumes 100% of residual value from Hengda will be
distributed to Evergrande's creditors

Hengda

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

  - 10% administrative claims

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

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

  - Fitch applied a higher haircut of 20% on adjusted inventory

  - Fitch assumes the company's third-party payables that amounted
to CNY375 billion at end-2018 are senior to all other debt

  - Fitch also assumes Hengda will be able to use 100% of the
available and restricted cash to pay debt and payables

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 50% (40.1% at
end-2018)

  - Contracted sales/gross debt sustained above 0.8x (0.8x at
end-2018)

Developments That May, Individually or Collectively, Lead to the
Outlook Reverting to Stable

  - Failure to maintain the above metrics above the positive
sensitivities over the next 12 months

  - Change in management strategy to return to aggressive expansion
from its stated objective to reduce its gearing ratio

  - Failure to reduce short-term debt to below 35% of total debt
(47% at end-2018)

LIQUIDITY

Weak but Manageable: Evergrande's high reliance on short-term debt
and low readily available cash balances result in weak liquidity.
The company's cash to short-term debt ratio reduced to 0.6x in 2018
from 0.8 at end-2017 and 1.4x at end-2016.

However, this is manageable as a material portion of its short-term
debt comprises construction loans that are normally rolled over.
The company is also increasing long-term debt issuance and
improving its cash collection in 2019. This is likely to be aided
by the lower land purchase needs in the future.

FULL LIST OF RATING ACTIONS

China Evergrande Group

  - Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook
Positive

  - Senior unsecured rating downgraded to 'B' from 'B+', with
Recovery Rating of 'RR5'

  - USD500 million 7% senior unsecured notes due 2020 downgraded to
'B' from 'B+', with Recovery Rating of 'RR5'

  - USD598.18 million 6.25% senior unsecured notes due 2021
downgraded to 'B' from 'B+', with Recovery Rating of 'RR5'

  - USD1 billion 8.25% senior unsecured notes due 2022 downgraded
to 'B' from 'B+', with Recovery Rating of 'RR5'

  - USD.1.345 billion 7.5% senior unsecured notes due 2023
downgraded to 'B' from 'B+', with Recovery Rating of 'RR5'

  - USD1 billion 9.5% senior unsecured notes due 2024 downgraded to
'B' from 'B+', with Recovery Rating of 'RR5'

  - USD4.68 billion 8.75% senior unsecured notes due 2025
downgraded to 'B' from 'B+', with Recovery Rating of 'RR5'

Hengda Real Estate Group Co., Ltd

  - Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook
Positive

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

Scenery Journey Limited - a fully owned subsidiary of Hengda

  - USD565 million 11% senior unsecured notes due 2020 affirmed at
'B+', with Recovery Rating of 'RR4'

  - USD645 million 13% senior unsecured notes due 2022 affirmed at
'B+', with Recovery Rating of 'RR4'

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

  - USD600million 9% senior unsecured notes due 2021 affirmed at
'B+', with Recovery Rating of 'RR4'

CHINA GRAND: Fitch Rates $100MM Senior Notes Final 'BB-'
--------------------------------------------------------
Fitch Ratings has assigned China Grand Automotive Services Co.,
Ltd.'s (China Grand Auto; BB-/Stable) USD100 million 8.625% senior
notes due 2022 a final rating of 'BB-'. The notes are issued by its
wholly owned subsidiary, China Grand Automotive Services Limited
and are unconditionally and irrevocably guaranteed by China Grand
Auto.

The notes are rated at the same level as China Grand Auto's senior
unsecured rating as they constitute its direct and senior unsecured
obligations.

The final rating is in line with the expected rating assigned on
March 27, 2019.

KEY RATING DRIVERS

Large Scale, Market-Leading Position: China Grand Auto's ratings
are supported by its large operating scale and strong business
profile. China Grand Auto is the largest auto dealership in China,
with more than 800 outlets in 28 provinces covering more than 50
brands. China Grand Auto has been consolidating its position
through acquisitions in the last few years and is now the leading
dealer in China for most of the major luxury brands, including
Audi, BMW, Volvo and Jaguar Land Rover.

China Grand Auto's strong brand and geographical diversification
could mitigate the impact of product launch cycles and reduce
earning volatility. In addition, the company's large operating
scale allows it to use its store network more efficiently to
develop new revenue sources, such as commission income, leasing and
used-car sales.

Long-Term Demand Intact: China is the world's largest
passenger-vehicle market. Despite near-term challenges, Fitch
expects passenger-vehicle sales to grow at a low single-digit
percentage in the medium term. Rising vehicle-ownership penetration
will drive demand for China Grand Auto's other business segments,
including after-sales services, commission income, used-car sales
and leasing. Used-car sales remain at a nascent stage in China, but
have substantial growth potential in the next five to 10 years due
to increasing car ownership, changing consumer behaviour and
favourable policies.

Competitive Industry, Low Margins: China's auto-dealership industry
is highly fragmented and competitive; although China Grand Auto is
China's largest dealership, it only has around 4% market share by
sales volume. Industry margins are low, as bargaining power with
suppliers is weak and the regulatory environment historically
favoured automakers over dealers. Chinese auto dealers generally
have mid-single-digit EBITDA margins, comparable with US peers, and
Fitch believes the industry's low margin trend will persist in the
medium term.

Slower Acquisitions: China Grand Auto has expanded its network
through multiple acquisitions. Its financial leverage was
relatively high after it acquired Baoxin Auto in 2016, but has
improved gradually with better margins, limited capex and an equity
placement in 2017; FFO adjusted net leverage dropped to 4.0x in
2017, from 5.9x in 2016. Based on Fitch's current assumption of
CNY3.8 billion in annual capex (inclusive of acquisitions), Fitch
does not expect leverage to drop further in the near term. However,
the company has indicated that it plans to significantly scale back
its M&A budget, which may allow it to reduce leverage.

Leasing Subsidiary Deconsolidated: China Grand Auto carries out
auto-leasing services via its leasing subsidiary, Huitong Xincheng.
Fitch has deconsolidated Huitong Xincheng for the purposes of its
analysis in accordance with its Corporate Rating Criteria. Huitong
Xincheng's debt-to-equity ratio was below 2.0x at end-2017, which
Fitch sees as healthy.

DERIVATION SUMMARY

China Grand Auto's ratings are supported by its leading market
position, large operating scale and strong business profile, but
constrained by its relatively high leverage and low margins. Its
peers include AutoNation, Inc. (BBB-/Stable), the largest
automotive retailer in the US, with over 360 new-vehicle franchises
across 16 states. The company sells new vehicles under 33 brands
and also offers used vehicles, finance, insurance, auto parts,
repair and maintenance services. China Grand Auto has a similar
operational scale and margin as AutoNation, but weaker financial
metrics and lower free cash flow generation. The Chinese company's
ratings are also constrained by its acquisitive strategy.

eHi Car Services Limited (B+/Negative), China's second-largest
car-rental company, has a similar leverage ratio but China Grand
Auto has a much larger operating scale, lower capex requirements
and a more stable competitive environment. China Grand Auto also
has a similar leverage ratio as Golden Eagle Retail Group Limited
(BB/Stable), a traditional diversified retailer in China, but the
auto dealer's margin lower and its FCF generation is weaker.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  - Deconsolidation of China Grand Auto's finance-service (leasing)
entity is contingent on the assumption that there will be no
significant deterioration in the quality of the company's lease
assets against historical reported figures.

  - Average EBITDA margin of 4.8% in 2018-2021 (2018 estimate:
4.7%)

  - Average capex (inclusive of acquisitions) per annum of CNY3.8
billion

  - 30% dividend payout ratio

RATING SENSITIVITIES

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

  - FFO adjusted net leverage (excluding leasing) below 3.5x on a
sustained basis (2018 estimate: 4.7x)

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

  - Sustained decline in market share and/or revenue

  - FFO adjusted net leverage (excluding leasing) above 5.0x on a
sustained basis

  - FFO fixed-charge cover below 2.0x on a sustained basis (2018
estimate: 2.1x)

  - EBITDA margin below 3.5% on a sustained basis

LIQUIDITY AND DEBT STRUCTURE

Reliance on Short-Term Funding: At the end of 2017, China Grand
Auto had CNY47 billion of debt (excluding its leasing business), of
which CNY24 billion was due within 12 months. This was covered by
unused banking facilities and CNY20 billion in unrestricted cash.
Fitch expects the company to remain reliant on short-term funding
in the near term, which will require it to continuously roll over
maturing debt. China Grand Auto's liquidity headroom has decreased
as of September 30, 2018 due to negative operating cash flow, but
this is consistent with historical seasonal trading patterns. The
company said its full-year operating cash flow returned to positive
by the end-2018.

CHINA MINSHENG: Hit With $800 Million Cross Default
---------------------------------------------------
Timmy Shen and Peng Qinqin at Caixin Global report that debt-mired
private investment conglomerate China Minsheng Investment Group
Corp. Ltd. (CMIG) has found itself in trouble with creditors--this
time with a cross default on $800 million in dollar bonds.

CMIG said on April 18 that cross-default clauses have been
triggered on $300 million worth of Hong Kong-listed bonds due in
2020 and $500 million worth of Singapore-listed notes due in 2019,
Caixin relates citing a filing to the Hong Kong Stock Exchange.

According to Caixin, the filing said that the cross-default clauses
were set off by an early redemption clause getting triggered
earlier in the month on CNY4.3 billion ($641 million) of loans owed
by CMIG subsidiary Yida China Holdings Ltd. On April 10, Yida China
issued a notice stating that earlier freezes on CMIG's assets had
triggered the early redemption clause on its loans, which allowed
lenders to demand immediate repayment.

Typically, a cross default clause is a provision in a bond or loan
agreement that puts a borrower in default if it defaults on another
obligation. In effect, defaulting on one bond or loans causes the
borrower to default on all bonds or loans covered by such clauses,
Caixin notes.

Caixin relates that CMIG also said multiple other payment defaults
contributed to triggering the cross default, including a privately
placed note whose payment date CMIG announced it had to push back
from April 8 to April 19.

CMIG, which has assets in fields ranging from solar power to real
estate and finance, is struggling to pay off the estimated CNY233
billion ($35 billion) in total liabilities it had by the end of
September, Caixin discloses citing Hithink RoyalFlush Info. In
February, the conglomerate admitted that it was going through a
"strategic transformation" and was selling assets that it "no
longer considered suitable for the company’s strategic
direction," the report recalls.

To resolve its current liquidity problems, CMIG has set up a
special management committee consisting of shareholder
representatives, its board of directors, its board of supervisors,
and members of senior management, it said in the filing, Caixin
relays.

In addition, some creditors have won court orders to freeze some of
CMIG's assets. As of April 4, a total of CNY2.96 billion of its
assets have been frozen, accounting for about 3.85% of its net
assets, the company said in an announcement, Caixin adds. CMIG said
that the frozen assets wouldn't have much of an impact on its
operations.

Also on April 18, S&P Global Ratings downgraded Hong Kong-listed
Yida China's credit rating to "CCC" from "CCC+" due to its weaker
liquidity as debt becomes repayable on demand, Caixin reports. Yida
China had an unrestricted cash balance of CNY1 billion as at the
end of 2018, compared with CNY12.7 billion in current liabilities,
S&P Global said in a statement to the media.

Founded in 2014, CMIG racked up much of its debt during an earlier
spending spree. CMIG International Holding Pte. Ltd., its
international investment arm, spent $2.5 billion in 2016 to acquire
Bermudan insurer Sirius International Insurance Group Ltd., which
went public on the Nasdaq in November.

However, CMIG has started to sell off assets, the company said
earlier this year, as its ambitious credit-fueled expansion
strategy unraveled. The group's expansion was heavily dependent on
short-term loans from banks and on bond sales. At the end of 2017,
its debt topped CNY170 billion, Caixin discloses citing Hithink
RoyalFlush Info. By the end of September 2018, its liabilities had
surged a further 36% to CNY233 billion.

China Minsheng Investment Group is a private equity firm. The firm
seeks to invest in solar energy industry, manufacturing,
sustainable energy, renewable energy, real estate, and business jet
services. The firm seeks to invest in Europe and the United States.

FUTURE LAND: Fitch Affirms LT IDRs at 'BB', Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Future Land
Development Holdings Limited's (FLDH) Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB'. The Outlook is
Stable. At the same time, the agency has affirmed the Long-Term
Foreign-Currency IDR of FLDH's subsidiary, Seazen Holdings Co.,
Ltd., (Seazen) at 'BB'. The Outlook is Stable.

The rating affirmation reflects FLDH's ability to keep a stable
financial profile while expanding quickly in both its property
development and investment property businesses. FLDH's recurring
EBITDA interest coverage reached 0.4x in 2018 and Fitch expects it
to provide strong support to the rating if the coverage can be
sustained above 0.4x. However, FLDH's leverage climbed to 44% by
end-2018 from 40% at end-2017, and Fitch expects some fluctuation
in FLDH's leverage in the future due to its rapid expansion,
extensive use of joint-venture (JV) structures and its move towards
higher attributable interests in its projects. This constrains the
rating on FLDH at the current level.

Seazen is 67.5% owned by FLDH. Fitch uses a consolidated approach
to rate Seazen, based on its Parent and Subsidiary Rating Linkage
criteria. Fitch assesses the strategic and operational ties between
them as strong, based on Seazen representing FLDH's entire exposure
to the China homebuilding business.

KEY RATING DRIVERS

Focus on Yangtze River Delta: The FLDH group's strategy to focus
resources on the Yangtze River Delta has helped drive scale
expansion and strong sales turnover, measured by consolidated
contracted sales/gross debt. The region made up more than half of
FLDH's total contracted sales during the past few years, including
its contribution of around 61% in 2018, during which contracted
sales rose by 75% to CNY221 billion. FLDH's sales turnover was
little changed at 1.7x in 2018 from 1.9x in 2017 and has averaged
1.7x annually since 2014, demonstrating the group's successful
execution of its fast-churn strategy. FLDH aims to achieve CNY270
billion in total contracted sales in 2019.

Stable Leverage, Uncertainty Exists: FLDH's leverage including
proportionate consolidation of JVs and associates was 44% at
end-2018, compared with 50% at end-1H18, 40% at end-2017 and 45% at
end-2016. FLDH's leverage tended to increase during the middle of
the year due to land acquisition activities, but has remained
within a reasonable range and below 45% on average during its
expansion.

Fitch thinks that FLDH's continued land replenishment, large
investment property capex and the high proportion of JV operations
will increase uncertainty over leverage in the future. FLDH spent
CNY76 billion on attributable land acquisitions in 2018, including
the investments by FLDH and Seazen, which accounted for more than
half of its attributable sales proceeds, and the group expects to
continue to spend about 60% of its sales proceeds (CNY80 billion-90
billion) on land premiums in 2019. FLDH also plans to spend CNY22
billion-25 billion a year on expanding its mixed-use complexes,
which include investment properties.

Minority Shareholders Provide Financing: The total non-controlling
interests in FLDH's balance sheet increased by CNY13 billion to
CNY26 billion by end-2018. The minority shareholders in the
company's projects contributed CNY9 billion of the increase, which
meant that FLDH did not have to take on more debt to develop the
projects. The total non-controlling interests exceeded equity
attributable to shareholders of CNY19 billion at end-2018. However,
FLDH may seek higher shares in its projects to increase profit
attributable to shareholders, which could result in lower
contribution from minority shareholders in new projects that would
drive up FLDH's leverage in the future.

Diversified, Sufficient Land Bank: The group had an attributable
land bank of 53.3 million sq m, or 49% of the total land bank, at
end-2018. The attributable interest is higher at around 67%,
according to management, after including project investment from
Seazen. Fitch thinks the land bank is sufficient for three to five
years of development. The group will continue to focus on the
Yangtze River Delta but has been increasing its land bank outside
the region to provide a buffer in case of regional market
uncertainties. The Yangtze River Delta accounted for 50.1% of
FLDH's total land bank by gross floor area at end-2018.

Margin Expansion: Fitch expects the group's EBITDA margin to stay
at around 25% in the next two years. FLDH's EBITDA margin, without
adding back capitalised interest to avoid distortion from
accounting policy changes, improved to 26.4% in 2018 from 24.1% in
2017. The margin expansion was mainly helped by the higher
contribution from its rental-generating shopping-mall business as
FLDH's property-development gross profit margin remained flat at
34% in 2018. Rental and property-management fees rose to 8% of
FLDH's total gross profit in 2018 from 5% in 2017, and generated a
68% gross profit margin.

Recurring Income to Support Rating: Fitch estimates the group's
recurring EBITDA will continue to increase rapidly to provide
strong support to its interest servicing in 2019. FLDH doubled its
rental and property-management fee income to CNY2 billion in 2018
from the operation of shopping malls (branded Wuyue Plaza), which
are mainly located in second- and third-tier cities. Recurring
EBITDA/interest expense paid increased to 0.4x in 2018 from 0.2x in
2017. Fitch expects FLDH to generate around CNY4 billion in rental
and management fees in 2019, and recurring EBITDA/interest expense
to trend to above 0.4x after 2019.

DERIVATION SUMMARY

Fitch uses a consolidated approach to rate FLDH and Seazen, based
on its Parent and Subsidiary Rating Linkage criteria, as Seazen is
67.5%-owned by FLDH at end-2018. Their strong strategic and
operational ties are reflected by Seazen representing FLDH's entire
exposure to the China homebuilding business while FLDH raises
offshore capital to fund the group's business expansion. The two
entities share the same chairman.

FLDH's quick sales churn strategy contributed to the rapid
expansion of its contracted sales to a level higher than most 'BB'
category peers. FLDH's attributable sales reached CNY143 billion in
2018, larger than that of Sino-Ocean Group Holding Limited
(BBB-/Stable, standalone credit profile: bb+), CIFI Holdings
(Group) Co. Ltd. (BB/Stable), and almost double the size of China
Aoyuan Group Limited (BB-/Positive), KWG Group Holdings Limited
(BB-/Stable), and Logan Property Holdings Company Limited
(BB-/Stable). FLDH has also quickly expanded its investment
properties (IP), which generated CNY2 billion of recurring income
and a recurring EBITDA/interest of 0.4x in 2018. FLDH's IP
portfolio of around CNY40 billion is much larger than all the other
'BB' rated peers, and this contributed to its leverage increase and
justifies its higher leverage than the peers in 2018.

FLDH has maintained its leverage, as defined by net debt/adjusted
inventory (after JV/associate proportionate consolidation), around
45%, in line with 'BB' rated peers, such as CIFI, but higher than
Sino-Ocean Group's leverage of around 35%. FLDH's leverage
increased in 2017-2018 due to continued land replenishment and
large capex to develop its IP portfolio. FLDH's recurring
EBITDA/interest of 0.4x is similar to Sino-Ocean Group's level in
2018. However, Sino-Ocean Group has a stronger and longer track
record in IP operations than FLDH, which supports Sino-Ocean
Group's standalone credit profile, which is one notch above FLDH's
rating.

KEY ASSUMPTIONS

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

  - total contracted sales reach CNY270 billion and CNY300 billion
in 2019 and 2020 with around 70% attributable interests.

  - land premium represents around 60% of attributable sales
proceeds in 2019 and 50% in 2020-2022.

  - CNY22 billion-25 billion investment property capex in
2019-2022

  - Overall EBITDA margins to remain above 25%

  - FLDH maintains a controlling shareholding in Seazen and the
operational ties between FLDH and Seazen do not weaken

RATING SENSITIVITIES

FLDH:

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

  - Net debt/adjusted inventory (after JV proportionate
consolidation) sustained below 40%

  - Recurring EBITDA/interest paid sustained above 0.4x

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

  - Consolidated contracted sales/total debt sustained below 1.5x

  - Net debt/adjusted inventory (after JV proportionate
consolidation) sustained above 50%

  - EBITDA margin sustained below 18%

  - Weakening linkage between FLDH and Seazen

Seazen:

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

  - Net debt/adjusted inventory (after JV proportionate
consolidation) sustained below 40%

  - Recurring EBITDA/interest paid sustained above 0.4x

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

  - Consolidated contracted sales/total debt sustained below 1.5x

  - Net debt/adjusted inventory (after JV proportionate
consolidation) sustained above 50%

  - EBITDA margin sustained below 18%

LIQUIDITY

Sufficient Liquidity: The group doubled its unrestricted cash
balance to CNY41 billion by end-2018, which is sufficient to cover
its short-term borrowings of CNY27 billion. The group repaid its
HKD2.3 billion convertible bond in early 2019.

FULL LIST OF RATING ACTIONS

Future Land Development Holdings Limited

Long-Term Foreign-Currency Issuer Default Rating affirmed at 'BB';
Outlook Stable

Long-Term Local-Currency Issuer Default Rating affirmed at 'BB';
Outlook Stable

Senior unsecured rating affirmed at 'BB'

USD300 million 6.5% senior unsecured notes due 2020 affirmed at
'BB'

USD300 million 7.5% senior unsecured notes due 2021 affirmed at
'BB'

USD350 million 5% senior unsecured notes due 2020 affirmed at 'BB'

USD200 million 6.15% senior unsecured notes due 2023 assigned a
final rating at 'BB'

Seazen Holdings Co., Ltd.

Long-Term Foreign-Currency Issuer Default Rating affirmed at 'BB';
Outlook Stable

Senior unsecured rating affirmed at 'BB'

Issued by New Metro Global Limited, and guaranteed by Seazen

USD200 million 5% senior unsecured notes due 2022 affirmed at 'BB'

USD200 million 7.5% senior unsecured notes due 2022 affirmed at
'BB'

USD500 million 6.5% senior unsecured notes due 2021 affirmed at
'BB'

USD300 million 7.125% senior unsecured notes due 2021 affirmed at
'BB'

KWG GROUP: S&P Affirms B+ LT ICR, Alters Outlook to Neg.
---------------------------------------------------------
On April 18, 2019, S&P Global Ratings revised its rating outlook on
KWG to negative from stable.

At the same time, S&P affirmed its 'B+' long-term issuer credit
rating on KWG and its 'B' long-term issue rating on the company's
senior unsecured notes.

S&P said, "We revised the outlook to negative to reflect our view
that KWG Group Holdings Ltd.'s leverage may remain elevated over
the next 12-18 months compared with that of other companies at the
same rating level. KWG's leverage weakened significantly in 2018,
due to revenue slippage, continuous high land investments, and an
expanding cash balance. We estimate KWG's "see-through" (with JVs
proportionately consolidated) ratio of debt to EBITDA ratio
deteriorated to 10.3x in 2018, from 8.0x in 2017. Its consolidated
debt-to-EBITDA ratio surged to 26.9x from 14.5x in the same
period.

"We see uncertainty as to whether KWG could substantially recover
its debt leverage over the next 12-18 months. Since adopting a more
aggressive expansion strategy in 2016, the company has invested
heavily in land and chosen to build up its cash cushion amid
tighter liquidity conditions. We believe KWG is ultimately
targeting a higher sales ranking and market share, which could
continue to drive strong land replenishment needs. The company
targets contracted sales of Chinese renminbi (RMB) 85 billion for
2019, or 30% growth from 2018. This is generally higher than peers
targeting a 15%-20% growth.

"That said, we believe KWG will likely register strong contracted
sales growth in 2019-2020. As a result, we believe leverage peaked
in 2018 and will improve over the next two years. Robust contracted
sales performances in 2017 and 2018 will also drive a strong EBTIDA
growth of around 30% in 2019, from a low base in 2018.

"Our affirmation reflects our view that KWG's has a reasonable
chance to improve its leverage considerably in 2019, should the
company enhance its cash management and financial prudence.
Management has expressed an intention to control gross debt through
better cash collection and by lowering its cash balance. In our
base case, we expect the company's see-through leverage to
materially improve to around 8x in 2019 and further downward to
6.5x-7x in 2020.

"We expect KWG to use its current high cash balance to reduce its
borrowings. In our view, the cash balance has been higher than its
operating needs over the past two years, partly due to the tight
funding environment. While the company continues to maintain a
strong liquidity position and satisfy its investment needs, we
expect it to maintain a thinner safety cushion under the easing
funding conditions both onshore and offshore."

KWG's improving sales and rental income, high quality land bank in
prime cities of China, and strong liquidity should continue to
support its credit profile.

S&P said, "The negative outlook on KWG reflects our view that the
company's leverage, in both consolidated and proportionated basis,
will remain high over the next 12 months.

"We could lower the ratings if KWG's liquidity weakens from its
current strong position, such that liquidity sources over liquidity
uses is less than 1.5x for the next 12 months. This could happen if
KWG's unrestricted cash balance falls substantially, or the company
fails to manage its debt maturity profile such that its short-term
debt due over the next 24 months increases significantly. The
rating could also come under pressure if the company is unable to
sustain its good profitability, or debt growth remains significant,
such that its consolidated debt-to-EBITDA ratio does not improve to
around 8x on a proportionate consolidated basis, or consolidated
debt-to-EBITDA does not show an improving trend.

"We could revise KWG's outlook to stable, if KWG's sales are strong
and its debt growth is more disciplined, such that its
debt-to-EBITDA ratio on a proportionate consolidated basis improves
to below 8x, and its debt-to- EBITDA ratio on a consolidated basis
improves significantly."

MODERN LAND: Fitch Rates $300MM Senior Unsecured Notes Final 'B'
----------------------------------------------------------------
Fitch Ratings has assigned Modern Land (China) Co., Limited's
(B/Stable) USD300 million 12.85% senior unsecured notes due 2021 a
final rating of 'B' with a Recovery Rating of 'RR4'. The notes are
being offered in exchange for its USD500 million notes due 2019 and
as new issuance. Modern Land intends to use the net proceeds from
the new note issuance primarily for refinancing existing debt.

The notes are rated at the same level as Modern Land's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The final rating is in line with the
expected rating assigned on April 8, 2019.

Fitch downgraded Modern Land's ratings in January 2019 to reflect
that the homebuilder's leverage, measured by net debt over adjusted
inventory including proportionate consolidation of joint ventures
(JVs), remains higher than in prior years. Fitch estimates that
Modern Land's leverage was around 47% at end-2018 and expects it to
remain at above 45% in 2019-2020 due to pressure to replenish land
to sustain growth.

KEY RATING DRIVERS

Increasing Leverage:  Modern Land's leverage was at around 47% at
both end-2018 and end-2017, but higher than 34% at end-2016, mainly
due to continued land acquisitions and higher leverage at the JV
level. Fitch expects the continued pressure on Modern Land to
acquire land in the future to sustain sales growth will push
leverage to close to 50% by 2020.

Modern Land's CNY19 billion in attributable contracted sales
remained around 60% of its reported contracted sales. The high
proportion of contracted sales from JVs means that Modern Land's
consolidated financial statement would not adequately reflect its
financial profile, and therefore it assessed the company's leverage
on a proportionately consolidated basis. Fluctuating leverage at
its JV projects will continue to affect Modern Land's leverage in
the future.

Limited Margin Improvement: Modern Land's gross profit margin
hovered around 20% in 2016-2018, compared with 31% in 2015. Fitch
estimates that the company's land cost as a percentage of
recognised average selling price was above 40% and will continue to
eat into Modern Land's recognised gross profit margin in the
future. EBITDA margin (including capitalised interest, which
usually lowers EBITDA margin by 5-6pp) was largely unchanged at
12.7% in 2018 from 12.2% in 2017, but was lower than the 20%-25% of
peers rated 'B'. The low EBITDA margin constrains the company's
deleveraging capacity despite growing contracted sales.

Sustained Land Bank Pressure:  Modern Land's attributable
available-for-sale land bank was 3.8 million square metres (sq m)
in gross floor area at end-2018, which corresponds to CNY40
billion-50 billion in attributable saleable resources with an
average selling price (ASP) of CNY10,000 -13,000 per sq m. Fitch
expects the company's land bank to be sufficient for around two
years of sales and Fitch believes Modern Land would remain under
pressure to add good-quality land to sustain growth in the next
three years.

Growing Scale: Modern Land's total contracted sales increased by
45% to CNY32 billion in 2018, after rising 34% in 2017. Its
attributable contracted sales also rose by 49% to CNY19 billion in
2018. Modern Land's saleable resources are mostly located in Tier 1
and 2 cities. Fitch estimates that Tier 1 cities, such as Beijing,
and Tier 2 cities, like Taiyuan, Hefei, Suzhou and Changsha,
account for around 70% of Modern Land's existing saleable resources
by value. Modern Land's total contracted sales grew 9% yoy to
CNY5.4 billion in January-March 2019, with the properties sold at
an ASP of CNY10,766 per sq m.

DERIVATION SUMMARY

Modern Land's attributable contracted sales of CNY19 billion in
2018 was close to that of other 'B' rated companies, such as
Beijing Hongkun Weiye Real Estate Development Co., Ltd. (B/Stable)
and Hong Yang Group Company Limited (B/Positive). Modern Land's
leverage is lower than that of Hongkun's 54.4% and comparable to
Hong Yang's 44% as of end-2017, but its EBITDA margin is lower than
Hongkun's 29% and Hong Yang's 37%.

Modern Land's sales are lower than those of 'B+' rated companies,
including Ronshine China Holdings Limited (B+/Stable) and Guangdong
Helenbergh Real Estate Group Co., Ltd. (B+/Stable). Their leverages
are similar to Modern Land's, but Modern Land has lower margin.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY21 billion in 2019.

  - Attributable land investment accounting for 45% of attributable
contracted sales in 2019.

  - Construction cash cost accounting for 35% of attributable
contracted sales in 2019.

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory (including JV proportionate
consolidation) below 40% for a sustained period

  - Land bank maintained at above 2.5 years of sales

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

  - Insufficient land bank for two years of sales.

  - Net debt/adjusted inventory (including JV proportionate
consolidation) above 55% for a sustained period

  - EBITDA margin (excluding capitalised interest) below 18% for a
sustained period

LIQUIDITY

Adequate Liquidity: Modern Land's liquidity was weaker in 2018 but
still adequate, with total cash of CNY9.7 billion, including CNY3
billion restricted cash, compared with short-term debt of CNY8.8
billion, at end-2018. The short-term debt is mainly composed of
USD500 million offshore senior notes due in 2019 and secured bank
borrowings. Modern Land is exchanging part of the 2019 notes with
those from the USD300 million issuance and repaying the rest of the
short-term debt as well as other secured borrowings using pre-sale
proceeds and internal cash. Modern Land also issued USD350 million
of notes due 2020 in late 2018 and early 2019 and has yet to deploy
the proceeds to refinance its existing indebtedness. Modern Land's
funding cost increased to 8.2% in 2018 from 7.7% in 2017.  

RONSHINE CHINA: Fitch Rates $200M Senior Notes Final 'B+'
---------------------------------------------------------
Fitch Ratings has assigned Ronshine China Holdings Limited's
(B+/Stable) USD200 million 8.75% senior notes due 2022 a final
rating of 'B+' with a Recovery Rating of 'RR4'. The notes are rated
at the same level as Ronshine's senior unsecured rating because
they are unconditionally and irrevocably guaranteed by the company.
Ronshine intends to use the net proceeds to refinance its existing
debt. The final rating is in line with the expected rating assigned
on April 16, 2019.

Ronshine's ratings reflect its high quality and diversified land
bank, which supported its fast contracted sales expansion in 2018.
Its ratings are constrained by its sustained moderately high
leverage of about 50%, as defined by net debt/adjusted inventory,
which is high among 'B+' rated peers. Fitch believes Ronshine's
ability to source a low-cost land bank continuously while
maintaining its sales churn and profitability will help bring
leverage below 45%, the level at which Fitch would consider
positive rating action.

KEY RATING DRIVERS

Faster Scale Expansion: Ronshine's total contracted sales increased
by 143% to CNY122 billion in 2018 (equivalent to consolidated
contracted sales of about CNY74 billion). Ronshine's focus on the
Yangtze River Delta with exposure to cities that benefit from
spill-over demand from top-tier cities was a key driver for of its
strong sales growth. The company set a total contracted sales
target of CNY140 billion in 2019, supported by CNY200 billion in
saleable resources, of which 52% will be located in the Yangtze
River Delta.

High Quality, Diversified Land Bank: Ronshine's attributable land
bank remained stable at 12.9 million square metres (sq m) as of
end-2018, compared with 12.7 million sq m as of end-2017. Its
land-bank portfolio is well-diversified, covering 39 cities in
China with a focus on Tier 1 and 2 cities, which accounted for 80%
of its land bank by area. Fitch believes the diversified land bank
has mitigated the impact from tighter home-purchase restrictions in
many high-tier cities. The company entered six new cities in 2018,
including Qingdao, Jiaxing and Huzhou.

Margin Recovery: Ronshine's EBITDA margin, after adding back
capitalised interest in the cost of goods sold (COGS), recovered to
25% in 2018, from 20% in 2017. The weak EBITDA in 2017 was due to
the revaluation of inventory to fair value following some
acquisitions during the year. Fitch expects the impact to diminish
as the company's scale expands. Ronshine's average land-bank cost
was CNY6,356 per sq m, which accounted for 29% of its contracted
average selling price in 2018. The land cost appears reasonable in
light of the high-quality land bank, which should sustain the
EBITDA margin at around 25%.

Ratings Constrained Despite Lower Leverage: Leverage, measured by
net debt/adjusted inventory including guaranteed debt for its joint
ventures (JVs) and associates, fell to 50.1% by end-2018, from
56.6% at end-2017. Management expects to deleverage further as the
company's budget for land acquisitions will remain low at about 30%
of contracted sales proceeds in 2019, as there is sufficient land
bank to maintain its contracted sales scale.

DERIVATION SUMMARY

Ronshine's consolidated contracted sales scale of about CNY80
billion per year and diversified land bank in China are equivalent
to that of 'BB-' rated homebuilders, such as Yuzhou Properties
Company Limited (BB-/Stable). However, Ronshine's leverage of 50%
is higher than that of 'BB-' rated peers, which usually have
leverage of below 45%.

Ronshine has a smaller scale, thinner EBITDA margin and higher
leverage relative to China Evergrande Group (B+/Positive), but
Ronshine has lower trade payables and a stronger liquidity
position. Ronshine has a similar scale to 'B' category peers, such
as Yango Group Co., Ltd. (B/Positive), although Ronshine's leverage
is lower. Ronshine's normalised EBITDA margin (adding back
capitalised interest in COGS) of about 25% is comparable with that
of Yango.

KEY ASSUMPTIONS

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

  - Total contracted sales of CNY140 billion in 2019 and CNY150
billion in 2020 (2018: CNY122 billion)

  - EBITDA margin, after adding back capitalised interest in COGS,
of 25%-27% in 2019-2020 (2018: 25%)

  - Land acquisitions to account for 30%-40% of contracted sales
proceeds in 2019-2020

No changes to its recovery rating assumptions

  - 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 55%. Fitch has rated the
senior unsecured debt at 'B+'/RR4. Under its Country-Specific
Treatment of Recovery Ratings Criteria, China falls into its 'Group
D' of creditor friendliness, and instrument ratings of issuers with
assets in this group are subject to a soft cap at the issuer's
IDR.

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory including
guaranteed debt for its JVs/associates, sustained below 45% (2018:
50%)

  - EBITDA margin, after adding back capitalised interest in COGS,
sustained at 25% or above (2018: 25%)

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

  - Leverage above 55% for a sustained period

  - EBITDA margin, after adding back capitalised interest in COGS,
below 20% for a sustained period

LIQUIDITY

Sufficient Liquidity: Ronshine had a cash balance of CNY25 billion
at end-2018, sufficient to cover its short-term debt of CNY24.8
billion. It also issued USD600 million of 11.25% senior unsecured
notes due 2021 and USD300 million of 10.5% senior notes due 2022 in
February 2019 to refinance debt.

RONSHINE CHINA: Moody's Rates New Senior Unsecured USD Notes 'B2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Ronshine
China Holdings Limited's (B1 stable) proposed senior unsecured USD
notes.

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

RATINGS RATIONALE

"The proposed bond issuance will lengthen Ronshine's debt maturity
profile and will not have a material impact on its credit metrics,
because the proceeds will be used for refinancing," says Cedric
Lai, a Moody's Vice President and Senior Analyst.

Moody's forecasts that Ronshine's debt leverage--as measured by
revenue/adjusted debt--will trend towards 60%-65% over the next
12-18 months from 52% in 2018, and its interest coverage--as
measured by adjusted EBIT/ interest--will improve to 2.5x-3.0x from
around 2.1x over the same period.

Ronshine's total contracted sales grew 13.4% year-on-year to
RMB25.5 billion in the first quarter of 2019, after recording
robust 73% year-on-year growth to RMB121.9 billion for the full
year of 2018. These strong contracted sales should support the
company's revenue growth over the next 12-18 months.

The company's liquidity is adequate. Its cash balance of RMB 25.0
billion as of end of December 2018 was sufficient to cover its
short-term debt of 24.8 billion, and Moody's expects that its cash
holdings, together with the proceeds from its contracted sales
after deducting basic operating cash flow items, will cover its
maturing debt, committed land premiums, and dividend payments over
the next 12 months.

Ronshine's B1 CFR continues to reflect its fast growing scale and
its track record of developing properties in the Yangtze River
Delta region and Fujian Province. The B1 CFR also takes into
account the company's adequate liquidity, strong market position
and strong ability on sales execution in its key markets, including
Hangzhou, Shanghai and Fuzhou.

On the other hand, the rating is constrained by its high debt
leverage, which results from the company's rapid expansion
strategy.

Ronshine's B2 senior unsecured rating is one notch lower than its
CFR to reflect the risk of structural subordination. This
subordination risk reflects the fact that the majority of
Ronshine'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. As a result, the
expected recovery rate for claims at the holding company will be
lower.

The stable outlook reflects Moody's expectation that Ronshine can
execute its sales plan, remain prudent in its land acquisitions and
maintain adequate liquidity, while posting improved credit metrics
over the next 12-18 months.

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

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

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

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

Ronshine China Holdings Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2016. As a property developer, it focuses on mid-to
high-end residential units in Fujian Province, the Yangtze River
Delta, the Pearl River Delta, Central China and the Bohai Sea
Region. The company was founded by its Chairman, Mr. Ou Zonghong,
who owns 62.3% of Ronshine as of 17 April 2019.

TEWOO GROUP: Fitch Corrects April 15 Ratings Release
----------------------------------------------------
Fitch corrects a release of Tewoo Group Co. published on April 15,
2019 to correct the explanation on how Tewoo's ratings are derived
and clarifies that a default by Tewoo will have moderate financial
implications on the Tianjin government in the Key Rating Drivers.

The revised release is as follows:

Fitch Ratings has downgraded China-based commodities trader Tewoo
Group Co., Ltd.'s Long-Term Issuer Default Rating and senior
unsecured rating to 'BBB-' from of 'BBB'.

The downgrade is driven by a lowering of Fitch's internal
assessment of the creditworthiness of Tewoo's ultimate parent, the
Tianjin municipality. Tewoo's scoring under Fitch's
Government-Related Entities Rating Criteria remains unchanged at 15
points and therefore, the strength of linkage between Tewoo and the
Tianjin government also remains unchanged. The rating on Tewoo,
which was placed on Rating Watch Negative on April 9, 2019, will
continue to be on RWN until Tewoo provides satisfactory evidence
that its liquidity position has not materially worsened.

KEY RATING DRIVERS

No Change in GRE Score: Tewoo is a state-owned enterprise 100% held
by the Tianjin State-owned Assets Supervision and Administration
Commission (Tianjin SASAC). Fitch rates Tewoo by notching the
rating up by two notches from its standalone credit profile of 'bb'
based on the Government-Related Entities Rating Criteria. The
assessment reflects the local government's strong control and
support track record in support of Tewoo and its weak
socio-political implications and moderate financial implications on
the government of a default by Tewoo.

Limited Headroom in Standalone Profile: There is limited headroom
in Tewoo's standalone credit profile of 'bb' as a CNY5 billion
debt-for-equity swap in late 2018 did not materialise as previously
expected. At the same time, Fitch expects EBITDA to decline in 2019
and 2020 due to weaker demand for commodities in China. Fitch notes
that even a temporary curtailment of access to liquidity may
disproportionately affect the operations of a commodities trader
like Tewoo

DERIVATION SUMMARY

Fitch has compared Tewoo to other international trading houses and
commodity processors. Tewoo's EBITDA level is smaller than Archer
Daniels Midland Company's (ADM, A/Stable) and Bunge Limited
(BBB-/Stable). In terms of readily marketable inventory
(RMI)-adjusted FFO net leverage, Tewoo has a leverage ratio similar
to ADM's and lower leverage than Bunge, which is the world's
leading oilseed processor with diversification benefits from its
food and ingredients business. In terms of RMI-adjusted FFO fixed
charge coverage, Tewoo has one of the lowest in the sector at
roughly 2x as it sits on a huge pile of cash. Therefore, Fitch
believes the current two-notch difference between Tewoo's
standalone credit profile and Bunge's rating is justified based on
scale, diversification and coverage.

KEY ASSUMPTIONS

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

  - Revenue decline of 3%-5% per annum during 2019-2021

  - Stable gross profit margin of 2%

  - Stable capex of around CNY400 million per annum during
2019-2021

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Removal of the RWN and Affirmation of Ratings at the Current
Level:

  - Tewoo's ratings will be removed from RWN if the company is able
to demonstrate that its access to funding has not deteriorated.

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

  - Tewoo's ratings will be downgraded if there is evidence that
its access to funding has deteriorated and/or there is weaker
likelihood of support from Tianjin SASAC.

LIQUIDITY

Access to Funding Important: Tewoo had adequate liquidity as at end
June 2018. However, continued access to funding is critical to
maintaining this position.

FULL LIST OF RATING ACTIONS

Tewoo Group Co., Ltd.

  - Long-Term IDR downgraded to 'BBB-' from 'BBB'; RWN maintained

  - Senior unsecured rating downgraded to 'BBB-' from 'BBB'; RWN
maintained

Tewoo Group Finance No 2 Limited

  - USD300 million 4.5% senior unsecured notes due 2019 downgraded
to 'BBB-' from 'BBB'; RWN maintained

Tewoo Group Finance No 3 Limited

  - USD300 million 4.625% senior unsecured notes due 2020
downgraded to 'BBB-' from 'BBB'; RWN maintained

  - USD200 million 5.5% senior unsecured notes due 2022 downgraded
to 'BBB-' from 'BBB'; RWN maintained

Tewoo Group No 5 Limited

  - USD450 million senior perpetual capital securities downgraded
to 'BB+' from 'BBB-'; RWN maintained

YIDA CHINA: Fitch Cuts Long-Term IDR to 'B-', Outlook Stable
------------------------------------------------------------
Fitch Ratings has downgraded China-based business-park developer
Yida China Holdings Limited's Long-Term Foreign-Currency Issuer
Default Rating to 'B-' from 'B'. The Outlook is Stable. At the same
time, Fitch has downgraded its senior unsecured rating and the
rating on its USD300 million 6.95% senior notes due 2020 to 'B-'
from 'B' with a Recovery Rating of 'RR4'.

The ratings have been downgraded to reflect the inherent risk of
the short-term debt repayment pressure Yida faces after CNY5
billion of its non-current debt was reclassified as current at
end-2018. Yida has earmarked assets for sales to cover the debt
repayment but the opportunistic nature of its liquidity management
is no longer commensurate with a 'B' rating. Yida's business
profile and other financial metrics remain similar to 'B' rated
peers.

KEY RATING DRIVERS

Opportunistic Liquidity Management: Fitch believes Yida's ratings
will remain constrained by the lack of an immediate comprehensive
plan to improve its debt maturity structure, causing significant
uncertainty over its business execution as it may have to dispose
of assets on short notice. Yida has not prepared sufficient funds
to repay or come up with any plans to refinance the CNY5 billion
debt that is due immediately upon request, although its lenders
have not required the company to repay the debt. Yida has also not
been able to obtain waivers from the lenders due to the financial
uncertainty over the company's 61.1%-shareholder, China Minsheng
Investment Corp., Ltd. (CMIG).

Yida may face renewed liquidity pressure when its USD300 million
offshore senior notes are due in April 2020 although this is partly
mitigated by its CNY1.6 billion in undrawn credit facilities.

Debt Reclassification: Yida had CNY12.6 billion in short-term debt
at end-2018. This includes the CNY5 billion in non-current debt
that Yida's auditor, PricewaterhouseCoopers, reclassified as
short-term debt because it would be immediately repayable if
required by the lenders due to the financial deterioration of CMIG.
Yida's debt due before end-2019, excluding the reclassified CNY5
billion, amounted to CNY7.65 billion.

Adequate Immediate Liquidity: Yida has provided detailed plans to
refinance CNY2.3 billion in short-term debt due between April and
December 2019, including several asset disposals (CNY2.3 billion
from its Wuhan and Dalian project sales), rolling over existing
secured loans and internal cash generation. Management expects Yida
to generate around CNY1 billion-2 billion in cash from operations
in 2019 with a target of CNY10 billion in contracted sales. Yida
has already repaid and renewed CNY4.8 billion in short-term debt as
of end-March 2019 and has secured the equivalent of CNY0.5 billion
in time-deposit certificates.

Weak Parent-Subsidiary Linkage: Yida is rated on a standalone basis
due to its weak ties with CMIG. The two entities have weak legal
ties as CMIG does not guarantee Yida's debt. The operational ties
are also weak due to Yida's independent operations and the
different nature of its business from CMIG, which is mainly a
financial institution. Yida's chairman, Mr. Jiang Xiuwen, has been
with Yida for around 20 years, well before CMIG became the
company's largest shareholder in 2016.

Stable Financial Profile: Yida's leverage, measured by net
debt/adjusted inventory, improved to 45.6% by end-2018 from 52.9%
at-end 2017 due mainly to the drop of joint-venture guarantees to
zero from CNY1 billion in 2017, as well as controlled development
expenditure. Fitch estimates Yida's EBITDA margin (excluding
capitalised interest) climbed to 27%-28% in 2018 from 23% in 2017,
thanks to a 5 percentage-point gross margin improvement in Yida's
property-development segment.

DERIVATION SUMMARY

Yida's business profile as a leading regional homebuilder in Dalian
and business-park developer, with a sufficient and sound land bank
to support its property development, remains commensurate with a
'B' rating. Its financial profile was also stable in 2018. Yida is
similar to China South City Holdings Limited (B/Stable) in terms of
contracted sales scale of CNY7 billion-8 billion, leverage of
around 50% and a recurring EBITDA interest coverage of around 0.2x.
Yida's churn rate is higher than China South City's, although the
latter enjoys higher profitability of above 30%.

However, Yida's weak and opportunistic liquidity management are no
longer commensurate with a 'B' rating. Yida faces constant
liquidity pressure and has to execute asset disposals to repay part
of its short-term debt. Yida's rating will be constrained to 'B-'
until it improves its debt maturity profile and liquidity
management.

KEY ASSUMPTIONS

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

  - Attributable contracted sales to stay at CNY7 billion-8 billion
during 2019-2020.

  - Land premium accounting for 30% of sales proceeds in 2019.

  - No new investment properties to be added in the next three
years; average occupancy rate for existing investment properties at
above 90% in 2019-2020.

RATING SENSITIVITIES

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

  - Deterioration in liquidity position

  - Sales declining below 2018 level

  - Lack of preparation for the repayment or refinancing of any of
its reclassified short-term debt upon request for immediate
repayment.

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

  - No positive rating action is envisaged until Yida refinances
its CNY5 billion in bank loans that have to be repaid immediately
upon request, and improves its liquidity-management process.

LIQUIDITY

Tight Liquidity: Yida had CNY1.1 billion in available cash and
CNY728 million in restricted cash, insufficient to cover its
short-term debt of CNY12.6 billion, which represented 74% of Yida's
total debt as of end-2018. Yida is able to provide detailed plans
to satisfy its immediate liquidity needs before end-2019 but
liquidity pressure will persist if Yida is not able to improve its
liquidity management.

YIDA CHINA: S&P Cuts ICR to CCC on Weaker Liquidity, Outlook Neg.
-----------------------------------------------------------------
On April 18, 2019, S&P Global Ratings lowered its long-term issuer
credit rating on Yida China Holdings Ltd. to 'CCC' from 'CCC+'. At
the same time, S&P lowered its long-term issue rating on the
company's senior unsecured notes to 'CCC-' from 'CCC'.

S&P said, "We downgraded Yida China Holdings Ltd. (Yida) on higher
refinancing risk following a significant increase in its current
borrowings. About Chinese renminbi (RMB) 5 billion of the company's
non-current bank loans and corporate bonds have been reclassified
as immediately repayable on demand, triggered by asset-freeze
orders on China Minsheng Investment Corp. Ltd. (CMIG)'s equity
interests in some subsidiaries. CMIG is Yida's largest shareholder
and we consider CMIG as Yida's financial sponsor.

"We believe this could lead to a liquidity crisis for Yida if
lenders demand immediate repayment, especially since we already
assessed the company's liquidity as exceptionally weak. Yida had an
unrestricted cash balance of only RMB1 billion as at Dec 31. 2018,
and we estimate the cash level to be similar at the end of the
first quarter." This compares with RMB12.7 billion in current
borrowings. That said, Yida has repaid around RMB5 billion of debt
since the beginning of 2019. This includes repayment RMB1.4 billion
of RMB2 billion of onshore bonds puttable in March 2019, and
extending the maturities on the rest. No debtors have made request
for early repayment of the RMB5 billion in reclassified loans thus
far.

S&P said, "Moreover, Yida's capital structure is weakened by the
reclassification of non-current debt to current. This shortens the
weighted average maturity to 1.3 years, below our threshold of two
years for a neutral assessment of the capital structure. In
addition we do not the company has a clear refinancing or repayment
plan for its offshore U.S. dollar-denominated bond due in April
2020. Considering Yida's weak credit profile and CMIG's current
status, it could be difficult for Yida to refinance the U.S.-dollar
senior notes via new offshore issuance. We therefore revised our
assessment on Yida's capital structure to negative from neutral.

"The negative outlook on Yida reflects our view that the company
may face a near-term liquidity crisis. We believe Yida's capital
structure, with a limited cash balance and weak liquidity, is
unsustainable and is vulnerable to adverse market conditions.

"We could lower the rating on Yida if lenders demand early
repayment of the on-demand debt or change the terms on these
outstanding borrowings. We could also downgrade Yida if we believe
its access to the onshore capital market and bank borrowings has
weakened, or the proceeds from its property sales are lower than we
expect, further lowering the prospects of debt repayment.

"We may raise the rating if Yida can resolve the
repayable-on-demand overhang, while improving its liquidity and
lowering its other refinancing risk. That could be achieved if Yida
secured significantly more funding sources by disposing of assets,
or by raising new equity or longer-term funding."

Yida mainly engages in the development, sales, and operation of
business parks, as well as the development and sales of residential
properties in China. The Dalian-based company owns six business
parks and manages 26 parks on behalf of other owners in China.
While the company's land reserves span eight cities, 75% are
located in Dalian as of end-2018. Some 83% of contracted sales are
from its business parks, and the remaining are from stand-alone
property projects.

Founded in 1997 by Sun Yinhuan, Yida was listed on the Hong Kong
stock exchange in June 2014. As of April 2019, CMIG owns 61% of the
company.



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

MELCO RESORTS: Moody's Affirms CFR & $1BB Sr. Unsec. Notes at Ba2
-----------------------------------------------------------------
Moody's Investors Service has affirmed Melco Resorts Finance
Limited's Ba2 corporate family rating as well as the Ba2 senior
unsecured rating for the company's existing $1 billion senior
unsecured notes due 2025.

At the same time, Moody's has assigned a Ba2 rating to the proposed
US dollar senior unsecured notes to be issued by Melco Resorts
Finance Limited.

Melco Resorts Finance plans to use the bond proceeds to partially
repay the principal amount outstanding under the 2015 Revolving
Credit Facility at its subsidiary Melco Resorts (Macau) Limited.

The rating outlook is stable.

RATINGS RATIONALE

"The affirmation of Melco Resorts Finance's ratings reflects its
established operations in Macau and our expectation that the
operating environment will remain largely supportive over the next
12-18 months, which mitigates its high geographic concentration and
the increase in the company's financial leverage in the second half
of 2018," says Sean Hwang, a Moody's Analyst.

Melco Resorts Finance's adjusted debt/EBITDA increased to around
3.3x in 2018--including Moody's standard adjustments--from 2.0x a
year earlier, as its debt increased by $1.1 billion mainly to help
fund a share repurchase by its parent Melco Resorts & Entertainment
Limited as well as the parent's increase of its stake in its
Philippine subsidiary.

The increase in debt has materially reduced Melco Resorts Finance's
financial buffer, but does not have an immediate ratings impact
because Moody's expects the company's adjusted debt/EBITDA to
improve to below 3.0x by 2020, supported by expected earnings
growth and reduced capital spending. This expectation also assumes
that the company will not make a further major debt-funded
distribution to its parent. This expected level of financial
leverage will be consistent with the company's Ba2 rating
category.

Moody's expects Melco Resorts Finance's annual adjusted EBITDA will
grow to around $830 -$850 million over the next 12-18 months from
around $780 million in 2018, driven by (1) the continued ramp-up of
the Morpheus hotel that opened in June 2018, (2) the reversal of
win rates to a more normal range from the low levels seen in 2018,
and (3) Moody's expectation for largely supportive gaming demand in
Macau, particularly in the mass-market segment.

The transfer of the operation of 45 VIP gaming tables from the
casino at Studio City to Melco Resorts (Macau) Limited's City of
Dreams or Altira properties starting from January 2020 will provide
further support to Melco Resorts Finance's earnings in 2020.

Melco Resorts Finance's capital spending should decline to around
$230-$250 million in 2019 from $389 million in 2018, which will
allow the company to generate positive free cash flow and reduce
debt.

The Ba2 rating for the proposed senior unsecured offering is in
line with the company's corporate family rating, reflecting Moody's
expectation that the partial redemption of the outstanding balance
under the subsidiary-level revolving credit facility will reduce
the claims at the subsidiary to a more manageable level.

Melco Resorts Finance's liquidity profile is good. Its cash
holdings of $0.9 billion at the end of 2018 and operating cash flow
are sufficient to cover its capital spending and debt amortization
over the next 12 months.

Melco Resorts Finance's ratings also factor in the likelihood that
Melco Resorts Finance will provide financial support to its parent
Melco Resorts and Entertainment in case of need, which recorded
adjusted debt/EBITDA of around 3.6x in 2018.

The stable ratings outlook reflects Moody's expectation that Melco
Resorts Finance will improve its earnings and financial profile,
and will not use debt to fund a further major distribution to its
parent over the next 12-18 months.

The ratings could be upgraded if (1) Melco Resorts Finance improves
its financial profile such that adjusted debt/EBITDA stays below
1.6x-1.8x on a sustained basis; and (2) Melco Resorts &
Entertainment establishes a longer track record of maintaining a
conservative investment strategy and financial management.

The ratings could be downgraded if (1) the operating performances
of Melco Resorts Finance and Melco Resorts & Entertainment
significantly deteriorate as a result of a material slowdown in
Macau's gaming market, or if there is stronger-than-expected
competition; (2) a major construction project is vested at Melco
Resorts Finance, increasing its financial risk; or (3) Melco
Resorts & Entertainment's financial profile weakens materially as a
result of significant debt-funded investments and/or a
deterioration in its operating performance, resulting in the
likelihood of higher dividend payouts from Melco Resorts Finance.

Metrics indicative of a possible downgrade include adjusted
debt/EBITDA in excess of 3.5x-4.0x for Melco Resorts Finance.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.

Melco Resorts Finance Limited is a wholly-owned subsidiary of Melco
Resorts and Entertainment, which is listed on the NASDAQ exchange
and is majority-owned by the Hong Kong-listed Melco International
Development Ltd. All of Melco Resorts Finance's operations are
currently located in Macau.

Through Melco Resorts (Macau) Limited, Melco Resorts Finance
operates two wholly-owned casinos in the territory, namely, Altira
Macau and City of Dreams. It also has non-casino based operations
at its Mocha Clubs, and provides both gaming and non-gaming
services to Studio City.



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

AASTHA SURGIMED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Aastha Surgimed Limited
        Shop No. 52, A-1 Block
        Local Shopping Complex
        Pashim Vihar, Delhi 110063

Insolvency Commencement Date: April 9, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 6, 2019

Insolvency professional: Amit Agrawal

Interim Resolution
Professional:            Amit Agrawal
                         H-63, Vijay Chowk
                         Laxmi Nagar
                         Delhi 110092
                         E-mail: amitagcs@gmail.com

Last date for
submission of claims:    April 24, 2019


AKSHAY ENTERPRISES: CRISIL Assigns B+ Rating to INR10cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Akshay Enterprises - Pune (AE)

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Term
   Loan                  10        CRISIL B+/Stable (Assigned)

The ratings reflect the company's exposure to risks related to
implementation, funding, and saleability of its projects, apart
from intense competition and cyclicality inherent in the real
estate industry. These weaknesses are partially offset by extensive
experience of the promoters and strategic location of the
projects.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to implementation, funding, and
saleability of projects: AE is developing a project (a mix of
residential and commercial) in Pune at an estimated cost of
INR72.67 crore. The company incurred expenditure of around INR3.14
crore on these projects until December 2018 (about 4.32 % of the
total cost). Operating performance will, thus, remain susceptible
to timely completion of projects and flow of customer advances.

* Vulnerability to cyclicality inherent in the domestic real estate
industry: The cyclical nature of the domestic real estate sector
leads to exposure to volatile prices, opaque transactions, and a
highly fragmented market structure. Hence, the business risk
profile will remain susceptible to risks arising from any industry
slowdown.

Strengths:
* Extensive experience of the promoters in the real estate
business: Nearly three-decade-long experience of the promoter in
the real estate business and successful completion of past projects
have enabled the company to establish its market position in Pune.

* Strategic location of the projects: Two ongoing projects of the
firm are in prime localities (close to National Institute of Bank
Management, Kondhwa) and are well-connected to Pune railway
station, schools, and colleges. This is likely to support sales.

Liquidity
The firm has not availed project-specific loans from the bank as of
date but the same is expected to come by November 2019. However,
the project is expected to sustain the construction costs due to
funding support from the promoters, customer advances, and bank
loans. The promoters have infused INR10.25 crore as on December
2018 in form of equity to fund project construction and are likely
to continue to extend need-based funding support.

Outlook: Stable

CRISIL believes AE will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if healthy booking of units and receipt of customer
advances lead to substantial cash inflows. The outlook may be
revised to 'Negative' if time or cost overruns in new projects,
slower-than-expected ramp-up in customer bookings, or deterioration
in cash inflows weakens the financial risk profile, especially
liquidity.

Incorporated in 1995, AE undertakes residential and commercial real
estate development in Pune, Maharashtra. Mr Ashok Kataria and his
family members are the promoters. The firm is presently developing
a residential cum commercial project called Yash Florencia at NIBM
Road, Pune.

ANJALI INFRACRETE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Anjali Infracrete Private Limited
        445-450, Poddar Arcade
        Khand Bazar, Varachha Road
        Surat 395006

Insolvency Commencement Date: April 11, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 7, 2019
                               (180 days from commencement)

Insolvency professional: Sunil Kumar Kedia

Interim Resolution
Professional:            Sunil Kumar Kedia
                         210-B, 21st Century Business Center
                         Near Udhna Darwaja
                         Ring Road, Surat
                         Gujarat 395002
                         E-mail: kedia_kedia@yahoo.com
                                 ip.kedia.surat@gmail.com

Last date for
submission of claims:    April 24, 2019


B.P. CONSTRUCTION: CRISIL Hikes Rating on INR4cr Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its long term rating on the bank facilities of
B. P. Construction - Hapur (BPCH) to 'CRISIL B-/Stable' from
'CRISIL C' and reaffirmed the short term rating at 'CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Overdraft             4         CRISIL B-/Stable (Upgraded
                                   from 'CRISIL C')

   Proposed Bank
   Guarantee             5.03      CRISIL A4 (Reaffirmed)

The upgrade reflects timely servicing of term loan instalments in
the three months from December 2018.

The ratings reflect BPCH's small scale of operations, geographical
concentration in revenue, and risks related to tender-based
business and high fragmentation. These weaknesses are partially
offset by promoters' experience in the civil construction
industry.

Key Rating Drivers & Detailed Description
Weakness
* Small scale of operations and geographical concentration in
revenue: With expected turnover of INR20 crore in fiscal 2019,
scale remains modest and is expected to remain subdued over the
medium term. Moreover, entire revenue comes from projects in Uttar
Pradesh, which exposes the firm to any slowdown in infrastructure
spending in that area.

* Susceptibility to risks related to tender-based business and high
fragmentation: Entire income is derived from executing projects for
the Public Works Department (PWD) and the National Highways
Authority of India (NHAI; rated 'CRISIL AAA/Stable') in Uttar
Pradesh. Hence, revenue flow depends on ability to secure tenders
from government entities. The firm is also exposed to intense
competition in the civil works segment.

Strength
* Experience of promoters and moderate order flow: Benefits derived
from promoters' experience of around seven years, their strong
understanding of local market dynamics, and healthy relationship
with customers and suppliers should continue to help bag repeat
orders. The firm has already executed many roads and bridges
projects for PWD Uttar Pradesh.

Liquidity
Bank limit was fully utilised over the 12 months ended September
2018. Current ratio is expected at 1.2-1.4 times over the medium
term, while cash accrual will be sufficient to meet term debt
obligation.

Outlook: Stable

CRISIL believes BPCH will continue to benefit from its promoters'
experience. The outlook may be revised to 'Positive' if a
substantial increase in revenue and profitability, along with
prudent working capital management strengthens financial risk
profile, especially liquidity. The outlook may be revised to
'Negative' if significantly low revenue or profitability, any
large, debt-funded capital expenditure, or stretched working
capital cycle weakens financial risk profile, especially
liquidity.

Established as a partnership firm in February 2013 by Mr Bhupendra
and Ms Pushpa, BPCH is engaged in the civil construction business
and primarily undertakes road projects for PWD, NHAI, and Nagar
Palika in Uttar Pradesh. The firm is a registered contractor with
the Government of Uttar Pradesh.

BHAWNA HOUSING: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bhawna Housing
Private Limited (BHPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with BHPL for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BHPL 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 BHPL 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.

BHPL was set up by Mr. Bhagat Singh Baghel and his brother Mr.
Hirday Singh Baghel in 2002. The company undertakes construction
and development activity in and around Agra (Uttar Pradesh).

CHOUDHARY FASHIONS: Ind-Ra Affirms BB+ LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Choudhary
Fashions' (CF) Long-Term Issuer Rating at 'IND BB+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR12.40 mil. (reduced from INR23.31 mil.) Term loans due on
     September 2021 affirmed with IND BB+/Stable rating; and

-- INR197.5 mil. Fund-based facilities affirmed with IND
     BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects CF's continued modest scale of operations
and credit metrics. The firm's revenue decreased to INR1,104
million in FY18 from INR1,132 million in FY17 owing to a decline in
the orders. The firm booked INR842 million in revenue for 11MFY19.
As of March 2019, it had an order book of INR509 million, which
will be executed in the next four months. Ind-Ra expects the firm's
revenue to witness stable growth in the medium term in view of a
regular order inflow.

CF's EBITDA interest coverage (operating EBITDA/gross interest
expense) marginally increased to 6.87x in FY18 from 6.54x in FY17
and net financial leverage (adjusted net debt/operating EBITDAR)
deteriorated to 3.83x from 2.48x. The increase in the coverage was
primarily driven by a decrease in interest expenses due to the
schedule repayment of loan. The deterioration in the leverage was
due to an increase in debt to INR341 million in FY18 from INR280
million and a decrease in absolute EBITDA to INR81 million from
INR94 million.

The ratings are constrained by a fall in EBITDA margin to 7.4% in
FY18 from 8.3% due to raw material price fluctuations. However, the
margin is healthy. In addition, the firm's return on capital
employed was 19% in FY18 (FY17: 24%).

The ratings continue to be constrained by the partnership nature of
business and the high customer concentration. CF's top three
customers accounted for 70% of its revenue in FY18 (FY17: 93%).

The ratings further continue to be constrained by the tight
liquidity position of CF, indicated by an average 96% utilization
of the fund-based limits during the 12 months ended February 2019.
Its cash flow from operations turned negative to INR24 million in
FY18 from INR70 million in FY17, mainly due to changes in working
capital.

The ratings, however, continue to be supported by the partners'
experience of more than four decades in the textile industry that
has led to longstanding relations with customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margin, leading to deterioration
in the credit metrics, all on a sustained basis, could be negative
for the ratings.

Positive: A substantial rise in the revenue and the EBITDA margin,
leading to an improvement in the credit metrics, all on a sustained
basis, could be positive for the ratings.

COMPANY PROFILE

CF started in 1974 in Mumbai and established in 1999 as a
partnership firm. CF manufactures and exports ladies woven garments
across the casual wear and beachwear categories. In addition, it
provides kids wear. It has started a new ladies knitwear division
across the same lines. Its head office is in Mumbai. Its
manufacturing units are in Jaipur.

CLOVER ENERGY: CRISIL Lowers Rating on INR216.40cr Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Clover
Energy Private Limited (Clover; part of Leap green group) to
'CRISIL D' from 'CRISIL BB+/Stable'. The Leap Green group comprises
Leap Green Energy Pvt Ltd (Leap green), Maple Renewable Power Pvt
Ltd (Maple), Olive Ecopower Pvt Ltd (Olive), Clover, Lotus Clean
Power Venture Pvt Ltd (Lotus), Tulip Renewable Powertech Pvt Ltd
(Tulip), Violet Green Power Pvt Ltd (Violet), Iris Ecopower Venture
Pvt Ltd (Iris), and Orchid Renewable Powertech Pvt Ltd (Orchid),
Citron Ecopower Pvt Ltd (Citron) , IVY Ecoenergy Pvt Ltd (IVY) and
Vanila Clean Power Pvt Ltd (Vanilla).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Term        10.57      CRISIL D (Downgraded from
   Loan                            'CRISIL BB+/Stable')

   Term Loan           216.40      CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')

The rating downgrade reflects delays by Leap Green's SPVs namely
(Clover, Maple, Olive, Orchid, Lotus, IRIS) in servicing debt
obligations on the term loans in fiscal 2019. The delays were on
account of cash flow mismatch and penal interest has also been
charged by the lenders.  Instance of DSRA drawn down in February
2019 also indicate cash flows mismatch in the some of the SPVs.

The rating of Leap, Violet, Tulip has been constrained owing to
tight liquidity position in the group given instance of drawdown of
DSRA, delays in debt servicing in some of the SPVs and high cash
fungibility in the group companies.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Leap Green (capacity of 19.50 MW) and
its subsidiaries: Maple (61.50 MW), Olive (51.55 MW), Clover (71.50
MW), Lotus (46.20 MW), Tulip (55.50 MW), Iris (42.05 MW), Violet
(33.00 MW), Orchid (66.90 MW), Citron (75 MW), IVY (164MW) and
Vanilla (64 MW). All these companies, collectively, referred to as
the Leap Green group, operate in the wind energy and related space,
have significant operational linkages, high cash fungibility, and
are under a common management. Post debt-servicing, excess cash
flow from the SPVs would be available for covering any shortfall
across the Leap Green group and shall also available for future
expansions. Furthermore, Leap Green has extended guarantees for the
debt of the subsidiaries.

Key Rating Drivers & Detailed Description

Weakness

* Recent delays in term debt servicing due to low liquidity
position and cash flow mismatch: The group SPVs have defaulted in
servicing of debt obligations of one of the lenders in Feb 2019
owing to delay in realization of payments. Also on account of cash
flow mismatch, DSRA has been drawn in case of another lender and
the same is expected to be rebuilt over near team. The group has a
cash balance of about of about INR39 crore as on February 2019.

* Moderate increase in counterparty risk: Post acquisition of new
assets, Leap Green's exposure to state discoms has increased with
about 54% asset servicing group captive customers and 46% catering
to state discoms, which has resulted in moderate increase in
counter party risk. Out of 46% exposure to state discoms, the group
has about 36% assets servicing Rajasthan discom, 6% to Madhya
Pradesh and about 4% to Maharashtra state discom. While the
increase in counterparty risk shall be partly supported by working
capital limits, however any variation in cash flow due to
counterparties will remain a key monitorable.

* Delayed equity infusion along with large debt funded acquisitions
over past couple of years: The group undertook large debt funded
acquisition of 236 MW of Inox assets (debt of about INR1150 crore;
INR785 crore of Long term debt and INR365 crore of Short term debt)
in fiscal 2018 and 75MW of citron (debt of about INR300 crore) in
fiscal 2017 impacting the financial risk profile and liquidity
position of the group The short term debt was expected to be
replaced with equity over medium term. However, the equity infusion
has been delayed by over 1 year. Going forward, any further
acquisition in the absence of equity infusion shall further strain
the financial profile of the group. Any material increase in debt
from current levels and equity infusion by the group shall remain
key monitorables.

* Operating track record of Inox Assets: The group has acquired
Inox Assets of about 236 MW in fiscal 2018. The assets are housed
in 2 SPVs; IVY Ecoenergy Pvt Ltd and Vanila Clean Power Pvt Ltd.
The assets have an average tariff of about 5.0-5.1/unit and average
blended PLF of about 20% based on the wind resource study. The
actual performance of the assets over medium term shall remain one
of the key monitorable.

Strengths
* Well diversified portfolio, diversified counterparty and high
fungibility of funds: The rating also benefits from diversification
of the assets with about 54% of assets servicing group captive
customers and 46% servicing distribution companies (discoms). The
newly acquired Inox Assets have exposure to state discoms of
Rajasthan, Madhya Pradesh and Maharashtra.

Also there had been transfer of assets between Leap Green, Iris and
Orchid in fiscal 2017, however debt is being serviced by earlier
SPVs though cash flow is currently being generated in other SPVs.
Upstream of cash flow in form of management fees and inter
corporate deposits to support the debt obligation and other
expansions plans.

Inox Assets and Citron SPV are ring fenced with provision for cash
surplus in the SPV being transferred to Leap Green for servicing
debt obligation.

Liquidity
The group has long term debt obligations of INR420-450 crore
(including interest and principal) each, over fiscals 2019 and
2020. Low liquidity position and delay in receipts of payments led
to default in servicing of debt obligations in February 2019.
Depletion of DSRA was observed in Feb 2019 owing to cash flow
mismatch and the same is expected to be built over next near term.
However significant delays in the realization of payments can lead
to delay in the creation and replenishment of DSRA and further
stress the debt servicing ability of the group.

                         About the Group

Leap Green, incorporated in October 2006, is a wind-power
generation company with capacity of 523 MW (including SPVs) as on
March 31, 2017. In December 2016, the group acquired 75 MW capacity
in Tamil Nadu which is under group captive model and overall
capacity increased to 523 MW. In fiscal 2018, Leap Green has
completed the acquisition of Inox Assets 236 MW from IRL and IRJL
and total capacity has increased to about 760 MW. JP Morgan's Asian
Infrastructure & Related Resources Opportunity Fund (AIRRO) held
84% equity stake in Leap Green as on March 31, 2017, and the
remaining was held by founding directors, Mr Rajeev Akshay, Mr Dev
Anand V, Mr Srihari Balakrishnan, and Mr Narain Karthikeyan,
directly or through their companies. Leap Green is managed by Mr
Rajeev Akshay (managing director) and Mr  Dev Anand V (executive
director).

CONGLOME TECHNOCONSTRUCTIONS: Insolvency Resolution Case Summary
----------------------------------------------------------------
Debtor: Conglome Technoconstructions Private Limited
        33-34, 1&2, 8th Main, 4th Cross
        Sadashivnagar, RMV Extension
        Bengaluru 560080
        Karnataka, India

Insolvency Commencement Date: March 21, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 17, 2019

Insolvency professional: Dr. Rajnish Kumar Pandey

Interim Resolution
Professional:            Dr. Rajnish Kumar Pandey
                         D-101, Ahimsa Terrace
                         Ahimsa Marg, Chincholi
                         Off Link Road, Malad (West)
                         Mumbai 400064
                         Maharashtra, India
                         E-mail: rajnishpandey@gmail.com
                                 ip.conglome@gmail.com

Last date for
submission of claims:    April 25, 2019


CRYSTAL INDIA: CRISIL Raises Rating on INR12cr Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Crystal India (CI) to 'CRISIL B+/Stable' from 'CRISIL B/Stable',
while reaffirming the rating on the short term facilities at
'CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           12        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Inland/Import
   Letter of Credit        8       CRISIL A4 (Reaffirmed)

The upgrade reflects substantial improvement estimated in revenues
and profitability in fiscal 2019. Revenue is estimated to be INR32
crores in fiscal 2019, compared to INR27 crores in fiscal 2018.
The operating margins improved to 15.54 per cent in fiscal 2018
(from operating losses of 1.93 per cent in fiscal 2017) and is
expected to be sustained over the medium term. This led to
improvement in cash accruals and overall financial profile of the
firm.

The ratings continue to reflect modest scale, working capital
intensive nature of operation, susceptibility to volatility in raw
material prices and foreign exchange (forex) and weak financial
risk profile. These rating weaknesses are partially offset by
promoters' extensive experience in the chemicals and industrial
solvent manufacturing industry and their fund support.

Analytical Approach

Unsecured loans from promoters of INR3 crore as on March 31, 2018,
is treated as neither debt nor equity as it is expected to be
maintained in the firm.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in a highly competitive industry:
CI is a small player in the domestic bulk chemical industry, with a
modest turnover of INR26.79 crores in 2018, estimated to be INR32
crore for fiscal 2019. Modest scale and intense competition
constrains bargaining power with customer and suppliers, pricing
flexibility and profitability.

* Weak financial risk profile: Networth was modest to INR0.61 crore
as on March 31, 2018 The modest networth and high debt levels,
resulted in high gearing of 32.37 times and total outside
liabilities to adjusted tangible networth (TOLANW) of 6.30 times.
The debt protection metrics were subdued with interest coverage of
1.82 time and net cash accruals to adjusted debt of 0.09 time in
fiscal 2018. The overall financial risk profile is expected to
remain weak over the medium term.

* Working-capital-intensive operations: CI's operations are highly
working-capital-intensive mainly driven by high inventory, as
reflected in its high gross current assets (GCAs) of 302 days as on
March 31, 2018.This is on account of high inventory of 273 days to
ensure regular plant operations. This was funded through high
reliance on bank borrowings for incremental working capital
requirements. CRISIL believes that CI's working capital
requirements will remain large over the medium term.

* Susceptibility to volatility in raw material prices and foreign
exchange (forex): The commodity nature of the product makes CI
vulnerable to volatility in raw material prices. Further, as the
firm's major portion of raw materials are exposed to risks related
to fluctuation in raw material prices. In the industry, costs of
production and profit margin is heavily dependent on raw material
prices, as raw material costs account for major portion of the net
sales. Also, in case of an increase in raw material prices or
fluctuation in forex rate, it is not able to pass on the increase
fully to the customers because of limited pricing power. CRISIL
believes that CI's operating margins shall remain exposed to
fluctuation on forex rates and raw material price volatility

Strengths:

* Extensive industry experience of promoter's in chemical industry
and their fund support: Promoter's extensive industry experience of
more than three decades in chemicals and industrial solvent
manufacturing industry, and their established relationship with
customer and suppliers, is expected to benefit the firm in near
term. The promoters have also infused funds in the business to the
tune of INR3.41 crore, thus supporting the operations.

Liquidity
The company has moderate liquidity driven by expected cash accruals
of INR2-2.5 crore per annum in fiscal 2019 and fiscal 2020, against
which it does not have any repayment obligations. The bank limits
of INR19.00 crores have been utilised at 89%for last 9 months
ending January 2019. Moreover, the promoters have also extended
their fund support in the form of unsecured loans of INR3.21 crore
as on March 31, 2018. The cash and bank balance stood at INR0.84
crore as on March 31, 2018. CRISIL expects internal accruals, cash
& cash equivalents and fund support from promoters to be sufficient
to meet its liquidity requirements.

Outlook: Stable

CRISIL believes that CI will continue to benefit from the extensive
experience of management. The outlook may be revised to 'Positive'
if the significant improvement in its scale of operations and
operating profitability, along with improved working capital
management leads to better financial risk profile. Conversely, the
outlook maybe revised to 'Negative' if revenue or operating margin
decline, or stretch in working capital cycle, leads to
deterioration in its financial risk profile.

CI, a proprietorship concern of Mr. Ashok Mehra, started in 1975,
manufactures industrial solvents like Mono Ethylene Glycol (MEG),
Di Ethylene Glycol (DEG), Tri Ethylene Glycol (TEG) and a branded
solvent Crysol CU132. CI products mainly find application in the
lubricants, automobile antifreeze and coolants, and other
industries like textiles and plastics. CI has its manufacturing
facilities at Dombivli, near Mumbai (Maharashtra).

CTV NETWORKS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. CTV Networks Private Limited

        Registered office:
        406A, Jubliee Hills
        Hyderabad 500033
        Telangana

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 25, 2019
                               (180 days from commencement)

Insolvency professional: Manoj Kumar Anand

Interim Resolution
Professional:            Manoj Kumar Anand
                         Office No. 202
                         2, Community Centre, Naraina
                         New Delhi 110028
                         E-mail: anandmanoja@gmail.com

                            - and -

                         3rd Floor, 2, Community Centre, Naraina
                         New Delhi 110028

Last date for
submission of claims:    April 1, 2019


FOMENTO RESOURCES: Ind-Ra Lowers Long Term Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Fomento
Resources Private Limited's (FRPL) Long-Term Issuer Rating to 'IND
D' from 'IND BB'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR2,009.5 bil. (reduced from INR3.0 bil.) Long-term loan
     (long-term) due on October 2022 downgraded with IND D rating;

-- INR700 mil. (reduced from INR1.10 bil.) Fund-based working
     capital limit (long-term) downgraded with IND D rating; and

-- INR100 mil. Forward contract limits* (short-term) downgraded
     and withdrawn.

* Withdrawn since the company did not proceed with the instrument
as envisaged; downgraded to 'IND D' before being withdrawn

KEY RATING DRIVERS

The ratings reflect a delay in debt servicing during
January-February 2019 due to cash flow mismatches and a strained
liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2010, FRPL is a trading arm of the Fomento group.
The company has been involved in the purchase of iron ore from its
own mines as well as other mines in Goa and Maharashtra; the iron
ore is then sold in the domestic market or exported. The group has
been mining and exporting iron ore for over 60 years.

GAGAN DISTILLERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Gagan Distillers and Beverages Private Limited
        227, Dharam Kunj Apartment
        Sector-9, Rohini
        New Delhi 85

Insolvency Commencement Date: April 10, 2019

Court: National Company Law Tribunal, Gurugram Bench

Estimated date of closure of
insolvency resolution process: October 6, 2019
                               (180 days from commencement)

Insolvency professional: Sandeep Chandna

Interim Resolution
Professional:            Sandeep Chandna
                         #23, Ground Floor, A-Block
                         South City-2, Sector-49, Sohna Road
                         Gurgaon-122018
                         E-mail: cssandeep@live.in

Last date for
submission of claims:    April 24, 2019


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

The instrument-wise rating actions are:

-- INR28.46 mil. Term loan due on October 2022 migrating to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR66.00 mil. Fund-based limits migrating to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR4.60 mil. Non-fund-based limits migrating to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Global Packaging was incorporated in 2011 as a partnership firm by
Mr. Kshitij Ajeet Yadav and Mr. Sumit Brijpal Yadav. The firm has a
4,101 metric-tons-per-annum texturized yarn and fabrics
manufacturing capacity in Dadra and Nagar Haveli.

GMR HYDERABAD: Fitch Rates $300MM Notes Final 'BB+'
---------------------------------------------------
Fitch Ratings has assigned GMR Hyderabad International Airport
Limited's (GHIAL) USD300 million bond maturing in April 2024 a
'BB+' final rating with a Negative Outlook. The agency has also
affirmed GHIAL's Issuer Default Rating and the senior secured
rating on its USD350 million bond maturing in October 2027 at
'BB+'. The Outlooks are Negative

KEY RATING DRIVERS

GHIAL is a growing, mid-sized regional origin and destination (O&D)
airport, with a relatively short track record, which operates
significantly above designed capacity under a blended till pricing
regime. Volumes recovered rapidly from the collapse in 2013 of its
main airline, demonstrating the airport's strong traffic
resilience, but the airport lacks a track record in terms of
consistent and transparent price regulation.

The Negative Outlook reflects the elevated rating case forecast net
debt to EBITDA, averaging 5.1x. Fitch believes that the higher
capex driving this increased leverage forecast is justified by the
strong traffic growth and will be more efficient than the previous
more conservative phased capex plan. Nonetheless, the consequent
increase in forecast net debt to EBITDA to FY21 (ending 31 March
2021) in the Fitch rating case and remaining execution risks drive
the Negative Outlook.

Fitch believes the experienced management will deliver the
substantially debt-funded capex to fulfil anticipated demand
growth. The debt, including the 2017 recent debt issuance, is
senior secured but bullet with consequent refinancing risks and
limited structural protection. In its view, the long concession to
2038 mitigates refinance risk.

Strong Passenger Growth - Volume Risk: Midrange

GHIAL's FY18 passenger traffic was 18.3 million, of which about 94%
were O&D passengers. Fitch expects traffic to grow strongly because
India is an emerging economy with an increasing propensity to fly.
Traffic recovered within two years following the 2013 bankruptcy of
Kingfisher Airlines, its main airline at the time with around a 35%
market share, demonstrating GHIAL's resilience against shocks.

The airport faces limited regional competition from Bangalore and
Chennai airports or from alternative modes of transport. The
largest carrier, Indigo, accounted for 32% of aeronautical revenue
in 9MFY19, which is not significantly more concentrated than
peers.

Blended Till, Some Remaining Uncertainty - Price Risk: Midrange
GHIAL's blended till regulatory framework is now being implemented.
However, there is still some uncertainty about the price increases
for FY17-21 due to outstanding legal and regulatory issues with the
recent pricing decisions, including recovery of past entitlements,
classification of revenues and other issues. FY17 and FY18 had
ad-hoc tariffs approved by the regulator due to delays in
finalising the tariff regime for the second control period.

Significant Capex but Experienced Management - Infrastructure
Development / Renewal: Midrange

The airport is currently operating above designed capacity, with a
utilisation ratio above 150%. Management plans to increase capacity
from the current 12 million to 34 million passengers per year
within three years, to be funded through a combination of internal
accruals and additional borrowings including proceeds from the new
bond issuance. This plan is more aggressive than the previous plan,
which reflected a more phased, modular expansion. However, Fitch
believes that the plan to bring the capex forward is justified by
the strong traffic growth and will be more efficient in terms of
cost and execution. Management has well developed expansion plans
in place, including entering into fixed-price fixed-term contracts
with experienced developers and significant experience with the
Hyderabad and Delhi airports for timely and on-budget delivery.

Limited Creditor Protections - Debt Structure: Weaker

GHIAL's senior debt is secured but is exposed to refinance risk.
The debt has limited credit protection, except for the fixed-charge
cover ratio test for additional indebtedness. The long concession
tenor to 2038 mitigates refinancing risk. In addition, GHIAL has
notified the grantor for an extension of the concession agreement
by another 30 years, to 2068.

Financial Metrics

Five-year average net debt/EBITDA is around 5.1x in the rating
case, higher than other emerging market airports such as DME
(BB+/Stable) which is at 3.3x. In Fitch's rating case forecast,
leverage will rise from FY19-21 due to expected reductions in
aeronautical price per passenger as well as debt-funded capex,
before decreasing from 2022 due to forecast EBITDA growth.

PEER GROUP

DME is the closest EMEA peer, with significantly lower leverage
than GHIAL. However, DME is one of three airports in Moscow and
thus faces competition in its catchment area unlike GHIAL. DME can
set tariffs freely in contrast to GHIAL's regulated aeronautical
tariffs. Hyderabad is a growing resilient city in India with a
strong economic profile, which supports its largely
business-oriented, O&D traffic base, whereas DME has more leisure
traffic. On the other hand, DME's expansion programme is ambitious
like Hyderabad but remains modular and flexible and is not subject
to the same kind of regulatory approval.

RATING SENSITIVITIES

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

Delays or cost overruns in the capex execution, adverse pricing
decisions, or substantial revenue underperformance leading to the
five-year average rating case forecast net debt/EBITDA greater than
5x.

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

The ratings could be upgraded if the five-year average rating case
forecast net debt to EBITDA falls under 3x.

The Outlook may be revised to Stable if GHIAL continues to
demonstrate strong passenger and EBITDA growth, leading to a clear
deleveraging path.

CREDIT UPDATE

Consolidated revenues and EBITDA grew by 19% and 16% yoy
respectively in 9MFY19, driven primarily by robust passenger growth
of 20%. This continued strong passenger growth has further
stretched the capacity of the airport. The airport reached 15.9
million pax in 9MFY19, against 13.3 million in 9MFY18 and 18.3
million in FY18. This is well above its terminal design capacity of
12 million. While management has put in place measures to maximise
capacity utilisation, including incentivising non-peak flights,
rotating the use of security gates between domestic and
international flights and using part of the entrance road as an
extension, it is clear that the terminal expansion is needed
immediately.

As a result, management brought forward the capex plan. Previously,
capex was to take place across four phases, totalling INR117
billion by FY31. The current plan is to expand terminal capacity to
34 million by FY24, at a cost of about INR58 billion, suggesting
considerable efficiency savings compared with the previous plan.
However, Fitch generally considers a more modular/phased expansion
plan to be less risky than a more accelerated plan. The USD350
million bond issued in 2017 together with the current issuance
would substantially fund the ongoing expansion.

Fitch expects a reduction in aeronautical yield per passenger for
the remainder of this control period based on previous
over-recovery and other pending regulatory issues.

Fitch Cases

The Fitch base case assumed the Fitch sovereign forecast for GDP
and a multiplier of 1.4x, which is the average multiplier of all
Indian airports from 2007 to 2017, with an additional uplift for
FY19 and FY20 consistent with past growth and the ongoing
expansion. The Fitch rating case assumed a lower sovereign 10-year
GDP CAGR at 6.0% but the same multiplier as the FBC. The Fitch
stress case replicated the largest contraction of 11.2% for all
Indian airports over the past 10 years in FY20 and then assumed
recovery in line with the base case. Tariffs for the remainder of
the current control period were assumed in line with the
regulator's 2017 decision. Real estate revenues were significantly
haircut in the Fitch cases.

As a result, the FRC five-year average projected net debt to EBITDA
is 5.1x, including a rising profile to FY21 with a maximum of 7.3x.
However, Fitch expects delivering from 2022 and forecast net debt
to EBITDA under 5x by FY23 in the FRC.

GRADE 1: CRISIL Assigns 'B+' Rating to INR15cr Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Grade 1 Timbers (GT).

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

The rating reflects exposure to stabilisation of operations and
government regulations governing use of timber. These weaknesses
are partially offset by proprietor's extensive experience.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of proprietor: Benefits from proprietor's
three decade-long experience and healthy relationship with
suppliers will continue to aid business risk profile.

Weaknesses

* Stabilisation of operations: The firm began operations in the
last quarter of fiscal 2018. Demand risk is also expected to be
moderate as the industry is highly fragmented due to low entry
barrier.

* Exposure to change in government policies: Commercial use of
forest products depends on government norms and regulations, which
are susceptible to change as a result of initiatives for
conservation of forests. This can adversely affect availability of
raw material.

Liquidity
GT has moderate liquidity marked by adequate accruals to term debt
obligations of INR0.2 cr over FY19 as well as FY20. The firm has
access to fund based limits of INR15.0 cr, which are highly
utilized over the 12 months ended February 28, 2019. The liquidity
risk is mitigated by funding support from promoters in the form of
unsecured loans which stood at INR0.5 cr as on
March 31, 2018.

Outlook: Stable

CRISIL believes GT will continue to benefit from the healthy demand
for its products and extensive experience of proprietor. The
outlook may be revised to 'Positive' if revenue and cash accrual
increase considerably, along with sustenance in margins. The
outlook may be revised to 'Negative' if decline in profitability,
large capital expenditure, or deterioration in working capital
cycle weakens financial risk profile.

Established in October 2017 in Telangana as a proprietorship firm
by Mr Lakshmana Rao, GT trades and processes timber. The firm
started commercial operations from February 2018.

HOTEL JAYAPUSHPAM: Ind-Ra Affirms 'BB+' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hotel Jayapushpam
Private Limited's (Hotel JP) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating action is:

-- INR55 mil. (reduced from INR70 mil.) Term loan due on March
     2021 affirmed with IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects Hotel JP's continued small scale of
operations, though its revenue rose to INR188.7 million in FY18
from INR183.0 million in FY17 on account of a rise in room revenue
to INR75.6 million from INR61.5 million due to an increase in the
average room rent. Meanwhile, as a percentage of revenue, food and
beverages revenue decreased to 60.0% in FY18 from 66.0% in FY17,
mainly due to the ban on liquor sales in hotels in Tamil Nadu.
According to provisional financials, Hotel JP's revenue was INR200
million in FY19. The company reported an average occupancy level of
60%-65% for FY18.

The ratings continue to reflect Hotel JP's modest credit metrics.
Its net financial leverage (total adjusted net debt/operating
EBITDA) improved to 2.1x in FY18 from 2.3x in FY17, driven by a
proportionately higher fall in debt than that in absolute EBITDA.
Its gross interest coverage operating (EBITDA/gross interest
expense) enhanced to 4.6x in FY18 from 4.4x in FY17 due to a
proportionately higher decrease in interest expenses than that in
absolute EBITDA.

The ratings continue to be constrained by Hotel JP's small size and
single property-dependent operations.

The ratings factor in Hotel JP's average EBITDA margin, which
declined to 20.9% in FY18 from 22.4% in FY17 due to reduction in
revenue from food and beverages (a high margin segment). In
addition, its return on capital was 13% in FY18 (FY17: 14%).

The ratings, however, are supported by the comfortable liquidity
position of Hotel JP. The company had a clash balance of INR4
million at FYE18. It does not have any short-term borrowings. Hotel
JP's cash flow from operation raised to INR22 million in FY18 from
INR16 million in FY17, driven by an improvement in the working
capital cycle. Its net cash conversion cycle was comfortable at 0
days in FY18 (FY17: 4 days) due to a decrease in debtor days (11;
13)

The ratings continue to be supported by the founders' experience of
over a decade in the hotel business.

RATING SENSITIVITIES

Negative: A significant decline in the revenue and the liquidity or
a decline in the profitability, leading to deterioration in the
credit metrics, all on a sustained basis, could be negative for the
ratings.

Positive: A significant increase in the revenue and the liquidity,
while maintaining the profitability, leading to an improvement in
the credit metrics, all on a sustained basis, could be positive for
the ratings.

COMPANY PROFILE

Hotel JP, founded by J Ashok, is a three-star hotel with 94 rooms
in Chennai. As of March 2019, 90 of its rooms were operational. The
hotel has a restaurant, a lounge bar, two pubs, a rooftop
restaurant, and seven banquets halls.

HV SYNTHETICS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: H V Synthetics Pvt. Ltd.
        225/2 Madhu Textile Mills Compound
        B/H Asoaplav Hotel
        Near Narol Circle
        Ahmedabad Gj 382405 In

Insolvency Commencement Date: April 9, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 6, 2019

Insolvency professional: Bhavi Shreyans Shah

Interim Resolution
Professional:            Bhavi Shreyans Shah
                         C 201, Embassy Appt.
                         Near Ketav Petrolpump
                         Dr. V.S. Road, Ahmedabad
                         Gujarat 380015
                         E-mail: ca.bhavishah@gmail.com

                            - and -
       
                         9/B, Vardan Complex
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad 380014
                         E-mail: ipbhavishah@gmail.com

Last date for
submission of claims:    April 23, 2019


IRIS ECOPOWER: CRISIL Lowers Rating on INR109.55cr Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Iris
Ecopower Venture Private Limited (IRIS; part of Leap Green group)
to 'CRISIL D' from 'CRISIL BB+/Stable'. The Leap Green group
comprises Leap Green Energy Pvt Ltd (Leap green), Maple Renewable
Power Pvt Ltd (Maple), Olive Ecopower Pvt Ltd (Olive), Clover,
Lotus Clean Power Venture Pvt Ltd (Lotus), Tulip Renewable
Powertech Pvt Ltd (Tulip), Violet Green Power Pvt Ltd (Violet),
Iris Ecopower Venture Pvt Ltd (Iris), and Orchid Renewable
Powertech Pvt Ltd (Orchid), Citron Ecopower Pvt Ltd (Citron), IVY
Ecoenergy Pvt Ltd (IVY) and Vanila Clean Power Pvt Ltd (Vanilla).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan           109.55      CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')

The rating downgrade reflects delays by Leap Green's SPVs namely
(Clover, Maple, Olive, Orchid, Lotus, IRIS) in servicing debt
obligations on the term loans in fiscal 2019. The delays were on
account of cash flow mismatch and penal interest has also been
charged by the lenders.  Instance of DSRA drawn down in February
2019 also indicate cash flows mismatch in the some of the SPVs.

The rating of Leap, Violet, Tulip has been constrained owing to
tight liquidity position in the group given instance of drawdown of
DSRA, delays in debt servicing in some of the SPVs and high cash
fungibility in the group companies.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Leap Green (capacity of 19.50 MW) and
its subsidiaries: Maple (61.50 MW), Olive (51.55 MW), Clover (71.50
MW), Lotus (46.20 MW), Tulip (55.50 MW), Iris (42.05 MW), Violet
(33.00 MW), Orchid (66.90 MW), Citron (75 MW), IVY (164MW) and
Vanilla (64 MW). All these companies, collectively, referred to as
the Leap Green group, operate in the wind energy and related space,
have significant operational linkages, high cash fungibility, and
are under a common management. Post debt-servicing, excess cash
flow from the SPVs would be available for covering any shortfall
across the Leap Green group and shall also available for future
expansions. Furthermore, Leap Green has extended guarantees for the
debt of the subsidiaries.

Key Rating Drivers & Detailed Description

Weaknesses:

* Recent delays in term debt servicing due to low liquidity
position and cash flow mismatch: The group SPVs have defaulted in
servicing of debt obligations of one of the lenders in Feb 2019
owing to delay in realization of payments. Also on account of cash
flow mismatch, DSRA has been drawn in case of another lender and
the same is expected to be rebuilt over near team. The group has a
cash balance of about of about INR39 crore as on February 2019.

* Moderate increase in counterparty risk: Post acquisition of new
assets, Leap Green's exposure to state discoms has increased with
about 54% asset servicing group captive customers and 46% catering
to state discoms, which has resulted in moderate increase in
counter party risk. Out of 46% exposure to state discoms, the group
has about 36% assets servicing Rajasthan discom, 6% to Madhya
Pradesh and about 4% to Maharashtra state discom. While the
increase in counterparty risk shall be partly supported by working
capital limits, however any variation in cash flow due to
counterparties will remain a key monitorable.

* Delayed equity infusion along with large debt funded
acquisitions over past couple of years: The group undertook large
debt funded acquisition of 236 MW of Inox assets (debt of about
INR1150 crore; INR785 crore of Long term debt and INR365 crore of
Short term debt) in fiscal 2018 and 75MW of citron (debt of about
INR300 crore) in fiscal 2017 impacting the financial risk profile
and liquidity position of the group The short term debt was
expected to be replaced with equity over medium term. However, the
equity infusion has been delayed by over 1 year. Going forward, any
further acquisition in the absence of equity infusion shall further
strain the financial profile of the group. Any material increase in
debt from current levels and equity infusion by the group shall
remain key monitorables.

* Operating track record of Inox Assets: The group has acquired
Inox Assets of about 236 MW in fiscal 2018. The assets are housed
in 2 SPVs; IVY Ecoenergy Pvt Ltd and Vanila Clean Power Pvt Ltd.
The assets have an average tariff of about 5.0-5.1/unit and average
blended PLF of about 20% based on the wind resource study. The
actual performance of the assets over medium term shall remain one
of the key monitorable.

Strengths:

* Well diversified portfolio, diversified counterparty and high
fungibility of funds: The rating also benefits from diversification
of the assets with about 54% of assets servicing group captive
customers and 46% servicing distribution companies (discoms). The
newly acquired Inox Assets have exposure to state discoms of
Rajasthan, Madhya Pradesh and Maharashtra.

Also there had been transfer of assets between Leap Green, Iris and
Orchid in fiscal 2017, however debt is being serviced by earlier
SPVs though cash flow is currently being generated in other SPVs.
Upstream of cash flow in form of management fees and inter
corporate deposits to support the debt obligation and other
expansions plans.

Inox Assets and Citron SPV are ring fenced with provision for cash
surplus in the SPV being transferred to Leap Green for servicing
debt obligation.

Liquidity
The group has long term debt obligations of INR420-450 crore
(including interest and principal) each, over fiscals 2019 and
2020. Low liquidity position and delay in receipts of payments led
to default in servicing of debt obligations in February 2019.
Depletion of DSRA was observed in Feb 2019 owing to cash flow
mismatch and the same is expected to be built over next near term.
However significant delays in the realization of payments can lead
to delay in the creation and replenishment of DSRA and further
stress the debt servicing ability of the group.

                         About the Group

Leap Green, incorporated in October 2006, is a wind-power
generation company with capacity of 523 MW (including SPVs) as on
March 31, 2017. In December 2016, the group acquired 75 MW capacity
in Tamil Nadu which is under group captive model and overall
capacity increased to 523 MW. In fiscal 2018, Leap Green has
completed the acquisition of Inox Assets 236 MW from IRL and IRJL
and total capacity has increased to about 760 MW. JP Morgan's Asian
Infrastructure & Related Resources Opportunity Fund (AIRRO) held
84% equity stake in Leap Green as on March 31, 2017, and the
remaining was held by founding directors, Mr Rajeev Akshay, Mr Dev
Anand V, Mr Srihari Balakrishnan, and Mr Narain Karthikeyan,
directly or through their companies. Leap Green is managed by Mr
Rajeev Akshay (managing director) and Mr  Dev Anand V (executive
director).

J.M.D. LAXMI: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of J.M.D. Laxmi
Enterprises (JMD) continues to be 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL D (ISSUER NOT
                                     COOPERATING)

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

CRISIL has been consistently following up with JMD for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JMD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JMD 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 JMD continues to be 'CRISIL D Issuer not
cooperating'.

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

JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini
Agarwal. The firm trades in iron and steel products including
cold-rolled and hot-rolled coils, steel sheets, steel beams, steel
plates, thermo-mechanically treated bars, ingots, and billets. With
over a decade's experience, Mr. Agarwal oversees JMD's operations.

JAI BHOLE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Jai Bhole Nath Enterprises Private Limited
        1996/13A, Street No. 15
        Dashmesh Nagar, Gill Road
        Ludhiana PB 141003

Insolvency Commencement Date: April 12, 2019

Court: National Company Law Tribunal, Gurugram Bench

Estimated date of closure of
insolvency resolution process: October 8, 2019
                               (180 days from commencement)

Insolvency professional: Sandeep Chandna

Interim Resolution
Professional:            Sandeep Chandna
                         #23, Ground Floor, A-Block
                         South City-2, Sector-49, Sohna Road
                         Gurgaon 122018
                         E-mail: cssandeep@live.in

Last date for
submission of claims:    April 26, 2019

JAYASHARATHAM LIFESPACES: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: M/s Jayasharatham Lifespaces International Private Limited
        Chettinadu Rani Meyyammai Towers
        5E, 5th Block, MRC Nagar, R A Puram
        Chennai 600028

Insolvency Commencement Date: April 9, 2019

Court: National Company Law Tribunal, Madurai Bench

Estimated date of closure of
insolvency resolution process: October 6, 2019
                               (180 days from commencement)

Insolvency professional: Muthuiah Thevar Rajapandian

Interim Resolution
Professional:            Muthuiah Thevar Rajapandian
                         3/158, Bharathiyar Street
                         Indian Bank Colony
                         Narayanapuram
                         Madurai 625014
                         E-mail: rajapandianm1955@gmail.com

Last date for
submission of claims:    April 27, 2019


JET AIRWAYS: Halts Operations After Banks Reject Emergency Funding
------------------------------------------------------------------
Reuters reports that Jet Airways Ltd said on April 17 it was
halting all flight operations after its lenders rejected its plea
for emergency funds, potentially bringing the curtains down on what
was once India's largest private airline.

Reuters relates that the carrier, saddled with roughly US$1.2
billion of bank debt, has been teetering for weeks after failing to
receive a stop-gap loan of about US$217 million from its lenders,
as part of a rescue deal agreed in late March.

"The airline has been left with no other choice today but to go
ahead with a temporary suspension of flight operations," the
company said in a two-page statement late on April 17, Reuters
relays.

At its peak, Jet operated over 120 planes and well over 600 daily
flights. The airline, which has roughly 16,000 employees, has in
recent weeks been forced to cancel hundreds of flights and to halt
all flights to overseas destinations, as funds have dried up.

Intense competition from low-cost carriers, like Interglobe-owned
IndiGo and SpiceJet, together with higher oil prices, hefty fuel
taxes and a weak rupee have piled pressure on the airline in recent
months.

In its statement on April 17, the airline thanked its loyal
customers for their patronage and support over 25 years and said it
"sincerely and profusely apologises for the disruption to the
travel plans of all its guests," Reuters relays.

According to Reuters, the airline said it would continue to work
with its lenders, who are trying to identify an investor willing to
buy a majority stake in the airline and attempt to turn it around.
  
Reuters relates that Jet Airways said it would continue to support
the bid process initiated by the banks and that it hopes to resume
flying soon.

Its lenders, led by State Bank of India (SBI), have been seeking
expressions of interest for an up to 75 per cent stake in the
airline.

Initial expressions bids were submitted last week, the report
states.

According to Reuters, Jet Airways said it had been informed late on
April 16 by its lenders that they were unable to consider its
request for critical interim funding.

"Since no emergency funding from the lenders or any other source is
forthcoming, the airline will not be able to pay for fuel or other
critical services to keep the operations going," the airline, as
cited by Reuters, said.

Two sources at state-run banks told Reuters that the banks had
rejected a request for INR4 billion from Jet to keep itself
temporarily afloat.

"Bankers did not want to go for a piecemeal approach which would
keep the carrier flying for a few days and then again risk having
Jet come back for more interim funding," Reuters quotes one of the
bank sources directly involved in Jet's debt resolution process as
saying.

The sources declined to be named as they were not authorized to
discuss the matter with the media, Reuters notes.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provides passenger and cargo air
transportation services. It also provides aircraft leasing
services. It operates flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
28, 2018, ICRA revised the ratings on certain bank facilities of
Jet Airways (India) Limited to [ICRA]C from [ICRA]B. The rating
downgrade considers delays in the implementation of the proposed
liquidity initiatives by the management, further aggravating its
liquidity, as reflected in the delays in employee salary payments
and lease rental payments to the aircraft lessors. Moreover, the
company has large debt repayments due over the next four months
(December-March) of FY2019 (INR1,700 crore), FY2020 (INR2,444.5
crore) and FY2021 (INR2,167.9 crore). The company is undertaking
various liquidity initiatives, which includes, among others, equity
infusion and a stake sale in Jet Privilege Private Limited (JPPL),
and the timely implementation of these initiatives is a key rating
sensitivity.  Moreover, the company continues to witness a stress
in its operating and financial performance.

JET AIRWAYS: Lenders Explore Ways to Utilise 15 Planes
------------------------------------------------------
The Economic Times reports that lenders are exploring ways to
utilise about 15 planes owned by Jet Airways and also discussing
with authorities on protecting the valuable assets, including
airport slots, of the now-shuttered airline, banking sources said.


As they wait for completion of the bidding process for stake sale,
the domestic lenders, led by SBI, are looking at options to raise
funds from available assets of the carrier, which has served the
Indian skies for nearly 26 years, ET says.

Left with no cash to continue flying, the once-mighty Jet Airways
on April 17 suspended operations temporarily, a decision that has
also left more than 20,000 employees as well as various other
stakeholders in the lurch.

According to the report, the sources said the lenders are actively
considering proposals, including from Air India, for utilising the
planes owned by Jet Airways. The use of these idle planes would
ensure that they remain in good condition as well as earn revenues,
they added.

Jet Airways owns 16 aircraft, including 10 wide-body Boeing 777-300
ERs, rest of the planes were on lease. The full-service carrier had
more than 120 planes in its fleet last year, ET discloses.

Earlier last week, Air India Chairman and Managing Director Ashwani
Lohani wrote to SBI Chairman Rajnish Kumar saying that the airline
is looking at leasing five of Jet Airways' Boeing 777s and operate
them on London, Dubai and Singapore routes, Reuters recalls.

ET says as concerns mount over the future course of Jet Airways,
the sources said lenders have been proactive and cannot be blamed
for the current situation at the airlines.

"They (lenders) have been actively engaging with the company for
almost nine months ever since the airlines started incurring cash
losses and have been urging the management to come forward with a
definite plan for resolution.

"Unfortunately, the management and the promoter delayed in taking a
decision leading to the present situation. The lenders continued to
support the airline during this period," the report quotes one of
the sources as saying.

ET relates that the decision of founder-promoter Naresh Goyal to
step down came as late as March 25 and he signed a binding
agreement to facilitate stake sale only in the second week of
April. By then, the airline's operations had been severely
affected, the source added.

The source also said that banks have now put in place a transparent
bidding process for a new investor to take over the airline and the
outcome would be known by May 10, adds ET.

According to the report, sources said lenders have also reached out
to relevant authorities to protect valuable assets for the airline,
such as airport slots, as it would improve the chances of a better
revival. The best revival prospect would be to have a new investor
who brings in sufficient cash and also has a definite plan going
forward, they added.

It is also learnt that while the promoter has stepped down and
entered into a binding agreement, there has been no change in
complexion of the board of the airline due to technical reasons.

"The conversion of debt into equity was conceived as a way to allow
a new investor to come in. Also, while the lenders have nominated A
K Purwar and Kapil Kaul to the board of Jet Airways consequent upon
stepping down of the promoters, this is yet to take effect on
account of some technical reasons," another source said, ET relays.


The banks have been working with the same executive management team
who have been in charge of running the company even after stepping
down of the promoter, the source, as cited by ET, added.

On April 18, lenders said they were "reasonably hopeful" that the
bidding process for the airline will end successfully.

"The lenders after due deliberations decided that the best way
forward for the survival of Jet Airways is to get the binding bids
from potential investors who have expressed EOI (Expression of
Interest) and have been issued bid documents on April 16," they had
said in a statement, ET relays.

A consortium of seven domestic lenders led by State Bank of India
(SBI), has invited bids from potential suitors, the report says.
Their debt exposure to the airline is more than INR8,500 crore.

"Lenders are reasonably hopeful that the bid process is likely to
be successful in determining the fair value of the enterprise in a
transparent manner," it said.

Banks had rejected emergency funding request of Jet Airways that
forced it to ground operations, ET adds.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provides passenger and cargo air
transportation services. It also provides aircraft leasing
services. It operates flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
28, 2018, ICRA revised the ratings on certain bank facilities of
Jet Airways (India) Limited to [ICRA]C from [ICRA]B. The rating
downgrade considers delays in the implementation of the proposed
liquidity initiatives by the management, further aggravating its
liquidity, as reflected in the delays in employee salary payments
and lease rental payments to the aircraft lessors. Moreover, the
company has large debt repayments due over the next four months
(December-March) of FY2019 (INR1,700 crore), FY2020 (INR2,444.5
crore) and FY2021 (INR2,167.9 crore). The company is undertaking
various liquidity initiatives, which includes, among others, equity
infusion and a stake sale in Jet Privilege Private Limited (JPPL),
and the timely implementation of these initiatives is a key rating
sensitivity.  Moreover, the company continues to witness a stress
in its operating and financial performance.

LEAP GREEN: CRISIL Lowers Rating on INR31cr Term Loan to B
----------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Leap Green
Energy Private Limited (Leap Green, part of Leap Green group) to
'CRISIL B/Stable' from 'CRISIL BB+/Stable'. The Leap Green group
comprises Leap Green, Maple Renewable Power Pvt Ltd (Maple), Olive
Ecopower Pvt Ltd (Olive), Clover Energy Pvt Ltd (Clover), Lotus
Clean Power Venture Pvt Ltd (Lotus), Tulip Renewable Powertech Pvt
Ltd (Tulip), Violet Green Power Pvt Ltd (Violet), Iris Ecopwer
Venture Pvt Ltd (Iris), and Orchid Renewable Powertech Pvt Ltd
(Orchid), Citron Ecopower Pvt Ltd (Citron), IVY Ecoenergy Pvt Ltd
(IVY) and Vanila Clean Power Pvt Ltd (Vanilla).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             31        CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB+/Stable')

The rating downgrade reflects tight liquidity position in the group
given instance of drawdown of DSRA, delays in debt servicing in
some of the SPVs and high cash fungibility in the group companies.
Also leap Green's SPVs namely (Clover, Maple, Olive, Orchid, Lotus,
IRIS) have delayed in servicing debt obligations on the term loans
in fiscal 2019. The delays were on account of cash flow mismatch
and penal interest has also been charged by the lenders.  Instance
of DSRA drawn down in February 2019 also indicate cash flows
mismatch in the some of the SPVs.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Leap Green (capacity of 19.50 MW) and
its subsidiaries: Maple (61.50 MW), Olive (51.55 MW), Clover (71.50
MW), Lotus (46.20 MW), Tulip (55.50 MW), Iris (42.05 MW), Violet
(33.00 MW), Orchid (66.90 MW), Citron (75 MW), IVY (164MW) and
Vanilla (64 MW). All these companies, collectively, referred to as
the Leap Green group, operate in the wind energy and related space,
have significant operational linkages, high cash fungibility, and
are under a common management. Post debt-servicing, excess cash
flow from the SPVs would be available for covering any shortfall
across the Leap Green group and shall also available for future
expansions. Furthermore, Leap Green has extended guarantees for the
debt of the subsidiaries.

Key Rating Drivers & Detailed Description

Weakness:

* Recent delays in term debt servicing due to low liquidity
position and cash flow mismatch: The group SPVs have defaulted in
servicing of debt obligations of one of the lenders in Feb 2019
owing to delay in realization of payments. Also on account of cash
flow mismatch, DSRA has been drawn in case of another lender and
the same is expected to be rebuilt over near team. The group has a
cash balance of about of about INR39 crore as on February 2019.

* Moderate increase in counterparty risk: Post acquisition of new
assets, Leap Green's exposure to state discoms has increased with
about 54% asset servicing group captive customers and 46% catering
to state discoms, which has resulted in moderate increase in
counter party risk. Out of 46% exposure to state discoms, the group
has about 36% assets servicing Rajasthan discom, 6% to Madhya
Pradesh and about 4% to Maharashtra state discom. While the
increase in counterparty risk shall be partly supported by working
capital limits, however any variation in cash flow due to
counterparties will remain a key monitorable.

* Delayed equity infusion along with large debt funded acquisitions
over past couple of years: The group undertook large debt funded
acquisition of 236 MW of Inox assets (debt of about INR1150 crore;
INR785 crore of Long term debt and INR365 crore of Short term debt)
in fiscal 2018 and 75MW of citron (debt of about INR300 crore) in
fiscal 2017 impacting the financial risk profile and liquidity
position of the group The short term debt was expected to be
replaced with equity over medium term. However, the equity infusion
has been delayed by over 1 year. Going forward, any further
acquisition in the absence of equity infusion shall further strain
the financial profile of the group. Any material increase in debt
from current levels and equity infusion by the group shall remain
key monitorables.

* Operating track record of Inox Assets: The group has acquired
Inox Assets of about 236 MW in fiscal 2018. The assets are housed
in 2 SPVs; IVY Ecoenergy Pvt Ltd and Vanila Clean Power Pvt Ltd.
The assets have an average tariff of about 5.0-5.1/unit and average
blended PLF of about 20% based on the wind resource study. The
actual performance of the assets over medium term shall remain one
of the key monitorable.

Strengths
* Well diversified portfolio, diversified counterparty and high
fungibility of funds: The rating also benefits from diversification
of the assets with about 54% of assets servicing group captive
customers and 46% servicing distribution companies (discoms). The
newly acquired Inox Assets have exposure to state discoms of
Rajasthan, Madhya Pradesh and Maharashtra.

Also there had been transfer of assets between Leap Green, Iris and
Orchid in fiscal 2017, however debt is being serviced by earlier
SPVs though cash flow is currently being generated in other SPVs.
Upstream of cash flow in form of management fees and inter
corporate deposits to support the debt obligation and other
expansions plans.

Inox Assets and Citron SPV are ring fenced with provision for cash
surplus in the SPV being transferred to Leap Green for servicing
debt obligation.

Liquidity
The group has long term debt obligations of INR420-450 crore
(including interest and principal) each, over fiscals 2019 and
2020. Low liquidity position and delay in receipts of payments led
to default in servicing of debt obligations in February 2019.
Depletion of DSRA was observed in Feb 2019 owing to cash flow
mismatch and the same is expected to be built over next near term.
However significant delays in the realization of payments can lead
to delay in the creation and replenishment of DSRA and further
stress the debt servicing ability of the group.

Outlook: Stable

The stable outlook reflects weak liquidity position of Leap Green
Group.

Downside scenario

* Lower-than-expected cash flow from the existing as well as newly
acquired assets impacting DSCR and liquidity of the group

* Large debt-funded acquisition

Upside scenario

* Improved liquidity of the group

* Better than expected cash flow from existing as well as newly
acquired assets resulting in higher DSCR

* Infusion of equity leading to significant improvement in the
financial risk profile of the group.

                         About the Group

Leap Green, incorporated in October 2006, is a wind-power
generation company with capacity of 523 MW (including SPVs) as on
March 31, 2017. In December 2016, the group acquired 75 MW capacity
in Tamil Nadu which is under group captive model and overall
capacity increased to 523 MW. In fiscal 2018, Leap Green has
completed the acquisition of Inox Assets 236 MW from IRL and IRJL
and total capacity has increased to about 760 MW. JP Morgan's Asian
Infrastructure & Related Resources Opportunity Fund (AIRRO) held
84% equity stake in Leap Green as on March 31, 2017, and the
remaining was held by founding directors, Mr Rajeev Akshay, Mr Dev
Anand V, Mr Srihari Balakrishnan, and Mr Narain Karthikeyan,
directly or through their companies. Leap Green is managed by Mr
Rajeev Akshay (managing director) and Mr  Dev Anand V (executive
director).

LEO MERIDIAN: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Leo Meridian Infrastructure Projects & Hotels Limited
        H.No. 6-3-668/10/73
        Near Shri Venkateswara Swamy Temple
        Durganagar Colony, Punjagutta
        Hyderabad 500082
        Telangana State

Insolvency Commencement Date: April 9, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: October 5, 2019

Insolvency professional: Bhagavati Naga Bhushan

Interim Resolution
Professional:            Bhagavati Naga Bhushan
                         1-1-380/38
                         Ashok Nagar Extension
                         Hyderabad 500020
                         E-mail: bnagabhushan@yahoo.com
                                 ip.leomeridian@gmail.com

Last date for
submission of claims:    April 25, 2019


LOTUS CLEAN: CRISIL Lowers Rating on INR129.46 cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Lotus Clean
Power Venture Private Limited (Lotus; part of Leap Green group) to
'CRISIL D' from 'CRISIL BB+/Stable'. The Leap Green group comprises
Leap Green Energy Pvt Ltd (Leap green), Maple Renewable Power Pvt
Ltd (Maple), Olive Ecopower Pvt Ltd (Olive), Clover Energy Pvt Ltd
(Clover), Lotus, Tulip Renewable Powertech Pvt Ltd (Tulip), Violet
Green Power Pvt Ltd (Violet), Iris Ecopower Venture Pvt Ltd (Iris),
and Orchid Renewable Powertech Pvt Ltd (Orchid), Citron Ecopower
Pvt Ltd (Citron), IVY Ecoenergy Pvt Ltd (IVY) and Vanila Clean
Power Pvt Ltd (Vanilla).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan           129.46     CRISIL D (Downgraded from
                                  'CRISIL BB+/Stable')

The rating downgrade reflects delays by Leap Green's SPVs namely
(Clover, Maple, Olive, Orchid, Lotus, IRIS) in servicing debt
obligations on the term loans in fiscal 2019. The delays were on
account of cash flow mismatch and penal interest has also been
charged by the lenders.  Instance of DSRA drawn down in February
2019 also indicate cash flows mismatch in the some of the SPVs.

The rating of Leap, Violet, Tulip has been constrained owing to
tight liquidity position in the group given instance of drawdown of
DSRA, delays in debt servicing in some of the SPVs and high cash
fungibility in the group companies.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Leap Green (capacity of 19.50 MW) and
its subsidiaries: Maple (61.50 MW), Olive (51.55 MW), Clover (71.50
MW), Lotus (46.20 MW), Tulip (55.50 MW), Iris (42.05 MW), Violet
(33.00 MW), Orchid (66.90 MW), Citron (75 MW), IVY (164MW) and
Vanilla (64 MW). All these companies, collectively, referred to as
the Leap Green group, operate in the wind energy and related space,
have significant operational linkages, high cash fungibility, and
are under a common management. Post debt-servicing, excess cash
flow from the SPVs would be available for covering any shortfall
across the Leap Green group and shall also available for future
expansions. Furthermore, Leap Green has extended guarantees for the
debt of the subsidiaries.

Key Rating Drivers & Detailed Description

Weakness

* Recent delays in term debt servicing due to low liquidity
position and cash flow mismatch: The group SPVs have defaulted in
servicing of debt obligations of one of the lenders in Feb 2019
owing to delay in realization of payments. Also on account of cash
flow mismatch, DSRA has been drawn in case of another lender and
the same is expected to be rebuilt over near team. The group has a
cash balance of about of about INR39 crore as on February 2019.

* Moderate increase in counterparty risk: Post acquisition of new
assets, Leap Green's exposure to state discoms has increased with
about 54% asset servicing group captive customers and 46% catering
to state discoms, which has resulted in moderate increase in
counter party risk. Out of 46% exposure to state discoms, the group
has about 36% assets servicing Rajasthan discom, 6% to Madhya
Pradesh and about 4% to Maharashtra state discom. While the
increase in counterparty risk shall be partly supported by working
capital limits, however any variation in cash flow due to
counterparties will remain a key monitorable.

* Delayed equity infusion along with large debt funded acquisitions
over past couple of years: The group undertook large debt funded
acquisition of 236 MW of Inox assets (debt of about INR1150 crore;
INR785 crore of Long term debt and INR365 crore of Short term debt)
in fiscal 2018 and 75MW of citron (debt of about INR300 crore) in
fiscal 2017 impacting the financial risk profile and liquidity
position of the group The short term debt was expected to be
replaced with equity over medium term. However, the equity infusion
has been delayed by over 1 year. Going forward, any further
acquisition in the absence of equity infusion shall further strain
the financial profile of the group. Any material increase in debt
from current levels and equity infusion by the group shall remain
key monitorables.

* Operating track record of Inox Assets: The group has acquired
Inox Assets of about 236 MW in fiscal 2018. The assets are housed
in 2 SPVs; IVY Ecoenergy Pvt Ltd and Vanila Clean Power Pvt Ltd.
The assets have an average tariff of about 5.0-5.1/unit and average
blended PLF of about 20% based on the wind resource study. The
actual performance of the assets over medium term shall remain one
of the key monitorable.

Strengths
* Well diversified portfolio, diversified counterparty and high
fungibility of funds: The rating also benefits from diversification
of the assets with about 54% of assets servicing group captive
customers and 46% servicing distribution companies (discoms). The
newly acquired Inox Assets have exposure to state discoms of
Rajasthan, Madhya Pradesh and Maharashtra.

Also there had been transfer of assets between Leap Green, Iris and
Orchid in fiscal 2017, however debt is being serviced by earlier
SPVs though cash flow is currently being generated in other SPVs.
Upstream of cash flow in form of management fees and inter
corporate deposits to support the debt obligation and other
expansions plans.

Inox Assets and Citron SPV are ring fenced with provision for cash
surplus in the SPV being transferred to Leap Green for servicing
debt obligation.

Liquidity
The group has long term debt obligations of INR420-450 crore
(including interest and principal) each, over fiscals 2019 and
2020. Low liquidity position and delay in receipts of payments led
to default in servicing of debt obligations in February 2019.
Depletion of DSRA was observed in Feb 2019 owing to cash flow
mismatch and the same is expected to be built over next near term.
However significant delays in the realization of payments can lead
to delay in the creation and replenishment of DSRA and further
stress the debt servicing ability of the group.

Leap Green, incorporated in October 2006, is a wind-power
generation company with capacity of 523 MW (including SPVs) as on
March 31, 2017. In December 2016, the group acquired 75 MW capacity
in Tamil Nadu which is under group captive model and overall
capacity increased to 523 MW. In fiscal 2018, Leap Green has
completed the acquisition of Inox Assets 236 MW from IRL and IRJL
and total capacity has increased to about 760 MW. JP Morgan's Asian
Infrastructure & Related Resources Opportunity Fund (AIRRO) held
84% equity stake in Leap Green as on March 31, 2017, and the
remaining was held by founding directors, Mr Rajeev Akshay, Mr Dev
Anand V, Mr Srihari Balakrishnan, and Mr Narain Karthikeyan,
directly or through their companies. Leap Green is managed by Mr
Rajeev Akshay (managing director) and Mr  Dev Anand V (executive
director).

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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR112.50 mil. Non-fund-based working capital limit migrated
     to non-cooperating category with IND A4 (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in October 2014, M K Pine Wood is a limited liability
partnership firm engaged in the trading of timber, primarily
meranti, pine, teak, kapur, and arau, as well as ethylene vinyl
acetate and polyvinyl chloride.

MAA TARA: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Maa Tara Ispat Industries Private Limited

        Registered office:
        L4-62, Station Road
        Burmamines Jamshedpur Jh 831007

Insolvency Commencement Date: April 9, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 6, 2019
                               (180 days from commencement)

Insolvency professional: Pramod Kumar Singh

Interim Resolution
Professional:            Pramod Kumar Singh
                         R.No. 309, Vikash Bhawan
                         Aiada, Adityapur
                         Jamshedpur 831013
                         E-mail: pramodip09@gmail.com

Last date for
submission of claims:    April 24, 2019


MAHARAJA THEME: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Maharaja Theme Parks and Resorts Private Limited
        128, Bhavani Road
        Erode Tamil Nadu 638004

Insolvency Commencement Date: April 8, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 5, 2019

Insolvency professional: Subramaniam Aneetha

Interim Resolution
Professional:            Subramaniam Aneetha
                         A2 Sarada Apartments
                         17/6, Sringeri Mutt Road
                         R.A. Puram, Mandaiveli
                         Chennai, Tamil Nadu 600028
                         E-mail: aneethaca@gmail.com

Last date for
submission of claims:    April 23, 2019


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

-- INR4.78 mil. Term loan due on April 2023 migrating to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR60.00 mil. Fund-based limits migrating to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR1.00 mil. Non-fund-based limits migrating to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Mani More Synthetics was incorporated in 1999 by Mr. Ajeet
Udaiveersingh Yadav and Mr. Pawan Yadav. The company has a total of
3,200 metric tons per annum texturized yarn and fabrics
manufacturing capacity, with its units located across Daman and
Dadra and Nagar Haveli.

MAPLE RENEWABLE: CRISIL Lowers Rating on INR178.82cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Maple
Renewable Power Private Limited (Maple; part of Leap Green group)
to 'CRISIL D' from 'CRISIL BB+/stable'. The Leap Green group
comprises Leap Green Energy Pvt Ltd (Leap green), Maple, Olive
Ecopower Pvt Ltd (Olive), Clover Energy Pvt Ltd (Clover), Lotus
Clean Power Venture Pvt Ltd (Lotus), Tulip Renewable Powertech Pvt
Ltd (Tulip), Violet Green Power Pvt Ltd (Violet), Iris Ecopower
Venture Pvt Ltd (Iris), and Orchid Renewable Powertech Pvt Ltd
(Orchid), Citron Ecopower Pvt Ltd (Citron) , IVY Ecoenergy Pvt Ltd
(IVY) and Vanila Clean Power Pvt Ltd (Vanilla).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan           178.82      CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')

The rating downgrade reflects delays by Leap Green's SPVs namely
(Clover, Maple, Olive, Orchid, Lotus, IRIS) in servicing debt
obligations on the term loans in fiscal 2019. The delays were on
account of cash flow mismatch and penal interest has also been
charged by the lenders.  Instance of DSRA drawn down in February
2019 also indicate cash flows mismatch in the some of the SPVs.

The rating of Leap, Violet, Tulip has been constrained owing to
tight liquidity position in the group given instance of drawdown of
DSRA, delays in debt servicing in some of the SPVs and high cash
fungibility in the group companies.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Leap Green (capacity of 19.50 MW) and
its subsidiaries: Maple (61.50 MW), Olive (51.55 MW), Clover (71.50
MW), Lotus (46.20 MW), Tulip (55.50 MW), Iris (42.05 MW), Violet
(33.00 MW), Orchid (66.90 MW), Citron (75 MW), IVY (164MW) and
Vanilla (64 MW). All these companies, collectively, referred to as
the Leap Green group, operate in the wind energy and related space,
have significant operational linkages, high cash fungibility, and
are under a common management. Post debt-servicing, excess cash
flow from the SPVs would be available for covering any shortfall
across the Leap Green group and shall also available for future
expansions. Furthermore, Leap Green has extended guarantees for the
debt of the subsidiaries.

Key Rating Drivers & Detailed Description
Weakness
* Recent delays in term debt servicing due to low liquidity
position and cash flow mismatch: The group SPVs have defaulted in
servicing of debt obligations of one of the lenders in Feb 2019
owing to delay in realization of payments. Also on account of cash
flow mismatch, DSRA has been drawn in case of another lender and
the same is expected to be rebuilt over near team. The group has a
cash balance of about of about INR39 crore as on February 2019.

* Moderate increase in counterparty risk: Post acquisition of new
assets, Leap Green's exposure to state discoms has increased with
about 54% asset servicing group captive customers and 46% catering
to state discoms, which has resulted in moderate increase in
counter party risk. Out of 46% exposure to state discoms, the group
has about 36% assets servicing Rajasthan discom, 6% to Madhya
Pradesh and about 4% to Maharashtra state discom. While the
increase in counterparty risk shall be partly supported by working
capital limits, however any variation in cash flow due to
counterparties will remain a key monitorable.

* Delayed equity infusion along with large debt funded acquisitions
over past couple of years: The group undertook large debt funded
acquisition of 236 MW of Inox assets (debt of about INR1150 crore;
INR785 crore of Long term debt and INR365 crore of Short term debt)
in fiscal 2018 and 75MW of citron (debt of about INR300 crore) in
fiscal 2017 impacting the financial risk profile and liquidity
position of the group The short term debt was expected to be
replaced with equity over medium term. However, the equity infusion
has been delayed by over 1 year. Going forward, any further
acquisition in the absence of equity infusion shall further strain
the financial profile of the group. Any material increase in debt
from current levels and equity infusion by the group shall remain
key monitorables.

* Operating track record of Inox Assets: The group has acquired
Inox Assets of about 236 MW in fiscal 2018. The assets are housed
in 2 SPVs; IVY Ecoenergy Pvt Ltd and Vanila Clean Power Pvt Ltd.
The assets have an average tariff of about 5.0-5.1/unit and average
blended PLF of about 20% based on the wind resource study. The
actual performance of the assets over medium term shall remain one
of the key monitorable.

Strengths
* Well diversified portfolio, diversified counterparty and high
fungibility of funds: The rating also benefits from diversification
of the assets with about 54% of assets servicing group captive
customers and 46% servicing distribution companies (discoms). The
newly acquired Inox Assets have exposure to state discoms of
Rajasthan, Madhya Pradesh and Maharashtra.

Also there had been transfer of assets between Leap Green, Iris and
Orchid in fiscal 2017, however debt is being serviced by earlier
SPVs though cash flow is currently being generated in other SPVs.
Upstream of cash flow in form of management fees and inter
corporate deposits to support the debt obligation and other
expansions plans.

Inox Assets and Citron SPV are ring fenced with provision for cash
surplus in the SPV being transferred to Leap Green for servicing
debt obligation.

Liquidity
The group has long term debt obligations of INR420-450 crore
(including interest and principal) each, over fiscals 2019 and
2020. Low liquidity position and delay in receipts of payments led
to default in servicing of debt obligations in February 2019.
Depletion of DSRA was observed in Feb 2019 owing to cash flow
mismatch and the same is expected to be built over next near term.
However significant delays in the realization of payments can lead
to delay in the creation and replenishment of DSRA and further
stress the debt servicing ability of the group.

Leap Green, incorporated in October 2006, is a wind-power
generation company with capacity of 523 MW (including SPVs) as on
March 31, 2017. In December 2016, the group acquired 75 MW capacity
in Tamil Nadu which is under group captive model and overall
capacity increased to 523 MW. In fiscal 2018, Leap Green has
completed the acquisition of Inox Assets 236 MW from IRL and IRJL
and total capacity has increased to about 760 MW. JP Morgan's Asian
Infrastructure & Related Resources Opportunity Fund (AIRRO) held
84% equity stake in Leap Green as on March 31, 2017, and the
remaining was held by founding directors, Mr Rajeev Akshay, Mr Dev
Anand V, Mr Srihari Balakrishnan, and Mr Narain Karthikeyan,
directly or through their companies. Leap Green is managed by Mr
Rajeev Akshay (managing director) and Mr  Dev Anand V (executive
director).

NASBAN IMPORT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Nasban Import & Export Pvt. Ltd.
        102, Arsa Bldg, Waterfield Road
        TPS-III, Above J&K Bank, Bandra (W)
        Mumbai 400050

Insolvency Commencement Date: April 9, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 6, 2019
                               (180 days from commencement)

Insolvency professional: Modilal Dharnraj Pamechha

Interim Resolution
Professional:            Modilal Dharnraj Pamechha
                         C-802 Padmarag Co-Op Hsg Ltd
                         J.B. Nagar Andheri (E)
                         Mumbai 400059, Maharashtra
                         E-mail: camodilalpamecha@gmail.com

Last date for
submission of claims:    April 25, 2019


NTPC BHEL: Ind-Ra Corrects March 28, 2019 Press Release
-------------------------------------------------------
This announcement rectifies the version published on March 28, 2019
to clarify the issuer's going concern status, highlighted by
auditors. The amended version is as follows:

India Ratings and Research (Ind-Ra) has downgraded NTPC BHEL Power
Projects Private Limited's (NBPPL) Long-Term Issuer Rating to 'IND
BB-' from 'IND BBB-'. The Outlook is Negative.

The instrument-wise rating action is:

-- INR1.70 mil. Non-fund-based limits downgraded with IND BB-
     /Negative/IND A4+ rating.

KEY RATING DRIVERS

Plunge in Revenue: The downgrade and Negative Outlook reflect
concerns about NBPPL's deteriorating operating performance amid
delays in project execution, as well as absence of new orders.
These led to a steep decline in revenue to INR1.3 billion in FY18
(FY17: INR6.7 billion), significantly lower than Ind-Ra's
estimates. Management expects the company to book revenue of around
INR700 million in FY19, significantly lower than FY18. The agency
believes there is a limited likelihood for the company to receive
new orders and expects no significant turnaround in operations in
the near-to-medium term.

Moderate Linkages with Parents: Despite the proposal by Bharat
Heavy Electrical Limited (BHEL; 'IND AA+'/Stable/'IND A1+') and
NTPC Limited ('IND AAA'/Stable/'IND A1+') to wind up operations of
NBPPL, BHEL and NTPC have infused around INR800 million and INR900
million, respectively, until March 26, 2019 in form of loan (bridge
funding) towards meeting working capital needs and for losses
incurred in Unchahar project. Further, NBPPL's board positions are
shared by the parent companies and the top management is drawn from
them on deputation basis.

Non-Receipt of New Orders; Concerns on Going Concern Status by
Auditors: The downgrade also reflects concerns on non-receipt of
new orders in the engineering procurement construction (EPC)
segment post 2013 and manufacturing operations since 2016, which
limits scaling up of operations, along with the company's complete
dependence on low-margin Unchahar project. Until FY18, the company
executed orders of INR26.5 billion, while pending orders worth
INR4.5 billion are likely to be executed over FY19-FY21.

The auditors have highlighted concerns on the going concern status
of the company amid continued losses, leading to net worth erosion.
Though the promoters have sought to wind-up the operations of the
company; NBPPL continues to execute its projects and has prepared
its financials ongoing-concern basis.

Negligible Contribution from Manufacturing Segment: NBPPL
commissioned its manufacturing unit in December 2014 for
manufacturing spare parts for coal handling plants. Its
manufacturing revenue stood at INR103.5 million in FY18, while it
remained negligible at INR14.4 million and INR11.6 million in FY17
and FY16, respectively, due to slowdown in the thermal sector and
lack of orders. NBPPL does not have any pending orders and the
operations are likely to be shut down.

Widening EBITDA Losses: The company reported EBITDA losses of
INR936 million for the fourth consecutive year in FY18 (FY17:
INR417 million, FY16: INR163 million), largely led by losses
incurred in Unchahar EPC project, which accounted more than 90% of
the revenue in FY18, and a surge in provisions for loss-making
contracts to INR230 million (FY17: INR18 million). Losses booked in
Unchahar project was approximately 760 million against a top-line
of INR1,250 million.

Stretched Liquidity: The company's net working capital cycle
elongated to 291 days in FY18 (FY17: 14 days) on account of a delay
in recovery of receivables resulting in cash crunch, and delayed
payments to creditors leading to penalties NBPPL does not have any
cash credit or working capital facility, and has to rely solely on
receivables realization to meet its working capital requirements.
Cash and bank balances available at FYE18 were INR121 million
(FYE17: INR119 million).

RATING SENSITIVITIES

Negative: Disorderly winding down of operations and reduced support
from the parents will be negative for the ratings.

COMPANY PROFILE

NBPPL is an equal joint venture between NTPC and BHEL. It was
established to undertake EPC contracts for power plants and other
infrastructure projects. The company is also engaged in
manufacturing of coal handling plants and ash handling plants in
Mannavaram, Andhra Pradesh.

OLIVE ECOPOWER: CRISIL Lowers Rating on INR88.28cr Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Olive
Ecopower Private Limited (Olive, part of Leap Green group) to
'CRISIL D' from 'CRISIL BB+/Stable'. The Leap Green group comprises
Leap Green Energy Pvt Ltd (Leap green), Maple Renewable Power Pvt
Ltd (Maple), Olive , Clover Energy Pvt Ltd (Clover), Lotus Clean
Power Venture Pvt Ltd (Lotus), Tulip Renewable Powertech Pvt Ltd
(Tulip), Violet Green Power Pvt Ltd (Violet), Iris Ecopower Venture
Pvt Ltd (Iris), and Orchid Renewable Powertech Pvt Ltd (Orchid),
Citron Ecopower Pvt Ltd (Citron), IVY Ecoenergy Pvt Ltd (IVY) and
Vanila Clean Power Pvt Ltd (Vanilla).


                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            88.28      CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')


The rating downgrade reflects delays by Leap Green's SPVs namely
(Clover, Maple, Olive, Orchid, Lotus, IRIS) in servicing debt
obligations on the term loans in fiscal 2019. The delays were on
account of cash flow mismatch and penal interest has also been
charged by the lenders.  Instance of DSRA drawn down in February
2019 also indicate cash flows mismatch in the some of the SPVs.

The rating of Leap, Violet, Tulip has been constrained owing to
tight liquidity position in the group given instance of drawdown of
DSRA, delays in debt servicing in some of the SPVs and high cash
fungibility in the group companies.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Leap Green (capacity of 19.50 MW) and
its subsidiaries: Maple (61.50 MW), Olive (51.55 MW), Clover (71.50
MW), Lotus (46.20 MW), Tulip (55.50 MW), Iris (42.05 MW), Violet
(33.00 MW), Orchid (66.90 MW), Citron (75 MW), IVY (164MW) and
Vanilla (64 MW). All these companies, collectively, referred to as
the Leap Green group, operate in the wind energy and related space,
have significant operational linkages, high cash fungibility, and
are under a common management. Post debt-servicing, excess cash
flow from the SPVs would be available for covering any shortfall
across the Leap Green group and shall also available for future
expansions. Furthermore, Leap Green has extended guarantees for the
debt of the subsidiaries.

Key Rating Drivers & Detailed Description

Weaknesses:

* Recent delays in term debt servicing due to low liquidity
position and cash flow mismatch: The group SPVs have defaulted in
servicing of debt obligations of one of the lenders in Feb 2019
owing to delay in realization of payments. Also on account of cash
flow mismatch, DSRA has been drawn in case of another lender and
the same is expected to be rebuilt over near team. The group has a
cash balance of about of about INR39 crore as on February 2019.

* Moderate increase in counterparty risk: Post acquisition of new
assets, Leap Green's exposure to state discoms has increased with
about 54% asset servicing group captive customers and 46% catering
to state discoms, which has resulted in moderate increase in
counter party risk. Out of 46% exposure to state discoms, the group
has about 36% assets servicing Rajasthan discom, 6% to Madhya
Pradesh and about 4% to Maharashtra state discom. While the
increase in counterparty risk shall be partly supported by working
capital limits, however any variation in cash flow due to
counterparties will remain a key monitorable.

* Delayed equity infusion along with large debt funded
acquisitions over past couple of years: The group undertook large
debt funded acquisition of 236 MW of Inox assets (debt of about
INR1150 crore; INR785 crore of Long term debt and INR365 crore of
Short term debt) in fiscal 2018 and 75MW of citron (debt of about
INR300 crore) in fiscal 2017 impacting the financial risk profile
and liquidity position of the group The short term debt was
expected to be replaced with equity over medium term. However, the
equity infusion has been delayed by over 1 year. Going forward, any
further acquisition in the absence of equity infusion shall further
strain the financial profile of the group. Any material increase in
debt from current levels and equity infusion by the group shall
remain key monitorables.

* Operating track record of Inox Assets: The group has acquired
Inox Assets of about 236 MW in fiscal 2018. The assets are housed
in 2 SPVs; IVY Ecoenergy Pvt Ltd and Vanila Clean Power Pvt Ltd.
The assets have an average tariff of about 5.0-5.1/unit and average
blended PLF of about 20% based on the wind resource study. The
actual performance of the assets over medium term shall remain one
of the key monitorable.

Strengths:
* Well diversified portfolio, diversified counterparty and high
fungibility of funds: The rating also benefits from diversification
of the assets with about 54% of assets servicing group captive
customers and 46% servicing distribution companies (discoms). The
newly acquired Inox Assets have exposure to state discoms of
Rajasthan, Madhya Pradesh and Maharashtra.

Also there had been transfer of assets between Leap Green, Iris and
Orchid in fiscal 2017, however debt is being serviced by earlier
SPVs though cash flow is currently being generated in other SPVs.
Upstream of cash flow in form of management fees and inter
corporate deposits to support the debt obligation and other
expansions plans.

Inox Assets and Citron SPV are ring fenced with provision for cash
surplus in the SPV being transferred to Leap Green for servicing
debt obligation.

Liquidity
The group has long term debt obligations of INR420-450 crore
(including interest and principal) each, over fiscals 2019 and
2020. Low liquidity position and delay in receipts of payments led
to default in servicing of debt obligations in February 2019.
Depletion of DSRA was observed in Feb 2019 owing to cash flow
mismatch and the same is expected to be built over next near term.
However significant delays in the realization of payments can lead
to delay in the creation and replenishment of DSRA and further
stress the debt servicing ability of the group.

                         About the Group

Leap Green, incorporated in October 2006, is a wind-power
generation company with capacity of 523 MW (including SPVs) as on
March 31, 2017. In December 2016, the group acquired 75 MW capacity
in Tamil Nadu which is under group captive model and overall
capacity increased to 523 MW. In fiscal 2018, Leap Green has
completed the acquisition of Inox Assets 236 MW from IRL and IRJL
and total capacity has increased to about 760 MW. JP Morgan's Asian
Infrastructure & Related Resources Opportunity Fund (AIRRO) held
84% equity stake in Leap Green as on March 31, 2017, and the
remaining was held by founding directors, Mr Rajeev Akshay, Mr Dev
Anand V, Mr Srihari Balakrishnan, and Mr Narain Karthikeyan,
directly or through their companies. Leap Green is managed by Mr
Rajeev Akshay (managing director) and Mr  Dev Anand V (executive
director).

ORCHID RENEWABLE: CRISIL Lowers Rating on INR164cr Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Orchid
Renewable Powertech Private Limited (Orchid; part of Leap Green
group) to 'CRISIL D' from 'CRISIL BB/Stable'. The Leap Green group
comprises Leap Green Energy Pvt Ltd (Leap green), Maple Renewable
Power Pvt Ltd (Maple), Olive Ecopower Pvt Ltd (Olive), Clover
Energy Pvt Ltd (Clover), Lotus Clean Power Venture Pvt Ltd (Lotus),
Tulip Renewable Powertech Pvt Ltd (Tulip), Violet Green Power Pvt
Ltd (Violet), Iris Ecopower Venture Pvt Ltd (Iris), and Orchid,
Citron Ecopower Pvt Ltd (Citron) , IVY Ecoenergy Pvt Ltd (IVY) and
Vanila Clean Power Pvt Ltd (Vanilla).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Proposed Term         1        CRISIL D (Downgraded from
   Loan                           'CRISIL BB/Stable')

   Term Loan           164        CRISIL D (Downgraded from
                                  'CRISIL BB/Stable')

The rating downgrade reflects delays by Leap Green's SPVs namely
(Clover, Maple, Olive, Orchid, Lotus, IRIS) in servicing debt
obligations on the term loans in fiscal 2019. The delays were on
account of cash flow mismatch and penal interest has also been
charged by the lenders.  Instance of DSRA drawn down in February
2019 also indicate cash flows mismatch in the some of the SPVs.

The rating of Leap, Violet, Tulip has been constrained owing to
tight liquidity position in the group given instance of drawdown of
DSRA, delays in debt servicing in some of the SPVs and high cash
fungibility in the group companies.

Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Leap Green (capacity of 19.50 MW) and
its subsidiaries: Maple (61.50 MW), Olive (51.55 MW), Clover (71.50
MW), Lotus (46.20 MW), Tulip (55.50 MW), Iris (42.05 MW), Violet
(33.00 MW), Orchid (66.90 MW), Citron (75 MW), IVY (164MW) and
Vanilla (64 MW). All these companies, collectively, referred to as
the Leap Green group, operate in the wind energy and related space,
have significant operational linkages, high cash fungibility, and
are under a common management. Post debt-servicing, excess cash
flow from the SPVs would be available for covering any shortfall
across the Leap Green group and shall also available for future
expansions. Furthermore, Leap Green has extended guarantees for the
debt of the subsidiaries.

Key Rating Drivers & Detailed Description

Weakness:

* Recent delays in term debt servicing due to low liquidity
position and cash flow mismatch: The group SPVs have defaulted in
servicing of debt obligations of one of the lenders in Feb 2019
owing to delay in realization of payments. Also on account of cash
flow mismatch, DSRA has been drawn in case of another lender and
the same is expected to be rebuilt over near team. The group has a
cash balance of about of about INR39 crore as on February 2019.

* Moderate increase in counterparty risk: Post acquisition of new
assets, Leap Green's exposure to state discoms has increased with
about 54% asset servicing group captive customers and 46% catering
to state discoms, which has resulted in moderate increase in
counter party risk. Out of 46% exposure to state discoms, the group
has about 36% assets servicing Rajasthan discom, 6% to Madhya
Pradesh and about 4% to Maharashtra state discom. While the
increase in counterparty risk shall be partly supported by working
capital limits, however any variation in cash flow due to
counterparties will remain a key monitorable.

* Delayed equity infusion along with large debt funded
acquisitions over past couple of years: The group undertook large
debt funded acquisition of 236 MW of Inox assets (debt of about
INR1150 crore; INR785 crore of Long term debt and INR365 crore of
Short term debt) in fiscal 2018 and 75MW of citron (debt of about
INR300 crore) in fiscal 2017 impacting the financial risk profile
and liquidity position of the group The short term debt was
expected to be replaced with equity over medium term. However, the
equity infusion has been delayed by over 1 year. Going forward, any
further acquisition in the absence of equity infusion shall further
strain the financial profile of the group. Any material increase in
debt from current levels and equity infusion by the group shall
remain key monitorables.

* Operating track record of Inox Assets: The group has acquired
Inox Assets of about 236 MW in fiscal 2018. The assets are housed
in 2 SPVs; IVY Ecoenergy Pvt Ltd and Vanila Clean Power Pvt Ltd.
The assets have an average tariff of about 5.0-5.1/unit and average
blended PLF of about 20% based on the wind resource study. The
actual performance of the assets over medium term shall remain one
of the key monitorable.

Strengths:
* Well diversified portfolio, diversified counterparty and high
fungibility of funds: The rating also benefits from diversification
of the assets with about 54% of assets servicing group captive
customers and 46% servicing distribution companies (discoms). The
newly acquired Inox Assets have exposure to state discoms of
Rajasthan, Madhya Pradesh and Maharashtra.

Also there had been transfer of assets between Leap Green, Iris and
Orchid in fiscal 2017, however debt is being serviced by earlier
SPVs though cash flow is currently being generated in other SPVs.
Upstream of cash flow in form of management fees and inter
corporate deposits to support the debt obligation and other
expansions plans.

Inox Assets and Citron SPV are ring fenced with provision for cash
surplus in the SPV being transferred to Leap Green for servicing
debt obligation.

Liquidity
The group has long term debt obligations of INR420-450 crore
(including interest and principal) each, over fiscals 2019 and
2020. Low liquidity position and delay in receipts of payments led
to default in servicing of debt obligations in February 2019.
Depletion of DSRA was observed in Feb 2019 owing to cash flow
mismatch and the same is expected to be built over next near term.
However significant delays in the realization of payments can lead
to delay in the creation and replenishment of DSRA and further
stress the debt servicing ability of the group.

                         About the Group

Leap Green, incorporated in October 2006, is a wind-power
generation company with capacity of 523 MW (including SPVs) as on
March 31, 2017. In December 2016, the group acquired 75 MW capacity
in Tamil Nadu which is under group captive model and overall
capacity increased to 523 MW. In fiscal 2018, Leap Green has
completed the acquisition of Inox Assets 236 MW from IRL and IRJL
and total capacity has increased to about 760 MW. JP Morgan's Asian
Infrastructure & Related Resources Opportunity Fund (AIRRO) held
84% equity stake in Leap Green as on March 31, 2017, and the
remaining was held by founding directors, Mr Rajeev Akshay, Mr Dev
Anand V, Mr Srihari Balakrishnan, and Mr Narain Karthikeyan,
directly or through their companies. Leap Green is managed by Mr
Rajeev Akshay (managing director) and Mr  Dev Anand V (executive
director).

RR LEATHER PRODUCTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: R R Leather Products Private Limited
        214, Sidco Industrial Estate
        Ambattur, Chennai 600098

Insolvency Commencement Date: April 9, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 7, 2019

Insolvency professional: Mrs. Malathi Gopi

Interim Resolution
Professional:            Mrs. Malathi Gopi
                         Flat D, GRN Sannidhanam
                         Sir Madhavan Road
                         Mahalingapuram, Chennai
                         Tamil Nadu 600034
                         E-mail: mala@malathiassociates.com

                            - and -

                         Malathi Associates, Flat No. F2
                         No. 13/7, Palat Sankaran Street
                         Mahalingapuram
                         Chennai 600034
                         E-mail: irpforrrleathers@gmail.com

Last date for
submission of claims:    April 24, 2019


SANTOSH HOSPITALS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Santosh Hospitals Private Limited
        No. 1, 7th Avenue, Besant Nagar
        Chennai 600090

Insolvency Commencement Date: April 8, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 4, 2019

Insolvency professional: Sripriya Kumar

Interim Resolution
Professional:            Sripriya Kumar
                         M/s. S P R & Co, Chartered Accountants
                         "Gems Court", B8 Second Floor
                         No. 14, Khader Nawaz Khan Road
                         Nungambakkam
                         Chennai 600006, Tamil Nadu
                         E-mail: sripriya@spka.in
                                 casripriyak@gmail.com

Last date for
submission of claims:    April 22, 2019


SAUBHAGYA ORNAMENTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Saubhagya Ornaments Private Limited
        3097, Gali No.36
        Beadon Pura, Karol Bagh
        New Delhi 110005
        India

Insolvency Commencement Date: March 13, 2019

Court: National Company Law Tribunal, New Delhi Bench-III, Special
       Bench

Estimated date of closure of
insolvency resolution process: September 8, 2019

Insolvency professional: Ms. Shalu Khanna

Interim Resolution
Professional:            Ms. Shalu Khanna
                         Luthra & Luthra Restructuring and
                         Insolvency Advisors LLP
                         A-16/9, Vasant Vihar
                         New Delhi 110057
                         E-mail: skhanna@llca.net
                                 sopl.rp@llca.net

Last date for
submission of claims:    April 14, 2019


SITARAM MAHARAJ: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sitaram Maharaj Sakhar Karkhana (Khardi) Limited
        C/o Kalyanrao V Kale
        A/P Wadikuroli, Tah. Pandharpur
        Dist. Solapur, Maharashtra

Insolvency Commencement Date: April 10, 2019

Court: National Company Law Tribunal, Nagpur Bench

Estimated date of closure of
insolvency resolution process: October 6, 2019

Insolvency professional: Mr. Umang Subhashchandra Khandelwal

Interim Resolution
Professional:            Mr. Umang Subhashchandra Khandelwal
                         6AB, Mangaldeep Apartment
                         Plot No. 13/14 Farmland
                         Nr. Gurudwara Ramadaspeth
                         Nagpur 440010, Maharashtra
                         E-mail: umang.khandelwal@gmail.com

                            - and -

                         Plot No. 1, Flat No. 201/202
                         Shiv Gaurav Estate Apartment
                         Near Traffic Park
                         Bhagwagar Layout, Dharampeth
                         Nagpur 440010
                         E-mail: irpsmskl@gmail.com

Last date for
submission of claims:    April 23, 2019


SK WHEELS: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: S K Wheels Private Limited
        Plot No. D-405, TTC Ind Area
        MIDC, Turbhe
        Navi Mumbai, MH 400705, IN

Insolvency Commencement Date: March 29, 2019

Court: National Company Law Tribunal, Navi Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 24, 2019
                               (180 days from commencement)

Insolvency professional: CA Vishal Ghisulal Jain

Interim Resolution
Professional:            CA Vishal Ghisulal Jain
                         502, G Square Business Park
                         Opp. Sanpada Station West
                         Sector-30A, Vashi
                         Navi Mumbai 400703
                         E-mail: vishal@cavishaljain.com
                                 skw.cirp@gmail.com

Last date for
submission of claims:    April 17, 2019


SRI RAGHURAMACHANDRA: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Raghuramachandra
Rice Industries (SRRI) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          4.3        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Long Term Loan       1.1        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SRRI for obtaining
information through letters and emails dated September 28, 2018 and
March 12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SRRI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SRRI 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 SRRI continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in 2011 as a proprietorship firm, SRRI mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mr. A. Raghuram and is based out of Raichur
(Karnataka).

T.R. CHEMICALS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: T.R. Chemicals Limited
        Subhas Chowk, Rajgangpur
        Sundergarh
        Odisha 770017
        India

Insolvency Commencement Date: April 8, 2019

Court: National Company Law Tribunal, Cuttack Bench

Estimated date of closure of
insolvency resolution process: October 4, 2019
                               (180 days from commencement)

Insolvency professional: Joydev Sengupta

Interim Resolution
Professional:            Joydev Sengupta
                         UPL-040904, Upohar
                         2052, Chak Garia
                         Kolkata 700094
                         E-mail: joydevsengupta@jsglegal.in
                                 jsg.cirptrchem@gmail.com

Last date for
submission of claims:    April 21, 2019


TULIP RENEWABLE: CRISIL Cuts Rating on INR206cr Loan to B
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Tulip
Renewable Powertech Private Limited (Tulip; part of Leap Green
group) to 'CRISIL B/Stable' from 'CRISIL BB+/Stable'. The Leap
Green group comprises Leap Green Energy Pvt Ltd (Leap green), Maple
Renewable Power Pvt Ltd (Maple), Olive Ecopower Pvt Ltd (Olive),
Clover Energy Pvt Ltd (Clover), Lotus Clean Power Venture Pvt Ltd
(Lotus), Tulip, Violet Green Power Pvt Ltd (Violet), Iris Ecopower
Venture Pvt Ltd (Iris), and Orchid Renewable Powertech Pvt Ltd
(Orchid), Citron Ecopower Pvt Ltd (Citron) , IVY Ecoenergy Pvt Ltd
(IVY) and Vanila Clean Power Pvt Ltd (Vanilla).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            206        CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB+/Stable')

The rating downgrade reflects tight liquidity position in the group
given instance of drawdown of DSRA, delays in debt servicing in
some of the SPVs and high cash fungibility in the group companies.
Also leap Green's SPVs namely (Clover, Maple, Olive, Orchid, Lotus,
IRIS) have delayed in servicing debt obligations on the term loans
in fiscal 2019. The delays were on account of cash flow mismatch
and penal interest has also been charged by the lenders.  Instance
of DSRA drawn down in February 2019 also indicate cash flows
mismatch in the some of the SPVs.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Leap Green (capacity of 19.50 MW) and
its subsidiaries: Maple (61.50 MW), Olive (51.55 MW), Clover (71.50
MW), Lotus (46.20 MW), Tulip (55.50 MW), Iris (42.05 MW), Violet
(33.00 MW), Orchid (66.90 MW), Citron (75 MW), IVY (164MW) and
Vanilla (64 MW). All these companies, collectively, referred to as
the Leap Green group, operate in the wind energy and related space,
have significant operational linkages, high cash fungibility, and
are under a common management. Post debt-servicing, excess cash
flow from the SPVs would be available for covering any shortfall
across the Leap Green group and shall also available for future
expansions. Furthermore, Leap Green has extended guarantees for the
debt of the subsidiaries.

Key Rating Drivers & Detailed Description

Weakness

* Recent delays in term debt servicing due to low liquidity
position and cash flow mismatch: The group SPVs have defaulted in
servicing of debt obligations of one of the lenders in Feb 2019
owing to delay in realization of payments. Also on account of cash
flow mismatch, DSRA has been drawn in case of another lender and
the same is expected to be rebuilt over near team. The group has a
cash balance of about of about INR39 crore as on February 2019.

* Moderate increase in counterparty risk: Post acquisition of new
assets, Leap Green's exposure to state discoms has increased with
about 54% asset servicing group captive customers and 46% catering
to state discoms, which has resulted in moderate increase in
counter party risk. Out of 46% exposure to state discoms, the group
has about 36% assets servicing Rajasthan discom, 6% to Madhya
Pradesh and about 4% to Maharashtra state discom. While the
increase in counterparty risk shall be partly supported by working
capital limits, however any variation in cash flow due to
counterparties will remain a key monitorable.

* Delayed equity infusion along with large debt funded acquisitions
over past couple of years: The group undertook large debt funded
acquisition of 236 MW of Inox assets (debt of about INR1150 crore;
INR785 crore of Long term debt and INR365 crore of Short term debt)
in fiscal 2018 and 75MW of citron (debt of about INR300 crore) in
fiscal 2017 impacting the financial risk profile and liquidity
position of the group The short term debt was expected to be
replaced with equity over medium term. However, the equity infusion
has been delayed by over 1 year. Going forward, any further
acquisition in the absence of equity infusion shall further strain
the financial profile of the group. Any material increase in debt
from current levels and equity infusion by the group shall remain
key monitorables.

* Operating track record of Inox Assets: The group has acquired
Inox Assets of about 236 MW in fiscal 2018. The assets are housed
in 2 SPVs; IVY Ecoenergy Pvt Ltd and Vanila Clean Power Pvt Ltd.
The assets have an average tariff of about 5.0-5.1/unit and average
blended PLF of about 20% based on the wind resource study. The
actual performance of the assets over medium term shall remain one
of the key monitorable.

Strengths
* Well diversified portfolio, diversified counterparty and high
fungibility of funds: The rating also benefits from diversification
of the assets with about 54% of assets servicing group captive
customers and 46% servicing distribution companies (discoms). The
newly acquired Inox Assets have exposure to state discoms of
Rajasthan, Madhya Pradesh and Maharashtra.

Also there had been transfer of assets between Leap Green, Iris and
Orchid in fiscal 2017, however debt is being serviced by earlier
SPVs though cash flow is currently being generated in other SPVs.
Upstream of cash flow in form of management fees and inter
corporate deposits to support the debt obligation and other
expansions plans.

Inox Assets and Citron SPV are ring fenced with provision for cash
surplus in the SPV being transferred to Leap Green for servicing
debt obligation.

Liquidity
The group has long term debt obligations of INR420-450 crore
(including interest and principal) each, over fiscals 2019 and
2020. Low liquidity position and delay in receipts of payments led
to default in servicing of debt obligations in February 2019.
Depletion of DSRA was observed in Feb 2019 owing to cash flow
mismatch and the same is expected to be built over next near term.
However significant delays in the realization of payments can lead
to delay in the creation and replenishment of DSRA and further
stress the debt servicing ability of the group.

Outlook: Stable

The stable outlook reflects weak liquidity position of Leap Green
Group.

Downside scenario

* Lower-than-expected cash flow from the existing as well as newly
acquired assets impacting DSCR and liquidity of the group

* Large debt-funded acquisition

Upside scenario

*Improved liquidity of the group

*Better than expected cash flow from existing as well as newly
acquired assets resulting in higher DSCR

* Infusion of equity leading to significant improvement in the
financial risk profile of the group.

Leap Green, incorporated in October 2006, is a wind-power
generation company with capacity of 523 MW (including SPVs) as on
March 31, 2017. In December 2016, the group acquired 75 MW capacity
in Tamil Nadu which is under group captive model and overall
capacity increased to 523 MW. In fiscal 2018, Leap Green has
completed the acquisition of Inox Assets 236 MW from IRL and IRJL
and total capacity has increased to about 760 MW. JP Morgan's Asian
Infrastructure & Related Resources Opportunity Fund (AIRRO) held
84% equity stake in Leap Green as on March 31, 2017, and the
remaining was held by founding directors, Mr Rajeev Akshay, Mr Dev
Anand V, Mr Srihari Balakrishnan, and Mr Narain Karthikeyan,
directly or through their companies. Leap Green is managed by Mr
Rajeev Akshay (managing director) and Mr  Dev Anand V (executive
director).

VALLABH TEXTILES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Vallabh Textiles Company Limited

        Registered office:
        G.T. Road, Village Pawa Sahnewal
        Ludhiana, Punjab 141120

        Factory office:
        Village Bhagwanpura
        Sahnewal Dehlon Road
        Ludhiana 141206

Insolvency Commencement Date: April 12, 2019

Court: National Company Law Tribunal, Ludhiana Bench

Estimated date of closure of
insolvency resolution process: October 9, 2019
                               (180 days from commencement)

Insolvency professional: Sumat Kumar Gupta

Interim Resolution
Professional:            Sumat Kumar Gupta
                         Manmohan House, 2581/3B/1
                         Ghora Factory Road, Indusrial Area-A
                         Ludhiana 141001
                         E-mail: sumatguptaca@gmail.com
                                 irp.vallabhtextiles@gmail.com

Last date for
submission of claims:    April 26, 2019

VIOLET GREEN: CRISIL Lowers Rating on INR66cr Loan to B
-------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Violet
Green Power Private Limited (Violet; part of Leap Green group) to
'CRISIL B/Stable' from 'CRISIL BB+/Stable'. The Leap Green group
comprises Leap Green Energy Pvt Ltd (Leap green), Maple Renewable
Power Pvt Ltd (Maple), Olive Ecopower Pvt Ltd (Olive), Clover
Energy Pvt Ltd (Clover), Lotus Clean Power Venture Pvt Ltd (Lotus),
Tulip Renewable Powertech Pvt Ltd (Tulip), Violet, Iris Ecopower
Venture Pvt Ltd (Iris), and Orchid Renewable Powertech Pvt Ltd
(Orchid), Citron Ecopower Pvt Ltd (Citron) , IVY Ecoenergy Pvt Ltd
(IVY) and Vanila Clean Power Pvt Ltd (Vanilla).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan             66       CRISIL B/Stable (Downgraded
                                  from 'CRISIL BB+/Stable')

The rating downgrade reflects tight liquidity position in the group
given instance of drawdown of DSRA, delays in debt servicing in
some of the SPVs and high cash fungibility in the group companies.
Also leap Green's SPVs namely (Clover, Maple, Olive, Orchid, Lotus,
IRIS) have delayed in servicing debt obligations on the term loans
in fiscal 2019. The delays were on account of cash flow mismatch
and penal interest has also been charged by the lenders.  Instance
of DSRA drawn down in February 2019 also indicate cash flows
mismatch in the some of the SPVs.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Leap Green (capacity of 19.50 MW) and
its subsidiaries: Maple (61.50 MW), Olive (51.55 MW), Clover (71.50
MW), Lotus (46.20 MW), Tulip (55.50 MW), Iris (42.05 MW), Violet
(33.00 MW), Orchid (66.90 MW), Citron (75 MW), IVY (164MW) and
Vanilla (64 MW). All these companies, collectively, referred to as
the Leap Green group, operate in the wind energy and related space,
have significant operational linkages, high cash fungibility, and
are under a common management. Post debt-servicing, excess cash
flow from the SPVs would be available for covering any shortfall
across the Leap Green group and shall also available for future
expansions. Furthermore, Leap Green has extended guarantees for the
debt of the subsidiaries.

Key Rating Drivers & Detailed Description

Weakness

* Recent delays in term debt servicing due to low liquidity
position and cash flow mismatch: The group SPVs have defaulted in
servicing of debt obligations of one of the lenders in Feb 2019
owing to delay in realization of payments. Also on account of cash
flow mismatch, DSRA has been drawn in case of another lender and
the same is expected to be rebuilt over near team. The group has a
cash balance of about of about INR39 crore as on February 2019.

* Moderate increase in counterparty risk: Post acquisition of new
assets, Leap Green's exposure to state discoms has increased with
about 54% asset servicing group captive customers and 46% catering
to state discoms, which has resulted in moderate increase in
counter party risk. Out of 46% exposure to state discoms, the group
has about 36% assets servicing Rajasthan discom, 6% to Madhya
Pradesh and about 4% to Maharashtra state discom. While the
increase in counterparty risk shall be partly supported by working
capital limits, however any variation in cash flow due to
counterparties will remain a key monitorable.

* Delayed equity infusion along with large debt funded acquisitions
over past couple of years: The group undertook large debt funded
acquisition of 236 MW of Inox assets (debt of about INR1150 crore;
INR785 crore of Long term debt and INR365 crore of Short term debt)
in fiscal 2018 and 75MW of citron (debt of about INR300 crore) in
fiscal 2017 impacting the financial risk profile and liquidity
position of the group The short term debt was expected to be
replaced with equity over medium term. However, the equity infusion
has been delayed by over 1 year. Going forward, any further
acquisition in the absence of equity infusion shall further strain
the financial profile of the group. Any material increase in debt
from current levels and equity infusion by the group shall remain
key monitorables.

* Operating track record of Inox Assets: The group has acquired
Inox Assets of about 236 MW in fiscal 2018. The assets are housed
in 2 SPVs; IVY Ecoenergy Pvt Ltd and Vanila Clean Power Pvt Ltd.
The assets have an average tariff of about 5.0-5.1/unit and average
blended PLF of about 20% based on the wind resource study. The
actual performance of the assets over medium term shall remain one
of the key monitorable.

Strengths
* Well diversified portfolio, diversified counterparty and high
fungibility of funds: The rating also benefits from diversification
of the assets with about 54% of assets servicing group captive
customers and 46% servicing distribution companies (discoms). The
newly acquired Inox Assets have exposure to state discoms of
Rajasthan, Madhya Pradesh and Maharashtra.

Also there had been transfer of assets between Leap Green, Iris and
Orchid in fiscal 2017, however debt is being serviced by earlier
SPVs though cash flow is currently being generated in other SPVs.
Upstream of cash flow in form of management fees and inter
corporate deposits to support the debt obligation and other
expansions plans.

Inox Assets and Citron SPV are ring fenced with provision for cash
surplus in the SPV being transferred to Leap Green for servicing
debt obligation.

Liquidity
The group has long term debt obligations of INR420-450 crore
(including interest and principal) each, over fiscals 2019 and
2020. Low liquidity position and delay in receipts of payments led
to default in servicing of debt obligations in February 2019.
Depletion of DSRA was observed in Feb 2019 owing to cash flow
mismatch and the same is expected to be built over next near term.
However significant delays in the realization of payments can lead
to delay in the creation and replenishment of DSRA and further
stress the debt servicing ability of the group.

Outlook: Stable

The stable outlook reflects weak liquidity position of Leap Green
Group.

Downside scenario

* Lower-than-expected cash flow from the existing as well as newly
acquired assets impacting DSCR and liquidity of the group

* Large debt-funded acquisition

Upside scenario

* Improved liquidity of the group

* Better than expected cash flow from existing as well as newly
acquired assets resulting in higher DSCR

* Infusion of equity leading to significant improvement in the
financial risk profile of the group.

Leap Green, incorporated in October 2006, is a wind-power
generation company with capacity of 523 MW (including SPVs) as on
March 31, 2017. In December 2016, the group acquired 75 MW capacity
in Tamil Nadu which is under group captive model and overall
capacity increased to 523 MW. In fiscal 2018, Leap Green has
completed the acquisition of Inox Assets 236 MW from IRL and IRJL
and total capacity has increased to about 760 MW. JP Morgan's Asian
Infrastructure & Related Resources Opportunity Fund (AIRRO) held
84% equity stake in Leap Green as on March 31, 2017, and the
remaining was held by founding directors, Mr Rajeev Akshay, Mr Dev
Anand V, Mr Srihari Balakrishnan, and Mr Narain Karthikeyan,
directly or through their companies. Leap Green is managed by Mr
Rajeev Akshay (managing director) and Mr  Dev Anand V (executive
director).



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

TOWER BERSAMA: Fitch Affirms LT IDRs at 'BB-', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign- and
Local-Currency Issuer Default Ratings of Indonesian
telecommunications tower company PT Tower Bersama Infrastructure
Tbk at 'BB-'. At the same time, Fitch Ratings Indonesia has
affirmed the National Long-Term Rating and national senior
unsecured rating at 'A+(idn)'. The Outlooks are Stable.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may affect
the capacity for timely repayment to a greater degree than is the
case for financial commitments denoted by a higher rated category.

KEY RATING DRIVERS

High Leverage: TBI's 2019 forecast funds from operations (FFO)
adjusted net leverage of 5.5x-6.0x is higher than the largest
Indonesian tower operator, PT Profesional Telekomunikasi
Indonesia's (Protelindo, BBB-/AA+(idn)/Stable) 2.0x, and
third-largest PT Solusi Tunas Pratama Tbk's (STP) 4.5x. Management
plans to operate with leverage in the 4.5x-5.5x range, measured by
gross debt/last quarter annualised EBITDA (end-2018: 5.1x); this is
within the parameters of its bond covenants of 6.25x.

Leverage may deteriorate further if it were to do a large
debt-funded M&A, at the current shareholder return levels. However,
the impact on leverage may be moderated if management chooses to
reduce shareholder pay-outs.

Poor Liquidity: TBI's liquidity is weak, with its unrestricted cash
balance of IDR220 billion and committed undrawn facilities of IDR2
trillion (USD140 million expiring in June 2022) insufficient to
fund its short-term debt maturities of IDR3.8 trillion. However,
Fitch believes TBI has the ability to refinance its maturing
short-term debt as demonstrated by solid access to banks and
capital markets in the past, in both Indonesian rupiah and US
dollars. However, it remains very exposed should external events or
shocks close these markets.

Focus on Shareholder Returns: Fitch expects TBI's FFO adjusted net
leverage to be around 5.5x-6.0x in 2019-2020, as it believes that
management will use the increasing cash generation to distribute
dividends and for share buybacks. Fitch's 2019 EBITDA forecast of
around IDR3.9 trillion-4.1 trillion (2018: IDR3.7 trillion) will
just be sufficient to fund annual interest payments of IDR2
trillion and capex of IDR1.5 trillion-1.7 trillion. Fitch expects
TBI to distribute about IDR1.2 trillion (2018: IDR1.3 trillion) in
dividends and buybacks in 2019-2020, largely funded by debt.

4G to Drive Organic Growth: TBI's revenue is likely to increase in
the mid- to high-single-digits in 2019, driven by the rapid
expansion of 4G networks by the top-three Indonesian telcos. Fitch
expects TBI to add about 900-1,000 towers and 1,100-1,200 tenancies
in 2019. TBI has the highest exposure among the independent tower
companies to PT Telekomunikasi Selular (Telkomsel)
(AAA(idn)/Stable) at 45% of revenue, compared with Protelindo's 19%
and STP's 18%. Management plans to add another 3,000 net tenancies
in 2019, higher than last year, comprising 1,000 towers and 2,000
collocations.

Locked-In Contracted Revenue: TBI's ratings benefit from long-term
lease agreements that provide visibility and stability to its cash
flow. Total revenue locked-in was around IDR23 trillion (USD1.6
billion) at end-2018, and the average remaining contract life was
about 5.3 years. Fitch expects non-renewal risk to be low, as
towers are mission-critical infrastructure for telcos, which would
avoid relocation of equipment to minimise service disruptions.
Nevertheless, average monthly tower leases may come under pressure
as tenancy contracts expire, the bulk of which will take place
after 2021.

Counterparty and Forex Risk: TBI has low counterparty risk; revenue
contribution from Indonesian telco operators with investment-grade
international ratings was at 83% in 2018, higher than Protelindo's
49% and STP's 65%. In addition, TBI mitigates currency risk by
fully hedging its US dollar exposure. It also has US
dollar-denominated annual revenue of USD40 million from PT Indosat
Tbk (BBB/AAA(idn)/Negative). TBI will lose about 2% of its revenue
due to discontinuation of sites with PT Internux. Receivables from
Internux of IDR220 billion at end-2018 were converted to promissory
notes. Management expects to realise cash from such promissory
notes in 2019.

Structural Subordination to Ease: TBI's bonds are rated at the same
level as its IDR, despite their structural subordination to debt
held at the operating subsidiaries that generate all of the group's
revenue. The ratio of prior-ranking debt/annualised EBITDA of 3.5x
at end-2018 (2017: 3.6x) is high, but Fitch expects the level of
structural subordination to decline gradually over time as TBI
slowly replaces debt at its operating companies with debt at the
holding company.

Fitch expects TBI to use proceeds from the future issuance under
the IDR7 trillion bond programme to repay existing debt held at the
subsidiaries. It has issued bonds amounting to IDR1.2 trillion so
far under the IDR7 trillion programme. Furthermore, Fitch believes
there will be strong creditor recovery in a distress scenario; a
high proportion of the group's operating cash flow is contractually
locked in, underpinning its decision not to notch the bonds down
from the issuer ratings.

DERIVATION SUMMARY

Tower operating businesses have high operating leverage, which
leads to consistent profitability and strong free cash flow (FCF).
TBI's 'BB-' ratings reflect its cash flow stability, supported by
long-term tower lease contracts with good quality tenants helping
to generate robust EBITDA margin, justifying higher leverage
metrics than for most corporate credits. However, TBI's ratings are
constrained by a weaker balance sheet due to its aggressive
shareholder return policy, relative to peers.

Protelindo warrants a three-notch better rating than TBI because of
a significantly stronger financial profile, with FFO adjusted net
leverage of 2.0x. Protelindo's financial profile mitigates
counterparty risks from weaker telcos. Telcos with investment-grade
international ratings account for close to half of Protelindo's
revenue, compared with TBI's 83% and STP's 65%. Protelindo's
management has a record of keeping its balance sheet conservatively
leveraged.

TBI's ratings on the National scale are comparable with textile
manufacturer PT Sri Rejeki Isman Tbk. (Sritex, BB-/A+(idn)/Stable).
Sritex's business risk profile is higher because it is a
price-taker textile operator exposed to volatilities of wage and
energy costs and has large working capital requirements. However,
its financial profile with FFO adjusted net leverage of 3.0x is
significantly better than TBI's.

KEY ASSUMPTIONS

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

  - Revenue to increase by around mid- to high-single-digit rates
during 2019-2020 (2018: 7%).

  - Yearly tenancy additions of 2,000-2,200 in 2019-2020,
comprising 1,000 tower additions and the remaining in
collocations.

  - Discontinuation of lease payments from Internux to remove
around 2% of TBI's annual revenue.

  - Operating EBITDA margin in the mid-80% in 2019-2020.

  - Capex/revenue ratio of around 33%-38% in 2019-2020.

  - Dividend payments and share buybacks of IDR1.2 trillion a
year.

  - No major acquisitions or divestments.

  - Average interest cost at around 9% on unhedged basis.

RATING SENSITIVITIES

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

  - Fitch does not anticipate a rating upgrade. However, Fitch may
take positive rating action if TBI appears to be on a solid path to
return FFO adjusted net leverage, based on its hedged debt amount,
to below 5.5x on a sustained basis.

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

  - A debt-funded acquisition, lease defaults by weaker telcos or
significant dividend payment and share buyback activity leading to
FFO adjusted net leverage, based on its hedged debt amount,
remaining above 6.5x for the long term.

LIQUIDITY

Heavily Reliant on Refinancing: Fitch expects TBI to refinance its
debt when it falls due. A majority of its short-term debt will
mature in 2022, including the USD350 million 5.25% senior unsecured
notes issued by subsidiary TBG Global Pte Ltd and maturing in
February 2022, and bank borrowings of USD360 million. TBI will add
debt of about IDR82 billion from the acquisition of two smaller
tower companies, PT Gihon Telekomunikasi Indonesia Tbk (GHON) and
PT Visi Telekomunikasi Infrastructure Tbk (GOLD), in 2018. Average
interest cost on debt for TBI on unhedged basis is about 9%.

FULL LIST OF RATING ACTIONS

PT Tower Bersama Infrastructure Tbk

  - Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook
Stable

  - Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook Stable

  - National Long-Term Rating affirmed at 'A+(idn)'; Outlook
Stable

  - National senior unsecured rating affirmed at 'A+(idn)'

  - Foreign-currency senior unsecured rating affirmed at 'BB-'

  - IDR7 trillion bond programme and Issuances under the programme
affirmed at 'A+(idn)'

  - Issuances under the IDR5 trillion bond programme affirmed at
'A+(idn)'

TBG Global Pte Ltd (subsidiary)

  - USD350 million guaranteed senior unsecured notes due 2022
affirmed at 'BB-'

TUNA BARU: Moody's Affirms Ba3 CFR, Outlook Stable
--------------------------------------------------
Moody's Investors Service has affirmed Tunas Baru Lampung Tbk Ba3
corporate family rating, along with the Ba3 rating on the backed
senior unsecured bond issued by TBLA International Pte. Ltd., a
wholly owned subsidiary of TBLA.

The outlook on the ratings is stable.

RATINGS RATIONALE

"The rating affirmation reflects our expectation that TBLA's credit
metrics will remain appropriate for the rating over the next 12-18
months, supported by organic earnings growth and lower capital
spending, which will reduce TBLA's need to incur incremental debt",
says Maisam Hasnain, a Moody's analyst.

As a result, Moody's expects TBLA's leverage--as measured by
adjusted debt/EBITDA--to decline from around 3.3x in 2018 to
2.8x-3.0x over the next 12-18 months. Such leverage levels are
supportive of TBLA's Ba3 ratings.

"TBLA's Ba3 ratings also continue to reflect the favorable
long-term, domestic demand fundamentals of its dual commodity
business of palm oil and sugar," adds Hasnain, also Moody's lead
analyst for TBLA.

For example, TBLA's earnings growth will be supported by higher
biodiesel sales following the Indonesian government's regulation in
September 2018 which stipulates expanding mandatory 20% biodiesel
blending (B20) to all diesel fuel consumed in the country. As a
result, the state-owned oil and gas company, Pertamina (Persero)
(P.T.) (Baa2 stable), doubled its annual biodiesel order from TBLA
to around 217,000 tons in 2019.

Moody's also expects TBLA to reduce its debt balance via free cash
flow generation, due to lower capital spending. TBLA has completed
major capacity expansion projects in recent years. Thus, Moody's
expects capital spending will decline to IDR650 billion in 2019
from around IDR1.1 trillion in 2018 and IDR1.7 trillion in 2017.

At the same time, TBLA's Ba3 ratings will continue to incorporate
its small scale of operations, exposure to the cyclical nature of
palm oil and sugar prices, and uncertainties around timings for its
receipt of import quotas for raw sugar from Indonesia's trade
ministry. This situation can lead to swings in cash from operations
and volatility in its credit metrics.

Moody's estimates TBLA's cash balance and projected cash from
operations will be insufficient to meet its projected cash uses
over the next 12 months. However, this liquidity risk is partially
mitigated by TBLA's diversified and long-term banking relationships
of 30-40 years, including with some of Indonesia's largest domestic
banks, and its track record of rolling over short-term debt
maturities when they come due.

The rating outlook is stable, reflecting Moody's expectation that
TBLA's credit metrics will improve, and its management will
maintain a prudent and conservative approach toward further
investments.

Upward ratings pressure will build if TBLA successfully executes
its business plans and grows its scale, generates positive free
cash flow, and demonstrates a sustained improvement in its
financial metrics, such that adjusted debt/EBITDA is below 2.5x,
and EBITA/interest expense is above 4.0x on a sustained basis.

Any positive rating action will also be premised on TBLA improving
its liquidity profile, such that internal cash sources are
sufficient to meet its cash uses, including for its short-term debt
maturities.

TBLA's rating could face downward pressure if: (1) the company is
unable to execute on its business plans or deviates from its stated
prudent financial policies; or (2) palm oil and sugar prices
deteriorate, leading to a protracted weakness in TBLA's financial
metrics. Specific indicators for a ratings downgrade include
adjusted debt/EBITDA above 4.0x and adjusted EBITA/interest expense
of less than 2.75x on a sustained basis.

A deterioration in its liquidity profile, including an increased
reliance on short-term funding, would also lead to negative ratings
pressure.

The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in June 2017.

Headquartered in Jakarta and incorporated in 1973, Tunas Baru
Lampung Tbk (P.T.) (TBLA) is a producer of palm oil and sugar
products. As of 31 December 2018, TBLA was 28%-owned by Sungai Budi
(P.T.) and 27%-owned by Budi Delta Swakarya (P.T.). These two major
shareholders are equally owned by Mr. Widarto, who serves as the
executive chairman of TBLA, and Mr. Santoso Winata, who is the
president commissioner of TBLA.



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

FP IGNITION 2011-1: Moody's Gives Ba1 Rating to Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by NZGT (FP) Trustee Limited in its capacity as trustee of
Series A of the FP Ignition Trust 2011-1 - New Zealand.

Issuer: FP Ignition Trust 2011-1 - New Zealand

NZD218.5million Class A Notes, Assigned Aaa (sf);

NZD23.0 million Class B Notes, Assigned Aa2 (sf);

NZD25.6 million Class C Notes, Assigned A2 (sf);

NZD11.9 million Class D Notes, Assigned Baa2 (sf);

NZD22.6 million Class E Notes, Assigned Ba1 (sf);

NZD24.4 million Class F Notes, Assigned B1 (sf);

The NZD25.9 million Class G Notes and NZD18.5 million Class OA2
Notes are not rated by Moody's.

The transaction is a New Zealand prime asset-backed securitisation.
It is a cash securitisation of operating and finance leases
extended to New Zealand corporates and small and medium-sized
businesses. The leases are secured by passenger cars and commercial
vehicles. The collateral pool composition is revolving with
substitution of receivables taking place until the scheduled
amortisation date in October 2019.

The securitised portfolio comprises lease installment cash flows
and residual value cash flows. The present value of the outstanding
lease receivables balance is approximately NZD349.0 million and the
nominal value of estimated residual value cash flows amounts to
around NZD221.7 million. Due to the right of the lessees to return
the vehicle at contract maturity to cover the final lease balance
outstanding under an operating lease, the notes are exposed to both
default and market or residual value (RV) risk of the related
vehicles.

RATINGS RATIONALE

The definitive ratings take into account, amongst other factors,
(1) an evaluation of the underlying portfolio of receivables and
their expected performance; (2) an evaluation of the underlying RV
exposure; (3) back-up maintenance and servicer solutions; (4) the
credit enhancement provided by subordination; and (5) the liquidity
support available in the transaction by way of principal to pay
interest and the liquidity reserve fund.

The transaction benefits from credit strengths, such as the
experience of the originator, the diversification of vehicle
manufacturers and lease term dates, and the strong historical
performance of the lease portfolio. However, Moody's notes that the
transaction features some credit weaknesses, such as high lessee
concentration and RV risk.

The structure will rely on monthly compliance events to ensure
portfolio quality. Origination of new receivables and the
continuation of the revolving period will be subject to certain
parameters, including a day's sales outstanding metric in respect
of trust receivables which does not exceed 30 days, obligor
concentration limits (with certain exceptions), a minimum gross
margin, a single vehicle make concentration limit of 27.5%, maximum
exposure to electric vehicles of 5%, and the aggregate of the final
expected asset values at the contract expiry date in respect of all
lease receivables should not exceed 66% of the portfolio balance.

The transaction is a sequential pay securitisation of auto lease
contracts.

MODELLING APPROACH

Moody's applies a two-stage approach to modelling transactions with
RV risk. In the first step, Moody's models the expected loss on the
notes due to defaults. In the second step, additional losses
resulting from RV risk are modelled based on the RV haircuts
applied at contract maturity.

For the assessment of lessee default risk, Moody's has determined
the lessee default distribution of the portfolio using CDOROM,
which simulates lessee defaults based on asset correlations and
default probabilities assumptions. Moody's assumed a mean lessee
default rate of 4.66%. For cash flow modeling, Moody's assumed a
recovery rate following lessee default of 45% .

To account for RV risk in the portfolio, Moody's assumes RV
haircuts to the different rating scenarios. Moody's has applied a
greater residual value haircut to the electric vehicle portion of
the portfolio. The increased haircut reflects the greater
uncertainty around electric vehicle residual values as a result of
the very limited history of used-electric-vehicle sales.

FP Ignition Trust 2011-1 - New Zealand, Series A residual value
haircuts are as follows:

Aaa: 45.0%

Aaa (EV): 60.0%

Aa2: 35.5%

Aa2 (EV): 47.3%

A2: 30.5%

A2 (EV): 40.7%

Baa2: 25.5%

Baa2 (EV): 34.0%

Ba1: 20.0%

Ba1 (EV): 26.7%

B1: 12.0%

B1 (EV): 16.0%

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
March 2019.

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

Factors that could lead to an upgrade or downgrade of the note
ratings include (1) an improvement or deterioration in the credit
quality and performance of the collateral pool, and (2) higher- or
lower-than-expected recoveries on defaulted loans. The New Zealand
economy and the market for used vehicles are primary drivers of
performance.

Other reasons for worse performance than Moody's expects include
poor servicing, error on the part of transaction parties, a
deterioration in credit quality of transaction counterparties, lack
of transactional governance and fraud.

Moody's Parameter Sensitivities:

If the default rate rises to 5.85% (from Moody's assumption of
4.66%) then the model-indicated rating for the notes are as
follows:

Class A -- Aa1

Class B -- Aa3

Class C -- Baa1

Class D -- Baa3

Class E -- Ba3

Class F -- B3



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

HYFLUX LTD: SM Investments Sue for Breach of Agreement Terms
------------------------------------------------------------
The Strait Times reports that former white knight SM Investments
(SMI) will be suing debt-laden Hyflux Ltd for cancelling the $530
million rescue deal SMI had offered, it said on April 19.

According to the report, the move means both Hyflux and SMI will be
making a grab for the $38.9 million deposit that was placed in
escrow by SMI for the restructuring agreement.

In its statement, SMI said it had not accepted the water treatment
group's "purported termination" of the investment deal on April 4,
adding that SMI only ended the deal on Friday (April 19) in
accordance with the terms of the agreement, ST relays.

The decision to terminate was based on several "termination
events", the investor group said.

ST relates that SMI said that Hyflux had wrongfully tried to walk
away from the rescue deal through its actions on April 4. "This was
a repudiatory breach of the agreement by Hyflux entitling SMI to
terminate the restructuring agreement," said SMI.

Hyflux had also failed to meet the April 16 deadline to satisfy
various conditions, which included obtaining a sanctioned scheme of
arrangement to settle the amount owed to creditors. SMI said this
failure meant that the agreement would automatically cease to
operate, the report says.

ST notes that the arrangements were supposed to be put to a vote by
Hyflux's stakeholders in two days of scheme meetings, but Hyflux
called off the vote before they could take place on April 5 and 8.

SMI said that issues at Hyflux's three projects--Tuaspring,
Singspring and its Algerian desalination plant Magtaa--have not
been remedied, the report adds.

On April 17, national water agency PUB issued a notice to Tuaspring
Pte Ltd saying that it would take back the desalination plant at
zero dollars after 30 days, according to ST.

"Each of the termination events entitles SMI to a refund of its
deposit in accordance with the restructuring agreement," said SMI,
adding that it rejects Hyflux's accusations on April 15 that SMI
had reneged on the deal.

ST adds that Hyflux said previously it had pulled out of the
agreement because of SMI’s "repeated refusal to commit to making
the investment necessary for the restructuring", and fired the
first salvo by suing SMI first.

Even if Hyflux is awarded the $38.9 million deposit, it is a drop
in the ocean considering its $2.95 billion debt as of March 31 last
year.

Hyflux said it could not comment on SMI's latest statement as the
allegations are part of its suit against the investor group, adds
ST.

                           About Hyflux

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

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

The Company said it is taking this step in order to protect the
value of its businesses while it reorganises its liabilities.

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



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

ASIANA AIRLINES: To Receive Fresh Liquidity Soon, KDB Says
----------------------------------------------------------
Yonhap News Agency reports that creditors of Asiana Airlines Inc.
will soon extend fresh financial support to the debt-laden airline,
the chief of its main creditor said on April 16, adding that its
parent group's fresh self-rescue plan, including the sale of its
flagship unit, is the first step toward normalization.

Lee Dong-gull, governor of the state-run Korea Development Bank
(KDB), told reporters that creditors of Asiana Airlines plan to
provide a fresh liquidity into the airline before April 25, Yonhap
relates.

"I think that (Kumho Asiana) took its first step toward normalizing
Asiana Airlines and increasing its corporate value," the report
quotes Mr. Lee as saying.

It would take about six months for Kumho Asiana to complete the
sale of Asiana Airlines, Mr. Lee said, adding that the group is
expected to sign a preliminary deal with arrangers for the planned
sale, Yonhap relates.

The comments by Mr. Lee came a day after Kumho Asiana submitted a
fresh self-rescue plan to creditors, including the proposed sale of
Asiana Airlines, in return for KRW500 billion (US$440 million) in
financial support, according to Yonhap.

Yonhap relates that Mr. Lee said it is "desirable" for Kumho Asiana
to sell its shares in Asiana Airlines and its two low-cost
carriers--Air Busan and Air Seoul.

Creditors of Asiana Airlines will sign a deal with Kumho Asiana in
late April or early May on financial restructuring, Mr. Lee said,
notes the report.

"A sufficient level of funds will be provided to help Asiana
Airlines stabilize its management," Mr. Lee, as cited by Yonhap,
said.

Park Yong-hee, an analyst at IBK Securities, said the sale of
Asiana Airlines could be valued at as much as KRW2 trillion, Yonhap
relays.

According to Yonhap, local media have reported that several
business conglomerates, including SK Group, CJ Group and Aekyung
Group, could be potential buyers of Asiana Airlines.

Asiana Airlines, the country's No. 2 airline, has been under
pressure to strengthen its financial health amid corporate
challenges facing the logistics-centered business conglomerate,
Yonhap says.

Last month, Kumho Asiana Chairman Park Sam-koo stepped down as
chief executive of Asiana Airlines after the company widened its
losses by amending its financial reports, Yonhap recalls.

Last year, the KDB and Asiana Airlines signed a deal that required
the carrier to secure liquidity through sales of noncore assets and
the issuance of convertible and perpetual bonds.

Asiana owes financial institutions KRW3.2 trillion, and it has to
repay KRW1 trillion of the total this year, according to the
company.

Asiana swung to a net loss of KRW10.4 billion last year from the
previous year's KRW248 billion net profit due to currency-related
losses and increased jet fuel costs, Yonhap discloses.

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.

ASIANA AIRLINES: Up for Sale to Anyone, Parent Heir Apparent Says
-----------------------------------------------------------------
Yonhap News Agency reports that the heir apparent of
logistics-centered Kumho Asiana Group said April 16 that the sale
of its flagship unit, Asiana Airlines Inc., is open to any
investors as he vowed to make his utmost effort to save the
cash-strapped conglomerate.

Pressured by its creditors, Kumho Asiana on April 15 decided to
sell the nation's second largest air carrier to overcome its
liquidity crisis, Yonhap says. In return, the group has asked
creditors, led by the state-run Korea Development Bank (KDB), to
inject a fresh loan worth KRW500 billion (US$439 million) to Asiana
Airlines, Yonhap relates.

"We're willing to speak with any company that is sincerely looking
to buy Asiana Airlines," Park Se-chang, the eldest son of former
Kumho Asiana Group Chairman Park Sam-koo and current CEO of Asiana
IDT Inc., told Yonhap News Agency. "It's not that only certain
buyers can speak with us."

Industry observers estimate that the price tag for the full-service
carrier could reach up to KRW2 trillion. A slew of conglomerates,
including SK and Hanhwa, have been mentioned as potential buyers,
although none of them have officially announced their interest in a
takeover of the airline, Yonhap discloses.

Kumho Petrochemical Group also bubbled to the surface after its
chairman, Park Chan-koo, a younger brother of Park Sam-koo, told
local media that it may seek a "strategic alliance" with a
potential buyer for Asiana Airlines.

Kumho Petrochemical Co., the group's flagship unit, is the
second-largest shareholder of Asiana Airlines with an 11.98 stake.

In addition to the high price tag, potential buyers also have to
deal with Asiana Airlines' worrisome financial situation. The air
carrier owes financial institutions KRW3.2 trillion in short-term
obligations, with some KRW1.2 trillion of loans maturing this year,
Yonhap discloses.

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.


                           *********


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

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

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

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

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



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