/raid1/www/Hosts/bankrupt/TCRAP_Public/190517.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, May 17, 2019, Vol. 22, No. 99

                           Headlines



A U S T R A L I A

ADSTEEL REINFORCEMENT: First Creditors' Meeting Set for May 27
CAMPFIRE AUSTRALIA: First Creditors' Meeting Set for May 22
CHARLIE MARGARET: First Creditors' Meeting Set for May 23
KING STREET: First Creditors' Meeting Set for May 23
L.R. OLIVER: First Creditors' Meeting Set for May 23

MAJESTIC TIMBERS: First Creditors' Meeting Set for May 27
QUINTIS LTD: Class Actions vs. EY Pending in Federal Court
SAMPLE BREW: First Creditors' Meeting Set for May 24
TRADING PROFITS: First Creditors' Meeting Set for May 22


C H I N A

JIAYUAN INTERNATIONAL: Moody's Puts Caa1 CFR on Review for Upgrade
KAIDI ECOLOGICAL: Troubles Deepen as Bond Listings Suspended
KAISA GROUP: Moody's Assigns First-Time B1 CFR, Outlook Stable
LESHI INTERNET: Faces Potential New Wave of $1.6 Billion in Claims
SEAZEN HOLDINGS: Fitch Rates Proposed USD Senior Notes 'BB(EXP)'

SEAZEN HOLDINGS: Moody's Puts Ba2 Sr. Unsec. Rating to USD Notes
SHANDONG RUYI: S&P Alters Outlook to Negative & Affirms 'B' ICR


I N D I A

ACE TOURS: Insolvency Resolution Process Case Summary
AGEL - POOL 1: Fitch Rates New USD Senior Secured Notes 'BB+(EXP)'
GUPTA WOOD: CRISIL Assigns B+ Rating to INR4.5cr Foreign LOC
INDIA SPORTS: Insolvency Resolution Process Case Summary
KHAIRWALA INTERNATIONAL: Insolvency Resolution Case Summary

LANCO THERMAL: Insolvency Resolution Process Case Summary
MARUTHAM STEEL: Insolvency Resolution Process Case Summary
OM SATYA: CRISIL Assigns B+ Rating to INR5cr Cash Loan
P.S.K. ENGINEERING: CRISIL Cuts INR35cr Loan Rating to D, Not Coop.
PRINCE CONSTRUCTION: CRISIL Cuts Rating on INR3.75cr Loan to D

R. G. INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
RADHIKA COTEX: CRISIL Maintains 'B' Rating in Not Cooperating
RANGOLI PARTICLE: CRISIL Maintains B+ Rating in Not Cooperating
RIVERGROW VYAPAR: CRISIL Maintains 'B' Rating in Not Cooperating
S.M. EDIBLES: CRISIL Maintains B+ Rating in Not Cooperating

S.N.K.M. AND SONS: CRISIL Maintains B Rating in Not Cooperating
SANMAAN AGRO: CRISIL Maintains 'B' Rating in Not Cooperating
SHAKTI VEGETABLES: CRISIL Maintains B Rating in Not Cooperating
SHANTI DEVI: CRISIL Hikes Rating on INR95cr Term Loan to B-
SINGH CYCLE: CRISIL Maintains 'D' Rating in Not Cooperating

SUN ARK: CRISIL Maintains 'D' Rating in Not Cooperating Category
TATA STEEL: Moody's Affirms Ba2 CFR, Outlook Stable
VARDHMAN ENTERPRISE: CRISIL Retains B+ Rating in Not Cooperating
VEERAJ CONSTRUCTION: CRISIL Cuts Rating on INR12.5cr Loan to D
VENKATA SURESH: CRISIL Maintains 'B' Rating in Not Cooperating

VISHWANATH SPINNERZ: CRISIL Keeps 'D' Rating in Not Cooperating


I N D O N E S I A

AGUNG PODOMORO: Fitch Cuts IDR to B-; Places Ratings on Watch Neg.


N E W   Z E A L A N D

PUTARURU DISTRICT: In Liquidation, Blames Gambling Merger Delays


S I N G A P O R E

HYFLUX LTD: Gets Non-Binding LOI to Acquire Certain Overseas Assets


V I E T N A M

VINACOMIN HOLDING: Moody's Withdraws B3 CFR for Business Reasons

                           - - - - -


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A U S T R A L I A
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ADSTEEL REINFORCEMENT: First Creditors' Meeting Set for May 27
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Adsteel
Reinforcement Pty Ltd will be held on May 27, 2019, at 10:00 a.m.
at Level 4, 26 Wharf Street, in Brisbane, Queensland.

Travis Pullen -- tpullen@bandtadvisory.com.au -- of B&T Advisory
was appointed as administrator of Adsteel Reinforcement on May 15,
2019.

CAMPFIRE AUSTRALIA: First Creditors' Meeting Set for May 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Campfire
Australia I Pty Ltd and Campfire Holdings Australia Pty Ltd will be
held on May 22, 2019, at 2:00 p.m. at the offices of McGrathNicol,
at Level 6, 171 Collins Street, in Melbourne, Victoria.

Jason Preston and Katherine Sozou of McGrathNicol were appointed as
administrators of Campfire Australia on May 10, 2019.

CHARLIE MARGARET: First Creditors' Meeting Set for May 23
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Charlie
Margaret Street Pty Ltd will be held on May 23, 2019, at 11:00 a.m.
at the offices of HoganSprowles, at Level 9, 60 Pitt Street, in
Sydney, NSW.

Michael Hogan and Christian Sprowles of HoganSprowles were
appointed as administrators of Charlie Margaret on May 13, 2019.

KING STREET: First Creditors' Meeting Set for May 23
----------------------------------------------------
A first meeting of the creditors in the proceedings of King Street
Market Place Pty Ltd will be held on May 23, 2019, at 10:00 a.m. at
the offices of Hall Chadwick Chartered Accountant, at Level 4, 240
Queen Street, in Brisbane, Queensland.

Richard Albarran and Glenn Shannon of Hall Chadwick were appointed
as administrators of King Street on May 13, 2019.

L.R. OLIVER: First Creditors' Meeting Set for May 23
----------------------------------------------------
A first meeting of the creditors in the proceedings of L.R. Oliver
Construction Pty. Ltd will be held on May 23, 2019, at 12:00 p.m.
at the offices of Courtney Jones & Associates Insolvency & Forensic
Accountants, at Level 1, Suite 5, 443 Little Collins Street, in
Melbourne, Victoria.

Mathew Gollant of Courtney Jones & Associates was appointed as
administrator of L.R. Oliver on May 15, 2019.

MAJESTIC TIMBERS: First Creditors' Meeting Set for May 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Majestic
Timbers Australia Pty Ltd will be held on May 27, 2019, at 10:30
a.m. at the offices of Paul Cook & Associates, at 105 Macquarie
Street, in Hobart.

Paul John Cook of Paul Cook & Associates was appointed as
administrator of Majestic Timbers on May 15, 2019.

QUINTIS LTD: Class Actions vs. EY Pending in Federal Court
----------------------------------------------------------
Edmund Tadros at Australian Financial Review reports that two
shareholder class actions over Quintis Ltd, targeting the company
and EY, continue to wind their way through the Federal Court.

Quintis went into administration last January after facing
liquidity problems when the now-defunct activist short-seller
Glaucus published a damning thesis on the stock in 2017 with a
zero-dollar price target, according to AFR. Quintis forcefully
refuted the allegations made by Glaucus.

The case is one of a number of current and settled class actions
that have roped in the big four consulting firms over their
auditing and consulting work, the report says.

According to AFR, EY audited Quintis' accounts in 2014-15 and
2015-16, the two years which preceded more than AUD300 million in
writedowns. Its biological assets were valued at AUD624.6 million
in 2014-15, thanks to a revaluation of AUD136.6 million, and
AUD771.2 million in 2015-16 after a revaluation of AUD76.9 million.
EY has denied any wrongdoing in its accounting work.

The three class actions about the collapse have now been
consolidated into two matters, the report notes.

AFR relates that the consolidated case alleges that certain matters
were not disclosed to investors in breach of the company's
disclosure obligations.

AFR says the third class action alleges Quintis improperly inflated
the value of its Indian sandalwood trees which represent the
group's biological assets and did not comply with relevant
accounting standards.

The third claim also alleges that Quintis' auditor EY "engaged in
conduct that was misleading or deceptive, and was negligent" and
that the financial reports issued by Quintis and audited by EY did
not accurately depict the financial position of the company, AFR
notes.

According to the report, the Australian Securities and Investments
Commission is also pursuing a separate civil action in the Federal
Court against Quintis founder Frank Wilson, alleging the former
boss of the sandalwood group knew a key supply contract had been
terminated, but did not tell the Quintis board. Mr. Wilson denies
the allegations, the report notes.

Quintis has now recapitalised as a private outfit. The company went
through a Deed of Company Arrangement last year which means the
only assets available to meet any successful shareholders claims
are limited to any insurance Quintis may have. The EY case is not
affected by this move.

The consolidated case is funded by Ironbark and run by Gadens and
the third case is funded by Litigation Capital Management and run
by Piper Alderman partner Simon Morris and is due for the case
management hearing in the Federal Court on May 23, adds AFR.

Quintis owns and/or manages around 12,500 hectares of Indian
Sandalwood plantations and distributes sandalwood products to a
variety of end markets.

Quintis emerged from receivership in October 2018 after receiving
AUD145 million in funding from its new owners, including funds and
accounts under management by BlackRock Advisors, LLC and its
affiliates.

SAMPLE BREW: First Creditors' Meeting Set for May 24
----------------------------------------------------
A first meeting of the creditors in the proceedings of Sample Brew
Pty Ltd, trading as Sample Brew, will be held on May 24, 2019, at
10:30 a.m. at Level 3, 326 William Street, in Melbourne, Victoria.

Shane Justin Cremin of Rodgers Reidy was appointed as administrator
of Sample Brew on May 14, 2019.

TRADING PROFITS: First Creditors' Meeting Set for May 22
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Trading
Profits Pty Ltd IIOR and ATFT Victoria Hotel Subiaco Unit Trust
will be held on May 22, 2019, at 3:00 p.m. at Level 17, 37 St
Georges Terrace, in Perth, WA.

Robert Conry Brauer and Robert Michael Kirman of McGrathnicol were
appointed as administrators of Trading Profits on May 10, 2019.



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C H I N A
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JIAYUAN INTERNATIONAL: Moody's Puts Caa1 CFR on Review for Upgrade
------------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade Jiayuan
International Group Limited's Caa1 corporate family rating and the
Caa2 senior unsecured rating on its USD notes. The outlook has been
changed to rating under review from negative.

RATINGS RATIONALE

"The review for upgrade reflects our expectation that Jiayuan's
liquidity and operating performance will improve, because of the
issuance of USD notes in May 2019 and the proposed acquisition of
certain assets from its major shareholder," says Josephine Ho, a
Moody's Vice President and Senior Analyst.

Specifically, Jiayuan has issued USD225 million of senior notes due
2022 to refinance two senior notes with a total amount of USD210
million due May and October 2019, respectively.

In addition, Jiayuan needs to address another USD400 million senior
notes with put options in October 2019. Moody's expects the
company's balance sheet cash of RMB5.3 billion as of December 2018
plus its operating cash flow will provide funding for the company
to meet these near-term refinancing needs.

Besides, Jiayuan's proposed acquisition of a portfolio of property
projects from Mr. Shum Tin Ching, the chairman and the largest
shareholder of the company, for RMB4.06 billion, if completed, is
credit positive because it will enlarge the company's operations
and broaden its geographic coverage.

The fact that the transaction will be funded through a new equity
issuance to Mr. Shum will also strengthen the company's equity base
and help alleviate its debt leverage. Mr. Shum's stake in Jiayuan
will increase to 69.09% upon completion of the transaction from
52.86% as of 9 May 2019.

The proposed transaction is subject to the approvals from the
regulator and the company's minority shareholders.

Moody's review for upgrade will assess (1) Jiayuan's ability to
access funding to refinance the upcoming debt maturities; (2) its
progress in completing the asset acquisition and the implications
for the company's sales, cash flow and capital structure; and (3)
the share-pledge position of the chairman and any potential impact
on Jiayuan's liquidity and refinancing risks.

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

Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu Province. The company
expanded its footprint to Shenzhen in 2016, Macau and New York in
2017, and Guiyang, Shanghai, Hong Kong and Cambodia in 2018. The
company had a total land bank of around 9.2 million square meters
at the end of 2018. It also develops and operates commercial
properties alongside its residential property projects.

KAIDI ECOLOGICAL: Troubles Deepen as Bond Listings Suspended
------------------------------------------------------------
Fran Wang at Caixin Global reports that the woes of debt-ridden
Kaidi Ecological and Environmental Technology Co. Ltd. deepened
this week as the Shenzhen Stock Exchange announced that the listing
of three of its bonds will be suspended from May 17, increasing the
likelihood the securities will be kicked off the market.

Trading in the bonds has been halted for more than a year, but
their listings are now at risk after the company, a unit of one of
China's biggest biomass power producers, logged losses for the last
two years, according to a statement released on May 14. The company
lost CNY4.8 billion ($698.4 million) in 2018 and
CNY5.4 billion in 2017, Caixin discloses citing the company's
latest annual report.

Caixin relates that the announcement came a day after the listing
of Kaidi Ecological's shares was suspended because the company's
auditor, for the second year running, gave a "disclaimer of
opinion" on its annual report, notifying shareholders it could not
give an opinion on whether the financial statements were a fair
representation of the company's financial situation. Kaidi
Ecological's shares already have Special Treatment status, a tag
given to firms in financial distress or with regulatory problems.

Caixin says the Wuhan, Hubei province-based firm also revealed in a
statement dated April 30 that it is being investigated by the China
Securities Regulatory Commission for suspected violation of
information disclosure laws and rules. The watchdog last month
issued an official warning and meted out fines to 13 of the
company's former senior executives, including ex-chairwoman Li
Linzhi, for delaying the release of the firm's 2017 financial
report beyond the statutory deadline.

According to Caixin, the regulatory moves underscore the growing
risks to the future of the company, a subsidiary of Sunshine Kaidi
New Energy Group Co. Ltd. which has links to Lai Xiaoming, the
disgraced former head of state-owned bad bank China Huarong Asset
Management Co. Ltd.

Caixin notes that Kaidi Ecological sold the three bonds in 2016 to
raise a combined CNY1.6 billion ($232.8 million), but it had to pay
relatively high interest rates of 6.1%, 6.7% and 7%. Trading in the
bonds was suspended in March 2018, with a statement from Kaidi
Ecological at the time citing "uncertainty" in unspecified "major
issues." In September that year, the company failed to pay interest
due on two of the bonds citing "cashflow difficulties" and in
December missed an interest payment on the third.

The company also failed to make a CNY698 million payment on a bond
issued in 2011. By April 18, the firm had racked up CNY12.4 billion
in overdue debt, 17% more than its net assets of CNY10.6 billion,
according to its stock exchange filing last month, Caixin relays.

Kaidi Ecological's parent, Sunshine Kaidi, also headquartered in
Wuhan, has a 29.08% holding in the listed company. It has debts of
CNY24 billion and has pledged most of its stake as collateral for
loans. But those shares have been frozen by the courts following
legal action by creditors, which means the brokerages that hold
them cannot sell them. In September, Sunshine Kaidi put forward a
restructuring proposal, which included a plan to swap CNY9 billion
of debt into equity and getting a cash injection of CNY7 billion,
Caixin recalls.

When it announced the listing suspension of its bonds, Kaidi
Ecological said it aims to return to profit this year by taking
measures including "actively pushing forward restructuring work to
defuse the debt crisis with the backing of the government and other
parties," Caixin relays.

Caixin says many local governments have offered support, including
capital injections, to listed companies to tide them over their
financial difficulties as part of last year's stock market rescue
campaign. But the Hubei and Wuhan governments have given little
public indication that they will help Kaidi Ecological, whose
fortunes are closely tied to Sunshine Kaidi and whose links with
China Huarong Asset Management haven't helped its cause.

Huarong has a 2.81% stake in Kaidi Ecological, according to its
2018 annual report, and was a shareholder in Sunshine Kaidi, Caixin
discloses. Its chairman, Lai, was put under investigation in April
last year for "serious violations of discipline," a euphemism for
corruption, before being formally arrested in November on a range
of charges including embezzlement of public assets.

Kaidi Ecological and Environmental Technology Co., Ltd. engages in
the biomass power generation and supply business in China and
internationally. It is also involved in the investment, management,
technical research and development, and comprehensive utilization
of coal-seam methane and shale gas resources; survey, consultation,
design, and supervision of environmental projects; and new energies
business. The company was formerly known as Wuhan Kaidi Electric
Power Co., Ltd. and changed its name to Kaidi Ecological and
Environmental Technology Co., Ltd. in September 2015.

KAISA GROUP: Moody's Assigns First-Time B1 CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to Kaisa Group Holdings Ltd.

The outlook is stable.

RATINGS RATIONALE

"Kaisa's B1 CFR reflects the company's strong brand and sales
execution in the Guangdong-Hong Kong-Macao Bay Area, established
track record with higher-margin urban redevelopment projects, and
good quality land banks in high-tier cities, such as Shenzhen,"
says Danny Chan, a Moody's Assistant Vice President and Analyst.

"However, the company's rating is constrained by its moderate
financial metrics, history of debt restructuring and shares
suspension, and high financial costs," adds Chan, who is also
Moody's Lead Analyst for Kaisa.

Kaisa has a long operating history that spans over 20 years and has
established a well-recognized brand, particularly in urban
redevelopment projects, in Shenzhen and cities in the
Guangdong-Hong Kong-Macao Bay Area (Great Bay Area).

The company's strong market position and sizeable land bank in
Shenzhen position it well to benefit from Shenzhen's strong economy
and housing demand.

As a result, Moody's expects that Kaisa's attributable contracted
sales will continue to grow by 18% to around RMB83 billion in 2019
from RMB70 billion in 2018, and increase further by 35% to around
RMB112 billion in 2020, in view of its sizable saleable resources,
including the continued conversion of urban redevelopment projects
in higher-tier cities. This scale is large when compared with many
of its B1-rated Chinese property peers.

Kaisa's urban redevelopment projects support the company's higher
gross margins, because of the lower land acquisition costs
associated with this type of projects relative to the cost of
acquiring lands from public auctions in Shenzhen.

Moody's estimates that the company's gross profit margins will
increase to 31%-32% in the coming 12-18 months compared with 29% in
2018, because of the increased contribution from urban
redevelopment projects.

At December 31, 2018, the company's total saleable resources
comprised a gross floor area of around 24 million square meters
across 45 cities. Of the 24 million square meters, more than seven
million were from urban redevelopment projects; accounting for 30%
of Kaisa's total land bank by gross floor area. In excess of 3.2
million square meters were located in Shenzhen, accounting for 35%
of the total land bank by sales value.

Moody's estimates that Kaisa's land bank can support its property
development business for the next 4-5 years, based on its
contracted sales in 2018.

Kaisa's rating is constrained by its high debt leverage. Moody's
expects Kaisa's revenue to maintain strong growth supported by its
robust contracted sales. As a result, its revenue/adjusted debt
will rise to around 51% and 63% in 2019 and 2020, from 36% in
2018.

Likewise, its adjusted EBIT/interest coverage should improve to
2.1x in 2019 and 2.5x in 2020 from 1.7x in 2018. These credit
metrics and the scale of its attributable contracted sales —
which totaled RMB70 billion in 2018 — position the company's CFR
at the B1 rating level.

Kaisa's B1 rating has factored in its history of debt restructuring
and shares suspension, as well as high funding cost.

Reports on the sales ban of its property projects in Shenzhen in
October 2014 precipitated a liquidity churn that led to Kaisa's
debt restructuring in 2016-17. Nevertheless, the company has not
experienced any sales ban since 2014.

Moody's points out that the company changed its auditor to Grant
Thornton in 2016 and took steps to improve its reporting and
internal control issues. Consequently, the Hong Kong Stock Exchange
approved the resumption of its share trading in March 2017.

The company's trust loan financing and other onshore borrowings
totaled RMB23.5 billion at December 31, 2018, representing 20% of
its total borrowings at December 31, 2018, which resulted in a
higher average funding cost of approximately 8.4% in 2018. Moody's
expects that Kaisa will expand its offshore borrowings to reduce
its reliance on onshore trust borrowings, because onshore trust
borrowings involve relatively higher funding cost.

Kaisa's liquidity is good. At December 31, 2018, the company's cash
balance totaled RMB22 billion, an amount which can cover 131% of
its short-term debt. Moody's expects Kaisa's cash holdings,
together with its operating cash flow, are sufficient to cover its
short-term debt, as well as estimated committed land payments over
the next 12-18 months.

The stable outlook reflects Moody's expectation that Kaisa will
maintain sales growth in high-tier cities, high profit margins and
good liquidity.

The stable outlook also incorporates Moody's expectation that Kaisa
will expand its access to funding over the next 12--18 months.

Moody's could upgrade Kaisa's rating if the company (1) maintains
its good liquidity position; (2) diversifies its funding channels;
and (3) improves its EBIT/interest to above 3.0x-3.5x and its
revenue/adjusted debt to above 75%-80% on a sustained basis.

However, Moody's could downgrade the rating, if the company fails
to achieve sales growth, or aggressively acquires lands beyond
Moody's expectation, such that its financial metrics and liquidity
deteriorate.

Deteriorating credit metrics that could trigger a rating downgrade
include: (1) revenue/adjusted debt below 50% on a sustained basis;
(2) EBIT/interest coverage below 2.0x on a sustained basis; or (3)
cash to short-term debt below 1.0x-1.5x.

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

Kaisa Group Holdings Ltd engages in real estate development in
China. Its operations also involve property management and
non-property related businesses, including hotel and catering
operations, cinema, department store and cultural center
operations, and waterway passenger and cargo transportation.

LESHI INTERNET: Faces Potential New Wave of $1.6 Billion in Claims
------------------------------------------------------------------
Zhang Yu and Han Wei at Caixin Global report the Shenzhen-listed
unit of embattled tech conglomerate LeEco faces a new wave of debt
claims that could amount to CNY11 billion ($1.6 billion), adding
"tough" burdens for the company as it struggles with the threat of
delisting.

Leshi Internet Information & Technology Corp. received a ruling
from the Beijing Arbitration Commission ordering it to fulfill its
role as guarantor in a CNY133 million stock buyback agreement with
a shareholder of LeSports, the sports division of LeEco, according
to a Leshi filing on May 15, Caixin relates. The commission ordered
payment within 10 days.

According to the report, the arbitration suit filed by Shenzhen
Qianhai Situo Investment Partnership is one of 14 similar cases
facing Leshi, along with two other LeEco units, as LeSports
shareholders seek to enforce share-buyback contracts they signed
more than three years ago when they invested in the sports
broadcasting business in hopes of a potential public listing.

According to LeSports' agreements with investors in its two funding
rounds totaling CNY8.4 billion in 2015 and 2016, investors were
guaranteed that their shares would be repurchased with annual
yields of more than 12% if LeSports failed to go public before Dec.
31, 2018. The buyback responsibility is shared by Leshi and two
other LeEco units, the report says.

Caixin relates that LeSports, which spent heavily to obtain
broadcasting rights for major sports events, was valued at CNY21.5
billion when it completed the 2016 fundraising. However, the
company's business slumped as LeEco's debt crisis exploded later in
2016.

Since December, LeSports investors have filed arbitration cases
against Leshi seeking the buybacks.

Leshi said that if it lost all of the buyback cases, its total
liability would amount to CNY11 billion. It will be "tough for the
company to manage," Leshi said.

But Leshi argued that the buyback guarantee should be invalid as
the agreements weren't approved by shareholders. Leshi said in its
statement that the buyback agreements were handled by a previous
management team and skipped necessary shareholder review and
approval procedures. The documents thus should be invalid, Leshi
said.   

However, several lawyers said arbitration decisions are often more
difficult to overturn than lawsuits in court, Caixin says.

Caixin notes that Leshi is mired in massive debt woes since its
parent LeEco was hit by cash crunch after years of aggressive
business expansion. Leshi's founder and largest shareholder, Jia
Yueting, has fled China to the U.S. and has not returned since the
summer of 2017, leaving behind debts that reached CNY11.9 billion
at the end of 2018, Caixin discloses citing Leshi's financial
report.

Caixin says Leshi may face compulsory delisting if its 2019 annual
report fails to meet regulatory requirements for resumption of
listing. The company's stock was suspended last week after it
reported negative net assets for 2018, a key indicator for
triggering a trading suspension and possible eventual delisting.

Caixin adds that Leshi said in a regulatory filing April 29 that it
received notices from the China Securities Regulatory Commission
(CSRC) saying the regulator has launched a formal investigation
into Leshi and Jia for suspected information disclosure
violations.

Leshi Internet Information & Technology Corp., Beijing engages in
Internet video, and film and television production and distribution
businesses in China.

SEAZEN HOLDINGS: Fitch Rates Proposed USD Senior Notes 'BB(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned Seazen Holdings Co., Ltd.'s (BB/Stable)
proposed US dollar senior notes to be issued by Seazen's indirect
wholly owned subsidiary, New Metro Global Limited, an expected
rating of 'BB(EXP)'.

The proposed notes, which will be unconditionally and irrevocably
guaranteed by Seazen, are rated at the same level as Seazen's
senior unsecured rating because they will constitute its direct and
senior unsecured obligations. The final rating on the proposed
notes is subject to the receipt of final documentation conforming
to information already received. Seazen intends to use the net
proceeds to repay some of its existing indebtedness.

Seazen is a subsidiary of Future Land Development Holdings Limited
(FLDH, BB/Stable). Fitch uses a consolidated approach to rate
Seazen, based on its Parent and Subsidiary Rating Linkage criteria.
The strong strategic and operational ties between the two entities
are reflected by 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 Remains: FLDH's leverage including
proportionate consolidation of joint ventures 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. 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 are included in its investment-property business.

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.

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 rise 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 was
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-/Positive). FLDH has also quickly expanded its investment
properties, which generated CNY2 billion of recurring income and a
recurring EBITDA/interest of 0.4x in 2018. FLDH's
investment-property portfolio of around CNY40 billion is much
larger than all the other 'BB' rated peers, and this contributed to
its leverage increase, resulting in higher leverage than its peers
in 2018.

FLDH's leverage, defined by net debt/adjusted inventory (after
JV/associate proportionate consolidation), of around 45% is in line
with some '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 investment-property portfolio. FLDH's
recurring EBITDA/interest of 0.4x was similar to Sino-Ocean Group's
level in 2018. However, Sino-Ocean Group has a stronger and longer
track record in investment-property operations than FLDH. This
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 to reach CNY270 billion and CNY300
billion in 2019 and 2020 with around 70% attributable interests.

  - Land premium to represent around 60% of attributable sales
proceeds in 2019 and 50% in 2020-2022.

  - CNY22 billion-25 billion in 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.

SEAZEN HOLDINGS: Moody's Puts Ba2 Sr. Unsec. Rating to USD Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 senior unsecured
rating to the proposed USD notes to be issued by New Metro Global
Limited, and guaranteed by Seazen Holdings Co., Ltd. (Ba2 stable).

The proceeds of the notes will be used by Seazen mainly to repay
its existing indebtedness.

RATINGS RATIONALE

"The proposed notes will provide term funding for Seazen to grow
its business, as well as improve its liquidity and debt maturity
profile," says Kaven Tsang, a Moody's Senior Vice President.

"The notes will not have a material impact on the company's credit
metrics, because Seazen will use the proceeds for refinancing,"
adds Tsang, who is also Moody's Lead Analyst for Seazen.

Moody's projects that Seazen's adjusted revenue/debt and adjusted
EBIT/interest coverage--including its share in joint ventures--will
improve to 75%-80% and 4.0x-4.5x respectively over the next 12-18
months from 62% and 3.7x, in 2018. These ratios support the
company's Ba2 corporate family rating (CFR).

Seazen's Ba2 CFR continues to reflect its strong sales execution,
growing scale and broadened geographic coverage. In addition, the
company's growing stream of recurring rental income from its
leasing business can improve its overall profitability and reduce
the cash flow volatility arising from the property sales business.

However, the rating also factors in its exposure to the regional
economy of the Yangtze River Delta and sizeable business exposure
to joint ventures.

Seazen's liquidity is good. The company's cash holdings of RMB45.4
billion at December 31, 2018 could cover 2.3x of its short-term
debt as of the same date. Moody's also expects that Seazen's cash
holdings and operating cash flow will likely cover its short-term
debt and committed land payments over the next 12 months.

Moody's has not notched down the Ba2 backed senior unsecured bond
rating. Although the majority of the company's claims are at the
operating subsidiary level, its diversified business profile —
with cash flow generation across a large number of operating
subsidiaries and different business segments, covering both
property development and property investment — mitigates
structural subordination risks.

Moody's could upgrade Seazen's ratings if the company sustains its
resilient sales through cycles, as well as strong liquidity and
prudent financial management.

Specifically, upward ratings pressure could emerge if the company's
(1) adjusted revenue/debt--including its share in joint
ventures--exceeds 90% on a sustained basis; and (2) EBIT/interest
coverage--including its share in joint ventures--stays above 4.25x,
or recurring rental income/interest coverage trends towards
0.70x-0.75x on a sustained basis.

On the other hand, downward ratings pressure could emerge if the
company's contracted sales growth slows and its credit metrics
weaken, with its (1) EBIT/interest coverage — including its share
in joint ventures — falling below 3.0x; or (2) adjusted
revenue/debt — including its share in joint ventures — falling
below 70%-75%.

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

Seazen Holdings Co., Ltd. engages primarily in residential
development and was founded in 1993 by Wang Zhenhua, who is also
the chairman of the company. Seazen is a 67.1%-owned subsidiary of
Future Land Development Holdings Limited (Ba2 stable), and the
mainland-listed holding company of Future Land Group.

At the end of 2018, Seazen had a land bank spread across 77 cities
in China, with a total gross floor area of around 110 million
square meters.

SHANDONG RUYI: S&P Alters Outlook to Negative & Affirms 'B' ICR
---------------------------------------------------------------
On May 15, 2019, S&P Global Ratings revised its outlook on Shandong
Ruyi Technology Group Co. Ltd.'s (Ruyi) to negative from stable. At
the same time, S&P affirmed its 'B' long-term issuer credit rating
on the company. S&P also affirmed its 'B-' long-term issue rating
on the senior unsecured notes that Ruyi guarantees.

S&P said, "We revised the outlook to negative to reflect Shandong
Ruyi's liquidity risk. We expect the company's debt leverage to
remain elevated and liquidity buffer to somewhat diminish over the
next 12 months if it can't improve its operating cash flow or scale
back capital investment. We anticipate that Ruyi's operating
performance will partially recover in 2019 and 2020, considering
many of the factors behind its weak financial results in 2018 are
one-off. However, some uncertainty surrounds the company's
deleveraging and refinancing plans."

Ruyi's free operating cash flow turned negative and its
debt-to-EBITDA ratio jumped to 8.2x in 2018, from 5.4x in 2017. The
underperformance was due to deterioration in profit margin of the
company's textile segment and apparel business under the Ruyi brand
amid intense competition and more orders with low margin, and lower
profit at its retail operation in Japan. The company's disposal of
three textile factories, which generated about Chinese renminbi
(RMB) 2.5 billion of revenue in 2017, and higher administrative
expenses in its overseas operations also contributed to the higher
leverage in 2018.

S&P said, "We expect the deficit of Ruyi's operating cash flow
versus capital investment to narrow and gradually reverse over the
next 12-24 months. The good operating performance of SMCP Group and
Ruyi's less aggressive appetite for capital investment will
underpin the improvement. However, free operating cash flow is
likely to remain negative in 2019, given the company's growing
working capital needs for store expansion and penetration into
online channels. We see potential for Ruyi to grow its textile and
apparel products through online platforms in China. However, we
also see execution risks in controlling operating costs and
managing inventory amid fast changing consumer preferences and
intense competition.

"We expect Ruyi's debt-to-EBITDA ratio to improve to 6.5x-6.7x in
2019 and 5.5x-5.8x in 2020, driven by a recovery in the company's
operating performance and cash inflows from disposal of assets.
Ruyi has received about RMB1.2 billion from land disposal, RMB800
million from partial divestment of its stake in a newly acquired
commercial complex in Jining, Shandong province, and RMB500 million
from divestment of its stake in an onshore power plant in 2019. The
company will receive another RMB800 million from its contracted
land disposal in mid-2019. Ruyi reported investment returns of
RMB1.0 billion-RMB2.0 billion per year in the past two years, but
we do not include it in our adjusted EBITDA."

Ruyi's willingness to scale back its capital investment over the
next 12-24 months also underpins our anticipation of a deleveraging
trend. S&P said, "Our base case assumes the company's annual
capital expenditure (capex) to decrease to RMB1.5 billion-RMB2.0
billion in 2019 and 2020, from RMB2.9 billion in 2018. We also
believe the company and its ultimate parent will both stop pursuing
any sizable acquisitions until they can build sufficient financial
cushion to complete them."

The acquisition of Eagle Super Global Holding B.V. (Lycra) has not
significantly affected Ruyi's debt leverage or liquidity so far.
This is given that Ruyi only invested a small portion out of the
total acquisition consideration of about US$2.5 billion. The rest
was shared among a group of investors, including one of Ruyi's
shareholders, Itochu Co. Nevertheless, S&P believes the funding
structure could evolve. Any further capital investment by Ruyi
could push the company's debt leverage higher and pressure its
liquidity.

Ruyi faces somewhat high refinancing risk over the next 12 months,
given its large maturities. The company will have RMB13.3 billion
of debt due in 2019, including RMB3.2 billion of domestic bonds
(including puttable bonds) and US$345 million (equivalent to RMB2.3
billion) of overseas bonds. The company will also have RMB2.5
billion of bullet repayments (mainly puttable bonds) due in 2020.
The combined debt maturity is materially higher than its cash
available for debt repayment for about RMB7.5 billion.

S&P believes that Ruyi is likely to refinance these upcoming
maturities. The company has satisfactory access to domestic credit
markets and good banking relationships in China. This is evident
from the company's issuance of long-term corporate bonds and
medium-term notes in the fourth quarter of 2018 and first quarter
of 2019 at 7.5%-7.9% interest rate, when the credit market was very
tough for privately owned enterprises in China. The company also
extended maturities of the majority of its puttable bonds in the
fourth quarter of 2018 with only a minor portion of the bonds being
repaid.

Ruyi has several plans to refinance its upcoming onshore and
offshore debt maturities. The company has several quality assets
that could be monetized for debt repayment, if needed. These
include overseas assets and equity investments, and the newly
acquired commercial complex. While S&P believes Ruyi is committed
to execute its asset monetization plans, the likelihood and timing
of completion remains uncertain.

The negative outlook reflects S&P's view that Ruyi's debt leverage
will be elevated and its refinancing risk could heighten over the
next 12 months, if the company cannot improve its operating cash
flow or maintains its aggressive expansion appetite.

S&P said, "We may lower the rating if Ruyi's liquidity further
deteriorates. This could happen if: the company proposes more
acquisitions; short-term debt increases materially; or cash flow
declines due to increased competition in the textile and apparel
industries or weak working capital management.

"We could also lower the rating if the prospect of Ruyi's
debt-to-EBITDA ratio falling below 6.0x and free operating cash
flow turning positive deteriorates.

"We may revise the outlook to stable if Ruyi meaningfully improves
its liquidity buffer and operating performance. A debt-to-EBITDA
ratio close to 6.0x and free operating cash flow turning positive
could indicate such an improvement. This could happen if the
company materially enhances its operating cash flow amid strong
revenue growth, margin improvement, and better working capital
management. This could also occur through capital injections from
shareholders or the use of proceeds from potential subsidiary IPOs
or asset disposals to repay debts."



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

ACE TOURS: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Ace Tours Worldwide Limited
        F-22-23-24, Jolly Arcade
        Ghod Dod Road
        Surat GJ 395007 IN

Insolvency Commencement Date: May 10, 2019

Court: National Company Law Tribunal, Surat Bench

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

Insolvency professional: Narayan Gajanan Vidvans

Interim Resolution
Professional:            Narayan Gajanan Vidvans
                         604-B, Shivkartik Enclave
                         Opp. Shrungar Residency
                         VIP Road, Vesu
                         Surat 395007
                         E-mail: v_id_vans@hotmail.com

Last date for
submission of claims:    May 27, 2019


AGEL - POOL 1: Fitch Rates New USD Senior Secured Notes 'BB+(EXP)'
------------------------------------------------------------------
Fitch Ratings has assigned AGEL - Pool 1's proposed US dollar
senior secured notes an expected rating of 'BB+(EXP)'. AGEL - Pool
1 includes three subsidiaries of Adani Green Energy Limited. AGEL
is mainly involved in solar and wind power generation in India.
AGEL has a portfolio of about 4.6GW of generation capacity, of
which around 2GW is operational.

AGEL - Pool 1 plans to use the proceeds from the proposed notes to
refinance a part of its existing debt at operating entities within
the restricted pool as defined in the indenture to the proposed
notes. Balance borrowings at the operating entities will be
refinanced through Indian rupee-denominated domestic bank loans.
Proposed US dollar notes will rank pari passu to the domestic bank
loans.

The proposed US dollar notes will be issued in part by each of the
three subsidiaries. The proposed notes will be stapled together to
mimic the structure of the restricted pool. All reserve, default or
acceleration triggers will be on the basis of the pool - no
individual trigger at any SPV. All three SPVs will jointly and
severally guarantee the proposed notes and bank loans.

AGEL's equity holdings in each of the SPVs and substantially all of
the SPVs' assets will be pledged to the note holders along with
rupee bank loan lenders. Each lender at any SPV will have pari
passu first-ranking charge on all of AGEL's holdings in all SPVs
that are part of the pool. The issuers will directly own operating
assets and are not meagre lender to the operating entities unlike
other rated issuances from most of the Indian restricted groups.

KEY RATING DRIVERS

Capped, Amortising Debt: Any additional senior debt is allowed only
if project life cover ratio (PLCR)-based debt-sizing test is met,
its term ends at least a year before the end of the average
remaining life of the pool's power purchase agreements (PPAs) and
credit ratings are maintained (by at least two agencies). The total
senior debt will fully amortise within the contract life of the
pool's PPAs, in accordance with slated amortisation schedule with
all the covenants applicable through the life of the PPAs.

Restricted Distributions: Any cash flow out of the restricted pool
will follow a defined waterfall, which also accounts for PLCR-based
debt sizing and maintenance capex. The cash distribution is also
subject to a debt service cover ratio (DSCR; management's EBITDA
estimates include viability gap funding receipts)-based test, with
partial restrictions on distribution at 1.55x and 100% cash trap
within the pool below 1.35x. The cash-based covenant will also
arrest any distribution from the pool if the receivable position
deteriorates. The ratings reflect the pool's standalone credit
profile in light of the restricted nature of the pool.

Protection from Technology, Counterparty Deterioration: The
covenants also require capex for repowering of the solar panels, to
address a fall in load factors from panel degradation, as part of
the cash flow waterfall. A prolonged degradation of panels will
result in lower EBITDA estimates over the life of the projects,
capping maximum allowed debt through cash traps based on the PLCR
test.

The covenants also require cash flows expected from
sovereign-backed entities, based on P90 load factors, to be
sufficient to service all senior interest and 75% of planned senior
debt amortisation. The PLCR will be increased in case of any
deviation because of under-performance of associated assets,
resulting in a reduction in total debt levels until the compliance
with the condition is ensured.

Continuance Undertaking, Lower Refinancing Risk: The built in
checks and balances, including amortisation of senior debt,
restrictions on cash distributions and protections from technology
and counterparty degradation, will be applicable through the life
of the assets and not only the proposed notes. The PLCR test on
refinancing will protect the pool against fluctuations in interest
cost by limiting the debt.

Cash distribution will not be allowed to subordinated debt lenders
or equity holders if an acceptable refinance plan is not ready 12
months and one day before the due maturity of the proposed notes,
thereby locking 18 months of cash within the pool. Fitch believes
association with Adani Group will also support AGEL's access to
funding in both banking and capital markets.

Strong Counterparty Profile: About 57% of the restricted pool's
capacity has PPAs contracted with sovereign-backed entities (NTPC
Limited (BBB-/Stable) and Solar Energy Corporation of India
Limited) - addressing both receivable and curtailment risks.
State-owned power distribution utilities account for the rest. Most
state utilities have weak credit profiles but the restricted pool's
risk is mitigated by exposure to three different utilities.
Receipts from state utilities could be delayed, exerting working
capital pressure, but renewable developers do not have to write-off
receivables in India.

Price Certainty, Volumes Risk: Long-term PPAs for all of the
restricted pool's assets offer long-term visibility of cash flows
and support the credit profile of the pool. The significant
off-take by sovereign-backed entities, and spread across state
utilities, also reduces realisation risk. Production volume will
vary with seasonal and climatic patterns, although the long-term
PPAs provide protection from price risk.

Reasonable Record, Locational Diversification: About 84% of
capacity commenced operations more than a year ago, with another
11% two years ago. A 50MW power project in Uttar Pradesh started in
May. Reliance on relatively stable and predictable solar resource
mitigates the risk of a shorter operational record to an extent.
Projects are also diversified across eight Indian states, limiting
regulatory risk.

Financial Performance to Improve Further: Fitch expects the
financial leverage, as measured by net-adjusted debt/operating
EBITDAR, of AGEL - Pool 1 to improve to less than 5.0x by financial
year to 31 March 2021 (FY21, FY19: 5.7x, FY18: 21.8x). Thereafter,
the agency expects gradual improvement in financial profile in line
with the amortisation schedule of borrowings over the life of PPAs.
Management intends to upstream cash generated by the restricted
pool to the group companies outside the restricted pool subject to
covenant of the notes.

There is a foreign exchange risk as the restricted pool's earnings
will be in Indian rupees and the proposed notes will be denominated
in US dollars. However, management plans to substantially hedge the
foreign exchange risk.

DERIVATION SUMMARY

Fitch sees ReNew RG II (US dollar notes: BB), Greenko Dutch B.V.
(GBV, US dollar notes: BB) and Azure Power Energy Ltd. (APEL, US
dollar notes: BB-) as peers of AGEL - Pool 1. The financial
profiles of ReNew RG II, GBV and APEL may fare close to or slightly
better than AGEL - Pool 1 over the next three-four years; however,
AGEL - Pool 1's slated debt structure amortising over the life of
projects, with minimal refinancing and interest rate risk, warrants
a longer term view of AGEL's credit profile.

ReNew RG II's US dollar notes were also issued directly by
operating SPVs. ReNew RG II's rating benefits from its majority
solar (56%) portfolio, amortisation of Indian rupee debt,
restriction on any additional debt (aside from working capital
facility), interest income from upstream cash, and consequently
improving financial profile. AGEL - Pool 1 has 100% solar portfolio
with much better counterparties, and a stronger and restrictive
structure (cash traps increase as DSCR falls from 1.55x to 1.35x).
Combined, AGEL - Pool 1's notch of difference is justified in the
credit assessment, in its view.

GBV is a restricted group with a total capacity of 1,075MW spread
across wind (41%), solar (37%) and hydro (22%), and operating for a
much longer duration on an average basis. Fitch regards the credit
assessment difference of one notch as justified in light of AGEL -
Pool 1's pure solar play, 57% exposure to sovereign-backed
counterparties, better transaction structure and built-in checks
and balances.

APEL is also a pure solar play with about 33% of capacity
contracted with sovereign-backed entities. APEL's projects have
longer operating history. However, Fitch believes AGEL - Pool 1's
much stronger transaction structure, along with 57% exposure to
sovereign-backed counterparties, justifies two notches of
difference in ratings.

KEY ASSUMPTIONS

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

  - Deemed/actual amortisation in line with management's guidance

  - Plant-load factors ranging from 21% to 30% across all assets

  - Plant-wise tariffs in accordance with respective PPAs

  - EBITDA margins in the region of 73%-94% for all assets

  - Receivable days of 30 days to 60 days for contracts with
sovereign-backed entities. Receivables days of 40 days to 160 days
for contracts with state distribution utilities

  - All of the cash (excluding amortisation) to be upstreamed to
the parent subject to the covenants of the proposed notes

  - No new assets to be added in the restricted pool

RATING SENSITIVITIES

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

  - Positive rating action is unlikely over the medium-term as the
rating reflects anticipated improvement in credit metrics. The
business profile is not expected to change either in light of the
restricted nature of the pool.

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

  - Inadequate gradual improvement in leverage, as measured by
adjusted net amortised debt/operating EBITDAR, to below 4.7x by
end-FY23, and mean leverage estimate over the weighted average life
of PPAs considerably higher than 3.5x.

  - The projected average DSCR dropping below 1.5x as a result of
operational interruptions or other factors.

  - Significant, prolonged deterioration of the restricted group's
receivable position.

  - Significant increase in refinancing risk, including that caused
by major weakening of the parent's credit profile.

  - Failure to adequately mitigate foreign exchange risk.

LIQUIDITY

Liquidity to Improve: The refinancing of majority of AGEL - Pool
1's project debt by the proposed US dollar notes will result in
moderate debt maturities in the medium-term and supports
improvement in its liquidity. Management plans to upstream cash
flows generated by AGEL - Pool 1 to the parent subject to covenants
of the proposed notes, including deemed/actual amortisation of
debt.

GUPTA WOOD: CRISIL Assigns B+ Rating to INR4.5cr Foreign LOC
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Gupta Wood Products (GWP).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Secured Overdraft
   Facility                1.5      CRISIL B+/Stable (Assigned)

   Foreign Letter
   of Credit               4.5      CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      1.0      CRISIL B+/Stable (Assigned)

The rating reflects the firm's working capital-intensive operations
and exposure to supplier concentration risk and volatility in
foreign exchange (forex) rates. These weaknesses are partially
offset by extensive experience of the partners in the timber
trading business and strong relationships with wood dealers in
Latin American countries.

Analytical Approach
Unsecured loan of INR0.91 crore (as on March 31, 2018) extended by
the partners has been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital-intensive operations: Gross current assets were
304 days as on March 31, 2018, driven by stretched receivables as a
majority of the clients are real estate players and demand in the
construction segment has been sluggish. However, liquidity is
supported by payables of 150-180 days backed by letter of credit
and unsecured loans.  

* Susceptibility to supplier concentration risk and volatility in
forex rates: Raw material imported entirely from Latin American
countries and large inventory exposes the firm to volatility in
input price and forex rates.

Strengths:

* Extensive experience of the partners: Presence of over two
decades in the timber trading business has enabled the partners to
establish strong relationships with wood dealers in Latin American
countries.

* Improved business risk profile: Operating income increased to
INR9.62 crore in fiscal 2018 from INR7.15 crore in fiscal 2017.
Also, margin remained steady at 5.1-5.9%.

Liquidity
Liquidity remains adequate. Net cash accrual-expected at
INR0.33-0.42 crore each in fiscals 2019 and 2020 will be sufficient
against maturing debt obligation of INR0.15 crore annually.
Utilisation of bank limit averaged low at 35 % in the 11 months
through February 2019. Current ratio was moderate at 1.67 times as
on March 31, 2018.

Outlook: Stable

CRISIL believes GPW will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if significant improvement in cash accrual due to
better-than-expected revenue and improvement in working capital
management lead to high financial flexibility. The outlook may be
revised to 'Negative' if inefficient working capital management,
large, debt-funded capex, or significant decline in revenue and
profitability weakens the capital structure.

Established in 1998 as a partnership firm by Mr Sunil Kumar Gupta,
Delhi-based GWP processes and trades in timber. Mr Gupta has been
managing operations since 1998.

INDIA SPORTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s India Sports Flashes Private Limited
        70-A/23, Third Floor, Rama Road
        Industrial Area, Najafgarh Road New Delhi
        New Delhi DL 110015 IN

Insolvency Commencement Date: May 10, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Gaurav Katiyar

Interim Resolution
Professional:            Gaurav Katiyar
                         D-32, East of Kailash
                         New Delhi 110065
                         E-mail: cagauravkatiyar@gmail.com
                                 isf.cirp@gmail.com

Last date for
submission of claims:    May 24, 2019


KHAIRWALA INTERNATIONAL: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Khairwala International Limited

        Registered address:
        4273-IF Gali Bahu Ji Pahari Dhiraj
        Central Delhi 110006

        Factory address:
        2 Km Stone, Khair Somna Road, Kasba Khair
        District Aligarh, U.P. 202138

           - and -

        Village Rasulpur, Kasba Khair
        District Aligarh, U.P. 202138

Insolvency Commencement Date: May 9, 2019

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Amit Gupta

Interim Resolution
Professional:            Amit Gupta
                         B-12, Basement, Murli Bhawan
                         10-A, Ashok Marg
                         Lucknow 226001
                         E-mail: amitguptacs@gmail.com

                            - and -

                         D-38, First Floor, South Extension-I
                         New Delhi 110049
                         Tel.: 011-40622286
                         E-mail: khairwalainsolvency@gmail.com

Last date for
submission of claims:    May 23, 2019


LANCO THERMAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Lanco Thermal Power Limited

        Registered office:
        Plot # 4, Software Units Layout
        HITEC City, Madhapur Hyderabad
        TG 500081 IN

Insolvency Commencement Date: May 9, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: November 5, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Praveen Bansal

Interim Resolution
Professional:            Mr. Praveen Bansal
                         J-347, Block J, Sarita Vihar
                         New Delhi, Delhi
                         E-mail: pkbansal00@gmail.com

                            - and -

                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi 110048
                         E-mail: parveenbansal@aaainsolvency.com
                                 lanco.thermal@aaainsolvency.com

Last date for
submission of claims:    May 23, 2019


MARUTHAM STEEL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Marutham Steel Rolling Mills Private Limited

        Registered office:
        No. 16 A Lakshmipuram
        Ganapathy Coimbatore 641006

Insolvency Commencement Date: March 11, 2019

Court: National Company Law Tribunal, Bangalore Bench

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

Insolvency professional: Ravindranath Narayana Rao

Interim Resolution
Professional:            Ravindranath Narayana Rao
                         # 3/114, 1st Floor, 11 Main
                         Miller Road, Vasanthanagar
                         Bangalore 560052
                         E-mail: ravishendige@gmail.com

                            - and -

                         # 522/C, 1st D, Cross Road
                         15th Main, 3 Stage, 4 Block, WCR
                         Basaveshwaranagar
                         Bangalore 560079
                         E-mail: cirpmsrm@gmail.com

Last date for
submission of claims:    March 27, 2019


OM SATYA: CRISIL Assigns B+ Rating to INR5cr Cash Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Om Satya Overseas (OSO).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            5       CRISIL B+/Stable (Assigned)

The rating reflects modest scale of operation and highly leveraged
capital structure and susceptibility of OSO's operations to
climatic conditions and volatility in raw material prices. These
weakness are partially offset by moderate working capital cycle and
improving scale of operations.

Analytical Approach

CRISIL has treated unsecured loans of INR1.28 crores from the
partner as neither debt nor equity as they are expected to remain
in the business over the medium term and are interest-free in
nature.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to climatic conditions and volatility in raw
material prices: The crop yield of agricultural commodities is
dependent on adequate and timely monsoon. Thus, OSO is exposed to
the risk of limited availability of its key raw material during a
weak monsoon. Also production may be impacted by pests or crop
infection leading to higher unpredictability in production and
pricing of agro commodities and derived products.

* Highly leveraged capital structure:  OSO has average financial
profile marked by high total outside liabilities to tangible
networth (TOL/TNW) of 5.28 times as on 31st March 2018. However
debt protection metrics were average marked by the interest
coverage and net cash accrual to total debt ratios of 2.9 times and
0.12 time, respectively, for fiscal 2018.

Strength
* Moderate working capital cycle: Gross current assets were at
74-108 days over the three fiscals ended March 31, 2018. Its
moderate working capital management is reflected in its gross
current assets (GCA) of 74 days as on March 31, 2018.

* Improving scale of operations: Scale of operation, though modest,
is marked by revenue at INR58.84 crore in fiscal 2018. Revenues are
expected to grow over medium term as firm has achieved revenues of
INR120 crore in fiscal 2019.

Liquidity
Liquidity remains adequate, with moderate bank limit utilisation of
79% over the 1 year through March 2019. Also, expected net cash
accrual of INR1.13 crore over the medium term will be sufficient to
meet debt obligation of INR0.68 crore in fiscal 2020. Furthermore,
current ratio is moderate at 0.96 time in fiscal 2018. The
promoters are likely to extend support in the form unsecured loans
to the firm to meet its working capital requirements and repayment
obligations.

Outlook: Stable

CRISIL believes OSO will continue to benefit over the medium term
from its longstanding relationships with principals and experience
of the management to mitigate the inherent risk in trading
business.  The outlook may be revised to Positive if it revenue
growth is sustained over the medium term while ensuring stability
in margins and an improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if its
business is stagnant due to weak demand or a stretch in receivables
or pile-up of inventory adversely affects liquidity.

OSO was established as a partnership firm by Mr. Ajay Kumar Gupta
and Mr. Ravi Kumar Gupta sharing profits and losses equally in
2013. The firm is engaged in Sorting of the basmati rice into
different size and Color etc. its manufacturing facility located in
Karnal, Haryana with an installed capacity of 40,000 metric Tons of
paddy per annum as on April 30, 2019. OSO sells rice primarily to
various rice wholesalers through brokers, dealers and commission
agents based in different parts of the country. It also exports the
traded goods to U.S.A. and UAE (income from exports constitutes 60%
of the total income in FY18).

P.S.K. ENGINEERING: CRISIL Cuts INR35cr Loan Rating to D, Not Coop.
-------------------------------------------------------------------
CRISIL has downgraded the ratings of P.S.K. Engineering
Construction and Co. (PSKEC) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        35       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded
                                  from 'CRISIL A4+ ISSUER
                                  NOT COOPERATING')

   Overdraft             30       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded
                                  from 'CRISIL BB-/Stable
                                  ISSUER NOT COOPERATING')

   Term Loan              1.04    CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded
                                  from 'CRISIL BB-/Stable
                                  ISSUER NOT COOPERATING')

CRISIL has been consistently following up with PSKEC for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 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 PSKEC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for PSKEC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower.

Due to delays in debt servicing, CRISIL has downgraded the ratings
of PSKEC to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

PSKEC, set up by Mr R Periasamy as a partnership firm in 1975, is
based in Namakkal, Tamil Nadu. It undertakes civil engineering and
construction works, primarily construction of buildings for
government and private sector companies, largely in Tamil Nadu,
Kerala, and Puducherry.

PRINCE CONSTRUCTION: CRISIL Cuts Rating on INR3.75cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Prince
Construction (PC) to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        3         CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           0.75      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Proposed Long Term    3.75      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

   Term Loan             1.00      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects delay in repayment of term loan and interest
payment due to stretch in liquidity position owing to delay in
receipt of payments from the customers, primarily government
authority.

The ratings also factors in small scale of operations in a
fragmented industry and average financial risk profile marked by
modest networth and high total outside liabilities to adjusted
networth (TOLANW). These weaknesses are partially offset by
extensive experience of the firm's promoters in the civil
construction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing of term loan: The firm has ongoing delays in
the repayment of principle and servicing of interest payment. Since
January 2019, Interest and principal is being paid with a delay of
around 60 days on account of elongated receivable owing to delayed
payment from the government authorities.

* Small scale of operations in a fragmented industry: PC operates
in a tender-based business, and faces competition not only from
companies in Jharkhand and Bihar, but also from large pan-India
players. While large players operate in several sectors including
roads, hydel projects, irrigation, thermal plants, and urban
infrastructure, mid-sized and small players specialize in one or
two business segments. On account of intense competition, turnover
was small at INR34.57 crore in fiscal 2018.

* Average financial risk profile: The networth was modest at
INR5.58 crore as on March 31, 2018 while TOLANW ratio was high at
4.51 times. However, interest coverage ratio has remained
satisfactory at 3.95 times as on March 31, 2018.

Strength:
* Extensive experience of promoters in civil construction: The firm
is promoted by Bihar-based Yadav family, who has been in the civil
construction business for over a decade. Backed by promoter's
extensive industry experience and their understanding of industry
dynamics, PC has established relations with client and has executed
a large number of projects for state and central government
bodies.

Liquidity
Liquidity is inadequate. On account of capital withdrawal, firm had
no cash accrual in fiscal 2018. Current ratio was low at 1.15 times
as on March 13, 2018. The fund-based working capital bank limit was
highly utilised at an average of around 101% over the 12 months
through March 2019.  Further there are delays in interest servicing
of cash credit account which are being cleared within 30 days.
Liquidity is likely to remain inadequate.

PC, set up in 2012 as partnership firm, undertakes civil
construction work, mainly for roads, bridges, and buildings. It is
also a dealer of Escort India Ltd's rollers and cranes. It is based
in Jamui, Bihar, and its operations are managed by Mr. Laldhari
Yadav and Mr Onkar Yadav.

R. G. INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of R. G. Industries
(RGI: part of the Sachdeva group) continues to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          6        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            17        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     22        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with RGI for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 RGI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RGI 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 RGI continues to be 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

The Sachdeva group is owned and managed by Mr Arvinder Pal Singh,
and his brothers, Mr Daljit Singh and Mr Varpreet Singh. The group
is based in Jalandhar, Punjab.

SMW, established in 1996, manufactures valves under the brand
SACHDEVA. RGI, established in 2005, manufactures high quality
Ductile Iron Fittings (sizes 80 mm to 1000 mm) and Cast Iron
Fittings (80 mm to 600 mm) fittings under the brand RG.

WWIPL, undertakes turnkey projects for laying of pipes for
government departments, including municipalities.

Both SMW and RGI have manufacturing facilities in Jalandhar, and
cater to both government departments, including municipalities, and
private contractors.

RADHIKA COTEX: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Radhika Cotex (RC)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          4.5        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)
   Proposed Long Term
   Bank Loan Facility   2.38       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan            1.12       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with RC for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 RC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RC 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 RC continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up in 2005, RC is a partnership firm based in Amreli (Gujarat)
that gins and presses raw cotton and sells cotton lint and cotton
seeds. Mr Ramesh Vadera and Mr Sharad Vadera are the partners.

RANGOLI PARTICLE: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rangoli Particle
Boards Private Limited (RPBPL) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            5        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

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

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

CRISIL has been consistently following up with RPBPL for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 RPBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RPBPL 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 RPBPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

RPBPL was incorporated in 2012 by Mr. Bhupendra Limbani at Kolhapur
(Maharashtra). It trades in prelam boards used in interior
designing and furniture.

RIVERGROW VYAPAR: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rivergrow Vyapar
Private Limited (RVPL) continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           1.4       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Letter of Credit      8.0       CRISIL A4 (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term     .6       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

CRISIL has been consistently following up with RVPL for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 RVPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RVPL 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 RVPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

RVPL is a Gandhidham (Gujarat)-based company that trades in and
saws timber. The company started commercial operations in February
2014. It deals in the pine variety of timber. Its operations are
managed by Mr. Ramesh Chinaria, who has about two decades of
experience in the timber trading industry.

S.M. EDIBLES: CRISIL Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of S.M. Edibles Private
Limited (SMEPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           20        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SMEPL for obtaining
information through letters and emails dated
October 31, 2018, and April 9, 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 SMEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMEPL 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 SMEPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

SMEPL, incorporated in 2005, trades in sugar. It is the flagship
company of the SM group, which has interests in sugar trading,
rolling mills, cylinder manufacturing, electronics distribution,
and medical supplies. The company is promoted by Mr Rakesh Kumar
Agarwal and Mr Arvind Kumar Agarwal. It has offices in Noida,
Ghaziabad, and Muzaffarnagar in Uttar Pradesh, and in Delhi.

S.N.K.M. AND SONS: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of S.N.K.M. and Sons
Timbers Private Limited (SNKM) continues to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

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

   Letter of Credit      5.0       CRISIL A4 (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SNKM for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 SNKM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SNKM 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 SNKM continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in 1995, SNKM is promoted and managed by Mr Sahul
Hameed and his family members. The Chennai-based company trades in
and processes hardwood.

SANMAAN AGRO: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sanmaan Agro
Industries (SAI) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           8.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Warehouse Receipts    1.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SAI for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 SAI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAI 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 SAI continues to be 'CRISIL B/Stable Issuer not
cooperating'.

SAI is a partnership firm set up by Mr Zora Singh in Jalalabad,
Punjab, in 2000. The firm mills basmati and non-basmati rice.

SHAKTI VEGETABLES: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shakti Vegetables and
Fruits Storage (SVFS) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit         .25         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan          9.75         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SVFS for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 SVFS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SVFS 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 SVFS continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up in 2014, SVFS provides cold storage facilities for potatoes
and fruits on rent. Its facility is in Palanpur (Gujarat), with
5000 tonne capacity, and is promoted by Mr Shamalbhai Patel and his
family. The facility started operations in March 2015.

SHANTI DEVI: CRISIL Hikes Rating on INR95cr Term Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Shanti
Devi Charitable Trust (Regd.) (SDCT) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D.'

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       13.5       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit           3.2       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan            95.0       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The upgrade is driven by SDCT's improved liquidity position with
timely repayment of interest and principal over the past three
months ended April 2019. Furthermore, trust's has extended
unsecured loan to support the liquidity, which is expected to
continue over the medium term.

The ratings reflect the modest scale of operations with presence
restricted to one location, and limited track record of operations.
These weaknesses are partially offset by extensive experience of
SDCT's trustees.

Analytical Approach
CRISIL has treated the unsecured loan from trust, outstanding at
INR2.18 crores as on March 31, 2018 as debt.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations with presence at a single location:
SDCT operates a hospital and medical college at Panipat in Haryana.
The modest scale of operations is reflected in estimated revenue of
INR25.67 crore in fiscal 2019.

* Limited track record of operations of college: The medical
college commenced operations only in the academic session 2016-17.
Though full occupancy was reported in the first year, absence of a
proven track record could constrain growth prospects.

Strength
* Extensive experience of trustees: The trustee family has spent
two decades in the education industry, through other trusts running
institutes, which offer engineering, management, and medical
courses.

Liquidity
Although accrual have remained negative in past, interest and
principal repayments due on term loan has been funded through
unsecured loan, which is expected to continue over the medium term
against repayment obligation of INR1.75 crore in fiscal 2019 and
INR2 crore in fiscal 2020. Further, average bank limit utilization
was 83% over the 9 months ended March 2019.

Outlook: Stable

CRISIL believes SDCT will benefit from the extensive experience of
its trustees in the education sector. The outlook may be revised to
'Positive' if higher than expected sales and margin leads to
higher-than-expected cash accrual. The outlook may be revised to
'Negative' if a sharp decline in revenue or profitability, or debt
funded capex, weakens the financial risk profile.

SDCT, which was set up in 2006, runs a medical college and 300-bed
hospital, NC Medical College and Hospital at Panipat (Haryana).

SINGH CYCLE: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Singh Cycle & Motor
Co. (SCMC) continues to be 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          3.75       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Inventory Funding    4.25       CRISIL D (ISSUER NOT
   Facility                        COOPERATING)

   Term Loan            3.50       CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SCMC for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 SCMC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCMC 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 SCMC 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.

Incorporated in 1955, Singh Cycle and Motor Co (SCMC) is promoted
by Mr. Palvinder singh Bedi based in Pune. The firm is having
automobile dealership of Chevrolet range of vehicles and Hero
Motorcorp Ltd. (HML) for two wheelers. The firm has two showroom of
HML, and two of Chevrolet and specialized work shop across Pune.

SUN ARK: CRISIL Maintains 'D' Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sun Ark Aluminium
Industries Private Limited (SAIPL) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

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

   Letter of Credit      9         CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SAIPL for obtaining
information through letters and emails dated
October 31, 2018 and April 9, 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 SAIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAIPL 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 SAIPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Established in 2007, Sun Ark Aluminium Industries Private Limited
(SAIPL) manufactures aluminium powder, which find its application
in manufacturing refractory moulds and explosives. The operations
are currently being managed by Mr. Sivakumar.

TATA STEEL: Moody's Affirms Ba2 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service has affirmed Tata Steel Ltd.'s Ba2
corporate family rating and the B2 CFR of its wholly owned
subsidiary, Tata Steel UK Holdings Limited.

The outlooks are maintained at stable.

RATINGS RATIONALE

The rating action follows Tata Steel's announcement on May 10 that
it has suspended its planned divestment of the European steel
operations, housed under TSUKH, into a joint venture (JV) with
thyssenkrupp AG (tk, Ba2 review for downgrade).

"We view the suspension of Tata Steel's plan to divest its European
steel business into a JV with tk as credit negative," says Kaustubh
Chaubal, a Moody's Vice President and Senior Credit Officer.
"However, even without the divestment of the relatively weak
performing European operations, Tata Steel's consolidated credit
profile remains supportive of its Ba2 CFR."

If executed as previously planned, the JV would have allowed Tata
Steel a 50% shareholding in Europe's second largest steel
producer.

However, TSUKH's continuous focus on restructuring has led to
improving credit metrics, in turn supporting its B2 CFR.
Specifically, TSUKH in 2016 and 2017: (1) divested its long
products business to Greybull Capital; (2) sold its specialty steel
operations to Liberty House ; (3) sold 42 and 84 inch pipe mills to
Liberty; and (4) resolved its long impending pension issue.

"Moreover, Moody's expects Tata Steel's Indian operations will
continue to dominate the company's EBITDA and cash flow, and pave
the way for its debt/EBITDA leverage to further improve to around
3.1x by March 2020 from an estimated 3.5x at March 2019," adds
Chaubal who is also Moody's Lead Analyst for Tata Steel and TSUKH.

Tata Steel's Ba2 CFR continues to reflect the company's
significant, diversified and growing operating base, its globally
cost-competitive steel operations in India that are a function of
its ownership of key raw materials, and its sustained track record
of improving credit metrics that mirror the favorable industry
dynamics in its key markets.

Meanwhile, TSUKH's B2 CFR is supported by its significant steel
producing capacity, diverse manufacturing operations across the UK
and the Netherlands, and the sustained improvement in its operating
profitability.

Absent its divestment into a JV, Moody's expects TSUKH will
continue to benefit from being part of Tata Steel and the broader
Tata group. Moody's also expects Tata Steel will continue to
provide support to TSUKH in the form of assistance in raw material
sourcing and working capital support through TS Global Procurement
Co. Pte Ltd. (Proco). Proco negotiates raw material sourcing on
behalf of TSUKH, and also purchases trade receivables from TSUKH at
a discount on a non-recourse basis.

Support from Tata Steel is also reflected in TSUKH securing
long-term refinancing for its term debt in 2014. TSUKH's B2 CFR
continues to incorporate a two-notch uplift for expected support
from Tata Steel.

The stable outlook on Tata Steel reflects Moody's expectation that
the company's strong operating performance and improving credit
metrics will be sustained despite the inherent cyclicality of the
industry.

The stable outlook on TSUKH reflects Moody's view that the
improvement in the company's profitability and the resultant
improving trajectory of its credit metrics will likely be
sustained.

Moody's could upgrade Tata Steel's CFR if the company maintains
adjusted debt/EBITDA below 3.75x and EBIT/interest coverage in
excess of 3.0x, both on a sustained basis.

A sharp shift in industry conditions that triggers a decline in
sales volumes and dents pricing and profitability would exert
negative rating pressure.

Specific metrics indicative of a potential downgrade of Tata
Steel's Ba2 CFR include adjusted debt/EBITDA in excess of 4.5x or
EBIT/interest coverage below 2.75x, both on a sustained basis.

Negative rating pressure could also build if Tata Steel undertakes
a large debt-financed acquisition without an immediate and
significant counterbalancing effect on earnings, resulting in a
sustained increase in leverage. Execution risks associated with the
timely and seamless integration of an acquired businesses would
also constrain the rating.

There is limited upward pressure on TSUKH's ratings.

However, TSUKH's CFR could come under pressure if it fails to
improve leverage from the current level. Also, any change in
Moody's assumption of support from Tata Steel would prompt a
revision in the two-notch uplift incorporated in TSUKH's rating.

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

Tata Steel Ltd. is a leading steel producer with nameplate crude
steel capacity of 34.1 million tonnes (mt) spread across its
manufacturing facilities in India (19.3 mt), the United Kingdom (3
mt), the Netherlands (9.4 mt) and in Southeast Asia (2.4 mt). The
company is in the process of divesting the Southeast Asian
operations.

In the fiscal year ended 31 March 2019, Tata Steel reported
consolidated revenues of INR1.6 trillion and consolidated EBITDA of
INR297.7 billion. For the same period, the company's European
operations, housed under Tata Steel UK Holdings, reported revenues
of INR647.8 billion and EBITDA of INR54.1 billion.

VARDHMAN ENTERPRISE: CRISIL Retains B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vardhman Enterprise -
Ahmedabad (VE) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           4.8       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Drop Line             4.45      CRISIL B+/Stable (ISSUER NOT
   Overdraft Facility              COOPERATING)

CRISIL has been consistently following up with VE for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 VE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VE 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 VE continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Established in 2008, VE is an Ahmedabad-based partnership
firmpromoted by Mr Pannalal Jain and his family. It trades in sugar
in the domestic market. Operations aremanaged by Mr Mahavirprasad
Jain, who has an industry experience of more than three decades.

VEERAJ CONSTRUCTION: CRISIL Cuts Rating on INR12.5cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Veeraj
Construction (VC) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        12.5      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit            4.5      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects irregularity in account due to delays
observed in term loan repayments.  The delay is mainly due to
stretched liquidity on account of stretched debtors.

Rating continues to reflect modest scale of operations, large
working capital requirement and weak financial risk profile, these
rating weaknesses are partially offset by the extensive experience
of the proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing: The downgrade reflects delay in debt
servicing by VC due to stretched liquidity.

* Exposure to intense competition in a fragmented industry and
modest scale of operations: Scale of operations is modest as
reflected in revenue of INR17 crores in fiscal 2018. Revenue is
expected to remain around INR20 crores over the medium term. Small
scale limits bargaining power with customers, resulting in moderate
operating margins. Moreover, VC is exposed to intense competition
in the civil construction industry which is highly fragmented, with
the presence of large organised players and several unorganised
players.

* Working capital intensive nature of operations: The firm had
gross current assets (GCA) days of 452 days as on March 31, 2018,
indicating Working capital-intensive nature of operations. GCA is
mainly driven by high debtors of 131 days as on March 2018 and
loans and advances.

* Weak financial risk profile: The financial risk profile is weak
with high gearing of 1.32 times and low networth of Rs.4.97 crore
as on March 31, 2018.

Strengths:
* Expensive experience of promoter in the constructions industry:
The business risk profile benefits from its promoters' extensive
experience in the civil construction industry. Over the past 10
years, Sanjay Kotecha, the key promoter, has developed a keen
understanding of the civil construction industry dynamics, enabling
the company to execute projects efficiently. Their experience
helped establish healthy relationships with key stakeholders,
thereby ensuring a steady order flow.

Liquidity
Due to delay in receipt of payment from government department,
overall debtors are stretched leading to fully utilized bank limits
and has led to delayed payments on term loan obligations. CRISIL
expected liquidity to remain stretched over the medium term.

VC established in 2009, promoted by Sanjay Kotecha and Vandana
Kotecha, is having class 1 registration, and undertakes civil
construction work for irrigation department in Maharashtra. Firm is
located at Nashik, Maharashtra.

VENKATA SURESH: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Venkata Suresh
Enterprises (VSE) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2.8       CRISIL B/Stable (ISSUER NOT    

                                   COOPERATING)

   Proposed Cash         1.0       CRISIL B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING)

   Proposed Long Term    6.2       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

CRISIL has been consistently following up with VSE for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 VSE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VSE 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 VSE continues to be 'CRISIL B/Stable Issuer not
cooperating'.

VSE started its operations in 2000 as a proprietorship firm. The
firm is promoted by Mr. MV Suresh Babu. Based in Guntur (AP), the
firm is engaged in trading of tobacco.

VISHWANATH SPINNERZ: CRISIL Keeps 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vishwanath Spinnerz
India Limited (VSIL) continues to be 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           20        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Funded Interest        6.21     CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING)

   Long Term Loan        49.79     CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with VSIL for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 VSIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VSIL 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 VSIL continues to be 'CRISIL D Issuer not
cooperating'.

Established in 2010, VSIL manufactures cotton yarn. Promoted by Mr
Sridhar Reddy and his family, the company's spinning mill is at
Pedavuru in Nalgonda, Telangana.



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

AGUNG PODOMORO: Fitch Cuts IDR to B-; Places Ratings on Watch Neg.
------------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based developer PT Agung
Podomoro Land Tbk's Long-Term Issuer Default Rating to 'B-' from
'B'. Simultaneously, APLN's USD300 million notes due 2024, issued
by wholly owned subsidiary APL Realty Holdings Pte. Ltd. and
guaranteed by APLN and several of its subsidiaries, have been
downgraded to 'B-' from 'B' while the Recovery Rating on the notes
remains at 'RR4'. All the ratings have been placed on Rating Watch
Negative.

The downgrade of APLN's Long-Term IDR reflects Fitch's view that
the company's cash flows from operations will likely remain
negative over the medium term as Fitch now expects lower presales
than previously estimated due to a likely delay of industrial land
sales, and a slower presales recovery after the presidential
election in April 2019. Negative CFFO and its estimate that APLN's
leverage, measured as net debt/adjusted inventory, will increase to
60% by end-2019 and 65% by end-2020 (end-2018: 57%) are no longer
commensurate with a 'B' Long-Term IDR.

The RWN reflects the risk that APLN may not be able to repay or
refinance its IDR1.2 trillion domestic bond maturing in 2019. It
had IDR1.5 trillion of committed undrawn credit facilities as of 30
April 2019, which are only available to finance project
construction and working capital at its subsidiaries, and therefore
not available to repay debt at the holding company. APLN has
indicated that it is in advanced stages of negotiations with
domestic banks to refinance the 2019 bond as well as repay a IDR1.3
trillion syndicated loan maturing in 2020.

Fitch estimates that APLN's cash balance at the holding company at
end-May 2019 would be around IDR800 billion, which may be
sufficient to repay the domestic bond's first tranche of IDR750
billion due on June 6, 2019, subject to any unforeseen outflows in
May. The estimates are based on the holding company's IDR860
billion cash balance at end-April 2019 and an estimated monthly
average CFFO burn of IDR60 billion. The bond's second tranche of
IDR451 billion is due in December 2019.

Fitch will consider resolving the RWN once the refinancing or
repayment of the bond is completed.

KEY RATING DRIVERS

Limited Financial Flexibility: APLN did not meet the
debt-incurrence test of 2.5x EBITDA fixed-charge coverage at
end-2018, according to its US dollar bond indentures. Consequently,
its ability to borrow new debt is limited to IDR1.5 trillion for
construction financing, USD10 million for working capital and USD30
million for receivables discounting. Fitch estimates that this is
sufficient headroom to fund the company's operations up to
end-2020.

The company has said it plans to sell one of its mature shopping
malls in the next 12-18 months, which may provide it with
substantial deleveraging capacity. Fitch understands that the sale
is at an advaced stage of completion, and the comapny expects to
complete it in 2H19. However, it has not factored this potential
sale into its rating case as it is subject to execution risks. APLN
has a track record of selling mature investment properties to fund
its cash flow gap - the company sold one hotel in 2017 and another
in early 2019. The proceeds from this sale would improve the
financial profile; however, this does not by itself address the
negative CFFO, which is also a function of weak presales.

Lower Presales: Fitch has lowered its estimates for APLN's presales
by around 40% in 2019 and 30% in 2020, as industrial land bank
sales to China Fortune Land Development Co., Ltd. (CFLD,
BB-/Stable) are likely to be delayed by another year to 2020. The
lower estimates also factor in potentially slower recovery in new
project launches or marketing activities after the April
presidential election. APLN's 1Q19 presales fell 35% to IDR450
billion from 1Q18, in line with its expectations of a weak 1H19 for
mid-to-high end properties and high-rise developments in the run-up
to the presidential election.

Less Cash from Sofitel Sale: APLN completed the sale of the Sofitel
Bali hotel in March 2019, around three months behind schedule, and
at a lower IDR800 billion cash consideration than Fitch's previous
expectations, which has also exacerbated liquidity pressure. The
remaining IDR400 billion of the sale proceeds were received as
investment in preference shares in the purchaser, which the company
hopes to recover at a later date. Fitch expects APLN to maintain a
gross profit from non-development income/interest paid ratio of
around 0.7x after the Sofitel sale, which introduces some stability
to APLN's operating cash flows. Stable non-development income
levels are supported by the ramping up of the construction of
Indigo Hotel Bali, and the opening of Pullman Hotel Vimala Hills in
2019 and Pullman Hotel Bandung in 2020.

APLN has a track record of developing hotels into maturity, and its
pool of new, branded hotels in Bali, Bandung, and Bogor will
contribute to recurring cash flows over the medium term. Fitch
believes the expansion risk at these hotels is manageable, as APLN
has partnered with reputable hotel operators, and tourism demand in
these cities from both domestic and foreign visitors is healthy.

Pluit City Remains Uncertain: Fitch has included in its forecast
management's plan to refund part of customer advances totalling
around IDR1 trillion in 2019 and 2020 for the Pluit City
development, which has faced delays over licencing issues. The
estimates on the refunds are conservative, considering APLN had to
refund only around IDR140 billion of Pluit City advances as cash in
the past few years up to April 2019. The company switched an
additional IDR1.4 trillion of presales from Pluit City to its other
projects on the buyers' request. Fitch has also excluded an
inventory of IDR2 trillion on island G, the location of APLN's
Pluit City project, in computing the company's leverage and
Recovery Rating to reflect the challenges the company may face in
recovering costs in a worst-case scenario amid the continued
uncertainty and delays in restarting this project.

DERIVATION SUMMARY

APLN is rated one notch lower than PT Modernland Realty Tbk (MDLN,
B/Stable) and PT Alam Sutera Realty Tbk (ASRI, B/Stable) due to its
higher development risk profile stemming from the development and
sale of predominantly high-rise properties as the cash collections
lag behind construction costs to a larger extent than for the
landed properties typically sold by MDLN and ASRI. Consequently,
APLN has persistent negative CFFO and higher leverage than its
peers.

PT Kawasan Industri Jababeka Tbk (B/Stable) is also rated higher
than APLN, supported by substantial recurring cash flows from its
long-term power-purchase agreement with state-owned electricity
company PT Perusahaan Listrik Negara (Persero) (PLN, BBB/Stable),
which provides healthy coverage of around 1.0x of Jababeka's annual
interest expense. Jababeka's higher mix of industrial property
sales also supports lower leverage than APLN, as it is able to
fully fund the presale site preparation costs of its industrial
land plots using cash advances from customers.

KEY ASSUMPTIONS

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

  - Attributable presales of IDR 1.7 trillion in 2019 and IDR2.9
trillion in 2020, driven by recovering property demand after the
presidential election, and land sales to CFLD starting 2020

  - Attributable capex of IDR1 trillion in 2019 and IDR850 billion
in 2020

Key Recovery Rating Assumptions:

  - The recovery analysis assumes APLN would be liquidated in a
bankruptcy rather than continue as a going-concern because it is an
asset-heavy company. The analysis is based on audited accounts as
of 31 December 2018.

  - Fitch assumes 75% recovery from accounts receivable;

  - 75% recovery from inventory including from land for future
development. Fitch assumes high inventory recovery because land is
recognised at historical acquisition cost, and the current market
value is considerably higher.

  - 60% recovery from investment property and fixed assets

  - Fitch has deducted the minority shareholders' share of APLN's
assets and debt, and deducted inventory from islands G, I and F
from the recovery calculation.

  - Based on the calculation of the adjusted liquidation value
after administrative claims, Fitch estimates the Recovery Rating of
the senior unsecured bonds at 91%, which corresponds to a Recovery
Rating of 'RR2'. However, it has rated the senior unsecured bonds
'B-'/'RR4' because Indonesia falls into Group D of
creditor-friendliness under its Country-Specific Treatment of
Recovery Ratings Criteria and the instrument ratings of issuers
with assets in this group are subject to a soft cap at the
company's IDR.

RATING SENSITIVITIES

Fitch will look to resolve the RWN on APLN's ratings once the
company completes the refinancing or the repayment of the domestic
bonds of IDR750 billion due in June 2019 and IDR451 billion due in
December 2019.

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: APLN's weak liquidity stems from its large debt
maturity in 2019-2020 totalling IDR3.9 trillion, against a cash
balance of IDR1.2 trillion as of March 31, 2019. APLN has committed
undrawn lines of IDR1.5 trillion to fund construction, which may
help to conserve its cash balance to an extent and enable it to
address short-term debt maturities. The company will therefore
likely continue to rely on external borrowing or proceeds from
asset sales to fund the cash flow gap. Fitch believes APLN's
portfolio of mature investment-property assets should support the
company's ability to access domestic secured credit markets, and
help it to refinance near-term maturities.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Proportionate consolidation of partly owned subsidiaries where
minority interests are significant and/or presales are significant
to future cash flows

  - Reclassification of customer advances and long-term inventory
as part of working capital

  - Unamortised borrowing costs added back as debt



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N E W   Z E A L A N D
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PUTARURU DISTRICT: In Liquidation, Blames Gambling Merger Delays
----------------------------------------------------------------
Luke Kirkeby at Stuff.co.nz reports that Tokoroa's failed three-way
gaming venue merger looks set to claim its third victim.

The Putaruru District Services Memorial Club has gone into
voluntary liquidation, Stuff discloses.

It comes after months of Department of Internal Affairs (DIA)
delays in granting a gaming licence for a since canned mega
gambling venue in Tokoroa, the report says.

The Bridge St venue, which was to be called Club 56 with 30 pokie
machines, was to see the merging of the club with the now closed
Olde Establishment and Pockets 8 Ball Club. The later has also
since closed after it was put into liquidation in the Rotorua High
Court due to owing IRD nearly NZ$800,000 in unpaid taxes in 2018,
Stuff notes.

According to the report, Putaruru District Services Memorial Club
president Lindsay Glover said considerable DIA delays put the club
in financial difficulty and the demise of Pockets was the final
blow.

"If you're a private business or negotiating to buy a farm or house
there is a timeframe on it and decisions should have a timeframe on
them," the report quotes Ms. Glover as saying. "Once we had
permission to merge the licence should have been forthcoming. Two
years is ridiculous, absolutely ridiculous."

Stuff relates that Ms. Glover said the club's lawyer Jarrod True
worked with the DIA throughout the process.

"I asked the DIA and they said we had done nothing wrong, they were
just doing due diligence. At no point did they say we couldn't have
our licence," Mr. True said, Stuff relays.

He said going into liquidation was now the club's only option.

"If we had applied to the DIA and the DIA had said, within four
months of us applying, no you are not going to merge, at the point
we would have looked at alternatives and there were alternatives
around because we were not in debt.

"Once you are in debt there is no funding mechanism or trust you
can apply to. We have gone down that track now and been told they
will not do debt recovery."

According to the report, Ms. Glover said under the Companies Act
the club's 309 members met on May 12 to ratify the voluntary
liquidation motion.

"At a preliminary meeting with the liquidator it was decided that
the best way for the club to remain viable was for the club to keep
trading under the liquidators direction and try to sell it as a
club or as a private business.

"After 70 years of servicing the needs of its members and the
community it would be a huge loss if the club was to close.

"It is now up to the people of Putaruru and the surrounding
district to show their support for the club by using it."



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

HYFLUX LTD: Gets Non-Binding LOI to Acquire Certain Overseas Assets
-------------------------------------------------------------------
The Business Times reports that Hyflux Ltd on May 15 said it has
received a non-binding letter of interest (LOI) from an
unidentified potential investor to acquire certain assets of the
water treatment firm in Algeria, Oman, the Middle East and the
North Africa region.

This makes it the third non-binding LOI the beleaguered firm has
received this month from potential investors, the report says.

On top of acquiring the assets, the new investor's interest
includes operation and maintenance activities relating to the
assets, as it looks to grow its portfolio of desalination plants,
Hyflux said in a regulatory filing, the Business Times relays.

According to the report, Hyflux said the potential investor is one
of the top 10 largest desalination companies globally, and a
subsidiary of one of the world's leading infrastructure companies,
"highly ranked for its expertise in transportation and greenfield
infrastructure with a presence and workforce spanning five
continents".

The Business Times relates that Hyflux said the investor is also a
specialist in engineering, construction, operation and maintenance
of water treatment facilities--particularly water desalination
plants--with a focus on build-own-operate-transfer, management of
concessions and related services.

It added that the proposed transaction is subject to regulatory
clearance, due diligence and the execution of a binding agreement
with terms to be mutually agreed, the report relays.

The Business Times says the firm added that the investor is
"conscious of the timeline" and has indicated that it would be
willing to "devote all necessary resources" to ensure that the due
diligence process and the completion of the deal, if any, are
carried out in the shortest possible timeframe.

"While the company will consider all serious offers and expressions
of interest received, the priority remains for a strategic investor
for the entire group," the firm said, adding that it is continuing
its engagement with all potential investors.

Since the start of May, Hyflux has been garnering interest from
investors such as United Arab Emirates-based utility firm Utico,
and Oyster Bay Fund, a global multi-strategy investment fund, The
Business Times notes.

According to The Business Times, Hyflux clarified on May 14 that it
had not received a binding offer from Utico, contrary to a Reuters
report published over the weekend, in which Utico chief executive
Richard Menezes was quoted as telling Reuters a binding term sheet
had been submitted to Hyflux last week.

Earlier in the month, Hyflux said it could get an emergency
injection of SGD400 million from the potential deal from the white
knight investor, while keeping key entities "intact and
operational" with the funds going towards equity and working
capital purposes, as well as "possible urgent interim funding," the
report recalls.

One week later, it identified Oyster Bay Fund as another potential
investor, saying it could get up to SGD500 million in investment.
The fund was also prepared to buy preference and ordinary shares in
HyfluxShop Holdings from the company for up to SGD26 million as an
indication of its good faith and intent, Hyflux said at the time,
the report relates.

Both investors have given non-binding letters of intent to Hyflux,
The Business Times adds.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  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.



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V I E T N A M
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VINACOMIN HOLDING: Moody's Withdraws B3 CFR for Business Reasons
----------------------------------------------------------------
Moody's Investors Service has withdrawn Vinacomin Holding
Corporation Limited's B3 corporate family rating and the stable
outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Vinacomin Holding Corporation Limited, 100% owned by the Government
of Vietnam, is the largest coal producer in Vietnam. The company is
also engaged in power generation, mineral exploration and smelting,
and other operations related to its core coal and minerals
business.


                           *********


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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