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

                     A S I A   P A C I F I C

          Wednesday, July 3, 2019, Vol. 22, No. 132

                           Headlines



A U S T R A L I A

AIMS 2004-1 TRUST: S&P Lowers Class B Notes Rating to 'BB+ (sf)'
ALOHA SURF: First Creditors' Meeting Set for July 9
AND CHILL: First Creditors' Meeting Set for July 10
DEBENHAMS PLC: Plans to Shut Only Australian Store Next Year
INTERSTAR MILLENNIUM 2003-3G: S&P Cuts B1 Notes Rating to BB+ (sf)

JUMP! SWIM: ACCC Seeks Asset Freezing Extension
NATIONAL CONGRESS: Second Creditors' Meeting Set for July 9
RDC CONSTRUCTIONS: First Creditors' Meeting Set for July 10
SALLYROSE PTY: First Creditors' Meeting Set for July 4
STIRFIRE LIMITED: First Creditors' Meeting Set for July 10



C H I N A

QINGHAI PROVINCIAL: CSCI Pengyuan Cuts Rating to BBB Amid Debt Woes
TAHOE GROUP: Fitch Assigns CCC+ Rating to $400MM Sr. Unsec. Notes
[*] CHINA: Plans to Tighten Rules on US$2 Trillion CMPs


I N D I A

A.R.T. FABRICATION: CRISIL Migrates B+ Rating to Not Cooperating
ACCURATE INFRA: CARE Maintains D Rating in Not Cooperating
AYG REALTY: CRISIL Migrates D Rating to Not Cooperating Category
BALRAJ KUMAR: CARE Cuts INR7.0cr LT Loan Rating to B+, Not Coop.
GANPATI STEELS: CRISIL Migrates B Rating to Not Cooperating

GEFAB FACADE: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
JMK MOTORS: CRISIL Migrates B+ Rating to Not Cooperating
KAKDA ROLLING: CRISIL Cuts INR13.5cr Loan Rating to D, Not Coop.
M.L. TRADERS: CRISIL Migrates 'B' Rating to Not Cooperating
MAHARASHTRA CRICKET: CRISIL Migrates D Rating to Not Cooperating

MAHENDRA KUMAR: CARE Migrates B Rating to Not Cooperating Category
MOTI RAM: CARE Cuts INR6.67cr LT Loan Rating to 'D', Not Coop.
NAVBHARAT INSULATION: CRISIL Migrates D Rating to Not Cooperating
NSL COTTON: CARE Migrates D Rating to Not Cooperating Category
PARAMASHIVA MOTORS: CRISIL Migrates B+ Rating to Not Cooperating

PARAS STEEL: CARE Lowers Rating on INR7.50cr LT Loan to B+
PRISM ENTERPRISE: CARE Maintains B/A4 Rating in Not Cooperating
R. K. MARKETING: CARE Migrates B+ Rating to Not Cooperating
RAJIV AGGARWAL: CARE Assigns 'B' Rating to INR5.0cr LT Loan
ROLEX RINGS: CARE Hikes Rating on INR137.05cr Term Loan to BB-

ROYAL PRESSING: CARE Lowers Rating on INR7cr LT Loan to 'C'
S. GURUSIDDAIAH: CARE Migrates 'B' Rating to Not Cooperating
S.S. KAMATH: CARE Migrates B+ Rating to Not Cooperating
SHRI VRINDAVANBIHARI: CARE Migrates B+ Rating to Not Cooperating
SRI LAXMI: CARE Lowers Rating on INR5.30cr LT Loan to B

SRI PRIYA: CARE Cuts INR5.0cr LT Loan Rating to 'B', Not Coop.
SRI SHREESHA: CRISIL Migrates B+ Rating to Not Cooperating
SRI SRINIVAS: CARE Migrates B+ Rating to Not Cooperating Category
SVARRNIM INFRA: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
TULSI TRADING: CARE Migrates D Rating to Not Cooperating

ULTRA READYMIX: CARE Assigns B+ Rating to INR25cr LT Loan


M A L A Y S I A

KUANTAN FLOUR: Chairman Kushairi Zaidel Steps Down
UTUSAN MELAYU: Sells Another Apartment Unit in Jakarta to Fund VSS


P H I L I P P I N E S

PALAWAN BANK: Creditors' Claims Filing Deadline Set for July 30
RURAL BANK OF BASEY: Creditors' Claims Deadline Set for July 30


S O U T H   K O R E A

SEOKWANG HI TECH: Memory-Chip Slowdown Hits Korean Parts Suppliers


S R I   L A N K A

PEOPLE'S LEASING: Fitch Affirms B- LT IDRs, Outlook Stable


V I E T N A M

VINGROUP JSC: Fitch Withdraws B+ LT IDRs due to Insufficient Info

                           - - - - -


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

AIMS 2004-1 TRUST: S&P Lowers Class B Notes Rating to 'BB+ (sf)'
----------------------------------------------------------------
S&P Global Ratings lowered its ratings to 'BB+ (sf)' from 'BBB-
(sf)' on the class B notes issued by Perpetual Trustee Co. Ltd. as
trustee of AIMS 2004-1 Trust, AIMS 2005-1 Trust, and AIMS 2007-1
Trust.

The lowered ratings on the class B notes reflect:

-- The small and increasingly concentrated nature of the pools. As
of March 31, 2019, AIMS 2004-1 Trust has a remaining mortgage
balance of A$10.4 million comprising 176 consolidated loans, AIMS
2005-1 Trust has a remaining mortgage balance of A$12.1 million
comprising 146 consolidated loans, and AIMS 2007-1 Trust has a
remaining mortgage balance of A$11.8 million comprising 144
consolidated loans.

-- S&P said, "That as outstanding assets and notes reduce
significantly, tail risk takes greater precedence in both
transactional performance and our rating analysis. Yield strain
could occur as the portfolios continue to amortize, given each
trust's ability to generate sufficient income to cover expenses and
losses is reduced with the smaller remaining pool balance. The 'BB+
(sf)' ratings reflect our view that the portfolios are currently
generating a sufficient level of excess spread, despite their small
pool size in the medium to long term under our cash-flow modeling.
We also take the view that potential adverse economic conditions
and changing circumstances (event risk) at the tail end of the
transaction's life could weaken the capacity for the trusts to meet
their financial commitments as the pools become smaller and further
concentrated."

-- The concentrations in the pools. The top 10 borrowers accounted
for 27.1% of the pool balance for AIMS 2004-1 Trust, 26.4% for AIMS
2005-1 Trust, and 27.0% for AIMS 2007-1 Trust.

-- S&P said, "Our assessment of pool concentrations by sizing an
alternate loss scenario for the pool. Under this scenario, the top
10 loans at the 'AAA' rating level and top two loans at the 'BB'
rating level default and are recovered upon. The loss severity for
each loan is the higher of 50%, the loan's loss severity, and the
pool's weighted-average loss severity. The expected loss for the
pool is the higher of that number, and the number sized applying
our standard credit analysis as per our "Australian RMBS Rating
Methodology And Assumptions" criteria, published Sept. 1, 2011."

-- That arrears in these transactions have been volatile due to
the small number of loans in the portfolio, and are at high levels.
Loans more than 30 days in arrears total 5.0% in AIMS 2004-1 Trust,
8.31% in AIMS 2005-1 Trust, and 5.86% in AIMS 2007-1 Trust. Losses
as a percentage of the original note balance have been steady since
our last review at 0.14% for AIMS 2004-1 Trust, 0.47% for AIMS
2005-1 Trust, and 0.91% for AIMS 2007-1 Trust.

-- That lenders' mortgage insurance is provided for all loans in
each of the portfolios.

  RATINGS LOWERED

  AIMS 2004-1 Trust
  Class     Rating To     Rating From
  B         BB+ (sf)      BBB- (sf)

  AIMS 2005-1 Trust
  Class     Rating To     Rating From
  B         BB+ (sf)      BBB- (sf)

  AIMS 2007-1 Trust
  Class     Rating To     Rating From
  B         BB+ (sf)      BBB- (sf)

ALOHA SURF: First Creditors' Meeting Set for July 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- Aloha Surf Pty Ltd
   -- Aloha Surf-House Joondalup
   -- Aloha Clip N Climb Pty Ltd

will be held on July 9, 2019, at 10:30 a.m. at the offices of
McGrathNicol Perth, Level 17, at 37 St Georges Terrace, in Perth,
WA.

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

AND CHILL: First Creditors' Meeting Set for July 10
---------------------------------------------------
A first meeting of the creditors in the proceedings of And Chill
Pty Ltd and And Chill Property Management Pty Ltd will be held on
July 10, 2019, at 2:00 p.m. at the offices of Pacific Room, Wesley
Conference Centre, at 220 Pitt Street, in Sydney, NSW.

Barry Frederic Kogan and Kathy Sozou of McGrathNicol were appointed
as administrators of And Chill on June 28, 2019.

DEBENHAMS PLC: Plans to Shut Only Australian Store Next Year
------------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that British
department store Debenhams' brief foray into Australia appears to
be over, with the chain planning to close its only local store next
year.

SMH relates that the retailer opened its doors in the St Collins
Lane shopping centre, which connects Melbourne's Collins and Little
Collins street, with great fanfare in late 2017.

That was to be the first of about 10 Debenhams stores planned for
Australia through a franchise agreement with local retail group
Greenlit Brands, which owns Harris Scarfe, Best & Less, and Freedom
and Fantastic Furniture, SMH says.

But Greenlit Brands' ambitions appear to have been put on ice,
after Debenhams collapsed into administration in the UK in April
and said it would close and sell 50 of its 241 stores to pay off
lenders, according to SMH.

SMH reports that in an email to Australian shoppers on July 2,
Debenhams said it will be "departing Melbourne in the New Year".

"Our appreciation of your loyalty and support is top of mind for us
right now," the email said.  "Thanks for supporting us."

The store has been discounting heavily for several months, and the
email to customers said there are "more reasons than ever to pop
into St Collins Lane," SMH relays.

INTERSTAR MILLENNIUM 2003-3G: S&P Cuts B1 Notes Rating to BB+ (sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee of Interstar
Millennium Series 2005-2L Trust and lowered its ratings on four
classes of notes in the Interstar Millennium Series 2003-3G Trust,
Interstar Millennium Series 2005-2L Trust, and Interstar Millennium
Series 2006-3L Trust transactions.

At the same time, S&P affirmed its ratings on 10 classes of notes
in the Interstar Millennium Series 2003-3G Trust, Interstar
Millennium Series 2005-2L Trust, Interstar Millennium Series
2006-3L Trust, Interstar Millennium Series 2006-4H Trust, and
Challenger Millennium Series 2007-2L Trust transactions.

The lowered ratings reflect:

-- That these transactions have passed their call dates and are
now relatively small and concentrated pools. As of March 31, 2019,
the outstanding balance of the loan portfolio is A$14.3 million for
Interstar Millennium Series 2003-3G Trust, A$48.5 million for
Interstar Millennium Series 2005-2L Trust, and A$90.9 million for
Interstar Millennium Series 2006-3L Trust. As outstanding assets
and notes reduce significantly, tail risk takes greater precedence
in both transactional performance and our rating analysis.
Mitigating this is the currently strong level of excess spread that
these trusts earn, despite the pool's small size, due to the
relatively high interest rates borrowers in the pools are paying.

-- S&P's concerns over the potential for worsening arrears and
defaults in pools of assets this small, and unexpected losses
resulting in strain on the transactions' cash flows. S&P views this
risk as heightened for Interstar Millennium Series 2003-3G Trust
due to the small loan portfolio and high proportion of loans more
than 90 days in arrears.

-- That the top 10 borrowers in these pools account for more than
10% of the pool balance. S&P has assessed pool concentrations by
sizing an alternate loss scenario for the pool. Under this
scenario, the top 10 loans at the 'AAA' rating level, the top four
loans at the 'BBB' rating level, and the top two loans at the 'BB'
level default and are recovered upon. The loss severity for each
loan is the higher of 50%, the loan's loss severity, and the pool's
weighted-average loss severity. The expected loss for the pool is
the higher of that number, and the number is sized by applying its
standard credit analysis as per its "Australian RMBS Rating
Methodology And Assumptions" criteria, published Sept. 1, 2011.

-- That arrears in these transactions have increased since our
last review, and are significantly higher than S&P's Standard &
Poor's Performance Index for prime Australian residential
mortgage-backed securities (RMBS). Loans more than 30 days in
arrears total 7.54% for Interstar Millennium Series 2003-3G Trust,
12.08% for Interstar Millennium Series 2005-2L Trust, and 10.88%
for Interstar Millennium Series 2006-3L Trust.

-- That a significant proportion of the loans are more than 90
days in arrears and therefore have a significantly higher risk of
default, in S&P's opinion. Loans more than 90 days in arrears total
7.54% for Interstar Millennium Series 2003-3G Trust, 8.37% for
Interstar Millennium Series 2005-2L Trust, and 6.80% for Interstar
Millennium Series 2006-3L Trust.

The rating affirmations on the senior-ranking notes in all five
transactions reflect:

-- The build-up of credit support for the notes, facilitated by
the current sequential paydown structure, which S&P expects to
continue for the remainder of the transaction's life.

-- That the senior notes have sufficient credit support to
withstand stresses at the 'AAA' level, including S&P's alternate
loss scenarios, in which it assesses losses based on the top 10
loans by borrower exposure in the pool.

-- That lenders' mortgage insurance is provided for all loans in
each of the portfolios.

-- The strong cash flows available to each trust, despite the
relatively small size of the pools.

The affirmations of the class B notes on the Interstar Millennium
Series 2006-4H Trust and Challenger Millennium Series 2007-2L Trust
reflect:

-- The strong cash flows available to each trust, and the
availability of the trust to generate sufficient level of excess
spread under our cash-flow modeling, despite the relatively small
size of the pools.

-- That lenders' mortgage insurance is provided for all loans in
each of the portfolios.

In addition, S&P Global Ratings today removed the "under criteria
observation" (UCO) identifier from its ratings on all classes of
notes in the following transactions: Interstar Millennium Series
2003-3G Trust, Interstar Millennium Series 2005-2L Trust, and
Challenger Millennium Series 2007-2L Trust. S&P placed its ratings
on the notes under criteria observation following the release of
our "Counterparty Risk Framework: Methodology And Assumptions"
criteria on March 8, 2019.

The removal of the UCO identifier from Challenger Millennium Series
2007-2L Trust reflects the fact that there is now only a very small
proportion of fixed-rate loans in the mortgage pool. S&P's analysis
assesses the cash flows on an unhedged basis, and delinks the
ratings from the swap counterparty.

S&P said, "The removal of the UCO identifier from Interstar
Millennium Series 2003-3G Trust and Interstar Millennium Series
2005-2L Trust reflects our analysis of the currency swap
documentation for both transactions in relation to our updated
counterparty risk framework. Accordingly, we have affirmed our
ratings on the class A2 and class A3 notes for Interstar Millennium
Series 2003-3G Trust, while raising our ratings on the class A1,
class A2, and class AB notes for Interstar Millennium Series
2005-2L Trust.

"The raised ratings on the class A1, class A2, and class AB notes
for Interstar Millennium Series 2005-2L Trust reflect the
additional credit we can give to the replacement rating trigger and
collateral framework included in the ISDA schedule under our
revised methodology."

  RATINGS RAISED

  Interstar Millennium Series 2005-2L Trust
  AUD1.107 bil, US$500 mil residential mortgage-backed securities
  2005-2L
  Class      Rating To      Rating From
  A1         AAA (sf)       AA (sf)
  A2         AAA (sf)       AA (sf)
  AB         AAA (sf)       AA (sf)

  RATINGS LOWERED

  Interstar Millennium Series 2003-3G Trust
  AUD272 mil, EUR0 mil, US$634.71 mil residential mortgage-backed
  securities 2003-3G
  Class      Rating To      Rating From
  B1         BB+ (sf)       BBB- (sf)
  B2         BB+ (sf)       BBB- (sf)

  Interstar Millennium Series 2005-2L Trust
  AUD1.107 bil, US$500 mil residential mortgage-backed securities
  2005-2L
  Class      Rating To      Rating From
  B          BBB- (sf)      BBB (sf)

  Interstar Millennium Series 2006-3L Trust
  AUD1.2 bil residential mortgage-backed securities 2006-3L
  Class      Rating To      Rating From
  B          A- (sf)        A+ (sf)

  RATINGS AFFIRMED

  Interstar Millennium Series 2003-3G Trust
  AUD272 mil, EUR0 mil, US$634.71 mil residential mortgage-backed
  securities 2003-3G
  Class      Rating
  A2         AAA (sf)
  A3         AAA (sf)

  Interstar Millennium Series 2006-3L Trust
  AUD1.2 bil residential mortgage-backed securities 2006-3L
  Class      Rating
  A2         AAA (sf)
  AB         AAA (sf)

  Interstar Millennium Series 2006-4H Trust
  AUD400 mil residential mortgage-backed securities 2006-4H
  Class      Rating
  A2         AAA (sf)
  AB         AAA (sf)
  B          BBB- (sf)

  Challenger Millennium Series 2007-2L Trust
  AUD904.3 mil prime residential mortgage-backed securities 2007-
  2L
  Class      Rating
  A          AAA (sf)
  AB         AAA (sf)
  B          BBB (sf)


JUMP! SWIM: ACCC Seeks Asset Freezing Extension
-----------------------------------------------
Inside Franchise Business reports that the Australian Competition
and Consumer Commission's (ACCC) case against embattled franchise
JUMP! Swim Schools is mounting. In a pre-trial case management
hearing in Federal Court, the watchdog called for greater sanctions
and a JUMP! asset freezing extension, the report says.

In June, the Federal Court issued freezing orders against the
company and founder Ian Michael Campbell.

According to the report, the move came just days before the ACCC
officially launched legal action against the franchise, however on
Friday, new concerns were raised.

The watchdog argued that the asset freezing order be extended to
cover foreign entities and transactions, the report states.

Inside Franchise Business says the primary concerns related to the
incorporation of Jump Swim School Franchise Corp. The US company,
of which Mr. Campbell is a significant shareholder, first came to
light after the ACCC revealed evidence of substantial transfers
between the business and other JUMP! entities.

At the latest pre-trial case management hearing, the ACCC claimed
that transfers had continued despite the Australian entity freezing
orders, the report relates.

The claim was enough to spark action from the Federal Court.

According to Inside Franchise Business, Justice O'Bryan ordered
that the freezing orders be amended immediately to clarify that Mr.
Campbell and JUMP!'s related entities are not permitted to remove
assets housed within Australian operations.

"You must not remove from Australia or in any way dispose of, deal
with or diminish the value of any of your assets in Australia, or
dispose of, deal with or diminish the value of any of your
ex-Australian assets," Justice O'Bryan told the court, the report
relays.

Additionally, the orders also reiterated that Mr. Campbell and the
business must not directly or indirectly cause any of their debtors
to make a payment to another person or entity instead of to them.

While the freezing order extension adds further credibility to the
ACCC's case, it may have dire consequences for JUMP!'s proposed
Deed of Company Arrangement (DOCA), the report states.

               JUMP! asset freezing extension results

In May, JUMP! Swim Schools' franchisor Swim Loops Pty Ltd entered
into voluntary administration; however it wasn't until mid-June
that the extent of the company's financial failings were disclosed,
the report notes.

In a creditor's report obtained by Inside Franchise Business,
administrator Glenn O'Kearney revealed that Swim Loops owes more
than $15 million to creditors, $10 million of which is owed to
other JUMP! entities.

According to Inside Franchise Business, the administrator
recommended that creditors accept the proposed DOCA on the basis
that they would likely receive a stronger return, as opposed to
entering liquidation or winding the company up.

"Placing the company into liquidation will likely result in a lower
or nil return being available to creditors than under the proposed
DOCA. The proposed DOCA allows for a contribution of $350,000 which
would not be available in liquidation," the report, as cited by
Inside Franchise Business, stated.

This latest Federal Court order threatens to jeopardise that move,
however. The JUMP! asset freezing extension could prevent the DOCA
from entered into at all, leaving creditors little choice moving
forward, Inside Franchise Business says.

The matter is being listed for a further case management hearing
before the docket judge on a date to be fixed, adds Inside
Franchise Business.

                         About Swim Loops

Swim Loops, the main trading company of Jump! Swim Schools,
operates more than 60 swimming school franchises around Australia
and has operations in New Zealand, Brazil and Singapore.

Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of Swim Loops on May 20, 2019.

NATIONAL CONGRESS: Second Creditors' Meeting Set for July 9
-----------------------------------------------------------
A second meeting of creditors in the proceedings of National
Congress Of Australia's First Peoples Limited has been set for July
9, 2019, at 3:00 p.m. at the offices of Cor Cordis, One Wharf Lane,
Level 20, at 171 Sussex Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 8, 2019, at 4:00 p.m.

Alan Walker & Andre Lakomy of Cor Cordis were appointed as
administrators of National Congress on June 3, 2019.

RDC CONSTRUCTIONS: First Creditors' Meeting Set for July 10
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of RDC
Constructions Pty Ltd will be held on July 10, 2019, at 11:00 a.m.
at the offices of Avior Consulting, Level 1, at 1160 Hay Street, in
West Perth, WA.  

Dermott Joseph McVeigh of Avior Consulting was appointed as
administrator of RDC Constructions on June 28, 2019.

SALLYROSE PTY: First Creditors' Meeting Set for July 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Sallyrose
Pty Ltd will be held on July 4, 2019, at 12:30 p.m. at Level 19,
Waterfront Place, at 1 Eagle Street, in Brisbane, Queensland.

Darryl Kirk of Cor Cordis was appointed as administrator of
Sallyrose Pty on June 24, 2019.

STIRFIRE LIMITED: First Creditors' Meeting Set for July 10
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Stirfire
Limited will be held on July 10, 2019, at 10:30 a.m. at the offices
of BRI Ferrier Western Australia, Unit 3, at 99-101 Francis Street,
in Northbirde, WA.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of Stirfire Limited on July 1, 2019.



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

QINGHAI PROVINCIAL: CSCI Pengyuan Cuts Rating to BBB Amid Debt Woes
-------------------------------------------------------------------
Liang Hong, Peng Qinqin and Han Wei at Caixin Global report that a
provincial government-backed metal producer that defaulted on bonds
in February was downgraded by a domestic credit-rating company in
the latest development dampening confidence in state-backed
borrowers.

Qinghai Provincial Investment Group, an aluminum and coal producer
based in the vast northwest Qinghai province, was downgraded to BBB
with a negative outlook by CSCI Pengyuan Credit Rating Co.
reflecting uncertainties of its funding access and business
operations, Caixin relates.

Caixin says the state-owned enterprise is struggling to manage
massive debt even as the financially strapped provincial government
faces its own debt troubles.

                      About Qinghai Provincial

Qinghai Provincial Investment Group Co., Ltd, produces and sells
primary and fabricated aluminum products in China. The company
operates through four segments: Aluminium Production, Electricity
Generation, the Mining and Sale of Coal, and Other Ancillary
Businesses. It generates thermal power and hydropower; mines and
sells coal; and develops and manages real estate properties, as
well as provides guarantee and leasing services. The company offers
equipment financing and leasing, fundraising, and other financing
services, as well as loan guarantees, and custodian and investment
consultation services; purchases raw materials; sells carbon and
aluminum products.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
27, 2019, S&P Global Ratings lowered its long-term issuer credit
rating on Qinghai Provincial Investment Group Co. Ltd.'s (QPIG) to
'CCC+' from 'B+'. S&P also lowered its long-term issue ratings on
the company's outstanding senior unsecured notes to 'CCC+' from
'B+'.

TAHOE GROUP: Fitch Assigns CCC+ Rating to $400MM Sr. Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned China-based Tahoe Group Co., Ltd.'s
(B-/Stable) USD400 million 15.0% senior unsecured notes due 2022 a
'CCC+' rating and a Recovery Rating of 'RR5'.

The notes are issued by the company's wholly owned subsidiary,
Tahoe Group Global (Co.,) Limited. They are guaranteed by the
parent and are rated at the same level as Tahoe's senior unsecured
rating because they constitute its direct and senior unsecured
obligations.

Fitch revised Tahoe's outlook to Stable from Negative on June 5,
2019, given its ongoing improvement in liquidity, with the
unrestricted cash/short-term debt ratio increasing to 0.4x by
end-1Q19 from 0.2x in 2018 due to a stronger cash collection ratio
from property sales and limited expenditure on land acquisition. In
addition, Tahoe's leverage, measured by net debt/adjusted
inventory, improved another 4pp by end-1Q19 from 75% at end-2018.
Management is taking action to manage the company's liquidity, such
as disposing project stakes to Shimao Property Holdings Limited
(BBB-/Stable), enhancing cash collection and committing to minimal
expenditure on land acquisition.

Tahoe's ratings are constrained by its persistently high leverage,
driven by aggressive land acquisitions before 2018. It financed the
acquisitions mostly via debt, which has also resulted in a heavy
interest burden that severely weakened its ability to generate
operating cash flow. Tahoe's ratings are supported by its large
contracted sales scale, diversified footprint across China and its
strong product lines that differentiate it from most fast-churn
homebuilders.

KEY RATING DRIVERS

Leverage Improving but Still High: Fitch expects Tahoe's leverage,
measured by net debt/adjusted inventory (with proportionate
consolidation of joint ventures), to improve to 72% by end-2019,
after factoring the asset disposal to Shimao and its expectation of
better cash collection and limited land acquisition. Leverage
decreased to 75% by end-2018, from a historical high of 83% in 2017
after aggressive land-banking since 2013. Attributable land premium
to sales proceeds was high at 215% in 2013 and remained above 100%
in 2014-2017 except for 2015. Only 14% of sales proceeds were used
to purchase land in 2018 and the company acquired no land in 5M19.

Fitch estimates Tahoe will continue to deleverage, albeit at a
slower pace, but leverage will remain high at around 70% over the
next three years. Tahoe may deleverage faster than its expectation
in the near term if it continues to dispose assets. However, the
company will face pressure to replenish its land reserve to support
growth in light of its short land-bank life of 2.5 to 3.0 years.
Tahoe's high interest expense of CNY11 billion-12 billion a year is
the single largest cash outflow other than land and construction
expenditure, and a drag on its cash flow.

Focus on Cash Collection: Fitch estimates Tahoe's cash collection
rate will improve to 70%-75% over the next two years as the company
has emphasised sales collection over sales expansion since 2H18 by
focusing on enhancing the quality of contracted sales and better
managing uncollected sales. Tahoe's cash collection rate improved
to around 80% in 5M19, from 61% in 2018 and 52% in 2017.

Tahoe's priority before 2018 was to increase sales. This led to
reported sales including purchase intentions that did not result in
actual sales, which explained Tahoe's persistent
lower-than-industry average historical cash collection rate of
below 70%. Therefore, Fitch uses sales proceeds as the base for
revenue forecast and in calculating sales efficiency, rather than
contracted sales. Cash collected will continue to be used as a
proxy for sales, as it more accurately reflects its operational
situation, until Tahoe's cash collection rate improves to the
industry average of above 80%.

Liquidity Tight but Improving: Tahoe's unrestricted cash rose to
CNY17.3 billion by end-1Q19 (end-2018: CNY11.6 billion), which fell
short of the CNY46.1 billion in short-term debt (end-2018: CNY57.4
billion) and another CNY9 billion of domestic corporate bonds that
may be payable within 12 months. Its liquidity further improved
after selling project stakes to Shimao for an equity consideration
of CNY5.3 billion and debt taken by Shimao of CNY2.4 billion, as
disclosed between March 23 – May 18. These are to be fully
collected by end-June 2019. Fitch understands Tahoe has refinanced
debt of up to CNY34 billion since the start of 2019, through sales
proceeds, loan extension and disposal considerations.

Large Contracted Sales Scale: Tahoe's ratings are supported by its
large scale and diversified quality land bank in Tier 1 and 2
cities across China. Fitch estimates Tahoe's total sales to
increase by 13% to CNY105 billion in 2019, supported by its
sellable resources of CNY185 billion available for the year,
implying a sell-through rate of 57% (2018: 60%). Tahoe's gross
contracted sales, excluding purchase intentions, rose by 31% to
CNY91 billion in 2018, supported by an average selling price
increase of 17% to CNY24,800 per sq m and gross floor area (GFA)
growth of 12%. Tahoe's strong product line with unique designs has
differentiated it from homebuilders that adopt fast-churn models.

Weak Parent, Weak Linkage: Fitch believes Tahoe's ratings are not
constrained by the weaker financials of its parent, Tahoe
Investment Group Co. Ltd., which owns a 48.97% stake in the listed
company, based on Fitch's Parent and Subsidiary Rating Linkage
criteria. Tahoe is separately managed and only two of seven board
members are affiliated with Tahoe Investment. Tahoe's parent cannot
access Tahoe's cash flow except via dividends; historically, Tahoe
has paid minimal dividends as the company has been expanding
aggressively. In addition, Tahoe Investment has pledged 99% of its
shares in Tahoe to banks, further reducing its influence on Tahoe.

DERIVATION SUMMARY

Tahoe's ratings are mainly constrained by its aggressive financial
profile and tight liquidity, which are comparable with peers in the
low 'B' category. Tahoe's business profile is similar to that of
'BB' category peers because of the company's large contracted sales
scale, premium land bank and diversification across regions and
products.

Tahoe's leverage is one of the highest among Fitch-rated
homebuilders. Leverage, measured by net debt/adjusted inventory,
was 75% at end-2018, comparable with Oceanwide Holdings Co. Ltd.'s
(B-/Stable) 75% and Xinhu Zhongbao Co., Ltd.'s (B-/Stable) 73%.
Tahoe's scale is much larger than that of Oceanwide and Xinhu
Zhongbao, and its assets are more diversified. Oceanwide's and
Xinhu Zhongbao's churn rates, measured by contracted sales/total
debt, of below 0.25x are even lower than Tahoe's 0.40x. However,
Oceanwide and Xinhu Zhongbao are investing in finance institutions
whose profit can provide some buffer to service debt.

Sunshine 100 China Holdings Ltd's (CCC+) business profile is less
sustainable than Tahoe's, considering its small sales scale and
high exposure to non-residential property sales. Around 30% of
Sunshine 100's 2018 sales were derived from non-residential
properties, which require a longer development cycle; demand for
such products is more vulnerable to business cyclicality. Sunshine
100's land bank is mostly in Tier 2 and satellite Tier 3 and 4
cities across China, compared with Tahoe's focus on Tier 1 and
strong Tier 2 cities. Similarly, Sunshine 100's leverage is high
and its unrestricted cash can barely cover its short-term debt.

KEY ASSUMPTIONS

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

  - Contracted sales to rise by 13% to CNY105 billion in 2019 and
by 5% to CNY110 billion in 2020

  - Average land cost to increase by 80% in 2019 and by 2% a year
thereafter

  - Replenishment rate, measured by attributable GFA
acquired/attributable GFA sold, at 0.4x in 2019 and 0.8x in 2020
(2018: 1.0x)

  - Cash collection rate to improve to 70% in 2019 and 72% in 2020
(2018: 61%)

  - Assets disposed to Shimao in 5M19 have been factored in the
rating case

Key Recovery Rating Assumptions:

  - Tahoe would be liquidated in a bankruptcy rather than continue
as a going concern as it is an asset-trading company

  - 10% administrative claims

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

  - Cash balance is adjusted such that only cash in excess of three
months of contracted sales is factored in

  - 25% haircut to net inventory in light of Tahoe's relatively
high EBITDA margin

  - 65% haircut to investment properties rate after considering
Tahoe's low rental yield and the quality of its investment property
assets

  - 30% haircut to accounts receivables

  - 70% haircut to available-for-sale financial securities
These assumptions result in a recovery rate for Tahoe's senior
unsecured debt within the 'RR5' range.

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory, sustained
below 65%

  - EBITDA, excluding capitalised interest, sustained above 30%

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

  - Leverage, measured by net debt/adjusted inventory, above 75%
for a sustained period

  - EBITDA, excluding capitalised interest, below 25% for a
sustained period

  - Increased likelihood of the company failing to refinance its
maturing debt

LIQUIDITY

Liquidity Tight but Improving: Tahoe's unrestricted cash of CNY11.6
billion at end-2018 is insufficient to cover its reported
short-term debt of CNY57.4 billion and another CNY9 billion of
domestic bonds puttable within one year. The company increased its
unrestricted cash balance to CNY17.3 billion and reduced short-term
debt to CNY46.1 billion by end-1Q19 by repaying debt with sales
proceeds and extension of existing loans. Tahoe repaid CNY3 billion
of corporate bonds due in March, CNY2 billion of medium-term notes
due in May and bought back CNY3 billion of bonds puttable at
end-May. Fitch believes Tahoe's liquidity has further improved
after the asset disposal to Shimao.

[*] CHINA: Plans to Tighten Rules on US$2 Trillion CMPs
-------------------------------------------------------
Bloomberg News reports that China's banking regulator plans to
tighten rules on so-called cash-management products, according to
people familiar with the matter, impacting an estimated US$2
trillion worth of the investments.

The China Banking and Insurance Regulatory Commission aims to treat
CMPs similar to money-market funds by imposing stricter rules on
pricing and restricting where and for how long the inflows can be
invested, the people said, asking not to be identified as the
deliberations are private, Bloomberg relates. CMPs are issued by
banks and are more liquid than money market funds, which are sold
by asset managers.

According to Bloomberg, the people said looser regulation of CMPs
currently allow banks to offer higher yields than those on
money-market funds and the CBIRC's changes could damp their
investment appeal. The moves are another step in China's fight
against financial risk as policy makers try to contain the fallout
from rising defaults and a slowing economy, Bloomberg notes.

"CMP yields will drop and gradually lose their comparative
advantage over money market funds," Bloomberg quotes Liao Chenkai,
a Shanghai-based analyst at Capital Securities Corp., who predicts
some decline in banks' fee income, as saying. "But given that most
investors buy the products for their liquidity instead of yield, I
don't expect a significant hit to the scale of the market," he
said.

Money market funds, overseen by the securities regulator, cap
duration of their investments at an average 120 days while there's
no limit for CMPs, Bloomberg says. The CBIRC also wants to make
pricing stricter by curbing so-called deviation, the people said.

Asset managers are allowed to calculate the net asset value of a
money-market fund in two ways. However, when the NAV under one
method deviates beyond a specified level from the other, the fund
is required to take measures such as limiting new subscriptions or
even liquidate assets, Bloomberg notes.

CMPs accounted for more than CNY13 trillion (US$2 trillion), or
about 60% of outstanding wealth management products in June 2018,
Bloomberg discloses citing data from Jinniu Wealth Management.
Individuals hold nearly 90% of WMPs mainly because many believe
they're shielded from losses--a view officials have tried hard to
discourage, the report states.

WMPs are issued by banks and typically offer yields of 2% to 5%,
compared with 1.5% on one-year bank deposits, Bloomberg notes. They
can invest in anything from bonds and stocks to property. Like
mortgage-backed securities in the U.S., WMPs had become key
building blocks of a shadow-banking system that existed largely off
banks' balance sheets, says Bloomberg.



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

A.R.T. FABRICATION: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of A.R.T.
Fabrication Industries Private Limited (ARTFPL) to 'CRISIL
B+/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with ARTFPL for obtaining
information through letters and emails dated March 30, 2019, June
10, 2019 and June 14, 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 ARTFPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ARTFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

ARTFPL was set up in 1996 as Roto Tech Industry by Mr Jatinder
Grover and his brother Mr Harinder Grover, and got its current name
in 2000 after it acquired ART Fabrication Industries. ARTFPL
manufactures steel fabricated items, primarily for cranes,
machinery, JCBs, and four-wheelers. Its manufacturing facility is
in Faridabad, Haryana.

ACCURATE INFRA: CARE Maintains D Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Accurate
Infra Industries Private Limited. (AIIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       8.88       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 21, 2018, placed the
rating(s) of AIIPL under the 'issuer non-cooperating' category as
AIIPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. AIIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated April 05, 2019, April 10, 2019, April 16, 2019,
April 22, 2019, May 03, 2019, May 20, 2019, May 22, 2019 In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 21, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

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

Incorporated in the year 2012, Ahmedabad- based (Gujarat) Accurate
Infra Industries Private Limited (AIIPL) is promoted by four
promoters namely Mr Ghanshyam Sondajar, Mr Jagdish Poriya, Mr
Mukesh Tank and Mr Nilesh Chauhan. AIIPL is engaged into the
manufacturing of Aerated Autoclaved Concrete (AAC) blocks with an
annual installed capacity of 105,000 Cubic Meters per Annum (CMPA)
at its plant located at Limbdi (Gujarat).

AYG REALTY: CRISIL Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of AYG Realty
Private Limited (AYG) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         14       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit             7       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AYG for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 AYG. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AYG is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

AYG, incorporated in 1993, undertakes civil construction projects
for various departments of the Maharashtra and Rajasthan
governments, and subcontracts work. It is a Class A contractor with
the Public Works Department, Maharashtra. Mr Anand Gupta and Mr
Yogesh Gupta manage operations.

BALRAJ KUMAR: CARE Cuts INR7.0cr LT Loan Rating to B+, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Balraj Kumar Vinod Kumar, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.00       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable Based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Balraj Kumar Vinod
Kumar to monitor the ratings vide e-mail communications dated June
7, 2019, May 15, 2019, May 8, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings of Balraj Kumar Vinod Kumar's bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The ratings have been revised by taking into account no
due-diligence conducted due to non-cooperation by Balraj Kumar
Vinod Kumar with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.

GANPATI STEELS: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ganpati Steels
(GS) to 'CRISIL B/Stable Issuer not cooperating'.

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

   Term Loan              2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GS for obtaining
information through letters and emails dated March 30, 2019, June
10, 2019 and June 14, 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 GS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

GS is a partnership of Mr Ashish Gupta and Ms Nirupama Gupta. It
manufactures and trades in galvanised iron, barbed, and stay wires.
Manufacturing unit is in Bhilai, Chhattisgarh. Operations are
primarily managed by Mr Ashish Gupta.

GEFAB FACADE: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Gefab Facade
Solutions Private Limited's (GFSPL) Long-Term Issuer Rating at 'IND
B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR115 mil. Fund-based working capital limits affirmed with
     IND B+/Stable/IND A4 rating; and

-- INR50 mil. Non-fund-based working capital limits affirmed with

     IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects GFSPL's modest credit profile in FY19
(provisional numbers). The revenue declined by  50.7% YoY to
INR74.2 million from (FY18: INR150.5 million) owing to the floods
in Kerala during the monsoon season. The company's scale of
operations continues to be modest.

GFSPL's EBITDA margin was modest in FY19, though it rose to 27.6%
(FY18: 16.5%) due to lower consumption of raw material and a fall
in labor cost/expenses owing to slower execution of work orders.
The return on capital employed was 9.67% in FY19 (FY18: 12.14%).

Moreover, GFSPL's credit metrics are modest owing to the working
capital-intensive nature of the business. The metrics deteriorated
on a YoY basis in FY19 because of a decrease in the absolute EBITDA
to INR20.5 million (FY18: INR24.9 million) and higher utilization
of working capital limits. GFSPL's gross interest coverage
(operating EBITDA/gross interest expenses) deteriorated to 1.2x in
FY19 (FY18: 1.4x) and net leverage (total adjusted net
debt/operating EBITDAR) worsened to 6.6x (5.7x).

The ratings are also constrained by the company's tight liquidity
position, as reflected by 99% average maximum utilization of its
fund-based bank limits during the 12 months ended May 2019. GFSPL
had to avail short-term loans (stand by line of credit) of INR17
million to meet its working capital requirements. The company's
cash flow from operations turned positive at INR8.7 million in FY19
(FY18: negative INR9.3 million). Its networking capital lengthened
to 2,228 days in FY19 (FY18: 663 days), owing to an increase in the
inventory holding period and elongated debtor days.

However, the ratings are supported by the promoter's experience of
three decades in the glass facade solutions and aluminum
fabrication businesses.

RATING SENSITIVITIES

Negative: Decline in the margins, leading to deterioration in the
credit metrics, on a sustained basis, would be negative for the
ratings.

Positive: A substantial rise in the revenue, while maintaining the
credit metrics, could lead to positive rating action.

COMPANY PROFILE

Established in 2011, GFSPL offers glass facade solutions,
structural glazing work, aluminum composite panel cladding,
curtain walling, bolted glazing, patch fitting glass assemblies,
partitions, doors, windows, unplasticized polyvinyl chloride
fittings, aluminum joints, handrails, shower cubicles, sensor
operated doors, acoustic movable walls, revolving doors, skylights,
etc.

JMK MOTORS: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of JMK Motors
Private Limited (JMK) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Channel Financing       7        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Drop Line Overdraft     1.4      CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

   Loan Against Property   4.2      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      1.55     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JMK for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 JMK. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JMK is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Set up in 2000 by Mr. Rakesh Singh Baghel and his wife, Ms.
Pratibha Singh, JMK is an authorised dealer and service provider
for Tata Motors passenger vehicles in Jhansi district, Uttar
Pradesh.

KAKDA ROLLING: CRISIL Cuts INR13.5cr Loan Rating to D, Not Coop.
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Kakda Rolling Mills (KRM) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating' The downgrade reflects
overutilization in cash credit limits for more than 30 days.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           13.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

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

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


Detailed Rationale

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

Set up as a proprietorship firm by Mr. Deep Chandra Goel in 1968,
KRM ws converted into a partnership by Mr.Narendra K Goel and his
three sons . The firm manufactures TMT bars, and has a capacity of
150 tonnes per day (tpd) at Govindpura, Bhopal (MP).

M.L. TRADERS: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of M.L. Traders
(MLT) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            2        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Warehouse Receipts     10       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MLT for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 MLT. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MLT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

MLT was formed as a Hindu Undivided Family in 2012 by Mr Makhan Lal
Garg. The firm processes rice at its plant in Mansa, Punjab, which
has capacity of 1 tonne per hour. MLT also trades in rice and rice
bran.

MAHARASHTRA CRICKET: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Maharashtra
Cricket Association (MCA) to 'CRISIL D Issuer not cooperating'.

                         Amount
   Facilities          (INR Crore)   Ratings
   ----------          -----------   -------
   Proposed Long Term       36       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Rating
                                     Migrated)

   Term Loan               126.5     CRISIL D (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with MCA for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 MCA. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MCA is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Set up in 1935, MCA is affiliated to BCCI and is one of its
full-time members. The association's primary objective is to
promote, develop, control, and regulate cricket in Maharashtra. It
is the cricket controlling body for Maharashtra, with the exception
of Vidharbha, Mumbai, and Thane.

MAHENDRA KUMAR: CARE Migrates B Rating to Not Cooperating Category
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Mahendra
Kumar Jain & Others Rural Godown to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      9.80        CARE B; Stable; Issuer not
   Facilities                      cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Mahendra Kumar Jain
& Others Rural Godown to monitor the ratings vide e-mail
communications dated May 30, 2019, June 5, 2019 and June 6, 2019
and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided no default statement for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings on Mahendra Kumar Jain &
Others Rural Godown bank facilities will now be denoted as CARE B;
Stable; ISSUER NOT COOPERATING.

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

MOTI RAM: CARE Cuts INR6.67cr LT Loan Rating to 'D', Not Coop.
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Moti Ram Sunil Kumar, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.67       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B-; on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Moti Ram Sunil
Kumar to monitor the ratings vide e-mail communications dated June
17, 2019 and numerous phone calls. However, despite CARE's repeated
requests, the society has not provided no default statement for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings on Moti Ram Sunil Kumar's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

NAVBHARAT INSULATION: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Navbharat
Insulation and Engg. Co. (NIEC) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         2        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            1.95     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit        .9      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital
   Term Loan              2.0      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NIEC for obtaining
information through letters and emails dated June 10, 2019 and June
14, 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 NIEC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NIEC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

NIEC, set up by Mr R L Khanduja in the late 1960s, undertakes
insulation contracts for oil refineries, engineering and
manufacturing units, and buildings such as shopping malls and
hospitals.

NSL COTTON: CARE Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of NSL
Cotton Corporation Private Limited (NCCL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      25.00       CARE D; Stable; Issuer not
   Facilities                      cooperating; based on best
                                   available information

   Short-term Bank       .16       CARE D; Stable; Issuer not
   Facilities                      cooperating; based on best
                                   available information

CARE has been seeking information from NCCL to monitor the ratings
vide letters/email communications from June 23, 2018 to June 17,
2019 and numerous phone calls. despite CARE's repeated requests;
the company has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines, the
rating on NSL Cotton Corporation Private Limited bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING/CARE D;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in last Press Release dated March 1,
2018, the following were the rating strengths and weakness (updated
for the information available from Registrar of  Companies)

Key Rating weakness

Delays in debt servicing: There are continued delays in debt
servicing on account of stretched liquidity position of the company
at the back of inadequate accruals and elongated collection
period.

Leveraged capital structure: Capital structure of the company
further deteriorated and continued to remain highly leveraged with
overall gearing of 13.03x as on March 31, 2018 vis-à-vis 6.65x as
on March 31, 2017.

Stretched liquidity position: Due to seasonal nature of cotton, the
working capital utilization is generally on the higher side,
Further due to significant decline in revenue during FY17 and FY18
liquidity position of the company has deteriorated significantly.

Incorporated in 2007, NSL Cotton Corporation Pvt Ltd (NCCL) is in
the trading of cotton bales, business of cotton ginning and
pressing, and trading of cotton seeds & cotton bales. Earlier, NCCL
was a wholly owned subsidiary of Nuziveedu Seeds Ltd (NSL-rated
CARE A+; Stable), the flagship company of NSL Group. Post demerger
of the NSL Group (from April 1, 2010), the shares of NCCL has been
transferred to Mandava Holding Private Ltd., which is the holding
company of NSL Group.

The NSL Group is diversified with business interests in Hybrid
Seeds, Power, IT Parks, Cotton Spinning, Sugar, Ethanol, etc. NCCL
has 11 subsidiary units with an aggregate capacity of 370 gins. Of
the 11 subsidiary companies, nine are 100% subsidiary of NCCL and
remaining two have 60% equity contribution from NCCL and the
balance 40% is contributed by the local promoters. NCCL is
primarily into trading of cotton bales.

PARAMASHIVA MOTORS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Paramashiva
Motors Private Limited (PMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            1        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Inventory Funding     10        CRISIL B+/Stable (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

   Long Term Bank         2        CRISIL B+/Stable (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

   Long Term Loan         3        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PMPL for obtaining
information through letters and emails dated March 30, 2019, June
10, 2019 and June 14, 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 PMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Established in April, 2016 as a private limited company, PMPL is an
authorized dealer for MSIL for Nexa range. Based in Vijayawada
(Andhra Pradesh), the company is promoted and managed by Mr.Cheruvu
Sreenivas.

PARAS STEEL: CARE Lowers Rating on INR7.50cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Paras Steel Industries (PSI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.50       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from PSI to monitor the
rating vide e-mail communications dated May 31, 2019, April 30,
2019, March 30, 2019, February 28, 2019, etc. and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Paras Steel Industries' bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of no default statement and no due-diligence conducted due to
non-cooperation by Paras Steel Industries with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.

PRISM ENTERPRISE: CARE Maintains B/A4 Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prism
Enterprise (PRI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term/Short       7.00        CARE B; Stable CARE A4;
   term Bank                         Issuer not cooperating;
   Facilities                        Based on best available
                                     information


Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 21, 2018, placed the
rating(s) of PRI under the 'issuer non-cooperating' category as PRI
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. PRI
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
May 29, 2019, June 3, 2019, June 4, 2019, June 5, 2019 and June 7,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 21, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Constitution as a proprietorship firm: The constitution as a
proprietorship firm restricts PRI's overall financial flexibility
in terms of limited access to external funds for any future
expansion plans. Further, there is inherent risk of possibility of
dissolution of the firm in case of
death/retirement/insolvency/personal contingency of the
proprietor.

Limited experience of proprietor in textile industry: Proprietor of
the firm Mrs. Kiran Ghanva holds an experience of around seven
years in the business of trading of agro products but no relavent
experience in textile industry. However, entire business operations
will be handled by both Mrs. Kiran Ghanva and her husband Mr.
Jignesh Ghanva.

Implementation risk associated with new project: PRI was
implementing a new project, total cost of which is INR8.40 crore
and envasiged to be funded through debt/equity ratio of 2.73 times.
As majority of the cost yet to be incurred, the project was
associated with risk related to project implementation. Further,
post project implementation, achieving envisaged capacity
utilization and sales realization remains crucial for the firm.

Susceptibility of profit margins to volatility in raw material
price: PRI is engaged in the business of manufacturing sized and
warped yarn and major raw material used by the firm is the yarn and
the prices are volatile in nature. Hence, the profitability of the
firm is susceptible to the fluctuations in raw material
prices and any adverse fluctuation in these prices will have direct
impact on the operating margins of the firm. Ability of the firm to
pass on fluctuations in the raw material price to its customers
will remain crucial.

Presence in highly fragmented and competitive textile industry:
PRI operates in highly fragmented and unorganized market of textile
industry marked by large number of small sized players. The
industry is characterized by low entry barrier due to minimal
capital requirement and easy access to customers and supplier.
Also, the presence of big sized players with established marketing
& distribution network results into intense competition in the
industry.

Key rating strengths

Location advantage of presence in Gujarat: The factory is situated
near Rajkot District at Kotda Sangani where raw materials are
easily available along with transportation and labour.

Eligibility for Government Subsidy: Project is eligible for 7%
interest subsidy from Government of Gujarat, 2% interest subsidy
from State Government, 15% capital subsidy from State Government
under RR-TUF scheme and 15% capital subsidy from Central Government
under TUF.

Analytical approach: Standalone

Rajkot-based (Gujarat), Prism Enterprise (PRI) is a proprietorship
firm established in 2016 by Ms. Kiran Ghanva with a main objective
of sizing and warping of cotton yarn. Manufacturing plant is
located at Rajkot with a proposed installed capacity of 2500000 kgs
per annum of sized and warped yarn. The products manufactured by
the entity will be used in textile industry. PRI was in the process
of acquiring machineries worth INR8.40 crore which primarily
included sizing and warping machine which was to be financed
through proprietor's contribution of INR2.25 crore, term loan of
INR6.00 crore and remaining INR0.15 crore by way of unsecured loan
from friends and family. PRI was envisaging commencing of
commercial production from May, 2017.

R. K. MARKETING: CARE Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of R. K.
Marketing (RKM) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.00       CARE B+; Stable; Issuer not
   Facilities                      cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from RKM to monitor the
rating vide e-mail communications dated May 31, 2019, May 15, 2019,
April 30, 2019, April 16, 2019, March 30, 2019, etc. and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided no default statement for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on R. K. Marketing's bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

RAJIV AGGARWAL: CARE Assigns 'B' Rating to INR5.0cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rajiv
Aggarwal (RA), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.00       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RA is constrained by
very small scale of operations with low capitalization, low &
fluctuating profit margins and working capital intensive nature of
operations with stretched liquidity position. The rating is further
constrained by being tender driven nature of operations, highly
competitive and fragmented industry and partnership nature of
constitution.

The rating however, derives strength from highly experienced
partners, moderate capital structure and debt coverage indicators
and strong order book position.

Ability of the firm to increase its scale of operations with
improvement in profit margins amidst intense competition thereby
healthy capitalization and improvement in liquidity by efficiently
manage its working capital cycle remains key rating sensitivity.

Detailed description of Key rating drivers

Key Rating Weaknesses

Very small scale of operations with low capitalization: The overall
scale of operations of the firm remained very small with total
operating income of the firm remained fluctuating in the range of
INR2.52 crore to 13.26 crore during FY16-FY18 due to tender driven
nature of operations . Moreover, the tangible networth of the firm
remained very small at INR0.31 crore as on March 31, 2018 thereby
limiting the financial flexibility of the firm to a greater
extent.

Low and fluctuating profit margins: The profit margins of the firm
remained very low and the same have remained fluctuating as per the
uneven revenue positions during the past. PBILDT margin stood in
the range of 1.07% to 3.06% during FY16-FY18. The PAT margin also
stood low in the range of 1.09% to 2.01% during the said period. On
account of the same, the debt coverage indicators remained
moderately weak during FY18 with interest coverage and total debt
to GCA at 2.04x and 7.06x in FY18 respectively.

Working capital intensive nature of operations with stretched
liquidity position: The operations of RA remained working capital
intensive in nature with considerable amount of funds being blocked
in debtors and inventory. The collection period remained stretched
at 70 days in FY18 (vis-à-vis 61 days in FY17) with inventory
period also remained high at 70 days in FY18 (vis-à-vis 2days in
FY17). On the other hand, RA also stretch its payments to its
suppliers and hence it remained highly elongated at 260 days in
FY18 (vis-à-vis 66 days in FY17).

Tender driven nature of operations: The firm deals with the
government organizations which constitute 100% of the TOI, for
which it has to participate in the tenders, wherein the firm has to
quote the bid and hence has to face the risk of successful bidding
for the same, which again comes with the risk of quoting at low
price to sustain the competition. Moreover, the tenders are mainly
dependent on the budgetary fund allocations.

Highly competitive and fragmented industry: The civil construction
industry is fragmented in nature with a large number of medium and
small scale players present at regional level. This coupled with
the tender-driven nature of construction contracts poses huge
competition and puts pressure on the profit margins of the
players.

Partnership nature of constitution: Being a partnership firm, RA
has inherent risk of withdrawal of capital at the time of personal
contingency. Furthermore, it has restricted access to external
borrowings where networth as well as creditworthiness of the
partners are the key factors affecting credit decision of the
lenders. Hence, limited funding avenues along with limited
financial flexibility have resulted in small scale of operations
for the firm.

Key rating Strengths

Highly experienced partners: RA has been in existence for 4 years
in the construction business and is managed by Mr. Rajiv Aggarwal
and Mr. Salil Aggarwal. Mr. Rajiv Aggarwal Possesses total
experience of three decades in same line of business through his
association of with own proprietorship entity. Mr. Salil Aggarwal
possess 10 years in same line of business, he mainly looks after
the tender bidding and operational departments.

Moderate capital structure: The capital structure of RA remained
moderate with overall gearing, stood at 0.96x as on March 31, 2018
(vis-à-vis 0.06 as on March 31, 2017). The same has deteriorated
on y-o-y basis due to increase in debt level in the form of
unsecured loans from family and related parties. However, the same
is expected to deteriorate in subsequent year as the firm has
availed working capital limit of INR1 crore in the month of July
2018 and utilization of the same stood high.

Strong order book position: The firm has unexecuted order book
position amounting to INR69.46 crore which is to be executed by
December 2019, thereby provides moderate revenue visibility. The
current order book comprised of major order received for
construction of skill centres, development of schools and toilets
etc.

Liquidity Position: The liquidity position of the firm is marked by
weak current and quick ratio at 0.98 times and 0.64 times
respectively as on March 31, 2018 (vis-à-vis 1.19 times and 1.19
times respectively as on March 31, 2017). The cash flow from
operating activities stood positive at INR0.26 crore as on March
31, 2018. The average utilization of the working capital limits
stood almost full during past 8 months ended February 2019. The
free cash and bank balance remained at INR0.03 crore as on
March 31, 2018.

Rajiv Aggarwal, a partnership firm established in the year 2015 by
Mr. Rajiv Aggarwal and Mr. Salil Aggarwal and is engaged in civil
construction work which involves construction of commercial
building, control rooms, hostels, office buildings installation of
electric, sanitary, plumbing etc. The firm mainly operates in
Delhi. The firm receives orders from government organizations
through tendering process. On the other hand the firm procures
various materials viz. Cement, Steel & TMT
sheets/metals/bars/angles, equipment, pipes, sand, bricks, electric
materials, etc. from the local suppliers in across Delhi.

ROLEX RINGS: CARE Hikes Rating on INR137.05cr Term Loan to BB-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rolex Rings Pvt. Ltd. (RRPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      137.05      CARE BB-; Stable Revised
   Facilities                      From CARE D
   (Term Loans)        
                                   
   Long Term Bank       32.85      CARE BB-; Stable Revised
   Facilities (Fund                From CARE D
   Based Limits)        
                                   
   Short Term Bank     192.18      CARE A4 Revised from
   Facilities (Fund                CARE D
   Based Limits)       
                        
   Short Term Bank      97.41      CARE A4 Revised from
   Facilities (Non-                CARE D
   Fund Based Limits)   
                                   
Detailed Rationale & Key Rating Drivers

The revision in the ratings for the bank facilities of RRPL takes
into account its regular debt servicing over the last six months
with improvement in liquidity on the back of stable working capital
requirements and healthy generation of cash accruals.

The ratings for RRPL, however, continue to remain constrained on
account of its working capital intensive nature of operations,
exposure of profitability to volatility in raw material prices and
forex rates and customer concentration risk. The ratings also
continue to remain constrained on account of RRPL's weak leverage
despite improvement over the last three years.

The ratings, however, continue to draw strength from the experience
of the promoters in the auto components industry, long-standing
track record of RRPL's operations in manufacturing of bearing rings
as well as its status as an approved supplier for a reputed
clientele. The ratings also take into account the growth in RRPL's
scale of operations and its healthy operating profitability.

RRPL's ability to sustain and increase its scale of operations
while maintaining its healthy profitability along with improvement
in its capital structure and effective management of its working
capital requirements are the key rating sensitivities. Any large
sized debt funded capex or acquisition would also be important from
the credit perspective.

Detailed description of the key rating drivers

Key Rating Weaknesses

Profitability vulnerable to adverse fluctuation in price of raw
materials and forex rates: Steel and its alloys form the key raw
materials required for manufacturing of bearing races and auto
components. The prices of steel and its alloys, being commodity
items, are volatile in nature. Further, RRPL does not have any long
term supply agreement with steel suppliers for its regular
requirement. Due to these factors, RRPL's profitability is exposed
to adverse movement in raw material prices.

However, quarterly revision of contracted rates with clients
mitigates this risk to a certain extent. Further, due to its
exports, which contribute around 60% of its revenue, RRPL is
exposed to unfavourable movement in forex rates. While this forex
risk on its export receivables is partially hedged by way of
imports (Rs.109 crore of imports in FY19; compared with INR531
crore of exports), the balance is hedged to some degree through use
of forward contracts as well as working capital borrowings in
foreign currency.

Working capital intensive nature of operations: RRPL's operations
are working capital intensive in nature on account of investment
required in maintaining inventory (due to a large product range and
some import of raw materials) as well as receivables (60-90 days
credit period offered to customers; longer for exports). This is
partly mitigated by way of credit availed from suppliers and the
balance is funded through bank borrowings availed by the company.
In FY19, RRPL's working capital cycle shortened by 12 days to 115
days.

Customer concentration risk: RRPL is exposed to customer
concentration risk, as around 70% of its total sales was
contributed by its top 10 customers. RRPL supplies its components
and products to other manufacturers who in turn supply them for
final use to original equipment manufacturers (OEMs) in various
industries. RRPL has limited bargaining power vis-àvis these
customers, who are larger players in varied industries including
auto components, industrial machinery and capital goods.

Weak leverage albeit with improvement over the last three years:
RRPL's net worth was negative till FY16, on account of losses
incurred in the past. However, RRPL's networth turned positive in
FY17 and improved significantly then onwards with accretion of
profits generated from operations and reached INR265.42 crore as on
March 31, 2019. This also translated in improvement in capital
structure, but its overall gearing still remained weak at 1.63x as
on March 31, 2019.

Stretched Liquidity: RRPL's liquidity remained stretched underlined
by a long operating cycle of 115 days and almost full utilization
of fund based working capital limits for the last 12 months ended
March 2019. RRPL's free cash balance also remained negligible as on
end of FY19. However, RRPL's cash flow from operations remained
healthy at INR193 crore, in excess of its GCA of INR142 crore for
the year, underlining improvement in its liquidity. These cash
flows were utilized to repay its long term debt (Rs.91 crore repaid
in FY19; including some pre-payment) and for reduction in its
working capital borrowings by INR26 crore. It has sizeable
repayments over the next 2-3 years, which are expected to be met
through its cash accruals.

Key Rating Strengths

Experienced promoters and established track record of operations:
The promoters of RRPL, i.e. the members of the Madeka family, are
well-qualified and have a vast experience in the auto ancillary
industry which is evident from the satisfactory operations of more
than ten years. The promoters look after the overall operations of
the company and play an active role in managing daily operations.
Further, RRPL is one of the leading suppliers of forged races/rings
used in various types of bearings and also manufactures various
automobile components including transmission, engine, chassis and
exhaust system parts. Exports contributed 63% of its revenue in
FY19 (67% in FY18), while the balance was by way of supply to
domestic auto ancillary manufacturers. Further, out of its exports,
more than 50% revenue was by way of supply of key parts to various
large suppliers of integrated automobile components.

Established relationship with reputed clientele: RRPL caters
primarily to the requirement of automobile sector and has a reputed
clientele comprising of established bearing and auto component
manufacturers including Timken Group, Schaeffler Group, General
Motors, NTN SNR Roulments and Allison Transmission LLC. Due to its
long standing relationship with the customers as an approved vendor
for various parts, RRPL is able to secure repeat orders from its
customers. Further, RRPL's customer portfolio has a healthy mix of
domestic and international players in the auto components industry
and it derives around 60-70% of its revenues from exports as most
of its customers are global players with presence across various
countries. This geography-wise diversified customer portfolio helps
the company reduce geographical concentration risk to some extent.

Growth in scale of operations and healthy operating profitability:
RRPL reported a healthy volume backed growth of 18% yo-y in its
total operating income (TOI) with growth in both domestic sales as
well as exports, while realizations remained largely stable. RRPL's
operating profitability also remained healthy marked by a PBILDT
margin of 23.08% in FY19. Improvement in PBILDT margin as well as
lower interest costs (with repayment of term loans and reduction in
working capital bank borrowings) translated into better PAT
margin.

Rolex Rings Private Limited (RRPL) was established as a partnership
firm by Mr. Rupesh D. Madeka in 1980 and later on reconstituted as
a private limited company in 2003 and is presently managed by
various members of the Madeka family led by Mr. Manesh D. Madeka.
RRPL is engaged in manufacturing of automotive components (bearing
rings/races, gears, exhaust system parts, chassis parts and engine
parts). It caters primarily to the requirement of automobile sector
and has a reputed clientele comprising global and domestic auto
component manufacturers. The company has two manufacturing units,
both located near Rajkot in Gujarat, with a combined installed
capacity of 140 million units for manufacturing of various
automobile parts as on March 31, 2019. The promoter family held
54.49% stake in the company as on March 31, 2019, while 45.51%
stake was held by Mauritius based New Silk Route, a private equity
investor.

ROYAL PRESSING: CARE Lowers Rating on INR7cr LT Loan to 'C'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Royal Pressing and Components Private Limited (RPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term            7.00       CARE C; Stable; Issuer not
   Bank Facilities                 cooperating; Revised from
                                   CARE BB-; Stable; Issuer not
                                   Cooperating on the basis of
                                   best available information

   Short-term           3.50       CARE A4; Issuer not
   Bank Facilities                 cooperating; based on best
                                   available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 8, 2019, placed the
ratings of RPL under the 'issuer non-cooperating' category as RPL
had failed to provide information for monitoring of the rating. RPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 17, 2019, June 14, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings of the company have been revised on account of
application being submitted to and approved by National Company Law
Tribunal (NCLT) via notice issued by Insolvency and Bankruptcy
Board of India (IBBI) as on March 15, 2019 by the operational
creditors of the RPL. The ratings further remained constraint owing
to small scale of operations, leveraged capital structure and weak
debt coverage indicators, working capital intensive nature of
operations, risk associated with raw material price fluctuations
and highly competitive nature of industry. The ratings, however,
draws comfort from experienced promoters coupled with long track
record of operations, reputed customer base and moderate
profitability margins.

Detailed description of the key rating drivers

Key Rating Weaknesses

Commencement of insolvency resolution process: The company, under
the order of NCLT via notice issued by IBBI is undergoing corporate
insolvency resolution process due to application submitted by an
operational creditor of RPL for non–repayment of debt amounting
INR0.34 crore (principal + interest). The application of the
operational creditor has been approved by the NCLT vide its order
dated March 15, 2019 and has appointed the Interim Resolution
Professional.

Small scale of operations: RPL's scale of operations remained small
marked by total operating income and gross cash accruals of
INR31.34 crore and INR0.73 crore respectively, during FY18 (refers
to the period April 1 to March 31). Further, the net worth base
also stood small at INR2.32 crore as on March 31, 2018. The small
scale limits the company's financial flexibility in times of stress
and deprives it of scale benefits.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the company stood leveraged on the balance
sheet date of the past three financial years (FY16-FY18) on account
of relatively low net worth base against high debt levels owing to
high dependence on external borrowings to meet working capital
requirements. Overall gearing stood high at 4.93x as on March 31,
2018. Further, owing to high debt levels; the debt service coverage
indicators as marked by interest coverage and total debt to GCA
stood weak at 1.50x and 15.67x during FY18.

Working capital intensive nature of operations: The operations of
the company are working capital intensive in nature marked by an
operating cycle of 114 days for FY18. Owing to large product
portfolio (different design, sizes etc.), the company is required
to maintain adequate inventory of raw material for smooth running
of its production processes and finished goods of all the products
to meet the immediate demand of its customers resulting in average
inventory holding period of around 99 days in FY18. Being in highly
competitive nature of industry and dealing with reputed client
base, the company has liberal credit policies wherein it allow
credit around 3 months. On the contrary, the company receives
payable period of around 1-2 months from its suppliers. The high
working capital requirements were met largely through bank
borrowings which resulted into average utilization of approximately
95% of its working capital limits for the last 12 months period
ended November, 2018.

Raw material price fluctuations risk and highly competitive
industry: The company is exposed to the raw material price
volatility risk due to the volatility experienced in the prices of
steel and allied products and their prices fluctuates rapidly due
to demand supply gap. Raw materials such as cold rolled closed
annealed (CRCA) steel, galvanized plain skin pass (GPSP) steel,
galvanized plain (GP) steel and mild steel (MS) wires, etc.
constitute a major component of the raw material (i.e., around 83%
of the total cost of production for the last 3 years (FY16-18),
hence any volatility in their prices has a direct impact on the
profitability margins of the company. Furthermore, RPL operates in
highly competitive industry characterized by the presence of large
number of players in the unorganized sector and organized sectors.
There are number of small and regional players and catering to the
same market which has limited the bargaining power of the company
and has exerted pressure on its margins.

Key Rating Strengths

Experienced promoters coupled with track record of operations: The
company is promoted by Mr. Surendra Pal Singh Tomar and Mrs. Pushpa
Rani Tomar. Mr. Surendra Pal Singh Tomar is B. Tech. qualified and
has experience of more than one and half decade in iron & steel
industry through his association with this entity and other group
associates. He is ably supported by Mrs. Pushpa Rani Tomar, who is
a graduate and has almost one decade of experience in this business
through her association with this entity. RPL has been operating in
this business for nearly two decades, which aid in establishing a
healthy relationship with both customers and suppliers.

Reputed customer base: The company undertakes direct sales wherein
it caters to large and reputed electronic consumer durable player
viz. L G Electronics India Private Limited, Samsung India
Electronics Private Limited, Godrej Industries Limited, Panasonic
India Private Limited, Voltas Limited, Havells India Limited
(Lloyd), Frigoglass India Private Limited, Ingersoll Rand India
Limited, etc. Association with reputed customers coupled with
repeated orders enhances the image of the company in the market
regarding product quality. Moreover, reputed client base ensures
timely realization of receivables. Moderate profitability margins:
The profitability margins of the company stood moderate during last
3 financial years (FY16- FY18). PBILDT and PAT margins stood above
7.70% and 0.25% in last 2 financial years (FY17 & FY18).

Delhi based RPL was incorporated in May, 2005. RPL succeeded an
erstwhile proprietorship firm established in 2001 named "Royal
Multi" by Mr. Surendra Pal Singh Tomar. The company is currently
being managed by Mr. Surendra Pal Singh Tomar and Mrs. Pushpa Rani
Tomar. The company is engaged in the manufacturing of sheet metal
components, wire and plastic injection molding components for air
conditioner, refrigerator and washing machine. The manufacturing
facility of the company is located at Greater Noida; Uttar Pradesh.
RPL mainly manufactures consumer durable parts and major raw
materials are procured domestically. Royal Pressing & Components is
an associate concern of RPL engaged in the manufacturing of sheet
metal and molding components.

S. GURUSIDDAIAH: CARE Migrates 'B' Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of S.
Gurusiddaiah (SG) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.00       CARE B; Stable; Issuer Not
   Facilities                      Cooperating Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from SG to monitor the
ratings vide e-mail communications dated May 21, 2019, June 7, 2019
and June 11, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided no default statement
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on S.
Gurusiddaiah (SG) bank facilities will now be denoted as CARE B;
Stable; ISSUER NOT COOPERATING.

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

S.S. KAMATH: CARE Migrates B+ Rating to Not Cooperating
-------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of S.S.
Kamath (SSK) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.70       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from SSK to monitor the
ratings vide e-mail communications dated May 21, 2019, May 22, 2019
and May 23, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided no default statement
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on S.S. Kamath's
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

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

SHRI VRINDAVANBIHARI: CARE Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shri
Vrindavanbihari Cold Storage Private Limited (SVPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      5.25        CARE B+; Stable ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking No Default Statement from SVPL to monitor the
ratings vide e-mail communications dated June 7, 2019, June 5,
2019, June 3, 2019, May 31, 2019, May 15, 2019, May 8, 2019, May 6,
2019, May 2, 2019, April 30, 2019, March 31, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided no default statement for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on SVPL's bank facilities will now be denoted
as CARE B+; Stable ISSUER NOT COOPERATING.

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

SRI LAXMI: CARE Lowers Rating on INR5.30cr LT Loan to B
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Laxmi Agro Foods, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.30       CARE B; Stable; Issuer not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Sri Laxmi Agro
Foods to monitor the ratings vide e-mail communications dated May
30, 2019, June 5, 2019 and June 6, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on Sri Laxmi Agro Foods bank facilities will now be denoted
as CARE B; Stable; ISSUER NOT COOPERATING.

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

SRI PRIYA: CARE Cuts INR5.0cr LT Loan Rating to 'B', Not Coop.
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Priya Agro Farms, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING Revised from
                                   CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Sri Priya Agro
Farms to monitor the ratings vide e-mail communications dated May
8, 2019, May 9, 2019 and May 13, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on Shiva Om Agro Industries bank facilities will now be
denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

SRI SHREESHA: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Shreesha
Rice Industries (SSRI) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            9        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)


   Long Term Loan         2.79     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     1.21     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Standby Line
   of Credit              1.00     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSRI for obtaining
information through letters and emails dated April 24, 2019, June
10, 2019 and June 14, 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 SSRI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSRI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Set up in 2011 and promoted by Mr K Nanjunda Prasad and his wife,
Ms N P Sumarani, SSRI mills and processes paddy into rice (regular
and broken) and rice bran. The mill is in Tumkur district in
Karnataka.

SRI SRINIVAS: CARE Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sri
Srinivas Industries to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      11.00       CARE B+; Stable; Issuer not
   Facilities                      cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Sri Srinivas
Industries to monitor the ratings vide e-mail communications dated
May 28, 2019, May 30, 2019 and June 6, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on Sri Srinivas Industries bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

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

The instrument-wise rating action is:

-- INR50 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR247.5 mil. Non-fund-based limits migrated to Non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 27, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in February 2010, SIPL is engaged in the business of
civil construction work mainly for government organizations. The
unit has its registered office in Delhi.

TULSI TRADING: CARE Migrates D Rating to Not Cooperating
--------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Tulsi
Trading Co. (TTC) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.25       CARE D; Stable; Issuer not
   Facilities                      cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TTC to monitor the ratings
vide e-mail communications/letters dated May 20, 2019, May 22,
2019, June 17, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on TTC's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating takes into account delays in debt repayment owing to
weak liquidity position of the firm.

Detailed description of the key rating drivers

At the time of last rating on March 16, 2018 the following were the
rating strengths and weaknesses:

Ongoing delays in Debt servicing: The rating assigned to the bank
facilities of TTC is primarily due to irregularity in servicing its
debt obligations.

Rajkot-based (Gujarat), Tulsi Trading Co. (TTC) is a partnership
firm established in 2015 by Mr. Hiren Bhagvanjibhai Sakariya, Mr.
Kiran Bhagvanjibhai Sakariya and Mr. Vasantkumar Talshibhai
Sakaria. The firm trades in agriculture commodities like cotton
bales and cotton seeds. TTC supplies agriculture commodities across
India.

ULTRA READYMIX: CARE Assigns B+ Rating to INR25cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ultra
Readymix Concrete Private Limited (URCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities            25        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of URCPL is constrained
by the company's small scale of operations, poor liquidity with
highly working capital intensive operations, financial risk profile
marked by high overall gearing and weak coverage indicators and
highly competitive nature of the construction industry. The rating
however derives strength from the vast experience of the promoters
in construction sector, owned asset base rendering operational
flexibility and established relationship with customers and
suppliers.

Going forward, the ability of the company to improve the scale of
operations, improve the capital structure and improve profitability
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The RMC industry has many large players
with higher capacities and large scale of integrated operations.
The operating income of the company remains small in the range of
INR80.9 crore- INR119.3 crore over the past three years ended FY19
(Prov.).

High overall gearing and moderate coverage indicators: The net
worth of the company is moderate at INR25.21 crore as on March 31,
2019 (Prov.) while the company's total borrowings stood high at
INR59.75 crore as on even date. The overall gearing of URCPL stood
weak at 2.37x as on March 31, 2019 (Prov.). The debt coverage
ratios stood moderate with the interest coverage ratio at 2.56
times in FY19 and Total debt to Gross cash accruals at 6.84 years
as on March 31, 2019 (Prov.).

Intensively competitive & fragmented nature of industry: The
slowdown in economic growth rate, high interest rate, delay in
awarding of infrastructure projects and increase in raw material
prices lead to challenging operational environment for construction
sector. However, the Government's continuous thrust on the
infrastructure projects is likely to benefit the construction
companies with better execution capability in the long term.

Key Rating Strengths

Vast experience of promoters in construction sector: Mr. S.
Sivasamy, Managing Director has over three decades of experience in
the construction industry through his proprietorship concern M/s
Sivasamy Contractor which is engaged in civil construction
activities since 1996. The overall administration of the company is
managed by Mr. S. Sivasamy along with other well qualified &
experienced professionals.

Owned asset based rendering operational flexibility: URCPL has its
own quarries which help in sourcing nearly 50% of the blue metal &
M-sand requirement for its RMC units. The other 50% requirement is
fed by the quarry owned by its group concern M/s Sivasamy
Contractor and this extends the operational capacity of the
company.

Established relationship with customers and suppliers: URCPL has
established relationship with customers and suppliers leveraging on
the three decade long experience of the promoters. URCPL procures
cement from RAMCO cements, Chettinad cements & Ultratech cements by
making advance payment. URCPL's major customers include Sobha
Limited, Tata Projects Limited, L&T Limited, Sree Daksha Property
Developers etc.

Liquidity
Poor liquidity marked by lower accruals when compared to repayment
obligations, fully utilized bank limits and modest cash balance.
This could constrain the ability of the company to repay is debt
obligations on a timely basis. URCPL's operations are highly
working capital intensive in nature. RMC is sold on credit basis
for a period of 30-45 days while the company enjoys credit from its
suppliers for a period of 20-30 days. As a result, the operating
cycle is weak at 275 days in FY19.

Ultra Readymix Concrete Private Limited (URCPL), established in
2004 by Mr. S. Sivasamy, is a closely held company with majority of
shares being held by the promoter family. The company is engaged in
the manufacture and sale of ready-mix concrete, aggregates, blue
metal and M-sand catering to construction industry.



===============
M A L A Y S I A
===============

KUANTAN FLOUR: Chairman Kushairi Zaidel Steps Down
--------------------------------------------------
Wong Ee Lin at theedgemarkets.com reports that Kushairi Zaidel has
stepped down as Kuantan Flour Mills Bhd's independent and
non-executive chairman with effect from July 1.

In a filing to Bursa Malaysia, the Practice Note 17 (PN17) group
said 61-year-old Kushairi is retiring due to "other personal
business commitment," theedgemarkets.com relates.

According to theedgemarkets.com, Kushairi is also chairman of the
group's Remuneration and Nomination Committee and an ordinary
member in its Audit Committee.

Kushairi started his professional service career in Sarawak, as an
auditor with HRM/Arthur Anderson.  In 1988, he joined property
development firm Borneo Development Sdn Bhd, which is jointly owned
by the state government of Sarawak and Sabah.

The stock closed half a sen or 3.13% higher at 16.5 sen on July 1,
valuing it at RM11.26 million, theedgemarkets.com discloses.

Kuantan Flour Mills Berhad is a Malaysia-based company engaged in
flour milling and trading in its related products.

The company has been a Practice Note 17 issuer since Dec. 28,
2015.


UTUSAN MELAYU: Sells Another Apartment Unit in Jakarta to Fund VSS
------------------------------------------------------------------
Syahirah Syed Jaafar at theedgemarkets.com reports that Utusan
Melayu (Malaysia) Bhd has announced the sale of a second apartment
unit in Jakarta to help fund its voluntary separation scheme
(VSS).

According to the report, the Practice Note 17 (PN17) status company
said in a filing on July 1 that it is selling the unit, measuring
277.97 square metres, in the Belezza Permata Hijau apartment
building, to an individual buyer for RM1.35 million.

On June 28, the group announced the sale of another unit in the
same building, measuring 254 square metres, to a different
individual for RM1.45 million, from which it expects a net gain of
RM179,928, theedgemarkets.com discloses.

theedgemarkets.com relates that the second sale is expected to
result in a net gain of RM84,011 and will not have any material
effect on the net assets and gearing of Utusan, it said.

"The proposed disposal provides an opportunity for Utusan to unlock
the immediate value of the property," it added.

Besides funding the VSS, Utusan said the proceeds will also be used
for working capital requirements, the report relays.

theedgemarkets.com adds that Utusan said in a separate statement it
is still in the midst of formulating its regularisation plan, with
no major developments to be announced as of yet.

The group, which fell into the PN17 list last August, noted it has
about one month left to submit its regularisation plan to relevant
authorities, the report says.

Utusan's share price closed two sen or 25% higher at 10 sen on July
1, for a market capitalisation of RM11.07 million,
theedgemarkets.com discloses.

                        About Utusan Melayu

Utusan Melayu (Malaysia) Berhad engages in the publication,
printing and distribution of newspapers. The Company's segments
include Publishing, distribution and advertisements, which is
engaged in publishing and distribution of newspapers, magazines and
books, and also indoor and outdoor advertising; Printing, which is
engaged in printing of magazines and books; Information technology
and multimedia, and Investment holding, management services and
others. It publishes newspapers, which include Utusan Malaysia,
Mingguan Malaysia, Kosmo! and Kosmo! Ahad. Its magazines include
Mastika, Saji, Infiniti and Wanita. The Company, through its
subsidiary, publishes educational books that cover all levels of
education, from pre-school to university. It also publishes
children's books and other general titles covering subjects, such
as religion and women's titles. Its other services include
transportation, audio video production and series, and archive and
research information services.

Utusan Melayu was classified as a PN17 company on Aug. 21, as it
had failed to provide a solvency declaration to Bursa Malaysia
after defaulting on its principal and profit payment to Maybank
Islamic Bhd and Bank Muamalat Malaysia Bhd.

On Aug. 30, Utusan Melayu said it will have the Corporate Debt
Restructuring Committee (CDRC), under the purview of Bank Negara
Malaysia, mediate between the group and its respective financiers.

The company said it is in the midst of formulating a regularization
plan to address its PN17 status.



=====================
P H I L I P P I N E S
=====================

PALAWAN BANK: Creditors' Claims Filing Deadline Set for July 30
---------------------------------------------------------------
Creditors of the closed The Palawan Bank (Palawan Development
Bank), Inc. have until July 30, 2019 only to file their claims
against the bank's assets. Claims filed after said date shall be
disallowed. Creditors refer to any individual or entity with a
valid claim against the assets of the closed The Palawan Bank and
include depositors with uninsured deposits that exceed the maximum
deposit insurance coverage (MDIC) of PhP500,000.

The Philippine Deposit Insurance Corporation (PDIC), the liquidator
of the closed The Palawan Bank, announced that creditors of the
closed bank may file their claims personally at the PDIC Public
Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00
AM to 5:00 PM, except holidays. Creditors also have the option to
file their claims through mail addressed to the PDIC Public
Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City. Claims filed by mail must have
a postmark dated not later than July 30, 2019. The prescribed Claim
Form against the assets of the closed bank may be downloaded from
the PDIC website, www.pdic.gov.ph. PDIC reminds creditors to
transact only with authorized PDIC personnel.

In case claims are denied, creditors shall be notified officially
by PDIC through mail. Claims denied or disallowed by the PDIC may
be filed with the liquidation court within sixty (60) days from
receipt of final notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the MDIC of PhP500,000 who have already filed claims for
the insured portion of their deposits as of July 30, 2019 are
deemed to have filed their claims for the uninsured portion or the
amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

The Palawan Bank was ordered closed by the Monetary Board (MB) of
the Bangko Sentral ng Pilipinas on May 2, 2019 and PDIC, as the
designated Receiver, was directed by the MB to proceed with the
takeover and liquidation of the closed bank in accordance with
Section 12(a) of Republic Act No. 3591, as amended. The bank's Head
Office is located at Unit 1 Goldraz Properties Bldg., Malvar St.,
Brgy. San Miguel, Puerto Princesa City, Palawan. It has nine
branches: five are located in Palawan (Brooke's Point, Narra,
Quezon, Roxas, and Taytay) and four are located in Cebu (Carcar,
Liloan, Minglanilla, and Naga).

All requests and inquiries relating to the closed The Palawan Bank
should be addressed to the PDIC Public Assistance Department
through mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner
V.A. Rufino St., Makati City, through e-mail at pad@pdic.gov.ph, or
through telephone numbers (02) 841-4630. Depositors and creditors
outside Metro Manila may call the PDIC Toll Free Hotline at
1-800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC
Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00
AM to 5:00 PM, except holidays. Inquiries may also be sent as
private message at Facebook through www.facebook.com/OfficialPDIC.

RURAL BANK OF BASEY: Creditors' Claims Deadline Set for July 30
---------------------------------------------------------------
Creditors of the closed Rural Bank of Basey (Samar), Inc. have
until July 30, 2019 only to file their claims against the bank's
assets. Claims filed after said date shall be disallowed. Creditors
refer to any individual or entity with a valid claim against the
assets of the closed Rural Bank of Basey and include depositors
with uninsured deposits that exceed the maximum deposit insurance
coverage (MDIC) of PhP500,000.

The Philippine Deposit Insurance Corporation (PDIC), the liquidator
of the closed Rural Bank of Basey, announced that creditors of the
closed bank may file their claims personally at the PDIC Public
Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00
AM to 5:00 PM, except holidays. Creditors also have the option to
file their claims through mail addressed to the PDIC Public
Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City. Claims filed by mail must have
a postmark dated not later than July 30, 2019. The prescribed Claim
Form against the assets of the closed bank may be downloaded from
the PDIC website, www.pdic.gov.ph. PDIC reminds creditors to
transact only with authorized PDIC personnel.

In case claims are denied, creditors shall be notified officially
by PDIC through mail. Claims denied or disallowed by the PDIC may
be filed with the liquidation court within sixty (60) days from
receipt of final notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the MDIC of PhP500,000 who have already filed claims for
the insured portion of their deposits as of July 30, 2019 are
deemed to have filed their claims for the uninsured portion or the
amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of Basey was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on May 16, 2019 and PDIC, as the
designated Receiver, was directed by the MB to proceed with the
takeover and liquidation of the closed bank in accordance with
Section 12(a) of Republic Act No. 3591, as amended. The bank is
located at Serafin Marabut St., Loyo (Pob.), Basey, Western Samar.

All requests and inquiries relating to the closed Rural Bank of
Basey should be addressed to the PDIC Public Assistance Department
through mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner
V.A. Rufino St., Makati City, through e-mail at pad@pdic.gov.ph, or
through telephone numbers (02) 841-4630. Depositors and creditors
outside Metro Manila may call the PDIC Toll Free Hotline at
1-800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC
Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00
AM to 5:00 PM, except holidays. Inquiries may also be sent as
private message at Facebook through www.facebook.com/OfficialPDIC.



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

SEOKWANG HI TECH: Memory-Chip Slowdown Hits Korean Parts Suppliers
------------------------------------------------------------------
The Financial Times reports that at Seokwang Hi Tech, a factory on
the southern outskirts of Seoul, half of the production lines
making parts for semiconductor equipment are sitting idle.

The company took out a KRW1 billion ($860,000) bank loan a year ago
to expand its production facilities and cash in on booming orders.
But a two-year boom in computer memory chips has turned; prices
started falling late last year.

Already struggling to meet its interest payments, Seokwang Hi Tech
has had to sack 30% of its workforce as sales have plunged 50% this
year, the FT notes.

"People talk about the second-half recovery but I see no signs
yet," the FT quotes Lee Do-won, the company's president, as saying,
forecasting full-year sales to halve to about KRW1 billion.  

"I am not sure how long our company can withstand the downturn,"
said Mr. Lee. "I may have to seriously consider closing down the
factory if things don't get better by the end of next year."

Seokwang is not alone, the FT states. Many of South Korea's small
electronics companies have been hit hard by the cyclical downturn
in the memory-chip sector, which has been exacerbated by the
slowing global economy, the US-China trade war and the export
controls on Huawei, the Chinese telecoms company that has been a
huge customer for chips, according to the report.

A sense of crisis is building in the local supply chain as big
customers such as Samsung Electronics and SK Hynix reduce capacity
because of growing uncertainty, the FT says.

The FT relates that their plight is a signal that the tech downturn
is worse than many realise, as global politics delays a recovery in
the chip cycle and prices fall more than expected.

"The trade war and the Huawei issue are distorting supply and
demand and increasing chip inventories overall," the report quotes
Kim Young-woo, an analyst at SK Securities, as saying.

Rising inventories will lead to greater pricing pressure for
suppliers in the second half, analysts, as cited by the FT, said.
IHS Markit, a data company, expects the industry's worst downturn
in a decade this year, forecasting the global microchip industry's
sales to fall 7.4 per cent to $446.2 billion this year, the FT
discloses. IC Insights, a market researcher, also expects most
semiconductor producers to be "very conservative" with their
capital spending next year, given the poor market conditions this
year, the FT adds.

"The perceived second-half demand recovery is increasingly
unlikely; producers' inventory is rising in the third quarter off
record levels," Morgan Stanley said in a recent report, the FT
relays.

According to the FT, high levels of inventory remain a big concern
for suppliers as the US campaign against Huawei damps chip demand.
Huawei is one of the Korean tech sector's biggest customers, buying
about KRW80 trillion of semiconductor components a year.

Analysts estimate that Samsung Electronics and SK Hynix, the
world's two biggest memory chipmakers, have about 5 to 15 per cent
sales exposure to Huawei, the FT discloses.

"A heated US-China trade war may send demand in the second half of
this year into quick freeze," the FT discloses citing a note issued
by DRAMeXchange, a consultancy that watches the markets for dynamic
random-access memory chips, which help devices perform multiple
tasks, and NAND chips, which provide long-term data storage.

"For 2019, it is feared that suppliers will come under prolonged
pressure to adjust price downwards," it added.



=================
S R I   L A N K A
=================

PEOPLE'S LEASING: Fitch Affirms B- LT IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has revised the Outlook on Mercantile Investments and
Finance PLC (MIF) to Negative from Stable and has affirmed the
ratings. At the same time, Fitch has affirmed the ratings of the
following Sri Lankan finance companies:

  - Central Finance Company PLC (CF)

  - LB Finance PLC (LB)

  - Senkadagala Finance PLC (Senka)

  - People's Leasing & Finance PLC (PLC)

The rating actions follow Fitch's periodic review of Sri Lanka's
large and mid-sized finance companies.

KEY RATING DRIVERS

NATIONAL RATINGS

Fitch expects Sri Lankan non-banking financial institutions to
continue to face pressure on asset quality and profitability in the
medium term. The sector's non-performing loan (NPL) ratio (overdue
more than 180 days) spiked to 7.7% by March 2019, from 5.9% at
March 2018, with the target customer base suffering from the
economic slowdown, which Fitch expects to continue throughout the
financial year. Higher taxes on financial institutions lowered
sector profitability by 28% during the financial year ending March
2019 (FY19), in addition to the impact of rising credit costs from
weakening asset quality and the adoption of SLFRS 9.

The ratings of the finance companies in the peer group are driven
by their high-risk appetite, as reflected in the companies'
predominant exposures to more vulnerable customer segments. The
ratings are highly sensitive to asset quality trends and its
assessment of capital availability to absorb this stress.

Finance Companies with Ratings Driven By Intrinsic Strength

MIF

The Negative Outlook on MIF's National Long-Term Rating reflects
its expectation that MIF's capital buffers could deteriorate
further from pressure on its already-weak asset quality and
below-average earning generation.

MIF's National Long-Term Rating reflects its high-risk appetite,
which stems from its weak underwriting standards, evolving risk
controls and high reliance on concentrated short-term funding that
has led to considerable negative maturity mismatches. The rating
also takes into consideration the company's long operating
history.

MIF's asset quality, as measured by its reported six-month
regulatory gross NPL ratio, further deteriorated to 9.6% (FY18:
7.6%) and stood above the sector's 7.7% at end-FY19. Fitch expects
MIF's NPL ratio to remain elevated in the medium-term due to
operating environment challenges, despite potentially significant
recoveries on its single largest NPL (backed by collateral), which
accounts for around 4% of gross loans.

Fitch believes MIF's concentrated deposit-base and reliance on
short-term funding pose a risk to its funding profile, particularly
in a challenging operating environment. Short-term funding
comprised 75% of total funding at end-FY19 (FY18: 71%) and, in its
view, its unutilised credit lines do not adequately cover the
negative maturity mismatches. Fitch expects deposits to remain a
major funding source for MIF (FY19: 70% of funding).

CF

CF's rating reflects its high risk appetite stemming from its
retail-centric loan book, which is concentrated in registered
three-wheelers; and weakened asset quality. This is partly
mitigated by CF's healthy capitalisation, supported by
above-industry profitability. The rating also captures CF's
established franchise, which is underpinned by solid market share
and a long operational record of 61 years in the domestic market.

CF's reported six-month regulatory gross NPL ratio surged to 5.6%
in FY19 (FY18: 3.7%), but remained lower than that of the sector.
Fitch expects further downside risk to asset quality given CF's
aggressive loan growth of 19.1% in FY19 with a back drop of a
weakened operating environment. Notwithstanding, CF's
better-than-peer capitalisation should counterbalance any credit
shocks. CF remains Sri Lanka's highest-capitalised licensed finance
company, with regulatory Tier 1 and total capital ratios of 26.0%
and 25.9%, respectively, at end-FY19.

LB

LB's rating reflects its established franchise, high profitability
from high yielding products and satisfactory capital levels. This
is counterbalanced by the company's high risk appetite due to a
large exposure to gold-backed lending.

LB's balance-sheet leverage remains the highest among large peers,
with debt/tangible equity of 6x. Some moderation is likely in the
medium term, with the company's internal capital generation
outpacing slower loan growth. LB's regulatory capital ratios remain
in line with those of peers due to its exposure to
capital-efficient products, such as gold-backed lending.

LB's gold-loan exposure increased by 28% in FY19, to account for
22% of gross loans (FY18: 19%), partly compensating for the
slowdown in leasing. Fitch believes the high exposure to
gold-backed lending could pose a threat to asset quality due to
potential volatility in gold-prices, but the exposure has so far
been managed through active monitoring and risk-control measures.

Senka

Senka's rating reflects its high risk appetite stemming from its
SME-centric loan book and lower financial flexibility compared with
peers due to a heavy reliance on secured wholesale funding. This
offsets any potential benefits stemming from Senka's established
franchise in the domestic vehicle-financing sector and well-matched
maturity gaps.

Senka's asset quality witnessed sharp deterioration in FY19,
similar to peers, reflecting a high exposure to the SME segment,
which is highly susceptible to the prevailing weak operating
environment. Its reported six-month regulatory gross NPL ratio
surged to 4.9% in FY19, from 2.3% in FY18, although it remains
better than that of the sector. Fitch expects asset-quality
pressure to persist in FY20, as a meaningful economic recovery is
not probable in the short term.

Senka's heavy reliance on secured funding is likely to further
limit its financial flexibility, especially in distressed-market
conditions. Its unsecured debt/total debt ratio was low at 44.7% in
FY19 due to a low share of deposits (33.2% of total funding at
FYE19) in the funding mix compared with peers.

Finance Companies with Institutional Support-Driven Ratings

PLC

PLC's Issuer Default Ratings (IDR) and National Long-Term Rating
reflect Fitch's view that its parent, the state-owned and
systemically important People's Bank (Sri Lanka) (AA+(lka)/Stable),
would provide PLC with extraordinary support, if required. People's
Bank's propensity to support PLC stems from PLC's group role and
integration as a strategically important subsidiary of People's
Bank; PLC accounted for 9.8% of People's Bank's assets at FYE19.
PLC also has 92 window offices within People's Bank branches and
has board representation from People's Bank.

There is high reputational risk to People's Bank should PLC
default, as the bank holds 75% of PLC and shares a common brand.
People's Bank's ability to provide support to PLC is limited and
stems from Sri Lanka's rating of 'B'/Stable.

DEBT RATINGS

The ratings on the senior debentures of LB, Senka and PLC are in
line with the companies' National Long-Term Ratings, as they rank
equally with claims of the company's other senior unsecured
creditors.

Fitch has not provided any rating uplift for the collateralisation
of CF's senior secured notes, as Fitch considers recovery prospects
to be average and comparable with that of unsecured notes in a
developing legal system.

The subordinated debentures of LB and proposed subordinated
debentures of Senka are rated one notch below the companies'
National Long-Term Ratings to reflect their subordination to senior
unsecured creditors.


RATING SENSITIVITIES

NATIONAL RATINGS

Finance Companies with Ratings Driven By Intrinsic Strength

MIF

The Outlook on MIF's National Long-Term Rating may be revised to
Stable if the company can sustain capital buffers to sufficiently
cushion its weaker asset quality amid higher operating
environment-related risks. MIF's ratings could be downgraded if it
experiences higher capital impairment due to sustained
deterioration in asset quality and profitability or if its large
maturity mismatches were to widen.

CF

CF's ratings could be upgraded if its risk appetite moderates,
which Fitch does not expect in the medium term. The rating could be
downgraded if capital buffers are substantially eroded due to
weakening asset quality and prolonged rapid growth in the more
vulnerable customer segments.

LB

Downgrade triggers for LB include heightened risk appetite or
capital pressure from weaker profitability. This could be indicated
through aggressive loan growth or deterioration in asset quality.
An upgrade is contingent on LB achieving stronger capitalisation,
lower-risk asset exposure and a more comfortable liquidity
position.

Senka

An upgrade of Senka's rating is contingent upon the company
sustaining stronger capital levels and improved financial
flexibility through a more robust deposit franchise. Senka's rating
could be downgraded if asset quality weakens, leading to a
significant decline in capitalisation or excessive asset
encumbrance.

Finance Companies with Institutional Support-Driven Ratings

PLC

A downgrade of PLC's IDRs and National Rating would occur if
People's Bank's ability to support PLC was to weaken, if People's
Bank was to cede its majority ownership in PLC or if PLC's
strategic importance to its parent was to diminish over time,
reflecting a reduced propensity to support PLC. However, Fitch does
not anticipate this in the long term. PLC's ratings are also
sensitive to changes in the sovereign rating, as this would affect
People's Bank's ability to provide support to PLC.

DEBT RATINGS

The ratings on the senior debt of CF, LB, Senka and PLC will move
in tandem with the companies' National Long-Term Ratings.

The assigned subordinated debt ratings will move in tandem with the
National Long-Term Ratings.

The rating actions are as follows:

Mercantile Investments and Finance PLC

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

Central Finance Company PLC

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

Senior secured National Long-Term Rating affirmed at 'A+(lka)'

LB Finance PLC

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

Senior unsecured National Long-Term Rating affirmed at 'A-(lka)'

Subordinated debt National Long-Term Rating affirmed at
'BBB+(lka)'

Senkadagala Finance PLC

National Long-Term Rating affirmed at 'BBB+(lka)'; Outlook Stable

Senior unsecured National Long-Term Rating affirmed at 'BBB+(lka)'

Proposed subordinated debt National Long-Term Expected Rating
affirmed at 'BBB(EXP)(lka)'

People's Leasing & Finance PLC

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

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

National Long-Term Rating affirmed at 'AA-(lka)'; Outlook Stable

Senior unsecured National Long-Term Rating affirmed at 'AA-(lka)'



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

VINGROUP JSC: Fitch Withdraws B+ LT IDRs due to Insufficient Info
-----------------------------------------------------------------
Fitch Ratings has withdrawn the ratings on Vingroup JSC.

Fitch's ratings on Vingroup prior to the withdrawal:

  -- Long-Term Foreign- and Local-Currency Issuer Default Ratings
at 'B+'; Outlook Negative


The ratings were withdrawn due to insufficient information
provided.

KEY RATING DRIVERS

Fitch is withdrawing the ratings as Vingroup has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Vingroup.

DERIVATION SUMMARY

Not applicable

KEY ASSUMPTIONS

Not relevant as the ratings have been withdrawn

RATING SENSITIVITIES

Not relevant as the ratings have been withdrawn

LIQUIDITY AND DEBT STRUCTURE

Not applicable


                           *********


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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