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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

          Thursday, August 1, 2019, Vol. 22, No. 153

                           Headlines



A U S T R A L I A

DAVENNE HOLDINGS: First Creditors' Meeting Set for Aug. 9
GRAINPRO PTY: Trades on Under External Voluntary Administration
NATIONAL CONGRESS: Closes Doors Following Voluntary Administration
OVENELLIS PTY: First Creditors' Meeting Set for Aug. 8
PACIFIC HVAC: First Creditors' Meeting Set for Aug. 7

RALAN GROUP: First Creditors' Meeting Set for Aug. 9
RALAN GROUP: Goes Into Administration Amid Property Market Downturn
SAMSON OIL: Names Nicholas Ong as Director & Corporate Secretary
SFC WHOLESALE: First Creditors' Meeting Set for Aug. 8
SNOWCOAST PTY: First Creditors' Meeting Set for Aug. 12

WILD GOOSE: Goes Into Administration


C H I N A

BRIGHT SCHOLAR: Fitch Assigns BB- Rating on USD300MM Sr. Notes
CBAK ENERGY: Issues $1.4M Promissory Note to Atlas Sciences
CHINA LENDING: Partners With China's ZLJA on Expansion Efforts
KANGDE XIN: Accounting Giant Defends Audits Amid Investigation
SHARING ECONOMY: Incurs $25 Million Net Loss in First Quarter



H O N G   K O N G

WTT INVESTMENT: Fitch Withdraws B+ IDRs Amid Merger Transaction


I N D I A

BABA JHARESWAR: ICRA Maintains 'B' Rating in Not Cooperating
BINDU FOOD: ICRA Maintains C+ Ratings in Not Cooperating
CHENANI NASHRI: Ind-Ra Lowers Rating on Bank Loans to 'D'
DNH PROJECTS: ICRA Migrates 'C' Ratings to Not Cooperating
JAIN AGENCIES: ICRA Keeps B+ on INR10cr Debt in Not Cooperating

JAYPEE INFRATECH: NCLAT Extends Insolvency Period by 90 Days
JET AIRWAYS: Creditors to Hold Second Meeting Today
JHV STEELS: ICRA Keeps B on INR12.5cr Debt in Not Cooperating
KHUDIRAM COLD: ICRA Maintains 'B' Ratings in Not Cooperating
KRISHNA COTTON: ICRA Maintains D Ratings in Not Cooperating

LRC ABARANA: ICRA Withdraws B+ Rating on INR15cr LT Loan
MANGALAM METALS: ICRA Keeps B- on INR12cr Loan in Not Cooperating
MONDAL ICE: ICRA Maintains B+ Ratings in Not Cooperating
PRITHVI DEVELOPERS: ICRA Maintains D Rating in Not Cooperating
RENEW POWER: Fitch Assigns BB-(EXP) Rating to New USD Sec. Notes

RENEW POWER: S&P Assigns 'BB-' Rating to New Senior Secured Notes
SAYAJI PACKAGING: ICRA Moves B on INR7.5cr Loans to Not Cooperating
SIKAR BIKANER: Ind-Ra Cuts Rating on INR4-Mil. Bank Loans to 'D'
SURYA ALLOY: ICRA Assigns 'B' Rating to INR174.52cr Term Loan
THANGARAJ EXPORTS: ICRA Withdraws B Rating on INR14cr LT Loan

WEB SPIDERS: ICRA Keeps B+ on INR15cr Loan in Not Cooperating


I N D O N E S I A

INDOFOOD AGRI: Posts IDR216.5-Bil. Net Loss in Q2 Ended June 30


J A P A N

NISSAN MOTOR: Continues to Reduce Workforce & Production


S I N G A P O R E

EPICENTRE HOLDINGS: Names Ernst & Young as Special Auditor


T A I W A N

UNITED MICROELECTRONICS: Egan-Jones Cuts Sr. Unsec. Rating to BB+

                           - - - - -


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

DAVENNE HOLDINGS: First Creditors' Meeting Set for Aug. 9
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Davenne
Holdings Pty Ltd, trading as "Bergie's" & "Bergmeier Earthmoving",
will be held on Aug. 9, 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 Davenne Holdings on July 31, 2019.


GRAINPRO PTY: Trades on Under External Voluntary Administration
---------------------------------------------------------------
Liz Wells at Grain Central reports that Grainpro Pty Ltd has gone
into voluntary external administration to end industry speculation
over recent weeks about the Wagga Wagga-based company's financial
situation.

According to Australian Securities & Investments Commission's
(ASIC) records, Adam Shepard of Sydney firm Setter Shepard was
appointed on July 27 as the company's administrator.

On its website, GrainPro describes itself as a primary grain
merchant based in Australia and operating worldwide for buyers and
growers of grain products.

According to the report, trade sources said it had primarily
operated in New South Wales and Victoria, but has also had a
presence in South Australia and Queensland at times over the
years.

Grain Central relates that ASIC records state GrainPro's principal
place of business since August last year is Gumly Gumly, on the
eastern edge of Wagga Wagga, and that the business moved south from
Dubbo in 2015.

The GrainPro website said the company was founded by Mario and
Angela Bonfante in Dubbo in 2006.

The ASIC report lists Dr Bonfante as the company's secretary and
sole director, and says Angela Bonfante ceased being a director and
the secretary of the company in 2017, Grain Central discloses.

Grain, pulses and other commodities including canola meal,
cottonseed and hay are continuing to trade on GrainPro's electronic
platform, according to Grain Central.

GrainPro was contacted for comment, and a staff member confirmed
the company was still trading, adds Grain Central.


NATIONAL CONGRESS: Closes Doors Following Voluntary Administration
------------------------------------------------------------------
Maggie Coggan at Pro Bono News reports that the National Congress
of Australia's First Peoples has officially closed its doors after
the peak representative body went into voluntary administration in
June.

According to the report, co-chairs of the Congress, Rod Little, and
Dr. Jackie Huggins announced over the weekend that they had
accepted an informal offer of redundancy.

Despite being promised funding in the 2015-16 forward estimates, in
2013, the Abbott government withdrew its support and commitment to
any future funding, the report says.

Pro Bono News relates that the Congress then entered a
fee-for-service agreement with former Indigenous affairs minister
Nigel Scullion allowing the organisation to stay afloat, but this
forced staff cuts and a reduction of services.

At the beginning of June, the organisation entered into voluntary
administration so it wouldn't trade as an insolvent entity, the
report states.

"We regret that no funding was forthcoming from any source. This
meant that Congress was unable to continue its business of
representing the rights and interests of its members at the
national level now or into the future," Little and Huggins said in
a joint statement, Pro Bono News relays.

National Congress had grown to be the largest Aboriginal and Torres
Strait organisation in Australia, representing 10,000 members and
180 organisations.

Mr. Little told Pro Bono News that a lack of commitment to
long-term funding by the government was disappointing, and meant
Congress' 10,000 members were left without a strong voice to fight
for them.

"Our individual members and organisations are now going to be left
to fight for themselves, which we don't want," the report quotes
Mr. Little as saying.

He said the organisation had not been given time to build itself up
to a point where it could be financially sustainable, the report
relays.

"We've only been around for eight years and only got Deductible
Gift Receipt status four years ago so we could receive donations
easily. It takes many more years than that to become successful,"
he said.

He said he was now holding out hope that the newly-appointed
minister for Indigenous affairs, Ken Wyatt, would step-up and
reinstate funding to revive the organization, according to Pro Bono
News.

"I have hope that Congress will run again, but it's going to need
Minister Wyatt to step in and help," Mr. Little said, Pro Bono News
adds.

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


OVENELLIS PTY: First Creditors' Meeting Set for Aug. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of Ovenellis
Pty Ltd, trading as "Sydney's Upper Crust" and "Sydney Upper Crust
Bakery", will be held on Aug. 8, 2019, at 10:30 a.m. at the offices
of BRI Ferrier, Level 30, Australia Square, at 264 George Street,
in Sydney, NSW.

Peter Paul Krejci of BRI Ferrier was appointed as administrator of
Ovenellis Pty on July 29, 2019.


PACIFIC HVAC: First Creditors' Meeting Set for Aug. 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Pacific HVAC
Engineering Pty Ltd will be held on Aug. 7, 2019, at 11:00 a.m. at
Citadines, 131-135 Bourke Street, in Melbourne, Victoria.

Rob Smith and Matthew Caddy of McGrathNicol were appointed as
administrators of Pacific HVAC on July 26, 2019.


RALAN GROUP: First Creditors' Meeting Set for Aug. 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Ralan Group,
et al., will be held on Aug. 9, 2019, at 3:30 p.m. at Wesley
Conference Centre, at 220 Pitt Street, in Sydney, NSW.

The Ralan Group entities in administration are:

     -- The Ralan Group Pty. Ltd
     -- Garryspillane Pty Ltd
     -- Menufeast Pty Limited
     -- Ralan (Culworth) Pty Ltd
     -- Ralan 888 Pty Ltd
     -- Ralan Arncliffe Pty Ltd
     -- Ralan Beaconsfield Pty Ltd
     -- Ralan Boundary Street Pty Ltd
     -- Ralan Budds Beach Holdings Pty Ltd
     -- Ralan Budds Beach No.1 Pty Ltd
     -- Ralan Budds Beach No.2 Pty Ltd
     -- Ralan Budds Beach No.3 Pty Ltd
     -- Ralan Burwood Pty Limited
     -- Ralan Capital Investment Pty Ltd
     -- Ralan Cecil Street Pty Ltd
     -- Ralan Cherry Street Pty Ltd
     -- Ralan Constructions Pty Ltd
     -- Ralan Corona Pty Ltd
     -- Ralan Culworth No.2 Pty Limited
     -- Ralan Developments No.2 Pty Ltd
     -- Ralan Developments Pty Limited
     -- Ralan Duff Street Pty Ltd
     -- Ralan Dumaresq No.2 Pty Ltd
     -- Ralan Dumaresq Pty Ltd
     -- Ralan Eulbertie Pty Ltd
     -- Ralan Gordon Pty Ltd
     -- Ralan Holdings Pty Limited
     -- Ralan Killara Pty Ltd
     -- Ralan Lamond Pty Ltd
     -- Ralan Marian Pty Ltd
     -- Ralan Mascot Pty Limited
     -- Ralan McIntyre Pty Ltd
     -- Ralan Merriwa Pty Ltd
     -- Ralan Mortgage Corporation Pty Limited
     -- Ralan Nominees Pty Limited
     -- Ralan Ocean Avenue Holdings Pty Ltd
     -- Ralan Ocean Avenue No.1 Pty Ltd
     -- Ralan Ocean Avenue No.2 Pty Ltd
     -- Ralan Ocean Avenue No.3 Pty Ltd
     -- Ralan Paradise No.1 Pty Ltd
     -- Ralan Paradise Holdings Pty Ltd
     -- Ralan Paradise No.2 Pty Ltd
     -- Ralan Paradise No.3 Pty Ltd
     -- Ralan Paradise No.4 Pty Ltd
     -- Ralan Paradise Resort Pty Ltd
     -- Ralan Property Care Pty Ltd
     -- Ralan Property Services Pty Limited
     -- Ralan Property Services QLD Pty Ltd
     -- Ralan Pymble Pty Ltd
     -- Ralan Rhodes Pty Ltd
     -- Ralan Rosebery Pty Ltd
     -- Ralan Ruby No.2 Pty Ltd
     -- Ralan Ruby Pty Limited
     -- Ralan St Leonards Pty Ltd
     -- Ralan Warrangi Pty Ltd
     -- Ruby Apartments Pty Ltd
     -- Ruby Collection Management Pty Ltd
     -- Ruby GC Holdings Pty Ltd

Said Jahani, Graham Killer and Philip Campbell-Wilson of Grant
Thornton Australia were appointed as administrators of Ralan Group
and related companies on July 30, 2019.


RALAN GROUP: Goes Into Administration Amid Property Market Downturn
-------------------------------------------------------------------
Jamie Smyth at The Financial Times reports that Ralan Group, one of
Australia's largest private developers, has collapsed amid a severe
downturn in the property market that hit sales and pushed up
funding costs in the sector.

According to the FT, Grant Thornton Australia said on July 31 that
it had been appointed administrator to Ralan Group, which
specialises in building, developing and managing residential and
commercial property in Sydney and the Gold Coast.

It said the group owed about AUD500 million to creditors and had a
pipeline of more than 3,000 apartments in the construction or
pre-sales phase, the FT relays.

Ralan is developing one of Australia's largest hotel and apartment
projects, the AUD1.4 billion Ruby Collection on the Gold Coast - a
fast-growing region on the country's east coast that depends to a
large extent on foreign buyers.

"In terms of the operating businesses within the [Ralan] Group, it
is as far as possible, business as usual. We are working closely
with key stakeholders to identify and preserve value for
creditors," the FT quotes Jahani, managing partner, Grant Thornton
Australia, as saying.

The FT says the collapse of Ralan is the latest in a series of
builders and developers experiencing financial difficulties as a
result of the market slowdown, with Melbourne-based developer
Stellar Group placed in receivership in June.

A second profit warning in three months by Adelaide Brighton, one
of Australia's biggest listed building materials companies, was
another sign of distress in the country's building industry, the FT
notes. On July 31, it downgraded its earnings forecast to AUD120
million-AUD130 million for the financial year ended 2019 and
announced a AUD100 million impairment charge, blaming a slowdown in
residential construction that was softening demand for building
materials.

Analysts have expressed concern about difficulties in the developer
and real estate sectors following a huge apartment building boom
over the past five years, the FT says.


SAMSON OIL: Names Nicholas Ong as Director & Corporate Secretary
----------------------------------------------------------------
Nicholas Ong was appointed to replace Denis Rakich as director and
corporate secretary of Samson Oil & Gas Limited on July 22, 2019.

Mr. Ong is the managing director of Minerva Corporate Pty Limited.
He is also a director of Tianmei Beverage Group Corp Ltd, Vonex
Ltd, Helios Energy Ltd, Black Star Petroleum Ltd, Arrow Minerals
Ltd, White Cliff Minerals Ltd, and CoAssets Limited, and acts as
company secretary for White Cliff Minerals Ltd and Love Group Ltd.
Mr. Ong also acts as non-executive chairman of Black Star Petroleum
Ltd.  From 2011 to 2016, Mr. Ong was a commercial director at
Excelsior Gold Ltd., a public exploration and mining firm.

Mr. Ong is a member of the Governance Institute of Australia and
holds a Master of Business Administration from the University of
Western Australia and a Bachelor of Commerce from Murdoch
University.  He also holds graduate diplomas of Applied Finance and
Investments and Applied Corporate Governance from the Securities
Institute of Australia and the Governance Institute of Australia,
respectively.  Mr. Ong was a principal adviser at the Australian
Securities Exchange in Perth.  While at the ASX, Mr. Ong oversaw
the listing of over 100 companies to the official list of the ASX.

Mr. Ong executed an Engagement Letter with Minerva and the Company
dated April 30, 2019, accepting the positions of director and
secretary of the Company.  Pursuant to the Engagement Letter, Mr.
Ong will serve in his position at the Company for a period of 12
months, subject to extension.  Mr. Ong will be paid AUS$80,000 per
year for his services as director and secretary of the Company.

On July 22, 2019, Mr. Denis Rakich resigned as a director and
corporate secretary of Samson Oil.

                           About Samson Oil

Samson Oil & Gas Limited -- http://www.samsonoilandgas.com/-- is  
an independent energy company primarily engaged in the acquisition,
exploration, exploitation and development of oil and natural gas
properties.  Its principal business is the exploration and
development of oil and natural gas properties in the United States.
The Company's registered office is located at Level 16, AMP
Building, 140 St Georges Terrace, Perth, Western Australia 6000.
Its principal office in the United States is in Denver, Colorado.

Samson Oil incurred a net loss of $6.03 million for the year ended
June 30, 2018, following a net loss of $2.76 million for the year
ended June 30, 2017.  As of March 31, 2019, Samson Oil had $33.93
million in total assets, $41.57 million in total liabilities, and a
total stocholders' deficit of $7.63 million.

Moss Adams LLP, in Denver, Colorado, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Oct. 15, 2018, on the Company's consolidated financial statements
for the year ended June 30, 2018, stating that the Company is in
violation of its debt covenants, has suffered recurring losses from
operations, and its current liabilities exceed its current assets.
These conditions raise substantial doubt about its ability to
continue as a going concern.


SFC WHOLESALE: First Creditors' Meeting Set for Aug. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of SFC
Wholesale Australia Pty Ltd will be held on Aug. 8, 2019, at 9:30
a.m. at Level 18, Bourke Place, at 600 Bourke Street, in Melbourne,
Victoria.

Mathew Gollant of Courtney Jones was appointed as administrator of
SFC Wholesale on July 29, 2019.


SNOWCOAST PTY: First Creditors' Meeting Set for Aug. 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Snowcoast
Pty Ltd will be held on Aug. 12, 2019, at 11:00 a.m. at the offices
of TPH Advisory, Lower Level, at 133 Macquarie Street, in Sydney,
NSW.

Tim Heesh and Amanda Lott of TPH Advisory were appointed as
administrators of Snowcoast Pty on July 31, 2019.


WILD GOOSE: Goes Into Administration
------------------------------------
insuranceNEWS.com.au reports that Sportscover Australia's parent
company, Wild Goose Holdings (WGH), has gone into voluntary
administration, but the specialist underwriting agency's operations
will not be affected.

Administrator David Quin, from PCI Partners, told
insuranceNEWS.com.au the move "is not related to Sportscover
Australia and it does not affect their operations".

WGH owns 100% of Sportscover Australia, as well as Sportscover's
European operations. It is believed to also have shareholdings in
other businesses across different industries.

Sportscover founder and Chairman Peter Nash told
insuranceNEWS.com.au the voluntary administration "relates back to
the dim and distant past with our syndicate".

In 2014, Sportscover agreed to sell control of its Lloyd's managing
general agency, Syndicate 3334, to Hamilton Insurance, the report
says.

Sportscover Australia CEO Simon Allatson told insuranceNEWS.com.au
that while the latest development is "very unfortunate", it "does
not impact on our business".

"For as long as I have been CEO we have been very profitable and
serving the needs of the market very well," the report quotes Mr.
Allatson as saying. "This issue has nothing to do with us at all
and is not of our making."

insuranceNEWS.com.au, citing Australian Securities and Investments
Commission documents, discloses that the WGH directors as Mr. Nash
and his son Christopher, both of Lysterfield, Victoria, and Brian
Woodhead, of the Melbourne suburb of Bundoora.

Hollard owns a minority shareholding in the company, but is not
represented on the board. WGH's registered address is Wellington
Road, Mulgrave, Victoria.

According to the report, Mr. Quin said it is too early to indicate
how the situation will be resolved. A first meeting of the
creditors takes place in Melbourne on Aug. 2. "It is still being
investigated and it will be in the hands of the creditors."

Sportscover Australia also released a statement on July 30 to
reassure clients and partners that the WGH matter does not affect
"day-to-day operations," the report relays.

"Our binders for liability, personal accident, contingency and
property remain in place with our partners within Lloyd's and we
will continue to support the broker market in providing our sports
and leisure products as we have for the past 33 years," the
statement, as cited by insuranceNEWS.com.au, said.

"As testament to our ongoing commitment to the market, we will
shortly formally announce the addition of cyber insurance to the
sports sector, fully underwritten by Sportscover Australia on
behalf of its partners in Lloyd's."

Mr. Allatson took over as CEO in 2017 following the departure of
David Lamb the previous year.

insuranceNEWS.com.au adds that Sportscover said at the time that
Mr. Lamb was dismissed "for performance and misconduct issues", but
he disputed that, saying he was confronted after raising concerns
about the company.



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

BRIGHT SCHOLAR: Fitch Assigns BB- Rating on USD300MM Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned Bright Scholar Education Holdings
Limited's (BB-/Stable) USD300 million 7.45% senior notes due 2022 a
final rating of 'BB-'. Proceeds will be used to finance overseas
business expansion, repay a promissory note and for other general
corporate purposes.

The notes are rated in line with Bright Scholar's senior unsecured
rating, as they constitute its direct and senior unsecured
obligations and rank pari passu with its existing and future senior
unsecured debt. The final rating follows the receipt of the final
documentation conforming to information already received and is in
line with the expected rating assigned on July 18, 2019.

The ratings on Bright Scholar reflects the company's solid market
position as the largest operator of international and bilingual
schools that cover kindergarten to 12th grade in China by
enrolment. The ratings also incorporate the education industry's
strong growth prospects and stable cash flow generation, the
company's synergistic relationship with Chinese homebuilder,
Country Garden Holdings Co. Ltd. (BBB-/Stable), and its solid
financial profile with a net cash position.

The ratings are constrained by the company's small operating scale,
with EBITDA of around USD56 million in the financial year ended
August 2018 (FY18), and revenue concentration, as five schools
accounted for almost half of FY18 revenue. The company's operating
model and expansion strategy could also be affected by regulatory
changes.

KEY RATING DRIVERS

Fast-Growing Demand: The private school industry in China has been
expanding and revenue is expected to increase by a CAGR of 11.7% in
2016-2020, according to Frost and Sullivan, driven by rising
disposable incomes and higher emphasis on quality education. Frost
and Sullivan expects international education service providers to
grow even faster, with 55% of the upper-middle class interested in
sending their children overseas for education. Bright Scholar
operated 78 schools across nine provinces in China and one overseas
school in the UK as of May 2019.

New Schools to Drive Growth: Bright Scholar is planning to expand
its school network in China by building new schools and
acquisitions. Fitch expects revenue to increase by a CAGR of more
than 30% over FY19-FY22. The company's strategy for expansion is to
launch new schools in collaboration with residential property
developers, mainly Country Garden. This strategy provides Bright
Scholar with many potential opportunities, as Country Garden is a
leading property developer in China with plans to develop hundreds
of sites in the next few years.

Continuing Acquisitions: Fitch expects Bright Scholar to continue
to explore suitable acquisition targets to develop its education
technology solutions and complement its school operations. Fitch
expects Bright Scholar to consider both domestic and global M&A
opportunities, which may include operators of extracurricular
programmes in China and overseas schools.

Fitch has incorporated spending of CNY2 billion and CNY334 million
in FY19 and FY20, respectively, for announced or completed
acquisitions. Fitch expects Bright Scholar to finance acquisitions
via its net cash balance and strong, consistent FCF from its school
operations, but an aggressive acquisition strategy or
slower-than-expected integration of such acquisitions could lead to
deterioration in the company's leverage.

Strong Business and Financial Profile: The company has stable
recurring revenue and profit sourced from tuition from consistent
student enrolment in its schools. The cost for students switching
to another school is high. Bright Scholar's EBITDA margin was 22.5%
in FY18 and Fitch expects the company to maintain a stable EBITDA
margin and modest leverage as it expands its school network.

Relationship with Country Garden: Bright Scholar collaborates
closely with Country Garden. The company uses the properties
developed by Country Garden, which limits capex outlay in
connection with land procurement and construction. This will
contribute to the company's lower leverage and higher FCF margin
over the next four years. The cooperation between the two companies
provides Bright Scholar with a pipeline of new schools in prime
locations to drive growth.

Limited Impact from Regulatory Change: The private education sector
in China is highly regulated. Fitch expects the drafts of
amendments to laws released by the Ministry of Justice in 2018 to
have limited impact on Bright Scholar's existing schools'
operation, but they may constrain future domestic school M&A
opportunities. Management is closely monitoring industry
developments and will adapt to further changes in regulations.

Rating Constrained by Scale: Bright Scholar's ratings are
constrained by its small business scale (around USD56 million of
EBITDA in FY18) relative to companies with the same rating and
limited geographic diversification. The company's international and
bilingual schools in Guangdong province accounted for around 46% of
total revenue in FY18. In addition, the flagship Guangdong Country
Garden School in Shunde contributed to 17% of FY18 revenue.

Variable Interest Equity Structure: Chinese law restricts foreign
equity ownership in domestic companies that provide compulsory
education at the primary and middle school levels and education at
the kindergarten and high school level. Bright Scholar, which is
registered in the Cayman Islands, operates its schools in China
through consolidated affiliated Chinese entities with whom it has
contractual relationships. These variable interest equity (VIE)
arrangements are a credit weakness, as they may not be as effective
in providing control as direct ownership. However, VIE structures
are the usual mechanism for overseas investors to participate in
sectors that are subject to China's investment restrictions.

In addition, the risks of such arrangements are mitigated by Bright
Scholar keeping the majority of cash and assets within its wholly
owned subsidiaries rather than the contractually controlled,
consolidated affiliated entities. The objectives of Bright Scholar
and its affiliates are also aligned and the company enjoys good
relationships with the government and regulatory authorities.

DERIVATION SUMMARY

Bright Scholar may be compared with 361 Degrees International
Limited (BB-/Stable), a Chinese maker of sportswear with modest
operations and a sustained net cash position. Bright Scholar has a
smaller operating scale, at roughly 50% of 361 Degrees' EBITDA, and
less geographic diversification than the sportswear maker. However,
Bright Scholar has a stronger financial profile, with faster
revenue growth, higher EBITDA margin and more stable FCF
generation. As a result, the two companies are rated at the same
level.

KEY ASSUMPTIONS

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

  - 22%-29% revenue growth in FY19-FY21 in the school segment
driven by new schools and higher enrolments

  - 104% revenue growth in FY19 in other segments driven by
acquisitions of overseas schools and complementary services

  - EBITDA margin of 22%-23% in FY19-FY21 (FY18:22.5%)

  - CNY50 million in capex in FY19 and CNY300 million-500 million
per year in FY20 and FY21

  - CNY2,015 million in M&A in FY19 and CNY500 million per year in
FY20 and FY21w


CBAK ENERGY: Issues $1.4M Promissory Note to Atlas Sciences
-----------------------------------------------------------
CBAK Energy Technology, Inc., entered into a securities purchase
agreement with Atlas Sciences, LLC, pursuant to which the Company
issued a promissory note to the Lender dated as of July 24, 2019.
The Note has an original principal amount of $1,395,000, bears
interest at a rate of 10% per annum and will mature 12 months after
the Closing Date, unless earlier paid or redeemed in accordance
with its terms.  The Company received proceeds of $1,250,000 after
an original issue discount of $125,000 and payment of the Lender's
expenses of $20,000.

The Note provides that, the Company will have the right to prepay
the Note for an amount equal to 125% multiplied by the portion of
the Outstanding Balance (as defined in the Note) being prepaid.
Beginning on the date that is six months after the Closing Date,
the Lender has the right to redeem any amount of the Note up to
$250,000 per calendar month.  Upon the occurrence of an event of
default, interest accrues at the lesser of 22% per annum or the
maximum rate permitted by applicable law and the Lender may
accelerate the Note pursuant to which the Outstanding Balance will
become immediately due and payable in cash.

The Company relied on the exemption from registration afforded by
Section 4(a)(2) of the Securities Act of 1933, as amended, in
connection with the issuance and sale of the Note.

                        About CBAK Energy

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

CBAK Energy reported a net loss of $1.95 million for the year ended
Dec. 31, 2018, compared with a net loss of $21.46 million for the
year ended Dec. 31, 2017.  As of March 31, 2019, CBAK Energy had
$123.24 million in total assets, $120.28 million in total
liabilities, and $2.95 million in total equity.

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


CHINA LENDING: Partners With China's ZLJA on Expansion Efforts
--------------------------------------------------------------
China Lending Corporation has entered into a five-year strategic
partnership with Zhong Lian Jin An Insurance Brokers Co., Ltd.
("ZLJA"), an insurance brokerage company in China with over 90
branches across the nation.

The partnership will enable both companies to further expand each
other's customer bases and to develop "superior, customized
consumer financing and insurance products by leveraging their
industry expertise, service capabilities, and industry networks."

China Lending will utilize its market resources to help ZLJA to
effectively expand and manage its insurance customer base and sales
channels.  In return, ZLJA will leverage its existing customer base
to identify potential sales leads for the Company's consumer
financing services.

The Company also facilitated a tripartite cooperation agreement
between ZLJA, Urumqi Haoyi Yuntian Information Technology Co.,
Ltd., a business partner of China Lending, and Gongdao Network
Technology Co., Ltd. which is focused on developing online
litigation solutions.  Pursuant to the cooperation agreement, ZLJA
will acquire customers seeking litigation guarantee insurance
products from Gongdao's online litigation portal and serve as the
exclusive insurance broker for such customers in the Xinjiang
Uyghur Autonomous Region, and Haoyi Yuntian will provide
intellectual property support for the litigation guarantee
insurance business.  China Lending expects to benefit economically
from the transactions by virtue of its partnerships with ZLJA and
Haoyi Yuntian.

Ms. Jingping Li, co-founder and chief executive officer of China
Lending, commented, "We believe that our partnerships with both
ZLJA and Gongdao will facilitate our expansion into the insurance
business in the Xinjiang Uyghur Autonomous Region.  We expect that
such expansion will enable us to expand our customer base,
diversify our revenue streams, and explore additional monetization
opportunities.  Our partnerships with industry leaders such as ZLJA
and Gongdao are representative of our ongoing efforts to expand
into new business verticals while enhancing the quality of our
product offerings.  Going forward, we will continue to focus on
cultivating synergies with our partners.  We will also continue to
explore new business opportunities with our partners to expand our
customer bases and increase our market share while promoting the
mutual development of our businesses."

                       About China Lending

Founded in 2009, China Lending -- http://www.chinalending.com/--
is a non-bank direct lending corporation and provides services to
micro, small and medium sized enterprises, farmers, and
individuals, who are currently underserved by commercial banks in
China. The Company is headquartered in Urumqi, the capital of
Xinjiang Autonomous Region.

China Lending reported a net loss US$94.12 million for the year
ended Dec. 31, 2018, compared to a net loss of US$54.78 million for
the year ended Dec. 31, 2017.  As of Dec. 31, 2018, the Company had
US$95.66 million in total assets, U$122.01 million in total
liabilities, US$9.65 million in convertible redeemable Class A
preferred shares, and a total deficit of US$36 million.

Friedman LLP, in New York, the Company's auditor since 2017, issued
a "going concern" qualification in its report dated April 26, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, citing that the Company has incurred
significant losses and is uncertain about the collection of its
loans receivables and extension of defaulted loans.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


KANGDE XIN: Accounting Giant Defends Audits Amid Investigation
--------------------------------------------------------------
Wang Juanjuan and Guo Yingzhe at Caixin Global report that facing a
regulatory investigation, one of China's largest accounting firms
has said that it did everything in its power to uncover financial
problems during the audits of its scandal-plagued client,
Shenzhen-listed Kangde Xin Composite Material Group Co. Ltd.

Caixin relates that Ruihua Certified Public Accountants LLP said in
a statement on July 28 that it had independently verified all the
crucial records between Kangde Xin and financial institutions,
including all of the company's bank accounts.

Ruihua's statement came in response to an investigation by the
China Securities Regulatory Commission (CSRC) that found Kangde
Xin's controlling shareholder had embezzled as much as CNY53.1
billion (US$7.72 billion) in company funds from 2014 to 2018
through its accounts at Bank of Beijing Co. Ltd., Caixin relates
citing a Kangde Xin filing to the Shenzhen Stock Exchange released
on July 5.

Caixin relates that the finding came after Ruihua signed off on
Kangde Xin's financial statements from 2015 to 2017, giving them
"standard unqualified opinions." This year, however, the auditor
gave Kangde Xin's 2018 annual report a "disclaimer of opinion,"
meaning that it could not confidently assess the company's
financial state, Caixin says.

In addition, the CSRC also accused the material manufacturer of
fraudulently inflating its profits from 2015 to 2018 by CNY11.9
billion, adds Caixin.

According to Caixin, Ruihua said in its statement that it had
checked Kangde Xin's sales, purchasing, and research and
development expenditures during the audit. "(We) performed (all)
the audit procedures that an audit firm can perform on the major
risk items of the audited company," Ruihua said at the statement.

A source familiar with Ruihua noted that external auditors can
never uncover all of a company's financial problems during a
standard audit, Caixin relays.

Because Ruihua remains under investigation, the regulator has
suspended dozens of fundraising projects that it was working on for
clients, including 33 initial public offerings on the Shanghai and
Shenzhen stock exchanges as of July 28, including four on the new
tech board, Caixin says.

If the CSRC determined that Ruihua colluded with Kangde Xin to
commit fraud, the accounting firm could end up banned from
securities services businesses, Caixin relates. Under Chinese law,
the individual auditor responsible in such a case could also face
criminal charges.

Caixin says the CSRC began investigating Kangde Xin in January
after it defaulted on CNY1.5 billion in short-term commercial
paper, a debt instrument. The default set off alarm bells because
Kangde Xin's financial statements showed that it still had about
CNY15 billion in cash and bank deposits at the end of September,
raising concerns about financial fraud, Caixin discloses.

In May, police in East China's Jiangsu province, where Kangde Xin
is based, detained the company's actual controller Zhong Yu on
allegations of embezzlement. Zhong had stepped down as Kangde Xin's
chairman in February, Caixin discloses.

Kangde Xin is not the only Ruihua client currently under
investigation by the CSRC, Caixin notes. Drugmaker Furen Medicines
Group Co. Ltd. missed paying CNY60 million in dividends for 2018
even though it still had CNY1.8 billion in cash on its balance
sheet, according to its filings to the Shanghai Stock Exchange,
adds Caixin.

China Kangde Xin Composite Material Group Co., Ltd. --
http://www.kangdexin.com/-- engages in laminating film and
photoelectric materials, 3D, and Internet applications businesses
worldwide. It offers printing substrates, environmental laminating
films, 3D grating materials, 3D imaging technology, automatic
coating equipment, and electronic display equipment under the
Kangde Film and KDX brand names for the printing and packaging, and
decoration markets.


SHARING ECONOMY: Incurs $25 Million Net Loss in First Quarter
-------------------------------------------------------------
Sharing Economy International Inc. filed with the U.S. Securities
and Exchange Commission on July 25, 2019, its quarterly report on
Form 10-Q reporting a net loss of $25.04 million on $1.89 million
of revenues for the three months ended March 31, 2019, compared to
a net loss of $4.86 million on $2.56 million of revenues for the
three months ended March 31, 2018.

As of March 31, 2019, the Company had $21.7 million in total
assets, $10.88 million in total liabilities, and $10.82 million in
total stockholders' equity.

At March 31, 2019 and Dec. 31, 2018, the Company had cash balances
of approximately $316,000 and $782,000, respectively.

The Company's working capital decreased by approximately
$10,812,000 to ($256,000) at March 31, 2019 from approximately
$10,556,000 at Dec. 31, 2018.

The Company has historically funded its capital expenditures
through cash flow provided by operations and bank loans.  The
Company intends to fund the cost by obtaining financing mainly from
local banking institutions with which it has done business in the
past.  The Company believes that the relationships with local banks
are in good standing and it has not encountered difficulties in
obtaining needed borrowings from local banks.

                        Going concern

The Company had a loss from continuing operations of approximately
$25,049,000 for the three months ended March 31, 2019.  The net
cash used in operations were approximately $603,000 for the three
months ended March 31, 2019.  Additionally, during the three months
ended March 31, 2019, revenues, substantially all of which are
derived from the manufacture and sales of textile dyeing and
finishing equipment, decreased by 26.4% as compared to the three
months ended  March 31, 2018.  Management believes that its capital
resources are not currently adequate to continue operating and
maintaining its business strategy for twelve months from July 25,
2019 (the date of this report).  The Company may seek to raise
capital through additional debt and/or equity financings to fund
its operations in the future.  Although the Company has
historically raised capital from sales of equity and from bank
loans, there is no assurance that it will be able to continue to do
so.  If the Company is unable to raise additional capital or secure
additional lending in the near future, management expects that the
Company will need to curtail or cease operations.

Management believes that these matters raise substantial doubt
about the Company's ability to continue as a going concern.

A full-text copy of the Form 10-Q is available for free at:

                   https://is.gd/fOEBf5

                   About Sharing Economy

Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. -- http://www.seii.com/-- is engaged in the  
manufacture and sales of textile dyeing and finishing machines and
sharing economy businesses.  Given the headwinds affecting its
manufacturing business, Sharing Economy continued to pursue what it
believes are high growth opportunities for the Company,
particularly its new business divisions focused on the development
of sharing economy platforms and related rental businesses within
the company.  These initiatives are still in an early stage and are
dependent in large part on availability of capital to fund their
future growth.  The Company did not generate significant revenues
from its sharing economy business initiatives in 2018.

Sharing Economy reported a net loss of $42.08 million for the year
ended Dec. 31, 2018, compared to a net loss of $12.92 million for
the year ended Dec. 31, 2017.  As of Dec. 31, 2018, Sharing Economy
had $46.34 million in total assets, $10.90 million in total
liabilities, and $35.43 million in total stockholders' equity.

RBSM LLP, New York, the Company's auditor since 2012, issued a
"going concern" qualification in its report dated April 16, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, citing that the Company has suffered recurring
losses from operations, generated negative cash flows from
operating activities, has an accumulated deficit that raise
substantial doubt exists about Company's ability to continue as a
going concern.




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

WTT INVESTMENT: Fitch Withdraws B+ IDRs Amid Merger Transaction
---------------------------------------------------------------
Fitch Ratings has withdrawn WTT Investment Limited's Long-Term
Foreign- and Local-Currency Issuer Default Ratings of 'B+'' and the
'BB-' rating and 'RR3' Recovery Rating on its senior unsecured
notes due 2022. The ratings were on Rating Watch Positive. The
ratings have been withdrawn as WTT no longer exists. Accordingly,
Fitch will no longer provide ratings or analytical coverage for
WTT.

WTT was deregistered following the merger of its parent WTT Holding
Corp. with HKBN Ltd at end-April 2019. Fitch has simultaneously
assigned Long-Term Foreign- and Local-Currency IDRs of 'BB' to
Metropolitan Light Company Limited (MLCL), a holding company for
the merged group's assets. The Outlook is Stable.

Fitch has also assigned a 'BB' rating to the USD670 million 5.5%
senior unsecured notes due 2022 previously issued by WTT. The
documentation on the 2022 notes has been novated to MLCL, which
will assume the obligation for the notes. The notes are rated in
line with MLCL's senior unsecured rating of 'BB' as they represent
MLCL's direct, unconditional, unsecured and unsubordinated
obligations.

WTT was integrated into MLCL following the merger of WTT Holding
Corp. and HKBN. MLCL is HKBN's intermediate investment holding
company and it controls the group's operating entities in Hong Kong
and the PRC.

MLCL's ratings are supported by its stronger market position in
Hong Kong following the merger. The combined entity is the
second-largest broadband service provider in Hong Kong by revenue,
and it has diversified operations spanning residential broadband,
voice, pay-TV, corporate data and enterprise broadband. MLCL holds
solid market shares in the residential broadband and enterprise
fixed-line markets. Fitch expects its FFO adjusted net leverage to
gradually improve to around 4.6x by the end of the financial year
to August 2020 (FYE20) from pro forma 4.8x at FYE19, driven by
steady revenue growth and cost savings.

KEY RATING DRIVERS

IDR Based on Consolidated Profile: Fitch rates MLCL based on the
consolidated credit profile of HKBN and the surviving WTT entities
given the strong legal, operational and strategic linkages between
the entities. HKBN Group Limited, a key subsidiary of MLCL, and the
surviving WTT entities account for almost all of MLCL's revenue and
cash flows. HKBN Group Limited and the surviving WTT entities
guarantee the USD670 million 2022 unsecured notes and HKD3.9
billion of term loans at HKBN.

Improved Business Profile: MLCL's IDR reflects its position as the
second-largest residential broadband service provider by revenue in
Hong Kong. It also has a solid market share in the local corporate
data segment. It has a strong network position with extensive fibre
coverage on commercial buildings in Hong Kongs in Hong Kong and
offers a full suite of services spanning residential quad-play
bundled broadband, enterprise data and broadband, as well as
wholesale carrier businesses. MLCL's revenue diversification is
greater than WTT's, with 57% of revenue from enterprise customers
and 43% from the residential segment.

Steady Revenue and EBITDA Growth: Fitch forecasts MLCL's revenue
and operating EBITDA to increase steadily during FY20-FY21, driven
by residential broadband pricing discipline and higher SME
enterprise connection demand. Fitch expects an operating EBITDAR
margin of 35%-36% during the same period, driven by cost savings.
Fitch believes that MLCL will achieve HKD60 million capex and
7%-10% operating cost annual savings upon full integration by
FY21.

Fitch forecasts MLCL's residential broadband average revenue per
user to rise by a mid-single-digit percentage (1HFY19: up 6% yoy)
during FY19-FY20, driven by tariff increases. MLCL offers
value-for-money quad-play tariff packages, currently at a discount
relative to incumbent, HKT. Fitch believes that MLCL has the
ability to increase its tariff given it is the only telco in the
territory that has the network quality, fibre coverage and breadth
of offerings to compete with HKT. In the enterprise market, MLCL
will use its enhanced fibre coverage to compete for the first-line
connection for local corporates.

Leverage to Improve: Fitch forecasts MLCL's FFO-adjusted net
leverage to improve to below 4.6x after FY20 (pro-forma FY19:
4.8x), driven by growing EBITDA and stable revenue growth and cost
savings post-merger. The ratings are constrained by relatively high
leverage compared with other 'BB' rated telco peers. Management is
committed to deleveraging over the medium term. Fitch believes that
HKBN has a good track record of integrating acquisitions and
realising synergies as demonstrated by the integration of New World
Telecom in 2016.

Fitch has treated HKBN's vendor loan notes of HKD1.9 billion as
equity, as the notes are perpetual, non-voting, zero-coupon
instruments and are only convertible into HKBN shares. Vendor loan
notes are subordinated and rank behind all of HKBN's present and
future unsecured obligations. Investment companies MBK and TPG
Capital each received HK970 million of vendor loan notes as part of
the merger consideration.

DERIVATION SUMMARY

MLCL's credit profile warrants a rating that is one notch below
that of Sunrise Communications Holdings S.A. (Sunrise; BB+/Rating
Watch Negative). Sunrise is the second-largest provider of mobile
and fixed services in Switzerland and has a much larger revenue
scale than MLCL. The Swiss market is highly competitive and
convergent, and has four participants, with Swisscom as the market
leader. Sunrise is likely to sustain its competitive position in
mobile as it focuses on network quality and convergent product
strategy. Moreover, Sunrise's financial profile is better than
MLCL's with 2020 expected FFO adjusted net leverage of 4.0x (MLCL
FY20 forecast: 4.6x). Sunrise was put on Rating Watch Negative as
Fitch expects it to breach the downgrade leverage threshold (of
3.7x) in FY20 following the acquisition of UPC Switzerland. The
acquisition will give Sunrise about 31% subscriber share in
broadband and TV, and it will remain the second-largest mobile
telco in Switzerland.

MLCL is rated one notch higher than Axtel S.A.B de C.V. (Axtel;
BB-/Stable), the second-largest telecom service provider in Mexico
with about 20% market share. MLCL's business risk profile is
superior to that of Axtel, which serves Mexico's competitive
enterprise and government sector. In comparison, Hong Kong's
enterprise market is much more stable with benign competition.
However, MLCL has a weaker financial risk profile than Axtel, which
is forecast to have lower 2020 FFO adjusted net leverage of 3.6x.

MLCL is also rated one notch higher than UK-based TalkTalk Telecom
Group PLC (TalkTalk; BB-/Negative). MLCL benefits from its solid
market position in Hong Kong and sound fibre coverage of 90% of
local commercial buildings. TalkTalk focuses on a niche
value-for-money telecom segment that relies on purchasing wholesale
products for "last-mile" connectivity. However, TalkTalk's 2020
forecast FFO adjusted net leverage is better at 3.7x.

KEY ASSUMPTIONS

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

  - Revenue to grow by mid-single digits during FY20-FY22

  - Operating EBITDA margin of around 33% during FY19-FY20

  - Normalised capex-to-revenue ratio of 10% during FY19-FY22 due
to synergies after the merger

  - 100% dividend pay-out from HKBN-defined Adjusted FCF during
FY19-FY22

  - Vendor loan notes treated as 100% equity

  - No M&A activities during FY19-FY22

RATING SENSITIVITIES

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

An upgrade is unlikely in the near term given MLCL's high leverage.
However, Fitch may considers positive rating action if:

  - Growth in MLCL's share of the residential broadband and
enterprise markets leads to FFO adjusted net leverage sustained
below 3.5x

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

  - FFO adjusted net leverage sustained above 4.8x, and/or

  - Deterioration in MLCL's market position

LIQUIDITY

Adequate Liquidity; No Short-Term Debt: HKBN had readily available
cash of HKD421 million at end-February 2019, before the merger.
Post-merger, Fitch expects MLCL's pro-forma total debt to be HKD9.7
billion including no short-term debt. MLCL's senior unsecured loans
of HKD4.5 billion have a bullet maturity in 2023 while its USD670
million bond matures in 2022. MLCL's key onshore operating entity,
Hong Kong Broadband Network Limited, expects to have a committed
revolving credit facility of HKD200 million at end-August 2019.

FULL LIST OF RATING ACTIONS

WTT Investment Limited

  - Long-Term Foreign- and Local-Currency IDRs of 'B+', on Rating
    Watch Positive, withdrawn

  - USD670 million 5.5% senior unsecured notes due 2022 rated
    'BB-', with Recovery Rating of 'RR3' and on Rating Watch
    Positive, withdrawn

Metropolitan Light Company Limited

  - Long-Term Foreign- and Local-Currency IDRs assigned at 'BB';
    Outlook Stable

  - USD670 million 5.5% senior unsecured notes due 2022
    assigned rating of 'BB'




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

BABA JHARESWAR: ICRA Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for INR10.00 crore bank facilities of Baba
Jhareswar Multipurpose Himghar Private limited continues to remain
under 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]B(Stable)/A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         6.75        [ICRA]B(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based-         2.80        [ICRA]B(Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.30        [ICRA]B(Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.15        [ICRA]A4 ISSUER NOT
   Non-Fund                        COOPERATING; Rating continues
   Based                           to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Baba Jhareswar Multipurpose Himghar Private Limited (BJMHPL) had
set up its cold storage unit in West Medinipur, West Bengal in 2012
to carry out the business of storage and preservation of potatoes.
BJMHPL has a storage capacity of 17,955 metric tonnes (MT).


BINDU FOOD: ICRA Maintains C+ Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for INR8.00 crore bank facilities of Bindu
Food Processors Private Limited continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]C+/A4
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        6.00       [ICRA]C+ ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Fund based-        1.35       [ICRA]C+ ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Long Term/         0.65       [ICRA]C+/A4 ISSUER NOT
   Short Term-                   COOPERATING; Rating continues
   Unallocated                   to remain under 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Bindu Food Processors Private Limited (BFPPL) had set up its cold
storage unit in West Medinipur, West Bengal in 1997 to carry out
the business of storage and preservation of potatoes. BFPPL has a
storage capacity of 21,326 metric tonnes (MT). The cold storage
unit of the company is operating under the name Purnima Cold
Storage.

CHENANI NASHRI: Ind-Ra Lowers Rating on Bank Loans to 'D'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Chenani Nashri
Tunnelway Limited's (CNTL) bank loans to 'IND D (ISSUER NOT
COOPERATING)' from 'IND C (ISSUER NOT COOPERATING)'. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR29.760 bil. (INR28,074.3 bil. outstanding on August 31,
     2018) Senior long-term bank loans (long-term)* downgraded
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR3.72 bil. (INR3,391.20 bil. outstanding on August 31, 2018)

     Subordinated long-term bank loans (long-term) downgraded with

     IND D (ISSUER NOT COOPERATING) rating.

* including USD43 million external commercial borrowings

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by CNTL, as
confirmed by the lenders to Ind-Ra.

RATING SENSITIVITIES

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

COMPANY PROFILE

Sponsored by IL&FS Transporation Networks Limited (ITNL; 100%
stake), CNTL is a special purpose vehicle, created to implement the
four-laning of the Chenani-to-Nashri section of the National
Highway 1A (including a two-lane, 9km tunnel in the Udhampur
district near Jammu) on a design, build, finance, operate and
transfer basis under a 20-year concession (expiring in May 2031)
from the National Highways Authority of India (NHAI; 'IND
AAA'/Stable).


DNH PROJECTS: ICRA Migrates 'C' Ratings to Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR28.00 crore bank facility of DNH
Projects Limited (DNHPL) moved to the 'Issuer Not Cooperating'
category. The ratings are now denoted as "[ICRA]C ISSUER NOT
COOPERATING and [ICRA]A4 ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term         12.00       [ICRA]C ISSUER NOT COOPERATING;
   fund-based                    Rating moved to the 'Issuer Not  
   limit                         Cooperating' category
                                 

   Short-term         6.00       [ICRA]A4 ISSUER NOT COOPERATING;
   non fund-                     Rating moved to the 'Issuer Not
   based limit                   Cooperating' category

   Unallocated       10.00       [ICRA]C/[ICRA]A4 ISSUER NOT
   Limit                         COOPERATING; Rating moved to
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis limited information on
the issuer's performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.

DNHPL was initially incorporated as a private limited company—
Nagar Haveli Real Estate Private Limited in 1996. It was
subsequently renamed and converted to a closely-held public limited
company in 2009. Its operations are collectively managed by Mr.
Vijay Desai and Mr. Ajay Desai who have an experience of over two
decades in the construction industry. The company is registered as
a contractor with the roads and buildings division of the
Government of Gujarat and undertakes the construction of industrial
units, factories, corporate and institutional buildings.


JAIN AGENCIES: ICRA Keeps B+ on INR10cr Debt in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of Jain
Agencies continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      10.00       [ICRA]B+ (Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Incorporated in August 2012, Jain Agencies is an authorised
distributor of Samsung Electronics India Limited in Sivasagar,
Jorhat, Dibrugarh, Tinsukia and Nagaon districts of Assam. The firm
sells consumer durables such as television, refrigerator, air
conditioners, etc. The firm is promoted by the Guwahati-based Jain
family, who have long experience in the distribution business
through various group entities.


JAYPEE INFRATECH: NCLAT Extends Insolvency Period by 90 Days
------------------------------------------------------------
The Economic Times reports that in a boost to homebuyers and
lenders of Jaypee Infratech, an appellate tribunal on July 30
directed the appointed resolution professional (RP) to call fresh
bids for resolution of the real estate developer.

It also excluded a period of 90 days from insolvency proceedings
thus far, granting additional time under the 270-day resolution
timeline, the report says.  Jaypee Infratech has failed to deliver
around 23,000 flats and owes over Rs9,800 crore to lenders.

According to the report, the National Company Law Appellate
Tribunal (NCLAT) barred Jaypee Infratech's parent company
Jaiprakash Associates Ltd (JAL) from participating in the process.


ET relates that JAL argued against the exclusion as expiry of the
timeline would send Jaypee Infratech into liquidation which would
put JAL in prime position to retake control of the firm by allowing
it reaching an agreement with lenders and homebuyers.

"We exclude 90 days for the purpose of counting 270 days in the
corporate insolvency resolution process," ordered a two-member
bench, adding that this time period may be used by the RP and
committee of creditors (CoC) to complete the bidding process
preferably within 45 days giving the remaining time to the
adjudicating authority to settle remaining issues, ET relays.

ET says the bench called on government owned NBCC, whose bid for
Jaypee Infratech was rejected by the CoC, and other prospective
bidders to file fresh resolution plans but did not grant liberty to
JAL to participate in bidding as the Supreme Court had declared JAL
ineligible and had allowed the RBI to direct lenders to initiate
insolvency proceedings against it.

However, JAL may challenge this ruling in the apex court as Section
12(A) in the Insolvency and Bankruptcy Code, which allows for the
withdrawal of insolvency application, was introduced after the
aforesaid ruling by the apex court, the report states.

Sources told ET that homebuyers may support a motion to declare JAL
eligible to bid as it has offered the best terms to homebuyers.
Counsel for JAL said that they were willing to pay creditors 100%
of their dues and provide the flats in three years as well as pay
100% delay compensation and one year free maintenance, ET relates.
Adani Infrastructure has also expressed interest with a plan that
would infuse Rs1,700 crore, the report notes.

                      About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development.  The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

On August 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In September 2017, the Supreme Court of India stayed the insolvency
proceedings initiated against JIL, after various associations of
homebuyers moved a batch of petitions fearing they will lose their
apartments and not get any compensation, according to Livemint. The
stay was later revoked by the court, which directed the resolution
professional to submit an interim resolution plan that takes into
account the interest of homebuyers.

The court also directed the parent company, JAL, to deposit
INR2,000 crore to protect the interest of homebuyers.  Out of this,
only INR750 crore has been deposited so far, Livemint relayed.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company, JAL owes
more than INR29,000 crore to various banks, the report added.


JET AIRWAYS: Creditors to Hold Second Meeting Today
---------------------------------------------------
Livemint.com reports that the committee of creditors (CoC) of
beleaguered Jet Airways (India) Ltd on July 30 said that it will
meet today, August 1, to discuss on various issues related to
insolvency proceedings of the grounded airline.

". . . we wish to inform that the Second Meeting of Committee of
Creditors (CoC) of Jet Airways (India) Limited is scheduled to be
held on August 1st, 2019 at 11:30 AM IST, for which notice to the
members of the CoC has been sent on 29th July 2019 at 7:10 PM IST,"
Jet Airways said in a statement to the stock exchange.

According to the report, a source said the CoC, which approved an
interim funding of $10 million (about INR69 crore) for the airline,
on July 19, will discuss, among other things, hiring people on
contracts to verify claims made by different creditors of the
airline.

"The interim funding of $10 million will be used to hire people on
contracts to verify claims made by different creditors of the
airline," said a person requesting anonymity, Livemint.com relays.

Meanwhile, Livemint.com reports that the CoC has also decided to
allow bids (for Jet Airways) from investors with a minimum net
worth of INR1,000 crore.

On July 18, the resolution professional (RP) appointed by lenders
said that the financial creditors who have the first right to
proceeds from Jet Airways' bankruptcy resolution, have claimed
INR10,231 crore, while 2,400 operational creditors have claimed
INR12,372 crore, Livemint.com discloses.

Livemint.com relates that the RP of Jet Airways said out of the
INR24,887 crore, it has admitted claims of INR8,462.79 crore from
the financial creditors.

Claims of about INR15,044 crore are under verification, while those
of INR1,380.82 crore were rejected, the report notes.

Livemint.com says the steep claims push the airline closer to
liquidation.

A consortium of 26 bankers, led by the State Bank of India, had
approached the tribunal to recover dues of over INR8,500 crore,
Livemint.com discloses.

The lenders had been trying to sell the beleaguered airline as a
going concern for the past five months, Livemint.com notes.

                         About Jet Airways

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

As reported in the Troubled Company Reporter-Asia Pacific on June
24, 2019, Reuters said the National Company Law Tribunal (NCLT), on
June 20 accepted an insolvency petition against Jet Airways Ltd
filed by its creditors as they attempt to recover some of their
dues.  The insolvency process will allow lenders to sell the
company as a whole or in parts, laying out a fixed timeline for a
resolution around its future. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

Jet Airways Ltd on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint disclosed.


JHV STEELS: ICRA Keeps B on INR12.5cr Debt in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for INR12.50 crore bank facilities of JHV
Steels limited continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT
COOPERATING."

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         12.50       [ICRA]B(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Incorporated in 2009, JHV is promoted and managed by the Mr. Hira
Lal Jaiswal and Mr. Abhishek Jaiswal. The company is engaged in the
manufacturing of TMT bars with a production capacity of 1,00,000
tons per annum (TPA). The manufacturing facilities are located at
Mirzapur in Uttar Pradesh. JHV has also setup a manufacturing unit
for mildsteel billets in its existing plant with an installed
capacity of 75,000 TPA. The commercial production of the billet
unit commenced in June 2016.


KHUDIRAM COLD: ICRA Maintains 'B' Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for INR10.00 crore bank facilities of
Khudiram Cold Storage Private Limited continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          5.30       [ICRA]B(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based-          4.60       [ICRA]B(Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-          0.10       [ICRA]A4 ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Khudiram Cold Storage Private Limited (KCSPL) provides cold storage
facility on a rental basis. KCSPL operates two cold storages at
present with a total storage capacity of 27,668 metric tonnes (MT)
of potatoes. Both the cold storage units of the company are located
in West Medinipore, West Bengal. While operations at Unit-I started
in 2005, the Unit-II was acquired by the company in July 2015.


KRISHNA COTTON: ICRA Maintains D Ratings in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for INR6.00 crore bank facilities of Krishna
Cotton (Tankara) continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         5.00        [ICRA]D ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based-         0.20        [ICRA]D ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.80        [ICRA]D ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Established in 2011 as a partnership firm, Krishna Cotton ('KC' or
the 'firm') is in the business of ginning and pressing of raw
cotton. The firm commenced commercial production in October 2012
from its manufacturing facility at Rajkot in Gujarat. The unit is
equipped with 24 ginning machines, one pressing machine and four
expellers and has a processing capacity of ~19000 metric tonnes per
annum (MTPA) of raw cotton. The promoters of KC have a decade long
experience in the cotton ginning business by virtue of their
association with other related companies.


LRC ABARANA: ICRA Withdraws B+ Rating on INR15cr LT Loan
--------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ (Stable);
ISSUER NOT COOPERATING outstanding on the INR15.00 crore bank
facilities of LRC Abarana Maaligai (LRC).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term-          15.00      [ICRA]B+ (Stable); ISSUER NOT
   Fund-based                     COOPERATING; Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, as desired by LRC and based on the no
objection certificate provided by its banker.

Key rating drivers

Key rating drivers has not been captured as the rated instrument(s)
are being withdrawn.

Established in 1958, LRC Abarana Maaligai is a Hindu Undivided
Family (HUF), engaged in retailing of gold, silver, and diamond
jewellery in Attur, Salem (District), Tamil Nadu. The entity has
two showrooms, the one located at Bazaar Street of Attur with a 288
square feet showroom space and another located opposite to Attur
bus stand with a showroom space of 5,940 square feet. Mr. C
Ravishankar, the proprietor, has extensive experience of nearly
five decades in jewellery retailing and he handles the day-to-day
operations of the entity.


MANGALAM METALS: ICRA Keeps B- on INR12cr Loan in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for INR12.00 crore bank facilities of
Mangalam Metals & Ores Limited continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B-(Stable) ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term           12.00       [ICRA]B-(Stable) ISSUER NOT
   Fund based/                     COOPERATING; Rating continues
   CC                              to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Established in the year 2003, Mangalam Metals & Ores Limited (MMOL)
was involved in the crushing of iron ore. However, the crushing
unit has been shutdown since December, 2010 due to lack of
government permissions for operating such units across the state of
Odisha. Thus, the company which had diversified into iron ore
trading from FY2008 is now focusing only on this segment. Since
FY2014, MMOL has also started entering into service contracts with
its clients for providing transportation and monitoring services
for procurement of iron ore.


MONDAL ICE: ICRA Maintains B+ Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the rating for the INR9.49 crore bank facilities of
Mondal Ice & Cold Storage Private Limited continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         0.10        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         9.24        [ICRA]A4 ISSUER NOT
   Working Capital                 COOPERATING; Rating continues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category

   Non fund based-     0.15        [ICRA]B+ (Stable) ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Mondal Ice & Cold Storage Private Limited (MICS) had set up its
cold storage unit at Bishnupur in the Bankura district of West
Bengal in 1985. It was established as a partnership firm to carry
on the business of storage and preservation of potatoes. In 1999,
the entity was converted into a private limited company. Promoted
by the Kolkata-based Mondal family, MICS has a storage capacity of
35,000 metric tonnes (MT) at present.


PRITHVI DEVELOPERS: ICRA Maintains D Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR8.00 crore bank facilities of
Prithvi Developers continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based-        8.00        [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Incorporated in 2000 as a partnership firm by Mr. Ashok Kumar
Lunkad and Mrs. Anju Lunkad, PD is engaged in the real estate
business in Jagdalpur, Chhattisgarh for more than 15 years. So far,
the firm has completed six projects primarily in residential space
with a total developed area of about 13.80 lakh sq. ft. Currently,
PD is in the process of developing a residential project, 'Ashoka
Greens'. The project comprises of developing 96 bungalows with a
total saleable area of about 1.27 lakh sq.ft. The construction for
the project commenced in August 2014 and is expected to be
completed by December 2016.


RENEW POWER: Fitch Assigns BB-(EXP) Rating to New USD Sec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned ReNew Power Limited's (ReNew,
BB-/Stable) proposed US dollar senior secured notes an expected
rating of 'BB-(EXP)'.

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

ReNew is one of India's leading renewable independent power
producers (IPP), with around 4.7GW of operational capacity of wind
(66%) and solar (34%) power projects and a project pipeline of
around 3.5GW. ReNew holdco directly holds 485MW of the wind-power
assets, with the rest held by various SPVs. ReNew plans to use the
proceeds from the proposed US dollar notes to fund its capex. Fitch
does not expect ReNew's net debt to go up with this proposed notes
issuance, as the company intends to use the money raised from its
recent rights issue in June 2019 (USD 300 million) to repay
existing borrowings over the next two years.

KEY RATING DRIVERS

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

Price Certainty, Volume Risk: Fitch believes the long-term
power-purchase agreements (PPA) for the ReNew group's operating
assets offer price certainty and long-term cash flow visibility.
The majority of the assets, representing 96% of group capacity,
have PPAs with state-owned power-distribution companies or
sovereign-backed entities with tenor of around 20-25 years, and a
long remaining life: the weighted-average operating life for the
group's assets is 2.8 years. PPAs for the balance of the capacity
have a shorter duration, ranging from eight-ten years.

The long-term PPAs provide protection from price risk, but
production volume will vary based on resource availability, which
is affected by seasonal and climatic patterns.

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

Growth to Moderate; Event Risk: Fitch expects the pace of organic
growth to slow due to ReNew's large base and slower capacity
additions in India's renewable sector in the near to medium term.
ReNew has doubled its operational capacity, via organic and
inorganic growth, in each of the last three years and has followed
a policy of raising equity before committing to a project.
Under-construction pipeline capacity of 3.5GW poses some execution
risk, but this is mitigated by ReNew's execution record and
operational capability.

Fitch has not factored in any acquisition and will treat one as an
event risk; a large-scale debt-funded acquisition may hamper its
expectations of an improvement in ReNew's credit profile.

Improving Financial Profile: ReNew's financial profile is likely to
improve on positive cash flow from operating capacity and slower
growth in capacity additions. Fitch has deconsolidated the EBITDAR
and debt of ReNew's two restricted groups - Neerg Energy Ltd
(senior notes rated B+) and ReNew RG II (senior secured notes rated
BB) - to calculate its credit metrics; EBITDAR incorporates its
expectations of the cash up-streamed from the two restricted
groups.

Net adjusted debt/operating EBITDAR is likely to fall below 5.0x by
the financial year ending March 2022 (FY22) (FY19: 7.1x), and
remain around 5.0x-5.5x thereafter as capacity additions pick up
modestly. EBITDAR/net interest coverage should improve to around
1.9x by FY22 (FY19: 1.4x).

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

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

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

DERIVATION SUMMARY

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

ReNew has larger unrestricted capacity than Greenko, totalling
6.3GW, which offers better granularity. ReNew's resource risk is
lower with higher exposure of 39% to solar-based projects (Greenko:
27%), and counterparty risk is also lower with 43% of unrestricted
capacity contracted with sovereign-owned entities and the balance
with state-owned distribution companies. On the other hand, ReNew
has higher construction risk with half of its capacity still under
construction. Greenko's credit assessment also drives support from
its strong shareholders - Singapore's sovereign wealth fund GIC and
Abu Dhabi Investment Authority. These shareholders, in addition to
putting in equity, have also introduced stronger risk management
practices at Greenko over the years, including the commitment from
its management towards deleveraging. These factors combined result
in a similar credit assessment, in its view.

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

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

KEY ASSUMPTIONS

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

  -- Plant-wise tariff in accordance with respective PPAs

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

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

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

  -- No dividend payout in the medium term


RENEW POWER: S&P Assigns 'BB-' Rating to New Senior Secured Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to
ReNew Power Ltd.'s (RPL) proposed senior secured notes. The issue
rating is subject to S&P's review of the final issuance
documentation.

The proposed issuance will not impact the issuer credit rating on
RPL (BB-/Stable/--). S&P said, "We estimate that RPL will continue
to maintain its funds from operations (FFO) to debt of about 5% and
FFO cash interest cover of about 1.5x over the next 12-24 months.
The company intends to use the proceeds from the note issuance for
capital expenditure and existing cash will be used to repay
existing indebtedness due to end use restrictions. We also expect
RPL to appropriately hedge its proposed notes within 30 days of
issuance."

S&P said, "We view RPL's receivables profile as relatively weak
compared with its peers, particularly given its 20% exposure to
Andhra Pradesh. We believe the lengthening payment delays from
Andhra Pradesh distribution companies to power generators across
the industry are unlikely to improve in the short term."
Furthermore, RPL's fairly short operating track record and high
leverage due to ongoing debt-funded capital expenditure constrain
the issue rating.

However, these risks are moderated by RPL's steadying operating
performance on a large and increasingly diversified fully
stabilized portfolio (assets with more than one year of operational
performance), improving counterparty diversity to relatively better
credit-quality offtakers (such as Solar Energy Corp. of India), and
long-term fixed-tariff power purchase agreements.

S&P said, "The stable outlook for the next 12-18 months reflects
our expectation that RPL's asset efficiencies will continue to
perform in line with P90 estimates. We also anticipate that the
company will maintain both minimal delays in project execution for
future projects and manageable receivables position (or sufficient
equity funding to offset delays). The outlook also reflects our
expectation that any changes to the company's sponsors will not
lead to an increase in leverage."


SAYAJI PACKAGING: ICRA Moves B on INR7.5cr Loans to Not Cooperating
-------------------------------------------------------------------
ICRA has moved the ratings for the INR7.50 crore bank facilities of
Sayaji Packaging Private Limited to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable)/A4 ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          3.00       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

   Term Loan            0.25       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

   Letter of Credit     3.00       [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   category

   Unallocated          1.25       [ICRA]B (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Incorporated in 2011, Sayaji Packaging Private Limited is engaged
in manufacturing tin cans for food and non-food packaging
applications. The unit is located at Savli in the Vadodra District
of Gujarat, with a production capacity of approximately 150 lakh
cans per annum. SPPL's promoters Mr. Fidahusain Tinwala, Ms.
Subhana Tinwala and Mr. Mazahir TInwala have reasonable experience
in manufacturing and marketing tin cans for paints, adhesives and
pesticides, etc., because of their association with other Group
companies, Modern Packaging and Sayaji Metal Cans, who are engaged
in the same business sector.


SIKAR BIKANER: Ind-Ra Cuts Rating on INR4-Mil. Bank Loans to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sikar Bikaner
Highway Ltd.'s (SBHL) bank loans' rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND C (ISSUER NOT COOPERATING)'. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR4.0 mil. Senior project bank loans (long term) downgraded
     with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by SBHL as
confirmed by the lender to Ind-Ra.

RATING SENSITIVITIES

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

COMPANY PROFILE

SBHL, which is wholly-owned by IL&FS Transportation Networks
Limited ('IND D'), is a special purpose company incorporated to
undertake the widening and operations of a combination of a
two-lane and a four-lane highway (National Highway 11) in
Rajasthan. The concession grantor is the Public Works Department of
the government of Rajasthan. The concession is for 25 years, with a
right to collect toll during the concession. The security and terms
of the subordinate debt agreement are junior to the senior debt.


SURYA ALLOY: ICRA Assigns 'B' Rating to INR174.52cr Term Loan
-------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Surya Alloy
Industries Limited (Surya), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan           174.52      [ICRA]B (Stable); Assigned

   Fund-based-
   Cash Credit          89.71      [ICRA]B (Stable); Assigned

   Non-fund Based-
   Working Capital
   Facilities           50.77      [ICRA]A4; Assigned

Rationale

The assigned ratings favorably factor in the extensive experience
of the promoters spanning over 25 years in the railway track
material industry, and the established position of Surya in this
segment. The ratings also consider the improvement in the company's
financial performance since FY2017 after continuous losses till
FY2016. ICRA notes that in FY2018, Surya achieved an operating
income (OI) of INR585.7 crore with an OPBITDA of INR33.3 crore,
which further improved to INR880 crore with an OPBITDA of INR51.0
crore in FY2019, on a provisional basis. The improvement in cash
flows from operations along with regular infusion of funds by
promoters, in the form of unsecured loans, led to timely servicing
of debt over the past 12 months.

However, the ratings are constrained by the company's weak
financial profile as characterised by a leveraged capital structure
and weak debt coverage indicators, notwithstanding an improvement
in the recent years. In addition, exposure to fluctuation in raw
material prices, although mitigated by the presence of price
variation clause, results in depressed and fluctuating
profitability indicators. Going forward, the company's ability to
maintain the profitability levels along with further infusion of
funds from promoters would be critical to ensure timely servicing
of debt obligations.

Outlook: Stable

ICRA believes that Surya will continue to benefit from the
extensive experience of its promoters and steady demand for the
railway track materials from the Indian Railways. The outlook may
be revised to Positive if a substantial growth in revenue and
profitability strengthens the financial risk profile. The outlook
may be revised to Negative if cash accrual is lower than expected,
or if any major capital expenditure, or a stretch in the working
capital cycle weakens liquidity further.

Key rating drivers

Credit strengths
Extensive experience of promoters – The promoters have extensive
experience in the railway track materials industry, spanning over
25 years, resulting in an established position of the company in
the industry.

Improved financial performance since FY2017 – Surya had turned
around its operations to register operating profits since FY2017,
mainly due to stable costs, after incurring continuous losses till
FY2016. The financial performance of the company improved
substantially in FY2018 with an operating income (OI) of INR585.7
crore and an OBITDA of INR33.3 crore. This improvement further
continued in FY2019, when Surya achieved an OI of INR880 crore and
an OBITDA of INR51 crore, on a provisional basis.

Diversified revenue base and integrated nature of operations –
Surya manufactures various railway track materials, including
spheroidal graphite cast iron inserts, elastic railway clips,
grooved rubber pads, metal liners and fish plates with backward
integration into its own billet manufacturing facilities and a
rolling mill and a ferro alloys division. Surya also undertakes
conversion activities for Steel Authority of India on a job-work
basis. These diversified sources of revenues mitigate the
concentration risks to an extent.

Credit challenges

Financial profile characterised by leveraged capital structure
and weak debt coverage indicators – The company's capital
structure is leveraged, along with weak debt coverage indicators as
indicated by a Total Debt/OPBITDA of 10.1 times, interest cover of
0.9 and DSCR of 0.7 times as on March 31, 2018. The net worth of
the company has fully eroded because of continuous losses over the
years, leading to a negative net worth. The company has high debt
repayment obligation in the near term, which is expected to keep
the debt coverage indicators under stress.

Vulnerability of profitability to any adverse fluctuation in raw
material prices though the firm is protected to an extent - The
main raw materials used by the company are sponge iron, pig iron,
scrap and coal, prices of which have exhibited significant
volatility in the past and continue to expose the company's cash
flows and profitability to any adverse movement in prices. However,
presence of price variation clauses in some of the contracts
mitigates such risks.

Liquidity position
The liquidity position of the company is weak due to limited cash
accruals and high debt repayment obligations in the near term.
However, ICRA notes that the promoters have infused funds in the
past in the form of unsecured loans to business, which led to
timely servicing of debt over the past twelve months. Going
forward, ICRA expects such regular infusion of promoter loans to
support its liquidity position.

Incorporated in 1990, Surya Alloy Industries Limited (Surya) was
promoted by Mr. Ashish Rungta and Late Motilal Rungta. The Rungta
Group has been mainly supplying railway track materials to the
Indian Railways for the last 25 years. It manufacturers and
supplies railway track materials, including spheroidal graphite
cast iron inserts, elastic railway clips, grooved rubber pads,
metal liners and fish plates. Over the years, Surya has expanded
its product portfolio to include ingots and billets and rolled
products such as angles, joints, flats etc. It also has set up a
ferro alloys division. Surya, through one of its units, also
carries out conversion activities for the Steel Authority of India.
Its manufacturing units are approved by the Research Design and
Standards Organisation of the Indian Railways.
In FY2018, the company reported a net loss of INR13.3 crore on an
operating income of INR585.7 crore compared to a net loss of INR4.6
crore on an operating income of INR469.5 crore in the previous
year.


THANGARAJ EXPORTS: ICRA Withdraws B Rating on INR14cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B (Stable)
outstanding on the INR14.00 crore proposed facilities of Thangaraj
Exports.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term-          14.00      [ICRA]B (Stable); withdrawn
   Unallocated         

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension, as desired by Thangaraj Exports, as the
firm has not availed the limits.

Key rating drivers

Key rating drivers has not been captured as the rated instrument(s)
are being withdrawn.

Thangaraj Exports was incorporated in August 2018 as a
proprietorship firm by Ms. Jenish Rani with an objective to
undertake exports of fruits and vegetables, with middle-eastern
countries as major export destinations. The firm has so far
received orders from customers based out of Saudi Arabia, Bahrain,
Kuwait and United Arab Emirates (UAE) for banana, cluster beans,
onion, papaya, yam, corm, coconut, cucumber, tapioca, green chili
and drumstick, among others and commercial operations are likely to
commence in Q4 FY2019. The firm's promoter, Ms. Jenish Rani, was
earlier associated as a manager in an entity established by her
father Mr. G T Robinson, who has an extensive experience in fruits
and vegetables exports.


WEB SPIDERS: ICRA Keeps B+ on INR15cr Loan in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for INR15.00 crore bank facilities of Web
Spiders (India) Pvt Ltd continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        15.00        [ICRA]B+(Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Interchangeable    (8.00)       [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Incorporated in 2000, Web Spiders (India) Private Limited (WSIPL)
is primarily involved in software development and maintenance,
website designing etc. The softwares developed by WSIPL mainly find
applications in customised enterprise content management systems
and enterprise mobile enablement. It also offers productised
mCommerce solutions, mobile applications and mobile websites.
Though the company primarily operates from India, it also has three
wholly-owned subsidiaries located in the United Kingdom, the United
States and Singapore, which generate orders from overseas markets.




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

INDOFOOD AGRI: Posts IDR216.5-Bil. Net Loss in Q2 Ended June 30
---------------------------------------------------------------
Rachel Mui at The Business Times reports that weak commodity prices
and lower contributions from its plantation division dragged
mainboard-listed Indofood Agri Resources (IndoAgri) deeper into the
red for its fiscal second quarter.

According to the report, the agribusiness on July 31 posted a net
loss attributable to owners of IDR216.54 billion (US$21 million)
for the three months ended June 30, versus a net loss of IDR68.60
billion a year ago.

Loss per share (LPS) for the quarter came in at 1.5 Singapore
cents, from a LPS of 0.5 Singapore cent in the preceding year, BT
discloses.

This came on the back of a 6.6 per cent decline in revenue to
IDR3.14 trillion this year from IDR3.37 trillion last year, mainly
attributable to lower contribution from the group's plantation
division on lower selling prices of palm products, according to the
report.

In particular, the plantation division saw revenue plunge 19 per
cent for the quarter, due to lower selling prices of palm products
and lower sales volume of crude palm oil (CPO).

That said, the group's edible oils and fats (EOF) division recorded
higher sales volumes of EOF products and higher profitability for
the second quarter and half-year ended June 30, IndoAgri noted, BT
relays.

BT adds that for the half-year period, net loss widened to
INDR274.33 billion, from a loss of IDR18.80 billion last year,
attributable to weak operating profit and higher financial
expenses, which were partially offset by positive foreign exchange
impact.

This translated to a LPS of 1.9 Singapore cents, versus a LPS of
0.1 cent for the year-ago period.

Revenue also slipped 1 per cent to IDR6.50 trillion for the six
months ended June 30.

No dividend has been declared for the current financial period, and
the company will review this at the year end, it said, BT relays.

Looking ahead, IndoAgri noted that the ongoing US-China trade
tensions will continue to affect global trade flows and economic
growth, and that these uncertain global developments have
negatively impacted the prices of agricultural commodities.

"CPO prices will remain volatile with demand projected from key
import markets like China and India, together with the relative
price of crude oil which affects biodiesel demand," IndoAgri, as
cited by BT, said.

The company added that Rotterdam CIF (cost, freight and insurance)
CPO prices has fallen by 11 per cent to an average of US$533 per
tonne in the first half this year, down from US$601 per tonne in
FY2018, BT relays.

"Against this backdrop of a volatile commodity price environment,
we prioritise our capital expenditure investment in the growth area
and focus on cost control measures and other innovations to
increase productivity," IndoAgri said.

                        About Indofood Agri

Headquartered in Singapore, Indofood Agri Resources Ltd. operates
as a vertically integrated agribusiness company. The company
engages in the research and development; oil palm seed breeding;
oil palm plantations cultivation; crude palm oil production and
refining; rubber sugar cane, cocoa, and tea cultivation; and
industrial timber plantations activities.  Indofood Agri Resources
Ltd. is a subsidiary of Indofood Singapore Holdings Pte. Ltd.




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

NISSAN MOTOR: Continues to Reduce Workforce & Production
--------------------------------------------------------
Bloomberg News reports that Nissan Motor Co.'s prospects are
getting bleaker by the quarter, with the Japanese automaker forced
to shed 12,500 jobs and reduce production capacity by 10% as its
aging lineup weighs on profitability amid a global slump in car
demand.

In the 250 days since the arrest of former Chairman Carlos Ghosn
for alleged financial crimes, focus has shifted to the
deteriorating business and the ability of
Ghosn-protege-turned-accuser Hiroto Saikawa to revive the
Yokohama-based company, Bloomberg says. The chief executive officer
more than doubled job cuts and stepped up restructuring measures on
July 25, following a 99% plunge in operating profit for the first
fiscal quarter.

A weaker Nissan means less clout for the carmaker in its alliance
with Renault SA and Mitsubishi Motors Corp., which was shaken by
Mr. Ghosn's arrest as well as Renault's unsuccessful merger talks
with Fiat Chrysler Automobiles NV, according to Bloomberg. Years of
sales incentives that eroded Nissan's margins and expanded fleet
sales came at the expense of fresh models that appealed to drivers.
To counter that, Nissan needs to work better with Renault, its main
partner and 43% owner, according to Janet Lewis, an analyst at
Macquarie Capital, Bloomberg relays.

"Clearly the issues surrounding the alliance, where much of the
investment for future products is focused, is a distraction,"
Bloomberg quotes Mr. Lewis as saying. "If they can start working
from the same playbook, that would help improve sentiment about
future prospects."

Revenue fell 13% in the April-June period to JPY2.37 trillion, the
steepest sales drop since the global financial crisis a decade ago,
Bloomberg discloses. Despite the weak results, Nissan kept its
fiscal full-year outlook for operating profit of JPY230 billion on
revenue of JPY11.3 trillion. Analysts predict, on average, that the
automaker will fall short on both counts, Bloomberg states.

"This is really a crisis," Bloomberg quotes Koji Endo, an analyst
at SBI Securities Co., as saying.  "Management is chaotic, there is
a lot of restructuring pressure, and the most important thing here
is to downsize."

Saddled by aging car models such as the Juke and Murano, Nissan
sold 6% fewer cars in the latest quarter, a total of 1.23 million
units.

Nissan is planning to refresh all core models, introduce 20-plus
new products and focus on American retail sales over the next three
years, according to Bloomberg. The carmaker recently revamped the
Nissan Skyline with design changes and features, and is also
betting that passenger cars, especially electric sedans, will help
drive future sales in China, Latin America and other growing
markets.

To cope with weaker demand, Nissan said it will also cut global
production capacity by 10% by the end of fiscal 2022 and reduce its
lineup by at least 10% to improve competitiveness. Nissan has
stopped lines at eight sites, and headcount is being cut in India,
Indonesia and two plants in Japan, in addition to already-announced
measures in the U.S., U.K., Mexico and Spain, according to
Bloomberg.

Bloomberg relates that the deteriorating business performance could
reignite questions over whether Mr. Saikawa is the right person to
lead Nissan. Last month, corporate governance advisers urged
shareholders to vote out the former Ghosn protege, who has faced
internal strife over whether he's the right executive for job, as
well as questions over a pay package in 2013 related to a house
purchase, Bloomberg recalls.

Bloomberg says Mr. Ghosn, who arrived at Nissan two decades ago
when Renault bought a stake when it was in trouble, turned around
the carmaker through aggressive cost cuts. He handed the reigns to
Mr. Saikawa in 2017. By 2018, Nissan shares were already dropping
under the new CEO's tenure, hurt by a car-inspection scandal and
tepid global auto sales. The stock fell 22% in 2018, and is down
13% this year, Bloomberg notes.

"He is under pressure, but the pressure isn't strong enough for him
to step down," Endo said of Saikawa, Bloomberg relays. "The problem
is, no one else can do the job now."

Asked about succession plans, Mr. Saikawa said that he considers
the recent corporate governance changes to be a key milestone.
"From here on out, I would like to see the nominating committee to
start discussing succession," the CEO, as cited by Bloomberg, said.
"My role is to support that and create the right conditions for the
next generation to manage effectively."

According to the report, the drastic job cuts and restructuring
measures echo what Mr. Ghosn did to pull Nissan from the brink of
bankruptcy, and also after the 2008 global financial crisis. The
surprise arrest of executive, who led Nissan and Renault for more
than a decade, shook Nissan and its alliance partners, Bloomberg
relates. Currently out on bail, Mr. Ghosn has denied all charges
against him, saying his arrest was due to a "dirty game" played by
some Nissan executives. He is now preparing for his trial, which
may start later this year or next year, adds Bloomberg.

Nissan Motor Company Ltd, usually shortened to Nissan, is a
Japanese multinational automobile manufacturer headquartered in
Nishi-ku, Yokohama, Japan.




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

EPICENTRE HOLDINGS: Names Ernst & Young as Special Auditor
----------------------------------------------------------
Annabeth Leow at The Business Times reports that Epicentre
Holdings, which is facing a judicial management hearing next month
as creditors emerge, named Ernst & Young Advisory as its special
auditor on July 30, as the independent directors stepped up their
review of past transactions.

BT relates that the former Apple reseller, which told the bourse on
July 25 that it would probe certain corporate events and
transactions, has now said that it appointed Ernst & Young Advisory
on July 29 to probe issues that involve its allegedly uncontactable
chairman and acting chief executive officer.

The purported disappearance of chairman Lim Tiong Hian, also known
as Kenneth Lim - whom the board has moved to fire - is one of six
matters that Epicentre specified for the special auditor to report
on, the report says.

According to the report, Ernst & Young Advisory - which will report
exclusively to bourse regulator Singapore Exchange Regulation (SGX
RegCo) - is empowered to carry out digital forensic procedures on
electronic data storage devices such as computers, servers and
mobile phones.

As reported in the Troubled Company Reporter-Asia Pacific on July
26, 2019, The Business Times said a creditor of Catalist-listed
Epicentre Holdings has applied to place the company under judicial
management.  The former Apple reseller's lawyer Oon & Bazul
received a letter on July 22 stating creditor Goh Chee Hong filed
the application with the Singapore High Court.

Epicentre Holdings Limited is an investment holding company. The
Company is an Apple Premium Reseller (APR), which offers a range of
Apple and Apple-related products, as well as pre- and post-sale
services. The Company's segments are Apple brand products, and
third party and proprietary brand complementary products. It also
retails a range of non-Apple branded fashion-skewed accessories in
EpiLife concept stores. EpiLife also carries merchandise under
iWorld, the Company's brand of accessories targeted at the young
and trendy. EpiCentre's e-stores offer a range of accessories,
cases, headphones and styluses from various brands such as,
Monster, JAYS, Belkin, Gosh, Klipsch and B&O. The Company, through
its subsidiary, Epicentre Solutions Pte. Ltd., provides information
technology solutions to educational institutions within Singapore.
It operates approximately five and over six EpiCentre stores in
Singapore and Malaysia (Kuala Lumpur) respectively, and an EpiLife
store in Singapore.




===========
T A I W A N
===========

UNITED MICROELECTRONICS: Egan-Jones Cuts Sr. Unsec. Rating to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on July 25, 2019, downgraded the local
currency senior unsecured rating on debt issued by United
Microelectronics Corporation to BB+ from BBB-.

United Microelectronics Corporation is a Taiwanese company which is
based in Hsinchu, Taiwan. It was founded as Taiwan's first
semiconductor company in 1980 as a spin-off of the
government-sponsored Industrial Technology Research Institute.



                           *********


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.



                *** End of Transmission ***