/raid1/www/Hosts/bankrupt/TCRAP_Public/190927.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, September 27, 2019, Vol. 22, No. 194

                           Headlines



A U S T R A L I A

AFG 2019-2: S&P Assigns Prelim BB (sf) Rating to Class E Notes
ARK MINES: First Creditors' Meeting Set for Oct. 4
CACCIA CONSULTING: Second Creditors' Meeting Set for Oct. 2
CBH EARTHMOVING: First Creditors' Meeting Set for Oct. 8
EMPOWER INSTITUTE: Faces Record AUD26.5MM Penalty

MILLENNIUM THOROUGHBREDS: First Creditors' Meeting Set for Oct. 8
PASSIONTREE VELVET: First Creditors' Meeting Set for Oct. 4
SEGUARD SA: Second Creditors' Meeting Set for Oct. 3
WABA HOLDINGS: Second Creditors' Meeting Set for Oct. 3
WEN ZHOU: Second Creditors' Meeting Set for Oct. 7

WESTERN BROTHERS: First Creditors' Meeting Set for Oct. 8
ZIERA RETAIL: First Creditors' Meeting Set for Oct. 4


C H I N A

AIRNET TECHNOLOGY: Director Shichong Shan Dies
CHINA HONGQIAO: Moody's Rates Proposed US$ Notes B2, Outlook Pos.
CHINA LENDING: Common Shares to Be Quoted on OTC Pink Open Market
COUNTRY GARDEN: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable
FUJIAN ZHANGLONG: Fitch Rates $500MM Sr. Unsec. Bonds 'BB+'

JIANGYIN ZHONGNAN: Declared Bankrupt Amid Film Industry Downturn
ROAD KING: S&P Assigns 'BB-' Rating to New US$ Sr. Unsec. Notes
XINHU ZHONGBAO: Moody's Affirms B2 CFR, Alters Outlook to Negative
ZHENRO PROPERTIES: Fitch Assigns B+ Rating to $300M Unsec. Notes
ZHENRO PROPERTIES: Fitch Corrects September 22, 2019 Press Release



H O N G   K O N G

GREENLAND HONG KONG: Moody's Affirms Ba2 CFR, Outlook Stable
RKPF OVERSEAS: Moody's Rates Proposed USD Sr. Unsec. Notes Ba3


I N D I A

AARYA INDUSTRIAL: Insolvency Resolution Process Case Summary
AASCAR FILM: Insolvency Resolution Process Case Summary
ABHINANDAN EXPORTS: Ind-Ra Migrates 'B' Rating to Non-Cooperating
ABHIRAJ ENGICON: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
ALLIANCE LUMIERE: Insolvency Resolution Process Case Summary

ANRAK ALUMINIUM: Insolvency Resolution Process Case Summary
ATLAS ALLOY: Insolvency Resolution Process Case Summary
DEV SHREE: Ind-Ra Migrates BB- LT Issuer Rating to Non-Cooperating
DIVINE VIDYUT: Insolvency Resolution Process Case Summary
GANCO ENERGY: CRISIL Assigns 'D' Rating to INR7.65cr Loan

GTC OILFIELD: Ind-Ra Cuts Bank Loan Rating to 'BB', Not Cooperating
HPCL-MITTAL ENERGY: Fitch Affirms 'BB' LT IDR, Outlook Stable
J. J. INTERNATIONAL: CRISIL Cuts Rating on INR3.5cr Loan to D
JET AIRWAYS: NCLT Asks Lenders to Release Lifeline Within 15 Days
JSW STEEL: Moody's Rates Proposed Sr. Unsec. Notes Ba2

KALPA VRUKSHA: CRISIL Withdraws B Rating on INR25cr Term Loan
KUSHALAVA SPINNERS: CRISIL Keeps B- Rating in Not Cooperating
LANCO INFRATECH: NCLAT Asks Three Chinese Firms to File Claims
LOKHANDWALA KATARIA: Insolvency Resolution Process Case Summary
MBR GROUP: CRISIL Cuts INR50cr LT Loan Rating to D, Not Cooperating

POONAM DRUMS: Insolvency Resolution Process Case Summary
RELIANCE COMMUNICATIONS: Wins 90 More Days to Complete Insolvency
S. S. OIL: CRISIL Cuts INR6.5cr Loan Rating to B+, Not Cooperating
SAMBANDAM SIVA: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
SAMRAKSHA HEALTH: CRISIL Maintains B Rating in Not Cooperating

SHOREWALA ROLLER: CRISIL Cuts INR7cr Loan Rating to B+/Not Coop.
SHREE KHIWAJ: CRISIL Maintains 'B' Rating in Not Cooperating
SOOD STEEL: CRISIL Maintains 'B+' Rating in Not Cooperating
SRI RAMACHANDRA: CRISIL Maintains B+ Rating in Not Cooperating
SRI VAISHNAVI: CRISIL Maintains B Rating in Not Cooperating

SUNNY STAR: CRISIL Cuts INR7cr Term Loan Rating to B+/Not Coop.
SURGICARE CENTRE: CRISIL Maintains B+ Rating in Not Cooperating
SWASTIK DENIM: CRISIL Maintains B+ Rating in Not Cooperating
SYNCOM HEALTHCARE: Insolvency Resolution Process Case Summary
TRUEFIX MEDIA: Insolvency Resolution Process Case Summary

UMIYA NAGAR: CRISIL Maintains 'B' Rating in Not Cooperating
UNITED BROTHERS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
VALLEY FRESH: CRISIL Maintains 'B' Rating in Not Cooperating
VARUNANI MARKETING: CRISIL Maintains B+ Rating in Not Cooperating
VIKAS PULSE: CRISIL Maintains 'B+' Rating in Not Cooperating

VINAR ISPAT: CRISIL Cuts INR15cr Loan Rating to B+, Not Coop.
VISHAAL PROMOTERS: CRISIL Keeps 'B-' Rating in Not Cooperating
VISION HOUSE: CRISIL Cuts INR1.6cr Term Loan Rating to B+/Not Coop.
WONDERLAND AMUSEMENT: CRISIL Cuts INR5cr Loan Rating to B+/Not Coop
YASIKA STEELS: CRISIL Maintains D Rating in Not Cooperating

ZION HOLIDAYS: CRISIL Lowers Rating on INR13.8cr Loan to B-


I N D O N E S I A

BUKIT MAKMUR: Fitch Affirms BB- LT IDR, Outlook Stable


N E W   Z E A L A N D

FP IGNITION 2011-1: Fitch Puts Final BBsf Rating to Class E Notes
NZ PURE TOUR: Goes Into Liquidation; Cherry Tree Festival Cancelled

                           - - - - -


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

AFG 2019-2: S&P Assigns Prelim BB (sf) Rating to Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for AFG 2019-2 Trust in respect of Series 2019-2.

The preliminary ratings reflect:

-- S&P said, "Our view of the credit risk of the underlying
collateral portfolio, including our view that the credit support is
sufficient to withstand the stresses we apply. The credit support
for the rated notes comprises note subordination, excess spread and
lenders' mortgage insurance on 18.4% of the portfolio. Our
expectation that the various mechanisms to support liquidity within
the transaction, including a liquidity facility equal to 1.0% of
the aggregate outstanding amount of the notes, subject to a floor
of A$350,000, and the principal draw function are sufficient to
ensure timely payment of interest."

-- The extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.

-- The counterparty exposure to National Australia Bank Ltd. as
liquidity facility provider and Australia and New Zealand Banking
Group Ltd. as bank account provider. The transaction documents for
the liquidity facility and bank account include downgrade language
consistent with S&P Global Ratings' counterparty criteria.

PRELIMINARY RATINGS ASSIGNED

  AFG 2019-2 Trust in respect of Series 2019-2

  Class      Rating          Amount (mil. A$)
  A          AAA (sf)        315.000
  AB         AAA (sf)         20.470
  B          AA (sf)           5.600
  C          A (sf)            4.370
  D          BBB (sf)          2.200
  E          BB (sf)           1.200
  F          NR                1.160
  
  NR--Not rated

ARK MINES: First Creditors' Meeting Set for Oct. 4
--------------------------------------------------
A first meeting of the creditors in the proceedings of Ark Mines
Limited will be held on Oct. 4, 2019, at 11:00 a.m. at the offices
of KordaMentha, Chifley Tower, Level 5, at 2 Chifley Square, in
Sydney, NSW.

Richard Tucker and Craig Shepard of KordaMentha were appointed as
administrators of Ark Mines on Sept. 25, 2019.

CACCIA CONSULTING: Second Creditors' Meeting Set for Oct. 2
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Caccia
Consulting Pty Ltd, trading as Caccia Recruitment, has been set for
Oct. 2, 2019, at 10:00 a.m. at the offices of Hall Chadwick
Chartered Accountants, Level 40, at 2 Park Street, in Sydney, NSW.

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

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

Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of Caccia Consulting on Aug. 29, 2019.

CBH EARTHMOVING: First Creditors' Meeting Set for Oct. 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of CBH
Earthmoving Pty Limited will be held on Oct. 8, 2019, at 12:00 p.m.
at the offices of O'Brien Palmer, Level 9, at 66 Clarence Street,
in Sydney, NSW.

Daniel John Frisken of O'Brien Palmer was appointed as
administrator of CBH Earthmoving on Sept. 25, 2019.

EMPOWER INSTITUTE: Faces Record AUD26.5MM Penalty
-------------------------------------------------
ABC News reports that the Federal Court has handed a record $26.5
million fine to failed training college Empower Institute, as well
as a demand it repays more than AUD56 million to the Commonwealth
Government for funding it received to run courses.

However, the fine may prove academic, given the firm put itself
into liquidation once the Australian Competition and Consumer
Commission (ACCC) started action against it in late 2017, ABC
says.

It is understood the fine is unlikely to ever be paid, but lawyers
are trawling through the wreckage to see how much the Commonwealth
will be able to retrieve, according to the report.

Empower--the trading front for a parent company Cornerstone
Investments--was one of a number of education providers that failed
during a Federal Government crackdown on rorting of the
taxpayer-funded VET-FEE-HELP loan scheme in 2015.

At the time colleges were accused of targeting vulnerable people
outside places like Centrelink with the offer of free laptops.

Many students were left with heavy VET-FEE-HELP debts, no diploma
and no job, after paying around AUD15,000 for their courses.

"The [Federal] Court found that Empower had engaged in a system of
unconscionable conduct when it enrolled consumers in VET FEE-HELP
funded courses, by marketing courses to consumers in remote
communities, indigenous communities and low socio-economic areas,
making false or misleading representations, using recruiters who
were practically untrained and in some cases offering inducements
such as free Google Chromebooks," the ACCC said in a statement
after the penalty was handed down, ABC relays.

Late last year, the Federal Court ruled Empower engaged in
unconscionable conduct, misleading or deceptive conduct and
breached the unsolicited consumer agreement provisions of the ACL.

According to the report, despite the unlikelihood of the penalty
ever being paid, the ACCC maintains it is a significant win, given
a court order was necessary to have students' debts cancelled.

In all, the debts of more than 6,000 consumers enrolled in courses
with Empower in 2014 and 2015 will now be cancelled.

ABC relates that the ACCC also argues the record penalty handed
down demonstrates the serious nature of the conduct and will deter
other businesses from engaging in similar conduct.

It is more than double the previous highest fines handed out under
the Australian Consumer Law (ACL) legislation, exceeding the AUD12
million We Buy Houses was ordered to pay last November and the
AUD10 million Ford was hit with in April 2018.

All these penalties were all imposed before amendments lifted the
maximum penalty for an individual breach of the ACL from AUD1.1
million to AUD10 million last year, according to ABC.

"Between June 2014 and December 2014, Empower enrolled more than
4,000 students, often using these appalling tactics," the report
quotes ACCC Chair Rod Sims as saying.  "Empower misled many
vulnerable and disadvantaged consumers who had poor English
language literacy or numeracy skills, and others who could not even
use a computer and did not have access to the internet.

MILLENNIUM THOROUGHBREDS: First Creditors' Meeting Set for Oct. 8
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Millennium
Thoroughbreds Pty Ltd and Brigt Australia Pty Ltd will be held on
Oct. 8, 2019, at 10:30 a.m. at Level 17, 383 Kent Street, in
Sydney, NSW.

John McInerney and Philip Campbell-Wilson of Grant Thornton
Australia were appointed as administrators of Millennium
Thoroughbreds on Sept. 25, 2019.

PASSIONTREE VELVET: First Creditors' Meeting Set for Oct. 4
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Passiontree
Velvet Pty Ltd will be held on Oct. 4, 2019, at 10:00 a.m. at
Chartered Accountant Australia and New Zealand, Level 9, Burke
Room, at 33 Erskine Street, in Sydney, NSW.

Patrick Loi of Greengate Advisory NSW was appointed as
administrator of Passiontree Velvet on Sept. 24, 2019.

SEGUARD SA: Second Creditors' Meeting Set for Oct. 3
----------------------------------------------------
A second meeting of creditors in the proceedings of Seguard SA
Sanitation Pty Ltd ATF Norwood Employment Group Trust has been set
for Oct. 3, 2019, at 12:00 p.m. at the offices of Cor Cordis, Level
29, at 360 Collins Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 2, 2019, at 5:00 p.m.

Sam Kaso and Daniel Juratowitch of Cor Cordis were appointed as
administrators of Seguard SA on Aug. 28, 2019.

WABA HOLDINGS: Second Creditors' Meeting Set for Oct. 3
-------------------------------------------------------
A second meeting of creditors in the proceedings of Waba Holdings
Pty Ltd, Tawana Gold Pty Ltd and Alliance Mineral Assets
Exploration Pty Ltd has been set for Oct. 3, 2019, at 11:30 a.m. at
the offices of KordaMentha, Level 10, at 40 St Georges Terrace, in
Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 2, 2019, at 4:00 p.m.

John Bumbak of Kordamentha was appointed as administrator of Waba
Holdings on Aug. 28, 2019.

WEN ZHOU: Second Creditors' Meeting Set for Oct. 7
--------------------------------------------------
A second meeting of creditors in the proceedings of Wen Zhou
Investments Pty Ltd has been set for Oct. 7, 2019, at 2:30 p.m. at
the offices of Hamilton Murphy, Level 1, at 255 Mary Street, in
Richmond, Victoria.

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

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

Richard Rohrt of Hamilton Murphy was appointed as administrator of
Wen Zhou on Aug. 30, 2019.

WESTERN BROTHERS: First Creditors' Meeting Set for Oct. 8
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Western
Brothers Group Transport Pty Ltd will be held on Oct. 8, 2019, at
3:30 p.m. at BGC Conference Room, 28 The Esplanade, in Perth, WA.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Western Brothers on Sept. 25, 2019.


ZIERA RETAIL: First Creditors' Meeting Set for Oct. 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Ziera Retail
Australia Pty Limited will be held on Oct. 4, 2019, at 10:00 a.m.
at Wesley Conference Centre, at 220 Pitt Street, in Sydney, NSW.

Shaun Robert Fraser and Katherine Sozou of McGrathNicol were
appointed as administrators of Ziera Retail on Sept. 24, 2019.



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C H I N A
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AIRNET TECHNOLOGY: Director Shichong Shan Dies
----------------------------------------------
AirNet Technology Inc.'s independent director Shichong Shan, 89,
had passed away recently.  Mr. Shan had served as an independent
director on the Company's board of directors since July 2007, and
as a member of the Audit Committee and the Compensation Committee
of the Board.  Mr. Wen Dong, one of the Company's independent
directors, was elected to sit on the Audit Committee and the
Compensation Committee.

Presently, AirNet's Board of Directors comprises six members
including four independent directors, who are Messrs. Conor
Chia-hung Yang, Hua Zhuo, Songzuo Xiang and Dong Wen, and two
non-independent directors, who are Messrs. Herman Man Guo and Qing
Xu.  Each of its Audit Committee, Compensation Committee and
Compliance Committee is composed of three independent directors.

Herman Man Guo, AirNet's Chairman and chief executive officer,
said, "We offer our deepest condolences and sympathy to Mr. Shan's
family.  Further, we would like to express our sincere appreciation
for the valuable contributions of Mr. Shan in his tenure as the
Company's director."

                      About AirNet Technology

Incorporated in 2007 and headquartered in Beijing, China, and
formerly known as AirMedia Group Inc, AirNet provides in-flight
solutions to connectivity, entertainment and digital multimedia in
China.  AirNet -- http://ir.ihangmei.com/-- empowers Chinese
airlines with seamlessly immersive Internet connections through a
network of satellites and land-based beacons, provides airline
travelers with interactive entertainment and a coverage of breaking
news, and furnishes corporate clients with advertisements tailored
to the perceptions of the travelers.  

Marcum Bernstein & Pinchuk LLP, in New York, issued a "going
concern" qualification in its report dated April 30, 2019, on the
Company's consolidated financial statements for the year ended Dec.
31, 2018, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

AirMedia incurred a net loss of US$93.41 million in 2018 following
a net loss of US$179.2 million in 2017.  As of Dec. 31, 2018,
AirMedia had US$129.8 million in total assets, US$115.41 million in
total liabilities, and US$14.39 million in total equity.

CHINA HONGQIAO: Moody's Rates Proposed US$ Notes B2, Outlook Pos.
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 senior unsecured rating to
the proposed USD notes to be issued by China Hongqiao Group Limited
(B1 positive).

The rating outlook is positive.

The bond rating reflects Moody's expectation that China Hongqiao
will complete the bond issuance upon satisfactory terms and
conditions, including proper registrations with the National
Development and Reform Commission and the State Administration of
Foreign Exchange in China (A1 stable).

The proceeds from the proposed issuance will be used by China
Hongqiao for refinancing and general working capital purposes.

RATINGS RATIONALE

"The proposed issuance will not impact China Hongqiao's B1
corporate family rating or the positive outlook on the rating,
because most of the proceeds will be used to refinance existing
debt, while the issuance will also improve the company's debt
maturity profile," says Roy Zhang, a Moody's Assistant Vice
President and Analyst, and also Moody's Lead Analyst for China
Hongqiao.

The company successfully managed through a major capacity cut
implemented by the Chinese government in 2017. China Hongqiao's
capital expenditure needs have since declined significantly,
because the supply side reform has made it difficult for China
Hongqiao and its industry peers to add new capacity.

The company's integrated business model and equity placement have
also helped mitigate the impact of the capacity cut.

China Hongqiao's total reported debt declined to RMB78.5 billion at
the end of June 2019 from RMB82.9 billion at the end of 2018,
because the company used cash on hand to pay off several onshore
and offshore bonds in 1H 2019.

Moody's expects that China Hongqiao's leverage will range between
3.5x and 4.0x over the next 12-18 months; a result which is solid
for its current rating category.

China Hongqiao's liquidity is strong. Its cash on hand of RMB25.7
billion as of June 30, 2019, together with Moody's forecast of the
company's operating cash flow for the next 12 months, are
sufficient to cover its total short-term debt of RMB27.2 billion at
the end of June 2019 and capital spending and dividend needs.

China Hongqiao's B1 corporate family rating reflects the company's
leadership position in aluminum production in China, vertically
integrated business model, long operating history, as well as
advanced and low cost production facilities.

On the other hand, the rating is constrained by the regulatory
risks and cyclicality associated with China's aluminium industry,
resulting in volatile credit metrics.

The positive rating outlook reflects China Hongqiao's increased
capacity to reduce debt, supported by positive free cash flow
generation and improving liquidity.

The rating also takes into account the following environmental,
social and governance considerations.

First, the company's bauxite mining, power generation, alumina
refinery and aluminium smelting operations are exposed to high
environmental and safety risks. However, these risks are somewhat
mitigated by its operational track record and continuous investment
in and improvement in related processes and facilities to meet
higher standards.

Second, on the governance front, the company has a track record of
changing auditors, while its ownership is concentrated in its key
shareholder, Mr. Zhang Shiping and his family, who together held a
total 70% stake in the company at the end of 2018. These risks are
partially mitigated by the higher board oversight exercised through
the presence of strategic minority shareholder, CITIC Group
Corporation (A3 stable).

The B2 senior unsecured bond rating is one notch lower than it
would otherwise be due to structural subordination risk. This risk
reflects the fact that the majority of China Hongqiao's claims are
at its operating subsidiaries and have priority over its senior
unsecured claims at the holding company in a bankruptcy scenario.

Upward rating pressure could emerge if the company (1) maintains
sound corporate governance standards as it changes auditors, as
well as operational stability, after its capacity cuts; (2) reduces
its total debt and adjusted debt/EBITDA to below 3.5x-4.0x on a
sustained basis; and (3) maintains its cash to short-term debt
above 1.0x.

On the other hand, the rating outlook could return to stable if:
(1) its operations weaken as a result of an industry downturn or
adverse regulatory changes; (2) it fails to adhere to prudent
financial management and sound corporate governance standards; (3)
its cost competitiveness and market position deteriorate; (4) there
is a material weakening in its credit metrics, with adjusted
debt/EBITDA rising above 4.5x; or (5) its liquidity profile
deteriorates.

The principal methodology used in this rating was Steel Industry
published in September 2017.

Founded in 1994 and headquartered in Zouping, Shandong Province,
China Hongqiao Group Limited is the largest aluminium manufacturer
in China as well as globally by production volume. The company
listed on the Hong Kong Stock Exchange in March 2011.

At the end of 2018, China Hongqiao Group Limited was 70.04% owned
by Chairman Mr. Zhang Shiping and 10.11% owned by CITIC Group
Corporation. The company posted revenue of RMB90 billion in 2018.

CHINA LENDING: Common Shares to Be Quoted on OTC Pink Open Market
-----------------------------------------------------------------
China Lending Corporation was notified by The Nasdaq Stock Market
that the Nasdaq Hearings Panel denied the Company's recent appeal
and determined to delist the Company's common shares from Nasdaq.
The decision to delist the Company's common shares was reached as a
result of the Company's inability to regain compliance with the
continued listing requirement of a minimum of $2.5 million in
stockholders' equity, as set forth in Nasdaq Listing Rule
5550(b)(1).  Accordingly, it was expected that the trading of the
Company's common shares on Nasdaq was to cease at the opening of
business last Sept. 6, 2019.  Subsequently, Nasdaq will file a Form
25-NSE with the Securities and Exchange Commission to effect the
removal of the Company's securities from listing and registration
on the Nasdaq Capital Market.

The Company anticipates that its securities will be quoted on the
OTC Pink Open Market, a centralized electronic quotation service
for over-the-counter securities, following the Nasdaq delisting;
the trading symbol for the Company's securities will remain
unchanged.  Such quotation will continue so long as market makers
demonstrate an interest in trading in the Company's common shares;
however, the Company can give no assurance that trading in its
common shares will continue on the Pink Sheets or any other
securities exchange or quotation medium. Further, trading of the
Company's common shares on the Pink Sheets may be restricted
depending on the jurisdiction in which potential purchasers or
sellers of shares reside.

The Company will remain a reporting company under the Securities
Exchange Act of 1934 and continue to be subject to the public
reporting requirements of the Securities and Exchange Commission.

                       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.

COUNTRY GARDEN: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
On Sept. 25, 2019, S&P Global Ratings affirmed its 'BB+' long-term
issuer credit rating on Country Garden Holdings Co. Ltd. At the
same time, S&P affirmed the 'BB' long-term issue rating on the
company's outstanding senior unsecured notes.

S&P said, "We affirmed the rating on Country Garden Holdings Co.
Ltd. because we believe the developer's credit profile, though well
supported at the current rating level, has yet to fully demonstrate
the operational stability commensurate with that of higher-rated
peers.

"In our view, Country Garden is no longer chasing aggressive scale
growth. The company is on track to meet its attributable contracted
sales target of Chinese renminbi (RMB) 550 billion in 2019,
representing 10% growth from last year. This growth rate is much
lower than in past years, and we estimate a similar trend for the
following one to two years. As a result, Country Garden's debt
growth will likely slow to 10%-20% in 2019-2020, against about 50%
in previous years, as it trims down land acquisitions. The company
is on track to meeting our expectation of about RMB170 billion of
land acquisitions in 2019, 23% lower than its 2018 level, and just
around 30% of its attributable sales."

Country Garden's slower debt growth and strong revenue recognition
over 2019-2020 should enable the developer to maintain a relatively
stable leverage, despite falling margins. S&P expects the company's
debt-to-EBITDA ratio will be slightly below 4x in 2020, compared
with 3.7x in 2019.

Country Garden's credit profile is still constrained by its
substantial exposure to lower-tier Chinese cities, which constitute
some 60% of its land bank. These cities are more prone to
volatility in demand and sales, and regulatory factors including
credit tightening and the pullback of government subsidies for
"shantytown" redevelopment. Indeed, sales conditions in lower-tier
cities are currently fluctuating more than usual, due to slowing
economic growth. That, along with the company's priority in
maintaining good cash collection, may limit its pricing power and
hence its profitability. S&P anticipates a drop in its overall
selling price to reduce the EBITDA margin to 22%-23%% in 2019 and
20%-21% in 2020, compared with 22.4% last year.

Country Garden's ability to maintain operational stability in
lower-tier cities, with satisfactory performance in profitability,
will be a key rating factor over the next six-12 months. The
company delivered good sales volumes throughout several previous
down cycles. However, its profitability was severely compressed
from price cuts, with EBITDA margin dropping to about 16% during
the down cycle in 2015 (from the prior level of 22%-25%). That
level was materially lower than for similar-rated developers and
led to a substantial increase in Country Garden's leverage at the
time.

S&P said, "Despite the challenges, we believe Country Garden's
slower scale growth may improve its odds of weathering a potential
down cycle, although such resilience has not been demonstrated in
the past. Related cost controls can help stabilize EBITDA margins.
In addition, a staff co-investment scheme implemented in recent
years provides more incentive for project managers to achieve
better asset turnover and cash collection, potentially enhancing
the company's return on capital and boosting its cyclical
resilience.

"The stable outlook reflects our expectation that Country Garden's
leverage will stay relatively stable because its good revenue
recognition and slowing growth appetite should partly offset a
moderate decline in margin over the next 12 months. However, given
the large exposure to lower-tier cities, which are currently under
more pressure, we expect the company's operating performance to be
more volatile than that of higher-rated peers.

"We could upgrade Country Garden if the company demonstrates
operational stability, particularly through cycles in lower-tier
cities. This could be evidenced by its return on capital staying
sustainably over 18% and EBITDA margin sustaining above 20% during
a down cycle. At the same time, we expect the company to continue
to maintain its improved leverage through more disciplined
expansion and good revenue growth, such that its debt-to-EBITDA
ratio stays sustainably below 4x.

"We could downgrade Country Garden if its debt-to-EBITDA ratio
deteriorates to more than 5x on a sustained basis or its EBITDA
interest coverage falls below 3x. This could happen if: (1) its
revenue growth is materially lower than 25% in 2019, possibly due
to delivery slippage, or its margin drops well below our
expectation; or (2) the company's debt-funded expansion becomes
more aggressive than we expect."

FUJIAN ZHANGLONG: Fitch Rates $500MM Sr. Unsec. Bonds 'BB+'
------------------------------------------------------------
Fitch Ratings assigned Fujian Zhanglong Group Co., Ltd.'s
(BB+/Stable) USD500 million 5.875% senior unsecured bonds due 2022
a final rating of 'BB+'. The assignment of the final rating follows
the receipt of documents conforming to information already received
and is in line with the expected rating assigned on August 09,
2019.

KEY RATING DRIVERS

The bond is rated at the same level as Zhanglong's Issuer Default
Ratings as it represents Zhanglong's direct, unsubordinated and
unsecured obligations, and rank at least pari passu with all
Zhanglong's other present and future unsecured obligations.

RATING SENSITIVITIES

Any rating action on Zhanglong's IDR would result in a similar
rating action on the bond.

JIANGYIN ZHONGNAN: Declared Bankrupt Amid Film Industry Downturn
----------------------------------------------------------------
Liu Shuangshuang and Tang Ziyi at Caixin Global reports that a
Chinese company that started life as a metals firm and transformed
into a film studio betting on the domestic industry's bright
prospects has gone bust as the sector slows.

Caixin relates that Shenzhen-listed Jiangyin Zhongnan Heavy
Industries Co. Ltd. said a local court in Jiangyin, East China's
Jiangsu province, where the company is headquartered, has declared
the company bankrupt, it announced in a statement to the bourse on
Sept. 24.

According to Caixin, the company has left a trail of unpaid bills
and other bad debt amounting to some CNY2.84 billion ($399 million)
as it deals with its own financial struggles. Zhongnan posted
losses of CNY141 million in the first half this year, compared to a
profit of CNY45.7 million in the same period the year before, the
report discloses.

Zhongnan, established in 2003 as a tube metal manufacturer,
transformed into a movie studio through a slew of high-profile
mergers and acquisitions, Caixin says.

In 2014, it purchased 100% of Beijing-based television producer
Datang Brilliant Media Co. Ltd. for CNY1 billion. The company later
acquired 100% of film-maker Shanghai Qianyi Zhicheng Culture Media
Co. Ltd. for CNY260 million in 2015.

Zhongnan was one of the producers behind last year's surprise smash
hit "Dying to Survive." It was among a wave of domestic firms drawn
to the sector to tap the lucrative market that once lead an
investment boom, Caixin notes.

ROAD KING: S&P Assigns 'BB-' Rating to New US$ Sr. Unsec. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to the
U.S.-dollar-denominated guaranteed senior unsecured notes that RKPF
Overseas 2019 (A) Ltd. proposes to issue. The notes are guaranteed
by Road King Infrastructure Ltd. (BB-/Stable/--). The China-focused
developer with a toll-road portfolio will use the proceeds for
property development and general corporate use. The issue rating is
subject to our review of the final issuance documentation.

S&P rates RKI's guaranteed senior unsecured notes the same as the
issuer credit rating, given limited subordination risk in the
company's capital structure. As of Dec. 31, 2018, RKI's capital
structure consisted of HK$6.3 billion in secured debt, HK$17.2
billion in unsecured debt at the parent level, and HK$6.2 billion
in unsecured debt issued or guaranteed by the company's operating
subsidiaries. Its priority debt ratio is 42%, below our downward
notching threshold of 50%.

In January this year, RKI issued US$400 million in guaranteed
senior unsecured notes due 2021 and another US$400 million due
2023, which was partly used to refinance its guaranteed senior
unsecured notes due August 2019. RKI also issued Chinese renminbi
(RMB) 1.5 billion in onshore China corporate bonds in September for
refinancing. S&P expects RKI to maintain prudent financial
management, while its debt-to-EBITDA ratio will likely rise back to
above 4x in 2019 and 2020, from 2.6x in 2018, due to increasing
land spending and normalizing margins.

S&P said, "In the first six months of 2019, RKI's contracted sales
rose to RMB19.6 billion, 29% higher than the same period in 2018
and in line with our base-case forecast. That said, the company's
market position in property development remains weak compared with
other similarly rated peers', owing to RKI's smaller scale, weaker
brand recognition, and geographical concentration in the Yangtze
River Delta. The stable outlook reflects our expectation that RKI's
property sales will steadily grow over the next 12 months, with an
above average margin. We also expect stable dividend income from
its toll-road business."


XINHU ZHONGBAO: Moody's Affirms B2 CFR, Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook on (1) Xinhu Zhongbao Co., Ltd.'s B2 corporate family
rating; and (2) the B3 senior unsecured ratings on the bonds issued
by Xinhu (BVI) 2018 Holding Company Limited and Xinhu Holding
Company Limited and guaranteed by Xinhu Zhongbao Co., Ltd.

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

RATINGS RATIONALE

"The change in outlook reflects Xinhu Zhongbao's increased debt
refinancing risk over the next 12-18 months, amid tightening credit
conditions in China," says Celine Yang, a Moody's Assistant Vice
President and Analyst.

At the end of June 2019, Xinhu Zhongbao's cash balance of RMB15.3
billion (including restricted cash) was inadequate to cover its
RMB26.2 billion of debt maturing by June 2020. Its maturing debt
included RMB1.6 billion of corporate bonds due November 2019 and
$648 million senior notes due March 2020.

While the company's investment portfolio included RMB33.7 million
of long-term investments and RMB7.8 billion of other non-current
financial assets as of the end of June 2019, Moody's estimates that
around 40% of the portfolio was pledged for borrowings, reducing
flexibility to liquidate investments.

The company has also disposed of some development projects to
improve its liquidity , which is behavior more commensurate with
the lower B rating level.

The negative outlook also reflects the company's high debt
leverage, with revenue/adjusted debt registering 22% for the 12
months ended June 2019. Moody's expects the company's debt leverage
will remain around 19%-21% over the next 12-18 months, which is
high for its B2 CFR.

Moody's further expects Xinhu Zhongbao's borrowing costs will
increase amid tight credit conditions in China (A1 stable), which
will in turn weaken its interest coverage. Its EBIT/adjusted
interest will likely also weaken to 1.3x-1.4x over the next 12-18
months from 1.8x for the 12 months end June 2019.

Xinhu Zhongbao's B2 CFR reflects the company's track record of
developing residential property projects in the Yangtze River
Delta, and its quality and low-cost land bank. The rating also
reflects Xinhu Zhongbao's track record of access to domestic and
offshore bank and bond markets.

However, the company's B2 CFR is constrained by its weak liquidity
and credit metrics.

Given the negative outlook, a rating upgrade is unlikely. However,
the outlook could return to stable if the company improves (1) its
liquidity position, such that cash/short-term debt (including
puttable bonds) rises above 1.0x on a sustained basis; and (2) its
credit metrics, such that EBIT/interest coverage improves to 1.5x
and revenue/adjusted debt above 25%-30%, both on a sustained
basis.

On the other hand, the ratings could be downgraded if the company's
liquidity further deteriorates, if it disposes of projects to raise
liquidity, or if its contracted sales decline.

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

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

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

ZHENRO PROPERTIES: Fitch Assigns B+ Rating to $300M Unsec. Notes
----------------------------------------------------------------
Fitch Ratings assigned Zhenro Properties Group Limited (B+/Stable)
a 'B+' senior unsecured rating and final rating for the company's
USD300 million 8.7% senior unsecured notes due 2022. The Recovery
Rating for both is 'RR4'.

The notes are rated at the same level as Zhenro's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. Zhenro intends to use the net proceeds from the issue
to primarily refinance existing debt. The final rating follows the
receipt of final documentation conforming to information already
received and is in line with the expected rating assigned on
September 22, 2019.

Zhenro has been repaying its debt through equity issuance and
internally generated cash flow, which Fitch believes has reduced
its leverage - as defined by net debt/adjusted inventory, including
proportional consolidation of joint ventures and associates - to
around 51%, from 55% at end-June 2019. Fitch believes Zhenro can
sustain leverage at around 50% as it pursues a less aggressive
growth strategy than in the past two years.

Zhenro's Issuer Default Rating is supported by its high-quality and
diverse land bank, healthy contracted sales growth, sales churn and
good margin. The rating is constrained by a small land bank, which
creates some pressure to replenish land and limits room for
significant deleveraging.

KEY RATING DRIVERS

Sustained Leverage Profile: Fitch believes Zhenro can sustain a
leverage profile commensurate with a 'B+' rating. Leverage
increased to 55% in 1H19, but Fitch believes subsequent debt
repayment from equity issuance and internal cash generation has
lowered leverage to around 51%. Zhenro spent around CNY16 billion
on land acquisitions in 1H19, which represented around half of
1H19's attributable contracted sales. Fitch forecasts Zhenro will
spend CNY35 billion on land acquisition in 2019, resulting in
leverage of around 50%. Chinese homebuilders have been more active
in acquiring land in Tier 2 cities during 2019, resulting in higher
land premiums.

More Balanced Capital Structure: The cash/short-term debt ratio was
stable at 1.2x in 1H19. Fitch falso expects funding costs to
continue to fall, as more expensive trust loans are replaced with
lower-cost financing. Zhenro has diversified its funding sources
since its IPO in 2018. The percentage of unsecured borrowings
increased to 41% of total debt in 1H19, from 34% in 2018. The
company continues to replace onshore non-bank borrowings with
offshore funding.

High-Quality Land Bank: Zhenro's land bank is focused on Tier 2
cities and is diversified across China's eastern, northern,
south-east, western and central regions. No single city contributes
a significant portion to total sales, avoiding concentration and
regional policy risks. This allowed Zhenro to achieve robust
attributable contracted sales growth in the previous three years,
with attributable sales reaching CNY30 billion in 1H19. The average
selling price (ASP) dropped to CNY15,390/square metre (sq m), from
CNY16,770/sq m, due to a lower proportion of sales from Tier 1
cities, but was still higher than that of most 'B+' category
peers.

Relatively Small Land Bank: Fitch estimates Zhenro's unsold
attributable land bank at end-1H19 was sufficient for around 2.5
years of development. The company relies on continuous land
acquisition to sustain contracted sales growth. This is likely to
drive Zhenro to replenish land bank at market prices and could
limit its ability to keep land costs low, especially as it acquires
more land parcels in Tier 2 cities, where there is more intense
competition on land bidding. Fitch forecasts Zhenro will keep its
land-bank life at current levels, as Zhenro believes a larger land
bank would limit its flexibility to manage policy uncertainties.

Zhenro acquired new land at an average cost of CNY6,311/sq m in
1H19, 31% higher than in 2018. Land costs accounted for about 41%
of contracted sales ASP. Fitch expects the EBITDA margin to
gradually edge down from the 2018 level, following the same trend
as most other Chinese homebuilders.

Significant Minority Shareholders: Total non-controlling interest
in Zhenro's balance sheet increased to CNY10.6 billion in 1H19,
from CNY8 billion in 2018, due to minority shareholders completing
capital injections for projects acquired in 2018. Total
non-controlling interest was 36.5% of total equity in 1H19. Fitch
expects non-controlling interest to stay stable, as Zhenro sought
higher shareholdings in its land acquisitions during 2019, although
this also increased leverage in 1H19.

DERIVATION SUMMARY

Zhenro's leverage of 50%-55% and relatively small land bank
constrain its rating to the 'B+' category, while its sustainable
contracted sales scale and diverse and quality land bank are
comparable with those of 'BB-' peers. As with Zhongliang Holdings
Group Company Limited (B+/Stable), Zhenro's unsold attributable
land bank at end-1H19 was equivalent to around 2.5 years of gross
floor area sold, which is shorter than that of fast-churn peers.

Zhenro's leverage is at the higher end of 'B+' peers, but is
complemented by a high-quality land bank, which drives its
contracted sales scale and satisfactory margin. Attributable
contracted sales of CNY56 billion and an EBITDA margin of 27% in
2018 were comparable with those of 'BB-' peers, such as Yuzhou
Properties Company Limited (BB-/Stable).

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY62 billion-85 billion a
year in 2019-2022 (1H19: CNY30 billion)

  - 10% drop in ASP in 2019, followed by a 0%-2% rise each year in
2020-2022 (1H19: CNY15,382)

  - Annual land premium to be maintained at around 2.5 years of
land-bank life, accounting for about 40%-55% of attributable
contracted sales (1H19: 54%)

RATING SENSITIVITIES

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

  - Leverage (net debt/adjusted inventory) sustained below 45%

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, above 25% for a sustained period

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

  - Leverage (net debt/adjusted inventory) above 55% for a
sustained period

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, below 20% for a sustained period

LIQUIDITY

Sufficient Liquidity: Zhenro had unrestricted cash of CNY25.1
billion, pledged deposits of CNY0.5 billion, restricted cash of
CNY4.6 billion, undrawn bank credit facilities and the unused
onshore and offshore bond issuance quota for refinancing at
end-1H19, enough to cover short-term borrowings of CNY24.9 billion.
Zhenro raised CNY2.8 billion from the debt and equity capital
markets in 2H19 to repay debt and for refinancing purposes. It
repaid CNY5 billion of debt, which led to a CNY2.6 billion drop in
net debt.

ZHENRO PROPERTIES: Fitch Corrects September 22, 2019 Press Release
------------------------------------------------------------------
Fitch Ratings replaced a ratings release published on September 22,
2019 to correct the name of the obligor for the bonds.

Fitch Ratings has assigned Zhenro Properties Group Limited's
(B+/Stable) proposed US dollar senior unsecured notes an expected
'B+(EXP)' rating with a Recovery Rating of 'RR4'.

The proposed notes are rated at the same level as Zhenro's Issuer
Default Rating and they will constitute its direct and senior
unsecured obligations. Zhenro intends to use net proceeds from the
proposed issue to primarily refinance existing debt. The final
rating is subject to the receipt of final documentation conforming
to information already received.

Zhenro has been repaying its debt through equity issuance and
internally generated cash flow, which Fitch believes has reduced
its leverage - as defined by net debt/adjusted inventory, including
proportional consolidation of joint ventures and associates - to
around 51%, from 55% at end-June 2019. Fitch believes Zhenro can
sustain leverage at around 50% as it pursues a less aggressive
growth strategy than in the past two years.

Zhenro's IDR is supported by its high-quality and diverse land
bank, healthy contracted sales growth, sales churn and good margin.
The rating is constrained by a small land bank, which creates some
pressure to replenish land and limits room for significant
deleveraging.

KEY RATING DRIVERS

Sustained Leverage Profile: Fitch believes Zhenro can sustain a
leverage profile commensurate with a 'B+' rating. Leverage
increased to 55% in 1H19, but Fitch believes subsequent debt
repayment from equity issuance and internal cash generation has
lowered leverage to around 51%. Zhenro spent around CNY16 billion
on land acquisitions in 1H19, which represented around half of
1H19's attributable contracted sales. Fitch forecasts Zhenro will
spend CNY35 billion on land acquisition in 2019, resulting in
leverage of around 50%. Chinese homebuilders have been more active
in acquiring land in Tier 2 cities during 2019, resulting in higher
land premiums.

More Balanced Capital Structure: The cash/short-term debt ratio was
stable at 1.2x in 1H19. Fitch falso expects funding costs to
continue to fall, as more expensive trust loans are replaced with
lower-cost financing. Zhenro has diversified its funding sources
since its IPO in 2018. The percentage of unsecured borrowings
increased to 41% of total debt in 1H19, from 34% in 2018. The
company continues to replace onshore non-bank borrowings with
offshore funding.

High-Quality Land Bank: Zhenro's land bank is focused on Tier 2
cities and is diversified across China's eastern, northern,
south-east, western and central regions. No single city contributes
a significant portion to total sales, avoiding concentration and
regional policy risks. This allowed Zhenro to achieve robust
attributable contracted sales growth in the previous three years,
with attributable sales reaching CNY30 billion in 1H19. The average
selling price (ASP) dropped to CNY15,390/square metre (sq m), from
CNY16,770/sq m, due to a lower proportion of sales from Tier 1
cities, but was still higher than that of most 'B+' category
peers.

Relatively Small Land Bank: Fitch estimates Zhenro's unsold
attributable land bank at end-1H19 was sufficient for around 2.5
years of development. The company relies on continuous land
acquisition to sustain contracted sales growth. This is likely to
drive Zhenro to replenish land bank at market prices and could
limit its ability to keep land costs low, especially as it acquires
more land parcels in Tier 2 cities, where there is more intense
competition on land bidding. Fitch forecasts Zhenro will keep its
land-bank life at current levels, as Zhenro believes a larger land
bank would limit its flexibility to manage policy uncertainties.

Zhenro acquired new land at an average cost of CNY6,311/sq m in
1H19, 31% higher than in 2018. Land costs accounted for about 41%
of contracted sales ASP. Fitch expects the EBITDA margin to
gradually edge down from the 2018 level, following the same trend
as most other Chinese homebuilders.

Significant Minority Shareholders: Total non-controlling interest
in Zhenro's balance sheet increased to CNY10.6 billion in 1H19,
from CNY8 billion in 2018, due to minority shareholders completing
capital injections for projects acquired in 2018. Total
non-controlling interest was 36.5% of total equity in 1H19. Fitch
expects non-controlling interest to stay stable, as Zhenro sought
higher shareholdings in its land acquisitions during 2019, although
this also increased leverage in 1H19.

DERIVATION SUMMARY

Zhenro's leverage of 50%-55% and relatively small land bank
constrains its rating to the 'B+' category, while its sustainable
contracted sales scale and diverse and quality land bank is
comparable with those of 'BB-' peers. As with Zhongliang Holdings
Group Company Limited (B+/Stable), Zhenro's unsold attributable
land bank at end-1H19 was equivalent to around 2.5 years of GFA
sold, which is shorter than that of fast-churn peers.

Zhenro's leverage is at the higher-end of 'B+' peers, but is
complemented by a high-quality land bank, which drives its
contracted sales scale and satisfactory margin. Attributable
contracted sales of CNY56 billion and an EBITDA margin of 27% in
2018 were comparable with those of 'BB-' peers, such as Yuzhou
Properties Company Limited (BB-/Stable).

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY62 billion-85 billion a
year in 2019-2022 (1H19: CNY30 billion)

  - 10% drop in ASP in 2019, followed by a 0%-2% rise each year in
2020-2022 (1H19: CNY15,382)

  - Annual land premium to be maintained at around 2.5 years of
land-bank life, accounting for about 40%-55% of attributable
contracted sales (1H19: 54%)

RATING SENSITIVITIES

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

  - Leverage (net debt/adjusted inventory) sustained below 45%

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, above 25% for a sustained period

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

  - Leverage (net debt/adjusted inventory) above 55% for a
sustained period

  - EBITDA margin, after adding back capitalised interest in cost
of goods sold, below 20% for a sustained period

LIQUIDITY

Sufficient Liquidity: Zhenro had unrestricted cash of CNY25.1
billion, pledged deposits of CNY0.5 billion, restricted cash of
CNY4.6 billion, undrawn bank credit facilities and the unused
onshore and offshore bond issuance quota for refinancing at
end-1H19, enough to cover short-term borrowings of CNY24.9 billion.
Zhenro raised CNY2.8 billion from the debt and equity capital
markets in 2H19 to repay debt and for refinancing purposes. It
repaid CNY5 billion of debt, which led to a CNY2.6 billion drop in
net debt.



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

GREENLAND HONG KONG: Moody's Affirms Ba2 CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service affirmed Greenland Hong Kong Holdings
Limited's Ba2 corporate family rating, the (P)Ba3 backed senior
unsecured rating on Greenland Hong Kong's MTN program, the Ba3
senior unsecured rating on Greenland Hong Kong's USD notes, and the
Ba3 backed senior unsecured rating on Greenland Hong Kong's USD
notes.

The MTN program of Greenland Hong Kong and the related notes are
supported by a deed of equity interest purchase undertaking and a
keepwell deed between Greenland Hong Kong, Greenland Holding Group
Company Limited (Ba1 stable), and the bond trustee.

The outlook remains stable.

RATINGS RATIONALE

"The affirmation of the Ba2 CFR reflects Greenland Hong Kong's
improving standalone credit profile and a one-notch rating uplift
for expected support from its parent, Greenland Holding, when
needed," says Danny Chan, a Moody's Assistant Vice President.

"However, while we expect the company will continue to receive
strong financial and operating support from its parent, its Ba2 CFR
is also constrained by Greenland Holding's credit profile, as
reflected by its Ba1 CFR," adds Chan.

Greenland Hong Kong's improving standalone credit profile is
reflected by its strengthening financial leverage and liquidity,
growing contracted sales and broader geographic coverage.

Moody's expects that Greenland Hong Kong's revenue/adjusted debt
will stay at 85%-90% in the next 12-18 months, following an
increase to 86% for the 12 months ended June 30, 2019 from 80% in
2018.

The improvement will be driven by mild revenue growth and lower
debt following the company's planned disposal of a mixed use
property project in Shanghai. The disposal is consistent with the
company's increased focus on residential developments, and will be
completed by the end of 2019.

Moody's also expects Greenland Hong Kong will control its debt
while pursuing growth, and keep its land acquisitions at 30%-35% of
contracted sales.

While Moody's expects EBIT/interest coverage will slightly decline
to 3.6x-3.9x over the next 12-18 months from 4.3x for the 12 months
ended June 30, 2019, mainly due to a reduction in profit margins,
the projected ratios remain supportive of its standalone credit
profile.

Moody's further expects the company's contracted sales will grow to
RMB50-60 billion in the next 12-18 months, supported by its good
sales execution and sufficient saleable resources. These contracted
sales will support the company's cash flow and future revenue
growth.

Greenland Hong Kong recorded 38% year-on-year contracted sales
growth during the first eight months of 2019 to RMB30.2 billion,
following 26% and 65% growth in 2018 and 2017.

The company also maintained a land reserve of 20.1 million sqm in
gross floor area as of June 30, 2019, including land sold but not
yet delivered, which could support 3-4 years of development.

Greenland Hong Kong's standalone credit profile also reflects its
well-located land bank and good access to funding, given its status
as a subsidiary of Greenland Holding.

Moody's assumption of support considers (1) Greenland Holding's
59.11% ownership of Greenland Hong Kong as of June 2019; (2)
Greenland Hong Kong's role as the group's key platform to raise
funds from offshore banks and capital markets to invest in property
projects in China; (3) Greenland Holding's track record of
providing financial support to Greenland Hong Kong in the form of
equity injections; and (4) Greenland Hong Kong's growing economic
importance to the group.

In terms of environmental, social and governance (ESG) factors,
Greenland Hong Kong's Ba2 CFR considers the SOE status of its
largest shareholder, Greenland Holding, and the company's history
of related party transactions with Greenland Holding, such as the
provision of shareholder loans and payables, and asset sales.
However, Greenland Hong Kong has indicated that it plans to reduce
such transactions over the next 2-3 years, mitigating the
associated risks.

Greenland Hong Kong's senior unsecured rating is one notch lower
than it would otherwise be because of the risk of structural
subordination. This risk reflects (1) the fact that most of the
claims are at the operating subsidiaries' level and have priority
over claims at the holding company (Greenland Hong Kong) in a
bankruptcy scenario; and (2) Moody's view that the senior unsecured
rating, in the absence of a parental guarantee, should be lower
than the Ba2 rating of the senior unsecured notes issued by
Greenland Global Investment Limited and guaranteed by its parent,
Greenland Holding.

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

Greenland Hong Kong's ratings could be upgraded if (1) Greenland
Holding's CFR is upgraded; (2) Greenland Hong Kong successfully
implements its business plan and improves its scale and diversity;
and (3) it improves its credit metrics, such that debt leverage —
as measured by revenue/adjusted debt — rises above 85%-90%, and
adjusted EBIT/interest rises above 3.5x-4.0x on a consistent
basis.

On the other hand, Greenland Hong Kong's ratings could be
downgraded if the company (1) fails to generate operating cash flow
to maintain its liquidity buffer; (2) fails to maintain contracted
sales and revenue growth; or (3) materially accelerates
development, and executes an aggressive land acquisition plan or
acquisitions, such that debt leverage — as measured by
revenue/adjusted debt — falls below 65%-70% on a sustained
basis.

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

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

Greenland Hong Kong Holdings Limited is principally engaged in the
development of large-scale, high-quality residential communities,
city center integrated projects, and travel and leisure projects
that target the middle- to high-end customer segment. At June 30,
2019, the company's land bank totaled 20.1 million square meters,
and was located in key cities in the Pan-Yangtze River Delta and
Pan-Pearl River Delta. Greenland Holding owned 59.11% of Greenland
Hong Kong at June 30, 2019.

RKPF OVERSEAS: Moody's Rates Proposed USD Sr. Unsec. Notes Ba3
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 backed senior unsecured
debt rating to the proposed senior unsecured USD notes to be issued
by RKPF Overseas 2019 (A) Limited and guaranteed by Road King
Infrastructure Limited (Ba3 stable).

Road King plans to use the proceeds from the proposed notes to
acquire or invest in property projects, and for general corporate
purposes.

RATINGS RATIONALE

"Road King's Ba3 corporate family rating reflects the company's
track record in property development, its cautious approach to land
acquisitions and financial management, and its track record of
maintaining adequate liquidity throughout the business cycles,"
says Cedric Lai, a Moody's Vice President and Senior Analyst.

The rating also takes into account the stable cash flow from the
company's toll road investments, as well as its stable debt
leverage and financial metrics that are comparable with those of
its Ba3-rated peers in the Chinese property industry.

At the same time, the rating is constrained by the geographic
concentration of the company's land bank, as well as the execution
risk associated with any new toll road acquisitions.

Moody's expects Road King's leverage -- as measured by
revenue/adjusted debt -- will improve to 70%-75% over the next
12-18 months from 63% for the 12 months ended June 2019, mainly
driven by strong contracted sales in the past two years.

The proposed issuance will not substantially change Moody's
expectations for Road King's credit metrics, as the total bond
issuance is within Moody's forecast of new debt raised by the
company in 2019 for capital expenditure and general corporate
funding.

However, Moody's expects Road King's gross profit margin will
moderate to 33%-35% over the next 12-18 months from 40% in H1 2019
and 45% in 2018. The high gross margins recorded during these
periods followed the completion of certain high-margin projects in
the Yangtze River Delta region.

Consequently, Moody's expect Road King's EBIT/interest to normalize
to 4.0x-4.5x over the next 12-18 months from the robust 5.4x
recorded for the 12 months ended June 2019.

Moody's also expects Road King's recurring income to cover around
50% of the company's interest expense over the next 12-18 months,
supported by moderate 5%-10% growth in cash receipts from toll toad
and rental income.

In the first half of 2019, Road King's contracted sales, including
its share in joint ventures and associates, grew 29% year-on-year
to RMB19.6 billion, following strong 31% annual growth in 2018.
Such robust contracted sales will support future revenue growth for
the company.

Road King's senior unsecured rating is not affected by
subordination to claims at the operating company level, because the
company's creditors benefit from its diversified business profile,
including in particular the cash flow generated from the toll road
business.

In terms of environmental, social and governance (ESG) factors, the
rating considers the concentration of the company's ownership in
its controlling shareholder, Wai Kee Holdings Limited, which held a
43% stake in the company as of June 30, 2019. The associated risks
are partly mitigated by the application of the Listing Rules of the
Hong Kong Stock Exchange and the Securities and Futures Ordinance
in Hong Kong, which regulates related-party transactions.

The stable outlook on the rating reflects Moody's expectation that
Road King will maintain its prudent financial management while
growing its property development and toll road businesses, thereby
preserving stable credit metrics and good liquidity.

Upward ratings pressure could emerge if Road King (1) grows its
scale without sacrificing profit margins; (2) grows its toll road
dividends and improves its interest coverage from recurring income
to above 0.6x-0.7x on a sustained basis; (3) maintains stable
credit metrics, with homebuilding EBIT/interest above 4.0x-4.5x and
revenue/debt above 90%; and (4) maintains adequate liquidity.

On the other hand, downward ratings pressure could emerge if (1)
Road King's liquidity deteriorates because of weaker sales,
aggressive land or other acquisitions; or (2) the operating
performance of the company's property segment deteriorates. Credit
metrics indicative of downward ratings pressure include
homebuilding EBIT/interest below 2.5x-3.0x or revenue/debt below
65% on a sustained basis.

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

Listed in Hong Kong, Road King Infrastructure Limited invests in
toll road projects comprising five expressways across
fourrprovinces in China: Anhui, Hebei, Hunan and Shanxi. In
addition, at June 30, 2019, the company had a property development
portfolio with a land bank of 7.9 million square meters across the
Bohai Rim, Yangtze River Delta, Greater Bay Area (including Hong
Kong), Henan and Hubei Province.

Wai Kee Holdings Limited and Shenzhen Investment Limited are the
largest shareholders of the company, with 43% and 27% stakes as of
June 30, 2019.



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

AARYA INDUSTRIAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Aarya Industrial Products Private Limited
        "Crescent Tower"
        229 AJC Bose Road
        Suite # GA
        Kolkata WB 700020
        IN

Insolvency Commencement Date: September 17, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 15, 2020

Insolvency professional: Ashok Kumar Jaiswal

Interim Resolution
Professional:            Ashok Kumar Jaiswal
                         Sai Towers
                         32, Harish Mukherjee Road
                         Kolkata 700025
                         E-mail: ashokjaiswal18@yahoo.in
                                 cirp.arya@gmail.com

Last date for
submission of claims:    October 1, 2019


AASCAR FILM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Aascar Film Private Limited
        9, 10th Avenue
        Ashok Nagar
        Chennai 600083

Insolvency Commencement Date: September 19, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 17, 2020

Insolvency professional: Chandramouli Ramasubramaniam

Interim Resolution
Professional:            Chandramouli Ramasubramaniam
                         'RAJI' 3B1, 3rd floor
                         Gaiety Palace, No. 1L
                         Blackers Road, Mount Road
                         Chennai, Tamil Nadu 600002
                         E-mail: fcs.rms@gmail.com

Last date for
submission of claims:    October 3, 2019


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

The instrument-wise rating actions are:

-- INR75 mil. Fund-based limits migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 1985, Abhinandan Exports is engaged in the trading
of man-made fibers such as synthetic fibers and acrylic fibers.

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

The instrument-wise rating actions are:

-- INR67.50 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR25 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 20, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Based in Pune, Abhiraj Engicon is a Class-IA Contractor that
undertakes engineering procurement construction of dams and canals,
mainly for the Water Resources Department in the Konkan and
Vidarbha regions of Maharashtra. The company was incorporated as a
partnership company by the name of P I Rachkar & Company in 1995
and was subsequently reconstituted as a private limited company in
2007.

ALLIANCE LUMIERE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Alliance Lumiere Limited
        5th Floor, Radisson Commercial Plaza
        NH-8, Mahipalpur
        New Delhi 110037
        India

Insolvency Commencement Date: September 5, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 3, 2020
                               (180 days from commencement)

Insolvency professional: Anil Bhatia

Interim Resolution
Professional:            Anil Bhatia
                         M-17, 4th Floor
                         Main Market, Greater Kailash-2
                         New Delhi 110048
                         E-mail: anilbhatia815@gmial.com

Last date for
submission of claims:    October 1, 2019


ANRAK ALUMINIUM: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Anrak Aluminium Limited
        APIIC Industrial Park
        Rachapalli (Village)
        Makavarapalem (Mandal)
        Vishakapatnam
        Andhra Pradesh 531113
        India

Insolvency Commencement Date: September 19, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 16, 2020
                               (180 days from commencement)

Insolvency professional: Madhusudhan Rao Gonugunta

Interim Resolution
Professional:            Madhusudhan Rao Gonugunta
                         7-1-285, Flat No. 103
                         Sri Sai Swapnasampada Apartments
                         Balkampet, Sanjeev Reddy Nagar
                         Hyderabad, Telangana 500038
                         E-mail: madhucs1@gmail.com
                                 anrakirp@gmail.com

Last date for
submission of claims:    October 4, 2019


ATLAS ALLOY: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Atlas Alloy (India) Private Limited
        G-78-80, RIICO Ind. Area
        Phase-I, Ajmer Road
        Beawar Ajmer 305901

Insolvency Commencement Date: September 20, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: March 18, 2020

Insolvency professional: Satyendra Prasad Khorania

Interim Resolution
Professional:            Satyendra Prasad Khorania
                         402, OK Plus DP Metro
                         Opp. Metro Pillar No. 94
                         New Sanganer Road
                         Jaipur 302019
                         E-mail: skhorania@live.com
                                 atlascirp@gmail.com

Last date for
submission of claims:    October 14, 2019


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

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR10 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Term loan due on June 2025 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 21, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Dev Shree Cotsyn was incorporated in 2011 and began commercial
operations in 2013. The company manufactures synthetic yarn with a
wide range of counts in grey and dyed Ne 8/1 – Ne 40/1.

DIVINE VIDYUT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Divine Vidyut Limited
        Block D, 139 Regent Estate
        176/14/139 Raipur Road
        Kolkata WB 700092
        IN

Insolvency Commencement Date: September 19, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 16, 2020
                               (180 days from commencement)

Insolvency professional: Rajesh Kumar Agrawal

Interim Resolution
Professional:            Rajesh Kumar Agrawal
                         1, Ganesh Chandra Avenue
                         Room No. 301
                         Kolkata 700013
                         E-mail: rajesh521@yahoo.com
                                 cirp.dvl@gmail.com

Last date for
submission of claims:    October 3, 2019


GANCO ENERGY: CRISIL Assigns 'D' Rating to INR7.65cr Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities of
Ganco Energy India Private Limited (Ganco).  

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Open Cash Credit      3          CRISIL D (Assigned)
   Term Loan             7.65       CRISIL D (Assigned)

The rating reflects delays in debt servicing by Ganco on account of
weak liquidity. The rating also reflects the company's large
working capital-intensive operations. However, weakness is
partially offset by extensive experience of promoter.

Key Rating Drivers & Detailed Description

Weaknesses
* Weak financial risk profile: Ganco's financial risk profile is
weak, marked by modest net worth and debt protection metrics.

Strengths
* Experience of promoters: The decade-long experience of the
promoters in the power industry is expected to support the business
risk profile of the company.

Liquidity: Poor
Stretch in working capital has led to poor liquidity, resulting in
delays in debt servicing.

Rating Sensitivities Factors

Upward factors
* Track record of timely debt servicing for at least over 90 days
* Improvement in working capital cycle and sustained revenue
growth.

It is engaged in manufacturing of solar panels and modules such as
batteries & street light pole. It is Visakhapatnam, Andhra Pradesh
based company and promoted by Mr. G. Appala Naidu and Mrs. G Chinni
Kumarilakshmi.

GTC OILFIELD: Ind-Ra Cuts Bank Loan Rating to 'BB', Not Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has reassigned and downgraded
GTC Oilfield Services Private Limited's earlier guaranteed bank
loans' ratings to 'IND BB (ISSUER NOT COOPERATING' / 'IND A4+
(ISSUER NOT COOPERATING)' from 'IND BBB+ (SO)(ISSUER NOT
COOPERATING)'/ 'IND A2 (SO)(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 BB (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions on the instruments are:

-- Long-term issuer rating affirmed with IND BB (ISSUER NOT
     COOPERATING) rating;

-- INR243.1 mil. Term loan due on March 2021 reassigned and
     downgraded with IND BB (ISSUER NOT COOPERATING) rating;

-- INR269.7 mil. Term loan due on March 2021 affirmed with IND BB

     (ISSUER NOT COOPERATING) rating;

-- INR70.0 mil. Fund-based cash credit facility reassigned and
     downgraded with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR146.0 mil. Non-fund-based limits reassigned and downgraded
     with IND A4+ (ISSUER NOT COOPERATING) rating.

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

Analytical Approach: The rating action on the instruments is based
on a change in Ind-Ra's rating approach for GTC. Ind-Ra has
reassigned the bank loan rating 'IND BB' (ISSUER NOT COOPERATING /
IND A4+ (ISSUER NOT COOPERATING)) (earlier 'IND BBB+ (SO)(ISSUER
NOT COOPERATING) / IND A2 (ISSUER NOT COOPERATING)' because the
corporate guarantee extended by Globe Ecologistics Pvt Ltd (GEPL;
'IND A-'/Stable)  towards the rated debt does not exist anymore as
per the management.

KEY RATING DRIVERS

The affirmation reflects GTC Oil's continued small scale of
operations despite an increase in revenue to INR872.2 million in
FY18 (FY17: INR478.55 million). The downgrade on the bank
facilities reflects the weakened standalone credit profile of GTC
Oil, as the corporate guarantee does not exist anymore.

The ratings factor in GTC's modest operating margins. The margin
fell to 28.1% in FY18 (FY17: 39.2%) due to an increase in operating
expenses. The RoCE was 12% in FY18 (FY17: 9%).

The ratings take into consideration the modest credit metrics. The
gross interest coverage (operating EBITDAR/ gross interest expense)
improved to 2.1 x in FY18 (FY17: 1.9x) and the net leverage (total
adjusted net debt/ operating EBITDTAR) improved to 3.8x (4.4x

Despite an increase in the total adjusted debt of GTC to INR1,027.8
million in FY18 (FY17: INR832.6 million), the credit metrics
improved in FY18 due to an increase in the operating EBITDA to
INR245.2 million (INR187.6 million).

The ratings also reflect the susceptibility of GTC's turnover and
EBIDTA to fluctuations in crude oil prices. A significant decline
in crude oil prices could impact exploration activities, and
consequently, GTC's revenue and EBITDA. The ratings are also
constrained by moderate industry competition.

GTC did not participate in the surveillance exercise and has not
provided information about the working capital utilization, latest
financials, revised projections, sanction letters, updated
management certificate, etc.

RATING SENSITIVITIES

Negative: Any decline in the revenue or EBITDA margin, leading
deterioration in the credit metrics, on a sustained basis, will be
negative for the ratings.

Positive: An increase in the profitability while maintaining the
revenue, leading to an improvement in the credit metrics, on a
sustained basis, will be positive for the ratings.

COMPANY PROFILE

GTC Oilfield Services provides onshore drilling and workover rigs
to public and private exploration and production operators.

HPCL-MITTAL ENERGY: Fitch Affirms 'BB' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings affirmed India-based HPCL-Mittal Energy Limited's
Long-Term Issuer Default Rating at 'BB'. The Outlook is Stable. The
agency has also affirmed the rating on the company's USD375 million
5.25% senior unsecured notes at 'BB-'.

HMEL's IDR is assessed under a bottom-up approach based on Fitch's
Parent and Subsidiary Rating Linkage criteria, with a two-notch
uplift from its Standalone Credit Profile of 'bb-'. However, Fitch
caps HMEL's IDR at the 'bb' SCP of its 48.99% parent, Hindustan
Petroleum Corporation Limited (HPCL, BBB-/Stable), as Fitch does
not believe that HPCL's parent, Oil and Natural Gas Corporation
Limited, nor the Indian government (BBB-/Stable), would ultimately
provide support to HMEL. This limits the current uplift to one
notch.

HMEL's SCP reflects robust refining operations from its
high-complexity refinery, strong demand and robust profitability.
However, elevated leverage due to a low gross refining margin (GRM)
and the bringing forward of capex for its petrochemical expansion
project in the financial year ending March 2019 (FY19) has reduced
headroom for its SCP. Fitch expects leverage to peak above 6x,
before coming down to below 5x by FY23. However, HMEL's IDR will
remain unchanged even if there is a one-notch downgrade of its SCP
due to an additional notch of support from its linkages with HPCL.

KEY RATING DRIVERS

  - Weak GRM, High Capex: HEML's GRM was down to USD12.2 a barrel
in FY19; 9% lower than its estimates, though still significantly
outperforming Singapore GRMs; which are used as the regional
benchmark. Capex for HEML's petrochemical project was brought
forward in FY19 and therefore was 16% higher than its estimates.
These two factors saw HMEL's net leverage, as measured by net
adjusted debt/operating EBITDAR, rise to 5.5x in FY19, from 5.2x in
FY18.

Lower Leverage Headroom: Net leverage is likely to stay above 5.0x
over the next three years due to HMEL's large capex plans, despite
strong operating cash flow. HMEL is setting up a petrochemical
plant with 1.2 million tonne per annum (mtpa) capacity to improve
downstream integration. It spent INR67 billion of total estimated
capex of INR228 billion by FYE19, with the balance to be spent over
the next four years. Leverage should peak at above 6.0x in FY21 on
lower throughput due to a planned shutdown for major maintenance
then fall once the petrochemical project starts operation in FY23.

Fitch believes HMEL is taking steps to optimise liquidity and
working-capital requirements through extended payment terms with
major crude suppliers during the high capex phase. Fitch will
monitor progress on capex and profitability, as deviation may
pressure the SCP.

Strong Refining Operation: HMEL's strong asset quality is driven by
its high-complexity refinery, which has a Nelson complexity index
of 12.6, one of the highest in India. This allows for the
processing of heavy crude oil and optimisation of the company's
product slate, as reflected in HMEL's high GRM against regional
benchmarks. Fitch expects HMEL's GRM to rise moderately over the
medium term, benefiting from stronger diesel cracks due to
International Maritime Organization specification changes to limit
sulphur content in all marine fuels from 2020.

This should drive up prices and margins for compliant fuels, such
as marine gasoil, at least in the medium term, and will benefit
complex refiners that have the capacity to produce them, such as
HMEL, which has a high middle distillate yield (FY19: 49%). This is
likely to be partly offset by lower heavy-crude supply from Iran
and Venezuela and additional refinery capacity coming on stream.

Strategic Location with Strong Demand: HMEL's refinery utilisation
rate benefits from favourable refining demand/supply for petroleum
products in north India, where the company is located. The
strategic location also limits competition. Fitch expects HMEL to
maintain strong utilisation rates, supported by an offtake
agreement with HPCL for its liquid hydrocarbon, which minimises
offtake risk, and strong domestic demand for petroleum products.
HMEL's throughput is likely to remain well above 100% in FY20,
similar to the 110% level achieved in FY19.

Cyclical Industry, Limited Integration: HMEL is exposed to the
volatility of the international refining cycle, as reflected in the
recent dip in industrywide margins due to oversupply. However, HMEL
should be less affected than peers due to its strategically located
high-complexity refinery. The refinery has limited downstream
integration from its small petrochemical capacity, but the planned
expansion project should improve HMEL's integration and business
profile over the medium term.

Uplift from Linkages with HPCL: HMEL's rating benefits from its
strategic and operational linkages with HPCL, which provides one
notch of support from its SCP, as HMEL's IDR is capped at HPCL's
SCP of 'bb'. HPCL's off-take agreement with HMEL to buy all liquid
products, except naphtha, is valid until 2026 - with an option to
extend it for two more terms of five years each - and constituted
around 90% of HMEL's FY19 output by value. HMEL represents over 26%
of HPCL's refining capacity following its refinery expansion and is
accorded first priority by HPCL for sourcing its product
requirements in north India, where HMEL is its only refinery.

Bond Rating Notched Down: Fitch rates HMEL's senior unsecured bond
one notch below its IDR due to the high 73% proportion of secured
debt in its capital structure as at FYE19. Fitch expects secured
debt/EBITDA to stay above 3x over the medium term, as borrowing for
its petrochemical expansion is likely to be mostly on a secured
basis.

DERIVATION SUMMARY

HMEL's IDR includes a one-notch up-lift for its moderate linkages
with HPCL. Its rating would benefit from one additional notch of
uplift if its SCP weakened or if HPCL's SCP improved, provided
linkages remained intact. HPCL is India's third-largest
fuel-marketing company, with about one-fifth market share and the
second-largest number of retail fuel outlets. HPCL's refining
capacity of 27 mtpa, including all of HMEL's 11.3 mtpa capacity,
accounts for more than 10% of India's refining capacity. The
company is also the market leader in lubricant sales. HPCL's larger
scale, integration into fuel retailing, average asset quality and
better financial profile result in its SCP being one notch higher
than that of HMEL.

HMEL's SCP reflects strong refining asset quality, which is likely
to drive stable cash flow. However, Fitch falso expects high
leverage in light of elevated capex. HMEL's SCP is one notch higher
than that of Sweden-based Corral Petroleum Holdings AB (CPH,
B+/Stable) due to HMEL's better asset quality, stronger
profitability and presence in the strongly expanding Indian market.
CPH has larger scale and some integration into fuel retailing, but
its presence in the mature European market, with expected excess
refining capacity, structural decline in fuel consumption, as well
as high competition, despite manageable capex and lower leverage,
constrain its ratings.

KEY ASSUMPTIONS

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

  - Moderate increase in GRM from a wider diesel spreads, somewhat
counterbalanced by higher refining capacity and lower heavy-crude
supply

  - Long-term crude oil prices (Brent) of USD57.5 a barrel (FY19:
USD69.9)

  - Refinery throughput of 12.1 mtpa in FY20, 10.8 in FY21 and 12.3
in FY22 (FY19: 12.5)

  - Capex of over INR35 billion in FY20, INR58 billion in FY21 and
INR40 billion in FY22

RATING SENSITIVITIES

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

  - Improvement in HPCL's SCP, provided linkages remain intact

Fitch does not expect positive action on HMEL's SCP over the
medium-term in light of its expectations of increasing leverage on
account of large capex

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

  - Significant weakening of linkages between HPCL and HMEL

  - Failure to lower net leverage, as measured by net adjusted
debt/operating EBITDAR, toward 5x or lower by FYE23, might result
in a lowering of the SCP. However, HMEL's IDR will remain unchanged
if its SCP fall by one notch due to an additional notch of support
from its linkage with HPCL, provided the linkages remain intact.

LIQUIDITY

Comfortable Liquidity: HMEL's liquidity is comfortable, with a cash
balance of around INR3.3 billion and undrawn sanctioned
working-capital facilities of INR70.1 billion at FYE19, compared
with long-term debt maturities of INR25.4 billion. In addition,
HMEL has adequate access to the domestic debt market, where it has
strong relationships with Indian banks, and the offshore market,
where it raised USD375 million via a bond issue in April 2017.

J. J. INTERNATIONAL: CRISIL Cuts Rating on INR3.5cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of J. J.
International (JJI) to 'CRISIL D' from 'CRISIL B-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3.5       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Term Loan              2.5       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects the delay in repayment of term loans
obligation by the firm for more than 60 days due to insufficient
cash accruals.

The ratings are also constrained by the small scale of operations.
These weaknesses are partially offset by partners' experience in
the industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing interest and repayment of term obligations:
The firm has availed a total term loan of INR2.50 crores. The firm
is irregular in repayment of its term debt obligations and there is
also overdue in cash credit facility. Hence, the bank classified
the firm account into SMA 2 due to irregularity in repayment of
term loan.

* Nascent stages of operations, which still need to be stabilised
The firm was established in October 2017 and commenced operations
from January 2018. The firm scale of operation is modest marked by
revenue of INR22.22 crore reported for the fiscal 2019. Hence, it
remains susceptible to risks related to stabilisation of
operations. Revenue, profitability, and working capital requirement
will be closely monitored.

Strength

* Entrepreneurial experience of the partners: The partners have an
experience of around two decades in the agriculture industry and a
sound understanding of the sector. They have developed a strong
relationship with several customers and suppliers.

Liquidity: Poor

Liquidity position is poor, marked by full utilization bank limit
over last one year and insufficient cash accrual against debt
repayment obligation.

Rating sensitivity factors

Upward factors:
* Track record of timely payment of term loans for three months
* Improvement in accrual generation by 30%

Established in October 2017, JJI commenced rice milling operations
in January 2018. The firm is based in Pehowa, Haryana, and is
managed by Mrs Kamalpreet Kaur and Mrs Lakhwinder Kaur.

JET AIRWAYS: NCLT Asks Lenders to Release Lifeline Within 15 Days
-----------------------------------------------------------------
BloombergQuint reports that the National Company Law Tribunal
(NCLT) on Sept. 25 directed the financial creditors of the grounded
Jet Airways (India) Ltd. to release some interim lifeline funds
within 15 days.

BloombergQuint relates that the lenders had in-principle sanctioned
INR63 crore to the resolution professional and State Bank of India,
the lead lender, had reportedly already disbursed its portion of
INR10 crore.  However, other lenders like Yes Bank, Punjab National
Bank, IDBI Bank, Bank of India, Indian Overseas Bank and Axis Bank
are yet to release their portion.

Therefore, the tribunal has directed these lenders to release the
amount within 15 days, BloombergQuint says.

According to the report, the resolution professional of Jet Airways
had moved NCLT on Sept. 20 seeking directions to the lenders, who
own 51 percent in the airline since March, to release interim
funds.

BloombergQuint says the lenders had earlier approved to sanction
INR63 crore in interim funding to meet the day to day needs and
also the fees for the RP.

The RP had informed the tribunal that if the interim financing is
not done timely, the corporate insolvency resolution process would
come to a halt.

Following this, the lenders, who own 51 percent in the bankrupt
company with no business or revenue, had approved interim financing
measures in its previous meetings, according to BloombergQuint.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- was one of India's top airlines
founded by Naresh Goyal.  It provided passenger and cargo air
transportation services as well aircraft leasing services. It
operated flights to 66 destinations in India and international
countries.  

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

Jet Airways 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.

JSW STEEL: Moody's Rates Proposed Sr. Unsec. Notes Ba2
------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the proposed
senior unsecured notes to be issued by JSW Steel Limited (Ba2
positive).

The rating outlook is positive.

The proposed notes rank pari passu with JSW's existing senior
unsecured notes and are therefore rated at the same level as these
notes, and also at the same level as JSW's Ba2 corporate family
rating.

RATINGS RATIONALE

"The Ba2 ratings reflect JSW's large scale and strong positions in
its key operating markets, competitive conversion costs, good
product and end-market diversification, and increasing focus on
value-added products and retail markets," says Kaustubh Chaubal, a
Moody's Vice President and Senior Credit Officer.

The ratings also incorporate JSW's exposure to the inherently
cyclical steel industry, its relatively limited raw material
integration, its large capital expenditure needs in India, and its
loss-making international operations that will limit free cash flow
generation over the next two years.

Moody's expects India's steel consumption to grow at 5% over the
next two years, supported by government infrastructure projects in
the railway, road and metro sectors, even as auto and manufacturing
demand stays soft. And as a leading player with around 15% market
share (by production), JSW will benefit from the supportive
business conditions.

"The proposed issuance represents JSW's second USD bond issuance
this year and illustrates its proactive approach towards raising
long-term finance before incurring capex. JSW also plans to issue
INR debentures and raise foreign currency loans to diversify its
funding sources," adds Chaubal, who is also Moody's Lead Analyst
for JSW.

Given the issuing entity's significant operations, there is no
structural subordination for bondholders.

At June 30, 2019, secured debt constituted 41% of total debt, down
from 71% in March 2014. The proposed issuance will further improve
this split with the unsecured bonds rated at the same level as the
CFR.

Moody's expects JSW's leverage -- as measured by adjusted
debt/EBITDA (including interest bearing trade acceptances treated
as debt) -- will rise to 3.8x by March 31, 2020, from levels of
3.3x in March 2018 and March 2019. Moody's estimates leverage will
then fall to around 3.5x by March 2021, comfortably achieving the
upgrade trigger for a Ba1 CFR. These estimates are based on
sustainable EBITDA/ton of INR9,500-INR9,690.

The positive outlook reflects JSW's comfortable credit profile for
a Ba1 rating, notwithstanding the weakening expected in some of its
financial metrics.

The positive outlook incorporates Moody's expectation that JSW will
remain selective in its acquisitions — funding them with a
prudent mix of debt and equity. Specifically, Moody's expects any
acquisitions to be earnings accretive and help in rapid
deleveraging, leading to at most a temporary spike in leverage.

In terms of environmental, social and governance (ESG) factors, the
ratings reflect the elevated environmental risk facing steel
producers in terms of carbon regulation and air pollution. However,
JSW uses advanced technologies for producing steel, such as Corex,
which uses direct reduced iron and scrap steel, and thermal coal
instead of metallurgical coal. The company also reuses industrial
waste gases at its captive power plants and maximizes reutilization
of treated waste water. Other investments include a pipe conveyor
belt to transport iron ore from mines to its plant to reduce the
use of trucks.

JSW's ownership is concentrated in the promoter group led by Mr.
Sajjan Jindal, which held a 42.3% stake as of June 30, 2019. This
risk is partially mitigated by the presence on the board of
independent directors and nominees from key shareholders, such as
JFE Steel Corporation, indicating adequate board oversight. JSW's
disclosures and governance practices are in line with those of
large listed Indian corporates, and Moody's assesses governance
risk as moderate for JSW and manageable with its ratings at this
time.

Moody's could upgrade JSW's ratings if it maintains leverage below
4.0x and EBIT/interest in excess of 3.0x, both on a sustained
basis.

A structural improvement in JSW's liquidity profile with a reduced
reliance on short-term funding will be necessary for an upgrade.

A downgrade is unlikely in the near term, given the positive
outlook, but the outlook could return to stable if leverage fails
to register below 4.0x.

Nevertheless, Moody's would consider downgrading the ratings in
case of a sharp shift in industry conditions, resulting in
declining sales volumes and lower pricing and profitability.
Metrics indicative of a downgrade include leverage above 4.5x,
EBIT/interest coverage below 2.0x and EBIT margins below 12%.

Downward ratings pressure could also build if JSW undertakes a
large debt-financed acquisition without an immediate and meaningful
counterbalancing effect on earnings, thereby resulting in a
sustained increase in leverage. Execution risks related to the
timely and seamless integration of the acquired

The principal methodology used in this rating was Steel Industry
published in September 2017.

JSW Steel Limited is one of the largest producers of steel products
in India, with an installed steelmaking capacity of 18 million tons
per annum (mtpa). JSW's international operations comprise: (1) 1.2
million net tonnes plates and pipes mills in Texas; (2) a 1.5 mtpa
hot rolling mill and a 3.0 mtpa electric arc furnace at Ohio; and
(3) a 1.32 mtpa long steel production facility in Piombino, Italy.

KALPA VRUKSHA: CRISIL Withdraws B Rating on INR25cr Term Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Kalpa
Vruksha Plantations Private Limited (KVPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Rupee Term Loan         25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating
                                    Withdrawn)

CRISIL has been consistently following up with KVPL for obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KVPL. This restricts CRISIL's
ability to take a forward KVPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of KVPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of KVPL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Incorporated in 1987, Pune, Maharashtra based KVPL is a special
purpose vehicle that undertakes real estate development. Part of
the SOBA group, the company is currently undertaking commercial
project - Seedtree Business Center in Shivaji Nagar, Pune.

KUSHALAVA SPINNERS: CRISIL Keeps B- Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kushalava Spinners &
Ginners Private limited (KSGPL) continues to be 'CRISIL B-/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.85      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         6.00      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Fund-         1.15      CRISIL B-/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

CRISIL has been consistently following up with KSGPL for obtaining
information through letters and emails dated
February 26, 2019 and August 16, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

KSGPL, incorporated in June 2014, gins and presses cotton. Based in
Guntur, Andhra Pradesh, the company is promoted and managed by Mr V
Srinivasa Rao, Mr Sadhu Siva Sankara Rao, and Mr Majeti Sri Vasavi.
The company started operations in January 2016.

LANCO INFRATECH: NCLAT Asks Three Chinese Firms to File Claims
--------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) on Sept. 25 declined to entertain pleas by three
Chinese companies to direct the liquidator of Lanco Infratech Ltd.
to stay invocation of their performance bank guarantees.

According to BloombergQuint, a two-member NCLAT bench headed by
Chairperson Justice SJ Mukhopadhaya asked the three companies to
approach the liquidator and file their claims if any amount has
been received by Lanco Infratech after invocation of PBGs submitted
by them.

"This Appellate Tribunal is not inclined to decide the claim and
counter claim as made by the parties, but give liberty to the
appellants to move before the appropriate forum for appropriate
relief," the NCLAT, as cited by BloombergQuint, said.

The companies are KSB Shanghai Pump Co, TLT-Tourbo (Sichuan) Co and
Beijing Power Equipment Group Co, BloombergQuint discloses.

"In all the cases the appellants have sought direction to
Liquidator to restrain from invoking or encashing the Bank
Guarantee. However, the Bank Guarantees were invoked," said NCLAT,
notes the report.

However, NCLAT said it is not clear as to whether the amounts have
been realised by Lanco Infratech on invocation of PBG or not, which
was to be released by the Bank of China, BloombergQuint relays.

"Therefore, the direction as sought for by appellants to direct not
to pay any amount to the Corporate Debtor, cannot be ordered," said
the appellate tribunal.

BloombergQuint relates that NCLAT said if Lanco Infratech has
received the amount out of the PBGs, in such case "we are of the
view that the appellants can file their respective claim before
Liquidator who may decide the claim."

KSB Shanghai Pump Co had entered into a contract with Lanco for
design, engineering, manufacture and assembly for 660 MW
Supercritical Ennore Thermal Power Station expansion project and
had submitted a PBG of $510,000.  The other two firms also got
contracts for the same project, BloombergQuint discloses.

                       About Lanco Infratech

Lanco Infratech Ltd was originally incorporated in 1993 as Lanco
Constructions Ltd in Secunderabad, Telengana; its name was changed
in 2000. The company provides Engineering, Procurement and
Construction (EPC) services, largely to its own subsidiaries and
affiliate entities. The Lanco group includes subsidiaries and
affiliates operating across the infrastructure sector, including
construction, power, EPC, infrastructure, and property development.
LITL is the Lanco group's flagship company.

NCLT had initiated insolvency resolution for Lanco on Aug. 7, 2017,
based on a petition filed by the company's lead lender IDBI Bank,
Business Standard disclosed. Lanco has a debt of over INR10,000
crore at the holding company level while the consolidated debt was
more than INR40,000 crore, according to Business Standard.

In August 2018, the Hyderabad bench of the National Company Law
Tribunal had ordered liquidation of Lanco Infratech after a
suitable buyer could not be found under the fixed timeline,
BloombergQuint disclosed.

LOKHANDWALA KATARIA: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Lokhandwala Kataria Construction Private Limited
        72 Gandhi Nagar Dainik Shivner Road
        Opp Municipal Indl. Estate
        Worli, Mumbai
        Maharashtra 400018

Insolvency Commencement Date: September 19, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 17, 2020

Insolvency professional: Ajit Kumar

Interim Resolution
Professional:            Ajit Kumar
                         1A, Sanskriti Apartment GH-22
                         Sector 56, Gurugram
                         Haryana & Punjab 122011
                         E-mail: cmaajitjha@gmail.com

                            - and -

                         Sun Resolution Professional Private
                         Limited
                         83, National Media Centre
                         Shanker Chowk
                         Nr. Ambiance Mall/DLF Cyber City
                         Gurugram 122002
                         E-mail: cirp.lokhandwalakataria@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Jeetendra Rajpal Daryani
                         Mrs. Bhavi Shreyans Shah
                         Mr. Tejas Shah

Last date for
submission of claims:    October 3, 2019

MBR GROUP: CRISIL Cuts INR50cr LT Loan Rating to D, Not Cooperating
-------------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of MBR Group
(MBR) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan          50       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with MBR for obtaining
information through letters and emails dated December 31, 2017,
June 29, 2018 and March 30, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on the latest available information in the public domain,
CRISIL has downgraded the rating to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2011, the MBR group is a real estate infrastructure
firm located in Bengaluru. The partnership firm is owned by Mr. M
Babu Reddy, Mr. Bharath Babu Reddy and Mr. Sharath Babu Reddy.

POONAM DRUMS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Poonam Drums and Containers Private Limited

        Registered office:
        Gala No. 206, 2nd Floor
        Damji Shamji Industrial Complex
        Kurla Mumbai City
        MH 400070
        IN

Insolvency Commencement Date: September 20, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 17, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Devarajan Raman

Interim Resolution
Professional:            Mr. Devarajan Raman
                         12, ICT SQ
                         RA Kidwai Road, Matunga
                         Mumbai 400019
                         E-mail: devarajan.raman@gmail.com

                            - and -

                         Office No. 9, 2nd floor
                         22 Rajabahadur Mansion
                         Mumbai Samachar Marg
                         Mumbai 400001
                         E-mail: ip.poonamdrums@gmail.com

Last date for
submission of claims:    October 3, 2019


RELIANCE COMMUNICATIONS: Wins 90 More Days to Complete Insolvency
-----------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has allowed resolution professional (RP) of Reliance
Communications an additional 90 days to complete the insolvency
proceedings, stretching the deadline to January, next year.

ET says RP petitioned NCLT for an extension as its 180 days period
to complete resolution for RCom was getting over in middle of
October. "The NCLT approved it on Tuesday [Sept. 24]," ET quotes  a
person aware of the developments as saying.

Deloitte, the RP which is overlooking the affairs of RCom and its
units Reliance Telecom and Reliance Infratel, will now have to
complete asset sale for the telco by January 2020, the report
notes.

ET says the additional days will provide the committee to creditors
(CoC) and RP more time to resolve issues over dues and finalise the
asset sale. So far, 12-14 companies have shown their interest over
its spectrum, fibre and towers.

Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services.

The Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.

As reported in the Troubled Company Reporter-Asia Pacific on May
10, 2019, The Economic Times said the National Company Law Tribunal
on May 9 allowed Reliance Communications (RCom) to exclude the 357
days spent in litigation and admitted it for insolvency.  With
this, RCom, which owes over INR50,000 crore to banks, has become
the first Anil Ambani group company to be officially declared
bankrupt after the NCLT on May 9 superseded its board and appointed
a new resolution professional to run it and also allowed the
SBI-led consortium of 31 banks to form a committee of creditors.

S. S. OIL: CRISIL Cuts INR6.5cr Loan Rating to B+, Not Cooperating
------------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of S. S. Oil and
General Mills (A Unit Of Shorewala Paper India Private Limited)
(SSOGM; part of the Shorewala group) to 'CRISIL B+/Stable Issuer
not cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash          2.0       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SSOGM for obtaining
information through letters and emails dated
February 26, 2019 and August 16, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SSOGM Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSOGM, Shorewala Roller Flour Mills
Private Limited (SRFMPL) and Niklesh Cooking Oil Refineries (NCOR).
This is because all the entities, collectively referred to as the
Shorewala group, have common management, fungible cash flow, and
have extended corporate guarantee to each other.

                         About the Group

The Shorewala group was started in 1987 by the Shorewala family of
Kaithal, Haryana. Initially, it only milled wheat. Over the years,
it has diversified into cotton seed oil extraction.

Incorporated in 1987, SRFMPL has a wheat flour mill and
manufactures wheat flour, maida, and bran.

Incorporated in 2006, SSOGM has an edible oil expeller unit and
manufactures cotton seed oil and de-oiled cake.

Established in 2012, NCOR refines edible oils such as soya, rice
bran oil, cotton seed oil, and palm oil.

SAMBANDAM SIVA: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sambandam Siva
Textiles Private Limited (SSTPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR16.4 mil. Term loan due on March 2021 assigned with IND
     BB/Stable rating;

-- INR185.0 mil. Fund-based working capital facilities assigned
     with IND BB/Stable/IND A4+ rating; and

-- INR55.0 mil. Non-fund-based facilities assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect SSTPL's small scale of operations, as reflected
by revenue of INR806 million in FY19 (FY18: INR762 million). The
growth in revenue was on the back of increase in the number of
orders executed. As of end of July 2019, SSTPL had an order book of
INR30 million, to be executed by end-September 2019.

The ratings also factor in SSTPL's modest EBITDA margin of 6.6% in
FY19 (FY18: 7.5%) due to increase in variable cost. The company's
return on capital employed was maintained at 10% in FY19 and FY18.

The ratings reflect SSTPL's modest credit metrics. Gross interest
coverage (operating EBITDA/gross interest expense) stood at 1.5x in
FY19 (FY18: 1.5x) and net leverage (total adjusted net
debt/operating EBITDA) at 4.9x (4.7x) driven by a decrease in
operating EBITDA to INR53 million (FY18: INR57 million).

Liquidity Indicator- Stretched: The ratings factor in SSL's
stretched liquidity profile, as reflected by 97% utilization of
fund-based limits for the 12 months ended August 2019. The cash
flow from operations fell to INR21 million in FY19 (FY18:
INR38million) due to decline in operating EBITDA. Liquidity remains
stretched despite improvement in working capital cycle at 126 days
in FY19 (FY18: 129 days) due to a decrease in debtor days to 69
(76). RSPL had cash and cash equivalents of INR1.0 million at FYE19
(FYE18: INR3 million).

The ratings, however, are supported by the promoters' over a
decade-long experience in the textile industry.

RATING SENSITIVITIES

Positive: A substantial growth in the revenue and EBITDA margin, as
well the liquidity position, leading to net leverage reducing below
4.0x, on a sustained basis, could be positive for the ratings.

Negative: A substantial decline in the revenue and EBITDA margins
and sustained deterioration in the overall credit metrics or
deterioration in the overall liquidity profile, could lead to a
negative rating action.

COMPANY PROFILE

SSTPL, incorporated in 1994 as a private limited company, is a
Salem-based cotton yarn manufacturer. It was a public limited
company and was subsequently converted to private limited company
in 2003.  The company has an installed capacity of 30,240 spindles
with 85% capacity utilization.  

SAMRAKSHA HEALTH: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Samraksha Health Care
Private Limited (SHPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan          10       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SHPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in September 2013, SHPL is setting up a 160 bedded
hospital in Warangal. The company is promoted by Mr. Nagelli
Samuel.

SHOREWALA ROLLER: CRISIL Cuts INR7cr Loan Rating to B+/Not Coop.
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shorewala Roller
Flour Mills Private Limited (SRFMPL; part of the Shorewala group)
was revised to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash          1.5       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     0.5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SRFMPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SRFMPL Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SRFMPL, SS Oil and General Mills (a unit
of Shorewala Paper Industries Pvt Ltd) (SSOGM) and Niklesh Cooking
Oil Refineries (NCOR). This is because all the entities,
collectively referred to as the Shorewala group, have common
management, fungible cash flow, and have extended corporate
guarantee to each other.

                         About the Group

The Shorewala group was started in 1987 by the Shorewala family of
Kaithal, Haryana. Initially, it only milled wheat. Over the years,
it has diversified into cotton seed oil extraction.

Incorporated in 1987, SRFMPL has a wheat flour mill and
manufactures wheat flour, maida, and bran.

Incorporated in 2006, SSOGM has an edible oil expeller unit and
manufactures cotton seed oil and de-oiled cake.

Established in 2012, NCOR refines edible oils such as soya, rice
bran oil, cotton seed oil, and palm oil.

SHREE KHIWAJ: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Khiwaj Traders
(SKT) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             8        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      2        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with SKT for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established as a partnership firm in 2003, SKT is engaged in
distribution of FMCG products of Hindustan Unilever Limited (HUL;
rated CRISIL AAA/Stable) and Pepsico India. Based in Hyderabad
(Telangana), the firm is managed by Mr.Nirmal Sharma and Mr. Vinod
Kumar Joshi.

SOOD STEEL: CRISIL Maintains 'B+' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sood Steel Industries
(SSI) continues to be 'CRISIL B+/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with SSI for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SSI was set up in 2010 by the Kangra, Himachal Pradesh-based Sood
family as a partnership firm by Mrs Meenakshi Sood, her son Mr
Sidharth Sood, and daughter Mrs Naina Sood. The firm manufactures
TMT bars from mild steel billets and ingots.

SRI RAMACHANDRA: CRISIL Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Ramachandra Pooja
Industries (SRPI) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with SRPI for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 1994 as a partnership between Mr M Subba Rao and Mr
Krishna Rao, SRPI mills and processes paddy into rice, rice bran,
broken rice, and husk.

SRI VAISHNAVI: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Vaishnavi Jute
Traders (SVJT) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Warehouse Receipts     10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SVJT for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established in 2007 as proprietorship firm by Mr. Thirupathi Naidu
Bonu in Srikakulam, Andhra Pradesh, SVJT trades in raw jute and
jute products such as bags and waste paper The firm also owns two
developed warehouses.

SUNNY STAR: CRISIL Cuts INR7cr Term Loan Rating to B+/Not Coop.
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sunny Star
Hotels Private Limited (SSHPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan               7        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SSHPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SSHPL Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

Established by Mr Dilip Kumar and his family in 2012, SSHPL runs a
hotel, The Panache, in Patna, Bihar. The hotel commenced its
operations in January 2014.

SURGICARE CENTRE: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Surgicare Centre &
Hospital (SCH) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with SCH for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 1994, Kerala-based SCH operates a hospital in Kanhangad
with 80 beds; LMG also operates an 80 bed hospital in Kanhangad.
The day-to-day operations of the group are managed by the partners
Dr. M V Sasidharan his wife, Dr. C M Sathidevi and his daughter,
Dr. Sheetal.

SWASTIK DENIM: CRISIL Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Swastik Denim Private
Limited (SDPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             7.3        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SDPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SDPL, incorporated in 2012, is promoted by Mr Sandeep Patani, Mr
Sanjay Patani, Mr Chhogalal Vadera, Mr Kishor Mundra and Mr Sachin
Zanwar. The company is engaged sizing of raw cotton on a job work
basis and started commercial production in April 2015. Its
manufacturing unit is in Kolhapur (Maharashtra).

SYNCOM HEALTHCARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Syncom Healthcare Limited

        Registered office:
        502, Advent Artria
        Chincholi Bunder Road
        Opp. Kingston Complex
        Malad (W), Mumbai
        Maharashtra 400064

Insolvency Commencement Date: August 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 10, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Jagdish Kumar

Interim Resolution
Professional:            Mr. Jagdish Kumar
                         B56, Wallfort City
                         Bhatagaon, Ring Road No. 1
                         Raipur, Chhattisgarh 492001
                         E-mail: jkparulkar@yahoo.co.in

                            - and -

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

Last date for
submission of claims:    October 3, 2019


TRUEFIX MEDIA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Truefix Media Transformation Private Limited
        D1, 6th Floor, Shakti Towers 3
        No. 766, Anna Salai
        Chennai 600002

Insolvency Commencement Date: September 12, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 10, 2020
                               (180 days from commencement)

Insolvency professional: Manivannan. J

Interim Resolution
Professional:            Manivannan. J
                         Plot No. 53B, 8/330
                         Vishalakshi Nagar
                         Fourth Cross Street
                         Santhosapuram
                         Chennai, Tamil Nadu 600073
                         E-mail: equitablelegal@gmail.com

Last date for
submission of claims:    October 7, 2019


UMIYA NAGAR: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Umiya Nagar continues
to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan          25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Umiya Nagar for
obtaining information through letters and emails dated February 26,
2019 and August 16, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Umiya Nagar is a partnership firm engaged in residential real
estate development in and around Surat. The firm was set up in
April 2013 and is developing a residential project at Dindoli in
Surat.

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

The instrument-wise rating actions are:

-- INR620 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 14, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in February 2015, United Brothers Multiplast was set
up as a partnership firm, United Brothers, in August 1997 with the
objective of distribution and marketing of polypropylene products.

VALLEY FRESH: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Valley Fresh Cold
Chain Pvt. Ltd. (VFCCPL) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

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

   Proposed Long Term     6.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             30.0       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)    

CRISIL has been consistently following up with VFCCPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

VFCCPL is a Srinagar-based company that provides controlled
atmosphere storage facility for apples, with an installed capacity
of 5000 tonnes per annum. The company is promoted and managed by
Mr. Farooq Wani and Mr. Tawheed Mir.

VARUNANI MARKETING: CRISIL Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Varunani Marketing
Private Limited (VMPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           14        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with VMPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2007, VMPL was set up by Mr. T K Maheshwar Singh,
Mr. Chandra Reddy, Mr. Shankar Rao, and Mr. S Navin Rao. The
company undertakes manufacturing and sale of IMFL. Company
manufacturing facility is based out of Vijaywada,(Andhra Pradesh).

VIKAS PULSE: CRISIL Maintains 'B+' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vikas Pulse Mill
(Vikas) continues to be 'CRISIL B+/Stable Issuer not cooperating'.

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

   Term Loan               0.77     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Vikas for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Vikas a partnership concern was established by the Patel family in
1991 are engaged in trading and processing of various types of
pulses and agricultural goods including peas, maize, moong, toor,
toor dal, bardana and wheat.

Vikas has processing capacity to process 30 tonnes per day and the
actual utilization varies as per the demand.

VINAR ISPAT: CRISIL Cuts INR15cr Loan Rating to B+, Not Coop.
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Vinar Ispat
Limited (VIL) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with VIL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of VIL Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

Incorporated in 1991, Vinar Ispat. Ltd. (VIL) is engaged into
manufacturing steel structural products. It is promoted by Mr.
Vishnukumar Oza and his family members. The company has installed
manufacturing capacity of 1,00,000 metric tonnes per annum.

VISHAAL PROMOTERS: CRISIL Keeps 'B-' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vishaal Promoters
Private Limited (VPPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Lease Rental          35         CRISIL B-/Stable (ISSUER NOT
   Discounting Loan                 COOPERATING)


CRISIL has been consistently following up with VPPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

VPPL was set up in 2001 as a partnership firm by Mr Ilankovan and
his wife. The firm was reconstituted as a private limited company
in 2004. The company, based in Madurai, undertakes real estate
development.

VISION HOUSE: CRISIL Cuts INR1.6cr Term Loan Rating to B+/Not Coop.
-------------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of The Vision
House (TVH) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              1.6       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with TVH for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of TVH Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

Established in 2004, TVH is a proprietorship firm of Mr Anil Gupta,
based in Jaipur (Rajasthan). It provides consulting services in
engineering and infrastructure development to the telecom tower
industry. The firm also undertakes civil construction and electric
work contracts.

WONDERLAND AMUSEMENT: CRISIL Cuts INR5cr Loan Rating to B+/Not Coop
-------------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Wonderland
Amusement Park Private Limited (Wonderland) to 'CRISIL B+/Stable
Issuer not cooperating' from 'CRISIL BB-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft               5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with Wonderland for
obtaining information through letters and emails dated February 26,
2019 and August 16, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of Wonderland Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

Wonderland was established by Mr Kulwant Singh and Mr Kuldeep Singh
in 1997 as a partnership firm and was incorporated as private
limited company in 2001. The company operates an amusement park in
Jalandhar, Punjab.

YASIKA STEELS: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Yasika Steels Private
Limited (YSPL) continues to be 'CRISIL D Issuer not cooperating'.

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

   Funded Interest         1.51     CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Proposed Long Term      5.06     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan                .68     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital         4.75     CRISIL D (ISSUER NOT
   Demand Loan                      COOPERATING)

CRISIL has been consistently following up with YSPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

YSPL, incorporated in 2005 and promoted by Mr Viral R Malaviya and
his wife, Ms Poonam Viral Malaviya, manufactures and trades in
steel products, mainly bright steel bars.

ZION HOLIDAYS: CRISIL Lowers Rating on INR13.8cr Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Zion Holidays Private Limited (ZHPL) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Term Loan        13.8       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Overdraft              2.2       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The downgrade reflects deterioration in ZHPL's liquidity and
business risk profile. Bank limit utilisation averaged 69% during
the five months through April 2019 due to stretched working capital
cycle, limited cash accrual, and sizeable repayment obligation.

The rating also factors in an expected below-average financial risk
profile and the risks related to the initial stage of operations.
These weaknesses are partially offset by the entrepreneurial
experience of the promoters and favourable location of the hotel.

Analytical Approach

Unsecured loans (outstanding at INR8.91 crore as on March 31, 2018)
extended to ZHPL by the promoters have been treated as 75% equity
and 25% debt. That is because these interest-free loans are
subordinated to external debt and should remain in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile
As the project is majorly being funded via a term loan of INR13.8
crore (project cost - INR26 crore), the financial risk profile may
remain weak owing to high gearing and low networth.

* Initial stage of operations
The hotel began operating in November 2017 and therefore is yet in
the initial stage of operations. Hence, revenue has been modest at
INR2.3 crore in fiscal 2019.

Strengths
* Extensive entrepreneurial experience of the promoters
The promoters have entrepreneurial experience of over two decades
in the logistics industry through group companies. Benefits from
the promoters' expertise, their strong understanding of local
market dynamics, and healthy relations with customers and suppliers
should continue to support the business.

* Benefits derived from strategic location
As the hotel is located near Mall Road in Shimla (Himachal
Pradesh), it attracts leisure travelers and ensures steady
revenue.

Liquidity: Poor

Liquidity is likely to remain poor and under pressure over the
medium term, mainly due to large repayment obligation. Expected
cash accruals of the company will be insufficient to pay the debt
obligation of the company due to initial stage of operation however
the promoter continuously infusing USL to support the liquidity.
Further moderate bank limit utilization of 69%.  during the five
months through April 2019

Outlook: Stable

CRISIL believes ZHPL will continue to benefit from the extensive
experience of the promoters.

Rating Sensitivity Factor
Upward factors
* Substantial and sustainable increase in revenue and
profitability, leading to cash accrual of over INR0.8 crore per
annum
* Healthy capital structure

Downward factors
* Decline in profitability by more than 200 basis points
* Large working capital requirement

ZHPL, incorporated in 2008, has set up a hotel in Shimla that
commenced operations in November 2017; hence, fiscal 2019 was the
first full year of operations. Mr Vikas Narendra, Mr Vinod Kumar
Tanwar, Durgesh Sambherare, Govind Gulati, Harsh Sambher and Sanjay
Hanslas the promoters.



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

BUKIT MAKMUR: Fitch Affirms BB- LT IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings affirmed Indonesia-based PT Bukit Makmur Mandiri
Utama's Long-Term Issuer Default Rating at 'BB-'. The Outlook is
Stable. The agency has also affirmed the rating of BUMA's USD350
million 7.75% senior notes at 'BB-'.

BUMA's rating reflects its leading position as the second-largest
mining contractor in Indonesia with a market share of about 15% and
a record of winning and renewing contracts. BUMA's performance, in
terms of volume growth and margins, has been in line with its
expectations over the last few years. The rating also reflects the
concentration risk the company faces, with about 80% of its revenue
dependent on four counterparties, and the highly cyclical nature of
the Indonesian coal contracting-service industry.

KEY RATING DRIVERS

Customer Acquisitions to Slow: Fitch expects BUMA's volume growth
to stabilise at about 5%-7% in 2020-2022, mainly driven by a
moderate expansion in existing customers as Fitch believes the
company's acquisition of new customers will slow. BUMA's volume
rose by about 15% in 2018, which was lower than its expectation
mainly on account of a slower ramp-up at the sites of new customers
such as TAM Coal, Pada Idi and Insani Baraperkasa due to their
operational issues. BUMA has trade receivables of about USD40
million from these three customers, which it expects to recover
gradually as the issues are resolved.

Pada Idi, which signed a contract with BUMA in 2017, is facing
operational as well as land compensation issues and has about USD28
million in trade payables due to BUMA. As part of the recovery
process, BUMA is now jointly managing the operations at Pada Idi to
enhance efficiency and hence expects a gradual recovery of the
receivables over the next two years. Fitch does not expect the new
customers' difficulties to have a significant financial impact on
BUMA due to their limited revenue and profit contribution; however,
Fitch believes management will become more selective of its
customers.

Capex to Moderate: Fitch forecasts BUMA's capex will remain low at
about USD150 million over 2019-2022 as it has replaced a majority
of its equipment over the last two years and no significant
capacity expansion is expected. BUMA spent about USD570 million in
2016-2018, driven by growth and maintenance capex. Fitch expects
capex during its equipment-replacement cycle in 2023-2024 to be
lower due to its Certified Machine Rebuild programme, which extends
the life for certain equipment at about 70% of the market price.
Fitch expects BUMA's FFO net leverage to stay at about 2.7x in 2019
before gradually declining to 2.0x by 2022, comfortably below
Fitch's 3.0x negative rating guideline.

Customer Concentration: Fitch expects BUMA's customer concentration
to remain high in the near term, with more than 80% of its revenue
from four counterparties, including PT Berau Coal's share remaining
at about 50%. BUMA has increased its counterparties to eight from
four in 2016 in an effort to diversify. However, apart from Geo
Energy Resources Limited (B/Negative), which contributes about 10%
of BUMA's total revenue, newer customers have not provided a
significant diversification benefit to the company amid their
various issues.

Fitch believes the risk associated with customer concentration is
partly mitigated by high customer switching costs and long
transition periods for coal-mining contractors. In addition, BUMA
has a strong record of meeting customer expectations, leading to
long relationships and high contract renewal rates. Coal miners
also generally prioritise their payments to mining contractors to
ensure the continuity of their operations.

Strong Market Position: BUMA's key customers, Berau, PT Adaro
Indonesia and PT Kideco Jaya Agung, which contributed about 73% of
the company's revenue in 2018, have an efficient cost position and
about 15 or more years of working with BUMA. About 70% of BUMA's
volumes are linked to coal price movements. Fitch expects BUMA's
EBITDA margins to remain resilient at about 30%-32% during the next
three years following moderate volume growth at its customers. BUMA
will continue to benefit from a continuous implementation of its
cost-efficiency initiatives with further technological integration
and an improving equipment lifecycle.

Strong Management and Shareholders: BUMA benefits from a strong
management team with extensive mining-sector experience as well as
previous experience working for large, internationally renowned
multinationals. BUMA is wholly owned by PT Delta Dunia Makmur Tbk
(Delta Dunia), which is 37.9% held by Northstar Tambang Persada
Ltd, comprising TPG Capital, Northstar Pacific Partners, GIC
Private Limited and China Investment Corporation. The remainder is
owned by the public. Delta Dunia is a holding company with no
assets other than BUMA and is debt-free.

DERIVATION SUMMARY

BUMA's closest rated peers are PT ABM Investama Tbk (B+/Negative)
and Emeco Holdings Limited (B/Stable). BUMA's one-notch
differential to ABM's rating is justified by its stronger business
profile, driven by its better mine-contracting business in terms of
efficiency, with higher EBITDA margins and market share. BUMA is
Indonesia's second-largest mining contractor while ABM is the
seventh biggest in an industry where scale is important. ABM
benefits from its diversified business, although its weakening
mining-contractor business is likely to result in the company
increasing its reliance on coal sales, which are more volatile.
BUMA's financial profile is also stronger than that of ABM.

BUMA has better revenue visibility than Australia-based
equipment-rental company Emeco and a relatively stable operating
profile that stems from the company's long-term contracts with
miners and its integration in the production stage. Fitch expects
Emeco's financial profile to improve and become comparable with
that of BUMA over the next two years, but BUMA also benefits from
the higher cost for coal miners to switch mining contractors,
unlike Emeco, underscoring the two-notch differential between the
two ratings.

KEY ASSUMPTIONS

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

  - Contract pricing charged by BUMA reflects Newcastle coal prices
assumptions as per Fitch price deck (USD78/tonne in 2020,
USD76/tonne in 2021 and USD75/tonne on a long-term basis). For
2019, Fitch has taken the actual coal price to date and assumed
Newcastle coal prices of USD65-75/tonne for the rest of the year.

  - Volume growth of about 5%-7% in 2019-2022.

  - Average annual capex of USD140 million-160 million over 2019 to
2022 (2018: USD304 million)

  - Dividend payout ratio of 30%

RATING SENSITIVITIES

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

Fitch does not expect positive rating action in the near term due
to BUMA's exposure to the cyclical coal industry, customer
concentration and counterparty credit risk. However, developments
that may, individually or collectively, lead to positive rating
action include:

  - FFO adjusted net leverage below 2.0x on a sustained basis

  - Reduced customer concentration risk with a higher revenue
contribution from a more diverse and stable set of counterparties

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

  - Weakening of BUMA's market position, including failure to
retain major customers, and contract volume and cash flow
generation falling short of Fitch's expectations, leading to
deteriorating credit metrics

  - FFO adjusted net leverage above 3.0x for a sustained period

LIQUIDITY

Adequate Liquidity: BUMA has adequate liquidity in light of its
internal cash generation and medium-term debt-maturity profile. Its
debt-maturity profile is well spread out apart from the USD350
million bond bullet payment due in 2022. BUMA's cash flow from
operations was USD175 million as of end-2018, with a cash balance
of USD65 million. This was against debt of about USD90 million
maturing in 2019. The company also has revolver facilities for
USD50 million, which it can tap if required. Fitch also expects
BUMA to benefit from improving cash flow from operations, supported
by its stable operations and adequate industry conditions.

BUMA's debt is denominated in US dollars; however, its
foreign-exchange risk is naturally hedged by the company's US
dollar-denominated cash flow.



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

FP IGNITION 2011-1: Fitch Puts Final BBsf Rating to Class E Notes
-----------------------------------------------------------------
Fitch Ratings assigned final ratings to Series 2019-1 of the FP
Ignition Trust 2011-1 New Zealand's pass-through floating-rate
notes. The issuance consists of notes backed by a pool of
passenger, light and heavy commercial vehicle operating and finance
leases originated by Eclipx Fleet Holding Limited, the New Zealand
subsidiary of FleetPartners Limited as originating agent for the FP
Ignition Trust 2011-1 New Zealand. The notes have been issued by
NZGT Trustee Limited as trustee for FP Ignition 2019-1.

Series 2019-1 of the FP Ignition Trust 2011-1 New Zealand
   
Cl. A NZFPID1014R1; LT AAAsf New Rating; previously at AAA(EXP)sf

Cl. B NZFPID1015R8; LT AAsf New Rating;  previously at AA(EXP)sf

Cl. C NZFPID1016R6; LT Asf New Rating;   previously at A(EXP)sf

Cl. D NZFPID1017R4; LT BBBsf New Rating; previously at BBB(EXP)sf

Cl. E NZFPID1018R2; LT BBsf New Rating;  previously at BB(EXP)sf

Cl. F NZFDIP1019R0; LT B+sf New Rating;  previously at B+(EXP)sf

Cl. G NZFPID1020R8; LT NRsf New Rating;  previously at NR(EXP)sf

Originator;         LT NRsf New Rating;  previously at NR(EXP)sf

KEY RATING DRIVERS

Macroeconomic Factors: The Stable Outlook is supported by New
Zealand's strong and benign macroeconomic environment, which is
underpinned by robust governance, a solid policy framework and
sound prudential fiscal management. Fitch forecasts the economy to
grow at 2.8% in 2019, supported by low unemployment and high net
migration.

SME Borrower Credit Risk: Fitch analysed annual default rates
associated with the underlying portfolio to derive a one-year
default probability assumption for each contract type. The default
probability assumption was added to Fitch's proprietary portfolio
credit model (PCM), together with other key variables, including
the portfolio amortisation profile, portfolio concentration and
industry distributions. The derived default probability for the SME
portfolio is 1.3%. The PCM-derived results were applied to Fitch's
cash flow modelling.

Obligor Concentration: The pool's 20-largest obligors account for
26.8% of the asset balance. Fitch deems this concentration higher
than that usually observed in consumer ABS transactions and has
therefore derived default assumptions that take into account lessee
concentration and correlation risk, in line with its SME criteria.

Portfolio Analysis: The underlying collateral pool consisted of
8,022 leases to 1,803 obligors, totalling NZD245.0 million as at
the August 31, 2019 cut-off date. The portfolio consists
predominantly of operating leases with underlying collateral
comprising passenger vehicles (49.5%), light commercial vehicles
(45.2%) and heavy commercial vehicles (5.3%). The leases are
extended to obligors spanning various industries throughout New
Zealand.

Residual Value Risks: Residual value (RV) risk is present, as the
portfolio comprises 93.9% operating leases with a weighted-average
(WA) RV of 63.8% associated with the leases. Fitch assumes a
'AAAsf' RV loss of 13.0%.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and is likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.

Expected rating sensitivity to increased default rates:

Notes: A/B/C/D/E/F

Original rating: AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf

Defaults increase 25%: AA+sf/AA-sf/A-sf/BBB-sf/BB-sf/B+sf

Defaults increase 50%: AA-sf/A+sf/BBB+sf/BBB-sf/B+sf/Bsf

Expected rating sensitivity to reduced recovery rates:

Notes: A/B/C/D/E/F

Original rating: AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf

Recoveries decrease 25%: AA+sf/AA-sf/A-sf/BBB-sf/BB-sf/Bsf

Recoveries decrease 50%: AAsf/A+sf/BBB+sf/BB+sf/B+sf/Bsf

Expected rating sensitivity to increase defaults and reduced
recovery rates:

Notes: A/B/C/D/E/F

Original rating: AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf

Defaults increase 25%/Recoveries reduce 25%:
AA-sf/A+sf/BBB+sf/BB+sf/B+sf/Bsf

Defaults increase 50%/Recoveries reduce 50%:
Asf/A-sf/BBB-sf/BBsf/Bsf/B-sf

Expected rating sensitivity to reduced sales proceeds:
Notes: A/B/C/D/E/F

Original rating: AAAsf/AAsf/Asf/BBBsf/BBsf/B+sf

Reduce sales proceeds by 10%:
AA+sf/AA-sf/BBB+sf/BB+sf/

NZ PURE TOUR: Goes Into Liquidation; Cherry Tree Festival Cancelled
-------------------------------------------------------------------
Gary Farrow at Stuff.co.nz reports that NZ PURE TOUR, the company
behind the cancelled Waikato Cherry Tree Festival, has been passed
over to a liquidator.

According to Stuff, ticket holders were left fuming when the
festival was cancelled at the last minute on Sept. 19, the night
before the event was to begin on Sept. 20.

Thousands of unhappy ticket holders and vendors are now facing
their money being stuck in limbo until the liquidator decides how
much could be paid back, the report says.

Stuff relates that the event was originally intended to host up to
12,000 paying ticket holders, but NZ PURE TOUR Limited did not get
its application for resource consent in to Waikato District Council
by deadline.

But it said the festival was still on and continued to sell tickets
until Sept. 19. It finally went into liquidation on Sept. 20, Stuff
notes.

The current liquidator of NZ PURE TOUR is Imran Mohammed Kamal from
Liquidation Management Limited, based in Wellington, the report
discloses.

He said he had received a list of ticket holders and creditors
involved in the festival, and was making contact with them to
discuss the situation and process, Stuff relays.

Although he couldn't give the exact numbers of people with money
tied up in the liquidated company, he said he would be able to send
them an official document in five business days that would inform
them of what money, if any, they would get back, according to
Stuff.

NZ PURE TOUR is owned by Tamahere couple Paul Oulton and Anne Cao.


                           *********


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 ***