---

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

                      A S I A   P A C I F I C

          Thursday, December 27, 2018, Vol. 21, No. 255

                            Headlines


A U S T R A L I A

AMICIZIA HOLDINGS: Clifton Hall Appointed as Liquidator
CARBON ENERGY: Second Creditors' Meeting Set for Jan. 7
CUSTOM CLAD: First Creditors' Meeting Set for Jan. 3
HARVEST EDUCATION: First Creditors' Meeting Set for Jan. 8
INTERMODAL STAFFING: First Creditors' Meeting Set for Jan. 8

SGB TRADING: First Creditors' Meeting Set for Jan. 4


C H I N A

FANTASIA HOLDINGS: S&P Affirms B Long-Term ICR, Outlook Negative
GUORUI PROPERTIES: S&P Puts 'B-' Long-Term ICR on Watch Negative


H O N G  K O N G

BACH FINANCE: S&P Alters Outlook to Negative & Affirms 'B' ICR
NOBLE GROUP: S&P Withdraws 'D' Long-Term Issuer Credit Rating


I N D I A

AADYA MOTOR: CRISIL Maintains 'D' Rating in Not Cooperating
ABHIRAJ CORPORATION: CRISIL Maintains D Rating in Not Cooperating
ADVANTAGE OVERSEAS: Ind-Ra Moves 'BB' Rating to Non-Cooperating
AL MANAMA: CRISIL Maintains 'B+' Rating in Not Cooperating
ALBUS INDIA: CRISIL Maintains 'D' Rating in Not Cooperating

ALI AGENCY: CRISIL Retains D Rating in Not Cooperating Category
ANANDI WATER: CRISIL Maintains 'D' Rating in Not Cooperating
ANGEL PROMOTERS: CRISIL Maintains 'C' Rating in Not Cooperating
ANTARIKSH INFRABUILD: CRISIL Assigns B Rating to INR6.5cr Loan
APARANT IRON: Insolvency Resolution Process Case Summary

APL MACHINERY: CRISIL Lowers Rating on INR5cr Cash Loan to 'D'
APOLLO CONVEYOR: CRISIL Maintains 'D' Rating in Not Cooperating
ASHA ENTERPRISES: CRISIL Maintains B- Rating in Not Cooperating
BHAI KANHAIYA: CRISIL Maintains 'D' Rating in Not Cooperating
BLACK ENERGY: CRISIL Maintains 'D' Rating in Not Cooperating

BLUEJAY NUTS: Ind-Ra Assigns 'B+' Long-term Issuer Rating
C. P. INDUSTRIES: CRISIL Maintains C Rating in Not Cooperating
CARDIO FITNESS: CRISIL Lowers Rating on INR8.5cr Cash Loan to D
CAREER COACHING: CRISIL Maintains D Rating in Not Cooperating
CEASAN GLASS: CRISIL Maintains 'D' Rating in Not Cooperating

CLOVER FORGING: Insolvency Resolution Process Case Summary
COAL INDIA: NCLT Admits Insolvency Petition Against Subsidiary
CORE PLASTO: CRISIL Maintains 'D' Rating in Not Cooperating
CREATIVE LOOMS: CRISIL Maintains 'D' Rating in Not Cooperating
EXCEL INTELLIGENCE: Insolvency Resolution Process Case Summary

FRIENDS PAPER: Ind-Ra Lowers Long Term Issuer Rating to 'D'
GANESHOM CEREALS: Insolvency Resolution Process Case Summary
HOMA ENGINEERING: CRISIL Lowers Rating on INR4cr Loan to 'D'
JAI INDIA: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
K BHUPAL: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'

KONASEEMA GAS: Insolvency Resolution Process Case Summary
LE ECOSYSTEM: Insolvency Resolution Process Case Summary
MATRIX METAL: Insolvency Resolution Process Case Summary
NSP HOSPITECH: Insolvency Resolution Process Case Summary
PARAMOUNT PROPBUILD: Insolvency Resolution Process Case Summary

PIYUSH SHELTERS: Insolvency Resolution Process Case Summary
R.E. CABLES: Insolvency Resolution Process Case Summary
REACON ENGINEERS: Insolvency Resolution Process Case Summary
RUCHI SOYA: Patanjali Says Still Interested in Firm's Assets
SAARAS OIL: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable

SHAIFUDDIN APPALAL: CRISIL Lowers Rating on INR5cr Bank Loan to D
SHRIRAM PROPERTIES: CRISIL Withdraws C Rating on INR30cr Loan
SHUBHKAMNA BUILDTECH: Insolvency Resolution Process Case Summary
SIRI CONSTRUCTIONS: Ind-Ra Assigns 'BB+' Rating, Outlook Stable
SRI VIJAYA: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating

ST. JOHN: Insolvency Resolution Process Case Summary
WHITE & BROWN: Insolvency Resolution Process Case Summary
WINGS TRAVELS: Insolvency Resolution Process Case Summary


M A C A U

POLYTEX CORPORATION: Court Cancels Seizure of Company's assets


M A L A Y S I A

RED SENA: Set to Wind Up After Failing to Secure QA


S I N G A P O R E

MULHACEN PTE: Fitch Assigns BB- Final LT IDR, Outlook Stable
RHODIUM RESOURCES: S&P Lowers ICR to 'B-' Then Withdraws Rating


T A I W A N

CHUNGHWA PICTURE: Lays Off 63 Workers Due to Repayment Woes


                            - - - - -


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


AMICIZIA HOLDINGS: Clifton Hall Appointed as Liquidator
-------------------------------------------------------
Daniel Lopresti of Clifton Hall was appointed as liquidator of
Amicizia Holdings Pty Ltd, trading as Cafe Salsa, on Dec. 20,
2018.


CARBON ENERGY: Second Creditors' Meeting Set for Jan. 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Carbon Energy
Limited, Carbon Energy (Operations) Pty Ltd, and Carbon Energy
(Holdings) Pty Ltd, has been set for Jan. 7, 2019, at at the
offices of KordaMentha, at Level 14, 12 Creek Street, in
Brisbane, Queensland.

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 Jan. 4, 2019, at 4:00 p.m.

Robert William Hutson and Jarrod Lee Villani of KordaMentha were
appointed as administrators of Carbon Energy on Nov. 28, 2018.


CUSTOM CLAD: First Creditors' Meeting Set for Jan. 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Custom
Clad Pty Ltd will be held at the offices of Rodgers Reidy, at
Level 3, 326 William Street, in Melbourne, Victoria, on Jan. 3,
2019, at 11:30 a.m.

Brent Morgan & Geoff Handberg of Rodgers Reidy were appointed as
administrators of Custom Clad on Dec. 19, 2018.


HARVEST EDUCATION: First Creditors' Meeting Set for Jan. 8
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Harvest
Education Technical College Pty. Ltd. will be held at Jacaranda
Room, Marriot Hotel, 515 Queen Street, in Brisbane, Queensland,
on Jan. 8, 2019, at 11:00 a.m.

Christopher John Baskerville of Jirsch Sutherland was appointed
as administrator of Harvest Education on Dec. 24, 2018.


INTERMODAL STAFFING: First Creditors' Meeting Set for Jan. 8
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Intermodal
Staffing Pty Ltd will be held at the offices of K&L Gates, at
Level 25, 525 Collins Street, in Melbourne, Victoria, on Jan. 8,
2019, at 10:00 a.m.

Ben Charles Verney and Andrew William Beck of Greyhouse Partners
were appointed as administrators of Intermodal Staffing on Dec.
24, 2018.


SGB TRADING: First Creditors' Meeting Set for Jan. 4
----------------------------------------------------
A first meeting of the creditors in the proceedings of SGB
Trading Pty. Ltd. will be held at the offices of Restructuring
Works Pty Ltd, at Level 8, 80 Clarence Street, in Sydney, NSW, on
Jan. 4, 2019, at 3:00 p.m.

Clifford John Sanderson of Restructuring Works was appointed as
administrator of SGB Trading on Dec. 20, 2018.



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


FANTASIA HOLDINGS: S&P Affirms B Long-Term ICR, Outlook Negative
----------------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B' long-term
issuer credit rating on Fantasia Holdings Group Co. Ltd. The
outlook is negative. At the same time, S&P affirmed its 'B' long-
term issue rating on the company's outstanding U.S. dollar senior
unsecured notes. Fantasia is a China-based property developer.

S&P said, "We affirmed the rating with negative outlook to
reflect our view of Fantasia's large refinancing needs over the
next 12 months, in particular its large offshore debt maturities.
We believe Fantasia's recent notes issuances have enhanced its
liquidity and could alleviate some of the refinancing pressure.
The company is likely to remain highly leveraged to support
growth, and continue to rely on shorter term debt. In addition,
its debt serviceability may weaken owing to rising funding costs.

"We do not anticipate imminent liquidity risks, given that
Fantasia's offshore bond issuances and extensions are mainly to
address its upcoming maturities. The company completed a three-
year (two year non-call, non-put) US$130 million senior notes
issuance on Dec. 18, 2018, and could raise slightly more funds
than we expect. The company intends to use the notes proceeds to
repay its US$300 million bond due in February 2019. We expect the
remaining to come from its internal cash balance through cash
pool remittance. At the same time, Fantasia has extended its
US$100 million bond due June 2019 for another year and completed
a Chinese renminbi (RMB) 1 billion three-year domestic bond
issuance in the same month. We believe these new issuances have
partially eased its refinancing pressure.

"In our view, the company has detailed plans to address its
forthcoming offshore maturities, although they are uncommitted at
this point. These plans include further onshore bond issuances,
release of offshore cash pledge by repaying onshore loans, and
securing other cash pledged loans offshore.

"Fantasia continues to have solid contracted sales with
satisfactory cash collection, which would enhance its ability to
repay any obligations, in our opinion. However, the company's
leverage may not improve substantially over the next 12-24
months, and its EBITDA interest coverage should hover around 1x.
In addition, although Fantasia has executed or has plans to
refinance, its refinanced maturities continue to be concentrated
around 2020. We believe sustained improvement in the maturity
profile would require extensions that are longer term, or actual
paying down of debt.

"The yield on Fantasia's outstanding senior notes has
substantially increased. We anticipate the company will gradually
adjust its capital structure to reduce its offshore notes
borrowings and rely more on onshore capital market. However, the
whole process will take around one year to be fully implemented.
Fantasia has access to the domestic bond market, indicated by the
recent issuance. The company has about RMB1.9 billion of public
bond quota remaining and received an onshore private bond quota
of RMB2.7 billion.

"The negative outlook reflects our view that Fantasia's leverage
will remain high with weak debt serviceability over the next 12
months. At the same time, the company continues to have large
refinancing needs, which we believe will be manageable, given the
recent issuances and plans to refinance or repay debt.

"We could lower the rating if Fantasia's debt-funded expansion is
more aggressive than we anticipate, such that the debt-to-EBITDA
ratio continues to rise above our forecast of 11x-12x, or if its
EBITDA interest coverage drops to 1x or below over the next 12
months.

"We could also lower the rating if Fantasia's liquidity and
market access deteriorate. This could happen if the company fails
to secure new funds to refinance upcoming maturities over the
next six to 12 months.

"We could revise the outlook to stable if Fantasia controls its
growth in leverage such that the debt-to-EBITDA ratio does not
worsen and EBITDA interest coverage is comfortably above 1x. The
company should also demonstrate that it can improve its maturity
profile by extending its short-term debt with longer term
financing.


GUORUI PROPERTIES: S&P Puts 'B-' Long-Term ICR on Watch Negative
----------------------------------------------------------------
S&P Global Ratings said that it had placed its 'B-' long-term
issuer credit rating on Guorui Properties Ltd. and the 'CCC+'
long-term issue rating on the China-based property developer's
outstanding senior unsecured notes on CreditWatch with negative
implications.

S&P placed the ratings on CreditWatch to reflect the execution
risk in Guorui's funding plan to repay its offshore debt of
US$550 million due in March 2019.
Guorui has repaid Chinese renminbi (RMB) 3 billion in onshore
bonds in November and December 2018. However, the refinancing
plan for its two series of offshore bonds leaves little room for
any slippage. In our view, the company has yet to fully secure
sufficient funding, although plans are underway with part of it
committed.

Overall, Guorui's execution of its refinancing plan is slower
than S&P expected. The company has only completed one (Hademen
Plaza) of the two commercial mortgage-backed securities plans
approved by the regulators, raising RMB4.1 billion in November
2018. The other CMBS plan was replaced by a bank borrowing,
resulting in a lower amount of capital raised than we expected.
Guorui has not yet managed to tap raise capital from the offshore
bond market as planned, despite having regulatory approval to do
so.

S&P said, "Meanwhile, we are lowering our estimate of Guorui's
full-year cash generation from contracted sales. That is because
the company has obtained presale approvals for only one of its
three expected project launches in Beijing. We are uncertain
whether the related approvals could be obtained over the next
quarter.

"We estimate Guorui's cash balance from sales alone would not be
able to cover its upcoming maturities, particularly after the
RMB3 billion in onshore bonds redemption. As such, successful
execution of the company's plans to raise new funds is vital for
it to meet its upcoming repayments.

"We believe Guorui has a reasonable chance of securing sufficient
funds if a majority of its planned fundraising actions are
successful. The company has laid out a detailed plan, which
includes further pre-sale launches and cash collection, new
capital market issuances, sale of project stakes, and pledged
bank borrowings. Most of these items are still in negotiation,
but Guorui targets to complete them over the next month. The
company has also recently obtained approval from the Shanghai
Stock Exchange to issue corporate bonds of up to RMB3 billion.

"We aim to resolve the CreditWatch by the end of January 2019, by
which time we expect clarity on the company's execution of its
refinancing plans.

"We could lower the rating by one or more notches if Guorui's
execution of the refinancing plans is slower or less than our
expectation, such that we believe offshore notes repayment risk
has heightened or distressed exchange offers are probable.

"We could affirm the rating if Guorui can secure adequate
committed new financing or resources to cover its upcoming
maturities, particularly its offshore notes due in March."



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


BACH FINANCE: S&P Alters Outlook to Negative & Affirms 'B' ICR
--------------------------------------------------------------
S&P Global Ratings said it is revising its outlook to negative
from stable on Bach Finance, reflecting the likelihood that the
Hong Kong-based global education-service provider's lower growth
outlook and higher costs could result in the reported EBITDA cash
interest coverage falling below 2.0x on a sustained basis, from
2.0x in fiscal 2018.

S&P said, "At the same time, we are affirming our 'B' issuer
credit rating on the company and our 'B' long-term issue rating
and '3' recovery rating on the US$1.49 billion euro-denominated
first-lien loans issued by Fugue Finance B.V., a wholly-owned
financing subsidiary of Bach. The '3' recovery rating indicates
our expectation of a meaningful (50%-70%; rounded estimate: 50%)
recovery in our hypothetical default scenario.

"We revised the outlook to negative on Bach Finance Ltd.
(previously Nord Anglia) because of our expectations of lower
growth for the company during fiscal 2019 (year ending Aug. 31,
2019), amid limited opportunities in a slowing macroeconomic
environment.

"As a result, we assume reduced investment spending for the
company over the next 12 to 24 months. We now expect total
revenue growth of 10%-15% over the same period, down from our
previous base case of 20%-25% growth. We have also lowered our
EBITDA forecast by 15%-18% for fiscals 2019 and 2020. Bach is the
parent company of Nord Anglia Education Inc. (not rated), a
global premium education provider.

"Bach's underlying cash flows should remain sizable despite our
new growth forecast. Ihis expectation follows negative operating
cash flows in fiscal 2018 due to significant expenses attributed
to privatization of the company during the fiscal year. Free
operating cash flows excluding acquisition costs should turn
positive in fiscal 2019 and increase materially in fiscal 2020,
with operating cash flows exceeding US$200 million (after
interest and tax).

"In addition, EBITDA margins after S&P Global Ratings'
adjustments are likely to remain healthy at over 30% from fiscal
2020. This level would be on the back of further cost savings,
which were about US$18 million in fiscal 2018 out of a total
achieved of about US$37 million. Bach should achieve US$41
million of cost savings over the next two years. Still, adjusted
EBITDA margin declined in fiscal 2018 due to one-off costs
related to the company's privatization. Additional one-off costs
related to Bach's relocation of its headquarters would reduce its
EBITDA margins for fiscal 2019.

"Our forecast implies that Bach's EBITDA cash interest coverage
will be just above 2.0x, providing no buffer for any missteps
over the next 12-24 months. The company's reported EBITDA cash
interest coverage does not adjust for operating lease expenses
and does not include the noncash interest and principal from
preference shares.
The negative outlook reflects our view that Bach's EBITDA cash
interest coverage (excluding operating lease adjustments and
noncash interest on preference shares) could fall below 2.0x over
the next 12 months. At the same time, the ratio of total debt to
EBITDA would remain elevated, at 11x-12x in fiscal 2019. We
expect Bach to generate positive free operating cash flows in
fiscal 2019, given strong operating cash flows attributed to high
profit margins and positive working capital, which is typical for
education providers.

"We could lower the rating if Bach's EBITDA cash interest
coverage falls below 2.0x. This could happen if the company's
growth outlook continues to decelerate relative to our
expectations as a result of limited expansion opportunities given
a challenging macro environment.

"We could also lower the rating if large capital expenditure
leads to negative free operating cash flow for an extended
period. In addition, a downgrade could occur if the company's
ratio of total debt to EBITDA does not decline sustainably due to
a more aggressive financial policy; for example, as a result of
large debt-funded acquisitions, greenfield projects or
shareholder returns.

"We could revise the outlook to stable if the company's EBITDA
cash interest coverage increases to substantially above 2.0x and
if the company's free cash flows grow sustainably, resulting in a
prolonged deleveraging trend. This could happen if the company's
student admissions or tuition fees increase more than we expect
or if the company undertakes non-debt-financed capital
investments that expand its earnings."


NOBLE GROUP: S&P Withdraws 'D' Long-Term Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings withdrew its 'D' long-term issuer credit
rating on Noble Group Ltd., a commodity trader, at the company's
request. At the same time, S&P withdrew its 'D' long-term issue
rating on the company's senior unsecured U.S. dollar notes.

Noble announced on Dec. 20, 2018, that the company has completed
its restructuring.



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


AADYA MOTOR: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Aadya Motor Car
Company Private Limited (AMCCPL) continue to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         41        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           115.75     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility     13.26     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan              39.99     CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AMCCPL for
obtaining information through letters and emails dated May 31,
2018 and November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

AMCCPL, set up in 2009 by Mr. V Ramananand Rao, is an authorised
dealer for Audi cars in Mumbai. The company, with trade name,
Audi Mumbai West, operates one showroom in Andheri, Mumbai.


ABHIRAJ CORPORATION: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Abhiraj Corporation
(AC) continue to be 'CRISIL D Issuer not cooperating'.

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

   Proposed Long Term      0.45    CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan               4.05    CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with AC for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2013 as a partnership firm, Ichalkaranji, Maharashtra-
based AC trades in yarn. Its operations are managed by Mr
Prathamesh Dhamane along with the partners Mr Ashok Jathar and Mr
Vijay Jadhav.


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

The instrument-wise rating action is:

-- INR0.285 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR70 mil. Non-fund-based working capital limits migrated to
    non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 3, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, is engaged in the bulk trading of agri
commodities.


AL MANAMA: CRISIL Maintains 'B+' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Al Manama Wedding
Center (Al Manama) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan          4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Rupee Term Loan         4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Al Manama for
obtaining information through letters and emails dated May 31,
2018 and November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established in 2012, Al Manama runs a single retail textile and
cosmetics show room in Kollam and Karunagappally (Kerala). The
firm is promoted by Mr. Abdul Aziz and his family.


ALBUS INDIA: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Albus India Limited
(AIL) continue to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        11        CRISIL D (ISSUER NOT COOPERATING)
   Term Loan          11        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with AIL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AIL was set up in 2011 by Mr. Gaurav Agrawal and his two brothers
- Mr. Gautam Agrawal and Mr. Gokul Agrawal. The company
manufactures low carbon ferro manganese. Its manufacturing unit
is located in Vishakhapatnam (Andhra Pradesh), and commenced
operations in August 2015.


ALI AGENCY: CRISIL Retains D Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Ali Agency (Ali;
part of Mahavir group) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            16        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Ali for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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


Detailed Rationale

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Ali and Mahavir Enterprises. This is
because both the firms, together referred to as the Mahavir
group, have a common management and significant operational
synergies.

Promoted by Mr. Pawan Kumar Jajodia, the Mahavir group primarily
trades in sugar, pulses, and edible oil.


ANANDI WATER: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Anandi Water Parks
Resorts & Club Private Limited continues to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan               5        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AWPRCPL for
obtaining information through letters and emails dated May 31,
2018 and November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AWPRCPL, established in 2002 in Lucknow, owns and operates a
water park, a resort, clubs, a marriage hall, and a 75-room
hotel. The company is promoted by Mr. Pankaj Agrawal and his
family.


ANGEL PROMOTERS: CRISIL Maintains 'C' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Angel Promoters
Private Limited continues to be 'CRISIL C Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan               20       CRISIL C (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with APPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2006 in Sahibabad, Uttar Pradesh (UP), by Mr. DB
Jain and his son, Mr. Abhishek Jain, APPL is engaged in real
estate development and has currently undertaken a hotel-cum-
banquet halls project in Sahibabad, which is expected to commence
operations in 2016-17. The company completed a group housing
project,Angel Mercury, in Indirapuram, UP, in 2012.


ANTARIKSH INFRABUILD: CRISIL Assigns B Rating to INR6.5cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Antariksh Infrabuild LLP (AIL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B/Stable (Assigned)
   Term Loan              6.5       CRISIL B/Stable (Assigned)

The rating reflects risks related to timely stabilisation and
commensurate ramp-up in sales during the initial phase of
operation, and susceptibility to intensely competitive textile
industry. These rating weakness are partially offset by the
experience of the promoters in textile industry and locational
advantage with proximity to a textile processing hub.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to stabilisation and off take risks: The firm is yet
to commence operations and hence stabilisation and commensurate
ramp-up in revenues during the initial phase of operations shall
remain critical, and be monitored closely.

* Susceptibility to intensely competitive textile industry: There
is intense competition in textile industry, marked by the
presence of several small players, which will constrain
scalability. Intense competition also restricts bargaining power
with customers and suppliers, and hence profitability.

Strengths

* Promoters' extensive industry experience: Presence of around 15
years in the fabric manufacturing industry, their understanding
of market dynamics and establish strong relationships with
customers and suppliers will help scale up operations over the
medium term.

* Locational Advantage: The manufacturing unit is in Bhiwandi
(Maharashtra), which is a major textile processing hub. This
facilitates proximity to key raw materials, thus minimising
transit cost, and helps execute orders on time.

Outlook: Stable

CRISIL believes AIL would benefit over the medium term from
promoter' extensive industry experience. The outlook may be
revised to 'Positive' if timely stabilisation of operations leads
to higher revenues and profitability, and better financial risk
profile. The outlook may be revised to 'Negative' if lower-than-
expected accruals, or stretch in working capital cycle, leads to
deterioration in financial risk profile, especially liquidity.

Liquidity
AIL has stretched liquidity driven by expected cash accruals of
INR1.30-1.5 crore for fiscal 2020. The firm has long term
repayment obligations around Rs.1 crore in fiscal 2020. CRISIL
expects internal accruals to be sufficient to meet its repayment
obligations. The promoters have also infused funds of around
INR2.20 crore till date in the business, which supports
liquidity.

Incorporated in 2013, by Mr Laxmichand V. Rathi and Mrs Rashmi
Agarwal, AIL is setting up a fabric manufacturing unit in
Bhiwandi, Maharashtra. Commercial operations are expected to
start from January, 2019.


APARANT IRON: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Aparant Iron and Steel Pvt. Ltd.
        Dempo House, Campal, Panaji
        Goa 403001 India

Insolvency Commencement Date: November 30, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 29, 2019
                               (180 days from commencement)

Insolvency professional: Bhrugesh Amin

Interim Resolution
Professional:            Bhrugesh Amin
                         BDO India LLP
                         The Ruby - Level 9, NW Wing
                         Senapati Bapat Marg Dadar, Mumbai City
                         Maharashtra 400028
                         E-mail: bhrugeshamin@bdo.in

                            - and -

                         BDO Restructuring Advisory LLP
                         The Ruby - Level 9, NW Wing
                         Senapati Bapat Marg, Dadar West
                         Mumbai 400028, India
                         E-mail: irpaispl@bdo.in

Last date for
submission of claims:    December 21, 2018


APL MACHINERY: CRISIL Lowers Rating on INR5cr Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating to the long-term bank facility
of APL Machinery Private Limited (APL) to 'CRISIL D' from 'CRISIL
B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects delay in servicing of term loan
obligations.

The rating continues to reflect the modest scale of operations
along with working capital intensive nature of operations leading
to stretched liquidity and below-average financial risk profile.
These weaknesses are partially offset by the extensive experience
of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operation is modest with
revenue of INR12.85 crores in fiscal 2018.

* Below-average financial risk profile: Networth was modest at
INR3.9 crore and gearing high at 2.5 times as on March 31, 2018,
while debt protection metrics were average with interest coverage
of 1.2 times and net cash accrual to adjusted debt of 0.06 time
for fiscal 2018.

* Large working capital requirement: Gross current assets were
513 days as on March 31, 2018 driven by high receivables and
inventory of 174 and 338 days, respectively. This has led to
stretched liquidity with fully utilised bank lines.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' two decade-long experience in the industry and
established relationships with suppliers and customers should
support the business.

Incorporated in 1995, APL manufactures screen printing machines
and ultra violet curing machinery. The manufacturing facility is
in Faridabad, Haryana. It is promoted by Mr Chander Prakash Paul
and his wife Mrs Swati Paul.


APOLLO CONVEYOR: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Apollo Conveyor
Private Limited (ACPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.15       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    2.95       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             7.90       CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with ACPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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


Incorporated in 2010, ACPL manufactures rubber conveyor belts for
industries such as steel, cement, mining, thermal power, and
fertiliser. Promoted and managed by Mr. Pravin Patel and his wife
Mrs. Sangeeta Patel, ACPL is based in Ahmedabad and commenced
commercial operations in October 2013.


ASHA ENTERPRISES: CRISIL Maintains B- Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Asha Enterprises
(AE) continues to be 'CRISIL B-/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with AE for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AE, established in 2015 by Mr. Bineet Somani, is setting-up a
hotel at Sevoke Road, Bhaktinagar in Siliguri, West Bengal.
Commercial operations are expected to commence by April 2017. Mr.
Kedar Somani (father of Mr. Bineet Somani), Mrs. Asha Somani
(mother) and Mr. Amit Somani (brother) are the other partners of
the firm.


BHAI KANHAIYA: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Bhai Kanhaiya Sewa
Society (BKSS) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              1.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.13      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              5.37      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BKSS for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Formed in 1983, BKSS runs Radiant Institute of Engineering and
Technology and Homeopathic Medical College and Hospital in
Abohar, Punjab. The society is being currently chaired by Mr.
Tara Singh Ji.


BLACK ENERGY: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Black Energy India
Private Limited (BEIPL) continues to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        11        CRISIL D (ISSUER NOT COOPERATING)
   Overdraft           9        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with BEIPL for
obtaining information through letters and emails dated May 31,
2018 and November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

BEIPL, incorporated in 2012, trades in coal. The company also
owns a washery in Bilaspur, Chhattisgarh. Mr. Sanjay Singh and
Mr. Rohit Singh are the directors. The operations are primarily
managed by Mr. Sanjay Singh.


BLUEJAY NUTS: Ind-Ra Assigns 'B+' Long-term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bluejay Nuts
Private Limited (BNPL) a Long-Term Issuer Rating of 'IND B+'.

The instrument-wise rating actions are:

-- INR32.5 mil. Proposed long-term loan* assigned with
    Provisional IND B+/Stable rating; and

-- INR167.5 mil. Proposed fund-based limit* assigned with
    Provisional IND B+/Stable/Provisional IND A4 rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by BNPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect the under-construction status of BNPL's
cashew kernel processing facility in the Mutharapalle village,
Chittoor District, Andhra Pradesh. The total cost of the project
is INR145.3 million. BNPL has incurred INR130 million (funded via
equity and an unsecured loan from the promoters) so far. The
project is 80% complete; the management expects commercial
operations to commence by the end of January 2019. The capacity
of the facility is likely to be 11,000 metric tons per annum

The ratings, however, are supported by the facility's location
advantage in terms of the availability of raw materials.

The ratings also benefit from the promoters' experience of around
three decades in the cashew kernel processing.

RATING SENSITIVITIES

Negative: Failure to scale up operations leading to a stress on
the liquidity position will be negative for the ratings.

Positive: Stabilization of operations leading to strong revenue
generation and profitability will lead to positive rating action.

COMPANY PROFILE

Incorporated in March 2015, BNPL is engaged in the processing and
export of cashew nuts to different geographical locations.


C. P. INDUSTRIES: CRISIL Maintains C Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of C. P. Industries
(CPI) continues to be 'CRISIL C Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL C (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CPI for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of CPI, continues to be 'CRISIL C Issuer not
cooperating'.

CPI, established in 1992 by Mr. Chironjilal Shivhare,
manufactures and trades in mustard seeds, mustard oil, and
mustard oil cake. The firm is based in Gwalior, Madhya Pradesh.


CARDIO FITNESS: CRISIL Lowers Rating on INR8.5cr Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Cardio Fitness India Private Limited (CFPL) to 'CRISIL
D/CRISIL D' from 'CRISIL BB-/Negative/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.5        CRISIL D (Downgraded from
                                    'CRISIL BB/Negative')

   Foreign Exchange      3.32       CRISIL D (Downgraded from
   Forward                          'CRISIL A4+')

   Letter of Credit      4.5        CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term    1.68       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB/Negative')

The downgrade reflects continuous overdrawn for more than 30 days
in its Cash Credit facility because of the stretched liquidity
due to working capital intensive operations

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With reported turnover of INR16.77
crore in fiscal 2018, scale of operations remains modest in the
competitive fitness equipment industry.

* Large working capital requirement: Gross current assets were at
695 days as on March 31, 2018, due to sizeable inventory of 463
days and moderate receivables of 71 days.

Strengths

* Extensive experience of the promoter, and established
relationships with customers and principals: The promoter's
experience of two decades in the fitness equipment industry, and
healthy relationships with suppliers and customers, should
continue to support the business.

CFPL was set up by Mr Deepak Dewan in New Delhi in 1995. The
company offers a range of cardio- and strength-training products
and support services. Its products include computerized
treadmills, cross-trainers, and steppers.


CAREER COACHING: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Career Coaching
(Alld) Private Limited (CCPL) continues to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              10        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CCPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

CCPL, established in 2004 by Mr. Zafar Bakht and Mr. Saeed
Fatima, provides coaching services for various entrance
examinations at its coaching institutes located in Allahabad
(Uttar Pradesh).


CEASAN GLASS: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Ceasan Glass Private
Limited (CGPL) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest        1.94      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Long Term Loan        12.10      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     2.46      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Working Capital        2.50      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with CGPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

CGPL was set up in 2007 by Mr. C H V N Raghurama Gupta. Based in
Ongole, Andhra Pradesh, the company manufactures figured,
patterned, or wired glass.


CLOVER FORGING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Clover Forging and Machining Private Limited

        Registered office:
        Office No-DTJ-701, Tower-B
        DLF Tower Jasola
        New Delhi 110044
        Delhi, India

        Principal office:
        Shendra MIDC, Jalna Rd
        Dist. Aurangabad, Gangapur Jahagir
        Maharashtra 431007

Insolvency Commencement Date: December 4, 2018

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: June 1, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Rohit Mehra

Interim Resolution
Professional:            Mr. Rohit Mehra
                         A 3403, Oberoi Woods, Oberoi Garden City
                         Goregaon East, Mumbai
                         Maharashtra 400063
                         E-mail: rohitmehra@hotmail.com

                            - and -

                         EY Restructuring LLP, The Ruby
                         17th Floor, 29 Senapati Bapat Marg
                         Dadar (West) Tulsi Pipe Road, Kasaravadi
                         Dadar, Mumbai, Maharashtra 400028
                         E-mail: ip.clover@in.ey.com

Last date for
submission of claims:    December 20, 2018


COAL INDIA: NCLT Admits Insolvency Petition Against Subsidiary
--------------------------------------------------------------
Livemint.com reports that the Kolkata bench of National Company
Law Tribunal (NCLT) has ordered commencement of corporate
insolvency resolution process against the Eastern Coalfields
(ECL), a subsidiary of the Coal India, for non-payment of
interest.

Livemint.com relates that the order came after the NCLT admitted
an insolvency petition filed by Hinduja Group-controlled Gulf Oil
Lubricants India (GOLIL).

Although the ECL had paid the principal sum of around INR84.71
lakh to GOLIL, one of its operational creditors, it allegedly
declined to pay the interest amount at the rate of 18 per cent
per annum, the report says.

The amount in question is about INR40 lakh, Livemint.com states.

"The application filed by the operational creditor . . . is
hereby admitted for initiating the Corporate Insolvency
Resolution Process in respect of Eastern Coalfields. Moratorium
order is passed for a public announcement . . .," the report
quotes Justice Madan B Gosavi as saying in his December 19 order.

"Considering the facts and materials on record, I hold that the
corporate debtor, Eastern Coalfields, is liable to pay interest
to the operational creditor, that has not been paid in spite of
demand," the judge observed.

The matter is listed on February 4, 2019 for filing of the
progress report by Resolution Professional, the report notes.

Headquartered in Kolkota India, Coal India Limited is engaged in
the mining of coal, coal based products and mining consultancy.
The Group was incorporated under the Companies Act, 1956 and is
wholly owned by the Government of India.


CORE PLASTO: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Core Plasto
Enterprises (CPE) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            14        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan               2        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CPE for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

Set up as a partnership firm in 2007 in Chennai, CPE manufactures
plastic injection moulds primarily for use in home appliances.
The company's products include table top wet grinders, mixer
grinders and plastic dash board components for 4-wheelers. Mr.
Renny Jose and his brother Mr. Reji Jose manage the operations.


CREATIVE LOOMS: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Creative Looms and
Crafts Private Limited (CLC) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         18        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CLC for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Creative Looms and Craft Private Limited (CLCPL) was incorporated
in 1983 by Mr. Rishabh Singh and Mrs. Gaeta Singh. The company is
engaged in trading of handicrafts products and furniture. Company
operates through two retail outlets in New Delhi (one each at
Dwarka and Connaught Place).


EXCEL INTELLIGENCE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Excel Intelligence Services Private Limited
        No. 160/159/166/47, Singasandra Hosur Main Road
        Bangalore 560068

Insolvency Commencement Date: December 6, 2018

Court: National Company Law Tribunal, Bangalore Bench

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

Insolvency professional: Shivaganga Muralidhar Pramod

Interim Resolution
Professional:            Shivaganga Muralidhar Pramod
                         BMP & Co. LLP #4272, 2nd Floor
                         Saptagiri Vivekananda Park Road
                         Near Seetha Circle, Girinagar
                         Bangalore 560085
                         E-mail: pramod@adyanta.co.in

Last date for
submission of claims:    December 20, 2018


FRIENDS PAPER: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Friends Paper
Mill's (FPM) Long-Term Issuer Rating to 'IND D' from 'IND B+'.
The Outlook was Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits (Long term) downgraded with
    IND D rating; and

-- INR68.26 mil. (reduced from INR89.195 mil.) Term loan (Long
    term) due on March 2022 downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects FPM's tight liquidity position that led to
delays in debt servicing during the 90 days ended November 2018.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated on 2016, FPM manufactures kraft paper at its
100MT/day facility in Pathankot, Punjab.


GANESHOM CEREALS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ganeshom Cereals Private Limited

        Registered office:
        Factory Premises, Gonder Road
        Nissing, Haryana

Insolvency Commencement Date: December 13, 2018

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: June 11, 2019

Insolvency professional: Bhupesh Gupta

Interim Resolution
Professional:            Bhupesh Gupta
                         2181, Sector 38 C
                         Chandigarh 160036
                         E-mail: bkg.majestic@gmail.com

Last date for
submission of claims:    January 2, 2019


HOMA ENGINEERING: CRISIL Lowers Rating on INR4cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Homa
Engineering Works (HEW) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'. The rating reflects on the stretched
liquidity as reflected in the overdrawal of the working capital
accounts and the delay on the interest payment for more than 30
days for the month of September 2018.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Letter Of Guarantee    4         CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Short Term    2         CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL A4')

The rating continues to reflect HEW's the extensive experience of
the promoters. These strengths are partially offset by small
scale of operations and customer concentration in revenue
profile.

Key Rating Drivers & Detailed Description

Weakness

* Delay in the interest payment: There were delays in the
interest payment of the working capital limits in the month of
September 2018.

* Small scale of operations: HEW's operations are modest with
revenue at around INR8.20 cr in 2017-18. The firm provides ship
repairing and maintenance services and therefore operates in the
highly fragmented marine industry.

* Customer concentration in revenue profile: HEW generates all
its revenue from Coastal Guard, thus significantly exposing
itself to the risks associated with over-reliance on a single
customer. Any curtailment in orders by Coastal Guard might
adversely affect the revenue profile of HEW. Dependence on a
single customer for revenue generation may also reduce HEW's
negotiation power.

Strengths

* Extensive experience of promoters in marine industry and
established customer relationship: HEW is part of the SHM group,
which was set up in 2001, by Mr. Saifuddin Hajee along with his
family. The group manufactures products required by various
shipping companies, ship yards, port authority, and oil and gas
companies. The group also manufactures and supplies life rafts,
rescue/work boat, inflatable life boats, FRP boats lifesaving and
fire-fighting equipment, communication and navigational equipment
and marine chemicals and welding/refrigeration products among
others. HEW is a partnership firm, which was taken over by Mr.
Saifuddin Hajee in 2007. Mr. Saifuddin Hajee has more than 30
years of experience in the marine equipment industry. The
promoters' extensive experience has helped the firm to work with
various reputed clients such as Coast Guard, Indian Navy, Oil and
Natural Gas Corporation Limited, Shipping Corporation of India,
Port Trusts, Anglo Indian Shipping, among others.

Liquidity Profile:

* Delays in interest payment: There were delays in the interest
payment for the month of September 2018.

* High bank limit utilization: Bank limit utilization is high
around 91 percent for the past twelve months ended July, 2018.

* Modest Cash accrual against no repayment obligations: Cash
accrual was at INR0.33 crore which are against no repayment
obligations over the medium term.

HEW was set up in 1974, by Mr. Hoshang Bengali, and his business
acquaintances Captain Vistas Patel and Mrs. Khurshid Irani. The
firm was taken over by Mr. Saifuddin Hajee and his son Mr.
Aliasgar Hajee in 2007. The firm is engaged in providing ship
repairing and maintenance services for both Indian and foreign
merchant navy vessels and coast guard ships.  Mr. Aliasgar Hajee
oversees the day to day operations of the firm.


JAI INDIA: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jai India
Weaving Mills 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:

-- INR206.3 mil. Term loans due on June 2022 migrated to Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
    rating;

-- IN217.5 mil. Fund-based facilities migrated to Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR55.8 mil. Non-fund-based facilities migrated to Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 2, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2004, Jai India Weaving Mills manufactures grey
fabric in Erode, Tamil Nadu, and sells final products in Gujarat,
New Delhi and others.


K BHUPAL: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded K Bhupal
Engineers and Contractors Private Limited's (K Bhupal) Long-Term
Issuer Rating to 'IND BB+' from 'IND BBB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR120.0 mil. (increased from INR75 mil.) Fund-based working
    capital limits downgraded with IND BB+/Stable rating;

-- INR200.0 mil. (increased from INR150 mil.) Non-fund-based
    limits downgraded with IND A4+ rating;

-- The IND BB+ rating on the INR45 mil. Proposed fund-based
    working capital limits are withdrawn (the company did not
    proceed with the instrument as envisaged); and

-- The IND BB+ rating on the INR100.0 mil. Proposed non-fund-
    based limits are withdrawn (the company did not proceed with
    the instrument as envisaged).

KEY RATING DRIVERS

The downgrade reflects a substantial decline in K Bhupal's
revenue to INR591.9 million in FY18 from INR1,162.2 million in
FY17, owing to slower order execution due to land clearance
issues. Moreover, the company participated in only a few tenders
during the 12 months ended November 2018. Ind-Ra, thus, expects
the company's revenue to marginally improve in FY19 in view of a
low revenue visibility. At end-September 2018, the unexecuted
order book was around INR1,181.7 million K Bhupal booked a
revenue of INR390 million for 1HFY19. The scale of operations
remains small.

The ratings factor in K Bhupal's healthy, albeit volatile, EBITDA
margin, which was 6.4%-8.0% during FY11-FY18. The volatility in
the margin was due to variations in operating expenses, which
depend upon the size of each project. Also, the presence of small
projects at multiple sites increases logistical expenses.
Moreover, K Bhupal's return on capital employed was 17% in FY18
().

Moreover, K Bhupal's order book is geographically concentrated,
with over 60% of the projects being executed in Karnataka along
with Andhra Pradesh and Telangana under the scheme of National
Rural Drinking Water Programme.

The ratings, however, continue to be supported by the company's
healthy credit metrics, although they marginally deteriorated in
FY18. The metrics stayed healthy because of a comfortable net
working capital cycle. The net leverage (adjusted net
debt/operating EBITDAR) was negative 1.5x in FY18 (FY17: negative
1.1x) and interest coverage (operating EBITDA/gross interest
expense) was 7.0x (10.6x). The marginal deterioration was due to
the decline in revenue and absolute EBITDA.

The ratings also continue to be supported by a comfortable
liquidity on account of an improvement in the cash conversion
cycle to negative 49 days in FY18 from negative 11 days in FY17
on account of an extended credit period from suppliers. A
negative cycle leads to lower financial expenses. Its cash credit
limit was almost unutilized during the 12 months ended November
2018. Moreover, it had cash and equivalents totalling INR80.7
million at FYE18.

The ratings further continue to be supported by the promoter's
operating experience of around two decades as a civil contractor.

RATING SENSITIVITIES

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

Positive: A substantial and sustained improvement in the revenue
while maintaining the profitability and credit metrics along with
procurement of new orders providing medium term revenue
visibility could lead to a positive rating action.

COMPANY PROFILE

Established in 1993, K Bhupal converted itself into K Bhupal
Engineers and Contractors (P) Limited in September 2013 from a
sole proprietor firm. It is a Hyderabad-based company which
undertakes contracts for laying pipelines for drinking water and
sewerage, mainly under the National Rural Drinking Water
Programme, in the state of Andhra Pradesh, Telangana and
Karnataka.


KONASEEMA GAS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Konaseema Gas Power Limited

        Regional office:
        II Floor, Progressive Towers
        6-2-913/914, Khairatabad
        Hyderabad 500034
        Telangana

        Plant:
        Kothapeta Post
        East Godavari District
        Devarapalli 533333
        Andhra Pradesh

Insolvency Commencement Date: December 18, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: June 16, 2019
                               (180 days from commencement)

Insolvency professional: CA. Sri Vamsi Kambhammettu

Interim Resolution
Professional:            CA. Sri Vamsi Kambhammettu
                         Rao & Rao Chartered Accountants
                         Plot No. 232, Level-1
                         Kavuri Hills Phase-II
                         Jubilee Hills Post
                         Hyderabad 500033
                         Telangana-India
                         E-mail: casrivamsi@gmail.com
                                 kgpl@sumedhamanagement.com

Last date for
submission of claims:    January 2, 2019


LE ECOSYSTEM: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Le Ecosystem Technology India Pvt. Ltd.
        205 & 206, 2nd Floor, Prestige Meridian-1
        No. 29, M.G. Road
        Bengaluru 560001

Insolvency Commencement Date: December 4, 2018

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: June 2, 2019
                               (180 days from commencement)

Insolvency professional: Srikantiah Shivaswamy

Interim Resolution
Professional:            Srikantiah Shivaswamy
                         #RF 4, Santara Magan Place
                         Doddakammanahalli, Hulimavu
                         Bengaluru 560076
                         E-mail: shivaswamys2@gmail.com

                            - and -

                         Mint Insolvency Professionals LLP
                         #50, Ground Floor
                         Millenium Towers, Queen's Road
                         Bengaluru 560051
                         E-mail: mintinsolvency@gmail.com

Last date for
submission of claims:    December 18, 2018


MATRIX METAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. Matrix Metal Traders Private Limited
        Door No. 10 Khadir Nagar High Grounds
        Palayamkottai, Tirunelveli
        Tamilnadu, Pincode 627011

Date of closure of
insolvency resolution process: October 2, 2018

Court: National Company Law Tribunal, Chennai Bench

Liquidation Commencement Date: December 5, 2018

Liquidator: Mr. Ebenezar Inbaraj
            4D/4 Zam Palm Avenue, Alagiri Nagar
            6th Street, Vadapalani
            Chennai 600026
            E-mail: ebiadvocate@gmail.com

               - and -

            No. 397 "Precision Plaza" Third Floor, Room No. 23
            Annasalai, Teynampet
            Chennai 600018
            E-mail: irp.matrixmetal@gmail.com

Last date for
submission of claims:    January 9, 2019


NSP HOSPITECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: NSP Hospitech India Private Limited

        Registered office as per ROC Company Master Data:
        H-1537, Lower Ground Floor, Chitranjan Park
        New Delhi, South Delhi
        DL 110019 India

        Other office:
        14A, Selimporo Road, 2nd Floor
        Kolkata 770031

Insolvency Commencement Date: December 4, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mukesh Kumar Grover

Interim Resolution
Professional:            Mukesh Kumar Grover
                         102, B-3 Prerna Complex
                         Shubhash Chowk Laxmi Nagar
                         Delhi 110092
                         E-mail: mukesh@mjra.co.in

Last date for
submission of claims:    December 23, 2018


PARAMOUNT PROPBUILD: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Paramount Propbuild Private Limited

        Registered office as per MCA:
        208, Second Floor, Sikka Mansion
        Local Shopping Complex, Savita Vihar
        New Delhi 110092

        Corporate office as per MCA:
        H-123, Sector 63
        Noida 201301
        Uttar Pradesh

Insolvency Commencement Date: November 16, 2018

Court: National Company Law Tribunal, New Delhi Bench-IV

Estimated date of closure of
insolvency resolution process: May 14, 2019

Insolvency professional: Rajesh Kumar Parakh

Interim Resolution
Professional:            Rajesh Kumar Parakh

                         Registered address:
                         5/51, Second Floor, W.E.A. Karol Bagh
                         New Delhi 110005
                         E-mail: parakh.rajesh@gmail.com
                                 irp.paramount@gmail.com

Classes of creditors:    The Allottees/Investors under the real
                         estate project is being considered

Insolvency
Professionals
Representative of
Creditors in a class:    1. Deepak Kumar Agarwal
                         2. Ajay Kumar Kathuria
                         3. Rohit Aggarwal

Last date for
submission of claims:    December 14, 2018


PIYUSH SHELTERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Piyush Shelters India Pvt. Ltd

        Registered office:
        396, WK Road, Chippi Tank
        Near Bachha Park
        Meerut UP 250002 IN

        Other office:
        1st Floor, Piyush Global I, Plot No. 5 YMCA
        Chowk NH-2, Main Mathura Road
        Faridabad 121005 HR

Insolvency Commencement Date: December 3, 2018

Court: National Company Law Tribunal, Lucknow Bench

Estimated date of closure of
insolvency resolution process: May 31, 2019
                               (180 days from commencement)

Insolvency professional: Swami Deen Gupta

Interim Resolution
Professional:            Swami Deen Gupta
                         2/64 Vishesh Khand Gomti
                         Nagar, Lucknow 226010
                         E-mail: sdguptacmaip@gmail.com

Classes of creditors:    "Allottees under Real Estate Project"

Insolvency
Professionals
Representative of
Creditors in a class:     1. Pramod Goel
                          2. Pramod Kumar Sharma
                          3. Sayed Mohammad Anwar Hasan

Last date for
submission of claims:     December 24, 2018


R.E. CABLES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: R.E. Cables & Conductors Private Limited

        Registered office:
        25B, Phase I, IDA
        Cherlapally, Hyderabad
        Telangana 500051

Insolvency Commencement Date: December 5, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: June 3, 2019

Insolvency professional: Padmasri Appana

Interim Resolution
Professional:            Padmasri Appana
                         1-1-711, Gandhi Nagar
                         Hyderabad 500080
                         E-mail: padmaappana@yahoo.co.in

                            - and -

                         Flat No. 301, B-Block
                         Vishnu Residency, Gandhi Nagar
                         Hyderabad 500080

Last date for
submission of claims:    December 19, 2018


REACON ENGINEERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Reacon Engineers (India) Private Limited

        Registered office:
        227, Kamalalaya Centre
        156A, Lenin Sarani
        Kolkata 700013

Insolvency Commencement Date: December 5, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 3, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Ashok Kumar Tiberwala

Interim Resolution
Professional:            Mr. Ashok Kumar Tiberwala
                         Tibrewala Luharuka & Associates
                         Diamond Chambers
                         Room No. 6G, Unit III
                         4 Chowringhee Lane
                         Kolkata 700016
                         E-mail: tibrewalaashok@yahoo.co.in

Last date for
submission of claims:    December 19, 2018


RUCHI SOYA: Patanjali Says Still Interested in Firm's Assets
------------------------------------------------------------
Livemint.com reports that Baba Ramdev's Patanjali Ayurved is
still interested in taking over bankruptcy-bound Ruchi Soya after
the highest bidder Adani Wilmar wrote to resolution professional
raising concerns over deterioration of asset quality of the
edible oil firm due to delay in completion of the insolvency
process.

In December 2017, Indore-based Ruchi Soya Industries entered the
Corporate Insolvency Resolution Process (CIRP). Shailendra Ajmera
was appointed resolution professional (RP) by the NCLT on the
application of creditors Standard Chartered Bank and DBS Bank
under the Insolvency and Bankruptcy Code.

According to Livemint.com, sources said Adani Wilmar, which was
declared as the highest bidder in August to acquire Ruchi Soya
with around INR6,000 crore offer after long drawn battle with
Patanjali, has written to the RP regarding significant delays in
resolution process, which is leading to deterioration of the
assets.

Livemint.com relates that the company has asked the RP why should
it buy the deteriorated assets at the same price, they said,
adding that the process was getting delayed as Patanjali moved to
the NCLT Mumbai challenging the lenders decision.

When contacted, S K Tijarawala, the spokesperson of Patanjali
that stood second in the bidding process, said it is interested
in acquiring Ruchi Soya, Livemint.com relays.

"Yes, we are interested. If we are allowed, then we are ready for
the takeover of Ruchi Soya as it is," he told PTI. Patanjali has
written to the committee of creditors (CoC) that it would match
the offer, says Livemint.com.

Stating that the assets of Ruchi Soya have deteriorated,
Tijarawala said, "We are still interested in taking over of Ruchi
Soya".

Patanjali Ayurved has approached the NCLT challenging the
decision by Ruchi Soya's lenders to approve Adani Wilmar's
INR6,000 crore takeover bid. Patanjali group came second with a
INR5,700 crore bid.

Livemint.com meanwhile reports that Ruchi Soya, in a filing to
the BSE, on Dec. 24 said that the "resolution plan submitted by
the successful resolution applicant is currently pending for
approval before NCLT, Mumbai." The next date of hearing is
January 15, it added.

Ruchi Soya Industries has a debt of about INR12,000 crore. The
company has many manufacturing plants and its leading brands
include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.
The company entered into the corporate insolvency resolution
process in Dec. 2017 and Shailendra Ajmera was appointed as the
resolution professional.

Adani Wilmar was selected by the CoC after two-rounds of bidding.
Before moving the NCLT, Patanjali Ayurved had questioned the
eligibility of Adani Group to participate in the bidding process.
It had also sought to know the parameters adopted by the RP to
declare Adani Wilmar as the highest bidder, Livemint.com notes.

Livemint.com adds that the Haridwar-based firm also had
questioned the appointment of Cyril Amarchand Mangaldas as the
RP's legal advisor as the said law firm was already advising
Adani Group.


SAARAS OIL: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Saaras Oil Mill
(SOM) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR29.44 mil. Term loan due on February 2024 assigned with
    IND BB/Stable rating; and

-- INR50 mil. Fund-based working capital limit assigned with
    IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect SOM's short operational track record as the
company commenced operations in November 2017. FY19 will be the
first full year of operations. In FY18, revenue was INR342.39
million and the scale of operations is medium. The firm expects
to achieve revenue of around INR700 million in FY19. As of
November 2018, it achieved revenue of INR449.57 million.

Its return on capital employed was 4% in FY18 and EBITDA margin
was modest at 3%. The ratings are also constrained by SOM's
modest credit metrics as indicated by gross interest coverage
(operating EBITDA/gross interest expenses) of 3.2x and net
leverage (total adjusted net debt/operating EBITDA) of 9.1x in
FY18.

The ratings are also constrained by SOM's tight liquidity
position as reflected by around 98.0% average use of the working
capital limits during the 12 months ended November 2018. The
company had cash and cash equivalents of INR0.58 million at
FYE18.

The ratings are also factor in the partnership structure of the
organization.

However, the ratings are supported by SOM's partners' more than
two decades of experience in the cotton industry.

RATING SENSITIVITIES

Negative: Deterioration in the revenue and operating
profitability, leading to a decline in the overall credit metrics
on a sustained basis may lead to a negative rating action.

Positive: A substantial rise in the revenue along with an
improvement in credit metrics on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

SOM was incorporated in 2016 as a partnership firm by Madhya
Pradesh-based Rathore family. The firm operates a cotton ginning
and processing unit with an installed capacity of 300 bales per
day.


SHAIFUDDIN APPALAL: CRISIL Lowers Rating on INR5cr Bank Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shaifuddin Appalal Mulla (SAM) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         5         CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            5         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')



CRISIL rating on the bank loan facilities of SAM reflect
instances of delay in interest payment on Cash credit limit for
more than 30 days owing to its weak liquidity caused by stretch
in working capital cycle. These weaknesses are partially offset
by the extensive industry experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak liquidity: SAM has been delaying in meeting interest
obligations on the cash credit limit for the past two months due
to stretch in working capital cycle as reflected in GCA of 857
days estimated as on March 31, 2018.

* Modest scale of operations and susceptibility to intense
competition from large players: SAM is a small-sized player in
the highly competitive civil construction industry, which is
dominated by large players such as Larsen and Toubro Ltd (rated
'CRISIL AAA/FAAA/Stable/CRISIL A1+') and others. CRISIL believes
that the firm's presence in highly competitive construction
segment shall restrict its growth prospects over the medium term.
Moreover, the firm participates in tender based projects and it
faces intense competition from local and small unorganized
players competing with it for tenders.

* Limited geographical diversity in revenue profile: The firm's
revenue profile has limited geographically diversity since it
executes its projects in Karnataka and Maharashtra. CRISIL
believes that the firm's business risk profile remains
constrained on account of the limited geographical diversity.

Strength

* Experience of promoters in the civil construction industry
Set up in 1986, Saifuddin Appalal Mulla (SAM) is a Kolhapur
(Maharashtra) based civil contractor. The firm undertakes civil
contract work like construction of canal and roads primarily for
Karnataka and Maharashtra Governments. The operation of the firm
is managed by the proprietor Mr. Mainuddin Saifuddin Mulla since
the year 2000. CRISIL believes that the firm would benefit over
the medium term from the industry experience of its promoters in
the civil construction segment.

SAM is a Kolhapur based proprietorship firm involved in civil
construction of roads and canals for Karnataka and Maharashtra
governments. The operations of the firm are being handled by Mr.
Mainuddin Saifuddin Mulla.


SHRIRAM PROPERTIES: CRISIL Withdraws C Rating on INR30cr Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Shriram
Properties and Infrastructure Private Limited (SPIPL) at the
company's request and has received no dues certificate & no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loans.

                    Amount
   Facilities    (INR Crore)     Ratings
   ----------     -----------    -------
   Bank Guarantee       30       CRISIL C (ISSUER NOT
                                 COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with SPIPL for
obtaining information through letters and emails dated
February 9, 2018 and March 31, 2018, among others, apart from
telephonic communication. However, the issuer has remained non-
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as 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 SPIPL. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SPIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SPIPL to 'CRISIL C Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of SPIPLat
the company's request and has received no dues certificate & no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loans.

SPIPL, is a Tamil-Nadu based company, undertakes integrated
development of commercial, residential and IT park on the 58-acre
site located in Perungalathur (Chennai).


SHUBHKAMNA BUILDTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Shubhkamna Buildtech Private Limited
        197-E, Pocket-IV
        Mayur Vihar Phase-I
        Delhi 110091

Insolvency Commencement Date: November 26, 2018

Court: National Company Law Tribunal, Court-IV, New Delhi Bench

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

Insolvency professional: Gurkamal Hora Arora

Interim Resolution
Professional:            Gurkamal Hora Arora
                         1, Link Road, Jangpura Extension
                         New Delhi 110014
                         E-mail: gurkamal.hora@gmail.com

                            - and -

                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi, Delhi 110001

Last date for
submission of claims:    December 11, 2018


SIRI CONSTRUCTIONS: Ind-Ra Assigns 'BB+' Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Siri
Constructions Infrastructure Private Limited (SCIPL) a Long-Term
Issuer Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR70.0 mil. Fund based facilities assigned with IND BB+/
    Stable/IND A4+ rating;

-- INR230.0 mil. Non-fund-based facilities assigned with IND A4+
    rating;

-- INR30.0 mil. Proposed fund-based facilities* assigned with
    Provisional IND BB+/Stable/Provisional IND A4+ rating; and

-- INR20.0 mil. Proposed non-fund-based facilities* assigned
    with Provisional IND A4+ rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by SCIPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect SCIPL's medium scale of operations as
indicated by revenue of INR646 million in FY18 (FY17: INR437
million). The increase in revenue was on account of new orders
and timely execution of existing orders. During 7MFY19, the
company recorded revenue of INR422 million and had an order book
of INR2,118.2 million (3.3x of FY18 revenue), to be executed
through FY19-FY21. The company also had L1 orders of INR747.4
million as of 7MFY19.

The ratings also factor in the company's modest credit metrics.
In FY18, interest coverage (operating EBITDA/gross interest
expense) deteriorated to 3.7x (FY17: 4.1x) on account of an
increase in interest expenses, resulting from higher utilization
of the working capital limits. However, net leverage (total
adjusted net debt/operating EBITDAR) improved to 2.4x in FY18
(FY17: 3.5x) owing to an increase in absolute EBITDA to INR91
million (INR46 million).

The ratings also reflect SCIPL's modest liquidity position as
indicated by 93.8% average use of its fund-based limits during
the 12 months ended November 2018. Fund flow from operations
remained positive during FY15-FY18 (FY18: INR54 million, FY17:
INR28 million) and cash flow from operations turned positive to
INR38 million in FY18 (FY17: negative INR44 million) on account
of an improvement in the company's working capital position.

The ratings, however, are supported by SCIPL's healthy EBITDA
margin, which rose to 14.0% in FY18 (FY17: 10.5%) due to a
reduction in the cost of raw materials consumed. Its return on
capital employed was 20% in FY18 (FY17: 18%).

The ratings are further supported by the promoters' experience of
around two decades in the civil construction business.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

SCIPL was incorporated in February 2014 in Hyderabad, Andhra
Pradesh and took over the business of M/s Siri Constructions, a
partnership firm of the promoters, which became operational in
April 2006. SCIPL executes civil construction projects namely
construction of buildings, roads and underground drainage system,
among others.


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

The instrument-wise rating actions are:

-- INR145.0 mil. Fund-based limit migrated to non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR0.2 mil. Non-fund-based limit migrated to non-cooperating
    category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sri Vijaya Venkateswara Cotton Mills was incorporated in 2006 by
Mr. M Nagamalleswara Rao and Mr. M Rajasekhara Rao. It is engaged
in the ginning and pressing of cotton. Its processes are
completely automated, with the capacity to process 300 bales of
cotton per day and operate 42 double roller gins.


ST. JOHN: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: St. John Freight Systems Limited

        Corporate/Registered office:
        C 98, Sipcot Industrial Complex
        Harbour Express Road Tutcorin
        Tamil Nadu, India
        Pincode 628008

        Logistics offices:
        No. 480, 7th Floor, Khivraj Complex II
        Anna Salai, Nandanam, Chennai
        Tamilnadu, India
        Pincode 600035

        Branch offices:
        Gurugram, Kandla, Ahmedabad, Kolkata, Mumbai
        Mangalore, Kochi, Hyderabad, Visakhapatanam
        Madurai, Karur, Tirupur, Coimbatore and Bangalore

Insolvency Commencement Date: December 10, 2018

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: R. Venkatakrishnan

Interim Resolution
Professional:            R. Venkatakrishnan
                         1/4 Rangas, 4th Main Road, R.A. Puram
                         Chennai 28
                         E-mail: rvk@rvkassociates.com
                                 stjohn.cirp@rvkassociates.com

Last date for
submission of claims:    December 24, 2018


WHITE & BROWN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: White & Brown Alloy Castings Pvt. Ltd.
        Flat-2D, Block-B, Vaishnawi Dham
        Diamond Harbour Road, Joka, Thakurpukar
        Kolkata 700104, West Bengal

Insolvency Commencement Date: December 10, 2018

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Anil Anchalia

Interim Resolution
Professional:            Anil Anchalia
                         16B Robert Street 2nd Floor
                         Kolkata 700012
                         E-mail: anilanchalia@yahoo.com

                            - and -

                         Apex Insolvency Professionals LLP
                         Central Plaza, 41 B.B. Ganguly Street
                         5th Floor, Room No. 5A
                         Kolkata 700012
                         E-mail: wbacpl.cirp@gmail.com

Last date for
submission of claims:    December 24, 2018


WINGS TRAVELS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Wings Travels Management (I) Pvt Ltd
        B-110, Gera Garden Condominium
        Near St. Mira's College, Koregaon Park
        Pune 411001

Insolvency Commencement Date: December 3, 2018

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: May 31, 2019
                               (180 days from commencement)

Insolvency professional: Laxman Digambar Pawar

Interim Resolution
Professional:            Laxman Digambar Pawar
                         Flat No. 16, First Floor
                         Bhakti Complex
                         Behind Dr. Ambedkar Statue
                         Pimpri, Pune 411018
                         Mobile: 9921516368, 9422327957
                         E-mail: cmapawar1@gmail.com

Last date for
submission of claims:    December 27, 2018






=========
M A C A U
=========


POLYTEX CORPORATION: Court Cancels Seizure of Company's assets
--------------------------------------------------------------
Macau News Agency reports that the Court of First Instance (TJB)
has cancelled the order to seize assets of property developer
Polytex Corporation Ltd.

About 120 pre-sale buyers affected in the Pearl Horizon venture
had sued the company due to its failure to build the development,
MNA says.

According to the report, the Pearl Horizon estate was never built
because the local government declared that the land concession
contract for the land plot in Areia Preta district in the north
of the Macau Peninsula had expired in 2015.

Polytex had appealed against the government decision, but the
appeal was rejected by the Court of Second Instance in May 2018,
the report recalls.

MNA relates that buyers of the residential units demanded the
return of the money invested in the acquisition of the dwellings
and advanced last month with the precautionary procedure, fearing
that the company could dissipate assets and avoid any
liabilities.

The court-ordered seizure involved four storeys and 200 parking
spaces owned by Polytex in another development, La Baie du Noble,
MNA discloses citing local press reports.

After Polytex filed an appeal to the arrest, the court conceded,
the report states.

According to information provided to Macau News Agency (MNA) by
the law firm of Leonel Alves, who represents Polytex, TJB has
concluded that "it is not possible to conclude that the company
intends to dissipate its assets, and as such the court agrees to
cancel and withdraw all previous asset seizures".



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


RED SENA: Set to Wind Up After Failing to Secure QA
---------------------------------------------------
The Sun Daily reports that Red Sena Bhd is in the process of
being liquidated after it failed to complete its qualifying
acquisition (QA) within the permitted timeframe.

The report relates that the company, which is the first and the
only food and beverage (F&B) special purpose acquisition company
(SPAC), was listed on Bursa Securities on Dec 10, 2015. The last
day of the permitted timeframe for the company to complete the QA
was on Dec. 10, 2018.

"The company will apply to Bursa Securities for approval to
suspend the trading of Red Sena shares from 9:00 a.m. to 5:00
p.m. on the date of the EGM to avoid any share transfer from
being rendered void," Red Sena said in its circular to
shareholders in relation to the proposed members' voluntary
winding up and proposed appointment of liquidators, the Sun Daily
relays.

According to the report, the proposals are subject to the
approval of its shareholders being obtained at the company's
forthcoming EGM on Jan. 16, 2019.

The Sun Daily says Red Sena had attributed the failure to sign a
sale and purchase agreement to factors such as uncertainties over
deals and unrealistic valuation.

Red Sena raised MYR400 million through the issuance of 800
million shares through its initial public offering in December
2015, of which MYR368 million has been put into a cash trust
account as required for SPACs, the Sun Daily notes.



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


MULHACEN PTE: Fitch Assigns BB- Final LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned Mulhacen Pte Ltd a final Long-Term
Issuer Default Rating (IDR) of 'BB-' with a Stable Outlook. At
the same time, Fitch has assigned Mulhacen's EUR515 million
senior secured payment-in-kind (PIK) toggle notes (ISIN:
XS1860537619) a final rating of 'BB-'.

The final ratings are in line with the expected ratings assigned
on July 25, 2018 and follow the receipt of final documentation
conforming to the information already received.

Mulhacen is the holding company set up by Varde Partners to issue
the PIK toggle notes. Varde Partners, through its holding
companies, acquired a 49% stake in WiZink Bank, S.A. from Banco
Santander S.A. (Santander; rated A-/Stable) and became its sole
shareholder. WiZink was originally Citibank's Spain credit
business and was owned, since 2014, by Banco Popular Espanol S.A
(Popular). In December 2014, Varde Partners acquired 51% of
WiZink, while the 49% remaining shares were kept by Popular.

In March 2018, following the resolution of Popular resulting in
its sale to Santander in June 2017, Varde Partners announced the
acquisition of the remaining 49% stake in WiZink, through the
issuance of senior secured PIK toggle notes totalling EUR515
million. Simultaneously, as part of the transaction, WiZink sold
to Santander the credit and debit card business of Popular's
customers in Spain and Portugal, transferred to WiZink in 2014
and 2016.

KEY RATING DRIVERS

IDRS AND DEBT RATING

The Long-Term IDR of Mulhacen is primarily driven by the
structural subordination of Mulhacen's creditors to those of
WiZink and reliance on dividend being up-streamed from WiZink to
service its debt. Following the completion of the acquisition,
WiZink represents Mulhacen's only asset and thus the issuer has
no material source of income other than dividends from its
operating subsidiary.

The ratings also factor in Mulhacen's commitment with Bank of
Spain, to reduce net cash flow leverage over the life of the bond
by retaining part of the received dividends as a source of
contingent liquidity. The rating further reflects Mulhacen's
adequate gross cash flow leverage ratios and WiZink's strong
profit generation capacity.

Leverage ratios, as measured by gross debt divided by annual
received dividends, are adequate and Fitch expects them to remain
consistent with a 'bb' category over the lifetime of the bond
under the current economic environment prospects in Spain and
Portugal. Adequate leverage ratios are underpinned by WiZink's
solid profitability. Its base case scenario expects profitability
to remain resilient over the lifetime of the notes. its base case
incorporates Varde Partners' intention to distribute 100% of
Wizink's common equity Tier 1 in excess of 13.8% of risk-weighted
assets, which is the minimum ratio
Varde Partners has committed with Bank of Spain.

Mulhacen's liquidity is adequate and expected to improve within
the lifetime of the notes, supported by the cash reserve
mechanism Varde Partners has committed to. This mechanism
requires the entity to accumulate part of the dividends received
from WiZink in cash and thus reduces the non-performance risk of
the notes or the likelihood of the PIK mechanism being activated,
which would constitute a default under its criteria.

Mulhacen's credit profile is strongly correlated with that of
WiZink, as highlighted by the holding company's intrinsic
dependence on the bank's dividends as the primary and sole source
of cash flow. WiZink's credit profile is highly influenced by the
bank's business model, where yields are usually high for the
risks taken. Asset quality and profitability are therefore more
variable over economic cycles. Threats to dividends stability
also stems from WiZink's revenue concentration in net interest
income and by product, which make the bank's ability to defend
earnings under stressed scenarios more vulnerable than more
diversified peers'.

The instrument rating is aligned with Mulhacen's Long-Term IDR as
Fitch expects the senior PIK notes to have average recovery
prospects.

RATING SENSITIVITIES

IDRS AND DEBT RATING

The ratings could be downgraded if Mulhacen suffers a significant
liquidity depletion that constrains materially its ability to
service its debt obligations. This will most likely be prompted
by a material fall in earnings at WiZink or, for instance, any
regulatory restriction on its capacity to pay dividends or
increased regulatory capital requirements.

Given the structural subordination to WiZink creditors and
Mulhacen's reliance on dividends to service the notes, upside for
Mulhacen's Long-Term IDR is limited. This is reflected in the
Stable Outlook of the Long-Term IDR.

Fitch views the senior PIK notes as Mulhacen's reference
liabilities. Consequently, under Fitch's Bank Rating Criteria,
any payment in kind (instead of cash payments) will be viewed as
non-performance of the notes and will consequently constitute a
default of the issuer.


RHODIUM RESOURCES: S&P Lowers ICR to 'B-' Then Withdraws Rating
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Rhodium Resources Pte. Ltd. to 'B-' from 'B'. S&P subsequently
withdrew the rating at the company's request. Rhodium Resources
is a commodity trader based in Singapore.

S&P said, "We lowered the rating to correct a misapplication of
our criteria "Commodities Trading Industry Methodology."
According to our criteria for commodity traders, we determine a
preliminary stand-alone credit profile (SACP). We then factor in
our assessment of some modifiers to derive the SACP. We only
assign an SACP of below 'b-' if we believe that the capital
structure of the company is unsustainable or the company is
vulnerable to non-payment of an obligation. We had previously
applied this provision to the preliminary SACP, and that
constituted a misapplication of our criteria and, in turn,
resulted in an issuer credit rating of 'B' instead of 'B-'.

"The stable outlook at the time of the withdrawal reflected our
expectation that the revenue of Rhodium Resources would grow
steadily in 2019 (fiscal year ending Feb. 28) and 2020, the
company's debt-to-EBITDA ratio would remain above 10x, and it
would maintain strong relationships with its lending and insuring
pool."



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


CHUNGHWA PICTURE: Lays Off 63 Workers Due to Repayment Woes
-----------------------------------------------------------
Lisa Wang at Taipei Times reports that cash-strapped LCD panel
maker Chunghwa Picture Tubes Ltd said on Dec. 25 it has laid off
63 people as it faces mounting pressure to repay debts.

According to the report, the development came after CPT two weeks
ago shut down factories and applied for restructuring due to
imminent debt distress.

The company has not made any significant strides in negotiating
with its creditors to pay back bank loans totaling NTD12.7
billion (US$412.2 million), Taipei Times says.

"The company eliminated 63 jobs as we continue feeling a
financial squeeze. It has to cut operating expenses to cope with
financial difficulties," a company public relations official said
by telephone, Taipei Times relays. "Employees not directly linked
to the company's operations were affected first."

Taipei Times relates that the layoffs were also based on
employees' annual performance reviews, the official said, adding
that affected workers were from various areas, including
procurement and project management.

Taipei Times adds that the official declined to comment on
speculation that CPT plans to cut more jobs after the Lunar New
Year holiday in February, saying: "We have not yet received such
information."

CPT, a major mobile phone flat panel supplier, posted losses of
NTD1.28 billion for last month, reversing net profit of NTD1.12
billion in the same period last year, a company filing with the
Taiwan Stock Exchange on Dec. 22 said, Taipei Times discloses.

As of the end of September, CPT had incurred losses of NTD63.9
billion.

The company on Dec. 22 restored operations at its two fabs in
Taoyuan after gas supplier Linde LienHwa Industrial Gases Co
resumed supply, the report notes.

Shares of United Integrated Services Co Ltd, which helped build
clean rooms for CPT, on Dec. 25 tumbled 3.84 percent in early
trading, as the panel maker defaulted on its payments, according
to Taipei Times.

United Integrated Services had spent NTD49.88 million on the
rooms, it said in a filing with the Taiwan Stock Exchange on
Dec. 24, the report relays.

The defaulted payment accounted for 0.24 percent of the company's
consolidated assets, it added.

United Integrated Services would seek to recoup the payment in
any way possible to minimize the impact and would consider taking
legal action if the situation worsens, the filing, as cited by
Taipei Times, said.

                           About CPT

Based in Taipei, Taiwan, Chunghwa Picture Tubes Ltd. (TPE:2475)
-- http://www.cptt.com.tw/-- manufactures and sells opto-
electronic products in Taiwan and internationally. It offers TFT-
LCDs for tablet, industrial, car, and mobile applications; touch
application for tablets and mobile devices; and CRT and its
related components, as well as CRT and flat display facilities.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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 2018.  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 ***