TCRAP_Public/190213.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, February 13, 2019, Vol. 22, No. 32

                           Headlines



A U S T R A L I A

A.M.P.E SARL: Second Creditors' Meeting Set for Feb. 21
AK HOMES: Second Creditors' Meeting Set for Feb. 19
ATLAS IRON: Moody's Hikes CFR & Sr. Secured Debt Rating to 'Caa1'
NATIONAL AUSTRALIA BANK: S&P Rates NAB Capital Notes 3 'BB+'
PARCEL ENTERPRISES: First Creditors' Meeting Set for Feb. 18

PERTH SERVICES: First Creditors' Meeting Set for Feb. 21
S J WHITING: First Creditors' Meeting Set for Feb. 19
URBAN COUTURE: Second Creditors' Meeting Set for Feb. 13
WESTSIDE HIRE: First Creditors' Meeting Set for Feb. 20


C H I N A

CHINA AOYUAN: Fitch Gives 'BB-(EXP)' Rating to Proposed USD Notes
CHINA AOYUAN: Moody's Gives B2 Rating to New Sr. Unsec. Notes
CHINA AOYUAN: S&P Rates New Guaranteed USD Unsecured Notes 'B'
CHINA MINSHENG: Hit by Another Bond Sell-Off Amid Liquidity Woes
RONSHINE CHINA: Fitch Gives 'B+(EXP)' Rating to New USD Sr. Notes

SUNAC CHINA: Fitch Gives 'BB-(EXP)' Rating to USD Senior Notes
SUNAC CHINA: S&P Assigns 'B' Rating to New USD Unsec. Notes
WINTIME ENERGY: Misses Payment Under Restructured Debt Plan
ZHENRO PROPERTIES: Moody's Rates New Unsecured USD Notes 'B3'
ZHENRO PROPERTIES: S&P Rates New USD Senior Notes 'B-'



I N D I A

AAKASH TILES: Insolvency Resolution Process Case Summary
ADITHI AUTOMOTIVES: CRISIL Assigns B+ Ratings to INR14cr Loans
AIMS SANYA: Insolvency Resolution Process Case Summary
ALI ENTERPRISES: CARE Moves B+ Rating to Not Cooperating Category
AURA REALTORS: Insolvency Resolution Process Case Summary

AVJ DEVELOPERS: Insolvency Resolution Process Case Summary
AYLABARI TEA: CARE Lowers Rating on INR8.03cr LT Loan to D
BIW FABRICATORS: Insolvency Resolution Process Case Summary
C.M. BUILDS: CARE Moves B+ on INR10cr Debt to Non-Cooperating
DEE ESS BUHIN: Insolvency Resolution Process Case Summary

DEX-VIN POLYMERS: Insolvency Resolution Process Case Summary
ECOKRIN HYGIENE: Ind-Ra Moves INR27MM Debt Rating to NonCooperating
ESSAR STEEL: Bank of America Sole Bidder for SBI Debt
EUROBOND INDUSTRIES: Insolvency Resolution Process Case Summary
GAVI SIDDESWARA: Insolvency Resolution Process Case Summary

GLOBAL PROFILES: CARE Moves D in INR14cr Loans to Not Cooperating
GOEL FOOD: CARE Reaffirms B+ Rating on INR7.45cr LT Loan
GREAT UNISON: Insolvency Resolution Process Case Summary
HIRANANDANI PALACE: Insolvency Resolution Process Case Summary
HOMESTEAD INFRASTRUCTURE: Insolvency Resolution Case Summary

JCT LIMITED: CARE Hikes Rating on INR73.80cr LT Loan to B
K E AGRO: CRISIL Assigns B+ Ratings to INR10cr Loans
KAIRALI SHIPPING: Insolvency Resolution Process Case Summary
KALINDI ISPAT: Ind-Ra Moves BB on INR117MM Debt to Non-Cooperating
KETAN CERAMICS: Insolvency Resolution Process Case Summary

KRRISH SHALIMAR: Insolvency Resolution Process Case Summary
LAHARI FERTILIZERS: CARE Moves B+ on INR5 Loans to Not Cooperating
M.P. MINING: CARE Lowers Rating on INR10cr LT Loan to D
MAHALAXMI INDUSTRIES: CARE Cuts Rating on INR6.76cr LT Loan to B
MAYANAGRI WORLD: CARE Assigns B+ Rating to INR10cr Proposed NCD

NANDI ENGINEERING: Insolvency Resolution Process Case Summary
OVERSEAS TIMBER: Ind-Ra Moves B on INR20MM Debt to Non-Cooperating
PADMAADEVI SUGARS: Insolvency Resolution Process Case Summary
PANCHAM JEWELLERS: CARE Cuts Ratings on INR27cr Loans to D
PARSVNATH LANDMARK: Insolvency Resolution Process Case Summary

PATEL EDUCATION: CARE Lowers Rating on INR5.73cr LT Loan to B-
PUNE SHOLAPUR: CARE Lowers Rating on INR736.46cr Loan to D
PURI CONSTRUCTION: Insolvency Resolution Process Case Summary
QUALITY INDUSTRIES: Ind-Ra Moves BB+ Ratings to Non-Cooperating
QUALITY TEA: Ind-Ra Moves BB- on INR135MM Debt to Non-Cooperating

RAVANI REALTERS: CARE Lowers Rating on INR120cr LT Loan to B
ROYAL PLAZA: CRISIL Reaffirms D Rating on INR10cr Term Loan
RRC INTERNATIONAL: Insolvency Resolution Process Case Summary
RSD OVERSEAS: CARE Keeps B on INR10cr Loans in Non-Cooperating
SAI POINT: CRISIL Reaffirms B Rating on INR12cr LT Loan

SANAI ENTERPRISE: CARE Lowers Rating on INR8cr LT Loan to B+
SEAM INDUSTRIES: Insolvency Resolution Process Case Summary
SENTHUR TEXTILES: CARE Moves B on INR7cr Debt to Non-Cooperating
SHALINI PUBLICITY: Insolvency Resolution Process Case Summary
SHAMBHU MAHADEV: Insolvency Resolution Process Case Summary

SHETKARI SAKHAR: Insolvency Resolution Process Case Summary
SHREENIDHI METALS: CARE Lowers Rating on INR6.22cr LT Loan to D
SPECIALITY POLYMERS: Insolvency Resolution Process Case Summary
SRI SAI BALAJI: CARE Lowers Ratings on INR7.50cr Loans to D
SSV ENGINEERS: Insolvency Resolution Process Case Summary

SUBHODAYA DIGITAL: Insolvency Resolution Process Case Summary
VALUE DESIGNBUILD: Insolvency Resolution Process Case Summary
VIRAJ SPINNERS: CRISIL Cuts Ratings on INR40cr Loans to B+
YASHASWINI LEISURE: Insolvency Resolution Process Case Summary


M A L A Y S I A

1MDB: Najib Razak Faces Long List of Charges as Trial Kicks Off


S I N G A P O R E

HYFLUX LTD: Deadline to File Proof of Claims Moved to March 1
IX BIOPHARMA: Net Loss Widens to SGD3.7MM in Q2 Ended Dec. 31
METECH INTERNATIONAL: Posts SGD377K Net Loss in Q2 Ended Dec. 31

                           - - - - -


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

A.M.P.E SARL: Second Creditors' Meeting Set for Feb. 21
-------------------------------------------------------
A second meeting of creditors in the proceedings of A.M.P.E Sarl
South Pacific Pty Ltd has been set for Feb. 21, 2019, at 11:00 a.m.
at the offices of SM Solvency Accountants, 8/490 Upper Edward
Street, in Spring Hill, 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 Feb. 20, 2019, at 4:30 p.m.

Brendan J. Nixon of SM Solvency Accountants was appointed as
administrator of A.M.P.E Sarl on Jan. 17, 2019.


AK HOMES: Second Creditors' Meeting Set for Feb. 19
---------------------------------------------------
A second meeting of creditors in the proceedings of AK Homes
Construction Pty Ltd   has been set for Feb. 19, 2019, at 1:00 p.m.
at Hotel Lord Forrest, 20 Symmons Street, in Bunbury, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 18, 2019, at 4:00 p.m.

Matthew David Woods, Hayden Leigh White & Clint Peter Joseph of
KPMG were appointed as administrators of AK Homes on Jan. 14,
2019.


ATLAS IRON: Moody's Hikes CFR & Sr. Secured Debt Rating to 'Caa1'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
and senior secured debt rating of Atlas Iron Limited to Caa1 from
Caa2. The outlook is stable.

This concludes a review for upgrade which was initiated on October
16, 2018. The review for upgrade followed a previous review --
direction uncertain which was initiated on June 15, 2018.

RATINGS RATIONALE

The upgrade reflects the improvements to Atlas' credit profile
following the acquisition of the company by Redstone Corporation
(Redstone, unrated), which is a wholly owned subsidiary of Hancock
Prospecting Pty Limited (Hancock, unrated). Atlas now benefits from
being part of a larger and more diversified group of companies,
which Moody's believes has a stronger liquidity and financial
profile along with larger cash flow generating ability.

The upgrade also reflects Moody's expectation that the company will
improve its operating cash flow generation in fiscal year ended
June 2019, largely reflecting improved realized iron ore prices and
the weakening of the Australian dollar over the period.

Atlas' realized prices have benefitted from the improvement in
average iron ore prices, which averaged at around $70 per tonne (t)
for 62% Fe content ore through the first seven months of fiscal
2019 and are currently in the high $80/t range. Realised prices
will also benefit from the currently elevated premiums for the
company's lump production and the reduction in discounts for the
lower grade fines that Atlas produces. The weaker Australian dollar
also benefits Atlas as the majority of the company's costs are in
Australian dollars.

As a result, Moody's expects that the company's liquidity profile
has improved over the period and should remain relatively stable or
improve further over the remainder of fiscal 2019.

The outlook is stable. The rating could face further positive
momentum once the new parent completes its strategic review of
Atlas' assets and Moody's receives more information around the
potential explicit or implicit support the parent will provide to
Atlas. Further positive momentum would also be reliant on the
ultimate parent's plans for the current senior secured term loan,
which Moody's understands has been fully purchased by another
subsidiary of the Hancock Group of companies.

However, Atlas' ratings are currently limited by the still
relatively high cost of its operations. Based on the company's all
in cost levels we estimate that breakeven levels are currently
around the lower half of Moody's iron ore price sensitivity range
of $45-75/t for 62% Fe iron ore. Realised prices falling below
these levels would lead to operating cash losses, which would
weaken liquidity and increase default risk. Such a situation,
without ongoing support from the company's parent would lead to
negative rating pressure.

BACKGROUND

The principal methodology used in these ratings was Mining
published in September 2018.

Atlas Iron Limited, headquartered in Perth, is an iron ore producer
and developer focused on the North Pilbara region of Western
Australia. Atlas produced around 9.2 million tonnes of iron ore in
fiscal 2018.

The company is a wholly owned subsidiary of Redstone Corporation
(unrated), which is a wholly owned subsidiary of Hancock
Prospecting Pty Limited (unrated).


NATIONAL AUSTRALIA BANK: S&P Rates NAB Capital Notes 3 'BB+'
------------------------------------------------------------
S&P Global Ratings said it has assigned its 'BB+' issue credit
rating to National Australia Bank Ltd.'s (NAB; AA-/Negative/A-1+)
proposed hybrid instruments, NAB Capital Notes 3 (NAB CN3).

S&P said, "We rate NAB CN3 four notches below NAB's stand-alone
credit profile (SACP) of 'a-'. The starting point of the SACP
reflects our view that it is unlikely that the Australian
government's support for NAB and other Australian banks -- if
needed -- would extend to the hybrid capital instruments issued by
the banks."

To arrive at the rating on the NAB CN3 notes, S&P deducted four
notches off NAB's SACP (a-), reflecting the following factors:

-- S&P deduct one notch for the subordinated status of NAB CN3;

-- Two notches for the risk of partial or untimely payment; and

-- One notch for a nonviability contingent capital feature that
would require NAB to convert all or a proportion of NAB-CN3 into
ordinary shares or write them off if a nonviability trigger event
occurs.

S&P added, "In S&P Global Ratings' capital analysis of NAB, the
proposed NAB CN3 notes will qualify for intermediate equity
content, reflecting our view that they would be able to absorb
losses, if needed, on a "going-concern basis" through nonpayment of
coupons, principal write-down, or conversion into common equity,
without causing a default or wind-up of the bank. Our assessment
takes into consideration our expectation that NAB-CN3 notes will
qualify as fully compliant Basel III Additional Tier 1 regulatory
capital under Australian Prudential Regulation Authority (APRA)
standards. In addition, we note that the NAB CN3 notes are
perpetual instruments with no fixed maturity date."


PARCEL ENTERPRISES: First Creditors' Meeting Set for Feb. 18
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Parcel
Enterprises Australia Pty Ltd, formerly known as Farrugia
Enterprises Australia, will be held on Feb. 18, 2019, at 10:00 a.m.
at the offices of Level 27, 259 George Street, in Sydney, NSW.

Daniel Jean Civil of Jirsch Sutherland was appointed as
administrator of Parcel Enterprises on Feb. 6, 2019.


PERTH SERVICES: First Creditors' Meeting Set for Feb. 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Perth
Services Co Pty Ltd  will be held on Feb. 21, 2019, at 10:30 a.m.
at the offices of Worrells Solvency & Forensic Accountants, at
Level 4, 15 Ogilvie Road, in Mount Pleasant, WA.

Mervyn Jonathan Kitay of Worrells Solvency was appointed as
administrators of Perth Services on Feb. 11, 2019.


S J WHITING: First Creditors' Meeting Set for Feb. 19
-----------------------------------------------------
A first meeting of the creditors in the proceedings of S J Whiting
Nominees Pty Ltd, trading as Miners Tavern, will be held on Feb.
19, 2019, at 11:00 a.m. at the offices of Chartered Accountants
Conference Centre, at Level 18, Bourke Place,
600 Bourke Street, in Melbourne, Victoria.

Mathew Campbell Muldoon of Sellers Muldoon Benton was appointed as
administrator of S J Whiting on Feb. 7, 2019.


URBAN COUTURE: Second Creditors' Meeting Set for Feb. 13
--------------------------------------------------------
A second meeting of creditors in the proceedings of Urban Couture
Pty Ltd has been set for Feb. 13, 2019, at 11:00 a.m. at the
offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 12, 2019, at 4:00 p.m.

Daniel Firsken and Liam Bailey of O'Brien Palmer were appointed as
administrators of Urban Couture on Jan. 9, 2019.


WESTSIDE HIRE: First Creditors' Meeting Set for Feb. 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Westside
Hire Plant & Equipment Pty Ltd  will be held on Feb. 20, 2019, at
10:30 a.m. at the offices of BRI Ferrier, at Level 10, 45 William
Street, in Melbourne, Victoria.

David Coyne and James Koutsoukos of BRI Ferrier were appointed as
administrators of Westside Hire on Feb. 11, 2019.




=========
C H I N A
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CHINA AOYUAN: Fitch Gives 'BB-(EXP)' Rating to Proposed USD Notes
------------------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Group Limited's
(BB-/Positive) proposed US dollar notes an expected 'BB-(EXP)'
rating.

The notes are rated at the same level as Aoyuan's senior unsecured
rating because they will constitute its direct and senior unsecured
obligations. Aoyuan intends to use the net proceeds to refinance
offshore debt and for general working capital. The final rating is
subject to the receipt of final documentation conforming to
information already received.

KEY RATING DRIVERS

Sales Growth to Slow: Fitch believes Aoyuan can sustain rising
sales, albeit at a slower pace, due to its fast-churn strategy and
strong execution, supported by adequate sellable resources and
increasing geographic diversification. This is despite uncertainty
over housing demand in China's lower-tier cities. Aoyuan's total
contracted sales doubled to CNY91 billion in 2018, 25% higher than
the company's full-year target of CNY73 billion, following growth
of 78% in 2017. Contracted sales in January 2019 grew by 38%
year-on-year to CNY5.6 billion.

Accelerated but Controlled Land Acquisition: Aoyuan accelerated
land acquisitions in 2017 to accommodate its national expansion and
enlarged scale. It spent around 60% of the cash collection from
sales in 2017 and 40% in 1H18 to replenish land, compared with
around 30% in 2014-2016. Fitch forecasts land premiums to account
for around 40% of total contracted sales during 2019, but to remain
controlled under its fast-churn strategy. Aoyuan mainly acquires
land via project acquisitions, which allows it to control average
land acquisition costs. Its land bank enjoyed a low average cost of
CNY2,065 per square metre (sqm) in 1H18, or 20% of Fitch's
estimated average selling price for 2018.

Sufficient and Diversified Land Bank: Aoyuan had a total gross
floor area (GFA) of 30 million sqm as at end-1H18, sufficient for
three to four years of development; 51% of the land by GFA was
located in the Pearl River Delta, of which more than half was in
the Greater Bay Area. The remainder was spread around central and
western China, the Yangtze River Delta and the Bohai Economic Rim
around Beijing as well as offshore markets. The company plans to
continue implementing a balanced city layout during land
replenishment, with a focus on southern China's Greater Bay Area,
which encompasses 11 cities.

Healthy Financial Profile: Aoyuan's leverage, after adjusting for
land premium receivables and payables in adjusted inventory,
further rose to around 40% in 1H18, from 35% in 2017 and 33% in
2016, due to accelerated land acquisition since 2017. Fitch expects
Aoyuan to maintain its fast-churn model and disciplined
land-acquisition strategy. Cash outflow from construction costs is
likely to rise to keep pace with increasing contracted sales,
leading to higher leverage, but the company's financial profile
should stay healthy for the next 12-18 months, as reflected in its
Positive Outlook.

Fitch also estimates that sales efficiency, as measured by
attributable contracted sales/gross debt, improved to above 1.2x in
2018, from 0.9x in 2017. Aoyuan's EBITDA margin, after adding back
capitalised interest, remained healthy at around 27% in 1H18 (2017:
25%, 2016: 26%), underpinned by its low average land cost, which
should support a healthy margin of around 25% for the next two
years.

Higher Business Risk: Aoyuan is more exposed to industry downside
risk given its deeper penetration into lower-tier cities and higher
commercial property exposure than 'BB-' peers. Its contracted
average selling price of around CNY10,500 per sqm is lower than the
CNY13,500-19,500 per sqm of peers, including Yuzhou Properties
Company Limited (BB-/Stable) and Logan Property Holdings Company
Limited (BB-/Stable). Most of Aoyuan's lower-tier cities are
satellite cities, which benefit from spillover from Tier 1 cities
with home-purchase restrictions. However, Fitch sees lower-tier
city housing markets as more vulnerable due to worsening market
sentiment in 2019.

Fitch believes Aoyuan's large exposure to commercial-property
sales, which have a lower sell-through rate than residential
products and are more susceptible to economic cycles, leaves the
company more vulnerable to operational risk than peers that sell
only residential projects. Less than 25% of Aoyuan's annual sales
came from commercial products in 2017 under its integrated
project-development strategy. Fitch expects the product mix to
remain stable in the short term as commercial products accounted
for 20% of 2018 saleable resources and 19% of land bank by GFA at
end-2017.

DERIVATION SUMMARY

Aoyuan's sales scale is comparable with that of 'BB-' category
peers, such as Yuzhou and Times China Holdings Limited
(BB-/Stable), which had a sales scale of around CNY30 billion on an
attributable basis in 2017. Aoyuan maintains stronger sales
momentum than peers, as evident from its stronger 1H18 sales and
the achievement of its full-year sales target, which is the highest
among peers. The company kept a healthy financial profile during
its expansion, with leverage of around 35% - the lowest among 'BB-'
peers, which ranges from 38% to 48%. These factors support the
Positive Outlook on Aoyuan.

Aoyuan's scale is smaller than that of 'BB' peers, such as CIFI
Holdings (Group) Co. Ltd. (BB/Stable) and Future Land Development
Holdings Limited (BB/Stable), whose attributable sales scale was
above CNY55 billion in 2017. Aoyuan's sales efficiency, of around
0.9x in 2017, was also lower than CIFI's 1.4x and Future Land's
1.9x.

KEY ASSUMPTIONS

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

  - Attributable sales to exceed CNY80 billion-CNY90 billion
    in 2019-2020

  - Land premium accounting for 50%-60% of contracted sales
    each year on a cash flow basis during 2018-2020

  - Land bank life maintained at three to four years

  - Company to maintain its fast-churn business model

RATING SENSITIVITIES

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

Increasing scale and geographic diversification without
compromising financial metrics, including:

  - net debt/adjusted inventory sustained below 40%

  - contracted sales/gross debt sustained above 1.2x

  - EBITDA margin sustained above 25%

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

  - Failure to reach the positive guidelines in the next
    12-18 months would lead to the Outlook reverting
    to Stable

LIQUIDITY

Adequate Liquidity: Aoyuan had CNY25.8 billion in available cash on
hand and CNY17.8 in unutilised credit facilities at end-1H18,
sufficient to cover short-term debt of CNY25.6 billion.

Smooth Refinancing; Lower Borrowing Cost: Aoyuan's short-term debt
accounted for 55% of its total CNY46.5 billion debt at end-1H18.
The company has proven its ability to refinance through multiple
channels, including the offshore and onshore bond markets. Fitch
has also seen its average borrowing cost drop to 7.2% in 2017 and
7.3% in 1H18, from 11.4% in 2013, given its broad financing
channels and improved credit profile.


CHINA AOYUAN: Moody's Gives B2 Rating to New Sr. Unsec. Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the proposed notes to be issued by China Aoyuan Group Limited
(B1 stable).

The ratings outlook is stable.

China Aoyuan plans to use the net proceeds from the proposed notes
to refinance existing offshore indebtedness and for general working
capital purposes.

RATINGS RATIONALE

"The proposed notes issuance will support China Aoyuan's liquidity
and will not have a material impact on its credit metrics, because
the proceeds will mainly be used to refinance its offshore debt,"
says Celine Yang, a Moody's Assistant Vice President and Analyst.

In addition, the proposed issuance will lengthen the company's debt
maturity profile.

Moody's expects China Aoyuan will maintain financial discipline and
control its debt growth, while pursuing an expansion strategy in
the coming 12-18 months.

Moody's projects that the company's debt leverage - as measured by
revenue/adjusted debt - will improve to 65%-70% in 2019 from around
50.6% for the 12 months ended June 2018, thanks to strong
contracted sales growth in the past 1-2 years. Similarly, its
EBIT/interest coverage will trend towards 3.0x from 2.5x over the
same period.

China Aoyuan's contracted sales momentum has remained strong so far
in 2019.

Contracted sales grew 38% year-on-year to RMB5.6 billion in January
2019, after recording 100% year-on-year growth in full-year 2018 to
RMB91.3 billion. The strong sales in 2018 also exceeded the
company's annual sales target of RMB73 billion and indicated its
strong execution capability.

Moody's expects China Aoyuan's contracted sales will continue to
grow by 20%-25% over the next 12-18 months in view of its growing
portfolio, solid housing demand in its core Guangdong market,
especially the Greater Bay area, and its demonstrated abilities in
sales execution.

The expected strong contracted sales will also provide part of the
funding for its business expansion and support revenue growth over
the next 12-18 months.

The company is also involved in projects in Australia, Canada, Hong
Kong and Macau, but 98% of its sales, based on value, came from its
operations in the mainland in the first half of 2018.

China Aoyuan's B1 corporate family rating (CFR) reflects (1) its
good land bank in the Greater Bay area; (2) its track record in
economically strong Guangdong Province; (3) its strong management
in previous down-cycles; and (4) its good access to onshore and
offshore funding.

On the other hand, the rating is constrained by the company's
moderate credit metrics and by the execution risks associated with
its rapid expansion plans and hence continued high capital
requirements.

The B2 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This risk reflects the fact that the majority of claims are at the
operating subsidiaries. These claims have priority over China
Aoyuan's senior unsecured claims in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. As a result, the likely recovery rate
for claims at the holding company will be lower.

The stable outlook reflects Moody's expectation that, over the next
12 months, China Aoyuan will continue to achieve positive growth in
contracted sales, remain prudent in its land acquisitions, and
maintain an adequate liquidity position, while posting improved
credit metrics.

Upward ratings pressure could emerge if China Aoyuan (1)
demonstrates sustained growth in contracted sales and revenue
recognition through the cycles without sacrificing its
profitability; (2) maintains prudent practices in its land
acquisitions and financial management; (3) further improves its
credit metrics, such that EBIT/interest registers at least 3.0x and
revenue/adjusted debt stays within 75%-80% or above on a sustained
basis; and (4) maintains good liquidity, such that its cash
consistently covers short-term debt and there is sufficient room in
its maintenance covenants for bank loans.

However, the ratings could be downgraded if (1) the company shows
more volatility or slower growth in contracted sales; or (2) the
company's credit metrics weaken, or both. In particular, Moody's
would consider downgrading the rating if China Aoyuan's
EBIT/interest falls below 2.0x or revenue/adjusted debt registers
less than 65%. A weakening in the company's liquidity, as reflected
by cash/short-term debt below 1.0x, could also lead to a
downgrade.

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

China Aoyuan Group Limited was founded in 1996 by Guo Zi Wen. In
2005-06, the company restructured the shareholdings of its
operating subsidiaries, such that the owners transferred their
indirect interests in the Chinese subsidiaries to offshore
subsidiaries.

China Aoyuan listed on the Hong Kong Stock Exchange in October
2007.

At the end of June 2018, the company had 164 projects across 60
cities in China, Australia, Canada and Macau, with a total land
bank of about 30 million square meters in gross floor area (GFA),
which can cover three to four years of property development.


CHINA AOYUAN: S&P Rates New Guaranteed USD Unsecured Notes 'B'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to the
U.S.-dollar-denominated guaranteed senior unsecured notes that
China Aoyuan Group Ltd. proposes to issue. The China-based property
developer Aoyuan (B+/Stable/--) intends to use the proceeds to
refinance its existing debt.

S&P said, "We rate the notes one notch below the issuer credit
rating on Aoyuan to reflect structural subordination risk. As of
Dec. 31, 2017, the company had around Chinese renminbi (RMB) 22
billion of secured borrowings and RMB5.9 billion of unsecured debt
at the subsidiary level, together comprising around 70% of total
reported debt. The issue rating is subject to our review of the
final issuance documentation.

"We don't expect the new issuance to have any significant impact on
Aoyuan's credit profile, apart from a slight maturity extension.
That said, we estimate Aoyuan will continue to grow its debt at a
moderate pace and project its debt-to-EBITDA ratio to be about 6x
by end of 2018, before reducing to close to 5x over the next 12
months. The company is likely to maintain strong sales execution in
2019 with January contract sales up 38% year-on-year to RMB5.6
billion.

"We could raise the issuer credit rating on Aoyuan if the company
maintains a deleveraging trend, such that its debt-to-EBITDA ratio
declines toward 5x on a sustainable basis."

CHINA MINSHENG: Hit by Another Bond Sell-Off Amid Liquidity Woes
----------------------------------------------------------------
Peng Qingqing and Han Wei at Caixin Global report that China
Minsheng Investment Group Corp. Ltd. (CMIG) was hit Feb. 11 by
another sell-off that wiped out nearly 28% of the value of its
bonds as investor anxiety builds amid the company's deepening
liquidity woes.

Caixin relates that the price of CMIG's CNY4.48 billion (US$659.4
million) of three-year bonds traded on the Shanghai Stock Exchange
plunged as much as 30% on Feb. 11, the first trading day after the
week-long break for the Chinese New Year. The drop forced exchange
regulators to abruptly halt trading in the bonds twice during the
day, the report says.

Although the debt, which matures in December 2020, recovered
slightly in the afternoon, it finished the day down 27.85% at
CNY36.65, Caixin notes. The bond, which pays an interest rate of
7%, has been hit by big sell-offs over the past month, dropping
sharply below its average trading price of CNY85 to CNY90 over a
few months before January, Caixin states.

On Jan. 23, the bond lost 28.43%, mainly due to sales by retail
investors who tend to trade on mood swings, CMIG said in a
statement to Caixin. But an executive with the fixed-income
department of a brokerage firm in an eastern region of China told
Caixin that the slump was triggered by sales ordered by the risk
management departments of some institutional holders, such as
private-fund managers.

According to Caixin, the sell-offs reflect mounting concerns that
the company is facing a liquidity crisis. CMIG failed repay back at
least part of a CNY3 billion loan in late January.  Caixin says the
company has yet to explain whether and how it plans to make the
payments, which are in form of private placement notes that are
sold by nonfinancial firms in the interbank bond market.

"It is so strange because there are so many rumors on the market,
and the company has yet to make any response," said a bondholder of
CMIG, citing investors' worries over a potential default, Caixin
relays.

Established in 2014 with registered capital of CNY50 billion, CMIG
is owned by 59 private Chinese companies. According to Caixin, CMIG
has been heavily dependent on short-term loans from banks and on
bond issuance to expand its investment business. But that funding
model has come under increasing pressure after regulators put the
squeeze on the financial sector to control leverage and rein in
risks, and CMIG is struggling to roll over its old debts.

CMIG had total assets of more than CNY300 billion and
interest-bearing debt surpassing CNY170 billion at the end of 2017,
but its debt surged to CNY232 billion by the end of September 2018.
CMIG's repayment obligations totaled CNY48 billion by the end of
September, including CNY18.3 billion of corporate bonds, CNY7
billion of super-short-term commercial paper and CNY11.8 billion of
private placement notes, Caixin discloses.

CMIG will have 15 bonds maturing by the end of 2019 with total
repayment of CNY20.8 billion, including a CNY1 billion bond due
March 24, Caixin adds.

                       About China Minsheng

China Minsheng Investment Group is a private equity firm. The firm
seeks to invest in solar energy industry, manufacturing,
sustainable energy, renewable energy, real estate, and business jet
services. The firm seeks to invest in Europe and the United
States.


RONSHINE CHINA: Fitch Gives 'B+(EXP)' Rating to New USD Sr. Notes
------------------------------------------------------------------
Fitch Ratings has assigned Ronshine China Holdings Limited's
(B+/Stable) proposed US dollar senior notes a 'B+(EXP)' expected
rating with a Recovery Rating of 'RR4'. The proposed notes are
rated at the same level as Ronshine's senior unsecured rating
because they will be unconditionally and irrevocably guaranteed by
the company.

The proposed notes are being offered in exchange for the company's
outstanding USD800 million 8.25% senior notes due 2021 and as new
issuance. Ronshine intends to use net proceeds to refinance its
existing debt.

Ronshine's ratings reflect its high quality and diversified land
bank, which supported its fast contracted sales expansion in 2017
and 1H18. Its ratings are constrained by its sustained moderately
high leverage of just above 50%, as defined by net debt/adjusted
inventory. Fitch believes Ronshine will need to replenish its land
bank continuously at market prices to sustain its scale, which may
limit its ability to deleverage to below 45%, the level that will
trigger positive rating action.

KEY RATING DRIVERS

Faster Scale Expansion: Ronshine's total contracted sales increased
by 143% yoy to CNY122 billion in 2018. Proactive land acquisitions
in 2016 and 2017 have provided the company with CNY180 billion in
total saleable resources to achieve its total contracted sales
target of CNY120 billion (equivalent to Fitch's estimated
consolidated contracted sales of CNY84 billion in 2018). Ronshine's
focus on the Yangtze River Delta with exposure to cities that are
benefitting from spillover demand from top-tier cities was a key
driver for the company's strong sales growth.

High Quality, Diversified Land Bank: Ronshine's attributable land
bank increased slightly to 13.0 million square metres (sq m) as of
end-June 2018, from 12.7 million sq m as of end-December 2017. Its
land-bank portfolio is well-diversified, covering 38 cities in
China with a focus on tier 1 and 2 cities, which accounted for 58%
of its land bank by area. Fitch believes Ronshine's diversified
land bank has mitigated the impact from tighter home-purchase
restrictions in many high-tier cities. The company entered new
cities in 2017, including Chengdu, Tianjin, Guangzhou, Chongqing,
Ningbo and Zhengzhou as well as lower-tiered Longyan, Putian,
Jinhua, Shaoxing and Quzhou. Ronshine also entered the Qingdao
market in 2018.

Margin Recovery: Ronshine's EBITDA margin, after adding back
capitalised interest in cost of goods sold (COGS), recovered to 29%
in 1H18, from 20% in 2017. The weak EBITDA in 2017 was due to the
revaluation of inventory to fair value following some acquisitions
during the year. Fitch expects such impact to diminish as the
company's scale expands. Ronshine's average land-bank cost was
CNY6,463 per sq m, which accounted for 30% of its contracted
average selling price in 1H18. Ronshine's land cost appears
reasonable in light of its high-quality land bank, which should
sustain its EBITDA margin at around 25%-30%.

Ratings Constrained Despite Lower Leverage: Ronshine's leverage,
measured by net debt/adjusted inventory including guaranteed debt
for its joint ventures (JVs) and associates, fell to 53.4% in 1H18,
from 56.6% at end-2017. Management expects to deleverage further as
the company's budget for land acquisition will be lowered to about
30% of contracted sales proceeds in 2018, from about 70% in 2017;
the company plans to keep the proportion at 30%-50% through to 2020
to maintain its contracted sales scale. However, Ronshine's
leverage is likely to stay at about 50%, which is high among 'B+'
rated peers.

DERIVATION SUMMARY

Ronshine's consolidated contracted sales scale of about CNY80
billion per year and diversified land bank in China are equivalent
to 'BB-' rated homebuilders, such as Yuzhou Properties Company
Limited (BB-/Stable). However, Ronshine's leverage of 50%-55% is
much higher than that of 'BB-' rated peers, which usually have
leverage of below 45%.

Ronshine is well-positioned on scale and land-bank quality relative
to Guangdong Helenbergh Real Estate Group Co., Ltd. (B+/Stable),
but its leverage was higher than Helenbergh's 43% at end-2017. The
company has a similar scale to 'B' category peers, such as Yango
Group Co., Ltd. (B/Positive) and Zhenro Properties Group Limited
(B/Positive), although Ronshine's leverage is lower. Ronshine's
normalised EBITDA margin (adding back capitalised interest in COGS)
of about 20%-25% is comparable with that of Zhenro and Yango.

KEY ASSUMPTIONS

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

  - Total contracted sales of CNY122 billion in 2018 and
    CNY157 billion in 2019 (2018: CNY122 billion)

  - EBITDA margin, after adding back capitalised interest in COGS,
    of 25%-30% in 2018-2020 (1H18: 29%)

  - Land acquisitions to account for 30% and 55% of contracted
    sales proceeds in 2018 and 2019, respectively

Recovery Rating assumptions:

  - Ronshine would be liquidated in a bankruptcy because it is an
    asset-trading company.

  - 10% administrative claims.

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

  - A haircut of 25% on net inventory at fair value, as Ronshine's

    EBITDA margin is higher than the industry average. This
    implies its inventory will have a higher liquidation value
     than that of peers.

  - A 30% haircut on receivables, 40% haircut on investment
    properties and 50% haircut on properties, plant and equipment.

  - Ronshine's large cash balance is adjusted so that cash in
    excess of its three-month contracted sales is invested in new
    inventories.

  - Based on its calculation of the adjusted liquidation value
    after administrative claims, Fitch estimates the recovery
    rate of the offshore senior unsecured debt to be 59%. Fitch
    has rated the senior unsecured debt at 'B+'/RR4. Under its
    Country-Specific Treatment of Recovery Ratings Criteria,
    China falls into Group D of creditor friendliness and
    instrument ratings of issuers with assets in this group are
    subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory including
    guaranteed debt for its JVs/associates, sustained below 45%
    (1H18: 53%)

  - EBITDA margin, after adding back capitalised interest in COGS,
    sustained at 25% or above (1H18: 29%)

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

- Leverage, measured by net debt/adjusted inventory including
  guaranteed debt for JVs/associates, above 55% for a sustained
  period

  - EBITDA margin, after adding back capitalised interest in
    COGS, below 20% for a sustained period

LIQUIDITY

Sufficient Liquidity: Ronshine had a cash balance of CNY20.3
billion at end-June 2018. It issued a total of USD375 million 8.25%
senior unsecured notes due 2021 in July and August 2018. The
company should have sufficient liquidity to refinance its
short-term debt of CNY21 billion.


SUNAC CHINA: Fitch Gives 'BB-(EXP)' Rating to USD Senior Notes
---------------------------------------------------------------
Fitch Ratings has assigned Sunac China Holdings Limited's
(BB-/Stable) proposed US dollar senior notes a 'BB-(EXP)' expected
rating. The notes are rated at the same level as Sunac's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The final rating is subject to the receipt
of final documentation conforming to information already received.

Sunac's rating reflects Fitch's estimate that the China-based
homebuilder's leverage likely stayed below 50% at end-2018. Sunac's
management has publicly made a commitment to deleverage and Fitch
believes there is no pressure for the company to continue adding to
its land bank aggressively as it has more than 100 million sq m of
saleable gross floor area (GFA) on an attributable basis, an ample
supply that will last for over five years of development. Sunac has
not been making material land acquisitions after it bought the
Wanda City cultural and tourism assets more than a year ago.

KEY RATING DRIVERS

Improving Leverage: Sunac's leverage, measured by net debt/adjusted
inventory with proportionate consolidation of joint ventures and
associates, fell to 47.3% by end-2017 and 46.2% in 1H18 from 63.4%
before the 1H17 Wanda City project acquisition. The significant
deleveraging was due to strong contracted sales and minimal
additions to its land bank. Sunac's attributable contracted sales
increased by 23% to CNY326 billion in 2018 while its total
contracted sales reached CNY461 billion, above its full-year sales
target of CNY450 billion. In January 2019, Sunac's total contracted
sales rose by 8% yoy to around CNY24 billion.

Greater Geographical Diversification: Sunac's concentration in the
pan-Bohai Rim, Yangtze River Delta and Chengdu-Chongqing regions
dropped to 70% in 2017, from 90% in 2015, especially after the
Wanda City acquisition, as only five (Hefei, Wuxi, Jinan, Chengdu
and Chongqing) of the 13 projects are located in these markets.
Geographical diversification has become increasingly important as
each local government implements home-purchase restriction policies
differently. Sunac also benefitted from low land acquisition costs
in 2018, with average cost of CNY3,620 per sq m up to 8M18.

Strong Contracted Sales: The geographical diversification helped
Sunac report robust contracted sales in 2018, comparable with other
large Chinese homebuilders - China Vanke Co., Ltd. (BBB+/Stable),
Country Garden Holdings Co. Ltd. (BBB-/Stable) and China Evergrande
Group (B+/Positive) - while maintaining average selling price at
around CNY14,000-15,000 per sq m.

Sunac has the flexibility to generate sales from a greater
geographical and product spread, making it more likely that the
company can improve operational cash flow for deleveraging. Its
EBITDA margin, including the proportional share of EBITDA from
joint ventures and associates, was around 23% as of 1H18, or 32% if
valuation gains from acquired projects were removed.

Execution Risk in Non-Property Business: Sunac is increasing its
presence in the cultural and tourism business after the acquisition
of the Wanda City projects, which include hotels, theme parks and
shopping malls. There are inherent execution risks in ramping up
large-scale projects but these are mitigated by Sunac's acquisition
and retention of the Wanda City projects' operational and
management team, while the sale of properties near these projects
are in line with the company's expectations. Once fully
operational, the Wanda City projects may bring in meaningful income
from the non-property development segment.

DERIVATION SUMMARY

Sunac's homebuilding business scale, geographical diversification,
project execution track record, and churn rates are comparable with
'BBB-' rated homebuilders like Country Garden, and comparable with
or superior to 'BB' rated homebuilders such as Beijing Capital
Development Holding (Group) Co., Ltd. (BBB-/Negative, standalone
BB), and Guangzhou R&F Properties Co. Ltd. (BB-/Negative). However,
Sunac has had a more volatile financial profile than these peers,
and is more comparable with lower-rated issuers like Greenland
Holding Group Company Limited (BB-/Stable, standalone BB-) and
China Evergrande, even though its 1H18 leverage is lower than
Greenland's and similar to that of China Evergrande. No
Country-Ceiling, parent-subsidiary or operating-environment aspects
have an impact on the rating.

KEY ASSUMPTIONS

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

  - Replenishment of land bank to maintain land bank life of
    4.5 years

  - Capex at CNY7.5 billion in 2018 and CNY3.5 billion from 2019,
    mainly for Wanda City projects

  - Contracted GFA to grow at 30% in 2018 and 5%-10% thereafter

  - Contracted average selling price of CNY14,000-14,500 per sq m
    between 2018 and 2020

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 40% (1H18: 46.2%)

  - Attributable contracted sales/gross debt above 1.2x (1H18:
    1.0x)

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

  - Net debt/adjusted inventory sustained above 50%

  - Attributable contracted sales/adjusted inventory sustained
    below 0.8x (1H18: 0.8x)

  - EBITDA margin, excluding the effect of revaluation of
    acquisitions, sustained below 18%

LIQUIDITY

Sufficient Liquidity: Fitch expects Sunac to maintain sufficient
liquidity for its operations and debt repayment, as contracted
sales in 2018 has reached CNY326 billion on an attributable basis.
Sunac had a cash balance of CNY87 billion, including restricted
cash of CNY25 billion, at 1H18, sufficient to cover short-term debt
of CNY75 billion.


SUNAC CHINA: S&P Assigns 'B' Rating to New USD Unsec. Notes
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes by
Sunac China Holdings Ltd. (Sunac: B+/Positive/--). The China-based
developer intends to use the net proceeds primarily to refinance
its existing debt.

S&P said, "We rate the notes one notch below the issuer credit
rating on Sunac to reflect structural subordination risk. As of
June 30, 2018, Sunac's capital structure consists of Chinese
renminbi (RMB) 180 billion in secured debt and RMB30 billion in
unsecured debt. As such, Sunac's secured debt ratio is about 86%,
which is significantly above our notching-down threshold of 50%.
The issue rating is subject to our review of the final issuance
documentation.

"We do not expect the new issuance to have any significant impact
on Sunac's credit profile. In our view, the company will maintain
strong sales execution and sustainable profitability while
continuing to improve its financial leverage through more
controlled spending. This is reflected in the positive rating
outlook on the company. We could raise the rating if Sunac can
demonstrate a more consistent record of financial prudence and
improve its proportionally consolidated debt-to-EBITDA ratio to
below 5.0x on a sustained basis."

WINTIME ENERGY: Misses Payment Under Restructured Debt Plan
-----------------------------------------------------------
Bloomberg News reports that two large Chinese borrowers -- Wintime
Energy Co. and China Minsheng Investment Group Corp. -- missed
payment deadlines this month, underscoring the risks piling up in a
credit market that's witnessing the most company failures on
record.

China Minsheng Investment Group Corp., a private investment group
with interests in renewable energy and real estate, hasn't returned
money to bondholders that it had pledged to repay on Feb. 1,
Bloomberg relates, citing people familiar with the matter. And
Wintime Energy Co., which defaulted last year, didn't honor part of
a restructured debt repayment plan last week, separate people said,
Bloomberg relays.

According to Bloomberg, the developments are significant because
both companies were big borrowers, and their problems accessing
financing suggest that government efforts to smooth over cracks in
the $11 trillion bond market aren't benefiting all firms. If China
Minsheng ends up defaulting, it may rank alongside Wintime Energy
as one of China's biggest failures, with CNY232 billion (US$34.3
billion) of debt as of June 30, Bloomberg discloses citing a
ratings agency report.

"Chinese corporations' expansion in the past few years has often
been fueled by debt issuance, usually short-term borrowings, but
their investment cycles are typically longer term," Bloomberg
quotes Shen Chen, a partner at Shanghai Maoliang Investment
Management LLP, as saying. "The recent failures show that companies
are still struggling to roll over their debt despite the recent
easing measures."

Bloomberg notes that a liquidity crunch spurred a record CNY119.6
billion of defaults on local Chinese debt in 2018. While that
number is tiny relative to China's economy or outstanding debt, it
sent shockwaves through a market where inconsistent government
appetite for bailouts and the prevalence of shadow financing can
make it hard to tell who's on the hook for losses. The default
total will swell again this year, according to analysts, adds
Bloomberg.

                        Investment Champion

Shanghai-based China Minsheng Investment didn't repay investors in
a CNY3 billion bond that matured Jan. 29, then pledged to give them
their money back three days late, Bloomberg News reported earlier.
But that didn't happen, the people familiar with the matter said.
China's financial markets were shut last week for the lunar new
year holidays, and calls to China Minsheng Investment's financing
manager went unanswered on Feb. 11, Bloomberg says.

The firm, one of the largest private investment champions in China,
was backed by 59 non-state companies and obtained an operating
license in 2014, it said in a November bond prospectus. China
Minsheng Investment had CNY232 billion in total debt and CNY310
billion of assets as of June 30, Bloomberg discloses citing
Shanghai Brilliance Credit Rating & Investor Service Co.

                          Big Defaulter

Meanwhile, Wintime Energy told investors that it's still seeking
financing to repay 20 percent of the principal on a CNY3.8 billion
delinquent bond, which was meant to be returned on Feb. 6, said
other people familiar with the matter, asking not to be named as
the information is private, according to Bloomberg.

Bloomberg says the coal miner was China's second-largest bond
defaulter in 2018, when it found itself incapable of servicing debt
that had quadrupled in less than five years.

                       About Wintime Energy

China-based Wintime Energy Co., Ltd., engages in the power, mining,
petrochemical, logistics and investment, and other businesses in
China. The company generates power; mines and produces coking coal;
and processes shale gas. It has an electric power installed
capacity of 10.94 million kilowatts; a total of 14 producing mines;
and shale gas exploration rights. The company is also involved in
the new energy business; and distribution of petrochemicals. In
addition, it invests in strategic emerging industry projects,
financial sector, coking coal and thermal coal projects, and power
and new energy projects.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
24, 2018, Reuters said Wintime Energy Co. had defaulted on
principal and interest payments on a puttable medium-term note
after investors exercised their options to sell bonds back to the
company. The payments, worth a total of CNY1.49 billion (US$214.74
million), were due Oct. 22, the company said in a statement on the
website of the Shanghai Clearing House, Reuters relates. In a
separate statement, the company said the default had triggered
cross-protection clauses in six of its other outstanding debt
instruments.


ZHENRO PROPERTIES: Moody's Rates New Unsecured USD Notes 'B3'
-------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Zhenro
Properties Group Limited's proposed senior unsecured USD notes.

The rating outlook is stable.

Zhenro plans to use the proceeds from the proposed notes to
refinance existing debt.

RATINGS RATIONALE

"The proposed bond issuance will improve Zhenro's liquidity
profile," says Cedric Lai, a Moody's Assistant Vice President and
Analyst. "The issuance will also not materially affect the
company's credit metrics, because Zhenro will use the proceeds to
refinance existing debt."

Zhenro's short-term refinancing needs are strong, as seen by its
reported short-term debt of RMB26 billion at June 30, 2018,
including RMB2 billion in puttable bonds.

The proposed bond issuance will help lengthen Zhenro's debt
maturity profile.

Zhenro's B2 corporate family rating reflects the company's quality
and geographically diversified land reserve, large scale, and
strong sales execution.

On the other hand, the rating is constrained by its weak financial
metrics, as a result of its debt-funded rapid growth, weak
liquidity position, and limited access to funding.

The B3 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This subordination risk refers to the fact that the majority of
Zhenro's claims are at its operating subsidiaries and have priority
over claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

Zhenro's contracted sales increased 54% year-on-year to RMB108
billion in 2018, after annual increases of 79% and 70% in 2017 and
2016, respectively. Such a scale is larger than for most single
B-rated Chinese property developers.

Moody's forecasts that Zhenro's debt leverage — as measured by
revenue/adjusted debt — will improve to around 50%-60% over the
next 12-18 months from 48% for the 12 months ended 30 June 2018 and
44% in 2017. Its adjusted EBIT/interest will largely stay flat at
around 2.0x over the next 12-18 months compared to 2.0x for the 12
months ended 30 June 2018 and 1.8x in 2017.

The stable ratings outlook reflects Moody's expectation that over
the next 12-18 months, Zhenro can execute its sales plan and
maintain healthy profit margins and sufficient liquidity.

Upward ratings pressure could emerge, if Zhenro improves its
contracted sales cash collection rate, liquidity position, debt
leverage and interest coverage, while maintaining strong contracted
sales growth.

Credit metrics indicative of upward ratings pressure include: (1)
adjusted revenue/debt exceeding 60%-65%; (2) EBIT/interest above
2.5x; and (3) cash/short-term debt above 1.25x on a sustained
basis.

The ratings could be downgraded if: (1) Zhenro fails to deleverage
or its EBIT/interest coverage falls below 1.25x-1.50x, due to
aggressive land acquisitions; (2) its contracted sales or revenues
fall short of Moody's expectations; or (3) its liquidity position
weakens or its cash/short-term debt falls below 0.8x on a sustained
basis.

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

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. At June 30, 2018, Zhenro had 121 projects in 24
cities across China. Its key operating cities include Shanghai,
Nanjing, Fuzhou, Suzhou, Tianjin and Nanchang.

The company was founded by Mr. Ou Zongrong, who indirectly owned
57.70% of Zhenro Properties at August 27, 2018. His sons, Mr. Ou
Guowei and Mr. Ou Guoqiang, together owned 10.55% of the company as
of the same date.


ZHENRO PROPERTIES: S&P Rates New USD Senior Notes 'B-'
------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior notes by Zhenro
Properties Group Ltd. (B/Stable/--). The China-based developer
intends to use the net proceeds to refinance its existing
indebtedness. The rating is subject to S&P's review of the final
issuance documentation.

S&P said, "We rate the proposed senior notes one notch below the
issuer credit rating on Zhenro to reflect structural subordination
risk. By the end of 2018, Zhenro's capital structure consists of
Chinese renminbi (RMB) 38.3 billion in secured debt, as well as
RMB14.1 billion in unsecured debt. As such, Zhenro's priority debt
ratio is around 73%, which is significantly above 50%.

"In our view, the new issuance will mildly improve Zhenro's capital
structure if the company uses the proceeds to pay down short-term
financing such as trust loans. However, the impact on Zhenro's
credit profile will unlikely be significant given the company's
material short-term debt position. In addition, we expect the
company to maintain high growth in contracted sales and revenue
with a strong project pipeline, which should partly offset its debt
growth. As such, we believe Zhenro's leverage, albeit high, will
slightly improve toward a debt-to-EBITDA ratio of 7x over the next
12-18 months, from our estimation of around 8x in 2018."




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

AAKASH TILES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Aakash Tiles Private Limited

        Registered address:
        Santacruz Airport Side, Marble Market
        Western Express Highway
        Rajendra Prasad Nagar
        Vile Parle (E) Mumbai
        MH 400099

Insolvency Commencement Date: January 4, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Gaurav Ashok Adukia

Interim Resolution
Professional:            Gaurav Ashok Adukia
                         Anand Bhavan, Jamnadas Adukia Road
                         Kandivili West, Mumbai City
                         Maharashtra 400067
                         E-mail: gauravadukia@hotmail.com

                            - and -

                         Sumedha Management Solutions Private
                         Limited
                         C703, Marathon Innova
                         Off Ganapatrao Kadam Marg
                         Lower Parel West, Mumbai
                         Maharashtra 400013
                         E-mail: atpl@sumedhamanagement.com

Last date for
submission of claims:    January 23, 2019


ADITHI AUTOMOTIVES: CRISIL Assigns B+ Ratings to INR14cr Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the bank
facilities of Adithi Automotives Private Limited (AAPL). The
ratings reflect its fluctuating and low profitability margins. This
weakness is partially offset by experienced management in
automobile industry.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL B+/Stable (Assigned)

   Proposed Cash
   Credit Limit            6         CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Strengths:

* Experienced management in automobile industry: Mr. Gonaguntla
Jayaprakash has experience of more than two decades in automobile
industry and he is also proprietor for Sai Automobiles which is an
authorized dealer for Bajaj two-wheeler vehicles and Aryaa Krishna
Automotives Private Limited which is an authorized dealer for Honda
cars.

Weakness

* Fluctuating and low profitability margins: The profitability
margins are fluctuating for the period under review due to changes
in input costs. The operating margin has declined from 5.6% in FY17
to 3.2% in FY18 due to increase in maintenance cost for new show
rooms and training cost for new launch model. Also, the company
offered heavy discounts amidst increasing competition by other
manufacturers.

Liquidity

Liquidity is weak with bank limits almost fully utilized for the
past eleven months ending November, 2018. AAPL has a sanctioned
cash credit limit of INR 8 crores. CRISIL believes that bank limit
utilization will remain high on account of large working capital
requirement. AAPL is expected to generate cash accruals of around
INR 1.6-2.1 crores which should be just about sufficient against
term debt repayment obligations of INR 1 crores over the medium
term.

Outlook: Stable

CRISIL believes AAPL's business risk profile will remain healthy
over the medium term, supported by its established presence in the
automotive dealership business. The outlook may be revised to
'Positive' if substantial cash accruals leads to a better financial
risk profile, while it sustains its profitability and working
capital cycle. The outlook may be revised to 'Negative' if decline
in revenue or margins, or a stretch in working capital cycle or
large debt funded capital expenditure, impacts financial risk
profile significantly.

AAPL is an authorized dealer for Ashok Leyland owned and managed by
Mr. Gonaguntla Jayaprakash and Ms. Gunuguntla Manoja. It has 8
showrooms in Hospet, Belgaum and Hubli. Bellary (Karnataka) based,
AAPL was incorporated in the 2012. The company is engaged in
trading, repairing of light commercial vehicles and trading of
spare parts.


AIMS SANYA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Aims Sanya Developers Private Limited

        Registered office:
        D-1, Defence Colony
        New Delhi 110024

Insolvency Commencement Date: January 2, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Ashish Singh

Interim Resolution
Professional:            Mr. Ashish Singh
                         Flat No. 515, Baghban Apartment
                         Sector-28, Rohini
                         New Delhi 110042
                         E-mail: ashishsinghcs@gmail.com

                            - and -

                         407, Indraprakash Building
                         Barakhamba Road
                         New Delhi 110001
                         E-mail: aimssanya.ip@yahoo.com

Last date for
submission of claims:    January 22, 2019


ALI ENTERPRISES: CARE Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Ali
Enterprises (AE) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term           9.25        CARE B+; Stable, Issuer Not
   facilities                      Cooperating; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AE to monitor the ratings
vide e-mail communications/ letters dated September 20, 2018,
October 3, 2018, October 16, 2018, November 16, 2018, January 15,
2019 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on AE's bank facilities and/or
instruments will now be denoted as CARE B+; Stable, ISSUER NOT
COOPERATING.

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

The rating takes into account its small scale of operations with
moderate profit margins, leveraged capital structure and weak debt
coverage indicators. The rating is further constrained by working
capital intensive nature of operations, susceptibility of margins
to fluctuation in foreign exchange, its presence in highly
fragmented and competitive industry and constitution of entity as a
proprietorship firm limiting financial flexibility in times of
stress.  The above constraints outweigh the comfort derived from
the experience of the promoters with long and established track
record of the firm and established relationship with its customers
and suppliers.

Detailed description of the key rating drivers

At the time of last rating on January 8, 2018, the following were
the rating strengths and weaknesses.

Key Rating Weakness

Small scale of operation with moderate profit margins: The
operations of the entity remained small with total operating income
of INR46.54 crore in FY17 and low networth base of INR2.10 crore as
on March 31, 2017 thus limiting financial flexibility of the entity
in times of stress. Since the entity is into trading business which
is inherently a low value additive and volume driven nature of
business its operating profit margins remained moderate.

Leveraged capital structure with weak debt service coverage
indicators: The relatively low net worth base of the entity led to
increased reliance on debt to support its business operations,
hence resulting in leveraged capital structure. Moreover, with low
profitability and high debt profile, the debt coverage indicators
of the entity remained weak.

Working capital intensive nature of operations: Operations of the
entity remained working capital intensive with high gross current
assets of 106 days with funds blocked mostly in receivables. The
working capital requirements are met by the cash credit facility
availed by the entity, which was fully utilized during last twelve
months ended October, 2017.

Susceptibility of margins to fluctuation in foreign exchange: The
firm is exposed to foreign exchange fluctuation with exports
constituting 10% of the total operating income in FY17. Payments
from customers are mainly denominated in USD and Euro. The margins
are susceptible to fluctuation in foreign exchange prices. However,
the firm usually hedges majority of its exports through forward
contracts.

Highly fragmented and competitive industry: AE operates in an
industry characterized by high competition due to low entry
barriers, high fragmentation and the presence of a large number of
players in the organized and unorganized sector. Thus, the entities
present in the segment generally have a very low bargaining power
vis-à-vis their customers.

Constitution as a proprietorship firm limiting financial
flexibility: AE, being a proprietorship concern, is closely held
and is subject to limited disclosure norms. Further, owing to the
constitution of the entity, it is exposed to the risk of withdrawal
of capital as well as long-term existence of business operations
under the entity.

Key Rating Strengths

Experienced promoters with long and established track record: AE is
currently managed by Mr. Syed Abrar Ali. He is well versed with the
intricacies of the business on the back of more than one and a half
decade of experience in trading of rice products. Long experience
of the proprietor has supported the business risk profile of the
entity to a large extent. Established relations with suppliers and
customers: AE has long-standing relationship with its suppliers and
customers due to the experience of the proprietor in the same
segment. The clients have been associated with AE over the years.
However, being in a highly competitive business, customer retention
is a constant challenge for the entity.

AE was established in 2003 by Mr. Syed Abrar Ali based in Nagpur,
Maharashtra. The firm is engaged in trading of basmati and
non-basmati rice. Apart from the same, the entity also exports
cashew nuts and non-basmati rice. The major export destinations of
the entity are Srilanka, Vietnam and African countries. The entity
has recently started trading of basmati rice under the brand name
of "Haider".


AURA REALTORS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Aura Realtors Private Limited
        SKM Fabrics Andheri Premises
        Plot no. 115 115/IT-03
        R.K. Paramhans Marg
        Andheri (E) Mumbai 400069

Insolvency Commencement Date: January 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 13, 2019

Insolvency professional: Ravi Prakash Ganti

Interim Resolution
Professional:            Ravi Prakash Ganti
                         Flat No. 2, Ashiana CHS Ltd
                         Plot No. 60-A, Sector 21
                         Kharghar, Navi Mumbai 410210
                         E-mail: gantirp@gmail.com

                            - and -

                         Regus Business Centre
                         Maker Tower 'E', Office no. 1607
                         16th Floor, Cuffe Parade
                         Mumbai 400005

Last date for
submission of claims:    January 30, 2019


AVJ DEVELOPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: AVJ Developers (India) Pvt Limited
        AVJ Business Park, Plot No-C
        First Floor, Community Center
        Anand Vihar Delhi DL 110092
        India

Insolvency Commencement Date: January 7, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Ashok Kumar Juneja

Interim Resolution
Professional:            Ashok Kumar Juneja
                         1302, Vijaya Building 17
                         Barakhamba Road, Connaught Place
                         New Delhi 110001
                         E-mail: ashokjuneja@gmail.com
                                 irp.avjdevelopers@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mrs. Shradha Agrawal
                         A-2/122, 1st Floor
                         Safdarjung Enclave, New Delhi
                         National Capital Territory of Delhi
                         110029
                         E-mail: shradha.asia@gmail.com

                         Mr. Radhey Shyam Yadav
                         Flat No. 2, Aakriti Aptts.
                         62 IP Extension, Patparganj
                         New Delhi 110092

                         Mr. Anurag Nirbhaya
                         204, Sagar Plaza
                         Plot No. 19, District Centre
                         Laxmi Nagar, New Delhi
                         National Capital Territory of Delhi
                         110092
                         E-mail: anurag@canirbhaya.com

Last date for
submission of claims:    January 23, 2019


AYLABARI TEA: CARE Lowers Rating on INR8.03cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aylabari Tea Co. Private Limited (ATPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       8.03      CARE D Revised from CARE B+;
   Facilities                     Stable

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ATPL is constrained
by on-going delays in debt servicing due to stressed liquidity
position of the company.  Going forward, the ability of the company
to regularize the debt servicing obligations and timely repayment
of debt will be the key rating sensitivities.

Detailed description of the key rating drivers

Ongoing delays in debt servicing: There are on-going delays in
servicing of term loans in the account. The delays were due to
stretched liquidity position owing to lower accruals from business
operations and higher dependence on external borrowings.

Ayla Bari Tea Co. Pvt. Ltd. (ATPL) was initially incorporated in
April 21, 1975 as Goenka Tea & Trading Co. Pvt. Ltd. (GTPL) for
cultivating and manufacturing black tea at Dibrugarh, Assam.
Subsequently, GTPL was taken over by the new promoters and the name
of the entity was changed to ATPL in June 17, 2013. Shri Pratap
Chandra Sil and Shri Suresh Kumar Agarwal are the current promoters
of ATPL with Shri Pratap Chandra Sil being the managing director of
the company. ATPL is engaged in cultivating and manufacturing of
black tea at the same place of GTPL with an aggregate installed
capacity of 3,50,000 kgs per annum.


BIW FABRICATORS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: BIW Fabricators Private Limited
        Plot No. 6/J, Heavy Industrial Area
        Hathkhoj Bhilai Chhattisgarh 490024

Insolvency Commencement Date: January 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 13, 2019
                               (180 days from commencement)

Insolvency professional: Pankaj Khetan

Interim Resolution
Professional:            Pankaj Khetan
                         H-38, LGF, Jangpura Extension
                         Near Eros Cinema
                         New Delhi 110014
                         E-mail: pankaj.khetan@yahoo.com
                                 irpbiwfabricators@gmail.com

Last date for
submission of claims:    January 28, 2019


C.M. BUILDS: CARE Moves B+ on INR10cr Debt to Non-Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of C.M.
Builds Private Limited (CMBPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       10.00      CARE B+; Stable Issuer Not
   Facilities                      Cooperating; Based on best
                                   Available information

CARE has been seeking information from CMBPL to monitor the rating
vide e-mail communications/letters dated January 3, 2019, January
7, 2019, January 8, 2019, & January 9, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the rating.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on C.M. Builds Private Limited's bank facilities
will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating October 30, 2017 the following were the
rating strengths and weaknesses:

Key Rating Weakness

Funding risk as the entire debt yet to be tied up along with
project execution risk: Of the total project cost of INR22.25
crore, INR10 crore is proposed to be funded by way of bank loan.
Since the loan is not yet tied up, funding risk related to the same
prevails. 'ARISTO' project which is a residential building with 4
floors and 4 blocks currently under construction stage. The project
is expected to be completed by March 2020. The construction
activity of the project is undergoing and all statutory clearances
[clearance from Chennai Municipal Development Authority (CMDA) and
corporation], have been obtained by the company. Around 10% of the
project cost has been incurred till September 2017 and the
completion date being March 2020; the project is faced with
execution risks. Moreover, any significant time or cost overruns
could impact the company's liquidity and profitability since
repayments are scheduled to commence from Q3FY19. Furthermore,
timely and adequate customer receipts will remain crucial for
completion of projects within envisaged timelines.

Inherent cyclicality associated with the sector and competition
from other projects in vicinity: The company is exposed to the
cyclicality associated with the real estate sector which has direct
linkage with the general macroeconomic scenario, interest rates and
level of disposable income available with individuals. In case of
real estate companies, the profitability is highly dependent on
property markets. A high interest rate scenario could discourage
the consumers from borrowing to finance the real estate purchases
and may depress the real estate market.

Volatility in raw material prices affecting profitability: Raw
materials used in the business referring to cement, sand, steel and
iron etc. have been fluctuating in the range of 5-10% in the past.
These fluctuations might directly affect the profitability margins
of the company.

Key Rating Strengths

Long Experience of promoters more than two decades as property
developers: C.M. Builds private limited (CMBPL) is a Private
Limited company incorporated in February 1994 by its directors Mr.
M. H. K. Kaleelur Rahuman, Mr. M. Fackeer Mohideen, Mr. M. Jahir
Hussain and Mrs. M. H. K. Hyrunnisa having its registered office at
Chennai. The company involves in constructing residential
properties in and around Tamilnadu. CMBPL having property
development as its core portfolio, have executed over 10 projects
in and around Chennai, primarily residential space since
incorporation. The key promoters who are associated with the real
estate business for around 25 years of experience since the day of
its incorporation in real estate industry.

Locational advantage: The project is located at Mettupalayam road,
Coimbatore, Tamil Nadu. Coimbatore is a fast growing residential
area in Tamilnadu with growing industries having higher employment
opportunities. Located in proximity to the IT Industry, Banks,
Schools, Hospitals, automobile hub has attracts locational
advantages & attracted more population to the place. The project is
also near to the bus stand, railway stations. The same is expected
to provide boost to the sales of the project.

C M Builds private limited (CMBPL) is a Private Limited company
incorporated in February 1994 by its directors Mr. M. H. K.
Kaleelur Rahuman, Mr. M. Fackeer Mohideen, Mr. M. Jahir Hussain and
Mrs. M. H. K. Hyrunnisa having its registered office at Chennai.
The company involves in constructing residential properties in and
around Tamilnadu. CMBPL having property development as its core
portfolio, have executed over 10 projects in and around Chennai,
primarily residential space since incorporation.


DEE ESS BUHIN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Dee Ess Buhin Private Limited
        300, Forest Lane
        Neb Sarai, Sainik Farm
        New Delhi 110062
        E-mail: dee.ess.buhin@gmail.com

Insolvency Commencement Date: January 15, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 14, 2019
                               (180 days from commencement)

Insolvency professional: Pramod Goel

Interim Resolution
Professional:            Pramod Goel
                         NIL 26 AB, First Floor
                         Malviya Nagar
                         New Delhi 110017
                         E-mail: pramodgoel@yahoo.co.in

                            - and -

                         B-220/2 1st Floor, Main Market
                         Right Side, Savitri Nagar
                         Malviya Nagar
                         New Delhi 110017
                         E-mail: ip.deeessbuhin@gmail.com

Last date for
submission of claims:    January 29, 2019

DEX-VIN POLYMERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Dex-vin Polymers Pvt. Ltd.
        Office No. 6
        6A, New Excelsior Building Wallace Street
        A.K. Naik Marg, Fort Mumbai
        Maharashtra 400001

Insolvency Commencement Date: January 8, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Sandeep Jawaharlal Singhal

Interim Resolution
Professional:            Sandeep Jawaharlal Singhal
                         313/314, GiriShikhar
                         Plot No. 88-91
                         Opposite Goenka Hall
                         J B Nagar, Andheri (east)
                         Mumbai 400059
                         E-mail: sandeepjsinghal@hotmail.com
                                 irpdexvin@gmail.com

Last date for
submission of claims:    January 29, 2019


ECOKRIN HYGIENE: Ind-Ra Moves INR27MM Debt Rating to NonCooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ecokrin Hygiene
Pvt Ltd.'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 know appear as 'IND BB-
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR27.5 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB- (ISSUER NOT COOPERATING)

    rating; and

-- INR30 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
February 12, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2001, Ecokrin Hygiene trades various types of
chemicals and additives mainly used in food.


ESSAR STEEL: Bank of America Sole Bidder for SBI Debt
-----------------------------------------------------
The Economic Times reports that Bank of America Merrill Lynch
emerged as the sole bidder in State Bank of India's auction of its
loans to bankrupt Essar Steel, but it bid for only a part of the
INR13,000-crore loans the lender put on the block, two people
familiar with the matter related.

The multinational investment bank has bid for about one-sixth of
the loans that were up for sale, and is said to have offered
INR1,300-1,500 crore, the people told ET.

ET relates that SBI's loans to Essar were under different heads,
including working capital, term loans and corporate loans. It had
total outstanding loans of INR15,431 crore to the firm.

It is unclear whether SBI would accept the bid as there was no
competition, ET says. The lender had said in the sale document that
it might exercise the right not to go ahead with the sale at any
stage. "SBI has not yet communicated (its decision) officially to
the sole bidder," the person, as cited by ET, said.

According to ET, the development takes place on a day the Supreme
Court cleared the decks for ArcelorMittal's buyout of Essar Steel
under the Insolvency and Bankruptcy Code.

The poor response at SBI's auction was on account of the clawback
option mentioned in the sale document, one of the people told ET.
Under this, investors will have to pay more than the INR9,588-crore
reserve price fixed by the lender if the ongoing resolution of
Essar's debt takes place in less than a year, the report states.

ET notes that ArcelorMittal has offered to pay SBI INR11,313 crore
under the resolution plan. This would leave a surplus of INR1,725
crore in the hands of the investor in the loan at the reserve
price, if investors showed interest for the entire loans. The
clawback option gives SBI the right to claim a part of that surplus
depending upon how fast or slow the resolution takes place.

ET relates that the country's largest lender had deferred the
auction of the loans because of poor investor response. SBI has the
largest exposure in Essar Steel. A few months earlier, Union Bank
of India had tried to sell its Essar loans, but shelved the plan
midway, the report recalls.

ET says Essar Steel's committee of creditors earlier approved
Arcelor-Mittal's INR42,000-crore bid for the local steelmaker. The
National Company Law Appellate Tribunal then validated the
proposal, rejecting a late offer from Essar promoters Ruias to
fully repay the company's entire arrears of INR54,389 crore, ET
relates.

On Feb. 11, the Supreme Court declined a plea of Essar Steel's
operational creditors for a stay against the tribunal's order,
paving the way for ArcelorMittal to take over the company.

Essar Steel's insolvency proceedings have been going on for more
than twice the stipulated 270-day period for completing the
process, thanks to several legal challenges. "At least 167 IAs
(interim applications) have been filed," said a person involved in
the matter. The delay in finalising a deal prompted SBI to put the
loans up for sale, the report notes.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar
Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip)
and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore
slurry from the beneficiation plant (located near the iron ore
mines in Dabuna and Kirandul) to the pellet plant (located near the
Paradip and Vizag ports). A large portion of the iron ore pellets
produced are intended for captive consumption by ESIL's steel plant
at Hazira for cost optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench admitted
Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB).


EUROBOND INDUSTRIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Eurobond Industries Private Limited

        Registered office:
        M/s Gala & Shethia Enterprises
        Plot No. C-5, St. 11
        Marol Industrial Area, MIDC
        Andheri (East) Mumbai 400093

        Factory (Material Business Operations):
        Aluminum Composite Panel Factory
        EPIP, Kartholi, Bari Brahmana, Jammu 181133

        Iron Ore Pellets Factory:
        Plot No. 18-28 Industrial Area
        Hargarh The-Sihora, Jabalpur
        Madhya Pradesh 483225

Insolvency Commencement Date: January 7, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ram Ratan Kanoongo

Interim Resolution
Professional:            Ram Ratan Kanoongo
                         Headway Resolution and Insolvency
                         Services Pvt. Ltd.
                         1006, Raheja Centre
                         Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail: rrkanoongo@gmail.com
                                 cirpeurobond@gmail.com

Last date for
submission of claims:    January 21, 2019


GAVI SIDDESWARA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Gavi Siddeswara Steels (India) Private Limited

        Registered office:
        #8-3-1005, Flat No-103
        Krishnaja Residency Main Road
        Srinagar Colony Hyderabad TG 500034 IN

        Factory address:
        Sy. no. 233_2, 236_2, B.N. Halli Village
        Rayadurg Mandal, Anantapur di

Insolvency Commencement Date: January 8, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 7, 2019

Insolvency professional: Gonugunta Murali

Interim Resolution
Professional:            Gonugunta Murali
                         D.No.: 16-11-19/4, Saleem Nagar
                         Near Farahat Hospital
                         Malakpet, Hyderabad
                         Andhra Pradesh 500036
                         E-mail: gmurali34@gmail.com
                                 sdeplip@gmail.com

Last date for
submission of claims:    January 24, 2019


GLOBAL PROFILES: CARE Moves D in INR14cr Loans to Not Cooperating
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Global
Profiles Limited (GPL) to Issuer Not Cooperating category.

                   Amount
   Facilities     INRcrore)    Ratings
   ----------     ----------    -------
   Long term Bank      2.00     CARE D; Issuer not cooperating;
   Facilities                   Based on best available
                                information. Revised from
                                CARE B+; Stable

   Short term Bank    12.00     CARE D; Issuer not cooperating;
   Facilities                   Based on best available
                                information. Revised from CARE A4

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GPL to monitor the rating
vide e-mail communications/letters dated October 11, 2018, January
21, 2019, January 23, 2019, January 24, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the rating.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of best available information which however, in
CARE's opinion is not sufficient to arrive at fair rating. The
rating on Global Profiles Limited's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on December 15, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weakness

Small scale of operations with fluctuating total operating income:
The company was incorporated in 2004 and started its commercial
operations in the same year. The company is engaged in the trading
of business for the past 14 years. However, the scale of operations
of the company remains small in spite of considerable track record
of business. Furthermore, the total operating income (TOI) of the
company has been fluctuating during the review period. TOI of the
company declined to INR23.26 crore in FY16 from INR29.56 crore in
FY15 due to subdued market conditions of steel products. However,
the TOI of the company has significantly increased to INR35.99
crore in FY17 from INR23.26 crore in FY16 due to improved demand of
Sponge Iron, M.S. Billets, T.M.T Bars, Coal and Iron Ore Pellets.
The company has achieved TOI of INR58.00 crore during 8MFY18.

Thin profitability margins due to trading nature of operations:
The company has thin profitability margins due to trading nature of
business operations and highly competitive and fragmented industry
due to presence of large number of players. However, the PBILDT
margin of the company is increasing y-o-y from 2.41% in FY15 to
4.49% in FY17 due to increasing margins from the sale of Sponge
Iron products. However, the PAT margin of the company has been
fluctuating during the review period and remained thin at 0.65x in
FY17 due to the trading nature of business along with high finance
expenses to meet the working capital requirements of the company.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the company remained moderate though
deteriorated marked by overall gearing ratio of 2.07x as on March
31, 2017 at the back of increasing debt levels in order to manage
working capital requirements of the company coupled with low net
worth base. The debt profile of the company as on March 31, 2017
mainly comprises of working capital bank borrowings (81%) and
unsecured loans from directors (15%) to meet day to day working
capital requirements. The debt coverage indicators of the company
marked by total debt/GCA has been deteriorating y-o-y from 14.76x
in FY15 to 43.74x in FY17 and remained weak due to increase in
total debt levels to meet the working capital requirements coupled
with low cash accruals. Furthermore, the PBILDT interest coverage
ratio, also seen declining y-o-y from 2.47x in FY15 to 1.36x in
FY17 due increase in the interest and finance costs and remained
weak.

Highly competitive and fragmented nature of business: The company
is engaged into the business of trading of products where the
profitability margins comparing to other industry will be low.
Apart from that there are numerous organized and unorganized
players entering into the market which makes the industry
competitive nature.

Working capital intensive nature of operations: The company is
operating in working capital intensive business due to high
collection period. However, the company is funding its working
capital requirement by elongating creditors' payments which results
in satisfactory working capital cycle. The company maintains
inventory for about a week to meet customers' requirement on time.
The average utilization of cash credit facility was 90% in the last
12 months ended November 30, 2017.

Key Rating Strengths

Satisfactory track record and long experience of promoters in the
trading industry: GPL was established in 2004 by Mr. Neeraj Kumar
Aggarwal and Ms. Ishita Aggarwal. Mr. Neeraj Kumar is a MBA
graduate and Managing Director of the company. He has more than one
decade of experience in the trading of the products such as Sponge
Iron, M.S. Billets, T.M.T Bars, Coal and Iron Ore Pellets. The
other director, Ms. Ishita Aggarwal is a MBA graduate and has more
than one decade of experience into the same business. Both the
directors are couples and carrying on the business of trading of
products for various industrial requirements.

Stable outlook for Steel industry: The growth in Indian steel
demand lagged much behind expectations due to subdue environment in
infrastructure and Real Estate Company. However, on back of various
initiatives taken by the government coupled by expected turnaround
in real estate and infrastructure sector, outlook of steel demand
is expected to remain stable for the medium term. For the next two
years, India's steel consumption is forecasted to grow annually by
about 5%-6%. Indian steel capacity is also expected to grow about
125mt in 2017, registering a growth of 8.8%. Further, the
Government of India has floated a target to produce 300mt by
2025-26.

Telangana based, Global Profiles Limited (GPL) was incorporated in
2004 by Mr. Neeraj Kumar Aggarwal and Ms. Ishita Aggarwal. GPL is
engaged in the trading of Coal, Sponge Iron, Iron Ore Pellets, M.S.
Billets and TMT Bars. The company purchases the products from the
suppliers located in and around Hyderabad and sells the products to
the customers located in and around Telangana and Karnataka
states.


GOEL FOOD: CARE Reaffirms B+ Rating on INR7.45cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Goel Food Product (GFP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.45       CARE B+; Stable Reaffirmed
   Facilities           

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GFP continue to be
constrained by its modest scale of operations, low profitability
margins, leveraged capital structure, and weak liquidity position.
The rating is further constrained by susceptibility to fluctuation
in raw material prices and monsoon dependent operations,
competitive and fragmented industry with high government regulation
and its partnership nature of constitution. The rating, however,
derives strength from experienced partners, association with
reputed customer base and location advantages.

Going forward, the ability of the firm to scale up its operations
while improving its profitability margins and overall solvency
position would remain its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with low profitability margins: The
total operating income of GFP declined from INR66.14 crore in FY17
(refers to the period April 01 to March 31) to INR51.53 crore in
FY18 on account of lower quantity sold owing to lower orders
received from existing customers. The same, however, continues to
be modest. The modest scale of operations limits the firm's
financial flexibility in times of stress and deprives it from scale
benefits. Furthermore, the firm reported total operating income of
INR60.00 crore during the period from April 01, 2018 to January 15,
2018 (Provisional). The profitability margins of the firm stood low
as marked by PBILDT margin of 2.60% in FY18 and PAT margin of 0.10%
in FY18.

Leveraged capital structure and weak total debt to GCA: GFP has a
leveraged capital structure marked by overall gearing ratio of
6.86x as on March 31, 2018 mainly on account of firm's high
reliance on bank borrowings to fund various working capital
requirements. The same deteriorated from 6.12x as on March 31, 2017
on account of higher utilization of working capital limits as on
last balance sheet date along with infusion of additional unsecured
loans in FY18. Despite the decrease in absolute PBILDT level, the
interest coverage ratio stood moderate at 1.94x in FY18. However,
the total debt to GCA stood weak at 19.06x for FY18.

Weak liquidity position: The liquidity position of the firm has
remained weak with current ratio of 1.07x and quick ratio of 0.28x
as on March 31, 2018. The firm had free cash and bank balance of
INR0.27 crore as on March 31, 2018. The average operating cycle of
the firm stood at 55 days for FY18 (25 days for FY17). The firm is
required to maintain inventory in the form of raw material (paddy)
and finished goods for smooth production process and to meet demand
of customers resulting in average inventory period of 65 days for
FY18 (26 days for FY17). The inventory days increased due to
increase in accumulation of raw material inventory mainly to
execute orders subsequently. The firm offers a credit period of
upto one month to its customers and receives a credit period of
upto one and a half months from its suppliers. The average
utilization of cash credit limits remained at 70% for the last 12
months period ended December, 2018.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. Adverse climatic conditions can affect
their availability and leads to volatility in raw material prices.
The monsoon has a bearing on crop availability which determines the
prevailing rice prices. Any sudden spurt in the raw material prices
may not be passed on to customers completely owing to firm's
presence in highly competitive industry.

Competitive and fragmented industry with high government
regulation: The industry in which GFP operates is highly fragmented
and competitive in nature marked by the presence of various large
and small players. The players in the industry, especially the
small players, do not have any pricing power and are exposed to
competition induced pressures on profitability. Additionally, the
raw material (paddy) prices are regulated by government to
safeguard the interest of farmers, which in turn limits the
bargaining power of the rice millers.

Partnership nature of constitution: GFP's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners.

Key Rating Strengths

Experienced partners: Mr. Tarsem Kumar Goel has work experience of
three decades which he has gained through his association with GFP
and its group concern- Ravi Prakash Tarem Kumar. However, Ms. Anita
Rani, Ms. Mamta Rani, and Ms. Neelam Rani have an industry
experience of 3 years only through their association with GFP only.
The partners have adequate acumen about various aspects of business
which is likely to benefit GFP in the long run. Furthermore, the
partners are supported by a team of experienced and qualified
professionals having varied experience in the technical, finance
and marketing fields.

Association with reputed customer base: The firm is engaged in
processing of paddy and is supplying to various entities including
reputed customers such as Tanna Agro Impex Private Limited, KRBL
Limited (CARE A1+), Supple Tek Industries Private Limited, etc. The
sales to these top 3 customers constituted around 35% of total
sales in FY18. Thus, the customer base is diversified.

Location advantages: GFP is engaged in processing of paddy and
milling of rice. The main raw material (Paddy) is majorly procured
through commission agents from grain market in Haryana. The firm's
processing facility is situated at Kaithal, Haryana which is one
of the largest producers of paddy in India. Its presence in the
region gives additional advantage over the competitors in
terms of easy availability of the raw material as well as favorable
pricing terms. GFP owing to its location is also in a
position to cut on the freight component of incoming raw
materials.

Goel Food Product (GFP) was established in July 2014 as a
partnership firm by Mr. Tarsem Kumar Goel, Ms. Anita Rani, Ms.
Mamta Rani, and Ms. Neelam Rani as its partners, sharing profit and
losses equally. The firm is engaged in processing of paddy at its
manufacturing facility located in Kaithal, Haryana with an
installed capacity of processing 32400 metric tonne of paddy per
annum as on March 31, 2018. Besides this, Mr. Tarsem Kumar Goel is
also associated with another group concern namely Ravi Prakash
Tarem Kumar, a proprietorship concern, which acts as a commission
agent for trading of paddy and wheat since 1987.


GREAT UNISON: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Great Unison Contractors India Private Limited
        Art Guild House, A-Wing, 3rd Floor
        Unit No. 6 & 7 Phoenix Market City
        15 LBS Marg, Kurla (West)
        Mumbai, Maharashtra 400070     

Insolvency Commencement Date: January 11, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 9, 2019

Insolvency professional: Mr. Gaurav Sharma

Interim Resolution
Professional:            Mr. Gaurav Sharma
                         505-A, Fifth Floor, Reactangle 1
                         District Centre, Saket
                         New Delhi 110017
                         E-mail: ipgauravsharma.fca@gmail.com
                                 rrcoipservices@gmail.com

Last date for
submission of claims:    January 25, 2019


HIRANANDANI PALACE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Hiranandani Palace Gardens Private Limited
        514 Dalamal Towers
        211 FPJ Marg, Nariman Point
        Mumbai 400021
        Maharashtra, India

Insolvency Commencement Date: January 1, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Chetna Paresh Sutaria

Interim Resolution
Professional:            Chetna Paresh Sutaria
                         C 23, 2nd Floor, Satyam Shopping Centre
                         M.G. Road, Ghatkopar East
                         Mumbai 400077
                         Maharashtra
                         E-mail: casutaria@gmail.com

                            - and -

                         C 8, 9 and 10, 1st Floor
                         Satyam Shopping Centre
                         M.G. Road, Ghatkopar East
                         Mumbai 400077
                         Maharashtra
                         E-mail: chetna@sutariaassociates.com

Last date for
submission of claims:    January 15, 2019


HOMESTEAD INFRASTRUCTURE: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: M/s. Homestead Infrastructure Development Private Limited

        Registered office:
        Unit No. 502, Building D Mall
        Netaji Subhash Place
        Pitampura, New Delhi
        Delhi 110034

        Corporate office:
        Plot No. 15, 3rd Floor
        Sector-44 Gurgaon
        Haryana 122001    

Insolvency Commencement Date: January 14, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: July 13, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Jitesh Gupta

Interim Resolution
Professional:            Mr. Jitesh Gupta
                         257, Vardhman City Center
                         Near Shakti Nagar
                         Under Bridge, Gulabi Bagh
                         Delhi 110052
                         E-mail: Jitesh@jkgupta.com
                                 homesteadinfra370@gmail.com

                            - and -

                         Insolvency and Bankruptcy Board of India
                         (IBBI)
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Classes of creditors:    Buyer under the Real Estate Project
                         (Financial Creditor) of the Corporate
                         Debtor

Insolvency
Professionals
Representative of
Creditors in a class:    Ms. Gaganpreet Kaur Khurana
                         55/1756, Hari Singh Nalwa Street
                         Karol Bagh, New Delhi
                         E-mail: gaganpreet.ag@gmail.com

                         Mr. Manuj Bhargava
                         8/294, Sunder Vihar, New Delhi
                         National Capital Territory of Delhi
                         110087
                         E-mail: manujbhargava@gmail.com

                         Mr. Lokender Kumar Gupta
                         B-365, Sector-19
                         Dwarka, New Delhi
                         National Capital Territory of Delhi
                         110075
                         E-mail: lokendergupta@gmail.com

Last date for
submission of claims:    January 28, 2019


JCT LIMITED: CARE Hikes Rating on INR73.80cr LT Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
JCT Limited (JCT), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      73.80      CARE B; Stable Revised from
   Facilities                     CARE D

   Short term Bank     91.27      CARE A4 Revised from CARE D  
   Facilities          

   Medium term         20.00      CARE B (FD); Stable; Revised
   Instrument-Fixed               from CARE D (FD)
   Deposit              

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities and
Fixed Deposit of JCT takes into account the delay free track record
of more than three months in servicing of debt obligations by the
company after takeover of entire existing term debt from consortium
member by Phoenix ARC Pvt. Ltd. on Sep 28, 2018. The ratings also
derives strength from the experienced promoters, its diversified
product mix and wide distribution network. The rating strengths,
however, continue to remains constrained due to stretched liquidity
position and weak financial risk profile of the company.

Going forward, the ability of the company to improve profitability
and strengthen its financial risk profile would remain
the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Weak financial risk profile: The total operating income of the
company has declined from INR839.40 crore in FY17 to INR764.88
crore in FY18, registering a decline of 8.88%. The moderation in
total operating income in FY18 is on account of subdued scenario in
the textile industry owing to increased cotton prices, increased
competition from the countries like Bangladesh and China owing to
higher imports. Further the industry is hampered by the
demonetization and GST effect which coupled with high raw material
cost (due to high crude oil prices used in the manufacturing of
synthetic fabrics and high raw cotton prices used in the
manufacturing of natural fabrics in FY18) has resulted in decline
in profitability margins throughout the industry. This has led to
lower capacity utilization, however, fixed overheads remaining the
same. PBILDT margin declined from 4.09% in FY17 to 2.57% in FY18.
However PBILDT Margin of the company improved from 0.92% in H1FY18
to 3.92% in H1FY19.  Further, the losses of the company have
increased from INR17.26 crore in FY17 to INR36.05 crore in FY18 due
to weak operational performance coupled with high interest and
depreciation charges. Losses of company stood at INR15.38 crore in
H1FY19 as against INR21.11 crore in H1FY18.

Moderate Capital Structure: The continuous losses in FY18 have
resulted in erosion of its netwoth from INR93.54 crore as on March
31, 2017 to INR57.80 crore as on March 31, 2018. The erosion in
Networth has led to deterioration in overall gearing of the company
from 2.76x as on March 31, 2017 to 4.16x as on March 31, 2018.
Further, INR63.68 crore of equity has been infused for paying to
its Foreign Currency Convertible Bonds (FCCBs) holder, resulted in
increase in equity share capital from INR149.53 crore as on March
31, 2018 to INR209.61 as on Dec 31, 2018.

Stretched Liquidity Position: The liquidity position of the company
remained under stress with current ratio of 0.67x and quick ratio
of 0.26x as on March 31, 2018. Further, due to working capital
intensive operations, company has high reliance on the working
capital borrowings and working capital limits of the company
remains almost fully utilized for the 12 months period ending Dec,
2018 (Average maximum working capital utilization of around 99%).

Key Rating Strengths

Delay free track record for more than three months in servicing of
debt obligations: Phoenix ARC Pvt. Ltd. have sanctioned term loan
of amount of INR120.00 crore on Sep 21, 2018 out of which INR59.45
crore was disbursed on Sep 27, 2018 for settlement (takeover) of
entire term debt from all banks (State Bank of India, Allahabad
bank and Punjab National Bank). Since then, the company is paying
its debt repayment obligations on timely manner (interest
obligations) with first principal repayment obligation due in Sep
2019.

Settlement with Foreign Currency Convertible Bonds (FCCBs) holders:
JCT as per consent terms as approved by High Court of Chandigarh in
June 2015 with FCCBs Holders was to pay USD 19.19 million
(Principal and redemption premium of USD 15.00 million and
defaulted interest of USD 4.19 million) in 10 installments
commencing from October 5, 2017 to December 05, 2017 along with
interest @ 6% pa. However, the dues was not paid by the company due
to cash crunch to FCCBs bondholders on due date. The company and
bondholders have agreed for one time settlement of the bonds with
cutoff date on April 03, 2018. The liabilities was crystalized at
INR110.76 crore. Further, the company after receipt of requisite
approvals from RBI, BSE, Board of Directors, Shareholders and the
lenders have settled INR104.76 crore as on Dec 28, 2018 and balance
amount of INR6.00 crore is yet to be paid.

Experienced promoters and established position: JCT is the part of
Punjab-based Thapar group. As a part of the Thapar family
settlement, JCT went to Mr. M.M. Thapar. Mr. Samir Thapar, son of
Mr. M.M. Thapar, is the Chairman and Managing Director of the
company and looks after the day-to-day activities of the company.
Mr Thapar is supported by a team of experienced professionals. JCT
has long track record of more than six decades and has established
itself as a renowned brand in India. The promoters have supported
the company by infusing funds in the company as and when required.

Diversified product mix and wide distribution network: JCT has
integrated facilities from yarn to finished fabrics which enable it
to provide better quality and wide range of products to its
customers. The company offers diversified product mix including
cotton, polyester, nylon and various blended fabrics. The company
also produces nylon filament yarns and high viscosity nylon 6
chips. The majority of the JCT's products are exported either
directly in the form of fabric or in the form of garments after
conversion by the domestic garment manufacturers. JCT has wide and
strong network of distribution and dealers across the country to
supply its products to domestic brands as well as garment
converters nominated by international brands or buying houses. JCT
also entered into bed & bath segment. The company has further
diversified into technical textile segment which offers higher
margins.

JCT Limited (JCT) was incorporated as Jagatjit Cotton Textile Mills
Limited in October 1946 and subsequently renamed to JCT in 1989.
JCT is the part of Punjab based Thapar group and is engaged in the
manufacturing of cotton, synthetic & blended fabrics and nylon
filament yarn at its integrated textile facility in Phagwara
(Punjab) and filament yarn facilities in Hoshiarpur (Punjab). JCT
has installed capacity of 1,50,000 meters per day of cotton/blended
fabrics and 50,000 meters per day of synthetic fabrics at its plant
at Phagwara and 16,000 Tonnes Per Annum (TPA) of nylon filament
yarn at Hoshiarpur plant.


K E AGRO: CRISIL Assigns B+ Ratings to INR10cr Loans
----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of K E Agro Products Private Limited (KEAPPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Working Capital
   Demand Loan             2        CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      .5       CRISIL B+/Stable (Assigned)
  
   Cash Credit            6.0       CRISIL B+/Stable (Assigned)

   Long Term Loan         1.5       CRISIL B+/Stable (Assigned)

The rating reflects the company's weak financial risk profile and
modest scale of operations. These weaknesses are partially offset
by the extensive experience of the promoters and established
position in the rice milling industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The financial risk profile is
constrained by small networth of INR2.29 crore and high gearing of
4.38 times as on March 31, 2018. Debt protection metrics were
modest, with interest coverage of 1.5 times for fiscal 2018.

* Modest scale of operations: The small scale, reflected in revenue
of INR20.98 crore for fiscal 2018, constrains the business risk
profile due to intense competition in the industry.

Strengths

* Extensive experience of the promoters and established market
position: The promoters have been in the rice milling industry for
about 35 years, resulting in established relationships with
stakeholders.

Liquidity

The company has moderate liquidity due to adequate cash accrual for
meeting debt obligation, and high bank limit utilisation. Cash
accrual was INR0.45 crore in fiscal 2018 and is expected to rise to
INR0.5-0.75 crore per annum over the medium term, against debt
obligation of INR0.25 crore in fiscal 2019. The company has access
to fund-based limits of INR6 crore, which were fully utilised over
the 8 months through November 2018.

Outlook: Stable

CRISIL believes KEAPPL will benefit from the extensive experience
of its promoters. The outlook may be revised to 'Positive' if
significant increase in revenue and operating margin leads to a
better financial risk profile. The outlook may be revised to
'Negative' if profitability declines or debt rises steeply because
of stretch in working capital cycle.

Based in Kottayam, Kerala, KEAPPL was incorporated in 2002 by Mr
Thomas Mathew and his family. The company processes rice and has
capacity of 120 tonne per shift.


KAIRALI SHIPPING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Kairali Shipping Agencies Private Limited
        Unit Numbers FF-12, R-23 First Floor Nehru
        Enclave New Delhi, South Delhi 110019, India

Insolvency Commencement Date: December 17, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 15, 2019
                               (180 days from commencement)

Insolvency professional: Maya Gupta

Interim Resolution
Professional:            Maya Gupta
                         R/o 3685/7, Narang Colony Tri Nagar
                         Delhi 110035
                         E-mail: fcsmayagupta@gmail.com

                            - and -

                         701, Vikrant Tower No. 4
                         Rajendra Place
                         New Delhi 110008
                         cirpkairali@gmail.com

Last date for
submission of claims:    January 29, 2019


KALINDI ISPAT: Ind-Ra Moves BB on INR117MM Debt to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kalindi Ispat Pvt
Ltd.'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 continue to be 'IND
BB (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR117.5 mil. Fund-based limits migrated to non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 8, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, Kalindi Ispat manufactures sponge iron at its
60,000 metric tons per annum facility in Bilaspur, Chhattisgarh.


KETAN CERAMICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ketan Ceramics Pvt. Ltd.
        5th floor, Gupta House
        Civil Lines, Nagpur 440001

Insolvency Commencement Date: January 7, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ms. Prajakta Madhav Shidhore

Interim Resolution
Professional:            Ms. Prajakta Madhav Shidhore
                         Plot no. 23, Ground Floor
                         Umashankar, Tarun Bharat Society
                         Chakala, Andheri East
                         Mumbai City, Maharashtra 400099
                         E-mail: prajaktashidhore@gmail.com
                                 irp.ketanceramics@gmail.com

Last date for
submission of claims:    January 21, 2019


KRRISH SHALIMAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Krrish Shalimar Projects Private Limtied

        Registered office:
        406, 4th Floor, Elegance Tower 8
        Jasola District Centre
        New Delhi 110025 (India)

        Site office:
        IBIZA Town, Village Lakkarpur
        Sector-39, Surajkund
        Faridabad 121009
        Haryana

Insolvency Commencement Date: January 16, 2019

Court: National Company Law Tribunal, New Delhi, Principal Bench

Estimated date of closure of
insolvency resolution process: July 15, 2019
                               (180 days from commencement)

Insolvency professional: Anil Tayal

Interim Resolution
Professional:            Anil Tayal
                         1028, Roots Tower
                         District Centre Laxmi Nagar
                         Delhi 110092
                         E-mail: caaniltayal@gmail.com
                                 cirp.krrishshalimar@gmail.com

Classes of creditors:    Real Estate Investors

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Durga Das Agrawal
                         Mr. Anuj Maheshwari
                         Mr. Amit Agrawal

Last date for
submission of claims:    January 30, 2019


LAHARI FERTILIZERS: CARE Moves B+ on INR5 Loans to Not Cooperating
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Lahari
Fertilizers and Agro Industries Private Limited (LFAIPL) to Issuer
Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term            5.00       CARE B+; Stable; Issuer Not
   facilities                      Cooperating; Based on best
                                   Available information

CARE has been seeking information from LFAIPL to monitor the
ratings vide e-mail communications/letters dated October 4, 2018,
October 16, 2018, November 16, 2018, January 14, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on LFAIPL's bank facilities and/or instruments
will now be denoted as CARE B+; Stable; Issuer Not Cooperating.

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

The rating takes into account the small scale of operations,
moderate solvency position and low profitability margins owing to
limited value addition nature of business. The rating is further
constrained on account of working capital intensive nature of
operations, exposure of profit margins to fluctuation in raw
material price as well as agro climatic risks and presence of
company in highly fragmented and competitive industry with
concentrated customer and supplier profile. The rating, however,
continues to factor in experience of the promoters in the agro
industry.

Detailed description of the key rating drivers

At the time of last rating on March 14, 2018 the following were the
rating strengths and weaknesses

Key Rating Weaknesses

Small scale of operations with low profitability: The scale of
operation of the company remained small with total operating income
(TOI) of INR9.17 crore in FY17 and total capital employed of
INR6.14 crore as on March 31, 2017. The TOI of the company
decreased at a y-o-y rate of ~27% in FY17 on the back of lower
volume sold on account of decreased in demand of fertilizers due to
overall decrease in agricultural output resulting from low
rainfall. With business operations in trading of DAP (Di-ammonium
Phosphate), entailing low value additions, the entity's profit
margins stood low.

Moderate solvency position: The relatively low net worth base of
the company led to increased reliance on debt to support its
business operations, hence resulting in moderate capital structure.
Moreover, due to low profitability and moderate debt profile, the
debt coverage indicators also remained moderate.

Presence in highly fragmented and competitive Industry: The
competitive nature of fertilizer industry due to low entry
barriers, high fragmentation and the presence of a large number of
players in the organized and unorganized sector translate in
inherent thin profitability margins.

Revenues and margins vulnerable to agro climatic risks and prices
of fertilizers: The demand for fertilizers is influenced by the
climatic conditions i.e. level of monsoons, soil type, crop season,
irrigation facilities and prevailing market prices of fertilizers.
During the bad/delayed monsoon, the demand for fertilizers remains
limited, which leads to stock pile up with traders and affect
sales. Moreover, since India imports Urea, Potash and DAP
(Di-ammonium Phosphate); the prices of fertilizers depend upon
global pricing scenario. Thus, the revenues and margins of LFAIPL
are susceptible to any adverse changes in climate and prices of
fertilizers.

Working capital intensive nature of business: The operations of the
company are working capital intensive in nature with gross current
asset days of 299 days during FY17 with funds majorly blocked in
inventories. The working capital requirements are met by cash
credit facility, average utilization of which remained high.

Concentrated customer and supplier profile: The top five customers
contributed to approximately 60% to the total revenue generated by
the company. Moreover, the top three suppliers contributed to
around 76% of the total cost of raw material in FY17 resulting in
customer and supplier concentration risk. Any change in customer
and supplier policy will directly affect the company.

Key Rating Strengths

Experienced Directors with long track record of operations: The
directors have an average experience of two decades in the
fertilizer industry. Further, LFAIPL has a track record of more
than three decades and has developed market for its products and
established good relations with various customers.

LFAIPL is a Nagpur (Maharashtra) based company; established in 1986
and is engaged in manufacturing of mix fertilizers and trading of
Di-Ammonium Phosphate (DAP). The manufacturing plant is situated at
Gadchiroli, Maharashtra with an installed capacity of 30000 Metric
tonnes per annum.


M.P. MINING: CARE Lowers Rating on INR10cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
M.P. Mining and Energy Private Limited (MPME), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      10.00      CARE D; Issuer Not Cooperating;
   Facilities                     Revised from CARE B; Stable
                                  Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

The revision in the long term rating assigned to the bank
facilities of MPME is mainly on account of on-going delays in debt
servicing. Going forward, the ability of the company to regularize
the debt servicing obligations and timely repayment of debt will be
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in the
debt servicing of the company. The banker has confirmed that there
is continuous overdrawal in the cash credit account for more than
30 days and delays in repayment of term loan installments.

Incorporated in September 2011, M.P Mining and Energy Limited
(MPME) is engaged in manufacturing of steel shot and grit which is
used in the process of metal surface cleaning, metal surface
finishing, improving the surface tension of metal and it also finds
application in construction, automobile and steel industry etc. The
facility of the company is located at Deoghar, Jharkhand with an
aggregate installed capacity of 9,000 Metric Tonne Per Annum
(MTPA). The company started its commercial operations from February
2016. Mr. Rajesh Bajoria, having around two decades of experience
in the steel industry, looks after the overall management of the
company along with the other directors Mr. Rajiv Tekriwal and Mr.
Puneet Jain and supported by the team of experienced
professionals.


MAHALAXMI INDUSTRIES: CARE Cuts Rating on INR6.76cr LT Loan to B
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahalaxmi Industries (MI), as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term          6.76       CARE B; Stable; ISSUER NOT
   Facilities                    COOPERATING; Revised from
                                 CARE B+; Stable on the basis
                                 of best available information

CARE has been seeking information from MI to monitor the ratings
vide e-mail communications/letters dated October 16, 2018, November
16, 2018, January 14, 2019, January 15, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on MI's bank facilities and/or instruments
will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

The revision in the rating takes into account non-availability of
information and no due diligence undertaken.

Detailed description of the key rating drivers

At the time of last rating on June 18, 2018, the following were the
rating strengths and weaknesses

Key Rating Weakness

Small scale of operations with low capitalization and
profitability: The total operating income (TOI) and net-worth base
of the firm stood at INR6.31 crore and INR1.86 crore as on March
31, 2017. Furthermore, owing to low capital base of the
firm, financial flexibility is restricted.

Leveraged capital structure and weak debt coverage indicators: The
debt of the firm comprises of working capital borrowing and term
loans as on March 31, 2017, resulting in leveraged capital
structure for the firm as marked by the overall gearing of 3.45x as
on March 31, 2017. Moreover, due to low profitability and high
gearing levels, the debt coverage indicators of the firm stood weak
as reflected by interest coverage ratio of 2.86xand total debt to
GCA of 23.83 years as at the end of FY17.

Working capital intensive nature of operations: The liquidity
position of MI was low marked by low current ratio, owing
to moderate inventory holding period. The firm procures raw cotton
from local farmers who provide a negligible credit period.
Furthermore, as the raw material is seasonal in nature, the entity
has to maintain higher inventory. The working capital requirements
of the entity are met by the cash credit facility, the average
utilization of which was on a higher side in the in peak season
(October-April).

Susceptibility of margins to raw material price fluctuation and
government regulations: The price of raw cotton in India is
regulated through function of MSP by the government. Furthermore,
the price of raw cotton is highly volatile in nature and depends
upon factors like area under production, yield for the year,
international demand-supply scenario, export quota decided by
government and inventory carry forward from previous year. Hence,
any adverse change in government policy that is higher quota for
any particular year, ban on the cotton or cotton yarn export may
negatively impact the prices of raw cotton in domestic market and
could result in lower realizations and profit for MI.

Presence in seasonal and fragmented industry: Operation of cotton
business is highly seasonal in nature, as the sowing season is from
March to July and the harvesting season is spread from November to
February. Furthermore, the cotton   industry is highly fragmented
with large number of players operating in the unorganized sector.
Hence, SCF faces stiff competition from other players operating in
the same industry, which further result in its low bargaining power
against its customers.

Proprietorship nature of constitution: Being a proprietorship firm,
MI is exposed to the risk of withdrawal of capital by the
proprietor due to personal exigencies, dissolution of firm due to
retirement or death of proprietor and restricted financial
flexibility due to inability to explore cheaper sources of finance
leading to limited growth potential. This also limits the firm's
ability to meet any financial exigencies.

Key Rating Strengths

Experienced proprietor: The entity is managed by Mr. Inder Chand
Daga having an experience of about a decade, in the cotton ginning
business. The proprietor looks after the day to day affairs of the
business with adequate support from a team of experienced
personnel. With his long standing business experience, the
proprietor is able to establish strong relations with its customers
and suppliers.

Locational advantage emanating from proximity to raw material: The
manufacturing facility of MI is located in the Vidarbha region of
Maharashtra. Maharashtra produces around 21% of total cotton
production of India. Out of the total production of Maharashtra,
65% is contributed by Vidarbha region. Hence, raw material is
available in adequate quantity. Furthermore, the presence of MI in
cotton producing region also fetches a location advantage of lower
logistics expenditure. Moreover, there is robust demand of cotton
bales and cotton seeds in the region due to presence of spinning
mills.

Nagpur (Maharashtra) based MI was established as a proprietorship
concern in the year 2016. The entity is engaged in the business of
cotton ginning and pressing at its manufacturing facility located
at Nagpur, Maharashtra, having an installed capacity to gin and
press 24,000 bales per annum. MI procures raw material, that is raw
cotton from the local farmers based out in Nagpur and supplies the
finished products to spinning mills and oil mills located in and
around Maharashtra.


MAYANAGRI WORLD: CARE Assigns B+ Rating to INR10cr Proposed NCD
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mayanagri World One Private Limited [MWO], as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Proposed Non-       10.00       CARE B+; Stable Assigned
   convertible
   debenture           

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MWO is constrained
by nascent stage of project with business experience of the
promoter in the similar industry for only two years, operations yet
to be stabilized, tight financial and liquidity position on account
of losses, competitive nature of entertainment industry and high
involvement of the government authorities. However, the rating
derives strength from known promoters in the entertainment
industry, exclusive agreement with Government of Punjab and
locational advantage of the project.

The ability of the promoters to provide financial support until
stabilization of the business operation and improvement in
the liquidity position of the company are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of business which is yet to be stabilized: The
business is at nascent stage with close to 22 months of commercial
operations. The first full year of operation was in FY18, which saw
an average footfall of 35,310 people on monthly basis. However in
the first half of the second year of operation (H1FY19) an average
footfall of 22,524 people were witnessed and company has achieved
higher average revenue per footfall compared to previous year
resulting into revenue to the tune of INR2.28 crore.

Debt funded project execution plan: The Company has proposed
additional shows (namely Fly over Punjab, Festivals of Punjab &
Spirit of Punjab) which is estimated to cost INR9.54 crore. The
same is envisaged to be funded through raising non-convertible
debentures to be privately placed. Competitive nature of industry:
The biggest attraction towards city of Amritsar is the Golden
Temple. There is no major activity around the city & hence the
company has first mover advantage. However in the long run, the
willingness of the people for repetitive visits would be crucial
from credit perspective. Also the company has multiple projects in
pipeline which would be operational post Government completes the
on-going restoration work of the fort and hand over the balance
part of the fort to the company.

High involvement of government authorities: The restoration work of
fort is currently going on; thus only 9 acres is operational.
Balance area is expected to be handed over in 2019 to MWO. Further
as per the concessionaire agreement the annual concession fee is
payable by MWO & the operations would also been monitored by the
government.

Weak Liquidity position

The liquidity position of the company stands weak; however the
business is supported by the promoters by investment in the form of
equity & preference shares. There has been erosion of net-worth
base on account of operational losses; whereby the management
envisages break-even by FY20.

Key Rating Strengths

Well-known promoter in the entertainment industry: The founders of
the company Mrs. Deepa Sahi and Mr. Ketan Mehta have been serving
the entertainment industry for more than two decades through
documentaries, television serials and films. Further they have a
decade of experience in the animation industry through their
company named 'Cosmos Maya'. However they have recently ventured
into other activities like operating restaurants /food stalls,
museum and maintenance of the fort. The other qualified directors
Mr. Suraj Saraogi and Mr. Sangeet Lakkar monitor the financial
activity of the company.

Exclusive agreement: There is an exclusive arrangement signed with
Government of Punjab for the tenure of fifteen years to operate &
maintain the fort.

Locational advantage of project: Amritsar is a city in the
north-western Indian state of Punjab. At the center of the city is
the holiest gurudwara of the Sikh religion Shri Harmandir sahib
popularly known as Golden temple, which is located less than 2 kms
away. Further numerous activities operated within the fort, engages
the people creating fun & imparting knowledge which is an added
advantage.

Mayanagri World One Private Limited (MWO) was incorporated in 2016
for operation & maintenance of virtual reality shows and sale of
goods at museum shop at Gobindgarh fort in the state of Punjab. The
company is promoted by Mrs. Deepa Sahi & Mr. Ketan Mehta, Mr.
Sangeet Lakkar & Mr. Suraj Saraogi.

Gobindgarh fort is a historic fort (belonged to Maharaja Ranjit
Singh) spread across 42.26 acres, located in the centre of the city
of Amritsar in the Indian state of Punjab. This fort has been
earlier occupied by army which was then made open to the public
since February 2017. MWO has won the bidding process to convert the
fort into cultural theme park and hence commenced the events.
Further additions as per the proposed initial layout are under
process which would make the fort a live museum along with
exhibitions of Sikh martial history as well as the treasury of
Maharaja Ranjit Singh.


NANDI ENGINEERING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s Nandi Engineering Ltd
        No. 1 Midford House
        Midford Road, MG Road
        Bengaluru 560001

Insolvency Commencement Date: January 4, 2019

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Smt. Manjula B.S.

Interim Resolution
Professional:            Smt. Manjula B.S.
                         #1, 4th Floor, 1st Main Road
                         8th Cross, Prashanthnagar
                         Bengaluru 560079
                         E-mail: bs99ma@hotmail.com

                            - and -

                         Mint Insolvency Professionals LLP
                         #50, Ground Floor, Millennium Towers
                         Queens Road, Bengaluru 560051

Last date for
submission of claims:    January 18, 2019


OVERSEAS TIMBER: Ind-Ra Moves B on INR20MM Debt to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Overseas Timber
Corporation'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 know
appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND B (ISSUER NOT COOPERATING)
    rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 13, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Overseas Timber Corporation is a partnership firm engaged in timber
trading.


PADMAADEVI SUGARS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Padmaadevi Sugars Limited
        106, Palayasivaram Village
        Palayasivaram Village, Kancheepuram
        Kancheepuram, Tamil Nadu 631606

Insolvency Commencement Date: October 15, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 12, 2019

Insolvency professional: Mudappallur Varieth Gangadharan

Interim Resolution
Professional:            Mudappallur Varieth Gangadharan
                         341, 6th Floor, Fountain Plaza
                         Pantheon Road, Egmore
                         Chennai, Tamil Nadu 600008
                         E-mail: mvgfca@gmail.com

Last date for
submission of claims:    November 2, 2018


PANCHAM JEWELLERS: CARE Cuts Ratings on INR27cr Loans to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pancham Jewellers Private Limited (PJPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      26.00       CARE D Revised from CARE BB;
   Facilities                      Stable

   Short-term Bank      1.00       CARE D Revised from CARE A4
   Facilities           

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of PJPL
factors in ongoing delays in the servicing of the debt obligation
by the company.

Detailed description of the key rating drivers

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligation for the working capital
limits availed by the company. The cash credit limit has remained
overdrawn for more than 30 days.

Pancham Jewellers Pvt Ltd was incorporated by Mr. Pankul Aggarwal
in 2005. The company is engaged in the business of manufacturing
and trading of gold jewellery, diamond/precious stones, gold
bars/coins etc., since the commencement of its operations in 2005.
The company sells jewellery and precious stones to wholesale
customers through its manufacturing unit located at Rajpura
(Punjab), where it manufactures jewellery and does casting work.


PARSVNATH LANDMARK: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Parsvnath Landmark Developers Private Limited

        Registered office:
        Parsvnath Tower
        Near Shahdara Metro Station
        Shadara, Delhi 110032

        Corporate office:
        6th Floor, Arunachal Building
        19, Barakhamba Road
        New Delhi 110001

Insolvency Commencement Date: January 11, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 9, 2019

Insolvency professional: Yash Jeet Basrar

Interim Resolution
Professional:            Yash Jeet Basrar
                         A-71, Golf View Apartments
                         Saptaparni CGHS Ltd, Plot No-4
                         Sector-19B, Dwarka
                         New Delhi 110075
                         E-mail: ybasrar@gmail.com
                                 irp.parsvnathlandmark@gmail.com

                            - and -

                         Insolvency and Bankruptcy Board of India
                         (IBBI)
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Classes of creditors:    Homebuyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Yogesh Kumar Gupta
                         C-17B, Basement, Kalkaji
                         New Delhi 110019
                         E-mail: ykgupta64@yahoo.co.in

                         Mr. Shyam Arora
                         96, Aravali Apartments
                         Alaknanda
                         New Delhi 110019
                         E-mail: arora.shyaam@yahoo.com

                         Mr. Rohit Aggarwal
                         P&B, Green Park Extension
                         New Delhi 110016
                         E-mail: rohit@nkumarandaggarwal.com

Last date for
submission of claims:    January 25, 2019


PATEL EDUCATION: CARE Lowers Rating on INR5.73cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Patel Education Society (PES), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term Bank     5.73      CARE B-; Stable; Issuer not
   Facilities                   cooperating; Revised from
                                CARE B; Stable on the basis
                                Of best available information

CARE has been seeking information from PES to monitor the rating(s)
vide e-mail dated October 10, November 21, December 27, 2018 and
January 8, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, PES has not
paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. The rating on PES bank facilities will now
be denoted as CARE B-; Stable; ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of PES is primarily
constrained on account of its modest scale of operations and thin
profitability, leveraged capital structure and weak debt coverage
indicators, moderate liquidity position along with working capital
intensive operations, presence in a highly regulated education
industry. The rating is, further, constrained on account of its
increasing competition from numerous schools/colleges between
private players. The rating, however, derives strength from the
experienced promoters of the society and long track record of
operations with diversified revenue stream.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters of the society: PES was established during
September 2006 by Mr. Shivnarayan Sharma and Mr. Rakesh Sharma.
Both of them have experience of around one decade into education
industry. PES runs five colleges under its name. PES has an
operational track record of around two decades and hence, it has
been able to build a good reputation in the education field in
Indore. The society has diversified its revenue stream by operating
colleges offering different degree courses.

Key Rating Weaknesses

Modest scale of operations and thin profitability: The total
operating income of the society improved by 22.10% and stood at
INR5.54 crore during FY17 as compared with TOI of INR4.54 crore
during FY16 on account of increase in enrolment of students. During
FY16, total enrollment of student was at 1115 (Enrollment
ratio-94%) which increased to 1135 in FY17 (Enrollment ratio-95%).
The SBID stood at INR1.06 crore during FY17 as against operating
losses of INR0.23 crore during FY16. However, the deficit stood at
INR0.32 crore during FY17 as against deficit of INR1.58 crore
during FY16. The gross cash accruals stood at INR0.31 crore during
FY17.

Leveraged capital structure and weak debt coverage indicators:
Capital structure of the PES deteriorated and remained leveraged
marked by overall gearing of 15.54 times as on March 31, 2017 as
against 13.36 times as on March 31, 2016. The deterioration was on
account of reduction in net worth base due to accumulated losses.
Total debt as on March 31, 2017 stood at INR13.71 crore which
comprised of term loan of INR4.91 crore, unsecured loan from
friends and relatives of INR8.17 crore and working capital
borrowings of INR0.64 crore. On account of high level of debt
coupled with low level of cash accruals, total debt to Gross Cash
Accruals (GCA) remained weak at 44.09 times as on March 31,
2017.The interest coverage ratio continued to remain modest at 1.42
times during FY17.

Moderate liquidity position along with working capital intensive
operations: The liquidity position of the society improved and
remained moderate marked by current ratio of 5.34 times as on March
31, 2017 as compared with current ratio of 2.49 times as on March
31, 2016. The operating cycle of society stood at
negative 7 days. Overall over draft limit remains utilized at
around 99% during past twelve months ended February, 2018.

Presence in a highly regulated education industry: PES is operating
in a highly regulated industry. In addition to University Grants
Commission (UGC), AICTE (All India Council for Technical
Education), BCI (Bar Council of India) and NCTE (National Council
for Teachers Education), the educational institutions are regulated
by respective State Governments with respect to number of
management seats, amount of tuition fee charged for government
quota and management quota giving limited flexibility to the
institutions. Further, all courses run by non-Government
organizations are termed self-financed, where fees are governed by
a statutory body. The operating and financial flexibility of the
education sector are limited, as regulations governs almost all
aspects of operations, including fee structure, number of seats,
changes in curriculum and infrastructure requirements. These
factors have significant impact on the revenue and profitability of
the institutions.

Increasing competition from numerous schools between private
players: Educational sector in India exhibits intense competition
within the sector. In such a competitive scenario to achieve high
occupancy levels with enhanced intake capacity appears to be a
challenging task. Further, it is imperative that in order to
maintain or to increase enrollment ratio any college is required to
have spacious infrastructural as well as other allied facilities as
per UGC & AICTE guidelines and it is quite difficult for private
operating university in comparison to state university as it is not
subsidized from government. All these factors coupled with increase
in number of educational institutions having their own brand image,
make this industry highly susceptible to the steep competition.

Indore (Madhya Pradesh)-based PES was established as an educational
society in September, 2006 with an objective to impart technical
education by Mr. Rakesh Kumar Sharma, Mr. Shivnarayan Sharma, Mrs.
Sharda Sharma. PES manages five colleges namely B. M. College of
Technology, B. M. College of Management and Research, B. M. College
of Pharmaceutical Education and Research, Shri Bherulal Pharmacy
Institute and B.M. College of Professional Studies which offers a
range of undergraduate and postgraduate programmes in Engineering,
Pharmacy, Commerce, Computer Application and Management.


PUNE SHOLAPUR: CARE Lowers Rating on INR736.46cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pune Sholapur Road Development Company Limited (PSRDCL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      736.46      CARE D Revised from CARE C;
   Facilities                      Negative

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to PSRDCL factors in the delay
in servicing of its term loan repayment obligations. CARE has been
in receipt of confirmation from the lender that the company has not
been able to service its interest and installment of principal
which was due in November, 2018 and December, 2018.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt-servicing obligations: PSRDCL has not serviced its
debt obligations for the month of November, 2018 and December,
2018. The same has been confirmed by lender to CARE, as part of its
due diligence exercise. CARE has also not received NDS for the
month ended September, October, November and December 2018.

Incorporated in 2009, Pune-Sholapur Road Development Company
Limited (PSRDCL) is a Special Purpose Vehicle (SPV) floated by
IL&FS Transportation Networks Ltd. (ITNL, rated CARE D as on
September 28, 2018). PSRDCL was awarded project by National
Highways Authority of India (NHAI, rated CARE AAA; stable) to
undertake design, engineering, construction, development, finance
and operation & maintenance of four laning of Pune-Sholapur section
of NH-9 from km 144.400 to km 249.000 in the State of Maharashtra
under National Highways Development Project Phase III on design,
build, finance, operate and transfer (DBFOT) basis. In FY14, East
Nippon Expressway Limited (ENEL) infused INR20.80 crore for 9.09%
stake in PSRDCL (mainly to fund the project cost) while the balance
90.91% stake is held by ITNL [rated CARE D].


PURI CONSTRUCTION: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Puri Construction Private Limited
        4-7B, Ground Floor
        Tolstoy House 15 & 17
        Tolstoy Marg
        New Delhi 110001  

Insolvency Commencement Date: January 10, 2019

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: July 10, 2019
                               (180 days from commencement)

Insolvency professional: Tarun Kumar Banga

Interim Resolution
Professional:            Tarun Kumar Banga
                         S-15/15, DLF City Phase-3
                         Gurugram 122002, Haryana
                         E-mail: bangatarun@yahoo.co.in
                                 pcpleirp@gmail.com

                            - and -

                         Insolvency and Bankruptcy Board of India
                         (IBBI)
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi, Delhi 110001

Classes of creditors:    Flat Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Brij Nandan Kalra
                         B-001, Park View Anand Bestech
                         Sector-81, Gurugram, Haryana
                         E-mail: bnkalra@gmail.com

                         Mr. Sanjay Kohli
                         D-21 A South Extension 2
                         New Delhi 110049
                         E-mail: sanjaykohli73@yahoo.com

                         Ms. Anju Agarwal
                         73, National Park
                         Lajpat Nagar IV
                         New Delhi 110024
                         E-mail: anju@insolvencyservices.in

Last date for
submission of claims:    January 24, 2019


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

The instrument-wise rating actions are:

-- INR2.73 mil. Term loans due on February 2020 migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating;

-- INR150 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR100 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
February 12, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Quality Industries is a partnership firm engaged in the
manufacturing of consumer electronics such as fans, clothing irons,
heat convectors, immersion rods and toasters at its plant in Solan,
Himachal Pradesh.


QUALITY TEA: Ind-Ra Moves BB- on INR135MM Debt to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Quality Tea
Plantations 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 actions are:

-- INR135 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    rating;

-- INR7.5 mil. Non-fund-based limit migrated to non-cooperating
    category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR25.2 mil. Term loan due on September 2021 migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 8, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Quality Tea Plantations was incorporated in 1989 and has a tea
garden in the Jalpaiguri district of West Bengal. The company
primarily produces the CTC variety of tea and sells it in the
domestic market. It is managed by Mr. Balkrishna Dalmia and Rajat
Dalmia and its registered office is in Kolkata.


RAVANI REALTERS: CARE Lowers Rating on INR120cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ravani Realters (Ravani), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term bank        120       CARE B; Stable Revised from
   Facilities                      CARE B+; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned for the bank facilities of
Ravani takes into account slower than envisaged project progress,
modest booking status and increase in execution challenges
considering height violation notice served from Airport Authority
of India (AAI).

The rating continues to remain constrained on account of high
implementation and salability risk associated with its sole ongoing
residential project in the back-drop of prevailing sluggish real
estate demand in Surat. The rating is further constrained due to
pending payment of enhanced Floor Space Index (FSI) fee to Surat
Municipality Corporation (SMC), regional concentration of Ravani's
operations, partnership nature of constitution and its presence in
a cyclical and fragmented real-estate industry.

The rating, however, continues to derive strength from long
standing experience of partners in the real estate sector, group's
established presence in executing various real estate projects in
Surat city and comfortable moratorium period for its project debt.

Ravani's ability to successfully execute the ongoing project within
envisaged time and cost parameters, improve the sales momentum by
selling balance units at envisaged price and timely realisation
thereof are the key rating sensitivities. The outcome of appeal
filed by the firm against violation notice received from AAI and
payment of FSI fees shall remain a key rating monitorable.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project execution and saleability risk: The project was launched in
April 2016 and was envisaged to be completed by March 2020. During
FY18 (refers to the period April 1 to March 31), the project
progress was slower than envisaged on account of height violation
notice served by AAI, low booking status and issues faced by the
firm due to implementation of Real Estate (Regulation and
Development) Act (RERA) in May, 2017. The project was launched in
April 2016 and is now envisaged to be completed by March 2020 at a
total cost of INR252 crore as against September 2019 earlier
envisaged at a total cost of INR277 crore.

Till September 30, 2018, Ravani had incurred INR116.62 crore (46%
of total project cost) out of total envisaged cost of INR252.19
crore which was financed by partner's contribution (Rs.58.19
crore), term debt (50.35 crore) and customer advances and creditors
(Rs.8.08 crore).  Moreover, since the last review, Ravani has
received eight new bookings in its one tower and has to cancel 13
bookings in other two towers owing to violation notice served by
AAI. As on September 30, 2018, Ravani has received booking for 56
flats (25% of total saleable area). Looking at the size of the
project and pace of execution, completion of project within
envisaged time and cost parameters along with sale of balance units
at envisaged price would remain very crucial.

Risk inherent to real-estate sector: The real estate sector in
India is highly fragmented with most of the real estate developers
having a city-specific or region specific presence. The sector is
facing issues on many fronts viz. subdued demand, rising costs etc.
thereby resulting in stress on cash flows. The RERA which has come
into force beginning May 01, 2017 has also impacted real estate
industry. The law is framed to protect the interest of buyers and
usher in transparency and accountability in the otherwise
unregulated real estate sector. Now with RERA in place, developers
are required to deliver the project as promised and any lapse
entails high penalties.

Constitution as a partnership firm: Ravani is a partnership concern
which restricts its financial flexibility with possibility of
withdrawal of capital by the partners from the firm. Furthermore,
there are other ongoing projects in the Ravani group
and hence, diversion of funds to the other firm/project remains
crucial.

Key Rating Strengths

Experienced promoters: Ravani is promoted by Surat-based Ravani
group which has a strong presence in the real estate sector. Ravani
is a partnership firm promoted by Mr Mahavirkumar Shah. Mr
Mahavirkumar Shah along with other active partners has more than
two decades of experience in the real estate industry. The partners
are well supported by a vast team of technicians and professionals
to manage day-to-day operations of the firm.

Established track record of the group in the real estate industry:
Ravani Group has an established track record of more than two
decades in executing diverse real estate projects in residential
and commercial sector. The group has successfully completed more
than 45 projects in and around Surat across wide range of
segments.

Constituted in April 2016, Ravani is a partnership firm
incorporated jointly by Ravani Developers and Mr Mahavirkumar Shah.
The firm launched the project 'Antlia Dreams' in April 2016
(Registered under Gujarat RERA; RERA registration No.
PR/GJ/SURAT/SURAT CITY/SUDA/RAA00411/111017) in Vesu, Surat-Gujarat
and it comprises of 7 residential towers aggregating to 224
residential units with a total saleable area of 8,89,248 Sq.ft.


ROYAL PLAZA: CRISIL Reaffirms D Rating on INR10cr Term Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the long-term bank
facility of Royal Plaza Inn (RPI).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               10        CRISIL D (Reaffirmed)

The rating continues to reflect instances of delay by RPI in
servicing its scheduled term debt obligation. The delays are driven
by weak liquidity arising from delay in project completion.

The firm also has exposure to implementation and demand risk. The
firm, however benefits from the extensive experience of promoters
in the industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in servicing term debt due to weak liquidity: The firm has
been delaying in servicing of its term debt obligation because of
weak liquidity. The project has got delayed due to delay in
approvals which led to cost overrun and resulted in stretch in
liquidity.

* Exposure to project implementation and demand risk: The project
is yet to be complete and may be operational during 2019-20. The
hotel's is thus exposed to risks related to stabilisation and ramp
up of operations post commencement.

Strength

* Extensive entrepreneurial experience of partners: The partners of
the firm have entrepreneurial experience and have varied business
interest viz. Real estate development hospitality, which may help
the firm's operations.

Liquidity

RPI has weak liquidity as reflected in negative cash accruals that
are insufficient to repay debt obligations for FY 19.

RPI, a sole proprietorship entity set up in 2010 by Mr. M P
Shamsudheen, is currently constructing a 108 room hotel in
Arayidathupalam, Kozhikode.


RRC INTERNATIONAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: RRC International Freight Services Limited

        Registered office
        Great Social Building
        2nd Floor 60 Sir P.M. Road
        Mumbai MH 400001

Insolvency Commencement Date: December 26, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 7, 2019

Insolvency professional: Mr. Ashish Singh

Interim Resolution
Professional:            Mr. Ashish Singh
                         Flat No. 515, Baghban Apartment
                         Sector-28, Rohini
                         New Delhi 110042
                         E-mail: ashishsinghcs@gmail.com

                            - and -

                         407, Indraprakash Building
                         Barakhamba Road
                         New Delhi 110001
                         E-mail: rrcinternational.ip@gmail.com

Last date for
submission of claims:    January 22, 2019


RSD OVERSEAS: CARE Keeps B on INR10cr Loans in Non-Cooperating
--------------------------------------------------------------
CARE had, vide its press release dated November 23, 2017, placed
the rating(s) of RSD Overseas under the 'issuer noncooperating'
category as RSD Overseas had failed to provide information for
monitoring of the rating. RSD Overseas continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated January
15, 2019 and January 9, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      10.00      CARE B; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

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

The rating takes into account small scale of operations, low
profitability margins and leveraged capital structure. The rating
further continues to remain constrained due to foreign exchange
fluctuation risk, highly competitive nature of industry & low entry
barriers and business susceptible to the vagaries of nature. The
rating, however, continues to take comfort from experienced
partners in trading and processing of rice.

Detailed description of the key rating drivers

At the time of last rating on November 23, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations: The scale of operations has remained
small marked by a total operating income and gross cash accruals of
INR3.17 crore and INR0.02 crore respectively for FY15 (FY refers to
6 months from October'2014 to March 31, 2015). Further, the capital
base of the firm also remained low at INR0.81 crore as on March 31,
2015. The small scale limits the firm's financial flexibility in
times of stress and deprives it from scale benefits. In FY16 (FY16
refers to period from April 1, 2015 to March 31, 2016, based on
provisional results) firm has achieved total operating income of
INR8.51 crore (as per provisional results).

Low profitability margins and leveraged capital structure:
Considering the trading nature of activities where value addition
is inherently limited, the profitability margins of the firm
remained low in FY15 as reflected by PBILDT margin of 0.81%. In
FY16, the PBIDLT margin showed an improvement to 3.85% mainly on
account of economies of scale and change in the product mix. The
firm dealt in high margins goods during FY16. Further, PAT margins
also improved in FY16 over FY15 and stood moderate at 1.15%. The
capital structure of the firm stood leveraged mainly on account of
high dependence on external borrowing to meet its working capital
requirement coupled with low partners' capital. Overall gearing
ratio of 2.58x as on March 31, 2016. Further, the coverage
indicators of the firm remained weak marked by interest coverage
ratio and total debt to GCA of 1.43x and above 40x respectively for
FY16.

Foreign exchange fluctuation risk: The firm operations are
dependent on the export market as firm's revenue is mainly driven
by the overseas market than the domestic market. The traded goods
are completely purchased in the domestic market. With initial cash
outlay for sales in domestic currency and significant chunk of
sales realization in foreign currency, the firm is exposed to the
fluctuation in exchange rates which it doesn't hedge.

Highly competitive nature of industry & low entry barriers: The
commodity nature of the product makes the industry highly
competitive, with numerous players operating in the unorganized
sector with very less product differentiation. Due to low entry
barriers in the industry and low value added nature of products,
high competition is the inherent risk associated with the
industry.

Business susceptible to the vagaries of nature: Firm is engaged in
trading of rice and other agro based product such as spices,
pickles. Rice being mainly a 'kharif' crop is a seasonal crop and
is cultivated from June-July to September-October, and the peak
arrival of crop at major trading centers begins in October. The
output is highly dependent on the monsoon. Unpredictable weather
conditions could affect the domestic output and result in
volatility in the price of rice. Since there is a long time lag
between raw material procurement and liquidation of inventory, the
company is exposed to the risk of adverse price movement resulting
in lower realization than expected.

Key Rating Strengths

Experienced partners in trading and processing of rice: The
operation of RSD is currently managed by Mr. Raju Goel, Mr. Ankit
Goel. Mr Raju Goel has overall experience of more than 15 years in
the trading and processing rice through his association with other
associate entity named "Sri Garakhnath Rice mill" (engaged in
processing of rice, established in 1984). He is supported by Mr.
AnkitGoel in managing the overall operations of the firm who is
associated with RSD since inception.

Uttar Pradesh based RSD Overseas (RSD) was established as a
partnership firms in 2013 by Mr. RajuGoel and Mr. AnkitGoel sharing
profits and loss in the ratio equally. However, the firm commenced
its operations in October 2014. The firm is engaged in trading of
rice and other FMCG products such as spices, desi ghee, pickels
etc. The firm has an associate concerns namely "Shri Guru
Gorakhnath Rice mill" engaged in processing of rice.


SAI POINT: CRISIL Reaffirms B Rating on INR12cr LT Loan
-------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facility of Sai Point Bikes And Cars (SPBC).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Drop Line
   Overdraft Facility     12         CRISIL B/Stable (Reaffirmed)

The rating reflects SPBC's average financial risk profile with
leveraged capital structure and weak debt protection metrics small
scale of operations and intense competitive pressure, and high
exposure to group companies. These weaknesses are partially offset
by the proprietor's extensive experience.

Analytical Approach
Unsecured loan (outstanding at INR6.44 crore as on March 31, 2018)
extended by the group companies has been treated as debt.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile: Financial risk profile is weak,
with networth and gearing remaining modest at INR8.68 crore and
1.80 times, respectively, as on March 31, 2018. Debt protection
metrics were average, too, with interest coverage and net cash
accrual to adjusted debt ratios at 2.00 and -0.02 time,
respectively, in fiscal 2018.

* Small scale of operations: Intense competitive pressure continues
to constrain pricing power, operating margin, and scalability:
revenue was modest at INR5 crore in fiscal 2018.

* Significant exposure to group companies: SPBC's group companies
include Sai Point Finance Corporation Ltd (SPFCL; non-banking
financial company) and Sai Point Cars Pvt Ltd (SPCPL; rated 'CRISIL
B/Stable/CRISIL A4'). Total exposure in SPFCL was INR21.74 crore as
on March 31, 2018 (about 88% of the asset size of the firm). The
investments have been mainly funded by working capital borrowings.

Strength:

* Proprietor's extensive experience in the automobile dealership
industry: Benefits from the proprietor's experience of more than a
decade, and strong relationships with suppliers and customers
should continue to support business risk profile.

Liquidity
Liquidity is weak, with bank limit fully utilised in the 12 months
through November 2018, due to large working capital requirement.
However, financial support is extended by group companies in form
of unsecured loan. Furthermore, expected net cash accrual of
INR30-60 lakh per annum over the medium term could be used as
working capital on account of negligible debt obligations.

Outlook: Stable

CRISIL believes SPBC will continue to benefit from its proprietor's
extensive experience. Financial risk profile should remain weak due
to high gearing and weak debt protection metrics. The outlook may
be revised to 'Positive' if a significant increase in revenue,
profitability, and cash accrual, and improvement in debt protection
indicators strengthen key credit metrics. The outlook may be
revised to 'Negative' if a decline in profitability, inadequate
support from group concerns, and higher-than-expected debt weakens
key credit metrics.

SPBC was established as a proprietorship firm by Mr Dilip Patil in
2015. It buys pre-owned luxury cars, including Audi, Mercedes Benz,
Jaguar, Range Rover, and BMW, and sells them after overhauling. The
firm has showrooms in Andheri and Pune.


SANAI ENTERPRISE: CARE Lowers Rating on INR8cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sanai Enterprise (SNE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       8.00       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable; based on
                                   best available information

CARE has been seeking information from SNE to monitor the ratings
vide letters/e-mails communications dated October 15, 2018, October
26, 2018, November 16, 2018 and January 21, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the entity has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at fair
ratings. The rating on Sanai Enterprise's bank facilities will now
be denoted as CARE B+; Stable; ISSUER NOT COOPERATING*. Further,
banker could not be contacted.

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

The rating assigned to the bank facilities of Sanai Enterprise
(SNE) is primarily constrained by its proprietorship nature of
constitution, pricing constraints and margin pressure arising out
of competition coupled with renewability risk from principal, small
scale of operation along with low profitability margin and
leveraged capital structure with moderate debt coverage indicators
and working capital intensive nature of operation. The ratings,
however, derive strength from its experienced promoters with
moderately long track record and increasing demand of traded goods
along with association with reputed brand.

Going forward, the ability of the firm to improve its scale of
operation along with profitability margins and efficient
management of working capital are the key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating in February 26, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Proprietorship nature of constitution: SNE, being a proprietorship
entity, is exposed to inherent risk of proprietor's capital being
withdrawn at the time of personal contingency. Furthermore, limited
ability to raise capital and poor succession planning may result in
dissolution of the entity.

Pricing constraints and margin pressure arising out of competition
coupled with renewability risk from principal: SNE faces aggressive
competition on account of established presence of authorized
dealers of other FMCG products trading companies. Considering the
existing competition within FMCG sector, the firm is required to
offer better terms, like, providing discounts on purchases to
attract new customers. Such discounts offered to customers create
margin pressure and may negatively impact the revenue earning
capacity of the firm. Furthermore, the dealership agreement with
HUL has been renewed every year and the same is currently valid
till 2019 subject to renewal of the agreement afterwards,
completely at the discretion of HUL. The agreements may get
terminated at any time on violation of certain clauses. However,
the risk is mitigated to some extent in view of its moderately long
association with HUL.

Small scale of operation along with low profitability margin and
leveraged capital structure with moderate debt coverage indicators:
SNE is a small player in trading business with total operating
income and PAT of INR37.73 crore and INR0.29 crore, respectively,
in FY17. Furthermore, the total capital employed was also modest at
INR9.34 crore as on March 31, 2017. The small scale restricts the
financial flexibility of the firm in times of stress. During
10MFY18, the firm has achieved total operating income of around
INR30.00 crore. Furthermore, being trading nature of business,
profitability margin has been low over the years, where, PBILDT is
hovering around 2.90% and PAT margin was below unity and hovering
around 0.78% during FY17. This apart, the capital structure of the
firm was leveraged with high overall gearing ratio at 3.47x as on
March 31, 2017. However, the same has improved from last year on
the back of accretion of profit to capital. Furthermore, interest
coverage ratio was moderate at 1.45x during FY17 and the same has
been deteriorating on account of increase in interest expense.
Current ratio was adequate as on March 31, 2017.

Working capital intensive nature of operation: SNE's business,
being trading, is working capital intensive. The firm has to
provide higher credit period to the clients which in turn elongated
the collection period to 38 days which further resulted in an
operating cycle of 60 days during FY17. Average utilization of its
bank borrowing was moderately high at 90% during the last 12 months
ended January 2018.

Key Rating Strengths

Experienced promoters with moderately long track record: SNE is
currently managed by Mr. Sudhir Ranjan Dhara, proprietor, having
over four decades of experience in similar line of business. The
firm started its operation from 2011, thus having over seven years
of operation.

Increasing demand of traded goods along with association with
reputed brand: With the increase in population and changes in
lifestyle, usage of FMCG products likes cosmetics and detergents
are increasing in urban, semi-urban and village areas. Thus demand
of such products is high. This apart, the firm is authorized dealer
of Hindustan Unilever Limited, a market leader and reputed brand in
FMCG products with wide range of products and established
distribution network, providing it a competitive advantage over its
peers.

Sanai Enterprise (SNE) was established during 2011 by one Sudhir
Ranjan Dhara of Jalpaiguri, West Bengal to be engaged in trading of
FMCG products. Since inception, the firm has taken distributorship
business of Hindustan Unilever Limited (HUL). The firm is one of
the main distributors for HUL in North Bengal region. The
day-to-day affairs of the firm are looked after by Mr Sudhir Ranjan
Dhara, proprietor, with adequate support from a team of experienced
personnel.

Liquidity
The liquidity position of the entity remained moderate marked by
the cash and bank balance at INR0.14 crore as on March 31, 2017.
The Gross cash accrual was INR0.34 crore in FY17. Current ratio and
quick ratio was at 1.73x and 1.11x respectively, as on March 31,
2017.


SEAM INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Seam Industries Limited

        Regional office:
        6th Floor, C-Wing, MET Educational Complex
        Gen. A. K. Vaidya Marg
        Bandra Reclamation, Bandra West
        Mumbai 400050

        Factory office:
        K-43/2, 5 Star Industrial Zone
        MIDC Butibori
        Nagpur 441122

Insolvency Commencement Date: December 28, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 26, 2019

Insolvency professional: Manish Sukhani

Interim Resolution
Professional:            Manish Sukhani
                         B 213, Orchard Road Mall
                         Royal Palms, Aarey Colony
                         Goregaon (East)
                         Mumbai 400065
                         E-mail: ca.m.sukhani@gmail.com
                                 cirp.sil@gmail.com

Last date for
submission of claims:    January 25, 2019


SENTHUR TEXTILES: CARE Moves B on INR7cr Debt to Non-Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Senthur
Textiles Private Limited (STPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.73       CARE B; Stable Issuer Not
   Facilities                      Cooperating; Based on best
                                   Available information

CARE has been seeking information from STPL to monitor the rating
vide e-mail communications dated November 8, 2018, November 14,
2018 and January 12, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of best available information which however, in CARE's opinion is
not sufficient to arrive at fair rating. The rating on Senthur
Textiles Private Limited's bank facilities will now be denoted as
CARE B; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of Senthur Textiles
Private Limited (STPL) continue to remain constrained by small
scale of operations, weak financial risk profile marked by low
profitability margins, leveraged capital structure and weak-debt
coverage indicators, working capital intensive nature of
operations, susceptibility of profit margins due to fluctuating raw
material price and presence in highly competitive industry. The
rating also factors in increase in total operating income (refers
to the period April 2017-March 2018). The rating, however continue
to derive strength from long experience of the
promoters in the yarn manufacturing industry.

Key Rating Weakness

Small scale of operations: The company has small scale of
operations marked by TOI of INR29.06 crore in FY18 and low networth
of INR2.40 crore as of March 31, 2018.

Low profitability margin: The PBILDT margin declined from 5.91% in
FY17 to 5.20% in FY18, while the PAT margin improved from 0.29% in
FY17 to 0.33% in FY18.

Leveraged capital structure: The capital structure marked by
overall gearing continues to be leveraged although improved from
4.32x as of March 31, 2017 to 4.16x as of March 31, 2018.
Furthermore, the debt equity also improved from 1.31x as of March
31, 2017 to 1.26x as of March 31, 2018.

Weak debt coverage indicators: Debt coverage indicators stood weak
marked by interest coverage ratio of 1.56x in FY18 as against 1.51x
in FY17. TD/GCA also stood weak at 19.36x in FY18 as against 19.49x
in FY17.

Working capital intensive nature of operations: On sales STPL
offers credit period ranging from 30-45 days. On purchases, the
company avails credit period ranging from 30-50 days. Average
inventory period improved from 91 days in FY17 to 103 days in FY18.
The working capital cycle days remained on par as that of the prior
year at 90 days for FY18.

Susceptibility of profit margins due to fluctuating raw material
price: The textile industry as a whole is affected by raw material
price fluctuations, availability of raw cotton and Government
regulations, significantly impacting operations and profitability
of companies operating in that industry.

Presence in highly competitive industry: The main raw material for
the firm is yarn, the prices of which are highly volatile and is
dependent upon the global economic scenario. Further, textile
industry in India is highly fragmented with presence of large
number of small and medium scale units. Due to high degree of
fragmentation small players holds very low bargaining power against
both its customers as well as suppliers resulting in such companies
operating at low profit margins.

Key Rating Strengths

Experience of promoter in cotton yarn manufacturing: Senthur
Textiles Private Limited is managed by Mr. P.J. Ramkumar Rajha who
is the Managing Director of the company. The Managing Director of
STPL has a rich experience of around three decades in the textile
industry and is with the company since its inception.

Growth in total operating income: The total operating income
improved from INR27.19 crore in FY17 to INR29.06 crore in FY18.

Senthur Textiles Private Limited (STPL) was incorporated in the
year 1994, promoted by Mr. P. J. Ramkumar Rajha. STPL is completely
owned and managed by the family members and is engaged in the
cotton yarn manufacturing. The firm procures raw cotton from
traders in Andhra Pradesh, Telangana, Karnataka, Maharashtra and
Gujarat and sells cotton yarn through agents in the form of cones
to textile companies in Erode, which is a cluster of textile
business with huge demand for cotton yarn. The manufacturing unit
is located at Rajapalyam, Tamil Nadu with an installed capacity of
9,240 spindles. The capacity utilization ranged between 90%-95% as
of November 22, 2017. Mr. P.R. Jagadeesh Chandar (S/o Mr. Ramkumar
Rajha) has joined the business in FY15 after completing his MBA in
Human Resource and industry experience of 1 ½ years in a Human
Resource Management company in Bangalore. The day to day operations
are managed by Mr. P. J. Ramkumar Rajha, Managing Director (who has
got wide experience of more than three decades in the business of
yarn production) along with Mr. P.R. Jagadeesh Chandar.


SHALINI PUBLICITY: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Shalini Publicity & Creative Private Limited
        401-402, A Wing, Trade Square
        4th Floor, Near Pidlite
        Mehra Compound, OppOrkay Mill
        Sakinaka, Andheri East
        Mumbai 400072
        Maharashtra

Insolvency Commencement Date: January 7, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: CA. Sameer Kakar

Interim Resolution
Professional:            CA. Sameer Kakar
                         105, Gulmohar Complex, Near Bus Depot
                         Station Road, Goregaon East
                         Mumbai 400063
                         E-mail: sameerkakar@gmail.com
                                 ip.shalinipublicity@gmail.com

Last date for
submission of claims:    January 22, 2019


SHAMBHU MAHADEV: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shambhu Mahadev Sugar And Allied Industries Limited
        A/P. Havargaon, Tal-Kallam
        Osmanabad 413507, MH, IN

Insolvency Commencement Date: January 4, 2019

Court: National Company Law Tribunal, Osmanabad Bench

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

Insolvency professional: Amit Chandrashekhar Poddar

Interim Resolution
Professional:            Amit Chandrashekhar Poddar
                         'AKSHAT', 7, Vijay Nagar
                         Katol Road, Opp. NCC Office
                         Nagpur 440013
                         E-mail: amitpoddar.ca@gmail.com

                            - and -

                         Meera Apartments, 4th Floor
                         Above Durva Restaurant
                         Opp. Yeshwant Stadium, Dhantoli
                         Nagpur 440012
                         E-mail: ip.shambhu@gmail.com

Last date for
submission of claims:    January 18, 2019


SHETKARI SAKHAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shetkari Sakhar Karkhana (Chandapuri) Ltd.
        At Post Chandrapuri Taluka, - Malshiras
        Solapur 413310  

Insolvency Commencement Date: January 15, 2019

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: January 15, 2019

Insolvency professional: Mr. Anil Seetaram Vaidya

Interim Resolution
Professional:            Mr. Anil Seetaram Vaidya
                         Plot no. 107, Survey no. 62/65
                         Mahatma Society, Bhusari Colony
                         Kothrud, Pune 411038
                         E-mail: anilvaidya38@gmail.com

                            - and -

                         Mitcon Consultancy and Engineering
                         Services Ltd
                         1st Floor, Kubera Chambers
                         Shivaji Nagar, Pune 411005
                         E-mail: anil.vaidya@mitconindia.com

Last date for
submission of claims:    January 29, 2019


SHREENIDHI METALS: CARE Lowers Rating on INR6.22cr LT Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shreenidhi Metals Private Limited (SMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.22       CARE D Revised from
   Facilities                      CARE B+; Stable

Detailed Rationale & Key Rating Drivers

Ongoing delays in Debt servicing

The revision in the ratings assigned to the bank facilities of SMPL
is primarily due to irregularity in servicing its debt
obligations.

Detailed description of key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: SMPL has been irregular in
servicing its debt obligation due to weak liquidity position of
the company.

Vadodara (Gujarat) based Shreenidhi Metals Private Limited (SMPL)
was incorporated in 2013 as a private limited company and is run by
Ms. Sadhna Maloo and Ms. Nikita Jain. The company is engaged into
manufacturing of aluminum circles and sheets, which find its
application in utensils industry and power sector with installed
capacity of 1800 MT per annum as on March 31, 2018. Plant of the
company is located at Waghodia, Gujarat.

Status of non-cooperation with previous CRA: CRISIL has conducted
the review on the basis of best available information and has
classified the SMPL as "Not cooperating" vide its press release
dated December 28, 2017.


SPECIALITY POLYMERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Speciality Polymers Private Limited
        Office No. 5A, 6th Floor
        New Excelsior Building Wallace Street
        A.K. Naik Marg, Fort
        Mumbai MH 400001

Insolvency Commencement Date: January 4, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 13, 2019

Insolvency professional: Vasudev Ganesh Nayak Udupi

Interim Resolution
Professional:            Vasudev Ganesh Nayak Udupi
                         303/305, Rajmata CHS Ltd
                         Near RTO, Four Bungalows
                         Andheri-West, Mumbai
                         Maharashtra 400053
                         E-mail: uvnayak2004@yahoo.co.in
                                 irp.speciality@gmail.com

Last date for
submission of claims:    January 28, 2019


SRI SAI BALAJI: CARE Lowers Ratings on INR7.50cr Loans to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Sai Balaji Associates (SSBA), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       0.60      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information. Revised from
                                  CARE B; Stable

   Short term Bank      6.90      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information. Revised from
                                  CARE A4

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SSBA to monitor the rating
vide e-mail communications/ letters dated September 27, 2018,
October 24, 2018, January 21, 2019, January 22, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Sri Sai Balaji Associates's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on February 9, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weakness

Small scale of operations with fluctuating total operating income
The total operating income of the firm has been fluctuating during
review period. The total operating income (TOI) of the firm
increased from INR8.35 crore in FY15 to INR10.29 crore in FY16 due
to increase in the number of contracts executed. However, TOI
declined to INR5.13 crore in FY17 due to unavailability of
sufficient orders in hands. Furthermore, SSBA's size of operations
is small compared to other players in the construction industry.
During 8MFY18, the firm has achieved TOI of INR16.00 crore.

Leveraged capital structure and weak debt coverage indicators
The capital structure of the firm remained leveraged marked by
overall gearing ratio of 3.93x as on March 31, 2017 as against
1.01x as on March 31, 2016 at the back of increase in debt levels
on account of higher working capital utilizations to manage the
scale of operations. The debt profile of the firm as on March 31,
2017 comprises of medium term loans (18%), working capital bank
borrowings (11%) and unsecured loans from relatives (71%) to meet
day to day operations of the firm.  The debt coverage indicators of
the firm marked by total debt/GCA has been deteriorating y-o-y from
7.97x in FY15 to 189.53x in FY17 and remained weak due to increase
in working capital requirements to meet the day to day operations
coupled with low cash accruals. Furthermore, the PBILDT interest
coverage ratio, are also seen declining year-on-year
from 1.76x in FY15 to 1.11x in FY17 due increase in the interest
and finance expenses.

Working capital intensive nature of operations: The operations of
the firm is working capital intensive since the firm is engaged in
civil construction works primarily for various government
departments wherein receipt of payments for works completed takes
around 2-3 months and the firm makes payment to its suppliers
within one month due to low bargaining power. Furthermore, the
work-in-progress across locations increases average inventory
period. The firm normally holds sufficient inventories when the
prices of the materials are low. The operating cycle stood at 60
days during FY17 due to higher inventory days. The average
utilization of cash credit facility was 95% in the last 12 months
ended November 30, 2017.

Constitution of entity as a partnership firm with inherent risk of
withdrawal of capital: With the entity being partnership firm there
is an inherent risk of instances of capital withdrawals by partners
resulting in lesser of entity's net worth. Further the partnership
firms are attributed to limited access to funding.

Tender based nature of operations: The firm receives 100% of its
work orders from government organizations which are tender- based.
The revenues of the firm are dependent on the ability of the
partners to bid successfully for the tenders and execute the same
effectively. However the partners' long experience in the industry
for more than two decades mitigates the risk to an extent.
Nevertheless, there are numerous fragmented & unorganized players
operating in the segment which makes the civil construction space
highly competitive. Furthermore, the profitability margins also
come under pressure because competitive nature of tender based
contracts works of the firm.

Short term revenue visibility from order book position with high
client and geographic concentration risk: The firm has an order
book of around INR10.50 crore from Power Grid Corporation of India
as on December 20, 2017 which translates 2.04x of the total
operating income of FY17 and the same is like to be completed by
June 2019. The said order book is related to wiring of underground
cable work, construction of canals and water tanks. However the
orders in hand provide revenue visibility to the firm for short
term. The firm is providing its services in Andhra Pradesh and
Telangana relating to state and central government civil works
resulting in high client and geographic concentration risk.

Key Rating Strengths

Satisfactory track record and long experience of partners in the
construction industry: SSBA has satisfactory track record of around
fifteen years in the execution of civil contracts works in Andhra
Pradesh and Telangana states. The firm is actively managed by Mr.
Venkata Subba Reddy. He is qualified in MSc (Maths) and Managing
Partner of the firm who takes care of day to day operations. The
other partner, Mr. Pal Reddy, is qualified in M.Com. Both the
partners are brothers and have close to two decades of experience
in the civil contraction industry since inception of the firm
SSBA.

Improving profitability margins during review period: The
profitability margins of the firm have been increasing year-on-year
due to execution of better margin projects. The PBILDT margin of
the firm is increasing y-o-y from 0.74%% in FY15 to 7.24% in FY17
due to decrease in material costs as the firm has utilized most of
the materials like cement, steel, metal etc. purchased in the
preceding year resulted in increase in operating margins. However,
the PAT margin of the firm has been fluctuating during the review
period and remained thin at 0.52% in FY17 due to increasing
financial expenses to meet the working capital requirements.

Stable outlook for construction industry: The construction industry
contributes around 8% to India's Gross domestic product (GDP).
Growth in infrastructure is critical for the development of the
economy and hence, the construction sector assumes an important
role. The sector was marred by varied challenges during the last
few years on account of economic slowdown, regulatory changes and
policy paralysis which had adversely impacted the financial and
liquidity profile of players in the industry. The Government of
India has undertaken several steps for boosting the infrastructure
development and revives the investment cycle. The same has
gradually resulted in increased order inflow and movement of
passive orders in existing order book. The focus of the government
on infrastructure development is expected to translate into huge
business potential for the construction industry in the long-run.
In the short to medium term (1-3 years), projects from
transportation and urban development sector are expected to
dominate the overall business for construction companies. The
implementation of Goods and Service Tax might result in short run
operational issues and pressure on working capital until the
process is streamlined. Going forward, companies with better
financial flexibility would be able to grow at a faster rate by
leveraging upon potential opportunities.

Kadapa (Andhra Pradesh) based, Sri Sai Balaji Associates was
established as a partnership firm in 2002 by Mr. Venkata Subba
Reddy and Mr. Pal Reddy. SSBA is engaged in civil construction
works like construction of canals, water tanks and under wiring
works relating to Department of Power Grid Corporation of India, in
Andhra Pradesh and Telangana. The firm purchases materials like
cement, steel, metal and CWD pipes from local suppliers located in
and around Andhra Pradesh and engage into construction works. Till
now, the firm has completed around 20 projects with total value of
about INR200.00 crore.


SSV ENGINEERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: SSV Engineers Private Limited
        E110 MIDC, Lande Wadi
        Bhosari, Pune 411026

Insolvency Commencement Date: January 3, 2019

Court: National Company Law Tribunal, Pune Bench

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

Insolvency professional: Uday Shreeram Sakrikar

Interim Resolution
Professional:            Uday Shreeram Sakrikar
                         303 Rahul Vihar A
                         Lane nos 8, Dahanukar Colony
                         Kothrud, Pune 411038
                         E-mail: ipudaysakrikar@gmail.com

Last date for
submission of claims:    January 23, 2019


SUBHODAYA DIGITAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Subhodaya Digital Entertainment Private Limited
        Plot No. 71, Sri Tarangini Residency
        2-133/2/1/71 Spring Field Colony
        Jeedimetla Village Hyderabad TG 500055 IN

Insolvency Commencement Date: December 20, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: June 18, 2019

Insolvency professional: Gonugunta Murali

Interim Resolution
Professional:            Gonugunta Murali
                         D.No.: 16-11-19/4, Saleem Nagar
                         Near Farahat Hospital
                         Malakpet, Hyderabad
                         Andhra Pradesh 500036
                         E-mail: gmurali34@gmail.com
                                 sdeplip@gmail.com

Last date for
submission of claims:    January 23, 2019


VALUE DESIGNBUILD: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Value Designbuild Private Limited
        A/04/A, Nusa Dua R Narayanapura Road
        Whitefield, Bangalore 560066

Insolvency Commencement Date: January 10, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: July 9, 2019

Insolvency professional: Ravi Sankar Devarakonda

Interim Resolution
Professional:            Ravi Sankar Devarakonda
                         D 602, Prestige St. Johnswood Apartments
                         No. 80, Tavarakere Main Road
                         Bangalore 560029
                         E-mail: ravicacscma@icai.org

Classes of creditors:    Class I – Allottees under Real Estate
                         Project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. K N Ravindra
                         Plot No. 390, 7th Main
                         11th Cross, Balaji Layout
                         Vajarahalli, Kanakapura Road
                         Bangalore 560062
                         E-mail: knravindra.web@gmail.com

                         Mr. R S Doddabyre Gowda
                         No. 350, 1st Cross
                         Canara Bank Layout
                         Kodigehalli, Vidyaranyapura
                         Bangalore 560097
                         E-mail: rsdgowda@yahoo.co.in

                         Mr. S Viswanathan
                         No. 10, 6 A Cross
                         Ramaswamy Palya
                         Vignana Nagar
                         Bangalore 560037
                         E-mail: vish.ramanan@gmail.com

Last date for
submission of claims:    January 24, 2019


VIRAJ SPINNERS: CRISIL Cuts Ratings on INR40cr Loans to B+
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Viraj Spinners Limited (VSL) to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8.01       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Long Term Loan        31.99       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects weakening of VSL's business and financial
risk profiles. Profitability declined to 7.6% in fiscal 2018 from
18.7% the previous year, and revenue dropped to INR55 crore from
INR62 crore. The dip in revenue and operating margin has
constrained financial risk profile, with total outside liabilities
to tangible networth ratio weakening to 3.67 times as on March 31,
2018, from 2.96 times. Liquidity is expected to be under pressure
in the medium term because of tightly matched cash accrual against
debt obligation.

The rating continues to reflect VSL's high total outside
liabilities to tangible networth ratio, modest scale of operations
and exposure to intense competitive pressure, and sizeable working
capital requirement. These weaknesses are partially offset by the
extensive experience of the promoter in the cotton spinning
industry, and strategic location of the plant.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Gross current assets were 176
days as on March 31, 2018, driven by inventory and debtors of 98
and 73 days, respectively. Working capital requirement is met
through credit from suppliers and bank lines. Consequently, TOLTNW
remained high at 3.7 times as on March 31, 2018.

* Modest scale of operations and intense competitive pressure in
the cotton yarn industry: Intense competition continues to
constrain scalability: turnover was INR55 crore in fiscal 2018.

Strengths
* Promoter's extensive experience: Benefits from the promoter's
experience of a decade, and a strong customer and supplier network
should continue to support business risk profile.

* Locational advantage: The facility - located in Vita, Sangli
(Maharashtra) - enables easy access to cotton (key raw material)
and skilled labourers.

Liquidity
VSL has weak liquidity marked by tightly matched accruals to term
debt obligations of INR3 crore over FY19 as well as FY20. The firm
has access to fund based limits of INR8 crore, which are almost
fully utilized.

Outlook: Stable

CRISIL believes VSL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if substantial and sustained increase in revenue and
operating margin, and improvement in working capital cycle
strengthen financial risk profile. The outlook may be revised to
'Negative' if a decline in revenue, profitability, and cash
accrual, further stretch in working capital cycle, or any major
capital expenditure weakens financial risk profile, particularly
liquidity.

VSL was set up by Mr Sadashiv Patil in 2010. The manufacturing
facility is in Vita, and commenced commercial operations in January
2015. Installed capacity is 18,720 spindles.


YASHASWINI LEISURE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Yashaswini Leisure Private Limited

        Regional office:
        Raaj Chambers
        R.K. Paramhans Marg, Andheri (East)
        Mumbai 400069

Insolvency Commencement Date: January 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 13, 2019

Insolvency professional: Ravi Prakash Ganti

Interim Resolution
Professional:            Ravi Prakash Ganti
                         Flat No. 2, Ashiana CHS Ltd
                         Plot No. 60-A, Sector 21
                         Kharghar, Navi Mumbai 410210
                         E-mail: gantirp@gmail.com

                            - and -

                         Regus Business Centre
                         Maker Tower 'E', Office no. 1607
                         16th Floor, Cuffe Parade
                         Mumbai 400005

Last date for
submission of claims:    January 29, 2019




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

1MDB: Najib Razak Faces Long List of Charges as Trial Kicks Off
---------------------------------------------------------------
Anisah Shukry at Bloomberg News reports that the laundry list of
allegations against Malaysia's former leader Najib Razak for his
role in 1Malaysia Development Bhd. (1MDB) points to a lengthy road
ahead as his trial begins on Feb. 12.

According to Bloomberg, the 42 counts of corruption and money
laundering charges offer a window into the complex web of
transactions surrounding 1Malaysia Development Bhd., the state fund
that lies at the center of globe-spanning investigations involving
about $4.5 billion of allegedly misappropriated funds. The probes
have led to dozens of allegations against Najib, who has pleaded
not guilty, while ensnaring Goldman Sachs Group Inc. in its first
criminal case, Bloomberg says.

"This is likely to be the mother of legal battles in Malaysian
history," Bloomberg quotes Yang Razali Kassim, a senior fellow at
the S. Rajaratnam School of International Studies in Singapore, as
saying. "It's going to be tough. This growing array of charges also
means it will take more time to wrap up the legal fight."

Bloomberg says the list of Najib's charges in the order that they
were laid against him are:

  * The upcoming trial will focus on allegations linked to his
    oversight of funds held by 1MDB's former unit SRC
    International Sdn. He faces one charge of receiving MYR42
    million ($10.3 million) of bribes and three counts of
    criminal breach of trust. He was subsequently charged with
    three more counts of related money-laundering charges.

  * Najib was slapped with 21 counts of receiving, using or
    sending illicit funds as well as four counts of corruption
    involving $681 million that appeared in his personal bank
    accounts. The charges were linked to his alleged role in
    1MDB deals, including a $2 billion joint venture with
    PetroSaudi International Ltd., a 10.6 billion ringgit bid
    for Tanjong Energy Holdings Sdn. and 2.1 billion ringgit
    of funds from Tanore Finance Corp.'s account at Falcon
    Private Bank in Singapore.

  * He was jointly charged with then-Treasury Secretary-General
    Irwan Serigar related to 6.6 billion ringgit of government
    payments to an Abu Dhabi sovereign wealth fund as well as
    monies linked to rail and pipeline projects that involve
    Chinese companies. Najib faces six counts of criminal
    breach of trust for his alleged role.

  * Najib faces one count of corruption for allegedly tampering
    with a state audit report into 1MDB, with former 1MDB
    President Arul Kanda being accused of abetting him.

  * He allegedly received a total of MYR47 million ringgit of
    proceeds from illegal activities, resulting in three money
    laundering charges.

According to Bloomberg, the tally amounts to five counts of
corruption and nine counts of criminal breach of trust, which carry
punishments of up to 20 years and a fine if he's found guilty.
Najib also faces 28 counts of money-laundering charges, some of
which carry up to five years jail time and others up to 15 years,
as well as fines, Bloomberg adds.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on the
economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that it
had frozen half a dozen bank accounts following a media report that
nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank accounts
in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear Power
Corp. for MYR9.83 billion (US$2.3 billion) as the state investment
company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April 2016,
that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled state
investment fund.




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

HYFLUX LTD: Deadline to File Proof of Claims Moved to March 1
-------------------------------------------------------------
The Strait Times reports that Hyflux Ltd has given creditors and
stakeholders a two-week extension to file their proofs of claims
ahead of scheme meetings as the water treatment firm undergoes debt
restructuring.

The new deadline has now been pushed back to 5:00 p.m. on
March 1, from 5:00 p.m. on Feb. 15 previously, the company
announced in a regulatory filing on Feb 11, the Strait Times
relays.

According to the report, Hyflux said holders of the company's
notes, perpetual securities and preference shares who do not file a
proof will be deemed to have authorised the company to file a proof
on their behalf, based on their holdings as recorded in the CDP
(Central Depository).

The company added that stakeholders can access the relevant proof
forms at
https://www.hyflux.com/financial-reorganisation-exercise/proof-of-claims

Queries on the proofs of claim process may also be sent to
proofofclaim@hyflux.com or investor@hyflux.com, while the company's
support hotline on +65-3157-7999 is open from Monday to Friday, 9am
to 5pm (Singapore time).

The Strait Times says Hyflux's call for proofs has caused quite a
stir among holders of Hyflux securities, with some feeling lost and
confused. Some were also angry with the timing of the news released
during the Chinese New Year period, and that they had only two
weeks to file their proofs with the old deadline.

Separately, Hyflux's group executive vice-president Cheong Aik Hock
noted in a affidavit filed with the High Court on Feb. 8 that the
process of calling for proofs is intended to be "administratively
efficient", and to allow the "restructuring agreement to be
effected," the Strait Times reports.

"I stress that the Hyflux Group has no intention whatsoever to
hinder or prevent any of its stakeholders from voting on the scheme
of arrangement to be proposed," Mr. Cheong added.

                           About Hyflux

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

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.


IX BIOPHARMA: Net Loss Widens to SGD3.7MM in Q2 Ended Dec. 31
-------------------------------------------------------------
Vivienne Tay at The Business Times reports that iX Biopharma Ltd
has sunk deeper into the red with a net loss of SGD3.7 million for
the second quarter ending Dec. 31, 2018 from a net loss of SGD3.2
million a year ago. For the six months ending Dec. 31, the company
saw a net loss of SGD6.9 million from SGD6.4 million a year ago.

Loss per share for Q2 was 0.6 Singapore cent from 0.5 cent the year
before. For H1, loss per share was 1.1 Singapore cents from one
cent the year before. No dividend has been declared or recommended
for the current period, the company disclosed in a Singapore
Exchange announcement, the Business Times relays.

Total revenue for the quarter was at SGD1.5 million, a drop of 12
per cent compared to SGD1.8 million the year before. For H1,
revenue was SGD3.2 million, down 6 per cent from SGD3.4 million for
the year-ago period, the report discloses.  

According to the Business Times, the company said the lower revenue
was due to the preparation of a nationwide launch for its Entity
product range for Q4. This required an acceleration of product
development, especially laboratory testing for registering with
Australia's Therapeutic Goods Administration and product release to
the market. The Business Times adds the company also prioritised
and allocated "substantial resources" from chemical analysis to
provide the necessary laboratory testing services.

As a result, "substantial" intellectual properties were developed,
which include new method developments and validations of numerous
nutraceutical raw materials and finished products, the company
said, The Business Times relays.

The Business Times relates that the group's chemical analysis
segment recorded a lower revenue of SGD1.43 million for Q2, a
decrease of 15 per cent compared with SGD1.7 million the year
before. For H1, chemical analysis revenue fell 10 per cent to SGD3
million from SGD3.3 million the year before.  The fall took into
account a negative exchange rate impact of 5 per cent due to a
weaker Australian dollar.

Gross profit for Q2 was SGD231,000, down 60 per cent compared to
SGD580,000 for the year-ago period. The company's cost of sales for
the quarter was SGD1.3 million, compared to SGD1.2 million the year
before. This was mainly due to personnel and consumable expenses
relating to the provision of chemical analysis services and
manufacturing, The Business Times notes.

For H1, cost of sales was SGD2.6 million, compared to SGD2.4
million the year before, due to increase in personnel cost as the
group geared up its manufacturing resources in preparation for the
supply of its nutraceutical products for national launch in April
2019, adds The Business Times.

iX Biopharma Ltd., a specialty pharmaceutical and nutraceutical
company, develops, manufactures, and commercializes therapies for
the treatment of acute and breakthrough pain, and other health
conditions in Australia, Singapore, and Malaysia. The company
operates through Specialty Pharmaceutical, Chemical Analysis, and
Nutraceutical segments.

The company posted three consecutive annual losses of SGD7.39
million, SGD7.70 million, and SGD10.56 million, for the years ended
June 20, 2017, 2016, and 2015, respectively.

METECH INTERNATIONAL: Posts SGD377K Net Loss in Q2 Ended Dec. 31
----------------------------------------------------------------
The Business Times reports that Metech International posted on Feb.
11 a net loss of SGD377,000 for the second quarter ended Dec. 31,
from a net loss SGD107,000 a year ago, after it discontinued its
main electronic-waste management (EMW) business.

With its EWM business held for sale and accounted for under
discontinued operations, revenue for the quarter was derived solely
from Metech's supply chain management (SCM) business. This rose
31.5 per cent to SGD22.1 million from SGD16.8 million a year ago as
more resources were committed to SCM, said the firm, the Business
Times relays.

According to the report, the loss after tax from discontinued
operations amounted to SGD423,000 loss, while continuing operations
posted a profit after tax of SGD57,000, up 90 per cent year on
year.

Earnings per share for the company from continuing operations stood
at 0.013 cent compared to 0.007 cent a year ago. Loss per share for
discontinued operations was at 0.0093 cent compared to 0.0004 cent
in the year-ago quarter. No dividend was declared for the quarter,
The Business Times discloses.

For the first half-year, Metech's net loss came to SGD2 million,
reversing from a net profit of SGD75,000 a year ago. Revenue rose
12.4 per cent to SGD46.6 million, The Business Times relays.

The Business Times relates that Metech said that following its
earlier announced disposal of the EMW subsidiaries in Malaysia and
United States, it had also decided to discontinue its Singapore
operations.

It expects the above moves to result in significant reduction of
cost of operations and that the remaining inventory from the EWM
business will return some cash to the group, the report adds. In
the near future, the company intends to focus on growing the SCM
business and achieving higher profitability, said Metech. At the
same time, it will explore other opportunitites for its longer term
growth.

Consequently, the company and its former CEO and current managing
director of its EWM business, Mr Andrew Eng, have mutually agreed
to discontinue his employment with the group, Metech, as cited by
The Business Times, said.  Mr. Eng, whose three-month notice period
started on Feb. 1, will continue to assist the company in its
disposal of the EWM business during this period, it said.

Based in Singapore, Metech International Limited provides recycling
and processing services for the electronics industry in Singapore,
the United States of America, the People's Republic of China, and
Malaysia. It operates through Waste Management and Supply-Chain
Management segments. The company offers recycling solutions for
electronic, electrical, and equipment waste; and recovers precious
metals, such as gold, silver, palladium, and platinum, as well as
provides repair and reuse services. It is also involved in the
trading of plastics, non-precious metal scrap, and other recyclable
materials for subsequent reclamation; and purchase of metal
commodity for recycling and smelting, as well as repair and
maintenance of computer hardware, data processing equipment, and
computer peripherals.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2019.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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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
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