---

       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

          Monday, March 4, 2019, Vol. 22, No. 45

                           Headlines



A U S T R A L I A

COLOMBO'S BALWYN: First Creditors' Meeting Set for March 12
EPHRAIM RESOURCES: First Creditors' Meeting Set for March 12
HIGGINS SIGNS: First Creditors' Meeting Set for March 11
J & R WALL: First Creditors' Meeting Set for March 8
NAPOLEON PERDIS: Administrators Receive Multiple Offers

OAKLANDS COURT: Second Creditors' Meeting Set for March 12
RAPTOR FIRE: Second Creditors' Meeting Set for March 11


C H I N A

AGILE GROUP: Moody's Rates Proposed USD Sr. Unsecured Notes 'Ba3'
CHINA FORTUNE: Fitch Gives Final BB+ on USD530MM Notes Due 2021
DIANRONG: Closing 60 Stores & Axing 2,000 Employees, Source Says
XINHU ZHONGBAO: Fitch Lowers LongTerm IDR to 'B-', Outlook Stable
ZHENRO PROPERTIES: S&P Rates Proposed USD Senior Notes 'B-'

[*] China's Domestic Slowdown Drives Global Trade Slump, Fitch Says


I N D I A

ABIR INFRASTRUCTURE: Insolvency Resolution Process Case Summary
ALCHEMIST HOSPITALS: Insolvency Resolution Process Case Summary
ALCHEMIST TOWNSHIP: Insolvency Resolution Process Case Summary
BIRESHWAR COLD: CRISIL Raises Loan Ratings to B+, Trend Stable
CALLINA CARE: Insolvency Resolution Process Case Summary

CAUVERY TIMBER: CRISIL Lowers Ratings on INR6cr Loans to D
CLASSIC INFRASOLUTIONS: Insolvency Resolution Process Case Summary
CONCORDE DESIGNS: CRISIL Lowers Ratings on INR12cr Loans to D
DESIGN N GLASS: CRISIL Withdraws D Ratings on INR10cr Loans
DEWA PROJECTS: CRISIL Keeps D on INR287cr Loan in Not Cooperating

DIAMONDSTAR: CRISIL Reaffirms 'D' Ratings on INR32cr Loans
ESSAR STEEL: NCLT to Take Call on ArcelorMittal Bid by March 8
FIBERTECH INFRACON: Insolvency Resolution Process Case Summary
FOREVER ENTERTAINMENT: Insolvency Resolution Process Case Summary
GLOBAL ENERGY: Insolvency Resolution Process Case Summary

GOKULA KANNAN: Insolvency Resolution Process Case Summary
GOVIND RUBBER: Insolvency Resolution Process Case Summary
H R HYGIENE: CRISIL Reaffirms B+ Ratings on INR6cr Loans
HARJIT SINGH: CRISIL Maintains 'C' Rating in Not Cooperating
HINDUSTAN GUNNY: CRISIL Keeps B+ on INR10cr Debt on Non-Cooperating

HOTEL ASHOK: CRISIL Maintains 'B' Ratings in Not Cooperating
IMMENSE INDUSTRIES: CRISIL Maintains D Ratings in Not Cooperating
INNOVATIVE TECHNOMICS: CRISIL Keeps D Ratings in Not Cooperating
JAI HANUMAN: CRISIL Keeps B+ on INR4cr Debt in Not Cooperating
JKSHIKHA CONSTRUCTION: Insolvency Resolution Process Case Summary

KAIZEN AAC: Insolvency Resolution Process Case Summary
LOK RAJ: CRISIL Maintains 'D' Ratings in Not Cooperating
LORD BUDDHA: CRISIL Keeps D on INR30cr Loan in Not Cooperating
LOYAL MOTORS: Insolvency Resolution Process Case Summary
MAHESH INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating

MAHESH TIMBER: CRISIL Maintains 'D' Ratings in Not Cooperating
MANSAROVAR HERITAGE: Insolvency Resolution Process Case Summary
MARUTI PET: Insolvency Resolution Process Case Summary
MAXX MOBILE: Insolvency Resolution Process Case Summary
MERGE STONES: CRISIL Keeps B on INR10cr Loans in Not Cooperating

MY STORE: CRISIL Keeps D on INR16cr Loans in Not Cooperating
NAV NIRMAN: CRISIL Keeps D on INR27.35cr Loans in Non-Cooperating
PARKER VRC: CRISIL Keeps D on INR45cr Loan in Not Cooperating
PEE GEE: CRISIL Keeps B+ on INR12cr Loans in Non-Cooperating
POLYBLENDS INDIA: Insolvency Resolution Process Case Summary

PRATIBHA INDUSTRIES: Insolvency Resolution Process Case Summary
PRIYADARSHINI SAHAKARI: CRISIL Keeps D Ratings in Not Cooperating
QUANTAM AGROTECH: CRISIL Assigns B- Ratings to INR7.11cr Loans
RICHLOOK CREATIONS: CRISIL Keeps B+ Ratings on Non-Cooperating
ROCHEM GREEN: CRISIL Maintains 'D' Ratings in Not Cooperating

SAMIAH INT'L: Insolvency Resolution Process Case Summary
SAPPHIRE SPINNERS: Insolvency Resolution Process Case Summary
SATYA SAI: CRISIL Withdraws B+ Rating on INR22.5cr Loans
SHANTAI EXIM: Insolvency Resolution Process Case Summary
SHANTI COLD: CRISIL Assigns B- Ratings to INR5.70cr Loans

SHARP KNIFE: Insolvency Resolution Process Case Summary
SHIVA AGRO: CRISIL Lowers Rating on INR7cr Loans to D
SUNIL AND COMPANY: CRISIL Assigns 'B' Ratings to INR8.95cr Loans
TULSI DALL: CRISIL Reaffirms 'B' Rating on INR9.9cr Cash Loan
UNIMETAL CASTINGS: Insolvency Resolution Process Case Summary

[*] INDIA: Sebi Likely to Tighten Takeover Norms for Cos. Under IBC


J A P A N

TAKATA CORP: Nine Former Employees Accused of Insider Trading


N E W   Z E A L A N D

ARROW INTERNATIONAL: Placed Into Voluntary Administration


S I N G A P O R E

HYFLUX LTD: Retail Investors Come Up Alternative Proposal
PACIFIC RADIANCE: Net Loss Narrows to US$76MM in Q4 Ended Dec. 31

                           - - - - -


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

COLOMBO'S BALWYN: First Creditors' Meeting Set for March 12
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Colombo's
Balwyn Pty Ltd, trading as Colombo's Balwyn will be held on March
12, 2019, at 10:00 a.m. at the offices of Hamilton Murphy, at Level
1, 255 Mary Street, in Richmond, Victoria.

Richard Rohrt and Stephen Dixon of Hamilton Murphy were appointed
as administrators of Colombo's Balwyn on Feb. 27, 2019.


EPHRAIM RESOURCES: First Creditors' Meeting Set for March 12
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ephraim
Resources Limited, trading as WorldAudio WA and Brand ATM
Australia, will be held on March 12, 2019, at 11:30 a.m. at the
offices of Worrells Perth, at Level 4, 15 Ogilvie Road, in Mount
Pleasant, West Australia.

Mervyn Kitay of Worrells Solvency & Forensic Accountants were
appointed as administrators of Ephraim Resources on Feb. 28, 2019.


HIGGINS SIGNS: First Creditors' Meeting Set for March 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Higgins
Signs & Plastics Pty Ltd will be held on March 11, 2019, at 10:00
a.m. at the offices of Hall Chadwick Chartered Accountants, at
Level 4, 240 Queen Street, in Brisbane, Queensland.

Brent Trevor-Alex Kijurina and Richard Albarran of Hall Chadwick
were appointed as administrators of Higgins Signs on Jan. 27,
2019.


J & R WALL: First Creditors' Meeting Set for March 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of J & R Wall
Investments Pty Ltd will be held on March 8, 2019, at 2:00 p.m. at
68-72 York Street, in South Melbourne, Victoria.

Michael Caspaney of Menzies Advisory was appointed as administrator
of J & R Wall Investments on Feb. 26, 2019.


NAPOLEON PERDIS: Administrators Receive Multiple Offers
-------------------------------------------------------
Nick Bonyhady at The Sydney Morning Herald reports that a number of
bidders are competing to win control of the cosmetics company
Napoleon Perdis after its administrators revealed multiple formal
offers had been received for the company.

The home-grown cosmetics brand closed 28 of its 56 Australian
stores last month after Mr. Perdis put the company into
administration in late January, blaming poor business conditions
and competition from overseas rivals.

According to SMH, Mr. Perdis said he did not know who all the
bidders were, but that a number of parties had approached him
through the administrators, Worrells, about working with him and
his family.

"The administrator has been doing their job and it has been my job
to help guide them, to help them understand all the elements of the
business," SMH quotes Mr. Perdis as saying.  "I'm glad that they've
been able to get all the bids that they've been able to get. The
bids are multiple and competitive and it is exciting."

SMH relates that Worrells said in addition to the formal bids
already submitted, it also expected to receive a deed of company
arrangement from the company's directors, reported to be in
partnership with another insolvency firm, Ferrier Hodgson.

If accepted, the deed of company arrangement would essentially put
the company back into the control of its current directors, which
the company's website lists as being Mr. Perdis, his wife
Soula-Marie and his brother Emanuel, SMH relays.

Mr. Perdis said there had been an outpouring of support since the
company had been put into administration.

"The brand is really hot," he said, SMH relays.

According to SMH, Worrells said it was still restructuring Napoleon
Perdis to improve the business and that the bids would be finalised
over the next two weeks.

"The administration's prospects have been promising from the outset
and the success of expression of interest campaign is clear
evidence of the brand's value and market relevance," SMH quotes
Worrells administrator Simon Cathro as saying.

Napoleon Perdis is the latest in a long line of retail chains to go
into administration in Australia, but the company was also hit with
a lawsuit from its former general manager in the Federal Court last
year alleging underpayment and bullying.

The administrators said the NSW Supreme Court had extended the
company's creditors' time to select a winning bid until early June,
SMH relays.

                       About Napoleon Perdis

Based in Alexandria, Australia, Napoleon Perdis Cosmetics Pty. Ltd.
owns and operates stores that sell cosmetics. It offers makeup
products for face, lips, eyes, cheeks, and nails. The company also
provides skincare products, including auto pilot skincare, auto
pilot priming, cleansers, and body products. In addition, it offers
gifts and sets; and tools, such as brushes, brush sets, and books.
Further, the company operates a make-up academy in Australia and
California. Furthermore, it engages in the online retail of
cosmetics.

Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency &
Forensic Accountants were appointed as administrators of Napoleon
Perdis on Jan. 31, 2019.


OAKLANDS COURT: Second Creditors' Meeting Set for March 12
----------------------------------------------------------
A second meeting of creditors in the proceedings of Oaklands Court
Investments Pty Ltd has been set for March 12, 2019, at 3:00 p.m.
at the offices of Hamilton Murphy, at Level 1, 255 Mary Street, in
Richmond, Victoria.

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

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

Richard Rohrt of Hamilton Murphy was appointed as administrator of
Oaklands Court on Feb. 4, 2018.


RAPTOR FIRE: Second Creditors' Meeting Set for March 11
-------------------------------------------------------
A second meeting of creditors in the proceedings of Raptor Fire
Services Pty Ltd has been set for March 11, 2019, at 11:00 a.m. at
One Wharf Lane, 171 Sussex Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 8, 2019, at 5:00 p.m.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Raptor Fire on Feb. 4, 2018.




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

AGILE GROUP: Moody's Rates Proposed USD Sr. Unsecured Notes 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has assigned Ba3 senior unsecured ratings
to the USD notes to be issued by Agile Group Holdings Limited (Ba2
stable).

Agile plans to use the proceeds from the proposed notes to
refinance existing indebtedness.

RATINGS RATIONALE

"The proposed notes issuance will provide Agile with additional
liquidity and moderately lengthen its debt maturity profile, while
the impact on its credit metrics will be limited, because it will
use the proceeds mainly to refinance debt," says Kaven Tsang, a
Moody's Senior Vice President.

Agile's Ba2 corporate family rating reflects its strong track
record of property development in Guangdong and Hainan provinces,
disciplined financial management, adequate liquidity with good
access to the offshore debt and banking markets, and decent
profitability benefitting from its low land costs.

Moody's expects Agile's presales, including those of joint ventures
and associates, to grow moderately to around RMB110-RMB115 billion
in 2019, after registering a 14% growth to RMB102.7 billion in
2018. This presale performance will support future revenue
recognition.

In addition, Agile is likely to maintain its gross margin at a high
level of around 35% for the next 12-18 months, because of its low
land cost and the high margins of its projects in Hainan and
Zhongshan. This margin level provides the company with a buffer
against a price decline if China's property market softens over the
same period.

Over the next 12-18 months, Moody's expects that the company's
revenue/adjusted debt will register 70%-75% and EBIT/interest
4.0x-4.5x. These ratios position Agile at its Ba2 corporate family
rating.

Agile's liquidity position is adequate. Its cash holdings of
RMB29.5 billion at June 30, 2018, together with its sales proceeds
from pre-sales, will be sufficient to cover its short-term debt of
RMB29.9 billion and committed land premiums over the next 12-18
months.

At the same time, Agile's corporate family rating is constrained by
the company's material exposure to Guangdong and Hainan provinces,
the impact of potential regulatory tightening on property sales in
its key operating cities, and execution risks associated with its
fast expansion in property and new businesses.

Agile's Ba3 senior unsecured ratings are one notch lower than its
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 Agile'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 ratings outlook reflects Moody's expectation that Agile
will maintain a disciplined approach to land acquisitions and
business expansion, moderate growth in scale, stable financial
metrics and an adequate liquidity position over the next 12-18
months.

Upward ratings pressure could develop if Agile grows its scale
while (1) maintaining a strong liquidity position; and (2)
improving its credit metrics, with adjusted revenue/debt above
95%-100% and EBIT/interest coverage above 5.0x-5.5x on a sustained
basis.

Downward ratings pressure could emerge if Agile's contracted sales
fall and credit metrics weaken, with EBIT/interest coverage falling
below 3.5x or adjusted revenue/debt falling below 70%-75%.

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

Agile Group Holdings Limited is a major property developer in
China, operating in the mid- to high-end segment. At June 30,
2018, the company had a land bank with a total gross floor area of
35.4 million square meters in 69 cities and districts in China.


CHINA FORTUNE: Fitch Gives Final BB+ on USD530MM Notes Due 2021
---------------------------------------------------------------
Fitch Ratings has assigned China Fortune Land Development Co.,
Ltd.'s (CFLD, BB+/Stable) USD530 million 8.625% senior notes due
2021 a final rating of 'BB+'. The notes are issued by CFLD's wholly
owned subsidiary CFLD (Cayman) Investment Ltd. and are
unconditionally and irrevocably guaranteed by CFLD. The final
rating is in line with the expected rating assigned on February 21,
2019.

CFLD's ratings are supported by its leading position in industrial
park development in key economic regions, particularly the
pan-Beijing region. The ratings are constrained by its high
geographical concentration and poor information disclosure on its
62 massive industrial parks, each covering 2 square kilometres to
200 square kilometres. CFLD's leverage also rose substantially as
of end-September 2018, although this was partly driven by temporary
factors. Fitch may consider negative rating action if it estimates
that the leverage will be sustained above 50%.

KEY RATING DRIVERS

Stable Project Performance: CFLD's property contracted sales in
2018 increased by 8% to CNY129.2 billion, with the average selling
price dropping to CNY8,600/sqm from CNY12,320/sqm a year earlier,
due to more sales in lower-tier cities in the Jingjinji region.
CFLD's revenue recognised from development of districts in
less-developed counties, which are mainly revenue due from local
governments, increased 5% yoy to CNY31 billion 2018, compared with
a 67% increase in 2017.

Slower Cash Collection, Higher Leverage: Fitch estimates that
CFLD's leverage, as measured by net debt/district-related
inventory, increased to above 75% at end-September 2018 from 50% at
end 2017, mainly due to much slower cash collection from government
revenue due to a review on the validity of public-private
partnership projects across China in 2018. Fitch estimates that
CFLD's cash receipts from local governments may drop to around
CNY10 billion, or below 40% of government-related revenue in 2018,
which includes revenue from infrastructure construction, primary
land and industrial park development as well as service fees from
industrial park management. Cash collection from local governments
was CNY19 billion, or about 70% of government-related revenue, in
2017.

CFLD's housing sales collection was also particularly slow in 2017
and 2018 due to a more stringent definition of qualified buyers.
Fitch believes that the effect may gradually dissipate from 2019 as
sales proceeds for projects sold in 2016-2017 started to be
collected in the later part of this year. Fitch will consider
taking negative rating action if it expects CFLD's leverage to be
sustained above 50%. CFLD's leverage averaged 39% between 2012 and
2016.

Business Partnerships Reduce Risks: Fitch believes CFLD's strategy
to seek more partnerships from 2018 will sustain its strong
business profile as the company would otherwise face rising
execution risk if it relied on its own development capacity to
expand operations. CFLD partnered CIFI Holdings (Group) Co. Ltd.
(BB/Stable) in February 2018 and China Vanke Co., Ltd.
(BBB+/Stable) in October 2018 to develop property projects within
its districts.

Ping An Insurance (Group) Co., is expected to increase its
shareholding in the company to 25.25% from below 20% in February
2019, according to the company's announcement. Ping An's increased
involvement in the company is evident from the appointment of two
of its representatives on CFLD's board and the strategic
cooperation agreement signed with CFLD in September 2018. Fitch
will monitor the business activities between the two companies over
and above their current co-investments in CFLD's projects to
consider the potential impact of the Ping An partnership on CFLD's
business and liquidity profiles.

High Geographical Concentration Risk: CFLD's dependence on housing
sales exposes it to the volatility of China's housing market, which
is subject to policy risk. This was demonstrated in CFLD's poor
cash collection in 2017. Revenue is concentrated in the pan-Beijing
region, which contributes 84% of total revenue. Contracted gross
floor area sold for the housing segment in the region fell to 55%
in 1H18, from 69% in 2017. However, most of CFLD's government
revenue still comes from this region and it will be years before a
more balanced regional business mix can be achieved.

Weak Information Disclosure: CFLD has weak information disclosure,
especially for its district park development, as it has devoted
greater disclosure to its property business in line with most
China-listed homebuilders. This means investors treat CFLD
similarly to other homebuilders and led to a Shanghai Stock
Exchange (SSE) request in April 2018 for an explanation of CFLD's
business operations and accounting treatment, which saw its bond
and share prices suffer. However, the company has provided Fitch
with sufficient information for its credit analysis and is
cooperative and responsive to its information requests. Fitch
believes CFLD can improve its disclosure, especially since its
district park development includes large project investments.

DERIVATION SUMMARY

CFLD's business model remains dependent on China's housing market
and its large pan-Beijing housing market exposure constrains its
ratings below investment grade. CFLD does have non-property income
from government contracts and is thus less subject to counterparty
credit risk, especially as its business model involves paying land
premiums and taxes to local government, which are in turn used to
pay CFLD. This significantly strengthens its business profile
relative to other homebuilders, as it does not need to lock up
capital in holding land reserves that it does not immediately need
for development.

CFLD's business is unique and there are no similar peers. However,
given the asset trading/liquidation nature of its business, Fitch
has compared CFLD to Chinese homebuilders. CFLD has higher leverage
than 'BB-' and 'BBB-' rated homebuilders and has strong earnings
from industry services, giving it an interest cover ratio that is
2x-3x higher than that of Shimao Property Holdings Limited's
(BBB-/Stable) recurring EBITDA/interest cover of 0.5x and
Sino-Ocean Group Holding Limited's (BBB-/Stable; standalone:
BB+/Stable) 0.3x. The recoverable value of CFLD's inventory is
highly assured, despite its higher leverage of 50% versus Shimao's
28% and Sino-Ocean's 36%.

KEY ASSUMPTIONS

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

  - Housing sales gross floor area to increase by 20% in 2018 and
10% a year thereafter

  - District-related inventory to increase by 25% in 2018 and 2019

  - New investment commitments to rise by 15% a year and
accumulated completed investments to increase to 30%, from 25%, of
accumulated commitments between 2018 and 2021

  - Gross margin of 40% in 2018, dropping by 2pp a year thereafter

RATING SENSITIVITIES

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

  - Sustained neutral to positive cash flow from operation

  - Greater geographical diversification of its businesses and cash
flow

  - More detailed and publicly available disclosure of its
businesses and operational information

  - Maintaining a healthy financial profile, with low leverage and
strong cash flow/debt ratios

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

  - Large decline of housing contracted sales

  - Net debt/district-related inventory above 50% for a sustained
period

  - District contracted sales/net debt below 2x for a sustained
period (2017: 2.2x; 1H18: 1.6x)

  - Changes to government policies affecting CFLD's rights in its
projects

LIQUIDITY

Adequate Liquidity: CFLD's available cash of CNY36 billion at
end-September 2018 was sufficient to meet its short-term debt
obligations of less than CNY30 billion. Slower cash collection from
more restrictive home purchase policies in its key pan-Beijing area
housing market and lower cash receipts from the government due to
the review of public-private partnership projects likely led to
negative operating cash flow in 2018. CFLD issued USD920 million of
offshore senior notes due 2020, as well as USD940 million of
offshore senior notes due 2021 in 2018. Fitch thinks that CFLD has
successfully diversified its funding channels into the offshore
market and smoothed out its debt maturity profile.


DIANRONG: Closing 60 Stores & Axing 2,000 Employees, Source Says
----------------------------------------------------------------
Reuters reports that Dianrong, one of China's biggest peer-to-peer
(P2P) lenders, is shutting down 60 of its 90 offline stores and
laying off an estimated 2,000 employees, a source with direct
knowledge of the matter said on March 1.

Reuters says the shrinking of Shanghai-based Dianrong comes amid
Beijing's multi-year crackdown on risky practices and excessive
leverage in the financial system that has seen a wave of P2P
company collapses and triggered protests by angry investors who
lost their savings.

The company was co-founded by Soul Htite, who was also behind US
online lender LendingClub Corp. It is backed by Singapore sovereign
fund GIC and Standard Chartered Private Equity.

When asked for a response to the store closures and layoffs,
Dianrong said it would comment later, Reuters notes.

According to Reuters, P2P platforms gather funds from retail
investors and loan the money to small corporate and individual
borrowers, promising high returns. At its peak in 2015, the sector
had about 3,500 businesses in China. The P2P industry had
outstanding loans of CNY1.49 trillion last year, far larger than
the combined sector outside China.

Dianrong's investors also included CMIG Leasing, a unit of China's
biggest private investment conglomerate, China Minsheng Investment
Group (CMIG), Tiger Global Management, Japan's Orix Corp and CLSA,
part of China's CITIC Securities, Reuters discloses.


XINHU ZHONGBAO: Fitch Lowers LongTerm IDR to 'B-', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has downgraded Xinhu Zhongbao Co., Ltd.'s Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'B'. The
Outlook is Stable.

Fitch has also downgraded the senior unsecured rating and the
ratings on the outstanding USD700 million 6% senior unsecured notes
due 2020 issued by Xinhu (BVI) Holding Company Limited and the
USD240 million 11% senior unsecured notes due 2021 issued by Xinhu
(BVI) 2018 Holding Company Limited to 'B-' from 'B'. The Recovery
Rating is 'RR4'.

The downgrade reflects the rise of Xinhu Zhongbao's leverage, as
measured by net debt/adjusted inventory including equity
investments, in 2017 and 1H18. The increase was due to its primary
land development expenditure, long cash collection cycles from its
Shanghai redevelopment projects, and the increase in equity
investments. Fitch expects the company's leverage to further
increase in 2019 as it continues to spend on primary land
development, although leverage should start to decrease gradually
when the redevelopment projects in Shanghai are launched for
pre-sale from early 2020.

Fitch assesses the ratings of Xinhu Zhongbao after taking into
consideration the consolidated financial profile of its parent,
Zhejiang Xinhu Goup Co. Ltd., in line with Fitch's Parent and
Subsidiary Rating Linkage criteria. This is due to their strong
legal, operational and strategic linkages.

Xinhu Zhongbao's high leverage is partly mitigated by its high
quality land bank, which will drive robust contracted sales growth
and higher margins than peers in the 'B' rating category.

KEY RATING DRIVERS

High Leverage Constrains Ratings: Xinhu Zhongbao's leverage on a
standalone basis rose to 70.5% by end-June 2018 from 62% at
end-2016, including long-term equity investments in financial
institutions and technology companies. Fitch expects the company's
leverage to stay at 70%-80% in 2019-2020 despite no new land
acquisitions, as cash outflow for primary land redevelopment will
remain significant in 2019. The redevelopment projects in Shanghai
will be launched for pre-sale from 2020 in phases, which is likely
to help the company to deleverage gradually.

Strong Parent and Subsidiary Linkage: Fitch assesses the linkage
between Xinhu Zhongbao and Zhejiang Xinhu Group, which has a 40.18%
equity stake in Xinhu Zhongbao, as strong. This is in view of
historical intragroup asset transfers, common control of subsidiary
Xiangcai Securities, some management overlap between the two
entities, and guarantees provided by Xinhu Zhongbao to the parent.
Fitch therefore rates Xinhu Zhongbao based on the consolidated
financial profile of the Zhejiang Xinhu Group.

Slower Churn than Peers: Xinhu Zhongbao's sales churn, as measured
by contracted sales/gross debt, of 0.2x in 2017 is low compared
with the 0.4x average of 'B-' rated peers. This is attributable to
the long development period of its redevelopment projects. The
primary land development costs are mainly funded with debt in the
absence of pre-sale proceeds. Sales churn will improve when
contracted sales will kick in to cover property development costs
from 2020.

Quality Land Bank: The majority of Xinhu Zhongbao's land designated
for secondary development is in key cities around the Yangtze River
Delta, with about 50% of its sellable resources by value located
within the Shanghai inner-ring road, where land supply is limited.
Fitch forecasts an increase in Xinhu Zhongbao's average selling
price (ASP) when its Shanghai projects are launched in 2020.

Margin Improvement: Fitch expects Xinhu Zhongbao's high-quality
land bank to support robust contracted sales growth and higher
margins. Xinhu Zhongbao's operating EBITDA margin (excluding
capitalised interest in the cost of goods sold), rose to 32% in
2017 from 22% in 2016, mainly due to higher ASP recognised. Fitch
expects EBITDA margin to stay at about 30% in 2018 and 2019 due to
the company's high-quality land bank.

Financial Investments Given Credit: Xinhu Zhongbao has been
building up its portfolio of long-term equity investments in
financial institutions, mainly Xiangcai Securities Co., Ltd.,
Shengjing Bank, Bank of Wenzhou Co., Ltd and China CITIC Bank
Corporation Limited (BBB/Stable). Fitch has included these
investments in its leverage calculation as part of adjusted
inventories. Fitch also adjusted Xinhu Zhongbao's net debt to
include a cash credit from its marketable equity investments. The
company has consistently made large marketable equity investments
in the Chinese and Hong Kong equity markets.

DERIVATION SUMMARY

Xinhu Zhongbao's ratings are constrained by its high leverage and
slow sales churn, due to its redevelopment projects in Shanghai,
which have long cash collection cycles, and the significant amount
of equity investments, mainly in financial institutions and
technology companies. The company is rated based on the
consolidated financial profile of the Zhejiang Xinhu Group, in line
with Fitch's Parent and Subsidiary Rating Linkage criteria.

Xinhu Zhongbao (on a standalone basis) has a similar business model
and contracted sales scale to Oceanwide Holdings Co. Ltd.
(B-/Stable). Both companies have high-quality land bank in Shanghai
with low land costs, which support their EBITDA margins. However,
both of them have slow churn, as measured by contracted sales/total
debt, and they make active investments in finance institutions.
Xinhu Zhongbao has slightly lower leverage, as measured by net
debt/adjusted inventory, than Oceanwide, but a much lower recurring
non-property development EBITDA interest coverage ratio than the
latter.

Xinhu Zhongbao's standalone business profile is supported by its
high land quality, which results in higher profit margins than 'B'
category peers, such as Redco Properties Group Ltd (B/Stable) and
Guorui Properties Limited (B/Rating Watch Negative). Xinhu
Zhongbao's land bank is also much older and undervalued compared
with those of its peers. However, its leverage is higher than that
of these peers.

KEY ASSUMPTIONS

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

  - The company will pay down the primary land development
expenditure for its Shanghai projects in 2018 and 2019, with
limited new land acquisitions in 2019-2020.

  - Contracted sales (after business tax) at CNY18 billion in 2018
and CNY20 billion 2019 (2017: CNY13.2 billion)

  - EBITDA margin (after added back capitalised interests) to
remain at 30%-35% in 2018-2020 (2017: 32%).

Recovery Rating assumptions:

  - Xinhu Zhongbao 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 20% on net inventory at fair value, as Xinhu
Zhongbao's EBITDA margin is higher than the industry average. This
implies its inventory will have a higher liquidation value than
that of peers.

   - A 40% haircut to investment properties and 50% haircut to
properties, plant and equipment.

- A 60% haircut to equity investments, which are mainly in
financial institutions.

  - Xinhu Zhongbao'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 73%, which corresponds to
a Recovery Rating of 'RR2'. However, the Recovery Rating assigned
to Xinhu Zhongbao's senior unsecured debt is 'RR4' because under
the Country-Specific Treatment of Recovery Ratings criteria, China
falls into the Group D of countries in terms of creditor
friendliness. Recovery ratings of issuers with assets in this group
are capped at 'RR4'.

RATING SENSITIVITIES

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

  - Net debt to adjusted inventory, where adjusted inventory
including equity investments in non-property assets and property
inventory are based on book value, sustained below 70%. (on
Zhejiang Xinhu Group's consolidated basis)

  - Standalone contracted sales/gross debt sustained above 0.5x
(2017: 0.2x).

  - Standalone EBITDA margin sustained above 30% (2017: 32%).

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

  - Weakening of the liquidity position of Xinhu Zhongbao or
Zhejiang Xinhu Goup Co. Ltd.

  - Standalone contracted sales/gross debt sustained below 0.2x, or
standalone contracted sales sustained below CNY10 billion and
failing to support property business expansion and reducing debt
repayment capacity.

LIQUIDITY

Sufficient Liquidity:  As at end-June 2018, Xinhu Zhongbao's
unrestricted cash and marketable equity investments totalled CNY20
billion after Fitch took a 60% haircut to its CNY10.5 billion
available-for-sale equity investments, and a 30% discount to its
CNY1.15 billion of investments in wealth management products. Xinhu
Zhongbao can cover its short-term debt of around CNY14.6 billion
plus the CNY5 billion negative free cash flow forecast in 2018. The
company issued USD240 million of 11% senior notes due 2021 in
December 2018. In addition, the company's high quality and
sufficient land reserve provides an adequate pledge for financing
if necessary.


ZHENRO PROPERTIES: S&P Rates Proposed 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 debts.
The rating is subject to S&P's review of the final issuance
documentation.

S&P rates the proposed senior notes one notch below the issuer
credit rating on Zhenro to reflect structural subordination risk.
As of June 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, the priority debt ratio of
Zhenro is around 73%, which is significantly above our
notching-down threshold of 50%.

The issuance may slightly improve Zhenro's capital structure as the
company intends to use the proceeds to refinance existing debts. In
February 2019, the company completed an issuance of US$230 million
senior notes and part of the proceeds was used for an early
redemption of its US$160 million bond due May 2019. S&P expects the
proceeds from the proposed issuance to refinance its onshore
maturities, as the company does not have other offshore bond
maturing or puttable in 2019. However, the impact on Zhenro's
credit profile will unlikely be substantial, given the company's
material short-term debt position.

S&P expects the company to maintain high growth in contracted sales
and revenue with a strong project pipeline, which should partly
offset its debt growth.


[*] China's Domestic Slowdown Drives Global Trade Slump, Fitch Says
-------------------------------------------------------------------
Fitch Ratings says the recent pattern of trade flows in Asia
suggests that the sharp decline in world trade growth in the second
half of 2018 was primarily due to the slowdown in domestic demand
in China rather than the direct impact of tariffs associated with
increased US-China trade tensions.

The Fitch Ratings economics team's latest chart of the month shows
that exports to China from a selection of other large economies in
Asia have slowed much more sharply than their overall exports.
Since intra-Asian trade flows are much less likely to have been
affected by the tariff measures imposed by the US and China, this
points to weakening domestic demand in China as a key driver of the
slowdown. China's year-on-year import growth (in nominal US dollar
terms) turned negative at the end of 2018, despite rising import
prices. This was the first decline since 2016 and reflects a
slowdown in domestic investment and private consumption.

The US and the Eurozone have also seen their export growth to China
falling more rapidly than total exports. Germany in particular has
been hit hard by declining auto sales in China, although, for the
Eurozone as a whole, exports have also been affected by declining
sales in the UK and Turkey. US exports to China have fallen very
sharply in recent months but these bilateral flows have been
distorted by tariff measures, including possible front-loading of
trade flows in mid-2018 ahead of anticipated further tariff hikes
and the subsequent payback. The evidence from Asia suggests the
outlook for Chinese domestic demand will be a key driver of global
trade in 2019.




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

ABIR INFRASTRUCTURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Abir Infrastructure Private Limited

        Registered office:
        B-215-216, Somdatt Chamber 1
        5, Bhikaji Cama Place
        New Delhi 110066

        Other office:
        No. 8-2-577/B, Plot NO. 34
        4th Floor, MAAS Heights
        Road No. 8, Banjara Hills
        Hyderabad 500034 TG

Insolvency Commencement Date: January 30, 2019

Court: National Company Law Tribunal, Noida Bench

Estimated date of closure of
insolvency resolution process: July 28, 2019

Insolvency professional: Mr. Alok Kumar Agarwal

Interim Resolution
Professional:            Mr. Alok Kumar Agarwal
                         605, Suncity Business Tower
                         Golf Course Road
                         Sector 54, Gurgaon
                         Haryana 122002
                         E-mail: alok@insolvencyservices.in

                            - and -

                         C-100, Sector-2
                         Noida, Uttar Pradesh 201301
                         E-mail: abirinfrastructure@ascgroup.in

Last date for
submission of claims:    February 12, 2019


ALCHEMIST HOSPITALS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Alchemist Hospitals (Gurgaon) Private Limtied
        Registered & Principal office:
        House No. 18
        Sector-21, Panchkula
        Haryana 134112

Insolvency Commencement Date: January 25, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: July 30, 2019
                               (180 days from commencement)

Insolvency professional: Satya Dev Kaushik

Interim Resolution
Professional:            Satya Dev Kaushik
                         102, Gokul Apartments
                         GH-2 Sector 45
                         Faridabad (Haryana) 121010
                         E-mail: satyadevkaushik@hotmail.com

                            - and -

                         49, DDA Site No. 1
                         New Rajender Nagar
                         New Delhi 110060
                         E-mail: cirp.alchemist@gmail.com

Last date for
submission of claims:    February 15, 2019


ALCHEMIST TOWNSHIP: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s Alchemist Township India Ltd
        Flat No. 1511 (Front Portion)
        Hemkunt Chambers
        89, Nehru Place
        New Delhi 110019

Insolvency Commencement Date: January 25, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 24, 2019
                               (180 days from commencement)

Insolvency professional: Pramod Goel

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

                            - and -

                         B-220/2, 1st Floor
                         Right Side, Main Market
                         Savitri Nagar, Malviya Nagar
                         New Delhi 110017

Classes of creditors:    Allottees under real estate project under
                         section 5(8)(f) of Insolvency and
                         Bankruptcy Code, 2016

Insolvency
Professionals
Representative of
Creditors in a class:    Ram Kishore Maurya
                         53 A, Pocket-A
                         MIG Flats, GTB Enclave
                         Delhi 110093

                         Rakesh Kumar Gupta
                         701, Vikrant Tower No. 4
                         Rajendra Place
                         New Delhi 110008

                         Maya Gupta
                         3685/7, Narang Colony
                         Tri Nagar
                         Delhi 110035

Last date for
submission of claims:    February 13, 2019


BIRESHWAR COLD: CRISIL Raises Loan Ratings to B+, Trend Stable
--------------------------------------------------------------
Due to inadequate information, CRISIL in line with the Securities
and Exchange Board of India guidelines, had migrated its ratings on
the bank facilities of Bireshwar Cold Storage Private Limited
(BCSPL) to 'CRISIL B/Stable Issuer Not Cooperating'. However, the
management has subsequently started sharing information necessary
for carrying out a comprehensive review of the ratings.
Consequently, CRISIL is migrating its ratings to 'CRISIL B+/Stable'
from 'CRISIL B/Stable Issuer Not Cooperating'

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         3.55      CRISIL B+/Stable (Migrated from
                                 'CRISIL B/Stable ISSUER NOT
                                 COOPERATING')

   Proposed Long Term  4.50      CRISIL B+/Stable (Migrated from
   Bank Loan Facility            'CRISIL B/Stable ISSUER NOT
                                 COOPERATING')


   Working Capital      .80      CRISIL B+/Stable (Migrated from
   Facility                      'CRISIL B/Stable ISSUER NOT
                                 COOPERATING')

The migration reflects the improvement in BCSPL's business risk
profile, driven by optimal utilisation of the cold storage space.
Upward revision in rentals should help revenue improve in the
medium term. Liquidity should also be more than sufficient, aided
by absence of any major capital expenditure plan or maturing debt.

The rating continues to reflect exposure to risks arising from
intense competition and stringent regulations, and the company's
weak financial risk profile. These rating weaknesses are partially
offset by extensive experience of the promoters in the cold storage
business in West Bengal (WB).

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks arising from intense competition and stringent
regulations: The potato cold storage industry in WB is regulated by
the West Bengal Cold Storage Association, and rental rates are
fixed by the Department of Agricultural Marketing, WB. Fixed
rentals will continue to limit players' ability to earn profit,
based on their respective strengths and geographical advantages.
The intense competition from other cold storage units in the
vicinity forces them to offer discounts to ensure healthy
utilisation of storage capacity.

* Weak financial risk profile: Financial risk profile was marked by
an average networth and high gearing of INR2.23 crore and 2.08
times, respectively, as on March 31, 2018. Networth has improved
marginally, aided by better accretion to reserve. Loans extended to
farmers, especially towards the fiscal-end, kept gearing high.
Debt protection metrics are likely to remain moderate: interest
coverage and net cash accrual to total debt ratios were 1.42 times
and 0.07 time, respectively, in fiscal 2018.

Strengths:

* Extensive experience of the promoters: The three-decade-long
experience of the promoters in the cold storage industry and their
longstanding association with farmers and traders, have helped the
company ensure healthy utilisation of storage capacity.

Liquidity
Liquidity should remain adequate, aided by sufficient cash accrual
to cover the incremental working capital requirement as the term
debt was fully repaid in fiscal 2019. Bank limit utilisation
remains high during the peak season (March-April). Current ratio
remains moderate at 1.07 times as on March 31, 2018.

Outlook: Stable

CRISIL believes BCSPL will continue to benefit from the extensive
experience of its promoters in the cold storage business. The
outlook may be revised to 'Positive' if the company reports higher
cash accrual and improves its working capital management. The
outlook may be revised to 'Negative' if considerably low cash
accrual, or significant capex, weakens the financial risk profile
and liquidity.

BCSPL was set up in 1978, at Bankura (WB). The company provides
cold storage facilities to potato farmers and traders, and also
trades in potatoes. It is owned by the Kolkata-based Pal family,
which has over 30 years of experience in this business. BCSPL was
set up in 1978, at Bankura (WB). The company provides cold storage
facilities to potato farmers and traders, and also trades in
potatoes. It is owned by the Kolkata-based Pal family, which has
over 30 years of experience in this business.


CALLINA CARE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Callina Care Overseas Private Limited
        Registered office as per ROC Company Master Data:
        C-21 First Floor Hauz Khas
        New Delhi 110016    

Insolvency Commencement Date: January 31, 2019

Court: National Company Law Tribunal, Court No. IV,
       New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 30, 2019

Insolvency professional: Piyush Moona

Interim Resolution
Professional:            Piyush Moona
                         Flat no. 03103 ATS Advantage
                         Ahinsa Khand 1, Indirapuram
                         Ghaziabad 201014
                         E-mail: piyushmoona@gmail.com

                            - and -

                         Piyush Moona & Co.
                         LGF-82, Rajhans Plaza
                         Ahinsa Khand 1
                         Opp. Aditya Mall, Indirapuram
                         Ghaziabad 201014
                         E-mail: callinacarecirp@gmail.com

Last date for
submission of claims:    February 14, 2019


CAUVERY TIMBER: CRISIL Lowers Ratings on INR6cr Loans to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Cauvery
Timber and Saw Mill (CT) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'. The downgrade reflects weak liquidity due to
modest accruals and stretch in working capital requirements
resulting in working capital limit being overdrawn for over 30 days
and also devolvement of letter of credit facility availed by the
company for more than 30 days.

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

   Letter of Credit     4        CRISIL D (Downgraded from
                                 'CRISIL A4')

The ratings also factor in the modest scale of operations amidst
intense competition, large working capital requirement, and
below-average financial risk profile. These weaknesses are
partially offset by extensive experience of promoters in the timber
trading industry.

Key Rating Drivers & Detailed Description

Weaknesses:

*Modest scale of operations amidst intense competition: Operating
income has been modest at INR14.17 crore in fiscal 2018, with small
networth and working capital intensity in operations limiting the
financial flexibility. This trend may continue over the medium
term, driven by intense competition and lack of product
differentiation.

*Below-average financial risk profile: Total outside liabilities to
tangible networth ratio was high at 5.47 times as on March 31,
2018, while networth was modest at INR2.0 crore. Debt protection
metrics were also weak in fiscal 2018, with net cash accrual to
total debt and interest coverage ratios, around 0.09 time and 1.27
times, respectively.

*Working capital intensity in operations: Operations are highly
working capital intensive, with gross current assets of 341 days,
as on March 31, 2018, led by inventory of 183 days, necessitated by
the stock-and-sell model of trading. Due to intense competition and
slowdown in the construction industry, the timber trading industry
is forced to provide credit of 75-150 days. The firm sources nearly
its entire timber requirement from traders and wood cutters in
Malaysia, Africa, and America, against letter of credit with usance
of 180 days.

Strength

* Extensive experience of the promoter: Benefits from the
decade-long experience of the promoters, and their healthy
relationships with suppliers and customers, should continue to
support the business risk profile.

Liquidity
The firm's liquidity is stretched with the company expected to
generate modest accruals in the near term. The bank limit of Rs.2.0
crore is almost fully utilized for the last 12 months ended Dec 31,
2018. There are also overdrawals in the working capital limit for
more than 30 days. Also there are instances of devolvement of
letter of credit that has remained unpaid for over 30 days.

Set up as a partnership concern in 2004, CT trades in timber,
mainly in Tamil Nadu. The firm has established relationships with
timber depots and saw mills spread across the region, and has a
stockyard in Toothukudi.


CLASSIC INFRASOLUTIONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Classic Infrasolutions Private Limited

        Registered office:
        Room No. 205, Welcome Plaza S-551
        School Block 2, Shakarpur
        New Delhi 110092

        Corporate office:
        11th Floor, Paras Twin Tower Golf Course Road
        Sector-54 Gurugram (Gurgaon)
        Haryana 122002

Insolvency Commencement Date: January 14, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Manish Kumar Gupta

Interim Resolution
Professional:            Manish Kumar Gupta
                         404, 4th Floor, Laxmideep Building
                         Laxmi Nagar District Centre
                         Near Maharaja Benquet
                         Vikas Marg, Delhi 110092
                         E-mail: manishvivek@yahoo.com
                                 classic.mansihgupta@gmail.com

Classes of creditors:    Allotees under Real Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:     Mr. Sunil Arora
                          G-19, 3rd Floor, Tiwari Complex
                          Vijay Chowk, Laxmi Nagar
                          Delhi 110092
                          E-mail: sunilarora1994@gmail.com

                          Ms. Preeti Jaiswal
                          A 3/312, Milan Vihar Apartment
                          IP Extension, Delhi 110092
                          E-mail: capreetigoyal@gmail.com

                          Mr. Vineet Gupta
                          408, Laxmideep Building
                          Laxmi Nagar, New Delhi 110092
                          E-mail: vineetsinghalco@hotmail.com

Last date for
submission of claims:    February 2, 2019


CONCORDE DESIGNS: CRISIL Lowers Ratings on INR12cr Loans to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Concorde
Designs Private Limited (CDPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       2        CRISIL D (Downgraded from
                                 'CRISIL A4')

   Cash Credit         10        CRISIL D (Downgraded from
                                 'CRISIL B/Stable')

The downgrade reflects stretch in the liquidity profile of the
company which has resulted in overdrawals for more than 30 days.
The ratings continue to reflect weak liquidity and below-average
financial risk profile. These weaknesses are partially offset by
moderate scale of operation.

Key Rating Drivers & Detailed Description

Weakness:

* Overdrawals in bank lines: The company has been over utilizing
its bank lines for over 30 days on account of stretch in liquidity
of the company.

* Below-average financial risk profile: CDPL's financial risk
profile is below average due to accumulated losses which have led
to an erosion in its net worth.  It has also booked operating
losses due to overall slowdown in the real estate industry. Intense
competition and tender based nature of operations further restricts
operating profitability.

Strengths

* Moderate scale of operations: With revenue of INR28 crores for
fiscal 2017, scale is moderate in the competitive interior
designing segment.

Liquidity
Liquidity is weak marked by overdrawals in cash credit limit for
over 30 days.

CDPL, incorporated in 2002, is promoted by Mr. Anvay Madhukar Naik.
It designs and constructs interior works for corporate customers
and provides architectural consulting.


DESIGN N GLASS: CRISIL Withdraws D Ratings on INR10cr Loans
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Design - N - Glass
Inc (DNGI) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       .3       CRISIL D (ISSUER NOT COOPERATING;

                                 Rating Withdrawn)

   Cash Credit          .5       CRISIL D (ISSUER NOT COOPERATING;

                                 Rating Withdrawn)

   Proposed Long       4.16      CRISIL D (ISSUER NOT COOPERATING;
   Term Bank Loan                Rating Withdrawn)
   Facility                      

   Term Loan           5.04      CRISIL D (ISSUER NOT COOPERATING;

                                 Rating Withdrawn)

CRISIL has been consistently following up with DNGI for obtaining
information through letters and emails dated May 30, 2018, July 9,
2018 and July 16, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DNGI. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for DNGI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has Continues the ratings on the bank facilities of DNGI to 'CRISIL
D/CRISIL D Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of DNGI on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

DNGI was established in 2013 as a proprietorship firm by Mr Rajeev
Pathak. The firm manufactures a range of glass products, which
include designer, toughened, laminated, and insulated glass. The
manufacturing facilities are in Sampla, Haryana.


DEWA PROJECTS: CRISIL Keeps D on INR287cr Loan in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dewa Projects Private
Limited (DPPL) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan           287       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with DPPL for obtaining
information through letters and emails dated July 31, 2018 and
January 22, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

DPPL was established in April 2005. The company is constructing
residential apartments at Marine Drive, Kochi. The project which is
being developed at an estimated cost of over INR4,600 crore, is in
the early phase of construction. The company has been promoted by
Mr Venugopalan Nair, a Kuwait-based non-resident Indian.


DIAMONDSTAR: CRISIL Reaffirms 'D' Ratings on INR32cr Loans
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on long term bank
facilities of Diamondstar. CRISIL has also withdrawn its rating on
Rs.18 crore of bank facilities at the company's request and on
receipt of no-objection certificate from its lender. The rating
action is in line with CRISIL's policy on withdrawal of its bank
loan ratings.

                          Amount
   Facilities           (INR Crore)    Ratings
   ----------           -----------    -------
   Packing Credit            1.71      CRISIL D (Reaffirmed)

   Post Shipment Credit     13.38      CRISIL D (Reaffirmed)

   Post Shipment Credit      2.58      CRISIL D (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility        9.71      CRISIL D (Reaffirmed)

The rating reflects instance of delay in servicing of funds availed
under the packing credit facility beyond 30 days. This was on
account of delayed realization from its customers.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans of
INR44.32 crore from partners as on March 31, 2017, as neither debt
nor equity. This is because these loans are expected to be retained
in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Delay in realization of bills: The rating reflects instance of
delay in servicing of funds availed under the packing credit
facility beyond 30 days. This was on account of delayed realization
from its customers.

* Modest scale of operations and exposure to intense competition:
The firm's scale of operation is modest, as reflected in revenues
of INR37.8 crore for fiscal 2017. The modest scale, along with
exposure to intense competition, precludes benefits from economies
of scale, and limits the bargaining power with suppliers and
customers.

* Stretch in working capital cycle: Operations are highly working
capital intensive, as reflected in high gross current assets (GCA)
of 698 days as on March 31, 2017 on account of high receivable and
inventory of 322 and 344 days, respectively.

Strengths:

* Extensive experience of the promoters in the diamond industry: Mr
Chhotalal P Shah, along with his friends, set up Diamondstar as a
partnership firm in 1967. The firm, which has been engaged in
export of diamonds since then, became a family concern of Mr Shah
in 1978, after his friends exited the business. Over the years, the
partners have built strong relationships with customers.

Liquidity
The liquidity of PDL is stretched on account of elongation in its
receivable cycle resulting in delay in realization bills.

Diamondstar, set up in 1967, cuts and polishes diamonds. It
predominantly deals in large diamonds in shapes such as marquise,
pear, and round. The firm has three partners, Mr Rupesh Shah and Mr
Nilesh Shah.


ESSAR STEEL: NCLT to Take Call on ArcelorMittal Bid by March 8
--------------------------------------------------------------
MoneyControl.com reports that the National Company Law Appellate
Tribunal (NCLAT) on Feb. 28 again directed the NCLT Ahmedabad bench
to take a decision by March 8 on the INR42,000-crore bid submitted
by ArcelorMittal for the acquisition of debt-ridden Essar Steel.

This is the third time in last one month when NCLAT has directed
the Ahmedabad bench of National Company Law Tribunal (NCLT) to pass
a final order over the resolution plan submitted by global steel
major ArcelorMittal, the report says.

Earlier, on February 4, NCLAT directed the Ahmedabad bench of the
NCLT to take a decision on the plan by February 11 and failing to
which it may call for records and pass appropriate order under
Section 31 of the I&B Code.

However, NCLT could not pass an order and the matter came up for
hearing again on February 12, when the appellate tribunal had
extended the deadline for a week to February 19 and directed to
list the matter on February 28, MoneyControl.com relates.

According to MoneyControl.com, a two-member NCLAT bench, headed by
Justice S J Mukhopadhaya, on Feb. 28 observed that hearing was not
concluded and final order was yet to be passed.

The NCLAT said that if the Ahmedabad bench of National Company Law
Tribunal (NCLT) fails to pass an order by this deadline, it would
call records and pass an order.

"Adjudicating authority (NCLT) has to pass final order by March 8,
failing which this appellate tribunal may call all records
including resolution plan approved by a committee of creditors
(CoC)," said NCLAT, MoneyControl.com relays.

The appellate tribunal has directed to list the matter on
March 13 for next hearing, MoneyControl.com says.

It has also directed the registry of NCLT to communicate this order
to the Ahmedabad-based bench and its members.

MoneyControl.com says the NCLAT directive came while hearing an
application filed by ArcelorMittal whose INR42,000-crore takeover
proposal of Essar Steel has been approved by the CoC, and is
pending before the NCLT for approval.

Earlier, on January 29, NCLT Ahmedabad had rejected the debt
settlement proposal put forth by the shareholders of Essar Steel
saying the offer violates Section 12A of the Insolvency and
Bankruptcy Code, MoneyControl.com recalls.

The NCLT had said that INR54,389-crore offer by Essar Steel Asia
Holding, which is much higher than the ArcelorMittal's INR42,000
crore bid, is not maintainable as the only way to make a proposal
is through Section 12A, MoneyControl.com states.

                         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).

FIBERTECH INFRACON: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Fibertech Infracon Private Limited
        Flat No. 604, 5th Floor, Honey Archana Apartment
        Above Axis Bank, Near Med Nagpur
        MH 440009 IN

Insolvency Commencement Date: January 17, 2019

Court: National Company Law Tribunal, Ghaziabad Bench

Estimated date of closure of
insolvency resolution process: Juy 27, 2019

Insolvency professional: Mr. Manoj Kulshrestha

Interim Resolution
Professional:            Mr. Manoj Kulshrestha
                         4th Floor, CS-14, Ansal Plaza
                         Opp. Dabur, Vaishali
                         Ghaziabad, U.P. 201010
                         E-mail: costadviser@hotmail.com

Last date for
submission of claims:    February 11, 2019


FOREVER ENTERTAINMENT: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Forever Entertainment Private Limited
        Registered office:
        S.No. 150, Adarsh Nagar
        Hinjewadi
        Pune Maharashtra 411057

Insolvency Commencement Date: January 21, 2019

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: July 20, 2019

Insolvency professional: Mr. Jitendra Palande

Interim Resolution
Professional:            Mr. Jitendra Palande
                         New Ajanta Avenue 5-3/D#38
                         Paud Road, Kothrud
                         Pune 411038
                         E-mail: jrpalande@gmail.com
                                 cirp.forever@gmail.com

Last date for
submission of claims:    February 16, 2019


GLOBAL ENERGY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Global Energy Talent Private Limited

        Registered office:
        79, Vardan Apartments
        64, IP Extension
        Delhi 110092

        Corporate office:
        4th Floor, Sheldon
        Plot No. 91, Sector-44
        Gurgaon, Haryana 122003

Insolvency Commencement Date: December 19, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Mohinder Singh

Interim Resolution
Professional:            Mr. Mohinder Singh
                         F-159, LGF-9, Rajouri Garden
                         New Delhi 110027
                         E-mail: mohinder@singhandsingh.in

                            - and -

                         1102, 11th Floor, Padma Tower-1
                         Rajendra Place
                         New Delhi 110008
                         E-mail: cirp.get@gmail.com

Last date for
submission of claims:    February 16, 2019


GOKULA KANNAN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Gokula Kannan Chits Tamil Nadu Pvt. Ltd.
        No. 207, A.K. Complex
        6th Street, Gandhipuram
        Coimbatore 641012

Insolvency Commencement Date: January 21, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: July 20, 2019

Insolvency professional: Revathi S. Raghunathan

Interim Resolution
Professional:            Revathi S. Raghunathan
                         #25, Baroda Street
                         West Mambalam
                         Chennai 600033
                         E-mail: revathi@arcoca.com

                            - and -

                         Flat No. 2, A Wing, 7th Floor
                         ParsnManere, 442 Anna Salai
                         Chennai 600006
                         E-mail: rpgokulakannan@gmail.com
                         Mobile: 8838890344

Last date for
submission of claims:    February 5, 2019


GOVIND RUBBER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Govind Rubber Limited
        Registered office:
        418, Creative Industrial Estate 72
        N.M. Joshi Marg, Lower Parel
        Mumbai 400011
        Maharashtra   

Insolvency Commencement Date: January 18, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 17, 2019

Insolvency professional: Prakash Dattatraya Naringrekar

Interim Resolution
Professional:            Prakash Dattatraya Naringrekar
                         503 A, Blue Diamond CHS Ltd
                         Chincholi Bunder, Link Road Junction
                         Malad West, Mumbai 400064
                         Tel.: 9322714508 / 022 66991469
                         E-mail: prakash03041956@gmail.com

Last date for
submission of claims:    February 14, 2019


H R HYGIENE: CRISIL Reaffirms B+ Ratings on INR6cr Loans
--------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of H R Hygiene Products Private Limited
(HRPL).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          2        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit         0.87     CRISIL B+/Stable (Reaffirmed)

   Term Loan            3.13     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect HRPL's lower-than-expected sales
during the initial phase of operations and a subdued financial risk
profile. These weaknesses are partially offset by the moderate
entrepreneurial experience of the promoters.

Analytical Approach

Unsecured loans extended to HRPL by the promoters have been treated
as neither debt nor equity. That is because these loans should
remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Lower-than-expected sales: Since HRPL commenced commercial
operations only from August 2018, revenue has been modest at around
INR2 crore till January 31, 2019. However, revenue may increase
over the medium term due to expected addition of new customers.

* Subdued financial risk profile: Gearing is expected to be high at
around 5 times over the medium term due to establishment of
debt-funded project. However, gearing may moderate with build-up in
networth and gradual repayment of term loan. Debt protection
metrics are also expected to remain weak.

Strength

* Moderate entrepreneurial experience of the promoters: Benefits
from the promoters' moderate entrepreneurial experience of around a
decade, their strong understanding of local market dynamics, and
healthy relations with customers and suppliers should continue to
support the business in the initial phase of operations.

Liquidity
Liquidity is likely to remain average over the medium term due to
large working capital requirement. As HRPL is yet in the initial
stages of operations, the unsecured loans extended by the promoters
may support debt repayment over the medium to long term. Bank limit
utilisation averaged 40% for the 12 months through September 2018.

Outlook: Stable

CRISIL believes HRPL will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
anticipated operations lead to better-than-expected revenue,
profitability, and cash accrual over the medium term. Conversely,
the outlook may be revised to 'Negative' if cash accrual is lower
than fixed repayment obligation, or if a stretch in the working
capital cycle weakens the financial risk profile and liquidity.

HRPL, incorporated in 2016 at Rajkot, manufactures polyvinyl
chloride sanitation napkins. Mr Hemal Borsadiya and Mr Rahul
Sheradia are the promoters.


HARJIT SINGH: CRISIL Maintains 'C' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Harjit Singh Dugal
(HSD) continues to be 'CRISIL C Issuer not cooperating'.

                  Amount
   Facilities   (INR Crore)    Ratings
   ----------   -----------    -------
   Overdraft          9        CRISIL C (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with HSD for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

HSD was established as a proprietorship firm by Mr Harjit Singh
Dugal in 2008. The firm undertakes real estate development in
Delhi.


HINDUSTAN GUNNY: CRISIL Keeps B+ on INR10cr Debt on Non-Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Hindustan Gunny Bags
and Allied Suppliers (HGBAS) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          10       CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING)

CRISIL has been consistently following up with HGBAS for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

HGBAS, established in 1984, is a partnership firm promoted by the
Bafna family. Sale of polypropylene and gunny bags contributes
about 95 and 5 per cent, respectively, to the firm's revenue. The
bags are sold mainly to the sugar industry. The operations are
managed by the partners, Mr. Bhushan Bafna and Mr. Sudarshan
Bafna.


HOTEL ASHOK: CRISIL Maintains 'B' Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Hotel Ashok -
Thanjavur (HA) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      1.2      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               8.8      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with HA for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2015 as a partnership firm by Mr. V Ashok, Mr. R
Vijaykumar, and their families, HA is setting up a 22-room hotel,
Hotel Ashok, in Thanjavur, Tamil Nadu. The project is currently
under construction and operations are expected to begin from April
2017.


IMMENSE INDUSTRIES: CRISIL Maintains D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Immense Industries
Private Limited (IIPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

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

   Letter of Credit     35         CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with IIPL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 1988, IIPL trades in yarn and metal products (scrap
ingots). Daily operations of the Delhi-based company are managed by
Mr Somnath Harjai.


INNOVATIVE TECHNOMICS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Innovative Technomics
Private Limited (ITPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.


                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee        6       CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit           1       CRISIL D (ISSUER NOT COOPERATING)

   Letter of Credit      2       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with ITPL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

Incorporated in 1993, manufactures high-voltage soft starters,
high-speed testing equipment, and linear motor systems.


JAI HANUMAN: CRISIL Keeps B+ on INR4cr Debt in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jai Hanuman Rice &
General Mills (JHRGM) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Term Loan            7.37     CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING)

CRISIL has been consistently following up with JHRGM for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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


Detailed Rationale

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

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

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

JHRGM was established as a partnership firm in 2008 by Mr Surinder
Kumar and Mr Hari Krishan. The firm mills and processes basmati and
non-basmati rice. Its facilities are at Gharaunda in Karnal,
Haryana.

JKSHIKHA CONSTRUCTION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: JKShikha Construction Private Limited
        Registered office:
        Flat No. 123, SBI Tower "Maa Durga", Harihar Singh Road
        Near Hanuman Mandir, Morabad
        Ranchi 834008, Jharkhand

Insolvency Commencement Date: January 25, 2019

Court: National Company Law Tribunal, Hon’ble Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 24, 2019
                               (180 days from commencement)

Insolvency professional: Yogesh Gupta

Interim Resolution
Professional:            Yogesh Gupta
                         S. Jaykishan, Chartered Accountants
                         Suite No. 2D, 2E, 2nd Floor
                         12, Ho Chi Minh Sarani, Kolkata
                         West Bengal 700071
                         E-mail: yogeshgupta31@rediffmail.com

                            - and -

                         256, Garden Towers
                         Picnic Garden Road
                         8th Floor, Block A
                         Kolkata 700039
                         E-mail: ip.jkshikhaconstruction@gmail.com

Last date for
submission of claims:    February 10, 2019


KAIZEN AAC: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Kaizen AAC Blocks Private Limited
        Flat No. 702, A-Wing
        Al-Badar, Global Park
        Near Bypass Junction
        Kausa, Mumbra
        Thane 400612

Insolvency Commencement Date: January 23, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 22, 2019

Insolvency professional: Manoj Kumar Jain

Interim Resolution
Professional:            Manoj Kumar Jain
                         11, Friends Union Premises Co-op.
                         Society Limited, 2nd Floor
                         227, P.D. Mello Road
                         Opp: St. George Hospital
                         Fort, Mumbai 400001
                         Mobile: 9819165816
                         E-mail: manojj2102@gmail.com

Last date for
submission of claims:    February 17, 2019


LOK RAJ: CRISIL Maintains 'D' Ratings in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of Lok Raj Saini
Infra-Tech Private Limited (Lok Raj) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       .55      CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit        12.00      CRISIL D (ISSUER NOT COOPERATING)

   Funded Interest
   Term Loan           3.58      CRISIL D (ISSUER NOT COOPERATING)

   Working Capital
   Term Loan           9.87      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with Lok Raj for
obtaining information through letters and emails dated July 31,
2018 and January 15, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up as a proprietorship concern by Mr Lokraj Saini in 1987, it
was reconstituted as a partnership firm in April 2008 and a private
limited company in 2010. The company undertakes construction of
roads, bridges and other infrastructure development projects,
mainly in Himachal Pradesh (HP), mainly for government departments
like H.P. Public Works Department.


LORD BUDDHA: CRISIL Keeps D on INR30cr Loan in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lord Buddha
Educational Society (LBES) continues to be 'CRISIL D Issuer not
cooperating'.

                  Amount
   Facilities   (INR Crore)    Ratings
   ----------   -----------    -------
   Term Loan         30        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with LBES for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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


LOYAL MOTORS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Loyal Motors Private Limited

        Registered office (As per MCA Records):
        102 Suraj Building
        Gazdhar Bandh, S.B. Patil Marg
        Santacruz (West) Mumbai 400013
        Maharashtra

        Corporate office (based on available records):
        10, Bonanza Arcade, Amboli
        Swami Vivekananda Road, Andheri (West)
        Mumbai 400058 Maharashtra

Insolvency Commencement Date: Janaury 28, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 26, 2019
                               (180 days from commencement)

Insolvency professional: Tejas Jatin Parikh

Interim Resolution
Professional:            Tejas Jatin Parikh
                         Flat no. 1203 Vishwadeep Heights
                         K T Soni Marg
                         Mahavir Nagar Kandivali West
                         Mumbai 400067
                         Maharashtra
                         E-mail: tejas2704@gmail.com

                            - and -

                         C/o Gokhale & Sathe, Chartered
                             Accountants
                         308/309 Udyog Mandir No. 1
                         7-C Bhagoji Keer Marg
                         Mahim, Mumbai 400016
                         Maharashtra

Last date for
submission of claims:    February 13, 2019


MAHESH INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mahesh Industries
Private Limited (MIPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          12       CRISIL D (ISSUER NOT COOPERATING)

   Foreign Letter
   of Credit            60       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with MIPL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Mahesh Timber Pvt Ltd (MTPL), its 100%
subsidiary Mahesh Timber Singapore Pte Ltd (MTSL), and MIPL. This
is because the companies, collectively referred to as the Mahesh
group, have a common management and are in related lines of
business.

MTPL, incorporated in 1998, trades in hardwood timber imported from
Malaysia. The company has sawmill operations in Gandhidham, where
timber logs imported at Kandla Port (both in Gujarat) are sawn and
then sold to timber traders in Haryana, Delhi, Punjab, Uttar
Pradesh, and other states. MIPL trades in softwood imported from
Europe and sells the sawn timber to traders and retailers in the
domestic market. MIPL operates around 22 sawmills whereas MTPL
operates around 10 sawmills.


MAHESH TIMBER: CRISIL Maintains 'D' Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mahesh Timber Private
Limited (MTPL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          60      CRISIL D (ISSUER NOT COOPERATING)

   Letter of Credit     20      CRISIL D (ISSUER NOT COOPERATING)

   Standby Line of
   Credit              162      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with MTPL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MTPL, its 100% subsidiary Mahesh Timber
Singapore Pte Ltd (MTSL), and Mahesh Industries Pvt Ltd (MIPL).
This is because the companies, collectively referred to as the
Mahesh group, have a common management and are in related lines of
business.

MTPL, incorporated in 1998, trades in hardwood timber imported from
Malaysia. The company has sawmill operations in Gandhidham, where
timber logs imported at Kandla Port (both in Gujarat) are sawn and
then sold to timber traders in Haryana, Delhi, Punjab, Uttar
Pradesh, and other states. MIPL trades in softwood imported from
Europe and sells the sawn timber to traders and retailers in the
domestic market. MIPL operates around 22 sawmills whereas MTPL
operates around 10 sawmills.


MANSAROVAR HERITAGE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Mansarovar Heritage Inn Private Limited
        Registered address:
        B 292, Chandra Kanta Complex
        Shop No. 8, Near Metro Pillar No. 161
        New Ashok Nagar, Delhi
        New Delhi 110096

Insolvency Commencement Date: January 30, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Darshan Singh Anand

Interim Resolution
Professional:            Darshan Singh Anand
                         EG-46, Inder Puri
                         New Delhi 110012
                         E-mail: dsanand57@gmail.com

                            - and -

                         Sumedha Management Solutions Pvt. Ltd.
                         B-1/12, 2nd Floor, Safdurjung Enclave
                         New Delhi 110029
                         E-mail: mhipl@gmail.com

Classes of creditors:    Class-I Allotees under Real Estate
                         Projects

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rajneesh Singhvi
                         36 A, Suraj Nagar (East)
                         Civil Lines, Jaipur
                         Rajasthan 302006
                         E-mail: rajneesha1@gmail.com

                         Mr. Sunil Kumar Bhardwaj
                         695-A, Surya Nagar
                         Gopalpura Bypass, Mahesh Nagar
                         Lal Kothi, Gandhi Nagar, Jaipur
                         Rajasthan 302015
                         E-mail: sbhardwajca@gmail.com

                         Mr. Vishal Gupta
                         242-A, Vivek Vihar
                         New Sanganer Road, Jaipur
                         Rajasthan 302019
                         E-mail: vgcjaipur@gmail.com

Last date for
submission of claims:    February 14, 2019


MARUTI PET: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Maruti Pet & Preform Private Limited
        B-202, Brahma Tower
        P.K. Road, Near Keshav Pada
        Mulund (West), Mumbai
        Maharashtra 400080

Insolvency Commencement Date: January 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 23, 2019
                               (180 days from commencement)

Insolvency professional: Pankaj Sham Joshi

Interim Resolution
Professional:            Pankaj Sham Joshi
                         Omega Business Solutions Pvt. Ltd.
                         Unit 12, Kakad Industrial Estate
                         Lady Jamshedji Cross Road No. 3
                         Mahim (West) Mumbai 400016
                         E-mail: pjoshi.ip@gmail.com

Last date for
submission of claims:    February 14, 2019


MAXX MOBILE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Maxx Mobile Communications Limited

        Registered office:
        106, Chawda Commercial Centre
        Mind Space, New Link Road
        Chincoli Bunder
        Malad (W) Mumbai 400064

        Corporate office:
        15th & 16th Floor, DLH Park
        Opp. MTNL Telephone Exchange
        S.V. Road, Goregaon (W)
        Mumbai 400064

        Unit:
        Behind Patanjali Yoga Peeth
        NH-58, Santersaha Patanjali Yoga Peeth Road
        Uttarakhand 249402

Insolvency Commencement Date: January 31, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 30, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Ashok Kumar Dewan

Interim Resolution
Professional:            Mr. Ashok Kumar Dewan
                         Building No. B1/D2, IInd Floor
                         Mohan Co-operative Industrial Estate
                         New Delhi, National Capital Territory of
                         Delhi 110044
                         E-mail: akdewan1001@gmail.com

                            - and -

                         ARCK Resolution Professional LLP
                         409, 4th Floor, Ansal Bhawan
                         16 K G Marg, Connaught Place
                         New Delhi 110001
                         E-mail: insolvency@arck.in

Last date for
submission of claims:    February 14, 2019


MERGE STONES: CRISIL Keeps B on INR10cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Merge Stones (MS)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Foreign Letter         2        CRISIL B/Stable (ISSUER NOT
   of Credit                       COOPERATING)

   Proposed Long          3        CRISIL B/Stable (ISSUER NOT
   Term Bank Loan                  COOPERATING)
   Facility               

   Secured Overdraft      5        CRISIL B/Stable (ISSUER NOT
   Facility                        COOPERATING)

CRISIL has been consistently following up with MS for obtaining
information through letters and emails dated August 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established in 2015 and promoted by Mr Vamshi Ram Krishna and Mr.
Krishna, MS trades in marble slabs.


MY STORE: CRISIL Keeps D on INR16cr Loans in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of MY Store Private
Limited (MSPL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Bank Guarantee      1       CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit        10       CRISIL D (ISSUER NOT COOPERATING)
   Term Loan           5       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with MSPL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

MSPL, incorporated in 2008, by Mr. Saurabh Garg, operates
franchisee stores of brands like Levi's, Nike, Arvind Lifestyle.
The company also operates one multibrand retail store under the
name ' MyWays. The company has 30 retail shops across 10 cities
including Mumbai, Pune, Bhopal, Delhi NCR, etc. The registered
office of the company is in Bhopal.


NAV NIRMAN: CRISIL Keeps D on INR27.35cr Loans in Non-Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nav Nirman Sewa
Samiti (NNSS) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Proposed Long       5.35      CRISIL D (ISSUER NOT
   Term Bank Loan                COOPERATING)
   Facility     
       
   Term Loan          22.00      CRISIL D (ISSUER NOT
                                 COOPERATING)

CRISIL has been consistently following up with NNSS for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

NNSS was established in 2008 by Mr Ajay Goyal (chairman) and his
relatives. The society runs the Samalkha Group of Institutions
(SGI), which offers graduate and post-graduate courses in
engineering and management. The campus is at Samalkha (Haryana).


PARKER VRC: CRISIL Keeps D on INR45cr Loan in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Parker VRC
Infrastructure Private Limited (PVIPL) continues to be 'CRISIL D
Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Rupee Term Loan       45     CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with PVIPL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

PVIPL, incorporated in May 2012, is a joint venture between Parker
Estate Developers Pvt Ltd (rated 'CRISIL BB/Stable/Issuer Not
Cooperating') and VRC Constructions India Pvt Ltd (rated 'CRISIL
BBB/Stable/CRISIL A3+'). PVIPL's promoters are Mr. Manish Garg, Mr.
Manohar Lal Garg, Mr. Rajiv Kumar Gupta, Mr. Ravinder Mohan Garg
and Mr. Chandra Shekhar Bansal. The company is developing
residential real estate projects, White Lily and White Lily
Residency, in Sonepat.


PEE GEE: CRISIL Keeps B+ on INR12cr Loans in Non-Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Pee Gee International
(Delhi) (PGI) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Buyer's Credit       6        CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING)

   Cash Credit          6        CRISIL B-/Stable (ISSUER NOT
                                 COOPERATING)

CRISIL has been consistently following up with PGI for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up as a proprietorship firm in 2002 by Mr Gauri Shankar,
Delhi-based PGI trades in aluminium scrap and other metals.


POLYBLENDS INDIA: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Polyblends India Private Limited

        Registered office:
        H-12, Ground Floor, Kirti Nagar
        New Delhi 110015

        Principal office:
        (i) Sector-7, Plot No. 144
        I.M.I. Manesar, Gurugram 122050
        Haryana
        (ii) D-86, Hosiery Complex
        Phase-III, Noida
        UP 201305

Insolvency Commencement Date: December 17, 2018

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Nilesh Sharma

Interim Resolution
Professional:            Nilesh Sharma
                         C-124, Ground Floor, Lajpat Nagar-I
                         New Delhi 110024
                         E-mail: nilesh.sharma@witworthipe.com
                                 ip.polyblends@gmail.com

Last date for
submission of claims:    February 15, 2019


PRATIBHA INDUSTRIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Pratibha Industries Limited

        Registered office:
        Shrikant Chambers, Phase II
        5th Floor, Sion – Trombay Road
        Next to R.K. Studio
        Chembur, Mumbai 400071
        Maharashtra, India

        Corporate office:
        Unit No/s. 1B-56 & 1/B-57
        Phoenix Paragon Plaza
        Phoenix Market City
        LBS Marg Kurla (W) Mumbai 400070
        Maharashtra, India  

Insolvency Commencement Date: February 1, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Sunil Kumar Choudhary

Interim Resolution
Professional:            Mr. Sunil Kumar Choudhary
                         A-89/91-803, 8th Floor
                         A—Wing, Shreeji Heights
                         T.H. Kataria Marg
                         Near Kataria Bridge
                         Mahim (W), Mumbai
                         Maharashtra 400016
                         E-mail: sunil.choudhary@in.ey.com
                                 ip.pil@in.ey.com

Last date for
submission of claims:    February 15, 2019


PRIYADARSHINI SAHAKARI: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Priyadarshini
Sahakari Soot Girni Limited (PSSGL) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Bank Guarantee     4        CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit       15        CRISIL D (ISSUER NOT COOPERATING)
   Term Loan         24        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with PSSGL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

PSSGL was established in 1991 in Yavatmal (Maharashtra) to assist
development of the small-scale cotton yarn manufacturing industry
in the region. It was formed as a joint initiative of the
Government of Maharashtra with the local farmer members. PSSGL
manufactures cotton yarn.


QUANTAM AGROTECH: CRISIL Assigns B- Ratings to INR7.11cr Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Quantam Agrotech LLP (QAL).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit        3.50       CRISIL B-/Stable (Assigned)
   Term Loan          3.61       CRISIL B-/Stable (Assigned)

The ratings reflect on the modest scale of operations and below
average financial risk profile because of excessive gearing, small
networth and below average liquidity. These weaknesses are
partially offset by the extensive experience of QAL's promoters in
the industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: QAL's business risk profile is
constrained by its modest scale of operations in a fragmented
industry, and revenue concentration risks. The scale decreased to
INR2.7 cr in fiscal 2018 from INR6.0 cr in fiscal 17 due to spread
of Infectious laryngotracheitis (ILT) disease on its farms. There
have beeen no signs of the disease and hence CRISIL expects FY19
performance to return to earlier levels.

* Weak financial risk profile: The company's financial risk profile
is below average reflected by a gearing of 5.5 times and a small
net worth of INR1.4 Cr. as on March 31, 2018. The debt protection
mentrics are average with interest coverage and net cash accruals
to total debt at 1.64 times and 8 percent as on March 31, 2018
respectively. Due to moderate accretion to reserves and high
reliance one external bank debt, CRISIL believes that the financial
risk profile of the company is expected to remain average.

Strengths

* Established market position and promoters' extensive experience
QAL benefits from its established market position and promoters'
extensive industry experience. Mr. Praveen has experience of close
to a decade in the industry. CRISIL believes QAL will continue to
benefit over the medium term from its promoters' extensive industry
experience and established relationship with key customers.

Liquidity
Liquidity is constrained by fully utilized bank limit utilization
in the cash credit limit of INR3.5 Cr. in the past 9 monthe ending
September 2018 and tightly matched cash accruals of INR1-1.5 Cr. as
against repayment obligations of around INR1 Cr. in the medium
term.

Outlook: Stable

CRISIL believes that QAL will maintain a stable business risk
profile over the medium term owing to the promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
the firm generates more-than-expected revenues and profitability
resulting in higher cash accruals and there is significant equity
infusion by the promoters improving the capital structure and
financial risk profile. Conversely the outlook may be revised to
'Negative' in case of further decline in revenues and profitability
resulting in insufficient cash accruals to timely service the term
debt prepayment obligations or more than expected debt funded capex
plan leading to deterioration in the financial and liquidity risk
profiles.

Incorporated in 2014 in Hyderabad as a partnership firm by Mr.
Gouravelli Praveen Kumar and Mr. Manikonda Vinatha, QAL is engaged
in the production of commercial eggs.


RICHLOOK CREATIONS: CRISIL Keeps B+ Ratings on Non-Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Richlook Creations
Private Limited (RCPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          6        CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING)

   Term Loan           10.5      CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING)

CRISIL has been consistently following up with RCPL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2007, RCPL undertakes embroidery of saris and
knitting of grey manufacture of saris and dress materials. The
company, based in Surat, Gujarat, is promoted by Mr. Rajratan N
Goyal and his family members. It has a capacity of embroidery to
the extent of 150.5 million metres of saris per annum and knitting
to the extent of 20 million meters per annum.


ROCHEM GREEN: CRISIL Maintains 'D' Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rochem Green Energy
Private Limited (RGEPL) continues to be 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          3.35      CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     16.61      CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan               25.04     CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with RGEPL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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



Detailed Rationale

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

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

RGEPL was incorporated in 2010. Mr Prayas Goel and Mr Prerak Goel
own 51% and 49% stakes, respectively. Currently, RGEPL is operating
a municipal solid waste plant in Pune in collaboration with the
Pune Municipal Corporation. RGEPL is also undertaking EPC
(engineering, procurement and construction) of the solid waste
management project.


SAMIAH INT'L: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Samiah International Builders Ltd

        Registered office:
        G-74, First Floor, Right Side Shaheen Bagh
        Abul Fazal Enclave, Part-II, Jamia Nagar
        New Delhi, South Delhi 110025

        Corporate office:
        A-35, Sector 63 Rd, A Block
        Sector 63, Noida
        Uttar Pradesh 201301

Insolvency Commencement Date: January 2, 2019

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: July 1, 2019

Insolvency professional: Manish Kumar Gupta

Interim Resolution
Professional:            Manish Kumar Gupta
                         404, 4th Floor, Laxmideep Building
                         Laxmi Nagar District Centre
                         Near Maharaja Benquet
                         Vikas Marg, Delhi 110092
                         E-mail: manishvivek@yahoo.com
                                 insolvencyteam@gmail.com

Classes of creditors:    Allotees under real estate project

Insolvency
Professionals
Representative of
Creditors in a class:     Ms. Preeti Jaiswal
                          A 3/312, Milan Vihar Apartment
                          IP Extension, Delhi 110092
                          E-mail: capreetigoyal@gmail.com

                          Mr. Vineet Gupta
                          408, Laxmideep Building
                          Laxmi Nagar, New Delhi 110092
                          E-mail: vineetsinghalco@hotmail.com

                          Mr. Sunil Arora
                          G-19, 3rd Floor, Tiwari Complex
                          Vijay Chowk, Laxmi Nagar
                          Delhi 110092
                          E-mail: sunilarora1994@gmail.com

Last date for
submission of claims:    January 24, 2019


SAPPHIRE SPINNERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Sapphire Spinners India Private Limited
        396, Sudarsan Garden Kalangaperi Road
        Rajapalayam 626108
        Virudhunagar District, Tamil Nadu

Insolvency Commencement Date: January 25, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: July 24, 2019
                               (180 days from commencement)

Insolvency professional: G. Mukundan

Interim Resolution
Professional:            G. Mukundan
                         No. 29A, First Main Road
                         ERI Scheme, Mogappair
                         Chennai 600037
                         Tamil Nadu
                         E-mail: g.mukundan1955@gmail.com
                                 claimssapphire@gmail.com

Last date for
submission of claims:    February 13, 2019


SATYA SAI: CRISIL Withdraws B+ Rating on INR22.5cr Loans
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Satya Sai Hydel Projects Private Limited (SSHPL) to 'CRISIL D'
from 'CRISIL B+/Stable' as the company's account has been marked as
a non-performing asset by State Bank of India.  Simultaneously,
CRISIL has withdrawn its rating on the bank facilities of SSHPL at
the company's request and on receipt of the no-dues certificate
from SSHPL's bankers. The rating action is in line with CRISIL's
withdrawal policy for bank loan ratings.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan      22.5      CRISIL B+/Stable (Downgraded
                                 from 'CRISIL B+/Stable';
                                 Rating withdrawn)

Key Rating Drivers & Detailed Description

* Delays in debt servicing: Delays in repayment of term debt.

Weakness
* Exposure to hydrology risks: The project is on River Beas. Any
event beyond the company's control, such as significantly low water
flow because of natural disaster, can adversely affect business.

Strength

* Extensive entrepreneurial experience of promoters: SSHPPL is a
special purpose vehicle promoted by Mr S Sankaran to set up and
operate hydropower projects in Kangra, Himachal Pradesh. The
promoters have entrepreneurial experience of over 20 years. They
have successfully commissioned a 3-megawatt hydropower project in
Dalhousie, Himachal Pradesh. The promoters' technical expertise has
helped SSHPPL establish healthy business relationships.

Established in 2010, as a closely held public limited company,
SSHPPL is a SPV, which operates a 3.8 MW small hydel power project
in Kangra, Himachal Pradesh. The project is a run-of-the river
project on a tributary of River Beas (Perennial River) and has both
snow fed and rain fed catchment. The project commenced commercial
operations in October 2017. The company is promoted by Mr S.
Sankaran and his family members.


SHANTAI EXIM: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shantai Exim Limited
        Registered office:
        No. 3 & 4, Kanaiya Bldg
        250-B Linking Road, Bandra
        Mumbai 400050

Insolvency Commencement Date: January 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ajay Kumar

Interim Resolution
Professional:            Ajay Kumar
                         103, A.S. Dias Building
                         1st Floor, 268/272
                         Dr. Caswaji Hormasji Street
                         Marine Lines, Mumbai 400002
                         E-mail: ajayfcs@gmail.com

Last date for
submission of claims:    February 17, 2019


SHANTI COLD: CRISIL Assigns B- Ratings to INR5.70cr Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' long term rating on bank
facilities of Shanti Cold Storage & Ice Factory (SCSIF).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Proposed Long
   Term Bank Loan
   Facility             .25      CRISIL B-/Stable (Assigned)

   Term Loan           5.45      CRISIL B-/Stable (Assigned)

The rating reflects below average financial risk profile and small
scale of operation. These weakness are partially offset by
extensive industry experience of promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Below-Average financial risk profile: Financial risk profile
remained constrained marked by low networth and high gearing of
INR0.73 crore and 5.14 times respectively as on 31st March, 2018.
Debt protection metrics of the company remained weak with Interest
coverage and NCATD remained at 0.2 times and -0.01 time
respectively as on March 31, 2018.

* Small scale of operations in a highly fragmented industry: The
operating income was modest at INR0.03 crore in fiscal 2018.
Intense competition may continue to restrict any significant
scalability of operations and limit pricing power with customers.

Strengths:
* Extensive experience of promoter in cold storage business: SCSIF
is promoted by Mr. Anuj Gupta, Mr Anuj Gupta has industry
experience of more than decade.

Liquidity
Liquidity is weak marked by expected accruals of around 0.18-0.37
crore against debt obligation of 0.14-0.42 crore over the medium
term. However liquidity is supported in the form of unsecured loans
of 0.32 crore as on 31st March 2018 which is expected to remain in
the firm over the medium term.

Outlook: Stable

CRISIL believes SCSIF will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised to
'Positive' in case of timely stabilization of operations at the
proposed plant and significant revenue and profitability. The
outlook may be revised to 'Negative' if there is significantly low
cash accrual during the initial phase, or a substantial increase in
working capital requirement, thus weakening liquidity.

Incorporated in 2018, SCSIF is engaged in cold storage in Madhya
Pradesh. It is promoted and managed by Mr. Anuj Gupta.


SHARP KNIFE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sharp Knife Company Private Limited
        C-13, NICE Area
        MIDC, Satpur
        Nashik 422007
        Maharashtra

Insolvency Commencement Date: January 21, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 19, 2019
                               (180 days from commencement)

Insolvency professional: Pankaj Sham Joshi

Interim Resolution
Professional:            Pankaj Sham Joshi
                         Omega Business Solutions Pvt. Ltd.
                         Unit 12, Kakad Industrial Estate
                         Lady Jamshedji Cross Road No. 3
                         Mahim (West) Mumbai 400016
                         E-mail: pjoshi.ip@gmail.com

Last date for
submission of claims:    February 14, 2019


SHIVA AGRO: CRISIL Lowers Rating on INR7cr Loans to D
-----------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shiva Agro Industries - Haryana (SAI) to 'CRISIL D' from 'CRISIL
B-/Stable'.

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

   Rupee Term Loan      2        CRISIL D (Downgraded from
                                 'CRISIL B-/Stable')

The downgrade reflects the consistent over-utilisation in the cash
credit facility and non-servicing of repayment on the term loan by
SAI since May 2018.

The rating also factors in SAI's weak financial risk profile, and
modest scale of operations in the intensely competitive rice
industry. However, the firm benefits from the experience of the
promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Non-servicing of debt obligation: SAI has not been servicing the
debt obligation on the cash credit limit and term loan since May
2018 because of weak liquidity.

* Weak financial risk profile: Gearing ratio has been high at more
than 4 times due to large working capital debt and debt protection
metrics is subdued with Interest coverage and net cash accrual to
adjusted debt ratio at less than 1.5 time and 0.04 time,
respectively, for past four fiscals., the financial risk profile is
expected to remain constrained With low profitability.

* Small scale of operations amid intense competition: Intense
competition and volatile raw material price may continue to
constrain scalability, pricing power, and profitability. Revenue
has been modest at INR30-40 crore for the four fiscals through
2017. Also, since cost of procuring the major raw material accounts
for a bulk of the production expense, even a slight variation in
price can drastically impact profitability.

Strengths:

* Experience of the promoters: Benefits from the promoters'
experience of over 11 years, their strong understanding of local
market dynamics, and healthy relations with customers and suppliers
should continue to support the business.

Liquidity

Liquidity remains stretched due to stress in the business and
limited funding support from the promoters. SAI has not been
servicing its debt obligation on the cash credit limit and term
loan since May 2018.

SAI, set up in 2009, mills and sorts basmati and non-basmati rice.
The manufacturing facility in Kaithal (Haryana) has milling and
sorting capacities of 6 tonne per hour, utilised at 85-90%. The
firm is managed by Mr Naresh Kumar.


SUNIL AND COMPANY: CRISIL Assigns 'B' Ratings to INR8.95cr Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sunil and Company - Rajasthan (S&C).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7.5      CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      1.45     CRISIL B/Stable (Assigned)

The rating reflects the firm's modest scale of operations. The
weakness is partially offset by the extensive experience of its
partners in the automotive dealership business.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: The firm's modest scale of operations
is indicated by operating income of INR14.88 crore in fiscal 2018
and networth of INR7.1 crore as on March 31, 2018.

Strength

* Extensive experience of the partners: The partners have been
associated with the automotive dealership business for over a
decade, and have established relationship with principal supplier
Tata Motors Ltd (TML). The firm had an oil mill, and was engaged in
dyeing, printing, processing, and trading of cloth, as well as the
dealership of TML's passenger cars. It discontinued the textile
processing business in 2012, and exited the oil mill segment in
2017.

Liquidity

Bank limit utilisation averaged 95% over the 12 months ended March
31, 2018, and is expected to remain high on account of large
working capital requirement. Cash accrual is expected at INR0.37
crore against term debt obligation of INR0.15 crore over the medium
term, and will cushion liquidity.

Outlook: Stable

CRISIL believes S&C will continue to benefit from the experience of
its partners in the automotive dealership business. The outlook may
be revised to 'Positive' if revenue and profitability increase
significantly and sustainably, leading to a better financial risk
profile. The outlook may be revised to 'Negative' if the firm
undertakes large, debt-funded capital expenditure, or if its
revenue and operating profitability decline, or if its working
capital cycle lengthens, or if significant capital withdrawal
weakens its financial risk profile.

S&C was established in 1984 as a partnership firm of Mr Tribhuwan
Raj Bhandari, Mr Sudeep Raj Bhandari, and Mr Trideep Raj Bhandari.
It has a dealership of TML's passenger cars in Jodhpur, Barmer,
Jalore, Pali, and Jaisalmer (all in Rajasthan). The firm owns one
3S (sales, spares, and services) showroom in Jodhpur.


TULSI DALL: CRISIL Reaffirms 'B' Rating on INR9.9cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility of
Tulsi Dall Mill (TDM) at 'CRISIL B/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         9.9       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's weak financial risk
profile because of small networth and high gearing, and modest
scale of operations. These weaknesses are partially offset by the
entrepreneurial experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Networth was modest at INR2
crore and gearing weak at 5.75 times, as on March 31, 2018.
However, interest coverage ratio was moderate at 1.10 times in
fiscal 2018.

* Modest scale of operations: Turnover was subdued at INR53 crore
in fiscal 2018, which restricts pricing flexibility and bargaining
power against suppliers and customers. Small scale also limits
benefits and economies associated with a large scale.

Strengths:

* Promoters' extensive experience: Industry presence of more than
21 years has enabled the promoters to establish strong relationship
with customers and suppliers and gain sound understanding of local
market dynamics.

Liquidity

Cash accrual was INR0.02 crore in fiscal 2018, and is expected at
INR0.10-0.19 crore against nil debt obligation over the medium
term. Bank limit was utilised at 98% during the 12 months ended
December 2018 on account of working capital-intensive operations.
However, liquidity is supported by unsecured loan of INR2.37 crore
as on March 31, 2018, which is expected to remain in the business
over the medium term.

Outlook: Stable

CRISIL believes TDM will continue to benefit from its promoters'
longstanding experience. The outlook may be revised to 'Positive'
if significant improvement in operating margin, working capital
management, and net cash accrual strengthens financial risk
profile, particularly liquidity. The outlook may be revised to
'Negative' if any large capital expenditure, stretch in working
capital cycle, or decline in operating margin further weakens
financial metrics.

Set up in 1987 as a partnership firm by Mr. Mohandas Aswani and Mr
Tulsi Aswani, Nagpur-based TDM processes and trades in pulses such
as toor dal, chana dal (split chickpeas), and green peas.


UNIMETAL CASTINGS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Unimetal Castings Limited
        Registered Office (As per MCA Records):
        Plot No. 6 Sector E Parvati Co-Op Industrial Estate
        Sangli Road, Yardav, Ichalkaranji Dist Kolhapur
        416145 Maharashtra  

Insolvency Commencement Date: January 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 23, 2019
                               (180 days from commencement)

Insolvency professional: Tejas Jatin Parikh

Interim Resolution
Professional:            Tejas Jatin Parikh
                         Flat no. 1203 Vishwadeep Heights
                         K T Soni Marg
                         Mahavir Nagar Kandivali West
                         Mumbai 400067
                         Maharashtra
                         E-mail: tejas2704@gmail.com

                            - and -

                         C/o Gokhale & Sathe, Chartered
                             Accountants
                         308/309 Udyog Mandir No. 1
                         7-C Bhagoji Keer Marg
                         Mahim, Mumbai 400016
                         Maharashtra

Last date for
submission of claims:    February 14, 2019


[*] INDIA: Sebi Likely to Tighten Takeover Norms for Cos. Under IBC
-------------------------------------------------------------------
Business Standard reports that the Securities and Exchange Board of
India (Sebi) plans to tighten takeover norms applicable to
companies undergoing proceedings under the Insolvency and
Bankruptcy Code (IBC).

According to the report, sources said the capital markets regulator
would do away with the provision that allowed a 'competent
authority' to exempt an acquirer from the requirement of an open
offer. Only a court or a tribunal would be allowed to provide such
exemptions, the sources added, BS relays.

BS relates that experts said the move was aimed at reducing
ambiguity and curbing the misuse of the regulations. While at
present the rules allow a "competent authority" to provide an open
offer exemption, the regulations have not defined who can act as a
"competent authority", leaving it open for interpretation.
Typically, a competent authority can be a sector regulator or
ministry, the report says.

"To ensure the exemption provided for the IBC is not misused, Sebi
is planning to sharpen the language of its regulations," the report
quotes a source as saying. Also, the market regulator will change
the wordings to ensure the exemptions are given only to lenders,
and not any other entity.

Last year, Sebi allowed open offer exemptions for acquisitions made
through IBC resolutions. The move was to help banks better tackle
the bad loan problem, the report states.

Under normal circumstances, a 26 per cent open offer is mandatory
whenever, among other things, there is a change in control at a
listed company.

However, during corporate debt restructuring, the open offer
requirements put extra burden on the acquirer, often lenders, who
are already staring at a haircut, the report adds.




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

TAKATA CORP: Nine Former Employees Accused of Insider Trading
-------------------------------------------------------------
The Japan Times reports that the Securities and Exchange
Surveillance Commission has accused nine former employees of Takata
Corp. of insider stock trading in connection with the firm's
bankruptcy.

The Japan Times says the commission recommended on March 1 that the
Financial Services Agency impose a total of JPY7.73 million in
fines on the former Takata employees for violating the financial
instruments and exchange law.

According to the report, the former employees sold Takata shares
after they learned that the company would announce its bankruptcy
plan on June 26, 2017, and evaded losses totaling JPY7.39 million
as a result, the SESC said.

Takata, which had controlled 20 percent of the global air bag
market, fell into financial difficulty due to recalls mainly in the
United States of its rupture-prone products. It left debts of over
JPY1 trillion.

                        About Takata Corp

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. Headquartered
in Tokyo, Japan, Takata operates 56 plants in 20 countries with
approximately 46,000 global employees worldwide. The Company has
subsidiaries located in Japan, the United States, Brazil, Germany,
Thailand, Philippines, Romania, Singapore, Korea, China and other
countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the U.S.,
amid recall costs and lawsuits over its defective airbags. Takata
and its Japanese subsidiaries commenced proceedings under the Civil
Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.  Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.

PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata.  Ernst & Young LLP is
tax advisor.  Prime Clerk is the claims and noticing agent.  The
Debtors Meunier Carlin & Curfman LLC, as special
intellectual property counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor.  UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of the
Chapter 11 Debtors, obtained an order of the Ontario Superior Court
of Justice (Commercial List) granting, among other things, a stay
of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act.  The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.
TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel.  Gilbert LLP will evaluate of the
insurance policies.  Sakura Kyodo Law Offices will serve as special
counsel.

Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP and
Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan.  The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.

                        *     *     *

In February 2018, the U.S. Bankruptcy Court confirmed the Fifth
Amended Chapter 11 Plan of Reorganization filed by TK Holdings,
Inc. ("TKH"), Takata's main U.S. subsidiary, and certain of TKH's
subsidiaries and affiliates.




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

ARROW INTERNATIONAL: Placed Into Voluntary Administration
---------------------------------------------------------
NZ Herald reports that Arrow International has gone into voluntary
administration after a contractual dispute left it with
insufficient cashflow to meet operating costs.

Administrators from accountancy BDO were appointed on Feb. 28, the
report discloses.

Arrow International was founded by Ron Anderson and Bob Foster in
Dunedin in 1984.

"This is not the outcome we wanted or expected, but in light of a
recent adjudicator's decision, we had no choice but to take this
course of action," the company's board said in a statement, NZ
Herald relays.  

"We have managed the tough trading conditions which have stressed
the entire sector, but this unexpected result has affected solvency
to the point that we could not sustain trading as we have been."

"In recent times, the construction industry has become challenging
and there is a disproportionate level of risk carried by
contractors," they said, adding that they wanted to work with
administrators to stabilise the business.

"Importantly, most of our large projects have been completed or are
near completion and wherever possible the project teams will be
retained to successfully complete the works."

Last month Mr. Foster told the NZ Herald the business had an issue
with one Auckland job but was resolving that and altering its
business model.

"We're trying to wind down the amount of tender work we do and
doing more negotiated work," the report quotes Mr. Foster as saying
on March 1.

Arrow, one of New Zealand's larger builders with a national spread,
works on retail, commercial, Government, tourism, education,
retirement sports and recreation and residential work.

According to NZ Herald, Mr. Foster acknowledged problems with an
Auckland project Arrow had worked on but refused to name it or the
client or say what had gone wrong.

"You naturally do get the odd bad job but I think that information
is confidential to the company and you just deal with it. You sort
it out with the clients. We've got one job with a few concerns in
Auckland and we're hoping to get that sorted out with the clients
in the next weeks," Mr. Foster, as cited by NZ Herald, said.

Arrow's work includes Queenstown's new iFLY flight simulator, a
NZ$28 million 18-level apartment project on Auckland's Airedale St
and a NZ$40 million 21-level apartment block on Beach Rd, Parnell.

Arrow had about 450 staff and annual revenues of more than NZ$350
million, the report discloses.




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

HYFLUX LTD: Retail Investors Come Up Alternative Proposal
---------------------------------------------------------
Grace Leong at The Strait Times reports that disgruntled retail
investors holding Hyflux perpetual securities and preference shares
have come up with an alternative proposal that could claw back more
money for the 34,000-strong group that is owed around SGD900
million.

According to the report, the Securities Investors Association
(Singapore), or Sias, said a large number of these investors are
"unhappy that the current offer is not equitable and they are
receiving too little".

The Strait Times says the existing plan would give the 34,000
registered holders of perpetual securities and preference shares a
total of SGD27 million in cash and a 10.38 per cent share of the
reorganised company.

So they would recover SGD107.40 for each SGD1,000 invested, or an
implied return rate of 10.74 per cent.

The SGD27 million in cash, which works out to a 3 per cent cash
return to retail investors, is "a meagre fraction of the original
principal", Sias president David Gerald said in a letter to the
Hyflux board Feb. 28, the Strait Times relays.

Sias represents an informal steering committee of these investors,
the report says.

In comparison, unsecured creditors, including banks and contingent
claimants, will receive 27 per cent of shares and SGD232 million in
cash distribution. Medium-term note holders, who are of a higher
priority on the creditors' list, would get SGD245 for every
SGD1,000 invested, an implied return rate of 24.5 per cent.

The Strait Times notes that Hyflux owes SGD1.68 billion to
unsecured creditors, including SGD678 million to contingent
claimants. Contingent liabilities include banker's guarantees,
performance bonds and liquidated damages in a construction project
if there are delays.

The report relates that Hyflux's restructuring adviser from Ernst &
Young Solutions has said that assuming 50 per cent of contingent
claims are crystallised, the unsecured creditors' recovery will be
about 29 per cent.

But if the contingent claimants drop all claims against Hyflux and
forgo their entitlement under the plan, the unsecured creditors'
recovery will jump to 80 per cent, the report says.

The remaining 20 per cent will be distributed to managers of the
projects for which the contingent claim is extinguished, according
to EY, the Straits Times relays. This is to get project managers to
complete projects on time so that more claims will not be called.

But Mr. Gerald said this proposed payout is "unacceptable" because
retail investors would not get any share of the contingent
claimants' foregone entitlement. "The current proposal clearly
favours the unsecured claims as they enjoy all the upside from the
restructuring, which is clearly inequitable," the report quotes Mr.
Gerald as saying.

He added that any entitlement foregone by contingency claimants
should be "distributed proportionately" between the unsecured
creditors and the investors in perpetual securities and preference
shares.

An overwhelming majority of perpetual securities and preference
shareholders have sunk a significant portion of their personal
savings in the company, he noted, the report relays.

"The sudden unravelling of the company's financial position, less
than three months after it conducted a dividend in specie exercise,
has left investors disoriented and in a state of disbelief as to
the scale of their potential losses.

"While we understand the perpetual securities and preference
shareholders stand to receive nothing in a liquidation scenario,
they require a more equitable distribution of the assets of the
company," he said.

Mr. Gerald added: "Without a satisfactory response on the matters,
we are of the view that the perpetual securities and preference
shareholders are highly likely to forgo the paltry and inequitable
return . . . and vote against its acceptance.

"If the Hyflux scheme is not carried and the company goes into
liquidation, the holders of the unsecured claims will stand to lose
more than if they were to accept our alternative proposal."

The Straits Times adds that Hyflux said on Feb. 28 that the Sias
proposal has been "communicated to the senior unsecured creditors
through the advisers."

Sias asked for a response on its proposal by March 8, the report
notes.

                           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.


PACIFIC RADIANCE: Net Loss Narrows to US$76MM in Q4 Ended Dec. 31
-----------------------------------------------------------------
Pacific Radiance Ltd. on March 1 announced its full year results
for the financial year ended Dec. 31, 2018, (FY2018).

The Group reported a net loss to US$76 million in the fourth
quarter ended Dec. 31, 2018, compared with a net loss of US$296.5
million in the same period last year.

For the year ended Dec. 31, 2018, the Group posted a net loss of
US$99.4 million, compared with a net loss of US$332.6 million in
FY2017.  

The Group recorded revenue of US$60.7 million in FY2018, a 10%
decrease from US$67.7 million in FY 2017, mainly due to weaker
performance from the Subsea and Shipyard segments, and supported by
stronger performance from the Offshore Support Services Business.

Gross loss narrowed by 77% from US$18.8 million in FY 2017 to
US$4.4 million in FY2018 and general and administrative expenses
decreased by 8% from US$16.6 million in FY2017 to US$15.3 million
in FY 2018 due to cost rationalisation. The Group made further
asset impairment of US$53.6 million.

Mr. Pang Yoke Min, Executive Chairman of Pacific Radiance said:
"Our results for FY2018 reflect the challenging market conditions
for the OSV sector. Whilst we are seeing positive trends in
chartering activities, charter rates in the near term is expected
to remain subdued due to the persistent supply overhang in the OSV
sector. The path toward a broad-based sector recovery may continue
to encounter setbacks as geopolitical and trade tensions continue
to cloud sentiments across markets and outlook for the next 12
months is far less predictable. As a resilient and responsive
operator, Pacific Radiance will be ready to weather the
headwinds."

Commenting on the restructuring progress, Mr. Pang said, "The Group
continues to maintain its focus on implementing its restructuring
plan. We are concurrently evaluating a merger proposal with a
provider of vessel chartering and logistics services, which will
kick-start the Group's move into adjacent market segments and
expand our geographical footprint and service offerings in the OSV
space. We strive to keep the restructuring momentum up and are
confident that the Group will emerge with a firm financial footing
post-restructuring. "

                      About Pacific Radiance

Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three divisions:
Offshore Support Services, Subsea Business, and
Complementary Businesses. The company operates a fleet of 139
offshore vessels comprising subsea vessels, anchor handling tugs,
platform supply vessels, ocean tugs and supply vessels, offshore
barges, accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.

Pacific Radiance applied for debt restructuring with a Singaporean
court in May 2018 and has been granted several moratorium.  The
company has been undergoing restructuring talks and is carrying
debt of more than $500 million.

The High Court of the Republic Singapore has granted extension of
moratoria on the Company through March 14, 2019. The Company
intends to seeks further extension at the next hearing on March
14.

Trading of the Company's securities on the SGX-ST has been
voluntarily suspended by the Company on Feb. 28, 2019.



                           *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***