/raid1/www/Hosts/bankrupt/TCRAP_Public/190307.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, March 7, 2019, Vol. 22, No. 48

                           Headlines



A U S T R A L I A

B J SAGGERS: First Creditors' Meeting Set for March 13
BCJWY ABORIGINAL: First Creditors' Meeting Set for March 13
BR CONSULTING: Second Creditors' Meeting Set for March 14
MORELYFE PTY: Second Creditors' Meeting Set for March 18
NUTRITIONAL PRODUCTS: First Creditors' Meeting Set for March 18

OUR PEOPLE: First Creditors' Meeting Set for March 15
PLASTERMART (AUST): First Creditors' Meeting Set for March 14
[*] Australia Falls Into Per-Capita Recession as Growth Tumbles


I N D I A

ABG SHIPYARD: Faces Liquidation as Liberty House Gives Up Bid
BL KASHYAP: CRISIL Keeps D Ratings on Non-Cooperating
DHANA SHREE: CARE Keeps D on INR1.32cr Debt in Not Cooperating
DILSHAD TRADING: CRISIL Lowers Rating on INR200cr Loan to 'D'
K. P. INDUSTRIES: CARE Keeps D on INR9.69cr Debt in Not Cooperating

KOTECHA INDUSTRIES: CARE Keeps INR6.5cr Loans in Non Cooperating
MADHUBAN BUILDERS: CRISIL Moves D on INR8cr Debt to Not Cooperating
MBC INFRA-SPACE: CARE Assigns C Rating to INR4.55cr LT Loan
MEW SUSPENSIONS: Insolvency Resolution Process Case Summary
MINI DIAMONDS: CRISIL Moves D on INR9cr Loans to Non-Cooperating

MONTAGE PROMOTERS: CRISIL Moves INR8.5cr Debt to Non-Cooperating
MY BIKE: CRISIL Moves D on INR6cr Debt to Non-Cooperating
MY CAR (INDORE): CRISIL Moves D on INR37cr Loans to Non-Cooperating
MY EQUIPMENTS: CRISIL Moves D on INR26cr Loans to Not Cooperating
S & H MANUFACTURING: Insolvency Resolution Process Case Summary

S. D. GURAV: CRISIL Keeps D on INR6cr Loan in Not Cooperating
SADARAM JINING: CARE Keep D on INR8.19cr Debt in Not Cooperating
SAHIBZADA AJIT: CRISIL Maintains 'D' Rating in Not Cooperating
SANKLECHA CONSTRUCTIONS: CRISIL Moves D Rating to Not Cooperating
SAYONA COLORS: CRISIL Keeps D on INR85cr Loans in Non-Cooperating

SELVARANI DHALL: CRISIL Moves D on INR10 Loan to Non-Cooperating
SHAMROCK CHEMIE: CRISIL Keeps D on INR35cr Loans in Not Cooperating
SHIMLA AUTOS: CRISIL Keeps D on INR8.1cr Loans in Not Cooperating
SHRADHA APPARELS: CRISIL Moves D on INR8cr Loans to Not Cooperating
SHREE KRISHNANAND: CARE Maintains 'D' Rating in Not Cooperating

SHRI SANTKRUPA: CRISIL Maintains 'D' Ratings in Not Cooperating
SRI BALASUBRAMANIA: CRISIL Moves C Rating to Non-Cooperating
STAUNCH NATURAL: CRISIL Keeps D on INR25cr Loans in Not Cooperating
SUGAVANESWARA SPINNING: CRISIL Keeps D Ratings in Not Cooperating
SUNPOWER CEMENT: CRISIL Migrates 'D' Ratings to Not Cooperating

SURYODAY COTEX: CRISIL Moves D on INR8cr Loans to Not Cooperating


N E W   Z E A L A N D

WAIMARIE ESTATE: Property Still Listed as a Mortgagee Sale


P H I L I P P I N E S

HANJIN HEAVY: Philippine Workers Mark 5th Day of Protest


S I N G A P O R E

HYFLUX LTD: ESR-Reit File Proofs of Claim Against Firm & Subsidiary
RYOBI KISO: To Potentially Undergo Judicial Management

                           - - - - -


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

B J SAGGERS: First Creditors' Meeting Set for March 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of B J Saggers
Investments Pty Ltd, trading as Brisbane RVs, will be held on March
13, 2019, at 10:30 a.m. at the offices of Worrells Solvency &
Forensic Accountants, at Level 8, 102 Adelaide Street, in Brisbane,
Queensland.

Lee Crosthwaite and Raj Khatri of Worrells Solvency & Forensic
Accountants were appointed as administrators of B J Saggers on
March 1, 2019.


BCJWY ABORIGINAL: First Creditors' Meeting Set for March 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of BCJWY
Aboriginal Society Limited will be held on March 13, 2019, at 10:00
a.m. at the offices of Hall Chadwick Brisbane, at
Level 4, 240 Queen Street, in Brisbane, Queensland.

Blair Pleash of Hall Chadwick was appointed as administrator of
BCJWY Aboriginal on
March 2, 2019.


BR CONSULTING: Second Creditors' Meeting Set for March 14
---------------------------------------------------------
A second meeting of creditors in the proceedings of BR Consulting
Services Pty Ltd has been set for March 14, 2019, at 11:00 a.m. at
the offices of Vincents, at Level 34, 32 Turbot Street, in Brisbane
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 13, 2019, at 5:00 p.m.

Nick Combis of Vincents was appointed as administrator of BR
Consulting on Feb. 7, 2018.


MORELYFE PTY: Second Creditors' Meeting Set for March 18
--------------------------------------------------------
A second meeting of creditors in the proceedings of Morelyfe Pty
Ltd has been set for March 18, 2019, at 11:30 a.m. at the offices
of TPH Insolvency, at Suite 101, 167b The Entrance Road, in Erina,
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 15, 2019, at 4:00 p.m.

Amanda Lott and Timothy Heesh of TPH Insolvency were appointed as
administrators of Morelyfe Pty on Feb. 25, 2018.


NUTRITIONAL PRODUCTS: First Creditors' Meeting Set for March 18
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Nutritional
Products (Aust) Pty Ltd, trading as Pappa Nutal, will be held on
March 18, 2019, at 11:00 a.m. at the offices of Cor Cordis, at
Level 29, 360 Collins Street, in Melbourne, Victoria.

Sam Kaso and Bruno A Secatore of Cor Cordis were appointed as
administrators of Nutritional Products on March 5, 2019.


OUR PEOPLE: First Creditors' Meeting Set for March 15
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Our People
Pty Ltd and Employee Life Cycle Management System (ELMS) Pty Ltd
will be held on March 15, 2019, at 10:00 a.m. at the offices of SV
Partners, at 22 Market Street, in Brisbane, Queensland.

David Michael Stimpson of SV Partners was appointed as
administrator of Our People on March 5, 2019.


PLASTERMART (AUST): First Creditors' Meeting Set for March 14
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Plastermart
(Aust) Pty Ltd The Trustee for Plastermart (Aust) Unit Trust,
trading as Plastermart, will be held on March 14, 2019, at 1:00
p.m. at the offices of Best Western, Mahoneys Motor Inn, 47A
Mahoneys Road, in Reservoir, Victoria.

Amanda Lott & Timothy Heesh of TPH Insolvency were appointed as
administrators of Plastermart (Aust) on March 4, 2019.


[*] Australia Falls Into Per-Capita Recession as Growth Tumbles
---------------------------------------------------------------
Eryk Bagshaw and Shane Wright at The Sydney Morning Herald report
that Australia's economy has slumped into a per-capita recession
for the first time since 2006, leaving the country relying on
population growth to propel its economy and raising questions about
the Coalition's economic management months out from the federal
election.

SMH says the dollar dropped sharply to a two-month low of AUD0.70
by midday as economists slashed their predictions for official
interest rates to reach a record low of 1 per cent by September.

According to SMH, Prime Minister Scott Morrison has repeatedly said
economic growth will be weaker under Labor, but the final two
results of this term of government show the Coalition will lead
Australia back to the polls struggling to lift a slowing economy.

The brakes were slammed on in the second half of the year, with the
economy dropping from a 3.8 per cent annualised place to 0.9 per
cent after June, the report says.

SMH relates that the Morrison government has pledged to reduce the
migration rate but figures released on March 6 show that without
migrants fuelling consumption, Australia's economic growth would be
going backwards.

SMH, citing data from the Australian Bureau of Statistics data,
discloses that the economy grew by 2.3 per cent over the year and
0.2 per cent in the December quarter - below market expectations
and well short of Reserve Bank forecasts of 0.6 per cent.

According to SMH, the budget forecast of 3 per cent growth for
2018-19 and the mid-year economic update's revision to 2.75 per
cent will struggle to be met, putting a strain on preparations less
than a month out from Treasurer Josh Frydenberg's first budget.

Despite the real GDP slump, nominal growth, the amount of money
that is likely to pump into the budget, is up by 5.5 per cent over
the year, giving the government scope to hand out tax cuts to
strained households, SMH notes.

Economic growth per person fell by 0.1 per cent in September and
0.2 per cent in December, the first time two consecutive quarters,
the technical definition of a per capita recession, have recorded
negative growth since 2006, SMH discloses.

SMH says the dissapointing result was buffered by the Bureau's
preferred measure of living standards, real net national disposable
income per capita, moving along at trend - up by 1.4 per cent over
the year.

SMH relates that Mr. Frydenberg said the figures showed the
"economy is in fundamentally good shape" but the yearly figure "did
represent some moderation on the back of strong results."

"The unemployment rate has fallen to 5 per cent, the lowest level
in seven years and to a remarkable 3.9 per cent in our largest
state, NSW, a level that hasn't been seen since the 1970s," the
report quotes Mr. Frydenberg as saying.  "The fact that we are
growing at a faster rate than any other G7 economy apart from the
US is testament to that."

SMH adds that Mr. Frydenberg said the drought, lower mining
investment and a decline in residential construction activity were
to blame for the lower than expected result.




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

ABG SHIPYARD: Faces Liquidation as Liberty House Gives Up Bid
-------------------------------------------------------------
The New Indian Express reports that the ABG Shipyard is likely to
head for liquidation as Liberty house has given up on the bid for
it.

"The Liberty house finally given up on the bid. The Committee of
creditors (CoC) has already rejected its bid after it defaulted on
the Amtek Auto," a source familiar with the proceedings told the
Express.

According to the report, the consortium of about two dozen banks,
led by ICICI Bank, has mandated SBI Caps for finding the buyer for
their 51 per cent equity in ABG Shipyard.

After the bids were floated, London-based metals house Liberty
House emerged as the sole bidder of ABG Shipyard, which is facing
INR18,245 crore claims from financial creditors, the Express
relates.

The Express says Liberty House offered INR5,600 crore for the bid,
which would be payable only after the fifth year, with a rider that
there would be no interest payment in the interim period. However,
the bankers already had rejected the offer.

"Even before Liberty House became the sole bidder, it had already
defaulted on payment in case of Amtek Auto. So, the CoC was not in
favour of Liberty House and that means that the company would go
for liquidation," the source, as cited by the Express, added.

Order on ABG Shipyard is reserved by the National Company Law
Tribunal, Ahmedabad, the report notes.

ABG Shipyard Limited belongs to the Agarwal Business Group
(controlled by Mr. Rishi Agarwal) and is the largest private
shipyard in India, in terms of the order book. ASL is engaged in
the construction and repair of various types of vessels as well as
rigs. ASL has constructed and delivered 156 vessels over the last
23 years. ASL has capacity to build vessels up to 1,20,000 Dead
Weight Tonnage (DWT) at Dahej and upto 20,000 DWT at Surat,
Gujarat.

ABG Shipyard, the debt-laden shipbuilder, is among the first list
of 12 companies that the Reserve Bank of India has directed banks
to refer to the bankruptcy court immediately.


BL KASHYAP: CRISIL Keeps D Ratings on Non-Cooperating
-----------------------------------------------------
CRISIL said the ratings on the bank facilities of BL Kashyap and
Sons Limited (BLK; part of the BLK group) continues to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                    Amount
   Facilities     (INR Crore)  Ratings
   ----------     -----------  -------
   Bank Guarantee      375     CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit         248     CRISIL D (ISSUER NOT COOPERATING)

   Cheque Discounting    2     CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with BLK for obtaining
information through letters dated July 31, 2018 and January 22,
2019, apart from telephone calls, and emails. However, the issuer
has remained non-cooperative.

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

Detailed Rationale

CRISIL believes non-cooperation by BLK restricts its ability to
take a forward-looking view on the credit quality of the entity,
and that information available for BLK is consistent with 'Scenario
1' outlined in the 'Framework for assessing consistency of
information with 'CRISIL B' rating category or lower.'

CRISIL's ratings on the bank facilities of BLK, continue to reflect
instances of delay by the BLK group in servicing its debt, caused
by weak liquidity. The BLK group also has large working capital
requirement, and remains susceptible to cyclical demand in the real
estate segment.

Based on the last available information, the ratings on the bank
facilities of BLK continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

BLK was established as BL Kashyap and Sons Pvt Ltd (BLKSPL) in
1989, by Mr Vinod Kashyap, Mr Vineet Kashyap, and Mr Vikram
Kashyap. It was reconstituted as a public limited company with the
current name in 1995. The promoters have been active in the real
estate sector since 1978; they transferred their business to BLKSPL
after it was formed.

BLK offers construction services in the commercial, residential,
and industrial segments. It has also forayed into related services,
such as furnishing. It has partly restructured its debt under a
corporate debt structuring package, which was approved on December
31, 2014.


DHANA SHREE: CARE Keeps D on INR1.32cr Debt in Not Cooperating
--------------------------------------------------------------
CARE had, vide its press release dated April 4, 2018, placed the
rating(s) of Dhana Shree Developers (DSD) under the 'issuer
non-cooperating' category as Dhana Shree Developers had failed to
provide information for monitoring of the rating. Dhana Shree
Developers continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated January 22, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       1.32      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

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

Detailed description of the key rating drivers
At the time of last rating on April 4, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

On-going delays in debt servicing: As per banker interaction, the
conduct of account is satisfactory since March 2018 however there
were delays in the past with respect to repayment of term loan
owing to slow down in the industry.

Project execution risk: The firm has successfully completed both
(Dhana Shree Heights - Andheri and Dhana Shree Pearl-Taloja)
projects and currently does not have any project.

Saleability risk: In case of Andheri project, the firm has sold 73
offices (out of 76 shops), 32 flats (out of 32 flats) and 6 shops
(out of 8 shops). In Taloja project, out of 104 flats 84 flats are
sold and 20 flats are remained unsold till date. Moreover, as
discussed above, the firm has an un-sold inventory at Taloja, which
can be utilized towards funding of the project and meeting its debt
obligations. Furthermore, the marketing risk continues to be
partially mitigated given the presence in well-established
location, the risk to a certain extent is mitigated. Nevertheless,
going forward, its ability to timely monetize its inventory (both
at Andheri and Taloja) and timely meet its debt obligations shall
be critical from credit perspective.

Key Rating Strengths

Experienced partners: The partners of the firm Mr. Dnyaneshwar
Dabhole, Mr. Vijay Mehta and Mr. Sameer Shah have more than two
decades of experience in the construction and real estate industry.
The partners have also executed residential projects through
various group entities in Mumbai.

Dhana Shree Developers (DSD) was established in 2000 by Mr.
Dnyaneshwar Dabhole, Mr. Vijay Mehta, Mr. Sameer Shah and Mr.
Balwantrai Mehta. The firm has been primarily involved in
development of residential and commercial projects in Mumbai.


DILSHAD TRADING: CRISIL Lowers Rating on INR200cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the short term bank facilities
of Dilshad Trading Co Private Limited (DTCPL) to 'CRISIL D' from
'CRISIL A4'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Letter of Credit      200      CRISIL D (Downgraded from
                                  'CRISIL A4')

The downgrade reflects devolvement in LC facility availed by the
company and irregularities in the account for a continued period of
over 30 days.

The rating continues reflects the company's stretched liquidity due
to sizeable debtors, and weak financial risk profile. These
weaknesses are partially offset by promoter's extensive industry
experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Stretched working capital cycle: Gross current assets are
estimated to be at 190-200 days as on March 31, 2018, primarily due
to receivables of 180-200 days. Debtors greater than six months
were around INR95 crore in fiscal 2017 and realisations continue to
be delayed in fiscal 2018.

* Weak financial risk profile: Company incurred operating loss of
INR60 lakh in fiscal 2017, but also earned non-operating income of
INR3.5 crore from sale of assets and interest income. Accordingly,
interest coverage ratio was 1.1 times for fiscal 2017. Total
outside liabilities to tangible networth ratio was high at 3.51
times as on March 31, 2017.

Strength

* Experienced promoters: Promoters have an experience of over two
decades in the steel industry and have an established relationships
with key buyers and suppliers.

Liquidity
Liquidity is stretched as can be seen in devolvement in LC facility
availed by the company and irregularities in the account for a
continued period of over 30 days. Credit of around 180 days is
received for payment of letters of credit opened for purchases;
however receivables remain outstanding beyond this period resulting
in stretched liquidity.

Incorporated in 1982 by Mr Vinod Jatia and family members, DTCPL
primarily trades in hot- and cold-rolled coils, sheets, and plates;
sponge iron lumps; and fines.


K. P. INDUSTRIES: CARE Keeps D on INR9.69cr Debt in Not Cooperating
-------------------------------------------------------------------
CARE had, vide its press release dated February 2, 2018, placed the
rating(s) of K. P. Industries (KPI) under the 'issuer
non-cooperating' category as KPI had failed to provide information
for monitoring of the rating for the rating exercise as agreed to
in its Rating Agreement. KPI continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and an email dated February 4, 2019, February
5, 2019, February 6, 2019 and February 7, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      9.69      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

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

Detailed description of the key rating drivers

At the time of last rating on February 2, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

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

Established in the year 2009, Ahmedabad-based K.P. Industries (KPI)
is a partnership firm engaged in the processing of non-basmati
rice. Key partners include Mr. Dhaval Prajapati and Mr. Atul
Prajapati who manage the day to day operations. As on March 31,
2016, it had a total installed capacity of 69,120 Metric Tonnes per
annum and operates through its sole manufacturing unit at Kheda.


KOTECHA INDUSTRIES: CARE Keeps INR6.5cr Loans in Non Cooperating
----------------------------------------------------------------
CARE had, vide its press release dated December 1, 2017, placed the
ratings of Kotecha Industries Limited (KIL) under the 'issuer
non-cooperating' category as KIL had failed to provide information
for monitoring of the ratings for the rating exercise as agreed to
in its Rating Agreement. KIL continues to be non-cooperative
despite repeated requests for submission of information through
phone calls and email dated February 1, 2019, February 5, 2019 and
February 7, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the ratings on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      3.50      CARE D; Issuer not cooperating;
   Facilities                    Based on Best Available
                                 Information

   Short term Bank     3.00      CARE D; Issuer not co operating;
   Facilities                    Based on Best Available
                                 Information

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

Detailed description of the key rating drivers

At the time of last rating done on December 1, 2017, the following
was the rating weakness:

Key Rating Weaknesses

Ongoing delay in debt servicing: KIL has been irregular in
servicing its debt obligation and there are on-going delays in debt
servicing due to weak liquidity position of the company.

KIL is a closely held limited company, incorporated on May 9, 2008
and promoted by Mr Hardik Kotecha and Mr. Manharlal Kotecha. The
company is engaged into the trading Poly Vinyl Chloride (PVC) resin
in domestic markets based on the orders given by customers. KIL has
set up its unit in Rajkot and has a branch office and a warehouse
in Mumbai.  The PVC resin is procured from suppliers spread across
India as well as is imported from South Korea.


MADHUBAN BUILDERS: CRISIL Moves D on INR8cr Debt to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Madhuban
Builders (MB) to 'CRISIL D Issuer not cooperating'.

                  Amount
   Facilities   (INR Crore)   Ratings
   ----------   -----------   -------
   Term Loan          8       CRISIL D (ISSUER NOT COOPERATING;
                              Rating Migrated)

CRISIL has been consistently following up with MB for obtaining
information through letters and emails dated November 26, 2018 and
December 20,2018 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 MB. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MB is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MB to 'CRISIL D Issuer not cooperating'.

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

MB was established by Mr Rajesh Majethia in 1996 as a
proprietorship firm to undertake residential real estate
development in Pune. The firm has one ongoing residential project,
Serene Spaces, which has 108 saleable units.


MBC INFRA-SPACE: CARE Assigns C Rating to INR4.55cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of MBC
Infra-space Private Limited (MBC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           4.55       CARE C; Stable Assigned

   Short-term Bank
   Facilities           4.25       CARE A4 Assigned

Detailed rationale

The ratings assigned to the bank facilities of MBC are constrained
on account of its small scale of operations with thin profit
margins, leveraged capital structure and modest debt coverage
indicators, modest liquidity and moderate order book position.
Further, the ratings are also constrained due to its tender driven
nature of business with high competitive intensity of construction
industry and volatility in material prices. The ratings, however,
derives comfort from experienced directors, reputed clientele and
diversified geographical exposure. MBC's ability to procure more
projects and increase its scale of operations with improvement in
its overall financial risk profile and efficient management of its
working capital requirements remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with thin profit margins: MBC is engaged
in the business of industrial civil construction. The scale of
operations marked by total operating income (TOI) remained small at
INR19.18 crore in FY18 as compared to INR18.24 crore during FY17.
During FY18, profitability remained thin marked by low PAT margin
of 0.39% and low cash accruals of INR0.47 crore in FY18.

Leveraged capital structure and modest debt coverage indicators:
The capital structure of MBC remained leveraged marked by an
overall gearing ratio of 2.35x as on March 31, 2018 owing to low
networth base. Further, the debt coverage indicators of the company
also remained modest marked by an interest coverage ratio of 1.43
times and total debt to GCA ratio of 8.81 times during FY18 owing
to thin profitability.

Modest liquidity: Liquidity position remained modest marked by the
current ratio of 1.02 times as on March 31, 2018 and average
working capital utilization of around 98% for past one year ended
December 2018. Operating cycle of MBC remained at 66 days during
FY18, supported by higher creditors. Further, Cash flow from
operating activity (CFO) remained moderate at INR2.97 crore in FY18
and cash on hand remained low at INR0.17 crore as on
March 31, 2018.

Moderate order book Position: MBC holds moderate order book of
INR12.10 crore as on January 10, 2019 out of which majority orders
will be executed by the end of March 2019.

Tender driven nature of business with high competitive intensity:
MBC participates in the tenders passed by various state government
department as well as various large corporates for civil
construction work mainly pertaining to industrial civil
construction. Hence, the entire business prospects are highly
dependent on the tenders floated by corporates. Further, the
construction industry is highly fragmented in nature with presence
of large number of unorganized players and a few large organized
players. Further, the profitability also varies
among the projects. Hence, the aggressive bidding by the players in
order to bag the contracts with high competition may lead to dip in
its profitability.

Volatility in material prices: MBC procures materials like steel,
cement and sand from local suppliers, prices of which are highly
volatile in nature. Hence, its business is exposed to fluctuation
in raw material prices i.e. steel, cement and sand. Any adverse
changes in procurement cost can have a negative impact on its
profit margins.
  
Key Rating Strengths

Experience Promoters: MBC is managed by Mr. Manoj Baruah, a key
promoter, holds more than a decade of experience in civil
construction industry through his association with MB Corporation
and MBC since 1999 and looks after overall management of MBC.

Reputed clientele: MBC is catering to the demands of the government
department of Gujarat and other various large corporates having
sound credit profile. Further, top customers contribute almost 95%
in its total sales.

Diversified geographical exposure: MBC is increasing its presence
in the projects across segments and regions. It has 12 on-going
projects with total value of INR27.86 crore which is well
diversified geographically. Currently, MBC's exposure to orders is
diversified to different places of India like Vapi, Nagpur,
Dadranagar Haveli, Chittorgarh and Karnataka etc.

Vapi (Gujarat) based, MBC was established as private limited
company in year 2012 by Mr. Manoj Barua and Mrs. Bobby Baruah. The
company is based at Vapi and is primarily involved in business of
industrial civil construction and has carried out various projects
such as civil work for construction of Industrial shed and other
industrial civil construction. Also, Mr. Manoj Baruah is also
associated with a proprietorship firm named MB Corporation since
1999.


MEW SUSPENSIONS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Mew Suspensions Private Limited
        P-7, Ashiana Trade Center
        Adityapur, Jamshedpur Seraikela
        JH 831013 IN

Insolvency Commencement Date: February 22, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 21, 2019
                               (180 days from commencement)

Insolvency professional: CA Nitesh Kumar More

Interim Resolution
Professional:            CA Nitesh Kumar More
                         31 Ganesh Chandra Avenue, 6th Floor
                         Kolkata 700013
                         West Bengal
                         E-mail: nmore2091@gmail.com

                            - and -

                         18 Rabindra Sarani
                         Gate No. 1, 7th Floor, Room No. 701
                         Kolkata 700001

Last date for
submission of claims:    March 8, 2019


MINI DIAMONDS: CRISIL Moves D on INR9cr Loans to Non-Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mini Diamonds
India Limited (MDIL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           2        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Export Packing        6        CRISIL D (ISSUER NOT
   Credit & Export                COOPERATING; Rating Migrated)
   Bills Negotiation/
   Foreign Bill
   discounting           

   Proposed Long Term    1        CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MDIL for obtaining
information through letters and emails dated January 25, 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 MDIL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MDIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MDIL to 'CRISIL D/CRISIL D Issuer not cooperating'.

MDIL, incorporated in 1987 by Mr Upendra Shah and Mr Himanshu Shah,
manufactures and trades in cut and polished diamonds, and trades in
rough diamonds.


MONTAGE PROMOTERS: CRISIL Moves INR8.5cr Debt to Non-Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Montage
Promoters Private Limited (MPPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          8.5      CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Proposed Long Term   8.55     CRISIL D (ISSUER NOT
   Bank Loan Facility            COOPERATING; Rating Migrated)

   Term Loan             .95     CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MPPL for obtaining
information through letters and emails dated November 26, 2018 and
December 20, 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 MPPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MPPL to '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 September 2009 and promoted by Mr. Rajesh Shukla,
Ms. Anupama Shukla, and Ms. Shweta Shukla, MPPL trades in agro
commodities (cotton bales), fast-moving consumer goods (Mad-Croc
energy drink), and apparel (Bentbrass Golf); it is also engaged in
distribution of pharmaceuticals products.


MY BIKE: CRISIL Moves D on INR6cr Debt to Non-Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of MY Bike (MB)
to 'CRISIL D Issuer not cooperating'.

                  Amount
   Facilities   (INR Crore)    Ratings
   ----------   -----------    -------
   Cash Credit        6        CRISIL D (ISSUER NOT COOPERATING;
                               Rating Migrated)

CRISIL has been consistently following up with MB for obtaining
information through letters and emails dated November 26, 2018 and
December 20, 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 MB. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MB is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MB to 'CRISIL D Issuer not cooperating'.

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

MB was established as a partnership firm in 2008 by Mr. Saurabh
Garg and his cousin, Mr. Vijay Garg. The firm is an authorised
dealer for all two wheelers of Hero MotoCorp Ltd (HMCL) in Bhopal
(Madhya Pradesh), where it has two showrooms and three workshops.
The firm also deals in spare parts for HMCL vehicles.


MY CAR (INDORE): CRISIL Moves D on INR37cr Loans to Non-Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of My Car
(Indore) Private Limited (MCIPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

   Cash Credit       33.02     CRISIL D (ISSUER NOT COOPERATING;
                               Rating Migrated)

   Term Loan          0.98     CRISIL D (ISSUER NOT COOPERATING;
                               Rating Migrated)

CRISIL has been consistently following up with MCIPL for obtaining
information through letters and emails dated
November 26, 2018 and December 20, 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 MCIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MCIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MCIPL to '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.

MCIPL, set up in 2009 by Mr. Saurabh Garg, is an authorised dealer
of Maruti Suzuki India Ltd (MSIL) in Madhya Pradesh. It has two
showrooms in Indore. The company also deals in MSIL spare parts.


MY EQUIPMENTS: CRISIL Moves D on INR26cr Loans to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of My Equipments
Private Limited (MEPL) to 'CRISIL D Issuer not cooperating'.

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

   Inventory Funding    13       CRISIL D (ISSUER NOT
   Facility                      COOPERATING; Rating Migrated)

   Term Loan             1       CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MEPL for obtaining
information through letters and emails dated November 26, 2018 and
December 20, 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 MEPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MEPL to 'CRISIL D Issuer not cooperating'.

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

MEPL was incorporated in June 2012, promoted by Mr. Saurabh Garg
and his family members. The company is an authorized dealer for
heavy earth-moving equipment of JCB in 11 districts of Madhya
Pradesh. MEPL has five outlets across these districts.


S & H MANUFACTURING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: S & H Manufacturing & Trading Private Limited
        43B & 55 Industrial Estate
        Kalyani Nadia
        West Bengal 741235
        India

Insolvency Commencement Date: February 14, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: CA Nitesh Kumar More

Interim Resolution
Professional:            CA Nitesh Kumar More
                         31 Ganesh Chandra Avenue, 6th Floor
                         Kolkata 700013
                         West Bengal
                         E-mail: nmore2091@gmail.com

                            - and -

                         18 Rabindra Sarani
                         Gate No. 1, 7th Floor, Room No. 701
                         Kolkata 700001

Last date for
submission of claims:    February 28, 2019


S. D. GURAV: CRISIL Keeps D on INR6cr Loan in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of S. D. Gurav (SDG)
continues to be 'CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/            6        CRISIL D (ISSUER NOT
   Overdraft facility               COOPERATING)

CRISIL has been consistently following up with SDG 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 SDG, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SDG 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 SDG continues to be 'CRISIL D Issuer not
cooperating'.

Established in 1995 as a sole proprietor firm, SDG is a Belgaum
(Karnataka) based civil contractor & interior designer. The company
primarily undertakes construction of residential projects.


SADARAM JINING: CARE Keep D on INR8.19cr Debt in Not Cooperating
----------------------------------------------------------------
CARE had, vide its press release dated February 2, 2018, placed the
rating(s) of Sadaram Jining and Pressing Industries (SJPI) under
the 'issuer non-cooperating' category as SJPI had failed to provide
information for monitoring of the rating for the rating exercise as
agreed to in its Rating Agreement. SJPI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated October
18, 2017, October 26, 2017, October 31, 2017, November 10, 2017,
January 3, 2018, January 8, 2018, January 15, 2018 and numerous
telephonic conversations. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      8.19      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

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

Detailed description of the key rating drivers

At the time of last rating on February 2, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

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

SJPI Patan-Gujarat based partnership firm was established in 2014
by Mr. Bharat Bhatiya, Mr. Bhavesh Patel, Mr. Chandanji Thakor, Mr.
Dashrat Bhatiya and Mr. Mafa Modi. The firm is engaged in cotton
ginning and pressing of raw cotton. SJPI has commenced its
operation from August 2014. The manufacturing unit of the firm is
located in Patan, Gujarat which has an installed capacity of 14,400
Metric tonnes per annum (MTPA) as on March 31, 2016 for raw cotton
processing.


SAHIBZADA AJIT: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sahibzada Ajit Singh
Educational Trust (SAS) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                   Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Long Term Loan     10       CRISIL D (ISSUER NOT COOPERATING)
   Overdraft          22       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SAS 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 SAS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAS 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 SAS continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SAS was formed in 1994 by Mr S Gurbachan Singh. The trust operates
more than 30 schools and colleges, including engineering,
management and polytechnic institutes. Most of the schools operate
under the name, Dhilwan International Public School (DIPS),
affiliated with Central Board of Secondary Education (CBSE). The
society started its first school in Dhilwan, Punjab, in 1994. The
institutions are in Jalandhar, Amritsar, Kapurthala, Hoshiarpur and
Fazilka districts of Punjab.


SANKLECHA CONSTRUCTIONS: CRISIL Moves D Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sanklecha
Constructions Private Limited (SCPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Drop Line           20        CRISIL D (ISSUER NOT
   Overdraft                     COOPERATING; Rating
   Facility                      Migrated)

CRISIL has been consistently following up with SCPL for obtaining
information through letters and emails dated November 26, 2018 and
December 20, 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 SCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SCPL to 'CRISIL D Issuer not cooperating'.

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

SCPL was incorporated in 1991 as Sanklecha Investment & Finance Pvt
Ltd and got its present name in 2000. It is a part of the Sanklecha
group, which develops residential real estate through group
entities. SCPL is executing two projects, The Metrozone and
Waterways, in Nashik.


SAYONA COLORS: CRISIL Keeps D on INR85cr Loans in Non-Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sayona Colors Private
Limited (Sayona) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         45       CRISIL D (ISSUER NOT COOPERATING)
   Letter of Credit    40       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with Sayona 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 Sayona, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Sayona 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 Sayona 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.

Established in 2004 in Ahmedabad as a proprietorship concern
(Sencient India) by Mr. Paresh Patel (key promoter and managing
director) and reconstituted as a private limited company (Sencient
India Export Pvt Ltd) in 2007, Sayona manufactures synthetic food
colours. Name was changed to the current one in 2009.


SELVARANI DHALL: CRISIL Moves D on INR10 Loan to Non-Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Selvarani
Dhall Industries (SDI) to 'CRISIL D Issuer not cooperating'.

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

CRISIL has been consistently following up with SDI for obtaining
information through letters and emails dated November 26, 2018 and
December 20, 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 SDI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SDI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SDI to 'CRISIL D Issuer not cooperating'.

Set up in June 2015, Selvarani Dhall Industries (SDI) is engaged in
trading and processing of pulses. The company is promoted by Mr
Surulivel and has started operations from October 2015.


SHAMROCK CHEMIE: CRISIL Keeps D on INR35cr Loans in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shamrock Chemie
Private Limited (Shamrock) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'

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

   Letter of Credit       3        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term    20        CRISIL D (ISSUER NOT  
   Bank Loan Facility              COOPERATING)

CRISIL has been consistently following up with Shamrock 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 Shamrock, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Shamrock
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 Shamrock 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.

Set up in January 2007 by Mr. Paresh Patel and Mr. Brijesh Patel,
Shamrock manufactures chemicals such as copper sulphate, zinc
sulphate, and copper oxide; and also produces soaps, and
detergents.


SHIMLA AUTOS: CRISIL Keeps D on INR8.1cr Loans in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shimla Autos Private
Limited (SAPL) 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         5        CRISIL D (ISSUER NOT COOPERATING)
   Term Loan           2.1      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SAPL 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 SAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAPL 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 SAPL 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.

SAPL was incorporated in April 2012 and commenced operations in
January 2014. The company has exclusive dealership of FML in
Shimla, Ponta Sahib, and Rampur Bushahr in Himachal Pradesh. It has
three showroom with 3s (sales, service and spares) facilities for
tractors, utility vehicles, and light commercial vehicles. The
company is managed by Mr Sandeepni Bhardwaj and Ms Bhumika
Bhardwaj.


SHRADHA APPARELS: CRISIL Moves D on INR8cr Loans to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shradha
Apparels Worldwide (SAW) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Foreign Bill        2.5       CRISIL D (ISSUER NOT
   Negotiation                   COOPERATING; Rating Migrated)

   Foreign Bill        5.5       CRISIL D (ISSUER NOT
   Purchase                      COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SAW for obtaining
information through letters and emails dated January 25, 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 SAW. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAW is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SAW to 'CRISIL D/CRISIL D Issuer not cooperating'.

SAW was set up in 2006-07 as a partnership between Mr. Mahendra
Lulla and his son Mr. Vishal Lulla. It manufactures and exports
ready-made garments under the label of its customers.


SHREE KRISHNANAND: CARE Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CARE had, vide its press release dated December 18, 2017, placed
the ratings of Shree Krishnanand Infrastructure and Developers
Private Limited (SKIDPL) under the 'issuer non-cooperating'
category as SKIDPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SKIDPL
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated
February 4, 2019, February 5, 2019, February 8, 2019 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      1.00      CARE D; Issuer not cooperating;
   Facilities                    based on best available
                                 information

   Short-term Bank     8.00      CARE D; Issuer not cooperating;
   Facilities                    based on best available
                                 information

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

Detailed description of the key rating drivers

At the time of last rating done on December 18, 2017, the following
were the rating weaknesses:

Key Rating Weaknesses

Ongoing delay in debt servicing: SKIDPL has been irregular in
servicing its debt obligation and there are on-going delays in debt
servicing due to weak liquidity position of the company.

Vapi-based (Gujarat), SKIDPL was incorporated in 2011, by Mr Anand
Tripathi and Mr Kapil Tiwari. SKIDPL belongs to Shree Krishnanand
Group which comprises of various other entities. SKIDPL is engaged
into the business of undertaking turnkey projects involving civil
works, erection, commissioning and electrical works of industrial
buildings. SKIDPL also undertake projects from Government of
Gujarat. SKIDPL is executing the contract works for public and
private companies.


SHRI SANTKRUPA: CRISIL Maintains 'D' Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Santkrupa Cotton
Industries (SSCI) continues to be 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.6       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              1.4       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SSCI 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 SSCI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSCI 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 SSCI continues to be 'CRISIL D Issuer not
cooperating'.

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

Set-up in 1997 as a partnership firm by Mr Akash Fundkar, Mr
Harbanssingh Juneja, Mr Karamjeetsingh Juneja, and Mr Onkarappa
Todkar, SSCI processes raw cotton (kapas) into cotton bales and
cotton seeds. It also has a crushing unit to extract de-oiled cake
and oil from cotton seeds. Its unit is based in Khamgaon
(Maharashtra).


SRI BALASUBRAMANIA: CRISIL Moves C Rating to Non-Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Balasubramania Mills Limited (SBML) to 'CRISIL C Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           5.94      CRISIL C (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    1.06      CRISIL C (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SBML for obtaining
information through letters and emails dated November 26, 2018 and
December 20, 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 SBML. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBML is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SBML to 'CRISIL C Issuer not cooperating'.

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

SBML, incorporated in 1935, manufactures blended polyester cotton
yarn. Daily operations are managed by Mr Sanjay Balu and Mr Arjun
Balu. The company is located in Opillipalayam, near Coimbatore.


STAUNCH NATURAL: CRISIL Keeps D on INR25cr Loans in Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Staunch Natural
Resources Private Limited (SNRPL) continues to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            20       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term      5       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

CRISIL has been consistently following up with SNRPL 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 SNRPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SNRPL 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 SNRPL continues to be 'CRISIL D Issuer not
cooperating'.

SNRPL, incorporated in 2008, commenced operations in fiscal 2011.
The company trades in mill scale, iron ore fines, and imported mild
steel scrap. It has two directors: Mr. Nandish Parekh and Mr.
Aditya Golecha.


SUGAVANESWARA SPINNING: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sugavaneswara
Spinning Mills Private Limited (SSMPL) continues to be 'CRISIL D
Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          6        CRISIL D (ISSUER NOT
                                 COOPERATING)

   Long Term Bank
   Facility             1.05     CRISIL D (ISSUER NOT
                                 COOPERATING)

   Long Term Loan       6.50     CRISIL D (ISSUER NOT
                                 COOPERATING)

   Working Capital      1.25     CRISIL D (ISSUER NOT
   Term Loan                     COOPERATING)

CRISIL has been consistently following up with SSMPL 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 SSMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSMPL 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 SSMPL continues to be 'CRISIL D Issuer not
cooperating'.

Managed by Mr. T.Sundaravel, SSMPL started operations in 1981 in
Salem (Tamil Nadu). It manufactures cotton yarn in counts ranging
from 30s to 80s.


SUNPOWER CEMENT: CRISIL Migrates 'D' Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sunpower
Cement Company Private Limited (SCCPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          5        CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Cash Term Loan       6        CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Letter of credit     1        CRISIL D (ISSUER NOT
   & Bank Guarantee              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SCCPL for obtaining
information through letters and emails dated November 26, 2018 and
December 20,2018 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 SCCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SCCPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

SCCPL was set up by the promoter, Mr Shameer Dawood in 2005. The
Kerala-based company manufactures PPC in its own and leased
facilities.


SURYODAY COTEX: CRISIL Moves D on INR8cr Loans to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Suryoday Cotex
Private Limited (SCPL) to 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         4        CRISIL D (ISSUER NOT
                                COOPERATING; Rating Migrated)

   Proposed Long       3.12     CRISIL D (ISSUER NOT
   Term Bank Loan               COOPERATING; Rating Migrated)
   Facility            

   Term Loan            .88     CRISIL D (ISSUER NOT
                                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SCPL for obtaining
information through letters and emails dated November 26, 2018 and
December 20, 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 SCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SCPL to 'CRISIL D Issuer not cooperating'.

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

SCPL, which was set up in 2013, trades in raw cotton in Rajkot
(Gujarat). The key promoter, Mr Jaideep Gida has been engaged in
the cotton business for close to a decade, through the group
company, Suryoday Enterprise.




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

WAIMARIE ESTATE: Property Still Listed as a Mortgagee Sale
----------------------------------------------------------
Chris Hutching at Stuff.co.nz reports that the west Auckland
Waimarie Estate Farm owned by a member of the Nobilo family remains
listed by the Barfoot & Thompson real estate agency as a mortgagee
sale.

According to Stuff, owners Stephen and Valerie Nobilo have
reportedly obtained alternative funding for the 62 hectare horse
farm.

But a Barfoot & Thompson spokesman said the instructions to the
agents were to keep it listed for now, although the situation could
change.

Stuff says the mortgagee sale was initiated by FE Investments after
a default on payments, understood to be related to a family trust
feud.

The property in Muriwai Valley Rd is described in the agent's
hyperbole as a modern equestrian complex including vineyard.

"This is a very, very special property. Absolutely amazing. The sun
drenched land features extensive pastures, boutique vineyard
blocks, gorgeous, mature, native bush, watercourse, dams, bore and
stunning rural views . . . a full sized Olympic, floodlit dressage
arena . . . A peace (sic) of paradise indeed."

However, "peace" is yet to grace the Nobilo family which is caught
up in a fight over trust funds set up by Nikola Nobilo who came
from Croatia in 1937 and set up the winery that has become a well
known name in New Zealand, the report says.

Stuff relates that the dispute centres on a multi-million dollar
case Stephen is due to take against his brother Nick in the High
Court in a few weeks.

The case is expected to bring up evidence about Nick Nobilo's
failed vineyard Vinoptima Estate which went into receivership last
year with debts of about NZ$15 million.

The trust funding of various other assets and properties is also in
dispute.




=====================
P H I L I P P I N E S
=====================

HANJIN HEAVY: Philippine Workers Mark 5th Day of Protest
--------------------------------------------------------
Rappler.com reports that for the fifth day, some 100 workers of the
financially troubled Hanjin Heavy Industries and
Construction-Philippines continued to stage a protest at the Korean
shipbuilding facility on March 5.

Rappler.com relates that the workers said they have been barred by
the Hanjin management from entering the company's premises for
refusing to sign the voluntary retrenchment program offered to
them.

According to the report, the protest has prompted authorities led
by government soldiers and policemen to secure a Hanjin gate that
the workers have been picketing at since March 1.

About 7 military men and 6 cops have been guarding Hanjin's
facility since Monday morning, March 4, the report says.

Rappler.com relates that the group Samahan ng mga Manggagawa ng
Hanjin (Samahan) said they have been told by the soldiers to keep
their protest peaceful.

"We will not sign the retrenchment program because we want to keep
our jobs. Hanjin as a principal company is legally responsible for
its workers if its subcontracting companies shut down," Rappler.com
quotes one worker as saying.

Virgilio Rodrigo, general secretary of Samahan, had said that they
have been locked out of the shipyard since March 1.

Rappler.com says the protesting workers continued to hold banners
demanding the company to give them their jobs back.

Rappler.com relates that Mr. Rodrigo said 15 more subcontracting
companies of Hanjin have issued notices of closure effective March
31.

He said the workers were given the promise that they would receive
their salary for March and a separation pay, adds Rappler.com.

                        About Hanjin Heavy

Korea-based Hanjin Heavy Industries & Construction Co. established
a shipyard in Subic, west of Manila, and delivered its first vessel
from the yard in July 2008. It uses the Philippine yard to build
big ships while its facility in Korea focuses on smaller vessels.

Hanjin Heavy Industries and Construction Philippines, Inc.
(HHIC-Philippines) filed for voluntary rehabilitation on Jan. 8,
2019, at the Olongapo City Regional Trial Court amid "heavy"
financial losses and debts amounting to about $400 million from
local banks.  The company reported that it also had $900 million in
debts with lenders in South Korea.

The Subic shipyard's assets have been valued at KRW1.84 trillion
(US$1.64 billion).  HHIC-Philippines employs about 4,000 people.

The Korean company filed a financial rehabilitation plan before the
Olongapo City Regional Trial Court Branch 72.

Earlier this year, the court granted its petition for receivership
and placed the South Korean shipbuilding firm under corporate
rehabilitation.

Its liquidity problem had forced it to lay off more than 7,000
workers in December 2018, according to Rappler.com.



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

HYFLUX LTD: ESR-Reit File Proofs of Claim Against Firm & Subsidiary
-------------------------------------------------------------------
The Strait Times reports that ESR-Reit announced that its trustee
had filed proofs of claim on March 1 against beleaguered water
treatment firm Hyflux and its subsidiary Hyflux Membrane
Manufacturing (S), which leases the Reit's property at 8 Tuas South
Lane.

The report relates that ESR-Reit noted that Hyflux Membrane has not
defaulted on its rental payment, and that the landlord currently
holds security deposits equivalent to three months of rental in the
form of bank guarantees amounting to about SGD2.1 million, which
have not been drawn down.

It also has been receiving leasing interest and enquiries for space
at the property, owing to its location within an established
industrial area and near the future Tuas Mega Port, the report
says.

According to the report, Hyflux Membrane is one of ESR-Reit's top
10 tenants and accounted for about 3.5 per cent of the total rental
income for December 2018. The rental income received from Hyflux
Membrane for the fourth quarter of 2018 was about SGD2.1 million,
the report discloses.

In the hypothetical scenario that Hyflux Membrane had been unable
to fulfil its rental obligations and the manager had been unable to
lease out any of the space at the property in FY2018, ESR-Reit's
distributable income and distribution per unit (DPU) would have
fallen by 5.4 per cent based on annualised Q4 2018 figures, 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.


RYOBI KISO: To Potentially Undergo Judicial Management
------------------------------------------------------
Yunita Ong at The Business Times reports that an application has
been filed for ground engineering solutions firm Ryobi Kiso
Holdings and its unit Ryobi Kiso (S) to be placed under judicial
management.

Standard Chartered Bank also filed orders that interim judicial
managers be appointed pending the hearing for that application, the
report says.

According to BT, DBS Bank also appointed nTan Corporate Advisory as
receivers for the money payable to or receivable by Ryobi Kiso (S)
for certain project contracts.

BT says the winding-up application against Ryobi Kiso (S) has also
been adjourned and will be heard on a date to be scheduled by the
court.

Ryobi Kiso shares are currently suspended, the report notes.

Ryobi Kiso Holdings Ltd. -- http://www.ryobi-kiso.com/-- an
investment holding company, provides ground engineering solutions
in Singapore, Australia, Malaysia, Vietnam, and Indonesia. Its
Bored Piling segment offers piling works to carry heavy vertical
loads from structures, such as buildings and bridges; and
horizontal loads in earth retaining structures for deep excavation,
including MRT tunnels and basements of buildings.


                           *********


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 ***