TCRAP_Public/190311.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

          Monday, March 11, 2019, Vol. 22, No. 50

                           Headlines



A U S T R A L I A

AS PAINTING: First Creditors' Meeting Set for March 18
BASSEM PHARMACY: Second Creditors' Meeting Set for March 15
FROG TECH: Second Creditors' Meeting Set for March 18
GLOBAL ACCESSORIES: First Creditors' Meeting Set for March 18
HALCYON II: First Creditors' Meeting Set for March 13

KS BUILD: Second Creditors' Meeting Set for March 19
NIOX NUTRACEUTICALS: Second Creditors' Meeting Set for March 18
RUSH CORP: First Creditors' Meeting Set for March 19


C H I N A

GOME RETAIL: S&P Cuts Long-Term ICR to 'B+' on Delayed Turnaround


I N D I A

AARVEE COLD: Ind-Ra Maintains BB on INR90MM Loan in Non-Cooperating
ADITYA ESTATES: Insolvency Resolution Process Case Summary
AGARWAL LIFE: Ind-Ra Affirms BB+ LT Issuer Rating on INR60MM Debt
ALEX GREEN: Insolvency Resolution Process Case Summary
ALOK INDUSTRIES: NCLT Ahmedabad OKs RIL-JM Financial ARC Bid

CITY MALL: Insolvency Resolution Process Case Summary
DOABA KHALSA: Ind-Ra Keeps D on INR336MM Loan in Non-Cooperating
ESHWARNATH CONSTRUCTIONS: CRISIL Cuts Rating on INR10cr Loans to D
ESSAR STEEL: NCLT Approves ArcelorMittal Takeover Bid
EURO CERAMICS: Insolvency Resolution Process Case Summary

EVERSHINE ADVISORY: Insolvency Resolution Process Case Summary
IDT CLOTHING: Insolvency Resolution Process Case Summary
INTERNATIONAL MEGA: Insolvency Resolution Process Case Summary
ITALIAN EXPOSITION: Insolvency Resolution Process Case Summary
KISANVEER SATARA: CRISIL Lowers Ratings on INR226cr Loans to D

KISSAN RICELAND: CRISIL Lowers Rating on INR25cr Loan to D
MANSA PRINT: Insolvency Resolution Process Case Summary
MAYURA SARIA: CRISIL Assigns B+ Rating to INR10cr Proposed Loan
MID INDIA: Ind-Ra Corrects Feb. 28 Rating Release
MOHIT VENTURES: Ind-Ra Hikes Rating of INR110.3MM Loan to BB

MYNAH INDUSTRIES: Insolvency Resolution Process Case Summary
NOVAGEN HEALTHCARE: CRISIL Assigns 'B' Rating to INR27.7cr Loan
OASIS TRADELINK: Insolvency Resolution Process Case Summary
OSPL INFRADEAL: Insolvency Resolution Process Case Summary
PEEJAY AGRO: CRISIL Hikes Rating on INR12.4cr Loans to B-

PINK ROSE: Insolvency Resolution Process Case Summary
RELIABLE SPACES: Insolvency Resolution Process Case Summary
SAFIRE INDUSTRIES: CRISIL Maintains D Ratings in Not Cooperating
SAFIRE OFFSET: CRISIL Maintains 'D' Ratings in Not Cooperating
SAN MARINE EXPORTS: Ind-Ra Affirms B- LT Issuer Rating

SANGHAVI EXPORTS: Insolvency Resolution Process Case Summary
SHREE SAISHRADDHA: CRISIL Assigns B Ratings to INR28cr Loans
SHREE TRIBHUVAN: Ind-Ra Affirms BB- Rating on INR100MM Debt
SHRI SHIV: CRISIL Assigns 'B' Ratings to INR1.60cr Loans
SR FOILS: CRISIL Maintains D Ratings in Not Cooperating Category

SRI GANESH: Insolvency Resolution Process Case Summary
SRISTEK CLINICAL: Insolvency Resolution Process Case Summary
SUN BRUSHWARE: Insolvency Resolution Process Case Summary
SWASTIK LLOYDS: CRISIL Maintains 'D' Ratings in Not Cooperating
TOKAI ENGINEERING: CRISIL Maintains D Ratings in Not Cooperating

UNITECH MACHINES: Insolvency Resolution Process Case Summary
UNITED INFRA: CRISIL Moves D on INR15cr Debt to Not Cooperating
VEEKAY POLYCOATS: Insolvency Resolution Process Case Summary
VIRAJ ALCHOHOL: CRISIL Maintains 'D' Ratings in Not Cooperating
VIRAT BUILDHOME: CRISIL Assigns B+ Rating to INR7cr LT Loan

VIRGO HOME: Insolvency Resolution Process Case Summary
VISHNU VIDYUTH: CRISIL Maintains 'D' Ratings in Not Cooperating
YUGA BUILDERS: CRISIL Maintains 'B' Rating in Not Cooperating
ZIPPER HOUSE: Insolvency Resolution Process Case Summary


J A P A N

MITSUI E&S: Egan-Jones Lowers Senior Unsecured Ratings to B+


P H I L I P P I N E S

RURAL BANK OF BAROTAC: April 30 Depositors' Claims Deadline Set
RURAL BANK OF GOA: Mar. 8 Deadline Set for Deposit Insurance Claims


S I N G A P O R E

GEO ENERGY: Moody's Alters Outlook on B2 CFR to Negative
HYFLUX LTD: Retail Investors Get Bigger Cash Recovery


S R I   L A N K A

SRI LANKA: Moody's Rates Proposed Sr. Unsecured USD Bonds 'B2'

                           - - - - -


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

AS PAINTING: First Creditors' Meeting Set for March 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of AS Painting
Pty Ltd will be held on March 18, 2019, at 11:00 a.m. at One Wharf
Lane, 171 Sussex Street, in Sydney, NSW.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of AS Painting on March 6, 2019.


BASSEM PHARMACY: Second Creditors' Meeting Set for March 15
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Bassem Pharmacy
Services Pty Ltd, trading as Healthpoint: Mackay Day & Night
Advantage Pharmacy and Red Apple Chemist, has been set for  March
15, 2019, at 10:30 a.m. at the offices of Worrells Solvency &
Forensic Accountants, at Suite 5A, Level 5, 34 East Street, in
Rockhampton City, 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 14, 2019, at 5:00 p.m.

Morgan Gerard James Lane of Worrells Solvency & Forensic
Accountants were appointed as administrators of Bassem Pharmacy on
Feb. 8, 2019.


FROG TECH: Second Creditors' Meeting Set for March 18
-----------------------------------------------------
A second meeting of creditors in the proceedings of Frog Tech Pty
Ltd, trading as Frogtech Geoscience, has been set for March 18,
2019, at 11:00 a.m. at the offices of RSM Australia Partners,
Equinox Building 4, Level 2, 70 Kent Street, in Deakin, ACT.

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.

Frank Lo Pilato and Jonathon Colbran of RSM Australia Partners were
appointed as administrators of Frog Tech on Feb. 8, 2019.


GLOBAL ACCESSORIES: First Creditors' Meeting Set for March 18
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Global
Accessories Pty Ltd will be held on March 18, 2019, at 11:30 a.m.
at the offices of SM Solvency Accountants, at 8/490 Upper Edward
Street, in Spring Hill.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Global Accessories on March 7, 2019.


HALCYON II: First Creditors' Meeting Set for March 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Halcyon II
Pty Ltd will be held on March 13, 2019, at 3:30 p.m. at the offices
of Ferrier Hodgson, at Level 43, 600 Bourke Street, in
Melbourne, Victoria.

George Georges and John Ross Lindholm of Ferrier Hodgson were
appointed as administrators of Halcyon II on Feb. 28, 2019.


KS BUILD: Second Creditors' Meeting Set for March 19
----------------------------------------------------
A second meeting of creditors in the proceedings of KS Build Pty
Ltd  has been set for March 19, 2019, at 11:00 a.m. at the offices
of Romanis Cant, at Level 2, 106 Hardware Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 18, 2019, at 5:00 p.m.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of KS Build on Feb. 12, 2019.


NIOX NUTRACEUTICALS: Second Creditors' Meeting Set for March 18
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Niox
Nutraceuticals Pty Ltd has been set for March 18, 2019, at 11:00
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 Niox Nutraceuticals on Feb. 25, 2019.


RUSH CORP: First Creditors' Meeting Set for March 19
----------------------------------------------------
A first meeting of the creditors in the proceedings of Rush
Corporation Pty Ltd will be held on March 19, 2019, at 11:00 a.m.
at the offices of J P Downey & Co, at Level 1, 22 William Street,
in Melbourne, Victoria.

James Patrick Downey of JP Downey & Co was appointed as
administrator of Rush Corporation on March 6, 2019.




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

GOME RETAIL: S&P Cuts Long-Term ICR to 'B+' on Delayed Turnaround
-----------------------------------------------------------------
On March 8, 2019, S&P Global Ratings lowered its long-term issuer
credit rating on GOME Retail Holdings Ltd. to 'B+' from 'BB-'. S&P
also lowered the long-term issue rating to 'B' from 'B+' on the
company's US$500 million senior unsecured notes.

S&P said, "Our downgrade and negative outlook on GOME reflects our
view that the company's operating performance is worsening amid
intensifying online competition. As such, we expect the retailer's
debt leverage to remain high at above 5x in the next 12 months."

GOME's recent profit warning for 2018 shows that the retailer's
strategies to recover market share have not been as effective as
the company expected thus far. S&P estimates the company's
fourth-quarter revenue will drop by about 5% year-on-year, leading
to a full-year decline of about 10% for the full year. The result
is two consecutive years of net losses, in 2017 and 2018.

S&P said, "We estimate the company's ratio of debt to EBITDA rose
significantly to above 6x in 2018, from 4.0x in 2017, given
increasing operating expenses related to online-business rollouts.
Although we expect the ratio to improve over the next two years
supported by lower operating expenses and better EBITDA, we still
forecast GOME's debt-to-EBITDA to be above 5x in the same period."

Intensifying competition from online players will continue to
challenge GOME's market position. China's online home appliance
sales accounted for about 36% of total home appliance sales in
2018, exceeding Chinese renminbi (RMB) 500 billon. Although GOME
has a strong brand name and extensive distribution network in
China, the company's investment in online business has been slower
than peers. GOME's online business accounts for less than 20% of
its revenues and is still loss-making. S&P sees see uncertainties
on the timeframe for company's turnaround strategy to drive market
share gains by utilizing both its "offline" and online networks.   

On the other hand, we view GOME's leverage to be comparatively low
for the rating. S&P expects the company's debt-to-EBITDA ratio to
likely average 5x-6x over the next two years, lower than that of
most global peers in the 'B' category.

The negative outlook reflects the risk of further deterioration in
GOME's competitive position and credit metrics over the next 12
months, given the intensifying competition with online retailers
and challenges around the company's turnaround plan.

S&P said, "We could lower the rating if GOME's revenues or profit
margins continue to decline without signs of improvement, likely
indicating further deterioration of the company's competitive
position. We may also lower the rating if we expect the company's
debt-to-EBITDA ratio to remain meaningfully above 5.5x in 2019 or
EBITDA interest coverage falls below 2.0x. This could occur due to
weakening profitability, aggressive capital expenditure, or weaker
working capital management.

"We could revise the outlook to stable if GOME effectively executes
its turnaround plan by stabilizing its top line and profitability,
while maintaining a debt-to-EBITDA ratio at 5.0x or below."

GOME is a retailer of electrical appliances and consumer
electronics based in China. As of June 30, 2018, the group had
1,867 operating stores across 535 large- and mid-sized cities,
operating under the GOME, China Paradise, Dazhong, and Cellstar
brand names.




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

AARVEE COLD: Ind-Ra Maintains BB on INR90MM Loan in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Aarvee Cold
Chain Logistics Private Limited's Long-Term Issuer Rating of 'IND
BB (ISSUER NOT COOPERATING)' in the non-cooperating category and
has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- The 'IND BB rating on the INR90 mil. Term loan* due on
     November 2024 maintained in non-cooperating category and
     withdrawn;

-- INR80 mil. Proposed term loan# maintained in non-cooperating
     category and withdrawn; and

* Maintained in 'IND BB (ISSUER NOT COOPERATING)' before being
    Withdrawn.

# Maintained in 'Provisional IND BB (ISSUER NOT COOPERATING)'
before being withdrawn

KEY RATING DRIVERS

Aarvee Cold Chain Logistics did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Ind-Ra is no longer required to maintain the rating as the agency
has received a no-objection certificate from the rated facility's
lender. This is consistent with The Securities and Exchange Board
of India's circular dated March 31, 2017, for credit rating
agencies.

COMPANY PROFILE

Aarvee Cold Chain Logistics has a cold chain building in Pune that
it has leased to Coldman Logistics Private Limited.


ADITYA ESTATES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Aditya Estates Privae Limited
        Registered and Principal office:
        H.No. 3, Bhagwan Dass Road
        New Delhi 110001 IN

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Mr. Alok Kailash Saksena

Interim Resolution
Professional:            Mr. Alok Kailash Saksena
                         Plot No. 104, Mysore Colony
                         Mahul Road, Chembur
                         Mumbai 400074
                         E-mail: aks@dsaca.co.in

                         C/o Desai Saksena and Associates
                             Chartered Accountants
                         Laxmi Building, First Floor
                         Sir P.M. Road, Fort
                         Mumbai 400001
                         Mobile: 9820136693
                         Tel.: 022 66261600/17
                         E-mail: cirpaditya@dsaca.co.in

Last date for
submission of claims:    March 11, 2019


AGARWAL LIFE: Ind-Ra Affirms BB+ LT Issuer Rating on INR60MM Debt
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Agarwal Life
Sciences Private Limited (Agarwal Life) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limit affirmed with IND
     BB+/Stable/IND A4+ rating; and

-- INR10 mil. Non fund-based working capital limit affirmed with
     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects Agarwal Life's continued low revenue base
due to its small scale of operations. The revenue rose to INR221
million in FY18 (FY17: INR200 million) due to an increase in
orders. For 9MFY19, the company recorded revenue of INR213 million
and its order book amounted to INR33.18 million, which is expected
to be completed by end-March 2019. The installed capacity of the
company is 200 tons per month; of this, Agarwal Life utilizes 150
tons per month.

The ratings factor in the modest liquidity, with maximum fund-based
facility utilization of 45% during the 12 months ended January
2018. The cash balance for FY18 was INR1 million (FY17: INR3
million), while cash flow from operations stood at INR14 million
(FY17: INR12 million).

The ratings, however, are supported by the improvement in the
EBITDA margin to a healthy 8.8% in FY18 (FY17:4.7%) due to
increased revenue contribution from the manufacturing business,
which offers higher margins than the trading business. The RoCE of
the company improved to 19% in FY18 (FY17: 11%). Revenue
contribution from the manufacturing business increased to 79% in
FY18 (FY17: 55%) due to demand growth. Meanwhile, the revenue share
of the trading business decreased to 21% (45%) due to the
company’s increased focus on the manufacturing segment.

Additionally, the company's credit metrics were strong, in FY18,
with net leverage (total adjusted net debt/operating EBITDAR)
improving to 1.7x (FY17: 2.6x) and interest coverage (operating
EBITDA/gross interest expense) improving to 6.3x (3.5x) on account
of the growth in profitability. Ind-Ra expects the credit metrics
to remain strong in the near term as Agarwal Life does not have any
plans for debt-led capex over this period.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue with stable
profitability, leading to an improvement in the credit profile, all
on a sustained basis, will be positive for the ratings.

Negative: A substantial decline in the revenue or profitability,
leading to deterioration in the credit metrics, all on a sustained
basis, could be negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, Agarwal Life is engaged in the manufacturing
of active pharmaceutical ingredients and trading of lube additives.
The company has a manufacturing facility in Boiser, Maharashtra.


ALEX GREEN: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Alex Green Energy Private Limited
        40, Rupchand Mukherjee Lane
        Kolkata 700025

Insolvency Commencement Date: February 18, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 17, 2019
                               (180 days from commencement)

Insolvency professional: Surya Kanta Satapathy

Interim Resolution
Professional:            Surya Kanta Satapathy
                         4, Lake Gardens
                         Near Yuvak Sangha
                         Kolkata 700045
                         E-mail: suryakantasatapathy@yahoo.co.in

Last date for
submission of claims:    March 4, 2019


ALOK INDUSTRIES: NCLT Ahmedabad OKs RIL-JM Financial ARC Bid
------------------------------------------------------------
Business Standard reports that the National Company Law Tribunal
(NCLT) of Ahmedabad on March 8 approved the joint bid by Reliance
Industries Ltd-JM Financial Asset Reconstruction Co Ltd for Alok
Industries Ltd.

The RIL-JM Financial ARC combine had bid INR5,000 crore for Alok
Industries, close to the latter's liquidation value of
INR4,000-4,500 crore, the report says.

Business Standard relates that while reading the operative part of
the order, the two-member bench, comprised of adjudicating
authorities Harihar Prakash Chaturvedi and Manorama Kumari said
that the plan was being approved conditionally. The tribunal said
that it could not grant certain reliefs and concessions sought by
RIL-JM Financial ARC. "It is free to approach the appropriate
authority who can grant such relief as per the law," the tribunal
said.

Alok Industries was one of the top 12 loan default cases in India
against which the Reserve Bank of India (RBI) had directed banks to
initiate insolvency proceedings.  Business Standard notes that the
tribunal had initiated insolvency resolution process against Alok
Industries in July 2017 based on a plea filed by one of the lead
lenders State Bank of India (SBI).

In April 2018, Alok Industries was on the verge of liquidation with
the only bid by RIL-JM Financial ARC failing to meet the 75 per
cent threshold of financial lenders approval in the first round of
bidding, Business Standard recalls. The RIL-JMFARC bid had bagged
only 72 per cent vote from the committee of creditors (CoC) of Alok
Industries.

However, with amendments in the Insolvency and Bankruptcy Code
later bringing down the lenders' approval threshold down to 66 per
cent, the Ahmedabad bench of the National Company Law Tribunal
allowed a second round of bidding, even as its 270-day deadline to
complete the insolvency resolution process ended in April of 2018.

According to Business Standard, the RIL-JMFARC bid of INR5,000
crore will see banks taking a major haircut since Alok Industries
total debt to 27 banks led by SBI is worth over INR30,000 crore.
The other major financial institutions and banks which had lent
money to Alok Industries include Axis Bank, Corporation Bank, UCO
Bank, Bank of Maharashtra, Life Insurance Corp of India, Allahabad
Bank, Union Bank, Dena Bank, Oriental Bank of Commerce, and United
Bank of India, Business Standard discloses.

Earlier, Alok Industries' employees union too moved NCLT seeking to
avoid liquidation of the Ahmedabad-based company.

With this approval, Reliance Industries-JM Financial is set to
acquire four manufacturing facilities at Silvassa, Vapi, Navi
Mumbai and Bhiwandi, which can manufacture 68,000 tonnes cotton
yarn a year and 170,000 tonnes polyester per year, adds Business
Standard.

Alok Industries Limited (BOM:521070) -- http://www.alokind.com/--
is a textile company with a presence in the cotton and polyester
segments. The Company is engaged in manufacturing of textile,
including mending and packing activities; leather and other apparel
products. Its geographic segments include Domestic, which includes
sales to customers located in India and International, which
includes sales to customers located outside India. Its divisions
include Spinning, such as cotton yarn; Home Textiles, such as
sheeting fabric, equivalent sheet sets and terry towels; Apparel
Fabrics, such as woven fabric (includes embroidery) and knits;
Garments, and Polyester, such as continuous polymerization,
partially oriented yarn (POY)/chip, draw texturized yarn (DTY),
fully drawn yarn (FDY), polyester staple fiber/cationic yarn and
master batch. Its products include accessories, corrugated pallets,
cotton and blended yarn. It exports its products to over 90
countries across the United States, Europe, Latin America, Asia and
Africa.


CITY MALL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: City Mall Vikash Private Limited
        Perfect Chamber 36
        Ganesh Chandra Avenue
        Kolkata WB 700013 IN

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, Bhopal Bench

Estimated date of closure of
insolvency resolution process: August 25, 2019

Insolvency professional: Amresh Shukla

Interim Resolution
Professional:            Amresh Shukla
                         F-05, Jaideep Complex
                         112, Zone-II, M.P. Nagar
                         Bhopal-M.P. 462011
                         E-mail: insolvencyprofessionalsindia@
                                 gmsil.com
                                 cirp.citymallvikash@gmail.com

Last date for
submission of claims:    March 12, 2019


DOABA KHALSA: Ind-Ra Keeps D on INR336MM Loan in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Doaba Khalsa
Trust's term loan facility in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR336 mil. Term loans (long-term) due on February 2023
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
February 23, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Doaba Khalsa Trust is a charitable educational trust registered
under the Indian Trust Act. It was established in 1997-1998 by S.
Khushia Singh Bath. The trust started with a polytechnic college in
1997-1998. It subsequently expanded to encompass a pharmacy college
and an engineering and technical college, both affiliated to Punjab
Technical University. The campus is situated in Mohali, Punjab.


ESHWARNATH CONSTRUCTIONS: CRISIL Cuts Rating on INR10cr Loans to D
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Eshwarnath Constructions (ECS) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

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

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

The downgrade reflects overdrawals in the working capital limits
for more than 30 days due to stretched liquidity. The stretch in
liquidity is on account of the high working capital requirements
arising out of the stretch in its receivables. The firm's
receivables stood at 875 days as on March 31, 2018 due to the
stretch in receivables from the government departments.

The ratings also reflect ECS' small scale of operations in a
fragmented industry, large working capital requirement and below
average financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoters in the civil
construction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to intense competition: The civil construction segment
is highly fragmented. This is compounded by tender-based business,
which exposes revenue and profitability to the firm's ability to
bid successfully and the number of tenders floated.

* Large working capital requirement: The firm has large working
capital requirement as reflected in the GCA of 875 days as on March
31,2018 on account of the significant stretch in receivables from
government departments which have been consistently high in the
past.

* Below average financial risk profile: The financial risk profile
is below average marked by subdued debt protection metrics. While
the net cash accruals was negative, interest coverage was modest at
1.13 times. Networth was moderate at INR16 crores and gearing stood
at 0.65 times as on March 31, 2018.

Strengths
* Experience of promoters: The firm's promoters have been in the
construction industry for more than 20 years, which should continue
to support 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 INR5.0
crore is almost fully utilized for the last 12 months ended
December 31, 2018. There are also overdrawals in the working
capital limit for more than 30 days due to increasing working
capital requirements.

Set up in 1997 as a partnership firm ECS executes civil
construction work for the Southern Railways and private players in
Tamil Nadu. Operations are managed by Mr M Athmanathan.


ESSAR STEEL: NCLT Approves ArcelorMittal Takeover Bid
-----------------------------------------------------
BloombergQuint reports that the Ahmedabad bench of the National
Company Law Tribunal has approved ArcelorMittal's bid to take over
insolvent Essar Steel Ltd.

According to BloombergQuint, ArcelorMittal will pay INR42,000 crore
against financial creditors' claims of more than INR49,000 crore.
That translates into a haircut of about 14 percent for the lenders.
The bidder will also clear dues of operational creditors to take
over the assets, the report says.

BloombergQuint relates that the committee of creditors for Essar
Steel had finalised ArcelorMittal as the winning bidder in October
last year despite opposition from the Ruia family, the owners of
Essar Group. The erstwhile promoters had offered to repay lenders
and vendors in full if the committee of creditors withdrew the
steelmaker from insolvency proceedings. The lenders rejected the
settlement plan as did the NCLT earlier this year, the report
recalls.

Even as the bench delivered its order in the Ahmedabad court on
March 8, the Ruias sought to stay the order on grounds that they
had already approached the appellate tribunal (NCLAT) to reconsider
their settlement offer, BloombergQuint says. ArcelorMittal objected
to the Ruias seeking a stay. The judge asked Ruias to wait until
Monday, March 11, when the written order will be made available,
BloombergQuint relates.

According to the report, a statement issued by the Ruias soon
after, reiterated that their offer was higher than that of
ArcelorMittal.

"We continue to believe that our settlement proposal of INR54,389
crore is the most compelling one available to Essar Steel creditors
and fulfills the IBC's declared overriding objective of value
maximisation, which has been established time and again by courts
at all levels."

The statement said they will take a call on next steps after
receiving a copy of the NCLT order today, March 11, BloombergQuint
relays.

Meanwhile ArcelorMittal welcomed the NCLT Ahmedabad order and said
it hoped to close the transaction soon, BloombergQuint reports.

"We welcome today's pronouncement by the NCLT Ahmedabad. While we
will need to review the full written order once it becomes
available, we hope to complete the transaction as soon as
possible."

Essar Steel was one of the 12 large corporate accounts shortlisted
for insolvency proceedings by the Reserve Bank of India in June
2017. State Bank of India and Standard Chartered Bank filed
insolvency proceedings against the company at the Ahmedabad bench
of the NCLT.

But repeated litigation by the promoter family, operational
creditors and some financial creditors led to a considerable delay
in the resolution process, BloombergQuint notes. The case has
lingered for 583 days compared with the 270-day resolution period
prescribed in the Insolvency and Bankruptcy Code.

On Feb. 28, while dismissing pleas submitted by 32 operational
creditors, the NCLT had said the resolution plan submitted by
ArcelorMittal was being reviewed for final approval. If necessary,
the tribunal said it would direct ArcelorMittal to change their
repayment plan for operational creditors, the report says.

                         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).


EURO CERAMICS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Euro Ceramics Limited
        Registered office:
        208, Sangam Arcade
        Vallabhbhai Road
        Opp. Railway Station
        Vile Parle (West)
        Mumbai Maharashtra 400056
        India

Insolvency Commencement Date: February 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Arun Kapoor

Interim Resolution
Professional:            Arun Kapoor
                         G-601, Army Co-operative Housing Society
                         Sector-09, Nerul (East), Navi Mumbai
                         Maharashtra 400706
                         E-mail: arun.kapoor58@yahoo.in

                            - and -

                         C/o Sumedha Management Solutions Pvt.
                             Ltd.
                         C Wing 703, Marathon Innova
                         Off. G K Marg, Lower Parel (W)
                         Mumbai 400013
                         E-mail: ecl@sumedhamanagement.com

Classes of creditors:    Class I - Depositors

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Arundeep Singh Pathania
                         76-B, 32, Brindavan Society, Thane
                         Maharashtra 400601
                         E-mail: pathanias@perchadvisors.com

                         Mr. Rajesh Kumar Mittal
                         204/A, Navjyoti Darshan CHS
                         Near Purnima Talkies
                         Murbad Road, Kalyan (West)
                         Mumbai, Maharashtra 421301
                         E-mail: csrajeshmittal@gmail.com

                         Mr. Vikram Bhatnagar
                         D1003, Park Royale
                         Opposite Aakash Ganga Society
                         Pimpri, Pune
                         Maharashtra 411017
                         E-mail vikrambhatnagar2002@yahoo.com

Last date for
submission of claims:    March 12, 2019


EVERSHINE ADVISORY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Evershine Advisory Services Private Limited
        204, 2nd Floor, D-Definity
        Jay Prakash Nagar Road No. 1
        Goregaon East Mumbai 400063

Insolvency Commencement Date: February 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 24, 2019

Insolvency professional: Manoj Kumar Jain

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

Last date for
submission of claims:    March 12, 2019


IDT CLOTHING: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: IDT Clothing Pvt. Ltd.
        216, A to Z Industrial Estate
        Ganpat Rao Kadam Marg
        Lower Parel
        Mumbai 400013

Insolvency Commencement Date: January 28, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Manoj Kumar Mishra (Advocate)

Interim Resolution
Professional:            Manoj Kumar Mishra (Advocate)
                         Room 1406, Building 4B
                         New Hind Mill MHADA
                         Sankul, Rambhau Bhogle Marg
                         Ghodapdev
                         Mumbai 400033
                         E-mail: manojkmishra95@gmail.com

                            - and -

                         Office No. 18, 3rd Floor
                         84, Dholkawala Buiding
                         Janma Bhoomi Marg, Fort
                         Mumbai 400001
                         Opp. Siddharth College & above Taste of
                         Malabar
                         E-mail: manojkmishra95@gmail.com

Last date for
submission of claims:    February 25, 2019


INTERNATIONAL MEGA: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: International Mega Food Park Limited

        Registered office:
        H.No. 3, Sector-5
        Chandigarh 160001 IN

        Central Processing Centre:
        Village Dabawala Kalan
        Distt-Fazilka, Punjab

        Primary Processing Centre:

        1. Village Bodiwala Kharak Singh
           Tehsil Malout, Muktsar

        2. Village Tamkot, Tehsil & District Malout
           Muktsar

        3. Village Usman Khera Tehsil Abohar
           District Fazilka

        4. Village Sikarpur Urf Kawanwali
           Tehsil Fazilka, Punjab   

Insolvency Commencement Date: February 28, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: August 27, 2019
                               (180 days from commencement)

Insolvency professional: Sumat Kumar Gupta

Interim Resolution
Professional:            Sumat Kumar Gupta
                         Manmohan House, 2581/3B/1
                         Ghora Factory Road, Industrial Area-A
                         Ludhiana 141001
                         E-mail: sumatguptaca@gmail.com
                                 irp.sumatgupta@gmail.com

Last date for
submission of claims:    March 14, 2019


ITALIAN EXPOSITION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Italian Exposition Private Limited
        Unit No. 411, 4th Floor, DLF Tower B
        Plot No. 11, Jasola District Centre
        New Delhi 110076

Insolvency Commencement Date: February 20, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 19, 2019

Insolvency professional: Satinder Kapur

Interim Resolution
Professional:            Satinder Kapur
                         Suite No. 10, 1 Link Road
                         Jangpura Extension
                         New Delhi 110014
                         E-mail: satinderkapur@gmail.com

Last date for
submission of claims:    March 6, 2019


KISANVEER SATARA: CRISIL Lowers Ratings on INR226cr Loans to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kisanveer Satara Sahakari Sakhar Karkhana Limited (KSSSKL) to
'CRISIL D' from 'CRISIL BB-/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          125      CRISIL D (Downgraded from
                                 'CRISIL BB-/Stable')

   Cash Credit-Stock      8      CRISIL D (Downgraded from
                                 'CRISIL BB-/Stable')

   Sugar Pledge Cash     93      CRISIL D (Downgraded from
   Credit                        'CRISIL BB-/Stable')

The downgrade reflects delay in repayment of term loan due to
stretched liquidity.

The company also has a weak financial risk profile and large
working capital requirement, and is exposed to regulatory changes
and cyclicality in the sugar industry.  However, it benefits from
an established market position in the sugar industry.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in term debt repayment: The downgrade reflects delay in
debt servicing by KSSSPL due to stretched liquidity.

* Working capital-intensive operations: Gross current assets were
high at 258 days on the account of large inventory of 140 days, as
on March 31, 2017, the working capital requirement is funded
through bank debt.

* Below-average financial risk profile: The gearing was 14.69 times
as on March 31, 2017, owing to heavy reliance on external borrowing
to meet working capital requirement, and is likely remain high in
the medium term, Debt protection metrics remain subdued, with
interest coverage ratio at a negative 0.20 time in fiscal 2017.

* Exposure to regulatory changes and cyclicality in the sugar
industry: The sugar manufacturing industry is highly regulated and
is also exposed to risks related to seasonality in sugarcane
production. These factors can impact the scale of operations and
margins.

Strength:
* Established market position in the sugar industry: A presence in
the industry since 1970, and the favourable location in a sugar
cane growing belt, should continue to support the business.

Liquidity
Due to reduction in prices of sugar, revenue has reduced in fiscal
2019, resulting in lower-than-expected cash accrual and hence fully
utilised bank limit and delay in term loan repayment. Liquidity is
likely to remain stretched over the medium term.

KSSSKL is a cooperative sugar mill based in Bhuinj in the Satara
district of Maharashtra. It was set up in 1968 by the late Mr Kisan
Mahadeo (Abasaheb) Veer and Mr. Prataprao Bhosale. The society is
currently chaired by Mr Madan Bhosale.


KISSAN RICELAND: CRISIL Lowers Rating on INR25cr Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Kissan
Riceland Private Limited (KRPL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+.'

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            25       CRISIL D (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term      2       CRISIL D (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Proposed Non Fund       1.77    CRISIL D (Downgraded
   based limits                    from 'CRISIL A4+')

   Standby Line of         2.00    CRISIL D (Downgraded
   Credit                          from 'CRISIL BB-/Stable')

   Term Loan               1.23    CRISIL D (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects the delay by KRPL in servicing repayment
obligations on cash credit facility and term loan due to weak
liquidity.

The ratings also reflect modest operating margin and modest
interest coverage ratio. These rating weaknesses are partially
offset by the extensive industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing debt obligations: The firm has been delaying
its repayment obligations on cash credit limit and term loan to the
bankers due to tight liquidity and the account has turned into an
NPA since March 2018.

* Modest operating margins: Operating margin expected to remain
modest over the medium-term due to commodity nature of business and
limited value addition - operating margin has been low at 2.6-3.1%
over the past 3 fiscals ended 2017.

* Modest interest coverage ratio: Interest coverage was modest at
1.3 times in fiscal 2017 on account of low operating margin and is
expected to remain modest over the medium term.

Strengths
* Extensive industry experience of the promoters: Over three
decades of experience in the rice-milling business have helped the
promoters gain a sound understanding of the market dynamics and
establish relations with its customers and suppliers. Benefits from
promoters' extensive experience are expected to continue over the
medium term.

Liquidity
Liquidity is stretched due to stress in the business and low cash
accruals .Firm has delayed in  servicing its debt obligation on
Cash credit limit and term loan and has been classified as NPA
since March2018.

KRPL was incorporated in 2016, promoted by Mr Ashok Garg, Mr Sushil
Garg, and Mr Tarsem Chand. The company took over the operations of
their partnership firm, Kissan Rice Mills, effective from April
2016. It primarily mills and processes basmati and non-basmati
rice, which it sells domestically. The manufacturing unit is in
Kaithal, Haryana.


MANSA PRINT: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Mansa Print & Publishers Limited

        Registered office:
        Plot No. 781, Industrial Area
        Phase-II, Chandigarh
        Ch 160002 IN

        Works:
        480/1, Vill. Bhatoli Kalan
        Baddi 173205
        Distt. Solan (HP)

Insolvency Commencement Date: February 28, 2019

Court: National Company Law Tribunal, Panchkula Bench

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

Insolvency professional: Mr. Jalesh Kumar Grover

Interim Resolution
Professional:            Mr. Jalesh Kumar Grover
                         C/O Ducturus Resolution Professionals
                             Pvt. Ltd.
                         SCO-131, 2nd Floor, MDC
                         Sector-5, Panchkula
                         Haryana 134119
                         E-mail: jk.grover27@gmail.com
                                 ip.mansa@ducturus.com
                         Mobile: +9195010-81808

Last date for
submission of claims:    March 14, 2019


MAYURA SARIA: CRISIL Assigns B+ Rating to INR10cr Proposed Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Mayura Saria Private Limited (MSPL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term
   Bank Loan Facility      10       CRISIL B+/Stable (Assigned)

The ratings reflect the company's small scale in highly fragmented
industry & nascent nature of operations. These weaknesses are
partially offset by the average financial risk & establish market
position.

Analytical Approach

Unsecured loan from the promoters has been treated as neither debt
nor equity as it is expected to remain in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale in highly fragmented industry: The steel industry has
a large number of unorganized players because of low entry barriers
due to small initial investment required and low complexity of
operations. The fragmentation limits the pricing flexibility and
bargaining power of players. Also, the threat from large integrated
players in the form of capacity addition limits growth.

* Nascent nature: The business was taken over by Mr Premchand
Agrawal and Mr Ayush Agrawal from Mr Abhishek Garg and his family.
The plant was shut down for enhancement in capacities. The
operations are expected to commence on March 2019 and FY 20 will be
the first full year of enhanced capacities.

Strength
* Average financial risk profile: The financial risk profile of the
company is comfortable as reflected in comfortable gearing of 0.01x
as on 31st March 2018 and modest net worth of INR2.61 crores as on
31st March 2018.

* Established market position: Presence of around 12 years has
enabled the promoters to establish strong relationships with
customers and suppliers.

Liquidity
MSPL has expected to be adequate liquidity marked by no long term
repayment obligation. The liquidity has further supported by
funding support from promoters in the form of unsecured loans which
is expected around INR2 crores in FY20 & FY21.

Outlook: Stable

CRISIL believes MSPL will continue to benefit from the extensive
experience of its promoters and its established market position.
The outlook may be revised to 'Positive' if there is a sustained
increase in revenue and profitability. The outlook may be revised
to 'Negative' if low cash accrual, stretch in working capital
cycle, or large, debt-funded capital expenditure weakens the
financial risk profile and liquidity.

Incorporated in 2007, MSPL manufactures mild steel (MS) bars and
related products. The company has units in Chhattisgarh. MSPL is
owned and managed by Mr Premchand Agrawal and Mr Ayush Agrawal.


MID INDIA: Ind-Ra Corrects Feb. 28 Rating Release
-------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies a February 28, 2019
press release on Mid India Creations LLP (MIC) to correctly mention
the type of rated facilities and their amounts.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has assigned Mid India
Creations LLP (MIC) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR600 mil. Term loan due on July 2033 assigned with IND
     BB+/Stable rating; and

-- INR400 mil. Proposed term loan* assigned with Provisional IND
     BB+/Stable rating.

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

Analytical Approach:  Ind-Ra has factored in support from MIC's
association with the Indore-based C-21 group while arriving at the
ratings. Both companies have common management.

KEY RATING DRIVERS

The ratings reflect MIC's medium scale of operations as indicated
by revenue of INR219 million in FY18 (FY17: INR113 million). The
growth in revenue was attributed to stabilization of hotel
operations FY18 was the first full year of operations.

The ratings are constrained by the company's weak credit metrics as
indicated by low-interest coverage (operating EBITDA/interest
expense) of 0.5x in FY18 (FY17: 0.4x) and high net financial
leverage (net adjusted debt/ operating EBITDA) of 16.2x (30.2x),
driven by high debt and interest expense. However, the agency
expects the credit metrics to improve from FY20 owing to its tie-up
with the Sheraton brand for its hotel properties, effective 1 April
2019.

The rating factor in the firm's tight liquidity with debt service
coverage ratio coming below unity in FY19. Ind-Ra expects promoters
to infuse equity to the tune of INR100 million in FY19 and INR50
million in FY20 to meet its debt servicing obligations.
However, the ratings benefit from MIC's association with
Indore-based C21 Group, which has more than two decades of
experience in the real estate and hospitality businesses, and
favorable location of the hotel on the Indore bypass road with
proximity to several upcoming residential and commercial projects.

RATING SENSITIVITIES

Positive: Successful ramping up of operations under the new brand,
along with an improvement in the credit metrics will be positive
for ratings.

Negative: Delay in ramping up of operations under the new brand or
deterioration in the credit metrics or liquidity profile, and/or
weakening of linkages with C21 group would be negative for the
ratings.

COMPANY PROFILE

MIC was incorporated as a limited liability partnership firm in
October 2011. The hotel is operated and managed by The Grand
Bhagwati Banquets & Hotels Ltd. under the TGB brand.  The banquet
property commenced operations in June 2015, while the hotel
property was soft-launched in July 2017. M.P. Entertainment &
Developers Pvt. Ltd. (represented by Shri Gurjeet Singh Chhabra),
Rajesh Mehta and Riya Chhabra are the partners.


MOHIT VENTURES: Ind-Ra Hikes Rating of INR110.3MM Loan to BB
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Mohit Ventures
Private Limited's (MVPL) Long-Term Issuer Rating to 'IND BB' from
'IND B+ (ISSUER NOT COOPERATING)'. The Outlook is Positive.

The instrument-wise rating actions are:

-- INR110.3 mil. (reduced from INR140 mil.) Term loan due on
     March 2024 upgraded with IND BB/Positive rating;

-- INR77.5 mil. (increased from INR65 mil.) Fund-based working
     capital limits upgraded with IND BB/Positive rating; and

-- INR22.5 mil. (reduced from INR35 mil.) Non-fund-based working
     capital limits upgraded with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects the stabilization of MVPL's operations, with a
medium scale of operations and healthy margins. During the first
nine months of its operations (July-March 2018 (FY18)), revenue was
INR906.27 million, RoCE was 15% and the EBITDA margin was 6.1%.

The ratings, however, are constrained by the entity's modest credit
metrics due to high debt levels, with EBITDA interest coverage
(operating EBITDA/gross interest expense) of 3.0x and the net
leverage (Ind-Ra adjusted net debt/operating EBITDAR) of 4.6x in
FY18.

The Positive Outlook reflects Ind-Ra's expectation of an
improvement in MVPL's credit metrics with expected improvement in
absolute EBITDA due to revenue growth. During April-December 2018,
the company achieved revenue of INR2,773.22 million.

The ratings are also constrained by MVPL's tight liquidity position
as reflected by its around 98% use of the working capital limits on
average during the 12 months ended January 2019. The company's cash
flow from operations was negative INR104.91 million in FY18. At
FYE18, the company's cash and cash equivalents were INR3.64
million.

The ratings remain supported by the company's promoters' two
decades experience in the iron and steel industry.

RATING SENSITIVITIES

Positive: An improvement in leverage below 3.5x will be positive
for ratings.

Negative: Leverage sustaining above 3.5x will be negative for
ratings.

COMPANY PROFILE

MVPL manufactures thermo-mechanically treated bars at its 158,400
metric tons per annum unit in Koderma, Jharkhand for Kamdhenu
Limited and Kamdhenu Concast Limited and sells them under the brand
names Kamdhenu and Kay2. The commercial operations started in July
2017. The company has three directors namely Anil Kumar Pandey,
Jitesh Kumar Singh, and Binoy Kumar Singh.


MYNAH INDUSTRIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Mynah Industries Limited
        Sno 66/2, Mugalapalli Village
        Hosur, Tk Dharmapuri
        Tamil Nadu 635105

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 25, 2019

Insolvency professional: Sisir Kumar Appikatla

Interim Resolution
Professional:            Sisir Kumar Appikatla
                         106, First Floor, Bharat Towers
                         5th Lane, Dwarakanagar, Visakhapatnam
                         Andhra Pradesh 530016
                         E-mail: sisir_appi@yahoo.co.in
                                 rp.mynahindustries@gmail.com

Last date for
submission of claims:    March 12, 2019


NOVAGEN HEALTHCARE: CRISIL Assigns 'B' Rating to INR27.7cr Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Novagen Healthcare Private Limited (NHPL).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan           27.7      CRISIL B/Stable (Assigned)

The ratings reflect the company's below-average financial risk
profile and exposure to risks pertaining to stabilisation and
ramp-up in operations, and to the regulated nature of the industry.
These weaknesses are partially offset by the promoters' extensive
experience and funding support, and healthy relationships with
customers and NHPL's diversified product profile.

Analytical Approach

Unsecured loans from the promoters and their relatives have been
treated as neither debt nor equity, as the loans will remain in the
business over the medium term. Further compulsory convertible
debenture treated as quasi equity as it is expected to compulsorily
convert to equity on or before 10 years and it is provided by
promoter and is interest free.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to project implementation and stabilisation risks: The
company is likely to start operation from April 2019. Timely
stabilisation and ramp-up in operations are critical, given the
intense competition, and will, therefore, be closely monitored.

* Below-average financial risk profile: Financial risk profile may
remain constrained by debt funding of ongoing capital expenditure,
leading to high adjusted gearing.

* Exposure to regulatory risk: The pharmaceutical industry is
highly regulated and requires various approvals, licenses,
registrations and permissions for business activities. Each
authority has its own requirement and they could delay or refuse to
grant approval, even when a product has already been approved in
another country. The approval process for a new product
registration is complex, lengthy and expensive. The time taken to
obtain approval varies by country but generally it takes from six
months to several years from the date of application. Any delay or
failure in getting approval for new product launch could adversely
affect the business prospect of the company.

Strengths:

* Extensive experience and funding support of the promoters: The
promoters' extensive experience of over three decades through
associate companies and their funding support in form of capital
infusion and unsecured loans would support the company's business
and financial risk profile.

* Diversified product portfolio: The company has diversified
portfolio of more than 50 products including Paracetamol,
Dexketoprofen, Tramadol, Oxycodone, Pregabalin, Racecadotril,
Attapulgite, Lactulose, Moxifloxacin, Levetiracetam, and
Fexofenadine.

* Established relationship with customer: The extensive network of
more than 30 distributors should help the company grow over the
medium term.

Liquidity

NHPL has adequate liquidity, driven by expected cash accrual of
over INR1-2 crore in fiscal 2019. The promoters' financial support
in the form of unsecured loans will also support liquidity in the
initial years of operation.

Outlook: Stable

CRISIL believes NHPL will continue to benefit from the promoters'
extensive experience and their funding support. The outlook may be
revised to 'Positive' if timely stabilisation of operations leads
to sizeable cash accrual and a stronger financial risk profile. The
outlook may be revised to 'Negative' if delay in stabilisation of
operations leads to lower revenue and cash accrual, or if a stretch
in working capital cycle weakens the financial risk profile.

Set up in October 2014, NHPL manufactures pharmaceutical products
under the brand, Novagen. The manufacturing facility is at
Vadodara. Commercial operations are to start in April 2019.


OASIS TRADELINK: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Oasis Tradelink Limited
        1st Floor, "Maruti House", Opp. Sales India
        Off Ashram Road, Ahmedabad
        Gujarat 380009

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Pinakin Surendra Shah

Interim Resolution
Professional:            Mr. Pinakin Surendra Shah
                         A/201 Siddhi Vinayak Towers
                         B/h DCP Office
                         Next to Kataria House
                         Off S.G. Highway, Makaraba
                         Ahmedabad 380051
                         Gujarat
                         E-mail: pinakincs@yahoo.com

Last date for
submission of claims:    March 15, 2019


OSPL INFRADEAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s OSPL Infradeal Private Limited
        Registered office:
        21/1, Pottery Road
        Kolkata 700015
        India

Insolvency Commencement Date: February 15, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Soumendra Podder

Interim Resolution
Professional:            Mr. Soumendra Podder
                         1/427, Gariahat Road (South), 4th Floor
                         West Bengal Kolkata 700068
                         E-mail: soumenpodder@hotmail.com

                            - and -

                         M.N. Mitra & Co, Chartered Accountants
                         12/15, Manoharpukur Road
                         Kolkata 700026
                         West Bengal
                         E-mail: ip.osplinfradeal@gmail.com

Last date for
submission of claims:    March 6, 2019


PEEJAY AGRO: CRISIL Hikes Rating on INR12.4cr Loans to B-
---------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Peejay
Agro Foods Private Limited (PAFPL) to 'CRISIL B-/Stable' from
'CRISIL D'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit        7.55       CRISIL B-/Stable (Upgraded
                                 from 'CRISIL D')

   Long Term Loan     4.85       CRISIL B-/Stable (Upgraded
                                 from 'CRISIL D')

The upgrade reflects timely repayment of the debt obligations
supported by fund support from the promoters over the last 6 months
ending February 2019.

The rating reflects modest scale of operations and working
capital-intensive operations. These rating weaknesses are partially
offset by the extensive experience of promoters in the agro
commodity processing industry.

Analytical Approach

Unsecured loans from the promoters has been treated as part of the
debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: PAFPL's scale of operations is modest
as reflected in revenues of less than INR7 crores in fiscal 2018.
Modest scale of operation prevents the company from benefit
associated with economies of scale and limits the bargaining power
with suppliers and customers.

* Working capital-intensive operations: Gross current assets were
above 350 days over the three years through fiscal 2018 owing to
high inventory and receivable days. Hence, working capital
management will remain a key rating monitorable over the medium
term

Strength
* Extensive experience of promoter: The partner, Mr Padma Kumar,
has experience of over 15 years and supports the business profile
with strong linkages with suppliers ensuring regular supply of
quality raw material and established relationship with customers
leading to regular off take.

Liquidity
Liquidity is stretched with tightly matched accruals of above 1
crores expected over the medium term against repayment obligation
of around 1-1.5 crores. PAFPL's fund based line were highly
utilized at an average of more than 95% over 12-month period ended
January 2018. However liquidity is supported by infusion of
unsecured loan. Liquidity is expected to remain stretched on
account of higher repayment obligation.

Outlook: Stable

CRISIL expects PAFPL would maintain its business risk profile on
the back of its promoter's extensive experience in the food
processing industry. The outlook may be revised to 'Positive' if
significant increase in sales and profitability, results in higher
cash accruals, and if capital infusion results in improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if lower revenues or profitability results in lower
cash accruals or if the company undertakes aggressive, debt-funded
expansions leading to deterioration in financial risk profile.

Incorporated in 2013, Trissur (Kerala)-based PAFPL is involved in
manufacturing of pickles, jams, papad and various other spices. The
operations of the company are managed by the promoters, Mr. C Padma
Kumar and Mr. Joshi.


PINK ROSE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Pink Rose Lingerie Private Limited
        No. 29, Machohalli Cross
        Magadi Main Road
        Bengaluru 560091

Insolvency Commencement Date: February 26, 2018

Court: National Company Law Tribunal, Bangalore Bench

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

Insolvency professional: Vinod Sunder Raman

Interim Resolution
Professional:            Vinod Sunder Raman
                         No. 318, 19th Main, 41st Cross
                         5th Block, HBR Layout
                         Bangalore 560043
                         E-mail: vinod@vrconsulting.biz

                            - and -

                         3rd Floor, No. 717, 17th Main
                         4th T Block, Jayanagar
                         Bangalore 560041

Last date for
submission of claims:    March 12, 2019


RELIABLE SPACES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Reliable Spaces Private Limited
        Reliable House
        Opp. Huma Mall
        Kanjurmarg (W)
        Mumbai 400078

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Anish Gupta

Interim Resolution
Professional:            Anish Gupta
                         413, Autumn Grove
                         Lokhandwala, Kandivali East
                         Mumbai 400101
                         E-mail: anish@csanishgupta.com
                                 agirp01@gmail.com
                         Mobile No.: 9821099720

Last date for
submission of claims:    March 12, 2019


SAFIRE INDUSTRIES: CRISIL Maintains D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of The Safire Industries
(SI; part of the Safire group) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      .5       CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit        3.0       CRISIL D (ISSUER NOT COOPERATING)
   Letter of Credit   1.0       CRISIL D (ISSUER NOT COOPERATING)
   Long Term Loan     4.65      CRISIL D (ISSUER NOT COOPERATING)
   Proposed Working
   Capital Facility   3.00      CRISIL D (ISSUER NOT COOPERATING)

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SI and The Safire Offset Printers (SOP).
This is because the two entities, together referred to as the
Safire group, are in the same line of business, and have a common
management and fungible cash flows.

Set up in 1989 by Mr. Ayyanathan, SI is part of the Safire group,
which prints film posters, brochures, calendars, text books, and
school magazines. Both SI and SOP are based in Sivakasi (Tamil
Nadu).


SAFIRE OFFSET: CRISIL Maintains 'D' Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of The Safire Offset
Printers (SOP; part of the Safire group) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       .5      CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit         8.0      CRISIL D (ISSUER NOT COOPERATING)

   Letter of Credit    1.0      CRISIL D (ISSUER NOT COOPERATING)

   Long Term Loan      6.45     CRISIL D (ISSUER NOT COOPERATING)

   Proposed Working
   Capital Facility    2.0      CRISIL D (ISSUER NOT COOPERATING)

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of The Safire Industries (SI) and The
Safire Offset Printers (SOP). This is because the two entities,
together referred to as the Safire group, are in the same line of
business, and have a common management and fungible cash flows.

Set up in 1989 by Mr. Ayyanathan, SOP is part of the Safire group,
which prints film posters, brochures, calendars, text books, and
school magazines. Both SI and SOP are based in Sivakasi (Tamil
Nadu).


SAN MARINE EXPORTS: Ind-Ra Affirms B- LT Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn San
Marine Exports' (SME) Long-Term Issuer Rating of 'IND B-'. The
Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND B-' rating on the INR1 mil. Long-term loan^ due on
     April 2023 affirmed and withdrawn;

-- The 'IND B-' rating on the INR135 mil. Fund-based facilities*
     affirmed and withdrawn; and

-- The 'IND A4' rating on the INR12 mil. Non-fund-based
     facilities# affirmed and withdrawn.

^Affirmed at 'IND B-'/Stable before being withdrawn
*Affirmed at 'IND B-'/Stable/'IND A4' before being withdrawn
#Affirmed at 'IND A4' before being withdrawn

KEY RATING DRIVERS

The affirmation reflects SME's continued small scale of operations
as indicated by revenue of INR768 million in FY18 (FY17: INR599
million). The improvement in revenue was on account of an increase
in orders from existing customers.

The ratings remained constrained by the firm's weak credit metrics
owing to high debt levels and volatile EBITDA margins. In FY18,
EBITDA interest coverage (operating EBITDA/gross interest expense)
improved to 1.5x (FY17: 1.4x) and net financial leverage (total
adjusted net debt/operating EBITDA) to 6.9x (7.2x) owing to a
marginal improvement in operating EBITDA to INR29.1 million
(INR26.1 million). The firm's EBITDA margin remained modest and
declined to 3.8% in FY18 (FY17: 4.4%) due to raw material price
fluctuations. Its return on capital employed was 10% in FY18.

The rating factor in SME's tight liquidity position. Cash flow from
operation remained negative, although improved to INR8 million in
FY18 (FY17: INR60 million) owing to favorable changes in working
capital.  The company had a cash balance of INR0.91 million at
FYE18.

The ratings continue to be supported by SME's operational track
record and promoters' experience of over three decades in fish
processing and export of seafood.

Rating Withdrawal: Ind-Ra is no longer required to maintain the
ratings, as the agency has received a no objection certificate from
the company's lenders. This is consistent with the Securities and
Exchange Board of India's circular dated March 31, 2017, for credit
rating agencies.

RATING SENSITIVITIES

Incorporated in 2010, Kerala-based SME is a partnership firm
engaged in the processing and export of seafood. Its production
site is in Kollam, Kerala.


SANGHAVI EXPORTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sanghavi Exports International Private Limited
        402, Mehta Mahal
        Mathew Road, Opera House
        Mumbai 400004

Insolvency Commencement Date: February 19, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Vikas Prakash Gupta

Interim Resolution
Professional:            Mr. Vikas Prakash Gupta
                         16 B, Flat 301, Padmanabh Appartment
                         Tilak Nagar, Nagpur 440010
                         E-mail: vikas.gupta@bngca.com

                            - and -

                         Office No. 18, 3rd Floor
                         84 Dholkawala Building
                         Janmabhoomi Marg, Opp. Siddharth College
                         Above Taste of Malabar, Fort
                         Mumbai 400001
                         E-mail: claim.sanghavi@gmail.com

Last date for
submission of claims:    March 4, 2019


SHREE SAISHRADDHA: CRISIL Assigns B Ratings to INR28cr Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shree Saishraddha Cements Private limited
(SSC).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Long Term Loan       20       CRISIL B/Stable (Assigned)

   Proposed Cash
   Credit Limit          8       CRISIL B/Stable (Assigned)

The rating reflects the company's modest scale of operation and
below-average financial risk profile, driven by a leveraged capital
structure and weak debt protection metrics. These weaknesses are
partially offset by the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Commercial operations began in June
2018 and is in the start-up phase. Scale of operation, as a result,
is small, with turnover of INR5.5 crore till October 2018. Though
revenue is likely to increase over the medium term on the back of
stable demand from customers, ramp-up in scale and stabilisation of
operations, working capital management, and operating margin will
remain key rating sensitivity factors.

* Below-average financial risk profile: Gearing was high at 2.15
times and networth moderate at INR9.99 crore as on March 31, 2018.
Debt protection metrics are expected to remain weak in the early
years of operation. Financial risk profile is, however, supported
by unsecured loans of around INR7.23 crore from the promoters.

* Susceptibility to demand from the end-user industry: Demand for
autoclaved aerated concrete (AAC) blocks is derived from the
housing (real estate), construction, and infrastructure sectors,
which are, in turn, linked to economic cycles. Any slowdown in
economic activity or lower investment in infrastructure and housing
may constrain the business.

Strength:
* Experience of the promoters: Promoters' experience of more than
two decades in the construction business has helped develop healthy
relations with suppliers and customers.

Liquidity
SSC has weak liquidity marked by expected cash accruals of INR3-4
crore against term debt obligations of INR3 Crore against tightly
matched repayment obligation of INR3 crore per year from fiscal
2020. The company as of now does not have working capital funding
from bank which are in process and are expected by the end of the
December, 2018 which will remain key sensitivity factor.

Outlook: Stable

CRISIL believes SSC will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if successful stabilisation of operations, ramp-up in
revenue, and repayment of the term loan on time strengthen key
credit metrics. The outlook may be revised to 'Negative' if
lower-than-expected profitability weakens financial risk profile.

SSC was incorporated in February 2010 by Mr Ajay Agarwal and Mr
Kisan Daruka. It manufactures AAC blocks, the installed capacity of
which is 150,000 cubic metres per annum.


SHREE TRIBHUVAN: Ind-Ra Affirms BB- Rating on INR100MM Debt
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Tribhuvan
Ispat Private Limited's (STIPL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR100 mil. Fund-based working capital limit affirmed with IND

     BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects STIPL's continued medium scale of
operations, despite a 48.74% yoy surge in revenue to INR445.41
million in FY18 on account of an increase in steel demand. During
April 2018-January 2019, the company achieved revenue of INR600.47
million. However, EBITDA margin declined to 2.49% in FY18 (FY17:
4.10%), although remained modest, due to an increase in raw
material cost and other operating expenses. Its return on capital
employed was 7% in FY18 (FY17: 7%).

The ratings remain constrained by the company's weak credit
metrics. The net adjusted leverage (total adjusted net
debt/operating EBITDA) improved marginally to 7.09x in FY18 (FY17:
7.29x) and gross interest coverage (operating EBITDA/gross interest
expense) to 1.12x (FY17: 1.07x) due to a decline in debt and the
consequent reduction in total interest expense.

The ratings also factor in STIPL's moderate liquidity position.
Cash flow from operations improved to INR12.86 million in FY18
(FY17: INR1.28 million, FY16: negative INR0.52 million), on account
of an improvement in the working capital cycle (FY18: 109 days,
FY17: 221 days). It had cash and cash equivalents of INR4.33
million at FYE18 (FYE17: INR3.72 million). The company's average
use of the working capital limits was 87% during the 13 months
ended in January 2019.

However, the ratings continue to be supported by the
two-decade-long experience of STIPL's directors in the
manufacturing of steel, leading to strong relationships with its
customers and suppliers.

RATING SENSITIVITIES

Negative: Deterioration in the credit profile or stress on the
liquidity position, all on a sustained basis, could lead to a
negative rating action.

Positive: An improvement in the operating profitability, resulting
in a sustained improvement in the credit metrics will be positive
for the ratings.

COMPANY PROFILE

Ghaziabad-based STIPL manufactures mild steel ingots used for
manufacturing mild steel bars. The company's manufacturing unit is
located at Bazpur, Uttarakhand with an installed capacity of 25,000
metric tons per annum.


SHRI SHIV: CRISIL Assigns 'B' Ratings to INR1.60cr Loans
--------------------------------------------------------
CRISIL has assigned its ' CRISIL B/Stable' rating on the bank
facilities of Shri Shiv Poly Fab (SSP).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Proposed Cash
   Credit Limit        1.38      CRISIL B/Stable (Assigned)
   Cash Credit          .14      CRISIL B/Stable (Assigned)
   Long Term Loan       .08      CRISIL B/Stable (Assigned)

The rating reflects start up nature of operations and average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of the promoter in the
tarpaulins industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Start-up nature of operations: The firm's business risk profile
is constrained on account of its start-up nature of operations. The
commercial production of the company started in April, 2018. The
company is expected to register revenues of about INR9.50 crore
during 2018-19 underpinning its moderate scale of operations in a
competitive industry.

* Weak financial risk profile: Financial risk profile is weak, with
expected high gearing of 8.92 times. However, debt protection
metrics are average, with interest coverage ratio at 9.30 times and
net cash accrual to total debt ratio at 0.61 time for fiscal 2019.

Strength

* Extensive industry experience of the Promoter: The promoter have
been associated with the HDPE tarpaulins industry for more than 1
decade, and have established significant relationships with raw
material suppliers and customer.

Liquidity
Liquidity should remain adequate over the medium term. Cash accrual
is expected at around INR76 lakh and INR81 lakh in fiscal 2019 and
fiscal 2020, respectively, and should adequately cover maturing
debt of INR2 lakh and INR11 lakh, over the same period. Further,
bank limit utilisation has remained at 90% around for the last 9
months ending December 2018. The promoters may continue to extend
unsecured loans to support operations whenever necessary.

Outlook: Stable

CRISIL believes SSP will continue to benefit from the experience of
its proprietor in the HDPE tarpaulins industry. The outlook may be
revised to 'Positive' if revenue and profitability increase
significantly and sustainably, leading to a better financial risk
profile and efficient working capital management. 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 profile.

SSP was established in 2018 as proprietorship by the Mr. Sarvan
Kumar. The firm's operations are currently managed by Mr. Atul
Sharma and Vipul Sharma. The firm is engaged in manufacturing of
HDPE tarpaulins which is used as a packaging material. The firm has
its manufacturing facility in Panipat, Haryana.


SR FOILS: CRISIL Maintains D Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of SR Foils and Tissue
Limited (SRFTL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit         155      CRISIL D (ISSUER NOT COOPERATING)
   Letter of Credit    120      CRISIL D (ISSUER NOT COOPERATING)
   Term Loan            76      CRISIL D (ISSUER NOT COOPERATING)

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

Incorporated in 1993, SRFTL (formerly SR Foils Ltd) manufactures
aluminium foils (under the Homefoil brand), cling film rolls (Clean
Wrap), and tissue paper products (Mistique). The company has two
manufacturing units, one in Bhiwadi and another in Sotanala, both
in Rajasthan.


SRI GANESH: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Sri Ganesh Microsystem Pvt. Ltd.
        Survey No. 13, Anandi Building
        Opp. Akashwani, Ajinkya Colony
        Hadapsar Pune
        Pune MH 411028 In

Insolvency Commencement Date: February 19, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 17, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Rajendra Kumar Khandelwal

Interim Resolution
Professional:            Mr. Rajendra Kumar Khandelwal
                         302, Taramahal, Plot No. 756
                         5th Road, Khar (W)
                         Mumbai 400001
                         E-mail: rkkshashi@yahoo.co.in

                            - and -

                         Office No. 3, 1st Floor, Mahalaxmi
                         Building, Maruti Lane, Fort
                         Mumbai 400001
                         E-mail: rkirp01@gmail.com

Last date for
submission of claims:    March 8, 2019


SRISTEK CLINICAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sristek Clinical Research Solutions Limited
        Registered office:
        DLF Cyber City, Block-3, 8th Floor
        Gachibowli Village, Serilingampally
        Mandal, Hyderabad
        Telangana 500048
        India

Insolvency Commencement Date: February 14, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Subba Rao Gonuguntla

Interim Resolution
Professional:            Subba Rao Gonuguntla
                         c/o Y. Tirupathaiah & Co.,
                             Chartered Accountants
                         H.No. 2-2-1130/24/1/B, IInd Floor
                         Indian Bank Building, Shivam Road
                         New Nallakunta, Hyderabad
                         Telangana 500044
                         E-mail: ca.gsubbarao@gmail.com

Last date for
submission of claims:    March 6, 2019


SUN BRUSHWARE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Sun Brushware Private Limited
        Plot No. 12, Madurai Integrated Textile Park Ltd
        Thathampatti Village, Vadipatti
        Madurai 625218

Insolvency Commencement Date: February 26, 2019

Court: National Company Law Tribunal, Coimbatore Bench

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

Insolvency professional: CA Mahalingam Suresh Kumar

Interim Resolution
Professional:            CA Mahalingam Suresh Kumar
                         SPP & Co., Chartered Accountants
                         No. 27/9, Nivedh Vikas
                         Pankaja Mill Road, Puliyakulam
                         Coimbatore 641045
                         E-mail: msureshkumar@icai.org

Last date for
submission of claims:    March 12, 2019


SWASTIK LLOYDS: CRISIL Maintains 'D' Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Swastik Lloyds
Engineering Private Limited (SLEPL) 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          4        CRISIL D (ISSUER NOT
                                 COOPERATING)

   Proposed Long Term   4        CRISIL D (ISSUER NOT
   Bank Loan Facility            COOPERATING)

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

SLEPL was incorporated in 1997, promoted by Mr Mafatlal Sanghvi and
his family. The company manufactures and supplies pipe fittings
such as elbows, bends, tees, stub ends, reducers, and caps; it also
executes turnkey projects for mechanical piping. Its manufacturing
facility is in Taloja, Maharashtra, with an installed capacity of
100 tonne per month.


TOKAI ENGINEERING: CRISIL Maintains D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Tokai Engineering
Private Limited (TEPL) 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          4        CRISIL D (ISSUER NOT
                                 COOPERATING)

   Proposed Long Term   1.25     CRISIL D (ISSUER NOT
   Bank Loan Facility            COOPERATING)

   Rupee Term Loan      1.75     CRISIL D (ISSUER NOT
                                 COOPERATING)

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

TEPL, incorporated in 2006, manufactures jigs and fixtures, testing
machines, and special purpose machines for automotive components.
Its plant is in Manesar, Haryana. TEPL's promoters are Mr Rajesh
Khanna and his wife Ms Shilu Khanna.


UNITECH MACHINES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Unitech Machines Limited

        Registered office:
        806, Devika Tower 6
        Nehru Place
        New Delhi 110019

        Address other than R/o where all or any books of account
        and papers are maintained:
        UM House, 35-P, Sector-44
        Gurgaon 122002 HR

Insolvency Commencement Date: March 5, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Vivek Raheja

Interim Resolution
Professional:            Vivek Raheja
                         JD-2C, 2nd Floor, Pitampura
                         New Delhi 110034
                         E-mail: vivek@vpgs.in
                                 ip.veekay@gmail.com

Last date for
submission of claims:    March 18, 2019


UNITED INFRA: CRISIL Moves D on INR15cr Debt to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of United Infra
(UI) to 'CRISIL B+/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          15       CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with UI for obtaining
information through letters and emails dated November 30, 2018,
January 23, 2019 and January 29, 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 UI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on UI 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 UI to 'CRISIL B+/Stable Issuer not cooperating'.

UI was set up in September 2017 as a partnership firm by Mr Aditya
Munjal and Mr Shamim Alam. The Delhi-based firm constructs roads
and bridges, and maintains roads. Commercial operations started in
November 2017.


VEEKAY POLYCOATS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Veekay Polycoats Limited
        Registered office:
        Flat No. 7D, 7th Floor, Hansalya Bldg 15
        Barakhamba Road, New Delhi 110001

Insolvency Commencement Date: March 5, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Vivek Raheja

Interim Resolution
Professional:            Vivek Raheja
                         JD-2C, 2nd Floor, Pitampura
                         New Delhi 110034
                         E-mail: vivek@vpgs.in
                                 ip.veekay@gmail.com

Last date for
submission of claims:    March 18, 2019


VIRAJ ALCHOHOL: CRISIL Maintains 'D' Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Viraj Alchohol and
Allied Industries Limited (VAAIL) continues to be 'CRISIL D Issuer
not cooperating'.

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

   Proposed Long Term     5.5      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan             11.5      CRISIL D (ISSUER NOT
                                   COOPERATING)

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

Set up at Sangli (Maharashtra) in 2002 as a private limited
company, VAAIL was reconstituted as a closely held public limited
company in 2005. VAAIL is a grain-based alcohol producer, and
manufactures extra neutral alcohol, rectified spirit, distillery
dry grain soluble, distillery wet grain soluble, and country
liquor. Its ENA production facility at Sangli has a capacity of 60
kilo litres per day (klpd).


VIRAT BUILDHOME: CRISIL Assigns B+ Rating to INR7cr LT Loan
-----------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' to the long term bank
facility of Virat Buildhome Private Limited (VBHPL). The ratings
reflect the extensive experience of promoters. These strengths are
partially offset by vulnerable to risks and cyclicality inherent in
real estate sector in India.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Long Term Loan        7      CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Strength

* Extensive industry experience of the proprietor: Vivek and Anupa
Chaturvedi have been associated with the Real estate construction
industry for over 2 decades, and has established significant
relationships with raw material suppliers. The project undertaken
by VBHPL is handled by experienced management who have extensive
domain experience. The company, in the past, has successfully
executed residential projects in Jaipur. CRISIL believes that the
promoters' established track record will help the company to market
its project well.

Weaknesses:
* Vulnerable to risks and cyclicality inherent in real estate
sector in India: The real estate sector in India is fragmented and
dominated by a few regional players; also, the industry is
inherently cyclical. Demand was largely impacted by insecurity
regarding earnings of individuals with the economy facing high
retrenchment levels. Customers' anticipation of further correction
in real estate prices was a key reason for low demand in the
market. The government has undertaken steps to stimulate demand
with differential interest rates and priority sector status for
low-value loans and reduction in excise duty on major inputs such
as steel and cement.

Liquidity
The liquidity position of VBHPL to remain adequate supported by
steady flow of advances over the medium term. Average debt service
coverage ratio is expected at over 2.0 times over the medium term.
Timely inflow of customer advances will remain a rating sensitivity
factor.

Outlook: Stable

CRISIL believes VBPL will continue to benefit from the experience
of its proprietor in the Real estate construction industry. 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 profile.

VBHPL, which is promoted by Vivek and Anupa Chaturvedi and part of
Virat Group, is involved in the construction of residential real
estate projects.


VIRGO HOME: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Virgo Home Deziner Private Limited
        Godown No. 1, Building No. 183
        Jumboshed, Village-Gundavali
        Taluka-Bhiwandi
        District-Thane 421302

Insolvency Commencement Date: February 19, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 17, 2019
                               (180 days from commencement)

Insolvency professional: Hirachand Nemichand Bafna

Interim Resolution
Professional:            Hirachand Nemichand Bafna
                         1502, Girnar Towers
                         Sheth Motisha Lane
                         Mazgaon, Mumbai 400010
                         E-mail: hnb1502@rediffmail.com

                            - and -

                         21-A, 1st Floor, 47/51, Soni Bhavan
                         Opp. Godiji Temple
                         Mumbai 400002
                         E-mail: hbirp01@gmail.com

Last date for
submission of claims:    March 8, 2019


VISHNU VIDYUTH: CRISIL Maintains 'D' Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Vishnu Vidyuth India
Limited (VVIL) continues to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Cash Credit         4       CRISIL D (ISSUER NOT COOPERATING)
   Term Loan          26       CRISIL D (ISSUER NOT COOPERATING)

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

VVIL was set up in December 1999 by Mr B Eshwar Rao and was
acquired by Mr Vishnu Rao and his family members in 2010. The
company operates a biomass-based power plant in Visakhapatnam.


YUGA BUILDERS: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Yuga Builders (YB)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan           13.5      CRISIL B/Stable (ISSUER NOT
                                 COOPERATING)

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

Set up in 2006, YB is a partnership firm and an equal joint venture
between Yuga Homes Ltd (YHL) and Consolidated Construction
Consortium Ltd (CCCL). The firm develops residential real estate in
Chennai. Operations are managed by Mr. R Viswanathan.


ZIPPER HOUSE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Zipper House Enterprises LLP

        Registered office:
        VP-125-C, Pitampura
        North West Delhi 110007

        Works office:
        26, 1st Floor, SSI Jahangirpuri Industrial Area
        Delhi 110033

Insolvency Commencement Date: February 20, 2019

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: Ms. Mandeep Gujral

Interim Resolution
Professional:            Ms. Mandeep Gujral
                         3073, Sector 46 C
                         Chandigarh 160047
                         E-mail: mandeepgujral.ip@gmail.com
                                 ip.zipper@ducturus.com
                         Mobile: 098142-28288

Last date for
submission of claims:    March 13, 2019




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

MITSUI E&S: Egan-Jones Lowers Senior Unsecured Ratings to B+
------------------------------------------------------------
Egan-Jones Ratings Company, on February 27, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mitsui E&S Holdings Co Ltd. to B+ from BB-.

Mitsui Engineering & Shipbuilding is a Japanese company. It is
listed on the Nikkei 225. Established in 1917 as the Shipbuilding
Division of Mitsui & Co. with the first shipyard at Tamano. In 1937
the shipyards became a separate entity of Mitsui, Tama Shipyard.




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

RURAL BANK OF BAROTAC: April 30 Depositors' Claims Deadline Set
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urged
depositors of the closed Rural Bank of Barotac Viejo (Iloilo), Inc.
to file their deposit insurance claims on or before the last day
for filing of claims for insured deposits on April 30, 2019 either
through mail addressed to the PDIC Public Assistance Department,
6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street,
Makati City, or personally during business hours at the PDIC Public
Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner
V.A. Rufino Street, in Makati City.

The PDIC Charter provides that depositors have until two years from
bank takeover to file their deposit insurance claims. Rural Bank of
Barotac Viejo was ordered closed by the Monetary Board (MB) of the
Bangko Sentral ng Pilipinas on February 23, 2017.

According to PDIC, deposit insurance claims for 468 deposit
accounts with aggregate insured deposits amounting to PHP2.2
million have yet to be filed by depositors. Data show that as of
December 31, 2018, PDIC had paid depositors of the closed Rural
Bank of Barotac Viejo the total amount of PHP110.5 million,
corresponding to 96.9% of the bank's total insured deposits
amounting to PHP114.0 million.

In filing claims personally, depositors are required to submit
their original evidence of deposit and present one (1) valid
photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file claims
through mail and enclose their original evidence of deposit and
photocopy of one (1) valid photo-bearing ID with signature together
with a duly accomplished Claim Form which can be downloaded from
the PDIC website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Representatives of claimants are required to
submit an original copy of a notarized Special Power of Attorney of
the depositor or parent of a minor depositor. The Special Power of
Attorney template may be downloaded from the PDIC website.

Depositors who have been notified of their documentary deficiencies
through official letters from PDIC are requested to comply with the
indicated requirements. The procedures and requirements for the
filing of deposit insurance claims are posted in the PDIC website,
www.pdic.gov.ph.

Meanwhile, depositors with balances of more than the maximum
deposit insurance coverage (MDIC) of PHP500,000 who were not able
to file their claims on July 11, 2017, the deadline earlier set,
should file their claims with the Regional Trial Court, Branch 66,
Barotac Viejo, Iloilo where the Petition for Assistance in the
Liquidation (PAL) of Rural Bank of Barotac Viejo is pending under
Special Proceedings No. 2017-1337. Likewise, depositors who will
not be able to file their deposit insurance claims on April 30,
2019 should file their claims with said Liquidation Court. Payment
of these claims shall be subject to availability of assets of the
closed bank, legal priority and approval of the Liquidation Court.

Depositors who have outstanding loans or payables to the bank will
be referred to the duly designated Loans Officer prior to the
settlement of their deposit insurance claims. For more information,
depositors and depositor-borrowers may contact the Public
Assistance Department at telephone numbers (02) 841-4630, or e-mail
at pad@pdic.gov.ph. Those outside Metro Manila may call the PDIC
toll free at 1-800-1-888-PDIC or 1-800-1-888-7342. Inquiries may
also be sent as private message at Facebook through
www.facebook.com/OfficialPDIC


RURAL BANK OF GOA: Mar. 8 Deadline Set for Deposit Insurance Claims
-------------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urged
depositors of the closed Rural Bank of Goa (Camarines Sur), Inc. to
file their deposit insurance claims on or before the last day for
filing of claims for insured deposits on March 18, 2019 either
through mail addressed to the PDIC Public Assistance Department,
6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street,
Makati City, or personally during business hours at the PDIC Public
Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner
V.A. Rufino Street, Makati City.

The PDIC Charter provides that depositors have until two years from
bank takeover to file their deposit insurance claims. Rural Bank of
Goa was ordered closed by the Monetary Board (MB) of the Bangko
Sentral ng Pilipinas on March 16, 2017.

According to PDIC, deposit insurance claims for 470 deposit
accounts with aggregate insured deposits amounting to PHP4.2
million have yet to be filed by depositors. Data show that as of
December 31, 2018, PDIC had paid depositors of the closed Rural
Bank of Goa the total amount of PHP142.95 million, corresponding to
96.8% of the bank's total insured deposits amounting to PHP147.7
million.

In filing claims personally, depositors are required to submit
their original evidence of deposit and present one (1) valid
photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file claims
through mail and enclose their original evidence of deposit and
photocopy of one (1) valid photo-bearing ID with signature together
with a duly accomplished Claim Form which can be downloaded from
the PDIC website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Representatives of claimants are required to
submit an original copy of a notarized Special Power of Attorney of
the depositor or parent of a minor depositor. The Special Power of
Attorney template may be downloaded from the PDIC website.

Depositors who have been notified of their documentary deficiencies
through official letters from PDIC are requested to comply with the
indicated requirements. The procedures and requirements for the
filing of deposit insurance claims are posted in the PDIC website,
www.pdic.gov.ph

Meanwhile, depositors with balances of more than the maximum
deposit insurance coverage (MDIC) of PHP500,000 who were not able
to file their claims on May 26, 2017, the deadline earlier set,
should file their claims with the Regional Trial Court, Branch 30,
San Jose, Camarines Sur where the Petition for Assistance in the
Liquidation (PAL) of Rural Bank of Goa is pending under Special
Proceedings No. 2017-1595. Likewise, depositors who will not be
able to file their deposit insurance claims on March 18, 2019
should file their claims with said Liquidation Court. Payment of
these claims shall be subject to availability of assets of the
closed bank, legal priority and approval of the Liquidation Court.

Depositors who have outstanding loans or payables to the bank will
be referred to the duly designated Loans Officer prior to the
settlement of their deposit insurance claims. For more information,
depositors and depositor-borrowers may contact the Public
Assistance Department at telephone numbers (02) 841-4630, or e-mail
at pad@pdic.gov.ph. Those outside Metro Manila may call the PDIC
toll free at 1-800-1-888-PDIC or 1-800-1-888-7342. Inquiries may
also be sent as private message at Facebook through
www.facebook.com/OfficialPDIC




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

GEO ENERGY: Moody's Alters Outlook on B2 CFR to Negative
--------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating (CFR) for Geo Energy Resources Limited.

At the same time, Moody's has affirmed the B2 rating on the senior
unsecured guaranteed notes issued by Geo Coal International Pte.
Ltd., a wholly owned subsidiary of Geo Energy.

Moody's has also revised the outlook on the ratings to negative
from stable.

RATINGS RATIONALE

"The negative outlook reflects our expectation that Geo Energy's
credit profile will remain weak for its current ratings, in the
absence of a material increase in production at its existing mines,
and uncertainty over Geo Energy's ability to acquire suitable coal
assets in the near term to improve consolidated earnings and cash
flow," says Maisam Hasnain, a Moody's Analyst.

Geo Energy's adjusted leverage, as measured by adjusted debt to
EBITDA, currently breaches the downward rating trigger of 4.0x for
its B2 ratings. Adjusted leverage increased to around 4.5x in 2018
from 4.0x in 2017, due to lower earnings on the back of lower sales
volumes and higher operating costs, as it commenced operations at
its PT Tanah Bumbu Resources mine.

The company has obtained regulatory approval to produce eight
million tons of coal in 2019, relatively unchanged from the 7.9
million tons produced in 2018. However, the eight million tons are
considerably lower than the 13 million tons of expected annual
production that Geo Energy guided to in November 2018.

"An inability to materially increase production in 2019 will
constrain Geo Energy's earnings growth and weigh on its credit
profile, which remains highly susceptible to changes in coal
prices, given its small scale," adds Hasnain, who is also Moody's
Lead Analyst for Geo Energy.

In the absence of an acquisition and in light of limited production
growth at its existing mines, Moody's expects that Geo Energy's
adjusted leverage will weaken further to around 5.5x over the next
12-18 months from Moody's earlier expectation of below 4.0x on
higher production volumes. Such high leverage levels on a sustained
basis cannot support Geo Energy's B2 ratings.

Nevertheless, Geo Energy has the financial flexibility to utilize
its large cash balance of $197 million as of December 31, 2018 to
make the acquisition of a coal mine to increase its scale, and
improve its consolidated earnings and cash flows.

Last week, the company announced a non-binding offer for a
producing coal mine in East Kalimantan, which is EBITDA and net
earnings accretive. However, further details on the proposed
acquisition are not publicly available.

Geo Energy's weak financial metrics could improve if it completes
an acquisition without materially raising incremental debt.

However, negative ratings pressure will rise further for Geo
Energy, if the planned acquisition is delayed, or if the
acquisition, should it proceed, not lead to a material improvement
in its consolidated financial metrics.

In addition, given the declining coal reserves at its existing
operating mines, Geo Energy is reliant on making a sizeable coal
mine acquisition or risk not meeting its minimum coal reserve
requirements to prevent the put option on its $300 million bond
being triggered in April 2021. Such a situation would give a
material rise to liquidity and refinancing risk.

Upward pressure on Geo Energy's ratings is unlikely, given its
negative outlook.

Nevertheless, the outlook could revert to stable if Geo Energy
improves its financial profile, and effectively executes on its
plan to acquire new mines to ramp up production and improve its
mine reserve life.

Credit metrics indicative of a change in outlook to stable include
(1) adjusted debt/EBITDA below 4.0x, and (2) adjusted
(CFO-dividends)/debt above 10% on a sustained basis.

On the other hand, Moody's could downgrade the ratings if Geo
Energy's operating performance does not materially improve, or if
it fails to make an acquisition that improves its credit profile in
the near term and reduces the risk of its put option being
triggered in 2021.

Credit metrics indicative of a ratings downgrade include (1)
adjusted consolidated debt/EBITDA rising above 4.0x, (2) adjusted
(CFO-dividends)/debt below 10% on a sustained basis,

In addition, a reduction in Geo Energy's cash balance to below $180
million — in the absence of an acquisition — or any changes in
laws and regulations, particularly with regard to mining
concessions, that adversely affect the business would likely lead
to a ratings downgrade.

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

Geo Energy Resources Limited is a coal mining group, established in
2008, which owns mining concessions in South and East Kalimantan.

Its promoter shareholders, including Charles Antonny Melati and
Huang She Thong, own 39% of the company, while the public owns 45%.
Macquarie Bank Limited acquired 5% in November 2018, with warrants
to increase this stake to 9.7% by November 2020.


HYFLUX LTD: Retail Investors Get Bigger Cash Recovery
-----------------------------------------------------
Grace Leong at The Straits Times reports that the 34,000-strong
group of Hyflux Ltd. perpetual securities and preference
shareholders who are owed SGD900 million have succeeded in
wrangling a bigger compensation amount after senior unsecured
creditors agreed to give up some of their share.

The Straits Times understands that retail investors of the
perpetual securities and preference shares can now recover up to
7.4 per cent cash or SGD67 million of their claims, up from 3 per
cent cash or SGD27 million, should all the contingent claims drop
off.

This comes after the senior unsecured creditors gave up SGD40
million of SGD84 million, which is what the unsecured creditors
would have received if the contingent claimants dropped all claims
against Hyflux, The Straits Times understands.

This could make it more palatable for investors who are voting on
April 5 on a critical restructuring plan on which the survival of
beleaguered water treatment firm Hyflux hinges, The Straits Times
says.

Many retail investors of the perpetual securities and preference
shares were initially opposed to the restructuring plan as they
were likely to get only a "meagre fraction of the original
principal", Mr. David Gerald, president of the Securities Investors
Association (Singapore), or Sias, said in a letter to the Hyflux
board last week, The Straits Times relays.

According to The Straits Times, Hyflux owes SGD1.68 billion to
unsecured creditors, including SGD678 million to contingent
claimants. Contingent liabilities include bankers' guarantees,
performance bonds and liquidated damages in a construction project
if there are delays. These claims get extinguished if Hyflux is
able to fulfil the contracts and projects satisfactorily without
delay, or if the contingent claimants give up their claims, the
report notes.

The Straits Times relates that under the current plan, 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, while the perpetual securities and preference
shareholders get nothing.

The remaining 20 per cent will be distributed to managers of the
projects for which the contingent claim is extinguished.

But in a Singapore Exchange filing on March 8, Hyflux proposed
amending the restructuring plan, the report says.

This would allow the perpetual securities and preference
shareholders to share with the unsecured senior creditors the
upside from any contingent liabilities that are extinguished,
according to The Straits Times states.

Under the new plan, managers that helped to complete projects and
get contingent claims extinguished will get 10 per cent instead of
20 per cent. None of this money will go to Hyflux founder Olivia
Lum and her management team or the Hyflux board, a source close to
the restructuring told The Straits Times.

The remaining 90 per cent of cash allocated to the extinguished
contingent claims will be proportionally distributed between the
investors of perpetual securities and preference shares, and the
unsecured creditors, The Straits Times states 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.




=================
S R I   L A N K A
=================

SRI LANKA: Moody's Rates Proposed Sr. Unsecured USD Bonds 'B2'
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the
Government of Sri Lanka's proposed senior unsecured US
dollar-denominated bonds.

The rating is based on the preliminary offering memorandum received
on March 7, 2019.

The bonds will rank pari passu with the Government of Sri Lanka's
current and future senior unsecured external debt. The B2 rating
assigned to the notes mirrors the Government of Sri Lanka's issuer
rating of B2.

The proceeds of the bonds are intended to meet government
expenditures.

RATINGS RATIONALE

Sri Lanka's credit profile reflects significant government and
external vulnerability risks amid ongoing tightening in external
and domestic financing conditions, exacerbated most recently by a
political crisis. This is balanced against moderate per capita
income levels and stronger institutions relative to many
similarly-rated sovereigns that support the B2 rating.

Sri Lanka's ongoing high vulnerability to tightening in external
and domestic financing conditions, given very high government debt,
weak debt affordability, relatively large borrowing needs, reliance
on external funding and low reserves adequacy dominates risks that
could abruptly lead to further negative pressure on Sri Lanka's
credit metrics.

Under its International Monetary Fund programme, the government is
focused on implementing important fiscal, monetary and economic
reforms that would strengthen the credit profile over the medium
term. Realising the government's ambitious fiscal consolidation
targets will involve effective implementation of revenue reforms
and expenditure restraint, which will remain challenging. Political
risk can disrupt fiscal and economic policymaking.

Over the medium term, the planned changes to the Monetary Law Act
should strengthen the credibility and effectiveness of Sri Lanka's
monetary policy, helping the central bank anchor inflation
expectations and prevent fiscal dominance.

Sri Lanka's growth potential, relatively large economy and high
income levels compared with similarly rated sovereigns provide the
economy with some shock absorption capacity and help limit some of
the risks from the country's very high debt burden. Given
relatively high incomes, effective reforms of tax collection and
administration would allow the government to tap a sizeable
potential revenue base.

ISSUER OUTLOOK

The stable outlook denotes balanced credit risks at the B2 rating
level. Moody's expects that the government will remain broadly
focused on implementing important fiscal, monetary and economic
reforms that would strengthen the credit profile over the medium
term. However, the rating agency's assessment is that the
government's debt refinancing will remain highly vulnerable to
sudden shifts in investor sentiment in a period of further
tightening in financing conditions and political and policy
uncertainty, with limited buffers to face such risk.

WHAT COULD CHANGE THE RATING UP

Moody's would consider upgrading the rating should it conclude that
Sri Lanka's vulnerability to refinancing risk, which anchors the
rating at B2, is likely to diminish. In particular, a faster and
more sustained buildup in non-debt creating foreign exchange
inflows, which could stem from policy measures which improve
investor confidence and enhance FDI inflows, would bolster reserve
adequacy over time and lower government liquidity risks and
external vulnerability risks.

The implementation of further reforms that significantly lower
fiscal deficits and government debt and enhance debt affordability
could also prompt Moody's to upgrade the rating.

WHAT COULD CHANGE THE RATING DOWN

Given repeated large debt maturities over 2019-2023 and Sri Lanka's
already high exposure to refinancing risk, Moody's would consider
downgrading the rating if external and domestic financing
conditions were to deteriorate further than currently expected. In
particular, a larger drain on foreign exchange reserves would
increase the risk of lower capital inflows and sharply raise
refinancing costs. This would contribute to repayment stresses that
would be more consistent with a B3 rating.

Moody's would also consider downgrading the rating if the
government were to reverse recent reforms or to halt implementation
of future reforms to address fiscal and external vulnerabilities
and bolster GDP growth potential. That would lead to much wider
fiscal deficits, larger gross borrowing requirements and higher
government debt than Moody's currently projects, weighing on
already very low fiscal strength and further heightening liquidity
risks.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.


                           *********


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.



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