/raid1/www/Hosts/bankrupt/TCRAP_Public/190426.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

          Friday, April 26, 2019, Vol. 22, No. 84

                           Headlines



A U S T R A L I A

ALFRESCO SIGNS: Second Creditors' Meeting Set for May 3
ATLAS IRON: Moody's Withdraws Caa1 CFR for Business Reasons
CANNHARVEST LIMITED: Second Creditors' Meeting Set for May 3
CONCORD RSL: Second Creditors' Meeting Set for May 3
EVENT SERVICES: First Creditors' Meeting Set for May 6

MACQUARIE CENTRE: Second Creditors' Meeting Set for May 3
MINERAL RESOURCES: S&P Assigns 'B+' Long-Term ICR, Outlook Stable
TFACN103409767 PTY: First Creditors' Meeting Set for May 3
TOQUE PTY: First Creditors' Meeting Set for May 2


C H I N A

JD.COM INC: Unit May Go Bust in Two Years if Losses Continue


I N D I A

ABHAY CHAUHAN: CRISIL Assigns 'B' Rating to INR9cr Proposed LT Loan
AIROFROST HVAC: Insolvency Resolution Process Case Summary
ATHANI SUGARS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
BAHRA EDUCATIONAL: CARE Cuts INR25cr LT Loan Rating to D, Not Coop.
BALAJI FIBER: Ind-Ra Lowers Long Term Issuer Rating to 'D'

BELGIUM ALUMINIUM: CRISIL Migrates D Rating to Not Cooperating
BIOMEDIX OPTOTECHNICK:Ind-Ra Migrates BB Rating to Non-Cooperating
CREATIVE EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR8.8cr Loan
DILEEP TRADERS: CRISIL Migrates B+ Rating to Not Cooperating
ECSTASY REALTY: CARE Lowers Rating on INR600cr NCD Issue to D

IVR HOTELS: Ind-Ra Affirms 'D' Long Term Issuer Rating
IVRCL LIMITED: Ind-Ra Affirms 'D' Long Term Issuer Rating
JALPOWER CORPORATION: Insolvency Resolution Process Case Summary
JK HITECH: CARE Moves B+ INR10.05cr Loan Rating to Not Cooperating
JMT AUTO: CRISIL Cuts INR67cr Loan Rating to D, Not Cooperating

JOY COFFEE: CRISIL Reaffirms B+ Rating on INR13cr Secured Loan
JSM DEVCONS: Insolvency Resolution Process Case Summary
KANDARP CONSTRUCTIONS: Ind-Ra Affirms D LT Issuer Rating, Not Coop.
KETHOS TILES: CRISIL Cuts INR41.78cr Loan Rating to D, Not Coop.
NAGARJUNA OIL: Insolvency Resolution Process Case Summary

NGD JEWELS: CRISIL Reaffirms 'B' Rating on INR5.24cr Cash Loan
OCTAGON BUILDERS: Insolvency Resolution Process Case Summary
ORIENT SPA: Insolvency Resolution Process Case Summary
PARSOLI MOTOR: CARE Cuts INR2.50cr LT Loan Rating to D, Not Coop.
PATEL MOTORS: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable

PHOENIX ERECTORS: Insolvency Resolution Process Case Summary
PILANIA STEELS: CRISIL Migrates C Rating to Not Cooperating
PRIDE COKE: Ind-Ra Migrates B+ LT Issuer Rating to Non-Cooperating
R J BUILDCON: CRISIL Migrates D Rating to Not Cooperating
RADHIKAREDDY INFRA: CRISIL Assigns B Rating to INR25cr LT Loan

RAJ GEMS: CRISIL Migrates D Rating to Not Cooperating Category
RAO BHARAT: CARE Assigns B Rating to INR11.45cr LT Loan
RATHI TMT: Insolvency Resolution Process Case Summary
RGTL INDUSTRIES: Insolvency Resolution Process Case Summary
SAHIL ALLOYS: Insolvency Resolution Process Case Summary

SHRI SAKTHI: Insolvency Resolution Process Case Summary
SKYWIN SPINNING: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
SPLENDID METAL: Insolvency Resolution Process Case Summary
SREE LAKSHMI: CRISIL Reaffirms B+ Rating on INR12cr Cash Loan
SRI VENKATESWARA: CRISIL Migrates D Rating to Not Cooperating

SUMERU PROCESSORS: Insolvency Resolution Process Case Summary
SUNEJA SONS: Ind-Ra Raises Long Term Issuer Rating to 'BB+'
TANISHQ REALITIES: Ind-Ra Ups Long Term Issuer Rating to 'B+'
TAURUS AGILE: Insolvency Resolution Process Case Summary
UNDAVALLI CONSTRUCTIONS: Ind-Ra Moves BB+ Rating to Non-Cooperating

VENKATASAI SOLVENT: CRISIL Cuts Rating on INR5cr Loan to D
VINDHYA CEREALS: CRISIL Migrates D Rating to Not Cooperating
VISHNU TEXTILES: CARE Assigns B+ Rating to INR9.0cr LT Loan


J A P A N

ASAHI MUTUAL: Fitch Alters Outlook on 'BB+' LT IDR to Positive
NISSAN MOTOR: Warns Investors of a 45 Percent Drop in Profit


M A L A Y S I A

SD INTERNATIONAL: S&P Gives Prelim BB- Rating to Sukuk Trust Certs


M O N G O L I A

MONGOLIAN MINING: Fitch Rates $440MM Senior Notes Final 'B'


N E W   Z E A L A N D

NELSON RELIANCE: Directors Fly to US, Liquidators Seek Legal Advice


P H I L I P P I N E S

HANJIN HEAVY: Philippines Still Open to Chinese Takeover


S I N G A P O R E

HYFLUX LTD: In Talks with New White Knight Investor

                           - - - - -


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

ALFRESCO SIGNS: Second Creditors' Meeting Set for May 3
-------------------------------------------------------
A second meeting of creditors in the proceedings of Alfresco Signs
Holdings Pty Ltd has been set for May 3, 2019, at 11:30 a.m. at the
offices of RSM Australia Partners, at Level 13, 60 Castlereagh
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 2, 2019, at 5:00 p.m.

Richard Stone and David John Kerr of RSM Australia Partners were
appointed as administrators of Alfresco Signs on March 19, 2019.

ATLAS IRON: Moody's Withdraws Caa1 CFR for Business Reasons
-----------------------------------------------------------
Moody's Investors Service has withdrawn the Caa1 corporate family
rating and senior secured bank credit facility rating of Atlas Iron
Pty Ltd. Prior to the withdrawal the outlook on the ratings was
stable.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

BACKGROUND

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

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

CANNHARVEST LIMITED: Second Creditors' Meeting Set for May 3
------------------------------------------------------------
A second meeting of creditors in the proceedings of Cannharvest
Limited has been set for May 3, 2019, at 11:00 a.m. at Level 2, 15
Victoria Street, in Hobart, Tasmania.

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 May 2, 2019, at 4:00 p.m.

Shelley Brooks of Rodger Reidy was appointed as administrator of
Cannharvest Limited on March 19, 2019.

CONCORD RSL: Second Creditors' Meeting Set for May 3
----------------------------------------------------
A second meeting of creditors in the proceedings of Concord RSL &
Community Club Limited has been set for May 3, 2019, at 11:00 a.m.
at the offices of Farnsworth Shepard, at Level 5, 2 Barrack Street,
in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 2, 2019, at 5:00 p.m.

Adam Shepard of Farnsworth Shepard was appointed as administrator
of Concord RSL on Feb. 22, 2019.

EVENT SERVICES: First Creditors' Meeting Set for May 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Event
Services & Productions Pty Ltd ATF The Hinchliffe Family Trust will
be held on May 6, 2019, at 2:00 p.m. at the offices of Auxilium
Partners, Level 2, 949 Wellington Street, West Perth WA.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Event Services on April 23, 2019.

MACQUARIE CENTRE: Second Creditors' Meeting Set for May 3
---------------------------------------------------------
A second meeting of creditors in the proceedings of Macquarie
Centre Hair Management Pty Ltd has been set for May 3, 2019, at
10:30 a.m. at the offices of Newpoint Advisory, at Suite 14.03 'MLC
Centre', 19 Martin Place, in 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 May 2, 2019, at 5:00 p.m.

Costa Nicodemou of Newpoint Advisory was appointed as administrator
of Macquarie Centre on March 27, 2019.

MINERAL RESOURCES: S&P Assigns 'B+' Long-Term ICR, Outlook Stable
-----------------------------------------------------------------
On April 24, 2019, S&P Global Ratings assigned its 'B+' long-term
issuer credit rating to Mineral Resources Ltd. (MRL) and 'B+' issue
rating to the group's US$700 million senior unsecured notes with a
recovery rating of '4'.

The rating reflects the execution risks associated with MRL's
growth strategy as well as its concentrated asset base and
end-market exposure. S&P does not believe that MRL's external
mining services earnings are of sufficient scale or quality to
materially diversify these risks.

S&P said, "We expect MRL to generate materially negative free cash
flow over the next few years, due to high near-term capital
expenditure. That said, our rating incorporates the potential for
significant free cash flow following completion of the company's
proposed lithium hydroxide plant. We do not include MRL's iron ore
assets in our assessment of the group's earnings mix. This is
because MRL's mines sit in the fourth quartile of the global cost
curve and will not generate operating cash flow under our base-case
price assumptions.

"In our view, the Wodgina joint venture (JV) with global lithium
player, U.S.-based Albemarle Corp. (BBB/Stable/A-2), will enhance
MRL's technical capabilities in midstream lithium processing. In
addition, the establishment of the JV will provide significant
capital of US$1.15 billion to fund MRL's share of the hydroxide
plant development.

"We believe the company's growth and operating strategy is at an
inflection point. The group aims to become a leading vertically
integrated mining operator, targeting midstream lithium hydroxide
operations, which command significantly higher premiums. However,
lithium processing introduces additional technical complexity,
risk, and operating costs.

"In our opinion, the long-term supply/demand dynamic of the lithium
market is subject to a high degree of uncertainty. We expect strong
end-market demand since 2017 to elicit a significant supply
response as midstream producers seek to secure supply. However, the
balance of cyclical and structural forces is subject to a wide
variety of factors that are unlikely to be resolved for a number of
years.

"Our rating incorporates the risk that MRL's cost position does not
mitigate the risk of oversupply in the lithium market. This could
erode the company's ability to sustain operations throughout a
commodity downturn, particularly during peak development spending."
In addition, the company is subject to low-probability event risk
associated with China, which dominates the global cathode market.

MRL has refinanced its existing debt facilities with US$700 million
of eight-year senior unsecured 144a/Reg. S notes, as well as A$250
million senior secured revolving credit facility and A$40 million
bilateral bank guarantee facility, to fund the company's expansion
to higher margin lithium products. The '4' recovery rating on the
senior unsecured notes indicates our expectation of average (35%)
recovery prospects in the event of a payment default. The company
aims to capture more of the lithium value chain, moving from a
shipper of low-margin ore to a producer of high-margin lithium
products—spodumene concentrate and ultimately lithium hydroxide.

MRL will have one of the largest combined spodumene concentrate
plant capacities of 1,200 kilo tons per annum (ktpa) in Australia
across its Wodgina and Mt. Marion assets, rivalling Talison
Mining's Greenbushes asset. MRL's Wodgina mine is the world's
largest, known, hard rock lithium deposit (in the development or
production phase) with a 30-year estimated reserve life, and an
expected concentrate production of about 750ktpa. In S&P's opinion,
Wodgina is likely to be a second to third quartile mine in the
global cost curve, after accounting for internally generated mining
services margins. MRL's position on the cost curve as a lithium
hydroxide producer should improve once the Wodgina plant is
commissioned.

Cash proceeds from the Albemarle JV are likely to come in late 2019
and will fund MRL's share in its proposed hydroxide plant (more
than US$600 million). The transaction remains subject to regulatory
approvals from the Foreign Investment Review Board and Chinese
state regulators. In our opinion, the partnership with Albemarle
reduces execution risk due to Albemarle's technical midstream
processing expertise as well as its international marketing
capability. Albemarle will market 100% of Wodgina's concentrate and
hydroxide volumes.

The company's Mt. Marion project in Kalgoorlie is a 50% JV with
Ganfeng Lithium (unrated) that we assess is likely to be in the
second to third quartile of the global cost curve, after accounting
for internally generated mining services margins. Mt. Marion has an
estimated project life of about 20 years with lithium resources of
71.3 million tons (mt), and a run-rate production of about 450ktpa,
with 100% of product sold to Ganfeng under an offtake arrangement
that is subject to a market price and floor.

S&P said, "We consider the quality of MRL's JV and internal mining
service cash flow to be ultimately determined by MRL's viability as
an upstream miner. To this end, we reclassify internal and JV
mining services contracts as commodity revenues. That said, the
inclusion of the earnings streams does improve the profitability of
the company's commodities business and is likely to provide some
flexibility during a downturn as the company transitions to a
vertically integrated mining operator.

"In our opinion, MRL's external mining services has diminished over
the past few years, largely as a result of the cessation of sizable
one-off third-party construction and build-own-operate-transfer
contracts. We view crushing and processing services as having
strong counterparty creditworthiness and a good track record of
earnings stability, albeit with limited contract diversity and
tenor. In our opinion, the company appropriately manages these
risks, and our base-case operating scenario assumes a stable
revenue base."

Mining services have traditionally provided the company with
stable, reliable cash flow from certain major mining companies,
predominantly iron ore. However, S&P notes that external contract
revenue (including from JV partners) has fallen from about A$950
million in the year ended June 30, 2014 to about A$340 million in
fiscal 2018, largely because of the cessation of sizable one-off
third-party construction and build-own-operate-transfer contracts
as well as the re-categorization of commodity-based activity.

Constraining MRL's financial risk profile are the group's sizable
development program, capital intensity, negative free cash flow,
and exposure to volatile end-market prices. Offsetting these
factors are the company's financial policy of gross debt-to-EBITDA
ratio of 2.0x (company's measure) and historically conservative
financial risk appetite.

S&P said, "We do not expect MRL to retain a substantial amount of
cash on its balance sheet over the long term as it considers growth
opportunities outside its lithium business. This consists of mine
infrastructure assets including a 330 km light railway system and
port facilities. We note that these projects are subject to
feasibility assessments and board approval. In addition, MRL has an
established track record of attracting third-party capital with
operational expertise. The group also has limited exposure to
graphite and other commodities that could diversify earnings over
the longer term.

"Our base-case operating scenario forecasts MRL's adjusted
debt-to-EBITDA ratio will temporarily be above 4x immediately
following issuance of its US$700 million (A$969 million equivalent)
144a/Reg. S notes. We expect the ratio to improve to a run-rate of
about 3x in fiscal 2020 when spodumene concentrate production
approaches nameplate capacity. To this end, we believe fiscal 2020
is a more appropriate gauge of the company's financial risk
appetite."

The high yield notes will remain unhedged—the group's
U.S.-dollar-denominated lithium product sales provide a meaningful
natural hedge. The current financial risk profile could absorb debt
to EBITDA approaching 4x as a result of end-market price
volatility.

The credit rating is also weighed down by the execution risks
associated with the development of MRL's two-stage 100ktpa lithium
hydroxide plant reaching and sustaining forecast nameplate
production. In S&P's view, this risk will materially diminish when
the lithium hydroxide plant approaches completion, and it has
clarity on the company generating positive free cash flow.

S&P said, "The stable outlook reflects our view that MRL will
appropriately manage its sizable execution risks with sufficient
financial buffer to absorb near-term volatility in lithium prices.
We expect MRL's lithium assets to generate sustained operating cash
flow, supported by a favorable commodity price outlook and sizable
JV proceeds. Our base-case operating scenario forecasts adjusted
debt to EBITDA to be about 3x over the next 12 to 24 months.

"We expect the Wodgina JV with Albemarle to proceed in its current
form over the next six to 12 months, following regulatory
approvals."

Immediate downward pressure could occur if MRL's JV with Albemarle
does not proceed in its current form, such that the company incurs
the full development and funding risk associated with its midstream
lithium hydroxide plants and infrastructure assets.

Downward pressure could also emerge if MRL's key credit metrics
weaken such that the company's adjusted debt to EBITDA exceeds 4x.
This scenario could occur if the company were to face:

-- Weak end-market demand;

-- Delay or cost escalations associated with the construction of
its lithium hydroxide plant;

-- Significant operational issues occur at either of its key
assets of Wodgina and Mt. Marion;

-- Capital management initiatives unsupported by underlying cash
generation; or

-- Material contract losses in its external mining services
division.

An upgrade is of low likelihood in the near term given the
execution risks associated with the company's growth strategy. S&P
could consider an upgrade once execution risks associated with the
lithium hydroxide plant recede and there is clarity on the company
sustainably generating positive free cash flow.


TFACN103409767 PTY: First Creditors' Meeting Set for May 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of
TFACN103409767 Pty Ltd, formerly trading as Tesselaar Flowers Pty
Ltd, and Consolidated Flower Holdings Pty Ltd, will be held on May
3, 2019, at 10:30 a.m. at the offices of Ernst & Young, Level 23, 8
Exhibition Street, Melbourne, Victoria.

Adams Pauls Nikitins and Stewart McCallum of Ernst & Young were
appointed as administrators of TFACN103409767 Pty and Consolidated
Flower Holdings Pty Ltd on April 21, 2019.

TOQUE PTY: First Creditors' Meeting Set for May 2
-------------------------------------------------
A first meeting of the creditors in the proceedings of Toque Pty
Ltd, trading as J.G. Haulage, will be held on May 2, 2019, at 11:00
a.m. at the offices of Unit 18, 28 Belmont Avenue, in Rivervale,
WA.

Stephen Dixon and Richard Rohrt of Hamilton Murphy were appointed
as administrators of Toque Pty on April 17, 2019.



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

JD.COM INC: Unit May Go Bust in Two Years if Losses Continue
------------------------------------------------------------
Caixin Global reports that JD.com Inc. founder and chairman Richard
Liu said that a 12th straight year of losses at its delivery unit
was part of the reason it has scrapped delivery staff's base
salaries.

He added that unless things turn around, the business only has
enough cash for two more years of operations, Caixin says.

Caixin relates that Mr. Liu said in an internal email on April 15
that JD Logistics last year racked up losses of over CNY2.3 billion
($343 million), which would rise to a loss of CNY2.8 billion if
orders from other parts of JD.com's business were excluded. This is
the first time the unlisted unit's financial performance has been
revealed.

According to the report, the e-commerce firm's founder blamed the
losses on lackluster external order volume and high operational
costs. Mr. Liu argued in the email that the only way for the
company to survive was to eliminate the base salaries of delivery
drivers, in an attempt to incentivize them to find more external
clients and earn more commissions.

Caixin says the logistics subsidiary, which was spun off in April
2017, started taking delivery orders from external clients in late
2016, but orders from JD.com's retail arm, JD Mall, still make up
most of its business.

JD.com announced earlier this month that it would eliminate the
base salaries of drivers in some regions on a trial basis, Caixin
recounts. The company also said it had "adjusted" the money it pays
into compulsory employee housing funds. This move was met with
public criticism, especially as Liu has long touted the generous
compensation packages offered to the company's "delivery
brothers".

Mr. Liu said in the email: "I believe each of JD.com's delivery
brothers doesn't want the company to go bankrupt."

Scrapping their base salaries won't necessarily lower delivery
staff's earnings, as salaries make up only around 10% of their
compensation, according to the embattled entrepreneur, Caixin
relays.

Caixin notes that JD.com's long-established logistics network faces
increasing competition as rivals such as Alibaba's Cainiao and SF
Express continue to gain market share.

In February 2018, JD Logistics raised $2.5 billion in the sector's
biggest ever fundraising in China, giving it a valuation of CNY100
billion, Caixin discloses. JD.com holds 81.4% of the logistics
unit.

Last October, JD Logistics CEO Wang Zhenhui said the company will
start serving individual customers by offering personal package
delivery to expand its business reach, but that will also lead to
more fierce competition with other courier companies and will
require heavy investment, Caixin recalls.

However, heavy investments in its parent haven't secured stable
profitability either. Although the e-commerce group reported its
first net profit under GAAP standards in the first quarter of 2017,
it posted losses for three consecutive quarters last fiscal year,
Caixin discloses.

JD.com, Inc., through its subsidiaries, operates as an e-commerce
company and retail infrastructure service provider in the
People’s Republic of China. It operates in two segments, JD
Retail and New Businesses. The company offers home appliances;
mobile handsets and other digital products; desktop, laptop, and
other computers, as well as printers and other office equipment;
furniture and household goods; apparel; cosmetics, personal care
items, and pet products; women’s shoes, bags, jewelry, and luxury
goods; men’s shoes, sports gears, and fitness equipment;
automobiles and accessories; maternal and childcare products, toys,
and musical instruments; and food, beverage, and fresh produce.



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

ABHAY CHAUHAN: CRISIL Assigns 'B' Rating to INR9cr Proposed LT Loan
-------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Abhay Chauhan and Himal Chauhan (ACHC).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility        9       CRISIL B/Stable (Assigned)

The rating reflects the firm's exposure to risks related to funding
and implementation of its ongoing hotel project and susceptibility
to cyclicality in the hospitality sector. These weaknesses are
partially offset by the extensive experience of the partners and
advantageous location of the project.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to funding and implementation of the
ongoing hotel project: Construction of the proposed hotel building
is yet to commence and is expected to start once financial closure
is achieved. Hence, the proposed project faces high implementation
and funding risks.

* Susceptibility to cyclicality inherent in the domestic real
estate and hospitality sectors: The hotel industry remains
vulnerable to trends in domestic and international economies. Cost
for premium properties, however, remains high even when demand
declines. Therefore, cash flow from these properties is more
susceptible to downturns.

Strength:

* Experience of the partners and advantageous location of the
project: A decade-long-experience of the partners in running a
restaurant and a travel and tour agency in Shimla has led to their
strong understanding of the local market dynamics and healthy
relations with customers and suppliers. The hotel being located on
the Shimla-Rampur highway is an added advantage.

Liquidity
Liquidity is weak, as the firm is yet to commence operations and
generate cash flows. Timely funding support from the promoters will
be a key monitorable.

Outlook: Stable

CRISIL believes that ACHC will benefit over the medium term from
its Experience of partners and advantageous location of project.
The outlook may be revised to 'Positive' if ACHC stabilizes
operations at its proposed plant in time, and reports significant
revenue and profitability.  Conversely, the outlook may be revised
to Negative' if  a considerable delay in commencement of
operations,  significantly low cash accrual in the initial phase of
operations, or substantial increase in the working capital
requirement weakens the financial risk profile, especially
liquidity.

Established as a partnership firm by Abhay Chauhan and Himal
Chauhan, ACHC is constructing a hotel at Kufri, a famous tourist
destination on the Shimla-Rampur highway.

AIROFROST HVAC: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Airofrost HVAC Systems Private Limited
        Shop No. 1, Kohinoor Apartment
        Station Road, Jogeshwari (W)
        Near Moin Nagar
        Mumbai MH 400102 IN

Insolvency Commencement Date: April 8, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 5, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Chetan Tarachand Mandlia

Interim Resolution
Professional:            Mr. Chetan Tarachand Mandlia
                         390/a/28 Kardodi Building
                         Near Apollo Mills, N.m. Joshi Marg
                         Arther Road Naka, Chinchpokli
                         Mumbai City, Maharashtra 400011
                         E-mail: acshetan@gmail.com

Last date for
submission of claims:    April 29, 2019


ATHANI SUGARS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Athani Sugars
Limited's (ASL) Long-Term Issuer Rating to 'IND D' from 'IND
BBB-(ISSUER NOT COOPERATING)'. Simultaneously, Ind-Ra has
reassigned ASL a Long-Term Issuer Rating of 'IND B+' with a Stable
Outlook.

The instrument-wise rating actions are:

-- INR1.16 bil. Term loan* due on September 2024 downgraded and
     reassigned with IND B+/Stable rating;

-- INR290 mil. Term loan**+ due on September 2024 downgraded and
     assigned with IND B+/Stable rating;

-- INR3.5 bil. Fund-based working capital facilities# downgraded
     and reassigned with IND B+/Stable/IND A4 rating; and

-- INR550 mil. Short-term loans*** downgraded and reassigned with

     IND B+/Stable/IND A4 rating.

* Reassigned 'IND B+'/Stable after being downgraded to 'IND D'

** Assigned 'IND B+'/Stable after being downgraded to 'IND D'

*** Reassigned 'IND B+'/Stable/'IND A4' after being downgraded to
'IND D'

+ The final rating has been assigned following the receipt of
sanction letter by Ind-Ra

KEY RATING DRIVERS

The downgrade reflects ASL's overutilization of its fund-based
limits for more than 54 days during 1QFY19 due to a stressed
liquidity position.

The reassignment of the 'IND B+' Long-Term Issuer Rating reflects
ASL's utilization of its fund-based working capital facilities was
within the sanctioned limits during July 2018-March 2019, due to an
improvement in sales realization. The liquidity position remains
tight as indicated by an average working capital facility
utilization of 67.0% for the 12 months ended March 2019 and 100%
utilization during the crushing season (March to June 2018).

The company reported negative cash flow from operations during
FY15-FY18, although improved to INR882 million in FY18 (FY17:
INR1,401 million) due to an improvement in a working capital cycle
to 295 days (362 days). The company incurred capex of INR2,450
million during FY16-FY18 for distillery and co-generation plant
expansion.

The ratings are constrained by ASL's weak credit metrics as
indicated by interest coverage (operating EBITDA/gross interest
expense) of 1.2x in FY18 (FY17: 2.3x) and net leverage (total
adjusted net debt/operating EBITDAR) of 11.4x (7.7x). The
deterioration in the credit metrics was mainly due to a decrease in
absolute EBITDA to INR899 million in FY18 (FY17: INR1,148
million).

The rating factor in the company's modest margin with a return on
capital employed of 6% in FY18 (FY17: 12%). The margin deteriorated
to 10.9% in FY18 (FY17: 18.0%) owing to decline sugar prices to
INR30.2/kg (INR33.4/kg) and an increase in variable expenses
resulting from increased sugar production in the country during
sugar season 2017-18. The operating margin is also constrained by
an increase in fair and remuneration price to INR275/quintal (sugar
season 2017-18: INR255/quintal). In 9MFY19, the company recorded an
EBITDA margin of 8.8%.

The ratings are supported by an increase in the company's revenue
to INR8,268 million in FY18 (FY17: INR6,389 million), due to an
increase in the volume of sugar sold to 2.2 million quintals (1.5
million quintals), partially offset by a decline in average
realization to INR30.4/kg (INR33.4/kg). The company recorded
revenue of INR6,785 million in 9MFY19. ASL's scale of operations is
large. In FY18, the government launched a scheme of quota sale to
control sugar prices and fixed the minimum support price of
INR29/kg during June 2018, which was increased to INR31/kg in April
2019. ASL began extra neutral alcohol and ethanol divisions in
February 2019, which will improve the revenue. The management plans
to utilize the sugar juice mainly for ethanol production, where
realizations will be high.

The ratings also benefit from the company's promoters about 22
years of experience in the sugar industry, leading to established
relationships with suppliers (farmers). The company has diversified
its operations by setting up a co-generation and distillery unit in
Maharashtra, which has a relatively stable regulatory environment
than Karnataka.

RATING SENSITIVITIES

Negative: A further stretch in the liquidity position, along with a
decline in the revenue or EBITDA resulting in a sustained
deterioration in the credit metrics, could lead to negative rating
action.

Positive: An improvement in the liquidity position, along with
substantial growth in the revenue and EBITDA margin, leading to an
improvement in the credit metrics, could lead to positive rating
action.

COMPANY PROFILE

Incorporated in 1995, ASL has an integrated sugar plant at Kempwad
in Karnataka, with a 10,500 tons per day cane crushing capacity, a
24MW co-generation unit with power generation capacity, and a
distillery unit. In Maharashtra, the company has three sugar units
(two on long-term lease) with a cane crushing capacity of 2,500
tons per day.

BAHRA EDUCATIONAL: CARE Cuts INR25cr LT Loan Rating to D, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bahra Educational & Charitable Society (BECS), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank        25       CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B-; Stable;
                                  Issuer not cooperating on the
                                  basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of BECS
takes into account overdrawls in the working capital account of the
society for more than 30 days.

Detailed description of the key rating drivers

Ongoing delays in debt servicing: The over-draft limit has remained
overdrawn for more than 30 days.

Bahra Educational & Charitable Society (BECS) was established in
2009 and has established a State Private University in Solan named
Bahra University Shimla. BECS is running one campus having seven
colleges located in Solan (operational from 2009), Himachal
Pradesh. The Society was established by Mr. Gurvinder Singh Bahra
(Chairman) with an objective to provide education in the field of
engineering and technology, management and pharmacy. The different
courses offered are duly approved by HP-PERC (Himachal Pradesh
Private Educational Institutions Regulatory Commission) and UGC
(University Grants Commission).

BALAJI FIBER: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Balaji Fiber
Reinforce Private Limited's (BFRPL) Long-Term Issuer Rating to 'IND
D' from 'IND BB+' and simultaneously migrated the rating to the
non-cooperating category. The Outlook was Stable. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits (Long-term) downgraded and
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR200 mil. Non-fund-based limits (Short-term) downgraded and
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR80 mil. Proposed fund-based limits (Long-term) downgraded
     and migrated to non-cooperating category with Provisional IND

     D (ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Proposed non-fund-based limits (Short-term)
     downgraded and migrated to non-cooperating category with
     provisional IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

KEY RATING DRIVERS

The downgrade reflects BFRPL's overutilization of its cash credit
limits for more than 60 days due to non-regularization of adhoc
limit and instances of devolvement of its letter of credit during
the three months ended March 2019.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months would
lead to a rating upgrade.

COMPANY PROFILE

BFRPL was formed in 1963 by Mr. Shantilal D Patel. It is an ISO
9001:2008, ISO 14001:2004 and OHSAS 18001:2007 certified company,
engaged in the manufacturing of various types of glassfibre
reinforced plastic/fiberglass reinforced plastic pipes, equipment,
and components used for water, oil and gas, and other supply, and
sewage treatment activity.

BELGIUM ALUMINIUM: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Belgium
Aluminium and Glass Industries Private Limited (BAGIPL) to CRISIL
D/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         62        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            35.7      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit       44.97     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BAGIPL for obtaining
information through letters and emails dated January 28, 2019 and
February 26, 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 BAGIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BAGIPL 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 BAGIPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

BAGIPL, established in 2007, is engaged in facade engineering - it
designs, fabricates, and installs aluminium and glazed structures.
The company started operations in February 2012. It is promoted by
Dr. J R Gangaramani, who co-founded UAE-based Al Fara'a group,
which has an established position in the infrastructure industry.
BAGIPL's registered office is in Mumbai and manufacturing units are
at Rabale in Maharashtra, and in Gurgaon.

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

The instrument-wise rating actions are:

-- INR3 mil. Fund-based limit migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR55 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Bengaluru-based Biomedix Optotechnik & Devices is engaged in the
trading and manufacturing of high-tech medical electronics devices
such as medical appliances used in ophthalmology.

CREATIVE EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR8.8cr Loan
-----------------------------------------------------------------
CRISIL has reaffirmed the rating on the long-term bank facility of
Creative Educational Society (CES) at 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan        8.8       CRISIL B+/Stable (Reaffirmed)

   Secured Overdraft
   Facility              1.2       CRISIL B+/Stable (Reaffirmed)

CRISIL's rating continues to reflect the highly working
capital-intensive nature of operations, susceptibility to intense
competition and changes in regulations on educational institutions
and the below-average financial risk profile. These rating
weaknesses are partially offset by benefits from the extensive
experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Highly working capital intensive nature of operations: Student
intake remains healthy, driven by addition of new courses and high
occupancy. The society reserves around 70% of seats for the
government quota, and the balance comes under the management quota.
Receivables for the government quota of seats, especially those
belonging to underprivileged students, have been stretched as a
result of which overall receivables have been as high as around 211
days as on March, 2018.

* Below-average financial risk profile: Financial risk profile is
marked by moderate networth, high gearing and below-average debt
protection metrics. Networth and gearing were around INR11.74 crore
and 1.33 times, respectively, as on March 31, 2018. Debt protection
metrics were weak, as indicated by net cash accrual to total debt
ratio of around 10% and interest coverage ratio of around 1.93
times as on March 31, 2018.

* Intense competition and high degree of regulation by governmental
agencies: CES has a limited geographic reach, with the entire
revenue generated by the single campus at Kurnool. The society
faces intense competition from other established government/private
pharmacy colleges in the vicinity, including the KV Subbaiah
Pharmacy, and Sabah Reddy College of Pharmacy. Some of these
colleges have a longer track record of operations, and consequently
benefit from a healthy brand image. Moreover, establishment and
running of higher educational institutions come under the
supervision of various governmental and quasi-governmental agencies
such as the University Grants Commission, MCI, AICTE, universities,
and state governments.  

Strength:
* Longstanding presence of trustees: The pharmacy college was set
up in 2006, and the engineering college, in 2008-09. Despite the
limited track record of operations, both colleges have gained
reputation as providers of quality education, backed by good
infrastructure.  The society also has a hostel with a capacity of
around 270 students. CRISIL believes the business profile would
continue to be supported by the established regional market
position and healthy occupancy rates.

Liquidity

* Low bank limit utilization: Bank limit utilisation was low around
26 percent for the past twelve months ended January 31, 2019.

* Cash accrual sufficientto meet debt obligation: Cash accrual are
expected to be over INR1.6-1.8 Crores in FY19 and FY20 which are
sufficient against term debt obligation of Rs. 1.5 Crores over the
medium term. In addition, it will be act as cushion to the
liquidity of the company.

* Moderate current ratio: Current ratio was moderate at 1.93 time
as on March 31, 2018.

Outlook: Stable

CRISIL believes CES will continue to benefit from the longstanding
presence of its trustees in the education sector. The outlook may
be revised to 'Positive' in case of a sustainable improvement in
realisation of receivables, and if the society increases the scale
of operations substantially, most likely by increasing either the
number of courses, student intake or fees. The outlook may be
revised to 'Negative' if the society undertakes any large capital
expenditure programme which can weaken the financial risk profile,
or if any adverse regulatory change, leads to significant decline
in student intake and/or cash accrual.

Established in 2005, CES runs two colleges offering undergraduate
courses in engineering and pharmacy and post graduate courses in
pharmacy. Daily operations are managed by the chairman, Mr S Rama
Subbha Reddy.

DILEEP TRADERS: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Dileep Traders
- Kollam (DTK) to CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            7       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DTK for obtaining
information through letters and emails dated January 28, 2019 and
February 26, 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 DTK. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DTK 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 DTK to 'CRISIL B+/Stable Issuer not cooperating'.

Set up as a Proprietorship firm in 2000 by Mr. Dileep Kunju, Dileep
Traders - Kollam (DTK) is engaged in the processing of raw cashew
nuts and sales of cashew kernels. DTK currently operates three
processing facility, two in Kerala and one in Tamil Nadu with
combined installed capacity of dispatching around 8000 kg per day
of cashew kernels.

ECSTASY REALTY: CARE Lowers Rating on INR600cr NCD Issue to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ecstasy Realty Private Limited (ERPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      600.00     CARE D Revised from CARE BB+
   Debenture issue     

   Non-Convertible      250.00     CARE B; Stable Revised from
   Debenture issue                 CARE BB+ (Credit watch with
                                   Negative implications)

   LT Bank Facilities   500.00     CARE B; Stable Revised from
   Term loan                       CARE BB+ (Credit watch with
                                   Negative implications)

Detailed Rationale& Key Rating Drivers

The revision in ratings assigned to the outstanding Non-Convertible
Debentures of ERPL take into account delay in quarterly interest
servicing by ERPL for quarter ended March 31, 2019 by 2-3 days. The
rating has been removed from Credit watch with Negative
implications on receipt of clarity regarding the timing of interest
payment.

The ratings assigned to the proposed NCDs and proposed term loan
continue to remain constrained by delay in envisaged timeline of
receipt of Occupancy Certificate (OC) for Phase-I of the project
which resulted in sluggishness in sale of flats, partial dependency
on promoter funding for interest payment, nascent stage of
implementation of Phase-II of the project with pending approvals
and financial closure along with high dependency on customer
advances. The rating also factors in competition from other
projects in the vicinity and cyclicality associated with the real
estate industry. CARE notes that post receipt of OC in December
2018 for Phase I the sales and collection have gradually picked up
and is expected to improve the cash flow.  However, the above
constraints are partially offset by promoter's vast experience and
track record in real estate market, prime location of the project
site, completion of Phase-I of the project, moderate booking status
and tie-up of receivables from the sold units.

The ability of the company to service debt on a timely basis, and
to timely receive the pending approvals for Phase-II, tie up
financial resources, complete the project and sell the flats at
envisaged rates is the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in coupon payment: There was a delay in the interest payment
on outstanding Non-Convertible Debentures for the quarter ended
March 31, 2019 of 2-3 days.

Sluggishness in sales of Phase-I; albeit expected to improve post
receipt of OC: ERPL had earlier envisaged the OC to be received in
March 2018 which was however received only in December 2018. Hence
the number of flats expected to be sold during FY19 was lower than
that envisaged. However after receipt of OC, the sales have
gathered momentum and ERPL has been able to sell 8 new flats as
comfort for a buyer is much higher for a flat with ready OC
available. Currently out of 122 available flats, 79 flats have been
sold and the residents have also moved into the apartments.

Partial dependency on promoter funds for NCD coupon payment: Due to
above postponement of envisaged cashflows, ERPL was totally
dependent on promoter support for repayment of the quarterly NCD
coupon upto December 31, 2018. However, post receipt of OC, pick up
in sale of flats and collection the dependency on promoters support
is expected to reduce.

Nascent stage of Phase-II of the project thereby exposed to
execution risks: For the Phase-II of the project, the land has been
acquired and plan has been submitted to authorities for final
approval which is expected to be received shortly. Given the
nascent stage of construction, with approvals pending, therefore
risk exists pertaining to timely execution of the project. Further,
financial closure towards the same is pending and with
significant proportion of total cost to be funded through customer
advances, funding risk persists.

Liquidity Analysis
Collection status has been moderate with 75% collection achieved
for flats in Phase-I. The quarterly NCD principal repayment
installments commences from June 2021 which provides the entity
sufficient time to carry out sale of remaining flats.

Cyclicality in real estate industry: The capital-intensive real
estate industry is highly cyclical in nature. Though reforms
announced recently in real estate sector have been taken in the
right direction, the investor's confidence is yet to pick up. The
major challenges pertaining to clearances, land acquisition,
project delay, liquidity issues, slow sales and pile up of
inventory, are yet to be addressed for complete recovery of the
sector. The recent liquidity crisis in NBFCs (non-banking finance
companies) and HFCs (housing finance companies) affected the real
estate sector, as accessing capital from lenders has become a lot
tougher.  However, with the improvement in macro-economic
conditions in the country, the real estate sector is expected to
attain a gradual recovery.

Key Rating Strengths

Experience and track record of the promoters: Mr. Shobhit J. Rajan,
the promoter of ERPL, has over 20 years' experience in the
construction industry. Mr. Rajan was earlier a Director of Gammon
India Limited and was responsible for procurement, resource raising
and execution of projects. He has also been the recipient of
several industrial accolades. Mr. Rajan is assisted by a team of
experienced management team. Over the years, under the leadership
of Mr. Rajan, the Raiaskaran Group (RG) has been involved in
development of residential and commercial spaces in Mumbai
aggregating to 2 million ft2.

Prime location of the property in Mumbai real estate market: ERPL
is currently developing a premium residential tower named
"Parthenon" located at J P Road, Versova in Mumbai. Versova is one
of the most prime locations in the Western region of Mumbai. This
residential tower forms Phase-I of the project. ERPL is also
proposing to develop Phase-II which shall be located adjacent to
the "Parthenon" building to be comprising of residential flats,
commercial complex and a club house. The project is located very
close to D.N. Nagar station of Mumbai Metro which provides seamless
East-West suburban connectivity. The neighborhood is also well
developed with all the urban amenities in proximity including
malls, multiplex, schools, college, restaurants etc. The location
is approximately 5 km from Andheri suburban Railway station and
about 10-15 km from the Mumbai Domestic & International Airport.
Further, the site is well connected by roads through S.V. Road,
Western Express Highway and Jogeshwari-Vikhroli Link Road.

Ecstasy Realty Pvt. Ltd (ERPL) is a group company of the Mumbai
based Raiaskaran Group (RG), which was incorporated in the year
1992. RG, established by Mr. Shobhit Rajan, is into real estate
development of commercial and residential spaces. ERPL is currently
developing a premium residential tower named "Parthenon" located at
J P Road, Versova in Mumbai under phase 1 and residential and
retail building under Phase II.

IVR HOTELS: Ind-Ra Affirms 'D' Long Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IVR Hotels and
Resorts Limited's (IHRL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating action is:

-- INR450 mil. Term loans (Long-term) due on FY24 affirmed with
     IND D rating.

KEY RATING DRIVERS

The ratings reflect IHRL's continued instances of delays in
repayment of term loans during the 12 months ended April 2019.

RATING SENSITIVITIES

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

COMPANY PROFILE

IHRL is a subsidiary of IVRCL Limited ('IND D'). It is developing a
golf township project in Sriperumbudur, Chennai.

IVRCL LIMITED: Ind-Ra Affirms 'D' Long Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IVRCL Limited's
Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR16.80 bil. Consortium fund-based limits (long-term)
     affirmed with IND D rating;

-- INR19.46 bil. Long-term loans (long-term) due on FY24 affirmed

     with IND D rating;

-- INR2.0 bil. Non-convertible debentures* (long-term) affirmed
     with IND D rating; and

-- INR48.5 bil. Consortium non-fund based limits (long-term/short-

     term) affirmed with IND D rating.

* Details in Annexure

KEY RATING DRIVERS

The affirmation reflects the failure of the corporate debt
restructuring process and the initiation of insolvency proceedings
against the company.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.

COMPANY PROFILE

Hyderabad-based IVRCL provides engineering, procurement, and
construction services to the sectors of irrigation, water supply,
transportation, buildings and industrial structures. It is listed
on the National Stock Exchange and Bombay Stock Exchange.

JALPOWER CORPORATION: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Jalpower Corporation Limited

        Registered office:
        Road# 07, Flat# B2
        Film Nagar, Jubilee Hils
        Hyderabad Telangana 500033

        Corporate office:
        A-102, Sector-65
        Noida, UP 201307

        Site office:
        Plot No. 11 & 12
        Opposite Play Ground
        Jorethang, Sikkim 737121

        Project/Plant:
        120 (3*40) MW Rangit-IV
        Hydro Electric Project on Rangit River in State of Sikkim

Insolvency Commencement Date: April 9, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Sanjay Kumar Dewani

Interim Resolution
Professional:            Sanjay Kumar Dewani
                         133, Bhagirathi Appts
                         Plot No. 13/1, Sector-9, Rohini
                         New Delhi 110085
                         E-mail: sanjaydewani@gmail.com

                            - and -

                         D-55, Defence Colony
                         New Delhi 110024
                         E-mail: cirp.jpcl@gmail.com

Last date for
submission of claims:    April 29, 2019


JK HITECH: CARE Moves B+ INR10.05cr Loan Rating to Not Cooperating
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of JK
Hitech Rice Mills Private Limited (JHRMPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      10.05      CARE B+; Stable; Issuer Not
   Facilities                     Cooperating Cooperating;
                                  Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JHRMPL to monitor the rating
vide e-mail communications/letters dated April 2, 2019, April 4,
2019,  April 5, 2019 and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on JKHRMPL's
bank facilities will now be denoted as CARE B+; Stable.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating. The ratings take into account constitution as a short
track record of operation, Volatility in profit margins subject to
government regulations, seasonal nature of availability of paddy
resulting in working capital intensity and exposure to vagaries of
nature and fragmented and competitive nature of industry.  The
ratings, however, continue to draw comfort from its experienced
promoters and close proximity to raw material sources.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record of operation: The company started its operation
from July 2015 hence having a short track record of operation.

Volatility in profit margins subject to government regulations:
The Government of India (GOI), every year decides a minimum support
price (MSP - to be paid to paddy growers) for paddy which limits
the bargaining power of rice millers over the farmers. The MSP of
paddy was increased during the crop year 2018-19 to INR
1,750/quintal from INR 1,550/quintal in crop year 2017-18. The sale
of rice in open market is also regulated by the GoI through the
levy of quota, depending on the target laid by the central
government for the central pool. Given the market determined prices
for finished product vis-à-vis fixed acquisition cost for raw
material, the profitability margins are highly vulnerable. Such a
situation does not augur well for the company, especially in times
of high paddy cultivation.

Seasonal nature of availability of paddy resulting in working
capital intensity and exposure to vagaries of nature: Rice milling
is a working capital intensive business, as the rice millers have
to stock paddy by the end of each season till the next season since
the price and quality of paddy is better during the harvesting
season. Further, while paddy is sourced generally on cash payment,
the millers are required to extend credit period to their
customers. Also, paddy cultivation is highly dependent on monsoons,
thus exposing the fate of the company's operation to vagaries of
nature. The average utilization of bank borrowing was high at
around 90% in last 12 months ended March, 2019.

Fragmented and competitive nature of industry: The plant is located
in Bihar which is in close proximity to hubs for paddy/rice
cultivating region of West Bengal. Owing to the advantage of close
proximity to raw material sources, large numbers of small units are
engaged in milling and processing of rice in the region. This has
resulted in intense competition which is also fuelled by low entry
barriers. Given that the processing activity does not involve much
of technical expertise or high investment, the entry barriers are
low.

Key Rating Strengths

Experienced promoters

The company is being promoted by Mr. Jata Shankar Prasad and his
sons Mr. Ghanshyam Kumar and Mr. Neeraj Kumar based out of Bihar.
Mr. Jata Shankar Prasad is having around three decade experience in
agro industry through family businesses. He will be adequately
supported by his two sons Mr. Neeraj Kumar (aged 38 years,
graduate) having an experience of around a decade in trading of
agro commodities and Mr. Ghanshyam Kumar (aged 34 years, graduate)
who is relatively new to the business.

Proximity to raw material sources: JKH's plant is located at Raxaul
in East Champaran district, Bihar which is in the midst of paddy
growing areas of the state. The entire raw material requirement is
met locally from the farmers (or local agents) which helps the
company to save on substantial amount of transportation cost and
also procure raw materials at effective prices.

JK Hitech Rice Mill Private Limited (JKH), was incorporated in Feb.
9, 2012 by Mr. Jata Shankar Prasad and family based out of Bihar,
for the purpose of setting up a rice processing unit. The company
commenced operations in Jul. 2, 2015 with paddy processing capacity
of 38,400 metric tonne per annum (MTPA). The milling unit of the
company is located at Raxaul in East Champaran disrict of Bihar.

Liquidity
The liquidity position of the firm remained moderate marked by
current ratio of 1.02x and quick ratio of 0.31x as on March 31,
2018. The Gross cash accruals also remained moderate at INR1.02
crore as on March 31, 2018.

JMT AUTO: CRISIL Cuts INR67cr Loan Rating to D, Not Cooperating
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of JMT
Auto Limited (JMT) to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        1        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded
                                  from 'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Bill Discounting      1        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded
                                  from 'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Cash Credit          67        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded
                                  from 'CRISIL B/Stable
                                  ISSUER NOT COOPERATING')

   Letter of Credit     44        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded
                                  from 'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Rupee Term Loan      24        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded
                                  from 'CRISIL B/Stable
                                  ISSUER NOT COOPERATING')
  
   Term Loan            55        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded
                                  from 'CRISIL B/Stable
                                  ISSUER NOT COOPERATING')

   Working Capital
   Term Loan             8        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded
                                  from 'CRISIL B/Stable
                                  ISSUER NOT COOPERATING')

CRISIL has been consistently following up with JMT for obtaining
information through letters and emails dated December 31, 2017, May
31, 2018 and February 26, 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 JMT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JMT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, CRISIL has downgraded its
ratings on the bank facilities of JMT to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating', as there has been Letter of credit devolvement and
the same has remained unpaid for more than 30 days.

JMT (formerly, Jamshedpur Metal Treat) was incorporated as a
private limited company in April 1987 to take over the business of
Metal Treat Company, an ancillary of Tata Motors Ltd ('CRISIL
AA/Negative/CRISIL A1+') that manufactures auto components. It was
reconstituted as a public limited company in April 1992 and was
acquired by Amtek Auto Ltd (AAL) in June 29, 2013, which now holds
70.74% stake in it. The company acquired REGE Holding GmbH (REGE)
and Amtek Components Sweden through Amtek Machining systems Pte Ltd
in fiscal 2016. It has also formed a joint venture, Amtek Riken
Castings Pvt Ltd.

JOY COFFEE: CRISIL Reaffirms B+ Rating on INR13cr Secured Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Joy Coffee Curing Works (JCCW) at 'CRISIL B+/Stable'.

                         Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Secured Overdraft
   Facility                 13      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations and susceptibility to intense competition and high
working capital intensity in operations. These weaknesses are
partially offset by the benefit expected to accrue to JCCW from the
extensive experience of its partners

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations and susceptibility to intense
competition: JCCW's scale of operations is small with average
annual revenue of between INR50 and 75 crore. Operating margin is
typically range-bound, on account of limited value addition. The
firm faces intense competition from various established players, as
well as many players operating at the bottom of the value chain
because of low entry barriers due to low capital and technology
requirement.

* High working capital intensity: JCCW's operations exhibit
considerable working capital intensity, with gross current assets
of more than 100 days during the peak season from December to May.
This is mainly on account of high inventory level to support
operations during the period. With growing scale of business, the
inventory level, and consequently, the working capital cycle of the
firm are expected to remain intensive in the medium term.

Strengths:
* Extensive experience of partners: JCCW's founder-partner, Mr.
Francis George has been engaged in coffee curing for more than 20
years, during which the firm has built stable relationships with
all industry stakeholders, which is expected to benefit the firm in
the medium term.

Liquidity

* High bank limit utilization: Bank limit utilisation is high
around 100 percent for the past twelve months ended February 28,
2019. CRISIL believes that bank limit utilization is expected to
remain high on account large working capital requirement.

* Cash accrual sufficient to meet debt obligation: Cash accrual are
expected to be over INR55-60 lakhs which are sufficient against nil
term debt obligation over the medium term. In addition, it will be
act as cushion to the liquidity of the company.

* Moderate current ratio: Current ratio is moderate at around 1.5
times as on March 31, 2018.

Outlook: Stable

CRISIL believes JCCW will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' in case of higher-than-expected profitability
and revenue, or substantial capital infusion, resulting in
significant improvement in the financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile deteriorates, most likely due to reduced margins and
revenue or large, debt-funded capital expenditure or huge capital
withdrawal by partners.

Established in 1992 as a partnership firm, JCCW is engaged in
curing and processing of raw coffee to coffee beans. Based in
Chikmagalur, Karnataka, the day-to-day operations of the firm are
managed by Mr. Francis George.

JSM DEVCONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: JSM Devcons India Private Limited
        306, Orbit Mall
        Scheme No. 54 Plot No. 305-306
        A.B. Road Indore MP 452001 IN

Insolvency Commencement Date: April 12, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 12, 2019
                               (180 days from commencement)

Insolvency professional: Vineet Aggarwal

Interim Resolution
Professional:            Vineet Aggarwal
                         Plot No. 2
                         Sampurnanand Nagar Sigra
                         Varansai, UP 221010
                         E-mail: vntg631@gmail.com

                            - and -

                         B-165, Jangpura B
                         New Delhi 110014
                         Tel.: 011-24377675
                         E-mail: jsmdevcons.rp@gmail.com

Classes of creditors:    Home Buyers (Real Estate Investors)

Insolvency
Professionals
Representative of
Creditors in a class:    Anish Agarwal
                         Sanjay Kumar Singh
                         Ranjan Chakraborty

Last date for
submission of claims:    May 4, 2019


KANDARP CONSTRUCTIONS: Ind-Ra Affirms D LT Issuer Rating, Not Coop.
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kandarp
Constructions (India) Private Limited's (KCIPL) Long-Term Issuer
Rating at 'IND D (ISSUER NOT COOPERATING)'. The issuer did not
participate in the rating exercise, despite continuous requests and
follow-ups by the agency. Thus, the rating is based on the best
available information. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limit (long- and short-
     term) affirmed with IND D (ISSUER NOT COOPERATING) rating;
     and

-- INR100 mil. Term loan (long-term) affirmed with IND D (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The affirmation reflects the classification of the account as a
nonperforming asset since March 2018 due to tight liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Kandarp Constructions (India) is a Lucknow-based firm engaged in
the business of civil and road construction works.

KETHOS TILES: CRISIL Cuts INR41.78cr Loan Rating to D, Not Coop.
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Kethos
Tiles Private Limited (KTPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         5        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL A4')

   Cash Credit           13        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B+/Stable')

   Long Term Loan        41.78     CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B+/Stable')
   Proposed Long Term
   Bank Loan Facility      .22     CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B+/Stable')

CRISIL has been consistently following up with KTPL for obtaining
information through letters and emails dated February 28, 2019 and
March 18, 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 has
not received any information on either the financial performance or
strategic intent of KTPL. This restricts CRISIL's ability to take a
forward-looking view on the credit quality of the entity. CRISIL
has downgraded its ratings on the bank facilities of KTPL to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4'.

The downgrade reflects delay by KTPL in servicing of debt (Term
loan) for the past 3 months. Also, The term loan principal
installment for the month of march 2019 has been delayed and is yet
to be paid.

Furthermore, the company has not paid the fee for conducting rating
surveillance as per the ratings Agreement.

KTPL, incorporated in 2015, is setting up a plant to manufacture
double charge vitrified tiles with an installed capacity of 88,000
tonne per annum; partial commercial production has began in fiscal
2018. Ahmedabad-based Mr Kirtishbhai Patel, Mr Nareshbhai Patel, Mr
Bhupendra Patel, Mr Ashwinkumar S Patel, Mr Shaileshbhai C Patel,
and Mr Rajendra N Patel are the promoters.

NAGARJUNA OIL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Nagarjuna Oil Refinery Limited
        Nagarjuna Hills, Punjagutta
        Hyderabad, Telangana 500082

Insolvency Commencement Date: April 9, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Mr. Kranthi Kumar Kedari

Interim Resolution
Professional:            Mr. Kranthi Kumar Kedari
                         Flat No. 202, D.No. 8-3-167/D/49
                         Balaji Kalyan Apartment
                         Next to Axis Bank
                         Kalyan Nagar Hyderabad 500038
                         E-mail: kranthikumar1980@gmail.com

Last date for
submission of claims:    May 7, 2019


NGD JEWELS: CRISIL Reaffirms 'B' Rating on INR5.24cr Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of NgD Jewels (NGD) at 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.24       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.16       CRISIL B/Stable (Reaffirmed)

   Term Loan               .60       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect working capital-intensive, and a
small scale of, operations in the competitive retail jewellery
segment. The ratings also factor in a below-average financial risk
profile due to below-average debt protection metrics and an
aggressive capital structure. These weaknesses are partially offset
by the extensive industry experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations in the competitive retail jewellery
segment: Revenue was INR9.18 crore in fiscal 2018, and is expected
to remain modest due to high fragmentation and intense competition
in the jewellery industry.

* Below-average financial risk profile: Gearing was high at 4.03
times and net worth small at INR1.53 crore, as on March 31, 2018.
The debt protection metrics are below-average: interest coverage
ratio was 1.97 times in fiscal 2018. The financial risk profile
will remain below-average over the medium term because of continued
high reliance on working capital debt.

* Working capital-intensive operations: Gross current assets were
high at 198 days during fiscal 2018, because of large inventory,
and will remain high over the medium term.

Strength
* Extensive industry experience of the proprietor: The proprietor
has extensive experience in the gold jewellery industry; the
experience has helped to gain an insight into customers' buying
patterns and identify trends in jewellery designs. This should
enable the firm to maintain its business risk profile over the
medium term.

Liquidity
Over medium term the cash accruals are expected to be around
INR0.09-0.12 Cr and the reliance on the bank lines is high with the
utilization being full for the last 6 months ended February 2019.

Outlook: Stable

CRISIL believes NGD will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of significant and sustainable improvement in
cash accrual driven by increasing revenue and stable profitability,
or substantial infusion of capital, leading a better financial risk
profile. The outlook may be revised to 'Negative' if the financial
risk profile, especially liquidity, weakens, most likely due to
lower cash accrual, stretched working capital requirement, or
capital withdrawal.

NGD was set up in the 1989 as a proprietorship firm, Neettukattil
Gold Park, by Mr Ali Neettukattil; it was renamed in 2013. The firm
retails jewellery at its showroom at Valanchery, Kerala; it offers
a wide range of gold, silver, diamond, and platinum jewellery.

OCTAGON BUILDERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Octagon Builders & Promoters Private Limited
        D-3 & 4, Sector-10 Noida Gautam Buddha Nagar
        UP 201301 IN

Insolvency Commencement Date: April 16, 2019

Court: National Company Law Tribunal, Allahabad Bench

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

Insolvency professional: Hemi Gupta

Interim Resolution
Professional:            Hemi Gupta
                         24, Medi Center
                         Opp. Eves Petrol Pump
                         Hapur Road
                         Meerut (U.P.) 250002
                         E-mail: hemigupta@rediffmail.com

                            - and -

                         B-84, Takshila Colony
                         Garh Road, Near Medical College
                         Near K L International School
                         Meerut (U.P.) 250004
                         E-mail: hemiguptairp@outlook.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Ranjan Chakraborti
                         17D/522, Konark Enclave
                         Vasundhara, Ghaziabad
                         Uttar Pradesh 201012

                         Mr. Vijat Kumar
                         Chopra Apartment Flat No. 264
                         Plot-8, Sector-23, Dwarka, New Delhi
                         National Capital Territory of Delhi
                         110077

                         Mr. Rajan Deshraj Agarwal
                         404, Laxmi Mall
                         Laxmi Industrial Estate
                         New Link Road, Andheri West
                         Maharashtra 400053

Last date for
submission of claims:    May 2, 2019


ORIENT SPA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Orient Spa Limited
        Cambay Square, Plot No. X-24
        GIDC Electronics Estate
        Sector 25, Gandhinagar
        Gujarat 382044, India

Insolvency Commencement Date: April 12, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Keyur Jagdishbhai Shah

Interim Resolution
Professional:            Mr. Keyur Jagdishbhai Shah
                         408, Chitrarath Complex
                         Opp. Municipal Market
                         Off C.G. Road, Behind Hotel President
                         Navrangpura, Ahmedabad 380009
                         Gujarat, India
                         E-mail: cs.keyurshah@gmail.com

Last date for
submission of claims:    April 30, 2019


PARSOLI MOTOR: CARE Cuts INR2.50cr LT Loan Rating to D, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Parsoli Motor Works Private Limited (Parsoli), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       2.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B; ISSUER NOT

                                   COOPERATING; Based on best
                                   available information

   Long/Short term     11.00       CARE D/CARE D; Revised from
   Bank Facilities                 CARE B/CARE A4; ISSUER NOT
                                   COOPERATING; Based on best
                                   available information

   Short-term Bank      8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE A4; ISSUER
                                   NOT COOPERATING; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 12, 2018, placed
the ratings of Parsoli under the 'Issuer non-cooperating' category
as Parsoli had failed to provide information for monitoring of the
ratings. Parsoli continues to be non-cooperative despite repeated
requests for submission of monthly No Default statements through
e-mails dated March 30, 2019, February 28, 2019 and January 31,
2019 and phone calls. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The revision in the ratings assigned to the bank facilities of
Parsoli takes into account reported delays in the servicing of debt
obligation as per the audit report for the year ended March 31,
2018 due to tight liquidity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays reported in servicing of debt obligation: As reported in
Audit report for the year ended March 31, 2018, Parsoli made
delays/ defaults in the repayment of debt obligation due to
stressed liquidity.

Continuous losses leading to erosion in networth base and tight
liquidity: Total operating income of Parsoli declined by 50% during
FY18 over FY17 on account of decline in sales volume of cars. After
reporting a net loss of INR17 crore during FY17, Parsoli continue
to incur net loss of INR15 crore during FY18 on account of
relatively higher operating overheads followed by decline in scale
of operation apart from high interest cost. Continued losses
resulted in substantial deterioration in the networth base as on
March 31, 2018. Moreover, continuous losses resulted into tight
liquidity leading to delays/ defaults in debt servicing.

Parsoli, promoted by Sareshwala family, is an authorized dealer of
BMW series of luxury cars in Gujarat. Parsoli entered into a
dealership agreement with BMW India Pvt. Ltd. (BMW India) in May
2008. The company was dealing in BMW spares parts, car accessories
and provides car servicing facilities. Parsoli had three exclusive
showrooms each at Ahmedabad, Rajkot and Surat in the state of
Gujarat. However, as per the publically available information, BMW
India has terminated its dealership agreement with Parsoli and
presently Parsoli does not have any operations.

PATEL MOTORS: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Patel Motors
(Indore) Private Limited's (PMPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR410 mil. Fund-based limit affirmed with IND BB+/Stable
     rating.

KEY RATING DRIVERS

The affirmation reflects Ind-Ra's expectation that PMPL's financial
metrics will remain modest over the medium term, with only a
marginal improvement from the current levels. In FY19, gross EBITDA
interest coverage (operating EBITDA/gross interest expense) is
likely to have been around 1.6x (FY18: 1.6x) and net leverage
(Ind-Ra adjusted net debt/operating EBITDAR) at 5.13x (5.4x). The
financial metrics are constrained on account of a sizeable debt for
funding its working capital and high-interest outgo and average
operating profitability, due to its nature of business
(dealership). In FY19, the company's return on capital employed was
13% (FY18: 13%) and EBITDA margin was average at 2.8% (2.8%).

Moreover, the company's liquidity position is moderate, as
reflected by around 87.39% use of the working capital limits on
average during the 12 months ended in February 2019. Furthermore,
the cash flow from operations is likely to have turned positive in
FY19 (FY18: negative INR56.94 million), despite the increased scale
of operations with high working capital requirements.

The ratings are supported by PMPL's well-established operations in
terms of a large network of showrooms and workshops in Madhya
Pradesh. Revenue is likely to have exceeded INR6.6 billion in FY19
(FY18: INR6.2 billion) and grown at a CAGR of 11.39% over FY15-FY19
due to higher car sales. The ratings are also supported by PMPL
having diversified its dealerships across original equipment
manufacturers (Maruti Suzuki India Limited, Eicher Motors Limited,
Tractors and Firms Equipment Limited) and product portfolio
(passenger and commercial vehicles and tractors and farm
equipment). Moreover, the company's promoter has over three decades
of experience in the auto dealership business.

RATING SENSITIVITIES

Positive: Gross interest coverage exceeding 2.0x on a sustained
basis, along with an improvement in the operating profitability
will lead to positive rating action.

Negative: Deterioration in the liquidity or any large debt-funded
capital expenditure will lead to negative rating action.

COMPANY PROFILE

PMPL was incorporated in 1985 as a partnership firm. In 1993, the
firm was reconstituted as a private limited company. The company
has 20 showrooms and 15 workshops in Madhya Pradesh and runs a
driving school in Indore.

PHOENIX ERECTORS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Phoenix Erectors Private Limited
        B-21, Deshmukh Plaza
        Sai Nagar, Hingne Khurd
        Pune 411051

Insolvency Commencement Date: April 12, 2019

Court: National Company Law Tribunal, Pune Bench

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

Insolvency professional: Mr. Jitendra Palande

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

                            - and -

                         Unit No. 144, 1st Floor, Ashoka Mall
                         Bund Garden Road
                         Pune 411001

Last date for
submission of claims:    May 2, 2019


PILANIA STEELS: CRISIL Migrates C Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pilania Steels
Private Limited (PSPL) to CRISIL C/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           7.5      CRISIL C (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PSPL for obtaining
information through letters and emails dated January 28, 2019 and
February 26, 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 PSPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PSPL 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 PSPL to 'CRISIL C Issuer not cooperating'.

PSPL was incorporated on August 28, 1995, in Bhilai, Chhattisgarh,
promoted by Mr Kailash Agarwal and Mr Ram Bhagat Agarwal. The
company is engaged in steel wire drawing.

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

The instrument-wise rating actions are:

-- INR94.5 mil. Long-term loan due on February 2025 migrated to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     rating;

-- INR160 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR15 mil. Non-fund-based limits (foreign letter of credit)  
     migrated to non-cooperating category with IND B+ (ISSUER NOT
     COOPERATING) / IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR25 mil. Non-fund-based limits (bank guarantee) migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 27, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, Pride Coke manufactures low-ash metallurgical
coke and coke breeze. It also has a 32,400 metric-tons-per-annum
rice processing unit.

R J BUILDCON: CRISIL Migrates D Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of R J Buildcon
Private Limited (RJ) to CRISIL D/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       5.05      CRISIL D (ISSUER NOT   
                                  COOPERATING; Rating Migrated)

   Overdraft            4         CRISIL D (ISSUER NOT   
                                  COOPERATING; Rating Migrated)

   Term Loan            0.95      CRISIL D (ISSUER NOT   
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RJ for obtaining
information through letters and emails dated January 28, 2019 and
February 26, 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 RJ. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RJ 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 RJ to 'CRISIL D/CRISIL D Issuer not cooperating'.

RJ, incorporated in March 2008 at Pune undertakes road
construction. The company has executed road construction orders
from Pune Municipal Corporation, Public Works Department (PWD),
Pimpri Chinchwad Municipal Corporation, and National Highway
Authority of India since inception. RJ is a registered class I(A)
contractor with Maharashtra PWD.

RADHIKAREDDY INFRA: CRISIL Assigns B Rating to INR25cr LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Radhikareddy Infra Projects Private Limited
(RIPL).

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

The ratings reflect RIPL's nascent stage of operations and exposure
to high funding risk and a weak financial risk profile. These
rating weaknesses are partially offset by entrepreneurial
experience of the promoter.

Key Rating Drivers & Detailed Description

Weakness:

* Nascent stage of operations and exposure to high funding risk:
RIPL operations are in very nascent stage.  Scale up in revenue is
dependent on the working capital funding from bank. As the limits
are not sanctioned yet, RIPL is exposed to high funding risk.
Timely sanction of the limits and scale up in revenue remain key
rating sensitivity factors over the medium term.

* Weak financial risk profile: Financial risk profile is expected
to remain weak because of a modest networth base, leveraged capital
structure and sub-par debt protection metrics mainly because of
modest operating margin and high reliance on external borrowings
for its working capital requirements.

Strength:

* Extensive experience of the promoters: RIPL is promoted by Mr.
Gummadi Venkateswerllu who has extensive entrepreneurial experience
of more than a decade. The promoter, Mr. Venkateswerllu was earlier
associated with real estate industry in Andhra Pradesh and has
developed strong track record of execution in the industry. In
order to diversify the promoter is venturing into other
businesses.

Liquidity
Liquidity is expected to be stretched because of large working
capital requirements which are expected to be funded largely from
external debt. Moreover promoters have been venturing into multiple
businesses simultaneously which is expected to constrain their
financial flexibility and ability to support RIPL in case of any
exigency.

Outlook: Stable
CRISIL believes that RIPL will continue to benefit from the
entrepreneurial experience of the promoters and their fund support.
The outlook may be revised to 'Positive' in case of timely
stabilization of operations and healthy ramp up in sales resulting
in improvement in key credit metrics. Conversely the outlook may be
revised to 'Negative' in case of delay in commencement of
operations or lower than expected revenue and profitability result
in a weak financial risk profile, especially liquidity.

Incorporated in 2019, RIPL is expected to be engaged in trading of
infra related products like steel, cement, aluminum etc. It is
promoted by Mr. Gummadi Venkateswerllu and Ms. Radhika Reddy.

RAJ GEMS: CRISIL Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raj Gems (RG)
to CRISIL D/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing         14.05      CRISIL D (ISSUER NOT
   Credit                            COOPERATING; Rating
                                     Migrated)

   Post Shipment          25.95      CRISIL D (ISSUER NOT
   Credit                            COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with RG for obtaining
information through letters and emails dated January 28, 2019 and
February 26, 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 RG. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RG 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 RG to 'CRISIL D Issuer not cooperating'.

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

Set up in 1978 as a partnership firm by Mr Jayantilal B Shah, Ms
Prabhaben J Shah, and Mr Himanshu J Shah, RG cuts and polishes
diamonds, and also trades in polished diamonds. The firm is
headquartered in Mumbai, and the processing facility is in Surat
(Gujarat).

RAO BHARAT: CARE Assigns B Rating to INR11.45cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rao
Bharat Singh Education Society (RBS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          11.45       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RBS is constrained by
its limited experience of the members in education industry,
project stabilization risk associated with debt funded newly setup
school, operations concentrated to a single geographical area with
increasing competition from established and upcoming educational
institutes and regulatory risk associated with the education
sector.

The rating, however, draws comfort from well-established
infrastructure coupled with qualified teaching staff and favorable
demographic & socio- economic factors. Going forward; ability of
the entity to stabilize its operations, increase occupancy level,
increase scale of operation and improve profitability margins will
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Limited experience of the members in education industry: The
society is being managed by Mr. Dharamvir, Mr. Ashish Kumar and Mr.
Basti Rao, they have limited experience of around a year. However,
the risk is partially mitigated by the fact that the management is
supported by experienced teaching and administrative staff to run
the school in efficient manner.

Weak liquidity positions
The Current ratio and quick ratio is appearing to be weak of 0.03x
in FY 18.

Project stabilization risk associated with debt funded newly setup
school: RBS has planned capital expenditure of INR17.96 crore
towards setting up new school. The planned expenditure will be
funded through term loan of INR10.00 crore and balance from the
promoters' contribution in the form of corpus fund and unsecured
loans. RBS started with its operations in April 2017 and has a
relatively short track record of operations as compared with other
established players. Out of the total projected capex, the society
has incurred the capex amounting INR17.00 crore, which was funded
through term loan of INR10.00 crore, corpus fund of 0.87 crore and
remaining through unsecured loan. Furthermore, post project
implementation risk in the form of stabilization of operations of
its processing unit to achieve the envisaged scale of business in
the light of competitive nature of industry remains crucial for
RBS. Furthermore, during the initial phases of operations, the
capital structure of the company is expected to remain leveraged
due to debt funded capex undertaken coupled with unsecured loans
from promoters.

The Total Operating Income in FY 19(Projected) is INR 3.32 crore.

Operations concentrated to a single geographical area with
increasing competition from established and upcoming educational
institutes: RBS has its school within a single campus located in
Gurgaon, Haryana which limits the reach penetration level for the
society to tap opportunities. Further, due to increasing focus on
education in India, a number of schools have been opened up in
close proximity. This exposes the revenue of RBS to competition
from other schools.

RBS is expected to face high competition from the existing
established schools like Pranavananda International School, Bharat
Ram Global School, and Saraswati Public School. The fee structure
of the school is very competitive. The ability of RBS to enroll the
projected number of students at a competitive fee structure depends
on its capability to distinguish itself and leverage on its
established brand name in the market.

Regulatory risk associated with the education sector: Despite the
increasing trend of privatization of the education sector in India,
regulatory challenges continue to pose a significant threat to the
educational institutes. The regulatory authority for the schools,
CBSE, functions under the supervision of the Controlling Authority,
which is vested with the Secretary (Education), Government of
India, and Ministry of Human Resource Development.

Key Rating Strengths

Well established infrastructure coupled with qualified teaching
staff: The school has modern infrastructure featured with smart
classrooms, computer laboratories, library, auditoriums, resource
center etc. This helps the school in offering all round development
to the students. Further, RBS has employed experience teaching and
administrative staff to support day to day operations.

Favorable demographic & socio- economic factors: In terms of
demographic profile, India remains one of the youngest nations in
the world with 37.9% of its population in the 5-24 years age
bracket i.e. the age group comprising the student population. In
addition, other socio- economic factors such as growing personal
disposable income of the Indian households, growing contribution of
the services sector to India's GDP thereby requiring greater number
of qualified youths has further provided an impetus to the growth
of educational institutes in the country.

Rao Bharat Singh Education Society (RBS) was registered as an
educational society in 2015 under Societies Registration Act, 1860
with an objective to provide education services by establishing and
operating an educational institution and started its commercial
operations in April, 2017. The society operates a school under the
name of RBS International School (RBS) with a single campus spread
over at 3.50 acre of land located at Gurgaon, Haryana. RBS located
in Gurgaon, Haryana was established for providing primary and
secondary education from Nursery to standard X. However, currently
they have students up to VIII th standard only.

The day to day management of the trust is carried by Mr. Dharamvir
(Managing Director) and Mr. Ashish Kumar (Vice-President) and well
supported by other trust members. The trust has employed
experienced teaching and administrative staff to run the courses in
efficient manner. RBS has a total strength of 250 students (In
AS2017-18, total students were 70) in school in the current
academic session AS2018-19. The campus of the trust is well
equipped with modern classrooms, auditorium, library, computer
centers, and resource Centre etc.

RATHI TMT: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Rathi TMT Saria Private Limited
        C-220, 2nd Floor Savitri Nagar
        New Delhi South Delhi DL 110017 IN

Insolvency Commencement Date: April 16, 2019

Court: National Company Law Tribunal, Gurugram Bench

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

Insolvency professional: Ajit Kumar

Interim Resolution
Professional:            Ajit Kumar
                         1A, Sanskrit Apartment GH-22
                         Sector 56, Gurugram
                         Haryana & Punjab 122011
                         E-mail: cmaajitjha@gmail.com
                                 cirp.rathitmtsaria@gmail.com

Last date for
submission of claims:    April 30, 2019


RGTL INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: RGTL Industries Limited
        24/1, Mohan Cooperative Industrial Estate
        Mathura Road
        South Delhi 110044

Insolvency Commencement Date: April 18, 2019

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Anshul Gupta

Interim Resolution
Professional:            Anshul Gupta
                         1501, Tower 4, Spring Grove Towers
                         Lokhandwala Township
                         Kandivali (East), Mumbai
                         Maharashtra 400101
                         E-mail: contactanshulgupta@gmail.com

                            - and -

                         Flat 116, Pocket D, Sarita Vihar
                         New Delhi 110076
                         E-mail: cirp.rgtl@gmail.com

Last date for
submission of claims:    May 2, 2019


SAHIL ALLOYS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sahil Alloys & Machine Tools Pvt Ltd
        2B, Swami Vivekanand Virdh Ashram Market
        Model Town Extension, B Block
        Ludhiana 141002

Insolvency Commencement Date: April 12, 2019

Court: National Company Law Tribunal, Ludhiana Bench

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

Insolvency professional: Kuljeet Singh

Interim Resolution
Professional:            Kuljeet Singh
                         381, Phase-2, Urban Estate
                         Dugri Road, Near Green Land School
                         Ludhiana 141013
                         E-mail: kuljeet381@gmail.com
                                 rpsahilalloys@gmail.com

Last date for
submission of claims:    April 29, 2019


SHRI SAKTHI: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Shri Sakthi Papers India Private Limited
        No. 195, N H Road, 2nd Floor
        Coimbatore 641001, Tamil Nadu
        India

Insolvency Commencement Date: April 15, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 11, 2019
                               (180 days from commencement)

Insolvency professional: Manivannan J.

Interim Resolution
Professional:            Manivannan J.
                         Plot No. 53B, 8/330
                         Vishalakshi Nagar
                         Fourth Cross Street, Santhosapuram
                         Chennai, Tami Nadu 600073
                         E-mail: equitablelegal@gmail.com

Last date for
submission of claims:    April 30, 2019


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

The instrument-wise rating actions are:

-- INR338.8 mil. Term loan due on March 2021 migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR140 mil. Fund-based working capital facilities migrated to
     Non-Cooperating Category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR14.2 mil. Non-fund-based facilities migrated to Non-
     Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 26, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in November 2013, Skywin Spinning manufactures 100%
cotton yarn (single ring spun yarn, combed yarn, carded yarn, and
knitting yarn). It has an installed capacity of 19,584 spindles at
its plant.

SPLENDID METAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Splendid Metal Products Limited

        Registered office:
        Plot No. 18, Nagarjuna Hills, Punjagutta
        Hyderabad 500082, Telangana

Insolvency Commencement Date: April 4, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: T. Sathisan

Interim Resolution
Professional:            T. Sathisan
                         A-1001 Mahindra Splendour
                         LBS Marg, Bhandup West
                         Mumbai 400078
                         E-mail: sathisan2011@gmail.com

                            - and -

                         BRIG Resolution Services Pvt. Ltd.
                         C-1516, One BKC, 15th Floor
                         Bandra Kurla Complex, Bandra (E)
                         Mumbai 400051
                         E-mail: smpl.resolution@gmail.com

Last date for
submission of claims:    April 30, 2019


SREE LAKSHMI: CRISIL Reaffirms B+ Rating on INR12cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facility of Sree Lakshmi Balaji Industries (Sree Lakshmi).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           12       CRISIL B+/Stable (Reaffirmed)

The rating reflects the firm's below-average financial risk
profile, working-capital-intensive operations, and exposure to
volatility in raw material prices. These weaknesses are partially
offset by the extensive experience of partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: Financial risk profile may
continue to be constrained by the significant reliance on external
debt, as reflected in the modest networth and high gearing of
INR2.7 crore and 5.6 times, respectively, as on March 31, 2018.
Debt protection are weak, with interest coverage and net cash
accrual to total debt ratios of 1.30 times and 0.02 time,
respectively, in fiscal 2018.

* Working-capital-intensive operations: Gross current assets and
receivables were high at 136 and 70 days, respectively, as on March
31, 2018.

* Susceptibility to volatile raw material prices: Operating margin
was low at 3.2% in fiscal 2018, and is likely to be in the range of
3-3.5% over the medium term, owing to fluctuations in raw material
prices.

Strength:
* Extensive experience of the partners: Benefits from the partners'
experience of 15 years in the rice milling industry, and their
healthy relationships with suppliers and customers, will continue
to support the business risk profile.

Liquidity
Liquidity remains stretched, with cash accrual (Rs 0.35 crore in
fiscal 2018) of INR0.38-0.47 crore expected in the medium term,
against yearly debt of INR0.28-0.33 crore. The partners too, are
likely to offer funding support when needed, as in the past. Bank
limit utilisation averaged 91% in the 12 months through March 2019,
due to a stretched working capital cycle.

Outlook: Stable

CRISIL believes Sree Lakshmi will continue to benefit from the
extensive experience of its partners, and their healthy
relationships with suppliers and customers. The outlook may be
revised to 'Positive' if sustained increase in cash accrual, or
infusion of sizeable long-term funds by promoters, strengthens the
financial risk profile and liquidity. The outlook may be revised to
'Negative' if a pile-up in inventory leads to stretch in working
capital cycle and liquidity, or if any large capital expenditure,
weakens the capital structure.

Sree Lakshmi, which was set up as a partnership firm in 2006,
processes paddy into rice. Operations are managed by Mr Gopala
Krishna.

SRI VENKATESWARA: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Venkateswara Educational Trust (SVET) to 'CRISIL D Issuer not
cooperating'.

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

   Proposed Long Term      1.0      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              10.5      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SVET for obtaining
information through letters and emails dated January 28, 2019 and
February 26, 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 . Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on  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 SVET to 'CRISIL D Issuer not cooperating'.

Set up in 2014, SVET has two schools, Sri Venkateswara
Matriculation School, and Sri Venkateswara Public (CBSE)  School.
The operations are managed by Mr G Venkatesan. Fiscal 2017 was the
first year of operations.

SUMERU PROCESSORS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s Sumeru Processors Private Limited

       Registered office:
       G-2, Jeevan Apartments
       16A, Jamia Nagar
       Okhla New Delhi dl 110025 IN

Insolvency Commencement Date: April 15, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: October 11, 2019
                               (180 days from commencement)

Insolvency professional: Vijender Sharma

Interim Resolution
Professional:            Vijender Sharma
                         Building No. 11, 3rd Floor
                         Hargovind Enclave, Vikas Marg
                         Delhi 110092
                         E-mail: vijender@vsa.net.in

Last date for
submission of claims:    April 29, 2019


SUNEJA SONS: Ind-Ra Raises Long Term Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Suneja Sons'
(SUNEJA) Long-Term Issuer Rating to 'IND BB+' from 'IND BB (ISSUER
NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150 mil. (reduced from INR197.50 mil.) Fund-based working
     capital limit Long-term rating upgraded; Short-term rating
     affirmed with IND BB+/Stable/IND A4+ rating; and

-- INR140 mil. Non-fund-based working capital limit* assigned
     with IND A4+ rating.

* One-way interchangeability of the non-fund based limits (up to
INR100 million) to fund-based limits.

KEY RATING DRIVERS

The upgrade reflects an improvement in the credit metrics and the
scale of operations of SUNEJA, driven by the launch of a new
product segment.

SUNEJA's revenue rose to INR1,406.61 million in FY18 from
INR1,130.19 million in FY17. The firm booked INR1,721 million in
revenue for 11MFY19. In view of the introduction of another new
product, Ind-Ra expects the revenue to improve in the medium term.

Moreover, SUNEJA's interest coverage (operating EBITDA/gross
interest expense) improved to 2.51x in FY18 from 1.62x in FY17,
with its net leverage enhancing (total adjusted debt/operating
EBITDAR) enhancing to 1.46x from 3.00x. The improvement in the
credit metrics was primarily driven by a rise in operating margin
to 3.9% in FY18 from 2.7% in FY17 due to a fall in administrative
expenses. The margin was healthy, considering its return on capital
employed was 18.50% in FY18 (FY17: 10.81%).

The ratings, however, continue to be constrained by the risk
associated with the partnership structure of the firm and the
trading nature of the business.

The ratings continue to be supported by the comfortable liquidity
position of the firm, indicated by an average fund-based limit use
of 10.38% and average non-fund-based limit use of 73% for the 12
months ended March 2019. Moreover, its cash flow from operations
turned positive to INR3.65 million in FY18 from negative INR65.28
million in FY17. SUNEJA had cash and cash equivalents of about
INR29.40 million at FYE18 (FYE17: INR26.60 million).

The ratings also continue to be supported by the partners'
experience of more than three decades in the paper trading
business.

RATING SENSITIVITIES

Negative: Any decline in the scale of operations, weakening the
credit metrics, or a decline in the cash flow from operations shall
be negative for the ratings.

Positive: Any significant improvement in the scale of operations,
leading to an improvement in the credit metrics, both on a
sustained basis, with the cash flows staying positive, shall lead
to positive rating action.

COMPANY PROFILE

Formed in 1971, SUNEJA is engaged in the trading of various
varieties of paper. The firm has been operating as an authorized
distributor for ITC Limited's paperboards & specialty papers
division since 2009.

TANISHQ REALITIES: Ind-Ra Ups Long Term Issuer Rating to 'B+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Tanishq Realities'
(TR) Long-Term Issuer Rating to 'IND B+' from 'IND B (ISSUER NOT
COOPERATING)'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR300 mil. Term loan due on June 2020 upgraded with IND
     B+/Stable rating.

KEY RATING DRIVERS

The upgrade reflects the timely execution of TR's ongoing
residential project in Pune – Tanishq Vlasta. By end-March 2019,
TR completed 88% of the total construction work. The management
expects the project's construction work to be fully completed by
FY20. The project is being executed under a joint development
agreement. Of the total 434 flats in the project, landowners will
possess 154 flats and TR will own the rest.

The rating factor in the risk of cash flow mismatches, as
construction completion depends on customer advances. The project
cost is INR1,124 million, which is being funded by a debt of INR300
million, a promoter contribution of INR424 million and a customer
advance of INR424 million. The promoters have already infused the
entire required funds in the project. A construction cost of
INR920.3 million was incurred by end-March 2019.

The rating factor in the moderate off-take risk. As of March 2019,
the firm has booked 131 residential units (around 62% of 210 units)
and collected INR282.5 million (71% of the total amount of INR397.5
million). TR expects to receive the outstanding amount of INR115
million before 2QFY20. Management claims that the remaining units
will be booked before end-FY21.

The ratings also factor in the firm's tight liquidity position with
a cash balance of just INR0.58 million as of March 2018 while it
does not hold any short-term borrowings. The firm has repayments of
INR200 million and INR50 million for FY20 and FY21, respectively.

The ratings are supported by the promoters' experience of more than
three decades in the real estate business and the locational
advantage of the project with respect to road connectivity, shops,
and other basic amenities.

RATING SENSITIVITIES

Negative: Lower-than-expected sales volume, lower realization from
bookings, or significant time or cost overruns could result in a
negative rating action.

Positive: Successful project completion, sale of flats as planned
and a significant increase in sales realization, leading to strong
cash flow visibility, could lead to positive rating action.

COMPANY PROFILE

Set up in 2012, TR is a Pune-based partnership firm, engaged in
executing residential and commercial real estate projects in the
city.

TAURUS AGILE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Taurus Agile Technology Corporation Private Limited

        Registered office as per ROC Company Master Data:
        Shop No. A-9 First Floor
        Taneja Complex Dharam Colony Nangloi Jat Delhi
        New Delhi West Delhi 110041

        Other office:
        Taurus Agile Technology Corporation Private Limited
        Vilage Lalru, Near PGS Bricks
        Handesra Road Lalru 140501, Punjab

Insolvency Commencement Date: April 16, 2019

Court: National Company Law Tribunal, New Delhi Special Bench

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

Insolvency professional: Suhash Kumar Kundra

Interim Resolution
Professional:            Suhash Kumar Kundra
                         Primus Insolvency Resolution and
                         Valuation Pvt. Ltd.
                         C-4-E/135, Janak Puri
                         New Delhi 110058
                         E-mail: kundra.sk27@gmail.com
                                 taurusagile@primusresolutions.in

Last date for
submission of claims:    May 2, 2019


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

The instrument-wise rating action is:

-- INR900 mil. Proposed term loans migrated to non-cooperating
     category with Provisional IND BB+ (ISSUER NOT COOPERTAING)
     rating.

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

COMPANY PROFILE

Incorporated in 2016, UCPL is constructing SriValli Pravas, a 1.3
million sf residential project, on the Guntur Vijayawada Highway
opposite Nagarjuna University in Andhra Pradesh.

VENKATASAI SOLVENT: CRISIL Cuts Rating on INR5cr Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Venkatasai Solvent India Private Limited (VSIPL) to 'CRISIL D' from
'CRISIL B+/Stable' owing to delays in debt servicing. The delays
have been caused by weak liquidity.

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

   Long Term Loan          1.41      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility      3.59      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating also factors in Below-Average financial risk profile and
susceptibility to adverse government regulations and volatile raw
material prices. However, these rating weaknesses are partially
offset by Promoters' extensive experience.

Key Rating Drivers & Detailed Description

Weakness:

* Below-Average financial risk profile: Financial risk profile is
constrained by modest networth and high gearing of INR3.7 crore and
1.8 times, respectively, as of March 2018. Debt protection metrics
are modest with Net cash accruals to total debt (NCATD) and
interest coverage ratio of 0.11 times and 1.9 times, respectively
in fiscal 2018.

* Susceptibility to adverse government regulations and volatile raw
material prices: Business is exposed to risks such as the
availability of raw materials, regulatory changes, and pricing
pressures. Furthermore, the selling price of edible oil is governed
by international price trends and various government regulations
such as import duties and hence operating margin remains
susceptible to volatile material prices and any adverse regulatory
changes.

Strengths:

* Promoters' extensive experience: VSIPL benefits from the
extensive industry experience of the promoters. The company is
promoted by Mr.Vinjam Sridhar and others who are his relatives and
friends who have more than a decade of industry experience.

Liquidity
Liquidity profile of the company remains weak on account of high
bank limit utilization, average bank limit utilization the past 12
months ending December 2018 remains high at 99.7%. Additionally,
there were instances of over utilization in the cash credit during
the same period.

Established as a private limited company in April, 2012, VSIPL is
engaged in extraction of edible rice bran oil (RBO) and de-oiled
rice bran (DORB) cake. The company has its manufacturing facility
located in Nalgonda district of Telangana. The company is promoted
and managed by Mr.Vinjam Sridhar.

VINDHYA CEREALS: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vindhya
Cereals Private Limited (VCPL) to CRISIL D/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             32       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term       1.62    CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan                4.38    CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VCPL for obtaining
information through letters and emails dated January 28, 2019 and
February 26, 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 VCPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VCPL 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 VCPL to 'CRISIL D Issuer not cooperating'.

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

VCPL, established in 2009 by Mr Kamlesh Kumar Argal, mills and
processes basmati rice. The manufacturing facility is at
Obedullaganj in Raisen, Madhya Pradesh.

VISHNU TEXTILES: CARE Assigns B+ Rating to INR9.0cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Vishnu
Textiles Corporation (VTC), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.00      CARE B+; Stable Assigned
   Facilities           

Rating Rationale

The rating assigned to the bank facilities of VTC is constrained by
its small scale of operations with low capitalization, along with a
moderate capital structure and debt coverage indicators. The rating
is further constrained by modest liquidity position, presence of
the firm in a highly fragmented industry and its proprietorship
nature of constitution which limits the financial flexibility.

The rating, however, draws strength from the experience of the
promoter and long and established track record of the entity of
over four decades in the industry. The rating also takes into
account the healthy profitability margins. The ability of the firm
to increase its scale of operations, maintaining profitability
margins, improving its solvency position along with efficiently
managing its working capital requirements are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The scale of operations remained small
with total operating income of INR6.20 crore in FY18 (refer to a
period between April 1 to March 31) and total capital employed of
INR76.84 crore as on March 31, 2018. The small scale limits the
financial flexibility of the firm during the time of financial
distress.

Moderate capital structure and debt coverage indicators: The
capital structure of the firm is moderate owing to the low net
worth base as compared to the total debt of the firm indicated by
an overall gearing level of 2.52x as on March 31, 2018. Further,
the debt coverage indicators of the firm stood modest with a total
debt to GCA of 11.29x as at the end of FY18.

Modest liquidity position: The working capital cycle of the company
stood moderate with funds blocked in receivables. The working
capital requirements are managed by internal accruals and limits
which were utilized at an average of 50% in the last 12 months
ended February 28, 2019. Further, the current ratio remained
comfortable at 4.14x as on March 31, 2018.

Presence in highly fragmented competitive industry and sectorial
concentration risk: VTC operates in a highly competitive cotton
industry with presence of large number of small scale units
operating in the cotton value chain resulting in highly fragmented
nature. Thus, the entities present in the segment generally have a
very low bargaining power vis-à-vis their customers. Moreover; VTC
conducts its business majorly in the area of cotton yarn which
increases the sectorial concentration risk.

Proprietorship nature of constitution: VTC, being a proprietorship
concern, is closely held and is subject to limited disclosure
norms. Further, owing to the constitution of the entity, it is
exposed to the risk of withdrawal of capital as well as long-term
existence of business operations under the entity. This also limits
the firm's ability to meet any financial exigencies.

Key Rating Strengths

Experienced promoter with long and established track record of over
three decades in the industry: The firm is promoted by Mr. Arun
Kumar Goenka having an experience of around 40 years in the trading
of cotton yarn and around 10 years in the wind power generation.
VTC has a track record of more than four decades in the trading of
cotton yarn and has reinforced its footings in the business with
sound base. Over the years, it has established good relations with
various customers.

Healthy profit margins: The profit margin of VTC has been
fluctuating during last three years ending FY18 and remained in the
range of 65% to 76%. The profitability of the firm is healthy owing
to the high margins of commission based business and interest
income.

VTC, based out of Ichalkaranji, Maharashtra is a proprietorship
entity promoted by Mr. Arun Kumar Goenka and commenced operation in
1971. Since inception VTC generates revenue from two major segments
i.e. trading of cotton yarn and operating as a commission agent for
the trading cotton yarn. The firm also generates interest income
from loans and advances given to the firms which are owned and
operated by the family members of the proprietor.



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

ASAHI MUTUAL: Fitch Alters Outlook on 'BB+' LT IDR to Positive
--------------------------------------------------------------
Fitch Ratings has revised its Outlook on Japan-based Asahi Mutual
Life Insurance Company to Positive from Stable, and affirmed its
Insurer Financial Strength Rating and Long-Term Issuer Default
Rating at 'BBB-' (Good) and 'BB+', respectively. The agency has
also affirmed the company's US dollar-denominated subordinated
bonds at 'BB'.

KEY RATING DRIVERS

Fitch's Outlook revision reflects the improvement in Asahi Life's
capitalisation and leverage, as well as its satisfactory financial
performance and earnings backed by steady growth in the profitable
third-sector (health) insurance. These factors mitigate Asahi
Life's interest rate risk and high sovereign investment
concentration risk within its investment portfolio.

Asahi Life's moderate business profile is based on it partly being
a traditional life insurer in the Japanese market, with 2% to 3%
share of the domestic life insurance market in the financial year
ended March 2018 (FYE18). Fitch ranks Asahi Life's business profile
as moderate compared with all of the other Japanese insurance
companies. Therefore, Fitch scores Asahi Life's business profile at
'a-' under its credit factor scoring guidelines.

Fitch expects the company's financial leverage to improve to around
30% by end-March 2019, which is above the range for the 'BBB'
category, down from 34% at end-September 2018, unchanged from
end-March 2018.

Fitch also expects Asahi Life to maintain or strengthen its capital
adequacy via stable underwriting results and continuous efforts to
accumulate core capital. The company's statutory solvency margin
ratio rose to 872% by end-September 2018, from 809% at end-March
2018, partly because of accumulated capitalisation through higher
core capital.

Nevertheless, the insurer's capital position still remains weaker
than that of peers, which had an average SMR of more than 900%. In
addition, Asahi Life had a large negative spread burden of JPY28
billion in 1HFYE19 (1HFYE18: JPY31 billion), which offset gains
from its better-than-projected mortality and morbidity rates. Fitch
forecasts the insurer's negative spread burden to continue
shrinking over the medium term, along with steadily declining
average guaranteed yields.

Asahi Life's underwriting business has been stable due to an
effective focus on third-sector (health) insurance. The core profit
margin remained steady at 7% in 1HFYE19 (FYE18: 8%). The segment's
annual premiums of in-force policies also moderately increased by
1% (1HFYE18: 2%), due partly to successful sales promotion via
alternative distribution channels. Fitch believes efforts in
marketing third-sector products through alternative distribution
channels, such as telephone marketing, are likely to further
sustain the segment's strength.

Fitch believes some Japanese life insurers may suffer from
temporarily suspended sales of life insurance products for SME
owners due to the strengthened regulations in Japan. However, any
negative repercussions for Asahi Life are likely to be small and
manageable, mainly because of the company's strong focus on the
third sector.

Asahi Life's exposure to Japanese sovereign debt was about 413% of
its capital at FYE18. This sovereign concentration risk would
continue to cap Fitch's assessment on Asahi Life's investment and
asset risk at 'a' under its credit factor scoring guidelines.

RATING SENSITIVITIES

Key upgrading sensitivities include:

- Further strengthening of capitalisation and a decline in
financial leverage to well below 35% for a sustained period; and

- Sustainable growth in the third-sector business while maintaining
profitability.

Key downgrading sensitivities include:

- Major erosion of capitalisation, financial leverage above 42%,
for a sustained period; or

- A significant deterioration in profitability, such as the core
profit margin falling below 5%, for a sustained period.

FULL LIST OF RATING ACTIONS

Asahi Mutual Life Insurance Company:

  -- IFS Rating affirmed at 'BBB-'; The Rating Outlook is revised
to Positive from Stable

  -- Long-Term IDR affirmed at 'BB+'; The Rating Outlook is revised
to Positive from Stable

  -- USD0.35 billion cumulative perpetual subordinated bonds with
interest deferral options issued in January 2017 affirmed at 'BB'

  -- USD0.43 billion cumulative perpetual subordinated bonds with
interest deferral options issued in September 2018 affirmed at 'BB'

NISSAN MOTOR: Warns Investors of a 45 Percent Drop in Profit
------------------------------------------------------------
Ben Dooley at The New York Times reports that Nissan Motor Co. said
on April 24 that it expected its annual profit to be much lower
than expected, a fresh blow to a company reeling from the arrest of
its former top executive Carlos Ghosn.

The New York Times relates that the automaker told investors that
its operating profit for the 2018 fiscal year, which ended in
March, was expected to be 45 percent lower than the previous year,
at JPY318 billion ($2.8 billion).

It was Nissan's second downward revision in two months,
highlighting the difficulties it faces as it moves past the fall of
Mr. Ghosn, a corporate titan who was called in to right the company
when it teetered on the brink of bankruptcy in the late 1990s, the
report says.

According to the report, Nissan said that weak sales in the United
States, its largest market, and other regions had caused half of
the slide in earnings, and that expenses related to extended
warranties on vehicles sold in America had accounted for the other
half.

In 2018, the company sold just under 1.5 million vehicles in the
United States, a 6.2 percent drop from 2017.

But it also blamed "the impact of recent corporate issues on
sales," suggesting that the high-stakes drama involving Mr. Ghosn,
who is being held in a Tokyo jail on four charges of financial
wrongdoing, was weighing on the sales of its cars, The New York
Times relays.

Nissan will announce its annual earnings on May 14.

The New York Times notes that Mr. Ghosn's problems have been a
fount of negative publicity for the company, but its troubles began
well before his arrest in November, when he was Nissan's chairman.

The New York Times says the resulting shake-up in leadership has
undoubtedly caused turmoil at Nissan, whose top executives have
been preoccupied with managing the case's reputational and legal
fallout. It has also inflamed a longstanding disagreement with
Nissan's partner, the French company Renault, over the direction of
a partnership that has become one of the world's largest automaking
alliances.

Renault, which was also headed by Mr. Ghosn, owns 43 percent of
Nissan and has exerted outsize control over the Japanese company,
the report states. While the alliance has been critical to both
companies' success in an industry that increasingly rewards scale,
some executives have seen the sometimes cumbersome relationship as
an impediment to more efficient management.

According to The New York Times, Mr. Ghosn, who has denied all
wrongdoing, has linked Nissan's poor performance to his arrest, but
has taken a very different tack.

In a video statement released in early April, he said his downfall
had been engineered by Nissan executives trying to divert attention
from their own weak performance, the report says.

"I'm talking here about a few executives who obviously for their
own interests and for their own selfish fears are creating a lot of
value destruction," he said, noting anemic profits, quality issues
and a falling share price, The New York Times relays.

"It's sickening," he added. "I'm worried because, obviously, the
performance of Nissan is declining." Mr. Ghosn did not name any
specific Nissan executives.

While the company may disagree with Mr. Ghosn's assessment, it
acknowledges it has a lot of work to do, says The New York Times.

According to The New York Times, the company's chief executive,
Hiroto Saikawa, has dismissed questions about the future of Mr.
Ghosn and Renault's ownership stake, saying the company is fully
focused on getting back on track.

"In order to deliver results, it will take time," The New York
Times quotes Mr. Saikawa as saying at a February news conference.
"A one-time, temporary decline in volume cannot be avoided. So we
would like to spend time on making improvements. The top management
should be patient enough to wait for this."

Headquartered in Yokohama, Japan, Nissan Motor Co., Ltd. engages in
manufacturing, sales and related business of automotive products
and marine equipment. The Company's segments include Automobile and
Sales Financing.



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

SD INTERNATIONAL: S&P Gives Prelim BB- Rating to Sukuk Trust Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB-' issue rating to
the proposed U.S. dollar-denominated Sukuk trust certificates
(sukuk) to be issued by SD International Sukuk Ltd., a
special-purpose company incorporated in Labuan, Malaysia, for
issuing sukuk.

SD International Sukuk Ltd. will enter into a wakala (asset
management) for at least 51% of the issued amount, and a Murabaha
(commodity sale and purchase financing), for at most 49% of the
issued amount, with Serba Dinamik International Ltd. (SDIL), a
wholly owned subsidiary of Serba Dinamik Holdings Bhd. (SDHB;
Prelim BB-/Stable/--). SDHB guarantees SDIL's obligations toward
the Sukuk holders.

The preliminary issue rating reflects the guarantee by SDHB and
indicates that the transaction fulfils the five conditions of our
criteria for rating sukuk:

-- SDIL will provide sufficient, irrevocable and timely
contractual obligations for the payments of the periodic
distribution amounts payable on the periodic distribution dates and
the repayment of principal amount through deferred payment price
agreed under the Commodity Murabaha Investment agreement. The
deferred payment price comprises the aggregate of the principal
amount and the profit agreed under the same agreement. Murabaha
profit is distributed in equal installments that match the periodic
distribution amount and dates. The proceeds from Wakala and
Murabaha legs of the transaction will be collected separately such
that losses from Wakala do not affect proceeds and distribution
under Murabaha. The obligations of SDIL's are guaranteed by SDHB.

-- SDIL's obligations are irrevocable and unconditional.

-- The guarantee provided by SDHB on SDIL's obligations will rank
equally with SDHB's other senior unsecured financial obligations.

-- SDIL will undertake to cover all the costs related to the
transaction for the benefit of SD International Sukuk Ltd. Such
cost reimbursements are covered under Wakala, Murabaha agreements
and under Declaration of Trust agreement. SDIL's obligations are
guaranteed by SDHB.

-- The documentation does not mention a risk of total loss event.
Total loss event is not a major risk because, under the structure,
there is no physical asset involved.

S&P's assessment is based on information as of April 15, 2019.

S&P said, "We note that the preliminary rating is based on draft
documentation. The final rating will depend upon receipt and
satisfactory review of all final transaction documentation
(especially the Murabaha profit and payment frequency, deferred
sales price under Murabaha agreement, early dissolution event and
dissolution amounts and separation of wakala losses if any from
Murabaha proceeds, and deed of guarantee), including legal
opinions. Should the final documentation differ substantially from
the draft documentation, we may change our rating on the Sukuk."

ISSUE RATINGS--SUBORDINATION RISK ANALYSIS

Capital structure

SDHB's capital structure will consist of U.S. dollar-denominated
senior unsecured Sukuk and MYR800 million of Islamic notes (sukuk)
issued under a medium-term notes program.

Analytical conclusions

S&P equalizes the issue rating on the U.S. dollar-denominated Sukuk
to the issuer credit rating on SDHB because it projects the
proportion of secure debt at SDHB to be less than 50% of total
consolidated debt over the next two years at least.

This report does not constitute a recommendation to buy, hold, or
sell the trust certificates. S&P Global Ratings neither structures
sukuk transactions nor provides opinions about the compliance of
the transaction with Sharia.



===============
M O N G O L I A
===============

MONGOLIAN MINING: Fitch Rates $440MM Senior Notes Final 'B'
-----------------------------------------------------------
Fitch Ratings has assigned coal producer Mongolian Mining
Corporation's (MMC, B/Stable) USD440 million 9.25% senior notes due
2024 a final 'B' rating and Recovery Rating of 'RR4'. The
assignment of the final rating follows the receipt of documents
conforming to information already received and is in line with the
expected rating assigned on March 17, 2019.

The proposed notes are co-issued by MMC and its wholly
owned-subsidiary, Energy Resources LLC, and guaranteed by most of
its operating subsidiaries. The notes constitute senior unsecured
obligations of MMC as they represent the company's unconditional
and irrevocable obligations. MMC used the net proceeds from the
proposed note issuance to refinance USD398 million of existing
secured notes and USD24 million of its perpetual notes.

MMC's rating is constrained by its small scale, single-product
focus and limited cost competitiveness outside of northern China.
However, MMC has flexibility in capex, which should give it
sufficient buffer to continue generating free cash flows during a
coal price downturn.

KEY RATING DRIVERS

Small Scale, Single Product: MMC is relatively small compared with
Fitch-rated coal mining companies globally in terms of revenue
size, with revenue of USD591 million in 2018. MMC operates two
mines with production concentrated in the Ukhaa Khudag mine in
South Gobi. Revenue from washed hard coking coal accounted for 98%
and 93% of MMC's total revenue in 2017 and 2018, respectively. The
latest coal reserve as at January 2019 statements show pro forma
total run-of-mine (ROM) coal reserves of 499 million tonnes, giving
MMC a reserve life of 30-35 years. MMC's small scale and product
concentration constrains its business profile to the 'B' rating
category.

Cost Competitive in Limited Markets: MMC is cost competitive only
in the northern parts of China due to the proximity of MMC's mines
to steel mills in that area. MMC's mine gate cash cost was low at
USD31.7 per tonne in 2017 but MMC's transportation cost by land is
around USD10 per tonne more than international peers' transhipment
cost. Delivery beyond northern China will further increase costs,
leaving MMC with customers that are mainly in northern China.

Default and Restructuring: MMC defaulted on its debt in 2016 when
coking coal prices fell to their lowest in a decade and MMC
temporarily halted coal production. In 2017, MMC restructured its
debt profile by taking a senior secured loan and issuing senior
secured notes and perpetual notes. MMC's US dollar senior unsecured
notes were used to refinance USD398 million of its existing secured
notes and USD24 million of its USD195 million of perpetual notes.
As of March 2019, MMC has fully repaid the senior secured loan with
cash generated from its Baruun Naran mine operations. After the
refinancing, MMC has old senior notes of USD15 million, senior
unsecured notes of USD440 million and USD171 million of perpetual
notes. The senior unsecured notes rank senior to the existing
perpetual notes, but junior to the senior secured notes.

Price Drives Cash Flow Recovery: MMC's cash flow has recovered from
the trough, driven by the recovery in coal prices. MMC's reported
operating cash flow increased by 326% to USD95.6 million in 2017
and by 233% yoy to USD65.3 million in 1H18. Fitch forecasts the
metallurgical coal price to average USD140/tonne in 2019-2021, off
their peak of USD225/tonne in 2018 but higher than the USD79/tonne
during the 2016 trough. Fitch expects MMC to generate positive free
cash flow in 2019-2021, based on the price expectations.

Capex Flexibility: MMC completed integration of the infrastructure
at its mines and purchased 150 trucks in 2017 and 2018 to improve
transportation capacity. The company estimates its minimum
sustaining capex, the majority of which is for regular maintenance
of the mines, mining fleets and coal hauling trucks, to be around
USD5 million per year. MMC capitalises some of its stripping cost,
where stripping of the mine results in long-term benefits. The
capitalised stripping cost and minimum sustaining capex are likely
to be around USD70 million-90 million per annum in 2018-2021. MMC
can decrease its capitalised stripping cost and reduce capex should
there be a significant coal price decline.

Neutral Regulatory Environment: The Mongolian tax and royalty
stabilisation certificate granted to ER for 24 years from 2015
outlines the tax and royalty rates that apply to ER. The
certificate helps mitigate risks of sudden shifts in Mongolia's
royalty and tax policies.

Moderate Financial Profile: MMC's post-restructuring financial and
liquidity profile is in line with peers with similar ratings. Fitch
expects MMC's FFO adjusted net leverage to have fallen to 2.5x by
end-2018 from 3.5x at end-2017. Its leverage is likely to remain
below 3.5x in the next three years due to sustained profit
generation and stable levels of capex spending. Fitch expects MMC
to be able to maintain its FFO fixed-charge coverage above 3x in
the near future.

DERIVATION SUMMARY

MMC is comparable to single-product focused Indonesian coal mining
companies in the 'B' category such as PT Golden Energy Mines Tbk
(PT Golden, B+/Positive) and Geo Energy Resources Limited (Geo,
B/Stable). MMC's annual revenue is lower than PT Golden's and
similar to that of Geo. MMC has similar mine life to PT Golden,
which has mining life of over 25 years, while its mining life is
longer than Geo's.

MMC had higher EBITDA margins than PT Golden and Geo, but this is
offset by the company's higher leverage. Fitch estimates MMC's FFO
adjusted net leverage to have been 2.5x at end-2018, while both PT
Golden and Geo had leverage of around zero.

KEY ASSUMPTIONS

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

  - Fitch's metallurgical coal price assumption is USD140/tonne in
2019-2021

  - Minimum sustaining capex at around USD9.8 million in 2019 and
USD5.0 million in 2020-2021, with the majority of spending for
regular maintenance of the mines, mining fleets and coal hauling
trucks.

  - Expected total capex with deferred stripping cost at around
USD86 million to USD98 million a year in 2018-2021

  - MMC's total coal production capacity to remain flat. MMC
currently has no plans to add any new capacity.

Fitch's key assumptions for recovery analysis include:

  - MMC would be considered as a going-concern in bankruptcy and
would be reorganised rather than liquidated

  - The going-concern approach values MMC at USD550 million based
on a 20% discount to Fitch's estimated 2021 EBITDA of USD153
million and an enterprise value/EBITDA multiple of 5.0x after a 10%
administrative claim

  - The recovery waterfall results in a 100% recovery estimate
corresponding to a 'RR1' Recovery Rating for offshore senior
unsecured debt. However, MMC's Recovery Rating is capped at 'RR4'
because Mongolia is subject to a soft cap of 'RR4' as it falls
under the 'Group D' of countries in terms of creditor-friendliness,
as per Fitch's Country-Specific Treatment of Recovery Ratings
Criteria.

RATING SENSITIVITIES

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

  - Positive rating action is not envisaged given the MMC's small
scale and lack of cost competitiveness beyond northern China.

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

  - Generation of negative free cash flow

  - FFO adjusted net leverage sustained above 3.5x

  - Any negative regulatory changes

LIQUIDITY

Liquidity Dependent on FCF: MMC does not have any short-term debt
obligations after the repayment of the senior secured loan.
However, MMC's cash balance will be low after the refinancing and
it will have limited undrawn committed bank facilities. Therefore,
failure to accumulate positive free cash flows may lead to a
liquidity crunch in an unexpected downturn. In addition, Fitch does
not expect MMC's cumulative free cash flow generation to be
sufficient to redeem the principal amount of the US dollar senior
unsecured notes, which would push the company to seek refinancing
for at least part of the new notes upon maturity.



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

NELSON RELIANCE: Directors Fly to US, Liquidators Seek Legal Advice
-------------------------------------------------------------------
Katy Jones at Stuff.co.nz reports that liquidators are seeking
legal advice after the directors of an insolvent Nelson company
chose to go on an overseas holiday, rather than respond to
questions about how their company accrued debts currently totalling
nearly NZD4 million.

Stuff relates that Nevil Basalaj and his spouse Amber, who ran the
boat building company Nelson Reliance Engineering, had gone on a
"family holiday", liquidator Rhys Cain confirmed, while the
business owed creditors more than NZD3.7 million.

NZD69,927 of the total NZD3,842,008 creditor claims had been paid
out, Stuff discloses citing the latest liquidators' report.

According to Stuff, more than 170 companies from across the country
were among unsecured creditors, owed NZD3.2 million of that total.

Staff were due nearly NZD47,000, with the IRD's claim for
NZD482,576 outstanding after the company went into liquidation in
March 2018.

Stuff says liquidators had identified a "substantial transaction of
interest" that they believed might be voidable and/or recoverable,
and were seeking details on further transactions of a similar
nature.

They were continuing to pursue the recovery of a pre-liquidation
debtor balance owed by a related party, Mr. Cain said.

"We have tried to arrange to meet with Mr. and Mrs. Basalaj about
these [matters] . . . but unfortunately, they have advised us
through their lawyer that they're going to be too busy, away on a
much-anticipated family holiday overseas, and are not available to
respond to our inquiries about that information until the end of
May.  The response was "pretty disappointing," Stuff quotes Mr.
Cain as saying. "We have advised them that we are not prepared to
wait that long, and we will be preceding with the next appropriate
steps."

He would be taking legal advice on the options, he said.

"We're still seeking financial records and other data, but at the
moment we're only expecting the amount that we will be claiming
from them to increase."

Liquidators had spoken with the Inland Revenue Department to assist
their investigation, the report, as cited by Stuff, said.

According to Stuff, the couple were reported to be holidaying in
the United States, the country they were also said to be visiting
in October, when the last six monthly liquidators' report came
out.

Attempts by Stuff to reach Amber Basalaj on her mobile phone on
April 24 were unsuccessful. She did not respond to an email request
for comment by the time of print.

"I guess the question that everyone would be wondering is where is
the money coming from, and one would hope that it isn't from the
company that's in liquidation," Mr. Cain said, Stuff relays.

There was nothing to stop the couple going on holiday if they had
another company that was doing well, he said.

Nevil Basalaj is a shareholder in Fluid Power Solutions, and
director of both Basalaj Properties and Basalaj Racing.

He sold Reliance Engineering umbrella company, Challenge Marine,
last June, Stuff notes.

Nelson Reliance Engineering was operating under an umbrella
company, Challenge Marine, also run by Mr. Basalaj.  He owns
another company, Fluid Power Solutions, under the Challenge New
Zealand umbrella, and two other companies; Basalaj Properties and
Basalaj Racing.

Nelson Reliance Engineering went into liquidation in May 2018.



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

HANJIN HEAVY: Philippines Still Open to Chinese Takeover
--------------------------------------------------------
Andreo Calonzo and Ditas B Lopez at Bloomberg News report that the
Philippines said it isn't closing its doors to Chinese investors
interested in Hanjin Heavy Industries Construction Co. Ltd.'s local
shipbuilding facility, despite security concerns raised by the
possibility of Chinese firms taking over the shipyard.

The government is "open to all proposals" for investment in
Hanjin's facility, Defense Secretary Delfin Lorenzana told
Bloomberg News on April 23. But the Southeast Asian country will
consider national security as the shipyard is located near the
disputed South China Sea, parts of which are claimed by both the
Philippines and China, he said.

"There are so many things riding on the rehabilitation of Hanjin
that must be taken into consideration: the investors' money, the
workers and the economic benefit of the shipyard," said Mr.
Lorenzana, who has proposed that Manila acquire the shipyard to
build its own navy and coast guard vessels, Bloomberg relays.

According to Bloomberg, Philippine Trade Secretary Ramon Lopez also
said his department hasn't barred investment from Chinese or other
foreign citizens interested in Hanjin's facility. Japan's Nikkei
Asian review reported April 24 that the Philippines plans to
exclude Chinese bidders from buying the country's largest shipyard,
citing comments from an unnamed trade official, Bloomberg relays.

Eight companies from U.S., Japan, Korea and the Netherlands are
keen on investing in the shipyard after Hanjin filed for debt
restructuring and was subsequently put under receivership in
January, Mr. Lopez said earlier this month, Bloomberg notes.
Chinese firms are interested in investing in Philippine
shipbuilding facilities, but not necessarily Hanjin, he added.

Philippine President Rodrigo Duterte, who has grown closer to
China, setting aside the nations' territorial row in favor of
Chinese infrastructure funding, was scheduled to meet Chinese
leader Xi Jinping in Beijing on April 23.  Mr. Duterte is on his
fifth visit to China since taking power as a participant in Xi's
annual Belt and Road Forum for International Cooperation, Bloomberg
notes.

                        About Hanjin Heavy

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

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

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

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

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

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



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

HYFLUX LTD: In Talks with New White Knight Investor
---------------------------------------------------
The Strait Times reports that Hyflux Ltd is in talks with a new
white knight investor, one that may provide Hyflux with SGD400
million.

According to the report, Hyflux called the potential white knight
in an exchange filing on April 25 "a developer and owner of water
and power utilities based in the Middle East with a reputable track
record". No other details are known for now.

The money will be used for equity and working capital and possible
urgent interim funding. The white knight has issued Hyflux with a
non-binding letter of intent, the filing noted, The Strait Times
relays.

The Strait Times relates that Hyflux said it is also engaging with
other potential overseas investors on their interest in its
business and assets, including parties "that would have synergy
with" Hyflux.

Hyflux will provide updates to its debt moratorium that will expire
on April 30, the filing, as cited by The Strait Times, added. It
has asked the court for a three-month extension in a meeting on
April 25.

Earlier this month, Hyflux terminated a rescue deal with Indonesian
consortium SM Investments, led by billionaire Anthoni Salim, that
would have injected SGD530 million into Hyflux. On April 22, came
news it had a new plan to avoid liquidation that would also be a
better deal for its aggrieved 34,000 retail investors, who are owed
SGD900 million, The Strait Times reports.

As of March 31 last year, the water firm had debts totalling
SGD2.95 billion.

Meanwhile, a group of unsecured banks are seeking leave from the
High Court of Singapore to file applications for Hyflux and its
subsidiary Hydrochem to be placed under judicial management and/or
interim judicial management, Hyflux said in the same filing on
April 13, The Strait Times reports.

These banks are Mizuho Bank, KfW IPEX-Bank GmbH, Bangkok Bank
Public Company, BNP Paribas, CTBC Bank, The Korea Development Bank
as well as The Korea Development Bank Singapore Branch. They
applied on April 24 to the High Court of Singapore to vary the debt
moratoriums currently in force in respect of Hyflux and Hydrochem,
The Strait Times discloses.

Judicial management is a rescue procedure to restructure a
distressed company's debt. An independent judicial manager is
appointed to take control of the company's affairs, business and
property, in an attempt to help it survive, get a scheme of
arrangement approved or a more advantageous realisation of the
company's assets versus that in a liquidation, the report notes.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.

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

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

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

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

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



                *** End of Transmission ***