TCRAP_Public/190502.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, May 2, 2019, Vol. 22, No. 88

                           Headlines



A U S T R A L I A

ARNHEM CLUB: First Creditors' Meeting Set for May 8
AUSSIE MILK: Second Creditors' Meeting Set for May 7
C.A.T. MANUFACTURING: Second Creditors' Meeting Set for May 9
CRANE JAPAN: Director Pleads Guilty to Falsifying Company Books
OZ DAIRY: Second Creditors' Meeting Set for May 7

QRSCIENCES SECURITY: First Creditors' Meeting Set for May 10
ROSENDORFF DIAMOND: First Creditors' Meeting Set for May 9
S3 STAFFING: Second Creditors' Meeting Set for May 8


C H I N A

HNA GROUP: Auditor Issues Negative Opinion to Hainan Airlines


I N D I A

AL SUMAMA: CRISIL Lowers Rating on INR9cr Loans to B-
ANNAPORANAA FOODS: CRISIL Migrates B- Rating to Not Cooperating
ARYA TRADER: CRISIL Migrates 'B+' Rating to Not Cooperating
ASIAN BEVERAGE: CRISIL Migrates 'D' Rating to Not Cooperating
BABBOO RICE: CRISIL Migrates 'B' Rating to Not Cooperating

CONNEXIONS RETAILS: Insolvency Resolution Process Case Summary
CUMBUM VALLEY: CRISIL Migrates 'B+' Rating to Not Cooperating
DEBI FABTECH: Insolvency Resolution Process Case Summary
DIGNITY BUILDCON: Insolvency Resolution Process Case Summary
ENFIELD GEMS: Insolvency Resolution Process Case Summary

ERODE AMARNATH: CRISIL Migrates 'B' Rating to Not Cooperating
ESSAR STEEL: NCLAT Advances Resolution Process Hearing to May 7
EUROLAX PACK: CRISIL Migrates 'B' Rating to Not Cooperating
EXQUISITE PRINT: CRISIL Migrates B+ Rating to Not Cooperating
FORTUNE FASTENERS: Insolvency Resolution Process Case Summary

GREENPIECE LANDSCAPES: Ind-Ra Withdraws BB, Non-Cooperating Rating
HACXAD INFOTECH: Insolvency Resolution Process Case Summary
HI-TECH SATLUJ: CRISIL Lowers Rating on INR20cr Loans to D
HOTEL LEELAVENTURE: ITC Moves NCLT Seeking to Cancel Sale of Hotel
IENERGY WIND: CRISIL Lowers Rating on INR36cr Term Loan to D

JAYALAKSHMI CASHEW: CRISIL Migrates B+ Rating to Not Cooperating
LAHARIYA OIL: CRISIL Migrates B+ Rating to Not Cooperating
LANCO KONDAPALLI: Insolvency Resolution Process Case Summary
MAGPPIE EXPORTS: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
MAGUS METALS: CRISIL Lowers Rating on INR10cr Loans to D

MARYA FROZEN: CRISIL Lowers Rating on INR9.5cr Term Loan to D
NANDNANDAN SILK: CRISIL Downgrades Rating on INR6.75cr Loan to B-
NANIBALA COLD: CRISIL Migrates 'B+' Rating to Not Cooperating
NARUVIZHI AMBAL: CRISIL Migrates B+ Rating to Not Cooperating
P. RAJAGOPAL: CRISIL Migrates 'B' Rating to Not Cooperating

POTA GLOBAL: Insolvency Resolution Process Case Summary
PRAGATI MARINE: CRISIL Migrates 'C' Rating to Not Cooperating
RAKESH FOLDING: CRISIL Migrates B+ Rating to Not Cooperating
RAMDEV INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
RAMILA DIAM: CRISIL Migrates 'B-' Rating to Not Cooperating

RD BROWN: CRISIL Migrates 'B' Rating to Not Cooperating
SANGAMAM CHIT: Insolvency Resolution Process Case Summary
SENTHIL PAPAIN: Insolvency Resolution Process Case Summary
SHIVAM IRON: Ind-Ra Migrates 'B+' Issuer Rating to Non-Cooperating
SIKKA PAPERS: Insolvency Resolution Process Case Summary

SRI LAXMI: CRISIL Migrates 'D' Rating to Not Cooperating
SRI SATYA: CRISIL Migrates B+ Rating to Not Cooperating
ST. XAVIER'S: CRISIL Migrates 'D' Rating to Not Cooperating
TAG OFFSHORE: Insolvency Resolution Process Case Summary
TECHNOFAB ENGINEERING: CRISIL Lowers Rating on INR375cr Loan to D

THAMPURAN CASHEWS: CRISIL Migrates 'D' Rating to Not Cooperating
VIRENDRA KUMAR: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
WAYNE-BURT PETROCHEMICALS: CRISIL Rates INR19cr Term Loan 'B+'
YP FOODS: CRISIL Raises Rating on INR6.1cr Term Loan to B-


I N D O N E S I A

ALAM SUTERA: Moody's Affirms B2 CFR, Outlook Negative


M A C A U

MGM CHINA: Moody's Rates Proposed Senior Unsecured Notes 'Ba3'


M A L A Y S I A

BRAHIM'S HOLDINGS: Aborts Private Placement Plan
SEACERA GROUP: Triggers PN17 After Defaulting on Payment to AmBank


N E W   Z E A L A N D

HARPER ENTERPRISES: Shareholders Placed Firm Into Liquidation


S I N G A P O R E

GEO ENERGY: Fitch Affirms 'B' LT IDR, Alters Outlook to Negative
MIDAS HOLDINGS: Director Files Winding-Up Application

                           - - - - -


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

ARNHEM CLUB: First Creditors' Meeting Set for May 8
---------------------------------------------------
A first meeting of the creditors in the proceedings of The Arnhem
Club Incorporated will be held on May 8, 2019, at 10:00 a.m. at The
Arnhem Club, at 1 Franklyn Street, in Nhulunbuy, NT.

Henry Kazar and Lachlan Abbott of Ernst & Young were appointed as
administrators of The Arnhem Club on April 29, 2019.

AUSSIE MILK: Second Creditors' Meeting Set for May 7
----------------------------------------------------
A second meeting of creditors in the proceedings of Aussie Milk
Products Pty Ltd has been set for May 7, 2019, at 12:00 p.m. at the
offices of Veritas Advisory, at Level 40, 140 William Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 6, 2019, at 4:00 p.m.

Steve Naidenov and David Iannuzzi of Veritas Advisory were
appointed as administrators of Aussie Milk on Jan. 24, 2019.

C.A.T. MANUFACTURING: Second Creditors' Meeting Set for May 9
-------------------------------------------------------------
A second meeting of creditors in the proceedings of C.A.T.
Manufacturing Pty Ltd and C.A.T. Manufacturing (Aust) Pty Ltd ATF
The Bright Group Business Management Trust, has been set for May 9,
2019, at 10:30 a.m. at Level 1, 5 Everage Street, in Moonee Ponds,
Victoria.

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

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

Altan Djenab of Wild Apricot Corporate Insolvency & Advisory
Services was appointed as administrator of C.A.T. Manufacturing on
April 1, 2019.

CRANE JAPAN: Director Pleads Guilty to Falsifying Company Books
---------------------------------------------------------------
Restaurateur Mr. Gaowei Shi, of Highbury, South Australia, has
pleaded guilty to one charge of falsifying company books.

An investigation by Australian Securities and Investments
Commission found that Mr. Shi, director of The Crane Japan
Restaurant (SA) Pty Ltd, a restaurant in Glenelg, South Australia,
entered into a purchase and sale agreement in December 2015 to sell
assets of the Company to East and West Venture Pty Ltd for
AUD100,000. Mr. Shi redirected approximately AUD47,000 of the sale
proceeds to his personal account.

ASIC found that Mr. Shi falsified the Company’s bank statements
to show that the AUD47,000 was deposited into the Company bank
account.

The Company entered liquidation on March 9, 2016 and the
liquidator, Peter Lanthois of DuncanPowell reported Mr Shi's
conduct to ASIC.

At the time of liquidation, the Company owed creditors
approximately AUD328,000.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions (CDPP).

Mr. Shi was charged with breaching section 1307 of the Corporations
Act which carries a maximum penalty of two years jail.

On Feb. 22, 2019, Mr. Shi pleaded guilty in the Adelaide District
Court.

On April 11, 2019, sentencing submissions were made by both the
CDPP and Mr. Shi.

The matter has been adjourned to May 16, 2019 for sentencing.

OZ DAIRY: Second Creditors' Meeting Set for May 7
-------------------------------------------------
A second meeting of creditors in the proceedings of Oz Dairy
Leasing Pty Ltd has been set for May 7, 2019, at 1:30 p.m. at the
offices of Veritas Advisory, at Level 40, 140 William Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 6, 2019, at 4:00 p.m.

Steve Naidenov and David Iannuzzi of Veritas Advisory were
appointed as administrators of Oz Dairy on Jan. 24, 2019.

QRSCIENCES SECURITY: First Creditors' Meeting Set for May 10
------------------------------------------------------------
A first meeting of the creditors in the proceedings of QRSciences
Security Pty. Ltd will be held on May 10, 2019, at 10:30 a.m. at
the offices of PKF Melbourne, Level 13, 440 Collins Street, in
Melbourne.

Petr Vrsecky, Jason G. Stone and Glenn J. Franklin of PKF Melbourne
were appointed as administrators of QRSciences Security on April
30, 2019.

ROSENDORFF DIAMOND: First Creditors' Meeting Set for May 9
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Rosendorff
Diamond Jewellers Pty Ltd will be held on May 9, 2019, at 11:00
a.m. at the offices of The Conference Room, Central Park Business
Centre, at 152-158 St Georges Terrace, in Perth, WA.

Daniel Hillston Woodhouse and Joseph Ronald Hansell of FTI
Consulting were appointed as administrators of Rosendorff Diamond
on April 29, 2019.

S3 STAFFING: Second Creditors' Meeting Set for May 8
----------------------------------------------------
A second meeting of creditors in the proceedings of S3 Staffing
Group Pty Limited, trading as S3 Business Solutions, has been set
for May 8, 2019, at 10:30 a.m. at the offices of Worrells Solvency
& Forensic Accountants, at Level 15, 114 William Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 7, 2019, at 5:00 p.m.

Nathan Deppeler of Worrells Solvency & Forensic Accountants was
appointed as administrator of S3 Staffing on March 25, 2019.



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

HNA GROUP: Auditor Issues Negative Opinion to Hainan Airlines
-------------------------------------------------------------
Huang Rong, Shen Lu and Han Wei at Caixin Global report that
cash-strapped conglomerate HNA Group obtained CNY6.57 billion
(US$980 million) of bank loans through its listed subsidiary Hainan
Airlines Holding Co. to repay debt, earning a negative opinion for
the airline from its auditors.

PricewaterhouseCoopers, auditor of Hainan Airlines, issued the
adverse opinion on the airline's accounts for 2018, a year of huge
losses. PwC cited concerns about weak internal controls and
connected-party transactions for three loans taken out to redeem
the parent's bonds, Caixin discloses citing Hainan Airlines' audit
report released on April 30.

Caixin relates that Hainan Airlines said its management detected
the flaws and has made corrections to avoid any impact on the
company's financials.

Hainan Airlines is the flagship carrier of HNA Group, which has
struggled over the past two years to repay massive debts
accumulated during years of aggressive expansions at home and
aboard, the report says.

According to the report, Hainan Airlines said the money borrowed by
the parent has been fully repaid. In April, the airline acquired
majority stakes from the parent in Haihang Aviation Technology and
Hainan Tianyu Flight Training Co. for a combined CNY3.8 billion,
the report notes. Hainan Airlines said it didn't make actual cash
payments for the stakes as they were part of the parent company's
repayments for previous loans. HNA Group repaid the remaining
principal and interest in cash, Hainan Airlines said.

Caixin says Hainan Airlines' board of directors pledged to enhance
internal controls and management in the future.

Caixin notes that the auditor's warning came as Hainan Airlines
reported a 2018 net loss of CNY3.6 billion, compared with a net
profit of CNY3.3 billion in 2017.

The company attributed the loss to asset write-offs from investment
losses totaling CNY1.8 billion. The company also reported a 200%
surge in financial costs to CNY6.4 billion because of exchange rate
losses, Caixin relates.

Hainan Airlines' core aviation business reported CNY64.5 billion of
revenue in 2018, up 14% year-on-year, despite rising operating
costs due to fuel price increases, according to the company's
financial report cited by Caixin.

By the end of 2018, Hainan Airlines' total assets were CNY205
billion with total liabilities of CNY136 billion. The company's
debt ratio was 66.4%, an increase of 3.9 percentage points over the
previous year, Caixin discloses.

In its negative opinion on the company's financial reports, PwC
said there is potential pressure on Hainan Airlines because of
worsening profitability and existing debt obligations, Caixin
reports.

Caixin relates that Hainan Airlines said its capital chain has
remained stable, its access to bank loans has continued to be
sufficient, and it has more than 12.3 billion yuan of untapped
credit lines as of the date of the report.

Hainan Airlines said in the financial report that the Hainan
provincial government remains its controlling shareholder with
6.4%. But a Caixin calculation based on public records showed that
HNA Group and affiliates held at least 8.66% of Hainan Airlines.

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2018, the Financial Times related that HNA Group defaulted on a
CNY300 million (US$44 million) loan raised through Hunan Trust.

According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China Development
Bank, following a liquidity crunch in the final quarter of last
year. The default came despite an estimated $18 billion in asset
sales by HNA this year that have done little to address its ability
to meet its domestic debts, the FT noted.



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

AL SUMAMA: CRISIL Lowers Rating on INR9cr Loans to B-
-----------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Al Sumama Agro Foods Private Limited (ASPL; part of Marya group) to
'CRISIL B-/Stable' from 'CRISIL BB+/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit/          8.8       CRISIL B-/Stable (Downgraded
   Overdraft                       from 'CRISIL BB+/Stable')
   facility              

   Proposed Fund-         .2       CRISIL B-/Stable (Downgraded
   Based Bank Limits               from 'CRISIL BB+/Stable')

The downgrade reflects delays in payment of interest on term debt
in the past three months by 2-3 days in group company, Marya Frozen
Agro Food Products Pvt Ltd (MFAFPPL), for which corporate guarantee
is given by another group company, ASPL.

The meat industry remains susceptible to changes in government
regulations and the group has a modest operating margin. However,
it benefits from the extensive industry experience of the
promoters.

Analytical Approach

* For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MFAFPPL, ASPL, and Marya Day Agro Foods
Pvt Ltd. (MDAFPL). That's because all these companies, together
referred as the Marya group, have common owners, are in the same
line of business, and have operational linkages.

* CRISIL has treated unsecured loans of INR19.03 crore as on March
31, 2018, from the promoters as 75% equity and 25% debt as these
loans are subordinated to bank debt and are expected to be retained
in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing: There have been delays in payment of
interest on term debt during the past three months.

* Susceptibility to changes in government regulations: Operations
are highly dependent on government policies, which can directly
affect sales and raw material supply.

* Low operating margin: The margin has been subdued at 1.5-2.0% due
to intense competition and the commodity nature of the products,
and is expected to remain at a similar level over the medium term.

Strength
* Extensive industry experience of the promoters: The promoters
have more than three decades of experience in the meat industry.
This has helped them build a strong relationship with customers and
suppliers along the supply chain.

Liquidity
Liquidity is stretched. Average utilisation of the fund-based limit
of INR23.30 crore was 100% over the 14 months through February
2019. Cash accrual is estimated at INR9-10 crore per fiscal in
fiscals 2019, 2020, and 2021, against maturing debt of INR1.50
crore per fiscal.

Outlook: Stable

CRISIL believes the group will continue to benefit from extensive
experience of its promoters and healthy relationships with
customers. The outlook may be revised to 'Positive' if substantial
growth in sales and profitability leads to sizeable cash accrual,
better working capital management and a stronger financial risk
profile. The outlook may be revised to 'Negative' if sluggish
growth in revenue or profitability or any large, debt-funded capex,
weakens the financial risk profile, especially liquidity.

                         About the Group

ASPL was incorporated in May 2013, promoted by Mr Shakeel Qureshi.
It is based in Bareilly, Uttar Pradesh. The promoter manages
operations along with Mr Parveen Qureshi, and Mr Sarfaraz Ahmad
Ansari. The company trades in frozen buffalo meat and meat
products.

MFAFPPL, was set up as a special-purpose vehicle in February 2016
to implement a project on a design, build, finance, operate, and
transfer basis. The company processes meat of goats, sheep, and
buffalo and by-products.

ANNAPORANAA FOODS: CRISIL Migrates B- Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Annaporanaa
Foods (APF) to 'CRISIL B-/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            8        CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

Based out of Madurai, APF was established in 2007 by Mr. Raj Prabhu
as proprietorship firm and is engaged in manufacturing of fried
gram.

ARYA TRADER: CRISIL Migrates 'B+' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Arya Trader -
Jhansi (ATJ) to 'CRISIL B+/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Electronic Dealer       10      CRISIL B+/Stable (ISSUER NOT
   Financing Scheme                COOPERATING; Rating Migrated)  
   (e-DFS)                  

   Proposed Inventory       5      CRISIL B+/Stable (ISSUER NOT
   Funding                         COOPERATING; Rating Migrated)

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

Set-up in 2014, AJI is a proprietorship concern of Ravikant
Dubey-it began operations only in November 2015. The firm is a
super distributor of Patanjali products in 7 districts of Uttar
Pradesh-Fatehpur, Mahoba, Banda, Jalaun, Hamirpur, Lalitpur and
Jhansi. In December 2017, the districts of Auraiya and Etawah were
also awarded.

ASIAN BEVERAGE: CRISIL Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Asian Beverage
Private Limited (ABPL) to 'CRISIL D Issuer not cooperating'.

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

   Cash Term Loan       16.9      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Working Capital        .1      CRISIL D (ISSUER NOT
   Facility                       COOPERATING; Rating Migrated)

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

ABPL, set up in 2013, is based in Chennai; its operations are
managed by Mr C Vijaya Kumar and Mr. S Arihanth. The company
manufactures fruit-based and carbonated soft drinks.

BABBOO RICE: CRISIL Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Babboo Rice
and General Mills (BRGM) to 'CRISIL B/Stable Issuer not
cooperating'.

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

   Export Packing        2.5       CRISIL B/Stable (ISSUER NOT
   Credit & Export                 COOPERATING; Rating Migrated)
   Bills Negotiation/
   Foreign Bill
   discounting           

   Warehouse Financing     2.5     CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

BRGM was set up in 1978 as a partnership between two brothers, Mr
Vijay Kumar Sethi and Mr Surinder Sethi. The firm processes and
sells basmati rice, mainly the PUSA 1121 variety; it also deals in
non-basmati rice. Its plant at Amritsar (Punjab) has sorting and
milling capacities, each of 3 tonne per hour.

CONNEXIONS RETAILS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Connexions Retails Stores Private Limited
        120, Natesan Nagar III Main Road
        Virugambakkam
        Chennai TN 600092 IN

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Madhu Desikan

Interim Resolution
Professional:            Madhu Desikan
                         1/4 Vijay Laxmi Apartment
                         Balasubramanium Street, Mylapore
                         Chennai 60004
                         E-mail: desikanmadhu@hotmail.com

Last date for
submission of claims:    April 10, 2019


CUMBUM VALLEY: CRISIL Migrates 'B+' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Cumbum Valley
Winery Private Limited (CVWPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           8.7       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       38.69      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    7.61      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

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

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

CVWPL, incorporated in 2009, manufactures red wine and fortified
wine at its winery in Cumbum (Tamil Nadu). Mr R Raghu is the
promoter.

DEBI FABTECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Debi Fabtech Private Limited
        96/3, S.C.M. Road, Suvotala, Baidyabati
        West Bengal 712222

Insolvency Commencement Date: April 25, 2019

Court: National Company Law Tribunal

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

Insolvency professional: Animesh Mukhopadhyay

Interim Resolution
Professional:            Animesh Mukhopadhyay
                         Syndicon Enclave, 25/1A/1 Naktala Road
                         Kolkata 700047
                         E-mail: animesh_fca@yahoo.co.in

                            - and -

                         251/A/6 NSC Bose Road, Ground Floor
                         Kolkata 700047
                         E-mail: cirpdebifabtech@gmail.com

Last date for
submission of claims:    May 9, 2019


DIGNITY BUILDCON: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Dignity Buildcon Private Limited
        D-3, District Centre, Saket
        New Delhi 110017

Insolvency Commencement Date: April 24, 2019

Court: National Company Law Tribunal, New Delhi Bench-IV

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

Insolvency professional: Pradeep Kathuria

Interim Resolution
Professional:            Pradeep Kathuria
                         401, Prabhat Kiran Building
                         17 Rajendra Place
                         New Delhi 110008
                         E-mail: pkathuria28@gmail.com

Classes of creditors:    Allotees under Real Estate Projects etc.

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Hardev Singh
                         101, Plot No. 6, Lsc
                         Rajadhani Plaza
                         New Rajadhani Enclave,
                         New Delhi, Delhi 110092
                         E-mail: singh_hardev@rediffmail.com

                         Mr. Ravinder Singh Kathuria
                         A-215/55, Chawla Complex
                         Vikas Marg, Shakarpur
                         New Delhi
                         E-mail: rsk04069@rediffmail.com

                         Mr. Lekhraj Bajaj
                         107, Agarwal Prestige Mall
                         Adjoining to M2k Pitampura
                         New Delhi 110034
                         E-mail: lekhrajbajaj@rediffmail.com

Last date for
submission of claims:    May 8, 2019


ENFIELD GEMS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Enfield Gems & Jewellery Limited
        4/1A, Jagmohan Mullick Lane
        Kolkata WB 700007 IN

Insolvency Commencement Date: April 23, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Sanjai Kumar Gupta

Interim Resolution
Professional:            Sanjai Kumar Gupta
                         153A, A P C Road
                         Kolkata 700006
                         E-mail: casanjaigupta@gmail.com

                            - and -

                         A6 Charulata, BE-8 Rabindra Pally
                         P.O. Prafulla Kanan
                         Kolkata 700101
                         E-mail: irp.egj@gmail.com

Last date for
submission of claims:    May 7, 2019


ERODE AMARNATH: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Erode Amarnath
Mills Private Limited (EAMPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          1.25       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       4.30       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash        1.25       CRISIL B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with EAMPL for obtaining
information through letters and emails dated
February 27, 2019, April 8, 2019 and April 12, 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 EAMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EAMPL is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower'.

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

EAMPL, set up as in 2013 in Erode, manufactures grey fabric,
primarily in the count of 30s. The company started commercial
production in fiscal 2017 with 20 looms, and now has 36 looms with
production capacity of 1500 metre of fabric per day. Mr C. Vishaak
oversees its daily operations.

ESSAR STEEL: NCLAT Advances Resolution Process Hearing to May 7
---------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal advanced its scheduled hearing over the resolution process
of debt-ridden firm Essar Steel to May 7.

The Committee of Creditors of the company had moved an urgent plea
to seek an early hearing in this matter, BloombergQuint notes.

An NCLAT bench headed by Chairman Justice SJ Mukhopadhaya directed
the matter to be listed on May 7, the report says.

According to BloombergQuint, the NCLAT was scheduled to hear the
Essar Steel matter on May 13, where operational creditors and other
stake holders of Essar Steel have moved over distribution of
INR42,000 crore coming in from ArcelorMittal.

The promoters of the company had also approached the NCLAT,
challenging the order of the Ahmedabad bench of the National
Company Law Tribunal, which had on March 9 approved ArcelorMittal's
bid for the company, BloombergQuint relates.

On April 12, in this matter, the Supreme Court had stayed the
disbursement of funds to creditors while directing parties to
maintain status quo.

It had also asked the tribunal to expeditiously decide the appeals
before it, BloombergQuint relates.

The CoC had challenged the orders of the NCLAT of March 18 and
March 20 before the Supreme Court by filing an SLP.

According to BloombergQuint, the NCLAT in its orders had asked the
resolution professional of the company to call a fresh meeting of
the CoC to consider redistribution of funds among financial and
operational creditors.

Operational creditors of Essar Steel are not satisfied with the CoC
over the distribution of INR42,000 crore coming from the resolution
plan by global steel major ArcelorMittal.

BloombergQuint notes that the CoC of Essar Steel has divided
operational creditors of the company into two types--one with
claims under INR1 crore and another over INR1 crore.

According to the resolution plan of ArcelorMittal approved by CoC
on Oct. 24, 2018, operational creditors having claims below INR1
crore will get their dues and those with claims of over INR1 crore
will receive almost zero, BloombergQuint relays.

BloombergQuint says financial creditors would get an upfront
INR41,987 crore payment against their admitted claims of INR49,395
crore while operational creditors are getting INR214 crore against
their dues of INR4,976 crore.

Later, the CoC decided to allocate an additional INR1,000 crore to
operational creditors after the NCLT and the NCLAT suggested it to
rework on the distribution of funds.

NCLT Ahmedabad had initiated insolvency proceedings against Essar
Steel on June 27, 2017.

                         About Essar Steel

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

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

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

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

EUROLAX PACK: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Eurolax Pack
LLP (EUPALL) to 'CRISIL B/Stable Issuer not cooperating'.

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

   Long Term Loan         6.7      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with EUPALL for obtaining
information through letters and emails dated January 28, 2019,
April 8, 2019 and April 12, 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 EUPALL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EUPALL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

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

EUPALL is promoted by Mr. kiranbhai Moradiya. The firm established
in July 2017. The total capacity is 22000per year.

EXQUISITE PRINT: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Exquisite
Print And Pack Private Limited (EPPPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

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

   Rupee Term Loan       1.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

EPPPL was set up at Kolkata in 2011, by the promoters, Mr Anirudha
Khemka and Mr Abhinav Agarwal. The company manufactures printed
corrugated and non-corrugated boxes. Commercial operations began
from July 2014.

FORTUNE FASTENERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Fortune Fasteners Private Limited

        Registered office:
        52/58 Ram Jas Road
        Karol Bagh New Delhi DL 110005 IN

        Works:
        NH-10 Kharawad Gandhara Road Gandhara
        Rohtak 124529 HR

Insolvency Commencement Date: April 24, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 20, 2019
                               (180 days from commencement)

Insolvency professional: Mahavir Parshad Jain

Interim Resolution
Professional:            Mahavir Parshad Jain
                         M-4 Harsha House Karampura
                         Commercial Complex
                         New Delhi 100015
                         E-mail: jain.mp54@gmail.com

                            - and -

                         A-1/52 3rd Floor Paschim Vihar
                         New Delhi 63
                         E-mail: cirp.fortune@gmail.com

Last date for
submission of claims:    May 8, 2019


GREENPIECE LANDSCAPES: Ind-Ra Withdraws BB, Non-Cooperating Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Greenpiece
Landscapes India Private Limited's Long-Term Issuer Rating of 'IND
BB (ISSUER NOT COOPERATING)' in the non-cooperating category and
has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR62.5 mil. Fund-based working capital limits* maintained in
     the non-cooperating category and withdrawn;

-- INR87.5 mil. Non-fund-based working capital limits+ maintained

     in the non-cooperating category and withdrawn

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

+ Maintained in 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

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

COMPANY PROFILE

Established in 2008, Bengaluru-based Greenpiece Landscapes India
executes landscaping design and contracting projects. The scope of
operations includes providing design and consultancy services in
the field of landscape architecture, hard landscaping, soft
landscaping, irrigation, lighting, and other allied activities. The
company also undertakes annual maintenance contracts involving the
maintenance of various landscape installations.

HACXAD INFOTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Hacxad Infotech Pvt. Ltd.
        C 6B/59, IInd Floor, Janakpuri
        New Delhi 110058, IN

Insolvency Commencement Date: April 10, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Vimal Kumar Grover

Interim Resolution
Professional:            Vimal Kumar Grover
                         Vimal Grover & Associates
                         204, Express Arcade, H-10
                         Netaji Subhash Place, Pitam Pura
                         Delhi 110034
                         E-mail: cavimal@gmail.com

Last date for
submission of claims:    May 7, 2019


HI-TECH SATLUJ: CRISIL Lowers Rating on INR20cr Loans to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Hi-Tech Satluj Motors Private Limited (HTSMPL) to 'CRISIL D'
from 'CRISIL B/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Inventory Funding      13.24      CRISIL D (Downgraded from
   Facility                          'CRISIL B/Stable')

   Overdraft               6.76      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delay by HTSMPL in servicing its debt, due
to weak liquidity. The rating also reflects the company's exposure
to intense competition, and its modest financial risk profile.
These weaknesses are partially offset by the extensive experience
of the promoters in the automotive dealership business.

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing term loan: Working capital limit was
continuously overdrawn for over 30 days, because of stretched
liquidity and delay in realisation of receivables. Working
capital-intensive nature of operations may keep liquidity weak in
the medium term.

* Modest financial risk profile: Financial risk profile was marked
by a modest networth and high total outside liabilities to adjusted
networth (TOL/ANW) ratio of INR9 crore and around 5 times,
respectively, as on March 31, 2018, because of large working
capital debt, and estimated at INR9.5 crore and 4.5 times,
respectively, as on March 31, 2019. Debt protection metrics are
weak, indicated by interest coverage ratio of 1.3 times for fiscal
2018, and expected to be in the range of 1.3-1.5 times over the
medium term.

* Exposure to intense competition, resulting in stagnant operating
income: Principal supplier, Tata Motors Ltd (TML) faces competition
from other four-wheeler manufacturers, such as Hyundai Motor India
Ltd, Maruti Suzuki India Ltd, and Toyota Kirloskar Motor Pvt Ltd.
This led to a drop in operating income to INR90 crore in fiscal
2018, (vis-à-vis INR112 crore and INR106.90 crore in fiscals 2017
and 2016), respectively, and expected to the range of INR90'Rs 110
crore.

Strength
* Extensive experience of the promoters in the automobile
dealership industry: HTSMPL has an established presence in the
automobile dealership market in Himachal Pradesh, backed by its
decade-long relationship with TML. It has three showrooms in the
state, one each in Mandi, Hamirpur, and Kullu.

Liquidity
Liquidity is weak, as reflected in continuous over-utilisation of
the working capital limit, for more than 30 days.

HTSMPL is an authorised dealer of passenger cars of TML in HP. It
was set up as a partnership firm named Satluj Motors, and
reconstituted as a private limited company, with the current name
in fiscal 2013. The company has been promoted by Mr Mohinder Singh
Gulleria and Mr Narinder Singh Gulleria, who have experience of
over a decade in the automotive dealership business. The company
has three showrooms and workshops, one each in Mandi, Hamirpur, and
Kullu, and has one branch each in Bilaspur, Sarkaghat,
Jogindernagar, Manali, and Lunapani.

HOTEL LEELAVENTURE: ITC Moves NCLT Seeking to Cancel Sale of Hotel
------------------------------------------------------------------
Livemint.com reports that the National Company Law Tribunal (NCLT)
on April 24 issued notices to promoters of Hotel Leelaventure and
its lender JM Financial ARC to reply to an ITC petition seeking a
waiver of 10% minimum shareholding for minority shareholders to be
counted in management matters and adjourned the matter to June 18.

Though the NCLT was keen to admit the petition of the
tobaccos-to-hotels group ITC, which owns 7.92% in Leela, it did not
do so citing procedural issues and decided to put the plea off to
June 18, the report says.

It can be noted that the 10% minimum shareholding is defined under
Section 241 of the Companies Act, 2013. There was a similar
petition by Cyrus Mistry also against the Tatas after he was sacked
as the group chairman in 2016, but the plea was dismissed by the
Mumbai tribunal, Livemint notes.

According to Livemint, ITC is seeking a waiver of the 10% minimum
shareholding requirement to file a petition alleging oppression and
mismanagement against the hotel management and its lender JM
Financial ARC and also to prevent the premium hotel chain from
going ahead with the ongoing sale to Canadian fund house Brookfield
for INR3,950 crore announced in March.

"We were suppressed of our rights as a shareholder. The postal
ballot notice has not addressed many issues. It is a classic case
of majority acting against minority shareholders using oppressive
means, as they own 73 percent. We want protection for our
shareholding so that the promoters cannot get away with a
fraudulent deal," the ITC counsel Darius J Khambatta told the
tribunal, Livemint relays.

He noted that in 2017, JM Financial ARC bought the debt of Hotel
Leela from banks and got 26 percent shareholding after converting
the debt into equity. This led to the dilution of ITC's
shareholding to below 10 percent, J Khambatta, as cited by
Livemint, argued.

As per the information available with the bourses, ITC holds 7.92%
stake in Hotel Leelaventure as of the December 2018 quarter,
Livemint discloses.

Under Section 241 of the Companies Act, 2013 a minimum shareholding
of 10 percent is required to file such cases.

Livemint says the Mumbai bench of the NCLT comprising VP Singh and
Ravikumar Duraisamy issued notices to JM Financial and Hotel
Leelaventure to reply within three weeks and file rejoinders in two
weeks thereafter.

Livemint relates that ITC said all major hotels of Hotel
Leelaventure are being sold off excluding the flagship Mumbai
property, which is facing a legal battle with the Airports
Authority over land lease, and also a land parcel in Hyderabad
which the hotel group is developing with Prestige Developers.

Under the deal with Brookfield, the Leela promoters will get over
INR300 crore from the buyer under royalty and management
consultancy agreements for the next five years, the report states.

"We are seeking deal details or the valuation report but the
company is not co-operating," Livemint quotes Khambatta as saying.

Meanwhile, Livemint reports that Brookfield Asset Management
Company also filed an application to be made a party to the
dispute. Its counsel said, they will file an intervention
application if they are not made a party to current petition.

In another development, Leelaventure in a BSE filing on April 24
said markets regulator Securities and Exchange Board (Sebi) has
asked it to hold the sale of its four hotels and other assets to
Brookfield, Livemint says.

Livemint relates that Sebi in a letter to Hotel Leelaventure said
it has received representations from ITC apart from Life Insurance
Corporation.

Earlier on March 18, Brookfield had agreed to acquire four hotels
in New Delhi, Chennai, Bengaluru and Udaipur, and a land parcel in
Agra from Hotel Leelaventure for INR3,950 crore, Livemint recalls.
The deal is yet to go through. The flagship Mumbai property is not
part of the deal and together these five hotels have over 1,400
rooms.

JM Financial ARC had filed insolvency application against the
Mumbai-based hotel chain in January, which owes around INR5,900
crore to lenders, Livemint notes.

The Brookfield-Leela deal will also entail buying the Leela brand,
existing and all its upcoming management contracts apart from
absorbing the employees of these four hotels being taken over by
the Canadian fund, the report states.

Hotel Leelaventure Limited owns, operates, and manages The Leela
palaces, hotels, and resorts in India. Its properties are located
in prime urban cities of Bengaluru, Chennai, Delhi, Gurgaon,
Mumbai, and New Delhi, as well as holiday destinations of Goa,
Kovalam, and Udaipur.

IENERGY WIND: CRISIL Lowers Rating on INR36cr Term Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of IEnergy Wind Farms (Theni) Private Limited (IWFPL) to 'CRISIL D'
from 'CRISIL B-/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            1.5      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term     2.5      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan             36        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The downgrade reflects CRISIL's expectation that the rated
facilities may again face irregularity going forward, on back of
substantially depleted debt service reserve account (DSRA) and
ballooning repayments as against modest cash flows.

The rating also factors in IWFPL's weak financial risk profile,
marked by eroded networth, high gearing and subdued debt protection
metrics, stretched liquidity and exposure to inherent risks
associated with renewable energy projects. These strengths are
partially offset by the promoters' extensive experience in the wind
energy industry, and the benefits the company derives from its
long-term power purchase agreements (PPAs) with customers.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile and stretched liquidity: Financial
risk profile is weak, marked by eroded networth, high gearing and
subdued debt protection metrics. IWFPL's wind energy generation had
been volatile in the past and has impacted cash flows. Given the
low debt service reserve account being maintained, any volatility
in cash flows will impact debt servicing. The maturing debt is set
to increase, going forward as against mismatched cash flows.

* Exposure to inherent risks associated with renewable energy
generation: The plant load factor (PLF) for wind projects is
exposed to variability in climatic conditions and equipment- and
evacuation-related risks. Given that the sensitivity of cash flow
of a wind power project is the highest for the PLF, these risks
could severely impair debt-servicing of such projects.

Strengths
* Extensive experience of the promoters and long-term PPAs with
customers: The Company should continue to benefit from its
promoters' extensive industry experience and long term PPAs with
customers are expected to continue.

Liquidity
Liquidity remains stretched marked by modest cash flows as against
high debt repayments in Quarter 1 and Quarter 2 of fiscal 2020.
Bank limit utilisation averaged 81% in the 12 months ending
February 2019. As of March 31, 2018, the unencumbered cash and cash
equivalents stood at INR17 lakh. DSRA maintained is significantly
low at INR20 lakh, as against stipulated DSRA of around INR 8.24
crores. Liquidity is partially supported by ICDs from the group
companies, which, as of March 2019, were of INR3.8 crore.
IWFPL, incorporated in November 2009, is a special purpose vehicle
(SPV) set up by Indian Energy Mauritius Ltd (IEML). IEML is the
holding company of the SPVs floated by Indian Energy Ltd (IEL).
IWFPL has capacity to generate 16.5 megawatt (MW) of power.

JAYALAKSHMI CASHEW: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jayalakshmi
Cashew Exports (JCE) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Key Loan              2.63      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              .37      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

Established in 2005, JCE is a proprietorship firm, established by
Mr Pankajakshan Pillai and his son Mr Manoj Pillai, and is engaged
in the processing of raw cashew nuts and sales of cashew kernels.
The total capacity is around 250 bags per day. The firm is based
out of Kollam, Kerala.

LAHARIYA OIL: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Lahariya Oil
Industries Private Limited (LOIPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            5        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash          1        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

   Term Loan              6        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LOIPL for obtaining
information through letters and emails dated February 28, 2019,
April 08, 2019 and April 12, 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 LOIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LOIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

Incorporated in 2015 and promoted by Mr Satyendra Gupta and Ms
Indra Gupta, LOIPL is setting up a refinery in Umran (Akbarpur) in
Kanpur-Dehat district of Uttar Pradesh to produce refined edible
oil, wax, and fatty acid oil. Commercial operations started from
October 2017.

LANCO KONDAPALLI: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Lanco Kondapalli Power Limited

        Registered and Corporate office:
        Plot no. 4, Software Units Layout
        HITEC City, Madhapur
        Hyderabad 500081
        Telangana, India

Insolvency Commencement Date: April 23, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Pankaj Dhanuka

Interim Resolution
Professional:            Pankaj Dhanuka
                         FE 328, Sector 3, Salt Lake City
                         Kolkata 700106, West Bengal
                         E-mail: pankajdhanuka@gmail.com

                            - and -     

                         Deloitte Touche Tohmatsu India LLP
                         27th Floor, Tower 3
                         Indiabulls Finance Center
                         Senapati Bapat Marg
                         Mumbai 400013
                         E-mail: inlancokpl@deloitte.com

Last date for
submission of claims:    May 10, 2019


MAGPPIE EXPORTS: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Magppie Exports
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:

-- INR195 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
16, 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 1994, Magppie Exports is engaged in the trading of
metal and other articles.

MAGUS METALS: CRISIL Lowers Rating on INR10cr Loans to D
--------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Magus
Metals Private Limited (MMPL) 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
   ----------           -----------    -------
   Proposed Long Term         2        CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL B-/Stable')

   Secured Overdraft          8        CRISIL D (Downgraded from
   Facility                            'CRISIL B-/Stable')

The rating also factors in weak financial risk profile with
negative net worth, weak debt protection metrics and working
capital intensive operations. These weaknesses are partially offset
by extensive industry experience of the promoters and their funding
support.

Analytical Approach

The company has unsecured loans of INR6.97 Cr as on March 31, 2018
and are treated as Neither debt nor equity since they are
non-interest bearing and retained in the business.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Debt protection metrics were weak on
account of negative cash accruals in the past. The net cash accrual
to adjusted debt ratio and interest coverage ratio were negative as
a result in fiscal 2018.

* Working capital-intensive operations: Gross current assets have
been 965 days as on March 31, 2018, driven by inventory and
receivables of 302 and 150 days, respectively.

Strengths
* Promoters' experience and their funding support: MMPL is promoted
by Ms. Latha Rani, She has an experience for more than 20 years in
the business. The promoters provide timely fund support to support
operations and for timely debt servicing.

Liquidity
Liquidity profile of the company remains weak on account of working
capital intensive operations. The average bank limit utilization
for the past 12 months ending September 2018 is 98.17%.
Additionally, there were three instances of over utilization in the
secured overdraft during the same period. The company generated
negative cash accruals, against repayment obligations. However,
promoters provide timely fund support to support operations and for
timely debt servicing.  The company has unsecured loans of INR6.97
Cr as on March 31, 2018 and are treated as Neither debt nor equity
since they are non-interest bearing and retained in the business.

Incorporated in 1990, MMPL is engaged in recycling and re
processing of non-metallic sludge that is rich in copper, cadmium
and zinc content to manufacture non-ferrous metals like zinc
sulphate, copper sulphate, zinc ingots and cadmium.

MARYA FROZEN: CRISIL Lowers Rating on INR9.5cr Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Marya Frozen Agro Food Products Private Limited (MFAFPPL; part
of Marya group) to 'CRISIL D' from 'CRISIL BB+/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          3.62       CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Export Packing       5.00       CRISIL D (Downgraded from
   Credit                          'CRISIL BB/Stable')

   Term Loan            9.5        CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Working Capital       .35       CRISIL D (Downgraded from
   Facility                        'CRISIL BB/Stable')

The downgrade reflects delays in payment of interest on term debt
in the past three months by 2-3 days in group company, MFAFPPL for
which corporate guarantee is given by another group company, Al
Sumama Agro Food Pvt Ltd (ASPL).

The meat industry remains susceptible to changes in government
regulations and the group has a modest operating margin. However,
it benefits from the extensive industry experience of the
promoters.

Analytical Approach

* For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MFAFPPL, ASPL, and Marya Day Agro Foods
Pvt Ltd. (MDAFPL). That's because all these companies, together
referred as the Marya group, have common owners, are in the same
line of business, and have operational linkages.

* CRISIL has treated unsecured loans of INR19.03 crore as on March
31, 2018, from the promoters as 75% equity and 25% debt as these
loans are subordinated to bank debt and are expected to be retained
in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing: There have been delays in payment of
interest on term debt during the past three months.

* Susceptibility to changes in government regulations: Operations
are highly dependent on government policies, which can directly
affect sales and raw material supply.

* Low operating margin: The margin has been subdued at 1.5-2.0% due
to intense competition and the commodity nature of the products,
and is expected to remain at a similar level over the medium term.

Strength
* Extensive industry experience of the promoters:  The promoters
have more than three decades of experience in the meat industry.
This has helped them build a strong relationship with customers and
suppliers along the supply chain.

Liquidity
Liquidity is stretched. Average utilisation of the fund-based limit
of INR23.30 crore was 100% over the 14 months through February
2019. Cash accrual is estimated at INR9-10 crore per fiscal in
fiscals 2019, 2020, and 2021, against maturing debt of INR1.50
crore per fiscal.

                         About the Group

ASPL was incorporated in May 2013, promoted by Mr Shakeel Qureshi.
It is based in Bareilly, Uttar Pradesh. The promoter manages
operations along with Mr Parveen Qureshi, and Mr Sarfaraz Ahmad
Ansari. The company trades in frozen buffalo meat and meat
products.

MFAFPPL, was set up as a special-purpose vehicle in February 2016
to implement a project on a design, build, finance, operate, and
transfer basis. The company processes meat of goats, sheep, and
buffalo and by-products.

NANDNANDAN SILK: CRISIL Downgrades Rating on INR6.75cr Loan to B-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Nandnandan Silk Mills Private Limited (NSMPL; part of the Laxmi
group) to 'CRISIL B-/Stable' from 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          6.75       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The downgrade reflects deterioration in the financial risk profile,
especially liquidity. The group's working capital requirements
increased marked by gross current assets of 261 days as on March
31, 2018 (from 132 days a year ago), and estimated to be around 190
days over the medium term. This led to higher dependence on bank
lines (bank limit utilisation of more than 100% in for past 12
months ended February 2019) and creditors, leading to total outside
liabilities to adjusted net worth to increase to 8.7 times as on
March 31, 2018 (from 4.19 times a year ago). Improvement in working
capital and liquidity will remain key rating sensitivity factor.

The rating reflects a modest scale of operations in the highly
fragmented textile industry, large working capital requirement, and
a below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters in
textile industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of LPPL and Nandnandan Silk Mills Pvt Ltd
(NSMPL). That's because both the companies, together referred to as
the Laxmi group, are under a common management, are in the same
business, and have operational linkages.

Unsecured loans are treated as debt.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in a highly fragmented industry:
Revenue was modest at INR55.93 crore in fiscal 2018 and is
estimated at around INR56-57 crore for fiscal 2019, in the
intensely competitive textile industry. This limits benefits of
economies of scale and also restricts pricing and bargaining power,
thereby adversely affecting profitability.

* Large working capital requirement: Gross current assets were 261
days as on March 31, 2018 (estimated at 190 days as on March 31,
2019), because of high receivable of 170 days and large inventory
of 91 days. Despite credit of 98 days received from suppliers,
there is high reliance on the working capital limit.

* Below-average financial risk profile: Net worth was small at
INR4.5 crore as on March 31, 2018, on account of limited accretion
to reserves given the modest scale and profitability. The gearing
and total outside liabilities to tangible net worth ratio were high
at 5.64 times and 8.77 times, respectively, as on March 31, 2018.
Debt protection metrics were subdued, reflected in interest
coverage and net cash accrual to total debt ratios of 1.23 times
and 0.02 time, respectively, in fiscal 2018. Financial profile is
estimated to remain at similar levels in 2019.

Strength:
* Extensive industry experience of the promoters: The promoters
have been manufacturing grey fabrics since 1973 through group
concerns, leading to strong understanding of local market dynamics,
a healthy relationship with suppliers and customers, and ramp-up in
operations from INR 40 crores in fiscal 2015 to INR 56-57 crores in
fiscal 2019.

Liquidity
Liquidity remains stretched. Cash accrual is estimated at
INR0.43-0.73 crore, against maturing debt of INR0.15 crore
annually, in fiscals 2019 and 2020. Average utilisation of the
fund-based bank limit of INR13.75 crore was 100% during the 12
months through February 2019. The cash and bank balance was also
low INR0.04 crore as on March 31, 2018.

Outlook: Stable

CRISIL believes the Laxmi group will continue to benefit from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' if higher cash accrual, an improved working
capital cycle, leads to improvement in financial profile. The
outlook may be revised to 'Negative' if the financial risk profile,
especially liquidity, deteriorates on account of low cash accrual,
a stretch in the working capital cycle, or unanticipated, large,
debt-funded capital expenditure.

NSMPL and LPPL were incorporated in 1990 and 1992, respectively, by
Mr C R Agarwal, Mr Manoj Agarwal, Ms Madhu Agarwal, and Mr Pratik
Agarwal. The group manufacture grey fabrics of polyester, viscose,
and cotton yarn at their two units at Boisar, Maharashtra.

NANIBALA COLD: CRISIL Migrates 'B+' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nanibala Cold
Storage Private Limited (NCSPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Cash
   Credit Limit          10.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital
   Facility               1        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

Incorporated in 1997 by Mr Chittranjan Pal and his four sons, NCSPL
has a cold storage in Bankura (West Bengal) with three chambers and
capacity of 218,000 quintals. The company also trades in potatoes.

NARUVIZHI AMBAL: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Naruvizhi
Ambal Modern Rice Mill Private Limited (NAMR) to 'CRISIL B+/Stable
Issuer not cooperating'.

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

CRISIL has been consistently following up with NAMR for obtaining
information through letters and emails dated February 28, 2019,
April 08, 2019 and April 12, 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 NAMR. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NAMR is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

NAMR was set up in 1999, by the promoters, Mr Krishnan and Mr
Subramanian and their family members. The company mills and
processes paddy into rice, bran, broken rice and husk. The rice
mill, located at Thatikonda in Karaikudi (Sivaganga district of
Tamil Nadu), has an installed milling capacity of 8 tonnes per hour
(TPH), and a windmill with capacity of 0.6 MW.

P. RAJAGOPAL: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of P. Rajagopal
and R. Saravanan (PRRS) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Term Loan         12      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

PRRS was set up as a proprietorship firm by Mr P Rajagopal in
December 2016 and is setting up a hotel, Hotel Chendur Murugan, in
Tiruchendur, Tamil Nadu.

CRISIL has migrated the rating on bank facilities of PRRS to
'CRISIL B/Stable Issuer not cooperating'.

POTA GLOBAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Pota Global Logistics India Private Limited
        New No. 242, 1st Floor AngappaNaicken Street
        VAGH Estates, Parrys Corner
        Chennai 600001

Insolvency Commencement Date: March 5, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Madhu Desikan

Interim Resolution
Professional:            Madhu Desikan
                         1/4 Vijay Laxmi Apartment
                         Balasubramanium Street, Mylapore
                         Chennai 60004
                         E-mail: desikanmadhu@hotmail.com

Last date for
submission of claims:    March 25, 2019


PRAGATI MARINE: CRISIL Migrates 'C' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pragati Marine
Services Private Limited (PMSPL) to 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         1        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           3.5       CRISIL C (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     .82      CRISIL C (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan             1.68      CRISIL C (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PMSPL 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 PMSPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PMSPL 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 PMSPL to 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

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

Established in 2009 by Mr Amrendra Kumar Singh, PMSPL provides crew
and manning services for the shipping industry. It also leases tugs
and barges, and undertakes dredging contracts. Operations are
managed by the promoter with a team of professionals.

RAKESH FOLDING: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rakesh Folding
Works (RFW) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan         .33      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    3.67      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

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

RFW was established in 1998 by Mr. Rakesh Koyani. The firm is
engaged in dying, bleaching, printing and folding of grey fabric.

RAMDEV INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ramdev
Industries Limited (RIL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           8         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Inland/Import         2         CRISIL A4 (ISSUER NOT
   Letter of Credit                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RIL 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 RIL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RIL 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 RIL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

RIL, established in Vijayawada, Andhra Pradesh, in 1996,
manufactures MS flats, rounds, angles and such other structural
items except rebars. It also imports and trades in raw jute and
gunny bags.

RAMILA DIAM: CRISIL Migrates 'B-' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ramila Diam
Private Limited (RDPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            11      CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

Incorporated in 2010, Mumbai-based RDPL is promoted by Mr Shreyans
Sheth and Ms Ramila Sheth. The company manufactures and trades in
rough, cut, and polished diamonds and jewellery.

RD BROWN: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of RD Brown Box
Packaging Private Limited (RDBB) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Term Loan        8         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Bank       13.5       CRISIL B/Stable (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

   Overdraft             3.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RDBB for obtaining
information through letters and emails dated February 28, 2019,
April 8, 2019 and April 12, 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 RDBB. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RDBB is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

RDBB, incorporated in 1984 at Chennai, manufactures corrugated
boxes. Mr Bhagwan Doss is the managing director.

SANGAMAM CHIT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Sangamam Chit Funds Pvt Ltd
        19/1, First Floor, Kingston Park
        Puthur High Road, Ramalinga Nagar
        Tiruchirapalli TN 620017 IN

Insolvency Commencement Date: April 3, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 29, 2019

Insolvency professional: Mr. Anil Kumar Khicha

Interim Resolution
Professional:            Mr. Anil Kumar Khicha
                         6 FF, 1st Floor, Golden Enclave
                         184, Poonamallee High Road
                         Kilpauk, Chennai 600010
                         E-mail: knpchennai@gmail.com
                                 sangamanibc@gmail.com

Last date for
submission of claims:    April 22, 2019

SENTHIL PAPAIN: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Senthil Papain And Food Products Private Limited
        107A, Sengupta Street, Ramnagar
        Coimbatore 641009

Insolvency Commencement Date: April 24, 2019

Court: National Company Law Tribunal, Single Bench, Chennai

Estimated date of closure of
insolvency resolution process: October 20, 2019
                               (180 days from commencement)

Insolvency professional: P. Sriram

Interim Resolution
Professional:            P. Sriram
                         No. 10/17, Anandam Colony
                         South Canal Bank Road, Mandaveli
                         Chennai 600028
                         E-mail: srirampcs@gmail.com

Last date for
submission of claims:    May 8, 2019


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

The instrument-wise rating actions are:

-- INR1.250 bil. Fund-based working capital limits migrated to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     rating;

-- INR490 mil. Long-term loans due on March 2024 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating; and

-- INR381 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 17, 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 1988, Shivam Iron & Steel Co. manufactures
ferroalloys, thermo-mechanically-treated bars, stainless steel,
angles, channels, coal-based sponge iron and pig iron at its nine
plants across Giridih, Koderma (Jharkhand), Visakhapatnam (Andhra
Pradesh), Jamuria Industrial Area and Raniganj (West Bengal).

SIKKA PAPERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sikka Papers Limited
        B-3 M Block AVG Building
        Connaught Circus New Delhi
        Central Delhi

Insolvency Commencement Date: April 24, 2019

Court: National Company Law Tribunal, Gurugram Bench

Estimated date of closure of
insolvency resolution process: October 29, 2019

Insolvency professional: Ajit Kumar

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

                            - and -

                         Sun Resolution Professionals Pvt Ltd
                         83, National Media Centre
                         ShankerChowk, Nr. Ambiance Mall
                         DLF Cyber City
                         Gurugram 122002
                         E-mail: cirp.sikkapapers@gmail.com

Last date for
submission of claims:    May 8, 2019


SRI LAXMI: CRISIL Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Laxmi
Narasimhaa Spinning Mill Private Limited (SLN) to 'CRISIL D Issuer
not cooperating'.

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

   Long Term Loan         7        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)
   Proposed Long Term
   Bank Loan Facility     2        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital
   Term Loan              3        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SLN 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 SLN. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SLN 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 SLN 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 2007 and based in Tiruppur, Tamil Nadu, SLN manufactures
cotton yarn.

SRI SATYA: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Satya
Bhaskara Poultry Farm (SSBPF) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Open Cash Credit       5.2       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Established in 2011 as a partnership firm, SSBPF is involved in the
production of commercial eggs. The firm has its manufacturing unit
in Hyderabad (Telangana).

ST. XAVIER'S: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of St. Xavier's
Educational Trust (SXET) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit/          6.1       CRISIL D (ISSUER NOT
   Overdraft                       COOPERATING; Rating Migrated)
   facility               

   Long Term Loan        2.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Working     21.4       CRISIL D (ISSUER NOT
   Capital Facility                COOPERATING; Rating Migrated)

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

SXET was set up in 1989, in the Tirunelveli district of by Dr
Cletus Babu. The trust runs various institutes offering graduate
and post-graduate courses in TN.

TAG OFFSHORE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Tag Offshore Limited
        Unit No. B 002 - Ground Floor
        Everest Nivara Infotech Park Plot No. D-3
        TTC Industrial Area, Turbhe
        MIDC, Navi Mumbai
        Thane 400705

Insolvency Commencement Date: April 24, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 20, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Pramod N. Mulgund

Interim Resolution
Professional:            Mr. Pramod N. Mulgund
                         A-303, Birchwood Tower, Main Street
                         Hiranandani Gardens, Powai
                         Mumbai 400076
                         E-mail: pramod.mulgund@gmail.com

                            - and -

                         519-520, D Block, Neelkanth Business Park
                         Vidyavihar (W) Mumbai 400086
                         E-mail: tagoffshore.cirp@gmail.com

Last date for
submission of claims:    May 7, 2019


TECHNOFAB ENGINEERING: CRISIL Lowers Rating on INR375cr Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Technofab Engineering Limited (TEL) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Negative/CRISIL A4+'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee+++      375        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Bank Guarantee++        83        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Bank Guarantee#        107        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Bank Guarantee##        45        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Bank Guarantee         182        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit**           52        CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

   Cash Credit@            15        CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

   Cash Credit             48        CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

   Proposed Long Term
   Bank Loan Facility     168        CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

+++ Includes a letter of credit sublimit of INR59 crore
++ Includes a letter of credit sublimit of INR25 crore
# Includes a letter of credit sublimit of INR27 crore
## Includes a letter of credit sublimit of INR15 crore
** Fully interchangeable with export packing credit and foreign
bill purchase
@ Includes INR10 crore sublimit of export packing credit and
foreign bill purchase

The downgrade reflects continuous overdrawing of working capital
facility for more than 30 days due to multiple instances of
devolvement of letter of credit (LC). This is compounded by a weak
liquidity and stretched working capital cycle.

The ratings reflect TEL's large working capital requirement due to
EPC (Engineering Procurement and Construction) nature of business,
weak liquidity, and average debt protection metrics. However, the
company benefits from the established track record of its
management and diversified revenue profile.

Analytical Approach

CRISIL has fully consolidated the business and financial risk
profiles of TEL and its subsidiaries, Arihant Flour Mills Pvt Ltd,
Woodlands Instruments Pvt Ltd, and Rivu Infrastructural Developers
Pvt Ltd. This is because of strong financial and operational
linkages among the entities. TEL is availing of interest-bearing
advances as an alternative to bank borrowings, which has been
considered part of debt.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement due to EPC nature of business:
Operations are working capital intensive because of milestone-based
payment mechanism and build-up of retention money. Additionally,
delayed payment from some customers have led to stretched
receivables of 365 days as on March 31, 2018 (remained above 350
days as of September 2018). Timely execution of orders and
realisation of receivables will remain key monitorables.

* Weak liquidity: Working capital limit was continuously overdrawn
for more than 30 days because of weak liquidity. Stretched
receivables, and increased execution during fiscal 2019 also added
to liquidity pressure. It was also impacted by unavailability of
incremental working capital limits of INR168 crores (i.e. INR1075
crores, increased from INR907 crores) to TEL assessed by the Lead
Bank in October 2018 and applied in February 2018. However
financial closure is yet to be achieved. Tight liquidity has led to
instances of devolvement of LCs and an overdrawn cash credit
account.

* Average debt protection metrics: Interest coverage ratio was less
than 2 times during the nine months ended December 2018 Finance
cost includes interest cost and charges for bank guarantees.
Reliance on short-term working capital debt has also increased
finance costs.

Strengths
* Longstanding presence: Company has a track record of over four
decades with strong capabilities in executing turnkey projects, as
reflected in repeat orders from customers. Order book of around
INR2,000 crore during March 2019 provides medium-term revenue
visibility. TEL has large outstanding proposals and focuses on
large orders.

* Diversified revenue profile: Electrical (transmission,
distribution, and substations), water and waste-water treatment,
and other industrial segments comprise 51%, 48%, and 1%,
respectively, of the order book. Around one-third of total revenue
comes from overseas, mostly Sub-Saharan Africa and South East Asia.
Around half of the projects are funded by multilateral agencies
such as the World Bank and the Asian Development Bank, while the
rest are funded by Central and state governments.

Liquidity
Liquidity is weak as reflected in continuous overdraw of working
capital limit for more than 30 days.

Incorporated in 1971 TEL provides EPC services on a turnkey basis.
It undertakes balance-of-plant and electro-mechanical projects in
the power, oil and gas, water and waste-water treatment, and other
industrial and infrastructure sectors in India and abroad.
Corporate office and manufacturing unit for fabrication and
assembly are in Faridabad, Haryana. The company is listed on the
Bombay Stock Exchange and the National Stock Exchange.

On a standalone basis, for the nine months ended December 31, 2018,
PAT was INR6 crore on revenue of INR299 crore, against a PAT of
INR7 crore on revenue of INR268 crore for the corresponding period
last fiscal.

THAMPURAN CASHEWS: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Thampuran
Cashews (TC) to 'CRISIL D/CRISIL D Issuer not cooperating'.

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

   Packing Credit in      5        CRISIL D (ISSUER NOT
   Foreign Currency                COOPERATING; Rating Migrated)

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

Set up as a proprietorship concern in 2007 by Mr. Pepsin Raj, TC
processes raw cashew nuts. The firm is based in Kollam (Kerala).

VIRENDRA KUMAR: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Virendra Kumar
Singh's (VKS) Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits affirmed with IND BB-/Stable
     rating;

-- INR20 mil. Non-fund-based limits affirmed with IND A4+ rating;

     and

-- INR10 mil. Proposed Fund-based limits* affirmed with
     Provisional IND BB-/Stable rating.

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

KEY RATING DRIVERS

The affirmation reflects VKS's continued small scale of operations.
The revenue declined to INR156.06 million in FY18 (FY17: INR181.45
million) due to a lesser number of work orders in hand. According
to the interim statements, the firm booked revenue of INR159.50
million with absolute EBITDA of INR19.90 million in FY19.

The ratings are constrained by the firm's modest EBITDA margin due
to its presence in highly fragmented construction industry,
fluctuating raw material prices and high cost of operations.
Margins fell to 12.3% in FY18 (FY17: 13.1%).

The ratings are also constrained by VKS's moderate credit metrics
in FY18, with its interest coverage (EBITDA/gross interest expense)
and net leverage (net debt/operating EBITDA) improving to 3.7x from
3.0x and 2.4x from 3.1x, respectively. The improvement in the
credit metrics was driven by a fall in total debt due to lower
utilization of the working capital limits.

The rating factor in the firm's moderate liquidity position with
91% utilization of the working capital limits for the 12 months
ended March 2019. Also, its cash flow from operations improved to
INR37.54 million in FY18 (FY17: INR11.75 million), driven by lower
working capital requirements.  Moreover, its cash and cash
equivalents stood at INR19.19 million at FYE18 (FYE17: INR1.41
million).  

The ratings are, however, supported by the VKS's proprietor's
experience of more than three decades in the construction business
and order book of INR263 million, providing revenue visibility of
1.52x of FY18 revenue.

RATING SENSITIVITIES

Negative: A decline in the operating profitability, resulting in
deterioration in the interest coverage, on a sustained basis, will
be negative for the ratings.

Positive: An increase in the revenue and profitability margins,
along with an improvement in the credit metrics, on a sustained
basis, will be positive for the ratings.

COMPANY PROFILE

VKS, incorporated in August 1985 by Mr. Virendra Kumar Singh in
Ambikapur, Chhattisgarh. The firm constructs bridges, roads, and
flyovers.  

WAYNE-BURT PETROCHEMICALS: CRISIL Rates INR19cr Term Loan 'B+'
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Wayne-Burt Petrochemicals Private Limited (WBPPL) and
assigned its 'CRISIL B+/Stable' rating to the facilities. CRISIL
had, in its rating rationale dated November 23, 2014, announced
suspension of the rating since WBPPL had not provided information
necessary for a rating review. It has now shared the requisite
information.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             19        CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects geographic and tenant concentration in its
rental business and exposure to project risk. These weaknesses are
offset by stable income from the leased property and promoter's
extensive experience.

Key Rating Drivers & Detailed Description

Weaknesses:

* Geographical and tenant concentration in the rental segment:
The company's operation shall remain exposed to geographical
concentration due to its single-location operation currently with
the property only in Chennai. Additionally the company has leased
the property to a single customer which will continue to constrain
the rating.

* Project-phased nature of operations: The Company is setting up a
mall and commercial space in Hyderabad and Chennai. The company
plans to commence the operations from July 2019 and expects a
completion period of 18-24 months. It shall remain exposed risk
related to timely completion of the project and stabilization of
operation during the initial period.

Strengths:
* Stable revenue from leased space and promoter's experience:
The company gets stable revenue from its leased property in
Chennai. In addition, promoters' diversified industry presence and
established relationship with local community should support its
business risk profile.

Liquidity
Liquidity is likely to remain modest. The company is likely to
generate steady accruals generated from the rental income from the
property that it has leased out. The company has plans to construct
mall and commercial space for which it will take a lease rental
deposit loan. This will constrain the liquidity in the near term.
The company does not have any working capital requirements and
hence does not have any working capital limit.

Outlook: Stable

CRISIL believes that the company will benefit from its stable
revenue stream and promoter's experience over the medium term. The
outlook maybe revised to 'positive' if timely completion of project
and better occupancy improves the business risk profile of the
company. The outlook maybe revised to 'negative' if delay in
commencement of mall or time and cost over run in the project
constrains its financial risk profile.

WBPPL, established in 1999, operates a leased property in Chennai.
The company is owned and managed by Mr.T G S Mahesh.

YP FOODS: CRISIL Raises Rating on INR6.1cr Term Loan to B-
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
YP Foods Private Limited (YP Foods) to 'CRISIL B-/Stable' from
'CRISIL D'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           1.5       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term    2.9       CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan             6.1       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The upgrade reflects the efficient servicing of maturing debt by YP
Foods for the nine months from July 2018. The upgrade also factors
in an improvement in the business risk profile due to better brand
recognition and diversification into new geographies.  

The rating also considers the modest scale of operations and a weak
financial risk profile. These weaknesses are partially offset by
promoter's extensive entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: Although revenue is likely to increase
over the medium term as the company diversifies to newer
geographies, intense competition may continue to constrain
scalability, pricing power, and profitability. Revenue is estimated
at around INR6 crore in fiscal 2019.

* Weak financial risk profile: Financial risk profile is likely to
remain restricted over the medium term, driven by sizeable working
capital debt. Networth was modest at INR3.54 crore as on March 31,
2018, with gearing high at 2.51 times. Networth deteriorated over
the years owing to the losses incurred, resulting in negative
accretion to reserve. Debt protection metrics were also modest,
with interest coverage and net cash accrual to adjusted debt ratios
of 0.95 time and 0.02 time, respectively, in fiscal 2018.

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

Liquidity
Liquidity should remain modest over the medium term. Cash accrual
of around INR20 lakhs in fiscal 2018 was inadequate to meet the
yearly maturing debt of INR42 lakhs; the mismatch was paid through
a short-term debt. Current ratio was also average at 0.77 time as
on March 31, 2018. Timely funding support by the promoters to
service the debt repayment will remain a key monitorable over the
medium term.

Outlook: Stable

CRISIL believes Y P Foods will continue to benefit from the
experience of the promoters. The outlook may be revised to
'Positive' if there is a substantial and sustainable increase in
revenue and profitability along with prudent working capital
management. Conversely, the outlook may be revised to 'Negative' if
a steep decline in cash accrual, a stretch in the working capital
cycle, or any large, debt-funded capital expenditure weakens the
financial risk profile and liquidity.

YP Foods, incorporated in 2013, is a Howrah (West Bengal)-based
company that manufactures ready-to-eat snacks such as fryums. Mr
Amit Jhunjhunwala (director) and Mr Chandra Prakash Jhunjhunwala
are the promoters.



=================
I N D O N E S I A
=================

ALAM SUTERA: Moody's Affirms B2 CFR, Outlook Negative
-----------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Alam Sutera Realty Tbk (P.T.).

At the same time, Moody's has affirmed the B2 backed senior
unsecured rating of the 2020 notes, 2021 notes and 2022 notes
issued by Alam Synergy Pte. Ltd., a wholly owned subsidiary of Alam
Sutera. The notes are guaranteed by Alam Sutera and most of its
subsidiaries.

The outlook remains negative.

RATINGS RATIONALE

"The rating affirmation reflects Alam Sutera's healthy core
marketing sales in 1Q 2019 and our expectation that the company's
refinancing risk over the next 12 months will be addressed by its
proposed tap bond issuance," says Jacintha Poh, a Moody's Vice
President and Senior Credit Officer.

"The outlook on Alam Sutera remains negative to reflect
uncertainties over the company's future land sales to China Fortune
Land Development Co., Ltd (CFLD), because the latter is late on its
payment of around IDR500 billion for the land that it purchased in
2018," adds Poh, who is also Moody's Lead Analyst for Alam Sutera.

For the first quarter of 2019, Alam Sutera achieved core marketing
sales of around IDR850 billion and IDR34 billion from sale of land
to CFLD. The company is on track to meet its full-year core
marketing sales target of around IDR3.5 trillion, but remained
behind its land sale target of IDR1.5 trillion to CFLD.

Moody's expects Alam Sutera's financial metrics--adjusted
debt/homebuilding EBITDA of around 4.5x and homebuilding
EBIT/interest expense of around 2.5x--will remain within the
B2-rating thresholds of below 5.0x and above 2.0x, respectively, if
the company is able to achieve IDR2.5 trillion of core marketing
sales and around IDR500 billion of land sales to CFLD.

However, if Alam Sutera is unable to execute its land sales to
CFLD, Moody's expects adjusted debt/homebuilding EBITDA to weaken
to around 5.0x in 2019 and 6.0x in 2020. Homebuilding EBIT/interest
expense would then also weaken to less than 2.0x in 2020.

Alam Sutera's refinancing risk over the next 12 months will be
addressed upon a successful tap bond issuance. However, the
company's debt maturity profile remains short at around 2.5 years
and it will face a maturity wall in 2022. The company intends to
tap $125 million of its 2022 notes and to use the net proceeds to
redeem the outstanding $73 million of its 2020 notes, and for
general corporate purposes.

Alam Sutera's B2 ratings reflect the company's ownership of a large
and low-cost land bank, a situation which has allowed it to
generate strong gross profit margins exceeding 50%. The ratings
also take into account the increased volatility in Alam Sutera's
earnings and cash flow over the last two years, driven by larger
contributions from one-off transactions instead of income from the
company's core business of property development.

The ratings are constrained by Alam Sutera's small scale and
limited geographic diversity. The company is also exposed to the
cyclical property sector, with limited contributions from the more
stable, recurring income stream from its investment properties.

Given the negative outlook, a ratings upgrade is unlikely over the
next 12-18 months.

Nevertheless, the outlook could return to stable if the company:
(1) successfully refinances the remaining $73 million of its 2020
notes; (2) continues to execute its business plans, in particular,
its land sales to CFLD; and (3) maintains stable financial metrics,
such that adjusted debt/homebuilding EBITDA is below 5.0x and
adjusted homebuilding EBIT/interest expense is above 2.0x.

Moody's could downgrade the ratings if Alam Sutera's financial and
liquidity profiles weaken owing to: (1) an inability to address the
refinancing of its 2020 notes; (2) a failure to execute its
business plans, in particular, its land sales to CFLD; (3) a
deterioration in the property market, leading to protracted
weakness in the company's operations; and (4) a material
depreciation in the Indonesian rupiah, which could increase the
company's debt servicing obligations.

Metrics indicative of downward ratings pressure include: (1)
adjusted debt/homebuilding EBITDA exceeding 5.0x; (2) adjusted
homebuilding EBIT/interest expense falling below 2.0x; or (3)
insufficient cash to cover short-term debt obligations.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Established in November 1993 and listed on the Indonesian Stock
Exchange in December 2007, Alam Sutera Realty Tbk is an integrated
property developer in Indonesia that focuses on the sale of land
lots in accordance with township planning requirements, as well as
property development in residential and commercial segments in
Indonesia. At December 31, 2018, the family of The Ning King owned
around 47% of the company.



=========
M A C A U
=========

MGM CHINA: Moody's Rates Proposed Senior Unsecured Notes 'Ba3'
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the proposed
senior unsecured notes to be issued by MGM China Holdings Limited,
a 55.95% owned discretely financed publicly traded subsidiary of
MGM Resorts International. MGM China owns and operates two resort
casinos in Macau, China that account for approximately 20% of MGM
Resorts consolidated EBITDA. Moody's also affirmed MGM Resorts Ba3
Corporate Family Rating, Ba3-PD Probability of Default Rating, Ba3
senior unsecured ratings and Speculative Grade Liquidity rating of
SGL-1. The outlook is positive. The affirmations reflect Moody's
view that credit metrics will improve over the next 12-18 months
due to higher earnings contributions from the ramp up of MGM Cotai
and modest growth at domestic properties.

Proceeds of the proposed notes will be used to repay MGM China's
existing secured credit facility thereby materially extending the
subsidiary's maturity profile to 2024 and 2026 from the current
bullet maturity in 2022 and beyond the date for renewal of the
Macau sub-concession agreements in 2022.

The Ba3 assigned to MGM Resorts' and MGM China's proposed unsecured
notes is based on a one-notch override of Moody's Loss Given
Default model indicated rating of B1. Moody's decision to override
the LGD model reflects the close proximity of the expected loss
rate (within the stability band) to the Ba3 rating level and its
expectation that MGM Resorts will continue to shift its capital
structure to predominately unsecured over time. MGM China does not
provide any guarantees to MGM Resorts other subsidiaries, and so
creditors of MGM China will continue to have direct claim position
with regards to MGM China's cash flows and recovery prospects.
Similarly, MGM Resorts does not provide any guaranty to MGM China,
and its creditors continue to have a direct claim with respect to
MGM Resorts cash flows and recovery prospects.

MGM Resorts' and MGM China's total debt is 43% secured and 57%
unsecured (assuming full draws of existing revolvers). On a
pro-forma basis 34% is secured and 66% is unsecured.

As of a result of this transaction, MGM China's pro-forma debt
structure will be split 58% secured and 42% unsecured thereby
providing coverage for both classes of debt.

Assignments:

Issuer: MGM China Holdings Limited

Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD4)

Outlook Actions:

Issuer: MGM Resorts International

Outlook, Remains Positive

Affirmations:

Issuer: MGM Resorts International

Probability of Default Rating, Affirmed Ba3-PD

Speculative Grade Liquidity Rating, Affirmed SGL-1

Corporate Family Rating, Affirmed Ba3

Senior Unsecured Shelf, Affirmed (P)Ba3

Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD4)

RATINGS RATIONALE

MGM (Ba3 positive) benefits from large scale, a diversified
presence on the Las Vegas Strip across multiple customer segments,
a solid position within several regional markets, and its presence
in the large Macau market with favorable long-term prospects.

MGM is constrained by its concentration in Las Vegas (approximately
61% of consolidated 2018 Adjusted EBITDA), exposure to the Macau
gaming market that is experiencing volatility and the ramp-up risk
associated with recent resort developments - MGM Cotai (opened in
Q1 2018) and MGM Springfield (opened in August 2018) and the
redeveloped Park MGM (completed in December 2018) and the
integration of recent acquisitions (Empire City and MGM Northfield
Park).

Consolidated and restricted group leverage and coverage are
expected to continue to improve due to material earnings growth in
2019 and 2020 principally from the ramp-up of MGM Cotai and
secondarily from recently completed projections, acquisitions and
modest organic growth and operational efficiencies related to the
recently-announced MGM 2020 plan. The company's financial policy
targets is to maintain consolidated net debt/EBITDA in a range of
3.0 - 4.0x by 2020; which roughly translates to 4.5x -5.5x on a
Moody's adjusted basis. Moody's expects MGM will actively pursue
other large integrated resort development projects (e.g. Japan)
that would require significant equity investment and debt to
finance construction and will continue to expand its domestic
operations in partnership with MGM Growth Properties, LLC.

The positive outlook reflects its view that consolidated operating
results will improve over the next year due to higher domestic
earnings, operational efficiencies achieved through the company's
MGM 2020 plan and contribution from recent acquisitions and new
project openings in Massachusetts, Las Vegas, and Macau that will
result in an improvement in credit metrics to levels supportive of
a higher rating.

Ratings could be upgraded if: Consolidated debt/EBITDA is sustained
below 5.0x, fixed charge coverage remains above 2.0x; the company
maintains sufficient liquidity to support both recourse and
non-recourse subsidiaries; operating results of MGM China
operations, including MGM Cotai, track to estimated levels and
share repurchases are funded with asset sale proceeds or cash on
hand rather than debt. The credit ratios required for an upgrade
also takes into account that reported credit metrics may experience
some variability due to the timing of new resort openings and the
closing of the announced and potential acquisitions.

Ratings could be downgraded if the result of the independent board
includes returns to shareholders that would delay the improvement
in credit metrics, operating results from new project openings fall
materially below estimates, if consolidated gross debt/ EBITDA is
sustained above 6.0x, if EBITDA/fixed charges declines below 1.75x
or the company deviates materially from its financial policy
goals.

MGM owns and operates the Bellagio, MGM Grand, Circus Circus
located on the Las Vegas Strip in Nevada and MGM Springfield in
Massachusetts which opened in late 2018. MGM owns approximately 56%
of MGM China Holdings Limited, which owns the MGM Macau resort and
casino and MGM Cotai which opened in February 2018. MGM also owns
50% of CityCenter in Las Vegas and approximately 69% of MGM Growth
Properties, a real estate investment trust formed in April 2016.
MGM has entered into a long-term triple net master lease with MGP
pursuant to which the company leases and operates for MGP fourteen
properties. Consolidated net revenues for the LTM period ended
March 31, 2019 were approximately $12.1 billion.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.



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

BRAHIM'S HOLDINGS: Aborts Private Placement Plan
------------------------------------------------
Tan Xue Ying at theedgemarkets.com reports that Brahim's Holdings
Bhd said on April 30 it has decided to abort the private placement
exercise which was announced in February 2018.

theedgemarkets.com relates that the company in an exchange filing
said the decision was arrived after considering the current market
conditions including, among others, the deteriorating current
market price of Brahim's shares, as well as the company's Practice
Note 17 (PN17) status.

"The company will explore alternative methods of fund-raising to
meet its funding requirement and regularisation plan," it added.

On Feb. 21, 2018, Brahim's announced its plan to raise cash for
working capital purposes and to repay borrowings through a private
placement of up to 23.63 million new shares, representing 10% of
its share capital, theedgemarkets.com recalls.

Assuming an indicative price of 42 sen per placement share, the
group said the exercise could potentially raise up to MYR9.92
million, of which MYR9.19 million has been earmarked for debt
repayment and MYR485,000 for working capital, theedgemarkets.com
relays.

Shares in Brahim's closed half a sen up at 12 sen on April 30, for
a market capitalisation of MYR28.35 million, the report discloses.

                      About Brahim's Holdings

Brahim's Holdings Berhad is a holding company. The Company's core
business is airport-centric, focusing on the provision of in-flight
catering and restaurant operations. Brahim through its subsidiary
holds a concession with Malaysia Airlines System Berhad (MAS) for
the provision of in-flight catering and related services.

Brahim's Holdings Berhad slipped into PN17 (Practice Note 17)
status in February 2019 as it has triggered the Prescribed Criteria
under Paragraph 2.1 (a) of PN17. Based on the unaudited interim
financial results of BHB for the fourth quarter ended December 31,
2018, the shareholders' equity of BHB on a consolidated basis of
less than MYR40.0 million represented 25% or less of its issued
capital.

The company plans to finalise its regularisation plan in the next
one to two months, theedgemarkets.com discloses.

SEACERA GROUP: Triggers PN17 After Defaulting on Payment to AmBank
------------------------------------------------------------------
Chester Tay at theedgemarkets.com reports that Seacera Group Bhd
has been classified as a Practice Note 17 (PN17) company as it has
defaulted on the payment of principal and profits to AmBank Islamic
Bhd and not being able to provide a solvency declaration to Bursa
Malaysia Securities.

In a filing with Bursa Malaysia on April 26, Seacera said it is
looking into formulating a regularisation plan to address its PN17
status and will make the necessary announcement on the
regularisation plan in due course, theedgemarkets.com relates.

According to the report, Seacera is now required to submit its
regularisation plan to the Securities Commission Malaysia or Bursa
Malaysia within the next 12 months, depending on whether the plan
would significantly change its business direction.

Seacera's stock was last traded at 31.5 sen on April 26, giving it
a market capitalisation of MYR149.51 million, theedgemarkets.com
notes.

Seacera Group Bhd engages in manufacturing and trading of ceramic
tiles. The company operates in mainly two divisions namely, Tiles
division involving the manufacturing, trading, and marketing of all
kinds of ceramic tiles and related products which contributes a
major part of revenue and Property development and construction
division which comprises of Investing and development of properties
located in Malaysia. The company operates in multiple states across
Malaysia, while it has a presence in ASEAN and other countries.



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

HARPER ENTERPRISES: Shareholders Placed Firm Into Liquidation
-------------------------------------------------------------
Daniel Birchfield at The Otago Daily Times reports that an Oamaru
construction company has been placed in liquidation and an
investigation into its operations is forthcoming, one of the
liquidators appointed to handle the process has confirmed.

Harper Enterprises (2007) Ltd, which operated under the name CHK
Homes, was placed in liquidation on April 17 by a special
shareholders' resolution, the report says.

The company's profile on the New Zealand Companies Office register
lists Christopher and Karen Harper, of Oamaru, as its directors and
joint shareholders.

Geoff Brown and Lynda Smart, of Rodgers Reidy Chartered
Accountants, which has offices in Auckland and Christchurch, have
been appointed liquidators, according to Otago Daily Times.

In response to questions from the Otago Daily Times, Mr. Brown said
construction was under way on some homes when the resolution to go
into liquidation was made.

"We are aware that the company was building five homes for
customers and we are working through each of these builds to
establish the way forward (assessing the work done and what is
required to complete the builds). We will contact these customers
directly once this analysis is complete. I understand that these
customers have insurance with certified builders, so if the company
is unable to complete the builds, this insurance should respond,"
the report quotes Mr. Brown as saying.

While the number of creditors and the sum they were owed were yet
to be confirmed, there were "a number" of secured, unsecured and
preferential creditors, he said.

The Otago Daily Times adds Mr. Brown said the liquidators would
also "investigate how the company was run and whether or not there
are any claims against the directors for breaches of legislation."



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

GEO ENERGY: Fitch Affirms 'B' LT IDR, Alters Outlook to Negative
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Geo Energy Resources
Limited to Negative from Stable and has affirmed the Long-Term
Issuer Default Rating at 'B'. Fitch has also affirmed Geo Coal
International Pte. Ltd.'s USD300 million 8% senior unsecured
guaranteed notes due 2022 at 'B'/'RR4'.

The Outlook revision reflects Geo's gradually deteriorating
operating profile, with declining reserves and reserve life in the
absence of acquisitions, as Geo relies on inorganic growth to
improve reserves given the nature of its existing mines. The
company continues to evaluate acquisition opportunities, though
nothing has been finalised yet. Fitch believes Geo has an adequate
financial profile - with a cash balance of USD197 million as of
end-2018 to fund its intended acquisitions and moderate credit
metrics, with FFO net leverage of 2.2x - to support its rating.  

KEY RATING DRIVERS

Declining Reserves; Small Scale: Fitch believes Geo's small and
declining reserve base is likely to challenge the continuity of its
operation in the absence of acquisitions. Geo's operating reserve
of 72 million tonnes (mt) comprised of 26mt at PT Sungal Danau Jaya
and 46mt at PT Tanah Bumbu Resources in 2018. The company will
exhaust its operating reserve in seven years, as Fitch expects
production of around 10mt (2018: 7mt) over the medium term (the
company expects production of around 13mt per annum). The company
has two other mines, but one is still in the exploratory phase and
the other has a weak cost position, making it unviable in its view
considering the coal-price assumptions.

Risk of Early Redemption: Geo's US dollar notes will trigger a put
option in April 2021 if it fails to meet minimum coal-reserve
conditions. Fitch does not believe Geo will achieve the minimum
reserve requirements in the absence of a coal-asset acquisition,
which would result in early redemption and expose the company to
refinancing risk, based on its forecasts.  Fitch does not expect
significant risk to bond repayments if this was to occur based on
its coal-price and production-volume assumptions over the next two
years. It estimate the cash balance, including cash flow from
operation, to largely suffice, with only minimum refinancing
required, if any.

Slightly Improving Credit Metrics: Fitch expects Geo's credit
metrics to remain adequate for its rating, with a slight
improvement over the next two years based on its forecast for
modestly higher production volume to around 8mt and its coal-price
assumptions. Coal production during 2018 was lower than Fitch's
previous expectations on account of a delay in the commencement of
production at the TBR mine, weak coal prices in 2H18 and, in its
view, the challenges from Geo's small reserves. This saw FFO
adjusted gross leverage rise to 6.4x during 2018 (2017: 4.0x) and
FFO adjusted net leverage rise to 2.2x (2017: 0.5x).

Moderate Sensitivity to Coal Prices: Geo's cost position benefits
from its low average strip ratio of less than 4.0x for its key
mines (2018: 2.9x). The low calorific value of Geo's coal compared
with the Indonesian average lowers its selling price and increases
its sensitivity to a fall in coal prices against other Fitch-rated
coal-mining peers, like PT Golden Energy Mines Tbk (GEMS,
B+/Positive), PT Bayan Resources Tbk (BB-/Stable) and PT Indika
Energy Tbk (BB-/Stable). Geo's EBITDA per tonne fell only
marginally to USD10 in 2018 (2017: USD11). Fitch estimates its
EBITDA per tonne to range between USD8-6 over the next three years
given its coal-price assumptions.

Low Off-Taker and Contractor Risk: Geo has life-of-mine contracts
for its two key operating mines on all coal produced, minimising
off-take risk, and has entered into an offtake agreement with
Macquarie Bank Limited (A/Stable) for its TBR mine, which is wholly
owned by Macquarie Group Limited (A-/Stable). Geo has prepayment
facilities with off-takers for both mines, supporting
working-capital management. Geo is exposed to customer
concentration, but it believes the commoditised nature of its
product offsets this risk. Its coal production and over-burden
removal contracts for both mines is with one of Indonesia's largest
mining contractors, PT Bukit Makmur Mandiri Utama (BB-/Stable),
limiting contractor risk.

Regulatory Risk; Exposure to Commodity Prices: Geo is exposed to
regulatory risk, which can affect production volume and
realisation. Indonesian regulations, which apply until end-2019,
require coal producers to supply 25% of their production to the
domestic market and cap the price of coal supplied to the
Indonesian power sector at USD70/tonne, based on coal with a
calorific value of 6,322kcal. Geo did not comply with its domestic
market obligations during 2018 and may not comply in 2019, which
could prevent it from increasing production volume, as the state
approves any additions annually. Fitch does not expect the
coal-price cap to significantly affect Geo's earnings in light of
its price assumptions, although the company remains exposed to
commodity cycles. In addition, the licenses of Geo's key SDJ and
TBR mines expire in 2022. The risk from the limited remaining
license period is partly mitigated, since the company expects a
further 10-year extension, as provided by law.

DERIVATION SUMMARY

Geo's has a weak operating profile due to its small size, which
distinguishes it from other rated Indonesian coal-mining companies.
GEMS has a significantly larger reserve base and higher production
levels (2018: 22mt) than Geo. The Positive Outlook on GEMS reflects
its expectations of higher production volume in the next year or
two. GEMS also has a stronger financial profile than Geo, which
explains the rating difference between the two entities.

Indika has stronger operations, with larger production (2018:34mt)
and reserves (2018: 422mt), a stronger cost position and a better
financial profile, reflecting its two-notch difference with Geo.

KEY ASSUMPTIONS

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

  - Coal prices in line with Fitch's mid-cycle commodity-price
assumptions, adjusted for the difference in calorific value.
Average Newcastle 6,000 kcal FOB prices per metric tonne: USD89 in
2019, USD78 in 2020, USD76 in 2021 and USD75 thereafter.

  - Total coal production from SDJ and TBR mines of 8mt per annum
in 2019 and about 10mt per annum thereafter.

  - No acquisitions and minimal maintenance capital expenditure
over the next two to three years.

  - Strip ratio to remain below 3.5x and production costs slightly
lower to USD30/tonne over the next three to four years.

Fitch's key assumptions for bespoke recovery analysis include:

  - The recovery analysis assumes Geo would be considered a going
concern in bankruptcy and would be reorganised rather than
liquidated. It have assumed a 10% administrative claim.

  - Geo's going-concern EBITDA is based on expected EBITDA for
2019-2021.

  - The going-concern EBITDA estimate reflects Fitch's forecast of
sustainable, post-reorganisation EBITDA, upon which it bases the
company's valuation. The going-concern EBITDA is 20% below the
mid-cycle EBITDA based on its long-term average thermal coal-price
assumptions. The post-reorganisation EBITDA assumes some
post-default operating improvement and is at a level that may
violate Geo's US dollar note covenants.

  - An enterprise value multiple of 3.5x is used to calculate a
post-reorganisation valuation and reflects a derived EBITDA
multiple based on a distressed valuation metric of around USD2-USD3
per tonne of Geo's proved reserves. Historical enterprise value
multiples for companies in the natural-resources sector range from
5.8x to 11.0x, with a median of 8.7x. However, Fitch  uses a
conservative multiple due to Geo's small size and limited
concession period.

  - The waterfall results in a recovery of 47% for the US dollar
note holders, or a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

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

  - A decline in reserve life below five years for a sustained
period.

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

  - An upgrade is unlikely given the Negative Outlook. The Outlook
may be revised to Stable if Geo maintains a reserve life above five
years on a sustained basis with reasonable production levels and an
adequate financial profile, with FFO gross leverage below 4.5x and
FFO fixed-charge cover above 2.0x.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Geo maintains a healthy cash profile by
retaining the majority of proceeds from its USD300 million notes,
which were issued in 2017. Its cash balance stood at USD197 million
in 2018 and it has no debt repayment obligations until 2022, when
its US dollar notes mature. The notes may be repayable in 2021 if
Geo does not comply with the reserve conditions under the notes,
triggering a put option.

MIDAS HOLDINGS: Director Files Winding-Up Application
-----------------------------------------------------
Lee Meixian at The Business Times reports that Midas Holdings on
April 26 said that after receiving the statutory demand, executive
director Xu Wei Dong has filed an application to wind up the
company.

According to the application, FTI Consulting (Singapore) will be
appointed joint and several liquidators, the report says.

"The board will issue further announcements as appropriate, as and
when there are any material developments in the matter," it said,
notes the report.

Earlier this month, the authorities--the Commercial Affairs
Department (CAD), Monetary Authority of Singapore (MAS) and
Singapore Exchange (SGX)--said they will not stop their
investigations of possible wrongdoings at the company, and will
also investigate the company's former directors and officers,
reviewing potential listing rule breaches by them, BT recalls.

"The investigations will continue notwithstanding the application
to wind up Midas. CAD, MAS and SGX RegCo will work with the
liquidators if their assistance is required for the
investigations," the three parties had said in a joint regulatory
announcement, the report relays.

Singapore-based Midas Holdings Ltd. -- http://midas.com.sg/--
manufactures aluminium alloy extrusion products for the passenger
rail transport, power and other industries. The Company also
designs, manufactures and installs polyethylene pipes.

Midas Holdings reported an unaudited net liability position of
SGD47.1 million at end-2018. The negative equity included SGD81.1
million of net current liabilities and just SGD4.1 million of
current assets, according to The Business Times.


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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Copyright 2019.  All rights reserved.  ISSN: 1520-9482.

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