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       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

          Wednesday, May 15, 2019, Vol. 22, No. 97

                           Headlines



A U S T R A L I A

ARP PLUMBING: ASIC Disqualifies Director from Managing Companies
CONSTRUCTION DIVING: First Creditors' Meeting Set for May 20
DARCOLE INDUSTRIES: First Creditors' Meeting Set for May 20
DEMPSEY ASIA: First Creditors' Meeting Set for May 20
HEARING CLINIC: Second Creditors' Meeting Set for May 20

HUNTER WINE: Second Creditors' Meeting Set for May 17
MERLIN DIAMONDS: ASIC Moves to Appoint Provisional Liquidator
NEPTUNE MARINE: Narrows Loss to AUD3MM in Year Ended March 31
PEPPER RESIDENTIAL NO. 24: S&P Puts Prelim B Rating to Class F Note
PETROLINK ENGINEERING: First Creditors' Meeting Set for May 20

SMHL SERIES 2019-1: S&P Assigns Prelim BB Rating to Class E Bonds
THINKHOLDINGS LIMITED: Second Creditors' Meeting Set for May 17


C H I N A

KANGMEI PHARMACEUTICAL: Overstates Cash Holdings, Auditor Probed
MAOYE INTERNATIONAL: S&P Hikes Long-Term ICR to B, Outlook Stable


H O N G   K O N G

PEARL HOLDING: S&P Affirms 'B' Long-Term ICR, Outlook Negative


I N D I A

ADVAIT STEEL: CRISIL Maintains 'D' Rating in Not Cooperating
AMRIT JAL: Insolvency Resolution Process Case Summary
ASHCONS INFRASTRUCTURE: Ind-Ra Moves BB+ Rating to Non-Cooperating
ATLANTIS PRODUCTS: Ind-Ra Migrates BB LT Rating to Non-Cooperating
BEND-N-FAB ENGINEERING: CARE Assigns B+ Rating to INR9.25cr Loan

BHAARATHI SPINTEX: Ind-Ra Assigns 'BB+' LT Rating, Outlook Stable
BHAGWATI RECYCLING: CARE Assigns B Rating to INR18.52cr Loan
BRIMSON CABLES: Insolvency Resolution Process Case Summary
ESSAR STEEL: NCLAT to Hear Insolvency Case Dispute Daily
FAROUK SODAGAR: CRISIL Maintains C Rating in Not Cooperating

FLAMINGO INN: CRISIL Maintains 'B' Rating in Not Cooperating
GIRIRAJ TRADING: CRISIL Maintains B Rating in Not Cooperating
GODAVARI MEGA: CRISIL Maintains 'B' Rating in Not Cooperating
GSR AND KKR: CRISIL Maintains 'B' Rating in Not Cooperating
GURU KIRPA: CRISIL Maintains B+ Rating in Not Cooperating

HERITAGE DISTILLERIES: CRISIL Retains B Rating in Not Cooperating
JAISWAL BATTERY: CRISIL Maintains 'D' Rating in Not Cooperating
KALE INFRA: Insolvency Resolution Process Case Summary
KAMAL SUITINGS: CRISIL Maintains 'D' Rating in Not Cooperating
KANERIA GRANITO: Insolvency Resolution Process Case Summary

KWALITY LTD: Lenders to Vote on Bid Submission Deadline Extension
LATA EXPORTS: CARE Maintains 'D' Rating in Not Cooperating
LEKHYA MOTORS: CARE Maintains B+ Rating in Not Cooperating
MAHESHWARI PHARMA: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
MARUTI FERTOCHEM: CARE Cuts INR22cr LT Loan Rating to D, Not Coop.

MEWAR FABRICS: CARE Cuts INR7.28cr LT Loan Rating to 'B', Not Coop.
MOHAN MOTOR: CARE Cuts Rating on INR60cr LT Loan to D, Not Coop.
NIJINOY TRADING: Insolvency Resolution Process Case Summary
NOVARC LABS: CRISIL Cuts INR5cr Cash Loan Rating to D, Not Coop.
PROVENTUS AGER: CARE Cuts INR13cr LT Loan Rating to D, Not Coop.

RAICHUR POWER: Ind-Ra Cuts LT Issuer Rating to 'D', Outlook Neg.
RAJASTHAN EDUCATION: CARE Migrates D Rating to Not Cooperating
RATANDEEP INFRASTRUCTURE: Insolvency Resolution Case Summary
RD BROWN: CARE Assigns B+ Rating to INR27.03cr LT Loan
RELIANCE TELECOM: Insolvency Resolution Process Case Summary

SAI PRINT: CRISIL Assigns B+ Rating to INR7cr Cash Loan
SHIVASHAKTI SUGARS: Ind-Ra Rates INR2.05BB Loan BB+, Outlook Stable
SHRI SAGAR: Ind-Ra Migrates BB- LT Issuer Rating to Non-Cooperating
SINGH ENTERPRISES: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable
SRI ADHI: CARE Maintains B+ Rating in Not Cooperating Category

SUJANA CAPITAL: Insolvency Resolution Process Case Summary
SYNDICATE IMPEX: CARE Maintains B+ Rating in Not Cooperating
YAMUNA INFRADEVELOPERS: Insolvency Resolution Case Summary


I N D O N E S I A

BUANA LINTAS: Fitch Gives 'B+' IDR; Rates New USD Bonds 'B+(EXP)'
BUANA LINTAS: Moody's Assigns B1 First-Time CFR, Outlook Stable
BUANA LINTAS: S&P Assigns Prelim 'B+' LT ICR, Outlook Stable


M A L A Y S I A

DAYA MATERIALS: Unit's Bid for More Time to Pay MYR2MM Loan Tossed


P H I L I P P I N E S

PANAY ELECTRIC: On Brink of Shutdown Following Franchise Expiry

                           - - - - -


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A U S T R A L I A
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ARP PLUMBING: ASIC Disqualifies Director from Managing Companies
----------------------------------------------------------------
Australian Securities and Investments Commission has disqualified
Mr. Abdoul Rahim Fatrouni of Meadow Heights, Victoria, from
managing corporations for 3 years and 6 months following his
involvement in the failure of three companies.

The disqualification follows the appointment of liquidators to the
following companies:

  - ARP Plumbing Pty Ltd ACN 147 799 531 (ARP Plumbing);
  - ARP Roofing Pty Ltd ACN 161 329 086 (ARP Roofing); and
  - DIY Roofing Australia Pty Ltd ACN 610 479 082 (DIY Roofing).

After review of the liquidator reports, ASIC found that Mr.
Fatrouni:

  * misused the corporate form by transferring the business of
    one indebted company, leaving insufficient assets to pay
    creditors, whilst continuing what was essentially the same
    business;

  * in regard of ARP Roofing and DIY Roofing, failed to exercise
    his powers and discharge his duties as director with the
    degree of due care and diligence required by a director in
    that he failed to ensure statutory lodgements for ARP Roofing
    and DIY Roofing for more than five years;

  * failed to maintain adequate records for ARP Roofing, with
    more than three years' worth of transactions totalling more
    than AUD2,500,000 unable to be substantiated;

  * in regard to ARP Roofing and DIY Roofing, failed to maintain
    adequate financial records.

Liquidators of the companies reported that the combined total
amount owed to creditors exceeded AUD1.2 million.

The liquidators for ARP Roofing and DIY Roofing received funding
from the Assetless Administration Fund to prepare and report their
findings to ASIC.

Mr. Fatrouni's disqualification commenced on May 8, 2019 and will
cease on Nov. 8, 2022.

CONSTRUCTION DIVING: First Creditors' Meeting Set for May 20
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Construction
Diving Services Pty. Ltd. will be held on May 20, 2019, at 10:00
a.m. at the offices of Hall Chadwick, at Level 4, 240 Queen Street,
in Brisbane, Queensland.

Richard Albarran, Kathleen Vouris and Glenn Shannon of Hall
Chadwick were appointed as administrators of Construction Diving on
May 8, 2019.

DARCOLE INDUSTRIES: First Creditors' Meeting Set for May 20
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Darcole
Industries Pty. Ltd will be held on May 20, 2019, at 10:30 a.m. at
the offices of Hall Chadwick, at Level 40, 2 Park Street, in
Sydney, NSW.

Richard Albarran, Kathleen Vouris and Glenn Shannon of Hall
Chadwick were appointed as administrators of Darcole Industries on
May 8, 2019.

DEMPSEY ASIA: First Creditors' Meeting Set for May 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Dempsey Asia
Pty Ltd will be held on May 20, 2019, at 9:30 a.m. at the offices
of Hall Chadwick, at Level 4, 240 Queen Street, in Brisbane,
Queensland.

Richard Albarran, Kathleen Vouris and Glenn Shannon of Hall
Chadwick were appointed as administrators of Dempsey Asia on May 8,
2019.

HEARING CLINIC: Second Creditors' Meeting Set for May 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of The Hearing
Clinic Australia Pty Ltd has been set for May 20, 2019, at 12:45
p.m. at Australis Room at the International on the Water Hotel, 1
Epsom Avenue, in Ascot, WA.

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 17, 2019, at 4:00 p.m.

Domenico Alessandro Calabretta and Thyge Trafford-Jone of Mackay
Goodwin were appointed as administrators of Hearing Clinic on April
15, 2019.

HUNTER WINE: Second Creditors' Meeting Set for May 17
-----------------------------------------------------
A second meeting of creditors in the proceedings of Hunter Wine
Services (Australia) Pty Limited has been set for May 17, 2019, at
10:30 a.m. at the offices of KordaMentha, at Level 5 Chifley Tower,
2 Chifley Square, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 16, 2019, at 4:00 p.m.

Rahul Goyal and Scott Langdon of KordaMentha were appointed as
administrators of Hunter Wine on April 2, 2019.

MERLIN DIAMONDS: ASIC Moves to Appoint Provisional Liquidator
-------------------------------------------------------------
The Australian Securities and Investments Commission has applied to
the Federal Court of Australia to wind up ASX-listed public company
Merlin Diamonds Limited and for the appointment of provisional
liquidators to report to the court pending hearing of its
application for final relief.

The application arises from ASIC's concerns which include:

-- since 2012, Merlin Diamonds has advanced substantial funds
    to Axis Consultants Pty Ltd (Axis), a related management
    services company, without shareholder approval (AUD13,752,124
    owing as at June 30, 2018) (Loans);

-- the Loans have been used to fund private companies associated
    with Mr Joseph Gutnick (a current and former director of
    Merlin Diamonds and Axis respectively) and provide no
    discernible benefit to Merlin Diamonds;

-- the terms of the Loans appear to be unreasonable, uncommercial

    and non-arm's length. No security for the Loans has been
    provided by Axis or any third party and the Loans are being
    fully provisioned (impairment provision) each financial year;

-- the Merlin Diamonds auditors have been unable to obtain
    sufficient appropriate audit evidence to be satisfied that
    Axis is likely to be able to repay the Loans;

-- in October 2016 Merlin Diamonds received AUD900,000 from
    Chabad Properties Pty Ltd (Chabad) for convertible notes and
    options issued to Chabad. The ultimate source of the
    AUD900,000 paid by Chabad, through a series of transactions
    involving related companies, was Merlin Diamonds. Mr Gutnick
    is a former director of Chabad;

-- audited accounts of Merlin Diamonds for the half-year ended
    Dec. 31, 2018 (due March 18, 2019) have not been lodged with
    ASIC, a contravention of s320 of the Corporations Act;

-- the financial position of Merlin Diamonds as at June 30, 2018
    raises concerns over the company's solvency;

-- there has been no company secretary of Merlin Diamonds since
    Jan. 8, 2019, a contravention of s204A(2) of the Corporations
    Act; and

-- corporate governance of Merlin Diamonds falls far short of the

    standard expected of an ASX-listed public company.

ASIC seeks from the Court:

* the appointment of Mr. Salvatore Algeri and Mr. Timothy Norman,

   of Deloitte Financial Advisory Pty Ltd as joint and several
   provisional liquidators of the company; and

* orders requiring the provisional liquidators to provide a
   detailed report to the Court that sets out, among other things:

     - the way in which Merlin Diamonds has made the Loans;
     - the recoverability of the Loans from Axis;
     - the AUD900,000 transaction involving Chabad; and
     - the financial position of Merlin Diamonds

* for the Court's consideration at a later date, orders to wind
   up the company and appointing Mr. Algeri and Mr. Norman as
   liquidators.

ASIC's application will be heard in the Federal Court of Australia
at Melbourne on a date to be fixed.

ASIC's investigation into the affairs of Merlin Diamonds is
continuing.

Merlin Diamonds, a Melbourne-based company listed on ASX, engages
in the exploration and development of diamond mining projects. Its
flagship project is the Merlin diamond mine in the Northern
Territory.

Merlin Diamond's shares have been suspended from trading since Oct.
1, 2018. Merlin Diamonds has 3.3 billion ordinary shares issued,
and last traded at AUD0.006 per share – resulting in a market
capitalisation of approximately AUD20 million.

NEPTUNE MARINE: Narrows Loss to AUD3MM in Year Ended March 31
-------------------------------------------------------------
Peter Williams at The West Australian reports that subsea
engineering firm Neptune Marine Services has narrowed its annual
loss to AUD3.1 million and bolstered its cash flow after reporting
a stronger second half.

Neptune's result for the 12 months ended March 31 compared with a
AUD30 million loss the year before, The West Australian discloses.
Revenue rose 25 per cent to AUD84 million.

The Welshpool-based company recorded a net cash flow from operating
activities if AUD5.4 million, compared with a AUD4.2 million
deficit the year before, the report relays.

It has struggled in recent years amid a slump in oil and
gas-related work.

"While having a slow start to the financial year, the Neptune
segment caught up to a certain extent in the second half and
narrowed its overall loss for the year," the report quotes Kuah
Boon Wee, group chief executive of Singapore parent MTQ, as
saying.

"While the results trend positively and inquiry levels remain
healthy, much remains to be done as uncertainties persist in our
business environment," he said.

"Some of our asset owner customers still face refinancing woes. The
group is continuing its efforts in strengthening the Neptune
segment for the long term, exploring new partnerships."

Neptune Marine Services Limited -- http://www.neptunems.com/--
provides integrated inspection, and repair and maintenance
solutions for oil and gas, marine, and renewable energy industries
in Australia, Asia, the Middle East, and the United Kingdom. The
company operates through two segments, Offshore Services and
Engineering Services.

PEPPER RESIDENTIAL NO. 24: S&P Puts Prelim B Rating to Class F Note
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of nonconforming and prime residential mortgage-backed securities
(RMBS) to be issued by Permanent Custodians Ltd. as trustee of
Pepper Residential Securities Trust No.24. Pepper Residential
Securities Trust No. 24 is a securitization of nonconforming and
prime residential mortgages originated by Pepper Homeloans Pty
Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination. Subordination provided to
the 'AAA (sf)' rated notes is in excess in our opinion of the
minimum 'AAA (sf)' level of credit support.

-- The underwriting standard and centralized approval process of
the seller, Pepper Homeloans.

-- The availability of a retention amount, amortization amount,
and yield reserve, which will all be funded by excess spread, but
at various stages of the transaction's term. They will have
separate functions and timeframes, including reducing the balance
of senior notes, reducing the balance of the most subordinated
notes, and paying senior expenses and interest shortfalls on the
class A notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.5% of the outstanding balance of the notes, and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.

-- The condition that a minimum margin will be maintained on the
assets.

-- The benefit of cross-currency swaps to hedge the mismatch
between the Australian dollar receipts from the underlying assets
and the U.S. dollar payments on the class A1-u notes and the euro
dollar payments on the class A1-GEUR notes.

  PRELIMINARY RATINGS ASSIGNED

  Pepper Residential Securities Trust No.24

  Class      Rating         Amount (mil.)
  A1-u       AAA (sf)       US$150.00
  A1-a       AAA (sf)        A$175.70
  A1-GEUR    AAA (sf)       EUR100.00
  A2         AAA (sf)         A$90.30
  B          AA (sf)          A$54.50
  C          A (sf)           A$21.00
  D          BBB (sf)         A$15.00
  E          BB (sf)           A$9.00
  F          B (sf)            A$7.50
  G          NR                A$9.00

  NR--Not rated.

The exchange rate applicable to the class A1-u notes is US$0.714286
per Australian dollar. The exchange rate applicable to the class
A1-GEUR notes is EUR0.6329 per Australian dollar. The class A1-a
and class A1-GEUR note sizes are to be determined.


PETROLINK ENGINEERING: First Creditors' Meeting Set for May 20
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Petrolink
Engineering Pty Ltd will be held on May 20, 2019, at 11:00 a.m. at
the offices of Hall Chadwick, Level 40, 2 Park Street, in Sydney,
NSW.

Brent Trevor-Alex Kijurina and Joanne Keating of Hall Chadwick were
appointed as administrators of Petrolink Engineering on May 8,
2019.

SMHL SERIES 2019-1: S&P Assigns Prelim BB Rating to Class E Bonds
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Ltd. as trustee for SMHL Series Securitisation Fund
2019-1. SMHL Series Securitisation Fund 2019-1 is a securitization
of prime residential mortgages originated by Members Equity Bank
Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated bonds comprises bond subordination, excess spread and
lenders' mortgage insurance on 36.5% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.0% of the outstanding mortgage balance, the principal
draw function, and a spread reserve that builds from available
excess spread, after the call-option date, are sufficient to ensure
timely payment of interest.

-- The extraordinary expense reserve of A$150,000 is provided via
a cash drawing under the payment funding facility on the closing
date to meet extraordinary expenses. The reserve is to be topped up
from excess spread, if any, to the extent it has been drawn and has
not been reimbursed from an additional payment funding facility
draw.

-- The fixed- to floating-rate interest-rate swaps provided by
[Australia and New Zealand Banking Group Ltd.] and [National
Australia Bank Ltd.] to hedge the mismatch between the fixed-rate
receipts on the fixed-rate loans and the floating-rate interest
payable on the bonds. A fixed-rate end date in June 2024, in the
transaction structure means all fixed-rate loans in the trust must
convert to floating rate by the fixed-rate end date.

  PRELIMINARY RATINGS ASSIGNED

  SMHL Series Securitisation Fund 2019-1

  Class      Rating         Amount (mil. A$)
  A          AAA (sf)       690.00
  AB         AAA (sf)        33.00
  B          AA (sf)         11.25
  C          A (sf)           7.50
  D          BBB (sf)         3.75
  E          BB (sf)          2.25
  F          NR               2.25

  NR--Not rated.


THINKHOLDINGS LIMITED: Second Creditors' Meeting Set for May 17
---------------------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- Thinkholdings Limited
   -- Thinktrading Pty Ltd
   -- Mortron Pty. Ltd.
   -- Thinkprocurement Pty Ltd
   -- Pay Smart Plus Pty Ltd

has been set for May 17, 2019, at 10:00 a.m. at Level 9, 1
Castlereagh Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 16, 2019, at 4:00 p.m.

Hugh Armenis and Katherine Barnet of Bentleys Corporate Recovery
were appointed as administrators of Thinkholdings Limited on March
7, 2019.



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C H I N A
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KANGMEI PHARMACEUTICAL: Overstates Cash Holdings, Auditor Probed
----------------------------------------------------------------
Wang Jing and Fran Wang at Caixin Global report that the auditor of
an embattled pharmaceutical company has been placed under
investigation by China's securities regulator, after the drugmaker
was suspected of fabricating a financial report.

GP Certified Public Accountants Co. Ltd. was put under probe by the
China Securities Regulatory Commission (CSRC) on May 10, a source
close to the accounting agency told Caixin. The firm declined to
comment when contacted.

According to Caixin, GP Certified is the auditor of Shanghai-listed
traditional Chinese medicine supplier Kangmei Pharmaceutical Co.
Ltd., which has itself been under investigation by the CSRC since
late December for allegedly violating information disclosure laws
and rules. Caixin relates that the pharmaceutical company announced
at the end of last month that it was making massive corrections to
its financial report for 2017, including an overstatement of
CNY29.9 billion ($4.4 billion) in the company's cash holdings,
which is a new record of its kind according to Caixin's
calculation. Kangmei's stock is a component of MSCI Inc.'s global
indexes.

Caixin says the Shanghai Stock Exchange (SSE) on May 5 demanded
Kangmei explain how the discrepancy happened, why the errors were
not uncovered in a timely manner, who was responsible, and how
funds were spent and whether they were used for illicit purposes.
The bourse also specifically required the auditor to give its
"opinions" on or provide "additional details" in answer to those
questions, Caixin relays.

"GP Certified Public Accountants is under enormous pressure because
it can't give reasonable answers to many detailed (questions)," the
source told Caixin. "It would be equivalent to admitting that the
agency was engaged in financial fabrication if it gives clear-cut
answers."

In the note issued earlier this month, the SSE blasted Kangmei
founder and Chairman Ma Xingtian over his comments to the press
following the company's revelation of the correction, in which he
downplayed the incident as an inadvertent error rather than fraud.

"The company (Kangmei) must make a strict distinction between
deliberate financial falsification by management and a
misunderstanding of accounting standards. It should carry out an
honest checkup of whether it violated information disclosure laws
and rules while compiling its financial reports," the SSE said in
the note cited by Caixin.

Kangmei's share price has nearly halved since it revealed the
correction on April 30, the report says.

Caixin adds that the company has previously been implicated in
bribery cases involving government officials. Caixin, citing court
documents released in June, discloses that the company bribed a
former drug safety supervision official in the southern province of
Guangdong, where it is based, to the tune of CNY300,000 from 2014
to 2015. In February, the company was rattled by default risks on
$300 million of bonds. The crisis was eased later after the
Guangdong provincial government stepped in.

Caixin says penalties available to the CSRC for unscrupulous
financial market intermediary agencies include reprimands, warning
letters, and fines, which are usually three to four times the
institutions' illegal gains.

GP Certified has been Kangmei's auditor since it went public in
2001, according to Caixin. The firm is the largest auditing company
in Guangdong and ranked 22nd in China in 2017 with revenues of
CNY492 million. Kangmei paid the accounting firm a total of CNY37
million for services over the past decade, higher than the average
paid by listed companies in the country. GP Certified audits
another 86 Chinese listed companies, most of which are local firms
in Guangdong, Caixin discloses.

Kangmei Pharmaceutical Co., Ltd. produces and sells Chinese
medicines in China. It also offers chemical medicines and food
products; and operates hospitals and Chinese medicine pharmacies.


MAOYE INTERNATIONAL: S&P Hikes Long-Term ICR to B, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised the long-term issuer credit rating on
Maoye International Holdings Ltd. to 'B' from 'B-' to reflect the
company's declining refinancing risks--thanks to improving
operation performance, stronger cash inflows from property sales,
and moderating capital structure. Despite Maoye's deleveraging
effort, the company's debt leverage remains relatively high.

Maoye's longer-term strategy to move away from conventional
department stores to modern shopping mall formats has been
effective and S&P expects the rise in rental income to support the
company's cash flow over the next three years. Maoye has become
less involved in direct sales or profit sharing with vendors and
incurred more stable and predictable cash flow from rents.

Maoye's investment in the property business prior to 2016 has
started to provide returns. As Maoye focuses on its retail
business, it does not plan to invest in property development going
forward and S&P does not expect large cash outflows from the
property business. In 2018, net cash inflows from its property
business was around Chinese renminbi (RMB) 1.4 billion and
contributed 16% of total revenue. Given that Maoye still has
properties worth around RMB7.05 billion at hand--which are ready to
sell—S&P expects the inflows to remain between RMB1.4
billion-RMB1.8 billion over the next one to two years.

S&P sees a gradual reduction in Maoye's debt balance and reliance
on short-term maturities in the past three years, thanks to the
company's deleveraging efforts and maturity controls. Maoye repaid
around RMB0.9 billion in 2018--approximately 5% of its total
reported debt--and its short-term debt ratio declined to around 39%
as of December 2018 from 60% at the end of 2015. It issued a
two-year U.S.-dollar denominated bond in the second half of 2018
when market sentiment was very cautious, which slightly lengthened
its average debt maturity.

After Maoye made aggressive debt-funded acquisitions totaling
RMB3.3 billion in 2016, it became more conservative. It has
utilized more fixed assets to secure debt, which now account for
82% of debt from 74% two years ago. Overall, the debt-to-EBITDA
ratio dropped to 5.0x in 2018 from 9.3x in 2016, partially thanks
to large gains from property sales. There were no significant
mergers and acquisitions within the same period.

S&P said, "The stable outlook reflects our view that Maoye's
capital structure will continue to improve through its deleveraging
efforts and that refinancing risk will decrease with improving cash
flow generation over the next several years as well as access to
multiple sources.

"We could lower the rating if Maoye's liquidity or capital
structure deteriorates. More specifically, we could lower the
rating if liquidity sources can cover less than 0.7x of the
company's liquidity needs over the next 12 months or if the
company's debt to EBITDA exceeds 8x. The most likely drivers of
these are: a significant reduction in revenue and cash flow from
Maoye's property segment relative to our expectation, a material
deterioration in the retail business that causes a decline in
operating cash flow, or aggressive debt-funded acquisitions.

"We could raise the rating if Maoye's debt leverage improves
further. This could happen if the company's operating performance
exceeds our expectation significantly, or if the company repays its
debts while maintaining sufficient liquidity buffer, to the extent
that debt leverage volatility is reduced and the debt-to-EBITDA
ratio is sustainably lower than 5x."



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H O N G   K O N G
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PEARL HOLDING: S&P Affirms 'B' Long-Term ICR, Outlook Negative
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Pearl Holding III Ltd. and its 'B' long-term issue rating on the
company's outstanding senior secured notes.

S&P said, "The affirmation reflects our expectation that Pearl's
operational improvement initiatives in cost savings and new
business development are likely to remain on track. We expect the
company's operating efficiency and financial metrics to gradually
improve with the completion of one-off restructuring processes by
2019. However, we view that the company is facing tough operating
conditions due to volatile automotive and smartphone end-market
demand amid an anticipated global economic slowdown in 2019. As
such, we expect Pearl's adjusted gross debt leverage to remain high
and discretionary cash flows to be minimal over the next 12
months.

"We expect Pearl's sales to remain soft in 2019, mainly
attributable to volatility in auto parts, its largest business
segment, in 2019. Auto parts represented about 44% of Pearl's
revenue in 2018 and 50% of pro forma revenue in 2017. Revenue in
the segment declined by 12% in 2018 on weak end-market demand and
the end-of-life cycles of certain programs, and we expect another
high single-digit revenue decline in 2019. Due to weaker consumer
sentiment, we estimate total global vehicle sales volume will
decrease by about 0.5% in 2019. As such, we believe sluggish global
auto demand will weigh on Pearl's earnings and cash flows in 2019.

"We anticipate escalating competition in the smartphone industry to
present challenges for Pearl's mobile segment. The company has
meaningful sales exposure to a key mobile phone manufacturer, which
launches new phones once a year. This customer's sales were weak in
the first quarter of 2019 due to intensifying market competition.
Given the fierce price competition in the smartphone industry, we
expect this customer's sales will not see material improvement
until a new product launch in the third quarter of 2019. Pearl's
consumer electronics segment is subject to similar cyclicality and
seasonality amid product upgrade cycles as its major customers.
Accordingly, we expect Pearl to face higher earnings volatility
over the next 12 months.

"Despite the headwinds and volatility in end-market demand, we
believe ongoing execution of operational improvement initiatives at
Pearl should partially help to mitigate earnings pressure from the
automotive and mobile businesses. Pearl achieved 103% of its target
cost savings in 2018, including sourcing, production, and
overheads. Based on its good execution track records and cost
discipline, we expect it is likely to finish all restructuring work
in 2019 as planned. The company targets to gradually realize its
anticipated cost savings of US$4.6 million from its Suzhou mega
site consolidation and Singapore site consolidation over the next
12 to 24 months.

"We estimate Pearl's adjusted gross debt leverage to remain high at
6.0x-6.4x in 2019 (inclusive of one-off restructuring costs), which
is somewhat better than 6.75x in 2018 mainly due to lower
restructuring costs incurred for site consolidation. On a
normalized basis (excluding one-off restructuring costs), we
anticipate Pearl's adjusted gross debt leverage will increase to
5.3x-5.6x in 2019, compared with 5.2x in 2018, due to business
uncertainty from end market demand. After the completion of
restructuring, we estimate the company's leverage to improve to
5.2x-5.6x in 2020. In addition, we expect the company's financial
policy to remain aggressive, given it is owned by Platinum Equity
Partners, a private equity firm. If the business performance is on
track, we cannot rule out the possibility of debt-financed
dividends or other actions to reward the private equity owners.

"The negative outlook on Pearl reflects our expectation that the
company's debt leverage and liquidity position will continue to
face downward pressure over the next 12 months, given weak
end-market demand, especially in the automotive segment.
Nevertheless, we expect the company to maintain its market position
over the period.

"We may lower the rating on Pearl if the company's adjusted gross
debt-to-EBITDA ratio approaches 6x on a sustained basis, or if its
liquidity position deteriorates materially, indicated by lower cash
balance or the company making a material drawdown of its credit
facility. This could also result from a significant decline in
demand for the company's products, a significant increase in
capital expenditure or debt-financed special dividends, leading to
materially negative discretionary cash flows.

"We may revise the outlook to stable if Pearl maintains its
adjusted gross debt-to-EBITDA ratio below 5.5x, while maintaining
an adequate liquidity position. This could happen if Pearl can
recover its business momentum and effectively execute its cost
saving initiatives, and generate positive discretionary cash flow
sustainably."



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

ADVAIT STEEL: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Advait Steel Rolling
Mills Private Limited (ASR) continues to be 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit         2.75        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Term Loan           3.04        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Working Capital     4.21        CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING)

CRISIL has been consistently following up with ASR for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 ASR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASR is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

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

AMRIT JAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s. Amrit Jal Ventures Private Limited
        1-7-293, M.G. Road
        Secunderabad 500003
        Telangana State, India

Insolvency Commencement Date: May 7, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: November 3, 2019

Insolvency professional: Mr. T.V. L Narasimha Rao

Interim Resolution
Professional:            Mr. T.V. L Narasimha Rao
                         Flat No. G1, G2 & 202, Mani Plaza
                         H.No. 6-2-101/7/A&B, New Bhoiguda
                         Secunderbad 500003
                         Telangana State, India
                         E-mail: omnelawsolutions@gmail.com
                                 tvlnrao10658ajvpl@gmail.com

Last date for
submission of claims:    May 21, 2019


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

The instrument-wise rating actions are:

-- INR97.5 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR26.63 mil. Term loan due on July 30, 2022 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR50.3 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 18, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Ashcons Infrastructure is a Class 1-A contractor that undertakes
civil construction and turnkey projects for roads, highways and
urban infrastructure (water, sanitation and sewerage, bridges,
beautification projects, and commercial building and complexes),
mainly for government agencies in Maharashtra.

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

The instrument-wise rating actions are:

-- INR230 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR10 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
8, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Atlantis Products, a Rajiv Group company, is a manufacturer and
exporter of a woven sack. It caters to various segments such as
cement, foodgrain, fertilizer and tarpaulin fabric.

BEND-N-FAB ENGINEERING: CARE Assigns B+ Rating to INR9.25cr Loan
----------------------------------------------------------------
CARE Ratings has assigned ratings to the bank facilities of
Bend-N-Fab Engineering Private Limited (BNF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           9.25       CARE B+; Stable Assigned

   Long-term/Short-     2.50       CARE B+; Stable/CARE A4
   term Bank                       Assigned
   Facilities           
                                   

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BNF are constrained
by small scale of operations with fluctuations over last 4 years
ended FY18 (refers to the period April 1 to March 31), leveraged
capital structure & weak debt coverage indicators, highly working
capital intensive nature of operations, moderately low order book
position and presence in competitive & fragmented industry coupled
with high dependence on core sectors.

The ratings, however, derive strengths from the company's long
track record coupled with highly experienced promoter in
manufacturing & fabrication of industrial equipment, established
relationship with reputed albeit concentrated clientele &
suppliers, and healthy albeit fluctuating profit margins with
susceptibility to volatile raw material prices. The ability of the
company to increase the scale of operations and improve profit
margins amidst competitive scenario, improve the capital structure
and the liquidity position by efficiently managing the operating
cycle is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with fluctuations over last 4 years: The
scale of operations of BNF stood small with the total operating
income ranging from INR2.50-5.75 crore over FY15-FY18. Moreover,
the same has been fluctuating over the same period owing to
fluctuating demand from the customers, given the capital goods
nature of its products; coupled with prevailing competition in the
market. Given this, the tangible net-worth base also stood small,
thereby limiting the financial flexibility of the company to a
greater extent.

Leveraged capital structure & weak debt coverage indicators: The
capital structure of BNF stood leveraged with the overall gearing
ranging from 0.50-1.70 times over FY15-FY18, given the high
reliance on working capital bank borrowings and unsecured loans
from promoters & relatives. Given this, coupled with low
profitability & cash accruals, the debt coverage indicators also
stood weak with the total debt/GCA and interest coverage ranging
from 4.50-18 times and 1.60- 2.60 times over the same period.

Working capital intensive nature of operations marked by long
production cycle: The operations of BNF are highly working capital
intensive in nature with a majority of funds of over 400-850 days
blocked in inventory given the long production cycle of over 6
months of fabrication of industrial equipment and over 60-95 days
blocked in debtors. Given this, the operating cycle also stood
elongated at 335-780 days over FY16-FY18. Given this, the average
working capital utilization in the last 12 months ended January
2019 stood high at ~76%.

Moderately low order book position: The order book position of BNF
stood moderately low with 7 open orders totaling to INR1.99 crore
of pending execution value as on February 7, 2019, of which INR0.99
crore is expected to be executed by March 2019 thereby providing
low revenue visibility in short-term.

Presence in competitive & fragmented industry coupled with high
dependence on core sectors: BNF operates in a highly competitive &
fragmented industry with a number of organized & unorganized
players engaged in job-work activities of fabrication of various
industrial products. Moreover, with the increasing exposure to own
sales, the company is also exposed to competitive bidding that
needs to be undertaken for tender-driven nature of orders from
reputed customers. Furthermore, the business of the company is
highly dependent on the capital expenditures planned & undertaken
by various core sector industries, since such products carry an
average life of over 10-20 years.

Key Rating Strengths

Long track record of operations coupled with highly experienced
promoter in manufacturing & fabrication of industrial equipment:
BNF possesses a long track record of over 21 years of operations in
manufacturing & fabrication of industrial equipment. The company
operates through two of its manufacturing facilities located
adjacent to each other at Mahape in Navi Mumbai, Maharashtra.
Moreover, the company also possesses various quality certifications
for viz. ASME (American Society of Mechanical Engineers),
Certificate of Authorization from The National Board of Boiler &
Pressure Vessel Inspectors, ISO 9001:2015, etc. The overall
operations of BNF are looked after by the promoter--Mr. Chandrahas
Shetty, who possesses a total experience of over 38 years in
manufacturing & fabrication of industrial equipment. He has gained
the majority of his requisite experience in the due course of his
association with BNF.

Established relationship with reputed albeit concentrated clientele
& suppliers: BNF has established long-term relationships with
various reputed customers across various sectors viz. oil & gas,
petroleum, fertilizers, sugar, power generation & transmission,
marine, cement, engineering, etc. However, the customer profile of
the company is concentrated with the top 5 customers comprising
87.46% of the net sales in FY18 (vis-à-vis 90.75% in FY17).
Moreover, the supplier profile of the company is also concentrated
with the top 5 suppliers comprising 48.56% of the total purchases
in FY18 (vis-a-vis 82.23% in FY17).

Healthy albeit fluctuating profit margins with susceptibility to
volatile raw material prices: The PBILDT margin of BNF stood
healthy in the range of 20-40% over FY15-FY18, given the majority
of job-work nature of operations of fabrication of various
industrial equipment, coupled with more focus on low-volume &
high-margin products. However, the same has been fluctuating over
the same period owing to fluctuations in realizations garnered from
different types of orders, coupled with changing mix of own sales &
job-work sales. The PBILDT margin is also susceptible to volatility
in steel prices of various types of steel viz. carbon steel, low
alloy steel, stainless steel, duplex stainless steel, etc. However,
owing to high interest and depreciation cost, the PAT margin stood
moderate in the range of 0.25-2.25% over the aforementioned
period.

Liquidity Analysis

The liquidity profile is marked by high current ratio and low quick
ratio at 1.79 times and 0.61 times respectively as on March 31,
2018 (vis-a-vis 1.34 times and 0.45 times respectively as on March
31, 2017), whereas the cash & bank balance stood at INR0.23 crore
as on March 31, 2018 (vis-à-vis INR0.96 crore as on March 31,
2017). The net cash flow from operating activities stood negative
at INR0.63 crore in FY18 (vis-a-vis negative at INR1.97 crore in
FY17).

Incorporated in 1994 by Mr. Chandrahas Shetty, Bend-N-Fab
Engineering Private Limited (BNF) is engaged in manufacturing &
fabrication of various industrial equipment viz. coolers,
condensers, heat exchangers, pressure vessels, water heaters,
boilers, kiln shells, chaser piles, stack & dryer jacket, columns &
structures, etc. finding a wide range of varied industrial
applications across various sectors viz. oil & gas, petroleum,
fertilizers, sugar, power generation & transmission, marine,
cement, engineering, etc. The products manufactured by the company
are majorly catered to the engineering companies across various
parts of India, for whom the company undertakes job-work activities
(job-work income comprised 73.41% of the net sales in FY18 as
against 97.08% in FY17), and also owned sales to some of the
reputed players in the aforementioned industries. On the other
hand, the primary raw materials viz. plates, seamless pipes &
tubes, flanges, plate material, welding electrodes, grinding &
cutting wheels, and other consumables are procured from the
domestic manufacturers & suppliers of the same from Gujarat,
Maharashtra, Delhi, Uttar Pradesh, etc.

BHAARATHI SPINTEX: Ind-Ra Assigns 'BB+' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bhaarathi Spintex
India Private Limited (BSIPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR192.5 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR155.6 mil. Term loan due on June 2024 assigned with IND
     BB+/Stable rating; and

-- INR13.6 mil. Non-fund-based working capital limit assigned
     with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect BSIPL's medium scale of operations, with
revenue of INR956.7 million in FY18 (FY17: INR946.6 million). The
revenue rose because of an increase in orders. The absolute EBITDA
declined to INR103.0 million (FY17: INR116.4 million) due to an
increase in variable costs and a decrease in realizations. In
10MFY19, the company recorded operating revenue of INR846.5 million
and EBITDA of INR94.4 million.

The ratings also factor in the modest credit metrics due to the
modest EBITDA margins. The net leverage (adjusted net
debt/operating EBITDA) was 3.9x in FY18 (3.5x in FY17) and interest
coverage (operating EBITDA/gross interest expenses) was 2.4x
(2.5x). The metrics deteriorated mainly on account of the decline
in the absolute EBITDA. The company's EBITDA margin was volatile
over FY15-FY18, ranging between 10.8%-14.3%, due to raw material
price fluctuations. The margin stood at 10.8% in FY18 (FY17: 12.3%)
and the return on capital employed was 8% (8%).

The ratings also reflect BSIPL's tight liquidity, as indicated by a
98.5% fund-based limit utilization during the 12 months ended March
2019.  Its cash flow from operations was INR95.6 million in FY18
(FY17: INR40.8 million) and cash and cash equivalent stood at
INR2.0 million (INR1.0 million).

The ratings further reflect the highly competitive and fragmented
nature of the cotton yarn business, with a large number of both
organized and unorganized players.

The ratings, however, benefit from BSIPL's location advantage. The
firm's facility in Tiruchengode, Tamil Nadu, is located close to
sources of raw material, thereby enabling the firm to procure the
raw material at competitive prices.

The ratings are also supported by the promoter's experience of over
a decade in the yarn business.

RATING SENSITIVITIES

Negative: Any decline in the revenue and/or the operating
profitability, leading to deterioration in the credit metrics and
liquidity, on a sustained basis, will be negative for the ratings.

Positive: Any rise in the revenue, along with an increase in the
profitability, leading to an improvement in the credit metrics,
will lead to positive rating action.

COMPANY PROFILE

BSIPL was incorporated in 2011 and commenced operations in 2012,
and has an installed spindle capacity of 21,600 spindles. The
company produces cotton yarn in the count range of 16s-40s.

BHAGWATI RECYCLING: CARE Assigns B Rating to INR18.52cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bhagwati
Recycling Private Limited (BRP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          18.52       CARE B; Stable Assigned

Detailed Rationale & Key Rating drivers

The rating assigned to the bank facilities of BRP is constrained by
implementation risk along with off take associated with funding
risk. The rating is further constrained by exposure to raw material
price volatility and company's presence in competitive and
fragmented industry. The rating, however, derives strength from
experienced promoters.

Going forward, the ability of the company to achieve envisaged
sales of its products at projected sales price and to complete
ongoing project within envisaged time and cost would remain its key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Implementation risk along with off take associated with funding
risk: BRPL is planning to establish a new unit in FY20 by
installing new plant and machineries for manufacturing of aluminium
billets. The total cost is envisaged at INR13.60 crore which will
be funded through a debt equity mix of 3.1. The debt for the same
has not been tied up and the execution is at very nascent stage.
Thus, post project implementation risk is associated in the form of
stabilization of the manufacturing facilities to achieve the
envisaged scale of business at projected profitability margins in
the light of competitive nature of industry.. The commercial
operations of the unit are expected to commence from December,
2019.

Exposure to raw material price volatility: The main raw material of
the company will be aluminium scrap which are volatile in nature.
The company will sources its raw material on requirement basis from
the open market from suppliers/traders located in various states
such as Delhi, Haryana, and Rajasthan at the prevailing prices.
Thus, any adverse change in the prices of the raw material may
affect the profitability margins of the company.

Highly fragmented and competitive nature of industry: The industry
in which the company operates is highly fragmented and competitive
marked by the presence of numerous large and small players in
India. Hence, the players in the industry do not have any pricing
power and are exposed to competition induced pressures on
profitability. This apart, its products are subjected to the risks
associated with the industry like cyclicality and price
volatility.

Key Rating Strengths

Experience of promoters: BRPL was promoted by Mr. Arpit Aggarwal
and Ms. Purty Aggarwal. Both the promoters are graduate by
qualification and having an industry experience of around 9 years
and 3 years respectively in the industry through their association
with BRPL and a group concern, Balaji Aluminium Extrusions Private
Limited (BAEPL).

Bhagwati Advisory Services Private Limited was incorporated by
Arpit Aggarwal and Ankur Aggarwal in January, 2007 as a private
limited company with the objective of providing financial
consultancy services. Later in August, 2018 the company renamed as
Bhagwati Recycling Private Limited (BRPL) and currently being
managed by its promoters i.e. Arpit Aggarwal and Purty Aggarwal.
BRPL has its manufacturing facility based at Jhajjar, Haryana for
manufacturing of aluminium billets with a proposed installed
capacity of 6000 metric tonne per annum. The commercial operations
of the unit are expected to commence from December, 2019.

BRIMSON CABLES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Brimson Cables Private Limited

        Registered office:
        591-A/2B/4 Arjun Gali Vishwas Nagar
        Delhi 32

Insolvency Commencement Date: May 8, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: November 4, 2019
                               (180 days from commencement)

Insolvency professional: Gulshan Gaba

Interim Resolution
Professional:            Gulshan Gaba
                         GH-13, Flat No. 882, Paschim Vihar
                         New Delhi 110087
                         E-mail: cagulshangaba@yahoo.com
                                 cirp.brimson@gmail.com

Last date for
submission of claims:    May 22, 2019


ESSAR STEEL: NCLAT to Hear Insolvency Case Dispute Daily
--------------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Appellate Tribunal (NCLAT) has decided to hear the Essar Steel
insolvency case dispute on a daily basis for an early resolution.

ArcelorMittal, the winning bidder, has been fighting to takeover
the steel company for over one-and-half year but there is no sign
of a resolution yet, the report says.

Arguing on behalf of Essar Steel's financial creditor Standard
Chartered Bank (SCB) on May 13, senior advocate Kapil Sibal said
ArcelorMittal's bid is only INR39,500 crore rather than INR42,000
crore as claimed by the company in the Supreme Court, according to
the report.

BusinessLine relates that Sibal said ArcelorMittal has carved out
INR2,500 crore from the bid for working capital which should have
ideally gone to the financial creditors.

Moreover, the truncated four-member committee of creditors
privately negotiated with ArcelorMittal to get a slurry pipeline,
which was not even part of Essar Steel's asset, the report says.

Odisha Slurry Pipeline India (OSPIL), which owns a 253-km slurry
pipeline critical for Essar Steel operations, is owned 70 per cent
by Srei Infrastructure and only the rest is owned by Essar Steel,
BusinessLine discloses.

An amount of INR2,500 crore, which should have been paid to
Standard Chartered, has been diverted to lenders of OSPIL, he
said.

Raking up conflict of interest issues, Sibal said the common
lenders of OSPIL and Essar Steel are also part of Essar Steel
Committee of Creditors, says BusinessLine. Such private
negotiations in an unrelated company in the insolvency process by
four members of the CoC is detrimental to Essar Steel stakeholders,
he argued, BusinessLine relays.

Standard Chartered Bank also claimed that the profit made by Essar
Steel during the insolvency process is being misappropriated, adds
BusinessLine.

At this stage, the NCLAT questioned why profits generated during
the period are given to financial creditors, when in fact it is the
operational creditors who have supported Essar during the
insolvency process and supplied goods and services. Without this
the profits would not have been even generated, BusinessLine says.

                         About Essar Steel

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

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

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

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

FAROUK SODAGAR: CRISIL Maintains C Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Farouk Sodagar
Darvesh and Co. Private Limited (Darvesh) continues to be 'CRISIL
C/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Funded Interest      17         CRISIL C (ISSUER NOT
   Term Loan                       COOPERATING)

   Letter of Credit     15         CRISIL A4 (ISSUER NOT
                                   COOPERATING)

   Working Capital      85         CRISIL C (ISSUER NOT
   Term Loan                       COOPERATING)

CRISIL has been consistently following up with Darvesh for
obtaining information through letters and emails dated October 31,
2018 and April 9, 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 Darvesh, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Darvesh is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of Darvesh continues to be 'CRISIL C/CRISIL A4 Issuer
not cooperating'.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Western Lumbers (WL) and FSD. The
entities, together referred to as the Darvesh group, are managed by
the same promoter family and trade in similar products. There have
been instances of financial transactions between them. They share
infrastructure, and procurement, finance, and management teams.

The Darvesh group was founded by the Miya Ahmed Darvesh family in
1909. Trading in timber is its main business. The group started
trading in steel bars in 2003, but discontinued the business in
2012 because of slowdown in the end-user industry (real estate).

FLAMINGO INN: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Flamingo Inn Private
Limited (OPC) (FIPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan        10        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with FIPL for obtaining
information through letters and emails dated October 31, 2018 and
April 09, 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 FIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on FIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2014, FIPL is setting up a hotel in
Thiruvananthapuram (Kerala) and is promoted by Mr Saiffuddeen
Meerasahib. The operations are started from September 2016.

GIRIRAJ TRADING: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Giriraj Trading Co.
(GTC) continues to be 'CRISIL B/Stable Issuer not cooperating'.

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

   Proposed Long Term    5.45      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)


    Term Loan            1.55      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with GTC for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 GTC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GTC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Established in 1996 in Mumbai as a proprietorship firm by Mr.
Girish Shah, GTC trades in chemical additives such as calcium
carbonate, fillers, lead, and PE-wax. Operations are managed by Mr.
Girish Shah and his son, Mr. Padmanabh Shah. The firm has
warehouses in Delhi, Vadodara, and Mumbai.

GODAVARI MEGA: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Godavari Mega Aqua
Food Park Private Limited (GMAFPPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Working      9.71       CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING)

   Term Loan            45.29       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GMAFPPL for
obtaining information through letters and emails dated October 31,
2018 and April 9, 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 GMAFPPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on GMAFPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

GMAFPPL is a special purpose vehicle promoted by a cluster of nine
companies for setting up a mega food park in West Godavari district
of Andhra Pradesh. The food park will have a cold storage facility
and a processing facility for shrimp, fish, prawns, and crabs.

GSR AND KKR: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of GSR and KKR
Educational Society (GSR) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           1         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Long Term Loan        6         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with GSR for obtaining
information through letters and emails dated October 31, 2018 and
April 09, 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 GSR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GSR is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

GSR located in Andhra Pradesh (AP), was established in 2007 under
the Society's Registration Act, 1861. The society operates an
education institute 'KKR & KSR Institute of Technology & Sciences'
in Vinjanampadu near Guntur in Andhra Pradesh. The college offers
undergraduate and post graduate courses in engineering and business
management.

GURU KIRPA: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Guru Kirpa Rice Mills
(GKRM) continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           14        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Inventory Funding      4        CRISIL B+/Stable (ISSUER NOT
   Facility                        COOPERATING)

CRISIL has been consistently following up with GKRM for obtaining
information through letters and emails dated October 31, 2018 and
April 09, 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 GKRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GKRM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

GKRM, established in 2002, was set up as a partnership firm by Mr.
Bhupinder Singh, Mr. Jatinder Singh, and Mr. Partap Singh. The firm
is into milling and processing of basmati rice (Pusa 1121 quality).
It has one processing unit at Jalalabad (Punjab), with milling and
processing capacity of 30 tonnes per day. GKRM primarily sells rice
and its byproducts in the domestic market. The majority of its
customers are merchant exporters, who export the rice to the Middle
East.

HERITAGE DISTILLERIES: CRISIL Retains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Heritage Distilleries
Private Limited (HDPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Proposed Term         14       CRISIL B/Stable (ISSUER NOT
   Loan                           COOPERATING)

CRISIL has been consistently following up with HDPL for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 HDPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HDPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

HDPL was incorporated in 1999 by Mr. Kartick Swain and his family.
It owns a manufacturing facility with area of 1.3 acres and
capacity of 0.12 million cases per month, which it has leased to
United Spirits Ltd (USL) for manufacturing Indian-made foreign
liquor. The lease is for 5 years and is renewable for 5 years. HDPL
plans capital expenditure for expanding its facility, which will
also be leased to USL.

JAISWAL BATTERY: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jaiswal Battery
Service (JBS) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       7.5        CRISIL D (ISSUER NOT
                                   COOPERATING)
   Cash Credit          7.0        CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with JBS for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 JBS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JBS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

JBS is a proprietorship firm, set up in 1985, by Mr Raj Kumar
Jaiswal in Lucknow. The firm manufactures and assembles various
types of solar power products such as street lamps, home light
systems and power plants. The firm, which has an ISO 9001:2008 and
ISO 14001:2004 certification, derives around 90% of revenue from
government projects, run by Uttar Pradesh New and Renewable Energy
Development Agency (UPNEDA), and the rest, from private players.

KALE INFRA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Kale Infra Projects Private Limited
        Kale Pride, Cinema Road, Ward 5
        Baramati 413102

Insolvency Commencement Date: May 6, 2019

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: November 2, 2019
                               (180 days from commencement)

Insolvency professional: Laxman Digambar Pawar

Interim Resolution
Professional:            Laxman Digambar Pawar
                         Flat No. 16, First Floor, Bhakti Complex
                         Behind Dr. Ambedkar Statue, Pimri
                         Pune 411018
                         Mobile: 9921516368, 9422327957
                         E-mail: cmapawar1@gmail.com

Last date for
submission of claims:    May 23, 2019


KAMAL SUITINGS: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kamal Suitings
Private Limited (KSPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

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

   Letter of Credit       .5       CRISIL D (ISSUER NOT
                                   COOPERATING)
   Standby Letter
   of Credit              .5       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Term Loan             3.5       CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with KSPL for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 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 KSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KSPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

KSPL is a Bhilwara (Rajasthan)-based entity acquired in 2008 by Mr.
Kapil Maheshwari. The company manufactures and markets synthetics
blended suiting cloth, which it supplies to wholesalers all over
the country.

KANERIA GRANITO: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Kaneria Granito Ltd.
        606/A/2, Tirupati Plaza
        B/H Multi Storied Bldg
        Nr Collector Office, Athwa Gate
        Surat 395001
        Gujarat, India

Insolvency Commencement Date: April 26, 2019

Court: National Company Law Tribunal, Surat Bench

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

Insolvency professional: CA Vineeta Maheshwari

Interim Resolution
Professional:            CA Vineeta Maheshwari
                         M-19-21, Metro Tower
                         Ring Road, Surat 395002
                         Gujarat, India
                         Tel.: +91-261-4014277
                         Mobile: +91-93767-81166
                         E-mail: cavineetak@gmail.com

Last date for
submission of claims:    May 23, 2019


KWALITY LTD: Lenders to Vote on Bid Submission Deadline Extension
-----------------------------------------------------------------
Livemint.com reports that lenders of Kwality Ltd on May 13 decided
to carry out voting on extending the May 15 deadline for submitting
the resolution plan by interested bidders, including Haldiram and
Kotak group firm, sources said.

The lenders would also vote on seeking extension of insolvency
proceedings by 90 days, they said.

As many as five companies--Haldiram, Kotak fund, LVP Foods, Aion
and TPG Capital--have expressed interest to bid for acquiring
Kwality, notes the report.

According to Livemint.com, sources said that a committee of
creditors (CoC) met on May 13 to discuss the issue of extension of
CIRP by 90 days and also to consider extending more time for
submitting resolution plans.

Financial creditors have made a claim of INR1,900 crore, they
added.

In 2016, Kwality Ltd had announced that it had raised INR300 crore
from KKR India Financial Services and got additional commitment of
INR220 crore, Livemint.com recalls. The amount was raised to fund
its expansion plans and enter into consumer segment.

Kwality Limited manufactures dairy products which includes skimmed
milk powder, diary whitener, whole milk powder, ice cream mix
powder, butter and ghee.

Kwality is currently undergoing the Corporate Insolvency Resolution
Process (CIRP) as per the provisions of the Insolvency and
Bankruptcy (IBC) Code, pursuant to an order of the NCLT, New Delhi,
dated December 11, 2018. Global private equity player KKR had filed
insolvency plea against Kwality.

Shailendra Ajmera, who is from Ernst and Young, has been appointed
as the resolution professional to conduct the insolvency
proceedings.

LATA EXPORTS: CARE Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lata
Exports Apparels Private Limited (LEAPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       7.50      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

   Short-term Bank      6.75      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 9, 2018, placed the
rating(s) of LEAPL under the 'issuer non-cooperating' category as
Lata Exports Apparels Private Limited had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. LEAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 8, 2019, April 15, 2019
and April 22, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers (updated from the
publicly available information and interaction with banker):

LEAPL's ability to establish clear track of servicing of its debt
obligations with generation of sufficient cash accruals is the key
rating sensitivity.

Key updates

Delay in debt servicing: As per the interaction with the banker,
the account has been classified as NPA.

Incorporated in 1996 by the Karthikeyan family, Lata Exports
Apparels Private Limited (LEAPL) is engaged into manufacturing of
ready-made garments and uniforms for men, women and children. It
exports its products to USA, UK, Germany, Mexico and Australia
(contributing ~56.30% to total income) and domestically to
retailers and wholesalers (contributing ~13.72% to total income).
Furthermore, LEAPL undertakes job work of garment manufacturing for
other entities and brands such as Ashima Limited and India Fashions
Limited (contributing ~29.98% to total income during FY16). LEAPL
has its manufacturing facility at Bhiwandi with an installed
capacity of 75,000 pieces per month having capacity utilisation of
65% during FY16.

LEKHYA MOTORS: CARE Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lekhya
Motors Private Limited (LMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       12.50     CARE B+; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 16, 2018, placed the
rating(s) of LMPL under the 'issuer non-cooperating' category as
LMPL had failed to provide information for monitoring of the
rating. LMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated March 5, 2019, March 6, 2019, March 7, 2019, April
29, 2019 and May 2, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings assigned to the bank facilities of Lekhya Motors
Private Limited (LMPL) continues to be tempered by small scale of
operations, working capital intensive nature of operations, volume
driven business with intense competition in the auto dealership
industry and cyclical nature of the industry and sensitive to
various government regulations. Further the rating takes in to
account elongated working capital cycle, leveraged capital
structure and weak debt coverage indicators in FY18 (for the period
refers to period April 1 to March 31).

The rating is, however, underpinned by experienced promoters.
Going forward, the ability to sell higher volumes, generate higher
cash accruals and efficiently managing its working capital
requirements will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Volume driven business with intense competition in the auto
dealership industry: Indian Automobile Industry is highly
competitive in nature as there are large numbers of players
operating in the passenger car market like Hyundai, Honda, Tata
Motors, Fiat, Skoda, etc. OEM's are encouraging more dealership to
improve penetration and sales, thereby increasing competition
amongst dealers. The auto dealers have lower bargaining power as
against OEM's resulting in low operating margins. Entry of various
global players in the Indian market has further intensified the
competition. Due to very high competition in the industry, dealers
are also forced to pass on discounts and exchange schemes to
attract customers which restrict their margins. Going forward,
LMPL's ability to sell higher volumes, generate higher cash
accruals and efficiently manage its working capital requirements
will be critical from the credit perspective.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the company deteriorated and stood leveraged
at 14.05x as on March 31, 2018 as against 4.52x as on March 31,
2017. The debt equity ratio of the company also deteriorated and
stood at 8.21x as on March 31, 2018 as against 1.44x as on March
31, 2017. The PBILDT Interest coverage ratio improved and stood at
1.03x in FY18 as against - 0.65x in FY17. TD/GCA and TD/CFO stood
weak at 358.42x and -5.07x, respectively, in FY18.

Working capital intensive nature of business operations for
automobile traders: The operating cycle stood at 54 days in FY18.
The average inventory period stood at 35 days while the average
collection period stood at 35 days and the average creditor period
stood at 16 days in FY18.

Cyclical nature of the industry and sensitive to various government
regulations: The auto industry is inherently vulnerable to the
economic cycles and is highly sensitive to the interest rates and
fuel prices. A hike in interest rate increases the costs associated
with the purchase leading to purchase deferral. Fuel prices have a
direct impact on the running costs of the vehicle and any hike in
the same would lead to reduced disposal income
of the consumers, influencing the purchase decision. The company
thus faces significant risks associated with the dynamics of the
auto industry.

Key Rating Strengths

Experience of the promoters in the automobile dealership business:
LMPL is started by Mr. Goluguri Sriramareddy Lekhya who has more
than two decades of experience in trading activities of prawns
feed, automobile dealership and distribution of automobile
lubricants. In 2007, he promoted Novelty Reddy & Reddy Motors
Private Limited, which is an authorized dealer of Maruti Suzuki
India Limited in Bhimavaram. The other companies in Reddy & Reddy
Group are Reddy & Reddy Imports & Exports, Nexus Feeds Ltd. Another
promoter of the company, Ms. Jwalitha Goluguri Lekhya, has around
four years of experience in the industry. The directors have a
proven track record of developing and running medium to small sized
business ventures in various fields in Bhimavaram and
adjacent areas of West Godavari District, Andhra Pradesh.

Increase in total operating income: The commercial operation of the
company was slated to commence operations from mid September 2016.
The company achieved a total operating income of INR40.73 crore in
FY18 as against INR15.73 crore in FY17.

Growth in profitability margin: The PBILDT margin of the company
improved from -1.64% in FY17 to 2.33% in FY18 on back of
operational profits made during FY18. However, the company had net
losses of INR0.55 crore in FY18.

Incorporated on May 02, 2016, Lekhya Motors Private Limited (LMPL)
is promoted by Mr. Goluguri Sriramareddy Lekhya and Ms. Jwalitha
Goluguri Lekhya. LMPL is a part of Reddy and Reddy Group which has
7 other associate companies engaged in trading of sea food and
dealers of automobiles. LMPL is an authorised dealer of Maruti
Suzuki India Limited. The company is engaged in sale of new cars,
servicing of vehicles and sale of spare parts (3S) and operates
through its NEXA showroom situated in Hubballi, Karnataka. The
variant of vehicles offered by the entity includes Baleno, S Cross,
Ignis and Ciaz Face Lift. The total project cost is estimated to be
around INR5.51 crore to be funded by 3.5 crore of term loan and
remaining by promoters equity. Furthermore, LMPL will also be
involved in sale of spares and accessories and services through its
services shop and body shop. The installed capacity for service
shop and body shop is estimated to be around 12,000 vehicles per
annum and 3,000 vehicles per annum respectively. The commercial
operations of the company are expected to commence from
Mid-September 2016.

During FY18, the company achieved a total operating income of
INR40.73 crore in FY18 as against INR15.73 crore in FY17 and
registered net losses of INR0.55 crore.

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

The instrument-wise rating actions are:

-- INR56.00 mil. Fund-based limit migrated to non-cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR5.00 mil. Term loans due on March 2020 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
15, 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 2002, Maheshwari Pharmaceuticals manufactures
ayurvedic medicines in Sidcul, Haridwar.


MARUTI FERTOCHEM: CARE Cuts INR22cr LT Loan Rating to D, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Maruti Fertochem Limited (MFL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      22.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B; Stable;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

   Short term Bank      0.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE A4; ISSUER
                                   NOT COOPERATING on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 27, 2017, placed
the rating of MFL under the 'issuer non-cooperating' category as
MFL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. MFL continues to be
non-cooperative despite repeated requests for submission of
information through email letter dated April 29, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The rating has been revised on account of continuous overdrawal in
working capital borrowing. The account has been classified as NPA.


Detailed description of the key rating drivers

Delay in servicing of debt obligations: As per the interaction with
the banker, there are continuous delays in repayment of term loan
and overdrawals in cash credit facility and the account has been
classified as NPA.

Incorporated in 1992, MFL is a part of Aurangabad-based R. J. Group
promoted by Mr Raghavendra S. Joshi. The group has its presence in
poultry farming, fertilizers, bio-technology, infrastructure and
education sectors. MFL commenced operations in 1994 and is engaged
in manufacturing of granular NPK (Nitrogen, Phosphorous and
Potassium) fertilizers. Apart from these products, MFL also offers
organic fertilizers/ soil conditioners and neem based pesticides,
'Maruti- Max', which provides micronutrients to crops during growth
phase.

MEWAR FABRICS: CARE Cuts INR7.28cr LT Loan Rating to 'B', Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mewar Fabrics Private Limited (M), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.28       CARE B; Issuer not cooperating;

   Facilities                      Revised from CARE B+ on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from M to monitor the rating vide
e-mail communications/ letters and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. Further, MFPL
has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. The rating on MFPL's bank
facilities will now be denoted as CARE B; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of continues decline in
TOI with low profitability margins, weak solvency postion and
stressed liquidity position.

Further, the rating continuous to remain constrained mainly on
account of presence in a highly competitive and fragmented textile
industry and vulnerability of margins to fluctuation in raw
material prices.

The ratings, however, continue to derive strength from the
experienced promoters with established track record of operations
and location advantage by virtue of being situated in textile
cluster of Bhilwara.

Detailed description of the key rating drivers

Key Rating Weakness

Continues decline in TOI with low profitability margins: During
FY18, TOI of the company declined by 12.58% over FY17 and
registered TOI of INR6.60 crore. PBILDT margin improved by 4.05 bps
and stood at 9.32% in FY18. However, PAT margin stood negative on
account of higher depreciation and interest cost.

Weak solvency position: The capital structure remained weak with
overall gearing of 5.36 times as on March 31, 2018 as against 4.48
times as on March 31, 2017. Further the total debt to GCA remained
weak at 22.52 times in FY18 as against 10.34 times in FY17 mainly
due to decline in GCA level.

Stressed Liquidity position: The liquidity position of the company
remained elongated as reflected by operating cycle of 85 days in
FY18, improved from 85 days in FY17. The current and quick ratio of
the company stood below unity level at 0.77 times and 0.56 times
respectively as on March 31, 2018. Further it has cash and bank
balance of INR0.50 crore as on March 31, 2018.

Presence in a highly competitive and fragmented textile industry
and vulnerability of margins to fluctuation in raw material prices:
MFPL has presence in the textile industry which is highly
fragmented and competitive with presence of numerous independent
small scale enterprises owing to low entry barriers leading to high
level of competition. Smaller companies are more vulnerable to
intense competition and have limited pricing flexibility, which
constrains their profitability as compared to larger companies who
have better efficiencies and pricing power considering their scale
of operations. The main raw material of the company is polyester
yarn which it procures local Bhilwara market and nearby areas. The
prices of yarn are in fluctuating trend and hence, the
profitability of the company is vulnerable to any adverse movement
in the raw material prices.

Key Rating Strengths

Experienced promoters with established track record of operations:
The overall affairs of the company are looked after by Mr.
Shailendra Agarwal, director along with Mr. Sanjay Nenawati,
director, who have been engaged in the textile industry since the
company's inception, translating to around three decades of
experience in the industry. Further, the directors are supported by
family members as well as by team of qualified managerial personnel
having long standing experience in the industry.

Location advantage by virtue of being situated in textile cluster
of Bhilwara: The main raw material of the company is polyester
yarn. The company is located at Bhilwara which is one of the
largest textile clusters in India and majority of these industries
are engaged in the manufacturing of synthetic yarn accounting for
nearly 40% of India's total synthetic yarn production and nearly
50% of India's total polyester fabrics and suiting production.
MFPL's presence in the textile manufacturing region results in
benefit derived from cheap and easy availability of raw material,
weaving as well as processing of grey fabrics at cheaper cost and
low transportation and storage cost.

Bhilwara-based (Rajasthan) MFPL, was incorporated in 1985, by Mr
Jagdish Agarwal along with Ms Kusum Nenavati. MFPL was set up to
primarily engaged in the business of manufacturing of synthetic
grey fabrics from polyester yarn and outsources the processing work
required for the manufacturing of finished fabrics on job work
basis to the nearby process house located at Bhilwara.

MOHAN MOTOR: CARE Cuts Rating on INR60cr LT Loan to D, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the rating on long term bank facilities of
Mohan Motor Udyog Pvt. Ltd. (MMUPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       60.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2018, placed the
ratings of MMUPL under the 'Issuer non-cooperating' category as
MMUPL had failed to provide information for monitoring of the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Mohan Motor Udyog Pvt. Ltd.'s bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating has been revised on account of overdrawals in the cash
credit account of the company.

Detailed description of the key rating drivers

Ongoing delays in debt servicing: There are ongoing delays in the
account for more than 30 days as per the interaction with the
banker.

Mohan Motor Udyog Pvt. Ltd. (MMUPL), incorporated in 1986, is
promoted by Mr. Sandip Kumar Bajaj (Managing Director) and Mr.
Gaurav Bajaj (Executive Director & son of Mr. Sandip Kumar Bajaj.
MMUPL was an authorised dealer of Sale & Service of Maruti Suzuki
India Ltd (MSIL) till March 2014. After MSIL'S exit, MMUPL has
entered into an agreement with Hyundai Motor India Limited (HMIL)
as its authorised dealer. The group has an integrated mode of
operations, functioning in various verticals of auto dealership
business to provide one stop shop solution to its customers. It has
service stations, spare parts distribution and vehicle finance
which provide the customer with complete solution at single point.

NIJINOY TRADING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Nijinoy Trading Private Limited
        B/504, Rajsheree Avenue
        Near Dinesh Hall, Ashram Road
        Ahmedabad 380009

Insolvency Commencement Date: April 25, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 21, 2019

Insolvency professional: Prawincharan Prafulcharan Dwary

Interim Resolution
Professional:            Prawincharan Prafulcharan Dwary
                         407, Akchhat Tower
                         Pakwan Cross Road
                         S.G. Highway, Bodakdev
                         Ahmedabad, Gujarat 380015
                         E-mail: dwaryprawin@gmail.com

                            - and -

                         9/B, Vardan Complex
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad 380014
                         E-mail: cirp.nijinoy@gmail.com

Last date for
submission of claims:    May 15, 2019


NOVARC LABS: CRISIL Cuts INR5cr Cash Loan Rating to D, Not Coop.
----------------------------------------------------------------
CRISIL has downgraded the ratings of Novarc Labs Private Limited
(NLPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/ Issuer Not Cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          5         CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded
                                  from 'CRISIL B/Stable
                                  ISSUER NOT COOPERATING')

   Proposed Cash        3         CRISIL D (ISSUER NOT
   Credit Limit                   COOPERATING; Downgraded
                                  from 'CRISIL B/Stable
                                  ISSUER NOT COOPERATING')

CRISIL has been consistently following up with NLPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of NLPL. This restricts CRISIL's ability to take a
forward-looking view on the entity's credit quality. CRISIL
believes information available on NLPL is consistent with 'Scenario
1' outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B' category or lower.

Due to irregularity in the bank facilities and delay in payment was
more than 30 days, CRISIL has downgraded the ratings of NLPL to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/
Issuer Not Cooperating'.

NLPL was incorporated in September 2014 as a private limited
company by Ms. Vishali Sravanthi M. The company, based in
Hyderabad, trades in APIs such as chlorothalidone and
hydrochlorothiazide.

PROVENTUS AGER: CARE Cuts INR13cr LT Loan Rating to D, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Proventus Ager India Pvt Ltd (PAPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      13.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B+;
                                  ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of PAPL
is primarily due to irregularity in servicing its debt
obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: There are on-going delays in debt
servicing. There was irregularity in payment of interest for cash
credit facility.

Vadodara-based PAPL is promoted by Mr Doraprasad Nimmagada
(promoter of Jay Polypack Private Limited and Jay Agro Industries)
in January 2015. The board of directors of PAPL comprises of Mr
Doraprasad Nimmagada, his wife Mrs Aruna Nimmagada and his son Mr.
Vijay Nimmagada. PAIPL has commenced the trading operations during
FY16 (refers to the period April 1 to March 31) from May 2015. The
company primarily procures Agrochemicals, Pesticides and
Insecticides from its group entity i.e. Jay Agro Industries (JAI,
rated CARE D; Issuer Not Cooperating in November 2017) and markets
it through dealers across the country.

RAICHUR POWER: Ind-Ra Cuts LT Issuer Rating to 'D', Outlook Neg.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Raichur Power
Corporation Limited's (RPCL) Long-Term Issuer Rating to 'IND D'
from 'IND BB'. The Outlook was Negative.

The instrument-wise rating action is:

-- INR17.120 bil. Proposed working capital loans (Long-term)
     downgraded with Provisional IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing in April 2019, due
to cash flow mismatches and delay in receivables from distribution
companies in Karnataka.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the rating.

COMPANY PROFILE

RPCL has implemented a 1,600MW (2x800MW) coal-based thermal power
project in Yeramarus near Raichur, Karnataka. This site commenced
operations in April 2017 (one unit in March 2017 and other in April
2017).

KPCL, which is wholly owned by the government of Karnataka, owns
53.80% of RPCL. Of the remaining share capital, Bharat Heavy
Electricals Limited ('IND AA+'/Stable) holds 27.97%, and Industrial
Finance Corporation of India Limited holds 18.23%, according to the
audited annual accounts for FY18. The total installed capacity of
KPCL is more than 6,000MW.

RAJASTHAN EDUCATION: CARE Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Rajasthan Education Institute & Health Society (REIHS) to Issuer
Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       5.01       CARE D; Issuer Not cooperating;
   Facilities                      Based on best available

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from REIHS to monitor the rating
vide e-mail communications/ letters and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
Further, CHS has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on
REIHS's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings have been revised on account of irregularity in the
account as confirmed from banker.

Detailed description of the key rating drivers

The revision in the ratings takes into consideration the following
factors.

Key Rating Weaknesses

On-going delays in debt servicing: There is delay in term loan
repayment due to stressed liquidity.

Dausa (Rajasthan) based Rajasthan Education Institute and Health
Society (REIHS), formed by Dr C.L. Meena and Dr. R.S. Nagar, was
registered as a society on February 22, 2000, for imparting
education in the field of engineering, teaching, nursing and
science at Dausa. REIHS operates four colleges under its umbrella
i.e. engineering and polytechnic college, B.Ed. college, Science
college and nursing college. REIHS offers civil engineering,
computer science, electrical engineering, electronics &
communication and mechanical engineering degree courses in its
engineering college whereas offers diploma in civil engineering and
electrical engineering courses in polytechnic college. In Science
College, it offers B.Sc. graduation course whereas in nursing
college, it offers G.N.M course. The engineering & polytechnic
college for degree courses is affiliated from Rajasthan Technical
University (RTU) and All India Council for Technical Education (
AICTE), whereas, diploma courses are affiliated from RTU and Board
of Technical Engineering of Rajasthan (BTER). B. Ed college is
affiliated from Rajasthan University (RU) and approved by National
Council for Teacher Education (NCTE). Science college is affiliated
from Rajasthan University of Health and Science (RUHS) and GNM
college is affiliated from Indian Nursing Council (INC) and RNC.

RATANDEEP INFRASTRUCTURE: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: Ratandeep Infrastructure Private Limited
        C/o Ratandeep Jewellers Shop No. 6
        Upper Story, Bhagat Singh Road
        Muzaffarnagar UP 251001

Insolvency Commencement Date: April 16, 2019

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: October 4, 2019

Insolvency professional: Alok Kumar Kuchhal

Interim Resolution
Professional:            Alok Kumar Kuchhal
                         C-154, Sector-51, Noida
                         Uttar Pradesh 201301
                         E-mail: csaloknoida@gmail.com
                                 irp.ratandeep@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Amit Agrawal
                         Ravinder Singh Kathuria
                         Praveen Dua

Last date for
submission of claims:    May 1, 2019


RD BROWN: CARE Assigns B+ Rating to INR27.03cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of RD Brown
Box Packaging Private Limited (RDBP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          27.03       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RDBP is primarily
tempered by Small scale of operations, financial risk profile
marked by leveraged capital structure and weak debt coverage
indicators, working capital intensive nature of business, and
highly fragmented industry with intense competition from other
players in the market. However, the rating derives comfort from
Established track record and experience of the promoters for more
than three decades in packaging Industry, year–on-year increase
in total operating income during the review period, established
relation with reputed customers, and stable Outlook of Corrugated
box Industry.

Going forward, the ability of the company to increase its scale of
operations and maintain its profitability margins in a competitive
environment, to improve the capital structure and debt coverage
indicators while managing its working capital requirement
efficiently are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The company had relatively small scale
of operations, as marked by its total operating income, which was
INR28.25 crore in FY18 along with low net worth base of INR7.06
crore as of March 31, 2018, as compared to other peers in the
industry.

Financial risk profile marked by leveraged capital structure and
weak debt coverage indicators: The capital structure of the company
had been deteriorating year-on-year and remained leveraged marked
by its overall gearing ratio and debt equity ratio at 4.75x and
3.37x respectively as on March 31, 2018. The deterioration was on
account of increase in the total debt quantum, backed by the
availment of fresh term loans from the banks, for the purchase of
machineries and the enhanced working capital facilities availed by
the company to meet its working capital requirements and unsecured
loans taken for day to day operations of the company.

Further, the company had weak debt coverage indicators marked by
Total debt/GCA, which although marginally: improved from 28.89x in
FY17 to 23.08x in FY18, with an increase in the cash accruals
resulted by an increase in scale, it continued to remain weak.
However, the interest coverage ratio of the company has improved
slightly and stood moderate at 1.41x as on March 31, 2018 as
against 1.31x as on March 31, 2017. Despite increase in the
interest costs associated with the increased debt quantum, interest
service coverage ratio improved on account of increase in PBILDT in
absolute terms.

Working capital intensive nature of business: The company is
engaged in a working capital intensive nature of business segment.
The company purchases printing ink, duplex boards based on the
thickness specifications for the corrugated carton boxes from the
local suppliers. The raw material is cut, printed, laminated,
varnished, punched and packed before storing the corrugated cartons
as flat boards.

Each process takes one day's time when processed in batches, due to
elongated process, and stocking of finished goods according to the
demands, the average inventory days stood 163 days as of FY18. On
sales the company gives credit to its customers from 50 to 70 days
based on the size of the order and on purchases. The operating
cycle days stood high at 119 days in FY18, however improved from
previous year (147 days in FY17) on account of improved collection
period, from 73 days in FY17 to 59 days in FY18 . The working
capital utilization levels stood at 100 % for the past one year
ended April 12, 2019.

Highly fragmented industry with intense competition from other
players in the market: The packaging industry in India is highly
competitive. RDBP growth depends on the growth of engineering
industry in India. The growth of corrugated box packaging industry
is hindered by availability of alternate sources of packaging like
plastic, tin which is more durable. Hence, the company faces
intense competition from other packaging manufacturers over the
medium term.

Key Rating Strengths

Established track record and experience of the promoter for more
than three decades in packaging Industry: The company was
established as a partnership firm by Mr. Bhagawan Doss Kuppuswamy
in 1984, which was later converted into a private limited company,
in 2005. Mr. Bhagawan Doss Kuppuswamy and his wife Mrs. Rajumala
Bhagavan Doss are the directors of the company. Mr. Bhagawan Doss
Kuppuswamy has a long term experience in the manufacturing of
packaging material as he has been associated with the packaging
industry since 1984 and handles day to day affairs of the company.

Year–on-year increase in total operating income during the review
period: The total operating income of the company has been
increasing at a CAGR of 23.71% during the review period. The Total
income of the company has increased from INR14.92 crore in FY16 to
INR28.25 crore in FY18 on account of increased production driven by
repeated orders from existing customers as well as orders from new
clients coupled with increase in the utilization capacity.
Furthermore, the company achieved a total operating income of
INR35.31 crore in FY19 (Prov.)

Established relationships with reputed customers: Due to long term
presence of the promoters in the business of packaging, they have
established good relationships with companies engaged in automotive
business segment, which forms to be the major end user industry for
the company. The customers of the RDBP include Glovis India Pvt
Ltd, Motherson Groups, Carborundum Universal Ltd, and Amphenol
Omniconnect Private Limited.

Stable Outlook of Corrugated box Industry: India corrugated box
industry is an inevitable part of manufacturing sector which relies
heavily on corrugated packaging for finished goods transportation
and handling. India's corrugated box industry grew at a CAGR of
23.3% in terms of revenue. Factors such as increasing demand from
fresh food and beverages, home & personal care goods, electronic
goods industries, logistics application, increasing consumer
awareness towards sustainable packaging and growth of the
e-commerce industry have propelled the growth of Indian corrugated
boxes market.

Liquidity Analysis: The company has moderately satisfactory
liquidity position which is marked by its current ratio at 1.02x as
on March 31, 2018. The Company has fixed deposit and cash & bank
balances to the tune of INR0.08 Crores as on March 31, 2018.

RD Brown Box Packaging Private Limited (RDBP) was initially
established by Mr. Bhagawan Doss Kuppuswamy and his spouse, Mrs.
Bhagavandoss Rajumala in 1984, as a partnership firm in Chennai,
Tamil Nadu. The firm was later reconstituted as a Private Limited
Company in the year 2005. Currently, the entity is engaged in the
manufacturing of corrugated boxes (packing material) for various
industries.

RELIANCE TELECOM: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Reliance Telecom Limited
        H Block, 1st Floor, A Wing
        Dhirubhai Ambani Knowledge City
        Koparkhairane, Navi Mumbai
        Maharashtra 400710

Insolvency Commencement Date: May 15, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 3, 2019

Insolvency professional: Mitali Shah

Interim Resolution
Professional:            Mitali Shah
                         C/o RBSA Advisors, 23, IAPL House
                         2nd Floor, South Patel Nagar
                         New Delhi 110008
                         E-mail: mitali@rbsa.in

                            - and -

                         C/o RBSA Advisors, 21-23
                         TV Industrial Estate
                         248-A, S K Ahire Marg, Worli
                         Mumbai 400030
                         India
                         E-mail: ip.rtl@rbsa.in

Last date for
submission of claims:    May 21, 2019


SAI PRINT: CRISIL Assigns B+ Rating to INR7cr Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of Sai Print & Pack (SPP).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7         CRISIL B+/Stable (Assigned)
   Loan Against
   Property              3         CRISIL B+/Stable (Assigned)

The ratings reflect the firm's average financial risk profile and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of its proprietor in the
packaging industry and improving scale of operations.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile: Debt protection metrics were weak
due to high gearing and low accrual: interest coverage and net cash
accrual to total debt ratios were 1.79 times and 0.06 time,
respectively, for fiscal 2018.

* Working capital-intensive operations: The operations of the firm
are working capital intensive with gross current assets (GCA) of
were 256 days as on March 31, 2018 primarily on account of high
debtor and inventory levels of 92 days and 138 days respectively in
fiscal 2018.

Strength
* Extensive experience of proprietor: Presence of over 25 years in
the packaging paper industry has enabled the proprietor to
understand market dynamics and establish healthy relationship with
suppliers and customers.

* Improving scale of operations: Though scale of operations is
modest, revenue increased to INR31.36 crore in fiscal 2018 from
INR29.80 crore in fiscal 2017. It is estimated to increase to
around INR34 crore in fiscal 2019.

Liquidity
Liquidity remained adequate, though bank limit utilisation was 93%
over the 12 months ended March 2019. Also, expected cash accrual of
INR1.139 crore in Fiscal 2020 will be sufficient to meet debt
obligation of INR0.68 crore in fiscal 2020. Furthermore, current
ratio was moderate at 1.15 times as on March 31, 2018. Proprietor
is likely to extend equity to meet working capital requirement and
debt obligation.

Outlook: Stable

CRISIL believes SPP will continue to benefit from the extensive
experience of its proprietor and established client relationship.
The outlook may be revised to 'Positive' if ramp-up in operations
and stable profitability strengthen financial risk profile. The
outlook may be revised to 'Negative' if decline in profitability,
stretch in working capital cycle, or large, debt-funded capital
expenditure further weakens capital structure.

SPP was established in 1999 as a proprietorship firm by Mr Anuj
Dayal, SPP manufactures mono-corrugated, non-corrugated, and
printed cartons at its manufacturing facility in Palwal, Haryana.

SHIVASHAKTI SUGARS: Ind-Ra Rates INR2.05BB Loan BB+, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shivashakti Sugars
Limited's (SSL) additional bank facilities as follows:

-- INR2.05 bil. Fund-based limits assigned with IND BB+/Stable    

     rating; and

-- INR200 mil. Term loan due on January 2020 - April 2022
     assigned with IND BB+/Stable rating.

RATING SENSITIVITIES

Negative: Any significant decline in the revenue or profitability
or any unplanned debt-led capex, leading to a deterioration of
interest coverage or liquidity, on a sustained basis, could be
negative for the ratings.

Positive: Any improvement in the revenue or operating margin,
resulting in the interest coverage improving to above 2x levels, on
a sustained basis,  could be positive for the ratings.

COMPANY PROFILE

SSL was incorporated in 1995 by Dr. Prabhakar B Kore (MP, Rajya
Sabha), who has more than two decades of experience in the sugar
industry. The company has a sugar unit with a crushing capacity of
10,000 tons of canes per day and a 37MW cogeneration plant.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR17.74 mil. Term loan due on January 2024 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
11, 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 2010, Shri Sagar Woven manufactures high-density
polyethylene fabrics and linear low-density polyethylene liner
bags. The company's manufacturing plant, located in Gandhinagar,
Gujarat, has an installed capacity of 2,550mtpa.

SINGH ENTERPRISES: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Singh Enterprises
(SINGHE) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR25 mil. Fund-based limits assigned with IND BB-/Stable
     rating; and

-- INR150 mil. Non-fund-based limits assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect SINGHE's small scale of operations, with
revenue of INR216.36 million in FY18 (FY17: INR175.62 million). The
revenue rose due to increased execution of orders during the year.
The company achieved revenue of INR314.974 million in 11MFY19. Its
outstanding order book, likely to be executed over FY20-FY21, was
worth INR385.55 million as of January 2019.

The ratings are also constrained by the proprietorship nature of
the business.

The rating factor in comfortable credit metrics. The interest
coverage (operating EBITDA/gross interest expense) deteriorated
marginally to 2.26x in FY18 (FY17: 3.30x) due to an increase in
interest expenses. Meanwhile, the net leverage (total adjusted net
debt/operating EBITDAR) improved to 0.86x (FY17: 1.74x) on account
of an increase in the absolute EBITDA to INR14.02 million (FY17:
INR11.73 million).

The ratings derive comfort from SINGHE's healthy EBITDA margins.
The margin fell to 6.48% in FY18 (FY17: 6.68%) because of a rise in
raw material costs and indirect expenses. The return on capital
employed was 22.23% (24.12%).

The ratings also reflect SINGHE's comfortable liquidity position,
as indicated by a 71.98% average fund-based working capital limit
utilization for the 12 months ended March 2019. The cash flow from
operations increased to INR49.11 million in FY18 (FY17: INR21.05
million) due to favorable changes in the working capital.

The ratings are supported by the promoter's experience of around
three decades as a railways/civil contractor.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics on a sustained basis
will be negative for the ratings.

Positive: Any significant revenue growth, along with an improvement
in the credit metrics, on a sustained basis, will be positive for
the ratings.

COMPANY PROFILE

Singh Enterprises was incorporated in 1992 as a proprietorship
firm. Its registered office is in Ranchi, Jharkhand. It is managed
by Mr. Ranjan Kumar. The firm is engaged in the design, execution,
supply, installation, testing, commissioning of the interlocking
system, and maintenance of safety-related rail signaling and
control systems. It also executes projects involving the laying of
various cables, track circuiting, and other telecom works.

SRI ADHI: CARE Maintains B+ Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Adhi
Parasakthi Agro Tech (SAPAT) continues to remain in the 'Issuer Not
Cooperating' category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      7.90      CARE B+; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 13, 2018, placed
the rating(s) of SAPAT under the 'issuer non-cooperating' category
as SAPAT had failed to provide information for monitoring of the
rating. SAPAT continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated April 22, 2019, April 23, 2019, April 24, 2019
April 29, 2019 and April 29, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 13 2018, placed the
rating(s) of Sri Adhi Parasakthi Agro Tech (SAPAT) under the
'issuer non-cooperating' category as SAPAT had failed to provide
information for monitoring of the rating. SAPAT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated April 22,
2019, April 23, 2019, April 24, 2019 April 29, 2019 and April 29,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 21, 2018 the following were
the rating strengths and weaknesses.

Key Rating Weakness

Short track record of operations: The firm, though established in
February 2015, started commercial operations from December 2015.The
firm has completed 10 months of operations and has short track
record of operations. SAPAT has achieved total income of
Rs.7.90 crore in FY16 (Provisional).

Highly fragmented industry and regulated by government: Raichur
district of Karnataka is one of the largest hubs of rice mill in
the state with hundreds of rice mill competing with each other. The
commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation leading to intense
competition which keeps pressure on margins. The raw material
(paddy) prices are regulated by government to safeguard the
interest of farmers, which in turn limits the bargaining power of
the rice millers. The Government of India (GOI), every year decides
a minimum support price (MSP - to be paid to paddy growers) for
paddy.

Profitability margins is susceptible to fluctuation in raw material
prices (paddy and others): The firm is engaged in rice milling
(processing of paddy into rice), the main raw-material, i.e. paddy
is the largest cost component of SAPAT, accounting for around 90%
of total cost of sales. As the cash conversion cycle from
procurement of raw-material to realization of sale proceeds of
processed rice from paddy is long, so any fluctuation in paddy
prices can impact the firm.

Seasonal nature of availability of paddy resulting in working
capital intensive nature of operations: Paddy in India is harvested
mainly at the end of two major agricultural seasons Kharif (June to
September) and Rabi (November to April). The millers have to stock
enough paddy by the end of the each season as the price and quality
of paddy is better during the harvesting season. Moreover, the
paddy is procured from the farmers generally against cash payments
or with a minimal credit period of 7-10 days while the millers have
to extend credit to the wholesalers and distributors around 30-45
days resulting in high working capital utilization reflecting in
working capital intensity of business. The average utilization of
fund based working capital limits of the firm stood at 50% during
the past 06 months ending December August 31, 2016.

Constitution of the entity as partnership firm: Constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partner's capital at the time of personal contingency which
can adversely affect its capital structure. Furthermore,
partnership firms have restricted access to external borrowings as
credit worthiness of the partners would be key factors affecting
credit decision for the lenders.

Key Rating Strengths

Experience of the partners for more than one decade in rice
industry: SAPAT is promoted by Mr M R Krishna and Mr M R Venkatesh
along with his friends and relatives/family members. Most of the
partners have experience in the rice milling industry and have been
involved in rice milling prior to starting the firm. Mr M R Krishna
and Mr M R Venkatesh have experience in rice milling business for
around 14 years and 6 years respectively.

Presence in major paddy cultivation area results in easy
procurement of paddy: SAPAT's manufacturing facilities is located
in Raichur district of Karnataka which is near Tungabhadra river,
and is one of the major paddy cultivation area in the state. It
procures paddy from the local famers which results in low
transportation cost. The paddy is mainly procured from agents.

Stable demand outlook for rice and rice product: India's rice
production has increased at CAGR of 1.46 percent during 2005-06 and
2015-16, India was the largest exporter of rice in 2014-15 followed
by Thailand and Vietnam and Pakistan. The overall demand outlook is
also growing with growing population. India is one of the
substantial exporter of both Basmati as well as non-basmati rice to
the world, and import in the same categories. The government time
to time revises MSP levels as it was INR1250/quintal in the year
2012-13 to INR1410/quintal in the year 2015-16.

Sri Adhi Parasakthi Agro Tech (SAPAT), was established on February
10, 2015 and the commercial operation started in December, 2015.
SAPAT was promoted by Mr M R Krishna and Mr M R Venkatesh along
with his friends and relatives/family members. The firm is engaged
in the business of rice milling (processing of paddy into rice).
The firm is purchasing raw paddy from farmers based at Raichur
district in the state of Karnataka. The firm is selling rice bags
of 25 kg each under the name of 'Anmol Rathan' to dealers based at
Karnataka & Maharashtra.

SUJANA CAPITAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Sujana Capital Services Limited
        5/A, Vengal Rao Nagar
        Hyderabad TG 500038
        India

Insolvency Commencement Date: April 24, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 21, 2019

Insolvency professional: Aditya Kumar Tibrewal

Interim Resolution
Professional:            Aditya Kumar Tibrewal
                         7C, Kiran Shankar Roy Road
                         Hasting Chamber, Basement
                         Kolkata 700001
                         E-mail: adityatibre@gmail.com
                                 adityatsujana@gmail.com

Last date for
submission of claims:    May 13, 2019


SYNDICATE IMPEX: CARE Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Syndicate
Impex (SI) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       1.16       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   Available information

   Short-term Bank      4.30       CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best
                                   Available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 25, 2018, placed the
rating(s) of SI under the 'issuer non-cooperating' category as
Syndicate Impex had failed to provide information for monitoring of
the rating. Syndicate Impex continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated March 11, 2019, March 12, 2019 & March
13, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations: SI's operations are small as measured by
small size of total operating income (TOI) of INR11.02 crore in
FY15 (A) and networth of INR1.13 crore as of March 31, 2015. SI
records a CAGR growth of 51.52% for FY13-FY15 (A) on a low base
though. In FY15 (A), TOI grew by 155% due to addition of reputed
client and increased orders from them. In FY15, SI obtained little
compliance from (Business Social Compliance Initiative (BSCI),
Disney compliance and FEDEX compliance. By obtaining the
certifications, the orders from “Orchestra” increased which
resulted in significant growth in TOI. In FY16 (Prov.), SI achieved
a total income of INR13 crore whereas in Q1FY17, SI achieved total
income of INR11.50 crore.

Client concentration risk: Till FY14, SI was exporting the garments
to Netherlands and Greece. From FY15, SI bagged orders from fashion
brands - Orchestra (based in France), Max (based in Dubai). SI is
receiving around 98% of the revenue from these customers exposing
SI to client concentration risk. However, comfort can be derived
from the repeat orders bagged by SI during
FY15 and FY16. SI had established its relationship during these
years and based on the increase of orders received, SI is
undergoing capacity expansion of 120 seats. The key client
“Orchestra” has more than 1000 outlets in Europe and is
expanding its market in US also. SI is likely to get more orders
due to the market expansion and SI has planned to obtain WRAP
(Worldwide Responsible Accredited production) certificate also. In
Q1FY17, SI achieved income of INR11.50 crore. The order book of SI
(for winter clothing) as on July 15, 2016 stood at INR6.50 crore
expected to be executed by September 2016 providing short term
revenue visibility.

Thin and fluctuating profit margins due to susceptibility of raw
materials and forex movements: The profit margins are fluctuating
due to the susceptibility of raw material prices and foreign
exchange movements. Around 85% of the orders received by SI will be
in such a way that SI is required to dispatch sample products on
receipt of orders along with the price quotation. The customer
confirms the exact order after receipt of sample product and price
quotation. This results in fluctuating profit margins. However, SI
derives comfort through forward contract facility. The PBILDT
margin improved by 485 bps to 10.21% in FY14 over FY13 due to
decline in material cost incurred and other manufacturing expenses
incurred. However, the PBILDT margin dipped by 231 bps to 7.90% in
FY15 over FY14 due to higher employee cost. PAT margin stood thin
and fluctuating on the back of variations in PBILDT margin coupled
with increase in interest and depreciation costs.

Moderate capital structure and debt protection metrics: Till FY14,
the firm didn't had long term loans on its books. In FY15, SI
availed term loan for purchase of machinery and the debt equity
ratio stood at 0.16 x as on March 31, 2015. The overall gearing
ratio has been improving and stood moderate at 2.06x as on March
31, 2015 compared to 2.69x as on March 31, 2013. Out of the total
debt of INR2.75 crore, working capital facility constitutes 85%;
term loan from bank and unsecured borrowings from friends and
relatives the constitutes the remaining. Interest coverage ratio
stood moderate in the range of 1.29 times and 1.77 times during the
year FY13-FY15. Total debt/GCA stood high albeit year on year
improvement from 29.85 x in FY13 to 9.09 x in FY15.

Working capital intensive nature of operations resulting in
elongated operating cycle: The working capital intensive nature of
operations is marked by stretched operating cycle. As SI is a 100%
EOU, the manufacturing of garments is based on the orders received.
Time duration of execution of orders is around 90-120 days. The raw
material and the WIP inventory are held for around 90 days. SI
procures raw materials from Tirupur region and avails credit period
ranging from 0-60 days. Sales of SI were initially based on usance
letter of credit (90 days) whereas from FY15, SI's sales are
against sight LC. This led to improvement in collection period
improved from 100 days to 49 days resulting in improvement of
operating cycle.

Key Rating Strengths

Long track record of operation and experience of the promoters
Mr. S. Jayakumar and Mr. N. Kathiresan are graduates in Fashion
Technology and have an experience of 2 years in textile industry
prior to establishment of SI. Mr. S. Jayakumar looks after raw
material procurement and finance functions while Mr. N. Kathiresan
looks after production and marketing. Mr. N. Arunachalam takes care
of outsourcing division.

Successful completion of capacity expansion: SI has recently
completed capacity expansion for a total project cost of INR1.50
crore funded by a term loan of INR1 crore (sanctioned under A-TUFS
scheme) and INR0.50 crore through capital infusion and internal
accruals. The scope of the project was the installation of
additional 120 seaters along with modernization plan by installing
vacuum ironing tables, wooden boilers and office furniture. SI is
taking initiatives towards power saving by shifting from electric
boiler to wooden boiler (the same will enable SI to save around 25%
of the power and fuel cost). The firm has sewing machines imported
from Hongkong and China. The project commenced in February 2016 and
the incremental capacity became operational
from July 2016. The modernization plan will be completed in August
2016.

Syndicate Impex (SI), a Tirupur based firm was established as a
partnership firm in 2006 and the partners are Mr.N.Arunachalam,
Mr.N.Kathiresan, Mr.S.Jayakumar and Mr.S.Aruna Devi. SI, 100%
export oriented unit (EOU), is engaged in manufacturing of hosiery
knitted and woven garments (children's wear). The client base
includes major fashion brands such as Orchestra (based in France),
Max (based in Dubai). SI procures yarn count ranging from 20's to
70's and outsources knitting, dyeing and compacting. Stitching is
carried out by SI with an installed capacity of 100 seaters as on
June 30, 2016. There are around 200 regular employees.

YAMUNA INFRADEVELOPERS: Insolvency Resolution Case Summary
----------------------------------------------------------
Debtor: Yamuna Infradevelopers Pvt. Ltd.

        Registered address:
        Shop No. 40, Khasra No. 283, GT Karnal Road
        Near Siraspur Gurudwara, Siraspur
        Delhi 110042

Insolvency Commencement Date: May 1, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Rakesh Takyar

Interim Resolution
Professional:            Rakesh Takyar
                         301, Citizen’s Rajesh Sadan
                         1/28, Tilak Nagar
                         New Delhi 110018
                         E-mail: rtakyar.rt@gmail.com

                            - and -

                         C/o Yogakshem Insolvency Professionals
                             LLP
                         UGF, 1/15 Tilak Nagar, (Near PNB)
                         New Delhi 110018
                         Mobile: 9868503531, 011-2599574, 49147524
                         E-mail: cirp.yamunainfra@gmail.com

Last date for
submission of claims:    May 15, 2019




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

BUANA LINTAS: Fitch Gives 'B+' IDR; Rates New USD Bonds 'B+(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned Indonesia's PT Buana Lintas Lautan Tbk
(BULL) a Long-Term Foreign-Currency Issuer Default Rating of 'B+'
with a Stable Outlook. Fitch has also assigned a 'B+(EXP)' expected
rating with a Recovery Rating of 'RR4' to the proposed US dollar
senior unsecured notes to be issued by BULL's wholly owned
subsidiary, BULL Maritime Capital Pte. Ltd.

BULL was established in 2005 as a domestic shipping subsidiary of
PT Berlian Laju Tanker Tbk (BLTA), which faced financial
difficulties in 2012. BLTA's stake in BULL subsequently dropped to
zero by 2014 and it no longer exerts any management control over
BULL, which is now majority owned by the Danatama Group. BULL
focuses on transportation of oil, gas and related products in
Indonesia, primarily for PT Pertamina (Persero) (Pertamina,
BBB/Stable), and estimates that it has a 26% share of the vessels
contracted by Pertamina in the 30,000-110,000 deadweight tonnage
category consisting of Medium Range and Aframax tankers.

The rating is underpinned by a robust position in an industry
protected from foreign competition by cabotage laws, a strong
relationship with demand driver Pertamina and a high share of
time-charter contracts. However, the rating is weighed down by a
relatively small and old fleet. Fitch estimates BULL will maintain
a moderate leverage profile over the next three years, with FFO
adjusted gross leverage below 4x, after factoring in significant
investments for fleet growth over the period.

The proposed notes will be guaranteed by BULL and its operating
subsidiaries representing more than 90% of consolidated EBITDA. The
proceeds are intended to be used mainly for refinancing BULL's
existing debt and funding additional capex. The final rating is
subject to the receipt of final documentation conforming to
information already received.

KEY RATING DRIVERS

Strong Business Position and Outlook: The share of Aframax tankers
hired by Pertamina from BULL increased by 42pp over 2014-2019,
while the share of MRs rose by 11pp, according to company data.
Fitch believes demand growth for oil and gas transportation in
Indonesia is likely to be sustained, helped by a growing economy.
Fitch also thinks BULL's business prospects are unharmed by the
blacklisting by Pertamina for several months in 2018, which was due
to administrative reasons.

Day rates for the domestic-tanker industry, which is fragmented
with a large number of small players, have also been relatively
stable, supported by demand growth and protection from competition
from international players. The cabotage law mandates the use of
Indonesia-flagged vessels and Indonesian citizens for domestic sea
transportation. Foreign ownership in local shipping companies is
also restricted to 49%, which has discouraged international
operators.

Customer Concentration, But Low Risk: Pertamina is BULL's largest
customer, contributing around 60% of the company's 2016-2017
revenue directly after excluding BULL's floating production storage
and offloading vessel employed by a joint operation involving
Pertamina. The share of revenue dropped to 40% in 2018 as a result
of the blacklisting, but Fitch expects Pertamina's contribution to
pick up from 2019. A majority of the revenue from Pertamina exposes
BULL to the risk of the national oil company not renewing
contracts, not granting new contracts or defaulting on its
payments. However, Fitch believes these risks are significantly
alleviated by BULL's long-standing relationship with Pertamina as
the company and its predecessor have engaged with Pertamina for
around four decades, Pertamina's robust credit profile and BULL's
healthy operating history.

Contracts Lend Revenue Visibility: BULL earned 94% of its 2017
revenue from time-charter contracts, which are for a longer term
than spot charters and improve revenue visibility. The portion of
revenue from time charters dropped to 62% in 2018, hit by the
blacklisting. However, Fitch expects the share of
time-charter-based revenue to return to above 90% from 2019. As of
end-March 2019, 16 out of BULL's 19 vessels, or over 90% of fleet
capacity, were under time-charter contracts. BULL was able to
mitigate the hit to its time-charter revenue from Pertamina in 2018
by securing spot charters with Petroliam Nasional Berhad (PETRONAS)
(A-/Stable), ExxonMobil and Vitol, which helped the company post
31% revenue growth.

Old Fleet, Small Size: The average age of BULL's fleet (weighted by
capacity) was around 18 years as of end-March 2019, against a
typical maximum useful ship life of 30 years. The company's
fleet-age profile corresponds with its strategy of operating older
ships, which is the norm in Indonesia's market. The average age of
Indonesian-flagged vessels is more than 20 years. Older vessels are
generally more costly to maintain than more recently constructed
vessels, subject to lower utilisation rates due to their increased
maintenance requirements and more prone to operational issues.
BULL's fleet of 19 ships as of March 2019 is also very small
relative to global peers.

Rapid Growth to Continue: BULL's fleet size rose to 17 by 2017,
from 10 in 2015, resulting in a 120% jump in tonnage capacity.
Fitch expects its fleet size to increase rapidly over the next
three years after the pause in 2018 in the wake of the
blacklisting. BULL intends to focus on oil transportation over the
next few years, but it may explore opportunities for transporting
commodities such as coal at a later stage. Fitch thinks that risks
from a faster-than-expected growth in its fleet, which may impact
credit metrics, and possible diversification into the
transportation of other commodities are mitigated by management's
commitment to maintaining a gross debt to EBITDA ratio below 3.5x,
linking capex to the likelihood of new contracts and having at
least 90% of revenue from time-charter contracts.

Moderate Leverage, Negative FCF: Fitch estimates FFO adjusted gross
leverage will increase to around 4x in 2019, from around 3x in
2018, driven by investment in fleet growth. Thereafter, it
estimates leverage to moderate to around 3.5x in 2020-2021. It also
estimates free cash flow to be negative over the next three years.
Rising operating cash flows, driven by increasing fleet capacity,
are likely to be offset by spending on vessel purchases. However,
its FFO fixed-charge coverage should remain relatively healthy at
above 3x. Fitch has not assumed any equity inflows in its
forecasts, following rights issues in 2017 and 2018.

DERIVATION SUMMARY

BULL's rating can be compared with domestic peer PT Soechi Lines
Tbk (Soechi, B/Stable). Soechi had a fleet of 40 revenue-earning
ships as of September 2018, with an average age (weighted by
capacity) of around 19 years. Soechi's fleet capacity under
longer-term time-charter contracts was relatively high at 97% as of
September 2018 and Pertamina was the largest customer, contributing
61% of Soechi's 9M18 revenue. Soechi's fleet size is roughly double
that of BULL, but its leverage and coverage metrics are
considerably weaker. Soechi's financials are dragged down by its
investment of around USD200 million in its shipyard business, which
has underperformed. BULL's stronger financial profile resulted in a
higher rating.

PAO Sovcomflot (BB/Positive) is a global shipping peer, which has a
standalone credit profile of 'bb-'. Sovcomflot enjoys a one-notch
uplift due to strong support from the Russian government
(BBB-/Positive). Sovcomflot's IDR is underpinned by its robust
business profile due to a leading global position as a tanker
owner, a healthy share of long-term contracts, a fairly young fleet
with average age of around 10 years and a diversified customer
base. Sovcomflot's fleet is much larger (around 150 vessels) and
more diversified than BULL's, resulting in an EBITDAR that was more
than 17x that of BULL in 2017. A stronger business profile more
than compensates for Sovcomflot's higher leverage and justifies a
better rating, in its view.

KEY ASSUMPTIONS

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

  - Deadweight tonnage capacity to increase at a CAGR of 33% over
2019-2021.

  - Tanker day rates to stay broadly flat.

  - Average annual capex, including upfront docking charges, of
around USD100 million over 2019-2021.

  - Direct costs for vessel operations, excluding port charges and
bunker fuel, to rise by 2% per year after adjusting for an increase
in fleet capacity.

  - Administrative expenses to increase by 7% per year from 2019.
The recovery analysis assumes that BULL would be liquidated in case
of bankruptcy. Fitch also assumes a 10% administration claim.
Liquidation Value Approach

  - Its liquidation value of around USD125 million is mainly based
on an assumption of 50% advance rate for its value of fixed assets,
net of depreciation, of around USD220 million as of December 31,
2018. The liquidation value is less than 50% of the latest
appraised value of BULL's fleet of around USD265 million provided
by a domestic appraiser and much closer to the scrap value, given
the relatively old age of the ships.

  - BULL had secured bank loans of around USD110 million as of 31
December 2018. It also had unsecured trade payables of USD11
million, which exceeded readily available cash by USD8 million.
BULL plans to repay all the secured bank debt using proceeds from
the proposed unsecured notes. Fitch has combined the senior
unsecured notes and trade payables, in excess of cash, for its
recovery analysis.

  - The waterfall results in a recovery of over 50% for the note
holders. However, Fitch has rated the senior unsecured notes 'B+'
with a Recovery Rating of 'RR4' because, under its Country-Specific
Treatment of Recovery Ratings Criteria, Indonesia falls into Group
D of creditor friendliness, and the instrument ratings of issuers
with assets located in this group of countries are subject to a
soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

  - Increase in scale, with fleet size close to or more than 50
ships or EBITDAR close to or higher than USD150 million, while
maintaining a healthy financial profile such that FFO adjusted
gross leverage is close to 3x or lower.

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

  - FFO adjusted gross leverage above 4x on a sustained basis;

  - FFO fixed-charge cover below 3x on a sustained basis;

  - Evidence of shift in focus on time-charter contracts or
substantial deterioration of the operating environment.

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: BULL had readily available cash of around
USD4 million as of end-2018, compared with current maturities of
long-term loans of USD42 million. BULL's total debt of around
USD111 million consisted of secured bank term loans. BULL's fleet
expansion plans should result in significant negative FCF in 2019.
Fitch thinks the liquidity risks from its significant debt
maturities and negative FCF are manageable. It expects proceeds
from the proposed bond to enable BULL to address its debt
maturities. A mix of refinancing and additional debt for vessel
purchases should also support BULL's liquidity.

Its assessment of BULL's refinancing capability is based on its
robust relationships with several domestic banks along with the
fleet's revenue visibility and appraisal value. BULL recently
refinanced USD13 million of debt due from PT Bank Panin Tbk in
April 2019. Future vessel purchases could also be financed with a
loan-to-value ratio of 70% or higher, freeing up a portion of
operating cash flows for debt servicing.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Cash reported as restricted, which relates to bank loans, has
been treated as readily available (2018: USD0.02 million) and a
corresponding adjustment has been made in the cash flow statement
to reflect the change in such cash balances.

  - Unamortised loan transaction costs have been added back to debt
(2018: USD0.9 million).

  - Prepaid expenses and advances excluding those related to vessel
purchases and docking (2018: USD8.8 million) and accrued expenses
excluding those related to finance costs (2018: USD1.9 million)
have been included under working capital.

  - Income-tax expense in income statement and tax paid in cash
flow statement has been increased to reflect applicable tax of 1.2%
of shipping revenues in Indonesia. Corresponding offsetting
adjustments have been made to operating expense items.

  - Dividend paid to minority interests by BULL's subsidiary (2018:
USD2.8 million) has been incorporated in FFO.

BUANA LINTAS: Moody's Assigns B1 First-Time CFR, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to Buana Lintas Lautan Tbk (P.T.) (BULL).

At the same time, Moody's has assigned a B1 rating to the proposed
US dollar senior unsecured notes to be issued by BULL Maritime
Capital Pte. Ltd., a wholly owned subsidiary of BULL.

The outlook on the ratings is stable.

The proceeds from the issuance of the notes will be used to repay
all outstanding debt, acquire vessels, fund the interest service
account and pay transaction fees. The notes will be guaranteed by
BULL and substantially all its subsidiaries on a senior unsecured
basis.

RATINGS RATIONALE

"BULL's B1 CFR reflects its solid business profile, underpinned by
time charter contracts which provide good revenue visibility and
strong profitability. The rating is also supported by barriers to
competition, based in turn on favorable industry regulations,
particularly the cabotage laws, which mandate the use of
Indonesia-flagged vessels for domestic sea freight transportation,"
says Maisam Hasnain, a Moody's Analyst.

"Nonetheless, BULL's B1 CFR also takes into account its small scale
of operations relative to other rated shipping companies, its
sizeable capital spending plans which will raise execution risk,
and its heavy reliance on a single counterparty, namely Pertamina
(Persero) (P.T.) (Baa2 stable)" adds Hasnain, also Moody's Lead
Analyst for BULL.

On the back of the growing consumption of oil and gas in Indonesia,
BULL has grown from operating nine vessels with a capacity of
384,915 deadweight tons (DWT) in 2015 to 19 vessels with 923,074
DWT as of 31 March 2019.

Furthermore, as of March 2019, around 91% of its fleet were -- in
DWT terms -- on time charter contracts. Given the high proportion
of such contracts, Moody's expects BULL's vessel utilization rates
to remain high and revenue to be predictable over the next two to
three years.

Despite its growth in recent years, BULL has sought to maintain
conservative financial policies, funding its growth with an
appropriate mix of debt and equity. In addition to using the
proceeds from its proposed notes issuance to acquire additional
vessels, BULL plans to complete an IDR600 billion rights issue by
June, which would be its third rights issue in three years.

Although Moody's estimates BULL's leverage -- as measured by
Moody's adjusted debt/EBITDA -- will peak at around 4.0x in 2019
following the proposed notes issuance, leverage will subsequently
decline to 3.0x - 3.2x in 2020 based on the earnings growth from
its new vessels. Such leverage levels are supportive of its B1
rating.

As of 31 March 2019, around 90% of BULL's fleet by DWT capacity
were on time charter contracts with the state-owned oil and gas
company, Pertamina (Persero) (P.T.) (Baa2 stable) and its
associates. While this results in considerable counterparty risk,
the situation is balanced against BULL's longstanding relationship
with Pertamina of around 38 years with an established track record
of time charter contract renewals.

Furthermore, Moody's notes that as BULL's scale is smaller than
rated peers, its operating performance remains susceptible to
changes in charter rates or unanticipated operating costs. However,
the company has thus far managed these risks.

As the planned proceeds will be used to repay all of BULL's
existing debt, the proposed US dollar notes are rated in line with
BULL's CFR. The presence of upstream guarantees from substantially
all subsidiaries also mitigates structural subordination risk for
bondholders.

The stable outlook is based on Moody's expectation that BULL will
maintain revenue visibility from its time charter contracts, while
also maintaining its strong relationship with Pertamina, and will
adhere to its prudent stated financial policies as it grows its
business.

An upgrade is unlikely over the next 12-18 months, given the
company's scale and sizeable capital spending plan. However, upward
rating pressure could develop over time if management continues to
successfully grow its business, while improving the company's
credit metrics, and the domestic regulatory environment remains
benign.

Credit metrics indicative of a rating upgrade include adjusted
debt/EBITDA of below 3.0x and adjusted (FFO + interest
expense)/interest expense over 4.0x on a sustained basis.

The rating could be downgraded if (1) earnings growth from ongoing
vessel purchases do not materialize; (2) industry fundamentals
weaken, resulting in lower charter rates or an inability by BULL to
renew expiring charter contracts; or (3) BULL deviates from its
stated prudent financial policies.

Credit metrics indicative of a rating downgrade include adjusted
debt/EBITDA above 4.5x and adjusted (FFO + interest
expense)/interest expense below 2.5x on a sustained basis.

Furthermore, downward ratings pressure will build if (1) any
legislative development arises that would loosen cabotage laws; or
(2) Pertamina materially shifts management of its fleet such that
it reduces its exposure to BULL.

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

Headquartered in Jakarta, Indonesia and founded in 2005, Buana
Lintas Lautan Tbk provides shipping services primarily to oil and
gas companies, including Pertamina (Baa2 stable) and its
associates. BULL operated a fleet of 19 vessels as of March 2019.

BUANA LINTAS: S&P Assigns Prelim 'B+' LT ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' long-term issuer
credit rating to PT Buana Lintas Lautan Tbk. (BULL). S&P also
assigned its preliminary 'B+' long-term issue rating to the
company's proposed U.S. dollar-denominated senior unsecured notes.

The preliminary ratings reflect BULL's modest size, fleet age, high
concentration in Indonesia, single-customer risk, and growth
aspirations. The protective Indonesian environment, the company's
growth potential, high proportion of time charter contracts
translating into revenue visibility and high margins, and moderate
leverage temper these weaknesses.

BULL's fleet size will remain smaller and older than that of global
peers in the foreseeable future. As of Dec. 31, 2018, the company
had 17 vessels. A few large vessels remain important revenue
contributors, meaning any problem with one of these vessels could
affect earnings meaningfully. BULL's low capital intensity strategy
to employ second-hand boats results in its average fleet age of
18.5 years. This number is higher than global industry average of
14 years for crude tankers and 20 years for product/chemical
tankers but lower than the Indonesian-flagged average of about 25
years. This may imply rising operating costs and operating
performance issues in future.

The company operates mainly in Indonesia, and its performance is
therefore largely driven by the country's energy policy, as
redeploying its fleet overseas may prove less attractive in terms
of revenue stability and margins.

The high dependence on PT Pertamina (Persero), which generally
accounted for over 70% of revenue historically, and will account
for more than 90% from 2019 onward, leaves BULL's business highly
exposed to any negative development in the relationship. For
instance, revenue contribution from Pertamina fell to 56% in 2018
after the company blacklisted BULL for six months due to delays in
obtaining vessel import-related customs documents. While BULL could
replace Pertamina's share of revenue by placing vessels on the
international spot and time-charter market, this incident
highlights risks related to the quality of the relationship with,
and strategic priorities of, Pertamina.

BULL is focusing on growing its relationship with Pertamina to
expand its fleet, which could double in the next three years in the
absence of disposals. Elevated spending of close to US$250 million
in 2019-2021 will raise the company's leverage, with the ratio of
funds from operations (FFO) to debt recovering to its
pre-investments 2018 value only in 2021.

The Indonesian maritime law poses high barriers to entry from
foreign competitors. The cabotage principle allows only Indonesian
owned and operated ships to transport goods in domestic waters. The
controlled nature of the domestic market results in domestic
freight rates exhibiting less correlation with global rates. This
arrangement protects BULL from the industry's high volatility at
the expense of revenue growth during industry upturns, in our
opinion. Given expanding consumption of hydrocarbon in Indonesia,
S&P believes the domestic shipping market has growth potential.

In addition to downside protection, BULL has good revenue
visibility, due to the high proportion of fixed time charter versus
spot contracts (generally 90:10). Time charter contracts are
typically multi-year and have fixed price. In addition, BULL's
revenue visibility reflects the company's good relationship with
Pertamina and its better efficiency standards. The company also
enjoys high and resilient EBITDA margin above 50% given the
charterer pays for voyage costs (i.e., port charges and bunker fuel
costs).

S&P said, "We expect the company to maintain moderate leverage. We
believe the company will be prudent in buying new vessels and will
maintain its financial policy of gross debt to EBITDA well below
3.5x. We do not factor in any fresh equity issuance though we note
that the company has raised equity over the last two years to fund
growth."

S&P will finalize its preliminary issuer and issue ratings on the
following:

-- Completion of long-term debt issuance of sufficient size to
repay all existing debt and fund all growth investments;

-- Issuance of long-term debt with maturity sufficiently distant
in the future to avoid any medium-term refinancing need;

-- Repayment of all debt instruments currently outstanding; and

-- Final documentation in line with the draft terms and
conditions.

The stable outlook reflects S&P's expectations that BULL will
steadily expand its fleet in the next 18 months and find contracts
at attractive rates for the additional vessels, so that its EBITDA
almost doubles by 2020.

Failure to grow earnings decisively and, hence, operating cash flow
generation, so that FFO-to-debt ratio falls sustainably and
markedly below 25% could lead us to lower the rating on BULL. This
would primarily happen if the company's revenues stagnate or
margins erode as a result of less supportive market conditions, or
loosening terms of the cabotage law. A weakening relationship with
Pertamina, evident from a lack of timely renewal of contracts or
new vessels placement with Pertamina, would also put pressure on
the rating. In addition, eroding liquidity could precipitate a
downgrade.

An upgrade is unlikely, given BULL's high concentration to a single
customer and its small scale. S&P could raise the rating if the
company establishes a record of expanding its fleet steadily, while
preserving a close relationship with Pertamina and a conservative
capital structure.



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

DAYA MATERIALS: Unit's Bid for More Time to Pay MYR2MM Loan Tossed
------------------------------------------------------------------
Emir Zainul at theedgemarkets.com reports that RHB Bank Bhd has
declined a request from Daya Materials Bhd's subsidiary Daya Maxflo
Sdn Bhd for more time to pay an outstanding sum of MYR2.09 million.


"However, Daya Maxflo and the company (Daya Materials) are still in
discussion with RHB to regularize the outstanding payment of the
trade facilities," it said in a filing with Bursa Malaysia on May
13, notes the report.

On May 3, Daya Materials announced that its subsidiary Daya Maxflo
has not paid the outstanding sum, which was due and payable on the
trade facilities granted by RHB Bank, theedgemarkets.com discloses.


In the event of a default, Daya Materials said RHB would have the
right to terminate and recall the facilities without further notice
and take legal action against Daya Maxflo and itself, who is the
corporate guarantor for the facilities, theedgemarkets.com relays.

On the same day, Daya Materials also announced that its other
subsidiary Daya CMT Sdn Bhd was also overdue on its payment of
MYR1.48 million to United Overseas Bank (Malaysia) Bhd (UOB), and a
MYR1.08 million to Malayan Banking Bhd (Maybank), according to
theedgemarkets.com.

Daya Materials Berhad -- http://dayagroup.com.my/-- engages in
investment holding and providing management services to its
subsidiaries. The Company's segments include polymer, oil and gas,
technical services and others. The polymer segment manufactures
materials for the power cables and wires industry, and trades other
related polymer compounds and specialty chemical products.

Daya Materials Bhd fell into Practice Note 17 (PN17) status in
February last year after its shareholder equity retreated to under
25% of its issued capital as at
Dec. 31, 2017.

The company saw its net loss widen to MYR178.35 million in FY18
from MYR76.67 million in the previous year, as revenue declined
4.1% to MYR281.56 million from MYR293.53 million in FY17.



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

PANAY ELECTRIC: On Brink of Shutdown Following Franchise Expiry
---------------------------------------------------------------
Hazel P. Villa and Nestor P. Burgos Jr. at Inquirer.net report that
Panay Electric Co. (Peco), the sole power distributor in Iloilo
City, is on the brink of shutting down.

According to Inquirer.net, the 1920s were hard times for Candelaria
Cacho, a 42-year-old Filipino woman who lost her husband but had to
feed 11 children and send them to school. She sold almost anything
she could lay her hands on, including bananas and fiber to traders
in ships docking at the thriving Port of Iloilo. She made enough
money to acquire what would become her family's heirloom, Peco,
Inquirer.net relates.

Ninety-two years later, however, Peco is on the brink of shutting
down; its franchise already expired on Jan. 18, 2019, the report
says.

As if sealing the company's doom, More Electric and Power Corp.
(More Power), a new firm controlled by billionaire Enrique Razon
Jr., has acquired the 25-year franchise granted under Republic Act
No. 11212. The law was signed on Feb. 14, Inquirer.net recalls.

                         Losing Everything

According to the report, the Cachos are not giving up Peco, though,
and have brought the fight to the courts. After all, they stand to
lose everything, especially the authority to bring power to at
least 64,000 consumers in Iloilo City, the report says.

On March 12, Peco secured a temporary restraining order (TRO) from
the Mandaluyong Regional Trial Court (RTC) against the enforcement
of More Power's franchise, which gave the new player authority to
seize Peco assets. The Court of Appeals, however, issued its own
TRO in favor of More Power to stop the RTC order, Inquirer.net
relates.

In an apparent retaliatory move, More Power filed an expropriation
case against Peco in the Iloilo RTC seeking a writ of possession
against Peco assets, the report says. Peco, in turn, filed a
petition to suspend the expropriation proceedings until the
legality of the franchise granted to More Power is resolved by the
courts, according to Inquirer.net.

Inquirer.net relates that Peco has described its opponent's
takeover bid as "high-handed" and "reminiscent of the era of kings
and robber barons."

It came after talks between Razon and the Cacho family collapsed in
2017, according to a source privy to the negotiations, Inquirer.net
relays. Razon, the source said, had offered to buy a controlling
share in Peco but the family insisted that any discussion should
come only after the renewal of its franchise, Inquirer.net says.

                         Franchise Renewal

On July 31, 2017, a bill seeking to renew Peco's franchise was
filed in the House of Representatives, but it was not tackled by
the committee on legislative franchises, Inquirer.net recalls.

When former President and Pampanga Rep. Gloria Macapagal-Arroyo
assumed the speakership in July 2018, legislative action was swift.
A bill was filed two months later, or on Sept. 26, 2018, awarding a
25-year franchise to More Power controlled by Razon, a known close
ally of Arroyo, the report relates.

In just 12 calendar days, House members passed the bill. Senators,
meanwhile, approved the Senate version of the measure. The
bicameral committee agreed on the consolidated bill in December
last year, which was eventually signed by President Duterte on Feb.
14, according to Inquirer.net.

The law provides a maximum two-year transition period for More
Power but also allowed it to seize Peco assets, the report notes.

Inquirer.net relates that Roel Castro, the company president, said
More Power was ready to take over power distribution if Peco would
discuss the transition. It was also willing to offer "just
compensation" to Peco for its assets and facilities.

                              Assets

According to Peco, its assets included five subtransmission line
substations, 450 kilometers of electrical lines, 20,000 poles,
1,300 distribution transformers, 64,000 electrical meters and more
than 400 personnel, Inquirer.net discloses.

Mikel Afzelius, Peco corporate communications officer, said that if
there would be talks on assets acquisition, payment should cover
losses in prospective income for several years. Without an
agreement, More Power has to put up its own distribution system, he
said.

Peco reported a net income of PHP142.7 million in 2015 and PHP202.8
million in 2016, Inquirer.net discloses citing financial statements
submitted to the Securities and Exchange Commission.

Despite the expiration of its franchise, Peco continues to operate
under a certificate of public convenience and necessity issued by
the Energy Regulatory Commission and valid until this month, the
report notes.

More Power plans to infuse PHP1.2 billion in capital for the
three-year rehabilitation program, Mr. Castro, as cited by
Inquirer.net, said. He promised improved customer care services and
lower rates by tapping multiple sources of power, including a
considerable portion from the Wholesale Electricity Spot Market,
adds Inquirer.net.

                Power Fight Outcome Worries Ilonggos

Inquirer.net notes that for the past five years, investments have
poured into the city, and the local business community is bullish
that development will continue, especially in real estate, business
process outsourcing (BPO), tourism and agribusiness.

But with the expiry of the franchise of Peco and the legislative
award of a new one to More Power, public apprehension has been
raised over the stability of power supply, Inquirer.net says.

"We don't know how this will play out. It might get worse before it
gets better," Inquirer.net quotes Maria Lea Victoria Lara,
executive director of the Iloilo Business Club, as saying.

"We hope there will be a win-win solution and that we should all be
mindful of the general interest of the public," Ms. Lara told the
Inquirer. She was referring to the ongoing court fight between Peco
and More Power.

                      'Dark Ages of Iloilo?'

Although both Peco and More Power assured consumers that their
legal battle will not disrupt electricity service, Sen. Franklin
Drilon, who hails from Iloilo, said the situation was a cause for
concern, especially since Peco was operating under a certificate of
public convenience and necessity (CPCN) issued by the Energy
Regulatory Commission (ERC), which is valid only until May 25,
according to Inquirer.net.

When the CPCN expires, Peco cannot continue its operation, Sen.
Drilon said, Inquirer.net relays.

"If More Power cannot have legal possession of the assets, what
will happen? Will we be in the dark ages of Iloilo?" Sen. Drilon,
as cited by Inquirer.net, asked.

Inquirer.net says Peco has asked the ERC for a provisional
authority to operate even after the termination of its CPCN until
all legal issues have been resolved and that power distribution in
the city will not be disrupted.

The law granting a franchise to More Power provides for a maximum
two-year transition period after the law takes effect. The company
is expected to establish or acquire its distribution system.

More Power has also a pending application for the issuance of CPCN,
the report notes.

Inquirer.net adds that Marcelo Cacho, Peco administrative officer,
said it was problematic for More Power to be issued the
certificate, pointing out that it did not have a distribution
system and personnel.

"It lacks technical feasibility and manpower," Mr. Cacho told the
Inquirer.

Mr. Drilon said he hoped Peco and More Power would resolve the
impasse that had reached the courts, adds Inquirer.net.

"Peco appears to be protecting its assets. More is protecting its
franchise. So the question I ask is: Who is protecting the interest
of Ilonggos?" the report quotes the senator as saying.

According to Inquirer.net, many Ilonggos have welcomed the entry of
More Power because they were dissatisfied with Peco over billings,
frequent power interruptions and poor customer service.  But others
have also observed significant improvement in Peco's service in
recent years.

There is also concern over the entry of a company owned by a
non-Ilonggo and without a track record in power distribution, the
report states.

"There is no guarantee that the service of More Power will be
better and Peco is a homegrown company, which is part of the
history of Iloilo. But Iloilo also deserves better," said one
business owner, who asked not to be named to avoid being perceived
to be favoring any of them, Inquirer.net relays.

                         Taking Everything

Inquirer.net notes that More Power is keen on acquiring Peco's
assets and property when it takes over power distribution, but
critics have pointed out that the company also wants to expropriate
Peco land for future expansion, office furniture and fixtures,
computers, software and service vehicles.

This appears to be the first time an electric franchise area with
an existing power distributor is given to a newly formed firm
without experience in power distribution and "does not own a single
electric post," they said.

Yet, what is at stake in terms of income potential is high, the
report notes.

Inquirer.net says Power demand in the city has grown significantly
as investments come in.

In 1994, peak daily demand reached 60 megawatts and in 2013, to 90
MW, according to engineer Randy Pastolero, Peco assistant vice
president for operations, Inquirer.net recalls. It spiked
especially in 2014 and 2015 amid a construction boom, and rose in
2017 to 110 MW and last year to 116 MW.

The bulk of power supply (35 MW) comes from the substation in
Mandurriao District, where projects of Ayala Land, Megaworld Corp.,
SM Prime Holdings Inc. and Gaisano Capital are found, Inquirer.net
discloses.  

Inquirer.net says the uncertainty has already caught the attention
of BPO firms.

"Investors are asking for a 100-percent assurance that there will
be no disruptions because this will affect operations and expansion
plans," Inquirer.net quotes Jesraf Palmares, president of the
Iloilo Federation for Information Technology (Ifit), as saying.

Under the Ifit umbrella are 26 BPOs employing some 26,000 workers,
as well as schools and government agencies, relates Inquirer.net.

According to Inquirer.net, Francis Gentoral, executive director of
the Iloilo Economic Development Foundation, said the business
community did not want to be embroiled in a tug-of-war between More
Power and Peco.

"What is important is who can provide reliable supply and at a
lower cost," the report quotes Mr. Gentoral as saying, describing
it as essential in sustaining the growth of Iloilo economy,
Inquirer.net relays.  "There is still a lot of potential and
businesses are still being put up," he said.


                           *********


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

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

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

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



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