TCRAP_Public/190516.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, May 16, 2019, Vol. 22, No. 98

                           Headlines



A U S T R A L I A

A & A LAWYERS: First Creditors' Meeting Set for May 22
MINERAL RESOURCES: Fitch Rates $700MM Sr. Unsec. Notes Final 'BB'
ORINOCO GOLD: Second Creditors' Meeting Set for May 22
ROSENDORFF DIAMOND: Craig Rosendorff Companies Claim AUD18 Million
SONG COMPANY: First Creditors' Meeting Set for May 23

SOUTH HEAD: Second Creditors' Meeting Set for May 22
TRANSIT CLOTHING: Fashion Chain Collapses Into Administration
WATERWERX OPERATIONS: First Creditors' Meeting Set for May 22


C H I N A

GUANGDONG HELENBERGH: Fitch Affirms LT IDR at B+, Outlook Stable
KANGDE XIN: Police Move Against Company's Controller
MIE HOLDINGS: S&P Withdraws 'CCC-' Long-Term Issuer Credit Rating


H O N G   K O N G

CK HUTCHISON: May be Hiding US$7.4 Billion in Debt, Researcher Says


I N D I A

APOLLO COMPUTING: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
ASHOK HANDLOOMS: ICRA Reaffirms B Rating on INR5.6cr LT Loan
ATLAS CYCLES: ICRA Lowers Rating on INR45cr Cash Credit to D
BRAJESH PACKAGING: ICRA Cuts Rating on INR6.75cr LT Loan to D
DSK MOTORS: Insolvency Resolution Process Case Summary

DUGAL PROJECTS: Insolvency Resolution Process Case Summary
EMBEE FERRO: ICRA Maintains B Rating in Not Cooperating Category
FLEXITUFF VENTURES: ICRA Lowers Rating on INR289cr Loan to C
FLORIDA ELECTRICAL: ICRA Withdraws D Rating on INR8.0cr Loans
GAJANAN OIL: Insolvency Resolution Process Case Summary

HARSHITA POLYPACK: ICRA Downgrades Rating on INR4.60cr Loan to D
ILC INDUSTRIES: Insolvency Resolution Process Case Summary
JAI AND SONS: ICRA Raises Rating on INR4.00cr LT Loan to B+
JET AIRWAYS: CEO, Two Senior Officers Resign as Rescue Hopes Dim
KIARA JEWELLERY: ICRA Maintains B/A4 Rating in Not Cooperating

LEADER VALVES: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
MARUTI COTEX: Insolvency Resolution Process Case Summary
MOTHERS AGRO: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
PADDINGTON RESORTS: Ind-Ra Cuts LT Issuer Rating to D, Not Coop.
PARAMPUJYA SOLAR: S&P Puts Prelim 'BB+' Rating to $500MM Sec. Bond

PHOSPHATE COMPANY: Ind-Ra Affirms BB LT Issuer Rating
PLATINUM POLYMERS: ICRA Maintains B+ Rating in Not Cooperating
PRITS LEATHER: Ind-Ra Cuts LT Issuer Rating to 'D'
PVN FABRICS: Ind-Ra Affirms LT Issuer Rating at D, Not Cooperating
RADHIKA PACKAGING: ICRA Lowers Rating on INR4.60cr LT Loan to D

RAI BAHADUR: ICRA Reaffirms B+ Rating on INR15.41cr LT Loan
RAJ BUILDHOME: Insolvency Resolution Process Case Summary
RAMESHWAR TEXTILE: ICRA Lowers Rating on INR15cr Loan to B+
RELIANCE COMMUNICATIONS: Insolvency Resolution Case Summary
RELIGARE FINVEST: ICRA Lowers Rating on INR9,000cr Loan to D

S.R.S. EXPORTS: ICRA Withdraws B+ Rating on INR2cr LT Loan
SAKAR LEISURE: Insolvency Resolution Process Case Summary
SHREECHEM PHARMACEUTICALS: Insolvency Resolution Case Summary
SHRI JALARAM: Insolvency Resolution Process Case Summary
SUYASH POLYMER: ICRA Lowers Rating on INR4.60cr Loan to D



N E W   Z E A L A N D

CRYPTOPIA: Grant Thornton Appointed as Liquidators


S I N G A P O R E

HONESTBEE: To Stop Food Delivery in Singapore, 400 Jobs Affected
HYFLUX LTD: Sembcorp Keen on Tuaspring Plant if the Price is Right
INTERPLEX HOLDINGS: Moody's Withdraws Ba3 CFR for Business Reasons


S O U T H   K O R E A

HANJIN HEAVY: Bank Creditors Eye Debt Resolution Within This Year


V I E T N A M

VIETNAM NATIONAL COAL: S&P Withdraws 'B' LT Issuer Credit Rating

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A U S T R A L I A
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A & A LAWYERS: First Creditors' Meeting Set for May 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of A & A
Lawyers Pty Ltd (Registered Business Name "AHA Taylor Lawyers")
will be held on May 22, 2019, at 2:00 p.m. at Boardroom of Chifley
Advisory, at Suite 1903, Level 19, 31 Market Street, in Sydney,
NSW.

Gavin Moss of Chifley Advisory was appointed as administrator of A
& A Lawyers on May 10, 2019.

MINERAL RESOURCES: Fitch Rates $700MM Sr. Unsec. Notes Final 'BB'
-----------------------------------------------------------------
Fitch Ratings has assigned Australia-based Mineral Resources
Limited's (MIN; BB/Stable) USD700 million 8.125% senior unsecured
notes due 2027 a final 'BB' rating.

MIN's notes are rated at the same level as the Issuer Default
Rating as they will be unconditionally, jointly and severally
guaranteed by MIN and its subsidiaries, which represent more than
95% of group consolidated total assets and net income.

The final rating on the notes is in line with the expected rating
assigned on April 8, 2019 and follows the receipt of final
documents conforming to information already received.

MIN's ratings reflect its strong business profile, which is
supported by its stable cash flow base from internal mining service
contracts, long-term external crushing contracts with diversified
miners and low-cost lithium assets in Australia. However, the
company's operating risk profile will be high over the next four
years as it invests in a new hydroxide plant to move up the lithium
value chain, which constrains its credit profile.

A joint venture with the US-based chemical manufacturer, Albemarle
Corporation (BBB/Stable), will significantly improve MIN's net
leverage position, following a ramp-up in capex on its two lithium
mines. However, Fitch expects some delay in the construction and
commercial production of MIN's hydroxide plant due to the inherent
complexity of the development and production phases, and the
rigorous qualification and accreditation process required by
customers.

KEY RATING DRIVERS

Unique Profit-Sharing Model: MIN provides low-cost, pit-to-port,
life-of-mine services to mines under its profit-sharing model,
which involves the acquisition of undeveloped resource assets that
can benefit from its mining infrastructure services. Specifically,
MIN funds the design and construction of a mine in return for
equity in the project and then secures a life-of-mine contract for
full pit-to-port services. It monetises part of its equity share
over the medium- to long-term and reinvests the funds in its
business. The model, which is unique among peers, eliminates the
risk of contract loss in its mining services business, allows the
company to capture earnings from its mining operation and generates
steady cash flow.

Albemarle Transaction Net Leverage Positive: MIN sold half of its
Wodgina lithium mine to joint-venture partner Albemarle for USD1.15
billion, which will improve MIN's net leverage position and provide
adequate funding for its share of the required capex for the
proposed hydroxide plant. This transaction will support the
company's credit profile. MIN expects to complete the transaction
in 2019, subject to regulatory approvals. Fitch  believes there
would be high interest in the Wodgina mine from other potential
buyers, should the transaction not achieve regulatory approval.

Strong Lithium Hard-Rock Portfolio: Fitch believes MIN is
well-positioned to capitalise on the strong demand for lithium over
the long term, as it has one of the largest lithium hard-rock
deposits in the world, and both assets possess long reserve lives,
competitive cost positions and strong offtake and equity partners.
The long-term offtake agreement with Jiangxi Ganfeng Lithium Co.,
Ltd (Ganfeng Lithium) at its Mt Marion mine and the strategic
importance of high-quality lithium resources to MIN's equity
partners reduce volume risk. Fitch expects low execution risk for
MIN's Wodgina mine due to the company's established record of
development and production of spodumene concentrate at Mt Marion.

Owner-Operator; Conservative Financial Policy: MIN has a
conservative capital structure and has maintained a net cash
position in eight of the previous 11 years by implementing the
founder's long-term strategy and benefiting from its deep
understanding of the mining industry and its inherent cyclicality,
in Fitch's view.

Fitch expects leverage, measured by FFO adjusted net leverage, to
peak at 4x in the financial year ending June 2019 (FY19) and then
fall in FY20 due to receipt of the proceeds from the sale of its
Wodgina mine. The development of MIN's hydroxide plant will then
raise leverage to around 2x by FY22. Fitch thinks MIN's target of
gross debt/sustainable EBITDA below 2x is appropriate for its
rating, based on its stable cash flow, which is underpinned by
internal mining service contracts and the cost competitiveness of
its lithium mines.

Risks, Opportunities from Hydroxide Plant: MIN plans to move up the
lithium value chain by building a hydroxide plant at its Wodgina
mine. The plant, once commissioned, will improve MIN's margin and
cost competitiveness compared with brine-based hydroxide
operations. Albemarle brings experience with hydroxide plants, but
the new plant must prove consistent supply that meets the physical
and chemical properties required by customers, which include
cathode and electronic-vehicle makers. The qualification process is
likely to take around a year after the plant's commissioning. MIN's
commercial production schedule will not be met if it fails to
manufacture a compliant product.

Its leverage forecast assumes commercial hydroxide production from
FY23 and captures full capex related to the plant, resulting in FFO
adjusted net leverage of around 2x over the next four years and
underpins the Stable Outlook.

Secured Debt in Capital Structure: Fitch forecasts secured debt in
MIN's capital structure for at least the next three years. MIN's
senior unsecured debt could be downgraded if the ratio of secured
debt/consolidated operating EBITDA moves above 2.0x-2.5x,
irrespective of any movement in the issuer's IDR.

DERIVATION SUMMARY

MIN's rating reflects its stable cash flow from internal mining
contracts and strong portfolio of lithium mines. This compares
favourably against its peer, Indonesia-based PT ABM Investama Tbk
(BB-/Negative), whose rating reflects a weakening coal contract
mining business and higher counterparty risk. ABM's mines also have
short reserve lives of around five years, against the more than 20
years for MIN's lithium mines. These factors explain why ABM is
rated one notch lower than MIN.

MIN's rating is one notch higher than Indonesia-based peer PT Bukit
Makmur Mandiri Utama (BB-/Stable), which has similar scale but a
less diversified business model with concentrated and lower quality
counterparties. MIN's mining-service business has better earnings
visibility due to its profit-sharing model.

KEY ASSUMPTIONS

  - Gradual decline in the realised spodumene price over the next
three years; then for the price to recover modestly in FY22 as
demand outpaces growth in capacity.

  - Iron ore price in line with the Fitch price deck, adjusted for
impurity discount.

  - Gradual ramp-up in export volume of spodumene concentrate from
Mt Marion and Wodgina during FY20-FY21.

  - Wodgina transaction proceeds received during FY20.

  - Incorporated 100% of committed capex for hydroxide plant during
FY20-FY22.

  - Commercial production from Wodgina hydroxide plant to start in
FY23.

  - Dividend payout ratio at around 50% of net profit after tax.

RATING SENSITIVITIES

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

Fitch does not expect positive rating action in the medium-term due
to MIN's high operating risk profile stemming from its planned
investment in the Wodgina plant. However, developments that may,
individually or collectively, lead to a positive rating action over
the longer term include:

  - FFO adjusted net leverage falling below 2.0x for a sustained
period.

  - Neutral to positive free cash flow.

  - Successful completion of its Wodgina hydroxide plant, with an
established operational record following commercial production of
hydroxide.

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

  - Delays and cost overruns in the hydroxide plant for a sustained
period, which may lead to higher leverage or squeeze MIN's
liquidity position.

  - FFO adjusted net leverage rising above 3.0x for a sustained
period.

  - Negative developments in its long-term outlook for lithium.

  - Material loss of mining-service contracts and deterioration in
the production volume of lithium mines at Mt Marion and Wodgina to
below its expectations of around 450 kilotonnes per annum (ktpa)
and 750ktpa, respectively.

  - Investments in the hydroxide plant that elevate the business
risk profile and that are not mitigated by an experienced
joint-venture partner.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: MIN reported cash of AUD136 million with
undrawn facilities of AUD125 million at end-2018. The company
announced in January 2019 that it had increased its working-capital
facility by AUD200 million. Thus, Fitch estimates MIN had available
funding of around AUD460 million at end-1HFY19. Its US dollar
notes, revolving facility and working-capital facility will extend
its debt maturity profile. MIN expects to receive the proceeds of
around USD1.15 billion from the sale of half of its Wodgina lithium
mine interest by end-2019. The size of the US dollar note issuance
was USD50 million less than the company initially proposed,
however, Fitch does not expect any material liquidity or credit
issues from the change.

ORINOCO GOLD: Second Creditors' Meeting Set for May 22
------------------------------------------------------
A second meeting of creditors in the proceedings of Orinoco Gold
Limited has been set for May 22, 2019, at 9:30 a.m. at the offices
of Pitcher Partners, at Level 11, 12-14 The Esplanade, in Perth,
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 21, 2019, at 4:00 p.m.

Bryan Kevin Hughes and Daniel Bredenkamp of Pitcher Partners were
appointed as administrators of Orinoco Gold on April 6, 2019.

ROSENDORFF DIAMOND: Craig Rosendorff Companies Claim AUD18 Million
------------------------------------------------------------------
Sean Smith at The West Australian reports that companies linked
with Craig Rosendorff said they are owed nearly AUD18 million by
his collapsed fine jewellery business.

According to the report, Mr. Rosendorff's obligatory financial
report on last month's collapse of Rosendorff Diamond Jewellers
lists Spinel Pty Ltd, Lindendale Pty Ltd and Avion Holdings Pty Ltd
as being owed AUD11.7 million, AUD3.2 million and AUD3 million,
respectively.

The 70-year-old is the sole director of all three companies, the
report says.

The West Australian relates that the debts, along with most of more
than 80 other claims, have yet to be confirmed by the
administrators and receivers now in control of the long-established
jewellery business.

Excluding the debts claimed by the Rosendorff companies, the
statutory report suggests Rosendorff Diamond Jewellers owes AUD4.4
million to secured creditor Gordon Brothers (AUD2.1 million), the
Australian Taxation Office (AUD165,000), staff and dozens of trade
suppliers, The West Australian discloses.

The West Australian says the jeweller's Hay Street Mall store has
been doing a roaring trade since receivers from KordaMentha last
week started a AUD9 million liquidation sale to clear excess stock
while they explored a recapitalisation or sale of the business.

Up to May 13, the store had turned over more than AUD1.7 million
since May 9--three times its average monthly sales, The West
Australian notes.

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

SONG COMPANY: First Creditors' Meeting Set for May 23
-----------------------------------------------------
A first meeting of the creditors in the proceedings of The Song
Company Pty Ltd will be held on May 23, 2019, at 11:30 a.m. at the
offices of CRS Insolvency Services, at Level 5, 379 Kent Street, in
Sydney, NSW.

Anthony John Warner and Trevor Mark Pogroske of CRS Insolvency
Services were appointed as administrators of Song Company on May
13, 2019.

SOUTH HEAD: Second Creditors' Meeting Set for May 22
----------------------------------------------------
A second meeting of creditors in the proceedings of South Head &
District Synagogue (Sydney) has been set for May 22, 2019, at 3:00
p.m. at McGrath Executive Suites, at Level 5, 115 Pitt 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 21, 2019, at 5:00 p.m.

Anthony Elkerton and Ronald Dean-Willcocks of DW Advisory were
appointed as administrators of South Head on May 7, 2019.

TRANSIT CLOTHING: Fashion Chain Collapses Into Administration
-------------------------------------------------------------
Sean Smith at The West Australian reports that West Australia's
increasingly tough retail climate has claimed another victim with
the collapse of the nine-store Transit Clothing fashion chain.

Daniel Woodhouse and Ian Francis from insolvency firm FTI
Consulting have launched a clearance sale at the 15-year-old chain
after being appointed as administrators to the two companies behind
Transit, GGA Lifestyle Pty Ltd and Doubleup Holdings Pty Ltd on May
13, according to the West Australian.

Transit Clothing sells casual clothing, footwear and accessories
focused on the youth and young adult market. Its stores, employing
45 people, are located in major shopping centres across Perth and
south-west WA.

The West Australian relates that the chain will continue to trade
but administrators are closing four stores over the next four days
to relieve the financial pressures on the business.

The retailer had 18 stores at its height in 2011.

However, Mr. Woodhouse said the business had struggled recently to
meet its rental and other costs as soft consumer demand cut sales
revenue, the report relays.

"Transit Clothing has been a successful retailer over a long
period, with a meaningful store footprint, a wide range desired by
their target market, and a successful online presence," the report
quotes Mr. Woodhouse as saying.  "Our appointment as administrators
will allow the business some breathing room as we look to continue
to trade the business, with most stores to remain open."

The West Australian relates that Mr. Woodhouse said the clearance
sale, which has already started, will offer discounts of up to 70
per cent across a wide range of Transit's inventory.

Transit's new direct factory outlet at Perth Airport and its stores
located at Dunsborough Centrepoint and Mandurah Forum will shut
their doors immediately, with Ocean Keys Clarkson to follow on
Saturday evening [May 18].

Trade will continue at the Lakeside Joondalup, Watertown Outlet,
Westfield Carousel, Belmont Forum and Cockburn Gateway stores, the
West Australian adds.

WATERWERX OPERATIONS: First Creditors' Meeting Set for May 22
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Waterwerx
Operations Pty Ltd will be held on May 22, 2019, at 2:00 p.m. at 51
Robinson Street, in Dandenong, Victoria.

Peter Robert Vince and Paul William Langdon of Vince & Associates
were appointed as administrators of Waterwerx Operations on May 10,
2019.



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GUANGDONG HELENBERGH: Fitch Affirms LT IDR at B+, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Guangdong Helenbergh Real Estate Group
Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating of
'B+'. The Outlook is Stable. Fitch has withdrawn the
foreign-currency senior unsecured rating of 'B+' as the entity has
no offshore bond in issuance.

Helenbergh's rating is based on the consolidated financial profile
of its holding company, Helenbergh China Holdings Limited
(Helenbergh China), which indirectly owns 100% of Helenbergh, and
is in the process of an IPO on The Stock Exchange of Hong Kong
(SEHK). Fitch has assessed that the strategic and operational ties
between the two companies are strong, based on its Parent and
Subsidiary Rating Linkage criteria, as Helenbergh represents
Helenbergh China's entire exposure to the China homebuilding
business.

Helenbergh's leverage, defined by net debt/adjusted inventory, rose
to 50% by end-2018 from 42% at end-2017, reaching its negative
rating sensitivity on leverage. Fitch expects Helenbergh's leverage
to drop to 45%-50% in 2019, mainly due to a lower cash outflow from
land acquisitions and an improvement in the cash collection rate of
contracted sales proceeds. Fitch will closely monitor Helenbergh's
financial profile and may consider negative rating action if its
leverage fails to improve as expected.

Helenbergh's diversified land bank in five regions in China
supports its rating and mitigates the weaker-than-peer quality of
its land bank, which is located mostly in tier-2 and tier-3 cities.
Its contracted sales scale of about CNY40 billion a year and EBITDA
margin (after adding back capitalised interest in cost of goods
sold) of 20%-25% are sufficient for a 'B+' rating.

KEY RATING DRIVERS

Sufficient Land Bank Allows Deleveraging: Helenbergh's leverage of
about 50% is at the higher end among its peers in the 'B+' category
due to its aggressive land bank acquisitions in 2018. Its land-bank
life of about five years may allow the company to deleverage
gradually as it only needs to use about 30% of its contracted sales
proceeds to replenish its land bank to sustain its contracted sales
growth. The company may also reduce its leverage after its IPO on
the SEHK, which has not been reflected in its rating case
assumptions due to market uncertainties.

Diversified Land Bank Locations: Helenbergh had an attributable
land bank of 23.7 million sq m at end-January 2019, which was
well-diversified in the Pearl River Delta, Western China, Yangtze
River Delta, Central China and Jin-Jin-Ji Region, although 40% of
the land bank was focused on Guangdong province. The company
acquired more land in 2018 to support its fast sales-churn
strategy. Helenbergh has sufficient land bank for about five years
of development. Fitch expects its contracted sales to rise about
20% to CNY43 billion in 2019, mainly driven by an increase in the
gross floor area sold, after a gain of 40% to CNY36 billion in
2018.

Low-Cost Land Bank: The company obtains its land bank mainly
through acquisitions, public auctions and redevelopment of old
cities, which enabled it to buy land at low costs. Helenbergh held
2.2 million sq m of industrial land, which can be used for the
development of industrial parks or converted into commercial land,
and 2.8 million sq m of land for two urban redevelopment projects,
in addition to its 23.7 million sq m of land bank. Helenbergh's
average cost of land acquisition was CNY1,657 per sq m during
2016-2018, which accounted for only 15% of its contracted average
selling price (ASP) of around CNY11,000 in 2018.

Balanced Profitability and Churn: Helenbergh's EBITDA margin was
22% in 2018 (after adding back capitalised interest), thanks to its
low-cost land bank. Fitch expects the average cost of the land bank
to account for 15%-20% of its residential ASP, which will enable
the company to sustain an average EBITDA margin of 20%-25%. Fitch
expects its sales churn, indicated by its contracted sales/total
debt, to be maintained above 1.2x due to its sufficient land bank
and saleable resources.

Improving Financial Transparency: The holding company, Helenbergh
China, has filed the application for its IPO with full public
disclosure of its financial information. The company's corporate
governance has improved with independent non-executive directors
making up one-third of its board. Fitch expects an improvement in
the timeliness of Helenbergh's financial disclosure to offshore
investors after the completion of its IPO.

DERIVATION SUMMARY

Helenbergh's business and financial profile is comparable with 'B+'
peers such as Hong Kong JunFa Property Company Limited (B+/Stable).
Helenbergh has larger sales scale, better regional diversification
of its land bank and faster sales churn than Junfa, although
Helenbergh has slightly higher leverage and lower EBITDA margins
than Junfa. Its leverage ratio of around 50%, defined by net
debt/adjusted inventory, is comparable with peers rated 'B+', such
as Ronshine China Holdings Limited (B+/Stable), which has a larger
scale and better profitability.

Helenbergh has a better business profile and larger scale than most
of its 'B' peers, except for Yango Group Co., Ltd. (B/Positive).
Helenbergh's leverage is lower than Yango's although the latter has
a bigger sales scale.

Helenbergh's leverage is higher than most of its 'BB-' peers with
similar scale such as Times China Holdings Limited (BB-/Stable) and
Yuzhou Properties Company Limited (BB-/Stable), which have leverage
of 40%-45%.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  - Consolidated contracted sales of CNY40 billion-60 billion a
year in 2019-2021 (CNY36 billion in 2018)

  - Contracted ASP at CNY11,500-12,000 in 2019-2021 (CNY11,281 in
2018)

  - Attributable land premium accounting for about 30% of
attributable contracted sales in 2019-2021 (46% in 2018)

  - EBITDA margin (after adding back capitalised interest) of
20%-25% in 2019-2021 (22% in 2018)

RATING SENSITIVITIES

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

  - Contracted sales/total debt sustained at 1.3x or above (2018:
1.3x)

  - EBITDA margin (after adding back capitalised interest)
sustained at 20% or above (2018: 22%)

  - Leverage (net debt/adjusted inventory) sustained below 40%
(2018: 50%)

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

  - Failure to improve financial transparency to public investors,
including regular disclosure of full financial information

  - EBITDA margin (after adding back capitalised interest)
sustained below 15%

  - Net debt/adjusted inventory sustained above 50%

LIQUIDITY

Sufficient Liquidity: As at end-2018, Helenbergh had cash of
CNY10.8 billion (including restricted cash of CNY6 billion), which
is sufficient to cover short-term debt of CNY9.4 billion.

KANGDE XIN: Police Move Against Company's Controller
----------------------------------------------------
Ren Huilan and Timmy Shen at Caixin Global report that police have
taken action against the controller of the financially distressed
Kangde Xin Composite Material Group Co. Ltd., though police haven't
said publicly why or what exactly they have done.

Zhong Yu, the actual controller of the Shenzhen-listed laminating
film manufacturer, has been put under "criminal coercive measures,"
the Public Security Bureau of the eastern city of Zhangjiagang said
May 12 on Weibo, the Twitter-like microbloggling platform, Caixin
relates.

The police, however, didn't disclose exactly the measures entailed,
the report says. Criminal coercive measures can include things like
summons by force, bail, residential surveillance, detention or
arrest. Police also did not specify what triggered the measures.

Zhong stepped down as Kangde Xin's chairman in February, and does
not currently hold any position at the company, Caixin discloses
citing a company announcement on May 13.

In October, Kangde Xin revealed that Zhong had fallen under
investigation by China's securities regulator due to a suspected
violation of information disclosure rules, Caixin relates.

According to Caixin, Kangde Xin has defaulted on several bonds this
year. On Feb. 15, it missed a CNY55 million ($8.2 million) interest
payment on a CNY1 billion five-year note after defaulting on two
short-term debt instruments of CNY1.5 billion in January, Caixin
says.

Caixin says Zhong told creditors in January that he was even
willing to provide a personal guarantee for the company's debts,
promising repayment by the end of March. It remains unclear if he
delivered on his promise.

Last month, Kangde Xin's auditor gave a disclaimer of opinion for
the company's 2018 report, and said that major shareholders did
occupy some of the company's capital, but it couldn't obtain enough
evidence to determine the impact that might have had on the
company's balance sheet, according to the audit report cited by
Caixin. The auditor also said in the report that it could not
confirm the authenticity of CNY12.2 billion worth of company bank
deposits.

Kangde Xin had a total of CNY16 billion in debt as of the end of
last year, about 47% of its total assets, Caixin discloses citing
the company's 2018 audited report. It earned CNY280 million in net
profit attributable to shareholders, down from CNY2.5 billion in
the 2017, the report showed, Caixin adds.

China Kangde Xin Composite Material Group Co., Ltd. --
http://www.kangdexin.com/-- engages in laminating film and
photoelectric materials, 3D, and Internet applications businesses
worldwide. It offers printing substrates, environmental laminating
films, 3D grating materials, 3D imaging technology, automatic
coating equipment, and electronic display equipment under the
Kangde Film and KDX brand names for the printing and packaging, and
decoration markets.

MIE HOLDINGS: S&P Withdraws 'CCC-' Long-Term Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'CCC-' long-term issuer credit
rating on China-based oil and gas producer MIE Holdings Corp. at
its request. The outlook was negative at the time of the
withdrawal.





=================
H O N G   K O N G
=================

CK HUTCHISON: May be Hiding US$7.4 Billion in Debt, Researcher Says
-------------------------------------------------------------------
Jinshan Hong and Fox Hu at Bloomberg News report that billionaire
Li Ka-shing's CK Hutchison Holdings Ltd. "may be concealing"
HK$57.7 billion ($7.4 billion) of debt as a result of aggressive
accounting, a Hong Kong-based researcher said on its website,
allegations the company denied.

GMT Research Ltd., which uses its own proprietary accounting and
corporate governance analysis system, posted the research related
to accounting treatment of debt by the company and recommended
avoiding the stock, Bloomberg relates. CK Hutchison "rejects any
innuendo or suggestion of accounting irregularity," it said in a
statement on May 14, adding that the lead of the GMT report
"appears selective, biased and materially misleading."

According to Bloomberg, the latest annual earnings of CK Hutchison
was the first reported under the watch of Victor Li, who took over
the empire following last year's retirement of the senior Li, the
city's richest man. Shares of CK Hutchison were little changed as
of 10:21 a.m. in Hong Kong on May 15, after having risen 4.8% this
year versus a 9.4% gain for the benchmark Hang Seng Index,
Bloomberg notes.

Bloomberg says GMT Research analyzes balance sheets to screen
companies for possible red flags, with the goal to judge if a
company is overstating--or understating--its profits by exploiting
accounting standards. Clients are mostly long-only investors, and
GMT doesn't take investment positions nor does it write reports at
the behest of short-sellers, traders who profit when a stock falls,
founder Gillem Tulloch said.

In its earnings report for the year ended December, CK Hutchison
reported HK$120.5 billion in assets classified as held for sale,
and liabilities directly associated with them at HK$77.6 billion,
Bloomberg discloses. For the previous year, both the categories
were nil. By deeming a portion of its assets as held-for-sale, CK
Hutchison may be hiding HK$57.7 billion of debt, GMT Research
said.

The aggressive accounting is being used to give CK Hutchison a
"higher market rating and access to cheaper credit," GMT said in
the report. The company may be masking its rising debt levels with
this practice, it said.

"But CK didn't make any false statement," Bloomberg quotes Francis
Lun, chief executive officer at Geo Securities Ltd. in Hong Kong,
as saying. "It's sharp accounting practice to understate assets in
poor condition. This isn't the first time they have applied such
treatment."

According to Bloomberg, GMT said the accounting adjustments linked
to CK Hutchison's purchase of mobile operator Wind Tre SpA and the
"residual impact" from its 2015 reorganization boosted the firm's
annual pre-tax profit by about HK$13.2 billion, or 38%.

"The group's audited financial statements are strictly in
compliance with applicable Hong Kong Financial Reporting
Standards," and have been reviewed with credit agencies, CK
Hutchison said in its statement, Bloomberg relays.

Hong Kong-based CK Hutchison Holdings Limited is an investment
holding company mainly engaged in the retail business. Along with
subsidiaries, the Company operates its business through five
segments: the Retail segment, the Telecommunications segment, the
Infrastructure segment, the Ports and Related Services segment, and
the Husky Energy segment. The Retail segment is involved in the
manufacturing and sale of health and beauty products, as well as
consumer electronics and electrical appliances. It also operates
supermarkets, as well as manufactures and distributes bottled water
and beverage products. The Telecommunications segment provides
mobile telecommunications and data services by 3 Group Europe,
Hutchison Telecommunications Hong Kong Holdings, and Hutchison Asia
Telecommunications. The Infrastructure segment is involved in the
energy infrastructure, transportation infrastructure, water
infrastructure, waste management, waste-to-energy and
infrastructure related businesses.



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

APOLLO COMPUTING: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Apollo Computing
Laboratories Private Limited's (ACL) Long-Term Issuer Rating at
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limits affirmed with
     IND BB-/Stable rating; and

-- INR260 mil. Non-fund based limits affirmed with IND BB-/Stable

     /IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects ACL's continued small scale of operations,
as indicated by revenue of INR175 million in FY18 (FY17: INR274
million). The revenue decreased on account of non-recognition of
orders worth INR100 million. However, the orders were subsequently
recognized in FY19, boosting the revenue to INR305 million during
the year (provisional numbers). ACL has a healthy order book of
INR906 million, which is scheduled to be executed over the next 1-5
years, thereby providing medium-term revenue visibility. However,
the scale of operations will remain modest.

The ratings are constrained by ACL's tight liquidity position, with
maximum fund-based utilization of 96% for 12 months ended March
2019. The company caters to the aerospace and defense segment,
where it designs and develops customized electronics products as
per the customer's requirement.  The project life cycle depends on
the complexity of the product and is usually long. As a result,
working capital days have remained high historically (FY18: 805
days, FY17: 309 days; FY16: 324 days).

Also, ACL's cash flows from operation turned negative at INR44
million in FY18 (FY17: INR19 million) and free cash flow remained
negative at INR110 million (negative INR12 million). Ind-Ra expects
the company to have generated positive cash flow from operations in
FY19 on the back of revenue growth. ACL has scheduled debt
repayments of about INR33.5 million in FY20; Ind-Ra expects the
company to meet the requirement from its internal accruals. At
end-FY19, cash and cash equivalents stood at INR35 million
(end-FY18: INR36 million).

The rating factor in the modest EBITDA margin of 31.1% in FY18
(FY17: 25.6%), with RoCE of 10% (16%). The margin improved on a YoY
basis due to a reduction in raw material costs; the RoCE fell
because of lower revenue and an increase in debt. As per
provisional numbers, the company's EBITDA margins rose to 31.9% in
FY19 owing to the sustained drop in raw material prices, and the
RoCE stood at 15%.

The ratings derive comfort from the company's long-standing
relationship with customers. ACL's major customers including
Defence Research and Development Organization, Hindustan
Aeronautics Limited and Aeronautical Development Agency, which have
been associated with the company for over two decades.

The ratings are also supported by the founder's experience of over
two decades in the defense equipment manufacturing industry.    

RATING SENSITIVITIES

Negative: Any decline in the revenue, leading to a deterioration of
credit metrics and tight liquidity position, on a sustained basis,
could be negative for the rating.

Positive: An increase in the scale of operations along with an
improvement in liquidity, on a sustained basis, could be positive
for the rating action.

COMPANY PROFILE

Incorporated in 1992, ACL manufactures a wide range of customized
electronic systems (around 300 products) for the defense and
aerospace industry. The company's manufacturing unit is located in
Hyderabad, Telangana.


ASHOK HANDLOOMS: ICRA Reaffirms B Rating on INR5.6cr LT Loan
------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Ashok Handlooms Factory Private Limited (AHFPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term: Fund-
   based cash credit      5.60       [ICRA]B (Stable); reaffirmed

Rationale

The rating reaffirmation factors in the de-growth in topline by
0.7% to INR17.4 crore in FY2019 and further by a CAGR of 5.4%
during the six-year period between FY2013 and FY2019 owing to tepid
demand in the handloom and bedsheet segments. ICRA also takes note
of the building up of finished good inventory and high debtors
leading to stretched liquidity position as reflected by the high
utilisation on the working capital limits of ~97.6% during the
twelve-month period ended March 2019. Further, the rating takes
into account the weak financial profile characterised by high
gearing of 8.0 times and TOL/ TNW of 10.1 times as on Mar 31, 2019;
coverage metrics remains weak with 1.3 times and TD/ OPBITDA of 8.7
times in FY2019. The rating also factors in the vulnerability of
the company's profitability to volatility in raw material prices
although it has remained stable between 9.0-9.5% over the past
three years.

The rating, however, continues to be supported by the long track
record of the company's operations, and its established
relationships with its customers and suppliers. ICRA also notes of
the low counter party credit risk given that a significant
proportion of sales are derived from reputed players.
Going forward, the ability of the company to improve its scale of
operations and improve its liquidity position will be the key
rating sensitivities.

Outlook: Stable

ICRA believes that Ashok Handlooms Factory Private Limited (AHFPL)
will continue to benefit from the extensive experience of its
promoters and benefit out of its established relationship with
suppliers and customers. The outlook may be revised to Positive in
case there is significant improvement in profitability and
liquidity. The outlook may be revised to Negative if the company's
revenues and profitability decline or in case of weakening
liquidity position.

Key rating drivers

Credit strengths

Extensive experience of the promoters: The promoters of the company
has more than five decades of experience in the textile industry.

Established relationship with customers and low counter party
credit risk: AHFPL has established relationships with reputed
customers like Avenue Supermarts Limited (ASL) which is its largest
customer contributing to ~47% of FY2019 revenues.

Credit challenges

Small scale of operations: The company's scale of operations is
small with revenues of INR17.4 crore in FY2019, which de-grew by
0.7% on a YoY basis and at a CAGR of 5.4% during the six-year
period between FY2013 and FY2019.

Susceptibility of margins to price volatility of raw material: The
company's margins are dependent on the prices of its major raw
materials - yarn.

Weak financial profile: AHFL's financial profile is weak
characterised by high gearing of 8.0 times and TOL/ TNW of 10.1
times as on March 31, 2019; coverage metrics remains weak with 1.3
times and TD/ OPBITDA of 8.7 times in FY2019.

Fragmented industry and intense competition: AHFL operates in a
fragmented industry comprising many small players in the
unorganised segment, leading to intense competition and pricing
pressure leading to constrained margins.

Liquidity position
The liquidity position remains stretched as reflected by high
utilisation on the working capital limits of ~97.6% during the
twelve-month period ended March 2019. Further, the company has no
repayments over the next three years. The company has low cash
balances of INR0.03 crore and support by way of unsecured loans
from promoters of INR8.72 crore as on March 31, 2019.

AHFPL was established in 1946 as a proprietorship firm and was
converted into a private limited company in 1989. The company
manufactures home linen items such as bed sheets, bed linen, pillow
cases, cushion cover sets, curtains, and drapes, which are marketed
under the brand name 'Sonalika'. In addition, AHFL also
manufactures powerloom printed cloth and fabric, which is directly
marketed to wholesalers, trading firms etc. The company operates
through its production centers located in Meerut with an installed
capacity of 5000m/day.

ATLAS CYCLES: ICRA Lowers Rating on INR45cr Cash Credit to D
------------------------------------------------------------
ICRA has downgraded the long term rating of fund based bank
facilities and unallocated limits of Atlas Cycles (Haryana) Limited
(ACL) to [ICRA]D from [ICRA]C. ICRA has also downgraded the short
term rating of fund based bank facilities of ACL to [ICRA]D from
[ICRA]A4.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-Fund      45.00       [ICRA]D; Downgraded from
   Based-Cash                      [ICRA]C
   Credit              
   
   Long-term-Non-      22.20       [ICRA]D; Downgraded from
   fund Based–                     [ICRA]C
   BGs/LCs             
   
   Short-term-Fund     15.00       [ICRA]D; Downgraded from
   Based-Bills                     [ICRA]A4
   Discounting         
                                   
   Long-term-           2.30       [ICRA]D; Downgraded from
   Unallocated                     [ICRA]C  

Rationale
The ratings downgrade follows the overdrawal of the drawing power
sanctioned by the banks for a period of more than 30 consecutive
days for bank facilities, which do not have scheduled
repayment/maturity dates, as confirmed by ACL to ICRA.

Key rating drivers

Credit strengths

Long operational track record in cycle-manufacturing business: ACL
has operational track record of over seven decades in the cycle
manufacturing and related business. This has helped the company
establish strong foot-hold and develop a wide customer base both in
India and international market.

Reputed brand name: 'Atlas' is an established name in the cycle
business and enjoys a strong brand presence in India and abroad.
Its wide product offerings and established name in cycle business
give it a competitive advantage in the cycle market.

Credit challenges

Overdrawal of the drawing power sanctioned by the banks: The rating
downgrade follows the overdrawal of the drawing power sanctioned by
the banks for a period of more than 30 consecutive days for bank
facilities, which do not have scheduled repayment/maturity dates.

Continued stretched liquidity position: The ratings are, further,
constrained due to company's stretched liquidity position, as
reflected by continued high creditor position and high dependence
on working capital borrowings.

Fragmented industry characterized by intense competition from large
number of players: With the presence of large number of established
as well as unorganised players the company faces high competition.
The company also faces competition from cheaper Chinese imports in
the Indian local market.

Liquidity Position:
ACL has stretched liquidity position as reflected by overdrawal of
the drawing power sanctioned by the banks for a period of more than
30 consecutive days for bank facilities.

ACL was started by Mr. Janki Das Kapur in 1950. The company started
with manufacturing bicycle saddles in 1951 and bicycles in 1952.
Currently, it is one of the top bicycle manufacturers in India by
virtue of its strong brand. The company manufactures bicycles from
its units at Sonepat (Haryana), Sahibabad (Uttar Pradesh) and
Malanpur (Madhya Pradesh), besides a steel tube manufacturing unit
at Bawal (Haryana). As part of a family settlement, Mr. Janki Das
Kapur's three sons signed an MoU, under which the company was
divided into three profit centres, each under the management of one
of his sons or their families. In late 2014, however, the Malanpur
unit was shut down. The bicycles manufactured by the company range
from necessity bicycles to high-end bicycles, including the e-Bike
segment.

BRAJESH PACKAGING: ICRA Cuts Rating on INR6.75cr LT Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Brajesh Packaging Private Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term, Fund      0.73      [ICRA]D ISSUER NOT COOPERATING;
   based-Term Loan                Rating downgraded from [ICRA]B+
                                  (Stable) and continues to
                                  remain in the 'Issuer Not
                                  Cooperating' category

   Long Term, Fund      6.75      [ICRA]D ISSUER NOT COOPERATING;
   based-Cash Credit              Rating downgraded from [ICRA]B+
                                  (Stable) and continues to
                                  remain in the 'Issuer Not
                                  Cooperating' category

   Short Term, Non-     0.14      [ICRA]D ISSUER NOT COOPERATING;
   fund based-Bank                Rating downgraded from [ICRA]A4
   Guarantee                      and continues to remain in the
                                  'Issuer Not Cooperating'
                                  category

ICRA has downgraded the long-term rating to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]B+ ISSUER NOT COOPERATING for the
INR7.48-crore fund based bank facilities of Brajesh Packaging
Private Limited. The short-term rating of [ICRA]A4 ISSUER NOT
COOPERATING has also been downgraded to [ICRA]D ISSUER NOT
COOPERATING. The ratings continue to remain in the 'Issuer Not
Cooperating' category. The ratings are now denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.

In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.

Rationale
The rating downgrade follows the delay in debt servicing by BPPL as
confirmed by the lender.

Incorporated in 1978, Brajesh Packaging Private Limited (BPPL) is
the flagship company of the Damani Group, engaged in the
manufacturing of Polypropylene straps and strap machines. Mr.
Neelesh Damani, the managing director of the company, oversees
group operations.

DSK MOTORS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: DSK Motors Private Limited
        326/2, Mumbai Bangalore Highway
        Bavdhan, Pune
        Maharashtra 411021

Insolvency Commencement Date: April 9, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 7, 2019

Insolvency professional: Rajkumar Mahto

Interim Resolution
Professional:            Rajkumar Mahto
                         Krishna Kewal Housing Society
                         Flat No. 0/16, Kondhwa Khurd
                         Near Domino Pizza
                         Pune 411048
                         E-mail: mahrajkumar@gmail.com

                            - and -

                         C3/214, Second Floor
                         Bramha Majestic Commercial Complex
                         Above Vodafone Showroom
                         NIBM Road, Kondhwa
                         Pune 411048, Maharashtra
                         E-mail: irp.dskmotors@gmail.com

Last date for
submission of claims:    May 2, 2019


DUGAL PROJECTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Dugal Projects Development Company Private Limited
        C/o Chitranjan Kumar (Adv.)
        608B, Ganga Building
        Jahagid Complex, Mira Road
        Thane, Maharashtra 401107 India

Insolvency Commencement Date: May 8, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Arunava Sikdar

Interim Resolution
Professional:            Arunava Sikdar
                         D-3, LGF, Lajpat Nagar Part I
                         New Delhi 110024
                         E-mail: asikdar1990@gmail.com
                                 cirpdugalprojects77@gmail.com

Last date for
submission of claims:    May 22, 2019


EMBEE FERRO: ICRA Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA said the rating for the bank facilities of Embee Ferro Alloy
Pvt Ltd (EFAPL) continues to remain in the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         15.80       [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-          4.50       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund based-      1.50       [ICRA]A4 ISSUER NOT
   Letter of Credit                COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-Fund based-      1.50       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in January 2005, Embee Ferro Alloy Private Limited
(EFAPL) manufactures silico manganese. The manufacturing facility
of the company is located at Bankura, West Bengal. The company
commenced commercial production in September, 2015 with a 9 MVA
submerged electric arc furnace (EAF) with an installed capacity of
14,500 TPA.

FLEXITUFF VENTURES: ICRA Lowers Rating on INR289cr Loan to C
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Flexituff Ventures International Limited (FVIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term loan           37.00       [ICRA]C; Downgraded from
                                   [ICRA]B+ (Negative)

   Fund-based-
   Cash credit        289.00       [ICRA]C; Downgraded from
                                   [ICRA]B+ (Negative)

   Non-fund based     293.00       [ICRA]A4; Reaffirmed

Rationale

The rating revision takes into account the weakening of the
financial profile of FVIL that is reflected in the deterioration in
its profitability levels and debt coverage metrics during FY2019
and a tight liquidity position characterised by almost full
utilisation of its working capital bank limits. The weak liquidity
has also led to irregularities in servicing of term loans raised
from IFCI Limited and IFCI Capital Venture Funds Limited. These
loan facilities are not rated by ICRA. The company has also not
been able to raise the envisaged equity funds so far that were to
be utilised to retire its Foreign Currency Convertible Bonds
(FCCB). While the company has obtained approval for elongation of
repayment schedule of one FCCB tranche from the investor and the
Reserve Bank of India (RBI), it is yet to receive similar approval
for the second FCCB tranche.

The ratings are further constrained due to the high working capital
intensity in the company's operations, sub-par utilisation of
geo-textiles division due to inadequate working capital funds and
exposure to raw material fluctuation risk, although the same is
mitigated to some extent due to short tenure of supply orders and
regular revision of product price levels. The ratings also factor
in the foreign exchange (forex) risk associated with the FIBC
(Flexible Intermediate Bulk Container) business. The ratings are
further constrained by the high gearing levels of the company on
account of the sizeable debt-funded capex undertaken towards the
greenfield project at Kashipur in addition to the high reliance on
working capital borrowings.

The ratings, however, take comfort from the company's established
market position in the FIBC industry, both domestically and in
overseas markets, and the healthy capacity utilisation levels of
the company's FIBC division.

Outlook: Not Applicable

Key rating drivers

Credit strengths

Established market position and long track record in FIBC industry:
The company has a long and established track record in the FIBC
market and is one of the leading players in the domestic market.
Although the domestic demand is still in its growth stage and is
mainly from industries like fertilizers, cement, petrochemicals and
raw salt, the company's sales are mainly focused on exports to
Europe, UK and USA. FVIL is particularly strongly placed to meet
export demand in FIBC applications for food and pharma user
industries where quality parameters are stringent. The company is
currently operating its FIBC capacities at close to full
utilisation levels.

Credit challenges

Deterioration in company's financial profile: The company's
profitability weakened in FY2019 owing to increase in its raw
material costs due to supply side issues that were subsequently
corrected in Q3 FY2019. The company thus reported net losses during
9M FY2019. The company's gearing levels remain high on account of
debt-funded capex and subsequent inability to raise equity funds in
a timely manner. The company's working capital requirements have
also remained high and in absence of adequate working capital bank
limits, the company has not been able to ramp up its geo-textiles
division in the planned manner.

High working capital intensity: The credit period offered to
customers (FIBC exports) varies between 1-6 month period (about
50-60% of FIBC exports are with 180 days of credit period). In
geo-textile division, the company had undertaken various government
projects where the credit period became significantly high
affecting the working capital intensity. During FY2019, the company
has strategically reduced the exposure in government projects owing
to the tight liquidity position. The company receives a credit
period of 90 days on the purchases backed by LCs. Overall, the
working capital intensity remains high in the business.

Exposed to input price fluctuation as well as forex fluctuation
risks: The company's profitability is exposed to the movement in
the prices of polypropylene, which is the key raw material and has
displayed volatile price movements in the past. The company earns
most of its revenues in USD terms owing to the export-oriented
nature of business and is thus, exposed to the movement in the
forex rates.

Liquidity Position:
The liquidity of the company remains stretched with elongated
working capital cycle and almost complete utilisation of working
capital bank limits during past one year. The company has also
witnessed irregularities in servicing of its term loans to some
lenders (not rated by ICRA) due to the weak liquidity profile. The
debt repayments for the company would increase in the current year
as it would also have to service its FCCB obligations and thus its
ability to raise additional financing in a timely manner remains
important.

For arriving at the ratings, ICRA has considered the consolidated
financials of Flexituff Ventures International Limited. As on March
31, 2018, the Company had 3 subsidiaries, 1 step-down subsidiary, 6
JVs and 5 partnership firms, that are enlisted in Annexure-2.

Flexituff Ventures International Limited (FVIL) was formed in 1966
as a partnership firm. Subsequently, the firm was converted into a
private limited company in 1985 and the company got listed on the
Indian Bourses in 2011. FVIL is engaged in the business of
manufacturing Flexible Intermediate Bulk Container (FIBC), reverse
printed Biaxially-Oriented Polypropylene (BOPP) woven bags, Leno
Bags (small packaging bags, primarily for domestic markets),
geotextile fabrics and ground cover (used for prevention of
landslides, control of soil erosion and river bank protection) and
polymer compounds (used for wires and cables) and drippers. The
main product of the company is FIBC, which is used in bulk
packaging and transportation requirement for multiple industries
like cement, chemical, pharmaceutical, food processing consumer
goods, sugar and meat products. The company has two manufacturing
facilities, located at Pithampur (Madhya Pradesh) and Kashipur
(Uttarakhand), and two wholly-owned subsidiaries in U.K. and the
USA. The manufacturing facility at Kashipur commenced operations in
December 2015 and has a capacity of 22,000 metric tonne per annum
(MTPA).

FLORIDA ELECTRICAL: ICRA Withdraws D Rating on INR8.0cr Loans
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to Florida Electrical
Industries Limited (FIEL) at the request of the client, based on
the no-objection certificate provided by its banker.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Fund       7.50       [ICRA]D; ISSUER NOT
   based CC                        COOPERATING; withdrawn

   Long Term-           0.50       [ICRA]D; ISSUER NOT
   Unallocated                     COOPERATING; withdrawn

FEIL was incorporated in 1994 by Mr. Anil Arora. The company is
involved in the manufacturing of electrical products like CFLs,
FTLs, ballasts, and drivers, and assembles LED lights at its unit
at Bhiwadi, Haryana, and Mayapuri, Delhi. The company operates as
an Original Equipment Manufacturer (OEM) of established players
like Havells India Limited and Osram India Limited. The company
also began receiving orders from Energy Efficiency Services Limited
(EESL) for installation and maintenance of street lights in various
states.

GAJANAN OIL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Gajanan Oil Pvt. Ltd.
        902, Hubtown Viva Western Express Highway
        Jogeshwari (E) Mumbai
        Mumbai City MH 400060

Insolvency Commencement Date: May 10, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 5, 2019

Insolvency professional: CA Naren Sheth

Interim Resolution
Professional:            CA Naren Sheth
                         1014-1015, Prasad Chamber
                         Tata Road No. 1, Opera House
                         Charni Road (East)
                         Mumbai 400004
                         Mobile: 09821133426
                         Tel.: 022 66322870
                         E-mail: mkindia58@gmail.com
                                 nvsheth@mkindia.com

Last date for
submission of claims:    May 23, 2019


HARSHITA POLYPACK: ICRA Downgrades Rating on INR4.60cr Loan to D
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Harshita Polypack, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term, Fund      1.37      [ICRA]D ISSUER NOT COOPERATING;
   based-Term Loan                Rating downgraded from [ICRA]B+
                                  (Stable) and continues to
                                  remain in the 'Issuer Not
                                  Cooperating' category

   Long Term, Fund      4.60      [ICRA]D ISSUER NOT COOPERATING;
   based-Cash Credit              Rating downgraded from [ICRA]B+
                                  (Stable) and continues to
                                  remain in the 'Issuer Not
                                  Cooperating' category

   Short Term, Non-     0.09      [ICRA]D ISSUER NOT COOPERATING;
   fund based-Bank                Rating downgraded from [ICRA]A4
   Guarantee                      and continues to remain in the
                                  'Issuer Not Cooperating'
                                  category

ICRA has downgraded the long-term rating to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]B+ ISSUER NOT COOPERATING for the
INR5.97-crore fund based bank facilities of Harshita Polypack. The
short-term rating of [ICRA]A4 ISSUER NOT COOPERATING has also been
downgraded to [ICRA]D ISSUER NOT COOPERATING. The ratings continue
to remain in the 'Issuer Not Cooperating' category. The ratings are
now denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.

In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.

Rationale
The rating downgrade follows the delay in debt servicing by HP as
confirmed by the lender.

Incorporated in 1978, Harshita Polypack (HP) is a part of the
Damani group engaged in manufacturing of polypropylene disposable
cups. Mrs. Pratima Nitin Damani is the proprietor of the firm while
the affairs of the group are collectively managed by Mr. Neelesh
Damani and Mr. Nitin Damani.

ILC INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: ILC Industries Limited

        Registered office:
        Plot # A-3, 2nd Block, 2nd Cross Road
        31st Ward, Hospet Bellary
        KA 583203

Insolvency Commencement Date: May 3, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: October 30, 2019
                               (180 days from commencement)

Insolvency professional: Ravindranath Narayana Rao

Interim Resolution
Professional:            Ravindranath Narayana Rao
                         # 3/114, 1st Floor, 11 Main
                         Miller Road, Vasanthanagar
                         Bangalore 560052
                         E-mail: ravishendige@gmail.com

                            - and -

                         # 522/C, 1st D, Cross Road
                         3 Stage, 4 Block, WCR
                         Basaveshwarangar
                         Bangalore 560079
                         E-mail: cirpilc@gmail.com

Last date for
submission of claims:    May 18, 2019


JAI AND SONS: ICRA Raises Rating on INR4.00cr LT Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Jai and Sons Private Limited (JASPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term: Cash      4.00       [ICRA]B+ (Stable); Upgraded
   credit                          from [ICRA]D

   Short term:          8.70       [ICRA]A4; Upgraded from
   Fund based                      [ICRA]D

   Short term:          1.00       [ICRA]A4; Upgraded from
   Non-fund based                  [ICRA]D

   Long term/Short      2.34       [ICRA]B+(Stable)/[ICRA]A4;   
   term: Unallocated               Upgraded from [ICRA]D
   limits               

Rationale

The upgrade in ratings considers the curing of past delays in
vendor financing loans by JASPL supported by the unsecured loans
from parent entity, TVS Automobile Solutions Private Limited
(TASPL). JASPL has a long-standing presence and well-established
network in the automobile spare parts industry across South India.
With revenues of ~INR50 crore in FY2019e, JASPL's scale of
operations are small, which coupled with high competition in the
fragmented automotive spare parts dealership business, restricts
its pricing flexibility and consequently the scope for expansion in
margins. Low operating margins coupled with rising interest costs
impacts the earnings position, liquidity profile and debt
protection metrics of the company, which are currently weak. Going
forward, improvement in scale of operations and better working
capital management will be critical for improvement in JASPL's
overall credit profile.

Outlook: Stable
ICRA believes any funding requirement of JASPL will be supported by
the parent company, TASPL, as witnessed during FY2019. The outlook
may be revised to 'Positive' with sustained growth in revenue and
profitability, and better working capital management, thus
strengthening the financial risk profile. The outlook may be
revised to 'Negative' if earnings position remains weak (or)
stretch in working capital cycle, which deteriorates liquidity
position further.

Key rating drivers

Credit strengths

Strong parentage: In 2017, TVS automobile solutions private limited
("TASPL"), acquired 60% stake in JASPL. TASPL is engaged in trading
of spare parts for passenger and commercial vehicles and managing
multi-brand car repair services under the 'MyTVS' brand. Being part
of the larger TVS Group, TASPL is able to leverage on the brand
name and the established supply chain network with the component
suppliers and retailers. TASPL had extended funding of INR5.0 crore
to JASPL during FY2019 and FY2020 towards funding of losses and its
working capital needs. Going forward, it is expected to provide
operational and financial support to JASPL by increasing its
customer base and thus providing it a competitive advantage in the
fragmented auto parts trading industry.

Well established distribution network in the South Indian market:
JASPL was initially established as a partnership firm in the year
1964 as a distribution house of automotive parts. With presence
over five decades, JASPL has established a strong retail network
spread across South with coverage through 17 branches in 12 cities
across Tamil Nadu, Kerala, Karnataka and Telangana.

Diversified product portfolio catering auto spare parts to various
brands: JASPL has well diversified product portfolio consisting
large number of components finding various applications in the
automobile sector such as commercial vehicle, passenger vehicle,
Two-wheelers, Tractors, etc.

Credit challenges

Financial profile characterized by high gearing, low margins and
moderate coverage indicators: JASPL's financial profile is
characterised by low scale of operations, net losses, high working
capital intensity and weak debt indicators. Low margins coupled
with rising interest costs has impacted the cash flow and liquidity
position of the company, nevertheless, the funding shortfall has
been met through the unsecured loans from parent company. As major
part of the loan is expected to be converted to equity, JASPL's
capital structure is expected to improve in FY2020.

Highly fragmented industry with several organised and unorganised
players: Low entry barrier and limited value addition in the auto
spare parts trading results in high competition in the business.
Lack of product differentiation and limited room for price
flexibility restricts the scope for expansion in the company's
margins.

Exposure to the cyclical nature of business: JASPL's operations is
exposed to the cyclicality inherent in the automobile industry.
Hence any demand fluctuations in the automobile industry shall
expose the earnings of auto parts dealers, including JASPL.

Liquidity Position:
With the working capital lines fully utilized against sanctioned
lines and drawing power, JASPL's liquidity position is tight.
Improvement in working capital cycle and cash flows will be
critical for improvement in its overall liquidity profile.

Jai and Sons Private Limited (JASPL), a dealer of automobile parts,
has 17 branches spread across 12 cities in Tamil Nadu, Kerala,
Karnataka and Telangana. The company caters to over 2500 dealer
outlets across the four states dealing with auto parts of 20
suppliers. JASPL was a part of JAI Group, which was initially
established as a partnership firm in 1964 as a distribution house
of automotive parts. Jai Motors was incorporated in the name of Jai
Motors (Distributors) Private Limited in 1986. In 2009, the company
was merged with Liners India Limited as its trading division in the
name of Jai Motors. In 2017, Jai Motors was demerged and was
renamed as Jai and Sons Private Limited. In 2017, TVS Automobile
Solutions Private Limited acquired 60% stake in the company.

JET AIRWAYS: CEO, Two Senior Officers Resign as Rescue Hopes Dim
----------------------------------------------------------------
Reuters reports that the chief executive and two other senior
figures at Jet Airways have quit, the Indian company said on May
14, further eroding any hopes of a rescue of the debt-laden carrier
that grounded operations last month.

Jet, once the biggest private carrier in the country, owes vast
sums to its lessors, employees, fuel suppliers and other parties,
Reuters says. It stopped all flights from April 17 after its
lenders refused to give it any more funds to keep the carrier
flying.

Reuters notes that Jet, also saddled with roughly $1.2 billion in
bank debt, was crippled by mounting losses as it attempted to
compete with low-cost rivals Interglobe-owned IndiGo, SpiceJet Ltd
and Wadia Group-owned GoAir.

The airline has been rapidly shedding aircraft in recent weeks, as
lessors have rushed to deregister and repossess planes in the wake
of the turmoil, the report relates.

It has also lost hundreds of pilots, cabin crew and engineers to
rivals and seen its valuable slots reallocated to rivals, further
eroding any residual value and hopes of new investors stepping in
to rescue the airline, adds Reuters.

According to Reuters, the departure of Chief Executive Vinay Dube
comes hard on the heels of the resignation of Chief Financial
Officer Amit Agarwal, announced earlier in the day. Agarwal's
resignation was effective May 13, the company said in a statement.

Late on May 14, the company said that Kuldeep Sharma, who was its
company secretary and compliance head, has also stepped down with
immediate effect, Reuters relays.

Separately, the Economic Times newspaper reported on May 14 that
Jet's Chief People Officer Rahul Taneja had also resigned. Reuters
was unable to confirm the report.

Reuters notes that for months, Jet has tried to convince investors,
including Etihad, to pump in money and save the airline. But
suitors had some qualms and a deadline for any interested parties
to submit binding bids for the carrier ended on Friday with no such
offers.

State Bank of India (SBI), Jet's lead lender and the bank
overseeing the sale process, said at the time it had only received
three conditional offers, including one from Etihad, according to
Reuters.

"This had to happen," Reuters quotes analyst Ronil Dalal of Ambit
Capital as saying. "Considering the kind of bids that have come in
and the monetary value of those bids, it seems like it is too
little."

"It was long expected that Jet will eventually shut down and I
think now that's coming to fruition."

In its regulatory filings, the airline said Dube and Agarwal
resigned due to personal reasons, without providing further
details, Reuters relays.

Dube took over as the airline's CEO in August 2017, filling in a
spot that had been vacant since early 2016. Agarwal had been acting
as CEO during that time, adds Reuters.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited provides
passenger and cargo air transportation services.  It also provides
aircraft leasing services. It operates flights to 66 destinations
in India and international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2019, Reuters said Jet Airways Ltd on April 17 halted all
flight operations after its lenders rejected its plea for emergency
funds, potentially bringing the curtains down on what was once
India's largest private airline.

Lenders of Jet Airways led by SBI are currently in the process of
selling the airline to recover their dues of over INR8,400 crore,
The Economic Times discloses.  Private equity firm TPG Capital,
Indigo Partners, National Investment and Infrastructure Fund (NIIF)
and Etihad Airways are in the race to buy a stake in the grounded
Jet Airways, ET says.

KIARA JEWELLERY: ICRA Maintains B/A4 Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for INR14.00-crore bank facilities of Kiara
Jewellery Pvt. Ltd. continues to remain under 'Issuer Not
Cooperating' category. The ratings are now denoted as "[ICRA]B
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING". ICRA had earlier moved
the ratings of KJPL to the 'ISSUER NOT COOPERATING' category due to
non-submission of requisite information by the entity to undertake
surveillance of the ratings.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund based-Pre-      8.00     [ICRA]B(Stable)/[ICRA]A4 ISSUER
   shipment Limit                NOT COOPERATING; Rating
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Fund based-Post-     6.00     [ICRA]B(Stable)/[ICRA]A4 ISSUER
   shipment Limit                NOT COOPERATING; Rating
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 category

The rating action is based on best available information. As part
of its process and in accordance with its rating agreement with
KJPL, ICRA has been trying to seek information from the entity so
as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information, and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

The rating is based on no information on the entity's performance
since the time it was last rated in January 2018. The lenders,
investors and other market participants are thus advised to
exercise appropriate caution while using this rating as the rating
does not adequately reflect the credit risk profile of the entity.
The entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

Incorporated in 2004, KJPL is a joint venture between Shrenuj &
Company Limited and Saphir Products NA (an associate of the Dalloz
Group). The company manufactures diamond and stone-studded gold and
platinum jewellery, specifically for the French market. The product
portfolio includes rings, bracelets and pendants made from 9, 10,
14 and 18 carat gold and platinum. The manufacturing unit and
registered office is located at Santacruz Electronics Export
Processing Zone (SEEPZ), Andheri, Mumbai. The promoters have an
experience of more than three decades in the gems and jewellery
business.

LEADER VALVES: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Leader Valves
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:

-- INR120.0 mil. Fund-based working capital facility migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR150.0 mil. Non-fund-based working capital facility migrated

     to non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
10, 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 1950, Leader Valves is a valve manufacturer with a
fully integrated valve production unit with ferrous and non-ferrous
foundries, forging units, machining, and testing facilities.

MARUTI COTEX: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Maruti Cotex Limited
        Shiv Parvati, 17-E, Nagalapark
        Kolhapur, Maharashtra

Insolvency Commencement Date: May 8, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Sujata Chattopadhyay

Interim Resolution
Professional:            Sujata Chattopadhyay
                         404, Mayuresh Cosmos
                         Sector-11, CBD Belapur
                         Navi Mumbai 400614
                         E-mail: sujata@scassociates.co.in
                                 aditya@scassociates.co.in

Last date for
submission of claims:    May 22, 2019


MOTHERS AGRO: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mothers Agro Foods
Private Limited's (MAFPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR60.00 mil. Fund-based limits affirmed with IND BB-/Stable/
     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects the continued small scale of operations,
as indicated by revenue of INR467.70 million in FY19 (FY18:
INR432.23 million). The revenue increased marginally due to an
increase in demand. The figures for FY19 are provisional.

The EBITDA margins rose to 4.04% in FY19 (FY18: 3.86%) because of a
fall in operating expenses but remained modest because of the
fluctuations in commodity prices.  The return on capital employed
was 10% in FY18.

MAFPL's credit metrics continued to be average in FY19 because of
the modest EBITDA margins. The interest coverage (operating
EBITDA/gross interest expense) improved to 3.20x (FY18:2.91x)
because of a slight increase in the absolute EBITDA to INR18.9
million (FY18: INR17.27 million). The net leverage (adjusted net
debt/operating EBITDA) deteriorated to 4.50x (FY18: 4.41x) on
account of a fund infusion by the promoters in the form of
interest-free unsecured loans.

The liquidity remained tight, with 100% average maximum utilization
of the fund-based limits for the 12 months ended April 2019. The
working capital cycle of the company deteriorated to 76 days in
FY19 (FY18: 67days) due to an increase in the inventory holding
period to 63 days (FY18: 57 days). in FY18, after two years of
being positive, the cash flow from operations turned negative at
INR8.55 million (FY17: INR6.96 million) owing to a rise in working
capital requirements. The cash and cash equivalents remained low at
INR0.51 million in FY18 (FY17: INR12.11 million).

The ratings, however, are supported by the promoters' experience of
more than a decade in the food processing industry.

RATING SENSITIVITIES

Negative:  A decline in the revenue and the operating
profitability, leading to further deterioration in the credit
metrics, could be negative for the rating.

Positive: A substantial rise in the revenue and the operating
profitability, leading to an improvement in the credit metrics,
could be positive for the rating.

COMPANY PROFILE

MAFPL was incorporated in 2004 by Mr. TP Varkey and Mr. Dhanya
Varkey in Ernakulum. The company is engaged in wheat processing.

PADDINGTON RESORTS: Ind-Ra Cuts LT Issuer Rating to D, Not Coop.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Paddington
Resorts' Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B+ (ISSUER NOT COOPERATING)'. The issuer
did not participate in the surveillance exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Investors and other users are
advised to take appropriate caution while using these ratings. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The instrument-wise rating actions are:

-- INR87.7 mil. Term loans (Long-term) due on April 2025
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR2.5 mil. Fund-based working capital limits (Long-
     term/Short-term) downgraded with IND D (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Paddington
Resorts due to tight liquidity, the details of which are not
available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Founded by Mr. T L Praveen, Paddington Resorts is a four-star hotel
situated in Coorg, Karnataka.

PARAMPUJYA SOLAR: S&P Puts Prelim 'BB+' Rating to $500MM Sec. Bond
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB+' long-term issue
rating to a proposed US$500 million senior secured, fixed-rate,
five-year bond by India-based Parampujya Solar Energy Pvt. Ltd.
Restricted Group (PSEPL RG). S&P's rating reflects PSEPL RG's
moderate to low debt service coverage ratio (DSCR) and
predictability of cash flows.

PSEPL RG comprises three wholly owned subsidiaries of Adani Green
Energy Ltd. (AGEL): Adani Green Energy (UP) Ltd., Parampujya Solar
Energy Pvt. Ltd., and Prayatna Developers Pvt. Ltd. These entities
(collectively referred as PSEPL RG) will be the co-issuers and
co-guarantors of the proposed bond.

The three companies collectively own and operate a portfolio of 25
solar assets in eight states in India with 930 megawatt (MW) of
installed capacity. Sales are fully contracted under long-term
fixed-price PPAs with offtakers including government companies such
as NTPC and Solar Energy Corporation of India (NTPC and SECI; 57%
of total capacity) and state distribution utilities (remaining 43%
of capacity).

PSEPL RG's exposure to weak state electric utilities in India, its
limited operational track record, and moderate DSCR underpin the
rating. Fully contracted fixed-price long-term PPAs, a diversified
pool of solar assets, and a strong covenant package temper these
risks.

PSEPL RG is exposed to weaker counterparties. State electric
utilities in Punjab and Uttar Pradesh Power Corp. Ltd. (UPPCL) have
a weak credit profile, which can lead to delays in receivables. S&P
believes maintaining healthy and timely receivable collections will
be critical for the rating.

Existing regulatory and legal precedence, and covenants to exercise
all legal recourse for timely receivable collection provide a one
notch insulation from the weighted average credit profile of the
counterparties. The company has invoked the regulatory mechanism as
outlined in its PPAs for the Adani group entities. This mechanism
also allows for recovery of overdues directly from the end
customers through an escrow mechanism. S&P will need to review
satisfactory legal opinion confirming the same. More than 50% of
PSEPL RG's EBITDA is derived from stronger counterparties such as
NTPC and SECI; these entities have a good record of timely
payments.

PSEPL RG has a moderate to low minimum DSCR of about 1.2x.
All-in-costs of more than 10% interest rate can also put pressure
on DSCR. Weaker generation due to resource risk, or higher
operations and maintenance (O&M) cost escalations could hinder debt
servicing. Degradation or higher capital expenditure (capex) costs
than S&P estimates to arrest degradation can also create strain.
This can be exacerbated in the next five to 10 years when
amortization increases and cost inflation is less predictable.

PSEPL RG plans to arrest degradation of assets by repowering capex
are untested in respect of effectiveness and cost. The project is
also exposed to the risk of delayed receivable collection from weak
Indian state electric utilities. Moreover, Indian power companies
have rarely invoked the legal and regulatory mechanism to recover
overdues.

PSEPL RG has a short record of operations, with most assets
commissioned in 2017 and 2018. Resource risk for renewable energy
in India is higher than in other countries. However, solar assets
have performed better than other energy sources and are in line
with P75 (actual generation to be minimum estimated units at least
75% of the time) to P90 estimates.

In view of PSEPL RG's pool of assets spread over the geography of
India, greater precision, and lesser variability of Solargis data,
we consider resource risk as modest. S&P said, "We expect less than
10% variation in the next 12-24 months. The pool has low operating
correlation, providing meaningful diversity with different
counterparties and locations. We believe this reduces the
likelihood of the assets underperforming expectations. PSEPL RG's
pool of assets are spread across India."

PSEPL RG's entire portfolio is operational and fully contracted,
with 25-year fixed price PPAs and no exposure to merchant price
risk. The price is not subject to variation based on operating
parameters. Renewable energy in India has a "must-dispatch" status
and enjoys grid priority, which mitigates volume risk.

S&P believes PSEPL RG has a robust covenant package. A
forward-looking project life cover ratio of 1.6x annually tests
debt sizing and sweeps cash to the senior debt service redemption
reserve in event of a shortfall. There are no distributions in the
event of such a sweep. Distribution tests are graded with full
lock-up for DSCR below 1.35x, 50% lock up for DSCR of 1.35x-1.45x,
and 40% lock up for DSCR of 1.45x-1.55x. All covenants are tested
for PSEPL RG and not for the individual companies.

The debt service reserve account (DSRA) and capital expenditure
reserve meet funding needs for six months using initial proceeds.
PSEPL RG also has covenants to maintain majority central government
counterparties, block distributions if the ratio of funds from
operations (which includes working capital changes) to debt falls
below 6%, and sweep cash flow to the debt service redemption
reserve if the counterparty mix deteriorates. In addition
management needs to meet a prudence test while making dividend
decisions, even if the financial ratios allow dividend
distributions.

S&P said, "The stable outlook reflects our expectation that PSEPL
RG will maintain stable cash flows with generation in line with P90
estimates over the next 12-24 months. We also expect timely
receivable collections for the asset pool, given around 60% of the
receivables are from stronger counterparties such as NTPC and SECI.
Cash flows from fully contracted operational solar assets spread
across India should result in minimum DSCR of above 1.2x. We assume
that PSEPL RG will remain separate from parent Adani Green Energy
Ltd. and not expose itself to risks associated with the parent or
the wider Adani group.

"We could lower the rating if PSEPL RG's DSCR is likely to fall
below 1.17x. This could occur in the following circumstances:

-- Lower generation than P90 estimates or curtailment risk that
result in weaker cash flows.

-- Escalation in O&M costs due to higher inflation than S&P
expects.

-- Higher repowering costs or degradation of assets than S&P
estimates.

S&P could also lower the rating if the weighted average
counterparty credit profile of PSEPL RG's power offtakers goes down
by one notch or it expects a lower likelihood of support from
Indian government for the central and state utilities. Any increase
in risks regarding delay in collections and PSEPL RG's ability to
recover overdue receivables can also result in a downgrade.

Any indication of increasing related-party transactions or concerns
on the ability of independent directors to act truly independently
could also put pressure on the rating.

S&P believes the rating is unlikely to go up in the next 12-24
months because the weighted average counterparty credit profile and
low DSCR constrain the rating.

However, the rating can go up if the counterparty credit profile
improves, resulting in a higher stand-alone credit profile (SACP)
for PSEPL RG, or if the likelihood of the Indian government
supporting offtakers increases.

This assumes that: (1) PSEPL RG's receivables profile will remain
satisfactory; (2) it will improve its DSCR to above 1.3x with good
resilience in cash flows in a downside scenario; and (3) PSEPL RG
establishes a record of repowering to offset degradation of the
asset pool.


PHOSPHATE COMPANY: Ind-Ra Affirms BB LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed The Phosphate
Company Limited's (TPCL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based working capital limits affirmed with
     IND BB/Stable rating;

-- INR220 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating;

-- INR100 mil. Proposed non-convertible debentures (NCDs)
     withdrawn (the company did not proceed with the instrument
     as envisaged) and the rating is withdrawn; and

-- INR60 mil. Proposed non-convertible, redeemable preference
     shares withdrawn (the company did not proceed with the
     instrument as envisaged) and the rating is withdrawn.

KEY RATING DRIVERS

The affirmation reflects TPCL's continued medium scale of
operations, and modest EBITDA margins and credit metrics. In FY18,
the company recorded a slight improvement in revenue to INR691.19
million (FY17: INR683.34 million), due to a higher number of orders
obtained and executed. Revenue increased further to around INR750
million during FY19. EBITDA margins increased to 11.9% in FY18
(FY17: 11.1%), due to a decline in other operating expenses. In
FY18, gross interest coverage (operating EBITDA/net interest
expenses) increased to 1.6x (FY17: 1.2x) and net financial leverage
(adjusted net debt/operating EBITDA) reduced to 4.5x (5.4x),
because of reduced debt. RoCE was 7% in FY18 (FY17: 6%); the
margins are modest on volatile raw material prices.

The ratings continue to factor in TPCL's comfortable liquidity
position with the average use of fund-based limits being 83.12% at
end-March 2019. In FY18, the company's cash flow from operation
deteriorated but remained positive at INR41.49 million (FY17:
INR100.83 million). Moreover, cash and cash equivalents stood at
INR0.61 million in FY18.

The ratings continue to be supported by the promoters' over six
decades of experience in manufacturing fertilizers that have led to
longstanding ties with customers and suppliers.

RATING SENSITIVITIES

Negative: Any decline in the profitability leading to any
deterioration in the overall credit metrics may lead to negative
rating action.

Positive: Any substantial rise in the revenue and any improvement
in the overall credit metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in February 1949, TPCL is the oldest single super
phosphate manufacturing unit in eastern India. The company
commenced commercial production started at Rishra in the Hooghly
district of West Bengal in the 1950s. It was founded by the Bangur
and Khaitan families, who are accredited with industrialization in
eastern India.

PLATINUM POLYMERS: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR5.14 crore bank facilities of
Platinum Polymers Private Limited continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term: Fund     4.00        [ICRA]B+ (Stable) ISSUER NOT
   Based-Cash                      COOPERATING; Continues to
   Credit                          remain under 'Issuer Not
                                   Cooperating' category

   Long-term: Fund     0.15        [ICRA]B+ (Stable) ISSUER NOT
   Based-Term loan                 COOPERATING; Continues to
                                   remain under 'Issuer Not
                                   Cooperating' category

   Short-term: Non     0.75        [ICRA]A4 ISSUER NOT
   fund based limits               COOPERATING; Continues to
                                   remain under 'Issuer Not
                                   Cooperating' category

   Long-term:          0.24        [ICRA]A4 ISSUER NOT
   Unallocated                     COOPERATING; Continues to
   Limits                          remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Platinum Polymers Pvt. Ltd. (PPPL) was incorporated in 2007, and is
engaged in manufacturing of flexible packaging material such as
stretch cling film, laminated pouches and bags, air bubble film,
and Bi-Axially Oriented Polypropylene (BOPP) woven fabric. The
company is promoted by Mr. B.P. Poshia and Mr. Mitesh Poshia, who
have over two decades of experience in the packaging industry. The
company is also involved in the trading of machinery on a small
scale. PPPL also manufactures pouches on a job-work basis for other
packaging material manufacturers. The manufacturing facility of the
company is located at Badlapur, near Mumbai.

PRITS LEATHER: Ind-Ra Cuts LT Issuer Rating to 'D'
--------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Prits Leather
Art Private Limited's (PLAPL) Long-Term Issuer Rating to 'IND D'
from 'IND BB+ (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR135 mil. (reduced from INR145 mil.) Fund-based working
     capital limit (long-term/short-term) downgraded with IND D
     rating.

KEY RATING DRIVERS

The downgrade reflects PLAPL's delays in repayment of discounted
foreign bills, which remained overdue for more than 30 days in
April 2019 owing to a delay in debtor realization.

RATING SENSITIVITIES

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

COMPANY PROFILE

Headquartered in Uttar Pradesh, PLAPL manufactures and exports
leather products including garments, bags, belts, and accessories.

PVN FABRICS: Ind-Ra Affirms LT Issuer Rating at D, Not Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed PVN Fabrics
Private Limited's Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise, despite continuous requests and follow-ups by the agency.
Thus, the ratings are on the basis of the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
company's website.

The instrument-wise rating actions are:

-- INR163.4 mil. Long-term loans (long-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR220 mil. Fund-based working capital limits (long-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR162 mil. Non-fund-based working capital limits (short-term)

     affirmed with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by PVN
Fabrics on account of stressed liquidity position, the details of
which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

PVN Fabrics is owned and managed by Arvind Agarwal and his family.
It manufactures polypropylene and high-density polyethylene woven
sacks and fabrics.

RADHIKA PACKAGING: ICRA Lowers Rating on INR4.60cr LT Loan to D
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
of Radhika Packaging Private Limited, as:

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term, Fund      1.09     [ICRA]D ISSUER NOT COOPERATING;
   based-Term Loan               Rating downgraded from [ICRA]B+
                                 (Stable) and continues to remain
                                 in the 'Issuer Not Cooperating'
                                 category

   Long Term, Fund      4.60     [ICRA]D ISSUER NOT COOPERATING;
   based-Cash Credit             Rating downgraded from [ICRA]B+
                                 (Stable) and continues to remain
                                 in the 'Issuer Not Cooperating'
                                 category

   Short Term, Non-     0.12     [ICRA]D ISSUER NOT COOPERATING;
   fund based-Bank               Rating downgraded from [ICRA]A4
   Guarantee                     and continues to remain in the
                                 'Issuer Not Cooperating'
                                 category

ICRA has downgraded the long-term rating to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]B+ ISSUER NOT COOPERATING for the
INR5.69-crore fund based bank facilities of Radhika Packaging
Private Limited. The short-term rating of [ICRA]A4 ISSUER NOT
COOPERATING has also been downgraded to [ICRA]D ISSUER NOT
COOPERATING. The ratings continue to remain in the 'Issuer Not
Cooperating' category. The ratings are now denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.

In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.

Rationale
The rating downgrade follows the delay in debt servicing by RPPL as
confirmed by the lender.

Incorporated in 1978, Radhika Packaging Private Limited (RPPL) is
part of the Damani Group, engaged in manufacturing polypropylene
disposable cups. Mr. Neelesh Damani, the Managing Director of the
company, oversees group operations.

RAI BAHADUR: ICRA Reaffirms B+ Rating on INR15.41cr LT Loan
-----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Rai Bahadur Raghbir Singh Educational Society (RBRSES), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Fund-
   Based-Term Loan     15.41       [ICRA]B+(Stable); reaffirmed

Rationale

The rating reaffirmation draws comfort from RBRSES healthy ramp-up
in the occupancy levels to 69% in AY12019 from 60% in AY2018, which
resulted in 31% growth in the society's top-line in FY2018. ICRA
also notes a 15% fee increase in AY2019 which is further expected
to support revenue and surplus. The rating continues to draw
comfort from the school's association with GD Goenka Pvt. Ltd.,
which provides strong brand recognition. This apart, the rating
derives strength from the extensive experience of the promoters in
operating educational institutions - two schools in Delhi National
Capital Region (NCR) and reputed colleges in New Delhi (Maharaja
Agrasen Technical Education Society and Maharaja Agrasen Hospital
Charitable Trust) and their continued and timely financial support
to the society during its gestation phase.

The rating, however, remains constrained by the society's small
scale of operations and single-asset operations. Further, the
school is still in the gestation period with high fixed expenses
and interest expenses, which led to cash losses for the last three
fiscals. Due to this, the society remained dependent on timely
funding support from promoters for debt obligations. The capital
structure stood weak amid the high debt level of INR15.08 crore and
a modest corpus of INR12.18 crore as on March 31, 2018. The
coverage indicators also stood weak, with DSCR of 0.30 times and
OPBDITA/Interest of 0.65 times on the back of lower build-up of
corpus.

Going forward, the society's ability to attract new students and
receive timely support from promoters will be the key rating
sensitivities. Given the capital expenditure requirement in the
education sector, the scale of the same and the adequacy of debt
funding availed in a timely manner will be important credit rating
sensitivities.

Outlook: Stable

ICRA expects the society to continue to benefit from the extensive
experience of its promoters, aided by the established reputation of
GD Goenka. ICRA also relies on the timely support by promoters
through equity or unsecured loans in case of any liquidity
problems. The revenues are likely to witness stable growth over the
near to medium term, given the approval for fee revision and the
expected increase in student strength. The outlook may be revised
to Positive if there is substantial growth in revenue,
profitability and coverage indicators, which would strengthen the
financial risk profile. The outlook may be revised to Negative if
enrolments are lower than expected, or if any major capital
expenditure is announced, or if the promoters' timely support is
not demonstrated.

Key rating drivers

Credit strengths

Extensive experience of promoters and established brand name of GD
Goenka in education: The society's promoters have an established
track record in operating educational institutions and schools in
the NCR through the brand names, Maharaja Agrasen and GD Goenka.
The school also leverages the eminent brand equity of GD Goenka in
school education.

Healthy enrolments supported by fee hike to result in strong
receipt growth: The student strength in AY2019 increased by 16% to
759 from 655 in AY2018. In addition, the society has received the
Central Board of Secondary Education's (CBSE) affiliation in 2018,
which is expected to curb the dropouts post upper primary school
segment and widen the scope for incremental admissions over the
medium term. Also, with a 15% hike in tuition fees in AY2018, as
well as a YoY growth in occupancy levels, ICRA expects RBRSES'
revenue growth to continue in the coming years.

Financial support from promoters in terms of equity and unsecured
loans: The promoters have periodically extended unsecured loans to
the society over the years, which have supported its debt service
obligations. In FY2018, there was equity infusion of INR1.82 crore
and unsecured loans of INR1.46 crore.

Satisfactory infrastructure facilities and favourable location: GD
Goenka Public School, Sarita Vihar (New Delhi) is developed as a
premium educational institution in the residential area of Sarita
Vihar. The school has good infrastructure with central air
conditioning, smart classrooms, digital and conventional duplex
library, in-house medical facilities, 100% power and water backup,
smoke detection, circuit breakers and fire-fighting measures as per
the highest standards. This apart, it has good sports,
extra-curricular and other activity related infrastructure. Though
the school is exposed to competition from other established
institutes, its brand image provides a competitive advantage.

Credit challenges

Dependence on promoter support against repayment commitments; weak
coverage indicators: The school started in 2015 and is still in the
gestation period, leading to low revenue receipts. The society has
been incurring cash losses since its inception, which led to high
dependence on promoter's support to manage its debt obligations.
This is critical as the society has sizeable repayment commitments
going forward. Therefore, the society's ability to receive timely
support from the promoters will be critical for its credit profile.
Further, the debt levels vis-à-vis the corpus remain high, leading
to a geared capital structure of 2.23 times as on March 31, 2018.
On the back of cash losses, the debt coverage indicators remained
weak with DSCR of 0.30 time and OPBDITA/Interest of 0.65 time.
Further, the society is exposed to cash flow mismatch risk due to
quarterly collection of fees against monthly debt servicing
obligations.

Small scale of operations: The society's scale of operations is
small with an operating revenue of INR9.74 crore in FY2018.
However, the top-line is poised to grow in the near term on account
of a YoY annual growth in occupancy levels, getting approval for
fees hike, obtaining CBSE affiliation and association with GD
Goenka.

Vulnerability of margins to higher operating costs: ICRA expects
the operating profit margins to moderate in the next two years as
the society is subjected to make royalty payments to GD Goenka from
FY2020 of 10% of the annual revenue receipts. Also, the society
would incur higher employee expenses with implementation of the 7th
Pay Commission from April 2019. Further, the school remains exposed
to regulatory risks and challenges as is prevalent in the sector.

Single property risk with intense competition: At present, the
society runs a single educational institute - GD Goenka Public
School, Sarita Vihar. As such, it is exposed to single asset
concentration risk. The society faces intense competition from
other established schools in the region that could impact the
student intake and subsequently, the profitability levels. However,
this risk is partly mitigated by the brand position enjoyed by GD
Goenka in the education sector.

Liquidity position
The society witnesses volatility in cash flows against the more
periodic repayment obligations towards term loans, which
necessitate prudent cash flow management to ensure timely debt
servicing. RBRSES exhibits a weak liquidity position on account of
having ballooning repayments of term loans, coupled with
insufficient cash and liquid investments. This apart, the society
has not availed any working capital facilities, thereby stretching
its liquidity position. Continued and timely funding support from
the promoters will be crucial to support its stretched liquidity.

Rai Bahadur Raghbir Singh Educational Society has entered into an
agreement with GD Goenka Private Limited for establishing a school
campus in the name of GD Goenka Public School, Sarita Vihar. In
April 2015, the school became operational with 340 students and
classes from Nursery to VII. In AY2019, the school had a student
strength of 759 and classes from Nursery to X. The promoter Group
has significant experience in the education sector, as it already
operates the Rohini branch and the Gurgaon branch of GD Goenka
Public School since 2007 and 2013, respectively. The promoter Group
also operates reputed colleges in New Delhi through Maharaja
Agrasen Technical Education Society and Maharaja Agrasen Hospital
Charitable Trust.

In FY2018, the society reported a net loss of INR2.40 crore on an
operating income of INR9.74 crore, compared with a net loss of
INR2.43 crore on an operating income of INR7.47 crore in the
previous year.

RAJ BUILDHOME: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Raj Buildhome Private Limtied

        Registered office:
        Near Garden Sukhadiya Nagar, Nathdwara
        Rajsamand 313301, Rajasthan

Insolvency Commencement Date: May 3, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: October 30, 2019

Insolvency professional: Mr. Prashant Agrawal

Interim Resolution
Professional:            Mr. Prashant Agrawal
                         P. Agrawal & Associates
                         F-106 (1st Floor)
                         Sumer Complex, Gautam Marg
                         C-scheme 302001, Jaipur
                         Rajasthan 302001
                         E-mail: ippagrawal@gmail.com
                                 rajbuildhomecirp@gmail.com

Last date for
submission of claims:    May 21, 2019


RAMESHWAR TEXTILE: ICRA Lowers Rating on INR15cr Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Rameshwar Textile Mills Ltd, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund        15.0      Downgraded to [ICRA]B+(Stable)
   Based-Cash                      from [ICRA]BB-(Stable);
   Credit                          removed from 'Issuer Not
                                   Cooperating' category

Rationale

The rating revision takes into consideration the sizeable decline
in revenues of Rameshwar Textile Mills Ltd. post FY2016 on account
of weak domestic demand and adverse policy changes impacting export
prospects of the company. The rating revision also factors in the
company's stretched receivable position which has impacted its
liquidity as evidenced by full utilisation of working capital
limits in the last 12 months. Further, the rating continues to
remain constrained by RTML's low profitability and modest debt
coverage indicators, susceptibility of its profit margins to
adverse movements in foreign exchange rates, given significant
revenue contribution from exports; and exposure to high competition
from other fabric processors which restricts pricing flexibility
and impacts the profitability.

The rating, however, continues to derive comfort from extensive
experience of the promoters of RTML in the textile industry, and
its diversified customer base.

Outlook: Stable

ICRA believes RTML will benefit from the vast experience of its
promoters in the textile industry. The outlook may be revised to
'Positive' if healthy growth in revenues and profitability along
with notable improvement in working capital cycle through reduction
in receivable levels strengthen the financial risk profile. The
outlook may be revised to 'Negative' if lower than expected cash
accruals or further deterioration in working capital cycle impacts
the liquidity of the company.

Key rating drivers

Credit strengths Extensive experience of promoters in the textile
industry: The key promoters of RTML, Mr. Rajeshkumar Bansal and Mr.
Rajivkumar Batra along with others, have over three decades of
experience working in the textile industry.

Diversified customer base: RTML enjoys well-established relations
with its key customers. It faces low customer concentration risk
with top 10 customers contributing to 23% of its total revenues in
FY2018.

Credit challenges

Significant de-growth in revenues in the last two fiscals: RTML has
witnessed significant de-growth in revenue from FY2017 onwards, on
account of lower demand from domestic buyers and adverse changes in
exports policy which have impacted overseas sales. The company
recorded ~14% and ~36% YoY de-growth in its revenue in FY2017 and
FY2018 respectively. The company reported revenues of ~INR90.0
crore in FY2019 (provisional).

Weak liquidity arising out of stretched receivable position: RTML's
liquidity remains weak and has been impacted in the last couple of
years by its stretched receivable position. The company's debtor
days remained high at 213 days as on March 31, 2018, increased from
134 days as on March 31, 2016. The utilisation of the working
capital limits has remained full in the last 12 months for the
period ended March 31, 2019, leaving no liquidity cushion.

Low profitability and modest debt coverage indicators: RTML's
operating profit margins have historically remained weak at ~2-3%
in the last 5 fiscals given the high competition in the fabric
processing industry and limited value nature of its operations. The
net profit margins have also remained muted, below 0.5% during this
period. Given the low profitability levels, the company's debt
coverage indicators have also remained weak as reflected by
interest coverage of 1.7 times, TD/OPBDITA of 5.3 times and NCA/TD
of 10% as on March 31,2018.

Vulnerability of profitability to adverse movements in foreign
exchange rates: RTML's profitability remains susceptible to any
adverse movements in foreign exchange rates in absence of any
formal hedging policy, given that it derives ~30% of its revenues
from exports. There is no natural hedge against this risk given
that its import purchases are negligible.

Exposure to high competition from other textile processors:
Operating in the textile industry, RTML stands invariably exposed
to textile-industry specific business cycle risks. Any slowdown in
the industry could therefore impact the profitability of RTML. The
company faces stiff competition from other fabric processors given
the highly fragmented nature of the textile industry, which
restricts the pricing flexibility and impacts the profitability.

Liquidity Position:
RTML had cash and cash equivalent balance of INR0.9 crore as on
March 31, 2018 while the working capital facility remained almost
fully utilized, highlighting stretched liquidity position to fund
working capital requirements. Nonetheless, RTML has minimal
long-term debt repayment obligations over the next three fiscals
which provides some comfort to the liquidity position.

Rameshwar Textile Mills Limited (RTML) was established in 1988. The
company is engaged in manufacturing of dyed and printed grey fabric
as well as job work for the same. The dyeing and printing unit has
an installed capacity to process ~2.0 lakh meters of fabrics per
day. The company is also involved into garment manufacturing and
trading of yarn; however; the same accounts for very small portion
of the total revenue. The company's manufacturing plant is located
in Surat, Gujarat. The company is an ISO 9001:2008, ISO 14001:2004
certified company.

RELIANCE COMMUNICATIONS: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Reliance Communications Limited
        H Block, 1st Floor, Dhirubhai Ambani Knowledge City
        Navi Mumbai 400710
        Maharashtra, India

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: Pardeep Kumar Sethi

Interim Resolution
Professional:            Pardeep Kumar Sethi
                         304, Silver Nest
                         Mhada, Andheri (W)
                         Mumbai 400053
                         E-mail: peekay.sethi@gmail.com

                            - and -

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

Last date for
submission of claims:    May 21, 2019


RELIGARE FINVEST: ICRA Lowers Rating on INR9,000cr Loan to D
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Religare Finvest Limited (RFL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Debt       220        [ICRA]D; Rating downgraded
   Programme                       from [ICRA]BB and removed
                                   from watch

   Bank Limits        9,000        [ICRA]D/[ICRA]D; Rating
                                   downgraded from
                                   [ICRA]BB/[ICRA]A4 and
                                   removed from watch

Rationale

The rating revision follows the recent delays in debt servicing by
the company. While the company had sufficient cash balances of
-INR130 crore as on April 30, 2019 as compared with the principal
repayment due of INR63.68 crore for the month, it did not repay the
principal due for the month even though their proposed resolution
plan is yet to be approved and implemented by the lenders.

Given the mismatches in the ALM, RFL had earlier proposed to
implement a debt resolution plan with its lenders and the same was
discussed at the Joint Lenders Meeting (JLM) on March 07, 2019,
wherein April 1, 2019 was decided to be the Reference Date for
Holding On operations. As a part of the resolution plan, the
Company had proposed to service only the interest on its borrowings
and not the Principal due.

Outlook: Not Applicable

Key rating drivers

Credit challenges

Stretched liquidity and reduced financial flexibility: A
longer-than-expected delay in proposed capital infusion and
challenges in raising incremental funds led to a deterioration in
RFL's financial flexibility and liquidity profile. The liquidity
profile was further negatively impacted with Lakshmi Vilas Bank
(LVB) adjusting the INR791-crore fixed deposits due to RFL against
the loans granted by LVB to RHC Holding Pvt. Ltd and Ranchem Pvt.
Ltd. There was no lien or security which was provided by RFL on the
loans granted by LVB to these erstwhile promoter entities. This is
been confirmed in recent SEBI order and the matter is currently
sub-judice. ICRA notes that till March 2019 the company had repaid
its liabilities through collections, foreclosures, sale of
strategic investments, income tax refunds and prepayments till now
and was also looking at alternate funding sources such as the sale
of assets. However, given the current challenges in the operating
environment and the recent SEBI order prohibiting the sale of
assets, the sustainability of these options is limited.

Sizeable corporate loan book: The Reserve Bank of India (RBI) and
RFL's auditors have made various qualifications regarding the
material weakness in the credit worthiness of the borrowers and
internal controls in RFL's corporate loan book (Rs. 2,397 crore as
on December 31, 2018). Almost entire corporate loan book was
classified as NPA as on December 31,2018 and has been provided for
to the extent of over 85%. Management to resolve the corporate loan
book though the extent and timeliness of recovery remain
uncertain.

Deteriorating asset quality: The recognition of the majority of the
corporate loan book as NPA and the shrinking of the asset base led
to an increase in the gross NPA ratio to -53% as on December 31,
2018. For the SME book, the gross NPA ratio further increased to
-28% as on December 31, 2018 from -13.4% as on March 31, 2018. Any
further deterioration in the asset quality, and hence collections,
could further impact RFL's credit profile and liquidity position
given that it has not been doing any fresh business since the last
couple of years.

Deteriorating financial profile and weak capitalization: With no
fresh business since FY2017 and sharply deteriorating asset quality
and hence higher credit costs, the profitability of RFL has
significantly declined with company reporting a loss of INR1173
crore in 9MFY2019. Consequently, the company has also reported a
breach in the capital adequacy ratio with a total capital adequacy
of 11.37% as on December 31, 2018, significantly lower than the
regulatory requirement of 15%. With the company still being under
"corrective action plan' by RBI and in the absence of fresh capital
infusion, the financial and credit profile of the company is likely
to remain under pressure in the near term.

Shrinking asset base with no fresh disbursements: Given the
challenges in raising incremental funds, RFL has curtailed
disbursements since FY2017. Also, RBI in its letter dated January
18, 2018, prohibited the company from expanding its
credit/investment portfolio other than investment in Government
securities. The lack of disbursements led to a decline in the
managed loan book to INR8,310 crore as on December 31, 2018.

Liquidity position

The liquidity position of the company is currently stretched owing
to longer than expected delay in capital infusion and challenges in
raising incremental funding. In the past, the company has been
repaying its liabilities through a mix of inflows on the loan book
as well as the sale of assets, however given that the standard
assets (where inflows are coming and/or are eligible for sale) are
far lower than the liabilities, the company would not be able to
repay the entire debt without any capital support.

Religare Finvest Limited (RFL) was originally incorporated as
Skylark Securities Private Limited in 1995. It was converted into a
public limited company, Fortis Finvest Limited, in 2004. In March
2006, the company changed its name to Religare Finvest Limited. RFL
is a subsidiary of Religare Enterprises Limited. It had a total
managed portfolio outstanding of INR8,310 as on December 31, 2018
(INR9,797 crore as on March 31, 2018).

In FY2018, RFL reported a net loss of INR1,103 crore on an asset
base of INR12,532 crore compared to a net loss of INR341 crore on
an asset base of INR17,158 crore in FY2017. The company's gross NPA
stood at 34.3% and CRAR at 17.5% as on March 31, 2018. For the nine
months ended December 31, 2018, the company reported a net loss of
INR1,173 crore on an asset base of INR7,795 crore.

S.R.S. EXPORTS: ICRA Withdraws B+ Rating on INR2cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with a Stable
outlook, and the short-term rating of [ICRA]A4 assigned to the
INR30.00 crore bank limits of S.R.S. Exports Private Limited
(SEPL).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term fund-
   based limit         (2.00)     [ICRA]B+(Stable); Withdrawn

   Short-term non-
   fund based limit    30.00      [ICRA]A4; Withdrawn

Rationale

The ratings assigned for the bank facilities of the firm have been
withdrawn at the request of the company and on the basis of no dues
certificate provided by its banker.

Outlook: Not applicable Key rating drivers

Key rating drivers has not been captured as the rated instrument(s)
are being withdrawn.

Promoted by Mr. Shadiram Mohan in 1995, SEPL imports
agro-commodities such as yellow peas, wheat, lentils and other
pulses for the domestic market. The company's product portfolio
depends on demand– supply indicators, and thereby on prevailing
prices in the domestic and international markets. Consequently, its
share of various products to its total revenue varies accordingly.
Currently, the company is managed by two generations of the Mohan
family, who have extensive experience in the trading of
agro-commodities.

SAKAR LEISURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Sakar Leisure Limited
        SF 202, Status Complex
        Opposite Amrapali Complex
        Karelibaug
        Vadodara 390018

Insolvency Commencement Date: April 22, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Kiran Shah

Interim Resolution
Professional:            Kiran Shah
                         608, Sakar 1
                         Near Gandhigram Railway Station
                         Opp. Nehru Bridge, Ashram Road
                         Ahmedabad 380009
                         E-mail: dhruvitks@gmail.com
                                 kiranshah.ip@gmail.com

Last date for
submission of claims:    May 16, 2019


SHREECHEM PHARMACEUTICALS: Insolvency Resolution Case Summary
-------------------------------------------------------------
Debtor: Shreechem Pharmaceuticals Pvt. Ltd.

        Registered office:
        16/17 Shivkrupa Indl Estate LBS Marg
        Vikhroli West
        Mumbai 400082, Maharashtra

Insolvency Commencement Date: May 8, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Prakash Dattatraya Naringrekar

Interim Resolution
Professional:            Prakash Dattatraya Naringrekar
                         503 A, Blue Diamond CHS Ltd
                         Chincholi Bunder, Link Road Junction
                         Malad West, Mumbai 400064
                         Tel.: 9322714508 / 022 66991469
                         E-mail: prakash03041956@gmail.com
                                 sppl.cirp@gmail.com

Last date for
submission of claims:    May 22, 2019


SHRI JALARAM: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shri Jalaram Rice Industries Private Limited
        Dhadhel Road, Bavla
        Ahmedabad 382220

Insolvency Commencement Date: April 12, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Kiran Shah

Interim Resolution
Professional:            Kiran Shah
                         608, Sakar 1
                         Near Gandhigram Railway Station
                         Opp. Nehru Bridge, Ashram Road
                         Ahmedabad 380009
                         E-mail: dhruvitks@gmail.com
                                 kiranshah.ip@gmail.com

Last date for
submission of claims:    May 13, 2019


SUYASH POLYMER: ICRA Lowers Rating on INR4.60cr Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Harshita Polypack, as:

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term, Fund      0.86     [ICRA]D ISSUER NOT COOPERATING;
   based-Term Loan               Rating downgraded from [ICRA]B+
                                 (Stable) and continues to
                                 remain in the 'Issuer Not
                                 Cooperating' category

   Long Term, Fund      4.60     [ICRA]D ISSUER NOT COOPERATING;
   based-Cash Credit             Rating downgraded from [ICRA]B+
                                 (Stable) and continues to
                                 remain in the 'Issuer Not
                                 Cooperating' category

   Short Term, Non-     0.13     [ICRA]D ISSUER NOT COOPERATING;
   fund based-                   Rating downgraded from [ICRA]A4
   Bank Guarantee                and continues to remain in the
                                 'Issuer Not Cooperating'
                                 Category


ICRA has downgraded the long-term rating to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]B+ ISSUER NOT COOPERATING for the
INR5.46-crore fund based bank facilities of Harshita Polypack. The
short-term rating of [ICRA]A4 ISSUER NOT COOPERATING has also been
downgraded to [ICRA]D ISSUER NOT COOPERATING. The ratings continue
to remain in the 'Issuer Not Cooperating' category. The ratings are
now denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.

In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.

Rationale
The rating downgrade follows the delay in debt servicing by SP as
confirmed by the lender.

Incorporated in 1978, Suyash Polymer (SP) is the flagship company
of the Damani Group, which manufactures polypropylene disposable
cups. Mrs. Radhika Neelesh Damani is the proprietor of the firm,
while Mr. Neelesh Damani and Mr. Nitin Damani collectively manage
the affairs of the group.



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

CRYPTOPIA: Grant Thornton Appointed as Liquidators
--------------------------------------------------
Madison Reidy at Radio New Zealand reports that the
Christchurch-based cryptocurrency exchange that was hacked earlier
this year has been placed in liquidation.

RNZ says liquidators David Ruscoe and Russell Moore from Grant
Thornton have been appointed to wind up Cryptopia's affairs, which
they said would take some months.

According to the report, police began investigating the hack in
January, after the company disclosed it had lost "significant
amounts" in a "security breach".

Liquidators said the hack hurt Cryptopia's finances, the report
relates.

"The highly publicised hack of Cryptopia's exchange in January 2019
had a severe impact on the company's trade.

"Despite the efforts of management to reduce cost and return the
business to profitability, it was decided the appointment of
liquidators was in the best interests of customers, staff and other
stakeholders."

The liquidators were working with authorities and would contact
Cryptopia customers over the coming days, they said, RNZ relays.

"We realise Cryptopia's customers will want to have this matter
resolved as soon as possible."

According to RNZ, police said they were still investigating the
hack that occurred in January and stole "significant amounts" of
money.

It had not yet disclosed how much money hackers stole from
Cryptopia accounts.

RNZ says crypto-trader Ross Carter-Brown had an account with
Cryptopia holding a few thousand dollars.

He said Cryptopia wiped 12 percent of funds from all accounts, to
cover the cost of remedying the hack, with the intention of paying
it back, the report relays.

"That's the trim that I took even though the tokens I was holding
weren't the ones taken, or stolen," the report quotes Mr.
Carter-Brown as saying.  "I guess they were going to announce at a
later date how they intended to settle that I owe you, which is now
very much in question."

Cryptopia had 100 staff at its peak and was the only trader of
obscure, niche crypto-currencies in New Zealand, he said.

Customers moving permanently to international exchanges to trade
such crypto-currencies would have caused the failure of Cryptopia,
he said.

"That's probably what has sunk them and obviously the reputational
damage that goes along with an event like this [the hack]," Mr.
Carter-Brown, as cited by RNZ, said.



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

HONESTBEE: To Stop Food Delivery in Singapore, 400 Jobs Affected
----------------------------------------------------------------
The Business Times reports that struggling food delivery startup
honestbee is halting its food delivery business in Singapore and
suspending its laundry service with effect from May 20, affecting
some 400 freelance delivery persons.

The headcount of honestbee employees in Singapore will not be
affected, the report says.

The Business Times relates that honestbee said in a media statement
on May 15 that the decision was "to optimise the business
structure, and to drive better focus and alignment with honestbee's
current strategic priorities".

The firm will continue to operate its grocery delivery business as
well as habitat, its brick-and-mortar supermarket concept, the
report says.

According to the report, the development comes on the heels of a
series of cost-cutting moves by honestbee, amid media reports of a
cash crunch and plans for fresh fundraising.

Earlier on May 15, The Business Times reported that investors were
approached earlier this month about raising at least SGD20 million
for honestbee, and that before its leadership transition, it has
eyed growth avenues including finance and insurance partnerships.

In late April, honestbee announced a 10 per cent layoff of its
global headcount, and suspensions and halts in operations in its
various markets amid allegations of a cash crunch, The Business
Times recalls. Co-founder Joel Sng resigned as CEO on May 2. He was
replaced by Brian Koo, a founding member of honestbee backer and US
venture firm Formation 8.

"The newly appointed executive team is working on future plans to
stay relevant and sustainable in today's rapidly-changing business
environment," honestbee said, The Business Times relays.

HYFLUX LTD: Sembcorp Keen on Tuaspring Plant if the Price is Right
------------------------------------------------------------------
The Business Times reports that Sembcorp Industries is keeping its
options open for Hyflux's Tuaspring co-generation power plant "if
the price was right".

Group chief executive officer Neil McGregor told The Business Times
on May 15 at the conglomerate's first quarter results briefing: "We
were once interested . . . We are keeping our options open.
Naturally if the price was right, this may be of interest to us.
But we have to wait and see what transpires . . . So we . . . are
keeping an eye on the development."

According to the report, Hyflux announced on May 14 that
Tuaspring's only secured creditor has appointed receivers to take
over the power plant.

The charged property is the Tuaspring co-generation power plant,
and excludes the desalination plant and other shared infrastructure
that are subject to the rights of national water agency Public
Utilities Board (PUB).

It was reported last year that Sembcorp Industries was one of only
two bidders pre-approved by PUB as potential buyers of Tuaspring,
but only Sembcorp had submitted a final bid, The Business Times
recalls. The offer was reportedly under book value, the report
notes.

                           About Hyflux

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

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.

The Company said it is taking this step in order to protect the
value of its businesses while it reorganises its liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.

INTERPLEX HOLDINGS: Moody's Withdraws Ba3 CFR for Business Reasons
------------------------------------------------------------------
Moody's Investors Service has withdrawn Interplex Holdings Pte.
Ltd.'s Ba3 corporate family rating, (P)Ba3 Guaranteed Senior
unsecured MTN Program, and stable outlook.

RATINGS RATIONALE

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

Interplex Holdings Pte. Ltd. designs, develops and manufactures
customized interconnect devices and specialized high-precision
products for global automotive, medical and life sciences, and data
and telecommunication customers. The company is domiciled in
Singapore and was acquired by Baring Private Equity Asia (BPEA) in
2016 through a delisting from the Singapore Exchange.



=====================
S O U T H   K O R E A
=====================

HANJIN HEAVY: Bank Creditors Eye Debt Resolution Within This Year
-----------------------------------------------------------------
Bernie Cahiles-Magkilat at The Manila Bulletin reports that local
bank creditors of Hanjin Heavy Industries and Construction
Philippines (HHIC-Phil), the local unit of Korea's shipbuilding
giant Hanjin, expect resolution of the shipbuilder's debt within
the year.

According to the report, the local Hanjin owes five local banks a
total of $412 million, considered as the biggest corporate default
in the country. Among the creditor banks, Rizal Commercial Banking
Corp. (RCBC) has the biggest loan exposure of $140 million followed
by state-owned Land Bank of the Philippines with an estimated $80
million. Metrobank has $72 million while the Bank of the Philippine
Islands has about $60 million and Banco de Oro (BDO), $60 million,
the Bulletin discloses. Aside from its local debts, Hanjin also
owes $900 million from South Korean creditors.

The Bulletin relates that John Thomas G. Deveras, Jr., senior
vice-president of RCBC, said he expects Hanjin's earlier debt
resolution this year based on their talks with potential investors.
In addition, these interested groups have also indicated
willingness to go for a direct purchase.

But Mr. Deveras was "no comment" when asked if one of the potential
investors is a Japanese shipbuilder, the report says.

Receiver Atty. Rosario Bernaldo, however, said that a Japanese
shipbuilder has already signed a non-binding agreement for its
interest in Hanjin. The bank creditors are on top of the
negotiations, she said, the Bulletin relays.

The Bulletin says the Japanese investor is the latest interested
party in Hanjin, which filed for debt restructuring before the
regional trial court in Olongapo in January this year. According to
Ms. Bernaldo, the three interested groups cited earlier "look to be
serious." These groups are the Dutch firm Damen Shipyard, an
American firm, and a consortium of US, Singaporean and Italian
shipbuilders. She denied that Keppel is the Singaporean firm in the
consortium.

"The Italian and Singaporean firms are trying to tie-up in a
consortium being arranged by a US fund management firm," the report
quotes Ms. Bernaldo as saying.

Earlier, two unnamed Chinese firms were said to be interested in
Hanjin but the Department of National Defense have expressed
reservations over the Chinese interest on security matter, the
Bulletin states.

Wilma Eisma, administrator and CEO of Subic Bay Metropolitan
Authority (SBMA), said the receiver is the first stop for
interested parties and Mr. Deveras is the lead among the creditors,
the Bulletin relays.

                         About Hanjin Heavy

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

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

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

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

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

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



=============
V I E T N A M
=============

VIETNAM NATIONAL COAL: S&P Withdraws 'B' LT Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings said that it had withdrawn its 'B' long-term
issuer credit rating on Vietnam National Coal and Mineral
Industries Holding Corp. Ltd. (Vinacomin) at the issuer's request.

S&P said, "The stable outlook at the time of withdrawal reflected
our view that Vinacomin would maintain stable operations, with
annual EBITDA of Vietnamese dong (VND) 20 trillion-VND21 trillion
over the next 12 months. We also expected the company to maintain
the ratio of short-term debt to total debt at about 30% and roll
over short-dated borrowings while maintaining a prudent investment
policy. At the time of withdrawal, we expected Vinacomin's ratio of
funds from operations to debt to be about 23% in 2019 and 25% in
2020, compared with 21% in 2018."

Vinacomin is the largest coal producer in Vietnam, with sales
volume approaching 38.0 million tons per year. It accounts for 75%
of the country's coal demand for power generation.


                           *********


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

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

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

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

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



                *** End of Transmission ***