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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, June 3, 2019, Vol. 22, No. 110

                           Headlines



A U S T R A L I A

CHATSWOOD HAIR: First Creditors' Meeting Set for June 11
CHEMICAL SYSTEMS: Placed Into Liquidation; Owes More Than AUD800K
FLAVIO KITCHEN: First Creditors' Meeting Set for June 11
LIBERTY FUNDING 2019-2: Moody's Rates AUD5.6MM Class F Notes 'B1'
LIDCO DISTRIBUTIONS: First Creditors' Meeting Set for June 12

RENTAL MANAGEMENT: Second Creditors' Meeting Set for June 10
STERLING FIRST: Second Creditors' Meeting Set for June 10
VOCATION LTD: Made Misleading Statements to Market, Court Finds
WHIRLWIND PRINT: Two Units Placed in Liquidation


B A N G L A D E S H

BANGLADESH: S&P Affirms 'BB-/B' Sovereign Credit Ratings


C H I N A

CBAK ENERGY: Asia EVK Has 12.9% Stake as of May 22


I N D I A

ADARSH SNACKS: Insolvency Resolution Process Case Summary
ADVANCE SURFACTANTS: Insolvency Resolution Process Case Summary
AG8 VENTURES: CARE Maintains 'D' Rating in Not Cooperating
AMAR GINNING: CRISIL Migrates B+ Rating to Not Cooperating
ANVITHA LIFE: Ind-Ra Assigns 'B' LT Issuer Rating, Outlook Stable

BHARATI DEFENCE: NCLAT Upholds NCLT Order on Liquidation
BHATIA COKE: Insolvency Resolution Process Case Summary
COMMUNICATION WORLD: Ind-Ra Migrates BB- Rating to Non-Cooperating
DYNAMIC REFRACTORIES: CARE Lowers Rating on INR8cr Loan to D
GOKUL STEELS: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating

HARIPADA COLD: CRISIL Assigns B+ Rating to INR4.2cr Cash Loan
HINDUSTAN PAPER: Court Orders Revival Package for Two Paper Mills
INNOVATIVE TEXTILES: CARE Lowers Rating on INR86.90cr Loan to D
JAWA PLASTECH: CRISIL Migrates B+ Rating to Not Cooperating
KANNU ADITYA: Insolvency Resolution Process Case Summary

KDH TEXTILE: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
KHN INDUSTRIAL: Insolvency Resolution Process Case Summary
KHUSHIYA INDUSTRIES: CARE Cuts Rating on INR20.80cr Loan to D
NAVBHARAT NIRMAN: CARE Assigns B+ Rating to INR2.58cr LT Loan
NEW GUJARAT: Insolvency Resolution Process Case Summary

POSCO-POGGENAMP: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
PRAGAT AKSHAY: CARE Lowers Rating on INR6cr LT Loan to D
ROYAL GRAINS: CRISIL Hikes Rating on INR8cr Cash Loan to B+
SAMARA COLD: CRISIL Migrates B Rating to Not Cooperating
SIDDHARTH AGRO: CARE Lowers Rating on INR5.45cr LT Loan to B-

SIESTA LAMINATES: CARE Lowers Rating on INR7.84cr Loan to B+
SIGMA CNC: CRISIL Assigns B+ Rating to INR4cr Cash Loan
SPACEVISION IMPEX: Insolvency Resolution Process Case Summary
SRI GURU: CARE Maintains D Rating in Not Cooperating Category
SRI KANAKAMAHALAKSHMI: CRISIL Moves B+ Rating to Not Cooperating

SUDHEER BUILDERS: CRISIL Migrates B+ Rating to Not Cooperating
SUPREME MOBILES: CRISIL Migrates B+ Rating to Not Cooperating
UNIVERSAL ASSOCIATES: CARE Maintains D Rating in Not Cooperating
YOGINDERA WORSTED: CARE Maintains D Rating in Not Cooperating


S I N G A P O R E

SWIBER GROUP: Survives Liquidation as Creditors OK Restructuring

                           - - - - -


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A U S T R A L I A
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CHATSWOOD HAIR: First Creditors' Meeting Set for June 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Chatswood
Hair Management Pty Ltd will be held on June 11, 2019, at 2:30 p.m.
at Level 30 Australia Square, 264 George Street, Sydney NSW

Peter Paul Krejci of BRI Ferrier was appointed as administrator of
Chatswood Hair on May 29, 2019.

CHEMICAL SYSTEMS: Placed Into Liquidation; Owes More Than AUD800K
-----------------------------------------------------------------
Jessica Brown at Newcastle Herald reports that a Mayfield business
with debts of more than AUD800,000 has been put into liquidation,
leaving almost 80 creditors out of pocket.

An administrator was appointed to the specialised supply company,
called Chemical Systems Australia, in March and the business was
forced to shut up shop on April 15, with staff receiving immediate
termination letters, the Herald says.

The Herald relates that a report from administrator O'Brien Palmer
Insolvency & Business Advisory paints a picture of a sinking ship;
77 creditors calling for payments, more than AUD118,000 in
superannuation and AUD50,000 in annual leave and long service leave
unpaid and a tax debt of more than AUD400,000.

The business had a premises in Mayfield and also operated two
retail outlets that sell cleaning products and pool supplies in
Mayfield and Capalaba, Queensland.

According to the Herald, Chemical Systems Australia director Scott
Tavener originally planned to establish a deed of company
arrangement (DOCA) proposal to pay back creditors 18 to 20 cents in
the dollar, but administrators quickly discovered that the
company's financial records were not as healthy as they seemed.

One of the first warning signs was the unaudited MYOB records which
disclosed inventory with a balance of AUD668 billion.

"This figure is obviously incorrect and shows that little to no
reliance can be placed on these management accounts," the
administrator's report said, the Herald relays.

"The books and records of the company are in a state of disarray
and have been poorly maintained.

"Primary records in relation to debtors and creditors of the
company are almost non-existent.

"No reliance can be placed on the management accounts maintained by
the company."

A liquidator, Liam Bailey, was appointed on May 1 and the
administrator's findings have been sent to the Australian
Securities and Investments Commission, including claims the company
had been trading while insolvent for 18 months, the Herald
discloses.

"I am of the view that the company may have been insolvent since at
least 31 August 2017, around the time when the ATO started issuing
debt collection letters."

The Herald adds that the administrator's report found the primary
cause of insolvency was "decreasing sales as a result of a general
downturn in the industry in addition to issues with the company's
previous external accountant, poor bookkeeping, bad debts and staff
misappropriation amongst other things".

FLAVIO KITCHEN: First Creditors' Meeting Set for June 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   - Flavio Kitchen Pty Ltd
   - Stone Group Australia Pty Ltd
   - PDM Stone Pty Ltd
   - PDM Group Holdings Pty Ltd

will be held on June 11, 2019, at 11:00 a.m. at The Portside
Centre, Level 5, Symantec House, 207 Kent Street, in Sydney, NSW.  


David Anthony Hurst and Mitchell Warren Ball of BPS Recovery were
appointed as administrators of Flavio Kitchen on May 29, 2019.

LIBERTY FUNDING 2019-2: Moody's Rates AUD5.6MM Class F Notes 'B1'
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty Series 2019-2.

Issuer: Liberty Funding Pty Ltd in respect of Liberty Series
2019-2

AUD280.0 million Class A1a Notes, Assigned Aaa (sf)

AUD700.0 million Class A1b Notes, Assigned Aaa (sf)

AUD282.8 million Class A2 Notes, Assigned Aaa (sf)

AUD49.0 million Class B Notes, Assigned Aa1 (sf)

AUD26.6 million Class C Notes, Assigned A1 (sf)

AUD19.6 million Class D Notes, Assigned Baa1 (sf)

AUD14.0 million Class E Notes, Assigned Ba1 (sf)

AUD5.6 million Class F Notes, Assigned B1 (sf)

The AUD22.4 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
residential mortgages. All mortgages were originated and are
serviced by Liberty Financial Pty Ltd (Liberty, unrated).

Liberty is an Australian non-bank lender. It started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as,
among others, auto loans, small commercial mortgage loans and
personal loans.

Residential mortgages remain Liberty's predominant business. At 31
March 2019, it had a portfolio of Australian mortgage assets
totaling more than AUD8.05 billion, of which, 75% were securitised
in public transactions.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables, the evaluation of the
capital structure and credit enhancement provided to the notes, the
availability of excess spread over the life of the transaction, the
liquidity reserve in the amount of 2.00% of the notes balance, the
legal structure, and the credit strength and experience of Liberty
as Servicer.

Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
is 8.2%, while the expected loss is 1.40%. MILAN CE represents the
loss that Moody's expects the portfolio to suffer in a severe
recessionary scenario, and does not take into account structural
features of the transaction, or the benefit of lenders mortgage
insurance (LMI). The expected loss represents a stressed,
through-the-cycle loss relative to Australian historical data.

After taking into account the LMI benefit, the MILAN CE is at
7.8%.

There is a difference in the definitive rating levels assigned to
the Class B, Class C, Class D, Class E and Class F Notes of Aa1
(sf), A1 (sf), Baa1 (sf), Ba1 (sf) and B1 (sf) respectively, and
the provisional ratings levels assigned to these notes on May 20,
2019 of (P)Aa2 (sf), (P)A2 (sf), (P)Baa2 (sf), (P)Ba2 (sf) and
(P)B2 (sf) respectively.

This difference is largely driven by a decrease in the MILAN CE and
expected loss to 8.2% and 1.4% respectively for the final pool from
9.8% and 1.5% respectively for the provisional pool. One of the key
drivers of the reduction in MILAN CE and EL was the reduction in
the weighted-average scheduled loan-to-value ratio (SLTV) and the
proportion of loans with SLTV above 90% from the provisional pool
to the definitive pool. The SLTV fell to 69.5% from 71.0%, and the
proportion of loans with SLTV above 90% fell to 9.6% from 10.4%.

The key transactional features are as follows:

  - Class A1a and Class A1b Notes benefit from 30.0% credit
enhancement (CE) and Class A2 Notes benefit from 9.8% credit
enhancement.

  - The Class A1a Notes will receive principal prior to any other
notes at all times, unless there is an event of default. Once Class
A1a Notes are paid off Class A1b to Class F Notes receive
sequential principal payments.

Upon satisfaction of all stepdown conditions which include — the
payment date falling on or after the payment date in June 2021,
absence of charge offs on any notes and average arrears greater
than or equal to 60 days (as calculated over the prior three
periods plus the current period) do not exceed 4% — Class A1b,
Class A2, Class B, Class C, Class D, Class E, and Class F Notes
will receive a pro-rata share of principal payments, subject to
additional conditions.

The Class G Notes do not step down and will only receive principal
payments once all other notes have been repaid. The principal
pay-down switches back to sequential pay across all notes, once the
aggregate loan amount falls below 20.0% of the aggregate loan
amount at closing, or on or following the payment date in June
2023.

  - A liquidity facility provided by the Westpac Banking
Corporation (Westpac, Aa3/P-1/Aa2(cr)/P-1(cr)), with a required
limit equal to 2.0% of the aggregate invested amount of the notes
less the redemption fund balance. The facility is subject to a
floor of AUD600,000.

  - The guarantee fee reserve account, which is unfunded at closing
and will build up to a limit of 0.30% of the issued notional from
proceeds paid to Liberty Credit Enhancement Company Pty Ltd as
Guarantor, from the bottom of the interest waterfall prior to
interest paid to the Class G noteholders. The reserve account will
firstly be available to meet losses on the loans and charge-offs
against the notes. Secondly, it can be used to cover any liquidity
shortfalls that remain uncovered after drawing on the liquidity
facility and principal. Any reserve account balance used can be
reimbursed to its limit from future excess income.

The key pool features are as follows:

  - The portfolio has a scheduled loan-to-value ratio of 69.5%,
with a relatively high proportion of loans with scheduled LTV above
80.0% (18.3%) and above 90% (9.6%).

  - 6.2% and 0.7% of the loans in the portfolio were extended on an
alt doc and low doc basis respectively.

  - The portfolio contains 4.5% exposure with respect to borrowers
with prior credit impairment (default, judgment or bankruptcy).
Moody's assesses these borrowers as having a significantly higher
default probability.

  - Investment and interest only loans represent 25.2% and 9.1% of
the pool, respectively.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2019.

Factors that would lead to an upgrade or downgrade of the ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in the
credit quality of transaction counterparties, fraud and lack of
transactional governance.

LIDCO DISTRIBUTIONS: First Creditors' Meeting Set for June 12
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Lidco
Distributions Pty Ltd and Lidco Architectural Systems Pty Ltd will
be held on June 12, 2019, at 11:00 a.m. at the offices of Deloitte
Financial Advisory Pty Ltd, Eclipse Tower, at Level 19, 60 Station
Street, in Parramatta, NSW.

David Ian Mansfield and Michael Hird of Deloitte Financial were
appointed as administrators of Lidco Distributions on May 31, 2019.

RENTAL MANAGEMENT: Second Creditors' Meeting Set for June 10
------------------------------------------------------------
A second meeting of creditors in the proceedings of Rental
Management Australia Pty Ltd has been set for June 10, 2019, at
11:00 a.m. at Level 28, 108 St Georges Terrace, 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 June 7, 2019, at 4:00 p.m.

Martin Bruce Jones and Wayne Anthony Rushton of Ferrier Hodgson
were appointed as administrators of Rental Management on May 3,
2019.

STERLING FIRST: Second Creditors' Meeting Set for June 10
---------------------------------------------------------
A second meeting of creditors in the proceedings of:

   - Sterling First (Aust) Pty Ltd
   - Acquest Capital Pty Ltd
   - Acquest Property Pty Ltd
   - Gage Management Ltd
   - Rental Management Australia Developments Pty Ltd
   - SHL Management Services Pty Ltd
   - Silverlink Investment Company Ltd
   - Silver Link Securities Pty Ltd
   - Sterling Corporate Services Pty Ltd
   - Sterling First Projects Pty Ltd
   - Sterling First Property Pty Ltd

has been set for June 10, 2019, at 2:00 p.m. at The Palace Training
Room, Ground Floor, 108 St Georges Terrace, 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 June 7, 2019, at 4:00 p.m.

Martin Bruce Jones and Wayne Anthony Rushton of Ferrier Hodgson
were appointed as administrators of Sterling First on May 3, 2019.

VOCATION LTD: Made Misleading Statements to Market, Court Finds
---------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) said
the Federal Court of Australia on May 31 delivered judgment in
ASIC's civil penalty proceedings against Vocation Ltd and its
officers, Mark Hutchinson (former CEO), John Dawkins (former
Chairman), and Manvinder Grewal (former CFO).

The proceedings relate to various statements made to the Australian
Securities Exchange (ASX) and in documents relating to a fully
underwritten placement to institutional and sophisticated investors
in September 2014 and a review undertaken by the Victorian
Department of Education and Early Childhood Development (DEECD)
into two of Vocation's main registered training organisations
(RTOs).

The Court found Vocation Ltd contravened:

  * section 1041H(1) of the Corporations Act by making misleading
    and deceptive statements to the ASX and UBS AG Australia in a
    August 25 ASX announcement and in a due diligence
    questionnaire (DDQ) the latter formed the basis for a
    placement in September 2014 which raised approximately
    AUD74 million from investors (the September 2014 Placement),
    And

  * its continuous disclosure obligations under section 674(2) by
    not disclosing to the market the actions taken by the former
    DEECD in July and August 2014 when it suspended all payments
    to Vocation.

Further the Court found that:

  * Mr. Hutchinson and Mr. Dawkins contravened section 180 of the
    Act by causing or permitting Vocation's contravention of
    section 674(2) of the Act.

  * Mr. Hutchinson contravened section 180 of the Act by causing
    or permitting Vocation's contravention of section 1041H in
    relation to the August 25 Announcement and the DDQ.

  * Mr. Grewal contravened section 180 of the Act by causing or
    permitting Vocation's contravention of section 1041H in
    relation to the DDQ.

The matter has been stood over to June 6, 2019, for a case
management hearing to appoint a date for hearing of all remaining
questions, including those arising under sections 1317S and 1318 of
the Act (relief from penalty); the form of any declaratory relief;
all questions of penalty and all questions of costs.

ASIC Commissioner Cathie Armour said: 'ASIC regards statements that
mislead or withhold material information as risking serious damage
to the integrity and operation of the Australian market. As such,
timely and accurate market disclosures will continue to be a key
focus of ASIC's market supervision and enforcement.'

The Court will hear further submissions as to penalty on a date to
be fixed. ASIC will be seeking pecuniary penalties against the
officers, disqualification orders and costs.

Vocation Limited provided vocational education, training and
assessment activities leading to accredited outcomes offered by
RTOs.

On Aug. 25, 2014, Vocation in response to press speculation
regarding its Victorian funding contracts issued an ASX
announcement which included the following statement: 'Vocation's
funding contracts with the DEECD have not been suspended and are
continuing'.

On Sept. 10, 2014, Vocation issued an ASX announcement of 'a fully
underwritten placement to institutional and sophisticated investors
to raise approximately AUD74 million'. On Oct. 27, 2014, Vocation
announced the completion of a review by the DEECD into Vocation's
two main RTOs - BAWM Pty Ltd and Aspin Pty Ltd.

Under the terms of the settlement reached between Vocation and
DEECD, Vocation lost almost AUD20 million in government funding and
the two main RTOs (BAWM and Aspin) relinquished their funding
contracts.

The adverse review findings triggered a significant fall in
Vocation's share price, its earnings and market value. In the
lead-up to the announcement of the review findings, Vocation had
maintained that the review was part of normal business activities
and that neither the review nor its anticipated outcomes were
material to Vocation.

WHIRLWIND PRINT: Two Units Placed in Liquidation
------------------------------------------------
Sheree Young at ProPrint reports that two businesses associated
with Australian trade printer Whirlwind Print have been put in
liquidation after a general meeting of members of the companies.

ProPrint relates that the liquidation orders for both Whirlwind
Print Pty Ltd and Whirlwind Print NSW Pty Ltd were uploaded to the
Australian Securities and Investment Commission website on May 30
with Andrew Hewitt and Ahmed Bise listed as the appointed
liquidators.

After weeks of speculation, details emerged last week that trade
printing giant CMYKhub had bought some of the equipment of
Whirlwind Print, taken over the lease of the Knoxfield factory and
bought the company's customer list, ProPrint says.

A raft of creditors, with some paper suppliers owed debts in the
seven figure range, will now be lining up to claim what is owed
while redundancy, long service leave, holiday pay and other
entitlements for Whirlwind Print's 100-odd staff are also hanging
in the balance, according to ProPrint.



===================
B A N G L A D E S H
===================

BANGLADESH: S&P Affirms 'BB-/B' Sovereign Credit Ratings
--------------------------------------------------------
On May 30, 2019, S&P Global Ratings affirmed its 'BB-' long-term
and 'B' short-term sovereign credit ratings on Bangladesh. The
outlook remains stable. The transfer and convertibility (T&C)
assessment is unchanged at 'BB-'.

Outlook

S&P said, "The stable outlook reflects our expectation that
Bangladesh's solid growth path will continue raising average income
and prevail over risks to external metrics over the next 12
months.

"We may raise the ratings if the government implements fiscal
measures that strengthen future fiscal performances.

"We may lower the ratings if fiscal or external metrics weaken
materially from current levels. This could happen if persistent
fiscal slippages cause net general government debt to rise to, and
is sustained at, levels above 30% of GDP. We may also lower the
ratings if the external profile worsens materially, possibly due to
significantly weakened export demand."

Rationale

The ratings on Bangladesh reflect the country's low economic
development and limited fiscal flexibility owing to a combination
of constrained revenue-generation capacity, high debt-servicing
costs, and heavy spending to improve its basic infrastructure and
government services. Administrative and institutional weaknesses
represent additional rating constraints. S&P weighs these factors
against a sound external position, reflecting support from
substantial donor engagement, large remittances by Bangladesh
citizens outside back to the country, and a globally competitive
garment sector.

Institutional and economic profile: Consistently stronger economic
outcomes than peers despite institutional weaknesses

-- Bangladesh's political landscape constrains the effectiveness
of institutions and impedes sound policymaking.

-- However, the economy continues to sustain high, steady economic
growth supported by a competitive garment sector.

Bangladesh's domestic political conditions distract from stable
policymaking and generally hampers policy implementation. The
confrontational stance between the incumbent Awami League and
opposition Bangladesh Nationalist Party (BNP) harbors the potential
for conflict. Given a weak institutional setting, infrastructure
deficiencies, and difficult business environment, Bangladesh's
foreign direct investment has remained persistently low.

The country's polarized political landscape has evolved into a
highly centralized decision-making environment, which could make
future policy responses unpredictable. The Awami League-led
coalition swept the elections held last year, winning more than 80%
of the parliamentary seats. A period of uncertainty followed the
election results with allegations of voting irregularities by the
BNP. The opposition's recent decision to join parliament has
brought some stability to the fractious environment. That said, the
opposition is likely to try to reclaim lost ground. Nevertheless,
strikes and politically motivated violence have not been overly
disruptive to overall economic growth in the past. Bangladesh has
grown steadily faster than its peers despite bouts of tension, and
we expect its economy to stay resilient and among the fastest
growing globally.

Low economic development, as represented by per capita GDP of
US$1,900 for 2019, has been one of Bangladesh's main rating
constraints. This income level offers a weak and narrow revenue
base, in turn limiting the fiscal and monetary flexibility needed
to respond to exogenous shocks. Despite the low income level and
numerous structural impediments, particularly in infrastructure,
Bangladesh's real per capita GDP growth of about 5.9% over
2013-2022 indicates consistently strong real economic growth. S&P
assesses its economic performance as being much stronger than
sovereigns at similar income levels.

Flexibility and performance profile: Bangladesh's narrow revenue
base and high interest costs reflect structural weaknesses in its
fiscal profile.

-- Garment exports and worker remittances are key anchors of
Bangladesh's strong external position but face risks from global
factors and maturing of construction boom in host countries.

-- Fiscal revenue remains low while VAT reforms are likely to be
watered down.

-- The country's fiscal flexibility is constrained by a large
interest burden from the issuance of high-yield National Savings
Certificates (NSCs).

Bangladesh tends to run moderate fiscal deficits. S&P said, "We
forecast the change in net general government debt will average
4.2% of GDP annually over fiscals 2019-2022 (ending June 30).
However, many basic social and infrastructure needs remain unmet,
implying higher outlays ahead for which the fiscal capacity of the
government is lacking. Although the government's debt burden is
low, its high interest expense at 20% of revenue limits fiscal
flexibility. We project net general government debt at 25% of GDP
as of the end of the fiscal year on June 30, 2019."

Due to the government's increasing reliance on the costlier NSC
scheme rather than commercial borrowing, S&P expects its
debt-servicing ratio to remain well above 15% for 2019-2022.
Furthermore, more than 40% of total government debt is denominated
in foreign currency, albeit mostly from official concessional
donors.

Bangladesh's narrow revenue base constrains the government's
flexibility to mitigate economic downturns or other potential
shocks. It has only 2 million registered taxpayers (out of a
population of approximately 160 million). General government
revenue was 9% of GDP in fiscal 2018--among the lowest of rated
sovereigns globally. The government has outlined numerous
initiatives to expand the tax base, most notably the plan to reform
the complicated VAT system. However, the plan has been repeatedly
delayed over the past few years since the law was first passed in
2012. With the elections concluded last year, the government may be
able to implement VAT reforms albeit in a attenuated manner with
multiple rates rather than the initial proposed single harmonized
rate. S&P does not expect significant revenue increases from the
new initiatives.

S&P said, "We assess a limited risk related to contingent
liabilities from financial institutions. The banking sector remains
small with assets less than 100% of GDP, which informs our view of
the contingent risk it poses. We classify Bangladesh's banking
sector in group '9' under our Banking Industry Credit Risk
Assessment (with '1' being the highest assessment and '10' being
the lowest)." Although the private sector banks are in better
shape, significant risks reside in state-owned commercial banks
(SOCBs). SOCBs account for about 26% of total banking sector
assets, and the sector's nonperforming loans had exceeded 28% of
its total loans as of June 2018.

Bangladesh's credit profile benefits from low external borrowings.
The country has large remittance inflows and an internationally
competitive garment export sector, resulting in current account
surpluses over the past few years. However, a combination of
increased food imports due to flooding and reduced remittances
resulting from the oil price slump taking its toll on the Gulf
States (largest hosts of Bangladeshis working outside the country)
caused a modest current account deficit in 2017 and a widening in
2018. Since then, Bangladesh's exports have gained momentum, which
narrowed the deficit in the first half of fiscal 2019. S&P expects
the trend of export recovery to continue. While food-related
imports will be lower, imports related to infrastructure projects
will continue, leading to current account deficits averaging about
1.85% of GDP over 2019-2022.

In S&P's view, Bangladesh's external balance sheet and liquidity
will remain key credit-supporting factors. Nevertheless, S&P
expects gross external financing needs to continue their gradual
rising trend, averaging 89% of current account receipts plus usable
reserves over 2019-2022. In the past few years, the lower
remittance flows had affected reserves accumulation. S&P expects
remittances to recede and stabilize once the construction boom in
host countries for Bangladeshi workers mature over 2019-2020. This
implies that the gap between the country's external debt and its
liquid external assets is unlikely to reduce. But given some
factors, S&P projects Bangladesh's narrow net external debt to
stabilize at about 40% of current account receipts through the
forecast period. Those factors are oil price stabilizing, exports
rebounding, and capital imports declining with the completion of
mega infrastructure projects in the country.

Bangladesh's external profile draws substantial donor support,
ensuring that the bulk of public external debt is low-cost
borrowing with long maturity. Additionally, donors and multilateral
lenders condition policy formulation and provide direct budgetary
support. An example of support is the current Rohingya crisis,
where multilateral and bilateral agencies cover the increased food
imports needed for refugees.

S&P said, "We view Bangladesh's monetary assessment as a neutral
factor to the rating. The central bank's limited independence,
multiple mandates, and underdeveloped capital markets hamper
monetary flexibility. We consider Bangladesh's exchange rate regime
as a managed float, which provides some flexibility to mitigate
external shocks." However, despite gradual depreciation in the
exchange rate since 2015, Bangladesh's real effective exchange rate
(REER) has been rising, reflecting the currency depreciation of its
trading partners. Should the REER continue to rise, it could strain
the competiveness of the country's export garment sector. However,
some early signs of reversal have appeared with the REER falling
for first time in 2018.

Bangladesh's central bank has made progress in managing
inflationary expectations. In the past two years, inflationary
pressure subsided with reduced government borrowing from the
banking sector. Inflation has stayed in the single digits since
2011.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed
  Bangladesh

  Sovereign Credit Rating    BB-/Stable/B
  Transfer & Convertibility Assessment
  Local Currency           BB-




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

CBAK ENERGY: Asia EVK Has 12.9% Stake as of May 22
--------------------------------------------------
Asia EVK New Energy Auto Limited, Mu Li, and Wei Qi disclosed in a
Schedule 13G filed with the U.S. Securities and Exchange Commission
that as of May 22, 2019, they beneficially own 4,782,163 shares of
common stock of CBAK Energy Technology, Inc., which constitutes
12.94 percent based on 36,951,423 shares of the Company's Common
Stock which are deemed outstanding.

The 4,782,163 Shares are directly owned by Asia EVK.  Mu Li is the
sole director and owns 50% of Asia EVK.  Wei Qi owns the remaining
50% of Asia EVK.  As a result of these relationships, each of Mu Li
and Wei Qi may be deemed to be an indirect beneficial owner of the
shares of Common Stock held directly by Asia EVK.  Each of Mu Li
and Wei Qi disclaims beneficial ownership in such shares, except to
the extent of his pecuniary interest.

A full-text copy of the regulatory filing is available for free
at:

                     https://is.gd/aLxyBX

                       About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of $1.95 million for the year ended
Dec. 31, 2018, compared with a net loss of $21.46 million for the
year ended Dec. 31, 2017.  As of March 31, 2019, CBAK Energy had
$123.24 million in total assets, $120.28 million in total
liabilities, and $2.95 million in total equity.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Dec. 31, 2018.  All these
factors raise substantial doubt about its ability to continue as a
going concern.



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

ADARSH SNACKS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Adarsh Snacks Private Limited

        Registered office:
        Plot No. S-2, Industrial Area
        SSGT Road Ghaziabad
        Ghaziabad UP 201001 IN

        Principal Branch office:
        City Station Road, Khurja

Insolvency Commencement Date: May 21, 2019

Court: National Company Law Tribunal, Meerut Bench

Estimated date of closure of
insolvency resolution process: November 16, 2019

Insolvency professional: Manish Agarwal

Interim Resolution
Professional:            Manish Agarwal
                         707, Saket
                         Opp. Rohtash Sweets
                         Meerut 250001
                         Uttar Pradesh
                         Tel.: 0121-4054491, 9412705345
                         E-mail: manishfcs@gmail.com

Last date for
submission of claims:    June 6, 2019


ADVANCE SURFACTANTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Advance Surfactants India Limited
        511/2/1, Village Rajokari
        New Delhi 110038

Insolvency Commencement Date: May 28, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: K.G. Somani

Interim Resolution
Professional:            K.G. Somani
                         KG Somani Insolvency Professionals
                         Private Limited
                         4th Floor, 3/15 Asaf Ali Road
                         New Delhi 110002
                         E-mail: kgsomani@gmail.com
                                 kgsomani.advance@gmail.com

Last date for
submission of claims:    June 11, 2019


AG8 VENTURES: CARE Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AG8
Ventures Limited (AVL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      150.40      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 26, 2018, placed the
rating of AVL under the 'issuer non-cooperating' category as AVL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AVL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and e-mails dated April 17, 2019,
May 1, 2019 and May 13, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 26, 2018, the following were
the rating weakness:

Key Rating Weaknesses

Delay in servicing of interest obligations: AVL has delayed
servicing of its debt obligations due to its stressed liquidity
position.

Originally incorporated in 1997 as Aakriti Dwellings Pvt. Ltd., AVL
is the flagship company of the Bhopal based "Aakriti Group". AVL is
engaged in development of multi-storied residential as well as
commercial properties around Bhopal region. In addition to the real
estate sector, "Aakriti Group" has presence in sugar, hospitality
and education industry.

AMAR GINNING: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Amar Ginning
Factory (AG) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6.75      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AG for obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AG. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AG is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

AG was established as a partnership firm in 1999. The operations
are managed by the Patel family, who has over 10 years of
experience in the cotton industry. The firm in processes raw cotton
to produce cotton bales and crushing of cotton seed to produce
cotton seed oil and cotton seed oil cake.

ANVITHA LIFE: Ind-Ra Assigns 'B' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Anvitha Life Care
Private Limited (ALCPL) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR60 mil. Term loan-1 due on FY24 assigned with IND B/Stable
     rating; and

-- INR60 mil. Proposed term loan* assigned with Provisional IND
     B/Stable rating.

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

KEY RATING DRIVERS

The ratings reflect ALCPL's absence of operational track record as
the company's multi-purpose facility for manufacturing active
pharmaceutical ingredients and supplying intermediates and
specialty chemicals to domestic and exports markets is still under
construction.                                                      
                                                             

The total project cost is INR231.5 million, of which INR122.4
million has been incurred and was funded by a term loan of INR43.95
million, an external commercial borrowing of INR36.93 million, an
equity infusion of INR31.5 million and an unsecured loan of INR10
million. The remaining will be funded by term loans of INR16.05
million (of the sanctioned term loan of INR60 million) and
promoters' contribution. Additionally, the company has proposed a
term loan of INR60 million, which is yet to be sanctioned. The
commercial production is likely to commence from December 2019 and
FY20 will be the first year of operations.

The principal payment for the sanctioned loan is scheduled to
commence from June 2019; however, the management has requested the
lender to postpone it until June 2020. The repayment will be met
from the promoters' fund infusion. Any delays in an infusion of the
funds from the promoters would be key monitorable.

However, the ratings are supported by the promoters' knowledge in
the medical field.

RATING SENSITIVITIES

Negative: Any delays in the infusion of funds leading to delay in
achieving the commercial operation date would be negative for the
ratings.

Positive: Timely commencement of operations, leading to revenue
generation will be positive for the ratings.

COMPANY PROFILE

ALCPL was established in June 2016 to set up an intermediate
facility with a reactor volume of 9,000 liters for manufacturing
intermediates. The facility was converted into a multi-purpose
facility with an increased reactor volume of 25,000 liters capacity
to manufacture API, intermediates and specialty chemicals. The
company booked INR3.3 million in revenue for FY19 from the supply
of 4-hydroxyythicoumarin manufactured at leased premises to a
Germany-based company.

BHARATI DEFENCE: NCLAT Upholds NCLT Order on Liquidation
--------------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Appellate Tribunal (NCLAT) has upheld the decision of the NCLT to
liquidate debt-laden Bharati Defence and Infrastructure.

According to BusinessLine, the insolvency court in Mumbai had
ordered liquidation of the company after rejecting the resolution
plan submitted by Edelweiss Asset Reconstruction Co Ltd, leaving
two dozen defence vessels stranded. A clutch of lenders stand to
lose INR11,373.40 crore which the firm owes them.

BusinessLine relates that the NCLAT, while upholding the National
Company Law Tribunal's (NCLT) decision, said the company should be
classified as a "going concern". In accounting parlance, a going
concern means a company can continue to operate. There are more
than 850 employees on the rolls of what was once India's second
biggest private shipyard with a much sought-after licence from the
government to build warships.

Earlier, a resolution plan was backed by the Committee of Creditors
(CoC) in which Edelweiss ARC had an 82.7 per cent voting share as a
financial creditor after taking over debt of INR6,248.84 crore from
some 20 lenders by paying INR1,813.90 crore, the report recalls.

NCLT had cast doubts over the genuineness of the plan, BusinessLine
says. "The resolution applicant has not given a practical and
viable plan to manage the affairs of the corporate debtor
(Bharati). The plan contains a lot of uncertainties, a lot of
speculation. The public shareholding in the company would be
reduced to a mere 2 per cent from the current substantial level of
approximately 60 per cent," the NCLT had noted.

BusinessLine says the NCLT order was challenged on the ground that
liquidation order has been passed with "material irregularity" due
to fraud committed by the 'Resolution Professional'.

While NCLAT rejected the challenge, the Tribunal pointed out that
considering the national importance attached to product line of the
company, the customers, especially Ministry of Defence, Indian
Coast Guard, Customs, the order book size, in addition to advances
paid by various government departments, Bharati Defence and
Infrastructure has been classified as a "going concern".

Vijay Kumar V Iyer has been appointed as the liquidator and the
tribunal has directed that work should be taken from existing
employees and workmen, the report notes.

Bharati Defence and Infrastructure Limited, formerly Bharati
Shipyard Limited (BOM:532609) is engaged in the business of naval
architecture, marine engineering and ocean engineering. The Company
is also engaged in building various types of ships and other
vessels, (both with and without power), build drilling rigs,
fabricating offshore platform and other Offshore and other
structures, earth moving machinery, and all platforms and equipment
required for defense purpose. The Company operates in Ship
Manufacture segment. It is also engaged in building a Mobile
Offshore Drilling Unit capable of operating in approximately 350
feet of water. This Rig can be elevated to a height of
approximately 418 feet, and has an electric rack and pinion system
of jack up, as well as derrick skidding system. It has a cantilever
cover of 70 feet beyond the transom and drill floor movement of
approximately 30 feet side to side. It offers Self
Propelled Moduler Transport System and Computer Numeric Control
machines.

BHATIA COKE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Bhatia Coke & Energy Limited
        Village Ketnamallee, Gummidipoondi
        Dist-Thiruvallur Village, Ketnamallee
        Gummidipoondi, Thiruvallur
        Tamil Nadu 601201

Insolvency Commencement Date: May 22, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: November 18, 2019

Insolvency professional: Mr. Motappa Thimmaraya Swamy

Interim Resolution
Professional:            Mr. Motappa Thimmaraya Swamy
                         228, 5th Main, 5th Cross
                         Shivakrupa, K.G. Nagar
                         Bangalore 560019
                         E-mail: swamymotappa@gmail.com
                                 ip.bhatiacoke@gmail.com

Last date for
submission of claims:    June 5, 2019


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based limits migrated to Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 3, 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 September 2016, Communication World Informatics is
a distributor of Apple iPhones, Symphony Air-Coolers and Micromax
mobiles.

DYNAMIC REFRACTORIES: CARE Lowers Rating on INR8cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dynamic Refractories (DR), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       8.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB-; Stable;
                                   Issuer Not Cooperating on the
                                   basis of best available
                                   information

   Short-term Bank      0.50       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE A4; Issuer
                                   Not Cooperating on the basis
                                   Of best available information

Detailed Rationale & Key rating Drivers

CARE had, vide its press release dated March 20, 2018, placed the
rating of DR under the 'issuer noncooperating' category as DR had
failed to provide information for monitoring of the rating and had
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. DR continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter dated May 20, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The ratings have been revised on account of ongoing delays in debt
servicing.

Detailed description of the key rating drivers

At the time of last rating on March 20, 2018, the following were
the rating strengths and weaknesses. (Updated for the information
available from banker interaction).

Key Rating Weakness

Delay in Debt Servicing
As per banker interaction, there are ongoing delays in the debt
serving.

Bhilwara (Rajasthan) based Dynamic Refractories (DR) was formed as
a proprietorship concern by Mrs. Sharda Sharma in 2002. DR is
primarily engaged in the business of manufacturing of insulation
bricks, fire bricks and other varieties of bricks which finds its
application as lining in furnace from its sole manufacturing
facility located at Bhilwara. The plant of the company has an
installed capacity of manufacturing of insulating bricks of 74.40
lakh bricks per annum, fire bricks of 5.50 lakh bricks per annum
and other varieties of bricks aggregating at 9.30 lakh bricks per
annum as on March 31, 2016.

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

The instrument-wise rating actions are:

-- INR65 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR39.2 mil. Term loan due on July 2020 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
25, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Founded in May 2014 by Mr. Vivek Kasera, Gokul Steels manufactures
angles, flats, bars, rounds, and other structural steel items. The
company has a steel structural rolling mill with a production
capacity of 28,000 metric tons per annum in Fatwa, Bihar.

HARIPADA COLD: CRISIL Assigns B+ Rating to INR4.2cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-term
bank facilities of Haripada Cold Storage Private Limited (HCSPL).


                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           4.2       CRISIL B+/Stable (Assigned)

   Working Capital
   Facility               .8       CRISIL B+/Stable (Assigned)

The rating continues to reflect vulnerability to intense
competition and stringent regulations, and the company's weak
financial risk profile. These weaknesses are partially offset by
the extensive experience of the promoters in the cold storage
business.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to the highly regulated and fragmented cold storage
industry in WB: The potato cold storage industry in WB is regulated
by the West Bengal Cold Storage Association, and rental rates are
fixed by the Department of Agricultural Marketing. The fixed rental
limits the ability of individual players to earn profits based on
their respective strengths and geographical advantages. This curbs
their bargaining power, and forces them to offer discounts to
ensure healthy utilisation of their storage capacity.

* Weak financial risk profile: Networth was modest and gearing
high, estimated around INR0.95 crore and 3.31 times, respectively,
as on March 31, 2019. Networth is expected to improve with better
accretion to reserve. Debt protection metrics may remain moderate:
interest coverage ratio was 1.6 times in fiscal 2019.

Strengths:
* Extensive experience of the promoters: Benefits from the
promoters' experience of close to three decades in the cold storage
business, and their established relationships with farmers and
traders, will continue to support the business risk profile.

Liquidity
Cash accrual of INR5 lakh can be used to cover the incremental
working capital requirement, in the absence of any major term debt
or capex plan. Bank limit utilization remains high in the year end
as March and April are the peak season for the cold storage
business. Current ratio was comfortable, estimated at 1.23 times as
on March 31, 2019.

Outlook: Stable

CRISIL believes HCSPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of improvement in cash accrual and working
capital management. The outlook may be revised to 'Negative' if low
cash accrual, or significant capital expenditure, weakens the
financial risk profile, especially liquidity.

Incorporated in 1992, HCSPL offers cold storage facilities to
potato farmers in Birbhum, West Bengal. The company has an
installed capacity of 1.61 lakh quintal per annum. Mr Priyobrata
Dev, Ms Jyotsna Rani Mondal, Mr Satyabrata Dev, Ms Jharna Rani
Devi, and Mr Subrata Deb are the promoters.

HINDUSTAN PAPER: Court Orders Revival Package for Two Paper Mills
-----------------------------------------------------------------
The Telegraph India reports that the National Company Law Appellate
Tribunal on May 29 directed the liquidator of Assam's two paper
mills to approach the government for a revival package and release
the workers' pending salaries.

According to the report, the court's direction to Kuldeep Verma,
who has been appointed to conduct the liquidation process of the
two mills, came at a hearing on an appeal filed by Cachar Paper
Project Workers' Union on May 27, challenging the liquidation order
of the National Company Law Tribunal (NCLT).

Cachar Paper Project Workers' Union president Manabendra
Chakraborty, who was present at the hearing, told The Telegraph
from New Delhi that the court also ordered that the service of the
mills should continue as going concern (running units) and their
employees/workers should attend their duties as usual. The court
also said that if the liquidation is carried out at all, a third
party should be involved in the process, Chakraborty, who is also
the chief convener of HPC Paper Mills Revival Action Committee,
said.

A senior official of Hindustan Paper Corporation Limited confirmed
the order.

The two mills, Cachar Paper Mill and Nagaon Paper Mill, have been
lying non-functional since October 2015 and March 2017
respectively. Their workers have not received salaries for more
than two-and-a-half years.

The NCLT ordered their liquidation on May 2 this year, The
Telegraph says.

Cachar Paper Mill, the only major industrial undertaking in south
Assam's Barak Valley, is located at Panchgram in Hailakandi
district. Nagaon Paper Mill is located at Jagiroad in Morigaon
district.

According to The Telegraph, Dipak Chandra Nath, another convener of
the HPC Paper Mills Revival Action Committee, a conglomerate of
workers' unions of the two paper mills in Assam, said the
government should prioritise the matter and initiate necessary
measures to make the industrial units functional and remit the
pending salaries.

The National Company Law Appellate Tribunal was constituted under
Section 410 of the Companies Act, 2013, for hearing appeals against
the orders of NCLT, with effect from June 1, 2016, the report
notes.

Hindustan Paper Corporation Ltd is a Government of India Enterprise
engaged in manufacturing pulp and paper of various grade. It has
pan-india operations from North Eastern Region to Southern most
Kerala. Writing and printing papers of all grades are manufactured
in the 2 plants located in Assam, Newsprint is manufactured in the
subsidiary Hindustan Newsprint Ltd Kerala.

INNOVATIVE TEXTILES: CARE Lowers Rating on INR86.90cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Innovative Textiles Limited (ITL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term           86.90       CARE D Revised from CARE BBB-;
   facilities                      Stable

   Short-term
   facilities          13.00       CARE D Revised from CARE A3

Detailed Rationale & Key Rating Drivers

The revision in the ratings of the bank facilities of ITL takes
into account intimation of overdue for more than 30 days in the
company's Packing Credit limit (PCL) in past which is a sublimit of
Cash Credit limit (CC) rated by CARE.  CARE has been receiving No
Default Statements on monthly basis stating no instances of
delays/overdrawls/overdues. Banker's feedback in the past was also
satisfactory.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in payment of outstanding PCL: ITL has a sanctioned limit of
PCL for tenure of 180 days which was not paid within the said
period though ITL had applied for the extension of tenure of PCL
beyond 180 days. However, the approval for extension of PCL
facility was not received within 180 days. Consequently, there has
been delay in the payment of PCL facility.

Financial risk profile: During FY18, the company reported a total
operating income of INR252.38 cr with PBILDT margin of 10.29%.
During FY18, the company incurred loss of INR1.22 cr due to
deferred tax liability. During FY18, the company derived majority
of revenue from sale of fabrics while revenue from sale of poly
cotton yarn declined as company gradually shifted its focus towards
sale of dyed fabrics and garments. During 9MFY19, the company
achieved total operating income of INR183.05 cr mainly driven by
increased orders from existing clients as well as addition of new
customers. Further, the company has achieved sales of INR233 cr in
FY19 (Provisional).

Working Capital Intensive operations: The operations of the company
are working capital intensive. Accordingly, it has to maintain high
level of inventory (around three to four months) to avoid traded
material price fluctuations and ensure availability of the same to
address quick customer needs. The working capital cycle of the
company stood at 131 days as on March 31, 2018 (PY: 110 days) owing
to higher inventory period of 126 days (PY: 108 days) on account of
increased inventory maintained by the company for Nagpur plant
which further led to increase in creditors.

Key Rating Strengths

Experienced promoters: Incorporated in 1993, ITL is promoted by Mr.
Rakesh Bajaj, who has over 25 years of experience in the production
and marketing of yarn and other textile products. Before 2009, the
company was engaged in trading of yarn (both cotton and blended).
In 2016, the company has set up a vertically integrated dyeing and
garmenting plant along with another knitting plant at Butibori
Industrial Area, Nagpur that commenced  operations in July, 2016
and November, 2016 respectively.

Liquidity
Operating cycle stood at 131 days owing to higher inventory days
(FY18: 126 days: PY: 108 days) on account of higher inventory
maintained by ITL. Current ratio stood at 1.27x. The company had
average working capital fund-based limits utilization of 59% (12
months ended April 2019).

Incorporated in 1993, Innovative Textiles Ltd (ITL) is a closely
held company promoted by Mr. Rakesh Bajaj, who has over 25 years of
experience in the production and marketing of yarn and other
textile products. The company was engaged in trading of yarn till
2008 and had commissioned yarn and knitted fabric manufacturing
facility in 2009.

JAWA PLASTECH: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jawa Plastech
Private Limited (JPPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      4.9        CRISIL B+/Stable (ISSUER
   Bank Loan Facility                 NOT COOPERATING; Rating
                                      Migrated)

   Term Loan               3.85       CRISIL B+/Stable (ISSUER
                                      NOT COOPERATING; Rating
                                      Migrated)
   Working Capital
   Facility                1.25       CRISIL B+/Stable (ISSUER
                                      NOT COOPERATING; Rating
                                      Migrated)

CRISIL has been consistently following up with JPPL for obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JPPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JPPL is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

Incorporated in 2005, JPPL is promoted by Mr Subhash Jawa, his
wife, Mrs Shalini Jawa, Mr Arvind Jawa, and Mr Anup Jawa. The New
Delhi-based company manufactures injection-moulded plastic parts
for Luxor International Pvt Ltd. It began production in April 2016.

KANNU ADITYA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Kannu Aditya (India) Limited

        Registered office:
        B-16, Bhagwan Dass Nagar
        New Delhi 110026

        Unit:
        301, EPIP Industrial Area, Kundli
        Haryana 131001

Insolvency Commencement Date: May 22, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: November 18, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Anil Kohli

Interim Resolution
Professional:            Mr. Anil Kohli
                         ARCK Resolution Professional LLP
                         409, 4th Floor, Ansal Bhawan
                         16 K G Marg, Connaught Place
                         New Delhi 110001
                         E-mail: insolvency@arck.in

Last date for
submission of claims:    June 10, 2019


KDH TEXTILE: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed KDH Textile
Private Limited's (KDH) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR230 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable/IND A4+ rating; and

-- INR28.3 mil. (reduced from INR43 mil.) Term loan due on March
     2023 affirmed with IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects KDH's continued medium scale of operations
and modest credit metrics. According to the provisional financials
for FY19, revenue grew to INR1,349.22 million (FY18: INR1,035.04
million), on higher sales volume. In FY19, gross interest coverage
(operating EBITDA/net interest expenses) was 2.10x (FY18: 2.39x)
and net financial leverage (adjusted net debt/operating EBITDA) was
4.42x (4.70x). Interest coverage deteriorated due to higher
interest expense whereas net leverage improved due to the rise in
absolute EBITDA being more than the increase in the total debt.
RoCE was 14% in FY19 (FY18: 13%) and EBITDA margins declined but
remained moderate at 5.45% (5.66%) due to higher operating
expenses.

The ratings also reflect KDH's tight liquidity position with
average 97.63% use of fund-based limits for the 12 months ended
April 2019. The company's cash flow from operation remained
negative at INR53.92 million (FY18: negative INR48.69 million) and
cash and cash equivalents were INR7.08 million in FY19 (FY18:
INR1.79 million).

The ratings continue to be supported by the promoters' over three
decades of experience in the textile industry.

RATING SENSITIVITIES

Negative: Any further decline in the operating profitability,
leading to deterioration in the credit metrics, all on a sustained
basis, will be negative for the ratings.

Positive: A significant, further improvement in revenue, along with
maintaining the operating profitability and reducing the financial
leverage below 2.5x, all on a sustained basis, will be positive for
the ratings.

COMPANY PROFILE

Founded in June 2009, KDH is engaged in the designing and
embroidery of fabrics. Its facility is located at Sonipat, Haryana.

KHN INDUSTRIAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s KHN Industrial Equipments India Private Limited
        D-242, Sector-10, Noida
        Gautam Buddha Nagar
        Uttar Pradesh 201301
        India

Insolvency Commencement Date: May 21, 2019

Court: National Company Law Tribunal, Allahabad Bench

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

Insolvency professional: Mr. Kashi Vishwanathan Sivaraman

Interim Resolution
Professional:            Mr. Kashi Vishwanathan Sivaraman
                         Flat No. 204, Bock-Menka
                         V3S Indralok, Plot No. GH-1
                         Nyay Khand-1, Indirapuram
                         Ghaziabad, Uttar Pradesh 201014

                            - and -

                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi 110048
                         E-mail: sivarita68@yahoo.com
                                 sivaraman@aaainsolvency.com

Last date for
submission of claims:    June 10, 2019


KHUSHIYA INDUSTRIES: CARE Cuts Rating on INR20.80cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Khushiya Industries Pvt. Ltd. (KIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       20.80      CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE BB-; Stable;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE, vide press release dated February 6, 2018, had placed the
rating of KIPL under the 'Issuer Non-cooperating' category as the
company had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KIPL continues to be
non-cooperative despite requests for submission of information
through e-mails, phone calls and a letter/e-mail dated May 20,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The revision in the ratings of Khushiya Industries Private Limited
(KIPL) takes into account the recent delays in servicing of its
debt obligations due to its stressed liquidity.

Detailed description of the key rating drivers

At the time of last rating on February 6, 2018, the following were
the rating strengths and weaknesses (updated based on the best
available information):

Key Rating Weaknesses

Recent delays in servicing of debt obligations: There are recent
delays in servicing of KIPL's debt obligations due to its stressed
liquidity.

Banaskantha, Gujarat based, KIPL was incorporated in 2012 by Mr.
Mehul Thakkar, Mr. Dalpatram Thakkar and Ms. Ritaben Thakkar. KIPL
is engaged in the business of extraction of mustard oil and castor
oil and operates from its manufacturing facilities located at
Banaskantha with an installed capacity of 30,000 metric tons per
annum (MTPA) as on March 31, 2016. KIPL entered into forward
integration in the value chain by setting up solvent extraction
plant with an installed capacity of 90,000 MTPA, which commenced
commercial production from February 2016.

NAVBHARAT NIRMAN: CARE Assigns B+ Rating to INR2.58cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Navbharat Nirman Company (NNC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           2.58       CARE B+; Stable Assigned

   Short-term Bank
   Facilities           7.00       CARE A4 Assigned

Detailed Rationale & Key rating Drivers

The ratings assigned to the bank facilities of NNC are primarily
constrained on account of its small scale of operations with
fluctuating profitability margins in the highly competitive civil
construction industry and vulnerability of margins to fluctuation
in the raw material prices. The ratings, further, constrained on
account of highly leveraged capital structure due to low net worth
base, stressed liquidity position and constitution as a
proprietorship concern.

The ratings, however, favorably takes into account the vide
experience of the promoters in the civil construction industry
through group concerns and healthy order book position.

The ability of the firm to increase its scale of operations by
securing more contracts along with speedy execution of same with
better management of working capital would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations along with moderate as well as
fluctuating profitability margins: Owing to tender driven nature of
business and lower execution of orders, scale of operations of the
firm has continuous declined during past three financial years
ended FY18. During FY18, Total Operating Income (TOI) stood small
at INR5.43 crore (Rs.8.70 crore in FY17). Further, profitability
margins of the firm remained fluctuating during past three
financial years ended FY18 and stood moderate with PBILDT margin of
17.52% and PAT margin of 3.79% respectively in FY18. Further, GCA
level has marginally improved from INR0.18 crore in FY17 to INR0.27
crore to FY18.

Highly leveraged capital structure due to low net worth base
coupled with constitution a proprietorship concern: The capital
structure of the firm has deteriorated from 2.90 times as on March
31, 2017 to 16.56 times as on March 31, 2018 owing to withdrawal of
capital by the proprietor as well as disbursement of new term loan
for execution of current housing projects. Further, the debt
service coverage indicators stood weak with total debt to GCA of
111.65 times as on March 31, 2018 and interest coverage stood at
1.39 times in FY18. The firm's constitution as a proprietorship
concern with moderate net-worth base restricts its overall
financial flexibility in terms of limited access to external fund
for any future expansion plans. Furthermore, there is an inherent
risk of possibility of withdrawal of capital and dissolution of the
firm in case of death/insolvency of proprietor.

Stressed Liquidity Position: Liquidity position of the firm
remained stressed reflected by more than 90% utilization of the
working capital limit during past 12 months ended February 2019.
However, due to high creditors as on balance sheet date, the
operating cycle of the firm remained negative during past years.
Current ratio and quick ratio stood at 4.35 and 3.55 times
respectively as on March 31, 2018.

High competitive intensity in the government civil construction
segment and Vulnerability of margins to fluctuation in raw material
prices: The construction industry is highly fragmented in nature
with presence of large number of unorganized players and a few
large organized players coupled with the tender driven nature of
construction contracts poses huge competition and puts pressure on
the profitability margins of the players. Further, as the firm
participates in tenders invited by large lead contractor, high
competition and lower bargaining power restricts its profitability
margins. Further, the profitability of the firm is exposed to
fluctuation in raw material prices where contract size is less than
one contract and contract period is less than one year.

Key Rating Strengths

Experienced management and long track record of operations through
group concern: Mr. Ajay Bakliwal, Proprietor, is civil engineer and
architect by qualification and has vast experience of more than
three decade in the civil construction industry. He looks after
overall affairs of the company and is assisted by his wife, Mrs.
Usha Bakliwal, who also has vast experience in the real estate
industry and civil construction industry. The group has constructed
various residential projects, colleges, commercial complexes etc.

Healthy order book position: As on January 31, 2019, the firm has
healthy order book position of INR135.31 crore which is 24.87 times
of FY18's TOI. The work orders comprises of 5 projects in hand out
which major three projects are received from RUDSICO for
construction of EWS/LIG houses under Pradhan Mantri Jan Awas Yojna.
The major contracts are to be executed within 2-3 years which
provides medium term revenues visibility.

NNC was formed as a proprietorship concern in 1989 by Mr. Ajay
Bakliwal. NNC is engaged in executing civil and structural works
largely for construction of buildings and housing projects for
government department as well as private players. Currently, the
firm has three projects for construction of flats for Rajasthan
Urban Drinking Water Sewerage & Infrastructure Corporation Limited
(RUDSICO) and one project for construction of construction of inn.
The proprietor is also engaged in consultancy and valuation of
property business. The promoter family is also engaged in the real
estate industry through sister concern company 'Millenium Buildhome
Private Limited' (rated CARE BB-; stable) which is currently
constructing a residential projects in Kota, Rajasthan.

NEW GUJARAT: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: New Gujarat Polyplast Private Limited

        Registered office:
        Ground Floor, Block No. 93
        Plot No. B-17 to B-39 Kim Mandvi Road
        Motaborsara, Mangrol Surat
        Gujarat 394110

Insolvency Commencement Date: May 17, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Ketulbhai Ramubhai Patel

Interim Resolution
Professional:            Mr. Ketulbhai Ramubhai Patel
                         801, Popular House
                         Nr. Income Tax Circle
                         Ashram Road, Ahmedabad
                         Gujarat 380009
                         E-mail: ketul@rspatelca.com
                                 ip.ngpolyplast@rspatelca.com

Last date for
submission of claims:    June 5, 2019


POSCO-POGGENAMP: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Posco-Poggenamp
Electrical Steel Private Limited's (PPESPL) Long-Term Issuer Rating
to 'IND BB' from 'IND BB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR200 mil. Fund-based working capital limit Long-term rating
     downgraded; Short-term rating affirmed with IND BB/Stable/IND

     A4+ rating.

Analytical Approach: The rating action reflects a change in
Ind-Ra's rating approach towards PPESPL to standalone from
consolidated, as the corporate guarantee extended by the company's
parent, Poggenamp Nagarsheth Powertronics Private Limited ('IND
D'), to secure its bank debt has been released.

KEY RATING DRIVERS

The downgrade reflects a downgrade in the ratings of the parent and
weak credit metrics of PPESPL. FY19 financials are provisional. In
FY19, PPESPL's EBITDA gross interest coverage (operating
EBITDA/gross interest expense) was 1.4x in FY19 (FY18: 1.60x; FY17:
1.50x) and net financial leverage (Ind-Ra-adjusted net
debt/operating EBITDA) was 4.10x (4.09x; 3.29x). The deterioration
in the coverage was primarily due to a decrease in absolute
operating EBITDA.

The ratings reflect the modest scale of operations of PPESPL.
Revenue was volatile at INR1,231 million-1,731 million over
FY17-FY19 owing to fluctuations in the number of orders executed.

The ratings also reflect the modest operating EBITDA margin of
PPESEPL, which was 6.1% in FY19 (FY18: 8.5%; FY17: 8.2%). The fall
in the margin was due to an increase in the cost of materials
consumed. In addition, its ROCE was 7.0% in FY19 (FY18: 10.53%).

The ratings further reflect the weak liquidity of PPESEPL,
indicated by about 99% utilization of the working capital limits
during the past six months ended April 2019. The company's cash and
cash equivalents were INR0.3million in FY19 (FY18: INR5 million;
FY17: INR37 million).

The ratings, however, are supported by the directors' experience of
around three decades in motor stamping and transformer laminations
manufacturing.

RATING SENSITIVITIES

Negative: Any decline in the revenue and/or the EBITDA margin,
leading to any deterioration in the credit metrics and the
liquidity, could lead to negative rating action.

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

COMPANY PROFILE

Established in 2010, PPESPL is a JV between  Poggenamp Nagarsheth
Powertronics and POSCO India Pune Processing Centre Pvt. Ltd., a
65% subsidiary of South Korea-based POSCO.

PPESPL manufactures cut-to-length transformer lamination sheets. It
has an installed capacity of 24,000 metric tons per annum. As of
March 2019, PPESPL was 51% held by PANPPL, followed by Posco India
Pune (26%) and the promoters of PANPPL (23%).

PRAGAT AKSHAY: CARE Lowers Rating on INR6cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pragat Akshay Urja Limited (PAUL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable;
                                   Issuer Not Cooperating on the
                                   basis of best available
                                   information

   Short-Term Bank      2.00       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE A4; Issuer
                                   Not Cooperating on the
                                   basis of best available
                                   information

Detailed Rationale & Key rating Drivers

CARE had, vide its press release dated March 28, 2018, placed the
rating of PAUL under the 'issuer non-cooperating' category as PAUL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PAUL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated May 20,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings have been revised on account of ongoing delays in debt
servicing.

Detailed description of the key rating drivers
At the time of last rating on March 28, 2018, the following were
the rating strengths and weaknesses. (Updated for the information
available from banker interaction)

Key Rating Weakness

Delay in Debt Servicing: As per banker interaction, there are
ongoing delays in the debt serving.

Indore-based (Madhya Pradesh) Pragat Akshay Urja Limited (PAUL) was
incorporated in 2009 by Mr Satish Jain, Mr Rakesh Jain, Mr Prakash
Chandra Jain and Mr Anjesh Jain. PAUL is engaged in manufacturing
of photovoltaic solar Modules, solar cooker, solar lights and home
light system. PAUL is also engaged in complete System Integration
(SI) Business for government departments.

ROYAL GRAINS: CRISIL Hikes Rating on INR8cr Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Royal Grains Private Limited (RGPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            8        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Term Loan     0.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Rupee Term Loan        1.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects improvement in RGPL's business risk profile on
the back of higher than expected growth in revenues. In fiscal 2019
the company recorded an estimated revenue of INR66.95 crore, a
growth of approximately 215% over fiscal 2018's revenue of INR21.22
crore, higher than CRISIL's earlier expectations. Scale of
operations and profitability are expected to be maintained over the
medium term.

The rating reflects moderate scale, below average financial risk
profile marked by small networth and high gearing and
susceptibility of operating performance to changes in regulation
and volatile raw material prices. These weaknesses are partially
offset by promoters' extensive industry experience in the rice
milling business.

Analytical Approach
Unsecured loans of INR1.15 crores as on March 31st, 2018 are
treated as debt due to absence of track record of non-withdrawal of
the same.

Key Rating Drivers & Detailed Description

Weaknesses

* Moderate scale of operations: The Company has moderate scale of
operations indicated by estimated revenue of INR66.95 crore for
fiscal 2019, albeit exhibiting substantial improvement from
INR21.22 crore in fiscal 2018. Modest scale of operations limits
the bargaining power of the company with its suppliers and
customers on account of fragmented nature and intense completion in
rice milling industry.

* Below-average financial risk profile: Small networth and high
gearing (Rs 2.33 crore and 3.65 times as on March 31, 2018)
represents below average financial risk profile. However, debt
protection metrics remain moderate indicated by estimated interest
coverage ratio of 2.59 times in fiscal 2019. Further improvement in
gearing to remain key rating sensitivity factor.

* Susceptibility of operating performance to changes in regulation
and volatile raw material prices: Raw material accounts for
majority of the total revenue, which exposes the firm to risks
relating to volatility in raw material prices. Moreover, the
domestic rice industry is highly regulated in terms of paddy
prices, export/import policies, and rice release mechanism, which
affects the operating performance of the firm.

Strengths:
* Promoters' extensive industry experience in the rice milling
business and its established relationships with suppliers and
customers: The key promoters have been engaged in trading and
milling of rice for almost a decade. Backed by promoters'
experience and their understanding of the dynamics of the local
market, firm established healthy relationship with its suppliers
and customers.

Liquidity
RGPL has sufficient liquidity driven by expected cash accruals of
more than INR1.10 crore per annum in fiscal 2020 and fiscal 2021,
against repayment obligation of approximately INR0.50 crores in
fiscal 2020 and INR0.43 crores in fiscal 2021. Cash and cash
equivalents were INR0.08 crore as on March 31, 2018. RGPL also has
access to cash credit limit of INR8 crores, utilized to the tune of
59.57% on an average over the 12 months ended January 2019. The
company has no significant capex plans over the medium term. CRISIL
expects internal accruals and cash & cash equivalents to be
sufficient to meet its working capital requirements.

Outlook: Stable

CRISIL believes the company will continue to benefit from the
extensive experience of the promoters. The outlook may be revised
to 'Positive' if sustained increase in revenue and operating
profits or equity capital infusion by the promoters, strengthens
financial risk profile. The outlook may be revised to 'Negative' if
low cash accruals or increase in working capital requirement or any
large capital expenditure weakens liquidity.

Incorporated in 2010, Royal Grains Pvt Ltd has set up a rice mill
at Raisen, Madhya Pradesh (125 kms from Bhopal) for rice
processing. The commercial operations at the mill started in June
2017.

SAMARA COLD: CRISIL Migrates B Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Samara Cold
Chain (SCC) to 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan         18       CRISIL B (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SCC for obtaining
information through letters and emails dated February 28, 2019 and
March 30, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SCC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

SCC was set up in 2015 as a partnership between Mr Lakshmi Chand
and Lali Kumar, it started commercial operations since fiscal 2017.
The firm is an integrated cold chain providing multipurpose cold
storage facilities for various fruits, vegetables and various
perishables. SCC has 51 units spread over 9,200 square yards in
Haryana, with the production capacity of 8,000 tonne.

SIDDHARTH AGRO: CARE Lowers Rating on INR5.45cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Siddharth Agro Industries (SAI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank        5.45      CARE B-; Outlook : Stable;
   Facilities                      ISSUER NOT COOPERATING
                                   Revised from CARE B+; Stable;
                                   ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 27, 2018, placed
the rating of SAI under the 'issuer non-cooperating' category as
SAI had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. SAI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated January 25, 2019, February 14, 2019, March 22, 2019, April
18, 2019 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers: At the time of last
rating on February 21, 2018 the following were the rating strengths
and weaknesses (Updated for the information available from
Registrar of Companies).

Key Rating Weaknesses

Partnership nature of constitution: The constitution as a
partnership firm restricts SAI's overall financial flexibility in
terms of limited access to external funds for any future expansion
plans. Furthermore, there is inherent risk of possibility of
withdrawal of capital and dissolution of the firm in case of
death/insolvency of any of the partners.

Fragmented nature of industry coupled with competitive nature of
business: SAI operates in the cold storage services industry which
is highly fragmented with presence of numerous independent small
scale enterprises owing to low entry barriers leading to high level
of competition in the segment.

Key Rating Strengths

Experienced partners: Mr. Shantilal Choradia has an experience of
over four decades and Mr. Sunil Choradia and Mr. Anil Choradia have
experience of more than a decade in diversified areas such as
manufacturing of herbal plant and medicine and processing of fruits
and vegetable and other agricultural products with minimal
experience in the field of providing cold storage facility. Overall
diversified experience of the partners would be beneficial.

Location advantage: The cold storage is located in proximity to
agricultural producing area of Valsad while it is situated on
National Highway no. 8 providing easy connectivity through both
road and rail to cities like Ahmedabad, Mumbai and Surat.

Fiscal benefits: Cold storage facility of SAI is eligible for
credit linked back-ended subsidy from National Horticulture Mission
(NHM) and interest subsidy from Government of Gujarat (GoG) which
is expected to increase cash flows in the short-medium term.

Valsad-based (Gujarat) SAI was established in October, 2009 as a
partnership firm by six partners to provide cold storage facilities
on a rental basis as well as for trading purposes for products like
Fruits, dry fruits, spices, vegetables, milk products etc. However,
the construction of the plant began from 2014 and was completed in
July, 2016 after a delay of three months from envisaged completion
date. The cold storage has storage capacity of 6,000 MT.

SIESTA LAMINATES: CARE Lowers Rating on INR7.84cr Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Siesta Laminates Private Limited (SLPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.84       CARE B+; Outlook: Stable;
   Facilities                      ISSUER NOT COOPERATING;
                                   Revised from CARE BB-; Stable;
                                   ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 22, 2018, placed
the rating of SLPL under the 'issuer non-cooperating' category as
SLPL had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. SLPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated January 24, 2019, February 14, 2019, March 8, 2019, April 18,
2019 and numerous phone calls. However, despite our repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating.

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

The revision in ratings takes into account deterioration in capital
structure, debt coverage indicators and operating cycle of SLPL
during FY18. It also takes into account moderate financial risk
profile of the company marked by small scale of operations,
moderate profitability and weak liquidity position along with
susceptibility of operating margins to variable input costs coupled
with presence in the highly fragmented industry, fortunes lined to
demand from cyclical real estate industry. It also takes into
account experience of the promoters in the plywood industry along
with favourable industry outlook.

Detailed description of the key rating drivers

At the time of last rating on February 16, 2018 the following were
the rating strengths and weaknesses (Updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Moderate financial risk profile: During FY18, SLPL generated sale
amounting to INR35.24 crore as against INR29.97 crore in FY17.
Profit margins stood moderate at PBLIDT margin of 11.12% and PAT
margin at 2.58% in FY18 as against PBILDT margin of 11.82% and PAT
margin of 2.87% in FY17. As on March 31, 2018, capital structure
has deteriorated and stood leveraged marked by overall gearing
ratio of 4.29x as against 2.80x as on March 31, 2017. Debt coverage
indicators also deteriorated and stood weak marked by total debt to
GCA ratio of 9.89 years during FY18 as against 5.44 years in FY17.
Interest coverage ratio remained stable and stood at 2.46x during
FY18 as against 2.88x during FY17. As on March 31, 2018, Liquidity
position stood mdoerate marked by current ratio at 1.13x as against
1.15x as on March 31, 2017. Working capital cycle elongated and
stood at 137 days during FY18 as against 86 days in FY17.

Susceptibility of operating margins to variable input costs coupled
with presence in highly fragmented industry: The key raw materials
required for manufacturing laminates include craft paper, base
paper, phenol resins and melamine resins which are petroleum
products and purchased domestically. Also, the decorative laminate
industry is highly fragmented and unorganized in nature as more
than 35% of the market is dominated by the unorganized players,
thereby putting pressure on profitability margins. Furthermore, due
to low entry barriers, the competition gets intensified, which
might put pressure on profitability of the existing as well as new
players. Accordingly, the margins of SLPL may fluctuate depending
upon the crude oil price movement, prices of paper and level of
competition.

Fortunes linked to demand from cyclical real estate industry: SLPL
supplies decorative laminates for furniture making, the demand of
which largely comes from the real estate sector which is cyclical
in nature and with fortunes dependent upon the overall economic
conditions in the country. The industry is also sensitive to the
interest rate in the economy and any adverse impact on real estate
sector is likely to affect the growth rate of laminates industry.

Key Rating Strengths

Experienced promoters in plywood industry: Mr Ambalal Patel has
experience of more than three decades in the plywood industry by
virtue of his association to various plywood manufacturing and
marketing companies in past. Mr Sunil Patel and Mr Jayant Patel are
sons of Mr Ambalal Patel who are associated with SPL from its
incorporation.

Mehsana (Gujarat)-based, SLPL was incorporated by three directors,
Mr. Ambalal Patel, Mr. Sunil Patel and Mr. Jayant Patel in 2011.
The company is engaged in manufacturing decorative laminates sheets
having 8 x 4 size having 0.7 mm to 1.0 mm thickness, which find
their application mainly in furniture and real estate industry. The
unit is located at Mehsana District in Gujarat and has a production
capacity of 25 lakh HP (High Pressure) decorative sheets per annum.
The company offers numerous types of HP decorative sheets in form
of country wood, rose valley, color core, metal series, diamond
leather, etc. The company sales its products with brand names of
'XVENZA' or 'SIESTA' in the market.

SIGMA CNC: CRISIL Assigns B+ Rating to INR4cr Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sigma CNC Products (SCP). The rating reflects
average financial risk profile and large working capital
requirement. These weaknesses are partially offset by the extensive
experience of the partners in the engineering industry and an
established relationship with key customers.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility        2        CRISIL B+/Stable (Assigned)

   Cash Credit               4        CRISIL B+/Stable (Assigned)

   Long Term Loan            4        CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness:

* Average financial risk profile: The gearing was high estimated at
about 2.24 times as on March 31, 2019. The debt protection metrics
were average due to contraction of new debt: the interest coverage
and net cash accrual to adjusted debt ratios are estimated at 1.7
times and 6%, respectively, for the fiscal 2019.

* Large working capital requirement: Due to moderate credit period
offered to clients (50 days as on March 31, 2018) and large
inventory (120 days), gross current assets were high at 178 days as
on March 31, 2018 and is estimated to be at similar levels for the
fiscal 2019.

Strengths:
* Extensive industry experience of the partners and an established
relationship with customers: The partners have an experience of
over a decade in the engineering space. This has given them a sound
industry knowledge and resulted in a strong customer base. The
established relationship with these customers helped to achieve a
moderate compound annual growth rate of about 26% in revenue over
the three fiscals through 2019.

Liquidity
Liquidity is adequate, driven by estimated cash accrual of
INR0.6-0.8 crore, against debt repayment obligation of INR0.5
crore, per fiscal over the medium term. Average utilisation of the
working capital limit of INR4 crore was about 90% during the six
months through March 2019. The partners provide regular funding
through equity and unsecured loans; such support is likely to
continue over the medium term.

Outlook: Stable

CRISIL believes SCP will continue to benefit from the extensive
industry experience of the partners and established relationship
with customers. The outlook may be revised to 'Positive' in case of
an increase in revenue and sustenance of profitability, leading to
improvement in the financial risk profile. The outlook may be
revised to 'Negative' if there is an increase in the working
capital cycle, or large, debt funded capital expenditure, resulting
in deterioration in the financial risk profile.

SCP was set up in 2004 as a partnership firm; operations are
managed by Mr Elayaraja, the managing partner. The firm
manufactures small automotive components.

SPACEVISION IMPEX: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Spacevision Impex Private Limited
        D-14 Kailash Colony
        New Delhi 110048

Insolvency Commencement Date: May 8, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Devinder Arora

Interim Resolution
Professional:            Devinder Arora
                         1203, Vijaya Building
                         Barakhamba Road, Connaught Place
                         New Delhi 110001
                         E-mail: dev_arora@hotmail.com
                                 devinder.rp@gmail.com

Last date for
submission of claims:    June 7, 2019


SRI GURU: CARE Maintains D Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Guru
Granth Sahib World University (SGGSWU) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       30.00      CARE D; Issuer not cooperating;
   Facilities                      based on best available
                                   information.

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2018, placed the
rating of SGGSWU under the 'issuer non-cooperating' category as
SGGSWU had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. SGGSWU continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated May 20,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 23, 2018 the following were the
rating weaknesses:

Key Rating Weaknesses

Delays in debt servicing: Owing to the stressed liquidity position
of the university, there are ongoing delays in the servicing of the
term loan obligations.

The establishment of SGGSWU was announced in 2004, subsequent to
the formation of the Sri Guru Granth Sahib Fourth Centenary
Memorial Trust (SGGST) in the same year. The university was
established by the trust under the Punjab State Act 2008 to provide
higher education. The trustees of SGGST include some of the eminent
members of the Shiromani Gurudwara Prabandhak Committee (SGPC). The
university has its campus in Fatehgarh Sahib (Punjab) with Academic
Year 2011-12 being the first academic session. SGGSWU is currently
operating twenty nine departments at its premises in Fatehgarh
Sahib, Punjab, offering various graduate, post-graduate and
doctoral programmes in sciences, arts, languages, etc. The
university is approved under section 2(f) of the UGC (University
Grants Commission) Act, 1956.

SGGSWU registered a total operating income of INR14.14 crore during
FY16 (refers to the period April 1 to March 31) with a net deficit
of INR12.51 crore as against a total operating income of INR14.65
crore with a net deficit of INR8.12 crorein FY15.

SRI KANAKAMAHALAKSHMI: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Kanakamahalakshmi Agencies (SKA) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Long Term    4.5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SKA for obtaining
information through letters and emails dated February 28, 2019 and
March 30, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SKA. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SKA is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

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

Established in 2017, Sri Kanakamahalakshmi Agencies (SKA) is
engaged in trading of Prawns. The firm is based out of East
Godavari, Andhra Pradesh. The firm is promoted by Mandapati Sathish
who is in to trading of prawns for the last 6 years.

SUDHEER BUILDERS: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sudheer
Builders & Developers (SBD) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with SBD for obtaining
information through letters and emails dated February 28, 2019 and
March 30, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SBD. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBD is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

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

Established in 2012 as a partnership firm, SBD is engaged in
residential and commercial real estate construction business in
Vijayawada, Andhra Pradesh. The firm has four on-going projects
currently ' 2 each in residential and commercial. The firm is
promoted and managed by Mr.N V Sheshagiri Rao.

SUPREME MOBILES: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Supreme
Mobiles Private Limited (SMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           8.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital        .59      CRISIL B+/Stable (ISSUER NOT
   Demand Loan                     COOPERATING; Rating Migrated)

   Working Capital       4.76      CRISIL B+/Stable (ISSUER NOT
   Term Loan                       COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMPL for obtaining
information through letters and emails dated May 10, 2019 and May
16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

SMPL, incorporated in 1981 and promoted by Mr Ram Bhagat Gupta, Mr
Sanjay Gupta, and Ms Sunita Gupta, is a dealer of M&M's vehicles.
The company has four showrooms and service centres in Haryana.

UNIVERSAL ASSOCIATES: CARE Maintains D Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Universal
Associates (UAS) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      13.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Long-term/Short-     8.50       CARE D/CARE D; Issuer not
   Term Bank                       cooperating; Based on best
   Facilities                      available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 23, 2018, placed
the ratings of UAS under the 'issuer non-cooperating' category as
UAS had failed to provide information for monitoring of the ratings
for the rating exercise as agreed to in its Rating Agreement. UAS
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and emails dated
April 4, 2019, April 11, 2019 and April 16, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the ratings on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating done on February 23, 2018, the following
was the rating weakness:

Key Rating Weaknesses

The rating assigned to the bank facilities of Universal Associates
(Universal) takes into account on-going overdrawals in cash credit
limits due to acute liquidity stress faced by the firm.

Bhavnagar (Gujarat) based Universal Associates (Universal) is
promoted by Mr Rajnikant Patel along with his family members as
partnership firm in 1987. The firm is engaged in civil construction
work having major focus in road construction activities. Universal
has a status of 'AA' class (highest in the scale of AA to E)
contractor with the Government of Gujarat (GoG) indicating its
eligibility to bid for contracts of any amount. The firm is managed
by Mr. Rajnikant Patel and his son Mr. Bhavik Kalthia.

YOGINDERA WORSTED: CARE Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yogindera
Worsted Limited (YWL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       66.18      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short term Bank       9.25      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 08, 2018, placed the
ratings of YWL under the 'issuer non-cooperating' category as
Yogindera Worsted Limited had failed to provide information for
monitoring of the rating. YWL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter dated May 20, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 8, 2018 the following were the
rating weaknesses (updated for the information available
from Registrar of Companies).

Key Rating Weakness

Delays in the debt servicing and history of debt restructuring: On
account of the stressed liquidity position of the company, there
have been delays in the servicing of the debt obligations. The
company has a history of debt restructuring. In the midst of
liquidity constraints faced by the company, its debt was
restructured in March, 2015. Post the restructuring of the debt,
the fund based working capital limits of the company were reduced
from INR27.50 crore to INR20.60 crore while the INR6.90 crore,
carved out of the cash credit limit was restructured into working
capital term loan repayable from January, 2017. The repayment
schedule of outstanding term loans was also elongated.

Weak financial risk profile: The scale of operations of the company
has been fluctuating in the FY16-FY18 period. The total operating
income of the company declined by ~15% in FY17 (refers to the
period from April 1 to March 31) while the same increased by ~28%
to INR89.50 Cr. in FY18. The PBILDT margins also declined on a
year-on-year basis during the FY16 to FY18 period with the company
reporting a PBILDT loss of INR1.47 Cr. in FY18. The company
continued to remain in losses at the net level and the cash level.
The reported net loss and cash loss stood at INR6.55 Cr. and
INR1.95 Cr. respectively, in FY18 as compared to INR8.17 Cr. and
INR2.35 Cr. respectively, in FY17. The capital structure of the
company remained leveraged with long-term debt to equity ratio and
overall gearing ratio at 1.82x and 3.08x respectively, as on March
31, 2018 deteriorating on a year-on–year basis from 1.28x and
2.12x respectively, as on March 31, 2016. Further, the debt
coverage indicators of the company also remained weak in FY18 owing
to continued losses reported by the company at the net and cash
level.

Working capital intensive nature of operations: The operating cycle
of YWL continue to remain elongated at ~302 days, as on March 31,
2018 (~435 days as on March 31, 2017). Therefore, the operations of
the company remain highly working capital intensive in nature.

Incorporated in 1997, Yogindera Worsted Limited (YWL) was promoted
by Mr.Ajay Kumar Gupta and his family members in collaboration with
Punjab State Industrial Development Corporation Limited (PSIDCL).
It was subsequently acquired by the 'Shiva' group in 2007. The
product profile of YWL was also changed from predyed
worsted/acrowool yarn to include other varieties of yarns like
dyed/white worsted woolen yarn, acrowoolen yarn, acrylic yarn,
polyester yarn, fancy yarn, hand knitting yarn, melange yarns,
space dyed/printed yarns, knitted cloth, etc. The company operates
from its manufacturing facility in Bathinda, Punjab, at an
installed capacity of 11,464 meteric tonnes, per annum, as on March
31, 2015.



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

SWIBER GROUP: Survives Liquidation as Creditors OK Restructuring
----------------------------------------------------------------
Seatrade Maritime News reports that embattled Swiber Group has
survived a liquidation scenario after its creditors voted on 29 May
in favour of implementing a restructuring with equity investment
from New York-listed Seaspan Corporation.

According to Seatrade, creditors of Swiber Holdings Limited (SHL)
and Swiber Offshore Construction (SOC) gave the go-ahead for the
restructuring proposal, opening the door for the next phase of
development for the Swiber Group after it filed for insolvency
nearly three years ago.

Seatrade relates that the restructuring proposal includes an
agreement with Seaspan on their proposed investment of up to US$200
million, and an approval of professional fees and disbursements
totalling SGD4.5 million.

The resolution to approve the restructuring proposal was approved
by 83% of SHL's creditors representing 75.86% in value of claims
present and voting, and by 77% of SOC's screditors representing
97.5% in value of claims present and voting, Seatrade discloses.

"While there is still much to do in the restructuring process,
including obtaining shareholders' and regulatory approvals, we
believe this is a positive step towards achieving a successful
restructuring," the report quotes judicial manager Bob Yap, head of
restructuring at KPMG in Singapore, as saying.

Seatrade relates that owner and manager of containerships Seaspan
has agreed to invest an initial US$10 million for an 80%
shareholding in New Swiber Group, a new holding company that will
diversify its business to include LNG-to-power project in Vietnam
in addition to the offshore and engineering business which Swiber
Group currently operates.

Upon meeting various milestones in relation to the development
stage LNG-to-power project in Vietnam, a further US$190 million
will be invested to subscribe for new preference shares in
Equatoriale Energy Pte Ltd (EEPL), a wholly-owned subsidiary of
SHL.

It is envisaged that the New Swiber Group will be an innovative
energy solution provider with engineering capabilities across the
power, oil and gas and marine sectors, Seatrade says.

It is currently envisaged that the New Swiber Group will continue
with Swiber's current business of vessel chartering and engineering
services while diversifying into the power business, particularly
the LNG segment where it is planning to build, own and operate
LNG-to-power plants in South Central Vietnam, Seatrade relates.

                       About Swiber Holdings

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is  

a Singapore-based investment holding company. The Company, through
its subsidiaries, is engaged in offshore marine engineering; vessel
owning and chartering, and provision of corporate services. The
Company is an integrated offshore construction and support services
provider for shallow water oil and gas field development. It offers
a range of engineering, procurement, installation and construction
(EPIC) services, complemented by its in-house marine support and
engineering capabilities, to support the offshore field development
and production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd., Swiber
Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd., Resolute
Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to place
itself under judicial management instead of liquidation. According
to Reuters, Swiber shocked markets in July 2016 by filing for
liquidation, as it faced hundreds of millions of dollars in debt
and a decline in orders, becoming the largest local company to fall
victim to the slump in oil prices.

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.

Swiber had $1.43 billion of liabilities and $1.99 billion of assets
on March 31, 2016, before it sought court protection in late July,
Bloomberg News reported citing the company's last published
accounts.


                           *********


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
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