TCRAP_Public/190614.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, June 14, 2019, Vol. 22, No. 119

                           Headlines



A U S T R A L I A

ARFOODS GROUP: Second Creditors' Meeting Set for June 21
BLUE SKY: Second Creditors' Meeting Set for June 20
CORSONIS PTY: First Creditors' Meeting Set for June 21
EDHOD PTY: Think Childcare Incubator Partner in Receivership
ELDRIDGE MEDICAL: First Creditors' Meeting Set for June 20

ESMACC PTY: First Creditors' Meeting Set for June 21
JATENERGY LIMITED: Majority-Owned Subsidiary Calls in Receivers
RODINI NOMINEES: Second Creditors' Meeting Set for June 21
SMHL SERIES 2019-1: S&P Assigns BB (sf) Rating to Class E Notes
STERLING FIRST: Raised AUD8 Million After ASIC Probe

VERTITECH TREE: First Creditors' Meeting Set for June 21


C H I N A

CHINA: Bankruptcies and Slowdown Hang Over Electric Car Market
HAPPY LIFE: Bad-Debt Manager Cinda to Shed Stake in Insurer
YANGO JUSTICE: Moody's Rates Proposed USD Notes 'B3', Outlook Pos.
ZHENRO PROPERTIES: Moody's Rates Proposed USD Perpetual Notes 'B2'


I N D I A

ARKA CARBON: CARE Maintains D Rating in Not Cooperating Category
ASIAN IMPEX: CARE Maintains D Rating in Not Cooperating Category
ATHENA CHHATTISGARH: Insolvency Resolution Process Case Summary
BALJEET POULTRY: CARE Assigns B+ Rating to INR7cr LT Loan
BHUSHAN STEEL:  Ex-Promoter Case Transferred to Supreme Court

DRUSHTI REALTORS: CARE Maintains D Rating in Not Cooperating
EASTMADE SPICES: ICRA Reaffirms B Rating on INR5.50cr Loan
GOPAL OIL: CARE Assigns B Rating to INR7.90cr LT Loan
GRAFFITI (INDIA): CARE Maintains D Rating in Not Cooperating
HIRAKUD INDUSTRIAL: Insolvency Resolution Process Case Summary

HOTEL JALTARANG: CARE Assigns B- Rating to INR9.75cr LT Loan
IL&FS: Deadline for Claims Submission Extended to June 20
JAWAHAR SAHAKARI: Ind-Ra Moves B+ Loan Rating to Non-Cooperating
JAYMALA INFRASTRUCTURE: ICRA Keeps B+ Rating in Not Cooperating
JET AIRWAYS: Stock Exchanges to Impose Trading Restrictions

JHAWAR INTERNATIONAL: CARE Maintains D Rating in Not Cooperating
LEEL ELECTRICALS: CARE Maintains D Rating in Not Cooperating
LML LIMITED: ICRA Maintains D Rating in Not Cooperating
MILIND PULSES: ICRA Maintains D Rating in Not Cooperating
MM PATEL: CARE Downgrades Rating on INR13.84cr Loan to D

NANI RESORTS: CARE Lowers Rating on INR20.45cr Loan to D
NIGAM INDUSTRIES: CARE Maintains B+ Rating in Not Cooperating
PRINT PLUS: Insolvency Resolution Process Case Summary
RAJIV SWAGRUHA: NCLT Asks Group on IN343cr Dues to Shirke Group
RSG DEVELOPERS: ICRA Maintains 'B' Rating in Not Cooperating

SHREE GOKULESH: CARE Maintains B Rating in Not Cooperating
SHRI MARUTINANDAN: CARE Maintains B Rating in Not Cooperating
SONACHI INDUSTRIES: Ind-Ra Cuts LT Issuer Rating to D, Not Coop.
SWASTIK COAL: CARE Maintains D Rating in Not Cooperating
V HOTELS: Insolvency Resolution Process Case Summary



N E W   Z E A L A N D

AVANTI RMBS 2019-1: Fitch to Rate Class E Notes 'BB(EXP)sf'

                           - - - - -


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

ARFOODS GROUP: Second Creditors' Meeting Set for June 21
--------------------------------------------------------
A second meeting of creditors in the proceedings of Arfoods Group
Pty Ltd has been set for June 21, 2019, at 11:00 a.m. at the
offices of Romanis Cant, 2nd Floor, at 106 Hardware Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 20, 2019, at 5:00 p.m.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Arfoods Group on May 16, 2019.

BLUE SKY: Second Creditors' Meeting Set for June 20
---------------------------------------------------
A second meeting of creditors in the proceedings of Blue Sky
Alternative Investments Limited has been set for June 20, 2019, at
10:00 a.m. at the offices of Pilot Partners, Level 10, at 1 Eagle
Street, in Brisbane, Queensland.

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 19, 2019, at 1:00 p.m.

Bradley Vincent Hellen and Nigel Robert Markey of Pilot Partners
were appointed as administrators of Blue Sky on May 20, 2019.

CORSONIS PTY: First Creditors' Meeting Set for June 21
------------------------------------------------------
A first meeting of the creditors in the proceedings of Corsonis Pty
Ltd will be held on June 21, 2019, at 11:00 a.m. at the offices of
Lowe Lippmann, Level 7, at 616 St Kilda Road, in Melbourne
Victoria.

Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann were
appointed as administrators of Corsonis Pty on June 12, 2019.

EDHOD PTY: Think Childcare Incubator Partner in Receivership
------------------------------------------------------------
Think Childcare Limited said that on June 6, 2019, receivers have
been appointed to the Company's main incubator partner, Edhod.

"The Company has been informed that the Receivers will take control
of the assets and undertaking of Edhod Pty Ltd as trustee for the
Edhod Unit Trust (being the Holding Company of the Edhod Group),"
Think Childcare said in a statement released to the Australian
Stock Exchange (ASX).

"The Company has also been informed that the Edhod subsidiaries are
not subject to the appointment of the Receivers and that Edhod is
expected to continue to be able to execute on its development
pipeline despite the appointment of the Receivers to Edhod Pty
Ltd.

"The Company will continue to monitor the situation with its
incubator partner and promptly inform the market if it becomes
aware of any material developments that could reasonably be
expected to have a material effect on the financial position or
performance of the Company," it said.

ELDRIDGE MEDICAL: First Creditors' Meeting Set for June 20
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Eldridge
Medical Pty. Ltd will be held on June 20, 2019, at 11:00 a.m. at
the offices of Mackay Goodwin, Level 2, at 10 Bridge Street, in
Sydney, NSW.

Grahame Robert Ward and Domenic Alessandro Calabretta of Mackay
Goodwin were appointed as administrators of Eldridge Medical on
June 11, 2019.

ESMACC PTY: First Creditors' Meeting Set for June 21
----------------------------------------------------
A first meeting of the creditors in the proceedings of ESMACC Pty
Ltd will be held on June 21, 2019, at 10:30 a.m. at the offices of
Chartered Accountants Australia and New Zealand, Level 28, at 91
King William Street, in Adelaide, SA.

Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of ESMACC Pty on June 11, 2019.

JATENERGY LIMITED: Majority-Owned Subsidiary Calls in Receivers
---------------------------------------------------------------
just-food reports that a majority-owned subsidiary of
Australia-based infant-formula exporter Jatenergy Limited has
called in receivers to recover monies owed by Nutritional Choice
Australia, which has reportedly defaulted on a manufacturing
agreement.

According to the report, local milk powder business Golden Koala,
in which China-focused Jatenergy acquired a 51% stake last year,
had entered into a production deal with Nutritional Choice
Australia early in 2018 for infant milk formula, and in so doing
paid a security deposit of AUD2m (US$1.4m).

just-food relates that Golden Koala also made an up-front payment
of AUD500,000 for Nutritional Choice Australia to apply for a
licence from Beijing to import infant formula known as the
Certification and Accreditation Administration of the People's
Republic of China (CNCA).

However, New South Wales-based Jatenergy said in a filing with the
Australian Securities Exchange on June 12 Nutritional Choice
Australia (NCA) had failed to honor the agreement. Golden Koala has
therefore engaged the services of BDO Australia as receiver, the
report says.

"NCA defaulted under the manufacturing agreement and has never
produced any milk formula for Golden Koala," just-food quotes
Jatenergy as saying in a statement. "As a result, Golden Koala
terminated the manufacturing agreement and demanded the repayment
of AUD2.5 million by June 7.

"As no repayment has been received by Golden Koala despite the
demand, Golden Koala has appointed a receiver in order to recover
the amount outstanding."

It also appears Golden Koala has a claim on assets held by
Nutritional Choice Australia after its subsidiary was granted a
"security interest over all its personal property to secure its
obligations under the manufacturing agreement", according to the
filing cited by just-food.

Meanwhile, Golden Koala is seeking other options for the
manufacture of its infant formula products for the Chinese market,
just-food adds.

Jatenergy Limited engages in the cross border specialist fast
moving consumer goods business in Australia and China. The company
engages in the development and manufacture of various consumer
products; related brand development, marketing, and promotion; and
sale of client and in-house products primarily through a
multichannel network, including traditional retail and e-commerce
platforms. It primarily trades in milk powder, natural supplements,
cosmetics, skin creams, and other products.

RODINI NOMINEES: Second Creditors' Meeting Set for June 21
----------------------------------------------------------
A second meeting of creditors in the proceedings of Rodini Nominees
Pty Ltd has been set for June 21, 2019, at 11:00 a.m. at the
offices of Romanis Cant, 2nd Floor, at 106 Hardware Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 20, 2019, at 5:00 p.m.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Rodini Nominees on May 16, 2019.

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

The ratings reflect:

-- S&P siad, "Our view of the credit risk of the underlying
collateral portfolio, including our view that the credit support is
sufficient to withstand the stresses we apply. The credit support
for the rated bonds comprises bond subordination, excess spread and
lenders' mortgage insurance on 36.6% of the portfolio."

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

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

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

  RATINGS ASSIGNED

  SMHL Series Securitisation Fund 2019-1

  Class      Rating         Amount (mil. A$)
  A          AAA (sf)       1,610.00
  AB         AAA (sf)          77.00
  B          AA (sf)           26.25
  C          A+ (sf)           17.50
  D          BBB+ (sf)          8.75
  E          BB (sf)            5.25
  F          NR                 5.25

  NR--Not rated.


STERLING FIRST: Raised AUD8 Million After ASIC Probe
----------------------------------------------------
Neale Prior at The West Australian reports that failed lifetime
lease group Sterling First raised at least AUD8 million from
cash-strapped older West Australians after coming under close
scrutiny by the Federal corporate watchdog in mid-2017.

Reports to creditors and documents obtained by The West Australian
show the Australian Securities and Investments Commission allowed
promoters to keep selling senior Sterling New Life lease deals
until at least October last year.

More than 100 pensioners and people approaching retirement face
losing their life savings and their leased homes after the collapse
last month of Sterling First with up to AUD24 million of investors'
money, the report says.

According to The West Australian, ASIC came under fire from angry
leaseholders at a creditors meeting on June 10 when administrator
Martin Jones gave people little hope they would get anything but a
fraction of their investments back.

The West Australian says Sterling New Life promoted an innovative
way for retirees to secure a lifetime lease over a property and
have their rent paid by investing in a Sterling First trust company
offering investment returns of at least 9 per cent.

The West Australian notes that veteran property investment promoter
Ray Jones and his son Ryan were key players in developing Sterling
First and the Sterling New Life scheme.

They were also helped in their fundraising activities by veteran
investment promoter Simon Bell, the report says. Mr. Bell was an
executive at Norm Carey's Westpoint group last decade and was
leading plans with Ray Jones to float Sterling First on the stock
exchange.

But the Sterling New Life scheme hit turbulence in 2017 after WA
consumer protection authorities began examining its lifetime
leasing arrangements, The West Australian recounts. WA authorities
are understood to have first raised concerns about the structure
with ASIC in April that year, The West Australian says. ASIC moved
to stop it raising more money from investors via the Sterling
Income Trust in August 2017, but lifted the ban on the trust
raising more money within three months. Sterling First was able to
continue raising money from new investors after it became aware in
mid-2018 that ASIC was investigating the group.

It did this through a newly set up network of companies under the
Silver Link banner, which were set up in late 2017, the report
states.

The West Australian adds that administrators from Ferrier Hodgson
told creditors that ASIC investigations were focusing on the
financial security and continued tenancy of Sterling New Life
tenants.

The report relates that Ferrier Hodgson said it understood ASIC had
a peripheral focus on money being raised by Silver Link companies
"potentially to circumvent the requirement to issue a prospectus".

"We have been made aware of serious allegations made against a
number of companies within the group and their directors and
representatives by solicitors acting for tenants of properties
associated with (Sterling New Life)," the administrator's report
said, The West Australian relays.

Martin Bruce Jones and Wayne Anthony Rushton of Ferrier Hodgson
were appointed as administrators of Sterling First (Aust) Pty Ltd
and related companies on May 3, 2019.

VERTITECH TREE: First Creditors' Meeting Set for June 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Vertitech
Tree Solutions Pty Ltd will be held on June 21, 2019, at 10:00 a.m.
at the offices of Rapsey Griffiths Turnaround + Insolvency, Level
5, at 55-57 Hunter Street, in Newcastle, NSW.

Mitchell Griffiths of Rapsey Griffiths was appointed as
administrator of Vertitech Tree on June 11, 2019.



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

CHINA: Bankruptcies and Slowdown Hang Over Electric Car Market
--------------------------------------------------------------
The Financial Times reports that they have billions of dollars in
funding, backing from China's biggest tech companies and the
world's largest electric vehicle market at their doorstep. But
Chinese EV start-ups face a struggle to survive in the face of
intensifying competition and subsidy cuts, the FT says.

The FT relates that although analysts are reluctant to name
companies that could disappear, the two dozen Chinese EV start-ups
such as Nio and Xpeng, which have raised more than $10 billion in
recent years, are expected to be cut down to a handful.

According to the FT, China's electric vehicle sales have grown
tenfold since 2014 and last year it became the first country to see
new energy vehicle sales surpass 1 million, about three-quarters of
which were pure EVs and the rest hybrids.

But that growth has been dependent on subsidies averaging at
RMB70,000 (US$10,100) per vehicle, allowing companies to lower
prices. This month, subsidies will be cut to about RMB25,000 for
most vehicles, the report discloses.

That will force companies to raise prices, wiping away one of the
key reasons for their sales at a stroke, or accept lower margins on
businesses that are already lossmaking, according to the FT.

The FT relates that Yale Zhang of consultancy Auto Foresight sid
the cut is expected to reduce year-on-year growth of EV sales to
about 20 per cent in the second half of 2019 compared with 60 per
cent in April, as consumers rush to beat the end of subsidies.

Three big groups: BYD, Beijing Auto and Shanghai Auto, accounted
for half of China's electric vehicle sales last year, the FT says.
They tend to sell cheap vehicles: The current top seller, BYD's
Yuan, is priced under RMB99,000 with a range of 360km. That
compares with the price of an imported Tesla Model 3 at RMB377,000
with a range more than 400km.

According to the FT, more than 15 venture-capital-backed EV
start-ups displayed prototypes at the Auto Shanghai show in April,
which they hope can win market share by offering higher-quality at
a premium price compared with currently popular Chinese models.

They include Alibaba-backed Xpeng, which raised $587 million in its
latest funding round, and WM Motor, which raised $446 million in a
March funding round led by internet company Baidu and sold more
than 4,000 vehicles in the first quarter, the FT discloses.

For Nio, which raised $1 billion in a US initial public offering
last year and sold more than 11,000 electric SUVs priced about
RMB450,000, the cut in subsidies will mean an increase in its
prices by about 10 per cent, the FT states.

This would put the finances of the lossmaking company under more
strain, admitted Nio founder William Li, the FT relates. The
company reported a $390 million total loss in the first quarter of
this year, leading it to announce an equity sale to raise $1.5
billion from a state-owned fund, says the FT.

The FT adds that Mr. Li warned it was difficult to market more
expensive cars as Chinese consumers were wary of paying high
prices.

"There are two major problems: charging infrastructure and
mindset," the FT quotes Mr. Li as saying referring to the
difficulty of making people switch to electric cars. "Consumers
need time to change their way of thinking."

HAPPY LIFE: Bad-Debt Manager Cinda to Shed Stake in Insurer
-----------------------------------------------------------
Wu Yujian and Timmy Shen at Caixin Global report that Happy Life
Insurance Co. Ltd. had a loss of billions of yuan last year, and
now it may lose its controlling shareholder.

The board of the Hong Kong-listed China Cinda Asset Management Co.
Ltd., one of China's four major asset management companies, intends
to transfer all the company's equity interest in Happy Life through
public bidding to "implement relevant regulatory spirit and to
optimize and integrate platform resources of subsidiaries," Caixin
relates citing an exchange filing on June 11. China Cinda holds
nearly 51% of the money-losing midsize life insurer.

"All shares will be transferred to a single buyer or a group of
joint buyers in a single transaction," China Cinda said in the
filing cited by Caixin. The equity transfer plan will be subject to
the approval of shareholders and relevant regulatory authorities,
the report says.

Happy Life posted a poor performance last year, Caixin notes. In
2018, the insurer recorded a net deficit of CNY6.8 billion (US$983
million), reflecting losses on equity investments, and its premium
income dropped by more than half to about CNY9.2 billion from
2017's CNY18.5 billion, Caixin discloses citing the company's 2018
annual report.

Founded in November 2007, Happy Life turned profitable in 2015,
reporting a net profit of CNY335.3 million (US$48.4 million) after
suffering net losses for six straight years, Caixin discloses
citing annual reports on Cinda's website. Net profits in 2016
shrank to CNY18 million before rebounding slightly in 2017 to
CNY49.4 million, Caixin relays.

Caixin notes that the insurer's performance also dragged down China
Cinda's profitability. The bad asset manager issued a profit
warning in January, saying its net profit for 2018 would decline,
blaming Happy Life's significant loss. In 2018, China Cinda posted
a net profit of about CNY12 billion, down 33.7% from 2017's CNY18.1
billion, according to the company's annual report, Caixin relays.

Other shareholders of Happy Life include Sanpower Group Co. Ltd.,
which holds a 14.2% stake in Happy Life and has been saddled with
debt itself. Another shareholder, Shaanxi Coal and Chemical
Industry Group Co. Ltd., has also drawn public attention recently,
as one of its employees, Yao Chunlei, disappeared from the public
after his alleged connection with a disgraced former provincial
Communist Party chief, Caixin says.

Based in Beijing, China, Happy Life Insurance Co., Ltd, provides
various insurance products and services in China. It offers life,
health, accident, personal, annuity, and pension insurance
products.

YANGO JUSTICE: Moody's Rates Proposed USD Notes 'B3', Outlook Pos.
------------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to the proposed USD notes to be issued by Yango Justice
International Limited and guaranteed by Yango Group Co., Ltd
(Yango, B2 positive).

The rating outlook is positive.

Yango plans to use the bond proceeds mainly to refinance existing
indebtedness.

RATINGS RATIONALE

"The proposed bond issuance will lengthen Yango's debt maturity
profile and will not have a material impact on its credit metrics,
because the proceeds will mainly be used to repay existing debt,"
says Celine Yang, a Moody's Assistant Vice President and Analyst.

Moody's expects that the company's debt leverage--as measured by
revenue/adjusted debt--will trend towards 60%-65% over the next
12-18 months from 44% in 2018. Similarly, its interest coverage--as
measured by adjusted EBIT/interest--will improve to around
2.3x-2.5x from 2.2x over the same period, driven by likely revenue
growth and stable profit margins.

Yango's liquidity is good. The company reported cash balance of RMB
37.9 billion at the end of 2018.

Moody's expects that its current cash balance, together with the
cash flow generated from its strong pre-sales, will be able to
cover its short-term debt, the RMB2.59 billion onshore bond
becoming puttable in 3Q 2019, and committed land premiums through
June 2020.

Yango's B2 corporate family rating reflects the company's quality
and geographically diversified land bank, large scale and strong
sales execution.

On the other hand, Yango's rating is constrained by its high debt
leverage, due to its sizable land acquisitions to support its rapid
growth and expansion into new regions in China.

The B3 rating for Yango Justice International Limited's senior
unsecured notes is one notch lower than Yango's CFR of B2,
reflecting structural subordination risks. This risk reflects the
fact that the majority of claims are at the operating subsidiaries,
and have priority over claims at the holding company in a
bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the likely recovery rate for claims at the holding company
will be lower.

The positive outlook reflects Moody's expectation that (1) Yango's
credit metrics, particularly the debt leverage, will improve; and
(2) the company will gradually reduce its funding through trust
financing; and (3) the company will maintain a good liquidity
position.

Moody's could upgrade Yango's ratings if the company improves its
liquidity and debt leverage, while maintaining its strong
contracted sales growth. Credit metrics indicative of upward
ratings pressure include: (1) revenue/adjusted debt above 60%-65%;
(2) adjusted EBIT/interest above 2x; and (3) cash/short-term debt
above 1.25x, on a sustained basis.

On the other hand, the ratings outlook could return to stable, if
the company fails to improve its liquidity or credit metrics, with
adjusted EBIT/interest below 1.25x-1.50x or revenue/ adjusted debt
failing to trend towards 60%-65% on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Founded in 1995 in Fuzhou, Yango Group Co., Ltd is a Chinese
property developer that focuses on the Greater Fujian and Yangtze
River Delta regions. The company listed on the Shenzhen Stock
Exchange in 2002, with a market capitalization of RMB27 billion
($3.9 million) as of 11 June 2019.

Yango's operations are mainly focused on mass-market residential
property development. The company had a total land bank of around
44.18 million square meters as of December 31, 2018.

ZHENRO PROPERTIES: Moody's Rates Proposed USD Perpetual Notes 'B2'
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to Zhenro Properties Group Limited's (B1 stable) proposed USD
senior perpetual capital securities.

The perpetual securities will be issued directly by Zhenro and rank
pari passu with all of Zhenro's other present and future unsecured
and unsubordinated obligations.

Zhenro plans to use the proceeds from the proposed notes to
refinance existing debt.

RATINGS RATIONALE

"The proposed bond issuance will not materially change Zhenro's
credit metrics because the proceeds will mainly be used to
refinance existing debt," says Cedric Lai, a Moody's Vice President
and Senior Analyst.

Zhenro's B1 corporate family rating reflects the company's (1)
sizable scale, (2) strong sales execution, and (3) quality and
geographically diversified land bank, with no one city representing
more than 20% of its total land bank. Zhenro has also demonstrated
improved assess to funding, especially in the debt capital
markets.

On the other hand, the CFR is constrained by Zhenro's moderate but
improving financial metrics, because of its rapid debt-funded
growth. In addition, the rating reflects Zhenro's increasing
exposure to joint venture (JV) businesses; a situation which lowers
the transparency of its credit metrics. Nevertheless, this risk is
mitigated by the company's reputable JV partners.

Moody's has taken into account the concentrated ownership of
Zhenro's key shareholder, Mr. Ou Zongrong and his two sons, acting
in concert, who together held a total 68.4% stake in the company at
the end of 2018.

The concentrated ownership is incorporated in the B1 CFR and is
partly mitigated by: 1) the presence of three independent
non-executive directors on the board, who also chair the audit and
remuneration committees, 2) the low level of related-party
transactions and dividend payout ratio of around 24% in 2018, and
3) the presence of other internal governance structures and
standards as required under the Corporate Governance Code for
companies listed on the Hong Kong Exchange.

The B2 senior unsecured debt rating is one notch lower than the CFR
due to structural subordination risk.

This subordination risk refers to the fact that the majority of
Zhenro's claims are at its operating subsidiaries and have priority
over claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

The B2 senior unsecured rating for the proposed perpetual capital
securities also considers the following factors:

(1) Moody's treatment of the proposed perpetual securities as pure
debt instruments. Moody's therefore does not apply any equity
treatment to these securities.

(2) The ranking of the securities, which will be pari passu with
all of Zhenro's other present and future senior obligations.

Moody's expects that Zhenro's debt leverage — as measured by
revenue/adjusted debt — will trend towards 60%-65% over the next
12-18 months from 50% at the end of 2018. Its interest coverage —
as measured by adjusted EBIT/interest — should also improve to
around 2.3x-2.5x from 1.9x over the same period.

Zhenro's liquidity is good. The company's cash and cash
equivalents/short-term debt improved to 119% at the end of 2018
from 86% at the end of 2017, largely driven by an increase in cash
and deposits — including restricted cash — to RMB28.4 billion
from RMB19.7 billion over the same period.

The stable ratings outlook reflects Moody's expectation that over
the next 12-18 months, Zhenro will be able to execute its sales
plan, demonstrate its prudent financial management with sufficient
liquidity.

Moody's could upgrade Zhenro's ratings if the company (1)
demonstrates sustained growth in its contracted sales and revenue
through the economic cycles without sacrificing its profitability;
(2) remains prudent in its land acquisitions and financial
management; (3) improves its credit metrics, such that
EBIT/interest registers at least 3.0x and revenue/adjusted debt
rises to 75%-80% or above on a sustained basis; and (4) maintains
adequate liquidity.

On the other hand, the company's ratings could come under downward
pressure if Zhenro: (1) generates weak contracted sales; (2)
suffers from a material decline in its profit margins; (3)
experiences an impairment of its liquidity position, such that
cash/short-term debt falls below 1.0x; and/or (4) materially
increases its debt leverage.

Credit metrics indicative of a ratings downgrade include
EBIT/interest coverage falling below 2.0x, and/or adjusted
revenue/debt falling below 50%-55% on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. At 31 December 2018, Zhenro had 145 projects in 28
cities across China. Its key operating cities include Shanghai,
Nanjing, Fuzhou, Suzhou, Tianjin and Nanchang.

The company was founded by Mr. Ou Zongrong, who indirectly owned
57.85% of Zhenro Properties at 31 December 2018. His sons, Mr. Ou
Guowei and Mr. Ou Guoqiang, together owned 10.55% of the company as
of the same date.



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

ARKA CARBON: CARE Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arka Carbon
Fuels Pvt. Ltd. (ACFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      10.00       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short Term Bank    120.00       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE, vide press release dated March 9, 2018, had placed the rating
of ACFPL 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. ACFPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter dated May 22, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings for the bank facilities of Arka Carbon Fuels Pvt. Ltd.
(ACFPL) take into account the ongoing 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 March 9, 2018, the following were the
rating strengths and weaknesses (updated based on the best
available information):

Key Rating Weaknesses

Ongoing delays in servicing of debt obligations: There are ongoing
delays in servicing of ACFPL's debt obligations due to its stressed
liquidity.

Swastik group includes three companies operating in similar line of
coal trading & transport businesses viz. Swastik Coal Corporation
Pvt. Ltd. (SCCPL), Arka Carbon Fuel Pvt. Ltd. (ACFPL) & Shree
Ganpatlal Onkarlal Agarwal & Co. (SGOAC). We have taken a combined
approach of these three companies for arriving at ratings of SCCPL,
ACFPL & SGOAC due to common promoters & management and strong
operational & financial linkages among the group entities in coal
trading business.

ASIAN IMPEX: CARE Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Asian Impex
(AI) continues to remain in the 'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 1, 2018, placed the
rating(s) of AI under the 'issuer non-cooperating' category as AI
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. AI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated March 4, 2019, April 1, 2019, April 5, 2019, April 10, 2019,
April 16, 2019, April 18, 2019 In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 1, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delay in debt servicing: Asian Impex has been irregular in
servicing its debt obligation as the packing credit account
remained overdrawn on the back of deterioration in overall
financial risk profile coupled with slow realization from its
debtors thereby leading to weak liquidity position.

Asian Impex (AI), incorporated in 2010, is promoted by Mr. Haron
Haji Panja, Mr. Altaf Chhel, Mr. Ashif Harun Panja, Mr. Kashif
Harun Panja, Ms. Halima Safi Panja and Mr. Aaysa Harun Panja. AI is
engaged in processing of sea foods and exports the same to Europe,
Gulf countries, Africa and China. AI has a processing cum storage
facility located at Veraval (Gujarat) with total installed capacity
of 50 MTPD (metric ton per day) for processing of Sea Foods and
1,000 metric tons storage capacity as on
March 31, 2016.

ATHENA CHHATTISGARH: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Athena Chhatisgarh Power Limited
        7-1-24/1/RT, G-1, B-Block
        Roxana Towers Greenlands
        Begumpet Hyderabad TG 500016 IN

Insolvency Commencement Date: May 24, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: C. Bala Mouli

Interim Resolution
Professional:            C. Bala Mouli
                         1-7-297118A, 125 M.G. Road
                         Parsi Compound
                         Behind Godrej Show Room, Secunderabad
                         Telangana 500003
                         E-mail: irpcbmouli@gmail.com
                                 athenachpower.cirp@gmail.com

Last date for
submission of claims:    June 7, 2019


BALJEET POULTRY: CARE Assigns B+ Rating to INR7cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Baljeet
Poultry Farm (BPF), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BPF is constrained by
small scale of operations, low profitability margins, leveraged
capital structure and working capital intensive nature of
operations. The rating is further constrained by the constitution
of entity being a partnership firm, inherent risk associated with
poultry industry coupled with high competition from local players.
The rating, however, takes comfort from experienced partners along
with long track record of operations and positive demand outlook of
poultry industry.

Going forward, the ability of the firm to increase its scale of
operations while maintaining its profitability margins and
improving its overall solvency position and the ability of the firm
to efficiently manage its working capital cycle.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations and low profitability margins: Though,
the total Operating Income (TOI) of the firm increased from INR5.04
crore in FY16 to INR9.83 crore in FY18 at compounded annual growth
rate (CAGR) of ~39.66% on account of higher orders received from
its existing as-well-as new clients. The same continues to remain
small. The small scale of operations limits the firm's financial
flexibility in times of stress and deprives it from scale benefits.
The profitability margins stood low, however, improved marginally
on a y-o-y basis marked by PBILDT and PAT margins of 4.51% and
0.37%, respectively, in FY18.

In 11MFY19 (Prov.), the firm has achieved a total operating income
of ~INR13.70 cr with PBILDT and PAT margins of 11.00% and 5.84%,
respectively.

Leveraged capital structure: The capital structure of the BPF stood
leveraged marked by long-term debt to equity ratio of 1.97x (PY:
1.09x) and overall gearing ratio of 2.65x (PY: 1.69x).The same
deteriorated from previous year due to additional term loans and
unsecured loans availed by the firm in FY18 coupled with higher
utilization of working capital limits as on last balance sheet date
as compared to previous year.

Liquidity position: The operating cycle of the firm stood moderate
at 50 days for FY18 (PY: 36 days). The working capital limits were
fully utilized for the last 12 months period ended April, 2019. The
current and quick ratios also remained at 2.07x and 0.39x,
respectively (Previous Year: 1.73x and 0.23x, respectively).  The
current ratio of the firm stood moderate at 2.07x, however, the
quick ratio stood weak at 0.39x as on March 31, 2018. The firm had
free cash and bank balance of INR0.09 crore as on March 31, 2018.

Partnership nature of constitution: BPF's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of partners would be the
key factors affecting credit decision of the lenders.

Key Rating Strengths

Experienced partners along with long track record of operations:
BPF was established in 2005 and its day to day operations are
looked after by the partners jointly. Mr. Jagtar Singh has an
industry experience of more than three decades gained through his
association with BPF and other regional entities engaged in similar
business operations. Mr. Kulbir Singh and Mr. Baljeet Singh have
industry experience of more than one decade gained through her
association with BPF only. The partners have adequate acumen about
various aspects of business which is likely to benefit BPF in the
long run. The long track record has aided the firm in having
established relationship with customers and suppliers.

Haryana-based, Baljeet poultry Farm (BPF) was established in 2005
as a partnership firm by Mr. Jagtar Singh, Mr. Kulbir Singh, Mr.
Baljeet Singh. BPF is engaged in poultry business which includes
broiler farming which involves growing of one day chick into egg
laying birds. Subsequently the eggs laid by them are artificially
incubated into chicks (incubation time is 35 days). The processing
facility of the firm is divided into 3 units, each located at
Assandh, Karnal, Haryana with an overall breeding capacity of
16,50,000 chicks per annum in broiler facility as on March 31,
2019.

BHUSHAN STEEL:  Ex-Promoter Case Transferred to Supreme Court
-------------------------------------------------------------
BloombergQuint reports that the Supreme Court said Neeraj Singal,
former promoter of Bhushan Steel, will remain out on interim bail
granted by the Delhi High Court in a INR2,500-crore fraud case.

A bench comprising Justice AM Khanwilkar and Justice DY
Chandrachud, however, stayed the operation of the Delhi High Court
judgement and transferred to itself the plea Singal had filed in
the high court for adjudication, BloombergQuint says.

According to BloombergQuint, the bench said it was only allowing
the interim bail to continue, and the operation of the rest of the
judgment regarding various aspects, including the Serious Fraud
Investigation Office's power to arrest and investigate, will be
deliberated later.

BloombergQuint says the Delhi High Court had on Aug. 29, 2018,
granted bail to Singal, arrested by the Serious Fraud Investigation
Office for allegedly siphoning off public funds.

BloombergQuint says the apex court was hearing an SFIO plea to stay
the Delhi High Court order in the case. The agency had earlier said
his release will cause grave harm to the ongoing probe, which has
reached an advanced stage, the report notes.

                         About Bhushan Steel

India-based Bhushan Steel -- http://www.bhushan-group.org/--
manufactures auto-grade steel.

Bhushan Steel is one of the 12 non-performing assets referred by
the Reserve Bank of India for National Company Law Tribunal (NCLT)
proceedings.  NCLT admitted the bankruptcy plea against the steel
company filed by State Bank of India on July 26, 2017.

Bhushan Steel's total debt stood at around INR42,355 crore as of
March 31, 2017.

In May 2018, Bamnipal Steel Ltd (BNPL), a wholly-owned subsidiary
of Tata Steel, completed the acquisition of controlling stake of
72.65 per cent in Bhushan Steel Ltd (BSL).

DRUSHTI REALTORS: CARE Maintains D Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Drushti
Realtors Private Limited (DRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank
   Facilities           15.00     CARE D; Issuer not cooperating;
                                  Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 30, 2018, placed the
rating(s) of DRPL under the 'issuer non-cooperating' category as
Drushti Realtors Private Limited had failed to provide information
for monitoring of the rating. Drushti Realtors Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated May 23, 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 30, 2018 the following were the
rating strengths and weaknesses:

Key rating Weakness

On-going delay in debt servicing: As per the interaction with the
banker there are ongoing delays in repayment of principals/payment
of interests by the company.


Incorporated in 2005 by Mr Ashok Jagdale, DRPL belongs to the
Drushti Group (DG), and is engaged in construction & development of
residential as well as residential cum commercial spaces. The
company has recently completed a residential cum commercial project
named Varun at Pant Nagar, Ghatkopar (East), spanning across total
area of 50,000 Sq. Ft. with ground & 1st floor of commercial spaces
and 16 floors of residential spaces. The complex comprises 50
flats, 7 shops and 3 offices (however, the bank term loan is yet to
be repaid fully). Moreover, DG has developed many residential as
well as residential cum commercial spaces in Andheri (West) and
Bandra (East). Currently, DRPL is undertaking a residential project
named Embassy at Pant Nagar, Ghatkopar (East), spanning across
total area of 1,28,250 Sq. Ft. with 16 floors plus basement &
ground floor, with a total project cost of INR88.02 crore to be
funded by promoters' contribution worth INR26 crore, bank term loan
worth INR25 crore and the balance from customer advances.

EASTMADE SPICES: ICRA Reaffirms B Rating on INR5.50cr Loan
----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Eastmade Spices & Herbs Pvt. Ltd. (ESHPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-CC        3.75      [ICRA]B (Stable); Reaffirmed,
   (PC cum FBP/FBD)               removed from issuer not
                                  cooperating category

   Fund based-          5.50      [ICRA]B (Stable); Reaffirmed,
   Term Loan                      removed from issuer not
                                  cooperating category

Rationale

The ratings reaffirmation continues to factor into account ESHPL's
weak financial profile due to delays in project commission leading
to low operating income (OI), net losses, adverse capital structure
and poor coverage indicators. The ratings are further constrained
by the intense competition and fragmented nature of the industry
and vulnerability of the company's profitability to fluctuations in
raw material prices, which are subject to seasonality, crop harvest
and agro-climatic conditions. The ratings, however, takes comfort
from the extensive experience of ESHPL's promoters in the
agro-commodities business of more than three decades and the
location-specific advantage derived from its proximity to the raw
material sources.

Outlook: Stable

ICRA believes ESHPL will continue to benefit from the extensive
experience of its promoters. The outlook maybe revised to Positive
with desired ramp-up and stabilisation of operations leading to
increase in operating income and profits thereby generating
adequate cash accruals for debt servicing apart from significant
capital infusion leading to improvement in the the capital
structure and coverage indicators. The outlook maybe revised to
Negative if any further decline in sales or profitability results
in further reduction in lower-than-anticipated cash accruals, or in
case of cessation of support from promoters for debt servicing
leading to weakening of the liquidity profile.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the agro-commodities
business - The company is managed by the Patel family with the
promoters having extensive experience spanning nearly three decades
in the agro-commodities business. The promoter group is also
associated with other associate entities - Super Psyllium and
Satnam Psyllium Industries engaged in similar operations.

Location-specific advantage - The company enjoys location-specific
advantage by virtue of its presence in Unjha, Gujarat and its
proximity to Mundra port, which provides easy access to raw
material (agro commodities)

Credit challenges

Weak financial risk profile - Due to a delay in project commission,
the company carried out only sorting operations in the last two
fiscals following which the operating income stood low at INR4.93
crore and INR6.03 crore in FY2018 and FY2019 respectively. The
operating profit margin stood at 8.67% in FY2018 and 11.79% in
FY2019, though it reported a net loss of INR0.55 crore in FY2019
due to high depreciation and interest cost. Further, on account of
erosion of net worth, the capital structure deteriorated as
depicted by a gearing of 6.83 times as on March 31, 2019. ESHPL's
net loss, coupled with significant debt repayment obligations, lead
to poor coverage indicators as reflected by interest coverage ratio
of 0.83 times as on March 31, 2018 and 2.31 times as on March 31,
2019 (provisional). Its TD/OPBDITA stood weak at 8.52 times as on
March 31, 2019 with DSCR of 0.65 times in FY2019. Further, its
working capital intensity increased in FY2019 with NWC/OI of 14%
compared to 9% in FY2018 due to high inventory.

Business exposure to agro-climatic and regulatory changes; intense
competition due to low entry barriers – The agrocommodity trading
business remains dependent on the performance of the agricultural
sector, which is further impacted by a combination of factors like
climatic conditions, prevailing demand–supply scenario,
regulatory changes pertaining to export incentives etc. Further,
the low value additive nature of operations, coupled with intense
competition in the industry, exert pressure on its profitability.

Liquidity position
ESHPL's cash flow from operations continued to remain negative due
to small scale of operations and high interest expenses. Further,
the free cash flow remained negative due to significant debt
repayment obligations. The liquidity profile is expected to remain
tight in the near to medium term, given generation of inadequate
cash accruals and high impending debt repayment obligations. Thus
support from promoters would continue to remain crucial.

Incorporated in October 2015, as a part of Satnam Group, ESHPL was
set up with an objective to process food grains and various spices.
The manufacturing plant is installed with a capacity of 4,680 tonne
per annum and was planned to commission in April 2017, however, due
to delays in installation of machinery and change in the management
in FY2018, the processing has not commenced yet. The project is
planned to commence operations in FY2020. The promoters have an
extensive experience in the agro-commodities business spanning over
three decades and are associated with similar entities such as
Satnam Psyllium Industries and Super Psyllium, which are also
involved in the agro-commodities business.

GOPAL OIL: CARE Assigns B Rating to INR7.90cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gopal
Oil Industries (GOPAL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities             7.90      CARE B; Stable Assigned

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

The rating assigned to the bank facilities of GOPAL is primarily
constrained on account of decline in scale of operations as well as
constitution as proprietorship concern, moderate profitability
margins with leveraged capital structure and working capital
intensive nature of operation. The rating, further, constrained on
account of operating margins susceptible to cotton price
fluctuation and seasonality associated with the cotton industry.

The rating, however, favorably takes into account of long track
record of operations with experienced management in the cotton oil
industry and strategically located in the cotton growing region.
The ability of the firm to increase in scale of operations while
maintaining profitability margins and better working capital
management along with improvement in its solvency position would be
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Decline in scale of operations as well as constitution as
proprietorship concern: As per FY19 (FY refers to period from April
01 to March 31) provisional results, the scale of operations of the
firm stood small marked by Total Operating Income (TOI) of INR
11.65 crore, declined by 53.33% over FY18, due to price fluctuation
of raw material and low sale of its products with low net-worth
base of INR0.05 crore as on March 31, 2019. Further, its
constitution as a proprietorship firm restricts its overall
financial flexibility in terms of limited access to external funds
for any future expansion plans. Further, there is inherent risk of
possibility of withdrawal of capital and dissolution of the firm in
case of death/insolvency of proprietor.

Moderate profitability margins with leveraged capital structure:
The profitability margins of the firm stood moderate on account of
limited value addition. During FY19, the firm registered PBILTD and
PAT margin of 13.37 % and 3.89% respectively as against operating
loss and net loss respectively in FY18. The key raw material of the
product is cotton seed and demand of cottonseed is seasonal in
nature. Hence the firm is exposed to the risk to pass on increase
in prices to its customers.  The capital structure of the firm
stood highly leveraged. The debt service coverage indicators of the
firm stood weak with total debt to GCA at 22.36 times as on March
31, 2019, improved as against FY18 mainly due to improvement in GCA
level. Moreover, the interest coverage indicators stood moderate at
1.56 times in FY19.

Working capital intensive nature of operation: The firm operations
are high working capital intensive in nature, resulting from high
inventory holding period of 356 days and collection period of 105
days which impacts the firm's liquidity. The liquidity profile of
the firm also stood stressed with 90-95% utilization of working
capital borrowings in last twelve months ended March 31, 2019.

The current ratio of the firm stood 1.47 times and quick ratio of
the firm stood below unity at 0.47 times, respectively as on March
31, 2019 mainly due to maintenance of higher inventory of raw
material as well as finished goods to meet the customer demands.
Further, the cash and bank balance of the firm stood 0.07 Crore as
on March 31, 2019.

Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry: Operations of
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from November to February every year. Prices of raw material i.e.
raw cotton are highly volatile in nature and depend upon factors
like monsoon condition, area under production, yield for the year,
international demand supply scenario, export policy decided by
government and inventory carried forward of the last year. They
usually have to procure raw materials at significantly higher
volume to bargain bulk discount from suppliers.  Furthermore,
cotton being a seasonal crop, the inventory levels of the entity
generally remains high at the end of the financial year. Thus,
aggregate effect of both the above factors results in exposure of
ginners to price volatility risk.

The Key raw material for the firm is cottonseed; demand of the
cottonseed is being seasonal in nature. Hence the firm remain
exposed to any supply disruption and have limited ability to pass
on the increase in prices to its customers.

Key Rating Strengths

Long track record of operations with experienced management in the
cotton oil industry: The firm started its operations in 1991, hence
has a track record of around two decades in the industry. Mr Gopal
Paliwal (Promoter), looks after the production process of the firm
and having experience of 26 years in processing and trading of
cotton seeds and cotton oil. Being present in the industry since
long, the promoters have established relations with customers and
suppliers. Mr Summit Paliwal (Manager) is MBA by qualification and
have experience of 11 years in this industry and looks after
marketing and finance activity of the firm.

Strategically located in the cotton growing region: Gujarat,
Maharashtra, Andhra Pradesh, Haryana, Madhya Pradesh and Tamil Nadu
are the major cotton producer's states in India. The plant of GOI's
is located in one of the cotton producing belt of Pandhurna (Madhya
Pradesh) in India. The presence of GOI's in cotton producing region
results in benefit derived from lower logistics expenditure (both
on transportation and storage), easy availability and procurement
of raw materials at effective price.

Pandhurna, Chindawara (Madhya Pradesh) based GOPAL was formed as a
proprietorship firm in 1991 by Mr Gopal Paliwal, he has experience
of 26 years in this industry and looks after production process in
the firm. GOI is engaged in processing and trading of cotton seeds
oil and cotton oil cake which is also used in Cattle industry. The
firm is having installed capacity of 1250 Metric Tonnes per Day
(MTPD); however it utilizes 500 MTPD. The firm purchases raw
material from local market, Andhra Pradesh and Maharashtra and
supplies its products mainly to Gujarat and Rajasthan.

GRAFFITI (INDIA): CARE Maintains D Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Graffiti
(India) Private Limited (GIPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       12.00       CARE D; Issuer not co-
   Facilities                       operating; Based on Best
                                    Available Information

   Short-term Bank       3.00       CARE D; Issuer not co-
   Facilities                       operating; Based on Best
                                    Available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 9, 2018, placed the
rating(s) of GIPL under the 'issuer non-cooperating' category as
GIPL had failed to provide information for monitoring of the
ratings for the rating exercise as agreed to in its Rating
Agreement. GIPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
letter/email-s dated January 11, 2019, January 24, 2019, April 5,
2019 and April 18, 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 rating(s).

Detailed description of the key rating drivers

At the time of last rating on March 09, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delays in debt servicing: GIPL has been irregular in
servicing its debt obligation due to weak liquidity position of the
company.

GIPL is engaged in trading of designer ceramic glazed tiles under
brand name of “Graffiti”, “Harmony” and “Canvas”. GIPL
procures ceramic tiles (semi-finished goods) from ceramic
manufacturers located at Morbi in Rajkot district of Gujarat
(ceramic hub) and designing is outsourced to its associate concern
namely Shree Ambica Industries. GIPL sells through its established
marketing network covering more than 18 states with total 621
dealers, sub dealers & distributors.

HIRAKUD INDUSTRIAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Hirakud Industrial Works Ltd
        Hirakud Industrial Works at Hirakud
        Dist: Sambalpur 768016

Insolvency Commencement Date: June 4, 2019

Court: National Company Law Tribunal, Cuttack Bench

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

Insolvency professional: CS Ananda Rao Korada

Interim Resolution
Professional:            CS Ananda Rao Korada
                         Flat No. 3, 400B/2F, NSC Bose Road
                         Kolkata 700047, West Bengal
                         E-mail: raoka55@gmail.com

                            - and -

                         Flat 702, Shaptami
                         Upohar Luxury Complex
                         Panchsayar Road
                         Kolkata 700094
                         E-mail: csananda.hirakudindustrial@
                                 gmail.com

Last date for
submission of claims:    June 17, 2019


HOTEL JALTARANG: CARE Assigns B- Rating to INR9.75cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Hotel
Jaltarang Private Limited (HJPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            9.75       CARE B-; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of HJPL is constrained
by weak financial risk profile, working capital intensive nature of
operations albeit lean operating cycle and presence in competitive,
fragmented & seasonal industry.  The rating, however, derive
strength from experienced promoters in the hospitality industry and
healthy profit margins. The ability of HJPL to increase the scale
of operations, improve capital structure & debt coverage indicators
along with liquidity position by efficiently managing working
capital requirement are the key rating sensitivity.

Detailed description of Key rating drivers

Key rating Weakness

Weak financial risk profile: The overall scale of operations
remained small with total operating income stood in the range of
INR6.11 crore to INR6.83 crore during FY16-FY18. Further, the
tangible networth has also remained negative of INR2.56 crore as on
March 31, 2018 due to losses incurred during past thereby limiting
the financial flexibility of the company to a greater extent. Owing
to the negative tangible networth, HJPL's capital structure
remained distressed during past three balance sheet dates ended
March 31, 2018. Moreover, the debt coverage indicators also
remained weak marked by total debt to GCA and interest coverage at
31.71 times and 1.47 times respectively in FY18.

Working capital intensive nature of operations albeit lean
operating cycle: The operations of HJPL are working capital
intensive in nature with high working capital requirements to fund
its daily expenses. However, the operating cycle of the company is
lean with low collection period and inventory holding due to
walk-in customers and perishable nature of food commodities.
However, the company primarily fund its working capital
requirements through creditors and bank borrowing and hence, HJPL's
working capital limits were almost fully utilized during the past
12 months ending February, 2019.

Presence in competitive, fragmented & seasonal industry: HJPL
operates in a highly competitive & fragmented restaurant industry
with a large number of players engaged in the restaurant business.
Moreover, the presence of many small & medium players in the
vicinity of the religious places intensifies the already prevailing
competition in the industry. Furthermore, the operations are
seasonal in nature due to serving of mainly sea food with low
occupancy during festivals & rainy season.

Key rating Strengths

Experienced promoters with over a decade of experience in the hotel
business: The overall operations of HJPL are looked after by the
promoters--Mr. Madhukar Sanjeeva Shetty along with his brothers Mr.
Chandrakant Sanjeeva Shetty and Mr. Sharad Sanjeeva Shetty, who
possess average experience of over 30 years in the hotel business
through their association with other group companies. Hence, the
extensive experience of the promoters enables them to establish
strong marketing connects and service process excellence for HJPL.

Healthy profit margins: The profit margins of HJPL remained healthy
during past three years i.e. FY16-FY18 owing to hospitality
services nature of operations. The PBILDT margin remained in the
range of 39.23%-43.80% during the said period.

However, owing to higher finance and depreciation cost, the PAT
margin remained moderate in the range of 3.62%-6.93%.

Liquidity Analysis: The liquidity position is marked by moderate
current ratio and quick ratio at 1.46 times as on March 31, 2018
(1.48 times respectively as on March 31, 2017). Further, cash flow
from operating activities stood positive at INR3.10 crore as on
March 31, 2018. The average fund based working capital limits
remained almost fully utilized during past 12 months ended April
2019. Moreover, free cash and bank balance was INR0.24 crore as on
March 31, 2018 (vis-à-vis INR0.09 crore as on March 31, 2017).

Hotel Jaltarang Private Limited (HJPL) was incorporated in 1987 as
a private limited company and the management was taken over in 2002
by Shetty family. Currently Mr. Madhukar Sanjeeva Shetty, Mr.
Chandrakant Sanjeeva Shetty and Mr. Sharad Sanjeeva Shetty are the
directors of the company. HJPL is engaged in providing hospitality
services viz. restaurant in the name of Gajalee located at Juhu in
Vile Parle West, Mumbai. The said restaurant is specialized for
serving sea food. HJPL has around 40 tables with 110 seating
capacity along with a party hall for 25-30 people.

IL&FS: Deadline for Claims Submission Extended to June 20
---------------------------------------------------------
BloombergQuint reports that the board of Infrastructure Leasing and
Financial Services Ltd. has extended the deadline for submission of
claims to June 20 following an order passed by the National Company
Law Appellate Tribunal. The earlier deadline was June 5.

In a release on June 10, IL&FS said the new board initiated a
comprehensive claims management process for 70 IL&FS Group
companies through the launch of pan-India public notices on May 22,
BloombergQuint relates.

"This extension is pursuant to the order passed by the NCLAT on May
29, 2019, wherein the court had extended the period for lenders to
file their claims by June 20th, 2019," it added.

According to the report, IL&FS said the claims process is being run
in an effort to crystallise the financial and operational
liabilities of IL&FS Group to facilitate distribution of proceeds
from the resolution process, BloombergQuint relays.

Grant Thornton India LLP is claims management adviser,
BloombergQuint discloses.

"Claims are being invited for an initial list of 70 identified
companies which are currently part of an ongoing sale process or
have been identified for sale in the first phase. "The other
entities of the IL&FS group will be addressed appropriately in
subsequent phases," IL&FS said.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) is an
infrastructure development and finance company based in India. It
focuses on the development and commercialization of infrastructure
projects, and creation of value added financial services. The
company operates in Financial Services, Infrastructure Services,
and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the government on Oct. 1,
2018, stepped in to take control of crisis-ridden IL&FS by moving
the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.

JAWAHAR SAHAKARI: Ind-Ra Moves B+ Loan Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jawahar Sahakari
Soot Girni Ltd's (JSSG) bank loans ratings to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The details of the instruments and the rating actions are:

-- INR286.26 mil. Bank Loans migrated to non-cooperating category

     with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR90 mil. Fund-based working capital facilities migrated to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     rating; and

-- INR25 mil. Non-fund-based working capital facilities migrated
     to non-cooperating category with IND B+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 19, 2018. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

JSSG was established in 1991 to manufacture cotton yarn.

JAYMALA INFRASTRUCTURE: ICRA Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR27.00 crore bank facilities of
Jaymala Infrastructure Private Limited (JIPL or the company)
continues to remain in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      27.00      [ICRA]B+ (Stable) ISSUER NOT
   Based-Term Loan                COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

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

Jaymala Infrastructure Private Limited was incorporated in 2010 in
order to undertake activities in hospitality (hotel chain facility)
and renting of immovable properties. JIPL owns a land area at
Chakan MIDC in Pune where the company has developed 1,22,112 sq ft
of production facility and had let out the same to Benteler
Automotive India Private Limited. Also, the company is setting up a
150-room 4-star category hotel in Navi Mumbai. While JIPL would
develop the hotel, it will be operated through management agreement
with Marriott Hotels (India) Private Limited which is a leading
global hospitality chain.

JET AIRWAYS: Stock Exchanges to Impose Trading Restrictions
-----------------------------------------------------------
The Economic Times reports that shares of Jet Airways will be
shifted to trade-for-trade segment from June 28 till further
notice, the NSE and BSE said on June 13. The exchanges said this is
a preventive surveillance measure.

". . . the security of the company shall be shifted from Rolling
Segment to Trade-for-Trade Segment, wherein the settlement in the
security will take place on gross basis with 100 per cent upfront
margin and 5 per cent price band," the exchanges said, ET relays.
Delivery of shares is compulsory in the trade-for-trade segment.

According to the report, the circulars on both exchanges' website
said they have been seeking clarification from the company in the
recent past about various rumours floating in the market, but Jet
has failed to provide prompt responses. The responses have also not
been clear and satisfactory, the circulars said.

ET relates that the company has said that it is not in a position
to consider and approve the audited financial results for the
financial year ended March 2019. Given these factors and the
observations made by the auditor of Jet Airways, there are concerns
regarding continuity of flow of information which is vital for
appropriate price discovery in the stock, the exchanges, as cited
by ET, said.

The stock is set to be excluded from the futures and options
segment with effect from June 28, ET notes.

                         About Jet Airways

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

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

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

The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint disclosed.

JHAWAR INTERNATIONAL: CARE Maintains D Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jhawar
International (JIN) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       3.93       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank     40.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 28, 2018, placed the
rating(s) of JIN under the 'issuer non-cooperating' category as JIN
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. JIN
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated April 19, 2019, April 22, 2019, May 20, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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 28, 2018 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Ongoing delay in debt servicing: There is ongoing irregularity in
servicing of debt obligation due to weak liquidity position of the
firm.

Surat-based (Gujarat) JIN was formed in 1996 as a partnership firm
in the name of Jhawar International by Jhawar family. JIN is into
the business of manufacturing of Printed fabrics, dye fabrics and
fancy work. JIN is operating from its sole manufacturing plant
located in Surat(Gujarat) with an installed capacity of
manufacturing 16.8tonne of narrow fabrics and 1200 tonne of dyed
multiple as on March 31, 2015.

LEEL ELECTRICALS: CARE Maintains D Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of LEEL
Electricals Limited (LEEL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      455.00     CARE D; Issuer not cooperating;
   Facilities-                    based on best available
   Fund Based                     information

   LT/ST Bank          595.00     CARE D; Issuer not cooperating;
   Facilities                     based on best available
   (Non-Fund Based)               information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from LEEL to monitor the ratings
vide e-mail communications dated May 17, 2019, May 15, 2019 and May
13, 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 best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. CARE's rating on Leel
Electricals limited's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: CARE as part of its due diligence
exercise interacts with various stakeholders of the company
including lenders to the company and as part of this exercise has
ascertained that there are devolvement of letter of credit for more
than 30 days and the account has turned NPA.

LEEL was incorporated in 1987 and operates in HVAC segment. It is
engaged in the manufacturing of condenser and evaporator coils and
contract manufacturing for Air Conditioners (ACs) for various
brands. LEEL was also into retailing of ACs and consumer durable
products like LCD/ LED TVs, washing machines, freezers, etc. The
Company, however had sold its Consumer Durable Business comprising
of business of importing, trading, marketing, exporting,
distribution, sale of air conditioners, televisions, washing
machines and other household appliances and assembling of
televisions under the brand "LLOYD" and all of the rights, title,
interest, licensees, contracts, assets, continuing employees,
intellectual property including the brand, logo, trade mark "LLOYD"
as a going concern on slump sale basis to Havells India Ltd.
Pursuant to the transaction, the Company has also changed its name
to 'LEEL Electricals Ltd.' LEEL has six manufacturing/ assembly
units located at Rajasthan, Himachal Pradesh, Tamil Nadu, Haryana
and Uttarakhand. On a consolidated basis, LEEL operates two
subsidiaries, namely, Lloyd Coils Europe s.r.o (LCE) engaged in
manufacturing of coils and finned pack heat exchangers and Noske
Kaeser Company (NKC) which is engaged in engineering, manufacturing
and providing system solutions and components for the transport
industry in the fields of air conditioning, refrigeration, piping,
fire-fighting, CBRN protection and related services.

LML LIMITED: ICRA Maintains D Rating in Not Cooperating
-------------------------------------------------------
ICRA said the rating of INR125.00-crore preference share programme
of LML Limited (LML) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Preference Share      125.00      [ICRA]D ISSUER NOT
   Capital                           COOPERATING; Rating
                                     continues to remain under
                                     'Issuer Not Cooperating'
                                     category

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

LML Limited (LML) was promoted in 1972 as Lohia Machines Limited by
the Singhania family to manufacture machinery for the synthetic
fibres industry. Later, it diversified into production of 100 cc
scooters, in technical collaboration with Piaggio Vespa, of Italy
in 1984. Piaggio later took up 23.5% equity stake, which it later
divested in favour of the Indian promoters pursuant to the
settlement reached following certain legal disputes, which were
settled out of court. Subsequently, the company entered into
technical collaboration with Daelim Motor Company, South Korea
(DMC) to set up a small capacity for manufacturing of four-stroke
motorcycles. Following a strike by the workers, LML had declared a
lock-out at its factory in Kanpur with effect from March 7, 2006.
The lock-out remained in place for over a year and the same was
lifted only in April 2007 pursuant to a tripartite agreement
reached between the company, the Trade Union and the Labour
Department of Government of Uttar Pradesh. The company, filed a
petition on May 22, 2017 under section 10 of the Insolvency &
Bankruptcy Code, 2016 with National Company Law Tribunal (NCLT),
Allahabad bench. The company is under Corporate Insolvency
Resolution Process and the net worth of the company has been fully
eroded and its current liabilities exceed its current assets as on
December 31, 2017.

MILIND PULSES: ICRA Maintains D Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for INR5.00 crore bank facilities of Milind
Pulses continue to remain under 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Cash Credit        5.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

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

Milind Pulses started its operations in 2000-01 and is engaged in
trading and manufacturing of Tur Dal, Lakhodi Dal and Chana Dal
driven primarily by its healthy demand. The proprietor- Mr. Milind
and his father Mr. Vijay have an experience of over 12 years in the
pulses processing industry. The firm has a combined production
capacity of 18,000 MTPA or 600 quintals of Tur Dal, Lakhodi Dal and
Chanal Dal with the manufacturing facility located at Nagpur.

MM PATEL: CARE Downgrades Rating on INR13.84cr Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
MM Patel Public Charitable Trust (MMPPCT), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        13.84      CARE D Revised from CARE BB;
   Facilities                       Stable

   Long-term bank        77.25      CARE C; Stable Revised from
   Facilities                       CARE BB; Stable

   Short-term bank
   facilities            14.00      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision of the rating assigned to the bank facilities of
MMPPCT factors in delays in servicing interest of one of its term
loan due to its stressed liquidity position. The rating however
continues to derive strength from the resourceful trustee.

Going forward, the ability of the entity to timely repay the debt
obligations is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Delays in interest obligation: As per banker's feedback there are
delays in interest servicing of one of the term loan.

Liquidity: Liquidity position of the company deteriorated as
indicated by current ratio of 0.71x as on March 31, 2018 mainly on
account of increase in current maturities for repayment of
unsecured loan. The trust had a free cash balance of INR 0.99
crores as on March 31, 2018. The CC utilization during FY18 stood
in the range of 70-75%.

M.M. Patel Public Charitable Trust was established in the year 2008
by Mr Bipinbhai M. Patel and his family. MMPPCT is a public
charitable trust which is currently managing a 520-beded hospital,
namely, 'Ashwini Rural Hospital' at Solapur and also operates a
medical college- namely 'Ashwini Rural Medical College' which is
the first rural medical college in Solapur district, Maharashtra.
The medical college offers MBBS and post graduate courses.

NANI RESORTS: CARE Lowers Rating on INR20.45cr Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nani Resorts and Floriculture Private Limited (NRFPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank       20.45       CARE D Revised from
   Facilities                       CARE BB; Stable; Issuer
                                    Not Cooperating

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of NRFPL
takes into consideration ongoing delays in debt servicing by the
company on account of stretched liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of debt obligations: On account of overall
subdued demand scenario in the real estate market, the company has
been able to garner lower than envisaged amount of project
collections in its ongoing residential project named Aalayas based
in Sector-102, Dwarka Expressway, Gurgaon under Haryana affordable
housing policy, 2013. This has led to a mismatch between project
receipts vis a vis the debt repayment obligations, leading to
delays in debt servicing.

Concentration risk with only one project under execution: As the
company is currently involved in the execution of a single project,
it remains exposed to concentration risk. However, the company is
planning to launch other projects in Haryana in upcoming years.

Subdued real estate scenario: With the on-going economic
conditions, the real estate industry is currently facing issues on
many fronts, including subdued demand, curtailed funding options,
rising costs, restricted supply due to delays in approvals, etc.
thereby resulting in stress on cash flows of developers. The
industry has seen low demand in the recent past, primarily due to
factors like sustained high level of inflation leading to high
interest rates and adverse impact on the buying power and
affordability for the consumers.

Key Rating Strengths

Experienced promoters and management: Nani Resorts & Floriculture
Pvt. Ltd. (NRFPL) is engaged in real estate development in Delhi
and NCR region. The company is promoted by Mr. M.S. Mittal having
more than 15 years of experience in industry, whereby, he has
executed about 11 commercial and residential projects in NCR
region. Further, the promoter has also constructed 4 Star Hotel
project 'Ramada Gurgaon Central' in Gurgaon which is being
operational since 2013 under tie-up with international hotel chain
'Ramada Hotel'.

Satisfactory project construction status: The company is developing
an affordable group housing project 'Aalayas' at Sec-102, Gurgaon.
As on Mar 31, 2019, about INR 122 cr has been incurred out of the
total project cost of INR 128 cr i.e. 93% of the total project
cost. Moreover, the company has incurred INR 58 cr out of the total
construction cost of INR 63 cr till the same period i.e. about 92%
of the construction cost has been incurred which demonstrates
advanced stages of construction, thereby reducing the project
execution risk.

Healthy booking status: Till Mar 31, 2019, the company has sold
~98% (94% till March 31, 2018) of the total saleable of the project
i.e. 3.95 lsf being sold out of the total saleable area of 4 lsf
for a total sale value of 170.61 cr. Out of the same, the company
has received INR154 cr, representing ~90% of the total sale value.
The average monthly collection from April'18 to Feb'19 stood at INR
3.52 Cr.

Liquidity
The liquidity profile of JMHL remains weak. Due to mismatch between
project receipts vis a vis the debt repayment obligations and
pending project cost to be executed, the liquidity of JMHL remains
constrained. Nevertheless, the company maintained closing cash and
bank balance of INR2.77cr as on March 31, 2019.

Nani Resorts & Floriculture Pvt. Ltd. (NRFPL), incorporated in 1999
is engaged in real estate development in Delhi and NCR region. The
company is promoted by Mr. M.S. Mittal. The company is currently
developing an affordable group housing project named "Aalayas" in
Sector-102, Dwarka Expressway, Gurgaon under Haryana affordable
housing policy, 2013. Till March 31, 2019, the company has already
incurred 93% of the total project cost i.e. INR122cr out of the
total project cost of INR132cr.

NIGAM INDUSTRIES: CARE Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nigam
Industries (NIS) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        6.40       CARE B+; Stable; Issuer not
   Facilities                       co-operating; Based on Best
                                    Available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 26, 2018, placed the
rating(s) of NIS under the 'issuer non-cooperating' category as NIS
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. NIS
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and letter/email-s
dated January 11, 2019, January 24, 2019, April 5, 2019 and April
18, 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 rating(s).

Detailed description of the key rating drivers

At the time of last rating on March 26, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations: During FY16 (refers to the period April
1 to March 31), NIS reported TOI of INR4.76 crore with PAT of
INR0.15 crore. Till November 30, 2016, NIS had achieved turnover of
INR7.59 crore out of which INR6.10 crore was from fabric processing
and balance from processing and trading of chemicals.

On-going debt-funded capex: NIS was implementing a project for
dyeing of fabrics on job work basis at a total cost of INR7.35
crore with a proposed debt to equity mix of 2.97 times. Till
December 2016, NIS had incurred 80% of the total cost.

Presence in highly fragmented and competitive chemical as well as
textile industry along with partnership nature of constitution: NIS
is currently into processing as well as trading of chemicals and
from July 2016 it has also commenced operations of dyeing of
fabrics. The chemical industry is highly fragmented in nature with
presence of huge number of organized as well as unorganized players
in it which intensifies competition. Furthermore, NIS being a
partnership firm is exposed to inherent risk of partners' capital
being withdrawn at time of personal contingency.

Key Rating Strengths

Experienced partners albeit no relevant experience in fabric
processing industry: The key partner Mr Rameshwar Yadav has more
than two decades of experience in the chemical industry. He also
promotes other entities of Nigam Group such as Nigam Pharmachem
Industries, Shiva Dyestuff Pvt. Ltd. and Shree Shraddha Chemicals
Pvt Ltd.

Fiscal benefits from government: For dyeing unit, as per Amended-
Technology Up-gradation Fund Scheme (TUFS), NIS is eligible for 10%
capital subsidy on eligible plant and machineries purchased. NIS
will also get 7% interest subsidy and 15% capital subsidy (maximum
up to 25 lakh) from state government.

Comfortable capital structure and debt coverage indicators albeit
expected to deteriorate due to ongoing capex: The capital structure
of NIS stood comfortable marked by overall gearing ratio of 0.92
times as on March 31, 2016 which improved from 1.03 times as on
March 31, 2015. Debt coverage indicators also remained at
comfortable level. However, as NIS was undertaking a project of
establishing another unit for dyeing of fabrics, both overall
gearing and debt protection metrics were envisaged to deteriorate
going forward.

Moderate liquidity position: The operating cycle of NIS stood
comfortable at 34 days during FY16. CC utilization remained around
60% during past 12 months ended on November 2016.

NIS based in Ankleshwar (Gujarat), was established in 1989 by three
partners Mr Ramehwar Yadav, Mr Kameshwar Yadav and Mr Ravindra
Yadav. NIS is engaged into processing and trading of chemicals
which find application in various industries such as
pharmaceutical, agriculture, fertilizer etc. on job work basis. It
has an installed capacity of 4100 metric tons per annum (MTPA) for
chemical processing as on March 31, 2016. NIS was undertaking a
project of INR7.35 crore to establish another unit for dyeing of
fabrics on job work basis with a proposed debt to equity mix of
2.97 times.

PRINT PLUS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Print Plus Pvt. Ltd.
        Unit No. 122, Shah & Nahar Industrial Estate Bldg A-2
        Dhanraj Mill Compound
        Lower Parel (W) Mumbai MH 400013

Insolvency Commencement Date: June 10, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 6, 2019

Insolvency professional: CA Naren Sheth

Interim Resolution
Professional:            CA Naren Sheth
                         1014-1015, Prasad Chamber
                         Tata Road No. 1, Opera House
                         Charni Road (East)
                         Mumbai 400004
                         Mobile: 09821133426
                         Tel.: 02266322870
                         E-mail: mkindia58@gmail.com
                                 nvsheth@mkindia.com

Last date for
submission of claims:    June 23, 2019


RAJIV SWAGRUHA: NCLT Asks Group on IN343cr Dues to Shirke Group
---------------------------------------------------------------
The Times of India reports that the National Company Law Tribunal
(NCLT), Hyderabad, has asked Rajiv Swagruha Housing Corporation Ltd
to come clean by June 18 on why it has changed its stand on the
payment of INR343-crore dues to house-building firm BG Shirke Group
of Companies.

It also sought to know why the housing corporation has been dodging
a resolution either through a corporate insolvency resolution
process or an out-of-court settlement, the report says.

According to TOI, Tribunal judge K Anantha Padmanabha Swamy gave
this directive while hearing a plea by Shirke Group against the
corporation.  TOI says N Ashwani Kumar, counsel for Shirke Group,
told the tribunal that houses were built in tune with the contract
entrusted to them by the corporation. Senior counsel DV Sitharam
Murthy, who appeared for Shirke Group, said houses were completed
as envisaged under the housing scheme for the poor and all the
houses were delivered to the government in 2014 itself, the report
relays.

Murthy said the bills were accepted and the corporation had
admitted INR343 crore as dues to Shirke company, the report adds.
Since August 2018, the corporation took 18 adjournments to settle
the issue with the company. "But, this week, the corporation has
changed its stand and contended for the first time that the dues
are disputed and it intends to contest the petition on merits," the
report quotes Mr. Murthy as saying.

Wondering what prevented the state government from taking this
stand all these months, the judge expressed unhappiness with the
conduct of the corporation, TOI says. "After taking 18 adjournments
on the grounds of settling the case amicably, taking a u-turn is
contrary to the settled principles of law," he said.

TOI says the time consumed by the corporation has defeated the
provisions of the insolvency and bankruptcy code which stipulates
that any petition filed shall be disposed of within 180 days and
not beyond 270 days. "The corporation's requests for adjournments
were accommodated only on the ground of settling the issue
amicably," the report quotes Murthy as saying.

The case has been posted to June 18 for further hearing, TOI says.

RSG DEVELOPERS: ICRA Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR7.50 crore bank facilities of RSG
Developers Private Limited continues to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA] B
(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       5.50       [ICRA]B (Stable); ISSUER NOT
   Based- CC                       COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term-Fund       2.00       [ICRA]B (Stable); ISSUER NOT
   Based - TL                      COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

RSG Developers Private Limited (RSG) was founded in 2004 by Mr.
Rajeev Sharma. The company is based out of Noida (Uttar Pradesh)
and is initially involved in civil construction business of
multiple roads and building construction projects for public sector
clients. However, currently the company is engaged into
construction of residential and commercial projects for private
sector client. Apart from construction the company also undertakes
operations and maintenance projects.

In FY2017, on a provisional basis, the company reported a net
profit of INR0.76 crore on an operating income of INR21.75 crore,
as compared to a net profit of INR0.26 crore on an operating income
of INR21.95 crore in the previous year.

SHREE GOKULESH: CARE Maintains B Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Gokulesh Rice Mill (SGRM) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        6.56       CARE B; Stable; Issuer Not
   Facilities                       Cooperating; Based on Best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2018, placed the
rating(s) of SGRM under the 'issuer non-cooperating' category as
SGRM had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. SGRM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated March 4, 2019, April 1, 2019, April 5, 2019, April 10, 2019,
April 16, 2019, April 18, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 5, 2018, the following were the
rating strengths and weaknesses:

Key rating weaknesses

Thin profit margins, leveraged capital structure, weak debt
coverage indicators: The PBILDT margin declined by 46 bps and stood
low at 2.78% during FY16 (refers to the period April 1 to March 31)
on account of increase in raw material cost. The PAT margin also
remained thin during FY16 owing to high interest costs and low
value addition nature of operations. The capital structure marked
by overall gearing stood leveraged on the back of low net worth
base and high level of debt. Furthermore, with low cash accruals,
debt coverage indicators also stood weak marked by total debt to
GCA of 18.49 times as on March 31, 2016.

Moderate liquidity position: Liquidity position remained moderate
marked by current ratio of 1.48 times as on March 31, 2016. Cash
and Bank balance remains low at INR0.60 crore as on March 31, 2016.
Cashflow from operating activity remained at INR1.29 crore as on
March 31, 2016.

Presence into the fragmented agro-processing industry along with
partnership nature of its constitution: SGRM generates its revenue
from processing of rice and is exposed to inherent risks associated
with agro-climatic conditions and seasonality of agro product. SGRM
being a partnership firm is exposed to inherent risk of partners'
capital being withdrawn at time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of key
partners.

Risk associated with on-going debt-funded capex: SGRM is currently
undertaking debt-funded capex, thus SGRM exposed to risk associated
with implementation and stabilisation of operation for ongoing
capex.

Key rating strengths

Experienced and resourceful promoters: The operation of SGRM is
currently managed by Mr Minesh H. Patel, Mr Raghav J. Patel, and Mr
Tejas K. Patel. All the partners collectively look after all
day-to-day operations of the firm. Mr Minesh Patel possess more
than decade of experience in the industry.

Proximity to paddy-growing areas: SGRM's plant is located at
Ahmedabad, Gujarat, which is in proximity to the paddy-growing
areas of the country.

Established in the year 2004, Ahmedabad-based Shree Gokulesh Rice
Mill (SGRM) is a partnership firm engaged in the processing of
non-basmati rice. Key partners include Mr Minesh H. Patel, Mr
Raghav J. Patel, and Mr Tejas K. Patel who manages the day-to-day
operations. As on March 31 2016, it had a total installed capacity
of 36,000 Metric Tonne per Annum (MTPA) for paddy processing and
operates through its sole manufacturing facility at Jetalpur
(Ahmedabad). SGRM procures paddy from local traders and supplies
its products in pan India levels through brokers. SGRM has base of
150 brokers in pan India level. However, it supplies mainly to
Gujarat, Maharashtra, Karnataka and Rajasthan. SGRM sells its
products under three brands named 'Galaxy', 'Butterfly' and
'Gokulesh'.

SHRI MARUTINANDAN: CARE Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Marutinandan Oil Industries (SMOI) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        5.41       CARE B; Stable; Issuer not
   Facilities                       Cooperating Based on best
                                    Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 1, 2018, placed the
rating(s) of SMOI under the 'issuer non-cooperating' category as
SMOI had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. SMOI
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
April 19, 2019, April 22, 2019, May 2, 2019, May 14, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 1, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Nascent stage of operation along with weak financial risk profile
mark by thin profitability, leveraged capital structure and weak
debt coverage indicators: The operation of SMOI is into nascent
stage, as the firm has commenced its operation from November 2015
and reported TOI of INR3.65 crore during FY16 (refers to the period
April 1 to March 31). Profitability of SMOI remained thin on
account of limited value addition and volatile raw material prices.
On account of high debt level as compared to tangible net worth,
capital structure of the firm stood leveraged. As a result of thin
profitability along with high debt level, the debt coverage
indicators also stood weak.

Modest liquidity position: Liquidity position of the SMOI stood
modest marked by below unity current ratio as on March 31, 2016.
Further, cash flows from operating activity remained at INR 0.15
crore while cash and bank balance remained at INR 0.13 crore as on
March 31, 2016.

Presence in highly fragmented industry with limited value addition
SMOI is operating in highly fragmented industry having presence of
large number of small and medium scale units due to low
technological and financial investment requirement which results
into fragmented nature of the industry as well as intense
competition from the large domestic integrated players.

Dependence on agro climatic condition and seasonality associated
with the availability of commodities: Being agro-based products,
the availability of oilseeds is susceptible to agro-climatic
vagaries, pests/diseases, which may affect the crop output and
quality.

Vulnerability of its profit margins to fluctuation in raw material
prices: The major raw materials for SMOI are agro-commodities
namely cotton seed, which prices have been volatile in nature and
depend upon factors like area under cultivation, yield for the
year, international demand supply scenario, government regulation
and inventory carry forward of last year. Hence, any adverse
fluctuation in the raw material price will have direct impact on
the operating margins of SMOI.

Partnership nature of constitution: SMOI being a partnership firm
is exposed to inherent risk of partners' capital being withdrawn at
time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of key partners.

Key rating strengths

Experienced partner: Mr Govindbhai Patel is the key partner of
SMOI, who possesses more than 30 years of experience in the
industry and looks after overall operation of the firm.

Proximity to raw material source: Furthermore, SMOI's presence in
the cotton-producing region results in benefit derived from a lower
logistic expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective prices
and consistent demand for finished goods resulting in a sustainable
and clear revenue visibility.

SMOI, a Kadi-based (Gujarat) partnership firm, was established in
2015 by four partners, namely, Mr Govindbhai Patel, Ms Chandrikaben
Patel, Ms Nishaben Patel and Ms Jayshriben Patel. Mr Govindbhai
possesses vast experience in the industry and looks after overall
management of the firm. The firm is engaged into cotton seed
crushing business. SMOI commenced its operation from November 2015
and operates from its manufacturing unit located in Kadi (Gujarat)
with an installed crushing capacity of 25,920 MTPA as on March 31,
2016. SMOI procures material from local ginners and sells cotton
seed oil to local refineries and oilcake to local traders.

SONACHI INDUSTRIES: Ind-Ra Cuts LT Issuer Rating to D, Not Coop.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sonachi
Industries Ltd's (SIL) Long-Term Issuer Rating to 'IND D (ISSUER
NOT COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR142.5 mil. Fund-based facility (Long-term/Short-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR7.5 mil. Non-fund-based facility (Short-term) downgraded
     with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by SIL, the details
of which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2006, SIL was engaged in the trading of pesticides.
In 2010, the company began manufacturing and distribution of
pesticides, micronutrients, biocides, biochemical and water
treatment chemicals.

SWASTIK COAL: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Swastik
Coal Corporation Pvt. Ltd. (SCCPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      55.00       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short Term Bank    320.00       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE, vide press release dated March 9, 2018, had placed the rating
of SCCPL 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. SCCPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter dated May 22, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings for the bank facilities of Swastik Coal Corporation
Pvt. Ltd. (SCCPL) take into account the ongoing 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 March 9, 2018, the following were the
rating strengths and weaknesses (updated based on the best
available information):

Key Rating Weaknesses

Ongoing delays in servicing of debt obligations: There are ongoing
delays in servicing of SCCPL's debt obligations due to its stressed
liquidity.

Swastik group includes three companies operating in similar line of
coal trading & transport businesses viz. Swastik Coal Corporation
Pvt. Ltd. (SCCPL), Arka Carbon Fuel Pvt. Ltd. (ACFPL) & Shree
Ganpatlal Onkarlal Agarwal & Co. (SGOAC). CARE has taken a combined
approach of these three companies for arriving at ratings of SCCPL,
ACFPL & SGOAC due to common promoters & management and strong
operational & financial linkages among the group entities in coal
trading business.

Swastik group includes three companies operating in similar line of
coal trading & transport businesses viz. Swastik Coal Corporation
Pvt. Ltd. (SCCPL), Arka Carbon Fuel Pvt. Ltd. (ACFPL) & Shree
Ganpatlal Onkarlal Agarwal & Co. (SGOAC), together referred to as
Swastik Group (SG). We have taken a combined approach of these
three companies for arriving at ratings of SCCPL, ACFPL & SGOAC due
to common promoters & management and strong operational & financial
linkages among the group entities in coal trading business.

V HOTELS: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: V Hotels Limited

        Registered and Corporate office:
        Chander Mukhi Building Basement
        Behind the Oberoi Hotel, Nariman Point
        Mumbai 400021

Insolvency Commencement Date: May 31, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 27, 2019
                               (180 days from commencement)

Insolvency professional: Anish Niranjan Nanavaty

Interim Resolution
Professional:            Anish Niranjan Nanavaty
                         2a/208, Raheja Classique
                         New Link Road, Andheri (W)
                         Mumbai, Maharashtra 400053
                         E-mail: anish.nanavaty.irp@gmail.com

                            - and -

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

Last date for
submission of claims:    June 18, 2019




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

AVANTI RMBS 2019-1: Fitch to Rate Class E Notes 'BB(EXP)sf'
-----------------------------------------------------------
Fitch Ratings has assigned expected ratings to Avanti RMBS 2019-1
Trust's mortgage-backed pass-through floating-rate bonds. The
issuance consists of notes backed by a pool of first-ranking New
Zealand residential prime and non-conforming, full- and
low-documentation mortgage loans originated by Avanti Finance
Limited.

The notes will be issued by The New Zealand Guardian Trust Company
Limited in its capacity as trustee of Avanti RMBS 2019-1 Trust in
respect of the Avanti RMBS 2019-1 Trust, which is a separate and
distinct trust created in accordance with a master trust deed.

At the 28 May 2019 cut-off date, the asset pool totalled NZD200
million and consisted of 589 obligors with a weighted-average (WA)
unindexed loan/value ratio (LVR) of 67.5%.

KEY RATING DRIVERS

Operational Risk: Avanti is a non-bank financial institution with
over 25 years of experience in originating, underwriting, servicing
and special servicing in New Zealand. Fitch reviewed Avanti's
processes and found these to be mostly in line with that of
Fitch-rated Australian non-bank lenders. In some instances,
Avanti's underwriting criteria and past arrears performance
differed from other prime non-bank lenders, therefore, Fitch
applied a lender adjustment of 1.05x to address the possible
difference in foreclosure frequency.

Asset Analysis: The 'AAAsf' WA foreclosure frequency of 20.5% is
driven by the WA unindexed LVR of 67.5% and, under Fitch's
methodology, investment loans of 19.6% and non-conforming loans of
43.8%. The 'AAAsf' WA recovery rate of 51.0% is driven by the
portfolio's WA indexed scheduled LVR of 67.5% and the portfolio
'AAAsf' WA market value decline of 60.8%.

Structure Analysis: Structural features include a liquidity
facility sized at 1.5% of the invested note balance and subject to
a floor of NZD100,000. The Class B to F notes pay interest based on
the notes' stated balance. Fitch's ratings reflect the timely and
ultimate payment of interest and its cash flow model addresses the
risk that interest may be not be recovered in scenarios where there
are charge-offs. This is more conservative than transaction
documentation. All classes of notes can withstand all relevant
Fitch cashflow modelling stresses.

Macroeconomic Factors: Fitch expects stable mortgage performance,
supported by sustained economic growth in New Zealand, which is
high compared with many advanced economies. Fitch forecasts GDP
growth of 2.8% for 2019. Mortgage performance will also be
supported by high net migration and a falling unemployment rate.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis of the ratings by stressing the transaction's initial
base-case assumptions.

Expected impact on note ratings of increased defaults:

Notes: A1 / A2 / B / C / D / E

Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf

Increase defaults by 15%: AA+sf / AA+sf / AA-sf / A-sf / BBB-sf /
BB-sf

Increase defaults by 30%: AAsf / AAsf / A+sf / BBB+sf / BB+sf /
B+sf

Expected impact on note ratings of decreased recoveries:

Notes: A1 / A2 / B / C / D / E

Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf

Reduce recoveries by 15%: AA+sf / AA+sf / AA-sf / BBB+sf / BBsf /
Bsf

Reduce recoveries by 30%: AAsf / AAsf / Asf / BBBsf /


                           *********


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

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

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

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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***