/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/190621.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 21, 2019, Vol. 22, No. 124 Headlines A U S T R A L I A 3IVX TECHNOLOGIES: First Creditors' Meeting Set for June 27 ANDERSON IT: Enters Voluntary Liquidation; Owes More Than AUD500K AUSTRALIAN COW: First Creditors' Meeting Set for June 27 AVANTI RMBS 2019-1: Fitch Assigns BBsf Rating to Class E Notes ELEVATE AUSTRALASIA: First Creditors' Meeting Set for July 1 J R E CONSTRUCTIONS: Second Creditors' Meeting Set for June 27 MACKENZIE ARCHITECTS: First Creditors' Meeting Set for June 28 MARSHNET COMMUNICATIONS: First Creditors' Meeting Set for June 28 MELDED FABRICS: First Creditors' Meeting Set for June 27 PERPETUAL CORPORATE 2019-1: Moody's Rates Class E Notes Ba2(sf) PLAMAN RESOURCES: Placed Into Voluntary Receivership I N D I A AADHI VINAYAGA: ICRA Maintains B+ Rating in Not Cooperating AKHANDALAMANI ELECTRICALS: Ind-Ra Affirms 'BB' LT Issuer Rating ALCHEMIST HOSPITALS: Ind-Ra Migrates BB+ Rating to Non-Cooperating ALPINE DEVELOPERS: ICRA Withdraws B+ Rating on INR19.75cr Loan ANJANEYA RICE: ICRA Maintains B+ Rating in Not Cooperating ARROWLINE REALESTATE: Ind-Ra Migrates BB Rating to Non-Cooperating BALKRUSHNA GINNING: ICRA Withdraws B+ Rating on INR6cr Loans BHADRA INTERNATIONAL: ICRA Reaffirms D Rating on INR304.53cr Loan CRYSTAL SEA: ICRA Maintains B+ Rating in Not Cooperating D.S ENTERPRISES: ICRA Lowers Rating on INR7.5cr Loan to B+ DASHMESH AGRO: ICRA Maintains B Rating in Not Cooperating DASHMESH RICE: ICRA Maintains B Rating in Not Cooperating DEWAN HOUSING: ICRA Lowers Rating on INR850cr Loan to D GILLCO DEVELOPERS: ICRA Cuts INR45cr Loan Rating to D, Not Coop. GMR WARORA: ICRA Cuts INR75cr NCD Rating to C, Not Cooperating JAIGO AGRO: ICRA Maintains B+ Rating in Not Cooperating JET AIRWAYS: ED May Summon Naresh Goyal in Privilege Case JET AIRWAYS: Lenders Tap Grant Thornton as Resolution Professional KRISHI NUTRITION: Ind-Ra Withdraws BB+ Long Term Issuer Rating LAXMIPATI BALAJI: Insolvency Resolution Process Case Summary MAN TUBINOX: Insolvency Resolution Process Case Summary MARIANELLA PROPERTIES: ICRA Maintains D Rating in Not Cooperating MOSER BAER: NCLT Orders Liquidation After Failing to Find Buyer NARAYAN COTTON: Ind-Ra Migrates B Issuer Rating to Non-Cooperating NOBLE EDUCATIONAL: ICRA Migrates D Rating to Not Cooperating PENGUIN UMBRELLA: Insolvency Resolution Process Case Summary RNB CEMENTS: Insolvency Resolution Process Case Summary SHREE SOMNATH: ICRA Maintains B+ Rating in Not Cooperating SRI VENKATESWARA: ICRA Cuts INR70.30cr Loan Rating to D, Not Coop. SVS MOOKAMBIKA: Ind-Ra Lowers Long Term Issuer Rating to 'D' TRANSSTROY TIRUPATI: Insolvency Resolution Process Case Summary UPTEC IDEALABS: Insolvency Resolution Process Case Summary VENKY HI TECH: ICRA Cuts INR24cr Loan Rating to D, Not Coop. WHITEFIELD SPINTEX: ICRA Cuts INR25.50cr Loan Rating to D, Not Coop WINDSOR EDIFICES: ICRA Withdraws D Rating on INR50cr LT Loan YYAVI TRADERS: Insolvency Resolution Process Case Summary M A L A Y S I A TH HEAVY: Hopes to Return to Profit in FY19 After Contract Win N E W Z E A L A N D JFC LIMITED: To Shut Christchurch Branch, 20 Staff to Lose Jobs S R I L A N K A SRILANKAN AIRLINES: Fitch Rates Proposed USD Bonds B(EXP) SRILANKAN AIRLINES: S&P Rates US$-Denom. Gov't. Guaranteed Bonds B X X X X X X X X EL AL: Egan-Jones Downgrades Senior Unsecured Debt Ratings to B - - - - - ================= A U S T R A L I A ================= 3IVX TECHNOLOGIES: First Creditors' Meeting Set for June 27 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of 3IVX Technologies Pty Ltd will be held on June 27, 2019, at 11:00 a.m. at the offices of Veritas Advisory, at Level 5, 123 Pitt Street, in Sydney, NSW. Vincent Pirina of Veritas Advisory was appointed as administrator of 3IVX Technologies on June 14, 2019. ANDERSON IT: Enters Voluntary Liquidation; Owes More Than AUD500K ----------------------------------------------------------------- ARN reports that Sydney-based Optus services provider Anderson IT has entered into voluntary liquidation with more than $500,000 owed to creditors. The 10-year-old company, which ran an Optus Business Centre in North Sydney, appointed liquidator Graeme Beattie of Worrells, on June 3 facing more than AUD1.1 million in total financial liabilities, ARN says. According to ARN, subsequent liquidation proceedings revealed the insolvent company owes Optus AUD123,333 and AUD48,500 to Vocus-owned telco M2 Commander. Optus confirmed to ARN that it ended its partnership with Anderson IT on May 31. Four days later, Anderson ceased trading altogether and initiated liquidation proceedings. The company was incorporated in June 2009 by James Anderson as an IT consultancy and telco services provider in the retail and wholesale space. Mr. Anderson currently remains a director of the company alongside Enrico Antonio, both of whom have been contacted for comment by ARN. ARN, citing the liquidators' report, discloses that he company's insolvency stemmed from a lack of capital, trading losses, a wider economic downturn plus legal actions. In addition, the company also experienced financial difficulties due to the loss of revenue caused by the termination of contracts from a major retailer and the resignation of key staff, the document added, ARN relays. As well as Optus and M2, Anderson also owed AUD135,000 to the Neutral Bay-based Charn Sulochana, almost AUD60,000 to BMW and Volkswagen collectively, plus AUD32,298 to Westpac and AUD74,409 to business financier Classic Funding Group, adds ARN. According to the application filed by James Anderson, the company had assets of AUD1.29 million at the time of winding up, ARN notes. A further report to creditors is expected to be issued in the near future following further investigations by the liquidators, the ARN says. AUSTRALIAN COW: First Creditors' Meeting Set for June 27 -------------------------------------------------------- A first meeting of the creditors in the proceedings of The Australian Cow Dog Challenge Pty Ltd, trading as The Australian Stock Dog Spectacular, will be held on June 27, 2019, at 11:00 a.m. at the offices of Best Western Sanctuary Inn, 293 Marius Street, in Tamworth, NSW. Glen Oldham of Oldhams Advisory was appointed as administrator of Australian Cow on June 17, 2019. AVANTI RMBS 2019-1: Fitch Assigns BBsf Rating to Class E Notes -------------------------------------------------------------- Fitch Ratings has assigned final 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 were issued by The New Zealand Guardian Trust Company Limited in its capacity as trustee of Avanti RMBS 2019-1 Trust, which is a separate and distinct trust created in accordance with a master trust deed. At the May 28, 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%. Avanti RMBS 2019-1 Trust Class A1 NZAVAD1007R1; LT AAAsf New Rating; previously AAA(EXP)sf Class A2 NZAVAD1008R9; LT AAAsf New Rating; previously AAA(EXP)sf Class B NZAVAD1009R7; LT AAsf New Rating; previously AA(EXP)sf Class C NZAVAD1010R5; LT Asf New Rating; previously A(EXP)sf Class D NZAVAD1011R3; LT BBBsf New Rating; previously BBB(EXP)sf Class E NZAVAD1012R1; LT BBsf New Rating; previously BB(EXP)sf Class F; LT NRsf New Rating; previously NR(EXP)sf 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 cash flow 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 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 / BB-sf Expected impact on note ratings of decreased recoveries: Notes: A1 / A2 / B / C / D / E 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 / ELEVATE AUSTRALASIA: First Creditors' Meeting Set for July 1 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Elevate Australasia Pty Ltd will be held on July 1, 2019, at 3:00 p.m. at the offices of SV Partners, at Level 7, 151 Castlereagh Street, in Sydney, NSW. Ian Purchas of SV Partners was appointed as administrator of SV Partners on June 20, 2019. J R E CONSTRUCTIONS: Second Creditors' Meeting Set for June 27 -------------------------------------------------------------- A second meeting of creditors in the proceedings of J R E Constructions Pty. Limited has been set for June 27, 2019, at 10:30 a.m. at the offices of TPH Insolvency, at Suite 101, 167B Central Coast Highway, in Erina, NSW. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 26, 2019, at 4:00 p.m. Tim Heesh and Amanda Lott of TPH Insolvency were appointed as administrators of J R E Constructions on June 5, 2019. MACKENZIE ARCHITECTS: First Creditors' Meeting Set for June 28 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Mackenzie Architects International Pty Ltd, trading as BASII B, will be held on June 28, 2019, at 10:30 a.m. at the offices of Jirsch Sutherland, at Level 27, 259 George Street, in Sydney, NSW. Sule Arnautovic and Trent Andrew Devine of Jirsch Sutherland were appointed as administrators of Mackenzie Architects on June 18, 2019. MARSHNET COMMUNICATIONS: First Creditors' Meeting Set for June 28 ----------------------------------------------------------------- A first meeting of the creditors in the proceedings of Marshnet Communications Pty Limited will be held on June 28, 2019, at 9:30 a.m. at the offices of Hall Chadwick, at Level 40, 2 Park Street, in Sydney, NSW. Steven Arthur Gladman of Hall Chadwick was appointed as administrator of Marshnet Communications on June 20, 2019. MELDED FABRICS: First Creditors' Meeting Set for June 27 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Melded Fabrics Australia Pty Ltd will be held on June 27, 2019, at 11:00 a.m. at the offices of Deloitte Financial Advisory Pty Ltd, at Level 10, 550 Bourke Street, in Victoria. Neil Robert Cussen and Robert Woods of Deloitte Financial Advisory were appointed as administrators of Melded Fabrics on June 17, 2019. PERPETUAL CORPORATE 2019-1: Moody's Rates Class E Notes Ba2(sf) --------------------------------------------------------------- Moody's Investors Service has assigned the following definitive long-term ratings to the notes issued by Perpetual Corporate Trust Limited as trustee of Kingfisher Trust 2019-1. Issuer: Perpetual Corporate Trust Limited as trustee of Kingfisher Trust 2019-1 AUD1,380.00 million Class A1 Notes, Assigned Aaa (sf) AUD45.00 million Class A2 Notes, Assigned Aaa (sf) AUD42.00 million Class B Notes, Assigned Aa2 (sf) AUD12.00 million Class C Notes, Assigned A2 (sf) AUD9.00 million Class D Notes, Assigned Baa2 (sf) AUD7.50 million Class E Notes, Assigned Ba2 (sf) The AUD4.50 million Class F Notes are not rated by Moody's. The transaction is a securitisation of a portfolio of Australian prime residential mortgages. All mortgages were originated and are serviced by Australia and New Zealand Banking Group Limited (ANZ, Aa3/P-1/Aa2(cr)/P-1(cr)). RATINGS RATIONALE The definitive ratings take into account, among other factors, an evaluation of the underlying receivables, an evaluation of the capital structure and credit enhancement provided to the notes, the availability of excess spread over the life of the transaction, the liquidity facility in the amount of 1.0% of the pool balance, the legal structure, and the credit strength and experience of ANZ as Servicer. Moody's MILAN credit enhancement (MILAN CE) for the collateral pool is 4.00%, while the expected loss is 0.40%. MILAN CE represents the loss that Moody's expects the portfolio to suffer in a severe recessionary scenario, while expected loss represents a stressed, through-the-cycle loss relative to Australian historical data. Lenders' mortgage insurance provided by ANZ Lenders Mortgage Insurance Pty Limited (ANZ LMI, unrated) covers 11.9% of the loans in the pool. Moody's gives no benefit to mortgage insurance in its analysis because ANZ LMI is not rated by Moody's. The key transactional features are as follows: - The Class A1 Notes benefit from 8% initial note subordination. The excess subordination relative to the MILAN CE provides additional credit support if the underlying pool performance is worse than initially expected. - The notes will initially be repaid on a sequential basis. On or after the second anniversary from the closing date, all notes may be able to participate in proportional principal collections distribution subject to the subordination conditions being met. The subordination conditions include, among others, the credit support provided to the Class A1 Notes being equal to or greater than 2 times the support provided on the Closing Date and no unreimbursed charge-offs. - A liquidity facility, provided by ANZ in the amount of 1.0% of the outstanding pool balance of loans not in arrears by more than 90 days, with a floor of AUD1,500,000. The liquidity reserve will be available where trust income, drawing on the excess reserve and principal collections are insufficient to meet the required payments. - A fixed rate swap that will be provided by ANZ to hedge any mismatch between the interest rates charged on the fixed rate loans and payable on the floating rate notes. In view of ANZ's current Aa2(cr) counterparty risk assessment, the swap linkage has no present rating impact on the notes, because the linkage between the notes rating and ANZ's credit strength as the swap provider is mitigated by an obligation to post cash collateral and novate the swap if ANZ's counterparty risk assessment falls below A3(cr) and Baa1(cr) respectively. - A basis swap provided by ANZ to hedge any interest rate mismatch that arises when the movements of 30-day BBSW are not (simultaneously) passed on to the variable rate mortgage loans. Under the basis swap agreement, the Trustee will pay the swap provider the variable rate received under the mortgage loans, and will receive an amount equal to the 30-day BBSW, plus the weighted average margin on the notes, plus a margin. The key pool features are as follows: - The portfolio has a low weighted-average scheduled loan-to-value (LTV) ratio of 58.5% and only 5.8% of the loans have a scheduled LTV ratio above 80%. - The portfolio is well seasoned, with a weighted-average seasoning of 55.8 months. - Investment and interest-only loans represent 17.9% and 12.9% of the portfolio, respectively. Both are below the Australian mortgage market averages. - The mortgage portfolio is well diversified across geographical regions due to ANZ's wide distribution network. - About 86.5% of the borrowers are pay-as-you-go full-time employees; a proportion which is higher than a typical transaction in the Australian RMBS market. - A high proportion of loans (56.4%) with a loan purpose other than purchase. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in March 2019. Factors That Would Lead to an Upgrade or Downgrade of the Ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement, due to sequential amortization or better-than-expected collateral performance. The Australian jobs market and the housing market are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other factors that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties or lack of transactional governance and fraud. PLAMAN RESOURCES: Placed Into Voluntary Receivership ---------------------------------------------------- Radio New Zealand reports that Plaman Resources, the company behind a controversial mineral mine in inland Otago, has been placed into voluntary receivership. According to RNZ, investment firm KordaMentha has been appointed receiver to Plaman Resources, which owns 42 hectares of land near Middlemarch, including the scientifically significant Foulden Maar. Foulden Maar is a 23-million-year-old crater lake containing large deposits of diatomite, which has preserved a treasure trove fossil and climate change record of the area. Diatomite is the fossilised remains of single-celled aquatic algae, the report notes. Last year, Plaman Resources--based in Australia but largely Malaysian owned--obtained a $30 million loan from investment bank Goldman Sachs to mine 500,000 tonnes of diatomite a year at the site, RNZ recalls. RNZ relates that almost a year and a half ago it had sought Overseas Investment Office approval to buy an adjoining farm in the hopes of mining diatomite as an animal feed supplement from the maar. Plaman's plans have caused significant controversy and pushback from the community, the report says. According to the report, KordeMentha partner Neale Jackson said regulatory processes took longer than the company expected and as a result Plaman has encountered funding difficulties and its directors asked that receivers be appointed. He said the receivers are assessing options for the company and its assets, the report relays. RNZ says opponents of a controversial mineral mine in Otago are pleased the site has been saved but want long-term legal protection. RNZ relates that Andrea Bosshard said the site needs permanent protection from commercial mining. For many, including Otago locals, the scientific significance of Foulden Maar, about an hour's drive from Dunedin, was completely unknown until earlier this year, RNZ states. That was when a confidential report from Goldman Sachs detailing Plaman Resources' plans for mining the site entered the public arena, according to RNZ. It suggested the company might strip all the diatomite from the area and in the process destroy an ancient record of fossils and climate change data covering 100,000 years, RNZ says. Based in Sydney, Australia, Plaman Resources Ltd., trading as Plaman Global Corp, offers rare organic black diatomite mining services. ========= I N D I A ========= AADHI VINAYAGA: ICRA Maintains B+ Rating in Not Cooperating ----------------------------------------------------------- ICRA said the rating of INR12.00 crore bank facilities of Aadhi Vinayaga Spinners continues to remain under 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.02 [ICRA]B+(Stable); ISSUER NOT Term Loan COOPERATING; Rating continues to remain under the 'Issuer Not Cooperating' category Long Term 8.50 [ICRA]B+(Stable); ISSUER NOT Fund based COOPERATING; Rating continues Facilities to remain under the 'Issuer Not Cooperating' category Long Term 0.48 [ICRA]B+(Stable); ISSUER NOT Proposed COOPERATING; Rating continues Facilities to remain under 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. Aadhi Vinayaga Spinners was established by Mr. J Rajesh and Mrs. J Gnanamani as a partnership firm in September 2003. The Firm is engaged in the manufacture of carded warp yarn in the range of 20's to 60's counts. It also manufactures slub yarn which contributes to a small portion of the revenues. The Firm's manufacturing facility is located in Coimbatore (Tamil Nadu) and operates with a capacity of 14,672 spindles. The Firm has employee strength of 190 permanent workers and operates on a three-shift basis. It sells its produce majorly in the markets of Ichalkaranji and Bhiwandi (Maharashtra), Kolkata and Tirupur (Tamil Nadu). AKHANDALAMANI ELECTRICALS: Ind-Ra Affirms 'BB' LT Issuer Rating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Akhandalamani Electricals & Construction's (AEC) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The instrument-wise rating actions are: -- INR55 mil. Fund-based working capital limit affirmed with IND BB/Stable rating; and -- INR65 mil. Non-fund-based working capital limit affirmed with IND A4+ rating. KEY RATING DRIVERS The affirmation reflects AEC's continued medium scale of operations as indicated by revenue of INR637.8 million in FY19 (FY18: INR447.41 million). The growth in revenue was driven by an increase in the number of orders executed. The firm had a healthy order book of INR1,928 million as on April 1, 2019, out of which orders worth INR1,120 million are located in Rajasthan, thus facing the risk of geographical concentration. Furthermore, order execution is also slow owing to land acquisition and local right-of-way woes, and is expected to be completed by FY21. Hence, the agency believes the firm's revenue is likely to remain at a similar level in FY20 and FY21. FY19 financials are provisional in nature. Despite the revenue increase, EBITDA margin deteriorated to 7.5% in FY19 (FY18: 7.9%) on account of higher raw material cost. AEC's return on capital employed was 14% in FY19 (FY18: 10%) and margins were modest. The ratings also factor in the firm's modest credit metrics owing to increase in debt level leading to higher financial cost. Interest coverage (operating EBITDA/gross interest expense) improved to 3.5x in FY19 (FY18: 3.1x) on account of an increase in EBITDA to INR48 million (INR35 million), partially offset by an increase in interest expense. In contrast, net leverage (adjusted net debt/operating EBITDA) deteriorated marginally to 1.8x in FY19 (FY18: 1.7x) due to increase in total debt owing to rise in the proprietor's personal loan from INR21.96 million in FY18 to INR48.52 million in FY19. The ratings also reflect AEC's modest liquidity position as reflected by its 90.9% average use of the working capital limits during the 12 months ended April 2019. Cash flow from operations declined to INR0.2 million in FY19 (FY18: INR31 million) due to an increase in working capital requirement. At FYE19, cash & cash equivalent stood at INR17 million (FYE18: INR29 million). The ratings are also constrained by the proprietorship nature of the business. However, the ratings are supported by AEC's proprietor's over two decades' experience in the construction business. RATING SENSITIVITIES Negative: Any decline in the operating profitability leading to any deterioration in the overall credit metrics may lead to negative rating action. Positive: Any substantial rise in the revenue and operating profitability, along with improvement in the overall credit metrics will be positive for the ratings. COMPANY PROFILE AEC was established in 1997 and incorporated in 2009 in Cuttack, Odisha as a proprietorship firm. It is engaged in trading electrical equipment and handling various electrical construction works and turnkey projects for Odisha and Rajasthan government departments and public sector units. Its Cuttack-based manufacturing facility makes transformers. ALCHEMIST HOSPITALS: Ind-Ra Migrates BB+ Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Alchemist Hospitals Limited's (AHL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR377.5 mil. Term loan due on September 2024 migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating; and -- INR130 mil. Fund-based working capital limits migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on June 22, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE AHL, a part of the Alchemist Group, offers a wide range of specialty services such as cardiology, joint replacements, laparoscopic surgery, neurology and neurosurgery, pediatric surgery, endocrinology, and nephrology. ALPINE DEVELOPERS: ICRA Withdraws B+ Rating on INR19.75cr Loan -------------------------------------------------------------- ICRA has withdrawn the ratings on certain bank facilities of Alpine Developers (AD), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- Term Loan 19.75 [ICRA]B+(Stable); withdrawn The rating of [ICRA]B+ has been withdrawn in accordance with ICRA's policy on withdrawal and suspension and as desired by the company and also based on no objection certificate provided by the banker. ICRA does not have requisite information to suggest any change in the credit risk since the time the rating was last reviewed. Established as a partnership firm in February 2014, Alpine Developers (AD) commenced the development of its first residential-cum-commercial real estate project, Sardar Villa, in April 2014. The project is located at Bardoli in Surat, Gujarat, across 34,014 sq. m. The project comprises 237 units of 1BHK, 2BHK and 3BHK bungalows with a saleable area in the range of 741–2,156 sq. ft and nine shops with a saleable area of 760 sq. ft. Management is targeting the upper midlevel income group and non-resident Indians (NRIs) for the project. The project was completed in April 2017. ANJANEYA RICE: ICRA Maintains B+ Rating in Not Cooperating ---------------------------------------------------------- ICRA said the rating for the INR10.00-crore bank facilities of Anjaneya Rice Industries to remain in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 10.00 [ICRA]B+(Stable) ISSUER NOT Cash credit COOPERATING; Rating continue to remain in '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. Founded in 2009, Anjaneya Rice Industries is engaged in the milling of paddy and produces raw and boiled rice. The rice mill is located at Miryalaguda, Nalgonda of Telangana. Anjaneya Rice Industries processes paddy into raw and parboiled rice, rice bran, broken rice, and husk. It has installed paddy milling capacity of 4 tons per hour (tph) for raw rice and 4 tph for boiled rice. The firm's operations are overseen by the managing partner Mr Voruganti Venkateshwarlu. All the partners are from the same family. ARROWLINE REALESTATE: Ind-Ra Migrates BB Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Arrowline Realestate Private Limited's (ARPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR450 mil. Long-term loan due on April 2030 migrated to non- cooperating category with IND BB (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on June 18, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE ARPL, incorporated on July 13, 2012, is setting up a shopping complex-cum-office named Nucleus Heights at Kanke Road in Ranchi (Jharkhand). BALKRUSHNA GINNING: ICRA Withdraws B+ Rating on INR6cr Loans ------------------------------------------------------------ ICRA has withdrawn the ratings assigned to Balkrushna Ginning & Pressing Industries, based on the no-objection certificate provided by its banker. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based- Term Loan 1.00 [ICRA]B+(Stable); Withdrawn Fund-based- Cash Credit 5.00 [ICRA]B+(Stable); Withdrawn Outlook: Stable ICRA has withdrawn the Stable outlook on the long-term rating. Established in 2006, Balkrushna Ginning & Pressing Industries (BGPI) is a partnership firm and is owned and managed by the Kalasaria family. BGPI currently gins and presses raw cotton to produce cotton bales and cotton seeds. The manufacturing unit is located in Una, Junagadh district of Gujarat and is currently equipped with 18 ginning machines and 1 pressing machine, with an installed capacity to produce 180 cotton bales per day (24 hours operation). BHADRA INTERNATIONAL: ICRA Reaffirms D Rating on INR304.53cr Loan ----------------------------------------------------------------- ICRA reaffirmed ratings on certain bank facilities of Bhadra International (India) Private Limited (Bhadra International), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based Term Loans 304.53 [ICRA]D; Re-affirmed Long-term- Fund Based/ Cash Credit 30.00 [ICRA]D; Re-affirmed Short-term- Non-fund Based 78.00 [ICRA]D; Re-affirmed Rationale The rating reaffirmation factors in the continued delays in servicing of interest and principle dues on the outstanding term loans by Bhadra International, due to its stretched liquidity. Further, the impasse on the implementation of the erstwhile policies and regulations1, or the more recent, Ground Handling Service Regulations 2017 (GHSR 2017), has resulted in weaker than expected business performance due to competition from non-entitled players, thereby impacting the financial health of the company. Despite operating profits growing almost three-fold in FY2019 (INR36.7 crore in FY2019 from INR13.5 crore in FY2018) backed by tight cost controls, the same continued to remain weak relative to high fixed operating overheads, large royalty commitments to the Airport Authority of India (AAI) and relatively low capacity utilisation levels. Moreover, the company continued to make net losses due to high interest costs. Accumulated losses over the years have completely eroded the net worth of the company and this, along with sizeable debt, continues to weigh on the company's financial profile. ICRA notes Bhadra International's exposure to regulatory risks, given that AAI terminated contracts of all the ground handling agencies and invited fresh bids under GHSR 2017. While the tendering has been completed, delay in award of concessions and risk of company not being able to secure service rights on the existing airport, persist. In the interim, presence of non-entitled entities continues to constrain the company's ability to scale up operations and its pricing power. Notwithstanding the weak financial metrics, the business profile of the company is supported by its presence at two of the top five busiest airports (Kolkata and Chennai) in India and reputed client base comprising leading international airlines including British Airways, Cathay Pacific, Etihad, Saudi Airlines, Lufthansa, Qatar Airlines, Scoot airlines, Sri Lankan airlines etc. The business profile derives strength from its strong infrastructure and state-of-the-art equipment, which has supported the healthy growth in operating revenues over the last five years, despite a delay in implementation of the policy. ICRA notes that the company made cash profits in FY2019 for the first time since its inception. Going forward, the ability of the company to regularise delays in debt servicing and improve its cash flows with higher operating leverage, in line with further scale up in operations will remain the key rating drivers. While ICRA acknowledges the suit filed by the company against AAI, for losses caused due to its failure to implement the policy, a timely and favourable conclusion to the on-going proceedings remains a rating sensitivity. Further, a favourable award of desired airports, under the fresh bidding conducted by AAI, remains a key sensitivity, having a bearing on continuity of Bhadra International's operations. Key rating drivers Credit strengths Presence at two of the top five busiest airports in India offers high growth potential - Bhadra International offers ground-handling services at Kolkata, Chennai, Calicut, Coimbatore, Mangalore, Trichy and Trivandrum, all of which are international airport locations. Of the seven locations, Chennai and Kolkata airports continue to contribute more than three-fourths of the total revenues and being metro airports, they are likely to remain the key revenue drivers. Strong infrastructure and state-of-the-art equipment provide competitive edge in attracting new clients; enables high on time turnaround for aircrafts - The equipment used by Bhadra International is in line with international standards and it conforms to the standards laid down by the International Air Transport Association, which helps to tap the niche international airlines segment. The company has a proven track record of on-time turnarounds and high-quality services, which has helped it win accolades and top-vendor rankings from players such as Lufthansa and Air Arabia. YoY improvement in revenues and profitability, despite operational challenges - Bhadra International's operating income (OI) mainly comprising revenues from cargo handling and ramp-handling services, has registered a YoY growth of 13.9% in FY2019. Despite operational challenges and the impasse on the implementation of the ground-handling policy, the company has been able to register a healthy YoY growth aided by new client addition as well as higher business from existing clients. The operating profits of the company increased from INR13.5 crore in FY2018 to INR36.7 crore in FY2019 on account of stringent cost controls with focus on improving manpower and equipment productivity. Credit challenges Delays in debt servicing due to stretched liquidity - Bhadra International went into corporate debt restructuring (CDR) in FY2013. While the repayments on restructured loans commenced from September 2014, the company continued to face liquidity constraints due to its inability to significantly scale-up its operations because of competition from non-entitled players. Resultantly, there have been continued delays in meeting repayment obligations. As per the management, on an average, these delays range between 60 to 80 days. Weak financial profile with fully eroded net worth and significant near-term debt repayment obligations - The net worth of the company has fully eroded due to significant losses over the years. Bhadra International had undertaken aggressive debt-funded capex in the past towards equipment required for undertaking ground-handling operations at various airport locations. Consequently, it has significant repayment obligations--in excess INR60 crore per annum--over the next three years. Given the weak accruals, the company has been delaying the payment of its statutory dues and trade payables (Rs. 255.2 crore, outstanding as on September 30, 2018), which primarily comprise royalty payments to AAI (a sizeable part of which is disputed and has been stayed by the High Court) to service its debt obligations. Continuity of business exposed to regulatory risk due to delay in implementation of GHSR 2017 - The GHSR 2017 includes, inter alia, cap on the number of ground handlers at each airport, requirement for Air India's subsidiary/JV to match royalty/revenue share offered by other ground handlers, right to domestic airlines to self-handle at all airport locations etc. Having retained the key points of the previous policy, NCAP is likely to be a positive for the Ground Handling Agencies (GHAs). However, a delay in its implementation, due to an appeal filed by the Federation of Indian Airlines in the honorable Supreme Court challenging certain provisions (outcome of which is awaited), continues to adversely impact the business and financial profiles of players like Bhadra International. Moreover, the AAI had decided to terminate all the existing licenses awarded to GHAs and to induct GHAs through fresh tenders. Bhadra International had also participated in the bidding process, the results of which are expected to be out shortly. This poses an additional risk of the company losing out on the existing airports and thus, the result of the new bidding is a key sensitivity to the continuity of the company's operations. Liquidity position The liquidity continues to remain weak, given the operational challenges and weaker than anticipated scale up in operations. This has resulted in continued delays in debt servicing. The repayments are being managed by stretching statutory dues and vendor payments. The utilisation of the fund-based working capital remained high, with an average utilisation of over 88% of the drawing power for the 12-month period (January–November 2018). Moreover, with the company having to utilise incremental bank guarantees for appealing the arbitration verdict in the High Court, the utilisation of the non-fund based facilities is likely to be stretched in the near-term. Despite YoY improvement in cash accruals, the company will be unlikely to timely service its repayments obligations, which are in excess of INR60 crore per annum over the next three years. Bhadra International is promoted by Mr. Prem Bajaj who holds 62.5% of the total equity of the company, while the balance is held by GPC Mauritius IX LLC. Incorporated in 2000, Bhadra International is involved in providing ground handling services, ramp services and allied services at airports across India. The company entered into a technical collaboration with Novia International Consulting ApS (Denmark) in 2007 and was awarded concessions from the Airport Authority of India (AAI) to provide comprehensive ground handling services at seven airports, including Chennai, Trichy, Coimbatore, Kolkata, Calicut, Trivandrum and Mangalore. In FY2019, AAI terminated all prevailing ground handling contracts and invited fresh tenders (in October 2018) after introducing new ground handling regulations in 2017. Bhadra International had participated in the e-auction for over 20 airports. The fresh concessions are expected to be awarded shortly. Bhadra International's clientele includes international players operating out of these locations like British Airways, Cathay Pacific, Etihad, Saudi Airlines, Lufthansa, Qatar Airlines, Scoot airlines, Sri Lankan airlines etc. The company's corporate offices are in New Delhi. CRYSTAL SEA: ICRA Maintains B+ Rating in Not Cooperating -------------------------------------------------------- ICRA said the long-term and short-term ratings for the bank facilities of Crystal Sea Foods Private Limited (CSFPL) continues to remain under 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 12.65 [ICRA]B+ (Stable) ISSUER NOT Term Loan COOPERATING Rating continues to remain under 'Issuer Not Cooperating' category Fund based- 25.00 [ICRA]A4 ISSUER NOT Export Packaging COOPERATING Rating continues Credit 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 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. Crystal sea foods private limited(CSFPL) was incorporated as a private limited company in June 2013 at Chirala in Andhra Pradesh for setting up a shrimp processing unit with installed processing capacity of 10,500 MTPA and 2100 MT cold storage capacity. The promoters of the company namely, Mr. Amanchi Krishna Mohan, Mr. Amanchi Rajendra Prasad, Mr. Venkateswara Prasad, Mr. Cherukuri Peddabai Naidu and Mr. Syed Waseem have more than 20 years of experience in prawn cultivation and marketing and have a good network with aquaculture farmers and traders. The shrimp processing unit is a forward linkage to the existing shrimp culture. D.S ENTERPRISES: ICRA Lowers Rating on INR7.5cr Loan to B+ ---------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of D.S Enterprises (DSE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 2.50 [ICRA]B+ (Stable); Downgraded Cash Credit from [ICRA]BB- (Stable) Long term- 7.50 [ICRA]B+ (Stable); Downgraded Unallocated from [ICRA]BB- (Stable) Limits Rationale The revision in ratings takes into account the continued decline in DSE' operating scale and cash accruals, primarily due to competitive pressures. The presence of various organised and unorganised players in the stationery industry leads to intense competition. Further, the firm's working capital indicators remain stretched due to high inventory levels, long receivable realisation period and dependence on extended credit from suppliers. The rating, however, derives strength from the fact that the firm is a part of the MBD Group, which has a long track record in the printing and publishing industry. The Group has an established brand presence in the student community through a strong dealership network. This apart, the rating positively factors in the improvement in profitability on account of the discontinuation of the loss-making centres. Going forward, the firm's ability to revive its business and working capital position will be the key rating sensitivity. Outlook: Stable ICRA believes that DSE will continue to benefit from the Group's large distribution network across India. The outlook may be revised to Positive in case of substantial growth in revenues and profitability, along with significant improvement in working capital indicators. The outlook may be revised to Negative in case of further decline in the operating scale from the current levels and elongation of working capital cycle, leading to stress in liquidity position. Key rating drivers Credit strengths Strength derived as part of MBD Group - DSE is a part of the MBD Group, which is a leading Indian publishing house with a track record of over six decades. The Group publishes books under three brands Holy Faith, MBD and Modern Publishers and primarily caters to the K-12 school segment. This leads to expected synergies with DSE's business. Credit challenges Modest track record - DSE's operating scale has been shrinking over the last two years as the firm has shut its loss-making branches. It revenues declined at a CAGR of -37% over the last two fiscals. This is in part due to the management's strategy to focus on strong centres only. The stationery industry houses various organised and unorganised players, leading to intense competition. The firm generated net cash accruals of INR0.10 crore in FY2018. Its working capital limits also reduced consequently. Stretched working capital indicators led by high stock levels and long receivables realisation period – DSE's working capital indicators remained highly stretched due to high receivable and stock levels. Since the stationery industry has various organised and unorganised players, the credit term offered by the firm is very competitive. Further, it is dependent on high credit from suppliers and the Group entities to manage its working capital cycle. Risks associated with partnership nature of DSE - DSE also faces the risks associated with its status as a partnership firm, including the risk of capital withdrawal. In FY2018, it generated PAT of INR0.7 crore and the partners withdrew INR1.2 crore. Liquidity position DSE has a moderate liquidity position. The firm has limited dependence on external debt on account of limited capex. However, the absence of creditor funding, delay in debtors and delay in limit availability can impact its liquidity position. DSE is a part of the New Delhi-based MBD Group, which is a reputed publishing group with interests in hospitality and real estate as well. The MBD Group is managed by Ms. Satish Bala Malhotra and her two daughters Ms. Sonica Malhotra and Ms. Monica Malhotra. DSE manufactures stationery under the brand MBD Writewell, which it sells through its own sales and distribution network. DASHMESH AGRO: ICRA Maintains B Rating in Not Cooperating --------------------------------------------------------- ICRA said the rating for INR26.00 crore bank facility of Dashmesh Agro Industries 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 ---------- ----------- ------- Fund based 26.00 [ICRA]B(Stable) ISSUER NOT limits COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been seeking information from the entity so as to monitor its performance. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA on the basis of the best available/dated/limited information on the issuers' performance. Accordingly, lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as it may not adequately reflect the credit risk profile of the entity. Dashmesh Agro Industries is a partnership firm promoted by Mr. Ashwani Sidana and his family members. The firm is primarily involved in the milling of basmati rice and also converts semi-processed rice into parboiled basmati rice. DAI's milling unit is based out of Jalalabad in Ferozpur district, Punjab, which is in close proximity to the local grain market. DASHMESH RICE: ICRA Maintains B Rating in Not Cooperating --------------------------------------------------------- ICRA said the rating for INR30.00 crore bank facility of Dashmesh Rice Mills 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 ---------- ----------- ------- Fund based limits 30.00 [ICRA]B(Stable) ISSUER NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been seeking information from the entity so as to monitor its performance. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA on the basis of the best available/dated/limited information on the issuers' performance. Accordingly, lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as it may not adequately reflect the credit risk profile of the entity. Dashmesh Rice Mills is a partnership firm promoted by Mr. Raman Sidana and his family members, primarily involved in milling of basmati rice. The firm also converts semi-processed rice into parboiled basmati rice. DRM's milling unit is based out of Jalalabad, District in Punjab's Ferozpur, in close proximity to the local grain market. DEWAN HOUSING: ICRA Lowers Rating on INR850cr Loan to D ------------------------------------------------------- ICRA has downgraded the rating on the 850-crore commercial paper programme of Dewan Housing Finance Corporation Limited (DHFL) to [ICRA]D from [ICRA]A4. The rating has been removed from Watch with Negative Implications. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Commercial Paper 850 [ICRA]D; downgraded from Programme [ICRA]A4; removed from Watch with Negative Implications The rating revision factors in further deterioration in company's liquidity profile and delays in meeting scheduled debt obligation on June 4, 2019. While the mentioned debt is not rated by ICRA, given the stretched liquidity profile and limited visibility on fresh funding, company is unlikely to be able to service its debt obligation with regard to commercial paper programme in a timely manner. Key rating drivers Credit challenges Reduced ability to refinance and stretched liquidity position – Though the company's borrowing profile is well diversified, the recent industrywide stress in liquidity has increased dependence on securitisation (~Rs. 17,000 crore raised between September 24, 2018 and May 10, 2019). Moreover, DHFL is dependent on the refinancing of maturing liabilities, given the relatively longer tenure of the loans inherent in the housing finance industry. While reliance on short-term borrowings through commercial papers has declined with the amount outstanding reducing to INR850 crore as on May 10, 2019 from INR8,715 crore as on September 30, 2018, the company would continue to depend on portfolio sales to meet its debt obligations till fresh funding resumes. DHFL reported a net fixed deposit outflow of INR1,356 crore during September 24, 2018 to December 31, 2018. The liquidity position of the company is also stretched as evidenced by delay in meeting its debt obligation. Rising share of non-housing loans - Though the company's asset quality remained stable, with a gross NPA ratio of 1.12% and net NPA ratio of 0.8% as on December 31, 2018 (0.96% and 0.56%, respectively, as on March 31, 2018), ICRA notes the declining share of individual housing loans. The share of individual housing loans has decreased to 57% of the AUM while project loans comprised 17% of the AUM, as on December 31, 2018, compared with 61% and 15%, respectively, as on March 31, 2018. Also, the share of housing loans on the balance sheet declined to 48% as on December 31, 2018 from 55% as on March 31, 2018 owing to the significant securitisation of the home loan portfolio in Q3 FY2019. The project loan portfolio remains relatively unseasoned as the project loan book is recently originated and a large portion remains under moratorium. DHFL's ability to maintain the asset quality indicators will be a key rating monitorable, going forward. Moderate economic capitalisation indicators - The rating is constrained by DHFL's moderate capitalisation position with a relatively high gearing of 9.32 times as on December 31, 2018. Nevertheless, the company's regulatory capital adequacy is supported by the relatively lower risk weights prescribed by the National Housing Bank for smaller ticket loans, which constitute a large proportion of DHFL's portfolio. ICRA takes note of the company's efforts to sell its non-core assets and project loan portfolio as well as its plans to onboard a strategic investor to improve its capitalisation position. However, the inflows from the sale of its non-core assets are expected to be gradual and subject to regulatory approval, wherever applicable. Liquidity position The liquidity position is stretched as evidenced by delay in meeting debt obligation by the company. The company has INR750 crore commercial paper (CP) programme maturing in June 2019 with first repayment on June 7, 2019. Given stretched liquidity position and limited visibility on fund raising, company is unlikely to be able to service its debt obligation with regard to commercial paper programme in a timely manner. As on April 11, 2019, DHFL's liquidity reserve stood at INR2,775 crore (including SLR) and it expects monthly collections of INR2,200 crore, going forward. Against this, the company has scheduled repayments of around INR6,900 crore (Including unanticipated debt repayments already made till May 10, 2019) from May 1, 2019 to June 30, 2019. Dewan Housing Finance Corporation Limited was incorporated as Dewan Housing and Leasing Company Limited in 1984. Its name was changed to Dewan Housing Development Finance Limited in 1984 and subsequently to Dewan Housing Finance Corporation Limited in 1992. With the merger of First Blue Home Finance Limited with DHFL in FY2013, DHFL extended its offerings to the higher ticket size segment of more than INR10 lakh. DHFL focuses on the low-and-middle-income customer segment and reported total AUM of INR1.27 lakh crore as on December 31, 2018. In 9M FY2019, as per Ind AS, the company reported a profit after tax of INR1,226 crore on a total income base of INR9,936 crore compared to INR1,109 crore and INR8,029 crore, respectively, in 9M FY2018. GILLCO DEVELOPERS: ICRA Cuts INR45cr Loan Rating to D, Not Coop. ---------------------------------------------------------------- ICRA has downgraded the rating of bank facilities of Gillco Developers & Builders Private Limited (GDB), to [ICRA]D ISSUER NOT COOPERATING from [ICRA]BB(Stable) ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 20.00 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Downgraded from [ICRA]BB(Stable); Rating continues to remain under 'Issuer Not Cooperating' category Fund based- 45.00 [ICRA]D ISSUER NOT COOPERATING; Term Loan Downgraded from [ICRA]BB(Stable); 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, despite the downgrade. Rationale The rating action is driven by continuous overutilization of cash credit limits by Gillco Developers & Builders Private Limited (GDB), for over 30 days, in the month of May 2019. Key rating drivers Credit challenges Delays in debt servicing - The company's cash credit limits have been continuously over utilized in the month of May 2019. Gillco Developers & Builders Private Limited (GDB) was incorporated in February 2011 and is involved in real estate development in the Mohali region in Punjab. The company is closely held by the Gill family based in Chandigarh, Punjab and has Mr. Ranjeet Singh Gill as its Managing Director. Mr. Gill has more than 10 years of experience in the real estate development business, having executed various residential projects in Mohali, Punjab. The company builds residential spaces in Mohali, Punjab which includes plots, flats, villas and commercial complexes. GMR WARORA: ICRA Cuts INR75cr NCD Rating to C, Not Cooperating -------------------------------------------------------------- ICRA has downgraded the long-term rating to [ICRA]C 'ISSUER NOT COOPERATING' from [ICRA]BB- (Stable) 'ISSUER NOT COOPERATING', for the NCD programme of INR75.00 crore of GMR Warora Energy Limited. The rating continues to be in the 'Issuer Not Cooperating' category. The ratings are now denoted as "[ICRA]C ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- NCD Programme 75.00 [ICRA]C ISSUER NOT COOPERATING; downgraded from [ICRA]BB- (Stable); Rating continues to be in 'Issuer not cooperating' Category ICRA has been trying to seek information from the company so as to monitor its performance, but despite repeated requests by ICRA, the company'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 company. Rationale The revision in the rating takes into account the stretched liquidity position of the company due to delays in tariff payments from Maharashtra State Electricity Distribution Company Limited and Tamil Nadu Generation and Distribution Company Limited. While the company has remained timely in debt servicing for the NCDs, it has reported delays in servicing of debt obligations for the bank lines. GMR Warora Energy Limited (Formerly EMCO Energy Limited) is an special purpose vehicle (SPV) promoted by the GMR Group for the development of a 600-MW (2X 300 MW) domestic coal-based thermal power plant at Warora in Maharashtra. The Unit I of the power plant was initially scheduled to be commissioned by August 2012 but was eventually commissioned in March 2013. The Unit 2 was commissioned in September 2013. The project cost has been revised to INR4,250 crore with debt of INR3,188 crore as against initial estimates of INR3,480 crore, which was funded through debt of INR2,610 crore. The coal for the plant has been tied-up under FSA) for the entire capacity of the plant with South Eastern Coal Fields Ltd (SECL), a subsidiary of CIL. JAIGO AGRO: ICRA Maintains B+ Rating in Not Cooperating ------------------------------------------------------- ICRA said the rating of INR10.00 crore bank facilities of Jaigo Agro Industries continues to remain under 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term 10.00 [ICRA]B+(Stable); ISSUER NOT Cash credit 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. Jaigo Agro Industries was incorporated in 2015 as a partnership firm by merging four proprietorship concerns owned by the managing partner and his family members, namely, Murrali Modern Rice Mill engaged in operating a rice mill since 2004, Sumathi Traders and Perumal Traders which have been engaged in the trading of dhal and rice since 2013 and Goutham Dhall Mill which has been operating a dhal mill from 2015. It is engaged in milling, processing, sorting and trading of rice and dhal. JET AIRWAYS: ED May Summon Naresh Goyal in Privilege Case --------------------------------------------------------- The Economic Times reports that the Enforcement Directorate (ED) is likely to summon Jet Airways founder Naresh Goyal for questioning over alleged wrongdoing related to stake sales in the unit that ran the grounded carrier's loyalty programme, said people with knowledge of the matter. The agency is also studying allegations of tax evasion of more than INR650 crore made by the income tax department against Jet Airways and its units to see if these violated provisions of the Foreign Exchange Management Act (FEMA), the report says. Jet Airways incorporated Jet Privilege Pvt Ltd (JPPL) as a wholly owned unit in 2012. After Etihad bought a 50.1% stake, it was hived off as an independent entity. Jet Airways holds the remaining 49.9%. Etihad had bought a 24% stake in Jet Airways in 2013, according to the report. The ED had in the past sent queries to Jet regarding the $150 million stake sale in JPPL but it was only in May that senior executives of the airline were called in for detailed questioning, ET relates. According to the report, the Jet Airways stock plunged to an all-time low on June 18, a day after lenders decided to refer the airline to bankruptcy court after failing to come up with a viable rescue plan for the carrier that stopped flying on April 18. ET relates that the central agency is trying to ascertain whether Etihad received the necessary approvals required from the now-defunct Foreign Investment Promotion Board for making investments in the country. "The preliminary probe indicates that the deal is in violation of the FDI (foreign direct investment) provisions and Jet Airways classifying it as an 'air transport service firm'--a sector that allows more than 49% FDI through automatic route--was only to circumvent the norms in order to get more FDI," said one of the persons cited by ET. "Since Goyal was founder and a major stakeholder then, he will be summoned in due course to explain this." According to the report, the person said the probe will seek to ascertain if this was an arrangement struck between the two in order to get more overseas investment into the airline and if that was in contravention of FDI norms. In the tax matter, the IT investigation wing discovered alleged irregularities in transactions between Jet Airways and its Dubai-based group firms, ET reported on June 15. The airline was found to be paying commissions every year to its general sales agent in Dubai, which was also part of a group unit. These may have been aimed at evading taxes to the tune of INR650 crore, ET had reported, citing people aware of the matter. Details pertaining to those alleged irregularities have also cropped up in the JPPL deal probe while studying the books of accounts. "A preliminary inquiry has indicated that this also amounts to violation under FEMA as fake invoices were floated and the monies that should have come to India were routed abroad," ET quotes another official aware of the matter as saying. "This transaction will also be studied in detail and a decision will be taken if a case has to be made out under FEMA." Earlier this month, Goyal was summoned by the IT department's Mumbai wing under Section 131 of the Income Tax Act that empowers the income tax authorities to conduct inquiries and summon persons, examine them under oath, compel the production of books of account and documents, and issue commissions, ET recalls. ET says multiple revenue and enforcement agencies are probing Jet Airways for alleged irregularities. Other than the ED and the IT department, the ministry of corporate affairs (MCA) is also investigating the airline for alleged violations of the Companies Act, ET relates. The ministry's regional office concluded several transactions to be of a "suspicious nature" in a May report. It recommended a detailed investigation into Jet Airways after an inspection of its accounts, ET adds. Sources added that the government is likely to hand over the probe to the Serious Fraud Investigation Office (SFIO), the investigation arm of the MCA, ET relays. Based on a request by the MCA, a lookout circular had been issued against Naresh Goyal and his wife Anita to ensure that they didn't leave the country while investigations were pending. Following this, they were taken off a Dubai-bound plane in Mumbai on May 26. The carrier had previously told ET that it was in compliance with the law. This was in response to a February 26 report by ET that said income tax authorities had discovered irregularities in the airline's transactions with Dubai-based group companies and that the authorities might ask Jet Airways to explain these related-party deals. "Jet Airways reiterates that it has always complied with all regulatory and corporate governance requirements, as required by law, with respect to the transactions entered into with related parties," it had said at the time, ET relays. "Such disclosures have been made by the company in its duly audited and published financials as part of 'related-party transactions'." It was cooperating with the authorities, including the Registrar of Companies (RoC) through the course of a tax survey conducted last year, the carrier had said, adds ET. About Jet Airways Based in Mumbai, India, Jet Airways (India) Limited -- https://www.jetairways.com/ -- 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. Two operational creditors, Shaman Wheels Pvt Ltd and Gaggar Enterprises Pvt Ltd, filed separate insolvency pleas against the carrier for recovery of dues on June 10, 2019. JET AIRWAYS: Lenders Tap Grant Thornton as Resolution Professional ------------------------------------------------------------------ Livemint.com reports that lenders to Jet Airways (India) Ltd have named Ashish Chhawchharia of Grant Thornton India as the resolution professional (RP) for the airline's bankruptcy proceedings, three people aware of the matter said. Law firm Cyril Amarchand Mangaldas will represent the interests of the lenders' consortium, the report says. Livemint.com relates that the consortium led by State Bank of India (SBI) on June 17 decided to start insolvency proceedings against the debt-laden airline which last flew on April 17. Chhawchharia is partner and head of restructuring services at Grant Thornton, according to his LinkedIn profile, which also states that he is an Insolvency Professional registered with the Insolvency and Bankruptcy Board of India (IBBI). The case was heard by the Mumbai bench of the National Company Law Tribunal (NCLT) for the first time on June 19, the report notes. "The petition for insolvency was filed on Tuesday morning [June 17] and would be mentioned for an early hearing on Wednesday {June 19]," said the first of the three persons cited above, all of whom spoke on the condition of anonymity, Livemint.com relays. Grant Thornton will assist the RP in finding a prospective buyer for Jet Airways and recover dues for the lenders, this person added. Last week, two operational creditors of the airline--Shaman Wheels Pvt. Ltd and Gaggar Enterprises Pvt. Ltd--filed separate insolvency pleas against Jet Airways to recover their dues. The NCLT is expected to hear their pleas next week. Meanwhile, Jet Airways pilots' union National Aviator's Guild also plans to file an insolvency plea for non-payment of salaries and for not providing for gratuity, Livemint.com reports. "The airline (Jet Airways) currently has no assets and operations to speak of, so finding a buyer is a tall task. And if a buyer comes in, he will demand a huge haircut. The only assured asset that can fetch some money is the brand, but this may not fetch huge value," said the second person cited above. "There are a couple of foreign airlines we are looking at who could potentially revive the airline, but for now, it appears to be a tall task," said this person, who is directly involved in the matter. A senior official at a public sector bank involved in the discussions, said about two parties have shown interest in bidding once the company is in the bankruptcy court, Livemint.com adds. "These parties haven't given us any assurances yet," the senior banker said without elaborating. Lenders led by SBI have been trying to resolve the insolvency crisis at Jet outside the NCLT due to fear of little or no recovery, the report says. With the company in NCLT, the lenders face the possibility of recovering a fraction of their dues worth INR8,400 crore. Jet's total liabilities, including unpaid salaries and vendor dues, are nearly INR15,000 crore, according to Livemint.com. "I feel sad and deeply distressed mainly for our loyal employees who have waited months and were anxiously and hopefully awaiting a positive outcome to the Bank Led Resolution Plan," the report quotes the airline's founder Naresh Goyal as saying in a statement on June 18. "I can only hope and pray that even now, a solution can emerge and Jet can fly and fulfil the needs not only of employees but of air travellers who feel the absence of the Joy of Flying," Goyal added. Livemint.com meanwhile reports that two independent directors of Jet Airways, former bureaucrat Ashok Chawla and Sharad Sharma, resigned from their positions on June 18 as the airline's board is non-compliant with provisions of the Companies Act and as the bank-led resolution plan is not moving forward. About Jet Airways Based in Mumbai, India, Jet Airways (India) Limited -- https://www.jetairways.com/ -- 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. Two operational creditors, Shaman Wheels Pvt Ltd and Gaggar Enterprises Pvt Ltd, filed separate insolvency pleas against the carrier for recovery of dues on June 10, 2019. KRISHI NUTRITION: Ind-Ra Withdraws BB+ Long Term Issuer Rating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Krishi Nutrition Company Private Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT COOPERATING)'. The instrument-wise rating actions are: -- The 'IND BB+' rating on the INR129.36 mil. Term loan is withdrawn; -- The 'IND BB+' rating on the INR65 mil. Fund-based limits are withdrawn; and -- The 'IND BB+' rating on the INR17 mil. Non-fund-based limits withdrawn. KEY RATING DRIVERS Ind-Ra is no longer required to maintain the ratings, as the agency has received no objection certificates from the rated facilities' lenders. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017, for credit rating agencies. COMPANY PROFILE Incorporated in 2013, Krishi Nutrition manufactures animal feed through an outsourcing arrangement. LAXMIPATI BALAJI: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Laxmipati Balaji Infra Pvt. Ltd. 204, 2nd Floor, Corporate Zone C-21, Mall Hosangabad Road Misrod Bhopal MP 462026 Insolvency Commencement Date: March 31, 2019 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: November 27, 2019 Insolvency professional: Manish Kumar Bhagat Interim Resolution Professional: Manish Kumar Bhagat 103-104, Panchdeep Complex Mithakhali Six Road Navrangpura Ahmedabad 380009 E-mail: mbhagat2003@gmail.com Last date for submission of claims: June 25, 2019 MAN TUBINOX: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Man Tubinox Ltd 102, Man House, 2nd Floor S.V. Road, Vile Parle (West) Mumbai 400056 Insolvency Commencement Date: June 12, 2019 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 9, 2019 Insolvency professional: Mr. Vikas Prakash Gupta Interim Resolution Professional: Mr. Vikas Prakash Gupta 16B, Flat No. 301 Padmanabh Apartment Tilak Nagar, Nagpur 440010 E-mail: vikas.gupta@bngca.com - and - 405, 4th Floor, K P Aurum Marol Maroshi Road Marol, Andheri East Mumbai 400059 E-mail: ip.mantubinox@gmail.com cirp.mantubinox@gmail.com Last date for submission of claims: June 26, 2019 MARIANELLA PROPERTIES: ICRA Maintains D Rating in Not Cooperating ----------------------------------------------------------------- ICRA said the rating for the INR15.00 crore bank facilities of Marianella Properties Private Limited continues to remain in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 15.00 [ICRA]D ISSUER NOT COOPERATING; Term Loan Rating continues to be 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. Incorporated in 2008, Marianella Properties Private Limited (MPPL) is into the business of developing land and other immovable properties. Till last rating exercise, the company had one project in Vasai (Suburban Mumbai) where it was constructing a commercial complex. In the past, the promoters have executed 13 projects (through Rose Builders) in Mumbai. MOSER BAER: NCLT Orders Liquidation After Failing to Find Buyer --------------------------------------------------------------- BloombergQuint reports that the National Company Law Tribunal (NCLT) has directed Moser Baer Solar Ltd. to go under liquidation, as the debt-ridden company failed to get any resolution plan from any firm within the mandated 270 days. BloombergQuint says the principal bench of NCLT, headed by President Justice MM Kumar, has directed the company to go under liquidation on May 30 and appointed a liquidator for the process. "In the factual background and in the absence of any resolution plan and for want of time beyond statutory CIRP (corporate insolvency resolution process) period, there is no other alternative but to order for liquidation of the corporate debtor," said the NCLT, BloombergQuint relays. According to BloombergQuint, the tribunal has appointed Arvind Garg as the liquidator for the company and directed him to ensure that the business of Moser Baer Solar is continued during the liquidation process. NCLT has also directed the liquidator to "submit a preliminary report to the adjudicating authority (NCLT) within 75 days from the liquidation commencement date," BloombergQuint says. Moser Baer Solar is a subsidiary of optical storage media maker Moser Baer India Ltd., which is also facing liquidation, the report notes. Insolvency was triggered against Moser Baer Solar after the NCLT had on Nov. 14, 2017, admitted the plea filed by Central Bank of India. During the CIRP, Moser Baer Solar's liquidation value was assessed at INR72.42 crore. BloombergQuint notes that on the request of the company's resolution professional, Moser Baer Solar's insolvency period was extended to another 90 days on April 23, 2018, to 270 permissible days under the Insolvency and Bankruptcy Code. However, despite several advertisement inviting expression of interest, the company's RP failed to receive any resolution plan and mandatory period of 270 days lapsed. About Moser Baer MBIL, promoted in 1983 by Mr. Deepak Puri, began manufacturing time recorder units in technical collaboration with Maruzen Corporation, Japan, and Moser Baer Sumiswald, Switzerland. MBIL diversified into optical data storage in 1986, and has evolved into the leading manufacturer of removable data storage media such as floppy disks, compact discs (CDs), and digital versatile discs (DVDs). MBIL is India's largest, and among the world's three largest optical storage media manufactures, with a capacity to manufacture 4.8 billion discs per annum at its manufacturing facilities at Noida and Greater Noida (both in Uttar Pradesh). The Honorable National Company Law Tribunal has allowed the liquidation of Moser Baer India Limited in September 2018. NARAYAN COTTON: Ind-Ra Migrates B Issuer Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Narayan Cotton Industries' (NCI) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR6.96 mil. Term loan due on May 2020 migrated to non- cooperating category with IND B (ISSUER NOT COOPERATING) rating; and -- INR100 mil. Fund-based working capital limit migrated to non- cooperating category with IND B (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on June 22, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2009 as a partnership firm, NCI is primarily engaged in the cotton ginning and pressing business. NOBLE EDUCATIONAL: ICRA Migrates D Rating to Not Cooperating ------------------------------------------------------------ ICRA has moved the ratings for the INR15.00-crore bank facilities of Noble Educational and Charitable Trust (NECT) to the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 0.25 [ICRA]D ISSUER NOT COOPERATING; Cash Credit rating moved to 'Issuer Not Cooperating' Category Long Term-Term 14.01 [ICRA]D ISSUER NOT COOPERATING; Loan rating moved to 'Issuer Not Cooperating' Category Long term/Short- 0.74 [ICRA]D/[ICRA]D ISSUER NOT term–Unallocated COOPERATING; ratings moved to '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. Noble Educational and Charitable Trust was incorporated in the year 2009 and manage an engineering college by the name Holy Kings College of Engineering and Technology located in Ernakulam, Kerala. The college started functioning from September 2011 and was affiliated to Mahatma Gandhi University, Kottayam till 2014-15. From 2015-16 onwards, it is affiliated to A P J Abdul Kalam Technological University (KTU), previously known as Kerala Technological University. The college is AICTE approved (All India Council for Technical Education) and is ISO 9001:2008 certified. PENGUIN UMBRELLA: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: M/s. Penguin Umbrella Works Private Limited B-12/13, Chinar, 1st Floor R.A. Kidwai Road Mumbai 400031 Insolvency Commencement Date: June 12, 2019 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 9, 2019 Insolvency professional: Mr. Vijay P. Lulla Interim Resolution Professional: Mr. Vijay P. Lulla 201, Satchitanand Bldg., 12th Road Opp. Ram Mandir, Khar (West) Mumbai 400052 E-mail: vijayplulla@rediffmail.com - and - 501, Arcadia Building 5th floor, Nariman Point Mumbai 400021 E-mail: vijayplullairp@gmail.com Last date for submission of claims: June 29, 2019 RNB CEMENTS: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: RNB Cements Pvt. Ltd. Registered office: UMIAM Industrial Area Umiam, RI-bhoi 793103 (Meghalaya) Insolvency Commencement Date: June 13, 2019 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: December 10, 2019 (180 days from commencement) Insolvency professional: Mr. Kamalesh Kumar Singhania Interim Resolution Professional: Mr. Kamalesh Kumar Singhania AV Insolvency Professionals Pvt. Ltd. Bajarang Kunj, Room No. 412 & 413 2B, Grant Lane, 4th Floor Kolkata 700012 E-mail: info@avipgroup.co.in cirp.rnbcement@gmail.com Last date for submission of claims: June 27, 2019 SHREE SOMNATH: ICRA Maintains B+ Rating in Not Cooperating ---------------------------------------------------------- ICRA said the ratings for the INR10.00 crore bank facilities of Shree Somnath Iron And Power Private Limited continue to remain in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based- 6.00 [ICRA]B+ (Stable) ISSUER NOT Term Loans COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund Based- 4.00 [ICRA]B+ (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category The rating is based on no updated information on the entity's performance since the time it was last rated in September 2016. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating does not adequately reflect the credit risk profile of the entity. The entity's credit profile may have changed since the time it was last reviewed by ICRA; however, in the absence of requisite information, ICRA is unable to take a definitive rating action. As part of its process and in accordance with its rating agreement with Shree Somnath Iron And Power Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information, and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Shree Somnath Iron & Power Private Limited (SIPL) manufactures MS billets with an installed capacity of 30,000 metric tonne per annum (MTPA). SIPL has installed two induction furnaces of 10 tonnes each for manufacturing MS billets. The manufacturing facility of the company is located in Raipur, Chhattisgarh and the commercial operations of the unit commenced from March 12, 2016. SRI VENKATESWARA: ICRA Cuts INR70.30cr Loan Rating to D, Not Coop. ------------------------------------------------------------------ ICRA has revised the ratings for the INR75.00 crore bank facilities of Sri Venkateswara Rice Industries Private Limited (SVRI) to [ICRA]D from [ICRA]BB(stable) and moved the rating to 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term-fund 70.30 [ICRA]D ISSUER NOT COOPERATING; based limits Revised from [ICRA]BB(Stable); moved to 'Issuer Not Cooperating' category Long term- 4.70 [ICRA]D ISSUER NOT COOPERATING; Unallocated Revised from [ICRA]BB(Stable); limits moved to '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. Rationale The rating downgrade follows the delays in debt servicing by SVRI to the lender(s), as confirmed by them to ICRA. Founded in the year 2005, as a partnership firm Sri Venkateswara Rice Industries (SVRI) is engaged in the milling of paddy and produces raw & boiled rice. In September 2015, company has been reconstituted as private limited company and has been renamed as Sri Venkateswara Rice Industries Private Limited (SVRIPL). The milling unit is located at Kodada village of Nalgonda district, Telangana with milling capacity of 24 tons per hour (TPH). SVS MOOKAMBIKA: Ind-Ra Lowers Long Term Issuer Rating to 'D' ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded SVS Mookambika Constructions Private Limited's (SVS Mookambika) Long-Term Issuer Rating to 'IND D' from 'IND BB+' and simultaneously migrated the rating to the non-cooperating category. The Outlook was Stable. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR138 mil. Fund-based working capital limit (Long term/Short term) downgraded and migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR110 mil. Non-fund-based working capital limit (Short term) downgraded and migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information KEY RATING DRIVERS The downgrade reflects delays in debt servicing by SVS Mookambika on account of stressed liquidity position, the details of which are not available. RATING SENSITIVITIES Positive: Timely debt servicing for at least three consecutive months would be positive for the ratings. COMPANY PROFILE SVS Mookambika, incorporated in 2009, is located in Vizianagaram, Andhra Pradesh. It undertakes road development and maintenance contracts floated by the governments of Telangana, Andhra Pradesh, Karnataka, and Odisha. TRANSSTROY TIRUPATI: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: M/s Transstroy Tirupati - Tiruthani - Chennai Tollways Private Limited Plot No. 201, 202A & 202B, Guttala Begumpet Kavuri Hills, Hyderabad Hyderabad, Telangana 500081 India Insolvency Commencement Date: June 3, 2019 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: November 29, 2019 (180 days from commencement) Insolvency professional: Madhusudhan Rao Gonugunta Interim Resolution Professional: Madhusudhan Rao Gonugunta 7-1-285, Flat No. 103, Sri Sai Swapna Sampada Apartments, Balkampet Sanjeev Reddy Nagar Hyderabad, Telangana 500038 E-mail: madhucs1@gmail.com ttctpip@gmail.com Last date for submission of claims: June 28, 2019 UPTEC IDEALABS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: M/s. Uptec Idealabs Limited 4th floor, Leeven Heights Plot # 31 Jubilee Enclave, Hitec City Hyderabad, Telangana 500081 India Insolvency Commencement Date: June 14, 2019 Court: National Company Law Tribunal, Hyderabad Bench Estimated date of closure of insolvency resolution process: December 11, 2019 Insolvency professional: S. Manjula Interim Resolution Professional: S. Manjula Akasam & Associates, 10-1-17/1/1 2nd Floor, Masab Tank Hyderabad 500004 Telangan, India E-mail: manjula@akasamandassociates.com cirp.uptecidealabs@gmail.com Last date for submission of claims: June 28, 2019 VENKY HI TECH: ICRA Cuts INR24cr Loan Rating to D, Not Coop. ------------------------------------------------------------ ICRA has downgraded the ratings for the INR30.00 crore bank facilities of Venky Hi Tech Ispat Ltd (VHTIL) to [ICRA]D/ [ICRA]D ISSUER NOT COOPERATING from [ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING. The ratings continue to remain in the 'Issuer Not Cooperating' category. The ratings are now denoted as "[ICRA]D/ [ICRA]D ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 24.00 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating downgraded from [ICRA]B+ (Stable) and continues to remain in the 'Issuer Not Cooperating' category Non fund based- 1.50 [ICRA]D ISSUER NOT COOPERATING; Letter of Credit Rating downgraded from [ICRA]A4 and continues to remain in the 'Issuer Not Cooperating' category Unallocated 4.50 [ICRA]D/[ICRA]D ISSUER NOT Limits COOPERATING; Ratings downgraded from [ICRA]B+ (Stable)/[ICRA]A4 and continue to remain in the 'Issuer Not Cooperating' category Rationale The ratings downgrade follows the delays in debt servicing by Venky Hi Tech Ispat Ltd to the lender(s), as confirmed by them to ICRA. ICRA has limited information on the entity's performance since the time it was last rated in July 2016. As part of its process and in accordance with its rating agreement with Venky Hi Tech Ispat Ltd, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Venky Hi Tech Ispat Ltd was incorporated in December 2003 and currently has 36,000 tons per annum (tpa) ingot and 84,000 tpa thermo-mechanically treated manufacturing facility at Durgapur, West Bengal. The company also started manufacturing billets from February 2015. WHITEFIELD SPINTEX: ICRA Cuts INR25.50cr Loan Rating to D, Not Coop ------------------------------------------------------------------- ICRA has downgraded the long-term rating for the bank facility of Whitefield Spintex (India) Pvt Ltd (WSIPL) to [ICRA]D ISSUER NOT COOPERATING from [ICRA]B ISSUER NOT COOPERATING. ICRA has also downgraded the Short-term rating for the bank facility of Whitefield Spintex (India) Pvt Ltd (WSIPL) to [ICRA]D ISSUER NOT COOPERATING from [ICRA]A4 ISSUER NOT COOPERATING. The rating continues to remain in the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]D; ISSUER NOT COOPERATING" for the bank facilities of the company. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based- 3.00 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Downgraded from [ICRA]B (Stable); Rating continues to remain in the 'Issuer Not Cooperating' category Fund-based- 25.50 [ICRA]D ISSUER NOT COOPERATING; Term Loan Downgraded from [ICRA]B (Stable); Rating continues to remain in the 'Issuer Not Cooperating' category Non-Fund-based– (23.52) [ICRA]D ISSUER NOT COOPERATING; Interchangeable- Downgraded from [ICRA]A4; Rating sublimit to continues to remain in the cash credit 'Issuer Not Cooperating' category Short term- 1.35 [ICRA]D ISSUER NOT COOPERATING; Non Fund based Downgraded from [ICRA]A4; 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, despite the downgrade. Rationale The ratings take into consideration the irregularity in debt servicing by WSIPL, as confirmed by its lender to ICRA. Whitefield Spintex (India) Private Limited (WSIPL) was incorporated in September 2013 as a Private Limited Company and is promoted by Mr. Minesh Jagani, Mr. Alvish Jagani and their relatives. The company has set up its plant at village Kherva, Ta. Wankaner, Dist. Rajkot to carry out spinning of 30SNE combed single cotton yarn as well as 2/30 twisted spun yarns. The promoters of the company are also associated in various industries such as ceramic, logistics, and auto sector through other group companies. i.e. Satyam Auto industries, SRV Global Freight Pvt. Ltd. and Wellgrip Industries. WINDSOR EDIFICES: ICRA Withdraws D Rating on INR50cr LT Loan ------------------------------------------------------------ ICRA has withdrawn the ratings on certain bank facilities of Windsor Edifices Private Limited (WEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- Term Loan 50.00 [ICRA]D; Withdrawn Rationale The ratings are withdrawn in accordance with ICRA's policy on withdrawal and suspension, as desired by WEPL and based on the no dues certificate provided by the banker. Windsor Edifices Private Limited (WEPL), is part of the Bangalore based Windsor Group, which is engaged in the business of real estate development. The company is held by Windsor Gardens Private Limited (16.97%), Mr. MSRV Prasad (35.88%), Mr. MJ Patel (35.88%) and Mrs. M Rajyalakshmi (11.26%). The company was incorporated in 2010 with its registered office at Bangalore and was set up for the purpose of developing a residential project –Windsor Troika in Begur Road, Off Bannerghatta Road, Bangalore. The project will consist of two towers, each comprising G+18 floors with 286 residential units. In addition, another tower comprising G + 5 floors shall be developed which would house car parking, club house, gymnasium etc. YYAVI TRADERS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Yyavi Traders Limited Magan Baug, Room No. 104 Sun Mill Road, Lower Parel Mumbai 400013 Insolvency Commencement Date: June 11, 2019 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 8, 2019 Insolvency professional: Sudip Bhattacharya Interim Resolution Professional: Sudip Bhattacharya 903 Queensgate Hiranandani Estate Off Ghod Bander Road Thane-West 400607 E-mail: resolutionsudip@gmail.com - and - 407 Sanjar Enclave Opposite Milap PVR S.V. Road, Kandivali-West Mumbai 400067 E-mail: yyavi@consultinsolvency.com Last date for submission of claims: June 26, 2019 =============== M A L A Y S I A =============== TH HEAVY: Hopes to Return to Profit in FY19 After Contract Win -------------------------------------------------------------- Arjuna Chandran Shankar at theedgemarkets.com reports that TH Heavy Engineering Bhd (THHE), which is in the midst of formulating a plan to regularise its financial conditions, hopes to keep up the momentum of last week's contract win through to the rest of its financial year ending Dec. 31, 2019 (FY19). According to theedgemarkets.com, Chief executive officer Suhaimi Badrul Jamil said the group is expecting to turn a profit in FY19, following the positive momentum seen in the second half of FY18 and the first quarter ended March 31, 2019 (1QFY19). He added that for the remaining quarters in FY19, the group is expecting to achieve similar performance as 1QFY19. THHE posted a net profit of MYR2.48 million in 1QFY19, compared with a net loss of MYR14.75 million a year ago, while quarterly revenue increased to MYR11.53 million from MYR186,000 in 1QFY18, the report discloses. theedgemarkets.com relates that Suhaimi said this year's revenue and net profit growth will be driven by its MRO segment. He added that the group is hopeful of submitting its regularisation plan to the relevant authorities by Oct. 24, theedgemarkets.com relays. The report says the proposed regularisation plan would include the issuance of new Islamic irredeemable convertible preference shares (ICPS-i) to creditors of the Practice Note 17 company. "However, the issuance of the ICPS-i is dependent on the company securing a sustainable business," Suhaimi told reporters after its annual general meeting on June 18, theedgemarkets.com relays. On June 13, THHE had bagged a US$11.4 million (RM47.4 million) subcontract from Afcons Infrastructure Ltd of India for the fabrication of piles for offshore jackets for the development of KG-DWN-98/2 NEP Block offshore India, says theedgemarkets.com. theedgemarkets.com notes that the proposed regularisation plan will see THHE reducing its total borrowings to MYR55 million from MYR149.01 million as at Dec. 31, 2018. theedgemarkets.com relates that Suhaimi said the proposed regularisation plan is about 80% complete with the scheme of arrangement already finalised. "The remaining 20% pending constitutes the matter of the ICSPS-I share issuance," he added. On the contracts that the group, which is engaged in the fabrication of offshore oil and gas related structures, is currently tendering for, Suhaimi said there is a lot of demand for small boats measuring less than 15m from "various government agencies," the report relates. In addition, the group has its marine vessel maintenance, repair and overhaul (MRO) activities. According to the report, Suhaimi also believes that doubt on the ability of the group to continue as a going concern will be resolved once it obtains approval for its proposed regularisation plan. On April 24, its external auditor Deloitte had for the second time issued a disclaimer of opinion on the group's financial statements for FY18, theedgemarkets.com notes. The external auditor had first issued a disclaimer of opinion warning about TH Heavy's ability to continue as a going concern for its FY17 financial statements, says theedgemarkets.com. About TH Heavy TH Heavy Engineering Berhad is an investment holding company. The Company is engaged in the provision of management services. The Company is engaged in the fabrication of offshore steel structures and the provision of other related offshore oil and gas engineering services in Malaysia. The Company operates through three segments: Construction services, Offshore crane works and Others. The Construction services segment includes engineering, procurement, construction, installation and commissioning (EPCIC) capabilities. Its EPCIC activities include fabrication, construction and maintenance of offshore structures; construction and maintenance of onshore plants; offshore and onshore crane manufacturing and servicing; marine operations and support services; hook-up and commissioning (HUC), and engineered packages. The Others segment includes management services and transportation services. Its subsidiary, O&G Works Sdn. Bhd., produces a range of marine and offshore pedestal cranes. TH Heavy slipped into Practice Note 17 (PN17) status in April 2017 after the company's independent auditors expressed a disclaimer opinion on its accounts for the financial year ended Dec. 31, 2016. The company is currently formulating a regularisation plan that includes a scheme that would demonstrate the company's ability to generate adequate cashflow from operations. ===================== N E W Z E A L A N D ===================== JFC LIMITED: To Shut Christchurch Branch, 20 Staff to Lose Jobs --------------------------------------------------------------- Anne Gibson at NZ Herald reports that a Christchurch contracting business that employs about 20 staff is set to close, with a boss saying the city's market is an "absolute disaster." NZ Herald relates that Ian Cole, JFC chief operating officer, said on June 20: "We have a small branch office in Christchurch which will close either later this year or early next year. It has maybe about 20 staff." Layoffs were planned due to lack of work, he said but two water contracts would be finished before the closure, the report relays. "It's been a slowing up of the branch and its work over time. There's no great surprise. The market is an absolute disaster down there," NZ Herald quotes Mr. Cole as saying of Christchurch. "We probably had a maximum two years ago of 120 staff. A few of them--about 20 to 30--have relocated to Auckland but some can't due to having homes and families there. Work has been diminishing over time. A lot of people moved there after the earthquakes." According to the report, Mr. Cole said the staff were being dealt with "in the correct fashion." Projects in Christchurch were now being finished but the Auckland office would remain open, Mr. Cole stressed. That Auckland office had around 300 staff, he said. Christchurch jobs had included Government and council work, he said. In Christchurch, JFC is in Addington and in Auckland at Mangere. JFC is an infrastructure and civil construction company. The business was originally John Fillmore Contracting. ================= S R I L A N K A ================= SRILANKAN AIRLINES: Fitch Rates Proposed USD Bonds B(EXP) --------------------------------------------------------- Fitch Ratings has assigned SriLankan Airlines Limited's (SLA) proposed issue of US dollar government-guaranteed bonds an expected rating of 'B(EXP)'. The proceeds of the issuance will be used to refinance the company's USD175 million bond due June 27, 2019. The final rating is contingent upon the receipt of final documents conforming to information already received. KEY RATING DRIVERS The proposed bonds are rated at the same level as the bonds issued by SLA's parent, the government of Sri Lanka (B/Stable), due to the unconditional and irrevocable guarantee provided by the government. The government's bonds are, in turn, rated in line with its Long-Term Issuer Default Rating (IDR) of 'B'. The payment obligations arising under the guarantee rank pari passu with all other present and future, unconditional, unsecured and unsubordinated obligations of the government. The state held 99.5% of SLA as of end-May 2019 through direct and indirect holdings. DERIVATION SUMMARY Fitch has rated SLA's US dollar bonds at the same level as the sovereign rating due to the unconditional and irrevocable guarantee provided by the government. The rating is not derived from SLA's standalone credit profile and thus is not comparable with that of its industry peers. RATING SENSITIVITIES The ratings of the proposed bond would be sensitive to any changes in Sri Lanka's Long-Term IDR. Developments that May, Individually or Collectively, Lead to Positive Rating Action - An upgrade of the sovereign Long-Term IDR Developments that May, Individually or Collectively, Lead to Negative Rating Action - A downgrade of the sovereign Long-Term IDR For the sovereign rating of Sri Lanka, the following sensitivities were outlined by Fitch in its Rating Action Commentary of December 3, 2018 The main factors that individually, or collectively, could trigger a positive rating action are: - Improvement in external finances supported by higher non-debt inflows, or a reduction in external sovereign refinancing risks from an improved liability profile - Improved policy coherence and credibility - Stronger public finances underpinned by a credible medium-term fiscal strategy The main factors that, individually or collectively, could trigger negative rating action are: - Further increases in external funding stresses that threaten the ability to repay external debt - Continued political uncertainty that contributes to a loss of investor confidence, possibly affecting the macroeconomic outlook - A deterioration in policy coherence and credibility that leads to an increase in general government debt and deficit levels. SRILANKAN AIRLINES: S&P Rates US$-Denom. Gov't. Guaranteed Bonds B ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' long-term issue rating to the proposed U.S.-dollar-denominated bonds due 2024 by SriLankan Airlines Ltd. The rating on the bonds is equalized with the long-term foreign currency sovereign credit rating on Sri Lanka (B/Stable/B), and is based on the timely, unconditional, and irrevocable guarantee by the government. The obligations of the government as guarantor under the guarantee for the bonds constitute unsecured and unsubordinated obligations of the guarantor, and shall, at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations, save for the exceptions as may be provided by applicable legislation and subject to the deed of guarantee. =============== X X X X X X X X =============== EL AL: Egan-Jones Downgrades Senior Unsecured Debt Ratings to B --------------------------------------------------------------- Egan-Jones Ratings Company, on June 14, 2019, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by El Al Israel Airlines to B from B+. EJR also downgraded the rating on commercial paper issued by the Company to C from A3. El Al Israel Airlines Ltd., trading as El Al, is the flag carrier of Israel. Since its inaugural flight from Geneva to Tel Aviv in September 1948, the airline has grown to serve over 50 destinations. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2019. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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