TCRAP_Public/190627.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, June 27, 2019, Vol. 22, No. 128

                           Headlines



A U S T R A L I A

BIRUBI ART: Fined AUD2.3MM for Selling Fake Aboriginal Art
BLU JABIRU: Clifton Hall Appointed as Liquidator
BLUE COW: First Creditors' Meeting Set for July 5
GUARDED PTY: ASIC Cancels AFS License After Key Person Steps Down
KARMA CAFE: Second Creditors' Meeting Set for July 4

LEO CANCER: First Creditors' Meeting Set for July 3
LUXURY YACHT: Second Creditors' Meeting Set for July 4
PDM GROUP: Second Creditors' Meeting Set for July 4
SECUREBUILD AUSTRALIA: First Creditors' Meeting Set for July 3
VIRGIN AUSTRALIA: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B



C H I N A

ANXIN TRUST: Public Default Highlights Cracks in Market
HUAI'AN DEVELOPMENT: Fitch Rates $300MM Bonds Final 'BB-'


I N D I A

APEX CONSTRUCTIONS: ICRA Maintains B+ Rating in Not Cooperating
AVINASH TRANSPORT: CARE Cuts INR9.95cr Loan Rating to B+, Not Coop.
BAJAJ AGRO: CARE Migrates D Rating to Not Cooperating Category
BHAGIRATHI RICE: CARE Cuts INR7cr Loan Rating to B+, Not Coop.
BRAIN MASTER'S: Insolvency Resolution Process Case Summary

DEWAN HOUSING: Misses Debt Payments on INR2.25BB Commercial Papers
DHRUVDESH METASTEEL: ICRA Withdraws B Rating on INR20cr Loan
EYE-Q VISION: ICRA Hikes Rating on INR4.0cr NCD to B
GOLDSTAR IMPEX: Insolvency Resolution Process Case Summary
INTELLICITY BUSINESS: Insolvency Resolution Process Case Summary

JAI KRISHAN: ICRA Lowers Rating on INR30cr Term Loan to D
JET AIRWAYS: Creditors Have Until July 4 to File Claims
JET AIRWAYS: NCLT Pushes for Quick Resolution of Insolvency Case
KALINGA BHARATI: Ind-Ra Migrates B Loan Rating to Non-Cooperating
KARTIKEY RESORTS: ICRA Maintains 'D' Rating in Not Cooperating

PITTI CASTINGS: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
R. P. MOTORS: ICRA Maintains 'B' Rating in Not Cooperating
RAJYALAKSHMI HEALTHCARE: Ind-Ra Lowers LT Issuer Rating to 'BB'
RELIANCE POWER: ICRA Lowers Rating on INR3712cr Loan to C/A4
REMEDY MEDICAL: ICRA Maintains 'B' Rating in Not Cooperating

SATYA SUBAL: ICRA Maintains B Rating in Not Cooperating Category
SATYESHWAR HEEMGHAR: ICRA Maintains B- Rating in Not Cooperating
SEPAL TILES: ICRA Maintains B- Rating in Not Cooperating
SHILPI CABLE: Ind-Ra Withdraws 'D' Long Term Issuer Rating
SHIVA OM: CARE Migrates B+ Rating to Not Cooperating Category

SHRIGANESH TEXTILE: Ind-Ra Assigns 'BB' Long Term Issuer Rating
SIDDARTH INTERCRAFTS: ICRA Lowers Rating on INR2.5cr Loan to C
SIDDESHWAR MULTIPURPOSE: ICRA Retains B Rating in Not Cooperating
SIDDHRAJ INFRABUILD: ICRA Maintains B Rating in Not Cooperating
SOLUTIONS BUSINESS: Insolvency Resolution Process Case Summary

UJALA MINERALS: CARE Migrates B Rating to Not Cooperating Category
URJA AUTOMOBILES: ICRA Maintains 'B' Rating in Not Cooperating
UTTAM GALVA: Ind-Ra Affirms LT Issuer Rating at 'D', Not Coop.


J A P A N

TAKASHIMAYA COMPANY: To Close Shanghai Store, Exit China Market
[*] JAPAN: Financial Regulator OKs Nascent Junk Bond Market


M A L A Y S I A

BERJAYA MEDIA: Time Submit Regularization Plan Extended to Dec 20


P H I L I P P I N E S

CEBU AIR: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+

                           - - - - -


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

BIRUBI ART: Fined AUD2.3MM for Selling Fake Aboriginal Art
----------------------------------------------------------
The Guardian reports that a company that sold fake Aboriginal art
has been fined AUD2.3 million for "false and misleading conduct",
the largest penalty of its kind awarded by the federal court.

According to the report, Birubi Art breached consumer law by
selling thousands of Indonesian-made items as Aboriginal art, but
is unlikely to ever have to pay the fine because the company is in
liquidation.

In October, the federal court found that Birubi Art had "made false
or misleading representations that products it sold were made in
Australia and hand-painted by Australian Aboriginal persons, in
breach of the Australian consumer law".

The Guardian says the Australian Competition and Consumer
Commission (ACCC) sought a high penalty to act as a deterrent, and
to signify the "serious cultural harm" done by fake Aboriginal
art.

These harms were "grave and far-reaching" and involved "not just
direct economic loss but a weakening of the value of the authentic
products" and an "erosion of consumer confidence in the entire
sector," the report relays.

Outside the court, the CEO of the Indigenous Art Code, Gabrielle
Sullivan, said the judgment was "promising and it will hopefully
act as a deterrent for others" but "it is important to acknowledge
that the law has not changed," The Guardian reports.

The Indigenous Art code is set up to promote and preserve ethical
trading in Indigenous art.

"The existing consumer law has been used to highlight misleading
and deceptive conduct," The Guardian quotes Ms. Sullivan as
saying.

"While the ACCC acknowledges the cultural harm caused, it must be
made clear that Birubi, in liquidation, were not on trial for
abuses of Indigenous cultural and intellectual property and
stealing, and cultural theft."

Birubi Art went into voluntary liquidation in 2017 but not before
selling its assets to another company, Gifts Mate, "established and
controlled by Birubi's former director Mr. [Ben] Wooster," federal
court judge Melissa Parry noted in her decision, the report
relays.

"What's not clear is how the law deals with the fact that Gifts
Mate Australia continue to sell works which are strikingly similar
to the products Birubi has previously sold," Ms. Sullivan said.

The Indigenous Art Code and other organisations are now calling for
tougher laws to protect against misrepresentation and fake art,
says The Guardian.

"There is no law in Australia that says you can't make fake art or
you can't misappropriate Aboriginal and Torres Strait Islander
culture. All the law says is that if you are doing that you need to
be up front about it," Ms. Sullivan said.

Between July 2015 and November 2017, the ACCC said, Birubi sold
more than 18,000 boomerangs, bullroarers, didgeridoos and message
stones to retail outlets around Australia, featuring designs
"associated with Australian Aboriginal art" and labelled with words
such as "Aboriginal Art", "genuine" and "Australia," according to
The Guardian.

Up to 80% of Aboriginal souvenir products sold are fake or have not
been made under a fair and transparent licensing agreement, the
Australian copyright agency, the Indigenous Art Code and Arts Law
said, in a joint statement following the judgment, the report
relays.

"Fake art deprives Indigenous artists of economic opportunity and
demeans Indigenous cultural heritage.    

"These concerns cannot be overcome through the existing consumer
protection laws on false and misleading representations.

"A new law enforced by the ACCC to prevent the sale of fake art is
needed."

BLU JABIRU: Clifton Hall Appointed as Liquidator
------------------------------------------------
Daniel Lopresti of Clifton Hall was appointed as Liquidator of Blu
Jabiru Pty Ltd (formerly trading as Outback Landscaping and
Supplies) on June 24, 2019.

BLUE COW: First Creditors' Meeting Set for July 5
-------------------------------------------------
A first meeting of the creditors in the proceedings of Blue Cow
Cheese Company Pty Ltd will be held on July 5, 2019, at 10:00 a.m.
at the offices of Cor Cordis, Mezzanine Level, at 28 The Esplanade,
in Perth, WA.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Blue Cow on June 25, 2019.

GUARDED PTY: ASIC Cancels AFS License After Key Person Steps Down
-----------------------------------------------------------------
The Australian Securities and Investments Commssion (ASIC) has
cancelled the Australian financial services (AFS) licence of
Sydney-based Guarded Pty Ltd for failure to comply with financial
services laws.

The cancellation was effective from May 27, 2019.

Guarded failed to maintain competence to provide the financial
services authorised by its licence after its responsible manager,
who had been appointed as a key person, resigned. It also failed to
notify ASIC or put forward a suitable replacement.  

Generally, a key person is appointed on an AFS licence where ASIC
considers that the licensee is dependent on that person to maintain
the capacity, knowledge and skills to provide financial services
under the licence. Maintaining competence is essential for
providing appropriate advice to consumers and ensuring licensees
deliver financial services efficiently, honestly and fairly.

Guarded also failed to lodge its financial statements and auditor's
reports with ASIC for the financial years ending 2017 and 2018.
Guarded's failures indicate that that the licensee did not
understand its obligations as an AFS licensee.

ASIC expects AFS licensees to comply with the law when key
personnel who are responsible for overseeing the provision of
financial services resign. Licensees must notify ASIC of any
changes to responsible managers within 10 business days of the
change occurring.

Licensees are also required by law to lodge their financial
statements to demonstrate their capacity to provide financial
services. ASIC considers failure to comply with reporting
obligations an indicator of a poor compliance culture and will take
action if necessary.

Guarded has the right to seek a review of ASIC's decision at the
Administrative Appeals Tribunal.

Guarded Pty Ltd held AFS licence no 449837 since AFSL since March
4, 2014.

KARMA CAFE: Second Creditors' Meeting Set for July 4
----------------------------------------------------
A second meeting of creditors in the proceedings of Karma Cafe and
Fitness Pty Ltd has been set for July 4, 2019, at 11:00 a.m. at the
offices of BCR Advisory, Level 14, at 60 Margaret Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 3, 2019, at 4:00 p.m.

John Maxwell Morgan and Geoffrey Davis of BCR Advisory were
appointed as administrators of Karma Cafe on May 31, 2019.

LEO CANCER: First Creditors' Meeting Set for July 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of Leo Cancer
Care Pty Ltd will be held on July 3, 2019, at 10:30 a.m. at the
offices of Grant Thornton Australia, Level 17, at 383 Kent Street,
in Sydney, NSW.

Philip Campbell Wilson and John McInerney of Grant Thornton
Australia were appointed as administrators of Leo Cancer on June
21, 2019.

LUXURY YACHT: Second Creditors' Meeting Set for July 4
------------------------------------------------------
A second meeting of creditors in the proceedings of Luxury Yacht
Refinishers Pty. Ltd has been set for July 4, 2019, at 12:30 p.m.
at DoubleTree by Hilton Hotel Cairns, 121-123 Esplanade, in Cairns
City, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 3, 2019, at 5:00 p.m.

David Allan Ingram of Hall Chadwick was appointed as administrator
of Luxury Yacht on June 5, 2019.

PDM GROUP: Second Creditors' Meeting Set for July 4
---------------------------------------------------
A second meeting of creditors in the proceedings of:

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

has been set for July 4, 2019, at 2:00 p.m. at The Portside Centre
Level 5, Symantec House, 207 Kent Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 3, 2019, at 4:00 p.m.

Mitchell Warren Ball of BPS Recovery was appointed as administrator
of PDM Group on May 29, 2019.

SECUREBUILD AUSTRALIA: First Creditors' Meeting Set for July 3
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   * Securebuild Australia Holdings Ltd;
   * Securebuild Australia Operations Pty Ltd; and
   * SB Fidelity Ltd

will be held on July 3, 2019, at 10:00 a.m. at the offices of Jones
Partners, Level 13, at 189 Kent Street, in Sydney, NSW.  

Bruce Gleeson of Jones Partners was appointed as administrator of
Securebuild Australia on June 21, 2019.

VIRGIN AUSTRALIA: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
----------------------------------------------------------------
Egan-Jones Ratings Company, on June 18, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Virgin Australia Holdings Limited to B from B+. EJR
also downgraded the rating on commercial paper issued by the
Company to B from A3.

Virgin Australia Holdings Limited is the holding company that owns
and operates Virgin Australia, Virgin Australia International
Airlines, Virgin Australia Regional Airlines, and Tigerair
Australia.



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

ANXIN TRUST: Public Default Highlights Cracks in Market
-------------------------------------------------------
The Financial Times reports that a rare public default at a Chinese
trust company is drawing attention to cracks in the CNY7.9 trillion
($1.13 trillion) market for the investment products in the country,
where similar failures have been dealt with behind the scenes in
the past.

The FT relates that Anxin Trust, which missed payments on CNY11.8
billion for 25 trust products earlier this year, has been forced to
publicly document its default because, unlike most trusts, it is
listed on the Shanghai stock exchange.

According to the FT, the situation has offered a rare glimpse into
the factors leading up to failed trust products, which for Anxin
include giving loans to an acquisitive property group that has
since been delisted from a Chinese bourse. The trust company's
shares tumbled more than 9 per cent on June 25 after it said its
parent company's shares had been frozen by a court in Shanghai.

Analysts said investors should get used to trusts failing to make
payments on products as the government stops rescuing companies,
the FT relates.

"It's impossible to not have defaults as they make a break with
guaranteed payments," the FT quotes Xie Yunliang, chief
macro-analyst at Minsheng Securities, referring to the conventional
expectation among investors that all products would eventually be
backstopped by the government, as saying.

The FT says trust companies take cash from wealthy
investors--usually with a threshold of CNY1 million per
investor--and lend at high rates to groups that cannot get bank
loans, the FT says. Borrowers often include real estate developers,
coal miners and other companies in higher risk industries.

In the past, the government has instructed state banks to swoop in
and rescue trust investors. But regulators are this year expected
to allow more companies to default on bank loans, bonds and credit
from the country's CNY61.3 trillion shadow lending business, which
includes trusts and wealth management products, as the economy
slows, the FT states.

Anxin's regulatory filings have detailed its exposure to a company
that sought to make aggressive overseas investments before facing a
series of defaults in China, according to the FT.

Property developer Zhonghong Zhuoye, which bought UK travel group
Abercrombie & Kent and a stake in SeaWorld in 2017, has been unable
to pay CNY550 million it owes to the trust. Anxin took Zhonghong's
Shenzhen-listed shares as collateral for the loan but the stock was
delisted at the end of 2018. Zhonghong was forced to back out of
the SeaWorld deal earlier this year.

The default has offered unusual clarity on the high level of risk
taken by some trust companies.

"There are no public disclosure requirements for trusts," said
David Yin, a vice-president at Moody's, notes the report.
"Sometimes media gets information from investors that suffer losses
but there's not much information outside of this."

A few other trust defaults have surfaced in the Chinese media this
year but often only when clients complain. In May, Bohai Trust was
found to have defaulted on a product that had been bought by a bank
in Hunan province but news of the incident circulated only after
the bank sued.

Individual investors have also been known to take to Chinese social
media such as Weibo, China's version of Twitter, to complain about
losses and apply pressure to the trust company.

Based in Shanghai, China, Anxin Trust Co., Ltd, offers trust
service for clients in agriculture, biomedicine, city renovation,
Internet infrastructure, pension, logistics, and new energy
industry fields. The company was formerly known as Anxin Trust &
Investment Co., Ltd. and changed its name to Anxin Trust Co., Ltd
in April 2014.

HUAI'AN DEVELOPMENT: Fitch Rates $300MM Bonds Final 'BB-'
---------------------------------------------------------
Fitch Ratings has assigned China-based Huai'an Development Holdings
Co., Ltd's (HAD, BB-/Stable) USD300 million 6.9% guaranteed bonds
due 2022 a final rating of 'BB-'.

The notes were issued by Xiangyu Investment (BVI) Co., Ltd. and are
unconditionally and irrevocably guaranteed by HAD as well as Hong
Kong Xiangyu Investment Group Co., Limited, which is a direct
wholly owned subsidiary of HAD.

The final rating on the notes is the same as the expected rating
assigned on June 18, 2019 and follows the receipt of documents
conforming to information already received.

KEY RATING DRIVERS

The bonds are rated at the same level as HAD's Issuer Default
Rating as they represent its unsubordinated and unsecured
obligations and rank at least pari passu with all of HAD's other
present and future unsecured obligations.

RATING SENSITIVITIES

Any change in HAD's Issuer Default Rating will result in a similar
change in the rating of the bonds.



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

APEX CONSTRUCTIONS: ICRA Maintains B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings for the INR13.00 crore bank facilities of
Apex Constructions continues to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-          6.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund             7.00       [ICRA]A4 ISSUER NOT
   based-Letter                    COOPERATING; Rating continues
   of guarantee                    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 and
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.

Apex Constructionss was established as a partnership firm in 1997.
There was reconstitution of partnership firm in April 2014 and it
is currently managed by Mr. Raman Patel, Mr. Rajesh Patel, Mr.
Nirav Patel along with other four partners. The firm is primarily
engaged in the execution of government tenders for civil
construction contracts of Roads.

The company has "AA" category registration having validity till
December 31, 2018 with the Government of Gujarat, enabling it to
bid without any capping of the contract value. The company has
received the certificate during July 2016. To mitigate the funding
and bidding issues, AC executes contracts as a subcontractor for
Milan Associates (AA category registration) and Anish Infracon (AA
category registration) whereby bidding is done, and order is bagged
by the primary contractor. For subcontract work, the entire project
activity is carried out by AC and in return it pays commission in
the range of 3-4% to the aforementioned client. Earlier the
partners of AC were associated with Milan Associates and Anish
Infracon (I) Pvt. Ltd. however after reconstitution, all the
entities got separated. AC also gives some of the contract to
another sub-contractor depending upon the project.


AVINASH TRANSPORT: CARE Cuts INR9.95cr Loan Rating to B+, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Avinash Transport (AT), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       9.95       CARE B+; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE BB-; Issuer
                                   Not cooperating based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has seeking information from AT to monitor the rating vide
e-mail communications/letters dated June 6, 2018, June 10, 2018,
June 12, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on AT's bank
facilities will now be denoted as CARE B+; ISSUER NOT COOPERATING.
Further, banker could not be contacted.

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

The rating takes into account its constitution of the entity,
volatility of input prices, high client concentration risk,
seasonal nature of industry and regulatory and delay in execution
risk. Moreover, the rating continues to derive strengths by its
experienced promoters.

Detailed description of the key rating drivers

At the time of last rating in July 5, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

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

Volatility in input prices: Fuel expenses form one of the major
expenses for mining related excavation jobs incurred by Avinash.
Though for the present contract with BCCL, ECL and EMTA, there is a
provision for diesel price variation clause, the profitability of
the firm is vulnerable to diesel price fluctuations in case the
actual consumption of diesel is in excess of norms allowed in the
contract.

Seasonal nature of industry: Mining related excavation jobs and
allied activities are susceptible to decline in output in rainy
season due to adverse weather condition, resulting in volatility of
margins and cash flows.

Regulatory and delay in execution risk: Avinash Transport's
business is susceptible to financial loss arising out of delay in
project execution, as generally there exist penalty clause for
delay in contract execution and hence Avinash has to focus on both
volume and quality to avoid penalty. However, there have been no
such instances in the past. Though, the entire responsibility of
getting regulatory clearances, land acquisition and preparation of
detailed mining plan lies with the mining lease holder, Avinash
remains exposed to the risk of any adverse changes in geo political
environment or policy matters. In such cases, the terms of contract
are usually renegotiated. Hence, the firm remains exposed to such
risks which are inherent in mining operations.

Key Rating Strengths

Experienced partners: Avinash Transport has been formed promoted by
Mr. Arvind Singh & his family members. Mr. Arvind Singh, having
around two decades experience in the mining related excavation jobs
&transportation businesses, looks after the overall management of
the company and is supported by a team of experienced personnel.
They are also the promoter of ‘Ashirbad Real Estate & Transport
Private Ltd', engaged in similar line of business, since 1996.

Liquidity
The liquidity position of the entity remained low marked by current
ratio and quick ratio of 0.63x as on March 31, 2014. The Gross cash
accrual was INR3.30 crore in FY14.

BAJAJ AGRO: CARE Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Bajaj
Agro Industries (BAI) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.71       CARE D; Issuer not cooperating
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BAI to monitor the rating
vide letters/e-mails communications dated June 6, 2018, June 10,
2018, June 12, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at fair rating. The rating on Bajaj Agro
Industries' bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING. Further, banker could not be contacted.

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

Detailed description of the key rating drivers

The revision in the rating assigned to the bank facilities of Bajaj
Agro Industries is on account of on-going delays in debt
servicing due to stressed liquidity condition of the entity.
Going forward, the ability to regularize the debt servicing
obligations and timely repayment of debt will be the key rating
sensitivities.

Key Rating Weaknesses

Ongoing delays in repayment of bank facilities: As reported by the
banker, there are on-going delays in servicing of term loans and
continuous overdrawal in the cash credit account. The delays were
due to stretched liquidity position owing to lower accruals from
business operations and higher dependence on external borrowings.

Proprietorship nature of constitution: Bajaj Agro Industries being
a proprietorship entity is exposed to inherent risk of the
proprietor's capital being withdrawn at time of personal
contingency and entity being dissolved upon the death/insolvency of
the proprietor. Furthermore, proprietorship entities have
restricted access to external borrowing as credit worthiness of
proprietor would be the key factors affecting credit decision for
the lenders.

Bajaj Agro Industries (BAI) was established as a proprietorship
firm in 2011 by Mr. Naresh Bajaj for setting up a rice milling
unit. The firm has been engaged in rice milling activities at its
plant located at Dhamtari, Chhattisgarh with aggregate installed
capacity of 14592 MTPA. The firm has started commercial operations
from December, 2011 onwards. Mr. Naresh Bajaj has around 21 years
of experience in rice milling industry and he looks after the day
to day operations of the firm. He is supported by a team of
experienced professionals.

BHAGIRATHI RICE: CARE Cuts INR7cr Loan Rating to B+, Not Coop.
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Bhagirathi Rice Mill to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Bhagirathi Rice
Mill to monitor the ratings vide e-mail communications dated May
30, 2019, June 5, 2019 and June 6, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on Bhagirathi Rice Mill bank facilities will now be denoted
as CARE B+; Stable; ISSUER NOT COOPERATING.

BRAIN MASTER'S: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Brain Master's Classes Private Limited
        Victory Chember, 4-A Ratlam Kothi
        Near Geeta Bhavan SQ, Indore
        Madhya Pradesh 452005

Insolvency Commencement Date: June 14, 2019

Court: National Company Law Tribunal, Ahmedabad-Gujarat Bench

Estimated date of closure of
insolvency resolution process: December 10, 2019

Insolvency professional: Sunil Kumar Agarwal

Interim Resolution
Professional:            Sunil Kumar Agarwal
                         Tower 6/603, Devnandan Heights
                         Near Poddar School
                         New C.G. Road, Chandkheda
                         Ahmedabad, Gujarat 382424
                         E-mail: anil91111@hotmail.com

                            - and -

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

Last date for
submission of claims:    July 2, 2019


DEWAN HOUSING: Misses Debt Payments on INR2.25BB Commercial Papers
------------------------------------------------------------------
Reuters reports that Dewan Housing Finance Corp Ltd (DHFL) said it
had only been able to make a 40 percent payment on unsecured
commercial papers due on June 25, but vowed to pay the remaining
INR2.25 billion ($32.49 million) in the coming days.

India's shadow banking sector has been thrown into disarray after a
series of defaults at large lender Infrastructure Leasing and
Financial Services last year triggered fears about contagion in the
financial sector, Reuters says.

According to Reuters, two major credit ratings agencies --ICRA, an
affiliate of Moody's, and Standard & Poor's local unit
Crisil--earlier this month categorised DHFL's commercial paper at
default levels for missing bond payments.

Reuters relates that DHFL said in a regulatory filing on June 25 it
would make the outstanding payment in the next few days "once the
surplus cash flow position improves" and stressed it was vying to
turn the corner.

"The Company is already in the process of selling down its loan
assets including wholesale project loans to make good all its
obligations and maintain its 100% commitment to all its creditors
as it has done since the liquidity crisis started in September
2018," DHFL said.

DHFL also missed certain payments on bonds due in early June,
Reuters adds.

Reuters notes that the problems facing India's non-banking
financial companies have piled additional pressure on Prime
Minister Narendra Modi, who won a strong election mandate last
month, even as the economic growth slipped to 5.8% in the
January-March quarter, marking the lowest GDP growth rate in more
than four years.

                             About DHFL

Dewan Housing Finance Corporation Limited operates as a housing
finance company in India. The company's deposit products include
fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home
improvement loans, home construction loans, home extension loans,
plot loans/land loans, plot and construction loans, and balance
transfer of home loans, as well as home loans for the self-
employed; small and medium enterprise loans, including property
term, plant and machinery, medical equipment, and business loans;
mortgage loans, such as loans against property, loan for purchase
of commercial premises, and loan through lease rental discounting;
and NRI home loans. As of March 31, 2018, the company operates
through a network of 347 locations, including 187 branches, 135
micro branches, 20 zonal/regional/CPU offices, 2 disbursement
hubs, and 1 collection center in India, as well as overseas
representative offices in London and Dubai.

As reported in the Troubled Company Reporter-Asia Pacific on
June 21, 2019, ICRA 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.

DHRUVDESH METASTEEL: ICRA Withdraws B Rating on INR20cr Loan
------------------------------------------------------------
ICRA withdrawn ratings on certain bank facilities of
Dhruvdesh Metasteel Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-
   Fund-based
   Cash Credit         20.00       [ICRA]B(stable); withdrawn

   Long Term-
   Fund Based
   TL                  16.30       [ICRA]B(stable); withdrawn

   Short Term-
   Non Fund
   Based                7.00       [ICRA]A4; withdrawn

Rationale

The long-term and short- term ratings assigned to Dhruvdesh
Metasteel Private Limited have been withdrawn at the request of the
company and based on the no-objection certificate provided by its
banker.

Incorporated in 2003, Dhruvdesh Metasteel Private Limited is
engaged in the production of sponge iron. The company has its plant
in Koppal district of Karnataka with two sponge iron kilns of 100
tons per day capacity each and a 10MW co-generation power plant.
The annual production capacity is 60,000 MT if iron ore lumps is
used as raw material and 84,000 MT if iron ore pellets are used as
raw material. The company supplies sponge iron primarily to steel
producers in Maharashtra, Andhra Pradesh, Tamil Nadu, Kerala, Goa
and Karnataka.

EYE-Q VISION: ICRA Hikes Rating on INR4.0cr NCD to B
----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Eye-Q Vision Private Limited's (Eye-Q), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non Convertible         4.00      [ICRA]B (Stable); upgraded
   Debenture (NCD)                   from [ICRA]D
   Programme             
                                   
Rationale

The upgrade in rating takes into account the regularisation of
Eye-Q debt servicing supported by equity infusion from investors.
The rating favourably takes into account the extensive experience
of Eye-Q's promoters in the ophthalmic healthcare industry.
Besides, the rating factors in the healthy operational performance
of its mature centres and improvement in the operational
profitability in FY2019. The rating, however, is constrained by the
company's weak financial profile characterised by net losses and
weak coverage indicators as well as intense competition in the
healthcare industry. The ratings are further constrained by the
heightened exposure to refinancing risk, given the large scheduled
debt repayments in FY2020 and the estimated lack of adequate cash
accruals from operations to service the same. Accordingly, Eye-Q
remains reliant on debt refinancing and private equity proceeds for
funding its scheduled repayments.

Outlook

ICRA believes that Eye-Q will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to Positive if substantial growth in revenues and profitability
improves its financial risk profile. The outlook may be revised to
Negative if the liquidity situation and funding support worsens.

Key rating drivers

Credit strengths

Infusion of funds – The company raised funds through rights issue
to existing investors and shareholders for the repayment of the
first instalment of the NCD principal. Thus, its debt servicing
track record improved over the last five months.

Qualified promoters with extensive experience in healthcare sector
– Eye-Q's promoters have been involved in the ophthalmic services
domain over the two decades in the capacity of surgeons and at
managerial positions. The qualification and experience of the
promoters has helped Eye-Q in attracting renowned investors (IFC,
Helion Ventures, Nexus India, Hoya) in multiple funding rounds over
the years.

Credit challenges

Significant scheduled repayment obligations in near term – The
company continues to have sizeable repayment obligation in FY2020.
In the absence of adequate cash accruals from the business, Eye-Q
will remain dependent on timely external funding support or
refinancing.

Weak financial risk profile – The financial risk profile of the
company remains weak as reflected by net loss of INR7.86 crore in
FY2019, on a provisional basis. ICRA notes that there has been
improvement in the operational profitability in FY2019 with healthy
operational performance of its mature centres. The company reported
total debt/OPBDITA of 5.4 times and NCA/TD of 4.8% in FY2019.

Intense competition – The company faces intense competition with
the presence of a large number of eye centres/hospitals. Hence,
given the stiff competition in the healthcare industry, the
hospital's ability to ramp up the operations and subsequently, the
profitability levels would remain key challenges.

Liquidity position

Eye-Q's liquidity position is expected to remain stretched owing to
the large scheduled debt repayments in FY2020 and the estimated
lack of adequate cash accruals from operations to service the same.
Accordingly, the company remains reliant on debt refinancing and
private equity proceeds for funding its scheduled repayments.

Incorporated in 2006 by Mr. Ajay Sharma and Mr. Rajat Goel, Eye-Q
owns and operates a chain of 34 super-specialty eye-care hospitals
and 2 vision centres in India. These apart, it has one overseas
centre in Lagos, Nigeria in a joint venture with SkipperSeil
Limited. The hospitals operated by Eye-Q provide services for
cataract, cornea and refractive, retina, orbit and oculoplastic,
glaucoma, optical and medicines among others. The company is
present in 25 cities in North and West India (NCR, Haryana, Uttar
Pradesh, Uttarakhand and Gujarat). While 29 eye-care hospitals are
located in North India, the remaining 5 are in West India
(Gujarat). Its business model is focused on providing high-quality
eye-care services at affordable prices. As a business strategy, it
is primarily present in tier –II, tier-III and tier-IV cities
having limited or no access to quality eye-care services. Eye-Q is
empanelled with Ex-servicemen Contributory Health Scheme (ECHS),
Central Government Health Scheme (CGHS), Ayushman Bharat Scheme and
has arrangements with major insurance companies and third-party
administrators (TPAs). Eye-Q has received multiple rounds of
funding over the years from renowned private equity funds. The
entity has also issued a $4-million NCD programme for business
expansion. The funding was received in two tranches of $3 million
and $1 million in December 2015 and October 2016, respectively.

GOLDSTAR IMPEX: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Goldstar Impex Private Limited
        10, Daryaganj
        New Delhi DL 110002
        India

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: Chandra Kumar Jain

Interim Resolution
Professional:            Chandra Kumar Jain
                         18 Rabindra Sarani
                         Poddar Court, Gate No. 2
                         7th Floor, Room No. 9
                         Kolkata 700001
                         E-mail: ekcacs@yahoo.co.in
                                 goldstar.cirp@gmail.com
                         Mobile: 9748488836

Last date for
submission of claims:    June 27, 2019


INTELLICITY BUSINESS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Intellicity Business Park Private Limited
        M-167, Vikas Puri
        Near Syndicate Bank
        New Delhi 110018

Insolvency Commencement Date: June 13, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Mohit Kumar Gupta

Interim Resolution
Professional:            Mr. Mohit Kumar Gupta
                         15, Paschim Vihar Extension
                         Main Rohtak Road, New Delhi
                         National Capital Territory of Delhi
                         110063
                         E-mail: mohitgupta1112@yahoo.co.in
                                 intellicitycirp@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rajiv Malik
                         B-7/18, Mianwali Nagar
                         Delhi 110087
                         E-mail: iprmalik2009@gmail.com

                         Mr. Jagdish Singh Nain
                         98 Gangotri Apartments
                         Vikaspuri, New Delhi, West
                         National Capital Territory of Delhi
                         110018
                         E-mail: jsnain@yahoo.com

                         Mr. Vivek Raheja
                         JD 2C, 2nd Floor, Pitampura
                         New Delhi, Delhi 110034
                         E-mail: vivek@vpgs.in

Last date for
submission of claims:    June 26, 2019


JAI KRISHAN: ICRA Lowers Rating on INR30cr Term Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Jai Krishan - SVP JV's (JKSVP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         30.0        [ICRA]D; Downgraded from
   Term Loan                       [ICRA]B+ (Stable)

   Unallocated          5.0        [ICRA]D; Downgraded from
                                   [ICRA]B+ (Stable)

Rationale

The revision of JKSVP rating takes into account the irregularities
in its debt servicing on account of its stretched liquidity
position owing to the slowdown in booking and collection.

Key rating drivers

Credit challenges

Irregularities in servicing debt obligations - The revision of
JKSVP's rating takes into account the irregularities in debt
servicing by the company on account of its stretched liquidity
position owing to the slowdown in booking and collection.

Liquidity position
The liquidity position is stretched as reflected in the
irregularities in its debt servicing.

JKSVP is a partnership firm jointly promoted by the SVP Group and
the Ashok Wadia Group to develop a real estate project at
Kaushambi, Ghaziabad (Uttar Pradesh). The SVP Group has interests
in residential and commercial real estate, education, liquor, and
hospitality sectors. The Ashok Wadia Group is also involved in the
liquor business, and commercial and residential real estate. The
residential real estate project, Delhi Heights (erstwhile Grand
Royale), is being developed on a land parcel of 1.2 acres. The
project is adjacent to Shiromani Sekhari Awas Samiti in Sector 14,
Kaushambi, Ghaziabad. Delhi Heights is in the moderate stages of
development and is proposed to be constructed with a total of 123
saleable units.

JET AIRWAYS: Creditors Have Until July 4 to File Claims
-------------------------------------------------------
Livemint.com reports that the resolution professional for Jet
Airways, which was admitted to the NCLT last week for bankruptcy,
has invited claims from all creditors to the grounded airline.

The airline owes over INR8,500 crore to a consortium of 26 banks
led by State Bank, and over INR13,000 crore to the tens of hundreds
of vendors and around 23,000-odd employees, Livemint.com
discloses.

"The creditors of Jet Airways are hereby called upon to submit
their claims with proof on or before July 4, to the interim
resolution professional. Financial creditors shall submit their
claims with proof by electronic means only," resolution
professional Ashish Chhawchharia of Grant Thornton said in a public
notice, Livemint.com relays.

All other creditors shall submit their claims with proof in person,
by post or by electronic means, it added.

Livemint.com recounts that the lenders, who had been owning the
airline since March 25 with 51 percent stake, had on June 17
decided to take the airline, which stopped flying on April 17, to
the NCLT as they could not find a buyer.

Even the only preliminary bid from the Etihad-Hinduja consortium
reportedly wanted the banks to take 90-95 percent haircut and also
exemptions from open offer norms, which would not have been
possible for the lenders to commit.

On June 20, the National Company Law Tribunal admitted the
insolvency petition filed by State Bank of India against the
airline, Livemint.com says.

On that day, the tribunal comprising VP Singh and Ravikumar
Duraisamy had given a verbal direction to the RP to try and finish
the resolution process in three months even though the law allows
six months, as "the matter is of national importance," the report
adds.

                         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 June
24, 2019, Reuters said the National Company Law Tribunal (NCLT), on
June 20 accepted an insolvency petition against Jet Airways Ltd
filed by its creditors as they attempt to recover some of their
dues.  The insolvency process will allow lenders to sell the
company as a whole or in parts, laying out a fixed timeline for a
resolution around its future.

Jet Airways Ltd on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

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

JET AIRWAYS: NCLT Pushes for Quick Resolution of Insolvency Case
----------------------------------------------------------------
Ellis Taylor at Flight Global reports that the National Company Law
Tribunal is pushing for the corporate insolvency resolution process
for Jet Airways to be fast-tracked, citing the national importance
of the matter.

Flight Global relates that an order from the Mumbai bench of the
court appointed Ashish Chhawchharia from Grant Thornton as the
interim resolution professional (IRP) and declared a moratorium on
any action be creditors to recover assets or lodge legal action
against Jet.

That moratorium will run until the completion of the insolvency
process, the court approves a resolution plan, or a liquidation is
ordered, the report says.

According to the report, Chhawchharia has been ordered to provide
fortnightly progress reports to the court, with the first due on
July 5.

He was also directed to "make every possible effort to complete the
corporate insolvency process at the earliest possible time".

Under India's Insolvency and Bankruptcy Code, the IRP has a
statutory 180 day period to complete the resolution plan, which can
be extended by a further 90 days, the report notes.

The court, however, asked the IRP and creditors to "expedite the
matter and try to finalise the resolution plan on the fast track
mode and they should not preferably wait for the completion of the
statutory period of 180/270 days timeline permissible under IBC,"
Flight Global relates.

Flight Global says insolvency proceedings have also been launched
in the Netherlands against Jet, however the Mumbai court directed
Chhawchharia not to be influenced by that, given there is no
specific agreement on insolvency between the two governments.

State Bank of India, which is owed INR18 billion ($258 million)
from the carrier, filed for insolvency resolution after it failed
to secure an investment deal with Etihad Aviation Group and other
investors to take over the airline, according to the report.

Flight Global adds that the order notes that Jet's debts to
operational creditors had exceeded $340 million by mid-December
2018. Pilots are also owed around INR5.5 billion in unpaid wages,
while the airline's engineers submitted a similar sized claim to
the court.

                         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 June
24, 2019, Reuters said the National Company Law Tribunal (NCLT), on
June 20 accepted an insolvency petition against Jet Airways Ltd
filed by its creditors as they attempt to recover some of their
dues.  The insolvency process will allow lenders to sell
the company as a whole or in parts, laying out a fixed timeline for
a resolution around its future.

Jet Airways Ltd on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

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

KALINGA BHARATI: Ind-Ra Migrates B Loan Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kalinga Bharati
Foundation's (KBF) bank loans' ratings to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR55.00 mil. Bank loans migrated to non-cooperating category
     with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on June
28, 2018. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1995 in Bhubaneswar, KBF is a charitable society
which manages four institutes- a nursing college, nursing school, a
college, and a school.

KARTIKEY RESORTS: ICRA Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings for the INR12.50-crore bank facilities of
Kartikey Resorts And Hospitality (P) Limited (KRHPL) continue to
remain under 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-        12.50      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     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 and
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.

KRHPL was incorporated in September 2006 and to run a 22 room
hotel, namely Hotel Rajhans in Manali. KRHPL was also operating a
hotel at Kausauli however it's been closed since January 2015.

PITTI CASTINGS: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Pitti Castings Pvt
Ltd.'s (PCPL) Long-Term Issuer Rating at 'IND D' and simultaneously
migrated the rating to the non-cooperating category. 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. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR200.0 mil. Fund-based working capital limit- Long- /short-
     term affirmed and migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR845.5 mil. Term loan limit-Long term due on March 2023
     affirmed and migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR100.0 mil. Non-fund-based working capital limit-Short term  

     affirmed and migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt serving
obligations by PCPL due to stretched liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to positive rating action.

COMPANY PROFILE

Established in August 2012, PCPL is a part of the Pitti group of
companies. It manufactures graded iron and steel castings, which
are used in various industries such as windmill, earth-moving
equipment, and vehicle.

R. P. MOTORS: ICRA Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating for the INR5.96 crore bank facilities of R.
P. Motors (RPM) 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          1.86        [ICRA]B (Stable) ISSUER NOT
   Limits–Term                     COOPERATING; Rating continues
   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          2.80        [ICRA]B (Stable) ISSUER NOT
   Limit–Cash                      COOPERATING; Rating continues
   Credit e-DFS                    to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          1.00        [ICRA]B (Stable) ISSUER NOT
   Limit-Cash                      COOPERATING; Rating continues
   Credit Regular                  to remain under 'Issuer Not
                                   Cooperating' category
  
   Unallocated         0.30        [ICRA]B (Stable) ISSUER NOT
   Limits                          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 June 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 R. P. Motors., 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.

Established in December 2013 as a proprietorship concern, R. P.
Motors (RPM) is an automobile dealer and has a showroom-cum-service
workshop with 3S facilities (Sales-Services-Spares) in Shillong,
Meghalaya. The entity is at present the sole authorised dealer of
Ford India Private Limited (FIPL) in Meghalaya, and also sells and
services vehicles. The entity also sells spare parts and
accessories and trades in second hand cars of any make. RPM is
managed by the proprietor, Mr. Renikton Lyngdoh.

RAJYALAKSHMI HEALTHCARE: Ind-Ra Lowers LT Issuer Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rajyalakshmi
Healthcare Private Limited's (RHPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.


The instrument-wise rating action is:

-- INR490 mil. (reduced from INR500 mil.) Term loan due on
     February 2029 downgraded with IND BB/Stable rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of RHPL and its 100% parent Sarvejana Healthcare Private Limited
(SHPL: 'IND BB+'/Stable) while arriving at the ratings, on account
of strong strategic and financial linkages between them.  
KEY RATING DRIVERS

The downgrade reflects a similar rating action on RHPL's 100%
parent SHPL, which has extended unconditional and irrevocable
corporate guarantees for the entire debt of RHPL. The tangible
support provided by the parent to RHPL in the form of unsecured
loan increased to INR418.42 million in FY19 from INR252.75 million
in FY18.

Consolidated revenue grew to INR3,300.24 million in FY19 (FY18:
INR2,867.85 million) owing to an increase in revenue from
subsidiaries, resulting from an increase in an operational capacity
with the number of beds rising to 295. Despite the revenue growth,
the EBITDA margin declined to 4.76% in FY19 (FY18: 4.84%), driven
by losses booked by the subsidiaries which are still at nascent
stages of operation. Consolidated interest coverage (operating
EBITDA/gross interest expense) deteriorated to 1.18x in FY19 (FY18:
1.97x) due to an increase in gross interest expenses and net
leverage (adjusted net debt/operating EBITDAR) improved marginally
to 7.74x (7.97x), due to increase in absolute EBITDA.

On a standalone basis, revenue surged to INR556.05 million in FY19
(FY18: INR95.72 million) as FY19 was the full year of operations.
Despite the revenue growth, the company continued to incur EBITDA
losses of INR83.2 million in FY19 (FY18: loss of INR68.5 million)
owing to its nascent stage of operations. RHPL's net borrowings
increased to INR942.5 million in FY19 (FY18: INR761.4 million) to
fund CapEx for setting up a 220-bed hospital in Gachibowli, which
began operations in March 2018. This led to a stress on the
company's credit metrics.

The ratings are constrained by RHPL's tight liquidity position. Its
cash flow from operations was negative INR131.93 million in FY19
(FY18: INR31.03 million) due to the EBITDA losses. The company had
a cash balance of INR6 million at FYE19 (FYE18: INR13.62 million).
It had receivables of INR3.20 million in FY19 (FY18: INR0.79
million), as against payables of INR153.45 million (INR77.28
million).

However, the ratings continue to derive support from the promoter
Dr. Gurava Reddy's over two decades of experience.

RATING SENSITIVITIES

Positive: An improvement in consolidated operating performance
along with the stabilization of operations will be positive for the
ratings.

Negative: Any delay in the stabilization of operations and/or
weakening of linkages with SHPL will be negative for the ratings.

COMPANY PROFILE

RHPL operates a 220-bed hospital in Gachibowli. The company is
promoted by renowned orthopedic surgeon Dr. Gurava Reddy.

RELIANCE POWER: ICRA Lowers Rating on INR3712cr Loan to C/A4
------------------------------------------------------------
ICRA has downgraded the long-term rating of Reliance Power Limited
to [ICRA]C from [ICRA]BB. The rating continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]C ISSUER NOT COOPERATING". The company also has an
outstanding short-term rating of [ICRA]A4 which also remains in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term           1000       [ICRA]C ISSUER NOT COOPERATING;
   Non-Convertible                revised from [ICRA]BB
   debentures (NCD)               (Negative) ISSUER NOT
                                  COOPERATING; rating continues
                                  to remain in non cooperating
                                  category

   Non-Fund Based      3712       [ICRA]C/[ICRA]A4 ISSUER NOT
   Limit (B/G                     COOPERATING; revised from
   and L/C)                       [ICRA]BB (Negative)/[ICRA]A4
                                  ISSUER NOT COOPERATING;
                                  rating continues to remain
                                  in non cooperating category

   Long Term Loans     2183       [ICRA]C ISSUER NOT COOPERATING;
                                  revised from [ICRA]BB
                                  (Negative) ISSUER NOT
                                  COOPERATING; rating continues
                                  to remain in non cooperating
                                  category

   Long Term-Fund       80        [ICRA]C ISSUER NOT COOPERATING;
   Based Limits                   revised from [ICRA]BB
                                  (Negative) ISSUER NOT
                                  COOPERATING; rating continues
                                  to remain in non cooperating
                                  category   

   Short Term-Non-      40        [ICRA]A4 ISSUER NOT
   fund based                     COOPERATING; rating continues
   Limits                         to remain in non cooperating
                                  category

   Commercial Paper/  1000        [ICRA]A4 ISSUER NOT
   Short-term debt                COOPERATING; rating continues
   Programme/NCD                  to remain in non cooperating
   (with maturity of              category
   less than one year)  
                                  
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 revision in the rating takes into the account the significant
deterioration in the company's financial position coupled with its
stretched liquidity profile as also evident from considerable
decline in the net cash accruals in FY 2018-19 and net-worth
erosion due to impairment of assets amounting to ~ INR4170 crore as
on March 31, 2019. The liquidity profile of its key operating
subsidiaries namely Rosa Power Supply Company Ltd (RPSCL) and
Vidarbha Industries Power Limited (VIPL) continues to remain weak
which in turn has impacted the surplus cash flow availability to
the company. The revision in the rating further takes into account
the delays in debt servicing by one of its subsidiaries- Rajasthan
Sun Technique Energy Private Limited which further highlights the
weak liquidity position of Reliance Power. The ratings also factor
the high leveraging levels of the company at a standalone level
along with the significantly high refinancing risk.

Key rating drivers:

Credit strengths

Sustained improvement in the PLF levels for Sasan Power UMPP (4000
MW) - ICRA takes note of the operating performance of Sasan Power
Limited (SPL) with PLF of 95% in FY2019. Also, cash flow relief
available to the project under RBI's Flexible Structuring Scheme
(5/25 scheme) by the lenders which elongates the debt repayment
period of its rupee denominated term loans, is a positive. In
ICRA's view, SPL's key credit metrics remain dependent on its
ability to sustain high level of operating performance and ensure
all costs to be within budgeted parameters.

Credit challenges

Deterioration of the financial risk profile - The financial risk
profile of the company has significantly deteriorated as evident
from considerable decline in the net cash accruals in FY 2018-19
and net-worth erosion due to impairment of assets amounting to ~
INR4170 crore as on March 31, 2019. In addition, delays in debt
servicing by one of its subsidiaries - Rajasthan Sun Technique
Energy Private Limited further highlights the weak liquidity
position of Reliance Power.

High leveraging level at standalone level, associated refinancing
risk- The leveraging levels for the company continue to remain
high. This has resulted in increase in interest expenses and
associated refinancing risk. The term loans have been primarily
deployed in the Special Purpose Vehicles (SPVs) to meet the
cash-flow mismatches.

Deterioration in the financial performance of Rosa Power and
Vidarbha Industries: In case of Rosa Power Project, the cash flow
position has been impacted on account of the tariff order issued by
the Uttar Pradesh Electricity Regulatory Commission (UPERC) and the
subsequent order issued by UPERC recently following the review
petition filed by the company. As per the tariff order, the tariffs
allowed are lower than what the company had asked for because of
the disallowance of additional capital expenditure/un-discharged
liability, marginal tightening of efficiency norms and sharing of
gains during the control period of FY2015–FY2019. Subsequently,
the company filed a review petition with the UPERC against the
tariff order, in respect to which, UPERC issued an order wherein
they have rejected the claims made by the company regarding
undischarged liability, secondary oil consumption and truing up of
interest on working capital. Also, the allowance of additional
capital expenditure of the tune of ~INR470 crore remains pending
which is expected to limit the cash accruals for the company to
significant extent. Hon'ble Supreme Court, vide its Judgment dated
April 19, 2018 in a similar matter has held that regulations
override the Power Purchase Agreement (PPA) unless a carve out
within the Regulation enables the applicability of the PPA. For
VIPL, cash flow position of the company has been impacted owing to
significant increase in receivables due to the disallowance of
certain part of the fuel cost as per the tariff order approved by
the Maharashtra Electricity Regulatory Commission (MERC). While the
company appealed against the MERC's order to the Appellate Tribunal
for Electricity (APTEL), which in turn issued an order in favour of
the company in November 2016, the MERC subsequently filed an appeal
against the APTEL order in the Supreme Court in January 2017.
Subsequently, VIPL has filed an application before MERC for grant
of relief and compensation under Change in Law due to non-signing
of FSA for Unit 1. Consequently, upon the petitions filed by VIPL,
MERC, vide its Order dated September 14, 2018 directed VIPL to file
a revised Mid Term Review Petition (MTR). With reference to the
said MTR petition, MERC has held a public hearing on January 8,
2019, and has reserved the order. The company is expecting a
favourable order from MERC in the near term which is expected to
mitigate the issue relating to the disallowance of certain part of
the fuel cost.

Status as mainly a holding company with limited asset base and
revenue streams- The ratings assigned to R-Power remains
constrained by the fact that it is mainly a holding company with
limited asset base and revenue streams (except the 45-MW wind
project). As a result, debt servicing by the company remains
dependent on the timely ploughing back of funds from the project
SPVs.

Significant uncertainty with regards to the non-operational
Samalkot project- As the Samalkot project is at present
non-operational, debt servicing for the project (which commenced in
April 2015) has been met through support from RPower. The company
is in discussion with the lender to restructure the debt whereby
outstanding principal would be repaid in three equal annual
instalments starting from June 2020. However, given the concerns
related to gas availability in India, the company is now planning
to deploy the unused equipment of 750-MW capacity to Bangladesh,
out of the total planned capacity of 2,250 MW at Samalkot.

Reliance Bangladesh LNG & Power Limited (RBLPL), the wholly owned
subsidiary of R-Power is developing the Bangladesh power project.
RBLPL has finalised the EPC contractor for the power project and
have received approval for financing of the project from Asian
Development Bank (ADB). With relocation of this project to
Bangladesh, R-Power would remain exposed to project execution
risk.

Exposure to counterparty credit risks associated with sale of power
to state-owned distribution utilities; however, adequate payment
security mechanisms partially mitigate the risk: The projects
remain exposed to counterparty credit risks associated with sale of
power to state-owned distribution utilities as well as fuel-supply
risks, both for coal and gas. ICRA, however, notes that the
counterparty credit risks are mitigated partially through adequate
payment security mechanisms, availability of fuel under FSA and the
fact that fuel cost is a pass-through in a cost plus-based PPA,
which in turn mitigates price risk for its thermal power projects
(Rosa and Butibori).

Liquidity position
The company's liquidity position continues to remain stretched as
evident from weak cash accruals during FY 2019.

R-Power, a part of the Reliance Group, promoted by Mr. Anil D
Ambani, is the primary vehicle for investments in the power
generation sector. The company came out with an IPO in February
2008 and raised INR11,560 crore for funding the equity contribution
for some of the identified projects. As on date, the company's
generation capacity stood at 5945 MW, including 5,760 MW of thermal
capacity and 185 MW of renewable energy-based capacity. Its
operational projects include Rosa Project at Shahajahnapur, Uttar
Pradesh (1,200 MW); Butibori Project at Nagpur, Maharashtra (600
MW), UMPP at Sasan (3,960 MW); solar PV Project at Dhursar,
Rajasthan (40 MW), concentrated solar power project at Pokhran,
Rajasthan (100 MW) and wind project at Vashpet, Maharashtra (45
MW).


REMEDY MEDICAL: ICRA Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings for the INR12.00 crore bank facilities of
Remedy Medical Services Pvt. Ltd. (RMSPL) continue to remain in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based           8.20       [ICRA]B (Stable) ISSUER NOT
   Limits–Term                     COOPERATING; Rating continues

   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based           0.50       [ICRA]B (Stable) ISSUER NOT
   Limits-Cash                     COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated          3.30       [ICRA]B (Stable)/[ICRA]A4
   Limits                          ISSUER NOT COOPERATING;
                                   Ratings continue to remain
                                   under 'Issuer Not Cooperating'


The rating is based on no updated information on the entity's
performance since the time it was last rated in July 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 Remedy Medical Services Pvt. 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.

Established in 1999, Remedy Medical Services Private Limited
(RMSPL) commenced operations as a diagnostic centre in November,
2001. In 2004, it had set up a multi-speciality hospital in Kolkata
with a total capacity of 49 beds. The capacity was enhanced in
Q3FY2016 to 56 beds.

SATYA SUBAL: ICRA Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings for the INR10.00 crore bank facilities of
Satya Subal Himghar Private Limited (SSHPL) continue to remain
under 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based           4.28       [ICRA]B (Stable) ISSUER NOT
   Limits-Term                     COOPERATING; Rating continues
   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based           4.66       [ICRA]B (Stable) ISSUER NOT
   Limits-Cash                     COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based           0.96       [ICRA]B (Stable) ISSUER NOT
   Limits-Working                  COOPERATING; Rating continues
   Capital Loan                    to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund Based       0.10       [ICRA]A4 ISSUER NOT  
   Limits-Bank                     COOPERATING; Rating continues
   Guarantee                       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 July 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 Satya Subal Himghar Private Limtied, 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.

Incorporated in April 2012, Satya Subal Himghar Private Limited
(SSHPL) is promoted by the West Bengal-based Ghosh family. The
company provides cold storage facility to potato farmers and
traders on a rental basis with a storage capacity of 17,800 metric
tonnes (MT). The cold-storage unit is located at Baghapukur, in
Paschim Midnapore, West Bengal.

SATYESHWAR HEEMGHAR: ICRA Maintains B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings for the INR10.00 crore bank facilities of
Satyeshwar Heemghar Private Limited (SHPL) continues to remain in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B-(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based            5.42       [ICRA]B- (Stable) ISSUER NOT
   Limits–Term                      COOPERATING; Rating
continues
   Loan                             to remain under 'Issuer Not
                                    Cooperating' category

   Fund Based            3.40       [ICRA]B- (Stable) ISSUER NOT
   Limits-Cash                      COOPERATING; Rating continues
   Credit                           to remain under 'Issuer Not
                                    Cooperating' category

   Fund Based            1.00       [ICRA]B- (Stable) ISSUER NOT
   Limits-Working                   COOPERATING; Rating continues
   Capital Loan                     to remain under 'Issuer Not
                                    Cooperating' category
   
   Non-Fund Based        0.18       [ICRA]A4 ISSUER NOT
   Limits-Bank                      COOPERATING; Rating continues
   Guarantee                        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 July 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 Satyeshwar Heemghar 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.

Incorporated in September 2014, Satyeshwar Heemghar Private Limited
(SHPL) is promoted by the West Bengalbased Ghosh family. The
company provides cold storage facility to potato farmers and
traders on a rental basis and has a storage capacity of 22,790
metric tonnes (MT). The cold storage unit is located at Mohaboni,
Paschim Midnapore, West Bengal.

SEPAL TILES: ICRA Maintains B- Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings for the INR8.29 crore bank facilities of
Sepal Tiles Private Limited continue to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B-
(Stable)/A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-          3.00       [ICRA]B- (Stable); ISSUER NOT
   Cash credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-          4.04       [ICRA]B- (Stable); ISSUER NOT
   term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund based-     (1.00)      [ICRA]B- (Stable); ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund based-      1.25       [ICRA]A4; ISSUER NOT
   Letter of guarantee             COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available and
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.

Sepal Tiles Private Limited (STPL) was incorporated in November
2011 by Mr. Lalit Patel along with other family members and
relatives. Since the promoters have been already engaged in tiles
manufacturing through other concerns namely Sepal Ceramic (ceramic
wall tiles) and Pal Marketing, they decided to venture into
manufacturing of wall tiles in order to expand the product
portfolio of the group in the tiles segment.The company commenced
its commercial operations in August 2012 and is currently engaged
in manufacturing of multiple sizes of digitally printed ceramic
wall tiles. The plant of the company is located in Morbi, Gujarat.

SHILPI CABLE: Ind-Ra Withdraws 'D' Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shilpi Cable
Technologies Limited's (SCTL) Long-Term Issuer Rating of 'IND D
(ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND D' rating on the INR2.660 bil. Fund-based limit is
     withdrawn;

-- The 'IND D' rating on the INR7.790 bil. Non-fund-based limit
     is withdrawn; and

-- The 'IND D' rating on the INR2.050 bil. Proposed working
     the capital limit is withdrawn.

KEY RATING DRIVERS

Ind-Ra has withdrawn the ratings following National Company Law
Tribunal's decision to liquidate SCTL.

COMPANY PROFILE

Incorporated in 2006, by Mr. Mukesh Gupta, SCTL manufactures radio
frequency feeder cables, battery cables, auto cables, wiring
harness sets, house wires, and copper conductors.

SHIVA OM: CARE Migrates B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shiva Om
Agro Industries to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING, based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Shiva Om Agro
Industries to monitor the ratings vide e-mail communications dated
May 30, 2019, June 5, 2019 and June 6, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on Shiva Om Agro Industries bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

SHRIGANESH TEXTILE: Ind-Ra Assigns 'BB' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shriganesh Textile
and Infrastructure (India) Pvt. Ltd. (STIIPL) a Long-Term Issuer
Rating of 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR47.5 mil. Term loan due on December 2025 assigned with IND
     BB/Stable rating;

-- INR99.0 mil. Fund-based facilities assigned with IND
     BB/Stable/IND A4+ rating; and

-- INR123.5 mil. Non-fund-based facilities assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect STIIPL's medium scale of operations as
indicated by revenue of INR877 million in FY19 (FY18: INR830
million) on account an increase in the number of orders from
existing and new customers, and value additions in the existing
products. The revenue grew at a CAGR of 5.87% during FY16-FY19. As
of end-May 2019, the company had an order book of INR63.3 million,
which the management expects to complete by mid-July 2019. FY19
financials are provisional in nature.

The company's return on capital employed was 9% in FY19 and EBITDA
margins were modest 7.0% (FY18: 8.5%) due to the competitive nature
of the industry. The decline in the EBITDA margins was on account
of fluctuations in the cost of raw materials consumed and power and
fuel prices.

The ratings also factor in STIIPL's modest credit metrics as
indicated by interest coverage (operating EBITDA/gross interest
expense) of 2.5x (FY18: 2.0x) and net leverage (total adjusted net
debt/operating EBITDAR) of 3.8x (3.5x). The improvement in interest
coverage was on account of a reduction in interest expense due to
the scheduled term loan repayment. However, the net leverage
deteriorated on account of a fall in absolute EBITDA, as well as
interest-free debt taken by the company in FY19.

The ratings are constrained by the company's tight liquidity
position as reflected by 99.3% and 97.3% average use of its
fund-based and non-fund-based facilities, respectively, during the
12 months ended May 2019. The cash flow from operations was
positive since the FY16 (FY19: INR24 million, FY18: INR22
million).

The ratings, however, are supported by STIIPL's comfortable net
cash conversion cycle of negative 2 days in FY19 (FY18: negative 1
days) on account of higher creditor period backed by up to 90 days
letter of credit.

The ratings also benefit from STIIPL's promoters' one decade of
experience in the manufacturing of cotton yarn.

RATING SENSITIVITIES

Negative: A decline in the revenue or EBITDA margins leading to
deterioration in the credit metrics, all on a sustained basis, will
be negative for the ratings.

Positive: A rise in the revenue and the EBITDA margins, leading to
an improvement in the credit metrics, all on a sustained basis,
will be positive for the ratings.

COMPANY PROFILE

Incorporated in September 2006, STIIPL was engaged in the
construction and real estate business until 2010. Starting 2011,
the company began manufacturing cotton combed and carded yarn of
the count range of 10, 12, 16, 20 and 24. Its manufacturing
facility, located at Dhule (Maharashtra), has an installed capacity
of 17,280 spindles.

SIDDARTH INTERCRAFTS: ICRA Lowers Rating on INR2.5cr Loan to C
--------------------------------------------------------------
ICRA has revised the ratings for INR10-crore bank facility of
SIPL and continues to remain in the 'Issuer Not Cooperating'
category. The rating is now denoted as [ICRA]C/A4 ISSUER NOT
COOPERATING.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund Based-        2.50       [ICRA]C ISSUER NOT COOPERATING;
   Cash Credit                   downgraded from [ICRA]B+
                                 (Stable); Rating continues to
                                 remain in 'Issuer Not
                                 Cooperating' category

   Unallocated        7.50       [ICRA]C/A4 ISSUER NOT
                                 COOPERATING; downgraded from
                                 [ICRA]B+(Stable)/A4; Rating
                                 continues to remain in
                                 'Issuer Not Cooperating'
                                 Category

Material event

There is public announcement by Insolvency and Bankruptcy Board of
India (IBBI) that Avon Clothing Private Limited has made an
application in IBBI against Siddarth Intercrafts Private Limited
(SIPL). The IBBI has mentioned November 13, 2019 as the estimated
date closure of insolvency resolution process.

Impact of material event
The impact of insolvency proceeding is uncertain as IBBI had given
May 30, 2019 deadline to submit the claim by creditors against
SIPL. The amount and nature of claim made by Avon Clothing Private
Limited is also uncertain.

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.
Outlook: Not applicable

Key rating drivers

Credit strengths

Established presence of promoters in textiles industry - The
promoters have more than two decades of experience in the garments
manufacturing industry.

Credit challenges
Insolvency processing pending at IBBI - The company is facing
insolvency proceeding at IBBI. The decision on insolvency
processing expected to have a material impact on the financial
position of the company.

Siddarth Group (SG) was established in 1984 in Jaipur. Siddarth
Group is engaged in the manufacturing of ladies' garments, kids
garments, scarfs and fashion accessories. Siddarth Group comprises
of three Independent units producing Ladies and Children Garments
namely Siddarth Organisation, Siddarth Organisation Limited and
Siddarth Intercraft Private Limited. The factory is geared up to
deliver 2 million Garments annually. The company is engaged in
manufacturing and trading of garments primarily for women (such as
kurtis, cardigans, tops, coats, tunics, leggings, dresses, pants,
leggings & salwar kameez).

SIDDESHWAR MULTIPURPOSE: ICRA Retains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings for the INR10.00 crore bank facilities of
Siddeshwar Multipurpose Heemghar Private Limited (SMHPL) continue
to remain under 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          2.79        [ICRA]B (Stable) ISSUER NOT
   Limits-Term                     COOPERATING; Rating continues
   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          4.91        [ICRA]B (Stable) ISSUER NOT
   Limits-Cash                     COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based          1.02        [ICRA]B (Stable) ISSUER NOT
   Limits-Working                  COOPERATING; Rating continues
   Capital Loan                    to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund Based      0.12        [ICRA]A4 ISSUER NOT
   Limits-Bank                     COOPERATING; Rating continues
   Guarantee                       to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         1.16        [ICRA]B (Stable)/[ICRA]A4
   Limits                          ISSUER NOT COOPERATING;
                                   Ratings continue 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 July 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 Siddeshwar Multipurpose Heemghar Private Limtied, 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.

Incorporated in May 2010, Siddeshwar Multipurpose Heemghar Private
Limited (SMHPL) is promoted by the West Bengal-based Ghosh family.
The company provides cold storage facility to potato farmers and
traders on a rental basis with a storage capacity of 17,200 metric
tonnes (MT). The cold storage unit is located at Jhankra, in
Paschim Midnapore, West Bengal.

SIDDHRAJ INFRABUILD: ICRA Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings for the INR6.82 crore bank facilities of
Siddhraj Infrabuild Pvt. Ltd. continues to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B
(Stable)/A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-          2.50       [ICRA]B (Stable); ISSUER NOT
   Cash credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-          3.00       [ICRA]B (Stable); ISSUER NOT
   term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund             1.32       [ICRA]A4; ISSUER NOT
   based-Bank                      COOPERATING; Rating continues
   Guarantee                       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 and
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 July 2012, Siddhraj Infrabuild Pvt. Ltd. (SIPL) is
promoted and managed by Mr. Raju Odedara. The company is involved
in earthwork-related activities, which include excavation work,
supply of sand and laying pipelines. The company has been awarded
"Class B" category contractor status. Earlier in 2003, a
partnership firm was established in the name of "Raj Construction"
wherein the business related to material handling as well as earth
work-related activities were carried out. However, later in 2012
this partnership firm was merged in the newly incorporated company
i.e. SIPL. The company is based out of Ranavav in the Porbandar
district of Gujarat. The promoter i.e. Mr. Raju Odedara has over 20
years of experience in this line of business through his
association with three other group concerns - namely Raj Transport,
Krishna Service and Jayraj Enterprise which are also involved in
earthwork-related business. All of these are partnership firms
wherein Mr. Raju Odedara is a partner.

SOLUTIONS BUSINESS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Solutions Business Centre Private Limited

        Registered office:
        H-69, UGF, Outer Circle
        Above HDFC Bank, Connaught Place
        New Delhi DL 110001
        India

Insolvency Commencement Date: March 14, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 10, 2019
                               (180 days from commencement)

Insolvency professional: Harish Goyal

Interim Resolution
Professional:            Harish Goyal
                         431, Kanungo Apartments
                         Plot No. 71, I.P. Extension
                         Delhi 110092
                         E-mail: harish_goyal77@hotmail.com

                            - and -

                         826, Vikas Deep Building
                         District Centre, Laxmi Nagar
                         New Delhi 110092
                         E-mail: cirp.sbcpl@gmail.com

Last date for
submission of claims:    July 2, 2019


UJALA MINERALS: CARE Migrates B Rating to Not Cooperating Category
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Ujala
Minerals (UM) Industries to Issuer Not Cooperating category.

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

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from UM to monitor the rating
vide e-mail communications/letters dated June 6, 2019, June 10,
2019, June 12, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
UM's bank facilities will now be denoted as CARE B; ISSUER NOT
COOPERATING. Further, banker could not be contacted.

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

The rating takes into account partnership nature of constitution,
presence in highly competitive and fragmented industry. Moreover,
the rating continues to derive strengths from experience promoters
with long track record of operation and reputed client profile
along with locational advantage.

Detailed description of the key rating drivers

At the time of last rating in July 12, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Partnership nature of constitution: UJM, being a partnership firm,
is exposed to inherent risk of partner's capital being withdrawn at
time of personal contingency. Furthermore, limited ability to raise
capital and poor succession planning may result in dissolution of
the firm.

Presence in highly competitive and fragmented industry: Iron ore
trading industry is highly fragmented and competitive due to
presence of many players operating in this sector owing to its low
entry barriers, due to low capital and technological requirements.
Odisha and nearby states are a major iron ore production areas with
many mines operating in the area. High competition restricts the
pricing flexibility of the industry participants and has a negative
bearing on the profitability.

Key Rating Strengths:

Experienced partners with long track record of operation: UJM has
been in operation since March 2004. The firm is managed by Mr
Ramesh Chandra Moharana having more than two decades of experience
in mineral trading business along with the other partner Mr Anil
Jaiswal. All the partners are actively involved in the business of
the firm. Reputed client profile along with Locational advantage:
The firm supplies its products to the large and medium iron and
steel companies like Jindal Saw Ltd, Gujarat, Jindal Steel & Power
Ltd, Odisha, Samleswari Ferro Metals Pvt Ltd., Odisha etc. The
association with large companies assures repeated and regular
orders for the firm. UJM is located at Bhubaneswar in Odisha which
is the largest producer of iron ore in India resulting in lower
logistic expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective prices.

Bhubaneswar based M/s Ujala Minerals (UJM) was established in 2004
as a partnership firm by one Mr. Ramesh Chandra Moharana along with
the then other partner Mr. Rajesh Jaiswal. In 2013, the firm was
reconstituted and presently it is governed by the partnership deed
dated March 01, 2013 with present two partners (i.e Mr. Ramesh
Chandra Moharana and Mr. Anil Jaiswal). The firm is in the business
trading of minerals like iron ore fines to the various large and
medium iron and steel companies of India. The day-to-day affairs of
the firm are looked after by Mr. Ramesh Chandra Moharana, the
Managing partner, with adequate support from other partner Mr. Anil
Jaiswal.

URJA AUTOMOBILES: ICRA Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating for the INR6.50 crore bank facilities of
Urja Automobiles Private Limited (UAPL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          1.00       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   e-DFS                5.00       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated          0.50       [ICRA]B (Stable) ISSUER NOT
                                   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 July 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 Urja Automobiles Private Limtied, 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.

Incorporated in February 2013, Urja Automobiles Private Limited
(UAPL) is an authorised dealer for sale of passenger vehicles of
Nissan Motors India Private Limited (NMIPL) in Bihar. UAPL operates
one 3S (Sales, Spares, Service) facility in Patna and four sales
outlets in Muzaffarpur, Purnia, Begusarai and Bhojpur districts in
Bihar.

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

The instrument-wise rating actions are:

-- INR28.4 mil. Long-term loans Long term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR4 mil. Fund-based limit (Long term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR24.4 mil. Non-fund-based limit (Short term) affirmed with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR1 mil. Short-term debt (Short term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR2 mil. Standby limits (Short term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR2 mil. Proposed non-fund-based limit (Short term) affirmed
     with Provisional IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects UGSL's ongoing delays in debt servicing
that are likely to persist until the company's lenders finalize a
resolution strategy for the recovery of pending dues.

RATING SENSITIVITIES

Positive: Timely debt servicing for three continuous months could
result in a rating upgrade.

COMPANY PROFILE

Incorporated in 1985, UGSL manufactures cold rolled sheets, cold
rolled close annealed sheets, galvanized plain and corrugated
sheets and color coated lines.




=========
J A P A N
=========

TAKASHIMAYA COMPANY: To Close Shanghai Store, Exit China Market
---------------------------------------------------------------
Inside Retail Asia reports that Japanese department-store operator
Takashimaya Company is to close its Shanghai department store after
years of losses, and exit China.

According to the report, the company said it would recommend to
shareholders at a special meeting on August 25 that its Shanghai
Takashimaya Co subsidiary be liquidated after it failed to
negotiate a rent reduction from its Chinese landlord. Assuming
approval--essentially a formality--the store will close on the same
date.

Located in the city’s Changning District, the store had sought to
deliver an authentic Japanese-style department store experience,
and Takashimaya said it had developed "a large local following,"
Inside Retail relates.

However, figures supplied by the company show net sales rose from
US$59.2 million in the year to February 2017 to $65.44 million last
year and then slumped to just $29.78 million this year. The
division's loss attributable to shareholders was $15 million in
2017, $28.84 million last year and $14.28 million this year.

Inside Retail adds that Takashimaya said the proposed dissolution
and liquidation may lead to a further loss for the parent company
of $18.69 million to $28.04 million.

In a statement, Takashimaya said the lack of profitability is
largely due to tough competition within the industry coupled with
delays and changes in development projects for adjacent commercial
facilities, Inside Retail relays.

"These problems have been compounded by China's economic slowdown
and falling consumer spending, which reflect the protracted
US-China trade friction. In view of these developments, the board
of directors concluded that it was no longer feasible for Shanghai
Takashimaya to continue."

Japan-based Takashimaya Company Limited operates a department store
chain carrying a wide array of products, ranging from wedding
dresses and other apparel to electronics and flatware.

[*] JAPAN: Financial Regulator OKs Nascent Junk Bond Market
-----------------------------------------------------------
Takashi Nakamichi and Issei Hazama at Bloomberg News report that
Japan's financial regulator is warming to a junk bond market.

Bloomberg says debate has been heating up in the country about junk
bonds after the first such publicly offered note in the nation
priced last month by Aiful Corp., a consumer lender that teetered
on the verge of bankruptcy a decade ago. With negative rates
persisting into a fourth year and showing no sign of abating,
investors are increasingly under pressure to take on more risk to
secure returns, the report notes.

The volume of deals in Japan's corporate bond market overall is
small compared with the scale of the economy and it's hard to say
that the market is sufficiently fulfilling its function, according
to a Financial Services Agency official, who asked not to be
identified in line with agency policy, Bloomberg relays. The
development of high-yield issuance would be beneficial to the
economy, the person said.

For some investors and market makers, that means abandoning
conventions that have limited the public corporate bond market to
investment-grade issuance, Bloomberg relates. Buyers need to be
aware that high-yield securities are more likely to default than
higher-rated debt when corporate results worsen or the economy
enters recession, according to the official.

In Japan, weaker companies haven't felt compelled to sell
speculative-grade notes as they've traditionally found it easy to
obtain bank loans, Bloomberg reports. But some recent changes have
at least raised the possibility that the country could eventually
develop such a market. State-run Government Pension Investment
Fund, which manages the world's largest such pool of assets,
revised guidelines last year to allow it to buy yen bonds with
ratings of BB or lower.

Bloomberg adds that sales of yen corporate bonds topped JPY4
trillion in the fiscal first quarter for the first time in a
decade, as some of Japan's largest companies including Takeda
Pharmaceutical Co. and SoftBank Group Corp. sold record-sized
offerings. The growth in corporate bond deals is a positive sign,
the FSA official said.



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

BERJAYA MEDIA: Time Submit Regularization Plan Extended to Dec 20
-----------------------------------------------------------------
Surin Murugiah at theedgemarkets.com reports that Berjaya Media Bhd
(BMedia) has been granted an extension of time up to Dec. 20 this
year to submit a plan to regularise its financial conditions.

theedgemarkets.com relates that in a filing to the stock exchange
on June 26, the firm said Bursa Malaysia Securities Bhd had granted
the extension on June 25.

It said the extension of time is without prejudice to Bursa
Securities' right to proceed to suspend the trading of the listed
securities of BMedia and to de-list the company in the event it
fails to submit the plan and obtain the necessary regulatory
approval by Dec. 20.

Berjaya Media Berhad is an investment holding company. The Company,
through its subsidiaries, is engaged in publication, printing and
distribution of daily newspaper. The Company's segments include
investment holding, publishing and others. The Company's
publication, theSun, is read in the market centers of the Klang
Valley, Penang and Johor Bharu, as well as in cities and towns of
Peninsular Malaysia. The Company's publication publishes news on
politics and business, human interest and governance, entertainment
and lifestyle, and sports. theSun also has an online presence at
www.thesundaily.my, where top news of the day is updated and
presented to its readers. The Company offers theSun through
approximately 3,200 sunspots or pick-up points along morning routes
to the workplace, gym, college or breakfast. The Company's
subsidiaries include Sun Media Corporation Sdn. Bhd. And Gemtech
(M) Sdn. Bhd.

Berjaya Media slipped into PN17 (Practice Note 17) status in June
2017 as its shareholders' equity on a consolidated basis fell short
of listing requirements.



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

CEBU AIR: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+
----------------------------------------------------------
Egan-Jones Ratings Company, on June 17, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cebu Air Incorporated to BB+ from BBB-.

Cebu Air, Incorporated, operating as Cebu Pacific and informally
known as Cebu Pac, is a Philippine low-cost airline based on the
grounds of Ninoy Aquino International Airport, Pasay City, Metro
Manila, in the Philippines. It is Asia's oldest budget or low-cost
carrier airline, founded in 1988.


                           *********


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

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

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

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

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



                *** End of Transmission ***