/raid1/www/Hosts/bankrupt/TCRAP_Public/190712.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, July 12, 2019, Vol. 22, No. 139

                           Headlines



A U S T R A L I A

BLITZ SERVICES: Second Creditors' Meeting Set for July 18
DSYNC PTY: First Creditors' Meeting Set for July 19
KING & WILSON: Second Creditors' Meeting Set for July 18
OCTERPUS PTY: First Creditors' Meeting Set for July 19
RED CHILLI: Second Creditors' Meeting Set for July 18

RETAIL FOOD: Faces ASIC Probe as AUD160 Million Deal Emerges
THORN ABS 1: Fitch Affirms BBsf Rating on Class E Notes


H O N G   K O N G

MELCO RESORTS: Moody's Rates Proposed USD Sr. Unsec. Notes Ba2


I N D I A

A AND A REAL: CRISIL Migrates B+ Rating in Not Cooperating
AASTHA COLD: CARE Maintains D Rating in Not Cooperating
ADARSHA CONTROL: CRISIL Migrates 'B+' Rating in Not Cooperating
ALSHIZA FOODS: CRISIL Maintains 'B' Rating in Not Cooperating
AMAR COTTEX: CARE Maintains D Rating in Not Cooperating

AOL EXPRESS: Second Creditors' Meeting Set for July 18
ARDEE TECHNOLOGIES: CARE Maintains D Rating in Not Cooperating
B. MANJI: CRISIL Withdraws B+ Rating on INR4.75cr Loan
BENITA INDUSTRIES: CRISIL Lowers Rating on INR2cr Loan to 'D'
CIVIL TECH: CRISIL Migrates 'B' Rating to Not Cooperating Category

CRAFT INDIA: CARE Moves B+ Rating to Not Cooperating Category
DOLPHIN OFFSHORE: CRISIL Maintains D Rating in Not Cooperating
FLOW TECH: CRISIL Raises Rating on INR2.5cr Cash Loan to 'B'
GAGAN AGRO: CRISIL Lowers Rating on INR26.41cr Loan to D
GLOBAL TANNING: CRISIL Lowers Rating on INR4.75cr Loan to 'D'

INDIAN SURGICAL: CRISIL Migrates B Rating to Not Cooperating
JAIN IRRIGATION: Food Processing Unit Dragged to NCLT
JET AIRWAYS: First CoC Meeting Likely to be Held Next Week
KOSHER PHARMACEUTICAL: CRISIL Cuts Rating on INR13cr Loan to D
MOTI RAM: CRISIL Lowers Rating on INR7.5cr Loan to 'D'

POORNASAI AGRO: CARE Migrates B+ Rating to Not Cooperating
RELIANCE INFRA: CARE Cuts Rating on INR1654.38cr Loan to D
SATYAM FRESH: CRISIL Withdraws B+ Rating on INR6.9cr Loan
SHREE GINGER: CARE Maintains D Rating in Not Cooperating
SHREE HANUMAN: CRISIL Lowers Rating on INR5cr Cash Loan to D

VARUN ROAD: CRISIL Reaffirms B Rating on INR4.1cr Loan


I N D O N E S I A

KAWASAN INDUSTRI: IDX Summons Unit on Default Risk Report


M A L A Y S I A

1MDB: Deutsche Bank Faces U.S. Justice Department Probe
BARAKAH OFFSHORE: To Begin Regularisation Plan to Exit PN17 Status
LONDON BISCUITS: Slips Into PN17 Status After Payment Default


N E W   Z E A L A N D

PHP NZ: In Liquidation; Health Ministry Defends Hospital Pipe Work


S I N G A P O R E

HYFLUX LTD: Still Working with Utico Towards Binding Deal

                           - - - - -


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

BLITZ SERVICES: Second Creditors' Meeting Set for July 18
---------------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- Blitz Services Pty Limited, trading as Newcastle
      Mini Cranes;

   -- Karlee Crane Services Pty Ltd, trading as Newcastle
      Mini Cranes; and

   -- Trailer Cranes (Australia) Pty Ltd

has been set for July 18, 2019, at 11:00 a.m. at the offices of SV
Partners, Suite 3, Level 3, at 426 King Street, in Newcastle, 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 17, 2019, at 5:00 p.m.

Joshua-Lee Robb and Daniel Jon Quinn of SV Partners were appointed
as administrators of Blitz Services on June 13, 2019.

DSYNC PTY: First Creditors' Meeting Set for July 19
---------------------------------------------------
A first meeting of the creditors in the proceedings of Dsync Pty
Ltd will be held on July 19, 2019, at 10:30 a.m. at Level 27, at
259 George Street, in Sydney, NSW.

Sule Arnautovic and Trent Andrew Devine of Jirsch Sutherland were
appointed as administrators of Dsync Pty on July 9, 2019.

KING & WILSON: Second Creditors' Meeting Set for July 18
--------------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- King & Wilson Transport Pty Ltd
   -- King & Wilson Administration Pty Ltd
   -- King & Wilson Holdings Pty Ltd

has been set for July 18, 2019, at 11:00 a.m. at Level 11, 1 at
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 17, 2019, at 4:00 p.m.

Andrew Thomas Sallway and Duncan Clubb of BDO were appointed as
administrators of King & Wilson on June 13, 2019.

OCTERPUS PTY: First Creditors' Meeting Set for July 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Octerpus Pty
Limited will be held on July 19, 2019, at 11:00 a.m. at Level 27,
at 259 George Street, in Sydney, NSW.

Sule Arnautovic and Trent Andrew Devine of Jirsch Sutherland were
appointed as administrators of Octerpus Pty on July 9, 2019.

RED CHILLI: Second Creditors' Meeting Set for July 18
-----------------------------------------------------
A second meeting of creditors in the proceedings of Red Chilli
Sichuan Restaurant (Chatswood) Pty Ltd has been set for July 18,
2019, at 10:00 a.m. at the offices of Greengate Advisory, Suite
4.05, Level 4, at 130 Pitt Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 17, 2019, at 4:00 p.m.

Patrick Loi of Greengate Advisory was appointed as administrator of
Red Chilli on June 13, 2019.

RETAIL FOOD: Faces ASIC Probe as AUD160 Million Deal Emerges
------------------------------------------------------------
Matthew Elmas at SmartCompany reports that disgraced franchisor
Retail Food Group (RFG) is staring down the barrel of even more
regulator scrutiny after the Australian Securities and Investments
Commission confirmed it is looking into whether the company has
failed to be transparent with investors.

SmartCompany says the publicly traded company has been making
headlines this week after a meteoric rise in its share price
prompted questions over whether a sell-off was in the works.

According to SmartCompany, the company told investors on July 8 it
wasn't aware of any information it had not announced that could
explain the more than 70% share rise, but just a day later spilled
the beans on a AUD160 million deal to recapitalise the company.

It pointed to a news.com.au interview with executive chairman Peter
George when asked for a please explain, despite the fact RFG's
shares were already soaring by the time the story was published on
July 5, SmartCompany relays.

SmartCompany relates that RFG did also say "advanced discussions"
were underway on a deal to reduce the company's debt on July 5.

SmartCompany adds that RFG is under the pump to pay down more than
AUD259 million in debt after convincing its banks to stick around
earlier this year. The company has previously said it was exploring
options, including a possible sell-off of non-core assets.

But news on July 9 that Soliton Capital Partners, an investment
fund associated with SSG Capital Management, has been granted
limited exclusivity to conduct due diligence has seemingly raised
eyebrows over at ASIC, SmartCompany relays.

According to the report, the corporate regulator is looking into
whether RFG breached its disclosure obligations after it told
investors it was not aware of a forthcoming deal while, at the same
time, saying discussions were advanced on a deal.

The probe was characterised by the regulator as routine on Thursday
morning, with a spokesperson confirming it's not linked to any
other possible investigations underway into the company.

SmartCompany was told ASIC typically reviews abnormal market
activity and that its review of RFG's disclosure practices was not
a fully-fledged "investigation".

Earlier this year, a Senate inquiry into the scandal-plagued
franchising sector recommended RFG be investigated by ASIC, the
ACCC and the ATO in a scathing assessment of the company,
SmartCompany recounts.

SmartCompany says the allegations, according to senators, relate to
concerns about insider trading, with directors past and present
under the microscope.

The ACCC is currently looking into whether the franchisor breached
Australian Consumer Law or elements of the Franchising Code of
Conduct, the report notes.

It is not the first time RFG shares have inexplicably risen prior
to a major company announcement being publicised. Back in March,
shares rose over 60% in the week before the company announced it
had renegotiated its debt facilities.

All this restructuring is a consequence of the fallout from a 2017
Fairfax Media investigation into allegations of widespread
franchisee exploitation within the company's vast network of
brands, including Donut King, Gloria Jeans, Michel's Patisserie and
Brumby's Bakery, adds SmartCompany.

Retail Food Group Limited (ASX:RFG) -- http://rfg.com.au/--   
together with its subsidiaries, owns, develops, and manages
multi-brand retail food franchise in Australia. The company engages
in the ownership of intellectual property; development and
management of coffee roasting facilities; and the wholesale supply
of coffee and allied products. It is also involved in the
development and management of the procurement, warehousing,
manufacturing, and distribution business of various brands. The
company operates a network of approximately 2,500 outlets across 12
brand systems spanning 83 territories.  RFG owns the brands Gloria
Jeans, Donut King, Brumbies, Crust and Pizza Capers.

THORN ABS 1: Fitch Affirms BBsf Rating on Class E Notes
-------------------------------------------------------
Fitch Ratings has affirmed five classes of notes from Thorn ABS
Warehouse Trust No. 1. The transaction consists of notes backed by
a pool of first-ranking Australian automotive and
commercial-finance receivables originated by Thorn Equipment
Finance, a subsidiary of Thorn Group Limited. The notes were issued
by Perpetual Corporate Trust Limited as trustee for Thorn ABS
Warehouse Trust No. 1.

Thorn ABS Warehouse Trust No. 1
   
Class A;              LT AAAsf Affirmed; previously at AAAsf

Class C AU3FN0043956; LT Asf Affirmed;   previously at Asf

Class E AU3FN0043972; LT BBsf Affirmed;  previously at BBsf

Class B AU3FN0043949; LT AAsf Affirmed;  previously at AAsf

Class D AU3FN0043964; LT BBBsf Affirmed; previously at BBBsf

KEY RATING DRIVERS

Macroeconomic Factors: The Stable Outlook is supported by
Australia's strong and benign macroeconomic environment, which is
underpinned by robust governance, a solid policy framework and
sound prudential fiscal management. Fitch forecasts the economy
will grow at 1.7% in 2019, supported by low unemployment.

SME Borrower Credit Risk: Historic data analysis was performed to
derive the one-year probability of default (PD) assumption for each
contract type based on the annual average historical default rates
associated with the underlying portfolio. The one-year PD
assumption is built into Fitch's proprietary Portfolio Credit Model
(PCM), together with other key variables, including the portfolio
amortisation profile and concentration, and industry distributions.
The weighted-average (WA) one-year annual PD derived on the
portfolio remained unchanged at 3.0% for the SME portfolio and the
PCM-derived results were applied to Fitch's cash flow modelling.

SME Loan Recovery Rates: Base case recoveries have been set at 10%.
The minimal credit to recoveries is a result of the limited data
available and the recoveries experienced on some asset types as a
result of their small size.

Portfolio Analysis: The transaction has a one-year revolving
period, which ends on August 10, 2019. Fitch has analysed the
portfolio assuming the assets migrate towards its portfolio
parameters. The underlying collateral pool consisted of 16,571
leases totalling AUD295.4 million at the May 31, 2019 cut-off date.
The portfolio consisted predominantly of chattel mortgages (60.9%
of the portfolio) with the remainder in lease and rental contracts
that were extended to obligors spanning numerous industries
throughout Australia.

The portfolio experienced net losses of AUD2.7 million (0.9% of the
outstanding portfolio) as of May 31, 2019, which were fully
absorbed by excess spread. The transaction's 30+ and 90+ day
arrears were 2.9% and 1.5%, respectively. The portfolio does
experience seasonal increases in arrears over the December-January
period, which are subsequently resolved in the new year. There were
no loans in hardship in the warehouse.

Obligor Concentration: The underlying portfolio is granular, with
an average receivable balance of AUD17,827 and the top 10 obligors
making up 1.9% of the portfolio.



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

MELCO RESORTS: Moody's Rates Proposed USD Sr. Unsec. Notes Ba2
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the proposed
senior unsecured US dollar notes to be issued by Melco Resorts
Finance Limited (MRF, Ba2 stable).

The rating outlook is stable.

MRF plans to use the note proceeds to partially repay the principal
amount outstanding under the 2015 Revolving Credit Facility at its
subsidiary Melco Resorts (Macau) Limited.

RATINGS RATIONALE

"The Ba2 rating reflects the established operations and
high-quality assets of the group under the parent Melco Resorts &
Entertainment Limited (MRE), which support its robust cash flow
generation and good liquidity," says Sean Hwang, a Moody's
Analyst.

"These strengths are counterbalanced by MRE group's high geographic
concentration in the Macau gaming market as well as its
increasingly aggressive growth strategy, as demonstrated by its
recently announced acquisitions," adds Hwang.

MRF's credit quality and ratings--including the newly assigned bond
rating--are driven by the consolidated credit quality of its
parent, MRE, given that MRF is 100%-owned by MRE with limited
ring-fencing mechanisms. In addition, Moody's expects MRE will
continue to rely heavily on MRF for profit generation and funding.

Moody's expects MRE's gross debt/EBITDA and net debt/EBITDA
(reflecting Moody's adjustments) will increase to around 4.5x and
3.4x over the next 12-18 months, from 3.6x and 2.5x in 2018,
respectively, as a result of its announced acquisition of a 19.99%
stake in Crown Resorts Limited (Baa2 stable), capital spending for
a resort development project in the Republic of Cyprus (Ba2
stable), and the Studio City phase two expansion.

These projected metrics for MRE remain within the tolerance levels
for MRF's Ba2 rating category, although limited headroom will
remain for further large debt-funded investments--such as a
potential further increase in its stake in Crown Resorts--or a
weaker-than-expected operating performance.

The Ba2 rating for the proposed senior unsecured offering is in
line with the company's corporate family rating, because the
partial redemption of the outstanding balance under the
subsidiary-level revolving credit facility will reduce the claims
at the subsidiary to a manageable level.

In terms of environmental, social and governance (ESG) factors, the
rating also factors in the company's exposure to changing
demographics and consumer preferences, as well as the high
concentration of ultimate ownership in a controlling shareholder.
These risks are mitigated by Melco group's good track record of
managing the social aspect of its operations, the positioning of
its core market of Macau as a destination gaming hub, and the board
oversight exercised through independent board directors.

The stable rating outlook reflects Moody's expectation that MRE
will continue to improve its consolidated earnings over the next
12-18 months, supported by growing mass-market gaming demand in
Macau. Moody's further assumes that, aside from the announced
transactions, MRE will not use further significant debt to pursue
large-scale investments or shareholder distributions.

An upgrade of MRF's ratings is unlikely in the near term, given
MRE's elevated leverage. However, the ratings could be upgraded
over time if MRE establishes a longer track record of maintaining a
conservative investment strategy and improves its consolidated
financial profile, such that MRE's adjusted debt/EBITDA stays below
3.5x while it maintains sizeable cash holdings.

On the other hand, MRF's ratings could be downgraded if (1) MRE's
operating performance weakens as a result of slowing demand or
intensifying competition in MRE's key gaming markets, or (2) MRE's
financial leverage increases significantly because of further large
debt-funded investments or shareholder distributions, or both.
Metrics indicative of a possible downgrade include MRE's adjusted
debt/EBITDA rising above 4.5x-5.0x.

In addition, the ratings on MRF's senior unsecured notes could come
under pressure in the event of a sustained increase in MRF's
subsidiary-level priority claims relative to MRF's holding
company-level senior unsecured debt.

The principal methodology used in this rating was Gaming Industry
published in December 2017.

Melco Resorts Finance Limited is a wholly-owned subsidiary of Melco
Resorts & Entertainment Limited, which is listed on the NASDAQ
exchange and is majority-owned by the Hong Kong-listed Melco
International Development Ltd. All of Melco Resorts Finance's
operations are currently located in Macau.

Through Melco (Macau) Resorts Limited, Melco Resorts Finance
operates two wholly-owned casinos in the territory, namely, Altira
Macau and City of Dreams. It also has non-casino based operations
at its Mocha Clubs, and operates the gaming business at the casino
of Studio City.



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

A AND A REAL: CRISIL Migrates B+ Rating in Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of A and A Real
Estate Private Limited (AARE) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          16        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Rating
                                     Migrated)

CRISIL has been consistently following up with AARE for obtaining
information through letters and emails dated March 12, 2019, June
10, 2019 and June 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in fiscal 2005 and promoted by Mr Mohammed Shameen
Khan and Mr Mohammed Atique, AARE is engaged in the real estate
segment and is currently constructing a residential complex,
Regalia Palace, in Bhopal. The company has successfully developed
around five residential and commercial projects through associated
companies SP Developers and Navin Nayak Housing Society.

AASTHA COLD: CARE Maintains D Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aastha Cold
Storage (ACS) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.90       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 13, 2018, placed the
rating(s) of ACS under the 'issuer non-cooperating' category as ACS
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. ACS
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and letter/email-s
dated June 19, 2019 and June 20, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 13, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing
There were irregularities in debt servicing owing to weak liquidity
of ACS.

Deesa-based (Gujarat) ACS is a partnership firm engaged in the
business of providing cold storage services. Established in the
year 2013, ACS is operating from its plant located at
Modasa-Gujarat. ACS has installed capacity of 5000 metric tonnes of
storage capacity as on March 31, 2015.

ADARSHA CONTROL: CRISIL Migrates 'B+' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Adarsha
Control Systems Pvt. Ltd. (ACS) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting        2        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Open Cash Credit        5.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ACS for obtaining
information through letters and emails dated May 8, 2019, June 10,
2019 and June 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established in 1993 and based in Bengaluru, ACS is promoted and
managed by Mr Umashankar V, Mr Ramakrishna N, and Mr Nagesh H. The
company is engaged in electrical control panel building and
precision sheet metal fabrication.

ALSHIZA FOODS: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Alshiza Foods (AF)
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             4.2        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Proposed Cash           5.0        CRISIL B/Stable (ISSUER NOT
   Credit Limit                       COOPERATING)

   Proposed Letter of      0.8        CRISIL A4 (ISSUER NOT
   Credit & Bank                      COOPERATING)
   Guarantee              

CRISIL has been consistently following up with AF for obtaining
information through letters and emails dated June 10, 2019 and June
14, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of AF continues to be 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

Established in 2004 by Mr Arshad Ali as a proprietorship firm. AF,
based in Hapur (Haryana), trades in feeds for all livestock
animals.

AMAR COTTEX: CARE Maintains D Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amar Cottex
Private Limited (ACPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information


Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 6, 2018, placed the
rating(s) of ACPL under the 'issuer non-cooperating' category as
ACPL had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. ACPL
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and letter/email-s
dated June 19, 2019 and June 20, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 6, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing
The ratings take into account the ongoing delays in its debt
servicing due to weak liquidity position of the company.

Rajkot-based ACPL was incorporated in March 2011, by Mr Nilesh
Devjibhai Sakhiya and Mr Naranbhai Karsanbhai Ramani as a private
limited company. ACPL is engaged in the cotton ginning and pressing
activity and started commercial production from November 2011. Mr
Jayraj Vekariya is managing the overall business operation of ACPL.
ACPL has installed capacity of 6,800 metric tonnes per annum (MTPA)
as on March 31, 2015, for cotton bales at its sole manufacturing
facility located at Rajkot (Gujarat).

AOL EXPRESS: Second Creditors' Meeting Set for July 18
------------------------------------------------------
A second meeting of creditors in the proceedings of AOL Express Pty
Ltd has been set for July 18, 2019, at 3:00 p.m. at the offices of
PricewaterhouseCoopers, Level 17, at One International Towers
Sydney, Watermans Quay, in Barangaroo, 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 17, 2019, at 5:00 p.m.

Daniel Walley and Martin Ford of PricewaterhouseCoopers were
appointed as administrators of AOL Express on June 14, 2019.

ARDEE TECHNOLOGIES: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ardee
Technologies Private Limited (ATPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      27.10       CARE D; Issuer not co-operating
   Facilities                      based on best available
                                   information

   Short-term Bank     18.50       CARE D; Issuer not co-operating
   Facilities                      based on best available
                                   information


Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 1, 2018, placed the
rating(s) of ATPL under the 'issuer non-cooperating' category as
ATPL had failed to provide information for monitoring of the
rating. ATPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated May 29, 2019, May 24, 2019, May 22, 2019, May 20,
2019 and May 15, 2019 In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

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

Key Rating Weakness

Delays in debt servicing
The demand for steel remained subdued during FY16 (refers to the
period April 1 to March 31) on account of weak domestic and
international market scenario, resulting in higher inventory pile
up coupled with delay in realization of debtors leading to stressed
liquidity conditions during FY16. The above situation led to cash
flow mismatches and in turn the company has been delaying in
meeting its debt obligations in time.

Decline in total operating income
The company has been witnessing decline in its scale of operations
year-on-year. The total operating income of the company declined
from INR59.58 crore in FY15 and to INR45.65 crore in FY16 mainly on
account of non- renewal of a long term purchase contract with a
Germany based firm for supplying of a raw material "inserts" which
is required for the production of final product. However, the
company could not operate efficiently due to non-availability of
raw material which along with general industry slow-down resulted
in decline in scale of operations. The company is now procuring the
same raw material from a firm in Italy.

Deterioration of capital structure and debt coverage indicators
The capital structure of the company has been deteriorating,
although remained at moderate level during the review period. The
debt to equity has been deteriorated from 0.49x as on March 31,
2015 to 0.67x as on March 31, 2016, on account of increase in bank
term loan (from EXIM and SIDBI) used for financing its
investment/loan to its overseas subsidiary, viz. Keystone Sensors
LLC, USA (KSL) for the purpose of acquisition of some specific
assets. Furthermore, the Overall gearing of the company
deteriorated from 1.20x as on March 31, 2015 to 1.32x as on March
31, 2016 on account of reason mentioned above coupled with full
working capital utilization.

Elongation of working capital cycle
The company has been facing tight liquidity position as indicated
by its elongated operating cycle of 262 days in FY16 (FY15: 177
days), low quick ratio of 0.68x in FY16 (FY15:0.82x) and full
working capital utilization. The extended operating cycle was due
to high collection and inventory days.

Key rating strengths

Experienced promoters with established track record
ATPL is promoted by Mr G.S. Narayan who is a chemical engineer with
an experience of around 40 years in the iron and steel industry in
India and abroad specifically in the field of molten metal
measurements and control. Another director, Dr G. Sunanda, is a PhD
qualified in chemical engineering. ATPL has an established track
record of business of over 25 years has its operations spread over
six units across India in Orissa, West Bengal, AP, Chhattisgarh and
Maharashtra.

In-house R&D centre approved by Department of Science and
Technology
The company has in-house R&D centre approved by the Department of
Science and Technology Government of India. The company has
developed many innovative products (Viz. high dimension cored wire
for deoxidation of steel, "Wire-in Wire" for improved recovery
during wire injection and magnesium & calcium metal powder) and
also received patents for some of them. ATPL has been granted ISO
9001:2008 certificates for its two units at Rourkele, manufacturing
measurement instruments and cored wires.

Ardee Technologies Private Limited (ATPL) incorporated on October
7, 1987 was promoted by Mr. G.S. Narayan who is a chemical engineer
with about 40 years of experience in the iron and steel industry.
The company is engaged in manufacturing of various kinds of sensors
used for measuring temperature and gas content in molten iron,
steel and other metals. Further company also manufactures cored
wires at its China plant.

In FY16, ATPL had a Profit after Tax (PAT) of INR0.20 crore on a
total operating income of INR45.65 crore, as against PAT and TOI of
INR2.39 crore and TOI of INR59.58 crore in FY15 respectively.

B. MANJI: CRISIL Withdraws B+ Rating on INR4.75cr Loan
------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of B. Manji
& Co. (BM) on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill         4.75        CRISIL B+/Stable (ISSUER NOT
   Discounting                      COOPERATING; Rating  
                                    Withdrawn)

   Proposed Long Term   3.25        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating
                                    Withdrawn)

CRISIL has been consistently following up with BM for obtaining
information through letters and emails dated August 23, 2018 and
August 28, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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


Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BM. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for BM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has Continues the ratings on the bank facilities of BM to 'CRISIL
B+/Stable Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of BM on the
request of the company and after receiving no objection certificate
from the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

B. Manji & Co. is a partnership firm set up in 2012 and is engaged
in the manufacturing and exports of polished diamonds. The firm is
managed by Mr. Nayan Gajipara and Mr. Bhavesh Gajipara.

BENITA INDUSTRIES: CRISIL Lowers Rating on INR2cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded the rating of Benita Industries Limited (BIL)
to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee           1        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Secured Overdraft        2        CRISIL D (Downgraded from
   Facility                          'CRISIL BB-/Stable')

   Term Loan                2        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')
  
The downgrade is driven by delays in servicing of term debt
obligations in the last two months ended May 2019 due to weak
liquidity.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest financial risk profile: Financial risk profile is
below-average/weak marked by a modest networth, leveraged capital
structure and average debt protection metrics.

* Susceptibility to cyclicality in end-user industries and
volatility in iron prices: Iron prices are volatile and fluctuate
in response to relatively minor changes in supply and demand,
economic changes, cyclicality in the steel industry, among other
factors. Reduction in demand and iron price affects the company's
revenue and profitability.

Strength:
* Promoter's extensive experience in the mining industry:
The company's promoters, Mr Venu Gopal and Mrs Uma Rama Devi, has
been associated with the mining industry for over two decades, and
have established relationships with customers.

Liquidity
Liquidity is weak marked by delays in servicing of term loan debt
obligations. Stretched liquidity profile due to insufficient
accruals against Repayment obligations.

BIL was set up by Mr Venu Gopal and Mrs Uma Rama Devi in 2011. The
company owns one iron ore mine at Kadapa in Andhra Pradesh.

CIVIL TECH: CRISIL Migrates 'B' Rating to Not Cooperating Category
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Civil Tech
(CT) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------      -----------     -------
   Proposed Cash         0.7       CRISIL B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

   Proposed Long Term    3.55      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Proposed Term Loan     .75      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CT for obtaining
information through letters and emails dated March 12, 2019, June
10, 2019 and June 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

CT was established in 2010 as a partnership firm by Mr Prashant
Jaiswal, his wife, Ms Minal Jaiswal, along with Mr Nitin Kulkarni
and Ms Mithila Kulkarni (business associates). Based in Nashik,
Maharashtra, the firm undertakes material testing and civil
construction, and provides consultancy services.

CRAFT INDIA: CARE Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Craft India
Industries continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       5.46      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 Craft India
Industries to monitor the rating vide e-mail communications dated
May 30, 2019, May 23, 2019, May 15, 2019, April 30, 2019, April 3,
2019, April 1, 2019, March 30, 2019, March 7, 2019, March 5, 2019,
March 1, 2019, February 28, 2019, February 7, 2019, February 5,
2019, February 1, 2019 and January 31, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information and surveillance fees for
monitoring the ratings. The rating on Craft India Industries bank
facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

DOLPHIN OFFSHORE: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dolphin Offshore
Enterprises India Limited (DOEIL) continues to be 'CRISIL D/FD
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             54        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Fund & Non Fund         75        CRISIL D (ISSUER NOT
   Based Limits                      COOPERATING)

CRISIL has been consistently following up with DOEIL for obtaining
information through letters and emails dated June 10, 2019 and June
14, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of DOEIL continues to be 'CRISIL D/FD Issuer not
cooperating'.

DOEIL is the flagship company of the Dolphin group and is in the
business of providing a complete range of offshore support services
to the oil and gas industry. The services include diving and
underwater engineering services, marine operations and management
(vessel management), fabrication and installation, ship repairs,
geo-technical services, Engineering, Procurement and Construction
activities (EPC), etc.

FLOW TECH: CRISIL Raises Rating on INR2.5cr Cash Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
for Flow Tech Power (FTP) to 'CRISIL B/Stable' from 'CRISIL C',
while reaffirming the short term ratings at 'CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.5        CRISIL A4 (Reaffirmed)
   Cash Credit            2.5        CRISIL B/Stable (Upgraded
                                     from 'CRISIL C')
   Letter of Credit       3.5        CRISIL A4 (Reaffirmed)
   SME Credit              .25       CRISIL A4 (Reaffirmed)

The upgrade reflects timely repayment of unrated debt obligations
and significant improvement in business and financial risk
profiles. The firm has reported a revenue of INR64 crores in fiscal
year 2018 as against INR47 crores in fiscal year 2017, on account
of moderate order book. The margin remained at around 5-6 % in the
past few fiscals ending 2018. Further, the financial risk profile
was comfortable marked by gearing levels of around 0.4 time and
interest coverage & net cash accruals to total debt of 13.16 times
and 0.72 time respectively in fiscal year 2018.

The ratings also reflects the firm's modest scale and working
capital intensive nature of operations. These weaknesses are
partially offset by the extensive experience of FTP's promoters in
the pipes and MIS (micro irrigation system) segment.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operation: Despite of being in the industry for
nearly three decades, FTP's scale of operations has been modest as
reflected in the revenue of around INR65 crore in 2018, as compared
to INR47 crores in 2017.

* Working capital intensive nature of operations: The firm's
operations were working capital intensive, as indicated by gross
current asset (GCA) days of 131 as on March 31 2018. High GCA days
is on account of high receivables of around 96 days and moderate
inventory of around 29 days during the said period.

Strength:
* Extensive industry experience of promoters: FTP's promoters have
an extensive experience of around three decades in the pipes and
MIS segment. Over the years, FTP has become one of the preferred
suppliers of MIS under the state government schemes. Going forward
company is expecting to get good order book from government.

Liquidity
FTP has maintained a moderate liquidity profile. Bank limits were
highly utilized at around 100% for the past 12 months ended March,
2019. Cash accrual stood at INR2.80 crores, which was sufficient
against the repayment obligation of INR0.30 crores in 2018.Further,
current ratio stood at 1.33 times as on March 31, 2018.

Outlook: Stable

CRISIL believes FTP will benefit over the longstanding industry
experience of its management. The outlook may be revised to
'positive' if the firm's increased revenues and efficient working
capital management leading to an improvement in its financial risk
profile or in case of significant infusion of capital into the firm
resulting in improved capital structure. Conversely, the outlook
may be revised to 'Negative' if FTP undertake aggressive, debt
funded expansions, and poor working capital management or the
profitability declines leading to deterioration in its financial
risk profile.

FTP was set up in 1986 by Mr. C Gopal. The firm manufactures drip
irrigation systems and pipes. Its product profile comprises drip
irrigation systems, sprinkler irrigation systems, high-density
polyethylene pipes, and polyvinyl chloride pipes.

GAGAN AGRO: CRISIL Lowers Rating on INR26.41cr Loan to D
--------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Gagan Agro &
Rice Exporters (GARE) to 'CRISIL D ISSUER NOT COOPERATING' from
'CRISIL B/Stable ISSUER NOT COOPERATING' as there were delays in
term loan repayment and interest servicing in the past six months.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           9.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Pledge Loan           5.0        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Fund-       26.41       CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             9.09       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with GARE for obtaining
information through letters and emails dated December 31, 2017,
June 29, 2018, and May 29, 2019, among others; apart from
telephonic communication. However, the issuer has remained
non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not obtained any information on either the financial performance or
strategic intent of GARE. This restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available for the company is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with 'CRISIL B' rating category or lower.'

Based on the best available information, CRISIL has downgraded its
rating to 'CRISIL D ISSUER NOT COOPERATING' from 'CRISIL B/Stable
ISSUER NOT COOPERATING' as there were delays in term loan repayment
and interest servicing in the past six months.

Established in 2014, GARE mills, processes, and exports Basmati
rice. It is a partnership firm promoted by Mr. Sumit Singla, Mr.
Rahul Garg, and Mrs Amandeep Kaur. Its manufacturing unit at
Badrukhan in Sangrur, Punjab, has an installed rice milling
capacity of 5000 tonnes per month. The unit commenced operations in
January 2015.

GLOBAL TANNING: CRISIL Lowers Rating on INR4.75cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Global
Tanning Industries (GTI) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4/Issuer Not
Cooperating', as there have been delays in servicing debt
obligations.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           2.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Foreign Bill          4.5        CRISIL D (ISSUER NOT
   Purchase                         COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit      0.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Overdraft             0.19       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    4.75       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             1.56       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with GTI for obtaining
information through letters and emails dated June 28, 2018, and
December 10, 2018, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

The investors, lenders, and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'issuer not cooperating'. These ratings lack a
forward-looking component as they are arrived at without any
management interaction and are based on best available, limited, or
dated information regarding the company.

Detailed Rationale

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

Based on the last available information, CRISIL has downgraded its
ratings on the bank facilities of GTI to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4/Issuer Not
Cooperating', as there have been delays in servicing debt
obligations.

Established in 2003, Kolkata-based GTI tans raw hide and
manufactures leather gloves. Mr Dilshad Elahi is the promoter.

INDIAN SURGICAL: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Indian
Surgical Equipment Co. Private Limited (ISPL) to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          4        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit             2        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit        1        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ISPL for obtaining
information through letters and emails dated June 10, 2019 and June
14, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ISPL to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

ISPL was set up as a proprietorship concern in 1981 at New Delhi,
it got converted into a private-limited company in 1987. The
company trades in surgical instruments and biomedical equipment
including lifesaving equipment. Ms Sneha Rajpal and her son, Mr
Abhinav Rajpal, manage the business.

JAIN IRRIGATION: Food Processing Unit Dragged to NCLT
-----------------------------------------------------
BloombergQuint reports that Freightco India Ltd. moved the National
Company Law Tribunal to initiate insolvency proceedings against
Jain Farm Fresh Foods Ltd., a subsidiary of debt-laden Jain
Irrigation Systems Ltd., for not paying dues.

BloombergQuint relates that Jain Farm Fresh, which is in the
business of food processing, hasn't made any payment to the
operational creditor since November, according to the logistics
services provider's petition with NCLT on June 27.  Freightco India
claimed a receivable, or payment from clients, worth INR1.04 crore
from the company.  BloombergQuint has reviewed a copy of Freightco
India's NCLT petition against Jain Farm Fresh.

Jain Farm Fresh, nearly 82 percent of which is owned by Ashok Jain
and family-controlled Jain Irrigation, had reported a revenue worth
INR1,632.94 crore as of March 2018 and suffered a loss of INR43.53
crore, BloombergQuint discloses citing disclosures made in the
parent's annual report. The company's borrowings stood at INR1,183
crore as of March 2019, said a note by rating agency ICRA Ltd,
BloombergQuint relays.

On June 28, ICRA downgraded Jain Farm Fresh's debt instruments,
citing high debt and moderate debt coverage indicators, the ratios
indicating whether a company can meet its debt and interest
payments, according to BloombergQuint.

The rating agency also cited deterioration in the parent's credit
profile and borrowings and increase in collection cycle—number of
days taken to collect accounts receivable—as reasons for a
negative outlook, adds BloombergQuint.

Jain Irrigation Systems Limited is engaged in manufacture of
plastic products, and manufacture of fruit or vegetable juices,
their concentrates squashes and powder.  The Company has
approximately 30 manufacturing plants globally.

JET AIRWAYS: First CoC Meeting Likely to be Held Next Week
----------------------------------------------------------
Financial Express reports that the first meeting of the committee
of creditors (CoC) regarding the insolvency proceedings of Jet
Airways is likely to take place early next week.

The National Company Law Tribunal (NCLT) had on June 20 passed an
order to initiate insolvency proceedings against the grounded
airline following a plea filed by State Bank of India.

FE says the first fortnightly report by the court-appointed interim
resolution professional (RP) was submitted to NCLT on July 5.

The RP's team will also publish the total claims accumulated
against Jet this week, a person aware of the proceedings said, FE
relays. Creditors had to file their claims by July 4, but employees
have been given time till July 24.

FE says the CoC will likely include representatives from SBI,
Punjab National Bank, IDBI Bank, ICICI Bank and Indian Overseas
Bank, among others.

SBI dragged the airline to the insolvency court after lenders
failed to find a buyer for a majority shareholding in the airline.

According to the report, Abu Dhabi-based Etihad Airways, Jet's
strategic partner, was the only serious party to show interest
subject to multiple conditions.

The CoC will meet to discuss multiple issues, including the voting
rights of each party and a timeline for inviting expressions of
interest (EoIs) for the resolution of Jet, FE relates.

The Hinduja group and Etihad Airways have held multiple discussions
on putting in a formal bid for the airline since the initiation of
insolvency proceedings.

While passing the order, the Bench had asked that the matter be
resolved within 90 days as Jet Airways insolvency is a matter of
"national importance". The 90-day deadline was left out of the
official order, the report notes.

                         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. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

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.

KOSHER PHARMACEUTICAL: CRISIL Cuts Rating on INR13cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term and short term
bank facilities of Kosher Pharmaceutical Private Limited (KPPL)  to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating', as there has been delays in term loan repayments.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          13        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Cash            2        CRISIL D (ISSUER NOT
   Credit Limit                      COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL has been consistently following up with KPPL for obtaining
information through letters and emails dated May 31, 2018, June 30,
2018 and April 23, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, CRISIL has downgraded its
rating on the long-term and short term bank facilities of KPPL to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating', as there has been delays in term loan repayments.

KPPL, set up in 2012, is currently setting up a bulk drug
manufacturing unit. The company is promoted by Mr Lakkireddy
Tirupathi Reddy and is based in Hyderabad.

MOTI RAM: CRISIL Lowers Rating on INR7.5cr Loan to 'D'
------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Moti Ram Sunil Kumar (MRSK) to 'CRISIL D' from 'CRISIL B/Stable.


                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            7.5        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term     1.8        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan              0.7        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects consistent overutilization in cash
credit limit for more than 30 days.

The ratings also takes into account the firm's modest scale of
operations. These weaknesses are partially offset by proprietor's
industry experience

Key Rating Drivers & Detailed Description

Weaknesses:

* Overutilization in Cash Credit limit: There are recent instances
of consistent overutilization in cash credit limit account for more
than 30 days.

* Modest scale of operations: MRSK has a modest scale of operations
as reflected in its revenue of INR33 crores in fiscal 2017 .The
industry is marked by high fragmentation among many unorganised
players which restricts the firm's bargaining power with suppliers
and customers, in terms of both pricing and negotiating better
credit terms, as compared with some of the larger players.

Strengths
* Proprietor extensive experience in the industry:
Presence of almost a decade in the rice milling segment has enabled
the proprietor to maintain longstanding relationship with customers
and suppliers.

Liquidity
Liquidity remains under pressure, as reflected by overutilization
in cash credit limit.

Established in 2006 as a proprietorship firm by Mr Sunil Kumar,
MRSK processes paddy at its unit in Karnal, Haryana, which has
total installed capacity of about 30,000 tonne per annum.

POORNASAI AGRO: CARE Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Poornasai Agro Industries (PSAI) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.50       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 PSAI to monitor the
ratings vide e-mail communications dated May 21, 2019, May 23, 2019
and May 27, 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 Poornasai
Agro Industries' bank facilities will now be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING.

RELIANCE INFRA: CARE Cuts Rating on INR1654.38cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Reliance Infrastructure Limited (R-Infra), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-Long    1654.38      CARE D; ISSUER NOT COOPERATING
   Term-Term Loan                  Rating revised from CARE B;
                                   Stable

   Fund-based–Short    600.00      CARE D; ISSUER NOT
COOPERATING
   Term-Term Loan                  Rating revised from CARE A4

   Non-Convertible     295.00      CARE C; ISSUER NOT COOPERATING
   Debentures                      Rating revised from CARE B;
                                   Stable

   Non-Convertible     600.00      CARE C; ISSUER NOT COOPERATING
   Debentures                      Rating revised from CARE B;

The revision in the rating assigned to the long term and short term
bank facilities of R-Infra takes into account the on-going delays
in debt servicing. Further, the revision in long term rating
assigned to the nonconvertible debenture (NCDs) issues factor in
the deterioration in the credit risk profile of the company owing
to losses reported by the company for FY19 (April 1, 2018 to March
31, 2019).

The rating continues to remain in the 'Issuer Not Cooperating'
category due to non-submission of monthly 'No Default Statement'
(NDS) by the company.

CARE has been consistently following up with the company for
obtaining the monthly 'No Default Statement. Thus, 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 rating on the bank facilities will now be denoted as CARE D;
Issuer Not Cooperating* while that for the NCDs will be denoted as
CARE C; Issuer Not Cooperating.

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

Detailed Rationale & Key Rating Drivers

Delays in debt servicing
The revision in the ratings assigned to bank facilities takes in to
account ongoing delays in debt servicing. However, the company has
been timely servicing the interest payments on NCDs. Further, the
rating revision factors in the deterioration in the credit risk
profile of the company owing to losses reported by the company as
on March 31, 2019.

At the time of last rating on January 9, 2019 the following were
the rating strengths and weaknesses: (updated for the information
available from Stock Exchange):

Key Rating Weaknesses

Continued support extended to group/associate companies impacting
the coverage indicators: Financial support extended to group
companies/associates in the form of loans & advances stood at
INR6,064.79 crore as on March 31, 2019 (as against INR13,558 crore
as on March 31, 2018) which has impacted the liquidity profile and
financial risk profile of R-Infra. Timely and complete recovery of
the same is a key rating sensitivity.

Delay in receipt of arbitration award and regulatory assets:
R-Infra had won Delhi Metro arbitration award against DMRC (Delhi
Metro Rail Corporation) worth INR5,300 crore including interest of
which R-Infra received INR678.42 crore as immediate relief to
ensure than no account of lenders of DAMEPL (Delhi Airport Metro
Express Private Limited) turns NPA. Hon'ble Delhi HC has directed
DMRC to service entire debt of DAMEPL worth INR1,618 crore. The
timely receipt of DMRC award is a key rating monitorable. Also, the
company had claims with regards to regulatory assets from the power
business and arbitration money expected from the road projects,
Mumbai Metro project and EPC business.

Key Rating Strengths

Improved revenue visibility in EPC business segment: During FY18,
The EPC business segment contributed around 15.52% of the total
revenues and 18.83% of the total PBIT (allocable Income/Expenses
among segments) of R-Infra. However, as on September 30, 2018,
R-Infra has an order book position exceeding INR27,800 crore as on
September 30, 2018. The improvement in the order book position
provides revenue visibility in the EPC segment in the near term.

Reliance Infrastructure Limited (R-Infra) is the flagship company
of the Reliance ADAG (controlled by Mr. Anil D Ambani).

Reliance Infrastructure Ltd. is into developing projects through
various Special Purpose Vehicles (SPVs) in sectors such as Power,
Roads and Metro Rail in the Infrastructure space and the Defense
sector.

R-Infra through its SPV/Associates has presence in the power
businesses. Also, R-Infra Ltd through its SPVs has executed a
portfolio of infrastructure projects such as a metro rail project
in Mumbai on build, own, operate and transfer (BOOT) basis; eleven
road projects with total length of about 1,000 km on build, operate
and transfer (BOT) basis. Reliance Infrastructure Ltd. also
provides Engineering, Procurement and Construction (EPC) services
for developing power and road projects.

The Company has entered into the defense sector. The Maharashtra
Government has allotted land at Mihan near Nagpur for the
development of smart city for the defense sector known as Dhirubhai
Ambani Aerospace Park (DAAP). Reliance Infrastructure Ltd.
associate Reliance Naval and Engineering Ltd. (RNEL), houses dry
dock facility to build warships and other naval vessels.

SATYAM FRESH: CRISIL Withdraws B+ Rating on INR6.9cr Loan
---------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Satyam
Fresh Food and Feeds Private Limited (SFFFPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           3.6        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

   Proposed Fund-        6.9        CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

   Term Loan             4.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B+/Stable'; Rating
                                    Withdrawn)

CRISIL has been consistently following up with SFFFPL for obtaining
information through letters and emails dated May 20, 2019, June 14,
2019 and June 20, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SFFFPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for SFFFPL
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of SFFFPL to
'CRISIL B+/Stable Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of SFFFPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Incorporated in fiscal 2013 and promoted by Mr Sudhir Kumar, SFFFPL
manufactures poultry feed.

SHREE GINGER: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Ginger Enterprises Limited (SGEL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      34.50       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short term Bank     27.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SGEL to monitor the
rating(s) vide e-mail communications/letters dated September 7,
2017, October 17, 2017, November 7, 2017, November 29, 2017,
December 22, 2017, January 8, 2017, January 9, 2018, June 7, 2019,
June 12, 2019, June 17, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on SGEL's
bank facilities will now be continued as CARE D; ISSUER NOT
COOPERATING.

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

The rating takes in account delays in debt servicing, overdrawals
in cash credit account and instances of devolvement of letters of
credit.

Detailed description of the key rating drivers At the time of last
rating on January 17, 2018 the following were the rating strengths
and weaknesses.

Key Rating Strengths

Experienced promoters: SGEL formerly known as Ginger Clothing
Private Limited was promoted by Mr Sanjay Kumar Tayal. Mr Sanjay
Kumar Tayal has more than two decades of experience in the textile
industry. Mr Keshav Tayal has more than 8 years of experience and
is ably supported by a team of well-qualified and experienced
professionals. He has been instrumental in setting up the company's
garmenting business and has launched the company's brand 'League'.

Diversified Customer Base: SGEL has a well-diversified customer
base and does not face customer concentration risk as its top 5
customers contributed only 8% to the total sales.

Moderate debt coverage indicators: Term debt at SGEL comprised
mainly of unsecured loans from promoters to the extent of INR18
crore as on March 31, 2016. During FY16 (refers to the period April
1 to March 31), SGEL had raised INR105 crore to acquire a mall in
Nagpur for commercial purpose. This led to increase in borrowings
as of March 31, 2016 which resulted in the company's debt to equity
ratio, overall gearing and total debt to GCA deteriorating to
1.02x, 1.43x and 11.71x as on March 31 2016 from 0.28x, 0.68x and
4.93x as on March 31 2015 respectively. On account of higher
interest outgo, the interest coverage ratio of the company
deteriorated to 2.71x in FY16 as compared to 3.28x in FY15. The
above deal however did not materialise and the loan was repaid in
FY17 out of the investments created from the said loan pending
finalization of the deal.

Key Rating Weaknesses

Stable operations; Low profitability margins: SGEL reported flat
sales in FY16 of INR426.98 crore as against INR420.39 crore in
FY15. The share of revenues from yarn and texturising segment,
fabric stood at 39% and 56% respectively. The company has no
expansion plans in the immediate future.

During FY16, the PBILDT margin remained stable at 5.91%, PAT margin
however, deteriorated to 0.04% mainly on account of write off of
INR2.09 crore towards insurance claim not settled relating to the
fire in Dadra plant in FY14.

Low bargaining power against large suppliers: SGEL has low
bargaining power against the large suppliers as the company
procures polyester chips from well-established domestic players and
gets credit of 15-20 days. The prices of polyester chips are
inherently volatile in nature being a derivative of crude oil.

Fragmented and competitive industry leading to low pricing power:
SGEL operates in a highly commoditized and fragmented polyester
yarn and garment industry marked by a large number of organised as
well as unorganised players coupled with low entry barriers.
Intense competition limits the pricing abilities of the players in
the industry.

Shree Ginger Enterprises Limited (SGEL) formerly known as Ginger
Enterprises Limited was incorporated in 2002 and promoted by Mr
Sanjay Kumar Tayal, presently managed by Mr Keshav Tayal. The
company is engaged in the manufacturing of Partially Oriented Yarn
(POY), Polyester Texturised Yarn (PTY), knitted fabric and
readymade garments. In March 2009 the company acquired assets of a
sick company viz. M/S Ramakrishna Filaments Ltd., at a
consideration of INR17.10 crore (including other expenses) from
Andhra Bank under SARFAESI Act, 2002. The company started its PTY
operations in FY10 (refers to the period April 1 to March 31). The
company started commercial production of POY, and FDY in the last
week of December 2010. The company has manufacturing capacities of
POY (50 TPD), FDY (15 TPD), DTY (70 TPD) and knitting (1600 TPA)
located at Silvassa. The two garment manufacturing units of the
company are located at Dombivli with a combined capacity of 7
million pieces per annum.

SHREE HANUMAN: CRISIL Lowers Rating on INR5cr Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term and short term
bank facilities of Shree Hanuman Mosaic and Marble (SHM) to 'CRISIL
D/Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating', as there has been delays in term loan repayments.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL D/Stable (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term      0.73      CRISIL D/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan                .27      CRISIL D/Stable (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL has been consistently following up with SHM for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, CRISIL has downgraded its
rating on the long-term and short term bank facilities of SHM to
'CRISIL D/Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating', as there has been delays in term loan repayments.

SHM, formed in 1995 as a proprietorship firm, trades in tiles,
marbles, and sanitary ware. The firm is promoted by Odishabased Ms.
Epari Rekha, and its operations are managed by her husband Mr.
Epari Bhadrachalam, who has experience of over two decades in this
line of business.

VARUN ROAD: CRISIL Reaffirms B Rating on INR4.1cr Loan
------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long term
bank facilities of Varun Road Carriers (VRC).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          4.1       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.9       CRISIL B/Stable (Reaffirmed)

The rating reflects VRC's modest scale of operations in a highly
fragmented and intensely competitive segment. The rating also
reflects modest scale and a low net worth restricting the financial
flexibility. These rating weaknesses are partially offset by the
extensive experience of the promoters in the road transportation
segment and a healthy client base. The rating also factors in
moderate debt protection metrics and gearing.

Key Rating Drivers & Detailed Description

Weaknesses:

* Highly fragmented nature of industry leading to intense
competition: VRC operates in a highly fragmented and largely
unorganized industry and faces intense competition from small and
larger players.

* Modest scale of operations and low net worth: VRC is a modest
sized player in an intensely competitive segment. The net worth is
estimated at INR1.32 cr as on March 31, 2019 which restricts the
firm's financial flexibility.

Strengths:

* Extensive experience of the promoters in the road transportation
segment and a healthy client base: The promoter Mr. Abhimanyu Kumar
Jha has more than 20 years of experience in the segment. The firm
currently has a fleet of 13 trucks. The company's customers are
primarily aqua feed business and it has established relationships
with these clients.

* Moderate gearing and debt protection metrics: VRC's financial
risk profile is supported by a moderate gearing and debt protection
metrics. The gearing is estimated to be around 1.59 times. The debt
protection metrics i.e., net cash accruals to total debt and
interest coverage ratio are estimated at 0.32 times and 4.13 times
for fiscal 2019.

Liquidity
Liquidity continues to be Moderate. As of March 31, 2019, Firm
expected to maintain cash and cash equivalents of INR 0.5 crore.


Outlook: Stable

CRISIL expects VRC to benefit from its promoter's extensive
industry experience. The outlook may be revised to positive in case
of substantial increase revenues and operating margins resulting in
larger accruals and net worth while the capital structure is
maintained. The outlook may be revised to negative in case of lower
than expected revenue growth or profitability resulting in weaker
cash accruals and hence weaker liquidity. The outlook may also be
revised to negative in case of larger than expected debt funded
capital expenditure weakening the financial risk profile.

Established in 2008 as a partnership firm, Varun Road Carriers
(VRC) offers logistic solutions through Full Truck Loads (FTL)
services, primarily for the aqua feed industry.



=================
I N D O N E S I A
=================

KAWASAN INDUSTRI: IDX Summons Unit on Default Risk Report
---------------------------------------------------------
The Jakarta Post reports that the Indonesia Stock Exchange (IDX) on
July 9 summoned the management of PT Kawasan Industri Jababeka to
explain a reported default risk over notes issued by Jababeka
International BV, a subsidiary of the company.

The Post relates that IDX assessment director I Gede Nyoman Yetna
said the meeting between the IDX and the Jababeka management was to
seek clarification from the management about the report.

Previously, the IDX had suspended Jababeka's shares to allow the
management to explain the situation at the company, the Post
notes.

As quoted by kontan.co.id, Nyoman called on investors to wait for
the result of the meeting between the IDX and Jababeka management
about the matter before taking any measures, the report relates.

In its report to the IDX, Jababeka management said the default risk
occurred following a change in the board of directors and board of
commissioners decided in a shareholders meeting in late June,
according to the Post.

Because of the change, Jababeka, whose property project is located
in Cikarang, West Java, was required to buy back the notes worth
US$300 million. "If the company fails to buy them back, Jababeka
International B.V. will be in default status," according to
Jababeka management in the report, the Post relays.

Previously, Jababeka president director Budianto Liman said a
number of directors considered that they had been victims of the
shareholders meeting in which PT Imakota Investindo, which held
6.39% of shares, and Islamic Development Bank, which held 10.84% of
shares, agreed apparently in concert to appoint Sugiarto as the new
president director, the Post notes.

PT Kawasan Industri Jababeka Tbk --
https://www.jababeka.com/en/home-en/ -- engages in the real estate
development activities in Indonesia and the Netherlands.



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

1MDB: Deutsche Bank Faces U.S. Justice Department Probe
-------------------------------------------------------
Sonali Basak and John Gittelsohn at Bloomberg News report that the
U.S. Department of Justice is investigating Deutsche Bank AG as
part of a broadened probe of Malaysia's scandal-plagued 1MDB
investment fund, according to a person with knowledge of the
matter.

Investigators, who have spent years examining Goldman Sachs Group
Inc.'s lucrative dealings with the fund, are now taking a closer
look at a former Goldman executive who later worked at the German
bank, said the person, who asked not to be identified discussing
the confidential inquiry, Bloomberg relates. U.S. authorities
haven't accused Deutsche Bank or the former employee of wrongdoing,
Bloomberg says.

The inquiry aims to determine whether Deutsche Bank might have
violated foreign-corruption or anti-money-laundering laws as it
helped 1MDB raise $1.2 billion in 2014, the Wall Street Journal
said in an earlier report on July 10, according to Bloomberg. Tim
Leissner, another ex-Goldman executive who pleaded guilty last year
for his role in the scandal, has been helping with the Deutsche
Bank examination, the paper said, citing unidentified people with
knowledge of the matter, Bloomberg relates.

"Deutsche Bank has cooperated fully with all regulatory and law
enforcement agencies that have made inquiries relating to 1MDB,"
the Frankfurt-based company said in an emailed statement, Bloomberg
relays. It pointed to asset-forfeiture documents previously filed
by the Justice Department indicating 1MDB misled Deutsche Bank
during transactions. "This is consistent with the bank's own
findings in this matter," the firm said in the statement.

Bloomberg says probes into 1MDB have mainly focused on more than $6
billion the fund raised in 2012 and 2013 with help from Goldman
Sachs, which reaped almost $600 million in fees. The New York-based
bank, which has said it's cooperating with related investigations,
has portrayed Mr. Leissner as a rogue employee who circumvented its
internal controls. The Justice Department now expects to start
negotiating with Goldman Sachs soon to potentially resolve a
criminal probe, the Journal wrote, Bloomberg relays.

"We do anticipate getting into active discussions with Goldman, at
this point, in the near future," it cited Assistant Attorney
General Brian Benczkowski as saying in an interview. He declined to
comment on other aspects of the 1MDB case.

According to Bloomberg, the investigation of Deutsche Bank is
emerging just as the lender makes its most dramatic effort yet to
overhaul its business after a decade in which it paid more than $18
billion in fines and other legal costs.

In recent years, regulators and prosecutors have raided the bank's
headquarters, subpoenaed documents and grilled executives in dozens
of probes on three continents. This week, the company said it will
cut a fifth of its 91,000-person workforce and exit some business
lines as it seeks to improve profitability, Bloomberg discloses.

Deutsche Bank previously fielded questions from authorities in
Singapore examining possible ties between the former executive who
worked at both Goldman Sachs and the German bank and fugitive
financier Low Taek Jho, people with knowledge of the situation said
last year, Bloomberg recounts. U.S. prosecutors have portrayed Mr.
Low as the mastermind behind the scandal surrounding 1MDB, though
he has consistently denied wrongdoing.

Mr. Leissner, Goldman's former head of Southeast Asia, pleaded
guilty last year to U.S. charges that he conspired to launder money
and violated the Foreign Corrupt Practices Act. As part of the
deal, he agreed to forfeit $43.7 million and admitted to bribing
officials in Malaysia and the United Arab Emirates to get bond
deals for Goldman Sachs, Bloomberg says.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on the
economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that it
had frozen half a dozen bank accounts following a media report that
nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank accounts
in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear Power
Corp. for MYR9.83 billion (US$2.3 billion) as the state investment
company moved one step closer to winding down operations after its
mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April 2016,
that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled state
investment fund.

BARAKAH OFFSHORE: To Begin Regularisation Plan to Exit PN17 Status
------------------------------------------------------------------
The Sun Daily reports that Barakah Offshore Petroleum Bhd has
proposed to undertake a regularisation plan that involves a share
capital reduction, disposal of a pipelay barge, placement of shares
and debt settlement schemes.

The Sun Daily relates that in a filing with Bursa Malaysia, the
company said that the proposed regularisation plan was formulated
to address and uplift its Practice Note 17 (PN17) status, by
returning the company to a better financial standing and settlement
of scheme creditors.

According to the report, the proposed share capital reduction
entails the cancellation of MYR185.51 million of the issued share
capital of Barakah, resulting in the reduction of the issued share
capital from MYR231.89 million to MYR46.38 million. The MYR185.51
million credit will be used to set-off the accumulated losses of
the company.

The Sun Daily says the second part of the regularisation plan is
the proposed disposal of a pipelay barge by PBJV Group Sdn Bhd to
Lecca Group Pte Ltd for US$21 million (about MYR88 million) cash.
The pipelay barge is a marine vessel that is primarily used for the
laying of pipes underwater and is owned by Kota Laksamana 101
Limited (KL101).

Meanwhile, the proposed placement entails the proposed placement of
375 million Tranche 1 placement shares representing up to 44.87% of
Barakah's existing issued share capital at 4 sen per share,
together with MYR25 million in nominal value of RCULS-B on the
basis of five RCULS-B for every three placement shares subscribed,
the Sun Daily relays.

The report adds that the proposed placement also includes the
option to subscribe for up to 250 million Tranche 2 placement
shares to Lecca at an exercise price of 4 sen per Barakah share
over a five-year period.

As at May 31, 2019, the total outstanding liabilities due to the
scheme creditors of Barakah and PBJV amounted to MYR106.65 million
and MYR287.99 million respectively, the Sun Daily discloses.

The Sun Daily says the proposed placement would result in the
placement investor (Lecca) being obliged to undertake a mandatory
offer to acquire the remaining Barakah shares it does not already
own. However, it does not intend to do so and will submit an
application to the Securities Commission Malaysia for an
exemption.

The US$21 million (RM86.8 million) raised from the proposed
disposal will be used as partial repayment of debt owing to EXIM
Bank while the subscription of Tranche 1 placement shares together
with MYR25 million in nominal value of RCULS-B would raise MYR40
million, which will be used for settlement of scheme creditors of
PBJV, working capital and expenses of the proposed regularisation
plan, the Sun Daily relays.

The proceeds raised from the subscription of Tranche 2 placement
shares, if any, will be used for working capital requirements of
the group, the report adds.

                      About Barakah Offshore

Barakah Offshore Petroleum Berhad, an investment holding company,
provides offshore and onshore pipeline services for the oil and gas
industry primarily in Malaysia.

In May 2019, Barakah Offshore Petroleum Bhd slipped into Practice
Note 17 (PN17) after it failed to make instalment payments to
Export-Import Bank of Malaysia Bhd (Exim Bank) and was unable to
provide a solvency declaration to Bursa Malaysia Securities Bhd.

LONDON BISCUITS: Slips Into PN17 Status After Payment Default
-------------------------------------------------------------
The Star Online reports that London Biscuits Bhd is now a Practice
Note 17 (PN17) company, following its payment default amounting to
MYR9.83 million to Bank of Nova Scotia Bhd.

According to a notification by Bursa Malaysia, London Biscuits has
triggered the criteria pursuant to PN17 of the Main Market listing
requirements of Bursa Securities, the Star discloses.

In line with Paragraph 2.1(f) of PN17, London Biscuits had
defaulted in payment and is unable to provide a solvency
declaration to Bursa Securities.

"Bursa Securities would like to emphasise that it will continue to
monitor the progress of London Biscuits in respect of its
compliance with the listing tequirements," it said.

The Star says the stock exchange regulator added that there were a
total of 22 companies under the PN17 category as at July 9.  This
represents 2.4% of the total number of 919 companies listed on
Bursa Securities.

On July 3, London Biscuits had received a notice of demand from the
bank after it had failed to pay the amounts due after the maturity
dates under the facilities granted by the bank, the report recalls.
The default of the payment was on May 10.

The Star relates that London Biscuits said the failure to pay was
due to cashflow constraint.

As of March 31, 2019, London Biscuits was in a negative cash
position of MYR15.17 million, the Star discloses.

A year ago, the company had cash and cash equivalents amounting to
MYR50.75 million.

London Biscuits posted a net profit of MYR10.87 million for the
first half of the financial year ending September 30, 2019 (FY19),
which doubled from the net profit during the same period of the
previous financial year. This was on the back of increased sales,
which generated a revenue of MYR230.62 million for the first half
of FY19.

Based in Ulu Tiram, Malaysia, London Biscuits Berhad, together with
its subsidiaries, manufactures and trades in confectionary and
other related foodstuffs in Malaysia, Singapore, Hong Kong,
Vietnam, and internationally. It offers cake confectioneries, such
as roll cakes, pie cakes, layer cakes, and novelty shaped cakes.
The company also provides potato chips; and snack confectioneries,
such as corn snacks, jellies and puddings, and chocolate dip
biscuits under the London, Hiro, Mizu, Kinos Potato Bites, CaCa,
Sumi, NiNi, and BOBO brand names. It sells its products through
wholesale and retail channels. The company exports its products to
approximately 35 countries.



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

PHP NZ: In Liquidation; Health Ministry Defends Hospital Pipe Work
------------------------------------------------------------------
Phil Pennington at Radio New Zealand reports that Australian-owned
PHP NZ was placed in liquidation last week.

The failure of the plumbing company won't void warranties on
troublesome pipes at a half-billion-dollar Christchurch Hospital
project, RNZ discloses.

According to RNZ, the Health Ministry has had to investigate its
work after PHP used pipes not approved by the engineer at the
acute-care building, New Zealand's largest hospital project.

Another firm, Hanlon Plumbing, had been working with PHP and the
main contractor, CPB, for some time, the ministry said.

"Hanlon will be providing warranty for the majority of the
pipework, CPB will warrant the remainder," it said in a statement,
RNZ relays.

Most of the non-compliant plastic pipe has been replaced, and work
continues replacing other non-compliant pipes, the report says.

"It's important to note, this pipework is not defective or of low
quality--the pipes were deemed non-conforming due the requirement
to have only one system in the building to allow ease of
maintenance and spare parts.

"The Ministry has undertaken an audit to confirm the [new] pipework
meets the specifications in the Building Code."

All pipework had the Watermark certification, it said. Watermark is
an Australian plumbing quality system, New Zealand lacks such a
system of its own, RNZ notes.

RNZ says the hospital project has been beset by problems with
materials and workmanship and is 16 months behind schedule.

The plumbing company liquidation would have no impact on budget,
timing, or the quality of the job, the ministry, as cited by RNZ,
said.

"Given the project's size and complexity, it's standard practice
that non-conformance notices are issued on a regular basis to
ensure quality is maintained, and compliance with project
specifications."



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

HYFLUX LTD: Still Working with Utico Towards Binding Deal
---------------------------------------------------------
The Straits Times reports that Hyflux Ltd's potential white knight
Utico is looking to take an 88% stake in the troubled water
treatment firm with an investment of $300 million as equity and a
$100 million shareholder loan, but the two are still working
towards a binding agreement.

United Arab Emirates utility Utico also intends to offer the cash
equivalent of a 4% stake in the enlarged Utico group plus
additional cash to holders of Hyflux's perpetual securities and
preference (PNP) shareholders, both companies said in a joint
update filed with the Singapore Exchange on July 11, according to
the report.

After the June 27 deadline for Utico and Hyflux to enter into a
binding agreement, "there have been informal discussions ongoing"
and "the parties are now progressing towards a deal subject to
approvals from all stakeholders and definitive documents being
finalised and entered into," ST relays.  "The parties are cognisant
of time being of the essence to preserve value," they added.

Both parties intend to enter "definitive documentation in respect
of the proposed investment" as soon as possible, and to hold
townhall meetings for the PNP investors and the holders of medium
term notes, "ideally before the next court hearing".

Details of Utico's offer to PNP shareholders will be announced
prior to the townhall, the report states.

Previously, Utico chief executive Richard Menezes said in late May
that as part of the overall deal, small investors of up to $2,000
to $3,000 could get 50% cash redemption along with full redemption
opportunity while the rest of Hyflux's investors could get a
similar but staggered and cascade deal.

Hyflux added that there have been face-to-face meetings with Utico,
and both parties met representatives of various stakeholder groups
on July 9 and July 10 to discuss the proposed investment, ST
notes.

                           About Hyflux

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

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

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

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


                           *********


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.



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