TCRAP_Public/190731.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

          Wednesday, July 31, 2019, Vol. 22, No. 152

                           Headlines



A U S T R A L I A

60 MICHAEL: Second Creditors' Meeting Set for Aug. 6
ALFRED CONSTRUCTION: Second Creditors' Meeting Set for Aug. 7
ARNHEM CLUB: Second Creditors' Meeting Set for Aug. 7
CERES AGRICULTURAL: Second Creditors' Meeting Set for Aug. 14
HARMONY AGRICULTURE: JHW Paterson Files Wind-Up Application

LALO TRANSPORT: Second Creditors' Meeting Set for Aug. 6
SASHIZZA SURRY: Crowdfunding Investors Could be Caught in Collapse


C H I N A

BANK OF JINZHOU: Three Investment Firms Buy Stake in Troubled Bank


I N D I A

ARUN VIDYUTH: CRISIL Lowers Ratings on INR23cr Loans to D
ASHAPURI METALS: Insolvency Resolution Process Case Summary
ATRIUM INFOCOMM: Insolvency Resolution Process Case Summary
BALIBOINA SIVAPRASAD: CRISIL Lowers Ratings on INR10cr Loans to D
BINJUSARIA PAPERS: CRISIL Assigns B+ Rating to INR40cr LT Loan

CHHOTANAGPUR ROADLINES: Insolvency Resolution Process Case Summary
COMMERCIAL MOTOR: CRISIL Withdraws B Ratings on INR15cr Loans
D.R. SHAH: Ind-Ra Migrates B+ LT Issuer Rating to Non-Cooperating
DESU VEERAIAH: CRISIL Migrates 'B' Rating From Not Cooperating
DIGHI PORT: NCLAT Gives Promoter Three Weeks to Settle Claims

GALAXY MACHINERY: CRISIL Lowers Rating on INR7.3cr Loan to D
J. Y. INTERNATIONAL: CRISIL Lowers Ratings on INR21cr Loans to D
JAIN IRRIGATION: Fitch Lowers Issuer Default Rating to CCC-
JANKI NEWSPRINT: CRISIL Withdraws B Rating on INR14cr Cash Loan
JAWAHAR SHETKARI: CRISIL Lowers Rating on INR40cr Cash Loan to D

JEWEL WORLD: CRISIL Withdraw B+ Ratings on INR7.5cr Loans
KARNATAKA TURNED: CRISIL Lowers Ratings on INR13cr Loans to B
MAHARASHTRA CRICKET: CRISIL Moves D Rating From Not Cooperating
MARS ENVIROTECH: CRISIL Lowers Ratings on INR6.5cr Loans to D
NORTHERN ELECTRIC: CRISIL Withdraws B+ Rating on INR6.4cr Loan

PVS MEMORIAL: CRISIL Lowers Rating on INR7.5cr Loan to D
RAJESH ESTATES: CRISIL Maintains B+ Rating in Not Cooperating
RANA UDYOG: CRISIL Raises Rating on INR10.75cr Loan to B
RBA FINANCE: Ind-Ra Maintains BB- Loan Rating in Non-Cooperating
RELIANCE COMMUNICATIONS: Unit Seeks Extension as Dollar Bond Due

SALEEM STEELS: CRISIL Lowers Ratings on INR7cr Loans to B-
SAMRIDDHI RICE: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
SIVA INDUSTRIES: Insolvency Resolution Process Case Summary
SRE VENGADALAKSHMI: CRISIL Lowers Rating on INR13.5cr Loans to D
SRE VENGADALAKSHMI: CRISIL Lowers Ratings on INR13.5cr Loans to D

SRI KRISHNA SHIPPING: CRISIL Moves 'B' Rating From Not Cooperating
SULOCHANA AGRO: CRISIL Hikes Ratings on INR15cr Loans to B+
TIRUPATI BALAJAI: Insolvency Resolution Process Case Summary
UTKAL GALVANIZERS: CRISIL Lowers Rating on INR16cr Term Loan to D


I N D O N E S I A

GARUDA INDONESIA: Posts US$175MM Loss in Restated 2018 Results
INDOSAT OOREDOO: In Talks to Sell 3,000 Telecom Towers
POS INDONESIA: Denies Bankruptcy Reports
TIPHONE MOBILE: Fitch Withdraws BB- Rating on Insufficient Info


N E W   Z E A L A N D

MAINZEAL CONSTRUCTION: Directors Lose Appeal Over NZ$36MM Penalties


S I N G A P O R E

ASL MARINE: To Sell Loss-Making Chinese Shipyard Unit for CNY35MM
EPICENTRE HOLDINGS: Hearing to Appoint Interim JMs Set for Aug. 2

                           - - - - -


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

60 MICHAEL: Second Creditors' Meeting Set for Aug. 6
----------------------------------------------------
A second meeting of creditors in the proceedings of 60 Michael Ave
QLD Pty Ltd has been set for Aug. 6, 2019, at 10:00 a.m. at the
offices of SV Partners, at 22 Market Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 5, 2019, at 4:00 p.m.

Terry Grant Van der Velde of SV Partners was appointed as
administrator of 60 Michael on July 2, 2019.


ALFRED CONSTRUCTION: Second Creditors' Meeting Set for Aug. 7
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Alfred
Construction Pty Ltd has been set for Aug. 7, 2019, at 11:00 a.m.
at Institute of Chartered Accountants Australia And New Zealand,
Level 18, at Bourke Place, 600 Bourke Street, in Melbourne.

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 Aug. 6, 2019, at 4:00 p.m.

Domenico Alessandro Calabretta and Thyge Trafford-Jones of Mackay
Goodwin were appointed as administrators of Alfred Construction on
July 3, 2019.


ARNHEM CLUB: Second Creditors' Meeting Set for Aug. 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of The Arnhem Club
Incorporated has been set for Aug. 7, 2019, at:

         Main Venue
         EY, Level 11
         121 Marcus Clarke Street
         Canberra ACT 2600
         Time: 11:00 A.M. AEST

              -- and --

         Second Venue
         Nhulunbuy Corporation
         Shop 2/19 Westal Street
         Nhulunbuy NT 0880
         Time: 10:30 A.M. ACST

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 Aug. 6, 2019, at 4:00 p.m.

Henry Kazar and Lachlan Abbott of Ernst & Young were appointed as
administrators of The Arnhem Club on April 29, 2019.


CERES AGRICULTURAL: Second Creditors' Meeting Set for Aug. 14
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Ceres
Agricultural Company Pty Ltd has been set for Aug. 14, 2019, at
11:00 a.m. at the offices of Grant Thornton Australia Limited Level
17, at 383 Kent Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 13, 2019, at 4:00 p.m.

Philip Campbell Wilson and Said Jahani of Grant Thornton Australia
were appointed as administrators of Ceres Agricultural on March 28,
2019.


HARMONY AGRICULTURE: JHW Paterson Files Wind-Up Application
-----------------------------------------------------------
Beef Central reports that JHW Paterson & Son has filed an
application in the Federal Court to wind-up Chinese-backed
Australian beef supply chain, Harmony Agriculture and Food Co, over
non-payment of debts totalling AUD5.4 million.

The Paterson family's Hell's Gate feedlot near Balraynald in
Central NSW feeds large numbers of Wagyu cattle for Harmony.

Beef Central approached Harmony for comment on July 30, and has
received the following statement:

"As per documents lodged in the Federal Court (Victoria) on July
17, 2019, JHW Paterson Pty Ltd is owed AUD5.4 million by HAAFCO.
This has come about due to a misalignment of equity funding due to
arrive from our primary shareholder in China.

"HAAFCO's branded F1 Wagyu program requires equity funding during
the initial stages, while brand and market acceptance are built and
cashflow follows a positive trajectory.

"Unfortunately, the Chinese equity funding has been slow to arrive,
resulting in breaches of the supply contract between Harmony
Operations Australia Pty Ltd and JHW Paterson Pty Ltd.

"HAAFCO confirms that while the company is currently experiencing
funding challenges, this creditor issue is in isolation, and the
broader Harmony Group maintains good relationships with all other
operational creditors. Both the board and executive management are
doing everything possible to rectify the situation within the
statutory timeframes.

"We are working very closely with our Chinese shareholder, major
creditors and our financial institution to arrive at a solution
that not only benefits all, but allows the business to continue to
build on our achievements to date."

HAAFCO currently feeds about 17,000 head across three feedlots
including two owned facilities (Dimboola in Victoria, and Westbeef
in WA) as well as custom feeding F1 Wagyu at Hell's Gate, Beef
Central discloses. About 270 Hell's Gate-fed cattle are
contract-slaughtered for Harmony at the Northern Cooperative Meat
Co's plant at Casino each week, but a week's kill was missed in the
past fortnight, Beef Central understands.

Hell's Gate previously fed large numbers of Wagyu cattle for the
Australian Agricultural Co, before AA Co made changes to its
southern supply chain model last year.

According to the report, trade sources said Harmony, like all Wagyu
supply chains, would have experienced significant shifts in value
in Wagyu feeder cattle over the past 12 months.

The wind-up application made by Patersons is due to be heard in the
Victorian Federal Court on August 23, but such matters are often
resolved privately before reaching court, legal contacts close to
the case told Beef Central.

Since launching its Australian investments in 2015, Harmony spent
about AUD50 million on grazing feedlot and infrastructure assets in
its first 12 months of operation, mostly in Victoria and Western
Australia. Some of those assets have since been sold, the report
notes.

The company's website said it has more than 15,000 head of
livestock at any one time, and currently employing more than 40
staff, Beef Central discloses.

The company was set up three years ago with the primary focus of
building an integrated supply chain, including shipping
infrastructure, to tap into the emerging live slaughter cattle
trade to China. After encountering what it found to be
‘significant challenges' within the China live export trade,
Harmony last year shifted its focus to Wagyu and grainfed quality
beef production in Australia, using boxed beef exports to China and
other customer countries across Asia, according to Beef Central.


LALO TRANSPORT: Second Creditors' Meeting Set for Aug. 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of Lalo Transport
Pty Limited has been set for Aug. 6, 2019, at 12:00 p.m. at the
offices of Mackay Goodwin, Level 2, at 10 Bridge 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 Aug. 5, 2019, at 4:00 p.m.

Domenico Alessandro Calabretta and Thyge Trafford-Jones of Mackay
Goodwin were appointed as administrators of Lalo Transport on July
5, 2019.


SASHIZZA SURRY: Crowdfunding Investors Could be Caught in Collapse
------------------------------------------------------------------
Emma Koehn at The Sydney Morning Herald reports that individual
investors who put money into the parent company of sushi-pizza
restaurant Sash through a crowdfunding platform are facing an
uncertain future after the liquidation of the Sydney based eatery.

According to the report, equity crowdfunding platform Birchal said
it is "disappointed for investors" that Sash collapsed just months
after opening, following a capital raising for the parent company
of the restaurant last year.

However, the founders of Sash's parent company Sash Global, Dave
Nelson and Kyle Stagoll, said they are still considering global
opportunities which could provide an upside for investors, the
report says.

SMH relates that Mr. Stagoll blamed high wages and rents for the
collapse of Sash Surry Hills just three months after opening the
restaurant. He said Sash Global would not be looking to complete
further projects in Australia until the economy recovered.

Less than a year ago, Sash Global was spruiking national and
international ambitions via the Birchal platform, telling investors
it planned to open in Sydney and Brisbane as well as being in talks
in "LA, Ho Chi Minh and Oslo," SMH recalls.

According to SMH, Sash Global completed a raise of more than
AUD184,000 in August 2018 to assist with expansion ahead of the
Sydney opening. While this figure is much smaller than a typical
venture capital raise, the company was one of the first hospitality
brands in Australia to secure funding this way.

Equity crowdfunding laws let unlisted companies solicit investments
from the public of between AUD100 to AUD10,000 per investor, the
report discloses. It has been championed as a way for early stage
businesses to get access to capital without having to list on the
stock exchange.

Mr. Stagoll said investors took a stake in the brand's parent
company, not the collapsed entity, while Sash Global's Melbourne
restaurant was still operational, SMH relays.

Sash Global's Melbourne restaurant, Sash Japanese Melbourne, also
offers sushi-pizza and has been operating in Windsor since 2017.

According to the report, Mr. Stagoll said the business is seeing
"some interest in the US from potential franchisees.

Equity crowdfunding investors were offered membership of the "Sash
Imperial Club" for taking a stake in the business, including
discounts on meals and birthday offers, SMH says.

"Investors own shares in the mother company which will hold shares
in all future franchises," the report quotes Mr. Stagoll as
saying.

However, taxation and investment experts and the capital raise
platforms themselves acknowledge investing in crowdfund raises is
high-risk, with little chance for investors to sell their shares in
the event of a collapse or a significant change in strategy.

"We're obviously disappointed for investors that Sash hasn't
succeeded in Sydney. Investing is risky, and the companies using
the [crowd-sourced funding] regime are speculative and carry high
risks," Birchal co-founder Matt Vitale said, SMH relays.

Brendan Copeland and Michael Hogan of HoganSprowles were appointed
as liquidators of Sashizza Surry Hills Pty Ltd, traded as Sash
Restaurant, on Wentworth Street in Surry Hills, on July 8, 2019.




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

BANK OF JINZHOU: Three Investment Firms Buy Stake in Troubled Bank
------------------------------------------------------------------
Wu Hongyuran and Teng Jing Xuan at Caixin Global report that three
investment firms, including one controlled by China's largest
lender, have confirmed that they will invest in troubled Bank of
Jinzhou Co. Ltd. as part of a restructuring effort.

State-owned Industrial and Commercial Bank of China Ltd. (ICBC)
will invest no more than CNY3 billion (US$435.2 million) in
privately-owned Bank of Jinzhou through a wholly-owned subsidiary,
ICBC Financial Asset Investment Co. Ltd., in exchange for a 10.82%
stake in Bank of Jinzhou, Hong Kong- and Shanghai-listed ICBC
announced on July 28, Caixin relays.

ICBC is the world's largest bank by revenue and profit, and the
planned transaction would make it the largest shareholder of Bank
of Jinzhou, Caixin says. The current largest shareholder owns less
than 8% of its 7.8 billion shares.

On July 28, Hong Kong-listed China Cinda Asset Management Co. Ltd.,
one of China's "Big Four" state-owned asset management companies
(AMCs), said its subsidiary, Cinda Investment Co. Ltd., would
invest an unspecified amount in Bank of Jinzhou in exchange for a
6.49% stake, Caixin discloses.

Also on July 28, China Great Wall Asset Management Co. Ltd.,
another of the "Big Four" AMCs, said in a media statement that it
had recently signed an agreement to acquire shares from some of
Bank of Jinzhou's shareholders, according to the report.

Caixin relates that the asset-management company didn't specify the
size of the stake it would take in Bank of Jinzhou, although
sources familiar with the matter said the three strategic investors
are expected to hold a total of 25% of its shares once the deals
are completed.

The three companies' involvement in the Bank of Jinzhou
restructuring was first revealed by Caixin last week.

Bank of Jinzhou's Hong Kong-listed shares were suspended in April
after it failed to publish a 2018 annual report. The bank's
auditors resigned at the end of May, citing inconsistencies in the
bank's financial statements for 2018 that had made completion of
the audit process impossible.

Neither ICBC nor Cinda revealed which existing shareholders their
subsidiaries were acquiring shares from, Caixin notes. Bank of
Jinzhou's current largest shareholder is Rongcheng Hawtai
Automobile Co. Ltd. - a subsidiary of Beijing-based private
carmaker Hawtai Motor Group Ltd. - which held 7.44% in the bank at
the end of June 2018. Hawtai Motor faces its own financial
troubles, including CNY1.5 billion of unpaid bonds, Caixin notes.

Bank of Jinzhou Co., Ltd. provides various banking products and
services in the People's Republic of China.




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

ARUN VIDYUTH: CRISIL Lowers Ratings on INR23cr Loans to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Arun Vidyuth Private Limited (AVPL) to 'CRISIL D' from 'CRISIL
BB+/Stable'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Loan        14.51        CRISIL D (Downgraded from
                                      'CRISIL BB+/Stable')

   Proposed Long Term     8.49        CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB+/Stable')

The downgrade reflects current delay in debt servicing because of
weak liquidity. Earlier, the company had been prepaying term debt
obligations but significant delays in realisation of receivables
from the counter-party, Southern Power Distribution Company of
Telangana Ltd (TSSPDCL) has significantly weakened the liquidity
profile.

The rating reflects AVPL's weak liquidity driven by significant
delays in receipt of payments from TSSPDCL, exposure to regulatory
risks and to climatic conditions for power generation, and limited
liquidity cover in the form of a debt service reserve account
(DSRA). These weaknesses are partially offset by the extensive
experience of the promoters in the renewable energy industry, a
stable business risk profile driven by a long-term power purchase
agreement (PPA) with TSSPDCL.

Key Rating Drivers & Detailed Description

* Delays in debt servicing: AVPL has delayed servicing of term debt
obligation for June 2019 owing to weak liquidity. Liquidity was
impacted on account of significant delay in realisation of
receivables from TSSPDCL. As of June 2019, the company had sizeable
receivables of over INR6.5 crore outstanding.

Weaknesses:

* Exposure to regulatory risks and to climatic conditions for power
generation: Adverse climatic conditions could impact power
generation. Moreover, there is high dependence on TSSPDCL to which
the entire power is sold under the PPA. Any revision in PPA terms
or discontinuation of the agreement can have an adverse impact on
the credit risk profile.

* Limited liquidity cover: A DSRA of only INR7.5 lakh is
maintained, which is insufficient to cover maturing debt.

Strengths:

* Extensive experience of the promoters: The promoters' experience
of more than a decade should continue to support the business.

* Long-term PPA: The 25-year PPA with TSSPDCL will result in low
offtake and pricing risks.

Liquidity

Liquidity is stretched. Though the company had earlier pre-paid
sizeable term debt, delays in receipt of payments from TSSPDCL has
weakened the liquidity position of the company in the past 6
months, resulting in delay in debt servicing. Timely realisation of
receivables from TSSPDCL and improvement in liquidity will be a key
monitorable.

Incorporated in 2015, AVPL is promoted by KM Power Pvt Ltd (49%)
and Sai Achyuth Pvt Ltd (51%). The company operates a 5-megawatt
solar power plant in Mahaboob Nagar district, Telangana. It
commenced operations in March 2016.


ASHAPURI METALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Ashapuri Metals Private Limited
        Registered office:
        705/B G.I.D.C.
        Road No. 7, Sachin
        Surat 394270

Insolvency Commencement Date: July 5, 2019

Court: National Company Law Tribunal, Surat Bench

Estimated date of closure of
insolvency resolution process: January 1, 2020

Insolvency professional: CA Kailash Thanmal Shah

Interim Resolution
Professional:            CA Kailash Thanmal Shah
                         505, 21st Century Business Centre
                         Near World Trade Centre
                         Ring Road, Surat 395002
                         E-mail: ipktshah@gmail.com

Last date for
submission of claims:    August 8, 2019


ATRIUM INFOCOMM: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Atrium Infocomm Pvt. Ltd.
        20, First Floor, Super Plaza
        Sandesh Press Road
        P.O. Bodakdev, Vastrapur
        Ahmedabad, Gujarat 380054

Insolvency Commencement Date: July 10, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: January 6, 2020

Insolvency professional: Manish Kumar Bhagat

Interim Resolution
Professional:            Manish Kumar Bhagat
                         103-104, Panchdeep Complex
                         Mithakhali Six Road
                         Navrangpura
                         Ahmedabad 380009
                         E-mail: mbhagat2003@gmail.com
                                 ipmanish.bhagat@gmail.com

Last date for
submission of claims:    July 31, 2019


BALIBOINA SIVAPRASAD: CRISIL Lowers Ratings on INR10cr Loans to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Baliboina Sivaprasad (Siva Prasad) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft              1.85      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term     1.69      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')

   Short Term Loan        6.46      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

Downgrade in the rating reflects delay in the servicing of term
debt and the account has been classified as non-performing account
(NPA) as June 30, 2019 due to delay in debt servicing for more than
90 days.

The rating continue to reflect susceptibility to risks related to
the completion and salability of its ongoing residential projects
and to cyclicality in the real estate industry. These weaknesses
are partially offset by extensive industry experience of the
proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to risks related to the completion and salability:
BSP remains exposed to project implementation risks for its
ongoing projects as the average construction progress of its
ongoing projects is 70%. Moreover, the booking progress if
relatively lower exposing the company to salability risk.

* Exposure to the inherent risk of cyclicality in real estate
sector:  Indian real estate sector being cyclical marked by
volatile prices and highly fragmented market structure.

Strength:

* Proprietor's extensive experience in the real estate business:
Baliboina Siva Prasad is promoted by Mr. Siva Prasad who has over a
decade's experience in the real estate industry and has completed
several projects in the state of Andhra Pradesh. Over the years the
promoter has established strong relationship with suppliers and has
built a healthy foothold in the region.

Liquidity

Due to low amount of bookings and customer advances vis-a-vis
construction progress, liquidity profile remains weak. Flow of
customer advances remain a key rating sensitivity factor over the
medium term.

Incorporated in 2007 by Mr. Siva Prasad, Siva Prasad is involved in
construction and sale of residential and commercial property. The
firm is based out of Vijayawada, Andhra Pradesh.


BINJUSARIA PAPERS: CRISIL Assigns B+ Rating to INR40cr LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Binjusaria Papers Private Limited (BPPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         40         CRISIL B+/Stable (Assigned)

   Cash Credit            25         CRISIL B+/Stable (Assigned)

   Foreign Letter
   of Credit              10         CRISIL A4 (Assigned)

The rating reflect susceptibility to intense competition in the
industrial paper industry and leveraged capital structure. These
weaknesses are partially offset by extensive industry experience of
the promoters and adoption of latest machinery in steady industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to intense competition in the industrial paper
industry: The Indian industrial paper industry is highly fragmented
with several organised and unorganised players. The level of
fragmentation is even higher in the industrial paper segment (which
accounts for a major portion of the total paper industry) where
unorganised players hold majority of the market share.

* Leveraged capital structure: BPPL is expected to have an average
financial risk profile with high gearing and moderate debt
protection metrics. The project is aggressively funded through a
debt-equity ratio 2.3 times.

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience of less than 5 years in the industry. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

* Adoption of latest machinery in steady industry: BPPL's
infrastructure is equipped with latest equipment & technology.
Therefore, the adoption of latest machinery in industrial paper
industry would support its business profile.

Liquidity

BPPL has modest liquidity marked by estimated marginal cash and
cash equivalents of INR0.5 cr as on March 31, 2019 and tightly
matched accruals to term debt obligations of INR6.8 cr over FY20 as
well as FY21. The company has access to fund based limits of INR25
cr, which are utilized at 68% over the 5 months ended May 31, 2019.
The liquidity risk is mitigated by funding support from promoters
in the form of unsecured loans which stood at INR27.4 cr as on
March 31, 2019.

Outlook: Stable

CRISIL believes that BPPL will benefit over the medium term from
its promoter extensive industry experience. The outlook may be
revised to 'Positive' if BPPL reports significant improvement in
revenue and profitability. Conversely, the outlook may be revised
to Negative' if it generates significantly low cash accruals during
its initial phase of operations, or witnesses a substantial
increase in its working capital requirements thus weakening its
liquidity & financial profile.

BPPL was incorporated in 2016, it is located in Hyderabad,
Telangana. BPPL is owned and managed by Mr. Arun Kedia and his son
Mr. Shivank Kedia. BPPL is about to set up a kraft paper
manufacturing plant at Hyderabad with installed capacity of 225
TPD.

CHHOTANAGPUR ROADLINES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Chhotanagpur Roadlines Private Limited
        28, MM Complex, New Supermarket
        West Layout Sonari, 1st Floor
        Opposite D Road, P.O. & P.S. Sonari
        Jamshedpur, Jharkhand 831011

Insolvency Commencement Date: July 25, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 20, 2020
                               (180 days from commencement)

Insolvency professional: Niraj Agrawal

Interim Resolution
Professional:            Niraj Agrawal
                         C/o M/s H.K. Agrawal & Co.
                         125, Netaji Subhas Road
                         5th Floor, Room No. 52
                         Kolkata 700001, West Bengal
                         E-mail: niraj@execonservices.com

                            - and -

                         Apex Insolvency Professionals LLP
                         Central Plaza, 41 B.B. Ganguly Street
                         5th Floor, Room No. 5A
                         Kolkata 700012
                         E-mail: crpl.cirp@gmail.com

Last date for
submission of claims:    August 8, 2019


COMMERCIAL MOTOR: CRISIL Withdraws B Ratings on INR15cr Loans
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Commercial Motor Sales Private Limited (CMSPL) on the request of
the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft               4.8       CRISIL B/Stable/Issuer Not
                                     Cooperating (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Proposed Fund-         10.2       CRISIL B/Stable/Issuer Not
   Based Bank Limits                 Cooperating (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

CRISIL has been consistently following up with CMSPL for obtaining
information through letters and emails dated March 12, 2019 and
April 11, 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 they are arrived at without any management
interaction and are 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 CMSPL. This restricts CRISIL's
ability to take a forward CMSPL 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 rating on bank facilities of CMSPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

CMSPL, incorporated in 2001 is a private limited entity engaged in
the dealership of passenger vehicles for TKMPL, and operates 4
showrooms at Bareilly, Jabalpur, Haldwani and Moradabad. The
company also manages 4 service stations for TKMPL.


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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based facilities migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 30, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1982 by Mr. Dalichand Shah, D.R. Shah Construction
is a civil contracting company that undertakes maintenance services
for hospitals, schools and residential buildings for government
bodies in Mumbai.

DESU VEERAIAH: CRISIL Migrates 'B' Rating From Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
long-term bank facility of Desu Veeraiah Sons (DVS) to 'CRISIL
B/Stable Issuer Not Cooperating'. However, management has
subsequently started sharing information necessary for carrying out
a comprehensive review of the rating. Consequently, CRISIL is
migrating the rating from 'CRISIL B/Stable Issuer Not Cooperating'
to 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            19.5       CRISIL B/Stable (Migrated
                                     from 'CRISIL B/Stable
                                     ISSUER NOT COOPERATING')

The rating reflects a modest scale of operations amid intense
competition, a below-average financial risk profile, and large
working capital requirement. These weaknesses are partially offset
by the extensive experience of the partners in the fertiliser
trading industry.

Analytical Approach

Unsecured loans of INR4.04 crore as on March 31, 2019, extended by
the partners and their family members are treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:  Revenue was modest at INR50.2 crore
in fiscal 2019.  This limits bargaining power with customers and
suppliers, thus restricting economies of scale. On account of a low
entry barrier, the fertiliser industry has a large number of
unorganised and organised players, which restricts scale of
operations and profitability.

* Below-average financial risk profile:  The networth was small at
INR6.47 crore and the total outside liabilities to adjusted
networth ratio high at 3.83 times, as on March 31, 2019. Interest
coverage and net cash accrual to total debt ratios were weak, at
0.31 time and 0.01 time, respectively, in fiscal 2019.

* Large working capital requirement:  Gross current assets were
high at 224 days, driven by debtors and inventory of 152 days and
66 days, respectively, as on March 31, 2019. Debtors remain high
due to extended credit offered to a few customers and the large
inventory is because of the increase in job-work activity. This
leads to high utilisation of bank lines at an average of above
90%.

Strength

* Extensive industry experience of the partners:  The partners have
been trading in fertilisers and pesticides for over three decades.
They have demonstrated a track record of running the business
successfully while weathering adverse business cycles. Financial
support is also expected from them whenever necessary, as
demonstrated in the past.

Liquidity

Liquidity is stretched. Utilisation of fund-based bank limit of
INR19.5 crore averaged 97.6% in the 12 months through May 2019.
Unencumbered cash and bank balance was low at INR0.15 crore as on
March 31, 2019. Net cash accrual' expected at INR0.42 and 0.52
crore each in fiscals 2020 and 2021 ' against nil debt obligation.
Current ratio is comfortable at 1.5 for the fiscal ending 2019.

Outlook: Stable

CRISIL believes DVS will continue to benefit from the extensive
industry experience of the partners and their funding support. The
outlook may be revised to 'Positive' in case of significant
improvement in revenue, profitability, and cash accrual, or large
capital infusion, leading to a better financial risk profile. The
outlook may be revised to 'Negative' if there is a stretch in the
working capital cycle or lower-than-expected cash accrual, thus
weakening the financial risk profile, especially liquidity.

Set up in 1957, DVS is a partnership firm of Mr Veera Prakash Rao
and Mr Srinivas Rao. The firm, based in Ongole, Andhra Pradesh,
trades in fertilisers. It is a leading fertiliser trader in in the
state.


DIGHI PORT: NCLAT Gives Promoter Three Weeks to Settle Claims
-------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) has granted three weeks' time to the promoters of
debt-ridden Dighi Port Ltd. to negotiate with the company's
financial creditors and settle their claims.

Adani Ports and Special Economic Zone Ltd. and Jawaharlal Nehru
Port Trust have submitted with the NCLAT their bids for acquiring
Dighi Port, BloombergQuint says.

According to BloombergQuint, a three-member NCLAT bench, headed by
Chairman Justice SJ Mukhopadhaya, has allowed Dighi Port Director
Vishal Vijay Kalantri and other promoters of the company to
negotiate with the committee of creditors and operational creditors
to bring the company out of insolvency proceedings.

"We allow the Appellant Director Vishal Vijay Kalantri and other
promoters of Dighi Port Ltd. (Corporate Debtor) three weeks time to
state as to whether the financial creditors have agreed to settle
the claim," NCLAT said in its order passed on July 24,
BloombergQuint relays.

"If such a proposal is made, financial creditors and operational
creditors, if any, may consider the same," the bench added, posting
the matter for further hearing on Aug. 21, according to
BloombergQuint.

BloombergQuint notes that during the NCLAT proceedings, counsel
representing Dighi Port promoters submitted that they "may reach
one-time settlement with the financial creditors".

Dighi Port is being developed by Balaji Infra Projects in Raigad
district of Maharashtra.

BloombergQuint says lenders have rejected Adani Ports' resolution
plan for Dighi Port and approved JNPT's bid -- a move that was
contested by the billionaire Gautam Adani-led firm at NCLAT.

On July 10, NCLAT said that until its further orders NCLT will not
pass any order on liquidation of Dighi Port, the report says.

On March 25, 2018, operational creditor DBM Geotechnics and
Constructions Pvt. Ltd. moved an insolvency plea against Dighi Port
at NCLT Mumbai over non-payment of loans meant for construction of
a multi-purpose berth, BloombergQuint recalls. The committee of
creditors later informed the NCLAT that the company owes more than
INR3,000 crore to its financial creditors.

BloombergQuint relates that Dighi Port promoters, in turn, informed
NCLAT that its resolution professional has not admitted any claims
of DBM Geotechnics & Construction so far. This was accepted by the
counsel appearing on behalf of DBM Geotechnics & Construction
before NCLAT.

The resolution professional then submitted before the NCLAT that in
view of pendency of the appeal, order of liquidation has not been
passed, BloombergQuint notes.

Dighi Port Limited (DPL) has been promoted by Balaji Infra Projects
Ltd (BIPL, holding 51.01%), Infrastructure Leasing & Financial
Services Ltd (IL&FS, holding 39.37%) and Tara India Fund III LLC
(5.46%) as a Special Purpose Vehicle (SPV) for the development of
port at Dighi, Maharashtra. As per the Concession Agreement (CA)
dated March 17, 2002 with Maharashtra Maritime Board (MMB), DPL
would develop, design, finance, construct, operate and maintain the
port on Build, Own, Operate, Share and Transfer (BOOST) basis for a
period of 50 years. The port is located in the Rajpuri Creek, in
Raigad District in the State of Maharashtra on the West Coast of
India.


GALAXY MACHINERY: CRISIL Lowers Rating on INR7.3cr Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Galaxy
Machinery Private Limited (GMPL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'. The rating reflects delays by GMPL in
meeting its debt obligations and overdrawals in the working capital
facilities for more than 30 consecutive days due to weak liquidity.
Liquidity is weak due to weakening the business risk profile marked
by decline in profitability and pile up of inventory.

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

   Cash Credit             7         CRISIL D (Downgraded from
                                     'CRISIL A4')

   Letter of Credit        3         CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long Term Loan          1.7       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Working        7.3       CRISIL D (Downgraded from
   Capital Facility                  'CRISIL B/Stable')

The rating also factors in the company's exposure to intense
competition in the computer numeric control (CNC) machines
manufacturing segment. These weaknesses are partially offset by the
extensive experience of its promoters.

Key Rating Drivers & Detailed Description

* Delays in debt servicing:  There have been delays in repayment of
debt due to weak liquidity resulting from cash flow mismatches on
account of fluctuation in demand owing to industry slowdown. There
have also been overdrawals in the working capital facilities for
the more than 30 days.

Weaknesses

* Exposure to intense competition:  Exposure to intense competition
due to the presence of several players in the CNC manufacturing
segment will continue to constrain the business risk profile.

* Weak financial risk profile:  Profit after tax, negative in the
past 3 years, is estimated to be negative in fiscal 2019 too.
Networth for fiscal 2018 is a negative INR8.45 crore.

* Working capital intensive operations:  Gross current assets are
at 182 days as on March 31, 2018 driven by inventory days of 126
due to piling up of stock on account of low demand.

Strength

* Extensive experience of the promoters:  Presence of more than
three decades and collaboration with Italy-based Biglia SpA have
enabled the promoters to establish a strong sales and services
network across eight cities including Bengaluru, Delhi, and
Chennai.

Liquidity

Liquidity is weak, marked by delays in the repayment of term loans
and overdrawals in the working capital facilities for more than 30
consecutive days, following weakening of business risk profile.

Incorporated in 1991 and promoted by Mr S Elango and Mr R Selvaraj,
GMPL manufactures CNC machines.


J. Y. INTERNATIONAL: CRISIL Lowers Ratings on INR21cr Loans to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of J. Y. International (JYI) to 'CRISIL D' from 'CRISIL
BB-/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           14.5        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Export Packing         6          CRISIL D (Downgraded from
   Credit                            'CRISIL BB-/Stable')

   Term Loan              0.5        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects delay in interest payments and overdrawing
of the working capital fund-based bank facility for more than 30
days consecutively, on account of weak liquidity.

Also, the firm has a modest scale, and highly working
capital-intensive nature, of operations, and a weak financial risk
profile. However, it benefits from the extensive experience of the
partners in the kitchen ware manufacturing industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a competitive industry:  Operating
income is estimated at INR71.5 crore for fiscal 2019. The highly
fragmented nature of the industry results in intense competition
and constrains the business risk profile.

* Highly working capital-intensive nature of operations:  Gross
current assets were high at 160-215 days in the four fiscals ended
March 31, 2019, largely driven by large debtors of 130-167 days and
modest inventory of about 20 days. The longer payment cycle in
government orders has stretched the overall debtor cycle and
increased working capital intensity.

* Weak financial risk profile:  The networth was modest at INR4.95
crore, and the total outside liabilities to tangible networth
ratiio high, estimated at 7.25 times, as on March 31, 2019. The
interest coverage and net cash accrual to adjusted debt ratios were
weak, estimated at a negative 0.51 time and a negative 0.17 time,
respectively, for fiscal 2019.

Strengths:

* Extensive industry experience of the partners and established
relationship with customers and suppliers:  The partners have been
in the same line of business for more than three decades. They have
a successful track record in manufacturing export-quality products.
This has enabled the firm to develop a strong relationship with
both suppliers and customers. In addition, the partners have an
established association with smaller manufacturers of kitchen
appliances that carry out need-based job work for the firm.

Liquidity

Liquidity is weak on account of decline in revenue, losses
incurred, and a stretched working capital cycle. This has led to
strain on liquidity and hence continuous overdrawing of bank
lines.

JYI was established in 2004. Currently, Mr Mehul Parekh and his
wife, Mrs Yogini Parekh, are the partners. The firm manufactures
stainless steel kitchen ware at its facility in Vasai,
Maharashtra.


JAIN IRRIGATION: Fitch Lowers Issuer Default Rating to CCC-
-----------------------------------------------------------
Fitch Ratings has downgraded India-based micro-irrigation company
Jain Irrigation Systems Limited's Long-Term Issuer Default Ratings
to 'CCC-' from 'B-' and the rating on USD200 million 7.125% senior
unsecured notes due in 2022 to 'CCC-' from 'B-' with a Recovery
Rating of 'RR4'. The ratings are on Rating Watch Negative. The
notes are issued by JISL's wholly owned subsidiary, Jain
International Trading B.V., and guaranteed by JISL.

KEY RATING DRIVERS

Heightened Debt-Servicing Uncertainty: The downgrade reflects
Fitch's view that JISL's liquidity risk has increased significantly
over the last few months since March 31, 2019 (FYE19), as the
company has indicated that its available liquidity has reduced to
INR2 billion at present (including around INR0.5 billion of cash
and equivalents), from INR11.9 billion at FYE19. This has increased
the uncertainty that JISL has the means to service its debt,
including the semi-annual coupon payment of USD7.125 million
(around INR0.5 billion) on its US dollar bond, which is due on
August 1, 2019, while simultaneously meeting operating expenses and
working capital.

The RWN reflects Fitch's view of the particular immediacy in which
JISL's liquidity risk may crystallise. JISL has told Fitch that it
is taking steps to meet the upcoming semi-annual coupon payment on
the US dollar bonds on August 1,. However, the company's ability to
accumulate sufficient funds to meet this obligation in a timely
manner remains uncertain, in Fitch's view.

Ongoing Negotiations with Lenders: JISL has told Fitch that it is
in discussions with a consortium of banks to secure additional
credit lines of INR4 billion, which if successful, should support
immediate liquidity requirements. However, Fitch believes the
successful signing of these lines remains uncertain, particularly
as lender-confidence may have weakened subsequent to temporary
irregularities in some of JISL's facilities, which has prompted the
lenders to sign an inter-creditor agreement, as required by local
regulations.

Unprecedented Working Capital Outflows: The sharp increase in the
use of JISL's working capital lines since March 31, 2019 indicates
an unprecedented working capital outflow during the last three to
four months. In Fitch's view this may point to tightening of
supplier credit, in addition to the previously known increase in
receivables from the government, as the recent working capital
increase came despite the company's indications that it has
collected INR1.5 billion of such receivables since FYE19. JISL
hopes to receive the remaining INR3.5 billion in delayed government
receivables by September 2019. However, any net improvement in the
company's cash flows will depend on the actual timing of these
receipts, progress of the monsoon and pace of executing the
remaining micro irrigation systems projects from JISL's order book.
For example, the company may be able to temporarily conserve
liquidity if it slows down on its project execution.

DERIVATION SUMMARY

JISL's rating may be compared with companies in 'CCC' and lower
rating categories such as PT Agung Podomoro Land Tbk (APLN, CCC-)
and Global Cloud Xchange Limited (GCX, CC). JISL is rated at the
same level as APLN, taking into consideration both companies'
near-term refinancing and liquidity risks. APLN has not secured
adequate funding to date to address its syndicated loan due in
September 2019 and domestic bonds maturing in December 2019 and
January 2020, while JISL faces challenges in addressing its
near-term liquidity, including the scheduled interest payment on
its US dollar bonds on August 1, 2019.

GCX is rated lower than JISL to reflect Fitch's view of its higher
liquidity risk given the repayment of principal due on its USD350
million secured bond on August 1, 2019 in light of GCX's poor
capital market access following the default and ongoing debt
restructuring of its parent company, Reliance Communication
Limited. The company is still evaluating options to refinance the
notes, but does not have a concrete plan. Conversely JISL's
management has indicated that it has sufficient liquidity to meet
the coupon payment of USD7.125 million due on August 1,, and Fitch
understands that several lenders are still considering extending
credit to the company.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Revenue growth of around 3% in FY20, reflecting weak conditions
in micro irrigation business during 1Q and Fitch's expectations of
muted demand due to delayed rains; revenue to grow in mid-single
digits during FY21 and FY22

  - EBITDA margin of 13% to 14% over the next two to three years

  - Annual capex to average INR3.8 billion over FY20 to FY22

  - Dividend payout to average around 20% of net income

Recovery Rating Assumptions

  - The recovery analysis assumes that JISL would be considered a
going-concern in bankruptcy and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim.

  - Fitch has assumed that JISL's going-concern EBITDA is equal to
JISL's EBITDA in FY19 with no further discount applied. This
remains conservative because it does not factor in EBITDA growth
Fitch expects JISL to post over the medium term. It reflects
Fitch's view of a sustainable, post-reorganisation EBITDA level,
upon which Fitch based the valuation of the company.

  - An enterprise value (EV) / EBITDA multiple of 5.6x is used to
calculate the post-reorganisation valuation and Fitch believes this
is closer to a distressed multiple, considering that as of July 1,
2019, with multiyear low stock price JISL was trading at a
EV/EBITDA multiple of around 5.6x.

  - Fitch used secured and unsecured debt as of March 31, 2019. The
compulsory convertible debentures, USD200 million bonds issued by
Jain International Trading B.V., vendor financing in trade-payables
reclassified as debt, and the foreign currency
convertible bonds are treated as unsecured debt.

  - Fitch has assumed that JISL's sanctioned but undrawn lines of
INR10.8 billion as of March 31, 2019 will be fully drawn at the
point of distress, and that these lenders would have a prior
ranking claim on JISL's assets ahead of bond investors.

  - The recovery waterfall results in recovery rate estimate
corresponding to a 'RR3' Recovery Rating for the USD200 million
unsecured notes. Nevertheless, Fitch has rated the senior notes at
'CCC-' with a Recovery Rating of 'RR4' because under Fitch's
Country-Specific Treatment of Recovery Ratings criteria, India
falls into 'Group D' of creditor friendliness. Instrument ratings
of issuers with assets in this group are subject to a soft cap at
the issuer's IDR.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Any positive rating action would be contingent upon Fitch's
assessment of a sustained improvement in JISL's liquidity profile,
which could be driven by a combination of improving working capital
and securing additional bank lines or other factors.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Fitch may downgrade JISL's ratings by at least one notch if the
company fails to adequately address its liquidity and refinancing
challenges, increasing the likelihood of default.

LIQUIDITY

Weak Liquidity: As of March 31, 2019, JISL had INR25 billion of
debt maturing in FY20, consisting of INR19.2 billion in short-term
working capital debt, INR2.0 billion of vendor financing and INR3.9
of long-term debt amortisations. Fitch estimates that weaker
operating cash flow after March 31, 2019, coupled with markedly
reduced headroom under working capital lines and cash balance has
resulted in heightened liquidity- and refinancing risks for JISL.
In particular the risks remain high in the fiscal quarter ending on
September 30, 2019 due to the effect of seasonality where the
company traditionally requires a larger working capital outlay in
the first half of its fiscal year. JISL's liquidity risks may
increase further within a short span of time if it is unable to
secure timely new credit facilities from lenders or if there are
further delays in collections in the receivables due from the
government.

ESG CONSIDERATIONS

JISL has an ESG Relevance Score of 4 for Management Strategy due to
the management's aggressive approach to managing working capital
and liquidity, which has a negative impact on the credit profile,
and is relevant to the rating in conjunction with other factors.

JISL has an ESG Relevance Score of 4 for Financial Transparency due
to the lack of timely and adequate disclosures, which has a
negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

JANKI NEWSPRINT: CRISIL Withdraws B Rating on INR14cr Cash Loan
---------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Janki
Newsprint Limited (JNPL) on the request of the company and receipt
of a no Due certificate from its bank. The rating action is in line
with CRISIL's policy on withdrawal of its ratings on bank loans.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         .25        CRISIL A4/Issuer Not
                                     Cooperating (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Cash Credit           14.00       CRISIL B/Stable/Issuer Not
                                     Cooperating (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Foreign Letter
   of Credit              5.00       CRISIL A4/Issuer Not
                                     Cooperating (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Long Term Loan          .75       CRISIL B/Stable/Issuer Not
                                     Cooperating (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

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

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as they are arrived at without any management
interaction and are 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 JNPL. This restricts CRISIL's
ability to take a forward JNPL 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 rating on bank facilities of JNPL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

JNPL was originally incorporated as Sumit Agro Products Ltd (SAPL)
in 2000; SAPL was reconstituted as a closely held public limited
company with the current name in 2010. JNPL manufactures newsprint
and kraft paper at its facility in Meerut (Uttar Pradesh). It is
being managed by Mr. Amit Garg, Mr. Sumit Garg, and Mr. Anand
Prakash.


JAWAHAR SHETKARI: CRISIL Lowers Rating on INR40cr Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Jawahar
Shetkari Sahakari Soot Girni Limited (JSSSGL) to 'CRISIL D/CRISIL
D' from 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         6.03       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit           40.00       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit      20.00       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term     2.17       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The rating downgrade reflects devolvement in the letter of credit
facility and over-utilisation of cash credit facility, both for
more than 30 days. This is on account of inadequate cash flow
generation due to heavy losses recorded by the society in fiscal
2019, resulting in stretched liquidity.

JSSSGL has weak financial risk profile, large working capital
requirement and susceptibility to intense competition and
volatility in cotton prices. These weaknesses are partially offset
by established market position in the cotton yarn business.


Key Rating Drivers & Detailed Description

Weaknesses:

* Devolvement of letter of credit facility and over-utilisation of
fund-based working capital limit: There are instances of
devolvement of letter of credit facility and over-utilisation of
cash credit facility, both for more than 30 days. This was on
account of weak liquidity arising from inadequate cash flow
generation due to heavy losses recorded by the society in fiscal
2019.

* Weak financial risk profile: The gearing was 1.65 time and total
outside liabilities to adjusted networth (TOLANW) of 2.21 times, as
on March 31, 2019, on account of high debt levels. Debt protection
metrics are weak on account of operating losses recorded by the
society in fiscal 2019.

* Large working capital requirement: The operation are working
capital intensive on account of the seasonal availability of cotton
and hence the requirement to hold high inventory of around 2-3
months. The society gets limited credit on procurement and funds
the inventory largely by bank debt. CRISIL believes the overall
working capital requirement to remain at similar levels over the
medium term.

* Susceptibility to intense competition and volatility in cotton
prices: Intense competition may continue to restrict scalability of
operations, and limit the pricing power with suppliers and
customers, thereby constraining profitability. Prices of cotton are
volatile as availability depends on extent of rainfall. Cotton
prices are also affected by change in international demand.

Strength:

* Established market position in the cotton yarn business: The
society is one of the leading cotton spinning mills in
Maharashtra's co-operative sector with a track record of 30 years.
It has developed long-standing relationship with customers and
suppliers. The society is expected to benefit from its strong
customer and supplier relationship over the medium term.

Liquidity

JSSSGL has weak liquidity reflected in devolvement of letter of
credit facility and over-utilisation of cash credit limit for more
than 30 days, driven by losses recorded in fiscal 2019. Accruals
are expected to be tightly matched against repayment obligations of
INR7 crore annually in near term. The fund based bank limits of
INR40 crore have been highly utilized at more than 100% for last 12
months ended May, 2019.

JSSSGL was set up in 1981 as a co-operative society by Mr Rohidas
Patil and other members. The society manufactures cotton yarn in
the count of 24s to 42s, in Dhule, Maharashtra.

JEWEL WORLD: CRISIL Withdraw B+ Ratings on INR7.5cr Loans
---------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Jewel
World (JW) on the request of the company and receipt of a no
objection certificate from its bank. The rating action is in line
with CRISIL's policy on withdrawal of its ratings on bank loans.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.5        CRISIL B+/Stable//Issuer Not
                                     Cooperating (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Proposed Long Term     1.00       CRISIL B+/Stable//Issuer Not
   Bank Loan Facility                Cooperating (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

CRISIL has been consistently following up with JW for obtaining
information through letters and emails dated February 28, 2019,
April 8, 2019 and April 12, 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 they are arrived at without any management
interaction and are 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 JW. This restricts CRISIL's
ability to take a forward JW 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 rating on bank facilities of JW
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2013 as a partnership firm by Ahmedabad-based Soni and
Patel families, JW retails gold jewellery and has two showrooms in
Ahmedabad.


KARNATAKA TURNED: CRISIL Lowers Ratings on INR13cr Loans to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Karnataka Turned Components Private Limited (KTC) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft               4         CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      3.43      CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan               5.57      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects weakening of the business risk profile,
following the drop in operating margin (6.1% in fiscal 2019, from
12.7% in fiscal 2017), and net cash accrual (1.03 crores in fiscal
2019 vis-à-vis 2.9 crores in fiscal 2018). Total outside
liabilities to tangible networth (TOL/TNW) ratio rose to 2.35 times
as on March 31, 2019, from 1.95 times as on March 31, 2017.
Liquidity may remain constrained over the medium term, despite the
year-on-year growth in revenue on account of reduction in accruals.
The company's ability to improve its profitability, and manage the
working capital cycle, will remain rating sensitivity factors.

The rating factors in KTC's modest scale of operations, amidst
intense competition from larger players. These weaknesses are
partially offset by the extensive experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses:
* Modest scale of operations: Scale of operations remains modest,
as reflected in revenue of INR30.27 crore in fiscal 2019, and thus,
limits the bargaining power against customers and suppliers.

* Exposure to intense competition: The auto components industry has
multiple participants across the value chain, and is dominated by
large players. Hence, KTC shall face significant pricing pressure,
also because of limited bargaining power against customers.

Strength:

* Extensive experience of the promoters: The six-decade-long
experience of the Kumar family, in the auto components industry,
through KTC, and the healthy relationships with key stakeholders,
will continue to support the business risk profile.

Liquidity
Liquidity is stretched, marked by the large maturing debt and high
bank limit utilisation. Cash accrual of INR1-1.25 crore, expected
over the medium term should be just sufficient to cover the
maturing debt of INR1.1 crore. Fund-based limit of INR5 crore was
utilised at 82% over the 12 months through March 2019.

Outlook: Stable

CRISIL believes KTC will continue to benefit from the extensive
experience of its promoters and established customer relationships.
The outlook may be revised to 'Positive' if substantial growth in
revenue and profitability, strengthens the business risk profile.
The outlook may be revised to 'Negative' if low cash accrual or
stretch in working capital cycle, weakens liquidity.

KTC was set up in 1960, by the promoter, Mr Raj Kumar and his
family. The Bengaluru-based company manufactures precision
engineering components for automobile industry.


MAHARASHTRA CRICKET: CRISIL Moves D Rating From Not Cooperating
---------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long-term bank facility of Maharashtra Cricket Association
(MCA) to 'CRISIL D Issuer Not Cooperating'. However, the company's
management has started sharing the information necessary for a
comprehensive review of the rating. Consequently CRISIL is
migrating the rating to 'CRISIL D' from 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       70        CRISIL D (Migrated from
   Bank Loan Facility                 'CRISIL D ISSUER NOT
                                      COOPERATING')

   Term Loan                92.5      CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

The rating continues to reflect instances of delay by the
association in servicing its term debt obligations on account of
weak liquidity.

Key Rating Drivers & Detailed Description

Weakness
* Irregular cash flows: MCA is highly dependent on the Board of
Control for Cricket for India (BCCI) for funds. Hence, irregular
receipt as well as inadequacy of subsidies to fund operational and
maturing debt constrains the liquidity of the association.

Strength
* Benefits derived from association with BCCI: Being a full-time
member of BCCI, MCA receives a share of BCCI's surplus, which is
critical for the smooth running of operations of the association.

Liquidity
Liquidity is expected to remain weak over the medium term owing to
delays in receipt of subsidies from BCCI.

Set up in 1935, MCA is affiliated to BCCI and is one of its
full-time members. The association's primary objective is to
promote, develop, control, and regulate cricket in Maharashtra. It
is the cricket controlling body for Maharashtra, with the exception
of Vidharbha, Mumbai, and Thane.


MARS ENVIROTECH: CRISIL Lowers Ratings on INR6.5cr Loans to D
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
long-term bank facility of Mars Envirotech Limited (MEL) to 'CRISIL
B/Stable Issuer Not Cooperating'. However, MEL has subsequently
started sharing requisite information necessary for carrying out a
comprehensive review of the rating. Consequently, CRISIL is
downgraded the rating to 'CRISIL D' from 'CRISIL B/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            1.5         CRISIL D (Downgraded from
                                      'CRISIL B/Stable ISSUER NOT
                                      COOPERATING')

   Term Loan              5           CRISIL D (Downgraded from
                                      'CRISIL B/Stable ISSUER NOT
                                      COOPERATING')

The rating reflects MEL's exposure to project stabilization risk
and government regulation and below-average Debt protection
metrics. These weaknesses are partially offset by the extensive
experience of the promoters and their funding support.

The downgrade reflects on-going delays in servicing of principal
repayments towards term loan availed since last 5 months ending
June, 2019 due to weak liquidity profile.

The rating reflects MEL's exposure to project stabilization risk
and government regulation and below-average Debt protection
metrics. These weaknesses are partially offset by the extensive
experience of the promoters and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Project stabilization risk: The company has completed the
municipal waste management and power generation plant project and
has entered into a power purchase agreement with the Punjab State
Electricity Board for supply of electricity. The plant is expected
to be fully operational by Q4FY19, post which power generation and
supply will commence.

* Weak debt protection metrics: The Company has negative interest
coverage and net cash accrual to adjusted ratio (NCAAD) of -5.38
and -0.0198 respectively for fiscal'18.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of two decades and their funding support
should support the business.

Liquidity

The liquidity of MEL is weak as reflected in an estimamted net cash
accrual of around 0.2 Lakh for fiscal'19 and close to 100%
utilization of its cash credit (CC) limits as of February, 2019.

Incorporated in 2011, MEL has set up a municipal waste management
and power generation facility in Lalru, Punjab, which is partially
operational from January 2018. It has its registered office in
Lucknow, Uttar Pradesh. The company is into power generation using
municipal solid waste and is a part of Mars group.


NORTHERN ELECTRIC: CRISIL Withdraws B+ Rating on INR6.4cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Northern
Electric Cables Private Limited (NECPL) on the request of the
company and receipt of a no Due certificate from its bank. The
rating action is in line with CRISIL's policy on withdrawal of its
ratings on bank loans.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6.4       CRISIL B+/Stable/Issuer Not
                                     Cooperating (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)

   Overdraft               4.6       CRISIL A4/Issuer Not
                                     Cooperating (ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn)
  
CRISIL has been consistently following up with NECPL for obtaining
information through letters and emails dated September 28, 2018,
December 11, 2018 and December 17, 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 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 NECPL. This restricts CRISIL's
ability to take a forward NECPL 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 rating on bank facilities of NECPL
continues to be CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Incorporated in 2000 and promoted by Mr Amit Maggo, Mr Kapil Maggo,
Mr Ginni Maggo, Mr Azad Kumar Maggo and Mr Subhash Chander, NECPL
trades in industrial electrical equipment such as wires, cables and
other related products. The Delhi-based company majorly caters to
the construction industry.


PVS MEMORIAL: CRISIL Lowers Rating on INR7.5cr Loan to D
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of PVS
Memorial Hospital Private Limited (PMHPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft               2.5       CRISIL D (Downgraded from
                                     'CRISIL A4')
   
   Proposed Overdraft      7.5       CRISIL D (Downgraded from
   Facility                          'CRISIL B/Stable')

The downgrade reflects weak liquidity evident by recent and
continuous overdrawal in the overdraft limit for over 30 days.

PMHPL's scale of operations remains modest and financial risk
profile weak. These weaknesses are partially offset by the
extensive experience of its promoters.

Analytical Approach

Unsecured loans of INR1.95 crore (as on March 31, 2019) extended by
the promoters have been treated as debt.   

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak liquidity: Weak liquidity led to continuous overdrawal for
more than 30 days in the overdraft limit. Liquidity has been weak
owing to low occupancy and limited ramp-up in sales against high
fixed expenses.

* Weak financial risk profile: Financial risk profile is weak, with
high gearing and subdued debt protection metrics. Debt protection
metrics are subdued reflected in interest coverage of 0.58 time and
net cash accruals to adjusted debt of 0.04 time in fiscal 2018.

* Exposure to geographical concentration risks and intense
competition: Operations are concentrated in Kochi, unlike those of
large healthcare chains that have hospitals in various locations.
The geographical concentration of PMHPL restricts the company's
clientele and renders it vulnerable to the dynamics of a single
market and entry of any big player in the region. Moreover, the
company faces increased local competition from private and
government hospitals.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of over 25 years and the hospital's panel
comprising highly qualified and specialist doctors should continue
to support the business.

Liquidity

Liquidity is likely to remain weak over the medium term.
Below-average occupancy has led to higher dependence on bank lines
to fund fixed expenses leading to continuous overdrawals in the
overdraft facility. Further, cash flow also remains low due to the
average scale of operations.

Incorporated in 1992, PMHPL operates a multi-specialty hospital in
Kochi. Mr PV Chandran, Mr PV Gangadharan, Mr PV Nidish, Ms PV Mini
and Mr Jayagovind P are the promoters.


RAJESH ESTATES: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rajesh Estates and
Nirman Pvt Ltd (RENPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Non Convertible       297.60      CRISIL B+/Stable (Issuer Not
   Debentures LT                     Cooperating)

CRISIL has been following up with RENPL for getting information
through letters and emails, dated April 30, 2019, and June 24,
2019, apart from various telephonic communications. However, the
issuer has continued to be 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'. This rating lacks a
forward-looking component as it is arrived at without any
management interaction and is based on best available, 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 RENPL, which restricts CRISIL's
ability to take a forward-looking view on the company'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'. Hence, the rating remains at 'CRISIL B+/Stable Issuer Not
Cooperating'.

The rating continues to reflect the continued high reliance on
external debt to fund project construction work, which would lead
to deterioration in debt protection metrics in the near term. The
rating also factors in susceptibility of sales to the cyclicality
inherent in the real estate sector. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the real estate industry, the prime location of the project, Raj
Grandeur, and the advanced stage of its completion.

Incorporated in 1996, RENPL is a fully owned subsidiary of Rajesh
Constructions Company Pvt Ltd (the flagship company of the Rajesh
group). RENPL has been developing two projects: Raj Grandeur and
Raj Embassy, and has recently started developing Raj Torres in
Thane, Maharashtra, aggregating to a total saleable area of 19 lakh
square foot.

The Rajesh group is a Mumbai-based real estate developer, promoted
by Mr Raghavji Patel. Group companies have been engaged in real
estate construction and development for over 50 years. Operations
are currently managed by the third-generation of the family, Mr
Priyal Patel and Mr Pratik Patel. The Rajesh group has nearly 86
lakh square foot of area under development across various projects
in and around Mumbai as on date.


RANA UDYOG: CRISIL Raises Rating on INR10.75cr Loan to B
--------------------------------------------------------
CRISIL has upgraded its rating on the long term bank loan
facilities of Rana Udyog Private Limited (RUPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'; short term rating reaffirmed at
'CRISIL A4'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            8.5         CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Letter of credit
   & Bank Guarantee       1           CRISIL A4 (Reaffirmed)

   Proposed Long Term    10.75        CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

The upgrade in the long term rating reflects improvement in the
business profile in fiscal 2019. The revenue is estimated to
increase significantly in fiscal 2019 and the same is estimated at
around INR26 crores vis-a-vis INR13 crores a year earlier. The
profitability has also improved and is estimated at around 11%
backed by improved realization prices and better priced orders.
Furthermore, the working capital management has improved with GCA
days estimated at around 611 days as on March 31, 2019 vis-a-vis
1303 days a year earlier.

The ratings also reflect modest though increasing scale of
operations and weak financial risk profile. These weaknesses are
partially offset by experience of promoters in the iron and steel
industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: Though the revenue is estimated to
increase from INR12.7 crores in fiscal 2018 to INR26 crores in
fiscal 2019, the same continues to remain modest owing to highly
fragmented industry. CRISIL believes the scale of operation to
remain modest over the medium term.

* Moderate financial risk profile: Networth and gearing are
estimated to remain average at INR10.8 crore and 1.23 time,
respectively, as on March 31, 2019. Interest coverage is also
estimated to remain moderate at 1.97 time in fiscal 2019.

Strength

* Experience of promoters: Benefits from the promoters' experience
(four decades) and healthy relationships with suppliers and
customers should continue to support the business.

Liquidity

The liquidity profile of the company is weak with bank limits of
INR8.5 crores remaining utilized at an average of around 95% over
the last 12 month through December 2018. Also, the company is
expected to generate moderate cash accruals of around 1.3-1.4
crores over the medium term vis-a- vis small repayments varying in
the range of INR0.08-0.1 crore during the same period.

Outlook: Stable

CRISIL believes RUPL will continue to benefit over the medium term
from the experience of promoters. The outlook may be revised to
'Positive' if scale of operations and profitability increase
substantially with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if
lower-than-expected cash accrual, stretch in working capital cycle,
or large, debt-funded capital expenditure weakens financial risk
profile.

RUPL was incorporated in 1995 to take over the business of Rana
Enterprises, a partnership concern set up in 1970. The company
manufactures rolling mill equipment for bar mills, wire rod mills,
structural steel mills, and section mills. Its factory is at
Ghusuri in Howrah.


RBA FINANCE: Ind-Ra Maintains BB- Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RBA Finance
Private Limited's (RBA Finance) bank loans' rating in the
non-cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR141 mil. Bank loans maintained in non-cooperating category
     with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 24, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 1996, RBA Finance is a non-bank finance company - asset
finance company registered with the Reserve Bank of India that
finances automobiles. Its head office is in Agra, Uttar Pradesh.


RELIANCE COMMUNICATIONS: Unit Seeks Extension as Dollar Bond Due
----------------------------------------------------------------
Bloomberg News reports that a unit of Reliance Communications Ltd.,
tycoon Anil Ambani's distressed telecom firm, is seeking an
extension from holders of its dollar-denominated bonds maturing
Aug. 1, the company's spokesman said.

Global Cloud Xchange is in discussions with holders of its 7% $350
million notes for a deal that would provide the issuer more time to
discuss options on the maturity of the senior secured notes, the
spokesman said in a statement, Bloomberg relays. The move to seek a
forbearance pact with investors follows the failure of a deal with
a prospective lender to arrange a private loan for repaying the
notes at par on maturity, according to Bloomberg.

Bloomberg relates that GCX's attempts for a pact with bondholders
comes on the heels of Suzlon Energy Ltd., an Indian wind-turbine
maker, missing repayment of $172 million outstanding convertible
notes last week. Bloomberg says rising defaults by domestic
companies add to cracks in India's credit markets that have
worsened since the crisis at IL&FS Group last year. Parent RCom,
which slid into bankruptcy earlier this year, is seeking to find
buyers for its assets to repay debt.

"In parallel, GCX is also continuing with its contingency
planning," the spokesman said, adds Bloomberg.

                  About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services.

The Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.

As reported in the Troubled Company Reporter-Asia Pacific on May
10, 2019, The Economic Times said the National Company Law Tribunal
on May 9 allowed Reliance Communications (RCom) to exclude the 357
days spent in litigation and admitted it for insolvency.  With
this, RCom, which owes over INR50,000 crore to banks, has become
the first Anil Ambani group company to be officially declared
bankrupt after the NCLT on May 9 superseded its board and appointed
a new resolution professional to run it and also allowed the
SBI-led consortium of 31 banks to form a committee of creditors.


SALEEM STEELS: CRISIL Lowers Ratings on INR7cr Loans to B-
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Saleem
Steels (SS) to 'CRISIL B-/Stable' from 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6.6       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Cash           0.4       CRISIL B-/Stable (Downgraded
   Credit Limit                      from 'CRISIL B+/Stable')

The rating downgrade showcases decline in the financial risk
profile marked by negative networth accounting to withdrawals and
fall in revenue. Also the liquidity is stretched due to increased
working capital requirements which has led to high utilization of
bank limits.

The ratings continue to reflect SS's below average financial risk
profile, susceptibility to fluctuations in steel prices and
downturn in end-user industry. These weaknesses are partially
offset by the experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Below average financial risk profile:  Negative networth of (0.23
crore) as on March 31, 2018 along with high total outside
liabilities to tangible networth ratio of -55 times, showcases
below average financial risk profile. The same has happened owing
to fall in revenue and withdrawals of around INR3.9 crore in FY
2018. Interest coverage ratio has been 0.8 times in fiscal 2018 due
to large working capital debt. Financial risk profile is expected
to stay at similar levels over the medium term.

* Susceptibility to fluctuations in steel prices and downturn in
end-user industry:  Revenue and profitability have strong linkages
to the overall economic growth and demand in the construction and
real estate sectors. Fluctuations in steel prices and downturn in
end-user industry is expected to continue restricting growth.

Strength
* Experience of promoter: Benefits from the promoters' experience
of over four decades, their strong understanding of the local
market dynamics, and healthy relations with customers and suppliers
should continue to support the business. Hence, revenue grew to
about INR35 crore in fiscal 2018 from INR21 crore in fiscal 2015.

Liquidity

Average bank limit utilization for the last 12 months ended on
February 2019 is almost fully utilized at around 100%. The same is
due to intensive working capital requirement. Withdrawals has led
to negative cash accruals. However, USL of INR1.76 crore supports
liquidity. Current ratio is moderate at 1.09 times.

Outlook: Stable

CRISIL believes SS will continue to benefit over the medium term
from the experience of the promoters. The outlook may be revised to
'Positive' if there is substantial increase in revenue,
profitability, and cash accrual. Conversely, the outlook may be
revised to 'Negative' if lower-than-expected cash accrual or
stretched working capital cycle weakens financial risk profile and
liquidity further.

SS was set up at Kollam (Kerala) by Mr Saleem Abdul Rahman and his
son. The firm trades in iron and steel products.


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

The instrument-wise rating actions are:

-- INR10.74 mil. Term loan due on August 2023 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR75 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 27, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

SRMPL purchases paddy from farmers and farmers' markets, and then
process it into rice for sale in 25kg and 50kg packs to wholesalers
across Bihar, Jharkhand, West Bengal, Assam and Gujarat under the
brands Rajaji, Rajnigandha, Yuvraj, Rajshree and Shreebhog.


SIVA INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Siva Industries and Holdings Limited
        Old No. 19, New No. 32 Cathedral Garden Road
        Nungambakkam Chennai, Tamil Nadu
        India 600034

Insolvency Commencement Date: July 4, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: December 31, 2019
                               (180 days from commencement)

Insolvency professional: Savan Godiawala

Interim Resolution
Professional:            Savan Godiawala
                         Deloitte Touche Tohmastu India LLP
                         19th Floor, Shapath-V
                         S.G. Road, Ahmedabad
                         Gujarat 380015  
                         E-mail: sgodiawala@deloitte.com
                                 inrpsiva@deloitte.com

Last date for
submission of claims:    July 22, 2019


SRE VENGADALAKSHMI: CRISIL Lowers Rating on INR13.5cr Loans to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Sre Vengadalakshmi Spinners (SVS) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Term Loan          2.5       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Open Cash Credit        2.2       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Working Capital         8.8       CRISIL D (Downgraded from
   Demand Loan                       'CRISIL B+/Stable')
  
The downgrade reflects continuous overdrawal of working capital
limits for a period of more than 60 days due to stretched
liquidity. The ratings also reflect modest scale of operations
amidst intense competition and below-average financial risk
profile. These weaknesses are partially offset by the proprietor's
extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness:

* Extensive experience of proprietor in the textile industry:
Benefits from proprietor's experience of over 15 years in the same
line of business has helped the firm to establish relationships
with key customers and suppliers.

Strengths:

* Overdrawals in working capital limits:  SVS has continuously
overdrawn its working capital limits for a period of more than 60
days due to weak liquidity. The weak liquidity is due to high
working capital intensity marked by sizeable inventory and
receivables, which has resulted in overutilization of working
capital limits.

* Modest scale of operations amidst intense competition:  Scale is
modest as reflected in revenue of INR56.9 crores in fiscal 2019. It
operates in the cotton-spinning industry, which is marked by
intense competition, which constrains its business risk profile.

* Below average financial risk profile:  The financial risk profile
is marked by low net worth, high gearing and subdued debt
protection metrics. Networth was modest at INR6.15 crores as on
March 31, 2019. Debt protection metrics are subdued as reflected in
interest coverage ratio of 1.23 time and net cash accruals to
adjusted debt of 0.03 time for fiscal 2019.

Liquidity

SVS has weak liquidity, marked by modest cash accruals and
continuous overdrawals in working capital limits. The firm has
continuously overdrawn its working capital limits for a period of
more than 60 days. The overdrawals are mainly on account of high
working capital intensity which has resulted in high reliance on
working capital debt. Operations are working capital intensive
mainly on account of sizeable inventory and receivables.

SVS was established in 1999 by Ms R Pushpa as a proprietorship
concern. It manufactures cotton yarn of 30-40 counts at its unit
near Coimbatore, Tamil Nadu, with an installed capacity of 25,000
spindles. The firm sells its cotton yarn in domestic market alone.

SRE VENGADALAKSHMI: CRISIL Lowers Ratings on INR13.5cr Loans to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Sre Vengadalakshmi Spinners (SVS) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Term Loan         2.5        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Open Cash Credit       2.2        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Working Capital        8.8        CRISIL D (Downgraded from
   Demand Loan                       'CRISIL B+/Stable')

The downgrade reflects continuous overdrawal of working capital
limits for a period of more than 60 days due to stretched
liquidity. The ratings also reflect modest scale of operations
amidst intense competition and below-average financial risk
profile. These weaknesses are partially offset by the proprietor's
extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness:

* Extensive experience of proprietor in the textile industry
Benefits from proprietor's experience of over 15 years in the same
line of business has helped the firm to establish relationships
with key customers and suppliers.

Strengths:
* Overdrawals in working capital limits: SVS has continuously
overdrawn its working capital limits for a period of more than 60
days due to weak liquidity. The weak liquidity is due to high
working capital intensity marked by sizeable inventory and
receivables, which has resulted in overutilization of working
capital limits.

* Modest scale of operations amidst intense competition: Scale is
modest as reflected in revenue of INR56.9 crores in fiscal 2019. It
operates in the cotton-spinning industry, which is marked by
intense competition, which constrains its business risk profile.

* Below average financial risk profile: The financial risk profile
is marked by low net worth, high gearing and subdued debt
protection metrics. Networth was modest at INR6.15 crores as on
March 31, 2019. Debt protection metrics are subdued as reflected in
interest coverage ratio of 1.23 time and net cash accruals to
adjusted debt of 0.03 time for fiscal 2019.

Liquidity
SVS has weak liquidity, marked by modest cash accruals and
continuous overdrawals in working capital limits. The firm has
continuously overdrawn its working capital limits for a period of
more than 60 days. The overdrawals are mainly on account of high
working capital intensity which has resulted in high reliance on
working capital debt. Operations are working capital intensive
mainly on account of sizeable inventory and receivables.

SVS was established in 1999 by Ms R Pushpa as a proprietorship
concern. It manufactures cotton yarn of 30-40 counts at its unit
near Coimbatore, Tamil Nadu, with an installed capacity of 25,000
spindles. The firm sells its cotton yarn in domestic market alone.


SRI KRISHNA SHIPPING: CRISIL Moves 'B' Rating From Not Cooperating
------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Sri Krishna Shipping
Corporation (SKSC) to 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating.  Consequently, CRISIL is
migrating the rating on bank facilities of SKSC from 'CRISIL
B-/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B/Stable/CRISIL A4'.

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

   Cash Credit            15         CRISIL B/Stable (Migrated
                                     from 'CRISIL B-/Stable
                                     ISSUER NOT COOPERATING')

The migration reflects the sustained improvement in SKSC's business
risk profile because of steady revenue growth. SKSC's revenues
estimated to be increased to INR55.7 crore in fiscal 2019 from
INR51.4 crore in Fiscal 2017. Further, the firm does not have any
term debt obligations and financial risk profile is supported by
need based funding support from promoters, which is estimated at
INR3.4 cr as on Mar 2019.

The rating reflect large working capital requirement, small scale
of operations in the intensely competitive steel industry. The
ratings also reflect below-average financial risk profile because
of modest networth, high gearing and weak debt protection metrics.
These rating weaknesses are mitigated by the extensive industry
experience of promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Large working capital requirement:  SKSC's business is highly
working capital intensive, as reflected in estimated gross current
asset (GCA) days of 168 days as on March 31, 2019; the GCA days
have been at similar levels in the past. The high GCA days emanates
from the firm's high inventory levels of around 100 days and
receivables cycle of 60 days.

* Small scale of operations in the intensely competitive steel
industry:  SKSC's modest of operations is small reflected in
estimated operating income of INR55.7 Crore during 2018-19.Also
there is intense competition in the industry given the low entry
barriers that actually constrains the bargaining power of firm and
hence the scale of operations.

* Below-average financial risk profile:  The firm has below average
financial risk profile marked by modest net worth, high TOLTNW and
weak debt protection metrics. The net worth of the firm is modest
estimated at INR6.44 Cr as on March 31, 2019. High TOLTNW at 3.23
times is due to the high reliance on the bank lines contracted and
modest networth. NCATD and Interest coverage at 0.01 times and 1.03
times are weak for 2018-19.

Strengths:

* Extensive industry experience of promoters:  The partners of the
firm include Mr.Y Rama Rao Choudary, his wife Mrs. Y Adilakshmi,
and his sons Mr. Y Venkateswara Rao and Mr. Y Rayudu. Initially,
Sri Krishna undertook material-handling works of RINL and SAIL in
Visakhapatnam. Over the years, the management has developed strong
relationships with its major customers and suppliers. Sri Krishna
deals in a large range of steel products, including TMT bars,
channels, angles, plates, joints and others, with major focus on
TMT bars.

Liquidity

Bank limit utilization is high around 97 percent for the past
twelve months ended April 30, 2019. CRISIL believes that bank limit
utilization is expected to remain high on account large working
capital requirement. However, it does not have any term debt
repayment obligations. The liquidity risk is mitigated by funding
support from promoters in the form of unsecured loans which stood
at INR3.4 cr as on March 31, 2018.

Outlook: Stable

CRISIL believes SKSC will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if revenues and profitability
improve, or networth increases substantially backed by capital
additions by promoters. Conversely, the outlook may be revised to
'Negative' if revenue or profitability decline, or capital
structure weakens because of large, debt-funded capital expenditure
or stretched working capital cycle.

Set up in 1986 as a partnership firm, SKSC trades various steel
products such as thermo-mechanically treated bars, channels,
angles, I-beams, billets, squares, blooms, and rounds. The firm is
promoted by Mr. Y S V Rama Rao Chowdary and family, and is
headquartered in Visakhapatnam.


SULOCHANA AGRO: CRISIL Hikes Ratings on INR15cr Loans to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sulochana Agro and Infratech Private Limited (SAIPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      6         CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The upgrade reflects expectation of improvement in the company's
business and financial risk profiles. The business risk profile
improved on account of revenue increasing by 18% to an estimated
INR76 crore in fiscal 2019 from INR64 crore the previous fiscal.
Revenue growth is supported by steady profitability leading to
healthy accretion to reserve. The financial risk profile improved
due to increase in networth (Rs 7.45 crore in fiscal 2019 compared
to INR6.43 crore the previous fiscal) and better debt protection
metrics (net cash accrual to adjusted debt ratio grew to 0.08 time
in fiscal 2019 from 0.07 time the previous fiscal).

The rating continues to reflect the company's modest scale of
operations, large working capital requirement, and below-average
financial risk profile. These weaknesses are partially offset by
the extensive industry experience of the promoters.

Analytical Approach

The group company, Gayatri Agro Industrial Power Ltd (GAIPL),
operates a 6 megawatt biomass power plant. Both the companies are
managed by the same set of promoters. However, the team has not
consolidated SAIPL with GAIPL because of the following reasons:
* Both the companies are in different lines of business, and hence,
there are no operational linkages between the companies

* There is no corporate guarantee extended by GAIPL to the bank
facilities of SAIPL

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations
Scale of operations is modest in the intensively competitive edible
oil industry: revenue is estimated at INR76 crore in fiscal 2019.
Modest scale restricts the company from achieving benefits from
economies of scale.

* Large working capital requirement
Operations are working capital-intensive: gross current assets were
74 days as on March 31, 2019, driven by inventory of 10 days and
receivables of 58 days.

* Below-average financial risk profile
Financial risk profile is below average: gearing was 2.06 times and
networth was INR7.45 crore as on March 31, 2019. Debt protection
metrics are weak, with interest coverage and net cash accrual to
total debt ratios of 2.93 times and 0.08 times, respectively, in
fiscal 2019.

Strength:
* Extensive industry experience of the promoters
Benefits from the two-decade-long experience of the promoters in
the edible oil industry, SAIPL's established presence in the
domestic market, and promoters' contacts and longstanding relations
with rice mills should continue to support the business.

Liquidity

Liquidity is adequate: cash accrual, expected at INR128 million
over the medium term, should sufficiently cover yearly maturing
debt of INR63 million. Bank limit utilisation averaged 86% percent
over the 12 months through March 31, 2019. Current ratio was 1.2
times as on March 31, 2019. The promoters will, likely, extend
support through equity and unsecured loans.

Outlook: Stable

CRISIL believes SAIPL will continue to benefit from the promoters'
extensive industry experience and healthy customer relationships.
The outlook may be revised to 'Positive' if substantial and
sustained increase in scale of operations, stable profitability,
and efficient working capital management strengthen the financial
risk profile. The outlook may be revised to 'Negative' if steep
decline in revenue or profitability or a stretch in the working
capital cycle weakens the capital structure.

Incorporated in 2006, SAIPL manufactures rice bran oil and de-oiled
rice bran, which are used as animal feed. The processing facilities
are in Nalgonda (Telangana). Mr T Mahender Reddy and Mr B
Chandrasekhar Reddy are the promoters.


TIRUPATI BALAJAI: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Tirupati Balaji Polymers Private Limited
        Shop No. 5, Basement, Shantiba Complex
        Nr. Tapshil Society, Varachha Road
        Surat 395006

Insolvency Commencement Date: July 12, 2019

Court: National Company Law Tribunal, Vadodara Bench

Estimated date of closure of
insolvency resolution process: January 8, 2020
                               (180 days from commencement)

Insolvency professional: Kashyap Shah

Interim Resolution
Professional:            Kashyap Shah
                         A-1 Sejal Park
                         Opp. Nathiba Nagar No. 2
                         Harni Road, Vadodara 390022
                         E-mail: kashyap.cs@gmail.com

                            - and -

                         B-203, Manubhai Towers
                         Opp. M S University
                         Sayajigunj, Vadorada 390005

Last date for
submission of claims:    August 8, 2019


UTKAL GALVANIZERS: CRISIL Lowers Rating on INR16cr Term Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Utkal Galvanizers Limited (UGL) to 'CRISIL D' from 'CRISIL
BB-/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               16        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects the company's delay in repayment of debt
because of stretched liquidity.

The company's operations are susceptible to economic cycles.
However, it benefits from the extensive experience of its promoters
in the transmission tower industry and its established customer
relationships.

Key Rating Drivers & Detailed Description

* Delay in servicing debt because of stretched liquidity: Cash
accrual has been insufficient to meet debt obligation, leading to
delay in debt servicing. Current ratio was low as on March 31,
2019.

Weakness

* Susceptibility to economic cycles: The demand for transmission
towers and lighting poles is driven by the power and transmission
sectors. Thus, UGL's operations depend on demand derived from power
projects (generation and distribution) being executed, which are
linked to economic cycles. Any slowdown in economic activity,
leading to reduced investment in the infrastructure and power
sectors, may hit the company's operations. The end-user industries
have witnessed a slowdown in the past few years. Although
established credentials, customer base, support from group entity
Supreme & Company Pvt Ltd (Supreme), and the promoters' extensive
experience will help UGL mitigate the risk, operations will remain
susceptible to economic cycles.

Strength:

* Extensive experience of the promoters: The promoters' experience
of nearly four decades through Supreme and established
relationships with customers should support UGL's business. The
company is one of the few players that have certifications, both
from Power Grid Corporation of India Ltd (PGCIL) and Odisha Power
Transmission Corporation Ltd (OPTCL), which helps it bag
contracts.

Liquidity

Liquidity is stretched. Cash accrual is expected to be insufficient
against debt repayment obligation over the medium term.

Incorporated in 1979, UGL undertakes designing, galvanising, and
fabrication of transmission line tower structures, substation
structures, transmission line poles, street lighting poles, and
high masts for lighting. It was initially promoted by Odisha-based
Mr K K Mohanty, and was acquired by Kolkata-based Mr Rajesh Agarwal
in 2016 from the State Bank of India against a one-time settlement.
Mr Agarwal, Mr Tushar Kanta Sahoo, Mr Nandan Mohanty, and Ms Sudha
Agarwal are the directors of the company.




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

GARUDA INDONESIA: Posts US$175MM Loss in Restated 2018 Results
--------------------------------------------------------------
The Jakarta Post reports that the revision of its 2018 financial
report has revealed that national flag carrier PT Garuda Indonesia
suffered significant losses after the airline initially reported a
profit in its balance sheet that was disputed by two of its
commissioners recently.

According to the report, the revised 2018 financial statement
released on July 26 showed that Garuda Indonesia suffered a net
loss of US$175.02 million in 2018, in contrast to the net profit of
$5.01 million reported in the controversial balance sheet issued
earlier.

In its new 2018 balance sheet, Garuda Indonesia also reported a
total revenue of $4.37 billion, the same as its previous report.
However, in the new financial statement, the airline's other income
totaled only $38.8 million, a far cry from $278.8 million recorded
in the previous financial report - a difference of $240 million.

The Jakarta Post says the Finance Ministry previously ordered
Garuda Indonesia to restate its 2018's financial report after a
joint investigation by the ministry and the Financial Services
Authority (OJK) found that the airline had published information in
its financial report that did not comply with accounting
standards.

The Jakarta Post relates that the investigation was opened after
Garuda Indonesia commissioners Chairul Tanjung and Dony Oskaria
refused to approve the company's financial statement owing to the
discrepancies. In the report, the airline included a future income
of $239 million from a 15-year contract with PT Mahata
Aeroteknologi to provide in-flight entertainment and Wi-Fi in the
aircraft of Garuda Indonesia's subsidiaries Citilink Indonesia and
Sriwijaya Air, as part of the revenue in the 2018 financial
report.

As a result, Garuda Indonesia must resubmit its 2018 financial
statement and annual report. The government also slapped the
airline with a fine of IDR100 million ($7,080), the report states.

According to the Jakarta Post, Garuda Indonesia's financial and
risk management director Fuad Rizal said on July 26 the financial
report restatement was published following the regulator's
request.

Garuda Indonesia also reported July 26 a net profit of US$19.73
million for the first quarter of 2019, a significant increase from
a net loss of $64.27 in the same period last year, the Jakarta Post
discloses.

The net profit was supported by higher revenues from scheduled
flight services, which increased to $924.93 million from $828.49
million in the same period last year, the report says. In addition,
Garuda Indonesia's operating revenue rose to $171.8 million, up
27.5 percent from the amount recorded in the January to March
period, last year, the Jakarta Post discloses.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.


INDOSAT OOREDOO: In Talks to Sell 3,000 Telecom Towers
------------------------------------------------------
Nikkei Asian Review reports that Indonesia-based telecom company
Indosat Ooredoo has initiated talks to sell 3,000 telecom tower
assets, people familiar with the development told DealStreetAsia.

Indosat Ooredoo is working with JP Morgan as the sell-side advisor
on the process, the report says.

The Nikkei relates that the total valuation of the transaction is
expected to be in upwards of $300 million, said one of the sources
mentioned above - a figure that has been arrived at by taking into
consideration the average value of around $100,000-200,000 for each
tower. However, the estimate for each tower will vary depending on
its location and tenancy, amongst other aspects.

It is understood that the company has already started receiving
interests from some potential buyers, both foreign and local.
However, the shortlisted bidders are still unknown as the process
has not entered the second round of negotiations, according to the
report.

When contacted, Turina Farouk, SVP, Head of Corporate
Communications at Indosat Ooredoo, declined to comment on the
development. However, she added that the company has "some options
to maximize its business value in the long term."

In May 2019, Indosat Ooredoo had reportedly underlined a slew of
options to raise external funds to fulfill a total of $2 billion in
capital expenditure over the next three years, cited a media
report, the Nikkei recalls. The company had then highlighted
certain options such as issuing corporate bonds or rights, raising
additional capital from its shareholders, or adhering to the sale
of telecom towers, its CEO Chris Kanter had reportedly indicated.

In 2019 alone, Indosat Ooredoo will need IDR10 trillion ($706.75
million) of capital expenditure, which will mainly be used to add a
total of 18,000 4G base-transceiver station (BTS), the media report
had further added, the Nikkei relays.

If talks fructify, Indosat Ooredoo is expected to conduct a
sale-leaseback transaction for its telecom towers after the sale
process completed - as is the practice in the industry. The move
will help the company reduce its cost in maintaining telecom towers
on its own, said sources, adds the Nikkei.

Earlier, in February 2012, Indosat Ooredoo had sold as many as
2,500 telecom towers to local company Tower Bersama Infrastructure
and its subsidiary-Solusi Menara Indonesia, the Nikkei discloses.
The deal valuation then was reportedly pegged at around IDR4.76
trillion or $519 million.

The Nikkei says the company currently is renting back some spaces
from the total of 2,500 telecom towers for 10 years period. The
monthly rental price is at $1,300 per tower slot, as explained in
Indosat Ooredoo's 2018 annual report.

In 1Q-2019, Indosat Ooredoo booked an IDR6.05 trillion of operating
revenue and IDR2.07 trillion of EBITDA. The company noted an
IDR14.4 trillion of market-cap, the report discloses.

PT Indosat Ooredoo Tbk is a telecommunication networks and services
provider in Indonesia. The company offers (prepaid and postpaid)
mobile phone services, fixed voice (including IDD) services, fixed
wireless and fixed telephone services.


POS INDONESIA: Denies Bankruptcy Reports
----------------------------------------
The Jakarta Post reports that state-owned postal company PT Pos
Indonesia has denied reports by several media outlets and rumors on
social media that it is facing bankruptcy.

The rumors began to circulate following reports that claimed the
company was seeking a loan to pay the salaries of its employees,
the report says.

"The news is not right, and far from the truth," Pos Indonesia
president director Gilarsi Wahyu Setijono said when contacted by
The Jakarta Post on July 22.

In a company release issued on July 22, it stressed that the loan
was for working capital, not employee salaries.

"Is there any company that does not need working capital? The
answer is no. We also need working capital to fund our operational
costs, bills and other [expenditures] and working capital is
borrowed from banks," the statement, as cited by the Post, said.

"Paying employees' salaries is just part of the operational costs.
However, this does not mean we borrow money for salaries."

In denying rumors that it is on the brink of bankruptcy, the
statement also said that Pos Indonesia could increase salaries,
fully controlled its assets and paid Health Care and Social
Security Agency (BPJS Kesehatan) premiums for its employees, the
Pos adds.

Pos Indonesia is the state-owned company responsible for providing
postal service in Indonesia.


TIPHONE MOBILE: Fitch Withdraws BB- Rating on Insufficient Info
---------------------------------------------------------------
Fitch Ratings Indonesia has withdrawn the rating on PT Tiphone
Mobile Indonesia Tbk.

Fitch's rating on Tiphone prior to the withdrawal:

  - National Long-Term Rating at 'BB-(idn)'; Outlook Negative

'BB' National Ratings denote an elevated default risk relative to
other issuers or obligations in the same country or monetary union.


KEY RATING DRIVERS

Fitch is withdrawing the rating as Tiphone has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Tiphone.

DERIVATION SUMMARY

Not applicable.

KEY ASSUMPTIONS

Not relevant as the rating has been withdrawn.

RATING SENSITIVITIES

Not relevant as the rating has been withdrawn.

LIQUIDITY

Not applicable.



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

MAINZEAL CONSTRUCTION: Directors Lose Appeal Over NZ$36MM Penalties
-------------------------------------------------------------------
Otago Daily Times reports that former Prime Minister Dame Jenny
Shipley and other directors of failed national builder Mainzeal
Construction have lost an attempt to reduce financial penalties.

According to the report, the High Court at Auckland rejected the
case brought by Jennifer Mary Shipley, Richard Ciliang Yan, Peter
Gomm, Clive William Charles Tilby and others against a NZ$36
million penalty imposed on them.

In late February this year, Justice Cooke ruled that four directors
of the failed construction company should pay NZ$36 million to
unsecured creditors, ODT recalls.

ODT relates that the Mainzeal directors had traded recklessly,
Justice Cooke said, particularly by allowing the mostly loss-making
company to trade for several years while technically insolvent.

The judge ordered Shipley, Tilby and Gomm were liable for up to
NZ$6 million each of the NZ$36 million total, the report says.

In the case of a fourth director, Richard Yan, who was also the
founder and main shareholder of Mainzeal's parent company,
Shanghai-based Richina Pacific, Justice Cooke said he should be
liable for the full NZ$36 million.

The four directors have already filed appeals, the report notes.

In the latest case, heard in May, the application by the plaintiffs
to alter the amount awarded in the original judgment were
dismissed, according to ODT.

The loss they caused was the starting point for their liability,
the judge said.

In the latest case, the liquidators Andrew Bethell and Brian
Mayo-Smith applied to seek higher penalties, the report says.

Accroding to ODT, the directors argued the court's assessment of
the losses for creditors caused by their breach of duties were
"exaggerated because the court used the gross amount owing to the
creditors without taking into account expected recoveries from the
assets of the companies in liquidation"

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held New
Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series of
events that had adversely affected the Company's financial position
coupled with a general decline in major commercial construction
activity, and in the absence of further shareholder support, the
Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are Mainzeal
Group, Mainzeal Property and Construction, Mainzeal Living, 200
Vic, Building Futures Group Holding, Building Futures Group,
Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal
Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ, NZ$70
million to unsecured creditors and NZ$5.2 million to employees, NZN
disclosed. Subcontractors are among the unsecured creditors, said
NZN.



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

ASL MARINE: To Sell Loss-Making Chinese Shipyard Unit for CNY35MM
-----------------------------------------------------------------
Annabeth Leow at The Business Times reports that ASL Marine has
said that it will dispose of an inactive, loss-making indirect
subsidiary in China, which was once involved shipbuilding, to raise
working capital.

ASL inked a deal on July 29 to sell Jiangmen Hongda Shipyard, which
is owned by a 60 per cent unit, to Chinese concrete piles dealer
Guangdong Sanhe Pile for CNY35 million (SGD6.96 million) in cash,
BT relates.

Jiangmen Hongda Shipyard has not done any business since 2017, amid
a global industry slump, and retains only land and buildings as
assets, ASL noted in its announcement, BT relays.

According to the report, the sale of the ailing subsidiary, which
contributed to about 7.8 per cent of ASL's SGD24.7 million net loss
in the nine months to March 31, would have pared loss per share
from 11.11 Singapore cents to 10.76 Singapore cents on a pro forma
basis if done on July 1, 2017, ASL added.

BT relates that the board said that the planned sale, which is part
of an ongoing asset rationalisation to increase working capital,
will let the group streamline its structure and reduce fixed
operating costs. The deal is expected to yield a gain of about
SGD8.9 million, not counting professional fees and transaction
costs.

Under the sale and purchase agreement, 60 per cent-owned vendor
Hongda Investment will still be liable for Jiangmen Hongda
Shipyard's operational debts and liabilities, up to a certain
limit, BT adds.

Headquartered in Singapore, ASL Marine Holdings Ltd. --
http://aslmarine.infinitesparks.com/-- provides marine services
primarily in the Asia Pacific, South Asia, Europe, Australia, and
the Middle East.


EPICENTRE HOLDINGS: Hearing to Appoint Interim JMs Set for Aug. 2
-----------------------------------------------------------------
Annabeth Leow at The Business Times reports that Epicentre
Holdings, faced with a creditor's application to put it under court
management, has a hearing date for the appointment of interim
judicial managers.

According to the report, the hearing on the appointment of interim
judicial managers has been set for Aug. 2 at 11:30 a.m., the board
of the former Apple reseller said in a bourse filing on July 29.

BT relates that the application by Goh Chee Hong - who is claiming
a loan-related sum of SGD3 million and has also sent a statutory
demand to the company - was disclosed by Epicentre last week.

"The company will update the shareholders further where there are
material developments on this matter," the company directors
added.

A slew of other creditors have also come knocking on Epicentre's
door in recent months, including former independent directors, as
well as ELush T3, which runs Apple reseller iStudio, the report
says.

To complicate the debt tangle, Epicentre previously said that there
were discrepancies in certain loan agreements, relates BT.
Meanwhile, the company also plans to have auditors probe past
transactions involving chairman and acting chief executive Kenneth
Lim, whom it has moved to fire, the report adds.

Trading in Epicentre's shares has been suspended since May 30, BT
notes.

                     About Epicentre Holdings

Epicentre Holdings Limited is an investment holding company. The
Company is an Apple Premium Reseller (APR), which offers a range of
Apple and Apple-related products, as well as pre- and post-sale
services. The Company's segments are Apple brand products, and
third party and proprietary brand complementary products. It also
retails a range of non-Apple branded fashion-skewed accessories in
EpiLife concept stores. EpiLife also carries merchandise under
iWorld, the Company's brand of accessories targeted at the young
and trendy. EpiCentre's e-stores offer a range of accessories,
cases, headphones and styluses from various brands such as,
Monster, JAYS, Belkin, Gosh, Klipsch and B&O. The Company, through
its subsidiary, Epicentre Solutions Pte. Ltd., provides information
technology solutions to educational institutions within Singapore.
It operates approximately five and over six EpiCentre stores in
Singapore and Malaysia (Kuala Lumpur) respectively, and an EpiLife
store in Singapore.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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