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       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, August 21, 2019, Vol. 22, No. 167

                           Headlines



A U S T R A L I A

CERINA PTY: Second Creditors' Meeting Set for Aug. 28
FAZCHE PTY: First Creditors' Meeting Set for Aug. 28
FLOWERS FINANCIAL: Ex-Financial Adviser Appears on Fraud Charges
IMAGE PAVING: First Creditors' Meeting Set for Aug. 29
IWTC PTY: ASIC Bans Director from Managing Companies for 5 Years

MARESI CORPORATIONS: First Creditors' Meeting Set for Aug. 29
N.T.F. HOLDINGS: First Creditors' Meeting Set for Aug. 26
PEPPER RESIDENTIAL 21: S&P Affirms BB(sf) Rating on Cl. E Notes
RESIMAC TRIOMPHE 2019-2: S&P Assigns Prelim 'B' Rating on F Notes
SOUTHBANK CONSTRUCTIONS: Second Creditors' Meeting Set for Aug. 23

VERMILION TRUST 2019-1: S&P Assigns Prelim 'B' Rating on F Notes


C H I N A

CHINA TAISAN: Winding-Up Application to be Heard on Sept. 6
ZENSUN GROUP: Moody's Assigns B1 CFR, Outlook Stable


H O N G   K O N G

NAN HAI: Moody's Withdraws B1 CFR for Business Reasons


I N D I A

AMSAT INDUSTRIES: CARE Keeps C on INR7.7cr Loans in Non-Cooperating
ARG HOUSING: CARE Keeps D on INR17.7cr Loans in Non-Cooperating
BALDEV KRISHAN: CARE Keeps D on INR8.6cr Loans in Non-Cooperating
BARNAPARICHAY BOOK-MALL: Insolvency Resolution Case Summary
BELLATRIX INFRASTRUCTURE Ind-Ra Moves BB- to Non-Cooperating

DASHMESH RICE: CARE Keeps D on INR6cr Loans in Non-Cooperating
DR. O.P. CHAUDHARY: CARE Lowers Rating on INR3.48cr Loan to D
FEDDERS ELECTRIC: Insolvency Resolution Process Case Summary
GLOBAL DENIMS: CARE Hikes Rating on INR6.17cr Loan to B
GURU NANAK: CARE Keeps D on INR15cr Loan in Non-Cooperating

JET AIRWAYS: Temporary Allocation Slots Extended Thru December
KALISMA STEEL: Insolvency Resolution Process Case Summary
KALYANALAKSHMI SHOPPING: Ind-Ra Moves B+ Rating to Non-Cooperating
KAVERI ENGINEERING: Ind-Ra Migrates BB+ Rating to Non-Cooperating
KPR INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'

KPR INFRA: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
M J ENGINEERING: CARE Keeps C Ratings in Not Cooperating Category
MARKO CAST: CARE Keeps D Rating in Not Cooperating Category
NAIKNAVARE PROFILE: CARE Reaffirms C Rating on INR70cr Loan
NEXT GENERATION: Ind-Ra Maintains BB- LT Rating in Non-Cooperating

PACIFIC ACADEMY: CARE Lowers Rating on INR43.09cr Loans to 'D'
PELICAN RUBBER: Insolvency Resolution Process Case Summary
PLASTENE POLYFILMS: Ind-Ra Affirms 'BB+' Long Term Issuer Rating
PRADEEP UDYOG: CARE Keeps D on INR10cr Loans in NonCooperating
PRATEEK APPARELS: Ind-Ra Lowers Long Term Issuer Rating to 'B+'

QUADROS MOTORS: CARE Keeps D on INR6.2cr Loans in NonCooperating
R.K. ELECTRICAL: CARE Keeps C on INR8.5cr Loans in NonCooperating
RAMAKRISHNA ELECTRONICS: CARE Keeps D Loan Rating in NonCooperating
RV REALTY: CARE Keeps D on INR9.5cr Loans in Non-Cooperating
S.M. CONSTRUCTIONS: CARE Keeps D on INR6cr Loans in NonCooperating

SAGAR INFRA: Insolvency Resolution Process Case Summary
SATKAR AIR: Insolvency Resolution Process Case Summary
SHARADHA SHETTY: CARE Keeps B+ on INR15cr Loans in Non-Cooperating
SHREE KRISHNA: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
SHRI SAGAR: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable

VERACIOUS BUILDERS: Insolvency Resolution Process Case Summary
VIDEOCON INDUSTRIES: Delays in Results Due to Insolvency Process
VIJAY ENGINEERING: Insolvency Resolution Process Case Summary


S I N G A P O R E

CAMSING HEALTHCARE: Suspends Chairman Following Arrest
SINJIA LAND: To Sell North Dakota Hotel at SGD1.58MM Loss

                           - - - - -


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A U S T R A L I A
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CERINA PTY: Second Creditors' Meeting Set for Aug. 28
-----------------------------------------------------
A second meeting of creditors in the proceedings of Cerina Pty
Limited has been set for Aug. 28, 2019, at 11:00 a.m. at the
offices of Queensland Administration Services, at 9 Price Street,
in Nerang, 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. 27, 2019, at 4:00 p.m.

Anne Marie Barley of AMB Insolvency was appointed as administrator
of Cerina Pty on
July 23, 2019.

FAZCHE PTY: First Creditors' Meeting Set for Aug. 28
----------------------------------------------------
A first meeting of the creditors in the proceedings of Fazche Pty
Ltd, trading as CresConstruct, will be held on Aug. 28, 2019, at
11:00 a.m. at the offices of BRI Ferrier, Level 4, at 12 Pirie
Street, in Adelaide, SA.

Thomas Stuart Otway and Alan Scott of BRI Ferrier were appointed as
administrators of Fazche Pty on Aug. 16, 2019.

FLOWERS FINANCIAL: Ex-Financial Adviser Appears on Fraud Charges
----------------------------------------------------------------
The Australian Securities and Investments Commission said Mr. Keith
James Flowers (previously known as Nigel Keith Flowers), of
Bathurst, NSW, on Aug. 20, 2019, appeared in the Downing Centre
Local Court, Sydney, charged with six counts of using his position
dishonestly contrary to section 184(2) of the Corporations Act
2001; and one count of dishonestly obtaining a financial advantage
by deception contrary to section 192E Crimes Act (NSW).

Between 1991 and 2012, Mr. Flowers operated as a financial adviser
primarily providing financial services to both the medical and
dental professions in Australia. Mr. Flowers was the founder and
controller of the Flowers Financial Group Pty Ltd and was also the
director of Flowers Financial Management (FFM) and 1Source
Wholesale Investments Pty Ltd (1Source Wholesale).

In 2011, Mr. Flowers, and his company Flowers Financial Group, were
engaged to raise seed capital to float an amalgamation of several
financial planning businesses, including his own. 1Source Wholesale
was utilised as the trustee company to hold funds for the proposed
float and initial public offering (IPO).

ASIC alleges that between June 2011 and April 2012, Mr Flowers used
his position as a director of 1Source Wholesale dishonestly, with
the intention of gaining advantage for either himself or FFM, by
causing the transfer/withdrawal of AUD179,500 of seed capital.

ASIC also alleges that Mr. Flowers falsely represented to business
partners that AUD30,000 raised for the failed IPO would be returned
by him to investors after the float was cancelled. It is alleged
that Mr. Flowers did not return the funds to investors, rather he
applied the funds for his own benefit and/or for the benefit of 1
Source Holdings Pty Ltd.

The charges were brought against Mr. Flowers following an ASIC
investigation into his conduct as the director of companies in the
Flowers Financial Group.

The matter has been adjourned to Oct. 15, 2019, before the Downing
Centre Local Court, Sydney, for further mention.

The Commonwealth Director of Public Prosecutions is prosecuting the
matter.

In 2014, Mr. Flowers was permanently banned by ASIC from providing
financial services and engaging in credit activities.


IMAGE PAVING: First Creditors' Meeting Set for Aug. 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of Image Paving
(Mornington) Pty Ltd will be held on Aug. 29, 2019, at 9:30 a.m. at
the offices of Hamilton Murphy, Level 1, at 255 Mary Street, in
Richmond, Victoria.

Richard Rohrt and Leigh Dudman of Hamilton Murphy were appointed as
administrators of Image Paving on Aug. 19, 2019.

IWTC PTY: ASIC Bans Director from Managing Companies for 5 Years
----------------------------------------------------------------
The Australian Securities and Investments Commission has
disqualified Steven Paul Corradi of Redlynch, QLD, from managing
companies for five years, the maximum disqualification period,
because of his involvement in seven failed companies.

Mr. Corradi was disqualified after liquidators were appointed to
ACN 136 766 777 Pty Ltd ACN 136 766 777 (formerly known as ' I want
that Course'  Pty Ltd) and IWTC Pty Ltd ACN 159 750 259.

ASIC found Mr. Corradi had:

   -- failed to exercise his duties as a director with due care
      and diligence;

   -- improperly used his corporate position to gain an advantage
      for himself;

   -- failed to prevent the companies from trading whilst
      potentially insolvent;

   -- failed to pay taxes; and

   -- enabled conduct that showed evidence of illegal phoenix
      activity.

In making its decision to disqualify Mr. Corradi, ASIC relied on
supplementary reports that were lodged by the liquidators of the
companies, including Todd William Kelly (the Liquidator) of BDO
(NTH QLD). ASIC assisted the Liquidator to prepare the
supplementary reports by providing funding from the Assetless
Administration Fund.

The total amount of debts owed by the companies to creditors was
more than AUD2 million.

Mr. Corradi's disqualification took effect from July 23, 2019.

MARESI CORPORATIONS: First Creditors' Meeting Set for Aug. 29
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Maresi
Corporations Pty. Ltd. will be held on Aug. 29, 2019, at 11:00 a.m.
at the offices of Paladin Advisory, Suite 3, at 1004 Doncaster
Road, in Doncaster East, Victoria.  

Dino Berardino Calvisi of Paladin Advisory was appointed as
administrator of Maresi Corporations on Aug. 20, 2019.

N.T.F. HOLDINGS: First Creditors' Meeting Set for Aug. 26
---------------------------------------------------------
A first meeting of the creditors in the proceedings of N.T.F.
Holdings Pty Ltd will be held on Aug. 26, 2019, at 10:00 a.m. at
the offices of SM Solvency Accountants, Level 10/144, at Edward
Street, in Brisbane, Queensland.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of N.T.F. Holdings on Aug. 15, 2019.

PEPPER RESIDENTIAL 21: S&P Affirms BB(sf) Rating on Cl. E Notes
---------------------------------------------------------------
S&P Global Ratings affirmed its ratings on various classes of
residential mortgage-backed securities (RMBS) in Pepper I-Prime
2018-2 Trust, Pepper Residential Securities Trust No.17, Pepper
Residential Securities Trust No.18, Pepper Residential Securities
Trust No.19, Pepper Residential Securities Trust No.21, Pepper
Residential Securities Trust No.22, and Pepper Residential
Securities Trust No.23 transactions.

S&P said, "At the same time, we removed the "under criteria
observation" (UCO) identifiers from the ratings. We had placed the
ratings under criteria observation after publishing our revised
"Counterparty Risk Framework: Methodology And Assumptions" criteria
on March 8, 2019.

"We have affirmed the ratings and removed the UCO identifier placed
on the notes issued by Pepper Residential Securities Trust No.17
and Pepper Residential Securities Trust No.18 following a change to
the transaction documents via an amendment deed. The amendments
bring the swap documentation in line with our revised counterparty
criteria, with a documented collateral framework of "strong."

"We have also affirmed the ratings and removed the UCO identifier
placed on the notes issued by Pepper I-Prime 2018-2 Trust, Pepper
Residential Securities Trust No.19, Pepper Residential Securities
Trust No.21, Pepper Residential Securities Trust No.22, and Pepper
Residential Securities Trust No.23 following a replacement option
notice that elects replacement option 3 under our 2013 counterparty
criteria. In line with our guidance document, replacement option 3
maps to a collateral framework assessment of moderate, which
supports a 'AAA' rating under our revised counterparty criteria."

  RATINGS AFFIRMED

  Pepper I-Prime 2018-2 Trust

  Class     Rating
  A1-u1     A-1+ (sf)
  AR-u      AAA (sf)
  A1-a      AAA (sf)
  A2        AAA (sf)
  B         AA (sf)
  C         A (sf)
  D         BBB (sf)
  E         BB (sf)
  F         B (sf)
  G         NR

  NR-Not rated.

  Pepper Residential Securities Trust No. 17

  Class     Rating
  A1-ua     AAA (sf)
  A1-ub     AAA (sf)
  A1-a      AAA (sf)
  A1-af     AAA (sf)
  A2        AAA (sf)
  B         NR
  C         NR
  D         NR
  E         NR
  F         NR
  G         NR

  NR-Not rated.

  Pepper Residential Securities Trust No. 18

  Class     Rating
  A1-ua     AAA (sf)
  A1-ub     AAA (sf)
  A1-a      AAA (sf)
  A1-af     AAA (sf)
  A2        AAA (sf)
  B         NR
  C         NR
  D         NR
  E         NR
  F         NR
  G         NR

  NR-Not rated.

  Pepper Residential Securities Trust No. 19

  Class     Rating
  A1-u2     A-1+ (sf)
  AR-u      AAA (sf)
  A2        AAA (sf)
  B         NR
  C         NR
  D         NR
  E         NR
  F         NR
  G         NR

  NR-Not rated.

  Pepper Residential Securities Trust No. 21

  Class     Rating
  A1-s      AAA (sf)
  A1-u      AAA (sf)
  A1-a      AAA (sf)
  A2        AAA (sf)
  B         AA (sf)
  C         A (sf)
  D         BBB (sf)
  E         BB (sf)
  F         B (sf)
  G         NR

  NR-Not rated.

  Pepper Residential Securities Trust No. 22

  Class     Rating
  A1-u      AAA (sf)
  A1-a      AAA (sf)
  A1-GE     AAA (sf)
  A1-Ga     AAA (sf)
  A2        AAA (sf)
  B         AA (sf)
  C         A (sf)
  D         BBB (sf)
  E         BB (sf)
  F         B (sf)
  G         NR

  NR-Not rated.

  Pepper Residential Securities Trust No. 23

  Class     Rating
  A1-u      AAA (sf)
  A1-a      AAA (sf)
  A1-GE     AAA (sf)
  A2        AAA (sf)
  B         AA (sf)
  C         A (sf)
  D         BBB (sf)
  E         BB (sf)
  F         B (sf)
  G         NR

  NR-Not rated.

RESIMAC TRIOMPHE 2019-2: S&P Assigns Prelim 'B' Rating on F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to 10 classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust
- RESIMAC Premier Series 2019-2. RESIMAC Triomphe Trust - RESIMAC
Premier Series 2019-2 is a securitization of prime residential
mortgages originated by RESIMAC Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including that this is a closed portfolio, which means
no further loans will be assigned to the trust after the closing
date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for the rated notes and lenders' mortgage insurance
to 35.75% of the portfolio, which covers 100% of the face value of
these loans, accrued interest, and reasonable costs of
enforcement.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 0.75% of the outstanding balance of the notes, and
principal draws, are sufficient under its stress assumptions to
ensure timely payment of interest.

-- The extraordinary expense reserve of A$250,000, funded by
RESIMAC Ltd. before closing, available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- The benefit of a cross-currency swap to hedge the mismatch
between the Australian dollar receipts from the underlying assets
and the U.S. dollar payments on the class A1 and A3u notes to be
provided by National Australia Bank Ltd.

  PRELIMINARY RATINGS ASSIGNED

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2019-2

  Class      Rating        Amount (mil.)
  A1         AAA (sf)      US$183.750
  A2         AAA (sf)       A$262.500
  A3a        AAA (sf)        A$75.000
  A3u        AAA (sf)       US$52.500
  AB         AAA (sf)        A$45.00
  B          AA (sf)         A$11.25
  C          A (sf)           A$9.375
  D          BBB (sf)         A$1.125
  E          BB (sf)          A$2.250
  F          B (sf)           A$1.450
  G          NR               A$1.550

  NR--Not rated.

SOUTHBANK CONSTRUCTIONS: Second Creditors' Meeting Set for Aug. 23
------------------------------------------------------------------
A second meeting of creditors in the proceedings of Southbank
Constructions Pty Ltd, trading as Landmark Development (Vic), has
been set for Aug. 23, 2019, at 12:30 p.m. at Level 12, 460 Lonsdale
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 22, 2019, at 4:00 p.m.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Southbank Constructions on July 22, 2019.

VERMILION TRUST 2019-1: S&P Assigns Prelim 'B' Rating on F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of residential mortgage-backed securities (RMBS) to be issued by
Perpetual Corporate Trust Ltd. as trustee for Vermilion Trust No.1
Bond Series 2019-1. This is the first Australian 100% nonresident
RMBS transaction rated by S&P Global Ratings.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, which entirely comprises residential mortgage loans to
nonresidents of Australia. Because this is a closed portfolio, no
further loans will be assigned to the trust after the closing
date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. Credit support is provided by note
subordination for all rated notes, lenders' mortgage insurance
(LMI), excess spread, if any, a yield reserve fully funded by
Columbus Capital Pty Ltd. before closing, and a loss reserve funded
by excess spread.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a yield reserve, a loss
reserve, principal draws, and an amortizing liquidity facility are
sufficient under its stress assumptions to ensure timely payment of
interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus, available to meet extraordinary expenses. The
reserve will be topped up via excess spread to the extent
available, if drawn.

  PRELIMINARY RATINGS ASSIGNED

  Vermilion Trust No.1 Bond Series 2019-1

  Class      Rating         Amount (mil. A$)
  A          AAA (sf)       136.0
  B          AA (sf)         33.2
  C          A (sf)          32.0
  D          BBB (sf)        22.8
  E          BB (sf)         13.7
  F          B (sf)           7.5
  G          NR               4.8

  NR--Not rated.



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C H I N A
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CHINA TAISAN: Winding-Up Application to be Heard on Sept. 6
-----------------------------------------------------------
Janice Heng at The Business Times reports that the hearing for
China Taisan Technology Group Holdings' winding-up application is
scheduled for Sept. 6, the mainboard-listed firm said on Aug. 20.
The firm had earlier announced that it filed its winding-up
application on Aug. 14, the report says.

According to the report, the firm has been on the Singapore
Exchange's watch-list since June 5, 2017, and its shares have been
suspended from trading since June 2018. It has been under judicial
management since August 2018.

BT relates that in an Aug. 8, 2019 filing announcing that it would
file for winding up, it said: "Notwithstanding several rounds of
discussions with potential investors, the company has not been able
to secure an investment into the company from any of these
potential investors."

On Aug. 16, it was granted an extension of judicial management, to
either the making of a winding-up order against the company, to
Oct. 18, 2019, whichever is earlier, the report adds.

China Taisan Technology Group Holdings Limited is a Singapore-based
investment holding company. The Company is a producer of knitted
performance fabrics in the People's Republic of China. It is
engaged in the knitting, dyeing and finishing of fabrics under
its own Lianjie brand, as well as the provision of
fabric-processing services. The Company is a supplier of
performance fabrics used in the manufacture of sportswear and
casual wear for international and domestic brands. The Company's
subsidiary,
Jinjang Lianjie Textile & Printing Dyeing Industrial Co., Ltd, is
engaged in the manufacture of knitted textile, printing and dyeing
of fabrics, and engaged in the knitting and weaving of fabrics. The
Company's production facility is located in Jinjiang City, Fujian
Province.

ZENSUN GROUP: Moody's Assigns B1 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to Zensun Group Limited.

The rating outlook is stable.

RATINGS RATIONALE

"Zensun's B1 rating reflects its established brand name and leading
position in Zhengzhou's property market. It also considers its
established track record of developing urban redevelopment projects
in the city that will support Zensun to acquire new redevelopment
projects in the city," says Celine Yang, a Moody's Assistant Vice
President and Analyst.

"However, the B1 CFR is constrained by the company's high level of
geographic concentration in Zhengzhou and the execution risks
associated with its expansion outside of its home market," adds
Yang, who is also Moody's Lead Analyst for Zensun.

The B1 CFR also factors in its private company status, which could
constrain its corporate governance and transparency.

Zensun has a well-recognized brand name and market leadership in
residential and commercial property development in Zhengzhou. It
started developing mass-market residential projects in Zhengzhou
since its establishment in 1995. In 2018, the company generated
RMB50.6 billion of contracted sales, around 30% of which was from
sales of resettlement housing. 91% of the total sales were derived
from Zhengzhou.

Moody's expects that Zensun's contracted sales will grow moderately
by around 7%-10% annually to about RMB60-RMB65 billion (including
around 30% of resettlement housing) over the next 12-18 months,
supported by growth in its home market of Zhengzhou.

Zensun adopts a disciplined approach towards its expansion beyond
Zhengzhou and Henan Province in which its home city is based in
order to manage the associated execution risks. It had five
projects outside of its home city as of August 2019: two in
Beijing, two in Wuhan and one in Hainan.

While Moody's expects the sales contribution from projects outside
of Zhengzhou — including other cities in Henan Province — will
likely increase gradually, their contribution will remain moderate
at around 10%-15% in the coming 12-18 months compared to 9% in
2018.

Zensun's B1 CFR also considers its weakening credit metrics.
Specifically, Moody's expects leverage -- as measured by revenue to
adjusted debt -- will trend towards 75% over the next 12-18 months
from 103% in 2018, mainly driven by a Moody's forecast increase in
debt to fund business growth. This in turn will lower its interest
coverage to 3.0x over the next 12-18 months from 4.3x in 2018.
Nevertheless, these metrics remain appropriate for its B1 rating.

Zensun's liquidity is adequate, supported by its strong execution
capability in the Zhengzhou market, and its flexible land
acquisition schedule, given its urban redevelopment land
acquisition strategy offers some flexibility for the company to
convert the "reserved land" into land bank.

Moody's estimates that the company's cash balance of RMB3.8 billion
as of May 2019 — including unrestricted cash and the current
portion of pledged deposits — will be sufficient to cover its
maturing debt over the next 12-18 months.

In terms of environment, social and governance factors, Moody's has
taken into account Zensun's private company status and concentrated
ownership.

The associated risks are somewhat mitigated by (1) its Hong
Kong-listed subsidiary, Zensun Enterprise Limited, which has
adhered to the corporate governance standard as required by the
territory's listing rules; and (2) the disclosure requirement that
applies to its core onshore subsidiary, Henan Hongguang Zensun Real
Estate Co., Ltd, as a result of its issuance of onshore bonds.
These two subsidiaries account for the majority of Zensun's
operations.

The stable outlook reflects Moody's expectation that Zensun will
(1) sustain sales growth both in and outside Zhengzhou; and (2)
maintain adequate liquidity.

Moody's could upgrade Zensun's rating if the company (1) achieves
sustained growth in contracted sales and revenue through the
economic cycles without sacrificing profitability; (2) meaningfully
diversifies its geographic coverage and establishes a track record
of stable sales and profit outside its home market; (3) remains
prudent in its land acquisitions and financial management; and (4)
enhances corporate governance and transparency standards at the
Zensun level.

Credit metrics indicative of a rating upgrade include (1)
EBIT/interest above 3.5x and revenue/adjusted debt above 80% on a
sustained basis; and (2) cash to short-term debt above 1x on a
sustained basis.

On the other hand, Moody's could downgrade the company's rating if
(1) its contracted sales weaken; (2) Zensun's profit margins
deteriorate materially on a sustained basis; (3) its liquidity
position becomes impaired; and/or (4) the company materially
increases its debt leverage.

Credit metrics indicative of a downgrade include EBIT/interest
coverage falling below 2.0x or adjusted revenue/debt falling below
70% on a sustained basis. In addition, a deterioration in its
liquidity, such that refinancing risk rises materially, could also
lead to a downgrade.

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

Zensun Group Limited is a residential developer based in Zhengzhou,
China. The company is 100% owned by Ms. Huang YanPing and Mr. Zhang
Jingguo. At December 31, 2018, Zensun's land bank totaled around
6.74 million square meters of saleable gross floor area.



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

NAN HAI: Moody's Withdraws B1 CFR for Business Reasons
------------------------------------------------------
Moody's Investors Service has withdrawn Nan Hai Corporation
Limited's B1 corporate family rating with a negative outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Headquartered in Hong Kong, Nan Hai Corporation Limited is engaged
in various businesses, including culture and media services,
property development, enterprise cloud services, news media
business and innovative business.

Listed on the Hong Kong Stock Exchange in 1991, the company was 59%
owned by its chairman Yu Pun Hoi as of year-end 2018.



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I N D I A
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AMSAT INDUSTRIES: CARE Keeps C on INR7.7cr Loans in Non-Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amsat
Industries Private Limited (AIP) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      7.20       CARE C; Issuer not co-operating;
   Facilities                     based on best available
                                  information

   Short Term Bank     0.50       CARE A4; Issuer not cooperating;
   Facilities                     based on best available
                                  information  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018, placed the
ratings of AIP under the 'issuer non-cooperating' category as AIP
had failed to provide information for monitoring of the rating. AIP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 5, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating has been revised by taking into account no due-diligence
conducted due to non-cooperation by Amsat Industries Private
Limited with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk. The rating is constrained
on account of small scale of operations; weak financial risk
profile coupled with intense competition in the industry due to low
entry barriers. The rating is further constrained on account of raw
material price fluctuation risk. The rating, however, derives
strength from experienced promoters with established track record
of operations.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Small and fluctuating scale of operations:  The scale of operations
has remained small which limits the company's financial flexibility
in times of stress and deprives it from scale benefits.

Weak financial risk profile:  The PBILDT margin has decreased by
128 Bps at 5.93% in FY18 as against 7.21% in FY17. The capital
structure of the company remained leveraged marked by overall
gearing ratio of 7.25x for as on March 31, 2018 as against 4.37x as
on March 31, 2017. Coverage indicators also remained weak marked by
interest coverage ratio of 0.78x and negative total debt to GCA for
FY18.

Raw material price fluctuation risk:  The main raw material of the
company is aluminum and iron. Raw material costs has always been a
major contributor to total operating cost constituting around 85%
in past three financial years (FY16-FY18). The company is exposed
to the raw material price volatility risk due to volatility
experienced in the prices of iron and aluminum. Being a small
player in the market the company is not able to pass on the
increase in input cost to its customers at a large extent.

Intense competition in the industry due to low entry barriers:  AIP
operates in a highly fragmented industry marked by the presence of
a large number of players in the unorganized sector. The industry
is characterized by low entry barriers due to low technological
inputs and easy availability of standardized machinery for the
production. Since the company's client base consists of established
players, AIP's pricing power is restricted with limited ability to
pass on any increase in input cost due to intense competition.

Key Rating Strength

Experienced promoter: The operation of the AIP is being managed by
Mr. Kuldeep Singh Dalal. The promoter has an experience of more
than three decades in manufacturing of heat sink through his
association with AIP and KNI (established in 1985).

Amsat Industries Private Limited (AIP) was incorporated in 2009 by
Mr. Kuldip Singh Dalal and Ms. CornoliaDalal; however,the company
started its commercial production in 2012. The company is currently
being managed by Mr. Kuldip Singh Dalal. AIP is engaged in
manufacturing of heat sink and metal cabin. AIP's manufacturing
facility is located at Jhajhar, Haryana. The company procures its
key raw material i.e. aluminum and iron sheet from manufacturing
companies such as Tata Steel Limited, Hindalco Industries Limited
as well as from local suppliers. The company caters to the demand
of customers located in domestic market.

ARG HOUSING: CARE Keeps D on INR17.7cr Loans in Non-Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ARG Housing
Private Limited (AHPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     17.70       CARE D; Issuer not co-operating;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2018, placed the
rating of AHPL under the 'issuer non-cooperating' category as AHPL
had failed to provide information for monitoring of the rating.
AHPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 23, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings. The revision in the ratings of AHPL takes into
account ongoing delays in servicing of debt obligations.

Detail description of the key rating drivers

Key rating weaknesses

Irregularity in debt servicing:  The banker of AHPL has confirmed
that there are ongoing delays in servicing of debt obligations by
the company due to poor liquidity position.

ARG Housing Private Limited (AHPL) was incorporated in 2008 with an
objective to work on the real estate project and is a part of
Jaipur based 'ARG' group. Currently, AHPL is executing one
integrated township project under the name of 'ARG Puram' at Jaipur
on the total built up area of 15.04 lakh sq. feet (lsf). The
project consists of construction of 568 duplex bungalows which
comprise 81 units of 3BHK deluxe duplex Villa (type 'A deluxe'),
210 units of 3BHK bungalows (type 'A'), 100 units of 2BHK deluxe
bungalows (type 'B') and 177 units of 2BHK bungalows (type 'C').
The project area also includes shops, community centre, gym,
swimming pool, playground, central park, gym, 1BHK houses and odd
size homes, roads and other city development etc. The project
construction was started in December, 2008 and it has completed
phase –I of the project under which it has constructed 110 units
and playground, club house, central park, community hall and
swimming pool. The company has already sold 110 units and
possession has been given for the same. Under phase-II, AHPL is
constructing remaining 458 units and is expected to be completed by
August, 2017 with the total envisaged cost of INR99.52 crore.

BALDEV KRISHAN: CARE Keeps D on INR8.6cr Loans in Non-Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baldev
Krishan Memorial Charitable Society continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term Bank      8.60      CARE D; Issuer not co-operating;
   Facilities                    based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2018, placed the
rating of Baldev Krishan Memorial Charitable Society under the
'issuer non-cooperating' category as Baldev Krishan Memorial
Charitable Society had failed to provide information for monitoring
of the rating. Baldev Krishan Memorial Charitable Society continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and
email dated July 10, 2019, July 9, 2019, July 5, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

Delays in servicing of term debt obligation: There have been
instances of delays in the servicing of term debt obligation. The
account has been classified as NPA in Feb, 2017.

The entity was established by the name of 'ISF College of Pharmacy
Managing Committee' in 1992 by Mr. Baldev Singh. Later on, after
the death of Mr. Baldev Singh, the name was changed to Baldev
Krishan Memorial Charitable Society (BKM) which got registered
under the Society registration Act-1860, in Feb-2010. The society
is being managed by Mr. Anoop Garg and his wife Mrs. Rinkle Garg
with an objective to provide higher education in the field of
dentistry. The trust has established BRS Institute of Medical
Sciences in 1992, affiliated to Pt. B.D.S University of Health
Science, Rohtak and offers courses of BDS (Bachelor in Dental
Surgery) and MDS (Master of Dental Surgery) under it. Though the
BDS course started from 1992, the MDS course got commenced from
2007. Furthermore, BKM has established a school by the name
'Sanskaar International School' upto 8th standard (affiliated to
CBSE) at Banga, Punjab. The project got commenced in Dec-12 and got
substantially completed in Mar-15, with commencement of school's
first batch w.e.f April, 2015.

BARNAPARICHAY BOOK-MALL: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Barnaparichay Book-Mall Private Limited
        83, College Street
        Kolkata West Bengal 700007

Insolvency Commencement Date: August 8, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 5, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Vishal Sharma

Interim Resolution
Professional:            Mr. Vishal Sharma
                         Unit No. 508, 5th Floor
                         The Chambers
                         1865, Rajdanga Main Road
                         Opposite Gitanjali Stadium
                         Kolkata 700107
                         West Bengal
                         E-mail: vishal@dvaonline.in

                            - and -

                         AAA Insolvency Professionals LLP
                         Mousumi Co. Op. Housing Society
                         15B, Ballygunge Circular Road
                         Kolkata 700019
                         E-mail: barnaparichaybookmall@
                                 aaainsolvency.com

Last date for
submission of claims:    August 27, 2019

BELLATRIX INFRASTRUCTURE Ind-Ra Moves BB- to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Bellatrix
Infrastructure Private Limited'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 BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR29.1 mil. Term loan due on December 2023 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR25.0 mil. Fund-based facilities migrated to non-cooperating

     category with IND BB- (ISSUER NOT COOPERATING)/ IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 5, 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 2014, Bellatrix Infrastructure started commercial
operations in December 2016. It is engaged in the crushing of
different sizes of blue metals.

DASHMESH RICE: CARE Keeps D on INR6cr Loans in Non-Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dashmesh
Rice Mills (Tarn Taran) (DRM) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      6.00       CARE D; Issuer not co-operating;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2018, placed the
rating of DRM under the 'issuer non-cooperating' category as
Dashmesh Rice Mills (Tarn Taran) had failed to provide information
for monitoring of the rating. DRM continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and email dated July 10, 2019, July 9, 2019,
July 5, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

Instances of delays in debt servicing: There were instances of
delays in debt servicing on account of weak liquidity position as
the firm is unable to generate sufficient funds in a time manner.

DRM was established in 2001 as a partnership firm and is currently
being managed by Mr Prem Singh, Mr Dalip Singh and Mr Harjit Singh.
The firm is engaged in the processing of paddy at its manufacturing
facility located at Tarn Taran, Punjab, having an installed
capacity of 7,200 metric ton per annum (MTPA) as on March 31, 2015.
DRM procures paddy directly from local grain markets through
commission agents located in Punjab. The firm sells its products,
ie, Basmati and Non-Basmati rice under the brand name 'Dashmesh' in
all states of India through a network of commission agents.

DR. O.P. CHAUDHARY: CARE Lowers Rating on INR3.48cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dr. O.P. Chaudhary Memorial Trust (DOPT), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       3.48      CARE D; Revised from CARE B;
   Facilities                     ISSUER NOT COOPERATING

   Short-term Bank      1.60      CARE D; Revised from CARE A4;
   Facilities                     ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
DOPT takes into account the ongoing delays in meeting debt
obligations. The ongoing delays are due to tight liquidity position
and mismatch in cash inflow as compared to debt obligation.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing due to tight liquidity position and
cash flow mismatch: As per the banker feedback, there have been
ongoing delays in servicing of the term debt obligation due to
tight liquidity position. The trust derives its revenue from the
fees being collected from the students of which major part is
received during the first 6 months of the financial year, as
compared to monthly debt repayment obligations, leading to cash
flow mismatch.

Lucknow (Uttar Pradesh) based Dr. O.P. Chaudhary Memorial Trust
(DOPT) was established in 2011 by Mr Anurag Singh and Dr Snehlata
Singh to set up Ayuvedic Medical College and Hospital in the name
of Sardar Patel Institute of Ayurvedic Medical Sciences & Research
Center (SPIRC). SPIRC offers graduation course in Ayurvedic
Medicine and Surgery. The college has due approvals for undertaking
teaching of Ayurvedic Medicine and Surgery courses from Lucknow
University, Uttar Pradesh. The hospital was operational since
December, 2014 and the college has started its operation from
December, 2017.

FEDDERS ELECTRIC: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Fedders Electric & Engineering Limited

        Registered office:
        6 and 6/1 UPSIDC Industrial Area
        Sikandrabad, Bulandshahr
        UP 203205

        Corporate office:
        C-4, Phase-II
        Gautam Buddh Nagar
        Noida 201305, UP

Insolvency Commencement Date: August 14, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 10, 2020
                               (180 days from commencement)

Insolvency professional: Ashok Kumar Gulla

Interim Resolution
Professional:            Ashok Kumar Gulla
                         RBSA Restructuring Advisors Limited
                         2nd Floor, IAPL House
                         23, South Patel Nagar
                         New Delhi 110008
                         E-mail: ashok.gulla@rbsa.in
                                 ip.fedders@rbsa.in

Last date for
submission of claims:    August 30, 2019

GLOBAL DENIMS: CARE Hikes Rating on INR6.17cr Loan to B
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Global Denims Private Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     6.17        CARE B; Stable; Revised
   Facilities                     from CARE D

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
Global Denims Private Limited is on account of establishment of
clear track record of regular debt servicing for the past three
months ended June 30, 2019. The rating also derives comfort from
experienced promoters, availability of fiscal benefits, presence in
textile cluster with easy access to raw material and improvement in
profitability during FY19 (Provisional, refers to period April 01
to March 31).  However, ratings remains constrained due to its
decline in scale of operations, leveraged capital structure with
weak debt coverage indicators, modest liquidity with elongated
operating cycle during FY19 (Provisional). Further, the rating also
remained constrained on account of its operations in a highly
fragmented textile industry with limited presence in textile value
chain and susceptibility of operating margins to raw material price
fluctuation.

The ability of GDPL to increase its scale of operations along with
an improvement in profit margins, leverage position and debt
coverage indicators along with efficient working capital management
are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Decline in scale of operations during FY19 (Provisional): GDPL has
commenced its commercial operation from March 2017 and FY18 was the
first full year of the operations. However, the scale of operation
decreased by 49.55% and remained small at INR7.93 crore during FY19
(Provisional) as against INR15.72 crore during FY18 owing to
decrease in demand of products during the year.

Leveraged capital structure with weak debt coverage indicators and
elongated operating cycle: The capital structure of GDPL as on
March 31, 2019 (Prov) continue to remain highly leveraged as
reflected by an overall gearing ratio of 7.25 times as against 7.95
times as on March 31, 2018; mainly due to high amount of unsecured
loans and low networth base as on March 31, 2019.
Further, owing to high debt outstanding with low profitability, the
debt coverage indicators although improved but remained
weak marked by an interest coverage ratio of 1.83 times during FY19
as against 1.38 times during FY18and Total debt to GCA
of 22.05 times as on March 31, 2019 as against 94.52 times as on
March 31, 2018. Further, operating cycle elongated substantially
and remained at 190 days during FY19(Prov.) as against 54 days
during FY18 mainly due to increase in inventory holding period with
elongation in collection days.

Operations in a highly fragmented textile industry and limited
presence in textile value chain: The fabric manufacturing industry
segment is highly fragmented marked by presence of large number of
independent and small scale unorganized players leading to high
competition among industry players. The smaller companies with
limited presence in textile value chain are more vulnerable to
intense competition and have limited pricing flexibility, which
constrains their profitability.

Operating margins susceptible to raw material price fluctuation
Major raw material for GDPL is cotton yarn whose prices are
directly linked to cotton prices which are volatile in nature. Any
adverse movement in the price of raw material exposes may also
affect GDPL's operating profitability in case of its inability to
pass on the same to end customers.

Key Rating Strengths

Establishment of clear track record of regular debt servicing GDPL
has established a clear record of regular debt servicing for past 3
months ended June 30, 2019 as the same is being aided by infusion
of funds by promoters in the form of unsecured loans as well as
cash flow generated from operations.

Improvement in profitability during FY19 (Prov.): As a result of
decrease in material cost consumed coupled with de-crease in power
& fuel and employee cost during the year PBILDT in absolute term
has increased to INR1.79 crore in FY19 (Prov.) from INR0.66 crore
in FY18. Consequently, GDPL has reported net profit of INR0.17
crore in FY19 (Prov.) as against net loss of INR0.42 crore in
FY18(A).

Experienced promoters

Mr. Sushil Somani is the key director who has over a decade of
experience in the industry. Mr Sushil Somani would be assisted by
his brother Mr Rakesh Somani in managing day to day operations who
also has more than five years of experience in same industry.

Government benefits: GDPL receives benefits under Technology
Up-gradation Fund Scheme (TUFS) scheme and Government of Gujarat
(GoG) textile policy. Under which the company is entitled to
receive interest subsidy, VAT reimbursement and duty off on power
consumption for the five years ended March 2021.

Presence in textile cluster with easy access to raw material and
labour: The main raw material of the firm is cotton yarn. The plant
is located at Dahej, Gujarat near Surat (Gujarat) which is one of
the largest textile clusters in India. Furthermore, its presence in
textile manufacturing region results in benefit derived from easy
access to customers, low transportation cost (both on
transportation and storage), easy availability of raw materials.

Liquidity Analysis: The liquidity remained modest marked by low
cash flow from operating activity (CFO) of INR1.36 crore in FY19 as
against negative CFO of INR3.06 crore in FY18. The average
utilization of working capital limits remained high 80% for the
past 12 months ended July, 2019. As on March 31, 2019, Cash & Bank
balance remained at INR1.63 crore as against INR1.61 crore as on
March 31, 2018. Cash accruals generated during FY19(Prov.) remained
inadequate at INR0.77 crore as against its principal
repayment obligations of INR1 crore for FY20.

Surat (Gujarat) based GDPL was incorporated in August, 2012 as a
private limited company by Mr. Sushil Somani, Mr. Rakesh Somani and
Mrs. Neelam Somani, with the main object of manufacturing of grey
fabrics. The commercial production of the company started from
March, 2017. It has installed capacity of 3240 Metric Tonne Per
Annum for manufacturing grey fabrics as on March 31, 2019.

GURU NANAK: CARE Keeps D on INR15cr Loan in Non-Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Guru Nanak
Rice Mills (GRM) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2018, placed the
rating of GRM under the 'issuer non-cooperating' category as GRM
had failed to provide information for monitoring of the rating.
Guru Nanak Rice Mills continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated July 10, 2019, July 9, 2019, July 5,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

Instances of delays in debt servicing: There were instances of
delays in debt servicing on account of weak liquidity position as
the firm is unable to generate sufficient funds in a time manner.

Guru Nanak Rice Mills (GRM) is a Punjab based partnership firm
established in 2001 by Mr Satpal Sohal, Mr Raj Kumar Sohal and Mr
Om Parkash Sohal. GRM is engaged in processing and trading of paddy
at its manufacturing facility located in Nakodar, Punjab having an
installed capacity of 50,000 metric tonnes per annum (MTPA) as on
December 31, 2015. GRM procures paddy directly from local grain
markets through commission agents located in Punjab. The entity
sells its products i.e. Basmati and Non-Basmati rice through a
network of wholesalers and dealers throughout India. Punjab based
partnership firm, Ujagar Mill Satpal (UMS) is an associate concern
of GRM which is engaged in a similar business (since 1980).

JET AIRWAYS: Temporary Allocation Slots Extended Thru December
--------------------------------------------------------------
Livemint.com reports that the Ministry of Civil Aviation on Aug. 19
extended the process of temporary allocation of slots and bilateral
foreign flying rights of defunct airline Jet Airways to other
airlines through December, a senior official of the Ministry said.


Due to a fund crunch, Jet Airways shut down its operations on April
17, which led to a sudden rise in domestic and international
airfares.  At that time, the Aviation Ministry decided to
temporarily allocate the slots as well as the international flying
rights of Jet Airways through September to other airlines, who
could immediately launch new flight services and fill the supply
gap, Livemint relates.

A slot is a date and time at which an airline's aircraft is
permitted to depart or arrive at an airport, the report notes. For
an airline of a particular country to operate international flights
to another country, the two countries have to negotiate and sign a
"bilateral air services agreement", which decides how many aircraft
(or seats) can be allowed to fly from one nation to another per
week, the report cites. Once such an agreement is signed, each
country is free to allocate these flying rights to its respective
airlines. Even after such flying rights are allocated to an
airline, it must have slots at both the airports in order to start
flight operations, Livemint adds.

                         About Jet Airways

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

As reported in the Troubled Company Reporter-Asia Pacific on June
24, 2019, Reuters said the National Company Law Tribunal (NCLT), on
June 20 accepted an insolvency petition against Jet Airways Ltd
filed by its creditors as they attempt to recover some
of their dues.  The insolvency process will allow lenders to sell
the company as a whole or in parts, laying out a fixed timeline for
a resolution around its future. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

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

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

KALISMA STEEL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Kalisma Steel Private Limited
        Registered office:
        406, Sri Krishna
        New Link Road
        Opp. Laxmi Industrial Estate
        Andheri (West)
        Mumbai 400053
        Maharashtra

Insolvency Commencement Date: July 22, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 11, 2020
                               (180 days from commencement)

Insolvency professional: Atul Jain

Interim Resolution
Professional:            Atul Jain
                         C/o GMJ & Co, Chartered Accountants
                         3rd & 4th Floor, Vaastu Darshan
                         "B" Wing, Azad Road
                         Above Central Bank of India
                         Andheri (East)
                         Mumbai 400069
                         E-mail: atuljainca@hotmail.com
                                 rp.kalisma@gmail.com

Last date for
submission of claims:    August 29, 2019

KALYANALAKSHMI SHOPPING: Ind-Ra Moves B+ Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kalyanalakshmi
Shopping Mall'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:

-- INR100 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Proposed fund-based working capital limits migrated

     to non-cooperating category with Provisional IND B+ (ISSUER
     NOT COOPERATING) / Provisional IND A4 (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 6, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kalyanalakshmi Shopping Mall was established in 2011 as a
partnership firm. The firm is engaged in the trading of ready-made
garments. It has one outlet in Warangal, Telangana.

KAVERI ENGINEERING: Ind-Ra Migrates BB+ Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kaveri Engineering
Projects Private Limited'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 BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR55.0 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR245.0 mil. Non-fund-based working capital limit migrated to

     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR145.0 mil. Proposed fund-based working capital limit
     migrated to non-cooperating category with Provisional IND BB+

     (ISSUER NOT COOPERATING) / Provisional IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR155.0 mil. Proposed non-fund-based working capital limit
     migrated to non-cooperating category with Provisional IND A4+

     (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Kaveri Engineering Projects undertakes civil and infrastructure
construction, primarily for irrigation.

KPR INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sri KPR
Industries Limited's Long-Term Issuer Rating to 'IND BB+ (ISSUER
NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The
Outlook is Negative. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING) / Negative' on the
agency's website.

The instrument-wise rating actions are:

-- INR40.00 mil. Fund-based cash credit limit downgraded with IND

     BB+ (ISSUER NOT COOPERATING)/Negative rating; and

-- INR10.00 mil. Non-fund based working capital limit downgraded
     with IND A4+ (ISSUER NOT COOPERATING) rating.

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

Analytical Approach: Ind-Ra continues to take a consolidated view
of Sri KPR Industries and KPR Infra & Projects Limited ('IND BB+
(ISSUER NOT COOPERATING)' / Negative), collectively referred to as
the KPR group, while arriving at the ratings on account of strong
operational linkages between them.

KEY RATING DRIVERS

The downgrade reflects a sustained decline in KPR group's revenue
(FY19: INR358.59 million, FY18: INR584.11 million, FY17: INR907.88
million) and consequently absolute EBITDA (INR112.00 million,
INR139.16 million, INR161.96 million), due to a slowdown in receipt
of engineering, procurement, and construction (EPC) orders.
However, the margins improved to 31.13% in FY19 (FY18: 23.82%),
although remained modest with a return on capital employed at 6%
(9%). The improvement in margins was on account of low operating
expenses, which resulted from a low order book. In 1QFY20, the
revenue and EBITDA continued to be low at INR31.00 million and
INR16.00 million, respectively. The group's scale of operations is
small.

On a standalone basis, revenue declined to INR103.87 million (FY18:
INR172.79 million, FY17: INR147.18 million), due to lower sales of
asbestos cement pressure pipes. Consequently, the EBITDA margin
contracted to 10.59% in FY19 (FY18: 29.74%, FY17: 36.55%). During
1QFY20, standalone revenue stood at INR17.00 million and EBITDA at
INR8.00 million.

The Negative Outlook reflects the group's low revenue visibility
with an order book of INR4.75 million as of February 2019. However,
the rating factor in the group's strong credit metrics as indicated
by interest coverage (operating EBITDA/gross interest expense) of
4.58x in FY19 (FY18: 4.24x) and net leverage (net adjusted
debt/operating EBITDAR) of 2.77x (2.09x). The deterioration in net
leverage was due to the decline in absolute EBITDA. During 1QFY20,
the group reported interest coverage of 3.71x, which declined on
account of the low absolute EBITDA. On a standalone basis, the
interest coverage was weak at 1.22x in FY19 (FY18: 5.62, FY17:
3.21x) and net leverage was 8.64x (1.54x, 2.49x).

However, the ratings are supported by the group's comfortable
liquidity position with cash flow from operations turning positive
to INR245.19 million from negative INR83.23 million in FY19. The
improvement in cash flow from operations was on account of
favorable working capital changes. However, the company had low
cash and cash equivalents balance of INR1.87 million at FYE19
(FYE18: INR30.73 million).

The ratings also benefit from the promoters' about four decades of
experience in manufacturing of pipes as well as execution of
engineering, procurement and construction contracts.

RATING SENSITIVITIES

Positive: Significant revenue visibility, along with an increase in
revenue on a sustained basis while maintaining the current
liquidity position and the credit metrics, will lead to the Outlook
revision to Stable.

Negative: The group's inability to increase its order book,
resulting in a further decline in revenue and/or a significant
decline in the EBITDA will lead to negative rating action.

COMPANY PROFILE

Sri KPR Industries, which is listed on BSE Limited, manufactures
asbestos cement pressure pipes. It has an installed capacity of
50,000 tons per annum. It caters to the rural water supply and
public health engineers departments of Andhra Pradesh and
Telangana.

The KPR group has seven windmills: three each in Andhra Pradesh and
Tamil Nadu, and one in Madhya Pradesh.

KPR INFRA: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sri KPR Infra &
Projects Limited's Long-Term Issuer Rating to 'IND BB+ (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The Outlook
is Negative. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)/Negative' on the agency's website.

The instrument-wise rating actions are:

-- INR42.40 mil. (reduced from 53.60 mil.) Term loan due on
     June2024 downgraded with IND BB+ (ISSUER NOT COOPERATING)/
     Negative rating;

-- INR60.00 mil. Fund-based cash credit limit downgraded with IND

     BB+ (ISSUER NOT COOPERATING)/Negative rating; and

-- INR51.50 mil. Non-fund based working capital limit downgraded

     with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Analytical Approach: Ind-Ra continues to take a consolidated view
of KPR Infra & Projects Limited and Sri KPR Industries ('IND BB+
(ISSUER NOT COOPERATING)' / Negative), collectively referred to as
the KPR group, while arriving at the ratings on account of strong
operational linkages between them.

KEY RATING DRIVERS

The downgrade reflects a sustained decline in KPR group's revenue
(FY19: INR358.59 million, FY18: INR584.11 million, FY17: INR907.88
million) and consequently absolute EBITDA (INR112.00 million,
INR139.16 million, INR161.96 million), due to a slowdown in receipt
of engineering, procurement, and construction (EPC) orders.
However, the margins improved to 31.13% in FY19 (FY18: 23.82%),
although remained modest with a return on capital employed at 6%
(9%). The improvement in margins was on account of low operating
expenses, which resulted from a low order book. In 1QFY20, the
revenue and EBITDA continued to be low at INR31.00 million and
INR16.00 million, respectively. The group's scale of operations is
small.

The Negative Outlook reflects the group's low revenue visibility
with an order book of INR4.75 million as of February 2019. However,
the rating factor in the group's strong credit metrics as indicated
by interest coverage (operating EBITDA/gross interest expense) of
4.58x in FY19 (FY18: 4.24x) and net leverage (net adjusted
debt/operating EBITDAR) of 2.77x (2.09x). The deterioration in net
leverage was due to the decline in absolute EBITDA. During 1QFY20,
the group reported interest coverage of 3.71x, which declined on
account of the low absolute EBITDA. However, the ratings are
supported by the group's comfortable liquidity position with cash
flow from operations turning positive to INR245.19 million from
negative INR83.23 million in FY19. The improvement in cash flow
from operations was on account of favorable working capital
changes. However, the company had low cash and cash equivalents
balance of INR1.87 million at FYE19 (FYE18: INR30.73 million).

The ratings also benefit from the promoters' about four decades of
experience in manufacturing of pipes as well as execution of
engineering, procurement and construction contracts.

RATING SENSITIVITIES

Positive: Significant revenue visibility, along with an increase in
revenue on a sustained basis while maintaining the current
liquidity position and the credit metrics, will lead to the Outlook
revision to Stable.

Negative:  The group's inability to increase its order book,
resulting in a further decline in revenue and/or a significant
decline in the EBITDA will lead to negative rating action.

COMPANY PROFILE

Sri KPR Infra & Projects undertakes civil works of the rural water
supply and public health engineers departments of Andhra Pradesh
and Telangana.

Sri KPR Industries, which is listed on BSE Limited, manufactures
asbestos cement pressure pipes. It has an installed capacity of
50,000 tons per annum. It caters to the rural water supply and
public health engineers departments of Andhra Pradesh and
Telangana.

The KPR group has seven windmills: three each in Andhra Pradesh and
Tamil Nadu, and one in Madhya Pradesh.

M J ENGINEERING: CARE Keeps C Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M J
Engineering Works Private Limited (MJEW) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     14.35       CARE C; Issuer not co-operating;
   Facilities                     based on best available
                                  information

   Long-term/Short    15.00       CARE C/CARE A4; Issuer not co-
   Bank Facilities                operating; based on best
                                  Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018, placed the
ratings of MJEW under the 'issuer non-cooperating' category as MJEW
had failed to provide information for monitoring of the rating.
MJEW continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 30, 2019 and June 21, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 6, 2018 the following were the
rating weaknesses and strengths (Updated for the information
available from the Registrar of companies):

Key Rating Weaknesses

Small scale of operations: The scale of operations as marked by
total operating income and gross cash accrual continues to remain
small and stood at INR13.67 crore and INR0.25 crore for FY17 (FY
refers to period April 1 to March 31). The small scale of
operations limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

Weak financial risk profile: The company's profitability margins as
marked by PBILDT and PAT margin continue to remain thin and stood
at 15.65x and 0.85x respectively for FY17. The capital structure
continued to remain highly leveraged as on March 31, 2017, on
account of earlier net losses which resulted in erosion of net
worth base coupled with low equity share capital. Furthermore, the
debt coverage indicators marked by total debt to GCA stood weak
owing to low cash accruals during the year.

Working capital intensive nature of operations: The operating cycle
of the company continued to remain elongated and stood at 491 days
for FY17 owing to high inventory level and collection period in
FY17. The company has to offer high credit period to its customers
due to high competition prevailing in the market.

Susceptibility of margins to volatility in raw material prices:
Steel and zinc prices are highly volatile in nature. Therefore, the
profit margins of the company are exposed to any sudden spurt in
the raw material prices.

Presence in a fragmented and competitive industry: MJL operates in
a highly fragmented industry marked by the presence of a large
number of players in the unorganized sector. The same limits
bargaining power which exerts pressure on its margins.

Key rating Strength

Experienced promoters: MJL is currently being managed by Mr Pradeep
Kumar Jain and Mr Nischal Jain. Mr Pradeep Kumar Jain has nearly
three and a half decades of experience in designing and
manufacturing of transmission line towers, power substations &
switchyard structures, etc. Prior to MJL, he was associated with
his proprietorship firm M J Engineering engaged in similar line of
business. Mr Nischal Jain has nearly one and a half decades of
experience through his association with MJL.

MJEW was incorporated in 1991 and is currently being managed by Mr
Pradeep Kumar Jain. The company is engaged in designing and
manufacturing of transmission line towers, microwave towers,
sub-station structures, and cable trays up to 400 Kilovolts along
with hot-dip galvanizing at its manufacturing facility located at
Alwar, Rajasthan.

MARKO CAST: CARE Keeps D Rating in Not Cooperating Category
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Marko Cast
Private Limited (MCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term Bank     36.00      CARE D; Issuer not co-operating;
   Facilities                    based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 8, 2018, placed the
rating(s) of MCPL under the 'issuer non-cooperating' category as
MCPL had failed to provide information for monitoring of the
rating. MCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated July 19, 2019, July 22, 2019, July 24, 2019, JulyIn
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. Users
of this rating (including investors, lenders and the public at
large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on June 8, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weakness

Shutdown of the manufacturing unit resulting in stretched liquidity
position and delays in debt servicing: The company continues to
face stretched liquidity on account of nil cash flows from
operational activities due to shut down of the manufacturing unit.
Consequently, there has been substantial stress on the cash flow
resulting in delays in debt servicing.

Key Rating Strengths

Long-standing experience of the promoters in the castings industry
MCPL has been engaged in the business of manufacturing castings
since 2004. MCPL is promoted by Mr Lakshmi Narayana who has an
experience of over three decades in the castings industry.

MCPL, was established (in 2004) to manufacture specialized castings
used primarily in the automobile industry, power and
other engineering companies. The company's foundry unit is located
at Vijayawada, Andhra Pradesh and has a manufacturing capacity of
1,200 Metric Tonnes Per Month (MTPM).

In FY17, MCPL had total operating income of INR14.13 crore, as
against TOI of INR0.28 crore in FY16.

NAIKNAVARE PROFILE: CARE Reaffirms C Rating on INR70cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Naiknavare Profile Constructions Private Limited (NPCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible
   Debentures          70.00       CARE C; Stable Reaffirmed

   Proposed Non–
   Convertible
   Debentures          10.00       CARE C; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the long-term instrument of NPCPL continues
to take into accounts high project execution risk associated with
nascent stage of the project construction, slow execution of
project, weak sales momentum, high salability risk of the project,
competition from other projects in the nearby areas and cyclical
nature of the real estate industry.  However the rating weaknesses
are partially offset by strong promoter's background with 3 decades
of experience and track record in construction sector.

The rating also factors in the receipt of all the approvals and
clearances required for the construction of project and financial
assistance received from ASK Real estate fund ("ASK") in the form
of NCD.

The ability of the company to timely execute the construction of
the project and collect the customer advances as per schedule
thereby avoiding any cash flow mismatches will be the key rating
sensitivity. Further the ability of the company to generate surplus
and pay out the coupon amount in a timely manner is a key rating
monitorable.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced Promoters: Naiknavare Profile Construction Private
Limited (NPCPL) was incorporated in December, 2017 and is
spareheaded by Mr. Hemant Naiknavare, Age 58 Years, in the capacity
of Chairman. Mr Hemant holds the degree in B.E. (Civil) L.L.B., and
has the business experience of more than three decades. He looks
after the control of overall operations and policies of the group,
his main areas of expertise lies in land acquisition and legal
permissions. Mr Hemant is ably supported by Mr. Ranjit Naiknavare,
Age 56 Years, graduated with distinction from the Bombay University
in 1984 and has obtained MS in Civil
Engineering (Structures) from the USA. He currently undertakes the
responsibilities of Marketing, Construction and Finance for the
group.

Financial Assistance from ASK Real Estate Fund: The Company has
raised INR70.00 Crore (O/s INR58.50 crore as on December 31, 2018,
remaining amount yet to be disbursed) through Non-convertible
Debentures (NCD) issued to ASK Real estate fund ("ASK").In addition
company has raised INR10.00 Crore through NCD which are yet to
allot on August 10, 2019 as per management discussion. The purpose
of raising additional NCD's to requisite resources for expansion of
same project"Avon Vista" at Balewadi.

The NCDs have stipulated guaranteed IRR of 16% and maximum IRR of
22%, maturing on December 19, 2021. However, the IRR shall be
payable based on availability of surplus cash flows in the project.
The amount was used for re-financing NPCPL's
existing term loan from Piramal Finance Private Limited and towards
funding working capital requirements.

Receipt of the approvals and clearance: As informed by management,
NPCPL has received all the necessary sanction required for the
project, including approval on commencement certificate, Fire NOC,
Environment clearance, Irrigation and Highway approval, plinth
checking approval for the whole project.

Key Rating Weaknesses

High project execution risk associated with nascent stage of the
project construction: The construction of Phase -1 and Phase -2 of
Avon Vista commenced in August 2016 and April 2018 respectively and
is in advance stage of execution. However construction of Phase-3
is yet to begin. The company has incurred ~44% of the total project
cost. The remaining project cost is to be incurred through the
customer advances. Further, considering repayment of
debt (NCD repayment along with Interest) company's ability to sell
the remaining unsold inventory and generating surplus will be a key
rating sensitivity.

High Salability Risk: The company has already launched Phase-1 and
Phase-2 of the project for sale and construction of phase 3 is yet
to begin and the management is planning to launch the same in next
2-3 months. The company has unsold units of ~70 % of the total
units. Going forward, the ability of the firm to receive customer
advances stage wise from the sold units and ability of the firm to
sale unsold units and collect the customer advances out of the same
at least for as envisaged shall remain key rating sensitivity.

Competition from other projects in the nearby areas: The project is
situated at Balewadi, Pune, next to Mumbai Pune Highway, and has
all the required social infrastructure including shopping,
entertainment, health care, education, IT Park within a short
distance and easy reach. Thus making the area very favorable to
those in IT companies or offices in these areas as well, thereby
leading to the increased competition among various builders within
the same vicinity.

Liquidity
Current ratio as on March 31, 2019 stood at 1.02x as against 2.24x
as on March 31, 2018. Further, cash and bank balance as on June 30,
2019 and stood at INR2.85 crore.

Industry Outlook
Cyclical nature associated with the real estate sector which has
direct linkage with the general macroeconomic scenario, interest
rates and level of disposable income available with individuals. In
case of real estate companies, the profitability is highly
dependent on property markets.

Naiknavare Developers Private Limited (NDPL) is developing a
residential project through Naiknavare Profile Constructions
Private Limited (erstwhile Naiknavare Profile Developers LLP;
Project SPV, NPDL) by the name of Avon Vista at Balewadi,
Pune (Project) with total saleable area of 6.14 lakh square ft
(lsf). Naiknavare Developers are property builders that have been
in the construction business since the past 28 years in Pune.

NEXT GENERATION: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Next Generation
Charitable Trust's term loan 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 now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency website.


The instrument-wise rating action is:

-- INR53.11 mil. Term loan due on March 2019 maintained in non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 17, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Next Generation Charitable Trust was established in 2013 by Mr.
Chandan Agarwal. The trust established its first school G.D. Goenka
Public School in collaboration with G. D. Goenka Private Limited in
Bareilly.

PACIFIC ACADEMY: CARE Lowers Rating on INR43.09cr Loans to 'D'
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pacific Academy of Higher Education and Research Society (PAHER),
as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     43.09       CARE D; Revised from CARE BB+;
   Facilities                     Stable; On the basis of best
                                  available Information

   Short-term Bank     15.00      CARE D; Revised from CARE A+;
   Facilities                     On the basis of best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 20, 2018, placed the
rating of PAHER under the 'issuer non-cooperating' category as
PAHER had failed to provide information for monitoring of the
rating. PAHER continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated July 23, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in the rating of PAHER takes into account ongoing
delays in servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weakness

Irregularity in debt servicing: The bankers of PAHER have confirmed
that there are ongoing delays in servicing of debt obligations by
the society.

Udaipur-based (Rajasthan) PAHER was formed as Pacific Education
Society in October 1995 with an objective to set up educational
institutions. In March 2007, its name was changed to the current
form. PAHER was founded by Mr B.R. Agarwal who is the founder
Chairman of Pacific Group (PG). The other society members are Mrs
Leela Devi Agarwal, Mr Rahul Agarwal and Mr Ashish Agarwal.
Presently, PAHER offers courses in varied fields including
pharmacy, dental, engineering, management, education, media and
mass communication, information technology, hospitality and fashion
technology.

PELICAN RUBBER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Pelican Rubber Limited
        15-1-560, Siddamber Bazar
        Hyderabad, Telangana 500012
        IN

Insolvency Commencement Date: August 13, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 9, 2020

Insolvency professional: Sredhar Nukala

Interim Resolution
Professional:            Sredhar Nukala
                         #6-3-252/A/8&9, Flat No. 203
                         Mount Castle Apts, Erramanzil Colony
                         Near Taj Deccan
                         Hyderabad 500082
                         Tel.: 9848146369
                         E-mail: sreenuka_1@yahoo.com

Last date for
submission of claims:    August 28, 2019

PLASTENE POLYFILMS: Ind-Ra Affirms 'BB+' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Plastene Polyfilms
Limited's (PPL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable rating; and

-- INR90 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects PPL's continued small scale of operations
with a capacity of 6,000mtpa even though revenue increased 9.7% YoY
to INR1,250 million in FY19 on a rise in trading income.
Manufacturing revenue grew around 3% YoY in FY19 (FY18: 16% YoY).
Since PPL and its group company Plastene India Limited ('IND BBB-'/
Positive) are in the same line of business, they can use each
other's spare capacities.

The ratings continue to reflect PPL's fluctuating EBITDA margins
that have been between 7% and 12% over FY15-FY19 due to the
variation in the share of trading revenue and slight raw material
price fluctuations. Margins decreased to 9.7% in FY19 (FY18: 11.1%)
due to an increase in the share of trading revenue to 35% of
revenue in FY19 (FY18: 17%). The company's pricing for end products
is largely linked to the past one month's raw material prices, thus
limiting raw material price risk.

PPL has modest credit metrics with interest coverage (EBITDAR/gross
interest + rent) of 1.8x in FY19 (FY18: 1.6x) and net leverage (net
debt/EBITDAR) of 1.9x (2.4x) due to the high-interest cost of
borrowings from banks and unsecured lenders.

The company's liquidity is moderate as indicated by around 80% use
of its fund-based working capital limits and about 47% of
non-fund-based limits for the 12 months ended June 2019. Gross
working capital cycle of the company remained almost unchanged
year-on-year at 117 days at FYE19 (FYE18: 136 days, FY17: 124
days). Ind-Ra believes the company's liquidity shall remain
moderate due to stable cash accruals in the past and no significant
capital expenditure plans in the short term.

PPL has a locational advantage as its plant is located close to the
Kandla port (around 35km) and Mundra port (around 90km), which
helps in saving freight cost. The company also has an advantage due
to the plant's proximity to Reliance Industries Limited's Jamnagar
refinery for sourcing polypropylene, hi-density-poly-ethylene
granules. However, PPL faces plant concentration risk since it has
only one plant in Gandhidham.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
improvement in the revenue, profitability and credit profile on a
sustained basis.

Negative: A negative rating action could result from deterioration
in the revenue and profitability leading to deterioration in the
credit profile including interest coverage ratio below 1.5x on a
sustained basis.

COMPANY PROFILE

Incorporated in 2009, PPL manufactures flexible intermediate bulk
containers (FIBC), woven fabrics. The company's operations are
managed by Pritesh Parekh as managing director. He also handles
international marketing of FIBC for Champalal group.

PRADEEP UDYOG: CARE Keeps D on INR10cr Loans in NonCooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pradeep
Udyog (PU) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term Bank     10.00      CARE D; Issuer not co-operating;
   Facilities                    based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2018, placed the
rating of PU under the 'issuer noncooperating' category as PU had
failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. PU continues to be
non-cooperative despite repeated requests for submission of
information through email letter dated July 3, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

At the time of last rating on March 5, 2018 following were the
rating weaknesses.

Key Rating Weakness

Delay in debt servicing obligations: As per the interaction with
the banker dated February 12, 2018, the account has been classified
as NPA on account of continues overdrawals in the cash credit limit
and delay in repayment of interest obligation.

PU, based in Nagpur (Maharashtra), is promoted by Mr Pradeep
Agarwal and commenced operation in January 2016. PU is engaged in
trading of iron & steel products such as Thermo Mechanically
Treated (TMT) bars, round bars, angles, channels, beams, flats,
etc, which find application in various industries like
construction, infrastructure and engineering, amongst others. The
entity has its registered office and servicing facility based in
Nagpur. The servicing facility is owned by the entity and has an
area of 6,000 square feet (sq. ft.). The entity procures materials
from local and domestic suppliers based in Nagpur and Raipur and
sells its products in the state of Maharashtra.

PRATEEK APPARELS: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Prateek Apparels
Private Limited's (PAPL) Long-Term Issuer Rating to 'IND B+' from
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR874.3 mil. Fund-based limits downgraded with IND
     B+/Stable/IND A4 rating; and

-- INR40 mil. (reduced from INR60 mil.) Non-fund-based limits
     downgraded with IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects PAPL's continued weak credit metrics owing
to its low operating income, which was insufficient to service its
interest obligations. The company's interest repayments were met
through other non-operating income in FY19. Its interest coverage
(operating EBITDA/gross interest expense) remained low at 0.82x in
FY19 (FY18: 0.84x) and net leverage (total adjusted net debt/
operating EBITDAR) continued to be high at 8.48x (8.09x) on account
of an increase in total debt to INR983.58 million INR900 million)
to fund its working capital requirement. FY19 financials are
provisional in nature.

PAPL's return on capital employed was 4% in FY19 and EBITDA margin
is modest at 3.5% (FY18: 5.6%). Despite the increase in revenue to
INR3,268 million in FY19 (FY18: INR1,999 million), the EBITDA
margin declined due to an increase in raw material costs, which the
company was unable to pass on to its customers completely. The
growth in revenue was due to the outsourcing of some of the orders
to receive higher orders. The scale of operations remains medium.

The ratings remain constrained by the company's tight liquidity
position as reflected by around 98% average utilization of its
working capital limits during the 12 months ended July 2019. Its
cash flow from operations turned negative to INR57.75 million
during FY19 (FY18: INR24.63 million) owing to changes in working
capital. Cash and cash equivalents stood at INR0.51 million at
FYE19 (FYE18: INR0.42 million). The working capital cycle improved,
although remained high at 149 days (231 days) due to a decline in
inventory holding period to 113 days (183 days).

However, the ratings continue to benefit from the company's
promoters' around two decades of experience in the garment
manufacturing business, leading to strong relationships with
established customers such as Brand Factory (Future group), Brand
Studio Lifestyle Private Limited, Levis Strauss India Private
Limited, among others.

RATING SENSITIVITIES

Positive: Improvement in the overall credit profile and liquidity
position, both on a sustained basis, will lead to positive rating
action.

Negative: A sustained decline in the credit metrics will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1995, PAPL manufactures readymade garments. It is
also involved in retailing of apparels and trading of fabric. The
company has four manufacturing units in Karnataka. PAPL is promoted
by Mr. Pradeep Aggarwal and the Phulchand Group.

QUADROS MOTORS: CARE Keeps D on INR6.2cr Loans in NonCooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Quadros
Motors Private Limited (QMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      6.20       CARE D; Issuer not co-operating;
   Facilities                     based on best available
                                  information

Detailed description of the key rating drivers

CARE had, vide its press release dated March 8, 2018, placed the
rating QMPL under the 'issuer non-cooperating' category as QMPL had
failed to provide information for monitoring of the rating. QMPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a email
dated July 3, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

At the time of last rating on March 8, 2018 the following were the
rating strengths and weaknesses.

Key Rating Weakness

Delay in debt servicing obligations: As per the interaction with
the banker dated
March 6, 2018 at the time of last review, the account had been
classified as NPA on account of continuous overdrawals in cash
credit facility and delay in repayment of
interest and principal repayment on term loans.

Incorporated in the year 2005, QMPL is an authorized dealer for
Suzuki Motors India Private Limited (Suzuki) for its two wheelers
and covers the whole Goa State, being a '3-S' dealer, it also
provides spares and services. QMPL had four showrooms located at
Margao, Ponda, Mapusa and Vasco.

R.K. ELECTRICAL: CARE Keeps C on INR8.5cr Loans in NonCooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R.K.
Electrical Industries Inida Private Limited continues to remain in
the 'Issuer Not Cooperating' category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      3.00      CARE C; Issuer not co-operating;
   Facilities                    based on best available
                                 information

   Short-term Bank     5.50      CARE A4; Issuer not co-operating;
   Facilities                    based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2018, placed the
rating of R.K. Electrical Industries Inida Private Limited under
the 'issuer non-cooperating' category as R.K. Electrical Industries
Inida Private Limited had failed to provide information for
monitoring of the rating. R.K. Electrical Industries Inida Private
Limited continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and
email dated July 29, 2019, July 26, 2019, July 25, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 5, 2018, the following were the
rating weaknesses.

Key Rating Weaknesses

Small scale of operations: RKIPL's operations remained small
evident from total operating income of INR2.77 crore in FY18
(refers to the period April 1 to March 31) which limits the
company's financial flexibility in times of stress and deprives it
from scale benefits.

Moderate capital structure and weak debt service coverage
indicators: The company's capital structure stood moderate marked
by overall gearing of 0.64x in FY18. Whereas, the company's debt
coverage indicators stood weak as on March 31, 2018.

Raw material price volatility and highly competitive industry: The
main raw materials for the manufacturing of cables and wires are
copper, aluminum and polymers. Prices of all the raw material have
witnessed high volatility during previous financial years.
Furthermore, the Indian cable industry is highly competitive and
fragmented with a large number of cable producers in both organized
and unorganized sector leading to pressure on prices and limited
ability to pass on increase in raw material prices, especially in
the tender based business.
Stretched liquidity position: The operating cycle of the firm stood
elongated at 1417 days, as on March 31, 2018. The liquidity
position of the firm stood moderate marked by both current ratio
and quick ratio of 3.97x as on March 31, 2018. The firm had free
cash and bank balance of INR0.49 crore as on March 31, 2018.

R. K. Electrical Industries India Private Limited (RKIPL) was
incorporated in April 1980 as a private limited company by Mr.
Sanjeev Sethi and Mrs. Manju Sethi. The company is engaged in the
manufacturing of wide varieties of electrical cables and wires such
as power cables (high tension & low tension), control cables,
instrumentation cables, networking cables, aerial bunched cables,
SLP cables, etc. The manufacturing facility of the company is
located at Sonipat, Haryana, with an installed capacity of 2000
meters per day (MPD) as on December 31, 2017. The products are sold
under the brand name "Kalinga".

RAMAKRISHNA ELECTRONICS: CARE Keeps D Loan Rating in NonCooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ramakrishna
Electronics Karnataka Division (REK) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       6.00      CARE D; Issuer not co-operating;
   Facilities                     based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 4, 2018, placed the
rating(s) of REK under the 'issuer non-cooperating' category as REK
had failed to provide information for monitoring of the rating. REK
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 19, 2019, July 22, 2019, July 24, 2019, July 30, 2019
and July 31, 2019 In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings have been revised on account of ongoing delays in
meeting its debt obligation.

Detailed description of the key rating drivers

At the time of last rating on June 4, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weakness

Delay in debt servicing: The firm has delays in servicing of debt
obligations owing to the stretched liquidity position of the
company.

Key Rating Strengths

Experienced promoters in trading activities: REK is a family run
business. Mr V Raghavendra (Managing Partner) has experience of
around 26 years in the trading activity and looks after marketing
and purchase activities of the firm. Mr V Ravi Kumar has an
experience of around twodecades and looks after day-to-day
operations of the firm. Mrs V Rajeswari has an experience of around
11 years in this business.

Ramakrishna Electronics_Karnataka Division (REK), is a partnership
firm established in April, 2003 by Mr. V. Raghavenrdra, Mr. V. Ravi
Kumar, Mr.K.Mahnjunath, Mr.M.Mahesh, Mr.B.Shatrugna and Mrs. V.
Rajeshwari. The firm has its registered office located at Municipal
Shopping Complex, Park Road, Kurnool. The firm is engaged in
distribution and trading (wholesale) of consumer electronic
products and home appliances of Samsung in seven district of
Karnataka (Raichur, Bellary Koppal, Hubli, Gadag, Baghalkot,
Bjiapur and Belgaum). The firm is exclusive distributor of
electronics appliance of Samsung in seven district of Karnataka.The
firm has warehouses at Hubli, Gangavathi and Belgaum.

In FY15, REK had a surplus of INR0.13 crore on a total operating
income of INR40.00 crore, as against PAT and TOI of INR0.18 crore
and INR29.94 crore respectively, in FY14.

RV REALTY: CARE Keeps D on INR9.5cr Loans in Non-Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RV Realty
(RVR) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term Bank      9.50      CARE D; Issuer not co-operating;
   Facilities                    based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2018, placed the
rating of RVR under the 'issuer noncooperating' category as RVR had
failed to provide information for monitoring of the rating. RV
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a email
dated July 26, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 5, 2018 the following were the
rating weaknesses.

Key Rating Weakness

Delay in debt servicing obligations: As per the interaction with
the banker dated July 26, 2019, the account has been classified as
NPA on account of overdrawals in cash credit facility and delay in
repayment of interest obligation.

R V Realty is a special purpose vehicle (SPV) formed as a
partnership entity between the Pune based Vastushodh Group and the
Pune based Reelicon Group. The Reelicon group is a Pune based real
estate engaged mainly in the construction of residential projects.
The firm was promoted by 3 entrepreneurs in 1998, Mr. Anil Salunke,
Mr. Milind Jadhav and Mr. Dhananjay Nimbalkar each having 15 years
of experience.

S.M. CONSTRUCTIONS: CARE Keeps D on INR6cr Loans in NonCooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.M.
Constructions (SMC) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank     6.39        CARE D; Issuer not co-operating;
   Facilities                     based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 16, 2018, placed the
rating of SMC under the 'issuer noncooperating' category as SMC had
failed to provide information for monitoring of the rating. SMC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 2, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 16, 2018 the following were the
rating strengths and weaknesses.

Key Rating Weakness

Delay in debt servicing obligations: As per the interaction with
the banker dated March 15, 2018, the account has been classified as
NPA on account of continuous delays in servicing of interest of
cash credit and installment repayment of term loans.
About the Company Goa-based S.M. Constructions (SMC) was
established as a proprietorship concern in the year 1994 by Mrs
Shamshun Shaikh, with the assistance of her husband Mr Muktar
Shaikh, for industrial construction and real estate development in
the state of Goa. The firm belongs to the Shaikh Muktar Group (SMG)
of companies in Goa, which has interests in mining, construction,
engineering, logistics, hospitality (new venture), shipping and
automobiles.

SAGAR INFRA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sagar Infra Rail International Limited
        Registered office:
        B-67, APID Balanagar
        Hyderabad, Telangana 500037

Insolvency Commencement Date: August 8, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 3, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Vamsi Kambhammettu

Interim Resolution
Professional:            Mr. Vamsi Kambhammettu
                         Rao & Rao Chartered Accountants
                         Plot No. 232, Level 1
                         Kavuri Hills Phase-2
                         Jubilee Hills Post
                         Hyderabad 500033
                         E-mail: casrivamsi@gmail.com

                            - and -

                         Sumedha Management Solutions Private
                         Limited
                         309/1, 3rd Floor, Krishna Plaza
                         Khairatabad, Hyderabad 500004
                         E-mail: ip.sagarinfra@gmail.com

Last date for
submission of claims:    August 22, 2019

SATKAR AIR: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Satkar Air Cargo Services Private Limited
        Registered office:
        B-72, 2nd Floor, Rohit House
        Vishwakarma Colony
        Tughlakabad, M.B. Road
        New Delhi 110044

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Faridabad Bench

Estimated date of closure of
insolvency resolution process: February 10, 2020
                               (180 days from commencement)

Insolvency professional: Gyaneshwar Sahai

Interim Resolution
Professional:            Gyaneshwar Sahai
                         OS-2, 2nd Floor, The Next Door
                         Sector 76, Faridabad
                         Haryana 121004
                         Email: gyaneshwar.sahai@gmail.com
                                satkarair.cirp@gmail.com

Last date for
submission of claims:    August 28, 2019

SHARADHA SHETTY: CARE Keeps B+ on INR15cr Loans in Non-Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sharadha J
Shetty continues to remain in the 'Issuer Not Cooperating'
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     15.00      CARE B+; Issuer not co-operating;
   Facilities                    based on best available
                                 information

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Sharadha J Shetty is
constrained by the Project implementation risk, cyclicality and
seasonality associated with hotel industry, presence in a
fragmented resulting in high competition from established
properties in the areas, constitution of entity as the
proprietorship with inherent risk of withdrawal of capital.
However, the rating is underpinned by the vast experience of the
proprietor in the hotel industry for more than three decades
locational advantage of the property and financial closure achieved
for the project, stable demand for hotel business.

Going forward, ability of the firm to complete the project without
any cost and time overrun and ability of the firm to stabilize the
operations and generate revenue and achieve optimum occupancy
levels and profits as envisaged would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Project implementation and stabilization risk: Sharadha J Shetty
has incurred INR1.5 crore as on June 19, 2019 out of the total
project cost of INR29 crore. The commercial operation is expected
to commence its operations from December 2020. The ability of the
company to execute the project in timely manner and stabilize the
operations, without any cost over-runs thereon would be critical
from credit perspective.

Presence in a fragmented industry resulted in high competition from
established players: There are numerous established centres,
restaurants and hotels operating in the vicinity that compete with
each other. Ability of the firm to sustain competition by offering
price discounts and better amenities is important for the company
to achieve its envisaged profits.

Seasonality associated with hotel industry: The demand for hotel
and hospitality sector has direct relation to the overall health of
economy. The Indian hotel industry normally experiences high demand
during October–April, followed which the monsoon months entail
low demand. Usually the December and March quarters bring in 60% of
the year's turnover for India's hoteliers. However, this trend is
seeing a change over the recent few years. Hotels have introduced
various offerings to improve performance (occupancy) during the
lean months. These include targeting the conferencing segment and
offering lucrative packages during the lean period.

Constitution of entity as the proprietorship inherent risk of
withdrawal of capital: The firm being a proprietorship is exposed
to inherent risk of capital withdrawal by proprietor due its nature
of constitution. Any substantial withdrawals from capital account
would impact the net worth and thereby the gearing levels.

Key Rating Strengths

Vast experience of the proprietor in the hotel industry for more
than three decades: Mrs. Sharada J. Shetty, aged about 65 years is
in business of hotel industry for the past 35 years along with her
husband Shri. A. J. Shetty. Both are presently running a popular
Three star hotel namely Hotel Moti Mahal at Falnir, Mangaluru under
Private Limited co. called M/s Hotel Moti Mahal Private Ltd. since
1982. Mr. Sharada J. Shetty is one of the trustees in this
Charitable Trust. The trust is running leading institutions A.J
Institute of Medical Sciences, A.J Institute of Dental sciences,
Laxmi Memorial College of physiotheraphy, Motimal College of Hotel
Management, A.J Institute of Engineering & Technology, A.J
Institute of Management.

Financial closure achieved for the project: Sharada J sheety has
achieved financial closure for the project. The estimated total
project cost for setting up the hotel is INR29 crore which is to be
financed through a term loan (sanctioned on May 2019) of INR15.00
crore and the balance INR14.00 crore through proprietor's own
contribution. Of the total project cost, the firm has incurred
INR1.5 crores towards laying the foundation for the hotel.

Stable Outlook of Hotel Business: The Indian tourism and
hospitality industry has emerged as one of the key drivers of
growth among the services sector in India. Tourism in India has
significant potential considering the rich cultural and historical
heritage, variety in ecology, terrains and places of natural beauty
spread across the country. Tourism is also a potentially large
employment generator besides being a significant source of foreign
exchange for the country.

Location advantage of the property: Mangalore is a tourist
destination. In Mangalore there are various places of visits
including Temples, Chapels, Cathedral, Darga and Masjid. In
Mangalore there are lot of industries located such as
Petrochemicals and Processing, Logistic and Shipping, Manufacturing
Industries, Banking and Finance, Information and Technology, Food
processing and Special Economic Zones. People visit Mangalore for
purpose like Business, Leisure, Pilgrimage, Education, Medical
services and Entertainment. Hence there is vast scope for hotel
Industry. Considering to the number of visiting persons to
Mangalore, the number of existing hotels and restaurants is very
acute. Hence there is need and scope for establishing new and new
hotels and restaurants in Mangalore. Considering the above scope
for tourism the promoter Mrs. Sharada Shetty has proposed to
establish a hotel industry at central location Karangalpady,
Mangalore.

Sharada J Sheety was established in the year 2019. The firm is
promoted by Mrs Sharada J Shetty. Her husband, Shri A.J Shetty
supports the operations. The promoters are presently running a
popular Three star hostel namely Hotel Moti Mahal Private Limited
since 1982. The proprietor proposes to establish a banquet hall
with a seating capacity of 400 people and a restaurant to cater to
100 people in Mangalore, Karnataka. The firm plans to construct 67
rooms (61 well furnished rooms both Executive and Deluxe and 6
Suite Rooms), Banquet hall and two restaurants. The project cost,
as on June 19, 2019, is estimated at INR29 crore which is to be
financed through promoter's contribution of INR14 crore (48.27%)
and term loan of INR15 crore (51.73%). As on June 19, 2019, the
firm has incurred INR1.5 crores towards foundation of the property,
which was financed through promoter's fund.

SHREE KRISHNA: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Krishna
Paper Mills & Industries Limited (SKPML) a Long-Term Issuer Rating
of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based limits assigned with IND BB+/Stable
     rating;

-- INR120 mil. Non-fund-based limits assigned with IND A4+
     rating; and

-- INR30 mil. Proposed non-fund-based limits* assigned with
     Provisional IND A4+ rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above facility
by SKPML to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect SKPML's modest scale of operations, as
indicated by revenue of INR1,426 million in FY19 (FY18:
INR1,362.5milion; FY17: INR1,368million). The revenue increased on
a YoY basis due to an increase in income from the kraft segment.

Additionally, the company's EBITDA margins are volatile owing to
fluctuations in raw material prices. The EBITDA margin rose to a
healthy 8.0% in FY19 (FY18: 1.4%; FY17: 8.2%) due to a decline in
raw material prices. The RoCE of the company was 17% in FY19 (FY18:
negative RoCE; FY17: 18%).

The ratings also reflect SKMPL's high customer concentration. The
top 10 customers contributed 87% to the company's revenue in FY19
(FY18: 76%). Furthermore, the newsprint segment contributed more
than 70% to the revenue in FY19, followed by the kraft paper
segment.

The rating factor in the strong credit metrics due to low
dependence on debt, which stood at INR216million in FY19 (FY18:
INR208million). However, the metrics have been volatile because of
the fluctuations in profitability. The credit metrics improved on a
YoY basis in FY19 due to improved profitability. The interest
coverage (operating EBITDA/net interest expenses) was 4.08x in FY19
(FY18: 0.64x; FY17: 3.61x) and net financial leverage (adjusted net
debt/EBITDA) was 1.76x (10.31x; 1.7x).

Moreover, the management is planning to diversify its product
profile by manufacturing coated paper from its upcoming division in
the coming years. The division is likely to be commercialized in
FY20. SKPML has not planned any major CAPEX over FY20-FY21 for
adding new product lines as the company is in the process of
shifting equipment and machinery from its old non-operational unit
at Bahadurgarh to its existing facility in Kotapulit.

The ratings also benefit from SKMPL's comfortable liquidity
profile, as evident from the 72% average utilization of fund-based
limits during the 12 months ended in May 2019. The working capital
cycle elongated to 32 days in FY19 (FY18: 25 days) due to a decline
in creditor days. The cash flow from operations turned positive at
INR55 million in FY19 (FY18: negative INR43 million) due to an
improvement in the absolute EBITDA to INR114 million in FY19 (INR20
million). The cash and cash equivalent stood at INR15 million in
FY19 (FY18: INR5 million).

The ratings also draw comfort from the promoters' experience of
four decades in the paper industry.  

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations,
backed by completion and stabilization of the upcoming unit for
coated paper, while maintaining stable profitability levels will be
positive for the ratings.

Negative: A sustained deterioration in profitability, leading to
the interest coverage falling below 2.5x, or deterioration in the
liquidity profile, will lead to negative rating action.

COMPANY PROFILE

SKPML was incorporated by 1972 and listed on BSE. The company
manufactures newsprint, and printing and writing paper (PWP) at its
Kotputli (Rajasthan) unit, which has an installed capacity of
38,000MTPA.

SHRI SAGAR: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Sagar Woven
Private Limited's (SSWPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits affirmed with IND BB-/Stable
     rating;

-- INR8.5 mil. (reduced from INR17.74 mil.) Term loan due on
     February 2023 affirmed with IND BB-/Stable rating; and

-- INR15 mil. Proposed fund-based limits* assigned with
     Provisional IND BB-/Stable rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above facility
by SSWPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects SSWPL continued small scale of operations.
Revenue improved to INR270.37 million in FY19 (FY18: INR208.86
million) owing to increased demand for polypropylene bags. FY19
financials are provisional in nature.

The ratings reflect SSWPL's average EBITDA margins, which
contracted to 8% in FY19 (FY18:9.62%) owing to fluctuations in raw
material prices, intense competition in the market and the company
servicing the sugar industry, where margins are low. Return on
capital employed stood at 15% in FY19.

The rating factor in SSWPL's moderate credit metrics. Its interest
coverage (operating EBITDA/gross interest expense) improved
marginally to 2.0x in FY19 (FY18: 1.9x) due to rise in absolute
operating EBITDA to INR21.6 million (FY18: INR20.1 million). Its
net financial leverage (total adjusted net debt/operating EBITDA)
remained flat at 4.0x in FY19 (FY18: 4.0x) as the rise in EBITDA
was offset by an increase in debt to INR87.79 million (INR80.71
million) to fund its working capital requirement.

The ratings are constrained by SSWPL's tight liquidity, as
reflected by 97.2% average utilization of fund-based limits during
the last 12 months ended May 2019. Its net cash cycle improved to
94 days in FY19 (FY18: 100 days) and cash flow from operations
declined to INR0.86 million (FY18: INR8.67 million) due to decline
in receivable days to 67 (79). Cash and cash equivalents stood at
INR0.36 million at end-FY19 (end-FY18: INR0.64 million).

The ratings, however, continue to be supported by SSWPL's
promoters' over two decades of experience in manufacturing of woven
sacks.

RATING SENSITIVITIES

Negative: Any deterioration in the overall credit profile and
liquidity position may lead to negative rating action.

Positive: A substantial rise in revenue and an improvement in the
credit metrics will be positive for the ratings.

COMPANY PROFILE

bags. The company's manufacturing plant, located in Gandhinagar,
Gujarat, has an installed capacity of 2,550mtpa.

VERACIOUS BUILDERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Veracious Builders & Developers Private Limited
        No. 302, Oxford Chambers Rustum Bagh Main Road
        Airport Road Bangalore KA 560017 IN

Insolvency Commencement Date: July 30, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: January 26, 2020

Insolvency professional: Pratibha Khandelwal

Interim Resolution
Professional:            Pratibha Khandelwal
                         T-5/1001, Rangoli Greens
                         Maharana Pratap Marg
                         Panchyawala, Vaishali Nagar
                         Jaipur 302021
                         Rajasthan
                         E-mail: cspratibhak@gmail.com
                                 irpveracious@gmail.com

Last date for
submission of claims:    August 27, 2019

VIDEOCON INDUSTRIES: Delays in Results Due to Insolvency Process
----------------------------------------------------------------
Economic Times reports that Videocon Industries said on Aug. 19 it
is unable to publish its financial results for the quarter ended
June 30 due to the ongoing consolidation of insolvency proceedings
of it along with other 12 group firms.

According to ET, the company said filing of the quarterly results
have been delayed due to the complexity involved in the
consolidation of corporate insolvency resolution process (CIRP) of
the 13 group companies as directed by the Mumbai bench of National
Company Law Tribunal (NCLT).

ET relates that the NCLT had approved appointment of Mahendra
Khandelwal as Insolvency Resolution Professional (IRP) and
accordingly, the control of the management and operations of 13
entities, including the company stands vested with him in terms of
the provisions of the Insolvency and Bankruptcy Code (IBC),
Videocon Industries said in a BSE filing.

Accordingly, Khandelwal is in the process of taking over the CIRP
of all 13 Videocon group companies, it added.

The company has not yet disseminated the annual audited financial
results for the Financial Year ended March 31, 2019 and also for
the quarter ended on the same date, it said, ET relays.

In view of the complexities of the consolidation, including
takeover of CIRP from erstwhile Resolution Professionals,
Insolvency Resolution Professional will require reasonable time to
consider, review and disseminate both the standalone and
consolidated annual audited financial results for the financial
year ended March 31, 2019, and also for the quarter ended on the
same date, it added, according to ET.

"As such, on this background, unless the annual audited financial
results of the company for the financial year ended March 31, 2019,
and for the quarter ended on the same date are published, the
company will not be in position to prepare and disseminate the
financial results for the quarter ended June, 30, 2019," it said.

                    About Videocon Industries

Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.

On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai
bench, admitted a petition for initiating insolvency resolution
process against the company under the Insolvency and Bankruptcy
Code, 2016.

According to Videocon's FY17 annual report, the company is liable
to repay the liability of other group companies to the extent of
INR5,082 crore as on March 31, 2017. The company's total debt stood
at INR19,506 crore as of March last year, Livemint.com discloses.


VIJAY ENGINEERING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Vijay Engineering Enterprises Private Limited
        Registered office:
        25, Pragati Colony
        Rajiv Nagar, Wardha Road
        Nagpur 440025

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Nagpur Bench

Estimated date of closure of
insolvency resolution process: February 4, 2020
                               (180 days from commencement)

Insolvency professional: Minita D. Raja

Interim Resolution
Professional:            Minita D. Raja
                         Plot No. 138, Charukeshi Apartment
                         Flat No. 18. Khare Town
                         Dharampeth Nagpur 440010
                         E-mail: minita_9raja@rediffmail.com
                                 ip.veepl@gmail.com

Last date for
submission of claims:    August 30, 2019



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

CAMSING HEALTHCARE: Suspends Chairman Following Arrest
------------------------------------------------------
The Strait Times reports that Camsing Healthcare has suspended all
administrative and executive duties and powers of chairman and
executive director Lo Ching, who remains in the custody of the
Shanghai police, the mainboard-listed firm announced on Aug. 19
after market close.

On July 9, Camsing Healthcare had said it was made aware on July 5
that Ms. Lo was being held by the Yangpu branch of the Shanghai
Public Security Bureau, the report recalls.

The Strait Times relates that Camsing Healthcare said on Aug. 19
that the Shanghai police have not disclosed the reasons for or
incidents leading to Ms. Lo's custody. It will continue making
inquiries to ascertain the reasons, and whether there is any
relation to the group.

Given that Ms. Lo has not been able to discharge her duties as
executive director, the company's board resolved on Aug. 19 to
suspend all her administrative and executive duties and powers with
immediate effect, the report relays.

Camsing Healthcare's shares have been suspended since April 1, the
report notes. This came after China wealth manager Noah Holdings
filed a lawsuit against Hong Kong-listed Camsing International
Holding, of which Ms. Lo is also chairman, in relation to a
CNY3.4 billion (SGD667 million) asset management product that is in
danger of default, the report says.

Camsing Healthcare Limited is an investment holding company. The
Company, through its subsidiaries, distributes and retails health
supplements and foods in Singapore, Brunei, and China.

SINJIA LAND: To Sell North Dakota Hotel at SGD1.58MM Loss
---------------------------------------------------------
Annabeth Leow at The Business Times reports that Catalist-listed
hostel operator Sinjia Land inked a deal on Aug. 6 to sell a
property in the American city of Killdeer, North Dakota at a loss,
according to a bourse filing on Aug. 16.

BT relates that Sinjia Land has agreed to sell the property, now
run as a Barons Lodge Hotel, to third-party US buyer Trinity
Investments for US$750,000.

According to the report, the price tag is well below the SGD2.54
million book value, which would result in a disposal loss of about
SGD1.58 million. But Sinjia Land noted that it came into the
property as payment for a convertible loan, and has tried to sell
the project to recover its investment.

"The proposed disposal will enable the group to realise the value
of the property and thereby free up cash," the company said, while
adding that it does not have the resources to monitor, manage and
operate the development in North Dakota, BT relays. Proceeds will
be used for general working capital.

BT says Sinjia Land also said that it has been hunting for
potential buyers since June 2018, with the help of property agents,
adding that it managed to find a taker only after lowering the
price. The eventual transaction was brokered by a US broker, Home
and Land Company.

The group disclosed that, had the sale gone through on Jan. 1,
2018, pro forma loss per share would have widened from two
Singapore cents to 2.9 Singapore cents, the report says.

Meanwhile, if the deal were done on Dec. 31, 2018, pro forma net
tangible asset per share would drop from 6.52 Singapore cents, to
5.62 Singapore cents.

Sinjia Land last posted a net loss of SGD1.34 million for the six
months to June 30, 2019, widening from SGD1.22 million in the same
period the year before, BT discloses.

BT says the planned Barons Lodge Hotel sale depends on conditions
such as a 14-day due diligence study by Trinity Investments, to
inspect the site, as well as the buyer securing final financing.

Sinjia Land is also seeking a waiver from the Singapore Exchange's
requirement to get shareholder approval for the deal, which may be
deemed a "major transaction," BT says.

It plans to get undertakings from controlling shareholders China
Infrastructure Global Investment Capital and CoProsperity
Investment (International), which together hold a 32.19 stake, to
support the deal, the report adds.

Sinjia Land Ltd manufacture and sell customized precision
elastomeric, polymeric and metallic components. The Company's
products are used in office automation, lifestyle products,
industrial application, consumer electronics and automotive
industries. Sinjia also operates in the property development and
investment industry.


                           *********


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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