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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

          Friday, August 30, 2019, Vol. 22, No. 174

                           Headlines



A U S T R A L I A

4 D CUSTOM: First Creditors' Meeting Set for Sept. 5
CLEAR SKIES: Creditors Approve Deed of Company Arrangement
HONEST FOOD: First Creditors' Meeting Set for Sept. 5
NPC CONSULTING: First Creditors' Meeting Set for Sept. 6
QUATRO CONSULTING: First Creditors' Meeting Set for Sept. 6

REDS TRUST 2019-1: S&P Assigns BB Rating on Class E Notes
RESIMAC TRIOMPHE 2019-2: S&P Assigns B(sf) Rating on Class F Notes
SETTLERS OPERATIONS: First Creditors' Meeting Set for Sept. 4
SPARTAN SPECIALISED: First Creditors' Meeting Set for Sept. 6
WALKABOUT SERVICES: First Creditors' Meeting Set for Sept. 5



C H I N A

CHANGDE URBAN: Fitch Affirms BB+ LongTerm Issuer Default Ratings
LOGAN PROPERTY: S&P Raises ICR to 'BB' on Strong Earnings Growth
ZHANGZHOU JIULONGJIANG: Fitch Publishes BB+ IDRs, Outlook Stable


I N D I A

ACTIS GENERICS: CRISIL Moves B+ on INR12cr Loans to Not Cooperating
ADITYA PRECITECH: CRISIL Migrates B Ratings to Not Cooperating
AL-FAS TRADING: CRISIL Moves B+ on INR3.5cr Debt to Not Cooperating
AMALESWARI CONSTRUCTIONS: CRISIL Moves Rating to Not Cooperating
ANISHA IMPEX: CRISIL Lowers Rating on INR7cr Loan to 'B'

ANURAG MULTIPURPOSE: Insolvency Resolution Process Case Summary
APU CONSTRUCTIONS: CRISIL Moves B on INR9cr Debt to Not Cooperating
ASHIKA COMMERCIAL: Insolvency Resolution Process Case Summary
BINDESHWARI COLD: CRISIL Moves B on INR4cr Loan to Not Cooperating
BSR TECHINFRA: CRISIL Moves B+ Debt Rating to Not Cooperating

DEVEER DECORS: CRISIL Moves B- Debt Ratings to Not Cooperating
DIAMANT INFRASTRUCTURE: CRISIL Cuts Rating on INR8cr Loan to D
EFX ASSETS: First Creditors' Meeting Set for Sept. 5
ELITEDINING PRIVATE: Insolvency Resolution Process Case Summary
ENDLESS PROPERTIES: Insolvency Resolution Process Case Summary

FEARLESS MEDIA: Insolvency Resolution Process Case Summary
FIBERFILL INTERIORS: CRISIL Assigns B+ Rating to INR6cr New Loan
G. D. BUILDERS: CRISIL Moves B+ on INR10cr Loan to Not Cooperating
GAURAV EXPORTRADES: CRISIL Moves B- Ratings to Not Cooperating
HANUMANTA ENGINEERING: Insolvency Resolution Process Case Summary

HI-TECH PACKAGING: CRISIL Moves B+ Debt Rating on Not Cooperating
IL&FS: NCLT Allows Sale of 7 Wind Assets to Orix for INR4,800cr
INDIAN CONCRETES: CRISIL Assigns 'B' Rating to INR5.9cr Loan
INTERNATIONAL TRENCHING: Insolvency Resolution Case Summary
J.L. KNIT (INDIA): Insolvency Resolution Process Case Summary

KASHVI AGRITECH: CRISIL Moves B+ on INR12cr Loans to NonCooperating
KHURANA BLANKETS: CRISIL Hikes Ratings on INR12.5cr Loans to B+
KMG A TO Z SYSTEMS: Insolvency Resolution Process Case Summary
KPT SPINNING: CRISIL Moves D on INR6cr Loans to Not Cooperating
KRISHNA VALLEY: CRISIL Moves D on INR15cr Loans to Not Cooperating

KSA POWERINFRA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
MAGNUM SPINNING: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
MAHI CORPORATION: Insolvency Resolution Process Case Summary
MANU ELECTRICALS: Insolvency Resolution Process Case Summary
MASS-TECH CONTROLS: CRISIL Reaffirms B+ Rating on INR4cr Loan

MOHANRAO SHINDE: Ind-Ra Assigns 'B-' LongTerm Issuer Rating
MOISTOP ENTERPRISES: CRISIL Migrates B+ Ratings to Not Cooperating
N. S. ENGINEERING: CRISIL Migrates D Ratings to Not Cooperating
NAGPUR WASTE: Ind-Ra Lowers Bank Loan Rating to 'BB+'
NAHAR LOGISTICS: CRISIL Moves B+ on INR13cr Loans to NonCooperating

PICO EVENT: Insolvency Resolution Process Case Summary
PRABHU CONSTRUCTIONS: Ind-Ra Moves 'BB-' Rating to Non-Cooperating
PRAKASAM HEAVY: Ind-Ra Assigns 'D' LongTerm Issuer Rating
PUNEET ISPAT: Insolvency Resolution Process Case Summary
SAINI ALLOYS: Ind-Ra Lowers Long Term Issuer Rating to 'BB'

SIGNET PRODUCTS: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
SIVA ENGINEERING: Ind-Ra Assigns 'D' LongTerm Issuer Rating
SUNDER AGROMILLS: Insolvency Resolution Process Case Summary
VOTARY TRADING: Insolvency Resolution Process Case Summary
WOCKHARDT LIMITED: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'

YES BANK: Moody's Lowers LT Foreign Currency Issuer Rating to Ba3


M A L A Y S I A

FGV HOLDINGS: Net Loss Widens to MYR52.2MM for Q2 Ended June 30
UTUSAN MELAYU: To Be Delisted From Bursa Malaysia After 25 Years


S I N G A P O R E

HYFLUX LTD: Says No Definitive Deal Reached with Utico
PACIFIC STAR: Posts SGD22 Million Net Loss in Year Ended June 2019
TRIYARDS HOLDINGS: Unit Ordered to Hand Over VND542BB Collateral


S O U T H   K O R E A

KOLON LIFE: Korea Exchange Delists Unit From KOSDAQ Market

                           - - - - -


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

4 D CUSTOM: First Creditors' Meeting Set for Sept. 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of 4 D Custom
Pty. Ltd. will be held on Sept. 5, 2019, at 10:30 a.m. at the
offices of SV Partners, Level 17, at 200 Queen Street, in
Melbourne, Victoria.

Timothy James Brace -- tim.brace@svp.com.au -- and Peter Gountzos
-- peter.gountzos@svp.com.au -- of SV Partners were appointed as
administrators of 4 D Custom on Aug. 26, 2019.

CLEAR SKIES: Creditors Approve Deed of Company Arrangement
----------------------------------------------------------
wideformatonline.com reports that at the second meeting of
creditors on August 27, the Deed of Company Arrangement put forward
by Clear Skies Pty Ltd's administrator Simon Thorn of PKF was
passed and will come into force.  The deciding factor was when the
ATO said they would support it in light of the 30 cents in the
dollar eventual return, whereas a liquidation scenario would likely
return zero, the report says.

According to wideformatonline.com, concern and confusion still
surrounds the true connection between Skope Group Pty Ltd of Castle
Hill and Clear Skies Pty Ltd of Campbelltown. This confusion comes
as PKF has noted in Mr. Thorn's report to creditors that Skope
Group director Ann Orren "[m]ay be a shadow and/or de facto
director of the Company" (Clear Skies), including that she signed
off on the Clear Skies leases, she liaised with the Clear Skies
accountants, she installed the current Clear Skies sole director
and shareholder Robert Price in his position, and she is a
signatory to the Clear Skies bank account." In other words, a
'related entity.'  Ann and Charles Orren have protested that they
are not related entities, the report cites.

Nevertheless, the acceptance of the DOCA whereby Skope Group buys
Clear Skies for $100,000; pays for the DOCA and the ongoing running
of the Clear Skies trading name businesses; and deposits $500,000
into a fund to provide a 30 cents-in-the-dollar return over three
years, to unsecured ordinary creditors, will obviate any
investigation into the related party transactions, described by PKF
as 'unusual,' according to wideformatonline.com.

wideformatonline.com says the good news for employees is that they
will be offered ongoing employment. Indeed, since last week, Skope
Group Services is advertising for no less than 7 positions at its
Campbelltown factory.

Simon Thorn of PKF was appointed as administrators of Clear Skies
Corp Pty Limited, trading as Skope Group Services Manufacturing,
Scream Visual Wholesale Manufacturing Division and FM Engineering &
Wholesale Sign Manufacturing, on July 23, 2019.


HONEST FOOD: First Creditors' Meeting Set for Sept. 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of The Honest
Food & Co Pty Ltd will be held on Sept. 5, 2019, at 12:00 p.m. at
the offices of Servcorp, Level 18, at 101 Collins Street, in
Melbourne, Victoria.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Honest Food on Aug. 26, 2019.


NPC CONSULTING: First Creditors' Meeting Set for Sept. 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of NPC
Consulting & Advisory Pty Limited will be held on Sept. 6, 2019, at
11:00 a.m. at the offices of Jamieson Louttit & Associates, Penfold
House, Suite 72, Level 15, at 88 Pitt Street, in Sydney, NSW.

Jamieson Louttit of Jamieson Loutti was appointed as administrator
of NPC Consulting on Aug. 28, 2019.


QUATRO CONSULTING: First Creditors' Meeting Set for Sept. 6
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Quatro
Consulting Pty Ltd will be held on Sept. 6, 2019, at 11:00 a.m. at
the offices of Jamieson Louttit & Associates, Penfold House, Suite
72, Level 15, at 88 Pitt Street, in Sydney, NSW.

Jamieson Louttit of Jamieson Loutti was appointed as administrator
of Quatro Consulting on Aug. 28, 2019.


REDS TRUST 2019-1: S&P Assigns BB Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to six of the seven classes
of prime residential mortgage-backed securities (RMBS) issued by
Perpetual Trustee Co. Ltd. as trustee for Series 2019-1 REDS Trust
(see list). Series 2019-1 REDS Trust is a securitization of prime
residential mortgages originated by Bank of Queensland Ltd. (BOQ).

The ratings assigned to the notes to be issued reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact 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. Credit support for the rated notes is
provided by subordination and lenders' mortgage insurance (LMI)
cover on 6.6% of the loans in the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an excess revenue
reserve funded by available spread, the principal draw function,
and a liquidity reserve equal to 1.0% of the performing mortgage
loan balance, are sufficient under our stress assumptions to ensure
timely payment of interest.

-- The availability of a A$150,000 extraordinary expense reserve
funded upfront by BOQ, available to meet extraordinary expenses.
The reserve will be topped up with available excess spread if
drawn.

-- The benefit of a standby fixed- to floating-rate interest-rate
swap provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS.

  RATINGS ASSIGNED

  Series 2019-1 REDS Trust

  Class        Rating            Amount (mil. A$)
  A            AAA (sf)          920.0
  AB           AAA (sf)           27.4
  B            AA (sf)            18.0
  C            A (sf)             14.6
  D            BBB (sf)            8.5
  E            BB (sf)             5.0
  F            NR                  6.5

  NR--Not rated.


RESIMAC TRIOMPHE 2019-2: S&P Assigns B(sf) Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned ratings to 10 classes of prime
residential mortgage-backed securities (RMBS) 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 assigned 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 34.3% 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.

  RATINGS ASSIGNED

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2019-2

  Class      Rating        Amount (mil.)
  A1         AAA (sf)      US$245.000
  A2         AAA (sf)       A$350.000
  A3a        AAA (sf)       A$100.000
  A3u        AAA (sf)       US$70.000
  AB         AAA (sf)        A$60.000
  B          AA (sf)         A$15.000
  C          A (sf)          A$12.500
  D          BBB (sf)         A$5.500
  E          BB (sf)          A$3.000
  F          B (sf)           A$1.935
  G          NR               A$2.065

  NR--Not rated.


SETTLERS OPERATIONS: First Creditors' Meeting Set for Sept. 4
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Settlers
Operations Pty Limited and Settlers Company Pty Limited will be
held on Sept. 4, 2019, at 2:30 p.m. at the Grace Hotel, Level 2,
Kirralaa Room, at 77 York Street, in Sydney, NSW.

Damien Hodgkinson -- damien.hodgkinson@demasiagroup.com -- of Dem
Asia Group was appointed as administrator of Settlers Operations on
Aug. 26, 2019.


SPARTAN SPECIALISED: First Creditors' Meeting Set for Sept. 6
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Spartan
Specialised Labour and Equipment Pty Limited will be held on Sept.
6, 2019, at 11:00 a.m. at the offices of Jamieson Louttit &
Associates, Penfold House, Suite 72, Level 15, at 88 Pitt Street,
in Sydney, NSW.

Jamieson Louttit of Jamieson Loutti was appointed as administrator
of Spartan Specialised on Aug. 28, 2019.


WALKABOUT SERVICES: First Creditors' Meeting Set for Sept. 5
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Walkabout
Services (WA) Pty Ltd will be held on Sept. 5, 2019, at 3:30 p.m.
at the offices of Australian Institute of Company Directors, Level
1 Allendale Square, at 77 St Georges Terrace, in Perth, WA.

Grahame Robert Ward of Mackay Goodwin was appointed as
administrator of Walkabout Services on Aug. 28, 2019.




=========
C H I N A
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CHANGDE URBAN: Fitch Affirms BB+ LongTerm Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings affirmed Changde Urban Construction Investment Group
Co., Ltd.'s (CUCI) Long-Term Foreign- and Local-Currency Issuer
Default Ratings at 'BB+' and removed them from Rating Watch
Negative. The Outlook is Stable.

The ratings on its USD250 million 3.7% senior unsecured notes due
2019 and the USD100 million 7.2% senior unsecured notes due 2020,
which were directly issued by CUCI, have also been affirmed at
'BB+' and removed from Rating Watch Negative.

Fitch re-assessed the sponsoring government - Changde municipality
- following the publication of its revised Rating Criteria for
International Local and Regional Governments on April 9, 2019. The
affirmation, removal of the ratings from Rating Watch Negative and
Stable Outlook reflect Fitch's conclusion that Changde municipality
continues to have the ability to provide legitimate support to
CUCI.

Changde Municipality is a prefecture level city under Hunan
Province located in southern part of China. Its Gross Regional
Product (GRP) of CNY339 billion in 2018 made it the third-largest
among all 14 prefecture cities in Hunan Province.

Fitch classifies CUCI as a government-related entity (GRE),
reflecting the government's ownership and control and the company's
policy role in the urban development of Changde municipality, a
city in China's Hunan province.

CUCI is entrusted with the mission of developing the city on behalf
of government as well as running state-owned assets. The company's
strategy has been positioned to closely match the progress of urban
development in the city.

KEY RATING DRIVERS

Very Strong Status, Ownership and Control: CUCI is wholly owned and
supervised by Changde State-owned Assets Supervision and
Administration Commission (SASAC). It is under the overall
supervision of the Changde municipal government. CUCI's financing
plan and debt level are closely monitored by the government. CUCI
needs to report its budget performance on a regular basis. CUCI's
board members, except for employee representatives, are all
appointed by the government.

'Strong' Support Track Record and Expectation: CUCI receives
government subsidies every year. The total amount of subsidies from
2016 to the first half of 2019 reached CNY1.1 billion, equivalent
to around 70% of CUCI's total net income for the same period. Apart
from that, during 2015-2018, a total of 2.0 million square metres
of land was transferred to CUCI under the permission of Changde
government. The government has injected land assets valued at
CNY33.4 billion into CUCI since the company's inception. In the
first half of 2019, the government also injected six GREs,
including a water supply company, with net assets of CNY26.6
billion into CUCI.

'Moderate' Socio-Political Implications of Default: CUCI is one of
the two urban infrastructure construction arms of the Changde
municipality, and it has jurisdiction over the western half of the
city. CUCI has undertaken close to 70% of the urban infrastructure
construction projects and 70% of the social housing projects in the
city. Moreover, CUCI is responsible for the city's water supply,
drainage and sewage treatment. Nevertheless, CUCI is not the only
GRE in Changde municipality and others can take over its functions.
Therefore Fitch views the socio-political implications as
'Moderate'.

'Very Strong' Financial Implications of Default: CUCI is one of the
two largest local government financing vehicles in Changde, and
Fitch believes a failure by the government to provide timely
support could damage the reputation of the Changde municipal
government and reduce the availability of financing for the other
GREs in the city. CUCI's total assets accounted for more than 38%
of the assets managed by the major GREs under the Changde municipal
government at end-June 2019.

Standalone Credit Profile Assessed at 'b': CUCI's Standalone Credit
Profile is constrained by the public service nature of its
business. The company's financial profile is weak with high
leverage, measured by net debt/EBITDA, of 47x at end-2018. Fitch
expects leverage to improve to below 30x by end-2019 after the
injection of six GREs in the first half of 2019 by the Changde
municipal government. The Standalone Credit Profile assessment of
'b' is also based on the revenue defensibility assessment of
'Weaker' and the operating risk assessment of 'Midrange'. The
revenue defensibility assessment is driven by weaker pricing
characteristics given high customer concentration.

RATING SENSITIVITIES

A change in Fitch's perception of Changde municipality's ability to
provide subsidies, grants or other legitimate resources allowed
under China's policies and regulations could result in a change in
CUCI's ratings.

Stronger socio-political implications of a default and record of
support, which enhance Changde municipality's incentive to provide
legitimate support to CUCI, may lead to positive rating action on
CUCI. A significant weakening of socio-political implications of a
default and support record by the municipality, or a dilution of
the government's shareholding in CUCI, may result in a downgrade.

An improvement or deterioration of CUCI's Standalone Credit Profile
or liquidity position could also result in a rating change.


LOGAN PROPERTY: S&P Raises ICR to 'BB' on Strong Earnings Growth
----------------------------------------------------------------
S&P Global Ratings, on Aug. 28, 2019, raised its long-term issuer
credit rating on China-based developer Logan Property Holdings Co.
Ltd. to 'BB' from 'BB-'. At the same time, S&P raised the long-term
issue rating on the outstanding senior unsecured notes to 'BB-'
from 'B+'.

S&P said, "We raised the rating because we expect Logan Property
Holdings Co. Ltd. to maintain its recently lowered leverage,
supported by strong sales growth, good cash collection, and
disciplined land acquisitions. The upgrade also reflects our
expectation that Logan's market position and asset quality will
continue to improve, supported by China's development plans for
Shenzhen and the Greater Bay Area (spanning Guangdong province,
Macau, and Hong Kong).

"Logan's operating performance has exceeded our expectations in the
past 12 months, and demonstrated resilience to China's growth
slowdown. Revenues jumped 78% year on year in the first half of
2019, and contracted sales rose 27.7%. The company's construction
and primary land-development businesses have also grown quickly,
helped by increased services to project partners, and expanded
urban renewal projects since 2016.

"We expect Logan's strong operating performance to sustain, with
attributable contracted sales of Chinese renminbi (RMB) 85 billion
and revenue of RMB63 billion in full-year 2019. We also estimate
Logan will continue to generate revenue from its primary
land-development business, despite volatility in the
land-conversion process."

Logan's abundant saleable resources in the Greater Bay Area will
support its earnings growth, in S&P's view. It has abundant
saleable resources of over RMB400 billion, of which 20% is located
in Shenzhen and 50% in other parts of the Greater Bay Area,
respectively. Given China's State Council recently announced a new
initiative to internationalize Shenzhen and further support
development the broader Greater Bay Area, new population and
capital are expected to gradually flow into this city cluster. S&P
believes this will bolster housing demand and enhance sector
assets.

S&P said, "We anticipate Logan will continue to replenish its land
bank for growth but in a controlled manner. During the first half,
the company acquired RMB21.4 billion of new land in the open
market, equivalent to about 57% of cash proceeds for the same
period. The company will likely maintain land acquisitions at
50%-60% of its cash proceeds from sales, or RMB42 billion-RMB44
billion in 2019 and around RMB55 billion in 2020. The company also
pursues projects through mergers and acquisitions and by bidding
for urban-renewal contracts.

"We believe Logan's credit profile is now comparable to peers in
the 'BB' category, supported by its large and quality land bank,
strong earnings growth, and improved leverage.

"We estimate Logan's leverage, as measured by debt-to-EBITDA ratio,
to stabilize at around 4.0x in 2019-2020, from 5.0x in 2018; this
is on both a consolidated and proportionately consolidated basis.
Joint-venture projects will likely continue to contribute 10%-20%
of total sales over the next one to two years. The see-through
debt-to-EBITDA ratio (after we proportionally adjust the borrowing
and EBITDA of Logan's joint venture projects) is largely in line
with its consolidated projects because the company funds
land-acquisition costs at the group level or provides guarantees to
its project loans.

"The stable outlook on Logan reflects our view that the company's
financial leverage will stabilize at around 4x over the next 12
months, supported by strong sales execution and solid revenue
growth. We also anticipate that the company will maintain high
margins and disciplined land acquisitions.

"We may lower the rating if Logan's consolidated or proportionally
consolidated debt-to-EBITDA ratio deteriorates to 4.5x or above.
This could be due to a lack of discipline in land acquisitions, or
lower than-expected sales and margins due to weaker market
conditions.

"We could raise the rating if Logan continues to replenish its land
reserves in a disciplined manner while maintaining high
profitability. An indication of this could be the debt-to-EBITDA
ratio, on both a consolidated and a proportionally consolidated
basis, improving to below 3.0x. In a less likely scenario, we could
also upgrade the company if it substantially improves its scale and
diversity to be comparable to those of larger peers in the 'BB+'
rating category, while maintaining stable leverage."

Logan is one of the major developers in southern China's Guangdong
and Guangxi provinces. The company focuses on residential property
development, targeting first-time home-buyers and upgraders. In
addition, Logan builds its own projects through its fully owned
construction subsidiary.

As of June 2019, the company's total land bank was 35.9 million
square meters, mainly located in the Greater Bay Area, with most of
the remainder around Nanning, and Shantou in east Guangdong.


ZHANGZHOU JIULONGJIANG: Fitch Publishes BB+ IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings published Zhangzhou Jiulongjiang Group Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings of
'BB+'. The Outlook is Stable. At the same time, Fitch has assigned
Jiulongjiang's proposed US dollar senior unsecured notes an
expected rating of 'BB+(EXP)'.

The notes are to be directly issued by Jiulongjiang. The proposed
notes will constitute Jiulongjiang's direct, uncondition`al,
unsubordinated and unsecured obligations and will rank pari passu
with its other present and future unsecured and unsubordinated
obligations. The proceeds will be used to refinance domestically
incurred debt and for construction of domestic projects. The final
rating on the proposed notes is contingent on the receipt of final
documents conforming to information already received.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: Jiulongjiang is wholly
owned by the Zhangzhou State-owned Assets Supervision and
Administration Commission (Zhangzhou SASAC) and ultimately by the
Zhangzhou municipal government. Zhangzhou SASAC exercises full
control over the company's strategic development, financial and
investment activities. It also reviews the company's plans for
major financing and investment activities and regularly monitors
its budget plan and execution.

'Strong' Support Record and Expectation: The government provided
subsidies and grants to Jiulongjiang based on the projects the
entity was undertaking. Such support totaled more than CNY1 billion
in the past three years. Fitch expects the government to provide
further subsidies to support the establishment of a petrochemical
trading joint venture between Jiulongjiang and a provincial
petrochemical company.

'Moderate' Socio-Political Implications of Default: Potential
financial difficulties at Jiulongjiang may disrupt Zhangzhou's
economic activity and financing to the local government. However,
Fitch expects any disruption to be temporary in light of the
availability of similar GREs in the city, though the substitutes
might not have experience or expertise in managing commercial
businesses or arranging financing.

'Strong' Financial Implications of Default: Jiulongjiang is one of
Zhangzhou's four largest GREs. It holds Zhangzhou SASAC's key
commercial businesses - Pian Tze Huang and Fujian Longxi Bearing -
and acts as a proxy funding vehicle to support the development of
the Gulei district and High-tech district. A default by
Jiulongjiang is likely to impair the financing options of the
government and its GREs and increase onshore and offshore borrowing
costs for them.

'b' Category Standalone Credit Profile: Fitch assesses
Jiulongjiang's revenue defensibility as 'Midrange' because overall
demand is expected to exhibit lower volatility than the general
economic activities in China Fitch assesses Jiulongjiang's
operating risk as 'Weaker' based on moderate volatility in
operating cost for its pharmaceutical business and relatively high
volatility in operating costs for its bearing business. Fitch
assesses Jiulongjiang's financial profile as 'Weaker', considering
its high leverage and large debt-funded capital expenditure. Net
leverage, measured by net debt/EBITDA, was 11.7x in 2017, and Fitch
estimates the ratio will remain high in the next few years. Its
metrics are in line with a 'b' category rating.

DERIVATION SUMMARY

Fitch assessed Jiulongjiang under its Government-Related Entities
(GRE) Rating Criteria, reflecting the Zhangzhou municipality's
ultimate ownership and oversight over Jiulongjiang, a record of
financial support and the company's functional role in Zhangzhou's
development. These factors indicate a strong incentive by the
sponsor to provide extraordinary support to Jiulongjiang, if
needed.

Jiulongjiang's IDR was derived from the four factors under Fitch's
GRE Rating Criteria and the Standalone Credit Profile in the 'b'
category under its Public Sector, Revenue-Supported Rating
Criteria.

RATING SENSITIVITIES

A revision of Fitch's credit view on Zhangzhou municipality's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations would lead to a
change in Jiulongjiang's ratings.

An increased incentive for Zhangzhou municipality to provide
support to Jiulongjiang, including stronger socio-political or
financial implications of default, or strengthening in the support
record and Fitch's support expectation may trigger positive rating
action. The rating may be downgraded if there is a significant
weakening in the socio-political and financial implications of
default, weakening in the support record and Fitch's support
expectation, or a dilution in the government's shareholding.

Any change in Jiulongjiang's Issuer Default Rating will result in a
similar change in the rating of proposed notes.




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

ACTIS GENERICS: CRISIL Moves B+ on INR12cr Loans to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Actis Generics
Pvt Ltd (ACTIS) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          6         CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan       2.9       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)
   
   Proposed Long Term   3.6       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ACTIS for obtaining
information through letters and emails dated May 30, 2019 and July
12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Actis, based in Visakhapatnam, is engaged in manufacturing of bulk
drugs & intermediates. And also a supplier. The company's
day-to-day operations are managed by Mr. Shivkumar Reddy.

The Company has recorded provisional PAT of INR1.4 Cr on Operating
Income of INR19.6 Cr for FY2018 vis-a-vis PAT of INR0.1 Cr on
Operating Income of INR11.5 Cr for FY2017.


ADITYA PRECITECH: CRISIL Migrates B Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Aditya
Precitech Private Limited (APPL) to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            3       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Inland Guarantees      3.25    CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan         2.85    CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     0.9     CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with APPL for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in the year 1994 as a partnership firm and
subsequently rechristened as Aditya Precitech Private Limited
(APPL) in 2004, the company is engaged in providing engineering
services. Based out of Hyderabad and promoted by Mr.
K.N.Venkateswara Rao and Mr. R.V.K.Kishore, the company has its
manufacturing facility in Hyderabad. The company is primarily
engaged in supply of precision engineering components and related
services for defence entities and private players.


AL-FAS TRADING: CRISIL Moves B+ on INR3.5cr Debt to Not Cooperating
-------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Al-Fas Trading International
Pvt Ltd (ATIPL) to CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating.  Consequently, CRISIL is
migrating the rating on bank facilities of ATIPL from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          3.5       CRISIL B+/Stable (Migrated from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')
    
   Inland/Import        2.0       CRISIL A4 (Migrated from
   Letter of Credit               'CRISIL A4+ ISSUER NOT
                                  COOPERATING')

Analytical Approach

For arriving at its ratings, CRISIL has considered ATIPL on
standalone basis. CRISIL has, however, discontinued its earlier
approach of combining the business and financial risk profiles of
ATIPL with Fuso Glass Palace. The change in analytical approach is
on account of the management's decision to operate ATIPL
independently.

Key Rating Drivers & Detailed Description

Strengths

* Promoters' extensive industry experience: The promoters have
experience of over 16 years in the industry leading to healthy
relationships with customers and suppliers, thus supporting the
group's business risk profile.

* Moderate interest coverage ratio: Despite modest profitability
due to trading business, the Al-Fas had moderate interest coverage
ratio of 2.68 times for fiscal 2019.

Weaknesses
* Moderate scale of operations: Revenue of INR73.87 crore in fiscal
2019 reflects moderate scale of operations with ATIPL on a
standalone basis.

* Moderately leveraged capital structure: Due to working capital
debt, total outside liabilities to tangible networth ratio was
high, at 2.35 times as on March 31, 2019.

Liquidity
ATIPL is expected to generate cash accruals of around INR13 Million
over medium term which is sufficient against the debt obligations
and the reliance on bank lines is high.

Outlook: Stable

CRISIL believes the ATIPL will over the medium term continue to
benefit from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if revenue grows significantly
leading to increase in cash accrual, while maintaining working
capital cycle. Conversely, the outlook may be revised to 'Negative'
if revenue or profitability declines, working capital management
elongates, or if significant debt-funded capital expenditure
weakens the financial risk profile, particularly liquidity.
ATIPL were set up in 2013 respectively. The entity is
dealer/distributor of medium density fiber board (MDF), glass, and
plywood, based out of Trivandrum (Kerala).


AMALESWARI CONSTRUCTIONS: CRISIL Moves Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Amaleswari
Constructions (AC) to 'CRISIL D/CRISIL D Issuer not cooperating'.

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

   Cash Credit            2.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     1.5       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AC for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established as a partnership firm in 1988 by P. Venkata Rami Reddy,
ACS undertakes civil construction projects for government
departments. The firm is based in Hyderabad.


ANISHA IMPEX: CRISIL Lowers Rating on INR7cr Loan to 'B'
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Anisha Impex Limited (AIL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' and reassigned its 'CRISIL A4' rating to the short-term
bank facility.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee         1       CRISIL A4 (Reassigned)
  
   Cash Credit            7       CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

   Proposed Long Term     2       CRISIL B/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL B+/Stable')

The downgrade reflects a decrease in AIL's revenue and
profitability, leading to cash accrual dropping to INR43 lakh in
fiscal 2019 from INR52 lakh in fiscal 2018, thereby constraining
liquidity. The revenue decline has been largely on account of
discontinuation of yarn business and the company's revenues are
expected to remain constrained over the medium term. Bank limit
utilisation has been high and averaged 98% during the 12 months
through May 2019, against moderate utilisation of 88% in the
corresponding period of the previous fiscal.

The ratings also factor in the modest scale of AIL's operations the
highly fragmented textile trading business, and large working
capital requirement. These weaknesses are partially offset by the
extensive experience of the promoters and a moderate financial risk
profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: Intense
competition may continue to constrain scalability, pricing power,
and profitability. Revenue was INR50.19 crore in fiscal 2019, while
the operating margin has been restricted at - 0.3 -2.5 for the
three fiscals through 2019.

* Large working capital requirement: Operations are likely to
remain working capital intensive over the medium term. Gross
current assets were sizeable at 136 days as on March 31, 2019,
driven by stretched receivables of 72 days and inventory of 49
days.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' experience of 19 years, their strong understanding of
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

* Moderate financial risk profile: The financial risk profile may
remain moderate over the medium term. Networth was INR17.08 crore
as on March 31, 2019, with gearing low at 0.4 time. Debt protection
metrics were also adequate, with net cash accrual to adjusted debt
ratios of 0.06 time, in fiscal 2019.

Liquidity
Bank limit utilisation was high at 98% during the 12 months through
May 2019. Net cash accrual estimated at INR0.83 crore in fiscal
2020 and expected at INR0.98 crore in fiscal 2021, against maturing
debt obligation of INR0.05 crore annually. Current ratio remained
moderate at 1.06 times as on March 31, 2019.

Outlook: Stable

CRISIL believes AIL will continue to benefit from the extensive
experience of the promoters. The outlook may be revised to
'Positive' if there is substantial and sustainable increase in
revenue and profitability along with prudent working capital
management. Conversely, the outlook may be revised to 'Negative' if
a steep decline in revenue and profitability, a further stretch in
the working capital cycle, or any large, debt-funded capital
expenditure weakens the financial risk profile and liquidity.

AIL was established in 1999 by Mr Sunil Malik and family. In 2018,
Mr Dinesh Parikh acquired a major stake in the company and took
over the management control. This Ghaziabad (Uttar Pradesh)-based
company trades in various types of fabrics. AIL is listed on the
Bombay Stock Exchange.


ANURAG MULTIPURPOSE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Anurag Multipurpose Cooldstorage Private Limited
        Vill Bagharpur Ramma
        Post Gangadaspara Murshidabad
        Murshidabad WB 742303

Insolvency Commencement Date: August 20, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 16, 2020

Insolvency professional: Sanjai Kumar Gupta

Interim Resolution
Professional:            Sanjai Kumar Gupta
                         153A, A P C Road
                         Kolkata 700006
                         E-mail: casanjaigupta@gmail.com

                            - and -

                         A6 Charulata, BE-8 Rabindra Pally
                         P.O. Prafulla Kanan
                         Kolkata 700101
                         E-mail: cirp.anurag@gmail.com

Last date for
submission of claims:    September 3, 2019


APU CONSTRUCTIONS: CRISIL Moves B on INR9cr Debt to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of APU
Constructions (APU) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        0.5      CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Overdraft             9.75     CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with APU for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

APU a partnership firm set up by Mr Annadurai C N and his family
members undertakes civil construction work for the government of
Tamil Nadu.


ASHIKA COMMERCIAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ashika Commercial Private Limited
        1 Grastin Place Orbit 4 C
        Kolkata WB 700001
        India

Insolvency Commencement Date: August 22, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 18, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Manish Jain

Interim Resolution
Professional:            Mr. Manish Jain
                         2B Grant Lane
                         Room No. 303, 3rd Floor
                         Bajarang Kunj
                         Kolkata 700012
                         E-mail: cirp.ashikacommercial@gmail.com
                                 manishmahavir@gmail.com

Last date for
submission of claims:    September 5, 2019


BINDESHWARI COLD: CRISIL Moves B on INR4cr Loan to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bindeshwari
Cold Chain Private Limited (BCCPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan             4        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BCCPL for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

BCCPL was set up by the promoter, Mr Santosh Kumar Pandey and his
family at Lucknow in 2017. The company is setting up a multipurpose
cold storage unit at Bakshi Ka Talab, with 4764.64 MT for storage
of potatoes, vegetables, fruits and jaggery. The unit is expected
to start commercial operations from October 2018 onwards.


BSR TECHINFRA: CRISIL Moves B+ Debt Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of BSR Techinfra
(BSRT) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee         8       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit            0.1     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BSRT for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

BSRT, promoted by Mr. Bhanwar Singh Rathore, Mr. Sampat Raj
Chaplot, Mr. Dinesh Toshniwal, Mr. Sanjay Rathi and Mr. Rajendra
Singh Shekhawat, was incorporated in 2017 as a partnership firm.
BSRT, undertakes toll collection on a contractual basis for
Rajasthan State Road Development & Construction Corporation Limited
(RSRDC).


DEVEER DECORS: CRISIL Moves B- Debt Ratings to Not Cooperating
--------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long-term bank facilities of Deveer Decors Private Limited
(DDPL; part of the Deveer Decor group) to 'CRISIL B-/Stable Issuer
Not Cooperating'. DDPL subsequently provided the required
information, and hence, CRISIL is migrating the rating to 'CRISIL
B-/Stable' from 'CRISIL B-/Stable Issuer Not Cooperating'

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           7.5      CRISIL B-/Stable (Migrated from
                                  'CRISIL B-/Stable ISSUER NOT
                                  COOPERATING')

   Term Loan            19.04     CRISIL B-/Stable (Migrated from
                                  'CRISIL B-/Stable ISSUER NOT
                                  COOPERATING')

The rating reflects the Deveer Decor group's modest scale, large
working capital requirement, and below-average financial risk
profile. These weaknesses are partially offset by the promoters'
extensive experience and funding support.

Analytical Approach

For arriving at the ratings, CRISIL has evaluated the credit
profile of the company on a standalone basis, backed by
management's stance that there will be no operational fungibility
between DDPL and its group concern, Devikkesh Nominate Boards Pvt
Ltd (DNBPL) over the medium term. CRISIL had earlier consolidated
the business and financial risk profiles of DDPL and DNBPL on
account of common promoters and business support provided to each
other in the past.

Unsecured loans of INR21.6 crore extended by the promoters as on
March 31, 2019, have been treated as neither debt nor equity. This
is because the loans are expected to remain in the business over
the medium term and are subordinated to bank borrowings.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations is modest:
revenue stood at INR23 crore in fiscal 2019. Intense competition
constrains pricing power and profitability.

* Average financial risk profile: Financial risk profile is above
average: networth was negative due to losses incurred in the past
years. However, this is partially offset by unsecured loans
provided by the promoters. Debt protection metrics were modest in
fiscal 2019.

* Large working capital requirement: Operations should remain
working capital-intensive: gross current assets stood at 224 days
as on March 31, 2019, driven by sizeable inventory.

Strengths

* Promoters' extensive experience and funding support: Benefits
from the two-decade-long experience of the promoters and healthy
relationships with customers and suppliers should continue to
support the business. Moreover, the promoters provide need-based
unsecured loans to support liquidity.

Liquidity

Liquidity should remain stretched: cash accrual, expected at
INR0.7-2.6 crore per annum over the medium term, is insufficient
vis-a-vis yearly maturing debt of INR2.5 crore. Bank limit
utilisation averaged 96% over the 12 months through July 2019.
Liquidity is, however, supported by continuous infusion of
unsecured loans from the promoters.

Outlook: Stable

CRISIL believes the Deveer Decor group will continue to benefit
from the promoters' experience. The outlook may be revised to
'Positive' if substantial and sustained increase in revenue and
profitability and prudent working capital management strengthen the
financial risk profile. The outlook may be revised to 'Negative' if
aggressive, debt-funded expansion, significant decline in revenue
and profitability, or sizeable capital withdrawal weakens the
financial risk profile.

The Deveer Decor group manufactures particle boards and undertakes
lamination of particle boards at its facilities in Solapur
(Maharashtra). DDPL and DBNPL were incorporated in 2014 and 1997,
respectively. However, DDPL's commercial operations started from
June 2017. The companies have common directors: Mr Devichand Jain,
Ms Hema Jain, and Mr Viren Jain.


DIAMANT INFRASTRUCTURE: CRISIL Cuts Rating on INR8cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Diamant Infrastructure Limited (DIL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL C/CRISIL A4 Issuer not cooperating'
as the company is classified as NPA by bank.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee         2       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Cash Credit            8       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL C ISSUER NOT
                                  COOPERATING')
  
   Proposed Long Term     4       CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Downgraded from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

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

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

Detailed Rationale

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

DIL, established in 1980, is a Nagpur based player, engaged in the
infrastructure business in India primarily as a sub-contractor in
the road sector.


EFX ASSETS: First Creditors' Meeting Set for Sept. 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of EFX Assets
Pty Ltd will be held on Sept. 5, 2019, at 11:00 a.m. at Suite 203,
at 517 Flinders Lane, in Melbourne, Victoria.

Trajan John Kukulovski and Liam William Bellamy of Chan & Naylor
were appointed as administrators of EFX Assets on Aug. 26, 2019.

ELITEDINING PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Elitedining Private Limited
        1st Floor, No. 52, El-Shadaai
        Unique Shelters Periyar Pathai
        Choolaimedu Chennai
        Chennai TN 600094
        India

Insolvency Commencement Date: August 22, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: February 18, 2020

Insolvency professional: Rajalakshmi Vardarajan

Interim Resolution
Professional:            Rajalakshmi Vardarajan
                         351-18, 2nd Floor, Ishwarya Flats
                         36th Street, I Block
                         Anna Nagar, Chennai 600040
                         E-mail: cma.rajalakshmi@gmail.com
                                 cirp.elitedining@gmail.com

Last date for
submission of claims:    September 5, 2019


ENDLESS PROPERTIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Endless Properties Private Limited
        12, Waterloo Street
        3rd Floor
        Kolkata 700069

Insolvency Commencement Date: August 21, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 17, 2020

Insolvency professional: Mahesh Chand Gupta

Interim Resolution
Professional:            Mahesh Chand Gupta
                         FE-202, Salt Lake City
                         Sector 3, 1st Floor
                         Kolkata 700106
                         E-mail: mcgupta90@gmail.com
                                 eppl.cirp@gmail.com

Last date for
submission of claims:    September 4, 2019


FEARLESS MEDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Fearless Media Private Limited
        71-Kalpatru Royale CHS
        Plot-110, Rd 29
        Sion (E), Mumbai
        Mumbai City MH 400022
        India

Insolvency Commencement Date: August 16, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 11, 2020

Insolvency professional: Rajeev Nandkishore Bhatia

Interim Resolution
Professional:            Rajeev Nandkishore Bhatia
                         304 Richa Industrial Estate
                         Off Link Road, Andheri West
                         Mumbai 400053
                         E-mail: rajeevnbhatia@gmail.com
                                 fmpl.ibc@gmail.com

Last date for
submission of claims:    September 6, 2019


FIBERFILL INTERIORS: CRISIL Assigns B+ Rating to INR6cr New Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Fiberfill Interiors and Constructions (India)
Private limited (FICPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term
   Bank Loan Facility        6      CRISIL B+/Stable (Assigned)

   Bank Guarantee            2      CRISIL A4 (Assigned)

   Cash Credit               2      CRISIL B+/Stable (Assigned)

The ratings reflect FICPL's working capital-intensive operations,
average financial risk profile and exposure to intense competition
and risk inherent in the tender-based business. These weaknesses
are partially offset by extensive experience of the promoter and
sound operating efficiencies.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Operations are highly
working capital intensive, as reflected in gross current assets
(GCAs) of 439 days as on March 31, 2019, led by receivables of 217
days and inventory of 170 days. However, working capital management
is aided by credit of 291 days extended by suppliers. The GCAs also
reflected the higher revenue booked in the last month of the
fiscal.

* Average financial risk profile: Networth and gearing stood at
INR1.86 crore and 1.25 times, respectively, as on March 31, 2019.
Total outside liabilities to adjusted networth ratio was
substantially high at 5.01 times, as on same date, due to the large
payables. Ratios may increase further over the medium term, driven
by higher reliance on external debt, against better accretion to
reserves, even in the absence of any capital expenditure plan. Debt
protection metrics were also weak, with interest coverage and net
cash accrual to adjusted debt ratios of 1.75 times and 0.08 time,
respectively, in fiscal 2019.

* Exposure to intense competition and risks inherent in a
tender-based business: Intense competition from several unorganised
players, limits the pricing and bargaining power of players. Threat
from large integrated players, in the form of capacity additions,
also limits growth. Small initial investment and low complexity of
operations have attracted innumerable small entities, leading to
significant fragmentation.

Since majority of the business is tender-based, revenue depends on
the company's ability to bid successfully. Any delay in floating of
tenders, finalisation of contractors, or unsuccessful bidding,
could constrain business risk profile. Moreover, the firm is
exposed to high geographical and customer concentration in
revenue.

Strengths
* Extensive experience of the promoter: The main promoter, Mr Jyoti
Kachroo has spent over 35 years in the interior designing industry.
This has helped him gain strong understanding of market dynamics,
and establish healthy relationships with suppliers and customers.
Furthermore, orders of around INR55 crore as on
July 31, 2019, provide near-term revenue visibility.

* Sound operating efficiencies: Operating efficiencies are marked
by healthy return on capital employed (RoCE) of 12.38% in fiscal
2019, driven by higher economies of scale and experienced
management.

Liquidity
Liquidity remains weak, constrained by the large working capital
requirement. Cash and cash equivalents were at INR0.11 crore as on
March 31, 2019. Though cash accrual is expected to remain modest at
INR0.5-0.6 crore in fiscal 2020, it should still suffice, in the
absence of any maturing debt. Bank limit utilisation averaged 98%
over the 12 months through July 2019. Current ratio was modest at
1.19 times in fiscal 2019. With no large capital expenditure
(capex) over the medium term, accrual and cash equivalents can be
used to meet the incremental working capital requirement.

Outlook: Stable

CRISIL believes FICPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if the company reports a significant and sustained
growth in revenue, and a stable operating margin, and manages its
working capital efficiently. The outlook may be revised to
'Negative' if a decline in topline, because of limited orders,
significant increase in working capital requirement, or any
sizeable, debt-funded capex, weakens the financial risk profile.

Set up in 2006 in Noida, Uttar Pradesh, FICPL is owned and managed
by Mr Jyoti Kachroo and Mrs Raj Dulari Kachroo. FICPL is engaged in
providing services and solutions related to interior designing and
project management.


G. D. BUILDERS: CRISIL Moves B+ on INR10cr Loan to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of G. D. Builders
(GDB) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Bank        10       CRISIL B+/Stable (ISSUER NOT
   Facility                       COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GDB for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established in 2006, GDB is engaged in real estate development. The
company is currently undertaking three real residential and
commercial projects. The company is promoted by Mr. M. D.
Unnikrishnan who has been in the industry for more than 2 decades.


GAURAV EXPORTRADES: CRISIL Moves B- Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Gaurav
Exportrades Private Limited (GEPL) to 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            2       CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Foreign Letter         2       CRISIL B-/Stable (ISSUER NOT
   of Credit                      COOPERATING; Rating Migrated)

   Packing Credit        15       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GEPL for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

GEPL was set up by Mr Mahesh Kumar Gupta in 1991.The company
manufactures and exports knitted garments, and has a facility at
Tirupur, Tamil Nadu.


HANUMANTA ENGINEERING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Hanumanta Engineering Private Limited
        37, Shakespeare Sarani
        Suite No. 3, 1st Floor
        Kolkata, West Bengal 700017

Insolvency Commencement Date: August 19, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 15, 2020

Insolvency professional: Mr. Balasubramanium Govindarajan

Interim Resolution
Professional:            Mr. Balasubramanium Govindarajan
                         Flat 2A/BC, E Block
                         Serene Club, Serene Acres
                         200 Ft Road, Thoraipakkam
                         Chennai, Tamil Nadu 600097    
                         E-mail: bgrajan@rediffmail.com

                            - and -

                         C/o Duff & Phelps India Pvt. Ltd.
                         Worldmark 2, Aerocity
                         New Delhi, Delhi 110037
                         E-mail: ip.hanumanta@duffandphelps.com

Last date for
submission of claims:    September 2, 2019


HI-TECH PACKAGING: CRISIL Moves B+ Debt Rating on Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hi-Tech
Packaging (HTP) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            3       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Foreign Letter
   of Credit              2.25    CRISIL A4  (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Term Loan     3.42    CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan              1.33    CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HTP for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

HTP was incorporated in 2010. The firm is engaged in manufacturing
of plastic films. Day to day operations are managed by Mr. Nixon PV
(Managing Partner). Currently HTP has installed capacity of 300 kg
per hour.


IL&FS: NCLT Allows Sale of 7 Wind Assets to Orix for INR4,800cr
---------------------------------------------------------------
BloombergQuint reports that the National Company Law Tribunal
(NCLT) cleared the sale of IL&FS's seven wind energy assets to
Japan's Orix Corporation for INR4,800 crore, which will partially
help reduce its debt burden of over INR99,000 crore.

According to BloombergQuint, the tribunal comprising of VP Singh
and Rajesh Sharma allowed the government-appointed board's plea to
approve sale of 51 percent stake in seven wind energy arms to
Orix.

Orix Corporation is already an equity partner in the group and owns
49 percent stake in each of these seven operating wind power
plants. The seven wind power special purpose vehicles are Lalpur
Wind Energy; Etesian Urja; Khandke Wind Energy; Retadi Wind Power;
Wind Urja Indiae; Tadas Wind Energy; and Kaze Energy, the report
notes.

BloombergQuint relates that the company should deposit the fund
from the asset sale in an interest bearing account until further
notice, the tribunal said. Retired Supreme Court Judge DK Jain had
recommended that the proceeds from the sale of these seven assets
should be kept in an escrow account.

IL&FS said in July that it would completely exit the wind energy
business, held under IL&FS Wind Energy to Orix, with NCLT for final
approval, BloombergQuint recounts. The proposal was filed before
the tribunal after completing a binding share purchase agreement
with Orix and obtaining an in-principle approval from all lenders.

BloombergQuint says Jain had approved sale on conditions that the
proposal would be placed before NCLT for approval and the bid
amount realised from the sale be kept in an escrow account and the
money would be disbursed only on the orders and directions of the
NCLT/NCLAT.

This intent to buy 51 percent stake was in exercise of Orix's right
under the terms of an existing MoU wherein Orix can match the price
offered by the highest bidder for purchasing these assets.

Orix decided to match the offer of the highest bidder, of about
INR4,800 crore for 100 percent of enterprise value, contemplating
no haircut to the debt of the SPVs aggregating to around INR3,700
crore, BloombergQuint notes.

Some of the major lenders in the SPVs include Power Finance
Corporation Ltd., Bank of Baroda (working capital), and India Infra
Debt with totalling about INR3,700 crore, excluding interest, the
report says.

                           About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the Indian government on Oct.
1, 2018, stepped in to take control of crisis-ridden IL&FS by
moving the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.


INDIAN CONCRETES: CRISIL Assigns 'B' Rating to INR5.9cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Indian Concretes (IC).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           5.9      CRISIL B/Stable (Assigned)

The rating reflects the firm's initial stage of operations and
highly fragmented nature of the industry. These weaknesses are
partially offset by experience of the partners in the industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Initial stage of operation: The firm has started its commercial
operations in fiscal 2020 and is yet to show track record of ramp
up of its operations.

* Intensive competition in the industry: Owing to lower entry
barrier and highly competitive nature of the industry, the
profitability margins and salability of the firm will be key rating
driver.

Strengths

* Experience of the partners: The partners are experienced in this
industry through other group companies. The business profile of the
firm is expected to benefit owing to experience of the partners.

Liquidity

* Moderate bank limit utilization: Bank limit utilisation averaged
51% over the last 3 months through June 2019. The bank limit
utilization is expected to remain moderate over the medium term.

* Cash accrual vis-a-vis nil debt obligation: Cash accrual is
expected at INR0.6-0.7 crore will be utilized to meet incremental
working capital requirement in absence of any term debt
obligation.

* Support from partners in form of infusion of unsecured loan or
equity: The partners are likely to extend support in the form of
equity and unsecured loans to meet working capital requirement and
debt obligation.

Outlook: Stable

CRISIL believes IC will continue to benefit from the extensive
experience of its partners and its established relationships with
clients. The outlook may be revised to 'Positive' if revenue and
profitability increase on a sustainable basis and the firm
maintains efficient working capital cycle and healthy capital
structure. The outlook may be revised to 'Negative' if decline in
profitability or stretch in working capital cycle or large
debt-funded capital expenditure weakens the capital structure.

Incorporated in May 2018, the firm is engaged in manufacturing of
pre stressed cement concrete poles (PSCC poles).


INTERNATIONAL TRENCHING: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: International Trenching Private Limited
        301 309 Third Floor Vardhman Plaza-I
        J Block Rajouri Garden
        New Delhi 110027

Insolvency Commencement Date: August 8, 2019

Court: National Company Law Tribunal, New Delhi Bench V

Estimated date of closure of
insolvency resolution process: July 17, 2020

Insolvency professional: Mohd Nazim Khan

Interim Resolution
Professional:            Mohd Nazim Khan
                         G-41, Ground Floor West Patel Nagar
                         Delhi 110008
                         E-mail: nazim@mnkassociates.com

                            - and -

                         MNK and Associates LLP
                         Company Secretaries
                         G-41 Ground Floor West Patel Nagar
                         Delhi 110008

Last date for
submission of claims:    September 5, 2019


J.L. KNIT (INDIA): Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: J.L. Knit (India) Limited
        C-21, Mansarovar Garden
        Kirti Nagar
        New Delhi 110015

Insolvency Commencement Date: August 8, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: February 16, 2020
                               (180 days from commencement)

Insolvency professional: Sandeep Kumar Bhatt

Interim Resolution
Professional:            Sandeep Kumar Bhatt
                         83B, Pocket-IV
                         Mayur Vihar-I
                         Delhi 110091
                         E-mail: skbmica@gmail.com

Last date for
submission of claims:    September 3, 2019


KASHVI AGRITECH: CRISIL Moves B+ on INR12cr Loans to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kashvi
Agritech Private Limited (KAPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Proposed Term Loan     5       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan              7       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KAPL for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2011, KAPL operates a poultry layer farm in
Keonjhar, Odisha. Mr Debabrata Behera and Ms Susmita Behera are the
directors of the company. The unit commenced commercial operations
from April 2017 onwards.


KHURANA BLANKETS: CRISIL Hikes Ratings on INR12.5cr Loans to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Khurana Blankets Private Limited (KBPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          4.50      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Long Term Loan       4.65      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility   3.35      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The upgrade reflects growth in revenue and cash accrual to an
estimated INR26.8 crore and 1.26 crore, respectively, in fiscal
2019, from INR19.3 crore and INR0.01 crore, respectively, in fiscal
2018. Financial risk profile has also improved slightly, with total
outside liabilities to adjusted networth (TOLANW) ratio and
networth at an estimated 1.58 times and INR4.05 crore,
respectively, as on March 31, 2019; vis-a-vis 2.64 times and
INR2.79 crore, respectively, in the previous year.

The rating reflects KBPL's modest scale of operations amid intense
competition, and a small networth. These weaknesses are partially
offset by a comfortable financial risk profile because of
comfortable capital structure and strategic location of plant.

Analytical Approach
Unsecured loans (estimated at INR0.74 crore as on March 31, 2019)
extended by promoters and family have been treated as debt as these
loans have been withdrawn in the past.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: Though
revenue grew 39% year-on-year in fiscal 2019, intense competition
may continue to constrain scalability, pricing power, and
profitability. Revenue and operating margin were estimated at
INR26.8 crore and 11.8%, respectively, in fiscal 2019; revenue may
further rise to INR35-40 crore per annum over the medium term, with
operating margin at around 10% on the back of higher demand from
the blanket market.

Moreover, the company incurred capital expenditure of INR4.0 crore
toward installation of a new machinery in April-June 2019. This was
funded through term loan of INR2.34 crore and the balance from own
funds. Post-installation, capacity is expected to increase to 10
tonne per day (tpd) from 6 tpd at present, and will help cater to
higher demand.

* Modest networth: Networth was estimated at INR4.05 crore as on
March 31, 2019. However, promoters have infused equity of INR0.29
crore during the first quarter of fiscal 2020. Networth is also
expected to improve to INR5.5-6.0 crore as on March 31, 2020, on
the back of better accretion to reserves.

Strengths

* Comfortable financial risk profile: Gearing and TOLANW ratio were
estimated to be moderate at INR1.05 crore and 1.58 times,
respectively, as on March 31, 2019. Also, debt protection metrics
were comfortable, with interest coverage and net cash accrual to
adjusted debt ratios of about 5.18 times and 0.50 time,
respectively, for fiscal 2019. Metrics are likely to remain steady
over the medium term.

* Location advantage: Plant is located in Panipat, Haryana, close
to suppliers in Ludhiana and Panipat. This provides a competitive
advantage as it helps the company save on transportation cost.

Liquidity

Liquidity remains adequate, with expected cash accrual of INR2-2.5
crore against debt obligation of INR0.72 crore in fiscal 2020. Bank
limit utilisation averaged 48% over the 12 months ended April 2019.
Current ratio was moderate at estimated 1.56 times as on March 31,
2019. Liquidity is also supported by unsecured loans from
promoters. Accrual and cash equivalents can be used to meet
incremental working capital requirement.

Outlook: Stable

CRISIL believes KBPL will continue to benefit from its locational
advantage. The outlook may be revised to 'Positive' if
higher-than-expected operating income or significant equity
infusion improve networth, thereby further strengthening financial
risk profile. The outlook may be revised to 'Negative' if decline
in revenue or pressure on profitability affects net cash accrual,
or if increased reliance on working capital debt adversely affects
financial risk profile.

Incorporated in 2013 and promoted by Mr. Ashwini Kumar and Mr.
Sandeep Kumar, KBPL was engaged in the blanket trading business
from 2013 to November 2015. The company currently set up its unit
in Panipat to manufacture polar and mink blankets.


KMG A TO Z SYSTEMS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: KMG A to Z Systems Private Limited
        G65A, LGF Kalkaji
        South Delhi
        New Delhi 110019

Insolvency Commencement Date: August 6, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: February 16, 2020
                               (180 days from commencement)

Insolvency professional: Sandeep Kumar Bhatt

Interim Resolution
Professional:            Sandeep Kumar Bhatt
                         83B, Pocket-IV
                         Mayur Vihar-I
                         Delhi 110091
                         E-mail: skbmica@gmail.com

Last date for
submission of claims:    September 3, 2019


KPT SPINNING: CRISIL Moves D on INR6cr Loans to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of KPT Spinning
Mills Private Limited (KPT) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           3.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan        2.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KPT for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

KPT was promoted by Mr K P Thangamuthu and Mr Vetrivel in 2010 and
began commercial production in 2011-2012. The company is engaged in
the manufacture of cotton yarn (40 counts) and has its
manufacturing facility situated in Erode Dist, Tamil Nadu.


KRISHNA VALLEY: CRISIL Moves D on INR15cr Loans to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Krishna Valley
Power Private Limited (KVPPL) to 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term
   Bank Loan Facility     1.42      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             13.58      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KVPPL for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2001 and promoted by Mr Shankarlal Gilada and his
son, Mr Rajgopal Gilada, KVPPL executes hydro power projects. The
company currently operates a 1.5 MW hydroelectric power plant,
Vajra-II, near Shahapur in the Bhatsa river basin in Maharashtra,
which was commissioned in December 2012.


KSA POWERINFRA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded KSA Powerinfra
Private Limited's (KSAPPL) Long-Term Issuer Rating to 'IND D' from
'IND BBB'. The Outlook on the earlier rating was Stable.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based facilities (Long- term) downgraded with

     IND D rating;

-- INR650 mil. (reduced from INR700 mil.) Non-fund-based
     facilities (Short- term) downgraded with IND D rating;

-- INR170 mil. Proposed fund-based facilities* (Long- term)
     downgraded with Provisional IND D rating; and

-- INR550 mil. Proposed non-fund-based facilities*(Short- term)
     downgraded with Provisional IND D rating.

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

KEY RATING DRIVERS

The downgrade reflects the devolvement in KSAPPL's letter of credit
for more than 30 days ended August 26, 2019, owing to a tight
liquidity position resulting from delays in getting receivables
from customers.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
be positive for the ratings.

COMPANY PROFILE

Incorporated in 2007, KSA Powerinfra Private Limited (KSAPPL) is an
EPC company engaged in the execution of several turnkey projects,
such as setting up of electric substations (up to 400Kv),
transmission lines, wind power projects, co-generation plants,
process plants, industrial electrification and so on.


MAGNUM SPINNING: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Magnum Spinning
Mills India Private Limited (MSMIPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limit assigned with IND
     BB+/Stable/ IND A4+ rating; and

-- INR9.49 mil. Term loans due on March 2021 assigned with IND
     BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect MSMIPL's medium scale of operations as
indicated by revenue of INR648.1 million in FY19 (FY18: INR597.8
million) due to an increase in production capacity. FY19 financials
are provisional in nature.

The ratings also factor in the company's modest EBITDA margins of
11.8% in FY19 (FY18: 12.8%) with a return on capital employed of
12% (13%). The margins declined because of an increase in employee
benefit expenses along with volatility in raw material prices.

However, the ratings are supported by MSMIPL's comfortable credit
metrics owing to a decrease in total debt due to timely repayment
of term debts coupled with lower utilization of the fund-based
working capital limits. Net leverage (net debt/operating EBITDA)
was stable at 1.7x in FY19 (FY18: 1.7x), while interest coverage
(operating EBITDA/gross interest expense) improved to 5.9x (5.3x).
Ind-Ra expects the credit metrics to remain comfortable in the near
term due to the absence of any major debt-led CAPEX plans.

The ratings also benefit from MSMIPL's comfortable liquidity
position as reflected by 74% average maximum use of the working
capital limits over the 12 months ended July 2019. The cash flow
from operations declined to INR25 million in FY19 (FY18: INR40
million) on account of higher working capital requirement. It had a
cash balance of INR1.0 million at FYE19 (FYE18: INR0.5 million).

The ratings continue to benefit from the promoters' two-decade-long
experience in yarn manufacturing, leading to established
relationships with customers and suppliers.

RATING SENSITIVITIES

Positive: An increase in the revenue and the operating
profitability, resulting in the net leverage reducing below 1.0x,
all on a sustained basis, could lead to a positive rating action.

Negative: Any decline in the revenue or the EBITDA margin and/or
any debt-led capex resulting in the net leverage increasing above
2.5x and/or stress on the liquidity position, could lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 2010, in Salem, Tamil Nadu, MSMIPL manufactures
blended yarn (cotton, polyester, and Lenzing viscose) with an
installed capacity of 12,960 spindles.


MAHI CORPORATION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Mahi Corporation Private Limited
        Flat no. 163, Oscar City Tower
        Sadhu Vasvani Road
        Rajkot 360005

Insolvency Commencement Date: August 21, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: February 17, 2020
                               (180 days from commencement)

Insolvency professional: Vinod Tarachand Agrawal

Interim Resolution
Professional:            Vinod Tarachand Agrawal
                         204, Wall Street-1
                         Near Gujarat College
                         Ellisbridge, Ahmedabad 380006
                         E-mail: ca.vinod@gmail.com
                                 cirp.mahi@gmail.com

Last date for
submission of claims:    September 9, 2019


MANU ELECTRICALS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Manu Electricals Private Limited

        Registered office:
        42A, Pocket-BSFS Flats
        Mayur Vihar-III
        New Delhi 110096

        Principal office:
        B-655-656, G.D. Colony
        Mayur Vihar, Phase-III
        Delhi 110096

Insolvency Commencement Date: August 19, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 14, 2020

Insolvency professional: Rakesh Kumar Jain

Interim Resolution
Professional:            Rakesh Kumar Jain
                         1203/81, 1st Floor
                         Shanti Nagar, Tri-Nagar
                         New Delhi 110035
                         E-mail: rakeshjainca@rediffmail.com

                            - and -

                         1670/120
                         Shanti Nagar, Tri-Nagar
                         Delhi 110035
                         E-mail: iprakeshJ1@gmail.com

Last date for
submission of claims:    September 2, 2019


MASS-TECH CONTROLS: CRISIL Reaffirms B+ Rating on INR4cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Mass-Tech Controls Private Limited (MTCPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        6        CRISIL A4 (Reaffirmed)

   Cash Credit           4        CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit      1.25     CRISIL A4 (Reaffirmed)

   Term Loan             0.20     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect modest scale, working
capital-intensive operations and below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoter in the electrical tools manufacturing
industry.

Analytical Approach
Unsecured loans from promoters have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation: Scale of operations is small with
estimated revenue of INR26 crore in fiscal 2019. This restricts
bargaining power with customers and suppliers, given the intensely
competitive industry.

* Working capital-intensive operations: Estimated gross current
assets were high at 292 days as on March 31, 2019 driven by
receivables of 128 days and inventory of 125 days as a stock of
imported components is maintained. Against this, payables were 192
days, and the remaining working capital requirement was funded
through bank borrowings leading to high bank limit utilisation.

* Below average financial risk profile: Networth is modest at
INR5.28 crore and total outside liabilities to adjusted networth
ratio high at 3.1 times, estimated, as on March 31, 2019. Interest
coverage and net cash accruals to total debt was average at 1.76
times and 0.12 times, respectively, estimated for fiscal 2019.
Going forward, financial risk profile is expected to remain at
similar level over the medium term in absence of any debt funded
capital expenditure.

Strength

* Extensive experience of the promoter: Benefits from the
promoter's experience of over two decades and established
relationships with suppliers and customers like Reliance Industries
Ltd, Bharat Heavy Electrical Ltd and National Thermal Power
Corporation, should support the business.

Liquidity
MTCPL has stretched liquidity driven by expected cash accruals of
INR0.8-09 crores per annum in fiscal 2020 and fiscal 2021, against
long term repayment obligations of INR0.4 crores. MTCPL's fund
based limits of INR4.0 crores was 90% utilized on an average over
the 12 months ended July 2019. Liquidity is partly supported by
fund support from promoters in form of unsecured loans to the tune
of INR0.93 cr as on 31st March 2019.

Outlook: Stable

CRISIL believes MTCPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if increase in revenue and profitability, and better
working capital cycle leads to improvement in financial risk
profile. The outlook may be revised to 'Negative' if any large
debt-funded capital expenditure, decline in revenue and
profitability, or stretch in working capital cycle, weakens
financial risk profile, particularly liquidity.

MTCPL, set up in 1993, ,  by Mr Subash Patil and Ms Smita Patil,
assembles and designs direct current power systems, battery
chargers, convertors, and low-voltage switch gear and control
panels used in industrial set-up. Its manufacturing unit is at
Jalgaon, Maharashtra.


MOHANRAO SHINDE: Ind-Ra Assigns 'B-' LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mohanrao Shinde
Sahakari Sakhar Karkhana Ltd (MSSSKL) a Long-Term Issuer Rating of
'IND B-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR181.62 mil. Long term loans due on July 2025 assigned with
     IND B-/Stable rating.

KEY RATING DRIVERS

The rating reflects MSSSKL's modest scale of operations and
volatile revenue over FY16-FY19 owing to drought conditions and
intense competition in the sugar market within the states. Revenue
de-grew by 10.2% to INR1,393 million in FY19, as Uttar Pradesh
sugar entities supplied to Maharashtra's targeted markets of
Rajasthan, Gujarat and Madhya Pradesh. Additionally, revenue was
also impacted by the government's imposition of quota system in
February 2018, wherein a cap is imposed on the amount of sugar that
can be sold by sugar mills. FY19 financials are provisional in
nature.

The rating reflects MSSSKL's modest EBITDA margins. Margins
contracted to 4.7% in FY19 (FY18: 6.9%) on increase in the cost of
raw materials and personnel expenses, and lower realization per
metric ton of sugar at INR2,744 in FY19 (FY18: INR3,525). This lead
to weak credit metrics with gross interest coverage (operating
EBITDA/gross interest expense) deteriorating to 0.9x in FY19 (FY18:
1.4x) and net leverage (total adjusted net debt/operating EBITDA)
to 19.3x (10.8x). Return on capital employed stood at 2% (FY18:
5%). Ind-Ra expects MSSSKL's credit metrics to continue to be weak
due to debt-led CAPEX for FY21.

The rating is constrained by the company's tight liquidity as
reflected by average utilization of 78.1% for the last 12 months
ended July 2019. The networking capital cycle deteriorated to 338
days in FY19 (FY18: 297 days) owing to high inventory days of 347
days in FY19 (FY18: 290 days) resulting in negative cash flow from
operations at INR104 million (FY18: negative INR290 million).
Ind-Ra expects liquidity to continue to be stretched owing to
debt-led-CAPEX to be incurred in FY21 for installation of ethanol
blending unit.

The rating, however, is supported by promoters' over two decades of
experience in the sugar industry.

RATING SENSITIVITIES

Negative: Further stretch in liquidity and decline in revenue along
with deterioration in EBITDA margin leading to further
deterioration in the credit metrics on a sustained basis would lead
to a negative rating action.

Positive: Improvement in liquidity position and significant growth
in revenue along with a substantial increase in EBITDA margin
leading to improvement in credit metrics on a sustained basis would
lead to positive rating action.

COMPANY PROFILE

MSSSKL manufactures sugar and its by-products: molasses, bagasse
and press mud. Its installed capacity is 2,500 tons of cane per day
(TCD). It also has a co-generation unit of power of 15MW capacity.
Its manufacturing unit is located at Miraj in Sangli, Maharashtra.


MOISTOP ENTERPRISES: CRISIL Migrates B+ Ratings to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Moistop
Enterprises Private Limited (MEPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            1       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan         0.75    CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with MEPL for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

MEPL is a Hyderabad based company, incorporated in 2012 and is a
professional desiccant manufacturing company engaged in
manufacturing of silica gel desiccant canisters catering to food
and beverages, electronics and pharmaceutical industries. The
company is promoted by Mr B.V. Satyanarayana and Mrs. B.
Rajakumari.


N. S. ENGINEERING: CRISIL Migrates D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of N. S.
Engineering Projects Private Limited (NSEPPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        5.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit          39        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Funded Interest       7.67     CRISIL D (ISSUER NOT
   Term Loan                      COOPERATING; Rating Migrated)
   
   Inland Guarantees     1        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit      8        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term   10.51     CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan            18.1      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Working Capital
   Term Loan            10.36     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NSEPPL for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2007, NSEPPL, promoted by Mr Manoj Kumar Kedia and
Mr Anil Kumar Goel, has a steel fabrication and galvanizing plant
located at Domjur (West Bengal) with a total installed capacity of
72000 metric tonne per annum (MTPA) for fabrication unit and 36000
MTPA for galvanization unit.

CRISIL has migrated the rating on bank facilities of NSEPPL to
'CRISIL D/CRISIL D Issuer not cooperating'.


NAGPUR WASTE: Ind-Ra Lowers Bank Loan Rating to 'BB+'
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Nagpur Waste
Water Management Private Limited's (NWWMPL) Phase 1 bank loan
facilities as follows:

-- INR1.65 mil. (outstanding amount as on April 30, 2019:
    INR1,561.5 bil.) Term loan due on November 2031 downgraded
    with IND BB+/Negative rating; and

-- INR50 mil. Bank guarantee downgraded with IND BB+/Negative
    rating.

Analytical Approach: To arrive at the rating, Ind-Ra has considered
the project profiles of both Phase 1 and Phase 2 as both the phases
are held by the same company.

The downgrade and Negative Outlook reflect the increase in debt due
to the addition of the Phase 2 project, resulting in the
reintroduction of construction risk; these factors had not been
factored into the original ratings. Additionally, the equity
injection risk for Phase 2, only partial creation of the debt
service reserve, higher-than-expected operating costs, resulting in
thin coverage ratios, and the weak credit profile of the operations
and maintenance (O&M) contractor, Vishvaraj Environmental Private
Limited (VEPL), constrain the rating.

KEY RATING DRIVERS

Reintroduction of Construction Risk: NWWMPL is setting up a new
brownfield expansion project -- Phase 2, which is a sewerage
treatment plant with a capacity of 200 million liters per day
(MLD). The construction of Phase 2 is being funded by a mix of debt
(INR2,396.2 million) and equity (INR1,026.5  million), leading to
an increase in the total debt (debt of Phase 1 + debt of Phase 2)
availed by the NWWMPL. As on date, the sponsor has infused equity
of INR733.5 million (71% total equity) in the Phase II project.
Although Phase 1 has a separate escrow account, the company is
exposed to construction completion risk and residual equity risk.
Any delay in the commencement of operations in Phase 2 could
negatively impact the credit rating.

Increase in O&M Costs Higher than Estimates: NWWMPL has signed an
O&M contract with its sponsor, VEPL, for a tenor of 10 years at a
higher rate than the earlier estimates.  The annual contract rate
is INR180 million (plus GST) for the first year; thereafter, annual
escalations would be received from the Nagpur Municipal Commission
(NMC; concession authority). The higher-than-estimated O&M contract
rate has led to the thinning of the forward-looking financial
coverages for the Phase 1 debt availed by NWWMPL. The concession
agreement describes the liquidated damages applicable against any
non-conformance to performance-related issues.  Additionally,
sewage treatment plants are also susceptible to liquidated damages
(LD) due to the non-conformance of treated water quality available
for sale. The management believes that, given the full receipt of
operational grants in the first year, the project does not face the
risk of any deductions.

Stretched Liquidity: NWWMPL had cash and reserves worth INR0.86
million (excluding availability of partial DSRA) as on 30 June
2019. The financing documents stipulate the creation of a debt
service reserve account (DSRA) equivalent to the one-quarter
equivalent of debt obligations. The company maintained INR36
million in DSRA reserves as on 30 June 2019 and it intends to
create the balance from the pending disbursement of one of the
lenders. Since the project has received the annuities and O&M
payments within 30 days, NWWMPL has not availed any working
capital. However, any delays in the receipt of payments could
stress the liquidity. The project also has a payment security
mechanism - an escrow arrangement with three-month equivalent
grants parked. In case of a default by NMC, funds could be drawn
from the said escrow arrangement; this mitigates the payment
receipt risk to some extent.

Moderate Counterparty Risk: In the operation history of 11 months
(commercial operations date - July 1, 2018), barring three
instances, NMC has paid the operational and construction grants
within 30 days. There have been some variations in the operational
grant amount since the payments are linked to the inflation index.

Moderate Debt Structure:  Financial risks take the form of an
annual variable interest rate linked to the base rate of the lead
bank. Any fluctuations in interest rates and absent sponsor support
would be credit negative. The debt repayment is quarterly and has a
ballooning pattern over 14 years, leaving a trial period of 16
years compared to the concession maturity.

Sponsor Undertakings: The sponsor has extended support, as per the
signed undertakings, to fund the project in the event of any delay
in the receipt of grants from NMC. Also, VEPL has undertaken to
provide cash support in case of delays in the receipt of grants for
Phase 1. The repayment started from April 2018, although the plant
was not commissioned, and the sponsor has made timely debt
repayments during the lean period in the absence of project cash
flows.

Moderate Revenue Risk: NMC will pay a fixed CAPEX grant of INR72
million per year on a quarterly basis (INR1.8 million) and a bid
operational grant on a monthly basis to NWWMPL. The concession
agreement provides assurance of grant payments to the
concessionaire, by way of the first right on the escrow arrangement
entered into between NMC and Maharashtra Power Generation
Corporation. Water supply is the responsibility of NMC and
non-availability of water at the project site is unlikely to affect
the project revenues, according to the terms of the Concession
Agreement.

RATING SENSITIVITIES

Positive: Sustained timely receipt of grants without any deductions
for both the phases and forward-looking minimum annual debt service
coverage ratio (DSCR) of 1.20x on a cash basis could lead to a
rating upgrade.

Negative: Future developments that could, individually or
collectively, lead to a negative rating action are:

  -- Delays in receipt of grants beyond 45 days

  -- Deduction in CAPEX grants, O&M grants or any other
     liquidated damages to Phase 1 project

  -- Non-creation of full DSRA in a timely manner

  -- DSCR lower than 1.1x

  -- Delay in the completion of the Phase 2 project
     including non-injection of equity in a timely manner

  -- Additional debt raised by the project SPV, higher
     than the agency's base case estimates

COMPANY PROFILE

NWWMPL is a joint venture company formed by Vishvaraj Environment
Private Ltd (64%), Vishvaraj Waste Water Management Private Ltd
(10%) and Drake & Scull Water and Power Ltd (DSWPL; 26%) to expand
the capacity of the sewage treatment plant (STP) at Nagpur to
200MLD from 100MLD. Vishvaraj as a group is headquartered in Nagpur
and started its operations with PPP-BOT projects in the roads and
highways sector and subsequently diversified into water supply
projects. The ultimate company of DSWPL is Drake and Scull, which
is a contractor with a global presence with more than 135 years of
experience. It has also a presence in the water treatment segment.


NWWMPL has been granted a 32-year (including the two years required
for construction) design-build-fund-operate-transfer concession by
NMC. As per the concession agreement, NWWMPL shall receive
construction grants (on a quarterly basis) and monthly operational
grants. The project attained the commercial operation date on 1
July 2018 after some cost and time overruns. The company is further
adding a new capacity of 200MLD, with the project cost of
INR3,422.7 million, under the same special purpose vehicle.


NAHAR LOGISTICS: CRISIL Moves B+ on INR13cr Loans to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nahar
Logistics Park Private Limited (NLPPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      1.2      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Proposed Overdraft      0.8      CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

   Term Loan              11.0      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NLPPL for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

NLPPL was incorporated in 2015 and held by four shareholders - Mr.
Jagdial Singh, Mr. Sanjay Sehgal, Mr. Jasdeep Singh Sohi and Mr.
Digvijay Singh. The company constructs and leases warehouse spaces
on the outskirts of Ludhiana providing good connectivity to Delhi,
Chandigarh and Amritsar. At present it has three warehouses which
are 100% leased out to Amazon, Flipkart, Mahindra & Mahindra,
ProConnect, Haier and Daikin.


PICO EVENT: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s Pico Event Marketing (India) Private Limited
        Level 2 Elegance, Mathura Road
        Jasola, South Delhi
        New Delhi 110025
        India

Insolvency Commencement Date: August 23, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 19, 2020

Insolvency professional: Gaurav Katiyar

Interim Resolution
Professional:            Gaurav Katiyar
                         D-32, East of Kailash
                         New Delhi 110065
                         E-mail: cagauravkatiyar@gmail.com
                                 picoevent.cirp@gmail.com

Last date for
submission of claims:    September 10, 2019


PRABHU CONSTRUCTIONS: Ind-Ra Moves 'BB-' Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prabhu
Constructions' (PC) Long-Term Issuer Rating to the non-cooperating
category. The Outlook was Stable. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. 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:

-- INR20 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISUER NOT COOPERATING) rating;

-- INR125 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Proposed fund-based limits* migrated to non-
     cooperating category with Provisional IND BB- (ISSUER NOT
     COOPERATING) / Provisional IND A4+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Established in 1986, PC undertakes civil construction contracts for
Uttar Pradesh Public Works Departments, Lucknow Development
Authority, Uttar Pradesh Rajkiya Nirman Nigam.


PRAKASAM HEAVY: Ind-Ra Assigns 'D' LongTerm Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Prakasam Heavy
Engineering Private Limited (PHEPL) a Long-Term Issuer Rating of
'IND D'.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limits (long-term)
     assigned with IND D rating; and

-- INR225.0 mil. Non-fund-based limits (long-term) assigned with
     IND D rating.

KEY RATING DRIVERS

The ratings reflect PHEPL's overutilization of cash credit limit
for more than 30 days ended June 2019 due to the stretched
liquidity position, resulting from a stretched gross working
capital cycle (FY19: 70 days; FY18: 43 days). The working capital
cycle elongated in FY19 because of an increase in the inventory
holding period (FY19: 112 days; FY18: 17 days). The company's
working capital facility was almost fully utilized during the 12
months ended in July 2019. The figures for FY19 are provisional.

The ratings are also constrained by PHEPL's small scale of
operations, as indicated by revenue of INR237.9 million in FY19
(FY18: INR692.3 million). The revenue fell due to a decrease in
orders. The EBITDA margin improved to a healthy 19.9% in FY19
(10.9%) due to a decline in raw material costs. The return on
capital employed was 19% in FY19 (FY18: 62%).

Additionally, the ratings reflect PHEPL's weak credit metrics due
to high debt levels. The interest coverage (operating EBITDAR /
gross interest expense) was 2.8x in FY19 (FY18: 3.2x) and net
leverage (adjusted net debt/operating EBITDAR) was 2.5x (0.8x). The
metrics deteriorated on a YoY basis because of a decline in the
absolute EBITDA to INR47.2 million in FY19 (FY18: INR75.4
million).

Furthermore, the company faces intense competition from unorganized
players in the market.

RATING SENSITIVITIES

Positive:  Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

PHEPL, which has been operational since 2010, is headed by Mr. Anil
Kumar, who has around 20 years of experience in the construction
business, and his family members. The company started operations as
an electrode manufacturer but subsequently became an electrical
contractor for carrying out projects for various state governments
and local authorities.


PUNEET ISPAT: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Puneet Ispat Pvt Ltd
        50, Chowrangi Road
        2nd Floor
        Kolkata 700071

Insolvency Commencement Date: August 20, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 16, 2020

Insolvency professional: Mr. Rakesh Kumar Agarwal

Interim Resolution
Professional:            Mr. Rakesh Kumar Agarwal
                         20, N.S. Road
                         Room no. 15, Block-A
                         Kolkata 700001
                         E-mail: rakesh202@hotmail.com

Last date for
submission of claims:    September 3, 2019


SAINI ALLOYS: Ind-Ra Lowers Long Term Issuer Rating to 'BB'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Saini Alloys
Limited's (SAL) Long-Term Issuer Rating to 'IND BB' from 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR155 mil. (reduced from INR170 mil.) Fund-based working
     capital limits Long-term rating downgraded; short-term rating

     affirmed with IND BB/Stable /IND A4+ rating; and

-- INR15 mil. (increased from INR10 mil.) Non-fund-based working
     capital limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects a substantial deterioration in SAL's modest
EBITDA margins despite an increase in revenue from high-margin
manufacturing segment to 47% in FY19 (FY18: 29%). EBITDA margins
contracted to 0.89% in FY19 (FY18: 1.7%) due to increase in fixed
cost, as the company enhanced its installed capacity and couldn't
utilize it efficiently, which resulted in lower cost absorption.
The return on capital employed declined to 8% in FY19 (FY18: 17%).
FY19 financials are provisional in nature.

The downgrade also factors in SAL's moderate credit metrics.
Interest coverage (EBITDA/gross interest expenses) deteriorated
slightly to 2.18x in FY19 (FY18: 2.79x) and net leverage (net
debt/EBITDA) to 3.33x in FY19 (2.99x) driven by a decrease in
absolute EBITDA to INR32.36 million (INR57.55 million).

The ratings also factor in SAL's average liquidity position as
indicated by 66% average utilization of its working capital
facilities during the 12 months ended July 2019. The cash flow from
operations declined to INR54.55 million in FY19 (FY18: INR79.13
million) due to a decline in operating profits. The company had
INR2.70 million of long-term loans as on FY19 and repayment
obligation of around INR0.7 million each year till FY23.

The rating also takes into consideration SAL's growth in revenue to
INR3,616.96 million in FY19 (FY18: INR3,278.86 million), driven by
an increase in sales volume and sales realization. However, despite
the rise in revenue, the scale of operations remained moderate.

The ratings are also supported by the promoters' over two decades
of experience in the steel industry.

RATING SENSITIVITIES

Positive: Increase in capacity utilization leading to improvement
in revenue and EBITDA margins while maintaining the credit metrics
on a sustained basis could be positive for the ratings.

Negative: Deterioration in the EBITDA margins leading to interest
coverage reducing below 1.7x could be negative for the ratings.

COMPANY PROFILE

SAL was incorporated in 1999 as a private limited company and was
converted into a limited company in March 2018. It manufactures
ingots, steel pipes, and casting products, and is also involved in
the trading of hot-rolled products.


SIGNET PRODUCTS: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Signet Products
Private Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BBB (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR40.8 mil. Term loan (long-term) due on January 2022
     downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR100 mil. Fund-based working capital limit (long-term/short-
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR120 mil. Non-fund-based working capital limit (short-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR100 mil. Proposed fund-based working capital limits (long-
     term/ short-term) downgraded with Provisional IND D (ISSUER
     NOT COOPERATING) rating; and

-- INR880 mil. Proposed non-fund-based working capital limits
     (short-term) downgraded with Provisional IND D (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Signet Products
during May 2019 due to tight liquidity.

RATING SENSITIVITIES

Positive:  Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

Incorporated in 1999 by Mr. Korde and his wife Mrs. Vaidehi Korde,
Signet Products provides end-to-end power infrastructure solutions
for data centers, automation, transmission and distribution, and
utility shifting.


SIVA ENGINEERING: Ind-Ra Assigns 'D' LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Siva Engineering
Company (SEC) a Long-Term Issuer Rating to 'IND D'.

The rating actions on SEC's bank loans are:

-- INR170.00 mil. Fund-based working capital limits (Long-term
     and Short-term) assigned with IND D rating;

-- INR80.00 mil. Non-fund-based limits (Short-term) assigned with

     IND D rating; and

-- INR170.00 mil. Proposed non-fund-based limit (Short-term)*
     assigned with Provisional IND D rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above
facilities by SEC to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect SEC's delays in term debt servicing during the
three months ended July 2019, due to a tight liquidity position
resulting from an elongated gross working capital cycle of 71 days
in FY19 (FY18: 47 days). The stretch in the working capital cycle
was attributed to a long inventory holding period of 51 days in
FY19 (FY18: 34 days). The company's working capital facility was
almost fully utilized during the 12 months ended in July 2019.

The ratings are also constrained by SEC's small scale of operations
as indicated by revenue of INR499.4 million, according to the
provisional financials of FY19 (FY18: INR305.6 million). The growth
in revenue was attributed to a rise in orders following the
increase of government orders. Its EBITDA margins were modest at
10.3% (14.7%) and the return on capital employed was 13% in FY19
(FY18: 13%). Despite the growth in revenue, the margins declined
due to an increase in raw material costs. The company also faces
intense competition from the unorganized players in the market.

The ratings also reflect the company's weak credit metrics as
reflected by interest coverage (operating EBITDAR/gross interest
expense) of 1.7x in FY19 (FY18: 1.3x) and net leverage (adjusted
net debt/operating EBITDAR) of 5.8x (5.2x). Absolute EBITDA
improved to INR51.6 million in FY19 (FY18: INR44.8 million).

RATING SENSITIVITIES

Positive:  Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

SEC set up in 1978 as a partnership firm, constructs bridges,
buildings, and water-treatment plants, primarily in Tamil Nadu. Its
operations are managed by R Muthuswamy and Siva Subramaniam.


SUNDER AGROMILLS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sunder Agromills Pvt. Ltd.
        Office no. 1107, 11th Floor D-Mall
        Plot No. A1, Netaji Subhash Place
        Pitampura North Delhi 110034

Insolvency Commencement Date: August 21, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: February 19, 2020

Insolvency professional: Pankaj Khetan

Interim Resolution
Professional:            Pankaj Khetan
                         H-38, LGF
                         Jangpura Extension
                         Near Eros Complex
                         New Delhi 110014
                         E-mail: pankaj.khetan@yahoo.com

                            - and -

                         K-37/A, Basement, Kailash Colony
                         Near Kailash Colony Metro Station
                         New Delhi 110048
                         E-mail: cirpsunderagromills.com

Last date for
submission of claims:    September 6, 2019


VOTARY TRADING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Votary Trading Private Limited
        12A, Netaji Subhas Road
        Room No. 501
        Kolkata 700001

Insolvency Commencement Date: August 21, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 17, 2020

Insolvency professional: Mahesh Chand Gupta

Interim Resolution
Professional:            Mahesh Chand Gupta
                         FE-202, Salt Lake City
                         Sector 3, 1st Floor
                         Kolkata 700106
                         E-mail: mcgupta90@gmail.com
                                 vtpl.cirp@gmail.com

Last date for
submission of claims:    September 4, 2019


WOCKHARDT LIMITED: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Wockhardt
Limited's Long-Term Issuer Rating to 'IND BB+' from 'IND BBB-'. The
Outlook is Negative.

The instrument-wise rating actions are:

-- INR2.0 bil. Term loans due on March 2024 assigned with IND
     BB+/Negative rating;

-- INR4.0 bil. Fund-based limits downgraded with IND BB+/Negative

     rating;

-- INR3,588.0 bil. Non-fund-based limits downgraded with IND A4+
     rating;

-- INR1.663 bil. Fund-based / non-fund-based interchangeable
     limits downgraded with IND BB+/Negative/IND A4+ rating;

-- USD380 mil. Term loans due on December 2021 - January 2022
     downgraded with IND BB+/Negative rating;

-- INR4,750.0 bil. Term loans due on June-October 2022 downgraded

     with IND BB+/Negative rating;

-- INR2.0 bil. Commercial paper/short-term debt programmes* 90-
     180 days downgraded with IND A4+ rating; and

-- INR5,087.5 bil. Proposed working capital facilities downgraded

     with Provisional IND BB+/Negative/Provisional IND A4+ rating.

*The CP will be carved out of fund-based working capital limits.

Analytical Approach: The agency continues to take a consolidated
view of Wockhardt and its 31 subsidiaries while arriving at the
ratings since the subsidiaries manufacture and sell pharmaceutical
formulations.

KEY RATING DRIVERS

Significant Refinancing Risk in FY20: The downgrade and Negative
Outlook reflect the significantly elevated refinancing risks for
Wockhardt in 2HFY20 due to its weak liquidity position for
servicing its upcoming debt maturities over the same period. In the
absence of a meaningful recovery in operating performance, the
company has witnessed continuous depletion in cash balances
(1QFY20: INR1.86 billion; FY19: INR4.48 billion; FY18: INR12.44
billion) for servicing debt obligations. Furthermore, the agency
expects weak free cash flow (FY19: negative INR1.30 billion; FY18:
INR3.32 billion) generation in FY20.

In FY19, the company's promoters infused INR2.5 billion in the form
of redeemable preference shares to refinance Wockhardt's
outstanding preference debt. The management is evaluating
refinancing options for the large upcoming debt repayments
(2QFY20-4QFY20: INR4.9 billion; FY21: INR8.41 billion) through term
loans and other capital infusion options in India and abroad. Also,
additional financial support from the promoters through the
issuance of redeemable preference shares of INR2.5 billion as per a
board resolution dated December 2018 and proposed debt issuances
may provide liquidity back-up till 2HFY20. Based on a discussion
with the management, the agency expects the shortfalls in debt
servicing, if any, to be met by the promoters through fund
infusions. Hence, a meaningful operational turnaround in FY20
and/or continued promoter support is a key rating sensitive
factor.

Weakened Credit Profile: The ratings reflect Wockhardt's
consolidated weak operational performance and credit profile in
FY19-1QFY20. In FY19, Wockhardt's revenue grew by 5.6% to INR41.58
billion (FY18: INR39.36 billion), led by increased exports to the
US and semi-regulated markets. Its operating EBITDA and operating
profitability recovered to INR1.34 billion in FY19 (FY18: loss of
INR0.55 billion) and 3.2% (EBITDA loss). In 1QFY20, Wockhardt's
operating EBITDA improved on a sequential-quarter and yoy basis to
INR0.55 billion (4QFY19: INR0.24 billion; 1QFY19: INR0.28 billion).
The EBITDA losses were arrested during FY19-1QFY20 on the back of
an improvement in gross profitability (1QFY20: 59.1%; FY19:56.4%;
FY18: 54.3%) and a moderation in the remediation costs for the
US-focused facilities under import alerts and warning letters.
However, the R&D expenses for abbreviated new drug application
(ANDA) filings innovative pipeline remained elevated as a
percentage of the consolidated revenue (1QFY20: 7.0%; FY19: 7.0%;
FY18: 7.3%).

Despite the modest improvement in operating profitability, the
consolidated credit metrics remained weak because of high debt
levels. The net adjusted debt/trailing twelve months (TTM)
operating EBITDA stood at 18.1x in 1QFY20 (FY19: 22.0x; FY18:
negative 46.93x), while TTM operating EBITDA/gross interest expense
stood at 0.61x (FY19: 0.51x FY18: 0.13x). The agency expects
Wockhardt's credit profile to remain weak in FY20.

Recovering US, India and ROW Businesses: Wockhardt's business risk
profile is supported by its sizeable scale and modest competitive
position in the domestic markets (FY19: INR15.14 billion; FY18:
INR15.09 billion) and semi-regulated markets (INR5.39 billion;
INR4.37 billion), which offer mid-to-high-teen EBITDA margins.
Wockhardt continues to focus on new product launches in various
therapies in the domestic markets and is increasing its presence in
the semi-regulated markets to strengthen profitability.
Additionally, the recovery in the US business (FY19: INR7.93
billion; FY18: INR6.61 billion), attributed to revenue generation
from abbreviated new drug applications (ANDAs) commercialized from
third-party sites and rupee depreciation, has also contributed to
the improvement in gross margins and operating profitability. At
end-June 2019, Wockhardt had commercialized 10 high-value ANDAs
from third-party sites and had 55 ANDAs pending approval from the
USFDA; upon commercialization, these ANDAs may enable the company
to report modest growth in its US revenues amid competition.

Over FY18-1QFY20, Wockhardt's management undertook several
cost-saving initiatives at the plant level and also rationalized
employee cost and R&D expenditure. The company expects remediation
costs and R&D spends to moderate further in FY20. The agency
believes that at the current run rate, the operating profitability
would remain in single digits for FY20 as the company does not have
the flexibility to drastically reduce/defer R&D spends. The
management's ability to reduce regulatory concerns in regulated
geographies, improve profitability and monetize new products will
remain the key sensitivities for a recovery in the business risk
profile.

Monetization of Concerted R&D Initiatives FY21 Onwards: Wockhardt
is developing a new class of patented breakthrough anti-infectives
for combating multi-drug anti-microbial resistance and has received
qualified infectious disease product approval for five unique drugs
from the USFDA. Of these, three are in various advanced stages of
global clinical trials and two molecules have completed phase 3
studies and have been filed for review with Indian regulatory
authorities. The management expects to commercialize these products
FY21 onwards. Till then, however, the high R&D costs will continue
to exert stress on the company's profitability and cash flow.

Significant Regulatory Overhang: Seven of Wockhardt's facilities
were under regulatory restrictions by the USFDA at end-June 2019.
Among these, two flagship formulation facilities -- one in Waluj
and one in Chikalthana (both in Aurangabad) -- continue to be under
import alerts since 2013. The other facility in Waluj received a
warning letter in 2013. Also, the facilities under the subsidiaries
CP Pharmaceuticals (UK) and Morton Grove Pharmaceuticals, Inc (US)
were issued warning letters in FY17. Morton Grove Pharmaceuticals
and the facilities in Waluj contribute around 80% to the sales to
US markets. However, Wockhardt's facilities continue to be
compliant as per other regulatory authorities. While there have
been no adverse events in FY19-1QFY20, any escalation to an import
alert would affect the company's overall operations and delay
recovery.

Standalone Credit Profile: Wockhardt reported revenue of INR21.49
billion in FY19 (FY18: INR24.77 billion) and operating EBITDA
margins of 3.83% (13.26%). The company's net debt/operating EBITDA
was 20.7x in FY19 (FY18: 5.2x) and operating EBITDA/interest
expense was 0.5x (1.9x).

RATING SENSITIVITIES

Positive: Future developments that could collectively lead to the
Outlook being revised to Stable include:

  - timely refinancing of the upcoming repayments and an
    improvement in the liquidity

  - a significant improvement in the profitability by scaling-up
    US revenues, due to commercialization of ANDAs through third
    parties and/or the resolution of the regulatory issues

Negative: Future developments that could, individually and
collectively, lead to a rating downgrade include:

   - a further escalation in the regulatory actions, affecting
     the revenues and/or profitability

   - a lower-than-expected improvement in the operating
     profitability or cash flow from operations

   - further delays in shoring-up liquidity and/or debt
     refinancing

COMPANY PROFILE

Incorporated in 1960, Wockhardt has operations in India, the US,
the UK, Ireland, and France. Apart from finished dosage
formulations, the company produces injectables, biopharmaceuticals,
orals (tablets and liquids) and topical (creams and ointments).


YES BANK: Moody's Lowers LT Foreign Currency Issuer Rating to Ba3
-----------------------------------------------------------------
Moody's Investors Service downgraded Yes Bank Limited's long-term
foreign-currency issuer rating to Ba3 from Ba1.

Moody's has also downgraded the bank's long term foreign and local
currency bank deposit ratings to Ba3 from Ba1, foreign currency
senior unsecured MTN program rating to (P)Ba3 from (P)Ba1, and
Baseline Credit Assessment (BCA) and adjusted BCA to b1 from ba2.

The outlook on the bank's ratings, where applicable, is negative.

The rating action concludes the review for downgrade initiated on
June 11, 2019.

RATINGS RATIONALE

The downgrade of Yes Bank's ratings takes into account: (1) the
lower than expected amount of capital raised by the bank recently;
and (2) the risk that the substantial decline in the bank's share
price will challenge its ability to raise sufficient capital to
maintain the rating at its previous level.

On August 14, 2019, Yes Bank raised INR19.3 billion in new capital
via a qualified institutional placement (QIP). On a pro-forma
basis, the QIP will moderately improve the bank's reported common
equity tier 1 (CET1) ratio as of June 30, 2019 to 8.6% from 8.0%.

Furthermore, Moody's expects the bulk of Yes Bank's operating
profits will get consumed by loan loss provisions over the next
12-18 months, and thus not support internal capital generation.

This will leave the bank dependent on external capital raising to
improve its loss-absorbing buffers, which in Moody's opinion is
becoming more challenging given the substantial decline in its
share price.

Yes Bank's asset quality deteriorated in the quarter ended June
2019, with its gross nonperforming loan (NPL) ratio rising to 5.0%
from 3.2% at the end of March 2019. As of the same date, about
INR100 billion of loans -- or about 4% of Yes Bank's total loans --
remain on a watchlist, meaning the company expects these watchlist
loans may translate into NPLs over the next 2-3 quarters.

In addition, about INR75 billion of bond investments -- or 10% of
its total investment holdings -- have experienced rating downgrades
in the past quarters.

As of June 2019, on a pro-forma basis, the bank's loan loss
coverage against potential stressed loans, NPLs and watchlist loans
registered about 27%, which is very weak compared to the loan given
default experience of Indian banks. The loan loss coverage ratio
includes a contingent provision of INR7 billion against watchlist
loans. The bank has also taken some marked-to-market losses on
investments that were downgraded.

Although the bank's funding and liquidity profile has remained
broadly stable, it compares weakly to other rated private sector
peers in India.

Moody's maintains a negative adjustment for corporate behavior in
Yes Bank's BCA, which results in a one-notch negative adjustment to
the bank's BCA when compared to its financial profile.

Moody's also maintains its assumption of a moderate probability of
government support for deposits and senior unsecured debt,
reflecting the bank's modest, but increased, franchise and relative
importance to India's banking system. This support assumption
results in a one-notch uplift to the bank's foreign currency issuer
rating of Ba3 from its BCA of b1.

OUTLOOK NEGATIVE

The negative outlook primarily reflects the risk of further
deterioration in the bank's solvency, funding or liquidity, as the
bank continues to work through the asset quality issues and
rebuilds its loss absorbing buffers.

WHAT COULD CHANGE THE RATING UP

Given the negative outlook, an upgrade is unlikely over the next
12-18 months.

Nevertheless, Moody's could change the ratings outlook to stable if
Yes Bank (1) maintains its current asset quality profile, or
adequately provides for the stock of stressed assets; or (2)
concludes a further material capital raise that strengthens its
loss absorbing buffers.

WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade Yes Bank's ratings if (1) there is a
sustained deterioration in its impaired loans or loan-loss
reserves, or if the rate of new NPL formation is significantly
higher than previously experienced; (2) the bank's capital ratios
declines because of losses and or an inability to raise external
capital; or (3) its funding or liquidity deteriorates.

The principal methodology used in these ratings was Banks published
in August 2018.

Yes Bank Limited is headquartered in Mumbai and reported total
assets of INR3.7 trillion ($53.7 billion) at June 30, 2019.

List of affected ratings

Yes Bank Limited

  - Long term foreign currency issuer rating downgraded to Ba3
    from Ba1

  - Long term foreign and local currency deposit ratings
    downgraded to Ba3 from Ba1

  - Short term foreign and local currency deposit ratings
    affirmed at NP

  - Foreign currency senior unsecured MTN program rating
    downgraded to (P)Ba3 from (P)Ba1

  - Baseline Credit Assessment (BCA) and adjusted BCA
    downgraded to b1 from ba2

  - Counterparty risk assessment (CR Assessment) downgraded
    to Ba2(cr)/NP(cr) from Baa3(cr)/P-3(cr)

  - Domestic and foreign currency counterparty risk rating
    (CRR) downgraded to Ba2/NP from Baa3/P-3

  - Outlook, where applicable, is negative

Yes Bank, IFSC Banking Unit Branch

  - Foreign currency senior unsecured MTN program rating
    downgraded to (P)Ba3 from (P)Ba1

  - Foreign currency senior unsecured debt rating downgraded
    to Ba3 from Ba1

  - CR Assessment downgraded to Ba2(cr)/NP(cr) from
    Baa3(cr)/ P-3(cr)

  - Domestic and foreign currency CRR downgraded to
    Ba2/NP from Baa3/P-3

  - Outlook, where applicable, is negative




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

FGV HOLDINGS: Net Loss Widens to MYR52.2MM for Q2 Ended June 30
---------------------------------------------------------------
The Sun Daily reports that FGV Holdings Bhd's net loss widened to
MYR52.2 million in the second quarter (Q2) ended June 30, 2019 from
MYR23.43 million in the same quarter last year, attributed to lower
crude palm oil (CPO) price realised as well as losses incurred in
the sugar sector.

However, the group's revenue for the period only shrank 4.6% to
MYR3.28 billion from MYR3.44 billion, thanks to the early impacts
of its transformation plan which has resulted in a 15% increase in
fresh fruit bunch (FFB) production to 1.15 million metric tonnes
(mt) and a 19% improvement in FFB yield to 4.76 mt/ha, the report
says.

For the first six months of the year, FGV also reported higher net
loss of MYR55.57 million against MYR22.31 million in the same
period of the previous year, the Sun Daily discloses.

Its revenue came in at MYR6.56 billion, a 6.9% drop from MYR7.04
billion previously.

According to the Sun Daily, FGV told Bursa Malaysia that for the
first half of the year, the plantation sector reported a loss of
MYR14.28 million compared with MYR26.75 million in the same period
a year ago due to depressed CPO price realised of MYR1,972 per mt
for the quarter, a decline of 19% from MYR2,447 per mt reported
previously.

In addition, the sector was affected by a higher fair value land
lease agreement charge of MYR165.28 million against MYR106.91
million previously, the report notes.

The Sun Daily adds that FGV said that the plantation's loss was
partially offset by the net reversal of impairment of MYR56 million
due to settlement received from customers.

On the other hand, its sugar business incurred a loss of MYR56.03
million versus MYR49.91 million profit registered in the previous
period on the back of lower average selling price and decrease in
sales volume, the Sun Daily adds.

Meanwhile, the group's logistics and others sector recorded a lower
profit of MYR26.27 million compared with MYR38.25 million
previously, due to higher throughput and increase in handling rate
in the period, the report discloses.

"I am pleased to report that FGV's operational performance has
improved significantly, with higher yields and much lower operating
costs. However, overall performance was affected by a number of
factors, among which are softer CPO prices and the poor showing in
the sugar business," the Sun Daily quotes group CEO Datuk Haris
Fadzilah Hassan as saying in a press release.

He noted that the group is reviewing its sugar business due to the
poor results, as it believes that the current structure is
suboptimal and does not consider policy shifts or industry trends.

Moving forward, FGV will continue on its operational transformation
and expects to achieve all targets set by the board of directors at
the start of this financial year, the Sun Daily relays.

FGV Holdings Berhad engages in the agri-business in Malaysia and
internationally. The company cultivates, produces, and processes
fresh fruit bunches into crude palm oil (CPO) and palm kernel (PK);
refines CPO; fractionates refined bleached deodorized palm
oil and palm olein; crushes PK; processes and sells biodiesel
products; and produces fatty acids and glycerin, graphene and
nanotubes, and consumer bulk and packed products.


UTUSAN MELAYU: To Be Delisted From Bursa Malaysia After 25 Years
----------------------------------------------------------------
Tan Xue Ying at theedgemarkets.com reports that Practice Note 17
(PN17) firm Utusan Melayu (M) Bhd is set to be delisted from Bursa
Malaysia today, Aug. 30, as the company announced on Aug. 29 that
no appeal has been made against the regulator's decision.

"The board of directors of Utusan wishes to announce that the
company has not made an appeal against the delisting of Utusan's
securities and pursuant thereto the securities will be delisted on
Aug. 30, 2019," said the media group in a filing to the stock
exchange on Aug. 29.

Utusan, the publisher of Utusan Malaysia and Kosmo!, was listed on
the Main Board of the then Kuala Lumpur Stock Exchange in 1994.

According to theedgemarkets.com, trading of the PN17 company's
shares was suspended on Aug. 28 after the group had failed to
submit its regularisation plan to authorities by the Aug. 19
deadline. The stock was last done at 5.5 sen apiece, giving it a
market capitalisation of some MYR6 million.

theedgemarkets.com relates that the loss-making media group had
said it is "impossible" for it to find potential investors to
revive the business due to its huge liabilities, with total debts
of MYR139.19 million as at June 30.

To ensure business continuity, Utusan last week raised the prices
of Utusan Malaysia from MYR1.50 to MYR2 a copy, and Kosmo! to
MYR1.50 from MYR1, theedgemarkets.com notes.

                       About Utusan Melayu

Utusan Melayu (Malaysia) Berhad engages in the publication,
printing and distribution of newspapers. The Company's segments
include Publishing, distribution and advertisements, which is
engaged in publishing and distribution of newspapers, magazines and
books, and also indoor and outdoor advertising; Printing, which is
engaged in printing of magazines and books; Information technology
and multimedia, and Investment holding, management services and
others. It publishes newspapers, which include Utusan Malaysia,
Mingguan Malaysia, Kosmo! and Kosmo! Ahad. Its magazines include
Mastika, Saji, Infiniti and Wanita. The Company, through its
subsidiary, publishes educational books that cover all levels of
education, from pre-school to university. It also publishes
children's books and other general titles covering subjects, such
as religion and women's titles. Its other services include
transportation, audio video production and series, and archive and
research information services.

Utusan Melayu was classified as a PN17 company on Aug. 21, 2018, as
it had failed to provide a solvency declaration to Bursa Malaysia
after defaulting on its principal and profit payment to Maybank
Islamic Bhd and Bank Muamalat Malaysia Bhd.

On Aug. 30, Utusan Melayu said it will have the Corporate Debt
Restructuring Committee (CDRC), under the purview of Bank Negara
Malaysia, mediate between the group and its respective financiers.

The company said it is in the midst of formulating a regularization
plan to address its PN17 status.




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

HYFLUX LTD: Says No Definitive Deal Reached with Utico
------------------------------------------------------
Vivienne Tay at The Business Times reports that Hyflux Ltd on
Aug. 28 clarified that a definitive agreement had not been entered
into with Utico, pending resolution on "certain final outstanding
issues" in the draft definitive agreements.

BT relates that the embattled water firm was responding to media
reports over a statement Utico, a United Arab Emirates utility
firm, released on Aug. 27 that it had "signed and released" a
restructuring agreement with Hyflux.

"The company and Utico are however in highly advanced discussions
and will continue to engage with each other with a view to
resolving such final outstanding issues and finalising and entering
into the definitive agreement as soon as possible," Hyflux added in
its statement issued just before midnight [Aug. 28].

In its statement on Aug. 27, Utico said the restructuring deal
"finds a resolution" for creditors and PNP investors and
development projects that have been "languishing since the
moratorium" in May 2018, BT relays. It also added that "swift
action" would be taken to bring all projects up to speed, as well
as take on new projects, together with the support of Hyflux's
board and management, BT relays. Any details of the agreement were
not disclosed.

When contacted by The Business Times at the time, Hyflux said that
an announcement would be made in a filing with the Singapore
Exchange. But no announcement was forthcoming as at press time.

Hyflux on Aug. 16 said it would engage exclusively with Utico until
Aug. 26 as its negotiations were the most advanced among all
potential investors.

This date was also the deadline for Hyflux to enter a definitive
agreement for Utico's intended investment -- a SGD300 million
equity injection and a SGD100 shareholder loan for 88 per cent of
the water firm, adds BT.

                           About Hyflux

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

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

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

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


PACIFIC STAR: Posts SGD22 Million Net Loss in Year Ended June 2019
------------------------------------------------------------------
Vivienne Tay at The Business Times reports that Pacific Star
Development on Aug. 29 posted a net loss of SGD22 million for the
12 months ended June 30, on poor market sentiment in the Iskandar,
Malaysia, property market.

This was from a restated net profit of SGD7.3 million for the 18
months ended June 30, 2018, this used as the comparative period as
the group had on November 2017 changed its financial year end from
Dec. 31 to June 30, BT relates.

Loss per share stood at 4.3 Singapore cents, from earnings per
share of 2.09 cents a year ago. No dividend has been declared for
the year, unchanged from the previous comparative period, the
report discloses.

According to BT, revenue for the full year was down 96.5 per cent
to SGD4.3 million, from SGD121.4 million a year ago. This was
mainly due to decreased sales in its Puteri Cove Residences (PCR)
project. PCR is a property development project located in Iskandar
Puteri, Malaysia, developed by the group's wholly-owned indirect
subsidiary, Pearl Discovery Development.

BT relates that the group also reclassified SGD2.5 million in sales
relating to its aluminium division under discontinued operations.
The aluminium division is currently under liquidation.

Pacific Star's cost of sales narrowed to SGD3.1 million, from
SGD63.1 million a year ago, the report notes.

Its gross profit fell 98 per cent to SGD1.2 million from SGD58.4
million the year prior. This was due to a decrease in number of
units sold, lower average selling prices and sales incentives for
PCR, as well as a reclassification of SGD1.9 million in cost of
sales relating to the aluminium division, BT discloses.

On its outlook, Pacific Star said the residential property market
"continues to deteriorate" in Iskandar Puteri, Malaysia and
Bangkok, Thailand, with larger supply of unsold inventory flooding
the market, according to BT. This comes as construction is
completed on projects which were previously under various phases of
construction.

Pacific Star Development Limited (SGX:1C5) is a property investment
management and development firm. The Company invests and develops
office, retail, and residential properties throughout Southeast
Asia. Pacific Star Development also engages in the provision of
aluminum works and the manufacturing of traction devices and
vehicle parts.


TRIYARDS HOLDINGS: Unit Ordered to Hand Over VND542BB Collateral
----------------------------------------------------------------
Leila Lai at The Business Times reports that a subsidiary of
Triyards Holdings Limited has been ordered by a Vietnamese court to
transfer collateral worth VND542 billion to Vietnam Asset
Management Company.

Saigon Offshore Fabrication and Engineering Limited (SOFEL) had
pledged the collateral to An Binh Commercial Joint Stock Bank,
Triyards said in a Singapore Exchange filing on Aug. 28, BT
relates. The collateral includes buildings, machineries and
equipment and materials belonging to a shipbuilding project located
at SOFEL.

According to the report, Triyards said it would make further
announcements as and when there are any material developments.

The counter has been suspended since last September, after its
parent group, Ezra Holdings, filed for bankruptcy protection in the
US, the report notes.

Triyards Holdings Limited is a Singapore-based investment holding
company. The Company operates through Engineering and Fabrication
Services segment. The Company's geographical segments include Asia,
Europe and Other Countries. The Company provides integrated
engineering, fabrication and ship construction solutions for the
global offshore and marine industry. The Company focuses on
shipbuilding, ship conversions, medium to heavy fabrication works
and ship repairs. The Company's offerings include offshore support
vessels, liftboats, research vessels, aluminum built
security vessels, chemical tankers and windfarm service vessels.
The Company's business and facilities include specialized
shipbuilding; ship repair, maintenance and conversion; rig
building, and offshore engineering, construction and fabrication.
The Company's Strategic Marine's military portfolio includes
Inshore Patrol Vessels, Fast Response Vessels, Offshore Patrol
Vessels and Landing Craft.




=====================
S O U T H   K O R E A
=====================

KOLON LIFE: Korea Exchange Delists Unit From KOSDAQ Market
----------------------------------------------------------
Yonhap News Agency reports that the Korea Exchange, South Korea's
bourse operator, said on Aug. 26 it has tentatively decided to
delist Kolon TissueGene Inc., an affiliate of Kolon Life Science,
from the local stock market as it submitted a false document when
it was listed two years ago.

But the company is allowed to seek further review for the decision,
which means that depending on the final outcome of the review,
shares of Kolon TissueGene could be delisted or remain on the
KOSDAQ market, the report says.

Yonhap relates that Kolon TissueGene, a U.S.-based affiliate of
Kolon Life Science, was listed on the secondary market in 2017.
According to the report, the trading of Kolon TissueGene has been
suspended since late May after the government revoked its permit
for the gene therapy drug Invossa for mislabeling and false
reporting of an ingredient.

In July, the Ministry of Food and Drug Safety made the final
decision banning the production and sale of Invossa after it
canceled the license for the drug made by Kolon Life Science in
late May and ordered the suspension of sales in April, Yonhap
recalls.

According to Yonhap, Kolon Life acknowledged that a substance in
the joint pain treatment drug had been mislabeled since 2003, with
authorities arguing the company intentionally did not disclose
additional data it discovered on the problem before submitting the
drug for approval.

State regulators added that the drugmaker failed to provide a
scientific cause for the mix-up, the report says.

A material used in Invossa, which was approved for sale in 2017,
came from a kidney cell instead of from cartilage as stated in the
document submitted for approval, according to the drug authorities,
the report relays.

There have been no cases of side effects associated with Invossa,
but all people who have received treatment will be closely
monitored for upwards of 15 years, the report states.

A total of 438 hospitals and clinics have administered 3,707 doses
of the drug so far.

Early this month, a Seoul court turned down a request by Kolon Life
Science to suspend the government's decision to prohibit the
production and sale of Invossa, saying that Invossa's safety has
not been fully guaranteed, Yonhap relates.

It ruled that the ministry's measure is justifiable as the original
permit was based on false reporting of a key ingredient.

Its market capitalization stood at KRW489 billion in late May when
its trading was suspended, with a total of 59,445 retail investors
holding 36.3 percent of Kolon TissueGene, the report discloses.

Headquartered in Gwacheon, South Korea, Kolon Life Science Inc.
provides biopharmaceuticals, active pharmaceutical ingredients,
antimicrobials, and water solutions primarily in South Korea. Its
biopharmaceutical product includes Invossa, a cell mediated gene
therapy for osteoarthritirs; and biopharmaceutical products under
development comprise KLS1010, a therapeutic substance that can
treat cancer by utilizing the gene, KLS-2020 for treating pain, and
KLS-3020, an anticancer drug. The company also provides active
pharmaceutical ingredients for anticancer and intermediates; and
antimicrobial agents for paints and cosmetics. In addition, it
offers Kolon BESFLOC polymer used in chemical, food, leather,
pharmaceutical, fiber, and dairy industries, as well as in waste
and wastewater treatment plant settling ponds, sludge thickeners,
and float thickeners.



                           *********


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

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

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

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

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



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