/raid1/www/Hosts/bankrupt/TCRAP_Public/190905.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, September 5, 2019, Vol. 22, No. 178

                           Headlines



A U S T R A L I A

CENTENNIAL MINING: AuStar to Acquire Firm via DOCA
GRAINPRO PTY: Creditors Agree to Extend Administration by a Month
ICONIC DESIGN: First Creditors' Meeting Set for Sept. 12
LIME STRUCTURAL: Second Creditors' Meeting Set for Sept. 9
MEGA LTD: First Creditors' Meeting Set for Sept. 11

N.F.F. AUSTRALIA: Second Creditors' Meeting Set for Sept. 9
OM GVG: First Creditors' Meeting Set for Sept. 10
SPACE PRODUCTION: Second Creditors' Meeting Set for Sept. 10
TMC GLOBAL: First Creditors' Meeting Set for Sept. 11


C H I N A

21VIANET GROUP: S&P Affirms 'B+' ICR, Outlook Stable
BANK OF JINZHOU: Reveals All in Long-Delayed 2018 Annual Report
CHINA JINJIANG: S&P Alters Outlook to Pos. on Zhejiang Energy Deal
HNA GROUP: Cash Drops 20 Times Faster Than Debts


I N D I A

ARYAVARTA COOL: CRISIL Lowers Ratings on INR12cr Loans to 'D'
CEM ELECTROMECH: CRISIL Lowers Ratings on INR7cr Loans to D
D-PARADISE TEX: CRISIL Assigns 'B' Ratings to INR5.6cr Loans
EVERTOGEN LIFE: CRISIL Lowers Rating on INR29.66cr Loan to D
GUPTA STEEL: CRISIL Assigns B+ Rating to INR10cr Cash Loan

HANKHUL PACKWELL: CRISIL Moves B Debt Ratings to Not Cooperating
KASHMIR STEEL: CRISIL Lowers Rating on INR26cr Cash Loan to 'D'
MAA SHAKUMBARI: CRISIL Assigns 'D' Ratings to INR6cr Loans
MILAN TANNERY: CRISIL Moves B- on INR9cr Loans to Not Cooperating
MUPPA AKSHAJA: CRISIL Assigns B+ Rating to INR17cr LT Loan

MURTI RICE: CRISIL Reaffirms B+ Rating on INR2.4cr Cash Loan
PRAGATI GRANITO: CRISIL Assigns B Ratings to INR6cr Loans
R. L. INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
ROHAN METALS: CRISIL Moves B on INR14cr Loans to Not Cooperating
SARAVANA HOSPITAL: CRISIL Assigns D Ratings on INR5.68cr Loans

SHIV CORP: CRISIL Cuts Rating on INR3.34cr LT Loan to D
SHREE SIDDHESHWAR: CRISIL Moves INR340cr Debt to Not Cooperating
SIGNET CORP: CRISIL Moves B on INR9cr Loan to Not Cooperating
SPAK SURFACTANTS: CRISIL Migrates 'B' Rating to Not Cooperating
SRI KRISHNA: CRISIL Moves D on INR10cr Loans to Not Cooperating

SRI LAKSHMI: CRISIL Lowers Rating on INR7cr Loans to 'D'
SRI LAXMI TIMBERS: CRISIL Moves D on INR38cr Debt to NonCooperating
THOPPIL HOLDINGS: CRISIL Moves B on INR10cr Debt to Not Cooperating
V MART STORES: CRISIL Assigns B- Ratings to INR7cr Loans
VALIA IMPEX: CRISIL Reaffirms B+ Rating on INR33.15cr Loan

VALLI MURUGAN: CRISIL Moves D on INR6.5cr Loans to Not Cooperating
VISION METALIK: CRISIL Moves B+ on INR8.8cr Debt to Not Cooperating
Z. F. FILAMENTS: CRISIL Moves B- on INR7cr Loans to Not Cooperating


N E W   Z E A L A N D

FONTERRA: 6,000 Staff to Miss Out on Bonuses and Pay Raises


S I N G A P O R E

INNOPAC HOLDINGS: Seeks 2-Mo. Extension to Post Results, Hold AGM
NEW TOYO: Unit to Cease Tissue Paper Production by Sept. 15

                           - - - - -


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

CENTENNIAL MINING: AuStar to Acquire Firm via DOCA
--------------------------------------------------
Esmarie Iannucci at miningweekly.com reports that ASX-listed AuStar
Gold will acquire Centennial Mining through a deed of company
arrangement (DOCA) to consolidate its landholding in Victoria.

Centennial, which owns the A1 gold mine, near the Woods Point and
Maldon carbon-in-leach processing plant, went into administration
in March this year.

Under the terms of the takeover offer, AuStar will contribute
AUD2.4 million in cash to the DOCA, closing the Centennial
administration, miningweekly.com relates.

Prior to the completion of the DOCA, Centennial and AuStar would
enter into a merger agreement, under which AuStar would allocate
more than 24.98 million shares, or 31.7%, of the company's total
shares, to Centennial shareholders, the report cites.

According to miningweekly.com, AuStar chairperson Frank Terranova
on Sept. 3 said that the company had publicly stated that regional
consolidation was a logical part of its overall growth strategy.

"The potential combination of these assets will accelerate our
objective of creating a truly sustainable and scalable gold company
within the region. AuStar Gold believes that the combination of
these assets with obvious geographically, geological, mining,
processing and administrative overlap, will unlock and create
substantial value for all stakeholders," the report quotes Mr.
Terranova as saying.

The enlarged AuStar would have producing mines at Morning Star and
A1, and would also hold the Rose of Denmark mine, where trial
mining has been approved, the report states.

miningweekly.com relates that ore mined from the A1 gold mine is
currently trucked on a 644 km round-trip to Centennial's processing
facility, near Maldon, but the mine is located only some 15 km from
AuStar's Woods Point gold processing facility, which has available
capacity.

miningweekly.com adds that Mr. Terranova said that the proposed
acquisition would provide opportunity for AuStar to supplement the
mineral inventories from the Morningstar and Rose of Denmark mines
with those of the A1 gold mine, to increase the economic use of the
Woods Point processing facility.

Furthermore, the consolidation of the Maldon processing plant will
provide a combined operation with the ability to optimise material
haulage to the Maldon circuit, lift overall group recoveries and
ensure that the higher overall level of contained gold is trucked
to the longer haulage leg to Maldon.

Third party toll treatment opportunities will also be explored to
exploit the available capacity at Maldon.

miningweekly.com adds that Terranova on Sept. 3 said that
integration planning was well advanced, and as part of this, AuStar
would be undertaking a complete review of all operational and
corporate activities to ensure a fit-for-purpose structure is
created.

The takeover offer is subject to a number of conditions, including
AuStar undertaking a AUD4.4-million capital raise, priced at 0.3c a
share, and all regulatory, creditor and shareholder approvals, the
report notes.

                     About Centennial Mining

Centennial Mining Limited (ASX: CTL) --
https://www.centennialmining.com/ -- engages in the exploration and
development of gold projects in Australia. It primarily develops
the A1 Gold Mine located in Eastern Victoria.

Richard Tucker, John Bumbak and Leanne Chesser of KordaMentha Perth
were appointed as administrators of Centennial Mining and
subsidiary and Maldon Resources Pty. Ltd. on March 21, 2019.


GRAINPRO PTY: Creditors Agree to Extend Administration by a Month
-----------------------------------------------------------------
Peter Hemphill at The Weekly Times reports that creditors of
Riverina hay and grain trader Grainpro Pty Ltd have extended the
administration of the company for another four weeks.

Grainpro, which was placed in administration by director Mario
Bonfante on July 26, held a creditors meeting in Wagga Wagga on
Aug. 30.

The Weekly Times relates that a meeting of Grainpro's committee of
inspection, made up of creditor representatives, agreed on Aug. 27
to extend the administration until the outcome of court proceedings
between Dr. Bonfante and his former wife Angela Hawke were
resolved.

According to The Weekly Times, minutes of the meeting show Dr.
Bonfante would seek an order from the court to pledge all his
property to a Deed of Company Arrangement, along with a personal
guarantee.

But a source told The Weekly Times that court proceedings could
take up to three years.

Assets of both parties were subject to dispute in the court, the
report says.

Unsecured creditors of Grainpro were owed about AUD7.2 million,
with secured creditor Scottish Pacific owed a further AUD1
million.

Dr Bonfante told The Weekly Times he believed creditors would be
paid in full.

"We put up a really good plan going forward," the report quotes Dr
Bonfante as saying.  "Most of the farmers we have spoken to, a high
volume of farmers we have spoken to, are supportive of the DOCA.
My offer to them is that we are doing everything we can to get them
100 per cent (full repayment) over time."

                         About Grainpro Pty

Based in Dubbo, New South Wales, Grainpro Pty Limited is a grain
marketing company. The Company was founded by Mario and Angela
Bonfante in Dubbo in 2006.

The Company was placed in administration on July 27, 2019. Adam
Shepard of Setter Shepard was appointed administrator for the
Company on July 27.


ICONIC DESIGN: First Creditors' Meeting Set for Sept. 12
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Iconic
Design And Landscaping Sydney Pty Ltd will be held on Sept. 12,
2019, at 4:30 p.m. at Suite 1, Level 15, at 9 Castlereagh Street,
in Sydney, NSW.

Simon Cathro of Worrells Solvency & Forensic Accountants was
appointed as administrator of Iconic Design on Sept. 2, 2019.


LIME STRUCTURAL: Second Creditors' Meeting Set for Sept. 9
----------------------------------------------------------
A second meeting of creditors in the proceedings of Lime Structural
Solutions Pty Ltd has been set for Sept. 9, 2019, at 11:00 a.m. at
the offices of O'Brien Palmer, Level 9, at 66 Clarence Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 6, 2019, at 4:00 p.m.

Liam Bailey of O'Brien Palmer was appointed as administrator of
Lime Structural on July 22, 2019.


MEGA LTD: First Creditors' Meeting Set for Sept. 11
---------------------------------------------------
A first meeting of the creditors in the proceedings of:

     -- Mega Ltd.
     -- Mega Fuelco Pty Ltd
     -- Mega SE Pty Ltd
     -- Mega NQ Pty Ltd, formerly trading as Carpentaria
        Fuels and and Richmond Roadhouse
     -- Graycog Pty Ltd, formerly Trading as Diesel Express
     -- Mega Bulk Fuels Pty Ltd
     -- Mega Logistix Pty Ltd
     -- MGA Tanks Pty Ltd
     -- Mega Retail Pty Ltd, formerly known as Mega Rocklea
        Pty Ltd
     -- APAC Energy Pty Ltd

will be held on Sept. 11, 2019, at 3:00 p.m. at:

     * Suite 1, Level 15
       9 Castlereagh Street,
       Sydney, NSW

     * Level 8
       102 Adelaide Street
       Brisbane, Queensland

Simon John Cathro and Christopher Richard Cook of Worrells Solvency
& Forensic Accountants were appointed as administrators of Mega Ltd
and related entities on
Aug. 30, 2019.


N.F.F. AUSTRALIA: Second Creditors' Meeting Set for Sept. 9
-----------------------------------------------------------
A second meeting of creditors in the proceedings of N.F.F.
Australia Pty Ltd has been set for Sept. 9, 2019, at 10:00 a.m. at
the offices of WJ Hamilton & Co., Suites 508-509, at 147 King
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 9, 2019, at 9:00 a.m.

William James Hamilton of WJ Hamilton was appointed as
administrator of N.F.F. Australia on Aug. 5, 2019.


OM GVG: First Creditors' Meeting Set for Sept. 10
-------------------------------------------------
A first meeting of the creditors in the proceedings of OM GVG Group
Pty Ltd will be held on Sept. 10, 2019, at 11:00 a.m. at the
offices of SM Solvency Accountants, at 10/144 Edward Street, in
Brisbane, Queensland.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of OM GVG Group on Aug. 30, 2019.


SPACE PRODUCTION: Second Creditors' Meeting Set for Sept. 10
------------------------------------------------------------
A second meeting of creditors in the proceedings of Space
Production Company Pty Ltd has been set for Sept. 10, 2019, at 9:30
a.m. at the offices of Wexted Advisors, Level 12, at 28 O'Connell
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 9, 2019, at 4:00 p.m.

Joseph Hayes and Andrew McCabe of Wexted Advisors were appointed as
administrators of Space Production on Aug. 6, 2019.


TMC GLOBAL: First Creditors' Meeting Set for Sept. 11
-----------------------------------------------------
A first meeting of the creditors in the proceedings of TMC Global
Pty Ltd, trading as Two Monkeys Cycling Penshurst & Two Monkeys
Clothing, will be held on Sept. 11, 2019, at 9:00 a.m. at the
offices of TPH Advisory, Lower Level, at 133 Macquarie Street, in
Sydney, NSW.

Tim Heesh and Amanda Lott of TPH Advisory were appointed as
administrators of TMC Global on Aug. 30, 2019.




=========
C H I N A
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21VIANET GROUP: S&P Affirms 'B+' ICR, Outlook Stable
----------------------------------------------------
On Sept. 4, 2019, S&P Global Ratings affirmed its 'B+' issuer
credit rating on 21Vianet Group and long-term issue rating on the
company's unsecured debts due 2021.

S&P said, "We affirmed the ratings on 21Vianet Group Inc. based on
our expectation that the company's leverage will remain at about
4.5x over the next 12 months. 21Vianet is increasing its investment
in cabinet capacity in anticipation of booming demand in the next
several years. However, its competitors are aggressively expanding
their capacity as well. 21Vianet will need to manage its expansion
pace to maintain a reasonable utilization rate and cash flow
generation. Tus-Holdings Co. Ltd. (TUS) owns a 51% economic
interest in 21Vianet. We imputed some ongoing support from TUS into
the rating."

S&P expects 21Vianet to aggressively expand its capacity over the
next two to three years. The company announced that it plans to
build 6,000-8,000 cabinets in 2019 and 15,000 in 2020. 21Vianet's
2020 expansion is significantly higher than our expectation of
9,000-10,000 per year post-2019. The company is racing to enhance
its footprint in Tier-1 cities, where demand is robust. A strong
geographical presence in Tier-1 cities is an important competitive
point. Cities including Shanghai and Beijing have announced limits
on new construction of internet data centers (IDC). This prompted
IDC operators (including 21Vianet) to accelerate their pace of new
cabinet deployment.

21Vianet is focused on expanding its retail business and will have
to actively seek new clients, given that the contracts are usually
shorter-term (one to three years). In contrast, a wholesale model
typically means longer-term commitment (five to 10 years). The
benefit of a retail operation is that margins could be higher at
the same rate of utilization. For the 12 months ended June 30,
2019, the company's EBITDA margin was 28.5%--down from 31.2% at the
end of 2018. The margin deterioration was due to the loss of two
large clients, which in turn drove utilization to 66.0% in the
second quarter of 2019 from 70.3% at the end of 2018. S&P said,
"Going forward, we expect the addition of new cabinets to hold back
near-term improvement in utilization. Therefore, we forecast the
company's EBITDA margin to be 27%-30% in 2019-2021."

S&P said, "We expect a gradual increase in interactions between
21Vianet and its parent, TUS. This includes joint investments in
new IDC projects, provision of IDC service to new businesses
incubated by TUS, and a finance lease offered by TUS. The group
support will also benefit 21Vianet's access to funding and
financing cost control, given good relationships between TUS and
state-owned banks.

"The stable outlook reflects our expectation that 21Vianet will
significantly expand its data center capacity while maintaining its
debt-to-EBITDA ratio below 5.0x over the next 12 months. We expect
21Vianet's IDC utilization to be at 62%-66% with monthly recurring
revenue per cabinet of about Chinese renminbi (RMB) 8,600 over the
next 12-24 months--which will translate into EBITDA margin at
27%-30%. In addition, we expect the company to actively manage its
liquidity and debt maturities.

"We could lower the rating on 21Vianet if the company's leverage
exceed 5.0x or if its liquidity deteriorates to a degree that its
existing and available liquidity resources are unable to meet its
liquidity uses (including operational needs and maturities) over
the next 12 months. This could happen if the company undertakes
more aggressive but less productive debt-funded expansion or if its
operating performance significantly weakens, as indicated by low
utilization rate and monthly recurring revenue.

"We may also lower the rating if we believe ongoing parental
support has diminished--as indicated by a meaningful decrease in
TUS's shareholding or change in investment strategy in 21Vianet,
possibly signaled by a reclassification of its investment in
21Vianet to short-term from long-term.

"We could upgrade the company if 21Vianet's leverage falls below
4.0x while maintaining adequate liquidity. This could happen if the
company significantly grows its operating cash flow while
controlling capital expenditure."

21Vianet is a leading provider of carrier-neutral IDC services in
China. It operates more than 50 data centers and 31,111 cabinets in
more than 20 cities in China as of June 30, 2019.


BANK OF JINZHOU: Reveals All in Long-Delayed 2018 Annual Report
---------------------------------------------------------------
Wu Hongyuran and Guo Yingzhe at Caixin Global report that the
financial problems of Bank of Jinzhou Co. Ltd. were laid bare last
week as the lender, which was bailed out by three state-owned
investors in July, finally produced its long-delayed annual report
for 2018.

According to Caixin, the embattled regional bank swung to a CNY4.54
billion (US$632.6 million) net loss in 2018 from a CNY9.1 billion
profit the previous year as it took a CNY23.7 billion charge
related to a decrease in the value of its assets, mostly comprising
soured loans and write downs it was required to make following a
change in accounting rules.

Caixin relates that the bank's non-performing loan (NPL) ratio
surged to 4.99% from 1.04% a year earlier and its total capital
adequacy ratio (CAR), a measure of how well it can absorb losses,
slumped to 9.12% from 11.67%, according to a stock exchange filing
on Aug. 30.

The Hong Kong-listed lender also posted a net loss of CNY868.4
million for the first six months of 2019 compared with a CNY4.34
billion profit a year earlier, according to a separate filing on
Sept. 1 which also showed its NPL ratio had risen further to 6.88%
and its total CAR had slumped to 7.47%, well below the regulatory
minimum of 10.5%, Caixin relays. CAR is calculated by comparing the
amount of capital a bank holds with its risk-weighted assets.

Caixin says the bank's loan-loss provision ratio, a key indicator
of its ability to withstand future losses, fell below the current
regulatory requirement of 120%, standing at 105.8%, down from
123.8% at the end of 2018 and 268.6% at the end of 2017.

Given the depth of its financial problems and the breach of
regulatory CAR requirements, Bank of Jinzhou announced a proposal
on Sept. 1 to cancel dividend payments on its offshore preference
shares from October 2018 to October 2019, Caixin states. The
lender, which is based in the northeastern province of Liaoning,
issued $15 billion of preference shares in 2017 with a coupon rate
of 5.5% to bolster its core Tier-1 capital.

The bank's shares, which were listed in 2015, resumed trading on
Sept. 2 after a five-month suspension and slumped 8.6% to HK$6.4.
They fell a further 9.4% to HK$5.8 on Sept. 3, Caixin notes.

According to Caixin, the deterioration in the bank's performance in
2018 was a result of a surge in impairment losses partly stemming
from tighter regulations on classifying and recognizing
non-performing loans which started to be implemented last year.

By the end of June, non-performing loans had risen to almost
CNY30 billion, up from CNY18.5 billion at the end of 2018 and
CNY2.25 billion at the end of 2017, Caixin discloses. The bank
attributed the jump to weakening economic growth, a deterioration
in the economy of regions where the bank operates, and difficulties
experienced by borrowers in some industries.

Caixin says the surge in bad loans has been partly blamed on
excessive and risky loans the bank made to its large shareholders
who are now facing financial difficulties of their own. According
to the report, the parent company of its previous largest
shareholder, Beijing-based private carmaker Hawtai Motor Group Ltd,
is heavily indebted and struggling to pay back billions of yuan
raised through bond sales. At the end of July, it failed to repay
investors who had opted for early redemption on a CNY1 billion bond
issue.

Concerns about Bank of Jinzhou's future have mounted since its
shares were suspended after it failed to publish its 2018 annual
report and accounts by the end-April deadline set by the Hong Kong
stock exchange, Caixin notes. The lender's auditors resigned at the
end of May, citing inconsistencies in the bank's financial
statements that had made it impossible to complete the audit.

According to Caixin, the bank was subject to a state-organized
rescue in July when three state-owned investment firms, including
one controlled by Industrial and Commercial Bank of China Ltd.
(ICBC), the world's largest lender, injected cash into the lender
as part of a restructuring plan. ICBC Financial Asset Investment
Co. Ltd. bought a 10.82% stake for around CNY3 billion, becoming
the largest shareholder.

Last month, as part of a management shake-up, Guo Wenfeng, a
veteran ICBC banker with more than 25 years' experience working in
its branches in Liaoning, was appointed president of Bank of
Jinzhou, Caixin recalls.

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


CHINA JINJIANG: S&P Alters Outlook to Pos. on Zhejiang Energy Deal
------------------------------------------------------------------
S&P Global Ratings, on Sept. 3, 2019, revised its outlook on China
Jinjiang Environment Holding Co. Ltd. (CJE) to positive from
negative. At the same time, S&P affirmed the 'BB-' long-term issuer
credit rating on the company. S&P also affirmed the 'B+' long-term
issue rating on the company's senior unsecured notes.

S&P said, "We revised the outlook on CJE to positive from negative
to reflect our view that the company could be eligible for a rating
uplift after Zhejiang Energy took over as largest shareholder from
HJG. We believe Zhejiang Energy, one of the largest SOEs in
Zhejiang province, has better credit quality than HJG and that the
new parent is likely to provide more support to the subsidiary."

On Aug. 21, 2019, CJE announced that Zhejiang Energy, via its
subsidiary Zhejiang Energy Hong Kong Holding Ltd., had completed
the purchase of 29.8% of CJE's shares from HJG and become the
largest shareholder. CJE founder Mr. Dou Zhenggang and his family
reduced their indirect shareholding to 25.8% from 55.6% through HJG
and became the second-largest shareholder after the transaction.
S&P expects Zhejiang Energy to assume effective control over CJE
and consolidate CJE's financials to its financial report. When the
new board members and chairman representing Zhejiang Energy have
been appointed, and there is a clearer understanding of CJE's role
and importance to Zhejiang Energy, S&P's will reevaluate the
likelihood of support CJE can receive from the new parent.

S&P said, "In our view, the change in controlling shareholder is
credit positive for CJE. We expect the SOE shareholder to
potentially improve CJE's access to funding and lower its financing
costs. From a group support perspective, we believe Zhejiang
Energy's stronger creditworthiness could enhance CJE's credit
strength compared with HJG. Zhejiang Energy is one of the largest
SOE energy suppliers in Zhejiang province and plays a dominant role
in power generation and natural gas supply within the province. We
believe the cooperation between the two companies can yield mutual
benefits; CJE could benefit from refinancing and lower funding
costs, while Zhejiang Energy could diversify its traditional power
generation portfolio by entering the WTE space.

"That said, we continue to believe that CJE's financial performance
will experience a trough in 2019. This may temper the positive
influence from the new parent group. We estimate that the company's
FFO-to-debt ratio deteriorated to 9.8% in the first half of 2019,
weaker than our previous forecast for 2019. The deterioration was
mainly due to reduced contributions from its project technical and
management services and its energy management contract business as
well as the increase in debt-funded capital expenditure (capex). In
the second half of 2019, we expect seven of the eight WTE
facilities to complete the upgrade process and to be in full
operation by the fourth quarter. We therefore estimate CJE's
FFO-to-debt ratio to remain at 9%-10% over the next 12-18 months,
taking into account the slowdown in CJE's overseas expansion and
development.

"The positive outlook reflects our view that CJE is likely to
benefit from the parental support of Zhejiang Energy, the new
controlling shareholder with a provincial SOE status, should it
fall into financial difficulty. We expect CJE to benefit from lower
funding costs after Zhejiang Energy's takeover while it gradually
completes the upgrade of its WTE facilities and reduces its capex
such that the company's FFO-to-debt ratio remains at above 9% over
the next 12-18 months."

S&P may revise the outlook to stable or even lower the rating if we
believe:

-- The positive influence from Zhejiang Energy is limited and
CJE's FFO-to-debt ratio is consistently below 9%-10%.

-- In a less likely scenario, the parental support from Zhejiang
Energy is offset by significant and enduring deterioration in CJE's
cash flow as well as leverage position due to aggressive
debt-funded expansion, or a material decline in the company's
profitability.

S&P could upgrade CJE if it believes: (1) Zhejiang Energy is likely
to provide support to CJE as a subsidiary with some level of
strategic importance should CJE fall into financial distress, and
(2) CJE's FFO-to-debt ratio stays above 9% in the next 12-18
months.

The strategic importance of CJE to Zhejiang Energy will need to be
demonstrated consistently in a number of ways. These include
Zhejiang Energy maintaining its stake in CJE in the near term and
being actively involved in CJE's strategy or future development
plans, and Zhejiang Energy showing longer-term commitment to CJE,
such as cross-default clauses in Zhejiang Energy's debt
documentation classifying CJE as a related subsidiary where the
parent might have the obligation to upkeep CJE's financials and
liquidity conditions.

CJE could also be upgraded on a stand-alone basis even if we assess
it as having limited support from the new parent. This could happen
if we conclude CJE has adequate liquidity and its FFO-to-debt ratio
is consistently above 15%.


HNA GROUP: Cash Drops 20 Times Faster Than Debts
------------------------------------------------
Bloomberg News reports that HNA Group Co.'s cash pile shrank 20
times faster than its debts, indicating that pressure is building
for one of China's most indebted conglomerates to speed up asset
sales.

Cash, equivalents and short-term investments as of the end of June
tumbled 61% from a year earlier, according to data derived from
from the Hainan-based Chinese group's interim report released on
Aug. 30. By comparison, total debt fell 3%.

According to Bloomberg, the figures illustrate how HNA's liquidity
challenges persist more than a year after the company that was once
at the forefront of China's unprecedented acquisition binge began
dumping tens of billions of dollars in assets as borrowing costs
soared. Other trophy hunters such as Dalian Wanda Group Co. and
Anbang Insurance Group Co. have also had to reverse their
empire-building ways after the Chinese government cracked down on
such transactions, Bloomberg says.

HNA, once the biggest shareholder of the likes of Deutsche Bank AG
and Hilton Worldwide Holdings Inc., continues to struggle keeping
up with its dues, the report notes. It failed to repay a
yuan-denominated bond in July and creditors seized some of its golf
courses and other assets after a unit missed a loan payment.

As bad as its financials are, HNA will probably be able to
eventually pay back its debts because of government support, though
risks remain that company will default on its obligations,
according to Warut Promboon, managing partner at credit research
firm Bondcritic Ltd, Bloomberg relays.

Bloomberg meanwhile reports that the conglomerate keeps pursuing
asset sales -- RRJ Capital is in advanced talks to lead a $4
billion investment in HNA's Ingram Micro, people familiar with the
matter have said.

Cash, equivalents and short-term investments fell to CNY50.4
billion ($7 billion) as of the end of June, compared with CNY128.1
billion a year earlier, Bloomberg discloses citing the group's
interim report. That's the group's smallest cash pile based on
semiannual figures stretching back to 2015.

Total debt fell to CNY525.6 billion at the end of June, the lowest
level since the end of December 2016. But short-term debt rose 9.7%
to CNY187.1 billion, which is more than HNA's cash pile and its
earnings combined, Bloomberg discloses.

According to Bloomberg, selling property and shares have also made
HNA slimmer, with total assets dropping 12% to CNY980.6 billion as
of the end of June, dipping below CNY1 trillion for the first time
in three years.

HNA posted net losses of CNY1.08 billion during the first half, the
group's second-straight deficit, Bloomberg discloses. Operating
profit, which strips out some non-cash expenses, fell 11% to
CNY11.8 billion -- the lowest since the end of 2016, adds
Bloomberg.

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2018, the Financial Times related that HNA Group defaulted on a
CNY300 million (US$44 million) loan raised through Hunan Trust.

According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China Development
Bank, following a liquidity crunch in the final quarter of last
year. The default came despite an estimated $18 billion in asset
sales by HNA this year that have done little to address its ability
to meet its domestic debts, the FT noted.




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

ARYAVARTA COOL: CRISIL Lowers Ratings on INR12cr Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Aryavarta Cool Chain (AVCC) to 'CRISIL D' from 'CRISIL
B/Stable'.

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

   Proposed Cash          0.6        CRISIL D (Downgraded from
   Credit Limit                      'CRISIL B/Stable')

   Term Loan              8.9        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delay in servicing instalment on term loan
due to weak liquidity.

The rating continues to reflect a nascent stages of operations.
However, the firm benefits from the strategic location of its
facility.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in meeting term loan obligation: The firm has delayed
paying the term loan instalment for July 2019 due to stretched
liquidity.

* Nascent stage of operations: Operations commenced only in the
second half of fiscal 2018; the nascent stage constrains the
business risk profile.

Strength
* Strategic location of facility: The firm's cold chain facility is
located in village Mubarakpur, Mohali, Punjab. The controlled
atmosphere (CA) storage unit is close to Chandigarh and Shivalik
foothills, which is the main hub for fruits and vegetables.

Liquidity

Liquidity is stretched, as reflected in delay in term loan
repayment. Bank limit utilization stood high at around 90% for the
six months through July 2019.

AVCC was set up as a partnership firm in January 2015, by Mr Jogi
Ram, Mr Prem Chand Bidhan, Mr Sidharth Jhinjha, Mr Radha Krishan,
and Mr Jaswinder Singh. The firm is operating a CA cold storage
unit at Mubarakpur, with capacity of 5103 tonnes (21 chambers of
243 tonnes each).


CEM ELECTROMECH: CRISIL Lowers Ratings on INR7cr Loans to D
-----------------------------------------------------------
Due to inadequate information, and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long-term bank facilities of CEM Electromech Private Limited
(CEM) to 'CRISIL BB/Stable Issuer Not Cooperating'. The company has
subsequently provided the necessary information and CRISIL has
downgraded the rating to 'CRISIL D' from 'CRISIL BB/Stable Issuer
Not Cooperating'

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.88       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan              5.12       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

The downgrade reflects delay by CEM in servicing its term debt.

The rating continues to reflect the modest scale of operations and
large working capital requirement. These weaknesses are partially
offset by extensive experience of CEM's promoters in the electrical
components manufacturing industry, and the company's moderate
financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in repayment of term loan: CEM has delayed the servicing of
its term debt because of weak liquidity.

* Modest scale of operations: Scale of operations, as reflected in
revenue of INR22-23 crore in fiscal 2019, is likely to remain
modest amidst intense competition.

* Large working capital requirement: Gross current assets stood at
131 days as on March 31, 2019, led by inventory and receivables of
79 and 46 days, respectively. High working capital requirements
have led to decline of financial risk profile.

Strengths:

* Extensive experience of promoters: Benefits from the
two-decade-long experience of CEM's promoters, in the electrical
component manufacturing business, and their strong relationships
with customers and suppliers, will continue.

Liquidity
Liquidity remains weak, as reflected in delay in repayment of the
term loan, and continued over-utilisation of the cash credit
account for over 30 days.

Incorporated in 2012, CEM manufactures electrical components.


D-PARADISE TEX: CRISIL Assigns 'B' Ratings to INR5.6cr Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of D-Paradise Tex (DPT).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             2         CRISIL B/Stable (Assigned)

   Cash Credit           3.5       CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    0.1       CRISIL B/Stable (Assigned)

The rating reflects exposure to risks related to the nascent stage
of operations and intense competition, and the firm's average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weakness

* Nascent stages of operations: The company, which was set up only
in 2016, commenced operations in January 2019. Nevertheless,
revenue of around INR70 lakh was reported in fiscal 2019, during
the initial three months of operations.

* Exposure to intense competition: Intense competition from several
unorganised players in the home furnishing industry, restricts the
scalability of operations and the pricing flexibility.

* Average financial risk profile: Financial risk profile may remain
constrained marked by expected gearing will be slightly higher side
at 2 times on account of modest networth of INR3.49 crore as on
March 31, 2019. Debt protection metrics are expected to be moderate
over the medium term.

Strength

* Extensive experience of the partners: The decade-long experience
of the partners in the home furnishings industry, their strong
understanding of market dynamics, and established relationships
with suppliers and customers, will continue to support the business
risk profile.

Liquidity

Liquidity should remain adequate, aided by the sanctioned working
capital limit. Expected net cash accrual of INR50 lakh in fiscal
2020, should suffice to cover the maturing debt of around INR25
lakh for the same fiscal.

Outlook: Stable

CRISIL believes DPT will continue to benefit from the extensive
experience of its partners, and established relationships with
clients.  The outlook may be revised to 'Positive' if a ramp-up in
scale of operations and stable profitability strengthen the
financial risk profile.  The outlook may be revised to 'Negative'
in case of a decline in profitability, or a stretch in the working
capital cycle or any large capital expenditure, weakens the capital
structure.

DPT was set up in 2016, as a partnership firm between Ms Sangrita
Karla and Mr Tarun Karla. DPT manufactures terry towels and
fabrics. It has a production capacity of 3,000 kg per day in
Panipat (Haryana).


EVERTOGEN LIFE: CRISIL Lowers Rating on INR29.66cr Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Evertogen Life Sciences Limited (ELSL) to 'CRISIL D/CRISIL D' from
'CRISIL BB+/Negative/CRISIL A4+'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            29.66      CRISIL D (Downgraded from
                                     'CRISIL BB+/Negative')

   Inland/Import          20.00      CRISIL D (Downgraded from
   Letter of Credit                  'CRISIL A4+')

   Term Loan              24.46      CRISIL D (Downgraded from
                                     'CRISIL BB+/Negative')

The downgrade reflects excess drawing/irregularity in the company's
cash credit limit for more than 30 consecutive days on account of
weak liquidity, which was severely impacted by weak operating
performance.

The ratings factor in the company's modest scale of operation,
stretched working capital cycle, and weak financial risk profile.
These weaknesses are partially offset by the extensive experience
of the promoters and their healthy relationships with customers.

Key Rating Drivers & Detailed Description

* Delay in servicing debt obligations: Cash credit limit remained
irregular for more than 30 consecutive days on account of weak
liquidity.

Weaknesses

* Modest scale of operation: Scale has remained small, with revenue
of INR37 crore in fiscal 2019, after the facility was marked GMP
non-compliant by MHRA.

* Stretched working capital cycle: Operations are working capital
intensive, with gross current assets of 290 days as on March 31,
3018, driven, in turn, by inventory of 143 days.

* Weak financial risk profile: Sizeable net loss of INR35.7 crore
in fiscal 2018 not only eroded networth but also weakened capital
structure significantly. Consequently, gearing and total outside
liabilities to tangible networth increased to 3.42 and 4.85 times,
respectively, as on March 31, 2018 (from 1.11 and 1.83 times in the
previous fiscal).

Strength

* Extensive experience of the promoters and their healthy relations
with customers: In a relatively short span of time, ELSL has
developed a stable customer base across Ukraine, Western Europe,
Canada, the UAE, and India, among other geographies. The growth in
client base could be attributed to the presence of the company's
former parent (Glochem Industries Ltd [GIL]) and joint venture
partner (Organosyn Life Science Ltd [Organosyn]) in the same line
of business for more than two decades.

Liquidity

Liquidity is stretched. Cash credit limit has been fully utilised
with instances of overdrawals. The losses reported in fiscal 2018
has also put liquidity under pressure.

ELSL (erstwhile, Optimus Generics Ltd) is a joint venture between
GIL Agrotech (India) Pvt Ltd (a group company of GIL and
Organosyn). The company undertakes product development, contract
development, contract manufacturing, and supply of finished
dosages. Its manufacturing facility is in SEZ, Green Industrial
Park, Jadcherla, Mahaboobnagar district of Telangana. The plant has
the capability to manufacture tablets, capsules, and sachets. The
licensed capacity of the facility is 866 million units. The company
is entirely an export-oriented unit.


GUPTA STEEL: CRISIL Assigns B+ Rating to INR10cr Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Gupta Steel and Strips Private Limited (GSSPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/
   Overdraft facility     10         CRISIL B+/Stable (Assigned)

The rating reflects the company's weak financial risk profile,
susceptibility of operating margin to volatility in raw material
prices, and modest scale of operations. These weaknesses are
partially offset by the extensive experience of its promoter,
moderate working capital requirement, and sound operating
efficiencies.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: High gearing and low accrual have
kept debt protection metrics subdued: interest coverage and net
cash accrual to total debt ratios were 1.33 times and 0.02 time,
respectively, for fiscal 2019. Metrics are expected to remain
modest over the medium term because of high debt level against the
low net worth.

* Susceptibility of operating margin to volatility in raw material
prices: Cost of production and profit margin are heavily dependent
on raw material (sponge iron and mild steel scrap) prices. On
account of variation in input rates, operating margin has remained
volatile. Profitability is also linked to the fortunes of the
inherently cyclical steel industry, which has strong correlation
with overall growth in gross domestic product. Operating
performance will remain exposed to volatility in raw material
prices and offtake by key end users.

* Modest scale of operations: Business risk profile is constrained
by small scale in the intensely competitive iron and steel
industry. This will continue to limit operating flexibility.

Strengths

* Extensive experience of promoter: Industry presence of more than
a decade has enabled the promoter to understand market dynamics and
establish healthy relationship with suppliers and customers.

* Moderate working capital cycle: Gross current assets have
remained in the range of 45-106 days over the three fiscals ended
March 31, 2019.

* Sound operating efficiencies: Return on capital employed is
healthy on the back of high economies of scale and experienced
management.

Liquidity

Liquidity remains adequate, aided by moderate bank limit
utilisation of 76% over the 10 months ended July 2019. Also,
expected net cash accrual of INR34.74 lakh over the medium term
will be sufficient to meet debt obligation of INR6 lakh in fiscal
2020. Furthermore, need-based funding support from promoter is
expected to continue. Current ratio was 1.09 times as on March 31,
2018.

Outlook: Stable

CRISIL believes GSSPL will continue to benefit from its
longstanding relationship with principals and experienced
management. The outlook may be revised to 'Positive' if the company
sustains revenue growth over the medium term, while improving
financial risk profile. The outlook may be revised to 'Negative' if
business remains stagnant due to weak demand, or if stretch in
receivables or pile-up of inventory adversely affects liquidity.

Incorporated in 2011 and promoted and managed by Mr Ashish Gupta.
GSSPL trades iron and steel products such as hot-rolled (HR) and
cold-rolled coils, HR sheets, and strips.


HANKHUL PACKWELL: CRISIL Moves B Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hankhul
Packwell Private Limited (HPPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          4.9        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)
  
   Proposed Long Term    .4        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan            7.7        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HPPL for obtaining
information through letters and emails dated July 22, 2019 and July
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 HPPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HPPL 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 HPPL to 'CRISIL B+/Stable Issuer not cooperating'.

HPPL was established on August 20, 1983, in Jhansi, Uttar Pradesh.
Mr Khullar, the managing director, and his family manage
operations. Commercial operations commenced from May 10, 1986, to
manufacture polypropylene based cement bags. The company has
installed capacity of 540 lakh bags per year.


KASHMIR STEEL: CRISIL Lowers Rating on INR26cr Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Kashmir
Steel Rolling Mills (KSRM) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

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

   Cash Credit             26        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects the firm's overdrawn cash credit limit for
more than 30 days because of weak liquidity.

The firm has working capital intensive operations resulting in weak
liquidity, and a modest financial risk profile. However, it
benefits from the extensive experience of the partners in the
thermo-mechanically treated (TMT) bars industry and its moderate
scale of operations.

Key Rating Drivers & Detailed Description

* Overdrawn cash credit facility for more than 30 days because of
weak liquidity: Liquidity is weak, as reflected in instances of the
cash credit facility being overdrawn for more than 30 days in the
past six months and bank lines being utilised above 100% over the
12 months through June 2019.

Weaknesses

* Working capital-intensive operations: Gross current assets remain
large despite decreasing to 157.3 days as on March 31, 2019, from
250 days as on March 31, 2018.

* Modest financial risk profile: The debt protection metrics were
weak, with net cash accrual to adjusted debt ratio at 0.04 time and
interest coverage at 1.4 times for fiscal 2019. However, the
networth and total outside liabilities to adjusted networth ratio
were moderate at INR15.331 crore and 3.37 times, respectively, as
on March 31, 2019.

Strengths

* Extensive industry experience of the partners: The partners have
been in the TMT bars business for 50 years. Their experience has
helped them establish relationships with customers, resulting in
repeat orders.

* Moderate scale of operations: Despite revenue decreasing to
INR77.4 crore in fiscal 2018 from INR181 crore in fiscal 2015 due
to the volatile law and order situation in Kashmir, the firm
generated revenue of INR143.38 crore in fiscal 2019 by diversifying
sales in other regions of Jammu and Kashmir, such as Poonchh,
Rajori, and Doda.

Liquidity
Liquidity is weak, as indicated by instances of overdrawn cash
credit facility for more than 30 days in the past six months and
bank lines being utilized above 100% over the 12 months through
June 2019. The liquidity is dependent on ad hoc limits extended by
the banks.

KSRM is a partnership concern established by the Singla family in
1965. It manufactures reinforced steel bars. The firm is managed by
Mr Krishen Gopal Singla and his sons, Mr Varun Singla and Mr Tarun
Singla. Its manufacturing facility at Bari Brahmana in Jammu &
Kashmir has a rolling mill with capacity of 105,000 tonne per
annum.


MAA SHAKUMBARI: CRISIL Assigns 'D' Ratings to INR6cr Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Maa Shakumbari Sponge Private Limited (MSSPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Working Capital
   Term Loan               .7        CRISIL D (Assigned)

   Cash Credit            3.97       CRISIL D (Assigned)

   Funded Interest
   Term Loan              1.33       CRISIL D (Assigned)

The rating reflects delays by MSSPL in payment of interest on the
cash credit account and overdrawals in the account for more than 30
days.  

The rating reflects the company's working capital-intensive
operations and stretched liquidity. These weaknesses are partially
offset by promoters' extensive experience and funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Gross current assets were at
around 250 days as on March 31, 2018 due to stretched receivables
and high inventory.

* Stretched liquidity: Liquidity is constrained by fully utilised
bank limit over the 12 months ended June 2019 and insufficient cash
accrual against debt obligation.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of over 15 years, their strong understanding
of local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Liquidity
Liquidity should remain stretched. Cash accrual should be barely
sufficient to meet the yearly maturing debt repayment obligations.

MSSPL, incorporated in 2003, is an Odisha-based company that
manufactures sponge iron and steel.  Mr Samrat Agrawal and Mr
Arvind Agarwal are the promoters.


MILAN TANNERY: CRISIL Moves B- on INR9cr Loans to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Milan Tannery
(ML; part of the Rathi group) to 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/          4          CRISIL B-/Stable (ISSUER NOT
   Overdraft facility               COOPERATING; Rating Migrated)

   Foreign Currency      3.2        CRISIL B-/Stable (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

   Long Term Loan        0.5        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-        1.3        CRISIL B-/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ML for obtaining
information through letters and emails dated July 22, 2019 and July
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 ML. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ML 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 ML to 'CRISIL B-/Stable Issuer not cooperating'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Chemgems (India) Pvt Ltd, ML, and Rathi
Chempels Pvt Ltd. This is because all these entities, collectively
referred to as the Rathi group, have a common management and
significant operational linkages.

The Kolkata-based Rathi group is promoted by Mr Hari Narayan Rathi
and Mr Kishore Rathi. It manufactures and exports leather bags and
wallets; and trades in chemicals and dyes used in the leather and
textile industries in the domestic market. Unit in Banthala, West
Bengal, has installed capacity to process 5.10 lakh bags per
month.


MUPPA AKSHAJA: CRISIL Assigns B+ Rating to INR17cr LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Muppa Akshaja Projects Private Limited (MAPPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan           17       CRISIL B+/Stable (Assigned)

The rating reflects risks related to ongoing real estate project
and the company's susceptibility to risks and cyclicality inherent
in the real estate industry. These weaknesses are partially offset
by the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Risks related to ongoing residential real estate project: The
company has a single ongoing project which is currently less than
20% complete. Bookings are expected to commence from September
2019. Future flow of customer advances remains a key determinant of
the debt service coverage ratio.

* Susceptibility to risks and cyclicality inherent in the real
estate industry: The real estate sector in India is cyclical
because of sharp movements in prices and a highly fragmented market
structure. With increase in supply, attractive prices offered by
various builders, and constant regulatory changes, profitability of
real estate players is expected to come under pressure over the
medium term.

Strength:

* Extensive experience of promoters: The company's promoters have
been developing real estate for around a decade and over the years
have established strong supply linkages. Also the Muppa brand is 7
years' old and hence carries brand recall in the market.

Liquidity
Repayment of term loan is expected to start from April 2022, by
when the project is expected to be completed. Cash flow is likely
to be adequate to meet debt obligation over the medium term.
However remains susceptible to timely flow of customer advances.
Outlook: Stable

CRISIL believes MAPPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' in case of higher bookings and receipt of customer
advances vis-à-vis construction progress while it diversifies its
operations. The outlook may be revised to 'Negative' in case of
delay in construction of project or lower-than-expected bookings,
which could affect liquidity.

Incorporated in 2012 and promoted by Mr Muppa Bhaskar Rao and Mr M
Sandeep Vardhan, MAPPL is engaged in the construction business.


MURTI RICE: CRISIL Reaffirms B+ Rating on INR2.4cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Murti Rice Mill (MRM).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        2          CRISIL A4 (Reaffirmed)
   Cash Credit           2.4        CRISIL B+/Stable (Reaffirmed)
   Term Loan             1.2        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect MRM's modest scale of operations,
its average financial risk profile, exposure to fluctuations in raw
material prices, and uneven monsoon. These rating weaknesses are
partially offset by the extensive experience of the proprietor in
the rice milling business.

Analytical Approach

Unsecured loans of INR2.07 crore as on March 31, 2019, have been
treated as debt as there is limited track record of it being
consistently maintained in the business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Exposure to intense competition in
the rice industry and limited capacity has kept the scale of
operations modest, as reflected in revenue of INR11.10 crore in
fiscal 2019.

* Average financial risk profile: Financial risk profile is average
marked by gearing and total outside liabilities to total networth
(TOL/TNW) ratios of 2.60 times and 2.98 times, respectively, as on
March 31, 2019. The networth of MRM stood average at INR1.77 crore.
Debt protection metrics stood average indicated by interest
coverage and net cash accrual to total debt ratios of 1.91 times
and of 0.09 time, respectively, in fiscal 2019.

* Exposure to volatility in raw material prices and uncertainty in
monsoon: Output of the paddy crop remains vulnerable to vagaries of
monsoon. Any fluctuation in availability may impact the prices of
paddy which could adversely impact rice millers like MRM.

Strength:

* Extensive experience of the proprietor: The two-decade-long
experience of the proprietor, has helped him understand local
market dynamics, anticipate price trends and calibrate purchasing
and stocking decisions, and maintain healthy relationships with
customers and suppliers.

Liquidity

Liquidity is adequate, marked by expected cash accrual of INR54-63
lakh, against the maturing debt of INR26 lakh in fiscals 2020 and
2021. Bank limit utilisation was low, averaging around 23.52% for
the 12 months ended May 31, 2019. However, bank limit is fully
utilised during the peak season. Current ratio was healthy at 2.05
times as on March 31, 2019. Liquidity is further supported by
need-based funding via unsecured loans from the proprietor.

Outlook: Stable

CRISIL believes MRM will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if substantial growth in revenue and profitability,
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if any large, debt-funded expansion, sharp decline in
revenue and profitability, or stretch in working capital, weakens
the financial risk profile especially liquidity.

MRM was set up as a proprietorship firm of Mr Sunil Agarwal, in
2004. The Kurud, (Chattisgarh)-based firm mills non-basmati rice.


PRAGATI GRANITO: CRISIL Assigns B Ratings to INR6cr Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Pragati Granito (India) Private Limited
(PGIPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.02        CRISIL B/Stable (Assigned)
   Term Loan             4.98        CRISIL B/Stable (Assigned)


The rating reflects PGIPL's exposure to project implementation risk
and expected weak financial risk. This weakness is partially offset
by the extensive entrepreneurial experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to project implementation risk: PGIPL is setting up a
granite cutting and polishing unit at total project cost of INR7.6
crore. The company has got the sanction of required funds from the
bank and is in midway of implementation. The unit is scheduled to
commence operations in November 2019. Timely completion and
successful stabilisation along with adequate ramp-up of operations
at the new unit will remain key rating sensitivity factors.

* Expected weak financial profile: The financial profile of the
company is expected to remain weak on account of initial stages of
operation. The networth is expected to remain at around INR 2 Cr
over the medium term with high gearing on account of term loan
being availed. The debt protection metrics is also expected to
remain moderate.

Strengths:

* Extensive entrepreneurial experience of the promoters
Benefits from the promoters' experience of around 3 decades in
different businesses, their keen understanding of local market
dynamics, and healthy relations with customers and suppliers should
continue to support the business. The promoters have established a
strong reputation in West Bengal.

Liquidity
Liquidity is expected to remain average, driven by the large,
debt-funded capital expenditure. Timely completion of project and
adequate ramp up in operations will assist in servicing the
maturing debt due in fiscal 2022. The promoters are also expected
to continue extending timely, need-based unsecured loans to aid
financial flexibility.

Outlook: Stable

CRISIL believes PGIPL will continue to benefit from the extensive
entrepreneurial experience of the promoters. The outlook may be
revised to 'Positive' if timely completion of the project and
stabilisation of operations lead to higher-than-expected cash
accrual in the initial phase of the business. Conversely, the
outlook may be revised to 'Negative' if any delay in commencement
or stabilisation of operations, or below-average ramp-up in sales,
leads to significantly low cash accrual, thus weakening liquidity.

PGIPL, incorporated in 2018, is setting up a granite cutting and
polishing unit in Purulia (West Bengal), with installed capacity of
12 lakh square feet per annum.  The plant is expected to be
commissioned in November 2019. Mr Ajit Kumar Sarawgi, Mr Siddharth
Sarawgi, and Mr Yash Sureka are the promoters.


R. L. INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of R. L.
Industries (RLI) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     3         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RLI for obtaining
information through letters and emails dated July 22, 2019 and July
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 RLI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RLI is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

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

RLI was established in 2000 as a partnership firm by brothers Mr
Ayodhya Parkash, Mr Varun Kumar, and Mr Nitin Kumar. The firm mills
and sorts rice, and has a capacity of 2 tonne per hour at its
facility in Jalalabad.


ROHAN METALS: CRISIL Moves B on INR14cr Loans to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rohan Metals
Private Limited (RMPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           14        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    1         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RMPL for obtaining
information through letters and emails dated July 22, 2019 and July
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 RMPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RMPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

RMPL, incorporated in 1996, manufactures and trades in lead alloys
and lead ingots that are used in batteries. The manufacturing unit
is located at Bhiwadi, Rajasthan, and the trading unit is based in
New Delhi. The company is run by Mr. Sunil Soni and his wife Mrs.
Vandana Soni, who looks after day-to-day activities of RMPL.


SARAVANA HOSPITAL: CRISIL Assigns D Ratings on INR5.68cr Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Saravana Hospital Private Limited (SHPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            .6         CRISIL D (Assigned)
   Term Loan             5.08        CRISIL D (Assigned)

The rating reflects delays in repaying the interest and principal
obligation on the term loan caused by weak liquidity.

The rating also reflects SHPL's modest scale of operation and
geographic concentration in revenue, and weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the healthcare industry.

Key Rating Drivers & Detailed Description

* Delay in repayment of loan: The company has delayed servicing its
debt obligation for June 2019 because of weak liquidity caused due
to insufficient cash accruals against maturing debt obligations.

Weaknesses

* Modest scale of operation and geographic concentration in
revenue: Intense competition continues to constrain scalability:
revenue is estimated at INR7 crore in fiscal 2019. This, in turn,
limits operating flexibility. Furthermore, operations are
localised, compared with other corporate hospitals, such as Apollo
Hospitals Enterprise Ltd (rated 'CRISIL AA/FAA+/Stable/CRISIL A1+')
This renders entities in the segment susceptible to the dynamics of
a single market.

* Weak financial risk profile: Financial risk profile is weak.
Networth was modest and total outside liabilities to adjusted
networth ratio was at INR5 crore and 1.26 times, respectively, as
on March 31, 2019, but are expected to improve over the medium
term, backed by repayment of loans and the absence of any major
debt-funded capital expenditure. Debt protection metrics is modest
' interest coverage and net cash accruals to total debt were at
1.69 times and 0.07 times as on March 31, 2019.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of over 2 decades, and their sound
understanding of market dynamics should continue to support
business risk profile.

Liquidity
Liquidity is weak. The sanctioned bank limits of INR0.60 crores
were utilised on an average of 96% over the 12 months through June
2019. Further net cash accruals is expected to be  in the range of
at INR0.50 ' INR0.60 crores which will be  insufficient to meet the
maturing debt obligation of INR1.46 crore over the medium term.
Financial flexibility should, therefore, remain constrained,
leading to high dependence on promoter support to meet debt
obligation.

Incorporated in 2008, SHPL operates a 65-bed hospital in Salem
(Tamil Nadu). It is owned and managed by Dr. R. Ravichandran, Dr S.
Ashok and Dr. K. Murugesan.


SHIV CORP: CRISIL Cuts Rating on INR3.34cr LT Loan to D
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shiv Corporation - Gondia (SC) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2.5        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            2.5        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Long Term Loan         1.66       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term     3.34       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The downgrade reflects delays in repayment of the term loan due to
decline in business leading to insufficient cash accruals.

The company has a below-average financial risk profile and modest
scale of operations in a highly competitive industry. These
weaknesses are partially offset by the extensive experience of the
promoters.

Analytical Approach

Unsecured loans have been treated as debt.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in servicing term loan: SC has been delaying the repayment
of its term loan due to decline in business and inefficient working
capital management. The working capital cycle is stretched, driven
by high receivables.

* Below-average financial risk profile: Company has a networth of
INR0.76 crore and high gearing and total outside liabilities to
tangible networth (TOL/TNW) of 6.38 & 9.09 times respectively as on
March 31, 2018. Interest coverage ratio was weak 1.44 times and net
cash accruals to total debt of 0.03 for fiscal 2018. It is
estimated at similar levels for fiscal 2019.

* Modest scale of operations: SC's scale of operation is modest as
indicated by revenues of INR 1.08 crores for fiscal 2018, owing to
intensely competitive nature of the industry.

Strength:

* Extensive experience of the promoters: Benefits from the
decade-long experience of the promoters in undertaking and
executing turnkey contracts and successfully completing projects on
time should continue to support the business.

Liquidity

Liquidity is weak, as reflected by delays in repayment of the term
loan on account of inefficient working capital management and
decline in revenue.

Established in 2008, SC undertakes civil construction, specialising
in earthworks and sheath lining. Mr Gaurang Amin, Mr Hiren Amin, Mr
Shivang Amin, and Mr Shivam Amin are the promoters.


SHREE SIDDHESHWAR: CRISIL Moves INR340cr Debt to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree
Siddheshwar Sahakari Sakhar Karkhana Limited (SSSSKL) to 'CRISIL D
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            200       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Rupee Term Loan        114.85    CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Sugar Pledge            25.15    CRISIL D (ISSUER NOT
   Cash Credit                      COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSSSKL for obtaining
information through letters and emails dated July 22, 2019 and July
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 SSSSKL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSSSKL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SSSSKL 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.

SSSSKL, based in Solapur, Maharashtra was established in 1971 by
Late Mr Appasaheb Kadadi. The society is managed by Mr Dharmraj
Kadadi along with an elected board of directors. The society has
its plant at Kumthe, Maharashtra with installed capacity of 7500
tonne crushing per day (TCD).  Also, it has distillery with 20
kilolitre per day capacity. Furthermore, the society entered an
agreement with Maharashtra State Electricity Distribution Company
Ltd to set up and operate 38 mega-watt (MW) co-gen plant, which
commenced commercial operations in sugar season of fiscal 2018.


SIGNET CORP: CRISIL Moves B on INR9cr Loan to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Signet
Corporation (SC) to 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan             9        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SC for obtaining
information through letters and emails dated July 22, 2019 and July
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 SC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SC 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 SC to 'CRISIL B/Stable Issuer not cooperating'.

SC is engaged in the development of commercial real estate. The
company is mainly present in Surat, Gujarat. SC is promoted and is
currently being run by Ilesh Ponkia. Currently it is executing a
single project-Signet Shoppers which was launched in the year
2016-17. The sales of the company would be booked post the
completion of the projects expected in fiscal 2019.


SPAK SURFACTANTS: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Spak
Surfactants Private Limited (SSPL) to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

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

   Cash Credit             1        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Foreign Letter          2        CRISIL A4 (ISSUER NOT
   of Credit                        COOPERATING; Rating Migrated)

   Long Term Loan          8.93     CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term       .07     CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSPL for obtaining
information through letters and emails dated July 22, 2019 and July
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 SSPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Incorporated in 2011, Mumbai-based SSPL commenced operations in
October 2016. SSPL manufactures esters, surfactants and
polysorbates at its unit in Ratnagiri, Maharashtra.


SRI KRISHNA: CRISIL Moves D on INR10cr Loans to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Krishna
Nutritions India Private Limited (SKNIPL) to 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    1.69      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan             1.81      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SKNIPL for obtaining
information through letters and emails dated July 17, 2019, July
22, 2019 and July 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 SKNIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SKNIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

SKNIPL was set up in October 2010, by the promoters, Mr Vijay Kumar
Mittal and Mr Satendra Kumar Jalan. The company, which manufactures
cattle and poultry feeds, commenced commercial operations from June
2012. It sells cattle feed under the brands, Doodh Sagar and Doodh
Dhara, and poultry feed under the brands, Baba, Ultima and Prima.


SRI LAKSHMI: CRISIL Lowers Rating on INR7cr Loans to 'D'
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sri Lakshmi Constructions (SLC) to 'CRISIL D/CRISIL D' from 'CRISIL
C/CRISIL A4' owing to delays in debt servicing. The delays have
been caused by weak liquidity.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3.3        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Overdraft              7          CRISIL D (Downgraded from
                                     'CRISIL C')

   Proposed Long Term     0.2        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL C')

The firm also has a modest scale of operations in the highly
competitive civil construction industry, large working capital
requirement, and a below-average financial risk profile. However,
it benefits from the extensive industry experience of the founder.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in a highly competitive industry:
The firm remains a small player in the intensely competitive civil
construction industry, with an operating income of INR6.57 crore in
fiscal 2017. The industry is highly fragmented because of a low
entry barrier.

* Working capital-intensive operations:  Gross current assets are
high at 422 days as on March 31, 2017, driven by large inventory
and debtors, and considerable funds blocked as retention money.

* Below-average financial risk profile:  The networth was modest at
INR2.83 crore and the gearing high at 2.49 times, as on
March 31, 2017. The debt protection metrics were below average.

Strength:

* Extensive industry experience of the founder:  The founder, Mr C
Viswanatha Naidu, has experience of more than three decades in the
civil construction industry and has developed a healthy
relationship with customers.

Liquidity

Liquidity remains weak on account of working capital-intensive
operations. The overdraft facility was over utilised for more than
30 days.

SLC (formerly, C Viswanatha Naidu) was set up in 1980 as a
proprietorship concern by Mr C Viswanatha Naidu and was
reconstituted as a partnership firm in 2014. It constructs and
repairs roads in Chittoor, Andhra Pradesh.


SRI LAXMI TIMBERS: CRISIL Moves D on INR38cr Debt to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Laxmi
Timbers Private Limited (SLTPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Letter of Credit      35        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft              2.7      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      .3      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SLTPL for obtaining
information through letters and emails dated July 22, 2019 and July
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 SLTPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SLTPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower'.

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

SLTPL was incorporated in 2010 by Mr. Dinesh Patel and his wife
Mrs. Kalpana Patel. The company is engaged in trading of timber,
majorly teak wood. The company is based of Pondicherry.


THOPPIL HOLDINGS: CRISIL Moves B on INR10cr Debt to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Thoppil
Holdings and Constructions Limited (THHACL) to 'CRISIL B/Stable
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Bank         2         CRISIL B/Stable (ISSUER NOT
    Guarantee                      COOPERATING; Rating Migrated)

   Proposed Cash         5         CRISIL B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

   Proposed Long Term    3         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with THHACL for obtaining
information through letters and emails dated July 22, 2019 and July
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 THHACL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on THHACL 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 THHACL to 'CRISIL B/Stable Issuer not cooperating'.

Set up in 2016, Thoppil Holdings and Constructions Limited (THHACL)
is a Trivandrum-based company, engaged in carrying out civil
construction projects; primarily road construction and improvement
works. The company's customers include the Kerala PWD, Kerala Water
Authority, National Highways Authority of India (NHAI), Prime
Minister's Gram Sadak Yojna, Kerala State Urban Development
Programme (KSUDP), etc.


V MART STORES: CRISIL Assigns B- Ratings to INR7cr Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank loan facilities of V Mart Stores - Gajwel (VMSG).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Long Term     .08        CRISIL B-/Stable (Assigned)
   Bank Loan Facility     

   Cash Credit           3.00        CRISIL B-/Stable (Assigned)

   Long Term Loan        3.92        CRISIL B-/Stable (Assigned)

The rating reflects exposure to risks related to ongoing project
and susceptibility of operating performance to regulatory changes
and increasing competition. These weaknesses are partially offset
by extensive industry experience of the partners and their adoption
of latest system in retail industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to ongoing project: VMSG is scheduled
to commence its operations in August 2019.  Demand risk is also
expected to be high as the industry is highly fragmented marked by
low entry barriers with small capital and technological
requirements. Also, will be exposed to intense competition from
other players in the segment. Timely completion and successful
stabilization of its operations at the new unit will remain a key
rating sensitivity factor.

* Susceptibility of operating performance to regulatory changes and
increasing competition: Liberalization of regulations such as
foreign direct investment (FDI) policy for food only retail, and
multi-brand retail segment as and when it happens, will intensify
competition in the domestic F&G sector, including from large
international players. The competitive intensity is also increasing
due to increasing focus of online retailers on the F&G segment.

Strengths

* Extensive industry experience of the partners: The partners have
an experience of over 20 years in Hypermarkets & Super Centers
industry. This has given them an understanding of the dynamics of
the market, and enabled them to establish relationships with
suppliers and customers.

* Adoption of latest system in retail industry: VMSG is currently
in process of setting a new unit, the unit installed is equipped
with latest equipment & technology. Therefore, the adoption of
latest machinery in steady industry would support its business
profile.

Liquidity
Cash accruals are expected to be around INR2-3 crore in fiscals
FY20 and FY21 against a repayment obligation of INR0.6 crore. Bank
limits will be utilized once the operations of the store starts.
Partners will also provide support in the form of interest-free
unsecured loans as per the requirement.

Outlook: Stable

CRISIL believes that VMSG will benefit over the medium term from
its partner extensive industry experience. The outlook may be
revised to 'Positive' if VMSG stabilizes operations at its proposed
plant in time, and reports significant revenue and profitability.
Conversely, the outlook may be revised to Negative' if  faces a
considerable delay in the commencement of its operations,
generates significantly low cash accruals during its initial phase
of operations, or witnesses a substantial increase in its working
capital requirements thus weakening its liquidity & financial
profile.

CRISIL believes that VMSG will benefit over the medium term from
its partner extensive industry experience. The outlook may be
revised to 'Positive' if VMSG stabilizes operations at its proposed
plant in time, and reports significant revenue and profitability.
Conversely, the outlook may be revised to Negative' if  faces a
considerable delay in the commencement of its operations,
generates significantly low cash accruals during its initial phase
of operations, or witnesses a substantial increase in its working
capital requirements thus weakening its liquidity & financial
profile.


VALIA IMPEX: CRISIL Reaffirms B+ Rating on INR33.15cr Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Valia Impex LLP (VIL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        10        CRISIL A4 (Reaffirmed)

   Bill Discounting      33.15     CRISIL B+/Stable (Reaffirmed)

   Channel Financing      8        CRISIL B+/Stable (Reaffirmed)

   Drop Line Overdraft
   Facility               3        CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits      6        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's below-average financial
risk profile, exposure to intense competition and high customer
concentration in revenue. These weaknesses are partially offset by
the firm's established track record as a distributor of polymers
for Reliance Industries Ltd (RIL) and the extensive experience of
the partners.

Analytical Approach

CRISIL has treated unsecured loans of INR10.71 crore extended by
the partners as on March 31, 2019, as neither debt nor equity. This
is because the loans are expected to remain in the business over
the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: Financial risk profile is
below average: gearing was 7.77 times, total outside liabilities to
adjusted networth ratio was 9.60 times, and networth was INR16.32
crore as on March 31, 2019. Debt protection metrics are subdued,
with interest coverage and net cash accrual to adjusted debt ratios
of 1.09 times and 0.01 time, respectively, in fiscal 2019. High
working capital debt should keep the financial risk profile below
average over the medium term.

* High customer concentration in revenue: VIL derives 45%
proportion of its revenue from the top five customers. Any change
in sourcing policy of the customers and slowdown in business from
them could significantly impact VIL's turnover.

* Exposure to intense competition: The del credere agency business
remains intensely competitive with presence of multiple players,
both organized & unorganized players in the segment, driven by low
capital requirement. This limits negotiating power with suppliers
and customers and restricts profitability.

Strengths:

* Partners' extensive experience and strong relationship with RIL:
VIL has been associated with RIL as its distributor for 22 years
and enjoys a healthy relationship with the company. The partners'
extensive experience should continue to support the business risk
profile.

Liquidity

Liquidity is stretched: cash accrual, expected at INR1.5-2 crore
per annum in fiscals 2020 and 2021, should cover yearly maturing
debt of INR0.90 crore. Utilisation of fund-based limit of INR11
crore averaged 98% over the 12 months through March 2019. Internal
accrual and unutilised bank lines should be sufficient to meet the
debt obligation and the incremental working capital requirement.

Outlook: Stable

CRISIL believes VIL will continue to benefit from the partners'
extensive industry experience and longstanding relationships with
the customers. The outlook may be revised to 'Positive' if
significant and sustained improvement in accruals, strengthens the
financial risk profile. The outlook may be revised to 'Negative' if
steep decline in revenue or profitability, or larger-than-expected
working capital requirement weakens the capital structure.

Incorporated in 1989 as a private limited company, VIL was
reconstituted as a limited liability partnership firm in September
2015. VIL is a del credere agent for RIL and supplies polymer
products in Maharashtra, Goa, Daman, and Silvassa. Mr Balkrishna
Valia and his family members are the partners.


VALLI MURUGAN: CRISIL Moves D on INR6.5cr Loans to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Valli Murugan
Tile Works & Chamber Bricks (VMTCB) to 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     .5       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan             3.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VMTCB for obtaining
information through letters and emails dated July 22, 2019 and July
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 VMTCB. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VMTCB 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 VMTCB to 'CRISIL D Issuer not cooperating'.

Established in 2002, VMTCB is engaged in the manufacture of clay
bricks. The firm's operations are based in Surandai, Tamilnadu. The
day-to-day operations of the firm are managed by Mr. S Palani
Nadar.


VISION METALIK: CRISIL Moves B+ on INR8.8cr Debt to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vision Metalik
Company (VMC) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           4        CRISIL B+/Stable (ISSUER NOT  
                                  COOPERATING; Rating Migrated)

   Proposed Long Term    3.3      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan             2.5      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VMC for obtaining
information through letters and emails dated July 22, 2019 and July
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 VMC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VMC 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 VMC to 'CRISIL B+/Stable Issuer not cooperating'.

Set up in 2012 as a partnership firm by Mr Narendra Kumar Saharia,
Ms Navina Jain, Ms Padma Devi Agarwalla, and their associate
companies, VMC manufactures mild steel billets at its facilities in
Dibrugarh, Assam.


Z. F. FILAMENTS: CRISIL Moves B- on INR7cr Loans to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of
Z. F. Filaments Private Limited (ZFF; formally known as Z. F.
Filaments) to 'CRISIL B-/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          3.64       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       2.04       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   1.32       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ZFF for obtaining
information through letters and emails dated July 22, 2019 and July
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 ZFF. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ZFF 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 ZFF to 'CRISIL B-/Stable Issuer not cooperating'.

ZFF, set up in 2002 by Mr. Ashfaq Ansari as a proprietorship firm
which got converted to private limited company in May 2017, the
firm manufactures grey fabric. It is based in Dhule, Maharashtra,
and has capacity of 450,000 metre per month.

For 2016-17, TDM reported a profit after tax (PAT) of INR 0.20 cr
on net sales of INR10.9 cr; the company reported a PAT of INR0.40
cr on net sales of INR4.9 cr for 2015-16.




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

FONTERRA: 6,000 Staff to Miss Out on Bonuses and Pay Raises
-----------------------------------------------------------
Radio New Zealand reports that Fonterra chief executive Miles
Hurrell has emailed staff that all salaried employees on individual
contracts earning more than NZ$100,000 a year will get neither
bonuses nor pay raises in the year ahead.

"This has been a tough call, but it's also the right one," he said
in the email, RNZ relays.  "Together as a co-operative we must do
what's right, working together to reset our business and get us
back to a position where we can be proud of our financial
performance."

Fonterra has more than 6,000 staff earning NZ$100,000 or more, RNZ
discloses citing the company's most recent annual report.

Recently Fonterra slashed the value of its business by writing down
the value of its operations by up to NZ$860 million, the report
notes.

It releases its annual result next week and has forecast a loss of
between NZ$590 million and NZ$675 million, RNZ says.

Fonterra Co-operative Group Limited, together with its
subsidiaries, collects, manufactures, and sells milk and
milk-derived products. It operates through Ingredients, Consumer
and Foodservice, and China Farms segments. The company offers bulk
and specialty dairy products, including milk powders, dairy fats,
cheese, and proteins for food producers and distributors in
approximately 140 countries. It also operates 70 Farm Source rural
retail stores; and engages in farming of fresh milk.




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

INNOPAC HOLDINGS: Seeks 2-Mo. Extension to Post Results, Hold AGM
-----------------------------------------------------------------
Vivien Shiao at The Business Times reports that Innopac Holdings
Limited announced on Tuesday after trading hours that it is seeking
a two-month time extension from the Singapore Exchange (SGX) to
announce its financial results for the full-year ended June 30,
2019, by Aug. 31, 2019, and to hold its annual general meeting
(AGM) by Oct. 31, 2019.

According to the report, the company said that following its notice
of delisting from SGX on June 4, 2019, its entire finance and
administration staff including the financial controller have
resigned and left the company. The total number of staff was not
disclosed, the report says. Innopac is now seeking funds to engage
external services to complete the unaudited interim financial
results for the full year ended June 30, 2019.

The Business Times relates that the SGX has not responded to its
request for an extension, which took place on Aug. 22, 2019. The
company added that it will endeavour to release the interim
financial results and hold its AGM as soon as possible, the report
adds.

Headquartered in Singapore, Innopac Holdings Limited, an investment
holding company, invests in marketable securities in Singapore and
other Asian countries. The company operates through Products
Trading, Investment Trading, and Investment Holding segments. It is
also involved in the distribution of energy and fuel, including
compressed natural gas; and the investment in residential and
commercial properties.


NEW TOYO: Unit to Cease Tissue Paper Production by Sept. 15
-----------------------------------------------------------
Vivien Shiao at The Business Times reports that New Toyo
International Holdings said that its subsidiary Sen Yang Enterprise
Co (Senyang) will cease production of tissue paper by Sept. 15,
2019, on the back of recurring losses.

Senyang, however, will continue with the trading of tissue paper
products.  According to the report, the decision was the result
following a group strategic review amid global trade tensions, as
the board does not expect Senyang's performance to improve
significantly in the near future.

The Business Times relates that the group had faced several adverse
factors, including fluctuating pulp prices against intense domestic
competition of tissue paper caused by the US-imposed tariff on
Chinese tissue exporters to the US. In addition, it took longer
than expected time to obtain full production capacity, as well as
the time to secure the Forestry Stewardship Certification needed
for export sales.

The net loss attributable to the tissue paper business for the
financial year ended Dec. 31, 2018, was SGD1.85 million. Based on
the company's preliminary assessment, the tissue paper business is
expected to report a net loss of approximately SGD11.4 million for
the full financial year ending Dec. 31, 2019, The Business Times
discloses.

New Toyo International Holdings Limited manufactures laminated
paper products and non-carbon paper. The Company's products include
laminated aluminum paper for packaging consumer products, tipping
paper for filter tips of cigarettes, non-carbon paper for multiple
copies of documents, corrugated carton boxes for packaging, and
tissue paper.



                           *********


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
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***