TCRAP_Public/190920.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, September 20, 2019, Vol. 22, No. 189

                           Headlines



A U S T R A L I A

APPIN HALL: First Creditors' Meeting Set for Sept. 30
CONQUEST 2019-2: S&P Assigns BB (sf) Rating to AUD1.6MM Cl. E Notes
ELK PETROLEUM: Second Creditors' Meeting Set for Sept. 27
GALLOP INTERNATIONAL: Federal Court Rules in Favor of ASIC
INFRABUILD AUSTRALIA: Fitch Rates Proposed $325M Sec. Notes BB(EXP)

INNOVATIVE BENCHTOP: Second Creditors' Meeting Set for Sept. 27
TRANSTEX HOLDINGS: First Creditors' Meeting Set for Sept. 26
VFC DEVELOPMENTS: First Creditors' Meeting Set for Sept. 30


C H I N A

FUJIAN YANGO: S&P Assigns 'B-' Rating to US$ Sr. Unsec. Notes
HUAI'AN TRAFFIC: Fitch Assigns Final 'BB' Rating to $300MM Bond


H O N G   K O N G

HONG KONG: Several Dozen Retailers Likely to Fold Amid Protests


I N D I A

AADHAR RICE: CRISIL Maintains 'B' Rating in Not Cooperating
ABW INFRASTRUCTURE: Insolvency Resolution Process Case Summary
ADVANCED MINING: CRISIL Maintains 'D' Rating in Not Cooperating
AL-SUPER FROZEN: CRISIL Maintains D Rating in Not Cooperating
ATLAS CYCLES: CRISIL Maintains FD Rating in Not Cooperating

BALAJI RICE: CRISIL Maintains 'B' Rating in Not Cooperating
BASE CORPORATION: Insolvency Resolution Process Case Summary
BELGIUM ALUMINUM: Insolvency Resolution Process Case Summary
BHARANI HI-TECH: CRISIL Assigns 'D' Rating to INR4.35cr LT Loan
CAMEX LIMITED: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable

DHANLAXMI TMT: CRISIL Maintains 'D' Rating in Not Cooperating
DIAMOND ENGINEERING: CRISIL Maintains D Rating in Not Cooperating
DIVYANSHI MINERAL: Insolvency Resolution Process Case Summary
EMGEE INFRASTRUCTURE: Ind-Ra Assigns 'D' Long Term Issuer Rating
ESSEL GROUP: Wins Six More Months to Repay Debt

ESWARI STORES: CRISIL Maintains B+ Rating in Not Cooperating
ETA ENGINEERING: CRISIL Keeps D Rating in Not Cooperating
GANESH RICE: CRISIL Maintains 'D' Rating in Not Cooperating
GARG RICE: CRISIL Migrates B Rating to Not Cooperating Category
GAUR HARI: CRISIL Migrates B+ Rating to Not Cooperating

GENERAL COMPOSITES: Insolvency Resolution Process Case Summary
GREENLEAF TOBACCO: CRISIL Maintains D Rating in Not Cooperating
HPCL-MITTAL ENERGY: Mody's Affirms Ba1 CFR; Alters Outlook to Neg.
JAMSHRI RANJITSINGHJI: CRISIL Keeps B+ Rating in Not Cooperating
KAVIT INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating

KEW INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
LAJJYA STEELS: CRISIL Maintains 'D' Rating in Not Cooperating
LEKH RAJ: CRISIL Maintains 'B' Rating in Not Cooperating
MALLIKARJUN CONSTRUCTION: CRISIL Keeps C Rating in Not Cooperating
P&M AND HI TECH: CRISIL Maintains D Rating in Not Cooperating

PATWA AUTOMOTIVE: CRISIL Maintains D Rating in Not Cooperating
PERAMBALUR SUGAR: CRISIL Maintains B Rating in Not Cooperating
PRAKASAM HEAVY: CRISIL Lowers Rating on INR22.5cr Loan to 'D'
SA RAWTHER SPICES: Insolvency Resolution Process Case Summary
SANA REALTORS: NCLT Starts Insolvency Process vs. Firm

SHUBHI AGRO: CRISIL Maintains 'D' Rating in Not Cooperating
SOUTHERN AUTO: CRISIL Cuts Rating on INR6.5cr Cash Loan to D
SRI KANYA: CRISIL Migrates B+ Rating to Not Cooperating
SRIT INDIA PRIVATE: Insolvency Resolution Process Case Summary
ST. JOHN SAWMILL: CRISIL Migrates B Rating to Not Cooperating

SURYAJYOTI SPINNING: Insolvency Resolution Process Case Summary
SWATHI COTGIN: CRISIL Migrates 'D' Rating in Not Cooperating
TASGAONKAR BLOSSOM: Insolvency Resolution Process Case Summary
UNIJULES LIFE: CRISIL Keeps D Rating in Not Cooperating Category
VAAYU INFRASTRUCTURE: Insolvency Resolution Process Case Summary

VIDEOCON GROUP: CGST Files Intervention Plea
VIJAYA KRISHNA: CRISIL Lowers Rating on INR7.5cr Loan to B+


I N D O N E S I A

OXLEY KARYA: Receives Default Notice from Batam Project Contractor
SMARTFREN TELECOM: Fitch Upgrades National LT Rating to CCC+(ind)


J A P A N

AKEBONO BRAKE: To Close Six Plants Under Restructuring Plan


S I N G A P O R E

ENVICTUS INTERNATIONAL: To Sell Texas Chicken Stores in Indonesia
LIBRA GROUP: Gets Letters of Demand; Applies for Court Protection

                           - - - - -


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

APPIN HALL: First Creditors' Meeting Set for Sept. 30
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Appin Hall
Children's Foundation will be held on Sept. 30, 2019, at 10:30
a.m., at 105 Macquarie St, in Hobart.

Johnathan Robert Murrell and Paul John Cook of Paul Cook &
Associates were appointed as administrators of Appin Hall on Sept.
18, 2019.

CONQUEST 2019-2: S&P Assigns BB (sf) Rating to AUD1.6MM Cl. E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned ratings to seven classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee of ConQuest 2019-2 Trust. ConQuest
2019-2 Trust is a securitization of prime residential mortgages
originated by MyState Bank Ltd.

The ratings reflect:

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

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for all rated notes, excess spread, and mortgage
insurance covering 12.9% of the loans in the portfolio.

-- That the various mechanisms to support liquidity within the
transaction, including an excess revenue reserve, principal draws
mechanism, and an amortizing liquidity facility equal to 1.00% of
the invested amount of all notes are sufficient under S&P's stress
assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded by
MyState Bank Ltd., is available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

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

  RATINGS ASSIGNED

  ConQuest 2019-2 Trust

  Class      Rating        Amount (mil. A$)
  A1         AAA (sf)      368.0
  A2         AAA (sf)        8.0
  AB         AAA (sf)        8.0
  B          AA (sf)         6.4
  C          A (sf)          4.2
  D          BBB (sf)        1.8
  E          BB (sf)         1.6
  F          NR              2.0

  NR--Not rated.

ELK PETROLEUM: Second Creditors' Meeting Set for Sept. 27
---------------------------------------------------------
A second meeting of creditors in the proceedings of Elk Petroleum
Ltd has been set for Sept. 27, 2019, at 10:00 a.m. at the offices
of McGrathNicol Sydney, Level 12, at 20 Martin Place, 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. 26, 2019, at 4:00 p.m.

Jason Preston and Barry Kogan of McGrathNicol were appointed as
administrators of Elk Petroleum on May 15, 2019.

GALLOP INTERNATIONAL: Federal Court Rules in Favor of ASIC
----------------------------------------------------------
The Federal Court of Australia has delivered judgment in Australian
Securities and Investments Commission (ASIC)'s favor in proceedings
against Gallop International Group Pty Ltd (In liquidation) (GIG),
Gallop Asset Management Pty Ltd (GAM), Stumac Pty Ltd (Stumac) and
former director Mr Ming-Chien Wang.

Justice Charlesworth has proposed orders and given the parties time
to apply to the Court about the proposed orders, but if no party
applies, the Court will make the proposed orders on Sept. 26, 2019,
including:

     * declarations of contraventions of financial services laws
       by GIG;

     * declarations that Mr. Wang was knowingly concerned in the
       contraventions of GIG;

     * permanent injunctions restraining Mr. Wang from carrying on

       a financial services business;

     * an order disqualifying Mr. Wang from managing a corporation

       for 10 years;

     * an order that Mr Wang pay a civil penalty of AUD3 million;
       And

     * the winding up of GAM and Stumac.

The proposed civil penalty against Mr. Wang will be the highest
civil penalty awarded against an individual in an ASIC proceeding.

Charlesworth J declined to make the declarations of contravention
sought by ASIC against GAM.

ASIC had earlier obtained interim injunctions against the companies
and Mr. Wang, effectively shutting down the Gallop business, as
well as freezing orders over Australian bank accounts.

Charlesworth J found GIG operated a financial services business
without holding a financial services licence, published statements
which were false and misleading and engaged in misleading and
deceptive conduct. Charlesworth J also found that Mr. Wang, being
the controlling mind and architect of the scheme, was knowingly
concerned in GIG's contraventions., and that GIG was in the process
of transitioning its business to Stumac.

In her judgement, Charlesworth J found that GIG caused or permitted
investors' funds to be transferred from GIG's Australian bank
account "for purposes unrelated to the investments and that GIG did
not hold investors' funds in a designated trust account.
Accordingly, the financial products and services provided by GIG
did not have the benefits and characteristics represented on the
GAM website and the GIG website", and that representations to
potential investors that GIG was authorised under Australian law to
provide the financial products and services promoted on its
websites were "clearly intended to lure investors into the belief
that the services promoted by GIG were subject to the regulatory
regime established under Australian law. The falsity of the
representation wholly undermines the protective purpose of the
comprehensive regime established . . . for the proper regulation of
the financial services sector."

Charlesworth J also found that "a large number of investors have
lost the whole of their capital invested and that they have been
unsuccessful in obtaining a satisfactory explanation from GIG as to
those losses", that "It is more likely than not that the funds were
misapplied, so explaining the magnitude of the losses", and that
Mr. Wang "demonstrates the utmost disregard for Australia's
financial services laws."

The proposed orders include an order that Mr. Martin David Lewis of
KPMG be appointed liquidator of GAM and Stumac. Mr Lewis is also
the liquidator of GIG.

GIG and GAM each held an Australian Financial Services licence and
operated the Gallop business, which promoted and provided services
for trading in various financial products including foreign
exchange, precious metals, derivatives and contracts for
difference. The business facilitated access to an online trading
platform accessed through websites accessible in Australia and
overseas.

Investors in financial products offered by GIG and GAM are
predominantly residents of mainland China and Taiwan. Investors
deposited funds into Australian bank accounts to invest in the
financial products offered by the Gallop business. Between May 2016
and May 2017 more than AUD36 million was deposited, primarily by
investors, into GIG's Australian bank account. Over that same
period almost all of that money was withdrawn and paid into
overseas bank accounts held by entities related to GIG or otherwise
having connections with Mr. Wang, his family or associates.

Investors complained to ASIC and the Financial Ombudsman Service
that their investment funds and, in some cases, earnings from
investments (including interest and commission payments), had not
been returned on demand or as required under the terms of their
investments.

On June 22, 2018, GIG was wound up in insolvency in a separate
proceeding before the Court and Martin David Lewis, now of KPMG,
was appointed liquidator.

The trial took place on Sept. 10, 2018. Mr. Lewis, as liquidator of
GIG, did not oppose the orders sought by ASIC and adduced no
evidence at the hearing. There was no appearance at the hearing by
GAM, Stumac or Mr. Wang.

INFRABUILD AUSTRALIA: Fitch Rates Proposed $325M Sec. Notes BB(EXP)
-------------------------------------------------------------------
Fitch Ratings assigned InfraBuild Australia Pty Ltd.'s
(BB-(EXP)/Stable) proposed USD325 million secured notes due 2024 an
expected 'BB(EXP)' rating. At the same time, the agency is
withdrawing the 'BB-(EXP)' rating on the company's proposed US
dollar senior unsecured notes.

The notes are rated one-notch higher than the company's Issuer
Default Rating as Fitch believes the recovery prospects are
superior. The bond is secured by first-lien property and other
assets, and second-lien account receivables and inventories. Under
its recovery analysis, Fitch has assumed that the company's
asset-based lending facility will be fully drawn and its swap
obligations will have priority on the proceeds from the notes'
collateral.

The proceeds of the notes will be used to refinance and restructure
the company's existing facilities. The final ratings are contingent
upon the success of the proposed bond issue and the receipt of
final documents materially conforming to information already
received.

InfraBuild's ratings are underpinned by the company's leading
market position in steel long products in Australia, its vertically
integrated business model and electric arc furnaces (EAF), which
allow the company to operate flexibly with low capital intensity.

The company's ratings are constrained by its relatively weak cost
position against international peers and small-scale operations
from an international perspective.

The Stable Outlook reflects its expectation that the company will
maintain its market leadership and stable earnings profile,
benefitting from its vertically integrated and flexible operation
with EAFs. Following the revision in the capital structure of the
issuance, Fitch now expects leverage, measured by total adjusted
debt/operating EBITDAR, to remain around 3.5x, on average, over the
next four years (3.7x in the financial year ended June 2020 (FY20))
from an earlier forecast of 4.4x.

Fitch is withdrawing InfraBuild's expected unsecured bond rating as
the rating is no longer expected to convert to a final rating.

KEY RATING DRIVERS

Vertical Integration, Flexible Operations: InfraBuild is able to
maintain a stable earnings profile through the cycle due to the
flexible operating structure of its EAFs, which can adjust
production levels to match demand and have low fixed costs. This
flexibility supports InfraBuild's credit profile over blast
furnaces, which have high fixed costs and less flexible operating
profiles. InfraBuild also benefits from backward integration into
scrap, which comprises the largest component of raw-material costs
(FY19: 25%). This vertical integration smooths the company's
earnings profile by improving diversification.

Market-Leading Position: InfraBuild is Australia's sole EAF steel
long-product manufacturer and operates the country's second-largest
ferrous and non-ferrous recycling business. Its strong market
position has allowed InfraBuild to maintain around 63% volume share
of domestic steel long products over the last decade, despite stiff
competition from imports. In addition, InfraBuild reported positive
EBITDA of around AUD130 million during the previous downturn in
FY16. Fitch believes this was possible due to the company's
flexible operations, reliable supply and broad product offering
compared with imports.

InfraBuild is also Australia's leading steel long-product
distributor. It competes with smaller independent distributors that
sell a mix of imported and InfraBuild-manufactured products. Fitch
believes InfraBuild's strong market position, large distribution
network and high steel long-product market share, including volume
sold to external distributors, allow the company to charge a
premium over the import parity price. Fitch expects the company to
retain its strong domestic market position as long as it maintains
a competitive price over imports.

High Residential Market Exposure: Fitch expects weak organic steel
sales volume and prices in FY20 due to the company's high
residential construction market exposure. However, the company's
plan to acquire four steel distribution and recycling companies,
and its cost-cutting initiatives, should support revenue and
earnings growth during the period. Fitch expects volume to recover
from FY21 as demand from the engineering and construction (E&C)
sector improves. InfraBuild's volume exposure to the residential
and E&C sectors was around 40% and 25%, respectively, in FY19.

Weak Cost Position, Small Scale: InfraBuild has a small-scale
operation in terms of EAF production volume, at 1.4 million tonnes
a year, and a weak cost position compared with peers, especially in
China. Fitch believes this would make it difficult for InfraBuild
to compete in the export market. Profitability could come under
pressure if low-cost producers, especially Chinese steel mills,
increase export volume into Australia, although Fitch does not
expect this to occur in the short-to-medium term due to China's
effort to reduce its steel-mill capacity and Australia's geographic
isolation that results in longer supply lead time.

Fitch believes InfraBuild's cost position is competitive against
imports after adjusting for freight, import tariffs and
port-handling charges, as evidenced by the company's resilient
domestic volume share over the last decade. However, there is a
risk of rising Chinese imports affecting InfraBuild's
profitability, especially during times of weak Chinese steel
consumption or if iron-ore and coking-coal prices become
competitive against scrap.

DERIVATION SUMMARY

Fitch assesses InfraBuild's rating as being in line with other
Fitch-rated 'BB' category EAF steel producers due to the company's
integrated business model, flexible operating profile and leading
market position in Australia. The ratings are constrained by
InfraBuild's relatively weak cost position, scale, and higher
leverage.

The ratings of InfraBuild are comparable with those of US-based
Commercial Metals Company (CMC; BB+/Stable). CMC has better
geographic and operational diversification due to its operations in
the US and Poland, as well as its higher number of operating mills.
However, InfraBuild's strong market position and long-term customer
relationships help to offset its relatively weaker
diversification.

Both companies have vertically integrated business models, receive
a premium over the import parity price and have a similar absolute
level site-operating cost. However, Fitch believes CMC's mini mill
in the US benefits from strict tariff barriers and access to cheap
electricity and scrap, which results in better margins and a lower
threat from Asian imports.

CMC's leverage metric, measured by total adjusted debt/operating
EBITDAR, of about 3x is also around a half turn lower than that of
InfraBuild with a better EBITDAR margin. These factors underscore
the two-notch rating differential between the two entities.

Brazil-based Gerdau S.A. (BBB-/Stable) has better diversification,
business scale, profit margin and lower leverage position than
InfraBuild, but InfraBuild's dominant domestic market position
accounts for the three-notch rating differential between the two
entities.

KEY ASSUMPTIONS

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

  - Weak organic volume and prices, especially in the distribution
business, due to volume contraction in the residential-construction
sector in FY20.

  - EBITDA margin to improve to around 5.5% due to cost-cutting
initiatives, including savings from a continuous improvement
programme and cost synergies from planned acquisitions (FY19:
4.5%).

  - Capex of around AUD115 million in FY20, then remaining at
around 2% of revenue.

  - No dividend.

RATING SENSITIVITIES

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

  - Total adjusted debt/EBITDAR sustained below 4.0x (FY19: 5.1x).

  - EBITDAR margin sustained above 8% (FY19: 6.6%).

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

  - Total adjusted debt/EBITDAR above 5.0x for a sustained period.
  
  - EBITDAR margin below 6% for a sustained period.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: InfraBuild's next significant debt maturity is
in September 2022, consisting of a AUD250 million asset-based
lending facility. Fitch expects the company to have adequate
liquidity from its undrawn asset-based facility and projected free
cash flow to meet the repayment of its proposed notes, which will
be due in September 2024.

INNOVATIVE BENCHTOP: Second Creditors' Meeting Set for Sept. 27
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Innovative
Benchtop Solutions Pty Ltd, trading as Kitchens Direct and
Innovative Benchtop Design, has been set for Sept. 27, 2019, at
10:30 a.m. at the offices of Worrells Solvency & Forensic
Accountants, Level 4, at 15 Ogilvie Road, in Mount Pleasant, WA.

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. 26, 2019, at 5:00 p.m.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
was appointed as administrator of Innovative Benchtop on Aug. 26,
2019.

TRANSTEX HOLDINGS: First Creditors' Meeting Set for Sept. 26
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Transtex
Holdings Pty Ltd will be held on Sept. 26, 2019, at 11:30 a.m. at
the offices of Jirsch Sutherland, Level 12, at 460 Lonsdale Street,
in Melbourne, Victoria.

Glenn Anthony Crisp of Jirsch Sutherland was appointed as
administrator of Transtex Holdings on Sept. 16, 2019.

VFC DEVELOPMENTS: First Creditors' Meeting Set for Sept. 30
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of VFC
Developments Pty Ltd will be held on Sept. 30, 2019, at 11:00 a.m.
at the offices of G S Andrews Advisory, at 22 Drummond Street, in
Carlton, Victoria.  

Gregory Stuart Andrews and Andrew Juzva of G S Andrews Advisory
were appointed as administrators of VFC Developments on Sept. 17,
2019.



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C H I N A
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FUJIAN YANGO: S&P Assigns 'B-' Rating to US$ Sr. Unsec. Notes
-------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
proposed U.S.-dollar-denominated senior unsecured notes by Yango
(Cayman) Investment Ltd., a subsidiary of Fujian Yango Group Co.
Ltd. (B/Stable/--).

Fujian Yango irrevocably and unconditionally guarantees the notes.
The China-based property developer intends to use the net proceeds
primarily to refinance its debt. The issue rating is subject to our
review of the final issuance documentation.

S&P said, "We rate the proposed senior unsecured notes one notch
below the issuer credit rating on Fujian Yango to reflect
substantial structural subordination risk. As of June 30, 2019,
Fujian Yango's capital structure consists of about Chinese renminbi
(RMB) 99 billion in secured debt and RMB37 billion in unsecured
debt. As such, the secured debt ratio is about 73%, significantly
higher than our notching threshold of 50%.

"We believe the proposed notes issuance will release some
short-term refinancing pressure for Fujian Yango. We expect the
company to gradually improve its leverage despite weaker cash flow
from nonproperty segments. The company's debt-servicing ability and
liquidity are weaker on a stand-alone basis, although we believe
the company will manage its liquidity through asset disposals and
stable dividends from key investments." This is reflected in the
stable outlook on Fujian Yango.

HUAI'AN TRAFFIC: Fitch Assigns Final 'BB' Rating to $300MM Bond
----------------------------------------------------------------
Fitch Ratings assigned China-based Huai'an Traffic Holding Co.,
Ltd.'s (BB/Stable) USD300 million 6.0% bonds due 2022 a final
rating of 'BB'.

The final rating is the same as the expected rating assigned on
September 12, 2019 and follows the receipt of documents conforming
to information received.

KEY RATING DRIVERS

The bonds are issued directly by Huai'an Traffic and are rated at
the same level as its Issuer Default Rating. The bonds constitute
the company's direct, unconditional, unsubordinated and unsecured
obligations and rank pari passu with all its other senior unsecured
obligations. The net proceeds will be used to refinance offshore
debt.

RATING SENSITIVITIES

Rating action on Huai'an Traffic would lead to similar action on
the rating of its US dollar bonds.



=================
H O N G   K O N G
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HONG KONG: Several Dozen Retailers Likely to Fold Amid Protests
---------------------------------------------------------------
Holly Chik at South China Morning Post reports that several dozen
small retailers are likely to shut shop as soon as the end of this
month due to plunging sales that could lead to thousands of
lay-offs as protests frighten away tourists, according to a Hong
Kong-based staffing agency.

"It is just too hard to survive," the Post quotes Alexa Chow
Yee-ping, managing director of AMAC Human Resources Consultants, as
saying. Retail chains were trying their best to keep permanent
staff despite the gloomy scene, she added.

About 20 per cent to 30 per cent of retailers were now starting to
send full-time employees on unpaid leave to cut costs after having
let go of part-time workers, the report says.

And although the upcoming five-day "golden week" national day
holiday starting on October 1 is generally a busy sales period,
retailers could miss out as the city is unlikely to see a repeat of
the 1.2 million mainland tourists who visited Hong Kong last year,
according to the Post.

Since June 9, Hong Kong has been hit by protests, ignited by the
now-withdrawn extradition bill. The hardest hit retailers are in
Causeway Bay as the nearby Victoria Park is the rallying point for
most of the protests, the Post notes.

The Post adds that the protesters have also organised
demonstrations in other shopping districts such as Tsim Sha Tsui
and Mong Kok, and arranged an online campaign called "Bye Buy Day
HK", urging citizens to spend less on Fridays and Sundays and avoid
retailers and other companies which do not share their political
views.

In August, tourists to Hong Kong declined nearly 40 per cent--the
second biggest year-on-year slump since the Sars epidemic in May
2003, Financial Secretary Paul Chan Mo-po wrote in a blog post on
Sept. 15, the Post relays.

Retail sales in July fell 13 per cent from a year earlier, the Post
discloses citing latest figures from the Hong Kong government.

The Post relates that in view of the retail sector's dire
situation, the Hong Kong Retail Management Association last month
called on landlords to cut rent by half for six months to help
businesses tide over the crisis.  But Ms. Chow said that landlords
might not be amenable to such a request.



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I N D I A
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AADHAR RICE: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Aadhar Rice Mill
Private Limited (ARMPL, part of Aadhar Group)  continues to be
'CRISIL B/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            12.50      CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Rupee Term Loan         2.61      CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with ARMPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 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 ARMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ARMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

For arriving at the ratings, CRISIL has consolidated the financial
and business risk profile of ARMPL with Shree Shakambari Rice Mills
Private Limited (SSRMPL), together referred to as the Aadhar Group,
on account high operational fungibility between the entities.
Besides having common promoters, the two entities are engaged in
the same line of business, with common products, customers and
suppliers.


ARMPL was incorporated in 2009 by Mr. Ram Prakash Agarwal, Mr.
Rajnish Kumar and Mr. Satyadeo Roy. In 2013, the promoters acquired
SSRMPL, which was incorporated in 2006. The group is engaged in
manufacturing of parboiled rice. The group has its manufacturing
facilities in Jharkhand.

ABW INFRASTRUCTURE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: ABW Infrastructure Limited
        Rectangle-1, D-4
        Saket District Centre, Saket
        New Delhi DI 110017
        IN

Insolvency Commencement Date: September 12, 2019

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: March 10, 2020

Insolvency professional: Anand Chandra Swain

Interim Resolution
Professional:            Anand Chandra Swain
                         Expo Tower
                         Plot-1307, Flat-4 (A&B)
                         Nandankanan Road
                         P.o.-KIIT, Bhubaneswar
                         Odisha 751024
                         E-mail: anand.swain2@gmail.com
                                 cirpabwinfra@rediffmail.com

Classes of creditors:    Real Estate Allottees

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Subramanian Natarajan
                         Flat No. 56, Pocket A-4
                         Konark Apartments
                         Kalkaji Extension, South
                         National Capital Territory of Delhi
                         110019
                         E-mail: subrairp@gmail.com

                         Mr. Shyam Arora
                         96, Aravali Apartment
                         Alaknanda, New Delhi
                         National Capital Territory of Delhi
                         110019
                         E-mail: arora.shyaam@yahoo.com

                         CA Niraj Kumar Tiwari
                         PAMS & Associates
                         31-32, Super Market
                         PO Joda, Dist: Keonjhar
                         Odisha 758034
                         E-mail: tiwari_niraj20@yahoo.co.in

Last date for
submission of claims:    September 27, 2019


ADVANCED MINING: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Advanced Mining
Technologies Private Limited (AMT) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          32         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term     101         CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

CRISIL has been consistently following up with AMT for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 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 AMT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMT is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

AMT was established in 2005 by Mr. N Venkata Subba Rao along with
his friends and family members. The company provides coal mining
services, through the highwall mining technology. It is based in
Hyderabad, Telangana.

AL-SUPER FROZEN: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Al-Super Frozen Foods
Private Limited (ASFF) continues to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan            25        CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with ASFF for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 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 ASFF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASFF is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

For arriving at the rating, CRISIL has taken a standalone approach
for the assessment of ratings as ASFF is now bought by the
promoters of Mirha Exports Pvt Ltd. Previously, ASFF used to be
part of the Al Nafees group and CRISIL had taken a consolidated
approach with its other group entities (mainly Al Nafees Frozen
Foods Pvt Ltd).

ASFF, promoted by Mirha Exports Pvt Ltd, processes and exports
buffalo meat. Its plant in Unnao (Uttar Pradesh) has capacity to
process 600 animals daily.

ATLAS CYCLES: CRISIL Maintains FD Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Atlas Cycles
(Haryana) Limited (Atlas) continues to be 'FD Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Fixed Deposits      30.00       FD (Issuer Not Cooperating)

CRISIL has been consistently following up with Atlas for obtaining
information through letters and emails dated February 26, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as 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 Atlas, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Atlas is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Atlas was originally incorporated as Atlas Industries Ltd in 1951,
promoted by Mr Janki Das Kapur; the name was changed in fiscal
2003. The company manufactures bicycles for the domestic and export
markets under the Atlas brand. Its manufacturing facilities are in
Sonipat, Haryana, and Sahibabad, Uttar Pradesh. It also
manufactured tubes at its plant in Bawal, Haryana; however,
operations at this unit and at the bicycle unit in Malanpur, Madhya
Pradesh, were shut down in fiscal 2015. Atlas is listed on National
Stock Exchange (NSE) and Bombay stock Exchange (BSE).

BALAJI RICE: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Balaji Rice Mill
(BRM) continues to be 'CRISIL B/Stable Issuer not cooperating'.

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

   Open Cash Credit         7        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)
   Proposed Long Term
   Bank Loan Facility       1        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with BRM for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 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 BRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BRM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Set up in 1984 as a partnership firm, Balaji Rice Mill (BRM) is
engaged in the milling and processing of paddy into rice. The firm
is promoted by Mr. Jagannadha Raju, Mr. Rama Koti Raju, Mr. Dharma
Raju and Mr. Ramachandra Raju.

BASE CORPORATION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Base Corporation Limited

        Registered office:
        Flat No. S2, 2nd Floor
        No. 13 Lohan's Regent
        Sundermurthy Road, Cox Town
        Bangalore 560005

        Plant 1:
        #42-632, Anegollu
        Vill. Denkanikottai Taluk
        Krishnagiri, Tamil Nadu 635115

        Plant 2:
        (BCL-Unit II, III, IV)
        Village Nagali, P.O. Onchghat
        Solan, Himachal Pradesh 173214

Insolvency Commencement Date: August 2, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 29, 2020

Insolvency professional: Aashish Gupta

Interim Resolution
Professional:            Aashish Gupta
                         1/4852, Gali No. 10
                         Balbir Nagar Extn., Shahdara
                         New Delhi 110032
                         E-mail: aashish_ca@rediffmail.com

                            - and -

                         C/o TRC Corporate Consulting Private
                             Limited
                         359 Udyog Vihar, Phase-II
                         Gurgaon 122016
                         Haryana
                         E-mail: cirp.base@gmail.com

Last date for
submission of claims:    September 19, 2019


BELGIUM ALUMINUM: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Belgium Aluminum & Glass Industries Private Limited

        Registered office:
        402, Fourth floor, Baba House
        Mathuradas Vasanji Road
        Opp. Cinemax cinema
        Andheri (East)
        Mumbai MH 400093

Insolvency Commencement Date: August 27, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ravindra Chaturvedi

Interim Resolution
Professional:            Ravindra Chaturvedi
                         C/o Parekh Shah & Lodha
                         31E, BKC Centre
                         Laxmi Industrial Estate
                         New Link Road, Andheri (W)
                         Mumbai 400053
                         E-mail: ravinchaturvedi@hotmail.com
                                 ip3.belgiumglass@gmail.com

Last date for
submission of claims:    September 25, 2019


BHARANI HI-TECH: CRISIL Assigns 'D' Rating to INR4.35cr LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' on the bank loan
facilities of Bharani Hi-tech Agro Industries (BHPL).

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Overdraft            .8        CRISIL D (Assigned)
   Long Term Loan      4.35       CRISIL D (Assigned)
   Auto loans           .22       CRISIL D (Assigned)
   Cash Credit         1.65       CRISIL D (Assigned)

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

The rating also reflects the firm's modest scale of operations and
below average financial risk profile. These weaknesses get
partially offset by extensive experience of the proprietor.

Key Rating Drivers & Detailed Description

Strengths:

Weaknesses
* 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 January 2019.

* Modest scale of operations: The firm's scale of operations is
modest as reflected in revenues of INR11.70 crore for fiscal
2018.The scale of operations is expected to remain modest over the
medium term.

* Below average Financial Risk Profile: The financial risk profile
is below average reflected by small networth of INR1.04 crore and
high gearing of 8.62 times as on March 2018.

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

Liquidity: Poor

Liquidity is poor. Weak liquidity has resulted in overdrawals of
the working capital limits for more than 30 days. The firm's
operations are working capital intensive operations and hence is
highly dependent on external debt for meeting its working capital
requirements.

Rating Sensitivity Factor

Upward factors
* Track record of timely debt servicing for at least over 90 days
* Improvement business performance and receivable days resulting in
better liquidity profile

BHPL is a proprietorship concern of Mr Anand Lagu established in
2007 is production and sale of consumable eggs and since fiscal
2018 the firm also started selling of hatchable eggs to the poultry
firms.

CAMEX LIMITED: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Camex Limited
(Camex) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based Limits assigned with IND BB+/Stable/IND

     A4+ rating; and

-- INR100 mil. Non-fund based limit assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings factor in Camex's medium scale of operations, as
indicated by revenue of INR1,472 million in FY19 (FY18: INR1,300
million, FY17: INR1,153 million). The revenue grew on a yoy basis
due to commencement of operations at a new unit and growth in the
customer base. The EBITDA margins increased slightly to an average
5.0% in FY19 (FY18: 4.7%) owing to revenue growth.. The RoCE stood
at 13% in FY19 (FY18: 10%). The market capital of company amounted
to INR260.2 million as on 17 September 2019.

The ratings reflect Camex's average credit metrics. The metrics
improved on a yoy basis in FY19 due to a decrease in total debt to
INR138 million and increase in the absolute EBITDA to INR74 million
(INR64 million). The company's EBITDA net interest coverage
(operating EBITDA/net interest expenses) was 4.0x in FY19 (FY18:
2.9x)  and the net leverage (total adjusted net debt/operating
EBITDA) was 1.6x (FY18: 4.3x)

Liquidity Indicator-Adequate: Camex's average maximum utilization
of fund-based facility and non-fund based facility was
approximately 51% and 6.5%, respectively, for the 12 months ended
July 2019.  The cash flow from operations turned positive at INR162
million in FY19 (FY18: negative INR68 million) due to an
improvement in the net working capital cycle to 83 days (113 days).
The cash balance was INR19 million at end-FY19 (end-FY18: INR34
million).

The ratings are supported by the managing director's experience of
more than three decades in the chemicals industry.

RATING SENSITIVITIES

Negative: Any decline in revenues and EBITDA margins, resulting in
deterioration in liquidity and credit metrics, with the net
leverage increasing above 4.5x, on a sustained basis, would be
negative for the ratings.

Positive: A sustained improvement in the revenue and   EBITDA
margins, resulting in comfortable liquidity and credit metrics,
with the net leverage sustaining below 3.5x would be positive for
the ratings.

COMPANY PROFILE

Incorporated in 1989, Camex is promoted by Mr. Chopra and family.
The company is engaged in the manufacturing and trading of reactive
dyes, intermediates, pigments and speciality chemicals used in the
textile industry.

DHANLAXMI TMT: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhanlaxmi TMT Bars
Private Limited (Dhanlaxmi: part of the Dhanlaxmi group) continues
to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       1       CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit         24       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with Dhanlaxmi for
obtaining information through letters and emails dated February 26,
2019 and August 16, 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 Dhanlaxmi, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Dhanlaxmi
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Dhanlaxmi and Nilesh Steel and Alloys
Pvt Ltd (NSAPL). This is because, the two entities, together
referred to as the Dhanlaxmi group, are part of a value chain and
under a common management, and have significant sale/purchase
transactions and financial linkages with each other.

Dhanlaxmi, incorporated in 2001 by Mr. Sanjay Mantri, manufactures
thermo-mechanically treated (TMT) bars. In 2002, Mr. Sanjay Mantri
and Mr. Nilesh Chechani incorporated NSAPL, which manufactures mild
steel ingots/billets for consumption by Dhanlaxmi. The group's
manufacturing facility is located at Jalna (Maharashtra).

DIAMOND ENGINEERING: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Diamond Engineering
(Chennai) Private Limited (DECPL) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit**        40.79       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit#         20.00       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest      15.71       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Letter of credit     15          CRISIL D (ISSUER NOT
   & Bank Guarantee                 COOPERATING)

   Long Term Loan       15          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan            18.83       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital     126.44       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

** Includes letter of credit sub-limit of INR0.80 crore.
# Includes export packing credit sub-limit of INR10.0 crore and
foreign bill discounting sub-limit of INR10.0   
   crore.

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

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as 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 DECPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DECPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

DECPL, established in 1987, is one of the larger players operating
in the light engineering and steel structural fabrication business.
The company fabricates steel components based on the engineering
designs and requirements of its customers in the construction,
cement, power, sugar, and automotive components industries.
Products include structural steel, bulk material handling
equipment, and industrial process equipment for domestic and
overseas projects of international original equipment manufacturers
and engineering, procurement, and construction companies. Services
offered include heavy machining, surface finishing, packing, and
forwarding.

DIVYANSHI MINERAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Divyanshi Mineral & Metal Private Limited
        1, Kama Vihar
        Daangion KA Guda
        Lakhawali, Udaipur 313001
        Rajasthan, India

Insolvency Commencement Date: September 3, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 3, 2020

Insolvency professional: Mr. Kedarram Ramratan Laddha

Interim Resolution
Professional:            Mr. Kedarram Ramratan Laddha
                         B-1002, 10th Floor, Mondeal Square
                         Near Prahladnagar Garden
                         S.G. Highway
                         Ahmedabad, 380015
                         Gujarat, India
                         E-mail: ip@kpsjca.com

                            - and -

                         6/5, Sahayog Apartment
                         Keshavnagar, Subhash bridge
                         RTO Circle, Ahmedabad 380004
                         Gujarat

Last date for
submission of claims:    September 19, 2019


EMGEE INFRASTRUCTURE: Ind-Ra Assigns 'D' Long Term Issuer Rating
----------------------------------------------------------------
India Rating & Research (Ind-Ra) has assigned Emgee Infrastructure
Holdings (I) Pvt. Ltd. (Emgee) a Long term Issuer rating of 'IND
D'.

The instrument-wise rating actions are:

-- INR240 mil. Fund-based working capital limits (long term)
     Assigned with IND D rating.

KEY RATING DRIVERS

The rating reflects Emgee's continuous delays in debt servicing and
the company being categorized as a non-performing asset (NPA) from
May 2019, due to stressed liquidity position, on account of delays
in receipt of payment from its counterparties.

The ratings are also constrained by Emgee's small scale of
operations as indicated by operating revenue of INR65 million
(FY18: INR12 million). Revenue grew on rise in order execution.
FY19 financials are provisional in nature.

The company reported EBIDTA losses in FY19, as against profit of
INR35 million in FY18, due to increase in raw material costs and
other operating expenses.

RATING SENSITIVITIES

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

COMPANY PROFILE

Emgee was incorporated on November 1, 2002. The company is engaged
in civil constructions, infrastructure development, engineering,
procurement and construction (EPC) and logistics projects.

ESSEL GROUP: Wins Six More Months to Repay Debt
-----------------------------------------------
BloombergQuint reports that mutual funds and non-bank lenders
agreed to give Essel Group up to six more months beyond the Sept.
30 deadline to repay debt, according to a person aware of the
details, as the Zee Group promoters serviced nearly half their
liability by selling assets.

The management fulfilled 50 percent of the payout and the risk has
reduced, the person told BloombergQuint on the condition of
anonymity as the details are not public yet. The lenders agreed to
extend the timeline till March to help the Subhash Chandra-led
Essel Group realise adequate value of the assets it's looking to
sell, the person said.

Essel Group is in dialogue with the consortium of lenders, a
company spokesperson said in an emailed statement to
BloombergQuint. The overall asset divestment is in steady progress
and the group remains focused on the repayment, it said, adding
that all decisions have been in the interest of the lenders and
with their consent, BloombergQuint relays.

According to BloombergQuint, the group recently paid the lenders
INR4,450 crore after selling stake in broadcaster Zee Entertainment
Enterprises Ltd. to Invesco Oppenheimer and divesting 200-megawatt
solar farms. It still owes lenders INR5,500 crore by Sept. 30 when
the initial standstill on sale of group company shares ends.
Lenders, mostly mutual funds, had agreed not to sell pledged shares
after the stocks tumbled as much as 37 percent in a single day in
January on worries around promoter debt, increasing the risk of
default, BloombergQuint says.

The Essel Group received INR4,224 crore from sale of 11 percent
stake in Zee Entertainment, and INR1,300 crore from solar assets.
It's in talks to sell additional 480 MW of solar assets, six road
projects and its finance arm. The group still owes mutual funds
about INR2,600 crore and the remaining INR2,900 crore to banks and
non-bank lenders, the person quoted earlier by BloombergQuint
said.

BloombergQuint relates that the promoters of the Zee group are also
locked in an arbitration with Indiabulls Housing Finance Ltd. and
the Delhi High Court-appointed arbitrator barred Essel Group from
selling unpledged shares.

The company spokesperson, in the statement, said the arbitration
proceedings do not have any bearing on the ongoing stake sale in
Zee Entertainment as shares being divested are pledged with mutual
funds, non-bank lenders and banks, BloombergQuint adds.

                        About Essel Group

Essel Group, a business conglomerate, operates in media,
entertainment, packaging, infrastructure, education, precious
metals, lifestyle and wellness, and technology sectors. The
company's activities include operating news and entertainment
television channels; DNA, an English-language broadsheet; amusement
parks and lifestyle malls; operating a chain of commercial
complexes, housing complexes, construction business, and multiplex
cinema-cum-family activity centers; digital screens; a food and
lifestyle television channel; and a chain of K-12 schools and
pre-schools. The company also provides direct-to-home entertainment
services and information technology infrastructure outsourcing
services.

ESWARI STORES: CRISIL Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Eswari Stores (ES)
continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          10        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)     

CRISIL has been consistently following up with ES for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 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 ES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ES is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Established in 2007 as a proprietorship firm by Mr. M Vasudevan, ES
is a prominent retail supermarket in Dindigul, Tamil Nadu, that
deals in fast-moving consumer goods, groceries, pharmaceuticals,
and jewellery.

ETA ENGINEERING: CRISIL Keeps D Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of ETA Engineering
Private Limited (ETA Engineering) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             95       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of credit       441.25    CRISIL D (ISSUER NOT
   & Bank Guarantee                 COOPERATING)

   Proposed Short Term     97.40    CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as 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 ETA Engineering, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on ETA
Engineering is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB'
rating category or lower'.

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

Incorporated in 1994, ETA Engineering is a part of the Dubai-based
ETA group; the company undertakes heating, ventilating, and
air-conditioning (HVAC) projects; electromechanical projects and
services (EMPS); and MEP works. In 2006, the ETA group entered the
multi-modal logistics business by obtaining a licence from the
Indian Railways through ETA Engineering, the license was
subsequently sold in 2012-13.

GANESH RICE: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Ganesh Rice Mills
(Partnership) (GRM; part of the Josan group)  continues to be
'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             12        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term       5.16     CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan                6.34     CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with GRM for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 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 GRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GRM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Josan Foods Pvt Ltd (JFPL) and GRM. This
is because these two entities, together referred to herein as the
Josan group, are in a similar line of business and have a common
management.

JFPL, set up in 2000 by Mr. Hukam Chand Josan and Mr. Sher Chand
Josan in Ferozepur (Punjab), mills and shells rice.

GRM, set up in 2010, mills rice. Currently, the firm is managed by
its partners, Mr. Sarvjeet Josan and Mr. Pushpinder Singh.

The Josan group has combined milling and sorting capacities of 14
tonnes per hour (tph) and 10 tph, respectively.

GARG RICE: CRISIL Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Garg Rice
Industry (GARIIN) to 'CRISIL B/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         4.80      CRISIL B/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Long Term Loan      2.25      CRISIL B/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Proposed Cash       2.95      CRISIL B/Stable (ISSUER NOT
   Credit Limit                  COOPERATING; Rating Migrated)

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

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


Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GARIIN, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GARIIN 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 GARIIN to 'CRISIL B/Stable Issuer not cooperating'.

GARIIN was set up as a proprietorship firm in 2017, by Mr. Subhash
Gupta. The firm is engaged in milling and processing of paddy into
rice, rice bran, broken rice and husk. It has an installed paddy
milling capacity of 30 tonnes per day. The rice mill is located at
Karnal(Haryana).

GAUR HARI: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Gaur Hari and
Co. (GHC) to 'CRISIL B+/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Fund-         12        CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GHC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GHC 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 GHC to 'CRISIL B+/Stable Issuer not cooperating'.

Established in 1991 as a proprietorship concern by Mr Khagendra
Jana, GHC retails and wholesales gold and diamond-studded jewellery
(necklaces, earrings, bangles, kada, rings, bracelets, and
pendants) through its single outlet in Chandni Chowk, New Delhi. It
is setting up another outlet in Karol Bagh at an estimated capex of
INR4.0 crore, primarily to be met by proprietor's funds. The outlet
is expected to become operational in the first quarter of fiscal
2020.

GENERAL COMPOSITES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: General Composites Private Limited
        21, Mohnish Building
        L.B.S. Marg
        Opposite Johnson & Johnson
        Mulund West, Mumbai 400080

Insolvency Commencement Date: September 3, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Ankur Kumar

Interim Resolution
Professional:            Mr. Ankur Kumar
                         Office No. 18, 10th Floor
                         Pinnacle Corporate Park
                         G-Block, Bandra Kurla Complex
                         Bandra (E), Mumbai 400051
                         E-mail: ankur.srivastava@ezylaws.com
                                 general-cirp@ezylaws.com

Last date for
submission of claims:    September 23, 2019


GREENLEAF TOBACCO: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Greenleaf Tobacco
Threshers Limited (GTTL) continues to be 'CRISIL D Issuer not
cooperating'.


                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Export Packing         15       CRISIL D (ISSUER NOT
   Credit                          COOPERATING)

CRISIL has been consistently following up with GTTL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 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 GTTL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GTTL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

GTTL was set up in 1985 as a private limited company by Mr
Shyamsundara Rao and his family, and was reconstituted as a closely
held public limited company in 1990. The company processes tobacco
leaves and is based in Guntur (Andhra Pradesh).

HPCL-MITTAL ENERGY: Mody's Affirms Ba1 CFR; Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 corporate family rating
of HPCL-Mittal Energy Limited, as well as HMEL's Ba2 senior
unsecured bond rating.

At the same time, Moody's has changed the outlook on the ratings to
negative from stable.

RATINGS RATIONALE

"The change in outlook to negative reflects Moody's expectation
that HMEL's credit metrics may fail to improve to a level more
appropriate for its ratings, if there is a further deterioration in
regional refining margin environment," says Vikas Halan, a Moody's
Senior Vice President.

HMEL's leverage--as measured by debt/EBITDA--increased to around
5.3x for the 12 months ended June 30, 2019, compared to Moody's
downgrade trigger of 5.0x. This was driven by both a decline in
refining margins as well as HMEL's accelerated capital spending on
its petrochemical project.

"Singapore gross refining margins were weak during the first six
months of 2019, averaging just around $3.5/bbl. While margins
ticked up to an average of around $6.1/bbl during July and August,
this increase was mainly driven by seasonal factors," adds Halan,
who is also Moody's Lead Analyst for HMEL.

Tightening regulations on the use of heavy fuel oil in the shipping
industry from 2020 could lead to higher demand for middle
distillates and thus provide some support to refining margins,
particularly for complex refiners like HMEL.

HMEL is also exposed to volatility in its working capital
requirement, which impacts its borrowing levels. HMEL has been
looking to reduce its working capital requirement and has arranged
for extended credit terms with some of its key suppliers, which
will help moderate the impact on its working capital requirement.
HMEL has also arranged for receivable factoring facilities on
non-recourse basis with banks which will further reduce its working
capital requirements. However, Moody's views such factoring
arrangement as borrowings and adds them to the company's adjusted
borrowings.

The company is in the process of setting up a dual feed
petrochemical capacity of 1.2 million metrics tons per annum
(mtpa). The project, which commenced in October 2017, was
originally planned to be completed by March 2022. However, the
company now intends to complete it by April 2021, which will
accelerate capital spending and keep borrowings at an elevated
level until such time.

Furthermore, HMEL's refinery will undergo 35 days of planned
shutdown during September-October 2020, which will constrain its
earnings and cash flows during fiscal year ending March 31, 2021
(fiscal 2021).

Moody's expects HMEL's leverage as measured by debt/EBITDA to
remain beyond its downgrade triggers at around 5.1x for fiscal 2020
and 6.0x in fiscal 2021. This is based on Moody's expectation that
HMEL will be able to generate EBITDA of $8/ barrel of throughput in
fiscal 2020 and $9/barrel in fiscal 2021. However, Moody's notes
that an improvement in average annual refining margins by $1/barrel
will lead to reduction in leverage by about 0.6x.

While leverage should start recovering from April 2021, once the
petrochemical expansion starts contributing to earnings and cash
flows, any delays in ramp-up could defer such earnings and keep
HMEL's credit metrics under pressure.

HMEL's CFR is supported by the company's high complexity refinery
that generates high refining margins, and by its 15-year offtake
agreement with Hindustan Petroleum Corporation Ltd. (HPCL, Baa2
stable) that provides high visibility on sale volumes.

The rating, however, is constrained by the moderate scale of the
company's operations, with a single refinery, single crude
distillation unit and exposure to the cyclical nature of the
refining industry. HMEL's CFR also takes into account Moody's
expectation that the company's credit metrics will remain pressured
until at least 2021, because of its ongoing expansion into
petrochemicals.

HMEL's Ba1 CFR incorporates a two-notch uplift based on Moody's
expectation that the company will receive extraordinary support
from its shareholder and key off-taker, HPCL. This reflects HMEL's
strategic importance to HPCL, its 49% ownership by HPCL, as well as
HPCL's management oversight and track record of providing financial
and operational assistance to HMEL.

At March 31, 2019, 73% of the total debt in HMEL's capital
structure was secured. As such, the claims of bondholders are
subordinated to those of secured lenders. Consequently, Moody's
rates the company's senior unsecured bonds one notch below its
CFR.

HMEL's ratings also consider the following environmental, social
and governance (ESG) factors.

First, HMEL is exposed to increasing environmental regulations and
safety risks associated with its refining business, which is among
the 11 sectors that Moody's has identified as having elevated
environmental risk. However, these risks are somewhat mitigated by
the company's track record of environmental compliance and its high
refining complexity with increasing downstream integration.

Second, the ratings consider HMEL's aggressive financial strategy,
as evidenced by its largely debt funded ongoing petrochemicals
capacity expansion. This is mitigated by company's low shareholder
returns , long dated debt maturity profile and an undertaking from
its sponsors to cover certain shortfall in internal cash generation
and cost overrun.

Third, HMEL is privately owned and its ownership is concentrated in
HPCL and Mittal Energy Investments, which each hold a 49% stake.
HMEL's board consists of nine directors out of which only two are
independent. HPCL is in turn 51.1% owned by Oil and Natural Gas
Corporation Ltd. (Baa1 stable), which is 67.7% owned by the
Government of India (Baa2 stable). Mittal Energy Investments is a
100% subsidiary of Mittal Investments SARL. The indirect, partial
ownership by the Government of India mitigates some of the risks
arising from its concentrated ownership structure.

Given the negative outlook, an upgrade is unlikely over the next
12-18 months. However, the outlook could be revised to stable if
refining margin environment improves such that HMEL is able to
reduce and maintain its leverage below 5.0x through March 2021.

The ratings could be downgraded if there is a sustained decline in
either refining margins or operational efficiency, resulting in
lower cash flow generation, such that the borrowings needed for the
expansion project are substantially higher than Moody's
expectations.

Specifics metrics that would indicate downward ratings pressure
during the project construction phase include adjusted debt/EBITDA
staying above 5.0x and EBIT/interest remaining below 2.5x beyond
March 2020.

Moody's could downgrade the ratings if HMEL's credit metrics fail
to recover after project completion and stabilization, such that
debt/EBITDA stays above 4.0x and EBIT/interest stays below 3.0x.

HMEL's ratings could also face downward pressure if (1) Moody's
downgrades HPCL's ratings, or (2) there is a change in the
relationship between HPCL and HMEL that lowers Moody's assessment
of the level of support incorporated into HMEL's ratings.

The principal methodology used in these ratings was Refining and
Marketing Industry published in November 2016.

JAMSHRI RANJITSINGHJI: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of The Jamshri
Ranjitsinghji Spinning And Weaving Mills Company Limited (Jamshri)
continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit           12       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with Jamshri for
obtaining information through letters and emails dated August 9,
2019 and August 13, 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 Jamshri, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Jamshri is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

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

Jamshri, incorporated in 1907 was taken over by the Damani Family
in 1955. The company is currently managed by Mr. P.R. Damani and
his son, Mr. Rajesh Damani. The company is engaged in spinning of
blended yarn at its manufacturing unit in Sholapur, Maharashtra.
The company is listed on the Bombay Stock Exchange.

KAVIT INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kavit Industries (KI)
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit        2.34     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan               0.66     CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KI for obtaining
information through letters and emails dated May 31, 2019 and
August 16, 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 KI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Based in Noida, Uttar Pradesh, KI was established as a
proprietorship firm in 2000 by Mr. Vijay Manchanda. The firm
manufactures PU foams and matrices and also trades in industrial
chemicals and fabrics.

KEW INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of KEW Industries
Limited (KEW) continues to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit        14.95       CRISIL D (ISSUER NOT
                                  COOPERATING)

   Term Loan           1.05       CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with KEW for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as 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 KEW, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KEW is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Kew was formed as a proprietary firm, Kew Engineering Works, in
1963 by Mr Gurbachan Juneja. This was reconstituted as a
partnership firm in 1995, and subsequently as a limited company
with the present name in 1996.

LAJJYA STEELS: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lajjya Steels Limited
(LSL) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            18        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      0.5      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Standby Line of         1.5      CRISIL D (ISSUER NOT
    Credit                          COOPERATING)

CRISIL has been consistently following up with LSL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 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 LSL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LSL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Incorporated in 2009 and promoted by the Soni family of Ludhiana,
Punjab, LSL trades in wire rods and engages in wire drawing. The
company has been a dealer of JSW Steel Ltd and Rashtriya Ispat
Nigam Ltd for over seven years. LSL also trades in yarn.

LEKH RAJ: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of Lekh Raj Motors
Private Limited (LRM) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Electronic Dealer        8        CRISIL B/Stable (ISSUER NOT
   Financing Scheme                  COOPERATING)
   (e-DFS)                

CRISIL has been consistently following up with LRM for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 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 LRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LRM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

LRM was incorporated in 2011 by Mr. Krishan Miglani and Mr. Varun
Miglani. The company is an authorised dealer for General Motors. It
operates a showroom in Kaithal and an extention office in Jind
(both in Haryana).

MALLIKARJUN CONSTRUCTION: CRISIL Keeps C Rating in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mallikarjun
Construction Co. (MCC) continues to be 'CRISIL C/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         7         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            3         CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility     0.5       CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Short Term
   Bank Loan Facility     0.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MCC for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 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 MCC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MCC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

MCC was set up as a proprietorship firm in 1985 by Mr. Nelatury
Chuinchu Reddy. It constructs roads and bridges. In December 2004,
it was reconstituted as a partnership firm, with Mr. Reddy's sons,
Mr. Malleshwar Reddy and Mr. Mallikarjun Reddy, as partners.

P&M AND HI TECH: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of P&M and Hi Tech
Infrastructures LLP (PMHT-LLP) continues to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          40        CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with PMHT-LLP for
obtaining information through letters and emails dated February 26,
2019 and August 16, 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 PMHT-LLP, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on PMHT-LLP
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of PMHT-LLP continues to be 'CRISIL D Issuer not
cooperating'.

PMHT-LLP, set up in 2010, is a partnership between P&M
Infrastructures Ltd, which developed the P&M Mall in Patna, and
Benko Traders, which represents the Jamshedpur-based Hi Tech group.
The firm was set up to develop and manage a multiplex-cum-mall in
Jamshedpur.

PATWA AUTOMOTIVE: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Patwa Automotive
Private Limited (PAPL; part of the Patwa Marketing group) continues
to be 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit           36       CRISIL D (ISSUER NOT
                                  COOPERATING)

   Inventory              9       CRISIL D (ISSUER NOT
   Funding Facility               COOPERATING)

CRISIL has been consistently following up with PAPL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 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 PAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PAPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PAPL and Patwa Abhikaran Ratlam Private
Limited (PARPL). The two companies, together referred to as the
Patwa Marketing group, have common promoters, management team, and
business.


PARPL and PAPL were set up in 1989 and 2007, respectively, by Mr
Surendra Patwa, a Madhya Pradesh-based businessman. The group is an
authorised dealer of passenger vehicles and light commercial
vehicles of M&M in Madhya Pradesh. The companies are managed by Mr
Anil Sharma (CEO) with support from professionals. The group also
distributes polymer products.

PERAMBALUR SUGAR: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Perambalur Sugar
Mills Limited (PSML) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          30        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with PSML for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 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 PSML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PSML is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 1977, PSML produces sugar and is a subsidiary of
Tamil Nadu Sugar Corporation Ltd (a GoTN Undertaking). Mr. Mahesan
Kasirajan, is the current Chairman and MD of the company.

PRAKASAM HEAVY: CRISIL Lowers Rating on INR22.5cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Prakasam Heavy Engineering Private Limited (PHEPL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating ' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating '.  The downgrade reflects overutilization
in the overdraft facility for more than 30 days.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee      22.5       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL A4; ISSUER NOT
                                  COOPERATING')

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

CRISIL has been consistently following up with PHEPL for obtaining
information through letters and emails dated August 23, 2018,
October 26, 2018 and October 31, 2018, June 30, 2019 and July 29,
2019 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of PHEPL. This restricts CRISIL's ability to take
a forward-looking view on the credit quality of the entity. CRISIL
has migrated its ratings on the bank facilities of PHEPL to 'CRISIL
D/CRISIL D Issuer Not Cooperating ' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating '.

The downgrade reflects overutilization in the overdraft facility
for more dan 30 days.

Established in February 2010, PHEPL is promoted by Mr Anil Kumar
and his family members. The company started operations as an
electrode manufacturer but subsequently became an electrical
contractor for carrying out projects for various state governments
and local authorities.

SA RAWTHER SPICES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: SA Rawther Spices Private Limited
        No. 17, 2nd Floor
        4th Block, GG Playa
        Bangalore 5600022
        Karnataka

Insolvency Commencement Date: August 23, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Subramaniam Aneetha

Interim Resolution
Professional:            Subramaniam Aneetha
                         A2 Sarada Apartments
                         17/6, Sringeri Mutt Road
                         R.A. Puram, Mandaiveli
                         Chennai, Tamil Nadu 600028
                         E-mail: aneethaca@gmail.com

Last date for
submission of claims:    September 13, 2019


SANA REALTORS: NCLT Starts Insolvency Process vs. Firm
------------------------------------------------------
Ankit Sharma at ETRealty reports that the National Company Law
Tribunal (NCLT) has initiated corporate insolvency resolution
process against Sana Realtors under Section 7 of the Insolvency and
Bankruptcy Code 2016.

According to ETRealty, the court has appointed Sudhir Kumar Agarwal
as the interim resolution professional (IRP) for the case. The
court directed the IRP to make public announcement.

ETRealty relates that the buyer had booked four apartments in Sana
Realtors' Precision Soho Towers, situated in Sector 67, Gurugram in
August 2010 for INR48.30 lakh. The project was to be delivered
within 36 months with a grace period of 12 months but the builder
failed to do so.

ETRealty says the buyer further pleaded that the builder had
promised assured returns of INR1.02 lakh per month from August 2010
till the time the premises were constructed by them and leased out.
The builder paid assured returns till August 2014 and thereafter no
payment has been made. The buyer claimed that the total sum due is
INR1.46 crore.

Sana Realtors in its plea said that they had called upon the buyer
to take possession of the properties in 2016 hence they are not
liable to pay assured returns, the report relays. The builder
further said that due to various reasons the project got delayed
for more than two years and there is no clause to pay interest as
claimed by the buyer. The OC was issued in July 2017.

ETRealty adds that the buyer has been ordered to deposit INR2 lakh
to the IRP to meet the expenses to perform his function within
three days of the order.

The ex-management has been directed to provide all documents in
their possession and furnish every information within a period of
one week from the admission of the petition to the IRP, the report
says.

Sana Realtors Private Limited is engaged in Real Estate and Renting
business.

SHUBHI AGRO: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shubhi Agro
Industries Limited (SAIL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           20         CRISIL D (ISSUER NOT
                                    COOPERATING)
   Proposed Long Term
   Bank Loan Facility    53.55      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             22.95      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SAIL for obtaining
information through letters and emails dated February 26, 2019 and
July 30, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as 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 SAIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2007 and promoted by Mr Nandkishore Attal, SAIL
(formerly, Vaishno Devi Dairy Products Pvt Ltd) processes milk into
milk concentrate, ghee, butter, skimmed milk powder, dairy
whitener, curd, and paneer. The manufacturing facilities in
Sahajpur near Pune, Maharashtra, have a milk-processing capacity of
0.7 million litre per day.

SOUTHERN AUTO: CRISIL Cuts Rating on INR6.5cr Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Southern Auto Products Co. (SAPC) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.  The downgrade reflects persistent delay by SAPC, in
servicing of debt obligations.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee        1        CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Cash Credit           6.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

   Long Term Loan        2.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with SAPC seeking
information through letters and emails dated November 30, 2018 and
May 13, 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'. This rating lacks a
forward-looking component, as it has been arrived at without any
management interaction, and is based on the best available, limited
or dated information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of SAPC. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
has downgraded its ratings on the bank facilities of SAPC to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

The downgrade reflects persistent delay by SAPC, in servicing of
debt obligations.

Kerala-based SAPC is promoted by Mr. James Emmanuel and is engaged
in manufacturing of automobile spring leaf.

SRI KANYA: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Kanya
Corporation (SKC) to 'CRISIL B+/Stable Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit*          10      CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Long Term Loan         8      CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Proposed Long Term     5      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility            COOPERATING; Rating Migrated)

* INR3.00 Cr Bank guarantee sublimit of CC

CRISIL has been consistently following up with SKC for obtaining
information through letters and emails dated August 20, 2019 and
August 23, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SKC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SKC 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 SKC to 'CRISIL B+/Stable Issuer not cooperating'.

SKC was set up as a proprietorship firm in 1994 by Mr. D Srinivas.
The firm trades in mild steel structural products, and cement. The
firm is based in Visakhapatnam, Andhra Pradesh.

SRIT INDIA PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: SRIT India Private Limited
        SRIT House, #113/1B
        ITPL Main Road
        Kundalahalli, Bangalore
        Karnatak 560037

Insolvency Commencement Date: August 16, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: February 12, 2020

Insolvency professional: Mr. Hem Chandra

Interim Resolution
Professional:            Mr. Hem Chandra
                         57/1 Maruti9
                         6 Main (betwwen 13th and 15th Cross)
                         Malleswaram, Bangalore
                         E-mail: hemiengarip@gmail.com

                            - and -

                         Resurgent Resolution Professionals LLP
                         905, 9th Floor, Tower C
                         Unitech Business Zone
                         The Close South, Sector-50
                         Gurgaon, Haryana 122018
                         E-mail: hemiengartrivum@gmail.com

Last date for
submission of claims:    September 12, 2019


ST. JOHN SAWMILL: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of St. John
Sawmill and Timbers (SJST) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          1.9       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit     5.1       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SJST for obtaining
information through letters and emails dated May 29, 2019, August
09, 2019 and August 13, 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 SJST, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SJST 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 SJST to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Set up in Kanyakumari, Tamil Nadu, SJST is a sole proprietorship
firm of Mr Johnson Thomas. It is engaged in the processing (cutting
and sawing) and trading of various types of wood including teak,
hard and fine.

SURYAJYOTI SPINNING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Suryajyoti Spinning Mills Limited

        Registered office:
        Burgul Village
        Farooqnagar Mandal
        Mahabubnagar District 509202
        Telangana

        Corporate office:
        105, 7th Floor, Surya Towers
        Sardar Patel Road
        Secunderabad 500003
        Telangana

Insolvency Commencement Date: September 5, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Ram Ratan Kanoongo

Interim Resolution
Professional:            Ram Ratan Kanoongo
                         1006, Raheja Centre
                         Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail: rrkanoongo@gmail.com

                            - and -

                         Headway Resolution and Insolvency
                         Services Pvt. Ltd.
                         708, Raheja Centre
                         Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail: cirpsuryaj@gmail.com

Last date for
submission of claims:    September 26, 2019


SWATHI COTGIN: CRISIL Migrates 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Swathi Cotgin
(Tmc) Private Limited (SCPL) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Cash Credit           19.8     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan         8.2     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)
   Proposed Long Term
   Bank Loan Facility     5.0     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SCPL for obtaining
information through letters and emails dated August 7, 2019 and
August 13, 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 SCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SCPL 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 SCPL to 'CRISIL D Issuer not cooperating'.

SCPL was incorporated in 2013, promoted by Mr Boggavarapu Ankamma
Rao and Ms Prathipati Teene Venkayamma. The company, based in
Guntur, Andhra Pradesh, gins cotton and processes cotton seed oil.

TASGAONKAR BLOSSOM: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Tasgaonkar Blossom Private Limited
        Sumati Krishna Niwas, Shiv Sena
        Bhavan Path, Dadar West Mumbai
        Maharashtra 400028
        India

Insolvency Commencement Date: August 19, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Mahesh Sureka

Interim Resolution
Professional:            Mr. Mahesh Sureka
                         173, Udyog Bhavan
                         Sonawala Road, Goregoan East
                         Mumbai 400063
                         E-mail: mahesh@mrsureka.com
                         Mobile: 9322581414
                                 9870944469

Last date for
submission of claims:    September 5, 2019


UNIJULES LIFE: CRISIL Keeps D Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Unijules Life
Sciences Limited (Unijules) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee       6.5       CRISIL D (ISSUER NOT
                                  COOPERATING)

   Cash Credit        124.5       CRISIL D (ISSUER NOT
                                  COOPERATING)

   Letter of Credit     5.75      CRISIL D (ISSUER NOT
                                  COOPERATING)

   Letter of credit    12.75      CRISIL D (ISSUER NOT
   & Bank Guarantee               COOPERATING)

   Term Loan           61.50      CRISIL D (ISSUER NOT
                                  COOPERATING)

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

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as 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 Unijules, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Unijules
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

Unijules was established in 2006, when the business of H Jules &
Company Ltd was transferred to it and when Unijules had also
acquired all the assets of Universal Medicaments Pvt Ltd. Unijules,
promoted by Mr Faiz Vali, manufactures and markets herbal and
allopathic drugs.

VAAYU INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Vaayu Infrastructure LLP

        Registered office:
        1102(2), 11th Floor
        Fortune Terrace New Link Road
        Andheri (West)
        Mumbai 400053

Insolvency Commencement Date: August 30, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 26, 2020
                               (180 days from commencement)

Insolvency professional: Shailen Shah

Interim Resolution
Professional:            Shailen Shah
                         BSRR & Co
                         5th Floor, Lodha Excelus
                         Apollo Mills Compound
                         N M Joshi Marg, Mahalaxmi
                         Mumbai 400011
                         E-mail: shailenshah@bsraffiliates.com

                            - and -

                         3rd Floor, Lodha Excelus
                         Apollo Mills Compound
                         N M Joshi Marg, Mahalaxmi
                         Mumbai 400011
                         E-mail: rpvaayu@bsraffiliates.com

Last date for
submission of claims:    September 24, 2019


VIDEOCON GROUP: CGST Files Intervention Plea
--------------------------------------------
BloombergQuint reports that the Central Goods and Services Tax
department on Sept. 17 filed an intervention petition at the
National Company Law Tribunal (NCLT) seeking to be an operational
creditor in the Videocon Group bankruptcy process.

BloombergQuint relates that the CGST department wants to be an
operational creditor in the Videocon Group, which owes over
INR75,000 crore to lenders and was among 12 largest defaulters
identified by the Reserve Bank in its first list for insolvency in
late 2016.

The CGST has a made claim of around INR4.5 crore against Videocon,
the report says.

Earlier, the resolution professional had classified the CGST claim
as "contingency claim".

On Aug. 8, NCLT had allowed the RP to consolidate 13 of the 15
Videocon group companies into a single entity, citing similarity in
their operations, to speed up the resolution process and also to
get better value, BloombergQuint notes.

                     About Videocon Industries

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

Videocon is on the second list of 28 defaulters by the Reserve Bank
of India (RBI) under the Insolvency and Bankruptcy Code.

The State Bank of India (SBI) filed its insolvency petition against
Venugopal Dhoot-controlled Videocon Industries in January 2018
before the NCLT, which admitted the plea on June 6, 2018.

On June 9, the NCLT had also admitted the insolvency petition filed
by SBI against Videocon Telecommunications Ltd.

VIJAYA KRISHNA: CRISIL Lowers Rating on INR7.5cr Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vijaya Krishna Agro Food Processing Private Limited (VKAPL) to
'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          3         CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Cash Term Loan       7.5       CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

The downgrade reflects weakening of liquidity profile owing to high
bank limit utilization at 100% for the last 12 months ended July
2019.This is primarily on account of stretch in working capital
cycle with GCA of 140 days as on March 31st,2019. Any further
stretch in GCA days and increase in repayment obligations would
remain key rating monitorables.

The rating continues to reflect the by the modest scale of
operations, exposure to intense competition and average financial
risk profile. These weaknesses are partially offset by extensive
experience of the promoters and tie-up with customers resulting in
revenue visibility over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale and exposure to intense competition: Intense
competition from organised as well as unorganised players in the
fruit pulp industry should keep scale of operations modest.
Further, the company commenced operations only in May 2016 and
hence, has a limited track record.

* Average financial risk profile: The capital structure is
leveraged, while debt protection metrics remain subdued with NCATD
of 0.25 and interest coverage of 2.4.

Strengths:
* Extensive experience of the promoter: Benefits from the
promoters' experience of about two decades in the industry should
continue to support the business.

* Customer tie-up and order visibility: VKAPL entered into a
long-term agreement with a major fast-moving consumer goods player,
in fiscal 2018, resulting in annual orders and revenue visibility
over the medium term.

Liquidity: Stretched
Liquidity is stretched with high bank limit utilization of 100% for
the last twelve months ending July 2019. A moderate current ratio
is maintained. Moreover, need-based funding support from the
promoters is expected to continue.

Outlook: Stable

CRISIL believes VKAPL will continue to benefit from the extensive
experience of its promoters.

Rating Sensitivity Factor
Upward Factor
* Increase in scale of operations and profitability leading to an
improvement in financial risk profile.
* Reduction in working capital intensity with GCA days below 100.

Downward Factor
* Further stretch in working capital cycle weakening financial risk
profile.
* Deterioration in operating margin to below 14%.

Incorporated in 2014, VKAPL, promoted by Mr G Vijaya Kumar and
family, is engaged in processing and sale of guava and mango pulp.
Its pulp processing unit near Vijayawada, Andhra Pradesh, has a 7
tonne per hour capacity.



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

OXLEY KARYA: Receives Default Notice from Batam Project Contractor
------------------------------------------------------------------
Sharanya Pillai at The Business Times reports that Oxley Karya Indo
Batam (OKIB), a joint-venture vehicle linked to Rich Capital, has
received a notice of default from the main contractor of the Oxley
Convention Centre development project in Batam, Indonesia.

The contractor, Rich-Link Konstruksi (RLK), is alleging that OKIB
breached contract terms by not making payments for the project amid
certified progress payments of IDR32.7 billion (SGD3.2 million),
Rich Capital said in a bourse filing on Sept. 18, BT relays. OKIB
received RLK's notice on Sept. 9.

OKIB is a 50-50 joint venture between OBPL, an indirect subsidiary
of Rich Capital, and an Indonesian partner, Karya Indo Batam (KIB).
The contractor RLK is a joint operation between Rich-Link
Construction (RLC), Rich Capital's associate company, and
Indonesian firm Alva Lambuan, according to the report.

In the default notice, RLK demanded that OKIB rectify alleged
defaults within three days from the date of the letter, or that it
would suspend or terminate the construction contract, BT discloses.


BT relates that RLK also said that OKIB had displayed an intention
to renounce the contract, as OKIB had allegedly approached other
contractors since early-2019.

In a Sept. 12 letter, OKIB responded that it is not in breach of
the contract, given that it had withheld payment due to RLK's
alleged failure to post a performance bond.

According to the report, OKIB also called RLK's allegation
regarding the replacement contractors "baseless", adding that RLK
is not entitled to suspend works or terminate the contract, as that
would allegedly constitute a default.

Rich Capital said it will update shareholders if there are any
material developments to the project. The company's shares have
been voluntarily suspended since June 27. They last traded at 0.3
Singapore cent on June 21, the report discloses.

SMARTFREN TELECOM: Fitch Upgrades National LT Rating to CCC+(ind)
-----------------------------------------------------------------
Fitch Ratings Indonesia upgraded PT Smartfren Telecom Tbk's
National Long-Term Rating to 'CCC+(idn)' from 'CCC(idn)'. The
upgrade reflects Fitch's expectation that Smartfren will maintain
interest coverage at 1.0-1.5x in the medium term, supported by its
recent strong improvement in profitability. However, Smartfren's
credit profile remains constrained by its still-weak cash flow
generation, which results in its inability to fund operations
without external equity funding.

'CCC' National Ratings denote a very high level of default risk
relative to other issuers or obligations in the same country or
monetary union.

KEY RATING DRIVERS

Improving Interest Coverage: Fitch expects Smartfren to maintain
interest coverage, measured by operating EBITDAR/(interest paid +
rent), of 1.0-1.5x in the next 18 months. This will be supported by
a recent increase in its subscriber base, which has driven better
profitability. Smartfren's interest coverage rose to 1.2x by
end-2018 as EBITDA increased to IDR975 billion (2017: IDR663
billion) and EBITDA margin widened to 17.8% (2017: 14.2%). This
turnaround follows several years when coverage was below 1.0x.

Growing, Still-Small Subscriber Base: Fitch expects Smartfren's
subscriber base to remain significantly smaller than those of the
top-three local operators in the medium term, despite the company's
recent growth. Smartfren's latest unlimited 4G LTE data starter
packs helped to boost its subscriber base to 17.8 million by
end-June 2019 (end-2018: 12.3 million; end-2017: 11.5 million).
However, sustainable subscriber additions will depend on
Smartfren's ability to continue heavy investments to strengthen its
4G infrastructure. The company is Indonesia's only operator with
its entire spectrum focused on 4G LTE after it dismantled its CDMA
network.

Fitch projects subscriber growth to slow to 2 million per annum in
2020-2021 (1H19: 5.5 million) due to the industry's intense
competition and Smartfren's still-limited network coverage compared
to the larger operators. The continuation of attractive products
with competitive pricing to cater to different income classes and
users should help Smartfren to draw new subscribers and help it to
achieve economies of scale, which would translate into better
profitability and cash flows. Lower-than-expected subscriber growth
might weaken Smartfren's interest coverage as cash flow growth may
not be able to meet intensive investment requirements.

Blended ARPU to Decline: Fitch expects Smartfren's blended average
revenue per user (ARPU) to fall to IDR30,000 (1H19: IDR34,900) in
2020-2022 as the company plans to offer products below
IDR50,000/month to tap the mid-low income segment. The completion
of subscribers' migration to Smartfren's 4G network will continue
to support the company's ARPU and the attractiveness of its product
offerings.

Positive CFO; Challenges Remain: Smartfren had positive cash flow
from operations (CFO) of IDR456 billion in 1H19, after a prolonged
period of negative CFO, including negative CFO of IDR480 billion a
year earlier. The positive CFO was driven by Smartfren's improved
subscriber base, which allows for higher profitability and
increased efficiencies. However, there are still risks around
sustaining positive CFO because the company has a history of
significant non-working capital outflows and its plan to cater to
mid-low income customers may result in lower pricing and
lower-quality subscribers.

High Capex; Negative FCF: Fitch expects Smartfren's negative free
cash flow (FCF) to persist in the medium term as it plans to
maintain significant capex to strengthen its 4G LTE coverage,
in-line with the industry trend of high investment. Smartfren's 4G
LTE base transceiver stations (BTS) increased to 23,472 in 1H19
(2018: 19,032; 2017: 14,795). Fitch expects Smartfren's cash flow
generation to be too weak to cover the company's projected capex of
around IDR2 trillion-4 trillion in 2019-2022. Although capex is
flexible, reducing investments might lead to Smartfren falling
further behind the larger competitors.

Dependent on External Funding: Smartfren's rating continues to be
constrained by the company's inability to fund its operations in
the medium term without external funding. Smartfren is dependent on
the remaining committed USD146 million undrawn facility from Niven
Holdings Limited and other uncommitted external funding to
refinance the company's near-term maturities (2H19: USD22.5
million; 2020: USD60 million) and fund its projected IDR6 trillion
total capex in the next two years.

At end-June 2019, Smartfren has potential equity-like funding from
its remaining IDR1.2 trillion mandatory convertible bonds (MCB) and
issued warrants worth IDR3.6 trillion, which the holders can
exercise from now until November 2021. However, Fitch does not
include this in its projection because the timing and extent of the
conversions are uncertain.

DERIVATION SUMMARY

Smartfren's rating is driven by weak cash flow generation and poor
liquidity. Fitch expects Smartfren to keep relying on external
liquidity sources as cash flow generation will be insufficient to
cover working capital, capex and debt servicing. The rating also
reflects the company's limited financial flexibility due to its
high credit risk. These risks are characteristics of 'CCC(idn)'
category ratings. Fitch rates the company at 'CCC+(idn)' as Fitch
expects the company to have sufficient coverage to pay its interest
in the next 18 months

KEY ASSUMPTIONS

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

  - Subscribers to increase by 9 million in 2019 and 2 million per
annum in 2020-2022

  - Blended ARPU around IDR30,000 in 2020-2022 (1H19: IDR34,900)

  - EBITDA margin around 17%-18% in 2019-2022 (1H19: 17.5%)

  - Annual capex of IDR3.7 trillion in 2019 and between IDR1.5
trillion and IDR3 trillion per year in 2020-2022

  - No equity-like issuances

RATING SENSITIVITIES

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

  - An ability to fund operations without reliance on equity and
equity-like issuances

  - Generate positive operating cash flow on a sustained basis

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

  - Coverage, measured by adjusted EBITDAR/(interest paid + rent),
declining to below 1.0x on a sustained basis

  - Weakening liquidity or operating performance such that the
company's ability to meet obligations appears unlikely

LIQUIDITY

Tight Liquidity: Smartfren's liquidity was greatly supported by the
company's ability to raise IDR6.4 trillion through a rights issue
in 4Q18 and a loan drawdown of USD204 million (IDR2.9 trillion) in
1Q19. As a result, the company managed to repay a total of IDR7.8
trillion of maturing bank loans in the past three quarters.
However, Fitch expects Smartfren's weak cash generation and
still-tight liquidity to make the company dependent on external
bank loans and uncertain equity instruments, such as warrant
conversion and MCB issuances.



=========
J A P A N
=========

AKEBONO BRAKE: To Close Six Plants Under Restructuring Plan
-----------------------------------------------------------
Asia Nikkei Review reports that troubled Japanese automotive
supplier Akebono Brake Industry said on Sept. 18 it has reached a
deal with creditors to wipe away JPY56 billion ($518 million) in
debt as part of a restructuring that will dispose of six
factories.

The Nikkei says the sum represents half of Akebono's bank debt and
helps pave the way for a turnaround for the supplier to General
Motors, Toyota Motor and Nissan Motor.

According to the report, banks agreed to the loan forgiveness as
well as the turnaround plan during a creditors meeting held on
Sept. 18 in Tokyo.

Under the plan, Akebono will close or sell one Japanese plant and
five other factories abroad, or a third of its manufacturing bases
worldwide, the report relates. Roughly 3,000 jobs, representing 30%
of the global workforce, will be affected.

Half of the production facilities targeted will be located in the
U.S., the source of much of Akebono's business slowdown, the Nikkei
relays. Two locations will close by March 2021, followed by another
within the next few years. Only one American plant will survive.

Elsewhere, Akebono will either sell off or shut down one plant each
in France and Slovakia. The company also plans to close research
and development sites in the U.K. and Germany, the report adds.

In Japan, Akebono will shut the doors on the Sanyo Manufacturing
facility in Okayama Prefecture, near Hiroshima, by March 2022.

After filing for an out-of-court rehabilitation process in January,
the brake supplier negotiated with 37 banks to reduce its debt
burden, the Nikkei recalls.

The report says the debt relief will greatly improve Akebono's cash
flow. The company is also preparing to receive a JPY20 billion
infusion from the public-private rescue fund Japan Industrial
Solutions, with JPY15 billion earmarked for the restructuring
process and the rest to be applied to growth investments.

Akebono will hold an extraordinary shareholders' meeting Sept. 27
to vote on the transfer of preferred stock to JIS in exchange for
the funding, the Nikkei discloses. A new slate of executives will
be put up for shareholder approval as well, along with the
debt-forgiveness scheme.

Akebono Brake Industry Co., Ltd. manufactureS components for
automobiles, motorbikes, trains, and industrial machinery.



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

ENVICTUS INTERNATIONAL: To Sell Texas Chicken Stores in Indonesia
-----------------------------------------------------------------
Sharanya Pillai at The Business Times reports that Envictus
International Holdings is set to cease its loss-making Texas
Chicken operations in Indonesia, with the sale of the master
franchise agreement and its six stores for MYR9.25 million (S$3
million).

In a bourse filing on Sept. 18, Envictus said that its wholly-owned
Indonesian subsidiary, Quick Service Restaurant, has entered a
sale-and-purchase agreement to sell its Indonesian Texas Chicken
operations to the firm Quick Serve Indonesia, a franchisee of Texas
Chicken for Surabaya, BT relates.

The assets have a net book value of MYR10.7 million (SGD3.5
million) as at end-June. This implies a loss on disposal of MYR1.45
million for Envictus, the report discloses.  

Four of the stores are in Jakarta, while the other two are in West
Java, BT notes. They range from between 196 sq m and 280 sq m in
size. The Texas Chicken operations in Indonesia have accumulated
losses of about IDR15.3 billion since kicking off in September
2018.

Envictus wants to instead focus on its Texas Chicken operations in
Malaysia, which are starting to show earnings, the company said in
the filing, BT relays.

"The proposed disposal represents a good opportunity for the group
to dispose of the assets of a loss-making business and obtain some
consideration for it. If the sale assets are not sold to a third
party, the group will have to write off the assets in its books
when it ceases its Texas Chicken operations in Indonesia,"
Envictus, as cited by BT, added.

The purchaser is not related to any of Envictus' directors or
controlling shareholders, according to the filing cited by BT.
Ownership of the operations is expected to be transferred on March
31 next year. Envictus plans to use net proceeds from the disposal
for general working capital.

Shares of Envictus, which is on the bourse's watch-list, closed at
13.1 Singapore cents on Sept. 18, up 0.1 cent, BT notes.

Singapore-based Envictus International Holdings Limited
manufactures and distributes sweetened condensed milk and
evaporated milk. The Company also repacks and distributes
complementary products such as full cream and instant high calcium
non-fat milk powder, instant coffee powder, and tea dust.

LIBRA GROUP: Gets Letters of Demand; Applies for Court Protection
-----------------------------------------------------------------
The Business Times reports that Libra Group has received four
letters of demand from creditors collectively seeking about SGD9.3
million in repayments, as well as its mortgaged property at Sungei
Kadut, the company revealed in a bourse filing on Sept. 18.

Just a day earlier, the Catalist-listed firm and its wholly-owned
unit Cyber Builders applied to the High Court for six months of
protection from creditors, BT relates.

Under Section 211B of the Companies Act, this gives Libra an
interim debt moratorium of up to a month, before the High Court
decides on the application, the report says.

On Sept. 2, trustee firm Watiga Trust sent Libra a letter of demand
seeking payment of SGD1.77 million due for notes Libra had earlier
issued in April, including accrued interest, according to BT.

BT relates that Watiga said the notes were immediately repayable
due to events of default having occurred. It had sought repayment
by Sept. 4, after which it would take steps to enforce repayment.
  
Subsequently, on Sept. 3, Maybank Singapore sent a letter of demand
to Cyber Builders, seeking to possess the property at 34 Sungei
Kadut Loop within a month from the letter being served, the report
adds.

According to BT, Cyber Builders has defaulted on borrowings from
Maybank that are secured by the property's mortgage, according to
the letter. Maybank said that it will pursue legal action to
recover the property past the deadline, the report relates.

More recently, on Sept. 17, UOB sent a letter of demand to Cyber
Builders seeking a total repayment of about SGD7.54 million in
overdue banking facilities by 5:00 p.m. on Sept. 20, BT reports.

BT adds that UOB also sent a letter of demand for the same sum to
Libra, which had provided guarantees on the banking facilities
taken out by Cyber Builders. The bank said that past the deadline,
it will take all necessary steps, including legal action, to
recover the sum due, the report says.

Libra Group Limited (SGX:5TR) is engaged in the business of
providing integrated M&E services as a sub-contractor. The
Company's services include the contracting and installation of ACMV
systems, fire alarms and fire protection systems, electrical
systems as well as sanitary and plumbing services. Libra also
manufactures and sells ACMV related products.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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