/raid1/www/Hosts/bankrupt/TCRAP_Public/190221.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, February 21, 2019, Vol. 22, No. 38

                           Headlines



A U S T R A L I A

ABV CRAFT: Second Creditors' Meeting Set for Feb. 28
ATLAS IRON: S&P Withdraws 'CCC' Long-Term Issuer Credit Rating
BERKELEY CONSTRUCTIONS: Second Creditors' Meeting Set for Feb. 28
BLUTH COMPANY: First Creditors' Meeting Set for Feb. 28
DUBBO RAILWAY: Second Creditors' Meeting Set for Feb. 27



C H I N A

ANBANG INSURANCE: To Sell Shares in Leasing Unit for $700MM
YIDA CHINA: Moody's Cuts CFR to Caa1 & Sr. Unsec. Rating to Caa2


H O N G   K O N G

GCL NEW ENERGY: S&P Lowers ICR to 'B' on Heightened Business Risk


I N D I A

AJINTHA INDUSTRIES: CRISIL Assigns B+ Rating to INR1cr LT Loan
AKR HOME: Insolvency Resolution Process Case Summary
ALLEVARD IAI: ICRA Withdraws B+ Rating on INR11.30cr Term Loan
ANAND SOLVEX: Insolvency Resolution Process Case Summary
ANEESH AHMAD: ICRA Maintains C+ Rating in Not Cooperating

ANJANI STEELS: CRISIL Lowers Rating on INR100MM Cash Loan to D
BANWARI PAPER: ICRA Assigns 'B' Rating to INR8cr LT Loan
C.S. TUBES: Insolvency Resolution Process Case Summary
DASVE CONVENTION: Insolvency Resolution Process Case Summary
DESAI TEXTILES: ICRA Reaffirms B- Rating on INR9.87cr Loans

EAGLE EXTRUSION: ICRA Reaffirms 'B' Rating on INR7cr LT Loan
EARTH WATER: Insolvency Resolution Process Case Summary
ENKAY FOAM: CRISIL Migrates Rating on INR10cr Debt to B/Stable
FLORA FOOTWEAR: Insolvency Resolution Process Case Summary
GUPTA DYEING: Insolvency Resolution Process Case Summary

HARYANA STEEL: Insolvency Resolution Process Case Summary
HOTEL HORIZON: Insolvency Resolution Process Case Summary
IEE PROJECTS: CRISIL Assigns 'B' Rating to INR3.50cr Cash Loan
INTERCONTINENTAL INFRASTRUCTURE: CRISIL Withdraw B- on INR76cr Debt
KAMAR INFRASTRUCTURE: Insolvency Resolution Process Case Summary

KELLER GROUND: Insolvency Resolution Process Case Summary
KINGIREE FASHION: Insolvency Resolution Process Case Summary
KRISHNAI HOSPITAL: Insolvency Resolution Process Case Summary
KULDEVI COTTON: ICRA Reaffirms B Rating on INR6cr LT Loan
MAHARAJA AGRO: CRISIL Lowers Ratings on INR30cr Loans to D

MAHARASHTRA VIDHYUT: Insolvency Resolution Process Case Summary
MINI DIAMONDS: ICRA Maintains 'D' Rating in Not Cooperating
NAV JYOTI: CRISIL Lowers Rating on INR152.4cr Loans to D
NEVATIA STEEL: ICRA Withdraws B- Rating on INR0.50cr LT Loan
OREN HYDROCARBONS: Insolvency Resolution Process Case Summary

P.G. MICRO: Insolvency Resolution Process Case Summary
POONAM GRAH: CRISIL Lowers Rating on INR10cr Loan to D
Q NINETH: CRISIL Reaffirms B+ Rating on INR11cr Cash Loan
RADHEY SHAM: Insolvency Resolution Process Case Summary
REGENT GRANITO: ICRA Cuts Rating on INR37cr Cash Loan to D

RELIANCE COMMUNICATIONS: SC Holds Anil Ambani Guilty of Contempt
SEAWOOD MULTIPLE: CRISIL Lowers Ratings on INR17cr Loans to D
SEJAL GLASS: Insolvency Resolution Process Case Summary
SEVEN STAR: ICRA Raises Rating on INR15cr Cash Loan to B+
SHOLINGUR TEXTILES: Insolvency Resolution Process Case Summary

SHREE BAJRANG: CRISIL Assigns B+ Rating to INR5.0cr Cash Loan
SHRI SWAMI: CRISIL Assigns 'B' Rating to INR10.34cr Loans
SHRIRAM TRANSPORT: Fitch Rates New USD Sec. Bonds 'BB+(EXP)'
SHRIRAM TRANSPORT: S&P Rates New USD Sr. Secured Notes 'BB+'
SOMA ENTERPRISE: Insolvency Resolution Process Case Summary

SRG SPINNING: ICRA Assigns B+ Rating to INR7cr LT Loan
TERRAFIRMAS SUPERSTRUCT: Insolvency Resolution Case Summary
THREE C: ICRA Maintains D on INR225MM Debt in Not Cooperating
VB POWER: Insolvency Resolution Process Case Summary
VIJETA PROJECTS: ICRA Hikes Rating on INR80cr Loan to B+



I N D O N E S I A

BUMI RESOURCES: Moody's Alters Outlook on B3 CFR to Negative
INTILAND DEVELOPMENT: Moody's Withdraws B2 CFR & Stable Outlook
SENTUL CITY: Moody's Withdraws B2 CFR for Business Reasons
TOBA BARA: Fitch Affirms Then Withdraws 'B-' Issuer Default Rating


N E W   Z E A L A N D

KIWIRAIL HOLDINGS: Posts NZ$104.6 Million Half Year Net Loss
LA WHEAT: In Liquidation; To Pay NZ$115K for Underpaying Workers
MANCHESTER UNITY: Fitch Affirms 'BB-' IFS Rating, Outlook Stable
WAIWERA THERMAL: Thermal Pools Complex Placed Into Liquidation


S I N G A P O R E

SHS HOLDINGS: Warns of Possible Default on Bangladesh Project
SUNVIC CHEMICAL: To Form Panel to Probe Further Into Guarantees

                           - - - - -


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

ABV CRAFT: Second Creditors' Meeting Set for Feb. 28
----------------------------------------------------
A second meeting of creditors in the proceedings of ABV Craft Pty
Ltd, trading as ABV Craft Merchants, has been set for Feb. 28,
2019, at 10:00 a.m. at the offices of BPS Reconstruction and
Recovery, at Level 5, Suite 6, 350 Collins Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 27, 2019, at 4:00 p.m.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of ABV Craft Pty on Jan. 24, 2019.


ATLAS IRON: S&P Withdraws 'CCC' Long-Term Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings said that it has withdrawn its 'CCC' long-term
issuer credit rating on Australian mining company, Atlas Iron Ltd.
(CCC/Watch Pos), at the company's request.

The company has been acquired by the Hancock Group, and S&P notes
that a subsidiary of the Hancock Group has fully repaid Atlas
Iron's A$83 million term loan B holders in late 2018.




BERKELEY CONSTRUCTIONS: Second Creditors' Meeting Set for Feb. 28
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Berkeley
Constructions Pty Ltd has been set for Feb. 28, 2019, at 10:00 a.m.
at the offices of Hall Chadwick Chartered Accountants, at
Level 40, 2 Park Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 27, 2019, at 5:00 p.m.

Blair Pleash and Joanne Keating of Hall Chadwick were appointed as
administrators of Berkeley Constructions on Jan. 23, 2018.


BLUTH COMPANY: First Creditors' Meeting Set for Feb. 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of The Bluth
Company Pty. Ltd., trading as The Bluth Group Of Companies & Subway
Jesmond will be held on Feb. 28, 2019, at 10:00 a.m. at Level 1, 14
Watt Street, in Newcastle, NSW.

Bradd William Morelli and Stewart William Free of Jirsch Sutherland
were appointed as administrators of Bluth Company on Feb. 18,
2019.


DUBBO RAILWAY: Second Creditors' Meeting Set for Feb. 27
--------------------------------------------------------
A second meeting of creditors in the proceedings of Dubbo Railway
Bowling Club Ltd, trading as Sporties Dubbo, has been set for Feb.
27, 2019, at 12:00 p.m. at Dubbo Railway Bowling Club,
101 Erskine Street, in Dubbo, 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 Feb. 29, 2019, at 5:00 p.m.

Aaron Kevin Lucan and Graeme Beattie of Worrells were appointed as
administrators of Dubbo Railway on Nov. 15, 2018.




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

ANBANG INSURANCE: To Sell Shares in Leasing Unit for $700MM
-----------------------------------------------------------
Caixin Global reports that debt-laden Anbang Insurance Group has
agreed to sell its stake in a financing leasing firm for over $700
million, as it continues to shed assets after the government took
over control of the company whose credit-fueled acquisition spree
has threatened its solvency.

Caixin says AB Life Insurance and Chengdu Rural Commercial Bank
struck a deal on Feb. 19 to sell 100% of AB Leasing to Zhongyuan
Bank, a small lender in the central province of Henan, and
construction company Henan Wansong for CNY4.74 billion (US$705
million). The transaction will be completed within 20 working days
after it receives regulatory approval, Zhongyuan Bank said in a
filing with the Hong Kong Stock Exchange, Caixin relays. The buyers
have also promised to hold AB Leasing for at least five year and
will not use the stakes as collateral for borrowing.

Both AB Life Insurance and Chengdu Rural Commercial Bank are
controlled by Anbang Insurance Group, the report notes. Established
in 2013, AB Leasing is a medium-sized financial leasing company in
China. It had total net assets of CNY3.82 billion yuan at the end
of June last year, up from 3.65 billion as of the end of 2017,
Caixin discloses citing Zhongyuan Bank filing.

According to Caixin, the sale of AB Leasing underlines Chinese
regulators’ effort to strip Anbang Insurance Group of its
non-core financial assets to guide it to refocus on the insurance
business.  Caixin recalls that the China Insurance Regulatory
Commission took over Anbang Insurance Group a year ago, with the
goal of restructuring the business and protecting the interests of
policyholders after an investigation into the company found
violations of laws and regulations that threatened its solvency.
The company’s founder and former chairman, Wu Xiaohui, was
sentenced to 18 years in prison last year for fundraising fraud and
embezzlement, Caixin discloses.

                      About Anbang Insurance

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
26, 2018, The Strait Times related the Chinese government had
seized control of Anbang Insurance, the troubled Chinese company
that owns the Waldorf Astoria hotel in New York and other
marquee properties around the world, and charged its former
chairman with economic crimes. The Strait Times noted that the move
is Beijing's biggest effort yet to rein in a new kind of Chinese
company, in this case, one that spent billions of dollars
around the world over the past three years buying up hotels and
other high-profile properties.  The rise of these companies
illustrates China's growing economic might, but Chinese officials
have grown increasingly concerned that they were piling up debt
to make frivolous purchases. In a statement posted on its website
on Feb. 23, the China Insurance Regulatory Commission said the
government was taking over to ensure the "normal and stable
operation" of the company. "Illegal operations at Anbang may have
seriously endangered the company's solvency, prompting the
government to take control," the statement read.

The Strait Times noted the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.


YIDA CHINA: Moody's Cuts CFR to Caa1 & Sr. Unsec. Rating to Caa2
----------------------------------------------------------------
Moody's has downgraded to Caa1 from B3 the corporate family rating
(CFR) of Yida China Holdings Limited.

At the same time, Moody's has downgraded to Caa2 from Caa1 the
senior unsecured rating of the senior unsecured notes issued by the
company.

The rating outlook remains negative.

RATINGS RATIONALE

"The rating downgrade reflects our increased concerns over Yida's
already weak liquidity, due to uncertainty around the financial
condition and debt servicing ability of China Minsheng Investment
Corp., Ltd., the ultimate parent of Yida's largest shareholder,
Jiayou (International) Investment Limited," says Kaven Tsang, a
Moody's Senior Vice President.

"Yida already faces high debt refinancing risk over the next 12-18
months amid tight credit conditions in China, particularly for
small-scale property developers, and any financial stress at China
Minsheng Investment could raise further pressure," adds Tsang.

Yida's credit profile could be adversely affected if China Minsheng
Investment's financial profile deteriorates, because China Minsheng
Investment -- through its 67.3% subsidiary Jiayou (International)
-- is Yida's largest shareholder. A deterioration in the financial
profile of China Minsheng Investment could undermine investor
confidence in Yida and weaken Yida's ability to raise new funds.

In addition, there exists a risk of change in ownership if Jiayou
(International) sells its equity interests in Yida to provide
funding support to China Minsheng Investment. Such change could
disrupt Yida's normal operations and trigger the acceleration of
debt repayment obligations.

Moody's estimates that Yida had cash of RMB1.5-2.0 billion
(including restricted cash) at the end of 2018. This amount could
not fully cover its maturing debt of around RMB8.8 billion,
including the USD300 million senior notes due in April 2020, and
around RMB3 billion of committed land payments over the next 12-18
months.

Its net operating cash flow from contracted sales of residential
properties is also inadequate to fully cover the funding gap.

Yida's Caa1 CFR reflects the company's established track record in
the development and management of business parks in Dalian. Its
rental and management income from business parks provides the
company with some stable cash flows.

The negative outlook reflects the high uncertainty over the
company's ability to arrange funding on a timely basis to meet its
near-term refinancing needs.

Yida's ratings could be further downgraded if its liquidity profile
weakens further or it defaults on its debt.

The ratings are unlikely to be upgraded, given the negative
outlook.

However, the outlook could return to stable if the company (1)
improves its liquidity; (2) improves its access to funding and
refinances its maturing debt at reasonable costs; and (3) maintains
normal and sustainable operations. Satisfactory resolution of the
parent group's near-term refinancing needs would also be positive
to the ratings.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Yida China Holdings Limited engages in the development and
operation of business parks, and the development and sale of
residential properties, with a focus on Dalian. The company also
provides property management and construction, decoration and
landscaping services. Yida was founded in 1998 by Sun Yinhuan, the
ex-chairman of the company. The company listed on the Hong Kong
Stock Exchange in June 2014.




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

GCL NEW ENERGY: S&P Lowers ICR to 'B' on Heightened Business Risk
-----------------------------------------------------------------
S&P Global Ratings, on Feb. 19, 2019, lowered its long-term issuer
credit rating on GCL New Energy Holdings Ltd. (GNE) to 'B+' from
'BB-'. S&P said, "At the same time, we lowered the issue rating on
the company's senior unsecured notes to 'B' from 'B+'. We removed
the ratings from CreditWatch, where they were placed with negative
implications on Aug. 23, 2018."

S&P lowered the rating to reflect the weakened capability of GCL
New Energy Holdings Ltd. (GNE) to generate cash flow. This is
because of prolonged delays in receiving subsidies due from the
central government, and pressure from short-term maturities that
will likely be refinanced at higher interest rates.

GNE's account receivables related to renewable subsidies have
increased by Chinese renminbi (RMB) 1.8 billion in the first half
of 2018, accounting for almost two-thirds of the company's total
revenue. The outstanding receivables are likely to grow, given that
more than two-thirds of the company's solar projects were installed
in recent years, and as such are not included in the renewable
subsidy catalogues announced by government in previous years. As of
end-2018, only 1.8 gigawatt (GW) out of 6.7GW on-grid capacity were
included in the latest catalogues and eligible for subsidy.
Moreover, the settlement of subsidies from the previous (seventh or
before) batch catalogue announced in 2018 has been slower than we
expected.

The overall tightened liquidity environment in China also adds to
liquidity weakness for GNE, particularly since the company is a
private owned. GNE's interest expenses have also increased to about
RMB1.2 billion as of June 30, 2018, up by RMB0.4 billion a year
earlier. The company is seeking to sell assets to third parties to
replenish cash resources. However, concrete measures have not been
executed so far. As such, we lowered GNE's business profile to fair
from satisfactory.

S&P said, "Despite GNE's efforts to reduce its capital expenditure
in new project development amid slower industry growth, we
anticipate the company's liquidity will continue to deteriorate
over the next 12 months. This could potentially lead to a further
lowering of GNE's stand-alone credit profile.

"The negative outlook on GNE reflects our view that the company's
liquidity is likely to deteriorate over the next 12-18 months,
mainly in view of the uncertainty and the timeliness of the
government renewable subsidy payments on GNE projects under the
renewable subsidies catalogue.

"The deteriorating liquidity also reflects our uncertainty that the
company will get approval for subsidies for its solar farms that
are not currently covered under the renewable catalogue.

"We could lower the rating on GNE if the company's liquidity
continues to deteriorate. This could occur due to increasing
difficulty in refinancing debt, a further commitment to capacity
expansion, persistent delays of government renewable subsidy
payments, as well as a continued working capital outflows.

"We could revise the outlook to stable if GNE's liquidity improves.
This could result from more timely receipt of government renewable
subsidies, deleveraging via asset disposals, or pre-financing of
debt maturities ahead of schedule such that GNE's unrestricted cash
sources could be replenished to help meet its upcoming principal
and interest payment obligations."




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

AJINTHA INDUSTRIES: CRISIL Assigns B+ Rating to INR1cr LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Ajintha Industries Private Limited (AIPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      1        CRISIL B+/Stable (Assigned)
   Bank Loan Facility         

The rating reflects modest scale of operations, presence in a
highly fragmented industry and large expected working capital
requirements. These weaknesses are partially offset by extensive
industry experience of the management and its diversified product
profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Considering the initial year of
operation, AIPL's revenue is modest at INR12 lakhs in fiscal 2018,
and expected to be INR5-6 crores in fiscal 2019. Modest scale
restricts bargaining power with customers and suppliers. Modest
scale and low capital has led to low networth, which will further
restrict bidding for large orders.

* Large expected working capital requirements: AIPL's working
capital cycle is expected to be stretched with estimated gross
current asset (GCA) of 120-150 due to high expected debtors as
majority sales is to state electricity board and payment cycle is
expected to be 60-90 days, along with deposits given for tenders.
The management of working capital cycle will be key monitorable in
near term.

* Presence in a highly fragmented industry with limited size: The
electrical EPC industry is highly fragmented and competitive, and
has numerous small-scale unorganised players catering to local
demand, which may restrict significant improvement in scale of
operations.

Strengths

* Extensive experience of the promoters: Benefits from the
promoter's 2 decade-long experience in the electrical component and
equipment industry and established relationships with customers
should support business.

* Diversified product portfolio: AIPL's presence in electrical,
solar and energy storage solutions, shall enable the company to
increase its revenue in the near term.

Liquidity

AIPL has moderate liquidity driven by expected cash accruals of
around INR0.5-0.6 crore per annum in fiscal 2019 and fiscal 2020,
against which it has no repayment obligations. The cash and bank
balance stood at INR0.01 crore as on March 31, 2018. CRISIL expects
internal accruals, cash and cash equivalent to be generated in near
term to be sufficient to meet its incremental working capital
requirements.

Outlook: Stable

CRISIL believes AIPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant increase in revenue and profitability and
efficient working capital cycle leads to higher cash accruals. The
outlook may be revised to 'Negative' if lower revenue or
profitability, or stretch in working capital cycle, or large
debt-funded capital expenditure weakens capital structure.

AIPL is an Aurangabad, Maharashtra based company incorporated in
2017, by Mr Veerendra Mangale and Mrs Manisha Panchakshri. The
company is engaged in installation and maintenance of electrical
panels, electrical poles, and assembling and trading of electrical
components.


AKR HOME: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: AKR Home Depot Pvt Ltd
        No. 64 M.K.N. Road
        Guindy, Chennai
        Tamil Nadu 600032

Insolvency Commencement Date: February 4, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 3, 2019
                               (180 days from commencement)

Insolvency professional: Mr. N. Kumar

Interim Resolution
Professional:            Mr. N. Kumar
                         Old No. 8, New No. 3, Third Street
                         Race View Colony Guindy
                         Chennai 600032
                         E-mail: naraykumar71@rediffmail.com
                         Mobile No.: 9952418350

Classes of creditors:    Applicable

Last date for
submission of claims:    February 21, 2019


ALLEVARD IAI: ICRA Withdraws B+ Rating on INR11.30cr Term Loan
--------------------------------------------------------------
ICRA has withdrawn the long -term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 to the INR16.50 crore facilities of
Allevard Iai Suspensions Private Limited on the basis of client's
request and no objection/no dues certificate received from the
banker.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Term Loans          11.30       [ICRA]B+ (Stable); Withdrawn

   Fund-based-
   Cash Credit          2.50       [ICRA]B+ (Stable); Withdrawn

   Fund-based-
   Overdraft            2.00       [ICRA]B+ (Stable); Withdrawn

   Non-fund based-
   Bank Guarantee       0.18       [ICRA]A4; Withdrawn

   Unallocated Limits   0.52       [ICRA]B+ (Stable)/[ICRA]A4;
                                   Withdrawn

Outlook: Stable

Liquidity Position: Liquidity position has not been captured as the
rated instrument is being withdrawn.

Allevard IAI Suspensions Private Limited (AISPL) is a 74.26 joint
venture between Sogefi Suspensions France S A, France and Imperial
Auto Industries Limited (IAI). AISPL currently has setup a facility
at Chakan, Pune which manufactures stabilizer and torsion bars
mainly passenger vehicles (PV) and light commercial vehicles (LCV).
The current installed capacity 600,000 bars per annum. The company
primarily sells its products to Mahindra and Mahindra (M&M) as also
TATA Motors Limited (TML).


ANAND SOLVEX: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Anand Solvex Limited
        10-2-99/1, Flat no. 204, Sterling Grand
        CVK, West Maredpalli
        Secunderabad 500026
        Telangana

Insolvency Commencement Date: February 1, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: July 30, 2019

Insolvency professional: Naga Bhushan Bhagawati

Interim Resolution
Professional:            B. Naga Bhushan
                         1-1-380/38
                         Ashok Nagar Extension
                         Hyderabad 20
                         E-mail: bnagabhusan@yahoo.com
                                 nagabhushanca@gmail.com

Last date for
submission of claims:    February 27, 2019


ANEESH AHMAD: ICRA Maintains C+ Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR7.08 crore bank facilities of
Aneesh Ahmad Khan continue to remain in 'Issuer Not Co-operating'
category. The long-term rating is denoted as "[ICRA]C+; ISSUER NOT
CO-OPERATING", while the short-term rating is denoted as "[ICRA]A4;
ISSUER NOT CO-OPERATING".  ICRA had earlier moved the ratings of
the company to the 'ISSUER NOT CO-OPERATING' category due to
non-submission of requisite information by the entity to undertake
surveillance of the ratings.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term         3.00       [ICRA]C+ ISSUER NOT CO-OPERATING;
   fund-based                   Rating continues to remain in
   limit                        'Issuer Not Co-operating'
                                Category

   Short-term        3.00       [ICRA]A4 ISSUER NOT CO-OPERATING;
   non fund-                    Rating continues to remain in
   based limit                  'Issuer Not Co-operating'
                                Category

   Unallocated       1.08       [ICRA]C+/[ICRA]A4 ISSUER NOT
   limit                        CO-OPERATING Rating continues
                                to remain in 'Issuer Not Co-
                                operating' Category

As part of its process and in accordance with its rating agreement
with AAK, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information, and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

The ratings are based on limited information on the entity's
performance since the time it was last rated in November 2017. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
ratings do not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

Aneesh Ahmad Khan was established in 1994 and is engaged in the
business of overburden removal, coal excavation and coal
transportation works. The firm was established by eight partners
belonging to the Khan family. The firm's operations are majorly
concentrated in coal mining areas of Madhya Pradesh, primarily in
the district of Chhindwara.

The scope of work for the firm is limited to the execution of
contract and does not involve land acquisition, environment
clearances, rehabilitation work etc. This reduces the risk involved
with these projects to a large extent.


ANJANI STEELS: CRISIL Lowers Rating on INR100MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Anjani
Steels Limited (ASL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee      21.5      CRISIL D (Downgraded from
                                 'CRISIL A4+')

   Cash Credit        100.0      CRISIL D (Downgraded from
                                 'CRISIL BB+/Stable')

   Proposed Term       14.0      CRISIL D (Downgraded from
   Loan                          'CRISIL BB+/Stable')

   Term Loan           23.5      CRISIL D (Downgraded from
                                 'CRISIL BB+/Stable')

The downgrade reflects constrained liquidity as marked by delays in
term debt repayments as well as almost fully utilized bank lines.

The ratings also factor in large working capital requirements and
profitability susceptible to volatility in raw material prices.
These weaknesses are partially offset by comfortable capital
structure.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing debt and fully utilized bank lines: The
Company has been delaying its repayment obligations (on term loan)
by an average of 5-7 days. The repayment due as at Dec 31, 2018 was
paid on Jan 5, 2019 while the repayment due as at Jan 31, 2019 has
not been repaid yet. Also, the bank lines remain almost fully
utilized and at times gets over utilized due to interest charges
levied towards the month end.

* Large working capital requirements: Gross current assets were
around 203 days as on March 31, 2018, due to sizeable inventory of
125 days. Inventory is large due to in-house manufacturing of key
raw materials such as sponge iron and billets. Consequently, bank
lines also remain almost fully utilized.

* Profitability susceptible to volatility in raw material prices
Since, ASL has no fixed-price or long-term contracts, profitability
is exposed to fluctuations in coal and iron ore prices.
Consequently, operating profitability had declined to 6.5% during
fiscal 2018 from 12.6% during previous year.

Strength

* Comfortable capital structure: Healthy networth (Rs 119.6 crore)
has rendered comfortable capital structure marked with gearing of
1.13 times as at Mar 31, 2018. The same ensures financial
flexibility for the company to raise additional debt as and when
required.

Liquidity
Liquidity is constrained as marked by delays in term debt
repayments and almost fully utilized bank lines. The company has
been using its bank lines at almost fuller levels and at times the
utilization also exceeds the sanctioned exposure due to interest
charges levied towards the month end.

Established in 1994 as a private limited company by Mr Shiv Dhari
Yadav and Mr Sanjay Kumar Yadav, and reconstituted as a public
limited company in 2007; ASL manufactures sponge iron, steel
billets, and rolled products such as thermo-mechanically treated
bars, angles, and channels. Commercial production began in June
1997.


BANWARI PAPER: ICRA Assigns 'B' Rating to INR8cr LT Loan
--------------------------------------------------------
ICRA has assigned [ICRA]B/[ICRA]A4 ratings to the bank facilities
of Banwari Paper Mills Limited's (BPML).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term
   Cash Credit         8.00        [ICRA]B (Stable); Assigned

   Long-term
   Term Loan           6.30        [ICRA]B (Stable); Assigned

   Short-term
   Non-Fund
   Based               0.70        [ICRA]A4; Assigned

Rationale

The assigned ratings take into account the moderate scale of BPML
current operations which, coupled with moderate operating margins,
have resulted in moderate cash accruals in the past few years.
Moreover, the financial profile remains modest as reflected by high
gearing, working capital intensive nature of operations and weak
debt coverage indicators. The liquidity of the company is also
stretched as reflected by low unutilised bank limits and high debt
repayments in the next few years. ICRA has also taken into account
the susceptibility of BPML's profitability to volatility in waste
paper prices as well as intense competition in the industry, which
limits its pricing flexibility. However, the ratings favorably
factors in the extensive experience of the promoters in the paper
industry and growth in revenues in FY2017 and FY2018 supported by
improvement in sales volume. The ratings have also taken into
consideration the company's additions to capacity and the
favourable demand outlook for the paper industry on account of rise
in urbanisation and higher circulation of newspaper.

The company's ability to scale up its revenues, utilise the maximum
capacity as well as manage the working capital requirements,
thereby improving its liquidity position would be the key rating
sensitivities.

Outlook: Stable

ICRA believes that BPML will continue to benefit from the
experience of its management as well as favourable growth prospects
of the paper industry. The outlook may be revised to Positive if
BPML is able to scale up its operations, while improving its
profitability and effectively managing volatility in input costs
and the rising working capital requirements. The outlook may be
revised to Negative if the firm's revenues decline or if there is a
significant increase in its debt levels, or if a stretch in the
working capital cycle weakens the liquidity further.

Key rating drivers

Credit strengths

Experienced management with an established track record in paper
industry: The management of BPML is well qualified and the
promoters have experience of over three decades in the paper
industry.

Sustained growth in revenues in the past two years due to increase
in sales volume: BPML has reported sustained growth in revenues in
FY2017 and FY2018, following the regular capacity additions made by
it in the past three years has led to an increase in the volume of
goods sold. The increase in the selling price of the products sold
further contributed to the growth in operating income (OI).

Favourable demand outlook for paper industry on the back of growing
urbanisation and e-commerce industry: The e-commerce boom in the
country is expected to help the paper industry enter into a new
phase of growth. The increasing number of internet users with
higher disposable income has boosted the demand for paper packaging
products in the shipment industry. Thus, with an increase in demand
for packaging products, the growth prospects for like BPML, remains
favorable.

Credit challenges

Modest scale of operations: The OI was low at INR63.16 crore in
FY2018 on account of intense competition from regional domestic
players and low pricing power.

Leveraged capital structure with low NCA: With additional funding
for regular capacity expansion plans carried out in the past three
years as well as increase in working capital utilisation to fund
the growth in business, the total debt levels have increased to
INR23.08 crore as on March 31, 2018 from INR18.61 crore as on March
31, 2017. The capital structure remains leveraged as depicted by a
gearing of 1.75 times as on March 31, 2018 over 1.42 times as on
March 31, 2017. Moreover, the company's repayment obligations in
the near to medium term remain sizeable and accordingly its ability
to scale up operations while improving its profitability will
remain critical for the timely servicing of debt. Further, the net
cash accruals have been low at INR1.50 crore as on March 31, 2018
due to low profit after tax (PAT) of INR0.02 crore in the same
financial year.

Profitability exposed to volatility in waste paper prices and
ability to pass on increase in waste paper prices: Waste paper is
the key raw material of the company. Raw material cost forms a
major portion of the average selling price and the contribution
levels thus remain exposed to the movement in the same.
Accordingly, the ability of the company to effectively pass on the
increase in the raw material cost to its customers is critical.

Stretched liquidity position due to over utilisation of working
capital limits: There have been continuous over drawals in the
working capital limits on account of higher inventory days. This
has resulted in stretched the company's liquidity position.

Highly fragmented and intensely competitive industry with a few
large paper mills and various smaller competitors: The company's
presence in the highly fragmented paper industry characterised by
intense competition limits its pricing flexibility and hence its
ability to effectively pass on the increase in raw material prices
to customers.

Liquidity position

The debt of the company comprises term loan, vehicle loan, working
capital loan and loan from related parties. The gearing was high at
1.75 times in FY2018. Its liquidity remains stretched as evident
from continuous over drawals in the working capital limits and high
Total Debt/OPBIDTA at 5.82 times with low current ratio and
negative free cash flows in FY2018.

Banwari Paper Mills Limited (BPML) was initially established by Mr.
R.N. Lakhotia and his family in 1980. It was then purchased by Mr.
Jasbir Singh Goraya and his family the following year. Since then,
the company is run by the Goraya family in Kashipur. It
manufactures writing papers, printing papers and newsprint. The
company has been operational for the past 39 years and usually
manufactures papers from recycled wastes of 52, 56 and 58 Grams per
Square Metre (GSM) with brightness of 72-82%.


C.S. TUBES: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: C.S. Tubes Private Limited
        Asha Studio Compound, Sion
        Trombay Road, Chembur
        Mumbai 400071

Insolvency Commencement Date: January 15, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 14, 2019
                               (180 days from commencement)

Insolvency professional: Pradeep Vithal Samant

Interim Resolution
Professional:            Pradeep Vithal Samant
                         2nd Floor, 65, Old Oriental Building
                         Hutatma Chowk, Mumbai 400001
                         E-mail: samantpradeep86@yahoo.com

Last date for
submission of claims:    February 21, 2019


DASVE CONVENTION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Dasve Convention Centre Limited
        Hincon House, Lal Bahadur Shastri Marg
        Vikhroli (West), Mumbai 400083

Insolvency Commencement Date: February 5, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 4, 2019
                               (180 days from commencement)

Insolvency professional: Mahesh Kumar Gupta

Interim Resolution
Professional:            Mahesh Kumar Gupta
                         Office at 28, Jai Bharat Industrial
                         Estate, Opp. Virwani Industrial Estate
                         Goregaon (East), Mumbai 400063
                         E-mail: camkg59@gmail.com

                            - and -

                         Office at 202, New Heera Panna Industrial
                         Estate, Near Virwani Industrial Estate
                         Goregaon (East), Mumbai 400063
                         E-mail: irpdasve@gmail.com

Last date for
submission of claims:    February 24, 2019


DESAI TEXTILES: ICRA Reaffirms B- Rating on INR9.87cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Desai
Textiles (DT) at [ICRA]B- (Stable).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Cash credit         6.50        [ICRA]B- (Stable); reaffirmed

   Fund-based-
   Term Loan           3.37        [ICRA]B- (Stable); reaffirmed

Rationale

The rating reaffirmation continues to remain constrained by the
entity's weak financial risk profile, characterised by relatively
small-scale operations, leveraged capital structure, weak coverage
indicators and tight liquidity position with fully utilised cash
credit limits. The rating further takes into account the
vulnerability of the profitability to volatility in the yarn
prices, which coupled with intense competition, keeps the margins
under check. ICRA also notes the partnership constitution of DT,
wherein any substantial withdrawal, as witnessed in the past, from
capital accounts could adversely impact its net worth and thereby
its credit profile. The rating, however, continues to favourably
factor in the extensive experience of the partners in the textile
business and the location-specific advantage of being situated in
the textile hub of Surat, Gujarat.

Outlook: Stable

The stable outlook reflects ICRA's expectations that DT will
continue to benefit from the extensive experience of its promoters
in the textile industry. The outlook may be revised to Positive if
substantial improvement in the operating income (OI) and
profitability leads to higher-than-expected cash accruals or if
substantial capital infusion improves the capital structure and
liquidity profile. Conversely, the outlook may be revised to
Negative, if substantial reduction in the revenue or profit margin
leads to inadequate cash accruals or if an increase in external
debt or capital withdrawal further stresses the capital structure
and liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in textile industry: Established
in 1991, Desai Textiles' operations are managed by Desai Brothers,
Mr. Pankaj Desai and Mr. Chetan Desai, who have more than three
decades of experience in the textile business.
Location-specific advantage– DT is located in the textile hub of
Surat, (Gujarat) and hence benefits from easy availability of raw
materials (synthetic yarns and chemicals) and access to its
customers who are majorly traders and dealers of grey fabric in and
around Surat.

Credit challenges

Weak financial risk profile: The firm's scale continues to remain
small with a 13% de-growth in the operating income witnessed in
FY2018 to INR15.56 crore from INR17.84 crore in FY2017 as yarn
sales declined due to GST implementation. The operating margin
continued to remain low, at 6.91% in FY2018 (against 6.37% in
FY2017), along with the net margin (at 0.59% in FY2018 compared to
0.79% in FY2017) due to high interest and finance cost. The total
debt of the company increased to INR7.52 crore as on
March 31, 2018, from INR7.01 crore as on March 31, 2017, because of
increase in working capital requirements. The total debt of INR7.52
crore as on March 31, 2018, consisted of working capital borrowings
of INR5.98 crore (80% of total debt) and term loan of INR1.55 crore
(20% of total debt). With high debt and low net worth, the gearing
of the company continues to be aggressive; it increased to 6.09
times in FY2018 from 4.52 times in FY2017 with further increase in
debt and capital withdrawals. The coverage indicators continue to
remain weak, with high debt and low profitability with TD/OPBDITA
of 6.99 times in FY2018 (vis-à-vis 11.73 times in FY2017),
interest coverage ratio of 1.77 times in FY2018 (vis-à-vis 1.32
times in FY2017), TOL/TNW of 11.12 times in FY2018 (vis-à-vis 8.54
times in FY2017). The overall liquidity position of the firm is
tight, with fully utilisation of the cash credit limits, given the
high working capital intensity.

Vulnerability of profitability to fluctuations in raw material
prices and industry competition: Polyester and synthetic yarns are
the major raw materials of the firm and account for ~80% of the
total manufacturing cost. Accordingly, the profitability of the
firm remains vulnerable to adverse movement in raw material prices
as they are linked to crude prices. DT, being a relatively
small-sized player in the industry, its ability to pass on any
adverse fluctuations is limited due to intense competition
especially from established domestic players.

Risks associated with being partnership concern: The entity's net
worth has remained low because of capital withdrawals over the
years. Thus, any substantial withdrawals from the capital account
could adversely impact the capital structure in future.

Liquidity position

Fund flow from operations continue to remain positive. However, it
reduced in line with the decline in scale of operations in FY2018.
However, free cashflows have turned negative with advances given to
the Group entities. The liquidity profile of the entity remains
tight with almost fully utilised cash credit limits and stretched
creditor days from Group company. Against the backdrop significant
repayments, with no cushion and limited free cash and bank
balances, promoter funding remains critical.

Formed in 1991, Desai Textiles (DT) is a partnership firm based in
Surat (Gujarat) and is promoted and managed by the members of Desai
family. The company manufactures grey fabric and undertakes sizing
of beams. DT procures its raw material, yarn, from manufacturers
and wholesalers based in Gujarat and Maharashtra. The customer base
of the firm includes wholesalers and traders exclusively based in
Gujarat.


EAGLE EXTRUSION: ICRA Reaffirms 'B' Rating on INR7cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Eagle
Extrusion Private Limited at [ICRA]B (Stable)/[ICRA]A4.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term            7.00       [ICRA]B (Stable); reaffirmed
   fund-based           

   Unallocated          3.66       [ICRA]B (Stable)/A4;
   limits                          reaffirmed

Rationale

The rating reaffirmation takes into account Eagle Extrusion Private
Limited's below-average financial risk profile, marked by modest
scale of operations despite the improvement in current fiscal, low
profitability, leveraged capital structure and average
debt-coverage indicators. The rating also factors in the high
working capital requirement of the business due to elongated
receivables cycle and the high inventory holdings by the company.
The ratings are further constrained by the susceptibility of the
company's profitability and cash flows to the volatility in
aluminium prices and the intense competitive pressures due to the
highly fragmented industry structure.

The ratings, however, positively factors in the extensive
experience of promoters in the aluminium extrusion industry and its
well diversified product portfolio.

Outlook: Stable

ICRA expects EEPL to continue to benefit from the extensive
experience of its promoters in the aluminium extrusion industry.
The outlook may be revised to Positive if substantial growth in
revenue and profitability and better working capital management
strengthen the financial risk profile. The outlook may be revised
to a Negative if any major debt-funded capital expenditure, or a
stretch in the working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Experience of promoters in aluminium extrusion industry: The
promoters of the company have a decade-long experience in the
aluminium extrusion industry. They are associated with another
company, Angel Extrusion Private Limited, which is also involved in
the same business.

Diversified product portfolio reduces sales concentration risk: The
company manufactures hardware and architectural goods such as
handrails, tower bolts, expandable grills, and door aldrop, which
find application in buildings. Additionally, it also manufactures
industrial goods such as aluminium pipes, electric motors, heat
sinks, and electric panels, primarily for the pharmaceutical and
textile industries.

Credit challenges

Modest scale of operations despite improvement in current fiscal:
The company has a small scale of operations and witnessed flat
revenue growth to INR24.26 crore in FY2018 from INR23.53 crore in
FY2017. The OI is expected to improve at a healthy rate in the
current fiscal, although it will remain modest.

Below-average financial risk profile: The profit margins of the
company remained weak, with an operating margin of 7.38% and a net
margin of 1.48% in FY2018. Owing to high debt and relatively low
net worth base, the capital structure stood leveraged, with a
gearing of 1.75 times and TOL/TNW of 3.58 times as on March 31,
2018. The debt coverage indicators of the company also stood
moderate, with interest coverage of 1.79 times and Total Debt/
OPBDITA of 4.48 times in FY2018. Further, because of high inventory
holdings and elongated receivables cycle, working capital intensity
stood high as evidenced by NWC/OI of 21% in FY2018.

Profitability vulnerable to fluctuations in aluminium prices:
Aluminium ingots and scrap are the key raw materials of the
company; hence, fluctuations in aluminium prices impact the
company's profitability. The margins and cash flows are also
susceptible to demand from end-user industries, such as real estate
and construction, pharmaceutical, and textiles.

Intense competition in highly fragmented industry structure: The
aluminium extrusion industry is highly fragmented with numerous
players, which restricts the revenue and pricing flexibility of the
company.

Liquidity position
Cash flow from operations as well as free cash flows turned
positive in FY2018 on the back of improvement in profitability,
coupled with lower working capital requirements. The company's
liquidity position remains average, as indicated by adequate cash
accruals from business to support the debt repayments, positive
cash flows and almost full utilisation of working capital bank
limits.

Incorporated in 2008, EEPL manufactures aluminium profiles and
sections, and other industrial products. The company's
manufacturing unit is located at Surat (Gujarat) and has a total
installed manufacturing capacity of 2,000 metric tonnes per annum
(MTPA). The product portfolio of the company comprises hardware and
architectural utilities such as handrails, expandable grills, tower
bolts, window frames and sections. Additionally, it also produces
industrial goods that are used in manufacturing machineries in the
textile and pharmaceutical industries.

In FY2018, the firm reported a net profit of INR0.36 crore on an OI
of INR24.26 crore, compared to a net loss of INR0.34 crore on an OI
of INR23.53 crore in the previous year.


EARTH WATER: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Earth Water Limited

        Registered office as per ROC Company Master Data:
        A-1/152 Ignou Road NEB Sarai
        New Delhi DL 110068 India

        Corporate office:
        Eros City Square, 7th Floor
        Sector-49 & 50, Rosewiid City
        Near Golf Course Extn. Road, Gurugram
        Haryana 122018 India

Insolvency Commencement Date: January 28, 2019

Court: National Company Law Tribunal, Court No. IV, New Delhi
       Bench

Estimated date of closure of
insolvency resolution process: July 27, 2019
                               (180 days from commencement)

Insolvency professional: Mukesh Kumar Grover

Interim Resolution
Professional:            Mukesh Kumar Grover
                         102, B-3 Prerna Complex Shubhash
                         Chowk Laxmi Nagar
                         Delhi 110092
                         E-mail: mukesh@mjra.co.in
                                 mkgrover.ip@gmail.com

Last date for
submission of claims:    February 14, 2019


ENKAY FOAM: CRISIL Migrates Rating on INR10cr Debt to B/Stable
--------------------------------------------------------------
Due to inadequate information, CRISIL had, in line with Securities
and Exchange Board of India guidelines, migrated the rating on the
long-term bank facility of Enkay Foam Private Limited (EFPL) to
'CRISIL B/Stable Issuer Not Cooperating'. However, the management
has subsequently started sharing the requisite information for
carrying out a comprehensive review of the rating. Consequently,
CRISIL is migrating the rating from ' CRISIL B/Stable Issuer Not
Cooperating' to 'CRISIL B/Stable'.

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

The rating reflects a modest scale of operations, large working
capital requirement, and a weak financial risk profile. These
weaknesses are partially offset by the extensive experience of the
promoters in the foam industry.

Analytical Approach
CRISIL has treated unsecured loans (estimated at INR2.98 crore as
on March 31, 2018) extended by the promoters as 75% equity and 25%
debt as the loans are interest-free and likely to remain in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue was modest at INR50 crore in
fiscal 2018, thus limiting bargaining power with suppliers and
customers. Despite stable revenue growth expected over the medium
term, the company will remain a small player amid intense
competition.

* Large working capital requirement: Gross current assets (GCAs)
are estimated at 303 days, due to sizeable inventory and
receivables of 178 days and 112 days, respectively, as on March 31,
2018. This has resulted in almost full utilisation of the bank
limit over the 12 months through October 2018. The working capital
cycle is partially supported by payables of 119 days. Operations
are likely to remain working capital intensive, with GCAs at
250-255 days, over the medium term.

* Weak financial risk profile: The total outside liabilities to
tangible networth ratio was high, estimated at 5.93 times as on
March 31, 2018. Debt protection metrics were weak, with interest
coverage and net cash accrual to total debt ratios at 1.21 times
and 0.01 time, respectively, in fiscal 2018. The financial risk
profile is likely to remain weak over the medium term on account of
sizeable working capital debt and continued low accretion to
reserves.

Strengths
* Extensive industry experience of the promoters: The key promoter,
Mr Mayank Jain, has been in the foam industry for almost 12 years,
and has developed a strong relationship with customers and market
dynamics, which is being reflected in the sustenance of the
business risk profile even in the downturns in the industry.

Liquidity
Average bank limit utilisation was around 99.6% during the 12
months through October 2018, and is expected to remain high over
the medium term on account large working capital requirement. Cash
accrual is expected at around INR95 lakh, against term debt
obligation of INR80 lakh, per fiscal over the medium term. The
current ratio was moderate at 1.29 times as on March 31, 2018.

Outlook: Stable

CRISIL believes EFPL will continue to benefit from the extensive
industry experience of its promoters and their funding support. The
outlook may be revised to 'Positive' in case of
better-than-expected cash accrual or substantial equity infusion,
along with efficient working capital management, thus strengthening
the financial risk profile, particularly liquidity. The outlook may
be revised to 'Negative' in case of lower-than-expected cash
accrual, large working capital requirement, or sizeable,
debt-funded capital expenditure, thus constraining liquidity.

Incorporated in 1990, EFPL is promoted by Mr Mayank Jain and Mr
Saurabh Jain. The company manufactures industrial foam of 9-50
density. This is used in industries such as furniture, garments,
footwear, automobiles, and packaging.


FLORA FOOTWEAR: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Flora Footwear Private Limited
        New No. 16, Old No. 4, Second Floor
        Salai Street, Choolai
        Chennai 600112

Insolvency Commencement Date: January 3, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: July 1, 2019

Insolvency professional: Anandrajan Balaji

Interim Resolution
Professional:            Anandrajan Balaji
                         201, Police Station Road
                         Sivakasi 626123
                         E-mail: balajigr8@yahoo.co.in
                                 balaji@auditca.in

Last date for
submission of claims:    February 20, 2019


GUPTA DYEING: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Gupta Dyeing And Printing Mills Private Limited
        Plot No. 403/3 G I D C Industrial Estate Pandesara Surat
        Gujarat 394221

Insolvency Commencement Date: February 6, 2019

Court: National Company Law Tribunal, Surat Bench

Estimated date of closure of
insolvency resolution process: August 5, 2019

Insolvency professional: Gordhanbhai Ratnabhai Godhani

Interim Resolution
Professional:            Gordhanbhai Ratnabhai Godhani
                         16 Sakarta Society, Kargil Chowk
                         Punagnam, Surat
                         Gujarat 395010
                         E-mail: grgodhani@gmail.com

                            - and -   

                         9/B, Vardan Complex
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad 380014
                         E-mail: cirp.gupta@gmail.com

Last date for
submission of claims:    February 20, 2019


HARYANA STEEL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Haryana Steel And Alloys Limited
        48th Km Stone, G.T. Road
        P O Engineering College
        Murthal, Sonepat
        Haryana 131039

Insolvency Commencement Date: February 13, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 12, 2019

Insolvency professional: Arunava Sikdar

Interim Resolution
Professional:            Arunava Sikdar
                         D-3, LGF, Lajpat Nagar Part I
                         New Delhi 110024
                         E-mail: asikdar1990@gmail.com
                                 cirpharyanasteel@gmail.com

Last date for
submission of claims:    February 28, 2019


HOTEL HORIZON: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Hotel Horizon Private Limited
        37, Juhu Beach, Mumbai
        Maharashtra 400049
        India

Insolvency Commencement Date: January 29, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 28, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Jayesh H

Interim Resolution
Professional:            Mr. Jayesh H
                         307, Century Bhavan
                         Dr Annie Besant Road, Worli
                         Mumbai 400030
                         E-mail: jayesh.h@jclex.com
                                 hhpl.jh@jclex.com

Last date for
submission of claims:    February 19, 2019


IEE PROJECTS: CRISIL Assigns 'B' Rating to INR3.50cr Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of IEE Projects Private Limited (IEE).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee      3.25      CRISIL A4 (Assigned)
   Cash Credit         3.50      CRISIL B/Stable (Assigned)

The ratings reflect IEEs modest scale of operations in the highly
fragmented industry, Intensive working capital operation and it's
below average financial risk profile. These weaknesses are
partially offset by the extensive experience of its promoter in the
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to intense competition in a fragmented industry amid
modest scale of operation: IEE faces intense competition in the
industry, which has large organized as well as unorganized players.
Revenue has remained modest over last three fiscals through 2018 on
account of modest work order flow. The revenue of the company was
modest at INR8.38 crore in FY18.

* Intensive working capital requirement: Operations are working
capital intensive as reflected from high gross current assets
(GCAs) estimated at 494 days as on March 31, 2018, driven by high
receivables days of around 230 days and sizable inventory of 177
days.

* Below average Financial Risk Profile: Financial risk profile is
below average, with net worth at INR3.26 crore, below-average debt
protection metrics' interest coverage ratio was at 1.09 times, for
fiscal 2018. Total outside liabilities to tangible net worth
(TOLTNW) ratio was high at 2.79 times as on March 31, 2018, because
of low accretion to reserve, modest net worth and considerable
working capital borrowings.

Strength

* Extensive industry experience of the promoter: The promoter has
been associated with the industry for over two decade, and has
established significant relationships with raw material suppliers.
The firm benefits from its proven track record for execution of
projects for public entities, when bidding for tenders.

Liquidity
Liquidity should weak over the medium term, driven by full bank
limit utilization and sufficient cash accrual. Expected cash
accrual at 0.35- 0.40 crore which should be sufficient against
repayment obligation of INR0.15 crore. Bank limit utilization has
been high at 100% over the 12 months through Dec 2018.

Outlook: Stable

CRISIL believes IEE will continue to benefit from the experience of
its proprietor in the electrical panel manufacturing and electrical
equipment installation industry. The outlook may be revised to
'Positive' if revenue and profitability increase significantly and
sustainably, leading to a better financial risk profile with better
working capital operation.  The outlook may be revised to
'Negative' if the firm undertakes large, debt-funded capital
expenditure, or if its revenue and operating profitability decline,
or if its working capital cycle lengthens specially liquidity.

Incorporated in 2000, IEE is involved in manufacture of Electrical
panel and installation of the same. The company has manufacturing
facility based in Kolkata. The day to day operations are looked
after by Mr. Dipankar Banerjee and Prabal Kanti Bhattacharya.


INTERCONTINENTAL INFRASTRUCTURE: CRISIL Withdraw B- on INR76cr Debt
-------------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of
Intercontinental Infrastructure Limited (IIL) at the company's
request and has received no dues certificate from the banks. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loans.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan        26.85      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Withdrawn)

   Proposed Long Term    50.00      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with IIL for obtaining
information through letters and emails dated March 21, 2018 and
April 13, 2018 and April 18, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as 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 IIL; which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IIL 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 continues the rating on bank
facilities of IIL to 'CRISIL B-/Stable Issuer Not Cooperating'.

Incorporated in 2003, IIL is engaged in consultancy as well as
construction contracts mainly for irrigation projects. Based out of
Hyderabad, The Company is promoted by Mr. C.L. Rajam.


KAMAR INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Kamar Infrastructure Private Limited
        Kamar Estate, Devicha Pada
        MIDC, Behind Deepak Nittrite
        Taloja, Panvel
        Navi Mumbai 410208 MH

Insolvency Commencement Date: February 8, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 7, 2019
                               (180 days from commencement)

Insolvency professional: CA Fanendra Harakchand Munot

Interim Resolution
Professional:            CA Fanendra Harakchand Munot
                         Joshi Kale Munot & Associates
                         6th Floor, Mafatlal House Building
                         H T Parekh Marg, Backbay Reclamation
                         Mumbai 400020
                         E-mail: fhmunot@gmail.com

Last date for
submission of claims:    February 21, 2019


KELLER GROUND: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Keller Ground Engineering India Private Limited

        Registered office & Corporate office:
        Chennai Address:
        7th Floor, Eastern Wing, Centennial Square,
        6A - Dr. Ambedkar Road
        Kodambakkam Chennai
        Tamil Naidu 600024 IN

        Mumbai Address:
        504, Town Center II
        Andheri Kurla Road
        Andheri (E) Mumbai 400059

        Noida Address:
        107, Pinnacle Tower
        A-42/6, Sector-62
        Noida 201309  

Insolvency Commencement Date: February 4, 2019

Court: National Company Law Tribunal, Single Bench, Chennai

Estimated date of closure of
insolvency resolution process: August 2, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Vinod Radhakrishnan Nair

Interim Resolution
Professional:            Mr. Vinod Radhakrishnan Nair
                         B-1204, Sanpada Sea Queen
                         Heritage CHS, Plot no. 6, Sector-18
                         Sanpada, Navi Mumbai
                         Maharashtra 400705
                         E-mail: vinod@nairca.com

                            - and -

                         Flat No. A-108, First Floor, 'A' Wing
                         Om Rachna Co-Chs, Sector-17
                         Vashi Navi Mumbai 400703
                         E-mail: ipvinodnair@gmail.com

Last date for
submission of claims:    February 19, 2019


KINGIREE FASHION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Kingiree Fashion Private Limited
        Registered office address as per the MCA Records:
        6, Brabourne Road Kolkata
        West Bengal 700001, India

Insolvency Commencement Date: February 4, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 3, 2019
                               (180 days from commencement)

Insolvency professional: Kanchan Dutta

Interim Resolution
Professional:            Kanchan Dutta
                         Chatterjee International Centre
                         14th Floor, Flat No. 13A J.L.
                         Nehru Road, Kolkata 700071
                         E-mail: kanchan@kgrs.in

                            - and -

                         Chatterjee International Centre
                         17th Floor, Flat No. 13A J.L.
                         Nehru Road, Kolkata 700071
                         E-mail: kdutta.ip@gmail.com

Last date for
submission of claims:    February 18, 2019


KRISHNAI HOSPITAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Krishnai Hospital Private Limited
        Plot No. 51, Sector 15
        Opp. CIDCO Samaj Hall Vashi
        Navi Mumbai, Maharashtra 400705

Insolvency Commencement Date: February 12, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 11, 2019
                               (180 days from commencement)

Insolvency professional: Dhanshyam Patel

Interim Resolution
Professional:            Dhanshyam Patel
                         322, Zest Business Spaces
                         M G Road, Ghatkopar East
                         Mumbai 400077
                         E-mail: dpatel@ckpatel.com
                                 khpl@ckpatel.com

Last date for
submission of claims:    March 1, 2019


KULDEVI COTTON: ICRA Reaffirms B Rating on INR6cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Kuldevi
Cotton Industries at [ICRA]B. Outlook is stable.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term
   fund-based         6.00        [ICRA]B (Stable); reaffirmed

Rationale

The rating reaffirmation factors in Kuldevi Cotton Industries'
below-average financial risk profile, marked by small-scale
operations, low profitability, leveraged capital structure,
below-average debt coverage indicators and inadequate cash accruals
to support the debt repayment. The rating also factors in the
vulnerability of the firm's profitability to fluctuations in raw
material prices, the inherently low value-adding ginning business
and its exposure to intense competition in a fragmented industry.
Further, ICRA also notes KCI's exposure to regulatory risks with
regard to the minimum support price (MSP) set by the Government of
India.

The rating, however, positively factors in the experience of KCI's
partners in the cotton industry. The rating further considers the
logistical advantages enjoyed by the firm by virtue of its location
in the cotton producing belt of India, which provides easy access
to quality raw materials.

Outlook: Stable

ICRA expects KCI to continue to benefit from the extensive
experience of its partners in the cotton industry. The outlook may
be revised to Positive if substantial growth in revenue and
profitability and better working capital management strengthen the
financial risk profile. The outlook may be revised to a Negative if
any major debt-funded capital expenditure, or a stretch in the
working capital cycle, or any substantial withdrawals from the
partner's capital account, weakens liquidity.

Key rating drivers

Credit strengths

Experience of partners in cotton industry: KCI, established in
2013, is involved in raw cotton ginning and pressing and cotton
seed crushing. The partners of the firm have extensive experience
in this business through their earlier association with other
entities engaged in similar business.

Location-specific advantages: The firm benefits in terms of low
transportation cost and easy access to quality raw material due to
its proximity to raw material suppliers.

Credit challenges

Small-scale operations: The firm's scale of operations remained
small, with an operating income (OI) of INR10.16 crore in FY2018.
The OI declined substantially by ~45% in FY2018 from INR18.58 crore
in FY2017 against the backdrop of decline in sales volume. However,
it is expected to recover at a healthy rate in FY2019 since it has
already achieved INR18.36 crore revenue in 9MFY2019.

Below average financial risk profile: The operating margin remained
thin because of low value addition, with no operating profit in
FY2018 as against operating margin of 4.91% in FY2017 due to
volatility in cotton prices. Consequently, it reported net losses
in FY2018. The capital structure stood leveraged, with a gearing of
3.23 times and TOL/ TNW of 3.69 times as on March 31, 2018, owing
to high debt and a lower net worth base. The debt coverage
indicators also stood below average with NCA/ Total Debt of -10% in
FY2018. The liquidity position of the company also remained weak as
evidenced by inadequate accruals to support the debt repayment in
FY2018, which was supported by lower working capital requirements.

Vulnerability of profitability to fluctuation in raw cotton prices:
The profit margins are exposed to fluctuations in raw material (raw
cotton) prices, which depend on various factors such as
seasonality, climatic conditions, international demand-supply
situation and export policy. Further, it is exposed to regulatory
risks with regard to the MSP set by the Government.

Intense competition and fragmented industry: The intense
competition from small and unorganised players in the industry
limits KCI's bargaining power with its customers and suppliers.
This, further, exerts pressure on its margins.

Liquidity position

The firm's liquidity position remained weak as evident from the
inadequate cash generation needed to support the debt repayment in
FY2018 as well as the negative fund flow from operations and the
high working capital bank limits utilisation during the peak
season. The term loan repayment was supported by lower working
capital requirements in FY2018.

Established in 2013 as a partnership firm, Kuldevi Cotton
Industries is engaged in cotton ginning and pressing as well as in
cottonseed crushing. Its manufacturing facility in Rajkot, Gujarat,
is equipped with 24 ginning machines and a pressing machine with a
cotton processing capacity of 12,096 metric tonnes per annum (MTPA)
and three oil expellers with a cottonseed processing capacity of
~8,460 MTPA. The firm was promoted by Mr. Mahesh Ghodasara, along
with his family and friends, who enjoy extensive experience in the
cotton industry.

In FY2018, the firm reported a net loss of INR0.81 crore on an OI
of INR10.16 crore, compared to a net profit of INR0.27 crore on an
OI of INR18.58 crore in the previous year.


MAHARAJA AGRO: CRISIL Lowers Ratings on INR30cr Loans to D
----------------------------------------------------------
CRISIL has downgraded the rating of Maharaja Agro Foods Private
Limited (MAPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating' due to delays in debt servicing.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit          7       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

   Term Loan           23       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with MAPL for obtaining
information through letters and emails dated May 31, 2018 and
December 13, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Based on the best available information, CRISIL has downgraded the
rating of MAPL to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating' due to delays in debt servicing.

MAPL, incorporated in 2011, processes milk (pasteurises and chills)
and allied products. It is promoted by Mr. Bijender Nagar and Mr.
Sunder Singh. Its manufacturing facility is in Alwar, Rajasthan,
and has installed capacity of 0.5 million litres per day. The
company commenced operations in December 2013.


MAHARASHTRA VIDHYUT: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Maharashtra Vidhyut Nigam Private Limited
        4th Floor, Gupta Tower
        Temple Road, Civil Lines Nagpur
        MH 440001

Insolvency Commencement Date: February 14, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 13, 2019
                               (180 days from commencement)

Insolvency professional: Vinod Kumar Kothari

Interim Resolution
Professional:            Vinod Kumar Kothari
                         1006-1009, Krishna Building
                         224 AJC Bose Road
                         Kolkata 700017
                         E-mail: resolution@vinodkothari.com
                                 mvnpl.resolution@gmail.com

Last date for
submission of claims:    March 2, 2019


MINI DIAMONDS: ICRA Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR9.00 crore bank facilities of Mini
Diamonds (India) Limited continues to remain in 'Issuer Not
Co-operating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT CO-OPERATING". ICRA had earlier moved the rating of the company
to the 'ISSUER NOT CO-OPERATING' category due to non-submission of
requisite information by the entity to undertake surveillance of
the ratings.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term fund-    3.50      [ICRA]D ISSUER NOT CO-OPERATING;
   based limit                  Rating continues to remain in
                                'Issuer Not Co-operating'
                                Category

   Short-term fund-   5.50      [ICRA]D ISSUER NOT CO-OPERATING;
   based limit                  Rating continues to remain in
                                'Issuer Not Co-operating'
                                Category

As part of its process and in accordance with its rating agreement
with MDIL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information, and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

The rating is based on limited information on the entity's
performance since the time it was last rated in November 2017. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
ratings do not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

Incorporated in the year 1987, Mini Diamonds (India) Limited (MDIL)
is promoted by Mr. Upendra Shah and Mr Himanshu Shah. The company
is engaged in manufacturing and trading of cut and polished
diamonds (CPDs) and trading of rough diamonds. MDIL primarily
caters to the export market with Hong Kong, Belgium and Dubai being
the major export countries. The company has its registered office
and manufacturing units located in Mumbai. The shares of the
company are listed on Bombay Stock Exchange (BSE).


NAV JYOTI: CRISIL Lowers Rating on INR152.4cr Loans to D
--------------------------------------------------------
CRISIL has downgraded the rating of Nav Jyoti Agro Foods Private
Limited (NJAFPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating' due to delays in debt
servicing.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         120       CRISIL D (ISSUER NOT COOPERATING;

                                 Downgraded from 'CRISIL BB-/
                                 Stable ISSUER NOT COOPERATING')

   Term Loan             2.4     CRISIL D (ISSUER NOT COOPERATING;

                                 Downgraded from 'CRISIL BB-/
                                 Stable ISSUER NOT COOPERATING')

   Warehouse            30       CRISIL D (ISSUER NOT COOPERATING;
   Financing                     Downgraded from 'CRISIL BB-/
                                 Stable ISSUER NOT COOPERATING')

CRISIL has been consistently following up with Nav Jyoti Agro Foods
Private Limited (NJAFPL) for obtaining information through letters
and emails dated Feb 16, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Based on the publicly available information, CRISIL has downgraded
the rating of NJAFPL to 'CRISIL D Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating' due to delays in debt
servicing.

Incorporated in 2011 and based in Karnal (Haryana), NJAFPL mills,
processes, and sorts basmati rice. Operations are managed by Mr.
Rajinder Singla and his sons Mr. Pankaj Singla and Mr. Manoj
Singla. Its plant is in Karnal.


NEVATIA STEEL: ICRA Withdraws B- Rating on INR0.50cr LT Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B- ISSUER NOT
CO-OPERATING and the short-term rating of [ICRA]A4 ISSUER NOT
CO-OPERATING assigned to the INR24.00 crore bank limits of Nevatia
Steel & Alloys Private Limited.
                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term fund-      0.50       [ICRA]B-(Stable); ISSUER NOT
   based limit                     CO-OPERATING; Withdrawn

   Short-term fund-     21.96      [ICRA]A4; ISSUER NOT CO-
   based and non-                  OPERATING; Withdrawn
   fund based limits   
                                   
   Unallocated limit     1.54      [ICRA]B-(Stable)/[ICRA]A4;
                                   ISSUER NOT CO-OPERATING;
                                   Withdrawn

Rationale

The ratings assigned for the bank facilities of the firm have been
withdrawn at the request of the company and on the basis of no dues
certificate provided by its banker.

Key rating drivers has not been captured as the rated instrument(s)
are being withdrawn.

Nevatia Steel & Alloys Private Limited, an ISO 9001:2008 accredited
company, was incorporated in the year 1988 by Mr. Sharad Kumar R.
Nevatia. The company manufactures stainless steel (SS) wires &
bright bars and to a lesser extent welding wires from SS rods.
NSAPL has its registered office at Mumbai and two manufacturing
units at Tarapur (Thane district).


OREN HYDROCARBONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Oren Hydrocarbons Private Limited
        28/2 B Saravana Street, T. Nagar
        Chennai 600017, Tamil Nadu

        Having Plants at:
        Chennai (Tamil Nadu)
        Nagri & Kodur (Andhra Pradesh)
        Hyderabad (Telangana) and Bhuj (Gujarat)

Insolvency Commencement Date: February, 12 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 10, 2019

Insolvency professional: Ms. Jayashree S. Iyer

Interim Resolution
Professional:            Ms. Jayashree S. Iyer
                         C-15, Abhinav Kailash
                         19 A Velachery Road, Saidapet
                         Chennai 600015
                         E-mail: jayashree2505@gmail.com

                            - and -

                         New No. 10 Old No. 41
                         Kirupasankari Street, West Mambalam
                         Chennai 600033
                         E-mail: cirp.oren@gmail.com
  
Last date for
submission of claims:    February 26, 2019


P.G. MICRO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: P.G. Micro Systems Private Limited
        C-266, Gali No. 8, Majlis Park
        New Delhi 110033

Insolvency Commencement Date: November 12, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 11, 2019
                               (180 days from commencement)

Insolvency professional: CS Manish Gupta

Interim Resolution
Professional:            CS Manish Gupta
                         207, Suchet Chambers
                         1224/5, Bank Street
                         Near Faiz Road
                         Karol Bagh, New Delhi
                         Delhi 110005
                         E-mail: manish@rmgcs.com
                                 pgmicrocirp@gmail.com

Last date for
submission of claims:    February 20, 2019


POONAM GRAH: CRISIL Lowers Rating on INR10cr Loan to D
------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Poonam
Grah Nirman Private Limited (PGN) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee       5        CRISIL D (Downgraded from
                                 'CRISIL A4')

   Overdraft           10        CRISIL D (Downgraded from
                                 'CRISIL B+/Stable')

The ratings continue to reflect delays in servicing debt on account
of stretch in the receivables.

The ratings also reflect PGN's modest scale of operations in the
civil construction industry, and its large working capital
requirement. These weaknesses are partially offset by the extensive
industry experience of the promoter.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations and exposure to intense competition:
The civil construction industry is highly fragmented, but is
dominated by a few large players. The company had modest revenue of
around INR7.5 crore in in fiscal 2018, thus restricting any
advantages of economies of scale available to players with larger
volumes.

* Large working capital requirement: GCAs were high at 696 days,
driven by substantial inventory of 686 days, as on March 31, 2018.
Working capital requirement is partly funded through credit from
suppliers and others were funded through the bank limits.

Strengths:

* Extensive industry experience of the promoter: The promoter has
about 18 years of experience as a civil contractor for various
government bodies in Kerala.  Prior to establishing the company in
1998, Mr. Anantha Narayanan worked as a contractor for various
Kerala government projects.

Liquidity
Liquidity profile is stretched due to working capital intensive
nature of operations resulting in over utilization of working
capital limits during November 2018. Furthermore, the bank limits
were highly utilized at around 95% in the last twelve months ending
November 2018. The firm has reported net cash accruals of INR0.78
crore which is adequate against the repayment obligation of INR0.25
crore during 2018. The current ratio stood at 1.14 times in 2018.

PGN was established in 1998 by Mr Anantha Naryanan. The company
undertakes civil construction works in Kerala. It is primarily a
contractor for Airports Authority of India, the Indian Railways,
and Indian Oil Corporation Ltd in Kerala, for which it constructs
parking bases and pavements, and undertakes runway resurfacing.


Q NINETH: CRISIL Reaffirms B+ Rating on INR11cr Cash Loan
---------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facility of Q Nineth Ceramics (QNC).


                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Open Cash Credit      11       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect its modest scale of operating and
average financial risk profile. These weaknesses are partially
offset by its partner's extensive experience in tiles trading
business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a highly fragmented industry: QNC
has a modest scale of operation in a highly competitive sanitary
tiles and ware trading business. The company reported a revenue of
INR65 crores fiscal 2018. Further, the industry is highly
fragmented with presence of large number of traders leading to
intense competition. High competition in the industry leads to
limited bargaining power for individual players. This is reflected
from low operating profitability of QNC and its limited bargaining
power with suppliers.

* Average financial risk profile: QNCs financial risk profile is
marked by average gearing and weak debt protection metrics. The
firm's net worth was around INR4.4 crores and TOLTNW ratio at 3.2
times as on March 31, 2018.  QNC's interest coverage ratio stood at
a low 1.30 times in fiscal 2018.

Strengths

* Extensive experience of partners in the tile trading business
QNC's promoters have been in the trading of tiles, granites and
marbles for the past seventeen years. Over the course of their
presence in this industry, the promoters have developed healthy
relationships with its suppliers and today are the authorized
dealers for multiple brands in their showrooms located in Kerala.
Further, apart from catering to retail customers, the promoters
have also developed healthy relations with many corporate customers
including many leading builders in Kerala. CRISIL believes that the
firm would continue to benefit from the extensive experience of
promoters over the medium term.

Liquidity
The liquidity profile was modest marked by high utilization of bank
limits at around 99% in the last ten months ending December 2018.
The firm has reported sufficient cash accruals of around INR0.27
crore with no repayment obligations. However, the cash accruals is
expected to increase in the forthcoming years. The current ratio
stood at 1.29 times.

Outlook: Stable

CRISIL believes QNC will continue to benefit over the medium term
from its established relationship with suppliers and proprietor's
extensive experience. The outlook may be revised to 'Positive' if
financial risk profile improves with ramp in operations and
profitability. The outlook may be revised to 'Negative' if lower
cash accrual, large, debt-funded capital expenditure, or
deterioration in working capital management further weakens
financial risk profile.

Set up in Thirukkad, Kerala, in 2013 as a proprietorship firm by Mr
Moopan Kunnath, QNC trades in tiles, marbles, and granite.


RADHEY SHAM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Radhey Sham Tandon (MFG) Private Ltd

        Registered office:
        6189, RST House Ground Floor
        Nawab Road Sadar Thana Road
        Delhi 110006

Insolvency Commencement Date: February 7, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 6, 2019
                               (180 days from commencement)

Insolvency professional: Manoj Kumar Anand

Interim Resolution
Professional:            Manoj Kumar Anand
                         Office No. 202
                         2, Community Centre
                         Naraina, New Delhi 110028
                         E-mail: anandmanoja@gmail.com

                            - and -

                         3rd Floor, 2 Community Centre
                         Naraina, New Delhi 110028

Last date for
submission of claims:    February 21, 2019


REGENT GRANITO: ICRA Cuts Rating on INR37cr Cash Loan to D
----------------------------------------------------------
ICRA has reassigned the long-term rating for the bank facilities of
Regent Granito India Ltd. (RGL) to [ICRA]D ISSUER NOT COOPERATING
from [ICRA]B+ ISSUER NOT COOPERATING and short-term rating to
[ICRA]D ISSUER NOT COOPERATING from [ICRA]A4 (pronounced ICRA A
four) ISSUER NOT COOPERATING. The rating continues to remain in the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D; ISSUER NOT COOPERATING" for the bank facilities of the
company.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term-Loan         5.33       [ICRA]D; ISSUER NOT COOPERATING;
                                Reassigned from [ICRA]B+(Stable);
                                Rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

   Cash Credit      37.00       [ICRA]D; ISSUER NOT COOPERATING;
                                Reassigned from [ICRA]B+(Stable);
                                Rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

   Bank Guarantee    5.00       [ICRA]D; ISSUER NOT COOPERATING;
                                Reassigned from [ICRA]A4; Rating
                                continues to remain in the
                                'Issuer Not Cooperating' category
  
   Letter of        10.00       [ICRA]D; ISSUER NOT COOPERATING;
   Credit                       Reassigned from [ICRA]A4; Rating
                                continues to remain in the
                                'Issuer Not Cooperating' category

   Credit           0.03        [ICRA]D; ISSUER NOT COOPERATING;  
   Exposure                     Reassigned from [ICRA]A4; Rating
   Limit                        continues to remain in the
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity,
despite the downgrade.

Rationale

The rating downgrade follows the delays in debt servicing by RGL to
the lender(s), as confirmed by them to ICRA.

Regent Granito India Ltd. (RGL) is a vitrified tiles manufacturer
with a production plant at Himmatnagar in Gujarat. The company was
established in 2003 and has manufacturing capacity of ~19,000 sq.
m. of double charged vitrified tiles per day. RGL currently
manufactures vitrified tiles of sizes 800mm x 800mm, 600mm x 600 mm
and 800mm x 1200mm with the current set of machineries at its
production facility.


RELIANCE COMMUNICATIONS: SC Holds Anil Ambani Guilty of Contempt
----------------------------------------------------------------
Deccan Chronicle reports that the Supreme Court on Feb. 20 held
Reliance Group Chairman Anil Ambani and other two directors guilty
of contempt of court. The other two directors are Reliance Telecom
chairman Satish Seth and Reliance Infratel chairperson Chhaya
Virani.

The plea was filed by Ericsson India against Ambani over not
clearing its dues of INR550 crore, Deccan Chronicle discloses.

According to the report, Supreme Court in its judgement said, "Anil
Ambani and 2 directors have to pay Rs 453 crore to Ericsson India
within 4 weeks and if they fail to pay the amount, three months'
jail term will follow."

Deccan Chronicle relates that the top court also imposed a fine of
Rs 1 crore each on them. One-month jail will be awarded, if the
fine is not deposited within 30 days.

After hearing, RCom’s advocate Mukul Rohatgi, said he respects
the decision of the Supreme Court and expressed confidence that the
group will honor the directions on payment of dues to Ericsson,
adds Deccan Chronicle.

The report says Rohatgi expressed confidence that the bunch will
respect the directions on payment of dues to Ericsson.

"We have faced our difficulties. However, the court ruled the way
it has ruled," Deccan Chronicle quotes Rohatgi as saying.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
4, 2019, BloombergQuint said Reliance Communications Ltd. said it
will approach the National Company Law Tribunal to seek debt
resolution under the insolvency law after the Anil
Ambani-controlled company failed to make progress on its own.

"The board noted that, despite the passage of over 18 months,
lenders have received zero proceeds from the proposed asset
monetisation plans, and the overall debt resolution process is yet
to make any headway," it said in a stock exchange filing,
BloombergQuint relayed. "RCom and only two of its subsidiaries,
Reliance Telecom Ltd. and Reliance Infratel Ltd., will take
appropriate steps shortly to implement the board decision."

BloombergQuint related that the company, with a debt of more than
INR47,000 crore in the previous financial year, had invoked
strategic debt restructuring in June 2017. BloombergQuint said the
telecom operator was expected to sell spectrum, towers, fibre
and other assets worth INR25,000 crore to older brother Mukesh
Ambani's Reliance Jio Infocomm Ltd. It's not clear if the deal with
Reliance Jio stands as the company awaited approval from the
Department of Telecommunications.

Based in Mumbai, India, Reliance Communications Ltd (BOM:532712) --
http://www.rcom.co.in/Rcom/personal/home/index.html-- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-
home (DTH) business. Global operations comprise Carrier, Enterprise
and Consumer Business units. It provides carrier's carrier voice,
carrier's carrier bandwidth, enterprise data and consumer voice
services. The Company owns and operates Internet
protocol (IP) enabled connectivity infrastructure, comprising over
280,000 kilometers of fiber optic cable systems in India, the
United States, Europe, Middle East and the Asia Pacific region.


SEAWOOD MULTIPLE: CRISIL Lowers Ratings on INR17cr Loans to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Seawood Multiple Services LLP (SMS) to 'CRISIL D' form 'CRISIL
B/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Term Loan       2       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Term Loan               15       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects delay in timely servicing of interest due on
the term loan, during the principal moratorium period, on back of
significant delay in project implementation.

The rating reflects exposure to significant implementation and
off-take risks related to on-going project, intense competition in
the industry and geographical concentration. These weaknesses are
partially offset by promoters' extensive understanding of the Navi
Mumbai micro market.

Key Rating Drivers & Detailed Description

Weakness:

* Significant implementation and off take risks related to ongoing
project: The firm is setting up restaurant and a microbrewery,
which is still at under-implementation stage.  Timely completion of
the project, along with requisite approvals would be critical from
overall credit risk perspective.

* Intense competition in the industry: The restaurant industry in
India is highly fragmented with unorganized players having majority
market share. Thus, SMS faces intense competition and needs to
continuously innovate in terms of menu and decor to match fast
changing trends in customer preference.

* Geographical concentration of revenues: Geographical
concentration of a restaurant in a single location constrains the
firm's access to a wider customer base, and renders the firm
susceptible to the dynamics of operating in a single micro-market.

Strengths:
* Extensive understanding of the promoters of the Navi Mumbai micro
market and their fund support: The promoters have over 20 years of
experience in real estate development and have completed several
projects in Navi Mumbai leading to extensive understanding of the
local preferences of the micro- market.

Liquidity
The company's liquidity is stretched on account of significant
delay in project implementation. Accordingly, the firm's operations
have not yet commenced resulting in no cash flows available to
timely service monthly interest obligation of the term loan.

SMS was incorporated in July, 2017. It is setting up a restaurant
and a microbrewery at Seawoods Grand Central Mall, Navi Mumbai. The
firm is promoted by Mr. Naresh Patel and Mr. Sunil Baviskar. It was
expected to commence operations from end-December 2017.


SEJAL GLASS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sejal Glass Limited

        Registered address:
        3rd Floor, 173/174, Sejal Encasa
        Opp. Bata Showroom
        S.V. Road, Kandivali (West), Mumbai
        Mumbai City MH 400067 IN

Insolvency Commencement Date: February 13, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 12, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Rajender Kumar Girdhar

Interim Resolution
Professional:            Mr. Rajender Kumar Girdhar
                         Oshiwara Mahada Complex
                         Building No. 5 Aster Coop. Housing
                         Society, Flat no. 205, 2nd Floor
                         New Link Road, Oshiwara Andheri (W)
                         Mumbai, Maharashtra 400053
                         E-mail: rkgirdhar1@yahoo.co.in

                            - and -

                         Sumedha Management Solutions Private
                         Limited, C703, Marathon Innova
                         Off Ganapatrao Kadam Marg
                         Lower Parel West, Mumbai
                         Maharashtra 400013
                         E-mail: sgl@sumedhamanagement.com

Classes of creditors:    Class I - Depositors

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Arundeep Singh Pathania
                         76-B, 32, Brindavan Society
                         Thane, Maharashtra 400601
                         E-mail: pathanias@perchadvisors.com

                         Mr. Rajesh Kumar Mittal
                         204/A, Navjyoti Darshan CHS
                         Near Purnima Talkies
                         Murbad Road, Kalyan (West)
                         Mumbai, Maharashtra 421301
                         E-mail: csrajeshmittal@gmail.com

                         Mr. Vikram Bhatnagar
                         D1003, Park Royale
                         Opposite Aaskash Ganga Society
                         Pimpri, Pune
                         Maharashtra 411017
                         E-mail: vikrambhatnagar2002@yahoo.com

Last date for
submission of claims:    February 27, 2019


SEVEN STAR: ICRA Raises Rating on INR15cr Cash Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on the bank facilities of Seven Star
Steels Limited (SSSL) to [ICRA]B+.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based         15.00        [ICRA]B+ (Stable); Upgraded
   Limit-Cash                      from [ICRA]B (Stable)
   Credit             
                                   
   Non Fund Based      1.50        [ICRA]A4; Reaffirmed
   Limit-Bank
   Guarantee           

   Unallocated         7.50        [ICRA]B+ (Stable); Upgraded
   Limit                           from [ICRA]B (Stable)/
                                   [ICRA]A4; Reaffirmed

Rationale

The upgrade in the long-term rating of SSSL primarily takes into
account the significant improvement in the company's turnover,
operating profitability and debt coverage metrics in FY2018, which
continued in H1 FY2019, supported by improved realisations and
demand scenario. Nevertheless, ICRA notes that the realisations
have softened in the recent months.

The ratings continue to factor in the company's stretched financial
profile as reflected by the net loss reported in FY2018 and high
utilisation of working capital limit restricting its financial
flexibility, and limited value addition in its business due to
inadequate vertical integration. Further, SSSL remains vulnerable
to the cyclicality inherent in the steel industry, which is likely
to keep the company's profitability and cash flows volatile.
However, the ratings positively factor in the company's
conservative capital structure and the presence of a captive power
plant, which assures availability of power at a cheap rate,
reducing its cost of production. ICRA notes that SSSL procures its
entire iron ore requirement from its holding company, Penguin
Trading & Agencies Limited (PTAL, rated at [ICRA]BBB+
(Stable)/[ICRA]A2; involved in iron ore mining), at flexible credit
terms, which mitigate SSSL's iron ore availability risks and
support its liquidity position. Nevertheless, PTAL's vulnerability
to the regulatory risks associated with the iron ore mining
industry may negatively impact its financial position, and in turn
the extent of PTAL's funding support to SSSL may get limited, going
forward.

Outlook: Stable

ICRA believes that SSSL will continue to benefit from the assured
supply of iron ore from its holding company and the vast experience
of its promoters in iron ore mining and steel industry. The outlook
may be revised to Positive if a substantial growth in revenue and
profitability, backed by a favourable industry scenario,
strengthens the company's financial profile. The outlook may be
revised to Negative if its cash accrual is lower than expected, or
if any significant debt-funded capital expenditure leads to
deterioration in the company's capital structure and debt coverage
metrics.

Key rating drivers

Credit strengths

Significant improvement in turnover, operating profitability and
debt coverage metrics in FY2018, which continued in H1 FY2019,
supported by improved realisation and demand scenario: SSSL's
operating income (OI) grew by 34% to INR111.68 crore in FY2018 from
INR83.25 crore in the previous year due to improved industry
scenario, which led to an increase in average realisations and sale
volume. The company's operating margin also improved in FY2018 and
stood at 5.91% compared to an operating loss in FY2017. The
improved profitability and reduced debt level strengthened its debt
coverage metrics. In H1 FY2019, the company's turnover, operating
profitability and debt coverage metrics continued to be positively
impacted by increasing realisations. Nevertheless, in the recent
months, the realisations have softened to some extent.

Assured supply of iron ore at flexible credit terms from PTAL
enhances raw material security and supports liquidity: SSSL faces
limited risks in relation to supply of iron ore as the company's
entire iron ore requirement is met from its holding company PTAL,
which is involved in iron ore mining. Moreover, PTAL extends
flexible credit terms to SSSL, which reduces the latter's
working-capital requirement, supporting its liquidity.

Presence of captive power plant reduces cost of production: The
company has a captive power plant (CPP) of 8 mega watt (MW), out of
which 4 MW is based on waste-heat-recovery (WHR) technology and the
balance 4 MW is based on atmospheric fluidised bed combustion
(AFBC) process. The cost structure of the steel melting operation,
which is highly power intensive in nature, is positively impacted
by the power available from the CPP at a cheap rate.

Conservative capital structure: The company pre-paid all its
long-term loans in FY2017, leading to significant reduction in the
overall debt level. In FY2018, it repaid a significant amount of
interest-free unsecured loans from related parties, which led to
further reduction in its debt level. As a result, SSSL's gearing
stood low at 0.45 times as on March 31, 2018 and declined from the
previous year's level (0.66 times).

Credit challenges

Stretched financial profile reflected by net losses reported in
recent years and high utilisation of working capital limit
restricting financial flexibility: SSSL reported a net loss in
FY2018, despite improved operating profitability. Moreover, its
fund-based working capital limit remained highly utilised (average
utilisation of 97.4% during April 2017 to December 2018),
reflecting its limited financial flexibility.

Inadequate vertical integration restricts value addition: The
company manufactures intermediate products like sponge iron and
billets, which limits the scope of value addition in its business.
Hence, SSSL's margins are likely to remain under check.

Exposure to the cyclicality inherent in the steel industry: The
steel industry is characterised by its inherent cyclicality. This
is likely to keep the profitability and cash flows of all the
players in the industry, including SSSL, volatile going forward.

Liquidity position

The company pre-paid all its long-term loans in FY2017. Hence, it
does not have any long-term debt repayment obligation. However,
high utilisation of fund-based working capital limit reflects its
stretched liquidity. Nevertheless, SSSL avails significant credit
from its holding company PTAL for procurement of iron ore, which
supports its liquidity to an extent.

Parent/Group Company: Penguin Trading & Agencies Limited (PTAL
Significant credit availed by SSSL from its parent company, PTAL,
for procurement of iron ore supports the former's liquidity and the
same has been taken into consideration while arriving at the
ratings for SSSL.

Consolidation/Standalone

The rating is based on the standalone financial statements of
SSSL.

About the company

Incorporated in November, 2004, Seven Star Steels Limited (SSSL)
commenced commercial operations in June 2007. The company's
manufacturing facility is located at Kalendamal, Gudigaon, in the
Jharsuguda district of Odisha. It has sponge iron and mild steel
(MS) billet manufacturing facilities with an installed capacity of
60,000 tonne per annum (TPA) and 28,800 TPA, respectively, along
with an 8-MW captive power plant (4 MW through waste-heat recovery,
and 4 MW through atmospheric-fluidised bed combustion). The present
promoters (Kolkata-based Bathwal family) took over SSSL's
management in 2007. The sponge iron manufacturing capacity of the
plant was expanded from 30,000 TPA to 60,000 TPA in February 2008.
The captive power plant and steel-melting facility were
commissioned in April 2013 and April 2014, respectively.

SSSL's holding company, PTAL, involved in iron ore mining, was
incorporated in 1981. PTAL's iron ore mine is located at Raikela
and Tantara villages in Sundargarh district of Odisha, under the
Koira mining belt.


SHOLINGUR TEXTILES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s. Sholingur Textiles Limited
        Race Course Mansion, 2nd Floor
        8/1-M, Race Course
        (Near Thomas Park Bus Stop) Coimbatore
        Tamil Nadu 641018

Insolvency Commencement Date: February 4, 2019

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: August 3, 2019
                               (180 days from commencement)

Insolvency professional: T.V. Balasubramanian

Interim Resolution
Professional:            T.V. Balasubramanian
                         C/o PKF Sridhar & Santhanam LLP
                         91-92, VII Floor, Dr. Radhakrishnan Road
                         Mylapore, Chennai
                         Tamil Nadu 600004
                         Tel.: +91 44 2811 2985/86/87/88
                         E-mail: tvbalu@pkfindia.in
                                 rpforsholingurtextiles@
                                 3dresolution.in

Last date for
submission of claims:    February 18, 2019


SHREE BAJRANG: CRISIL Assigns B+ Rating to INR5.0cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Shree Bajrang Sales Private Limited (SBSPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term
   Bank Loan Facility     0.3       CRISIL B+/Stable (Assigned)

   Letter of Credit       6.5       CRISIL A4 (Assigned)

   Bank Guarantee         0.2       CRISIL A4 (Assigned)

   Cash Credit            5.0       CRISIL B+/Stable (Assigned)

The ratings reflect SBSPL's below-average financial risk profile
because of modest networth and weak debt protection metrics, and
average scale of operation and low profitability. These weaknesses
are partially offset by the promoters' extensive experience in the
steel trading industry and their funding support.

Analytical Approach

Unsecured loans (outstanding at INR9.49 crore as on March 31, 2018)
from the promoters/family members have been treated as debt.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Networth was modest and
total outside liabilities to adjusted networth ratio high at INR6.7
crore and 3.8 times, respectively, as on March 31, 2018. Debt
protection measures have also been weak due to moderately high debt
and low net profits. Interest coverage and net cash accrual to
total debt ratios were 1.16 times and 0.01 times, respectively, in
fiscal 2018.

* Average scale of operation and low operating margin: Intense
competitive pressure and trading nature of operations continue to
constrain scalability and operating margin: revenue and
profitability have been at INR84-104 crore and 0.9-1.3%,
respectively, in the three fiscals through 2018.

Strength
* Promoters' extensive experience and funding support: Benefits
from the promoters' experience of over two decades and established
relationships with customers and suppliers should continue to
support business risk profile.

Liquidity
Liquidity is under pressure, with annual net cash accrual expected
at around INR34 lakh over the medium term vis-a-vis yearly debt
obligations of around INR30 lakh, and utilisation of bank lines
averaging over 83% for 7 months ended July 2018. Financial
assistance from the promoters, however, supports liquidity.

Outlook: Stable

CRISIL believes SBSPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if sustained increase in revenue, profitability, and
cash accrual, and improvement in debt protection metrics strengthen
key credit metrics. The outlook may be revised to 'Negative' if a
decline in profitability, or stretch in working capital cycle
weakens financial risk profile, especially liquidity.

Incorporated in 1989 by Mr Santkumar Bhartia and Mr Devendra
Bhartia, Mumbai-based SBSPL trades in ferrous and non-ferrous ores,
alloys, and minerals.


SHRI SWAMI: CRISIL Assigns 'B' Rating to INR10.34cr Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Shri Swami Samarth Shetkari Wa Vinkari Sahakari Soot
Girni Niyamit (SS Samarth).

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility      2.34      CRISIL B/Stable (Assigned)

   Working Capital
   Facility                8.00      CRISIL B/Stable (Assigned)

The rating reflects weak financial risk profile and liquidity and
susceptibility to intense competition and volatility in cotton
prices. These weaknesses are partially offset by society's
established track record of operations.

Analytical Approach

Deposits worth INR3.68 crore from members of the society have been
treated as 75% equity and the remaining debt as these would remain
in business over the medium term. Also, interest paid on them is
ploughed back into the business.

Key Rating Drivers & Detailed Description

Weakness:

* Weak financial risk profile and liquidity: Networth and total
outside liabilities to tangible networth ratio were negative at
INR30 lakh and -77 times, respectively, as on March 31, 2018. These
are expected to be in the same range as on March 31, 2019. Debt
protection metrics were subdued, with interest coverage ratio of
0.4 time in fiscal 2018. Ratio is likely to remain muted over the
medium term.

* Susceptibility to intense competition and volatility in cotton
prices: High fragmentation may continue to restrict scalability of
operations and limit pricing power with suppliers and customers,
thereby constraining profitability. Prices of cotton are volatile
as availability depends on the extent of rainfall. Cotton prices
are also affected by change in international demand. Also, the
increase in the power and fuel cost, over past 3 years coupled with
volatility is prices of cotton, has resulted in low profitability.

Strengths:

* Established track record of operations: The society is one of the
leading cotton spinning mills in Maharashtra's co-operative sector
with a track record of around 35 years. It has developed
longstanding relationship with customers and suppliers.

Liquidity
Liquidity is weak. Though bank limit utilisation was moderate at
43% for the 12 months ended December 2018, owing to sizeable
working capital requirement. Cash accrual is expected to be
negative against yearly debt obligation of around INR20 lakh, over
the medium term. However, debt repayment is supported by deposits
from society members. Amount of cash generated will remain a key
rating sensitivity factor.

Outlook: Stable

CRISIL believes SS Samarth will continue to benefit from the
extensive experience of its members. The outlook may be revised to
'Positive' if sustained increase in profitability and sales or
equity infusion leads to a better financial risk profile. The
outlook may be revised to 'Negative' if financial risk profile,
especially liquidity, weakens further because of lower cash
accrual, deterioration in working capital management, or
larger-than-expected capital expenditure.

Samarth Shetkari was set up in 1984 as a co-operative society. It
manufactures cotton yarn in Sholapur, Maharashtra, and is currently
chaired by Mr Gurunath Raju Shivdare.


SHRIRAM TRANSPORT: Fitch Rates New USD Sec. Bonds 'BB+(EXP)'
------------------------------------------------------------
Fitch Ratings has assigned India-based Shriram Transport Finance
Company Limited's (STFC) proposed senior secured US-dollar
denominated notes an expected rating of 'BB+(EXP)'.

The proposed bonds will carry a fixed-rate coupon payable
semi-annually and will be secured by a fixed charge over specified
accounts receiveable, in line with STFC's domestic secured bonds
and rupee denominated senior secured bonds issued overseas. The
notes are also subject to maintenance covenants that require STFC
to meet regulatory capital requirements at all times, maintain net
non-performing loan (NPL) ratio equal to or less than 7%, and
ensure its security coverage ratio is equal to or greater than 1 at
all times. The notes are expected to carry maturites of three to
five year.

The US dollar denominated notes will be issued in the international
market by the company under the Reserve Bank of India's New
External Commercial Borrowings (ECB) framework issued in January
2019.

KEY RATING DRIVERS

STFC's proposed bonds are rated the same level as its Long-Term
Foreign-Currency Issuer Default Rating of 'BB+' in accordance with
Fitch's rating criteria.

Most of STFC's debt is secured and Fitch considers that non-payment
of the company's senior secured debt would best reflect uncured
failure. STFC can issue unsecured debt in the overseas market, but
such debt is likely to constitute a small portion of its funding
and thus cannot be viewed as its primary financial obligation.

RATING SENSITIVITIES

The rating on the proposed bond will move in tandem with STFC's
Long-Term Foreign-Currency Issuer Default Rating.


SHRIRAM TRANSPORT: S&P Rates New USD Sr. Secured Notes 'BB+'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to the
U.S. dollar-denominated senior secured notes that Shriram Transport
Finance Co. Ltd. (STFC: BB+/Stable/B) proposes to issue. The notes
are under STFC's Indian rupee 50 billion multi-currency medium-term
note (MTN) program. The issue rating is subject to S&P's review of
the final issuance documentation.

S&P equalizes the rating on the notes with the long-term issuer
credit rating on STFC. The notes are direct and unconditional
obligations of the company. They are secured and will rank equally,
without any preference, among themselves, and with all other
outstanding secured and unsubordinated obligations of the issuer.

The notes have performance-related covenants, which, if breached,
can result in an event of default and early redemption of the
notes, subject to approval from the Reserve Bank of India (RBI).
These covenants are:

-- STFC's capital adequacy ratio (CAR) should comply with minimum
regulatory requirements; and

-- The company's net nonperforming loan (NPL) ratio, based on the
RBI's recognition norms, should at all times be equal to or less
than 7.0% based on a 90-day delinquency period.

S&P said, "We believe the risk of STFC breaching these triggers
over the next 12 months is limited. The company has a strong market
position as the largest financier of commercial vehicles in India.
It benefits from high yields on its pre-owned commercial vehicles
portfolio and low operating costs, which compensate for the high
cost of wholesale borrowing and credit costs. As of Dec. 31, 2018,
STFC's net NPL ratio was 2.8%. STFC's return on average assets of
2.0% over the past five years is higher than the banking industry
average and comparable to that of some other finance companies that
we rate in India.

"In a stress scenario, we believe STFC has sufficient buffer
through its pre-provision profits and will, if required,
aggressively provide for its NPLs to ensure it does not breach the
covenant. The company's capital base benefits from good internal
capital generation and its CAR of 19.7% as of Dec. 31, 2018, is
well above the regulatory requirement of 15%. We expect STFC to
raise equity capital through investors or Tier-2 capital to ensure
compliance with regulatory minimum capital requirements--if
required."



SOMA ENTERPRISE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Soma Enterprise Limited

        Registered address:
        Soma Heights, 3, Siddivinayak Society
        Karve Road, Pune
        Maharashtra 411038

        Principal office address:
        Soma Enterprise Ltd.
        2 Avenue 4, Banjara Hills
        Hyderabad, Telangana 500034

Insolvency Commencement Date: February 12, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 11, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Om Prakash Agarwal

Interim Resolution
Professional:            Mr. Om Prakash Agarwal
                         BIA Merlin Chamber
                         18, British Indian Street
                         4th Floor, Room No. 403, Kolkata
                         West Bengal 700069
                         E-mail: opagarwal11@gmail.com

                            - and -

                         C/o EY Restructuring LLP
                         Oval Office, 18, iLabs Centre
                         Hitech City, Mahadpur, Hyderabad
                         Telangana 500081
                         E-mail address for claims:
                         soma.cirpclaims@in.ey.com
                         E-mail address for other communications:
                         ip.somacirp@in.ey.com

Last date for
submission of claims:    February 26, 2019


SRG SPINNING: ICRA Assigns B+ Rating to INR7cr LT Loan
------------------------------------------------------
ICRA has assigned [ICRA]B+(Stable) ratings to the bank facilities
of SRG Spinning and Weaving Mills Private Limited (SRG).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.00       [ICRA]B+(Stable); Assigned
   Fund Based/CC        

Rationale

The assigned ratings favorably factor in the long experience of the
management in textile industry and proximity to the textile cluster
of Rajasthan resulting in increased customer base from processing
houses and easy availability of raw material and skilled/unskilled
labor.

However, the ratings are constrained by the company's modest scale
of operations in an intensely competitive and highly fragmented
industry. The ratings are further constrained by the high levels of
gearing and below average net profitability indicators which in
turn leads to low levels of coverage indicators as is evident by
the DSCR of 0.98 times and Interest Coverage of 1.43 times in
FY2018.

Outlook: Stable

ICRA believes SRG Spinning And Weaving Mills Private Limited will
continue to benefit from the experience of its promoters and
favourable location. The outlook may be revised to Positive if
substantial growth in revenue and profitability, and better working
capital management, strengthens the financial risk profile. The
outlook may be revised to 'Negative' if cash accrual is lower than
expected, or if any major capital expenditure, or stretch in the
working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Experienced management: The Directors of the company are well
qualified and have an experience of more than 15 years in
diversified lines of business.

Proximity to the textile cluster of Rajasthan: The operations of
the company are located nearby Bhilwara, Rajasthan, which is one of
the largest textile clusters in India. Proximity to the region
results in increased customer base from processing houses, lower
transportation cost, easy availability of raw material and
skilled/unskilled labor.

Credit challenges

Highly fragmented and competitive industry: SRG has moderate scale
of operations and is a small sized player in the highly competitive
textile garment industry. The small scale of operations with
intense competition limits the bargaining power of the company.
With limited price flexibility and absence of any long-term
contracts with its customers, the demand for the products remains
volatile.

High customer concentration with major sales to Gujarat: The
company has a high customer concentration with the top 5 customers
contributing to 75% of the total sales of the company. The major
customers are concentrated in Ahmedabad, Gujarat as the region has
a huge demand for the consumption of grey fabric. Moreover, in
absence of any long term contract with the supplier, any change in
demand trends may directly affect the operations of the company.

Low net profit margins impact the liquidity and financial risk
profile: SRG's net profit margins stand at 0.2% and 0.27% in FY2017
and FY2018 respectively. This, along with increasing working
capital intensity deteriorates the financial and liquidity position
of the company as evident by the current ratio of 1.14 times, DSCR
of 0.98 times and Interest Coverage of 1.4 times in FY2018.
However, the infusion of funds by the promoters mitigates the risk
to an extent.

Liquidity Position:

The company has a stretched liquidity position due to low net
profit margins with increasing working capital intensity as evident
by the current ratio of 1.14 times, DSCR of 0.98 times and Interest
Coverage of 1.4 times in FY2018. However, the infusion of funds by
the promoters mitigates the risk to an extent.

SRG Spinning And Weaving Mills Private Limited (SRG) was
incorporated in February 2013 and commenced the commercial
operations in June 2014. The company is engaged in the business of
manufacturing of grey fabric from synthetics and cotton yarn. The
plant of the company is located at Kishangarh with a total
installed capacity of 42 Lakh Meter Per Annum for manufacturing of
grey fabrics.

In FY2018, the company reported a net profit of INR0.09 crore on an
operating income of INR33.13 crore, as compared to a net profit of
INR0.06 crore on an operating income of INR31 crore in the previous
year.


TERRAFIRMAS SUPERSTRUCT: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Terrafirmas Superstruct LLP
        Sr. no. 5/1, Office no. 402 4th floor
        The Capital Building, Baner
        Pune 411045

Insolvency Commencement Date: January 31, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 29, 2019

Insolvency professional: Mr. Bhaskar Gopal Shetty

Interim Resolution
Professional:            Mr. Bhaskar Gopal Shetty
                         C-77, Shanti Shopping Centre
                         Mira Road East 401107
                         Thane District, Maharashtra
                         E-mail: cabgshetty@gmail.com
                                 terrafirmas.ip@gmail.com

Last date for
submission of claims:    February 23, 2019


THREE C: ICRA Maintains D on INR225MM Debt in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the long-term Non-Convertible Debenture
Programme of Three C Green Developers Private Limited (TCGDPL)
continues to remain in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Non-Convertible     225.0      [ICRA]D ISSUER NOT COOPERATING,
   Debenture                      rating continues to remain in
   Programme                      the 'Issuer Not Cooperating'
                                  category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated on the issuers'
performance. Accordingly the lenders, investors and other market
participants are advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

TCGDPL, which was incorporated in December 2010, is involved in
real-estate development. At present, Xanadu Estates Pvt. Ltd. holds
75% of the company's shares, while the remaining 25% is held by
Xanadu Infra Developers Pvt Ltd. TCGDPL is developing a plotted
development project, Lotus Yardscape, with a saleable area of 90489
square yards, in Sports City, Noida. The other project, Lotus Arena
II, is being developed by its wholly-owned subsidiary, Piyush IT
Solutions Private Limited.


VB POWER: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: VB Power Private Limited
        224, 1st Floor, APMC Market Yard
        Dindori Road, Panchavati
        Nashik 422003 MH

Insolvency Commencement Date: February 15, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 13, 2019
                               (180 days from commencement)

Insolvency professional: CA Fanendra Harakchand Munot

Interim Resolution
Professional:            CA Fanendra Harakchand Munot
                         Joshi Kale Munot & Associates
                         6th Floor, Mafatlal House Building
                         H T Parekh Marg, Backbay Reclamation
                         Mumbai 400020
                         E-mail: fhmunot@gmail.com

Last date for
submission of claims:    February 28, 2019


VIJETA PROJECTS: ICRA Hikes Rating on INR80cr Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on the bank facilities of Vijeta
Projects & Infrastructures Ltd. (VPIL) to [ICRA]B+(Stable)/
[ICRA]A4.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         80.00       [ICRA]B+(Stable); upgraded
   Working Capital                 from [ICRA]D
   Facilities         
                                   
   Non-fund Based-    194.50       [ICRA]A4; upgraded from
   Working Capital                 [ICRA]D
   Facilities         

Rationale

The ratings upgrade takes into account the regularisation of debt
servicing by Vijeta Projects & Infrastructures Ltd. (VPIL) with a
track record of over three months. The ratings also draw comfort
from the company's long-standing experience in the construction
sector, its sizeable order book that provides adequate revenue
visibility over the medium term, and the diversity of the order
book which is spread across sectors like irrigation, building
construction, coal handling, etc.

The ratings, however are constrained by the execution risk
associated with the ongoing projects as some of the projects are
slow moving, and its high working capital intensity. This in turn
impacts the liquidity as evident from the high utilisation of
working capital limits as well as reliance on ad-hoc limits. The
ratings also take into account the modest debt coverage
indicators.

Outlook: Stable

ICRA believes that VPIL will continue to benefit from the extensive
experience of its promoters in the construction business as well as
its current order book position. The outlook may be revised to
Positive if the company is able to improve its working capital
position by improving its billing and collection efficiency. The
outlook may be revised to 'Negative' if the working capital cycle
further weakens, resulting in deterioration of liquidity profile.

Key rating drivers

Credit strengths

Extensive experience of promoters in construction sector: The
company is promoted by the Singh family of Ranchi, who have over
two-decade-long experience in the construction business. The
successful completion of the past contracts and a long track record
of operations have enabled VPIL to secure fresh contracts in Bihar
and Jharkhand over the years.

Large order book position provides revenue visibility: VPIL had a
closing order book of INR1,275 crore at the end of FY2018. The
sizable order book position provides adequate revenue visibility.
Adjusting for certain slow-moving projects, the company has revenue
visibility of four years.

Diversified order book: VPIL has a diversified order book spread
across irrigation, civil construction, coal transportation, roads,
railway infrastructure etc. Irrigation and civil
construction/building projects account for most of the outstanding
order book. The clientele includes the state government bodies of
Bihar and Jharkhand, public sector undertakings, and large private
players.

Credit challenges

Delays in project execution: Many projects in the current order
book are stuck or moving very slowly, primarily due to the handover
of right of way, clearances, political issues, delay in receiving
payments from clients, and Naxalism-related issues in Bihar and
Jharkhand etc.

High working capital intensity: The working capital intensity of
operations has increased on account of sizable delays in execution
of many of the ongoing projects leading to delays in billing and
recovery of dues. The inventory holding period has increased
sharply from 50 days at the end of FY2016 to 230 days at the end of
FY2018, resulting in high utilisation of working capital limits.

Moderate debt coverage indicators: The company has sizable interest
servicing obligation on account of high utilisation of cash credit
and bank guarantee limits. This inturn has resulted in modest debt
coverage indicators as reflected in interest coverage of 1.5 times
and Debt/OPDITA of 4.2 times at the end of FY2018. However, the
capital structure remains comfortable with its healthy net-worth.

Liquidity position

The company has positive cash accruals and had a free cash balance
of INR2.8 crore at the end of FY2018. However, the increase in
working capital requirements resulted in stretched liquidity
position as reflected in high utilisation of working capital
limits. Notwithstanding, the company had low committed cash
outflows in form of debt repayment obligation and capex
commitments. Therefore, the liquidity profile going forward would
be dependent on changes in its working capital profile.

Established in 1990 by the Singh family, VPIL is a closely-held
public limited company involved in executing infrastructure
projects across sectors like irrigation, roadways, railway
infrastructure, mining, etc. The company primarily works for
various government and semi-government bodies (Central Public Works
Department, Jharkhand State Mineral Development Corporation,
Department of Water Resources, National Buildings Construction
Corporation etc.) in Bihar and Jharkhand. In addition, VPIL works
for reputed private sector clients like L&T, Tata Power Ltd. etc.

In FY2018, the company reported a net profit of INR4.9 crore on an
operating income (OI) of INR203.9 crore compared with a net profit
of INR5.2 crore on an OI of INR206.8 crore in the previous year.




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

BUMI RESOURCES: Moody's Alters Outlook on B3 CFR to Negative
------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating (CFR) for Bumi Resources Tbk (P.T.) (Bumi).

At the same time, Moody's has affirmed the B3 rating on the Series
A and Caa1 rating on the Series B senior secured notes due 2022
issued by Bumi's wholly owned subsidiary, Eterna Capital Pte. Ltd.,
and guaranteed by Bumi.

Moody's has revised the outlook on the ratings above to negative
from stable.

RATINGS RATIONALE

"The negative ratings outlook reflects our expectation that Bumi's
principal debt repayments will continue to trend lower than our
previous expectations," says Maisam Hasnain, a Moody's Analyst.

Moody's had initially expected Bumi to repay $300-$500 million of
principal under its Series A notes and Tranche A facilities
(collectively referred to as 'Tranche A') by the end of 2019,
following the completion of Bumi's debt restructuring in December
2017.

"However, we now expect Bumi to repay only around $220 million of
principal by the end of 2019, primarily due to lower-than-expected
coal sales volume, working capital challenges, and a price cap on
domestic coal sales to electric utilities," adds Hasnain, who is
also Moody's Lead Analyst for Bumi.

Negative ratings pressure will persist until such time as Bumi can
materially improve its cash generation. The company is taking steps
to improve this, including reducing outstanding receivables from
domestic customers. Bumi also expects its 90% owned subsidiary,
Arutmin Indonesia (P.T.) to start paying its dividends from July
2019.

Bumi's aggregate debt balance will continue to rise, as the pace of
principal repayments on its Tranche A debt slows, eventually
leading to an unsustainable capital structure should this continue.
While Bumi's annual cash interest payments total only $30-$35
million a year, a majority of its debt has payment-in-kind
interest, which is accrued and added to the principal amount of
debt should Bumi have insufficient cash to make periodic interest
payments on these instruments.

The negative ratings outlook also captures the heightened liquidity
risk for Bumi, given large tax prepayments at it 51% owned
subsidiary, Kaltim Prima Coal (P.T.) (KPC).

Additionally, on January 31, 2019, Bumi announced that KPC would
prepay its income tax of around $212 million by April the same
year, of which, $42 million was prepaid in January 2019. This large
cash payment for tax will significantly reduce KPC's free cash
available to make dividends to shareholders in the coming months.

Bumi is currently solely reliant on dividends from KPC to meet its
cash obligations. As a result, Moody's expects Bumi's debt
repayments to be minimal, while KPC makes its large tax
prepayments.

Bumi has confirmed that it has sufficient cash in its debt service
reserve account to meet its cash interest payments for the quarter
ended March 2019. The company has also confirmed KPC has the
flexibility of amending the tax prepayment schedule, such that KPC
will ensure it provides sufficient cash dividends to Bumi for the
parent company to remain current on its cash interest payments.

However, Moody's is cognizant that Bumi's liquidity risk will
remain elevated during this period of large tax prepayments, should
KPC prove unable to extend its tax prepayment terms or faces
unforeseen cost overruns, which constrain its ability to make
dividend payments to Bumi.

Upward pressure on Bumi's ratings is unlikely, given the negative
outlook.

Nevertheless, the outlook could revert to stable if Bumi increases
its pace of debt reduction such that it has repaid around $300-$400
million of Tranche A principal by the end of 2019, while
maintaining prudent financial policies, with a strong adherence to
its cash account management agreement.

On the other hand, Moody's could downgrade the ratings if: (1)
Bumi's ability to generate cash to repay debt remains slower than
Moody's initial expectations; (2) KPC has difficulty prepaying or
deferring its large tax prepayments in the coming months; (3) Bumi
fails to extend its mining licenses at KPC and Arutmin on
substantially similar terms; or (4) a deviation occurs from the
stated prudent financial policies, including adherence to the terms
of its cash account management agreement.

The principal methodology used in these ratings was Mining
published in September 2018.

Bumi Resources Tbk (P.T.), through its majority-owned subsidiaries,
is Indonesia's largest thermal coal producer. The company produced
around 63 million tons of coal for the nine months to 30 September
2018. Its principal assets include a 51% stake in Kaltim Prima Coal
(P.T.) and a 90% stake in Arutmin Indonesia (P.T.).


INTILAND DEVELOPMENT: Moody's Withdraws B2 CFR & Stable Outlook
---------------------------------------------------------------
Moody's Investors Service has withdrawn Intiland Development Tbk
(P.T.)'s B2 corporate family rating and stable outlook.

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

Intiland Development Tbk (P.T.) is engaged in the development,
management and operation of high-rise apartments, houses, office
buildings, mixed-use projects, and industrial estates across
Jakarta, Greater Jakarta, Surabaya and Greater Surabaya.
Established in 1983, the company has successfully developed more
than 60 projects. As of September 30, 2018, Intiland Development
was around 51% owned by the company's founder, Mr. Hendro
Gondokusumo.


SENTUL CITY: Moody's Withdraws B2 CFR for Business Reasons
----------------------------------------------------------
Moody's Investors Service has withdrawn Sentul City Tbk (P.T.)'s B2
corporate family rating and stable outlook.

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

Established in 1993, Sentul City Tbk (P.T.) is engaged in the
development, management and operation of its Sentul City township
project in Bogor Regency, Indonesia. At September 30, 2018, Sentul
City was around 63% owned by Stella Isabella Djohan, either
directly or through her fully controlled entity, PT Sakti Generasi
Persada.


TOBA BARA: Fitch Affirms Then Withdraws 'B-' Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has affirmed PT Toba Bara Sejahtra Tbk's (TOBA)
longterm Issuer Default Rating with a Stable Outlook and has
simultaneously withdrawn the rating for commercial reasons.

The affirmation reflects the company's small scale, the declining
calorific-value reserve-base of its coal operations as well as
risks related to its investment programme and financial profile.

The ratings were withdrawn for commercial purposes.

KEY RATING DRIVERS

Small Scale of Coal Operations: TOBA's coal production scale and
EBITDA are modest compared with those of other Fitch-rated
coal-mining peers. Fitch expects TOBA's EBITDA/tonne to decline
from 2020 on account of a weakening reserve profile, leading to a
lower average calorific value of its coal and increased sensitivity
of EBITDA to the coal price.

Significant Minority; Dividend Leakage: Fitch expects TOBA's 51%
owned mine, PT Adimitra Baratama Nusantara (ABN), which accounted
for over 75% of consolidated EBITDA in 2017, to maximise dividend
pay-outs, as it has no major debt or plants for significant
near-term capex. The mine has historically maintained a high
dividend pay-out ratio. Fitch adjusts for dividends to minority
shareholders in its EBITDA and funds from operation (FFO)
calculations.

Leverage to Weaken: Fitch expects FFO adjusted net leverage to peak
at about 9x in 2020, due to the debt related to TOBA's power
projects, PT Gorontalo Listrik Persdana (GLP) and PT Minahasa
Cahaya Lestari (MCL). However, leverage should improve from 2021,
when both power plants start contributing to EBITDA. Fitch
forecasts FFO interest coverage to remain comfortably above 4x for
the next three years, as TOBA only needs to pay 20% of the interest
due on the power-project related debt.

Power Projects Drive Debt: Both power projects are under
construction and are largely debt funded through project financing.
Fitch sees the execution risks of the power projects as
well-managed due to the quality of the engineering, procurement and
construction (EPC) contractor, robust EPC contract terms, the
long-term offtake agreement with PT Perusahaan Listrik Negara
(Persero) (PLN, BBB/Stable) and the nature of the project-funding
debt, which is guaranteed by TOBA for one year after completion.
The principal payments for the loans start a year after commercial
operations and 80% of interest due on the loan until project
completion are rolled back as a loan.

Cyclical Coal-Industry Exposure: TOBA's earnings remain vulnerable
to the cyclical nature of the thermal coal industry, although the
company's strategy to become an integrated company and
power-generation investments will diversify earnings towards the
more stable power business. The Indonesian coal index (ICI) has
been decoupling from the Newcastle coal benchmark price,
demonstrating the volatile nature of the coal industry; the ICI
weakness is not affecting TOBA, as most of its sales are indexed to
Newcastle given the calorific-value of its coal currently, but
Fitch expects this to change when the quality of its coal reserve
starts declining from 2020.

DERIVATION SUMMARY

TOBA's scale in terms of production, EBITDA and reserves is smaller
than that of other rated peers in the Indonesian coal-mining
industry, including PT Golden Energy Mines Tbk (B+/Positive) and
Geo Energy Resources Limited (B+/Stable). TOBA's profitability per
tonne is healthier than that of 'B' category peers, although Fitch
expects this to weaken with a decline of its high calorific value
reserves. TOBA's credit metrics will also be significantly weaker
than those of peers, as its power-project investments will largely
be debt funded and the company is looking for further investments.

KEY ASSUMPTIONS

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

  - Index coal prices as per Fitch's mid-cycle commodity-price
assumptions, adjusted for differences in calorific value (average
Newcastle 6,000kcal FOB: USD79/tonne in 2019, USD77/tonne in 2020
and USD75/tonne thereafter).

  - Coal production volume of about 6.0 million tonnes in 2019 and
5.6 million tonnes in 2020 and 2021.

  - Capex of USD345 million to be incurred on the two power
projects until 2020; of which about 80% will be funded by project
debt.

  - Capex on existing coal operations of less than USD8 million per
year.

  - No additional coal or power investments.

RATING SENSITIVITIES

Not applicable since the rating is withdrawn.

LIQUIDITY AND DEBT STRUCTURE

Funding Support for Investments: Liquidity could come under
pressure if TOBA's power investments do not generate expected
earnings, require more capex than anticipated to become operational
or the start of operations is delayed, which could lower cash flow.
TOBA had about USD93 million of debt at end-September 2018, which
Fitch forecasts had risen to about USD200 million by end-2018 as
work progressed on its power plants. Most of the debt comprised of
bank loans with long repayment schedules. Project financing debt
for the second power project, MCL, was signed for in December 2018
and will further raise total debt levels in the near-term as the
power plants are constructed.




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

KIWIRAIL HOLDINGS: Posts NZ$104.6 Million Half Year Net Loss
------------------------------------------------------------
Radio New Zealand reports that KiwiRail Holdings Limited has posted
a reduced half year loss as it recovers from the Kaikoura
earthquake and improved its revenue from tourism and freight.

RNZ relates that the state-owned enterprise made a net loss to
NZ$104.6 million from NZ$193 million the previous year.

However, its underlying earnings, which strip out the cost of
maintaining and running the rail network, was up seven percent to
NZ$16.1 million, RNZ relays.

"It will take some time to get back to where we were before . . .
the quake but we are seeing increased demand in this result," chair
Greg Miller said.

Revenue was NZ$328.8 million, compared with NZ$292.8 million, with
sales driven by a 30 percent rise in domestic freight revenue, and
increased earnings for the Interislander ferries and on its tourism
trains.

According to RNZ, Mr Miller said it was grappling with higher
costs, more compliance and ageing assets.

"KiwiRail is dealing with a legacy of under-investment from
successive governments and our infrastructure still requires a lot
of work to bring it up to a modern transport standard so we can
really deliver what we are being asked to deliver."

He said future developments include reopening the Napier-Wairoa
line for timber traffic, an extension to Northport, and a new
Hamilton-Auckland commuter service.

Kiwirail received NZ$34.9 million in capital grants over the period
more than double the year before.

"The government has seen we are in catch-up mode and is willing to
invest for the good of New Zealand."

KiwiRail Holdings Limited, trading as KiwiRail, is a New Zealand
state-owned enterprise responsible for rail operations in New
Zealand. KiwiRail has business units of KiwiRail Freight, The Great
Journeys of New Zealand and Interislander.


LA WHEAT: In Liquidation; To Pay NZ$115K for Underpaying Workers
----------------------------------------------------------------
Anuja Nadkarni at Stuff.co.nz reports that the husband and wife
owners of La Wheat, a Christchurch bakery company ordered to pay
NZ$115,000 for under-paying two workers, have put the company into
voluntary liquidation.

According to Stuff, a Labour Inspectorate investigation found cafe
and bakery company La Wheat Limited underpaid former employees
Sandeep Patel for almost 18 months, and Manish Makkar for two
months.

La Wheat was placed into liquidation by a shareholder's vote on
February 15. Its directors are married couple Wannakawatta Waduge
Janaka Sujeewa Fernando and Arumadura Udeni LakmalI Fernando.

Stuff relates that the Labour Inspectorate said it was looking at
"further compliance options" to recover the money for the workers.

La Wheat owned bakeries in Christchurch and Methven.  The La Wheat
store in Christchurch's Bush Inn Mall was sold to new owners in
2016 and is not part of the liquidation or Labour Inspectorate
investigation, the report says.

Liquidator Brenton Hunt said it was too early to tell what the
financial state of the company was and that he was preparing the
first liquidator's report, Stuff relays.

The report due at the end of the week would outline how much La
Wheat owes secured and unsecured creditors, Stuff notes.


MANCHESTER UNITY: Fitch Affirms 'BB-' IFS Rating, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed the Insurer Financial Strength (IFS)
Rating on Manchester Unity Friendly Society (MUFS) at 'BB-'
(Moderately Weak). The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects MUFS' least favourable business profile of
domestic peers, moderately weak financial performance and earnings
as well as adequate capitalisation and leverage. The rating also
incorporates support from MUFS' loyal member base, low-risk
insurance exposures and conservative investment portfolio.

Fitch assesss MUFS' business profile as the least favourable
compared with that of other New Zealand life-insurance companies,
due to its limited market franchise, niche focus and declining
membership base. Therefore, Fitch scores MUFS' business profile at
'b+' under its credit-factor scoring guidelines.

MUFS is a small player in the domestic life-insurance sector, with
a market share of less than 1%. Most of its life products have been
closed to new business since 2012. The society offers low-cost
funeral and medical insurance to members; to become a policyholder,
an individual must also be a member. MUFS also provides holiday
accommodation and fraternal services for the benefit of members.

MUFS' membership declined to 12,642 in the financial year ending
May 2018 (FY18), from 13,180 in FY17, as member deaths outpace new
joiners. The society's strategies do not include business
development or selling objectives to maximise its member base, with
word of mouth being the main source of new business.

Fitch sees MUFS' financial performance and earnings as moderately
weak, in light of the trend of falling premiums (FY18: 4%, FY17:
5%) due to the declining membership base and also because most of
its insurance products are closed to new business. MUFS is not a
profit-maximising entity due to its mutual status. Net profit after
tax increased by NZD0.9 million to NZD2.4 million in FY18 on
revaluation gains in the society's property portfolio.

MUFS' coverage of the regulatory capital requirement was 168% at
FYE18 (FY17: 163%), well above the regulatory minimum of 100%.
However, its small absolute capital base and limited access to new
capital leaves it vulnerable to unexpected operational risk and
changes in the external operating environment.

Strong liquidity and policyholder liabilities that, due to their
design, discourage early redemption, and are mainly payable on
death, mitigate asset-liability mismatch. The average duration of
MUFS's policyholder liabilities is around 11 years, compared with
two years for its cash and fixed-income investments. The society's
liquid assets/policyholder liabilities ratio was a strong 149% at
FYE18 (FY17: 145%) and any duration mismatch will ultimately
decline with the run-off of the closed insurance funds.

RATING SENSITIVITIES

Downgrade sensitivities:

  - Continued deterioration in the weak business profile, including
a decrease in the number of lodges and significant reduction in the
membership base

  - A fall in coverage of the regulatory capital requirement below
management's target of 150% for an extended period

Upgrade sensitivities:

  - Maintain coverage of the regulatory capital requirement above
170% on a sustained basis

  - A sustained improvement in MUFS' business profile


WAIWERA THERMAL: Thermal Pools Complex Placed Into Liquidation
--------------------------------------------------------------
Greg Ninness at interest.co.nz reports that plans by Russian
billionaire Mikhail (also known as Michael) Khimich to redevelop
the Waiwera thermal pools complex north of Auckland appear to be
near the end of the road.

Waiwera Thermal Resort Ltd was placed into liquidation on February
15, interest.co.nz discloses.

According to the report, Companies Office records show that up
until late last year, 80% of the shares in the company were owned
by Khimich, with the remaining 20% held by the Las Vegas,
Nevada-based Ordover Trust.

But in November last year, all of the company's shares were
transferred to the Ordover Trust, with Khimich and Las Vegas-based
Leon Fingerthut remaining as the company's two directors.

However another of Khimich's companies still holds a security
interest over the company, the report says.

interest.co.nz relates that Waiwera Group Ltd, which lists Khimich
as its sole shareholder and director, holds security for up to
NZ$7.5 million over all of Waiwera Thermal Resort's assets, which
security documents state relate to "Moneys provided by the secured
party [Waiwera Group Ltd] to the debtor [Waiwera Thermal Resort
Ltd]."

interest.co.nz says the Waiwera pools complex has been a popular
recreational venue for several generations of Aucklanders and
out-of-town visitors, but has been closed for renovations for the
last 12 months and is currently in a state of disrepair.

Waiwera Thermal Resort Ltd owns the property on a leasehold title,
which runs for 20 years from December 2007, with perpetual Rights
of Renewal for further 20 year periods thereafter.

The property is mortgaged to Kiwibank, which holds security for up
to NZ$3.15 million plus interest over the property, although it is
not known how much the bank may actually be owed.

The property has a current (July 2017) rating valuation of NZ$13.8
million.

The liquidators of Waiwera Thermal Resort Ltd are Jared Booth --
jared.booth@staplesrodway.com -- and Tony Maginness --
tony.maginness@staplesrodway.com -- of Staples Rodway.

They are due to issue their first report on the company's affairs
by March 22, adds interest.co.nz.




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

SHS HOLDINGS: Warns of Possible Default on Bangladesh Project
-------------------------------------------------------------
The Strait Times reports that SHS Holdings' delayed solar power
project in Bangladesh could face default and a termination of key
agreements if required financing is not obtained on time, the
company said on Feb. 20 before the market opened.

If a default is triggered under the agreement with the Bangladesh
Power Development Board (BPDB), the group will only be able to
recover between US$3 million to US$8 million of the US$21.7 million
already invested into the solar project, SHS said, the Strait Times
relates.

According to the report, SHS's HDFC SinPower unit is building a
50-megawatt solar plant under agreements with the BPDB and the
Ministry of Power, Energy and Mineral Resources. But SHS said
construction is now facing further delays due to a lack of
financing after the deadline had already been pushed back by more
than a year from the initially scheduled April 2018 to October 2019
currently, the report says.

The report relates that SHS said funding of up to 70 per cent of
the total cost of the solar project - translating to up to US$56
million - was meant to come from financial institutions. Its unit
HDFC is now exploring "alternative financing", and is in talks with
various parties to secure such financing for the construction of
the solar power plant. It will then pursue another extension from
the current deadline of Oct 31, 2019.

Under current terms, the construction of the solar power plant
needs to start by February 2019 to meet the October deadline, the
report discloses.

SHS had earlier cited reasons such as land issues, regulatory
approvals, and weather conditions, as reasons for the delays, on
top of financing woes, the Strait Times notes.

SHS Holdings Limited (SGX:A7S), through its subsidiary, provides
grit blasting, tank cleaning, painting, ship repair, ship building,
and scaffolding services. The Company also sells and manufactures
blasting and painting equipment. SHS also distributes refined
petroleum products.


SUNVIC CHEMICAL: To Form Panel to Probe Further Into Guarantees
---------------------------------------------------------------
The Strait Times reports that Sunvic Chemical Holdings will be
appointing, at the request of its independent directors, a special
investigative committee - comprising external auditors and legal
advisers - to probe further into corporate guarantees provided for
loans amounting to some CNY222.5 million (SGD44.3 million), which
was first reported in January.

Its subsidiaries, Yixing Yinyan Import & Export Co (Yixing Yinyan)
and Jiangsu Jurong Chemical Co (Jiangsu Jurong), had received
letters of demand in relation to these corporate guarantees, the
report discloses.

The Strait Times relates that in addition, the board is temporarily
suspending the rights of the subsidiaries' legal representatives
given their involvement in providing the guarantees. This is to
ensure that both of them would not be able to enter into any
agreement for and on behalf of Jiangsu Jurong and Yixing Yinyan
without the prior approval of Sun Xiao, executive director and CEO
of Sunvic Chemical, the company said in its filing with the
Singapore Exchange (SGX), the report relays.

According to the report, Jiangsu Jurong's legal representative Yang
Guoqiang also has his rights as a Sunvic Chemical director
temporarily suspended. Liu Wen represents Yixing Yinyan and is
vice-president of banking and finance for China operating
entities.

Corporate guarantees were extended to the borrowers - Jiangsu
Donglai Real Estate Development Co (Jiangsu Donglai) and Jiangsu
Dahe Lvjian Chemical Co (Jiangsu Dahe), the report discloses.
Yixing Yinyan had extended a corporate guarantee to Jiangsu
Donglai, whose creditor is Yixing City Futao Rural Micro Credit Co
(YFC), while Jiangsu Jurong extended a corporate guarantee Jiangsu
Dahe, whose creditor is Bank of China (BOC), the report notes.

The Strait Times adds that the company, in response to the SGX's
queries on why the guarantees were extended in the first place,
said that the YFC guarantee was extended by Yixing Yinyan to
Jiangsu Donglai at the verbal request of the borrower and its bank
to facilitate the grant of a YFC loan to Jiangsu Donglai. This was
coordinated by the Chinese government, with the intent to enhance
and promote the relationship between Yixing Yinyan and Jiangsu
Donglai's bank, the report states.

The YFC loan was a bridging loan to allow Jiangsu Donglai to repay
its bank. Jiangsu Donglai had expected its bank to release the same
amount back to it within one week to repay the YFC loan. Mr Liu
represented Yixing Yinyan in both instances.

According to The Strait Times, Sunvic Chemical had earlier said
that a member of the management did not have board approval before
signing the YFC corporate guarantee. The company clarified that Mr
Liu was the member of management and that he had executed the
guarantee on his own initiative as the legal representative.

"The execution of the YFC corporate guarantee was not expressly
authorised by any member of the board. No member of the board was
aware of the execution of the YFC corporate guarantee at the time
the YFC Corporate Guarantee was entered into," Sunvic Chemical said
in the filing, the Strait Times relays.

Meanwhile, the BOC corporate guarantee was extended to Jiangsu Dahe
because of a cross-guarantee agreement with Jiangsu Jurong. Under
this Dahe guarantee arrangement - started in 2010 - both parties
would provide corporate guarantees to help each other secure their
own bank loans at the time, the Strait Times reports. Mr Yang was
the representative then.

The Strait Times relates that Sunvic Chemical also clarified that
Mr Yang, a board member, had executed the BOC corporate guarantee
on his own initiative as the legal representative of Jiangsu
Jurong. This was not "expressly authorised" by any other member of
the board, Sunvic Chemical said, adding that no other member of the
board was aware of the execution of the BOC corporate guarantee at
the time.

The company, in response to what had led to the delay of the
informing of the board of the letter of demands, said that Mr Liu,
Mr Yang and its CEO Mr Sun took some time to clarify the demands
with the borrowers and lenders involved, which resulted in the
delay, according to The Strait Times.

Based in Singapore, SunVic Chemical Holdings Limited (SGX:A7S), an
investment holding company, manufactures and sells intermediate
chemical 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.

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