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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, February 27, 2019, Vol. 22, No. 42

                           Headlines



A U S T R A L I A

CLARKS INDUSTRIAL: First Creditors' Meeting Set for March 6
CONCORD RSL: First Creditors' Meeting Set for March 6
ETA AUSTRALIA III: S&P Assigns Preliminary 'B' ICR, Outlook Stable
FROGTECH PTY: Administrators Seek Expressions of Interest
MORGAN CONSULTING: Second Creditors' Meeting Set for March 6

NIOX NUTRACEUTICALS: First Creditors' Meeting Set for March 7
SCORDO TRANSPORT: First Creditors' Meeting Set for March 6
SPECIAL ONE: Second Creditors' Meeting Set for March 6
URBAN COUTURE: Second Creditors' Meeting Set for March 6


C H I N A

CHINA: Beijing Renews Warnings on Systemic Financial Risk
QINGHAI PROVINCIAL INVESTMENT: S&P Lowers ICR to 'CCC+'
REDSUN PROPERTIES: Fitch Rates Proposed USD Sr. Notes 'B(EXP)'
ZHAOJIN MINING: Fitch Gives 'BB(EXP)' Rating to New USD Unsec Notes


I N D I A

AGRASIA IMPEX: ICRA Maintains 'B' Ratings in Not Cooperating
ALOKIT EXIM: Insolvency Resolution Process Case Summary
AMBIENCE PROJECTS: Insolvency Resolution Process Case Summary
ASHOK POLYMERS: Insolvency Resolution Process Case Summary
BALAJI INDUSTRIAL: ICRA Maintains B Ratings in Not Cooperating

BHAGWATI WOVEN: ICRA Moves B on INR10cr Loans to Not Cooperating
BILCARE LIMITED: ICRA Puts MC Rating on Notice of Withdrawal
C & C CONSTRUCTIONS: Insolvency Resolution Process Case Summary
DENOVO ENTERPRISES: Insolvency Resolution Process Case Summary
EUROTEX INDUSTRIES: ICRA Cuts Ratings on INR84cr Loans to D

GLOBAL RURAL: Insolvency Resolution Process Case Summary
IMOSYS ENGINEERING: ICRA Withdraws B Ratings on INR7.25cr Loans
JET AIRWAYS: SBI Says No Decision Made on Going to NCLT
JET AIRWAYS: Working Out Mutually Acceptable Plan on Salary Dues
K. PRASAD: ICRA Maintains 'B' Ratings in Not Cooperating

KERA VITRIFIED: ICRA Raises Rating on INR33.32cr Loan to B+
MAHI CORP: ICRA Maintains 'D' Ratings in Not Cooperating
NAKSHATRA BRANDS: Insolvency Resolution Process Case Summary
NAKSHATRA WORLD: Insolvency Resolution Process Case Summary
NAVAYUGA INFRATECH: Insolvency Resolution Process Case Summary

NIPPON INVESTMENT: Insolvency Resolution Process Case Summary
PINNACLE BIOMED: ICRA Moves B+ on INR20cr Loan to Not Cooperating
R. JAYKUMAR: ICRA Lowers Rating on INR6.50cr Loan to D
RAMKAR STEEL: Insolvency Resolution Process Case Summary
RASYA STEELS: ICRA Assigns B Rating to INR15cr LT Loan

RAVINDRA ENERGY: ICRA Withdraws B+ Ratings on INR59.30cr Loans
SAI BABA AGRO: ICRA Reaffirms B+ Ratings on INR12cr Loans
SAI BABA ENTERPRISES: ICRA Reaffirms B+ Ratings on INR18cr Loans
SAMADHAAN MARKETING: Insolvency Resolution Process Case Summary
SHAH GROUP: Insolvency Resolution Process Case Summary

SHAH PRECICAST: ICRA Reaffirms B+ Rating on INR15.50cr LT Loan
SHANTAI EXIM: ICRA Cuts Rating on INR7cr LT Loan to C
SHRIRAM TRANSPORT: Fitch Rates USD400M Sr. Secured Notes 'BB+'
SNJ LABS: ICRA Withdraws B+ Rating on INR10.18cr Loan
SOUTHEND INFRASTRUCTURE: Insolvency Resolution Case Summary

SRI DAKSHNINA: ICRA Withdraws 'B' Ratings on INR42cr Loans
SUNSHINE EXPORTS: ICRA Keeps D in INR6cr Debt in Not Cooperating
VIDYA PRASARINI: ICRA Maintains 'D' Ratings in Not Cooperating
ZENITH EXPORTS: ICRA Reaffirms B+ LT Rating on INR26cr Loan


M A L A Y S I A

RGT BHD: Exits Bursa Malaysia's PN17 List


N E W   Z E A L A N D

MAINZEAL PROPERTY: High Court Rules Directors Liable for NZ$36MM


S I N G A P O R E

SINJIA LAND: Narrows Net Loss to SGD3.5MM in Year Ended Dec. 31


S O U T H   K O R E A

COINBIN: Files for Bankruptcy, Cites Employee Embezzlement

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A U S T R A L I A
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CLARKS INDUSTRIAL: First Creditors' Meeting Set for March 6
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Clarks
Industrial Contracting Pty Ltd will be held on March 6, 2019, at
10:30 a.m. at the offices of Worrells Solvency and Forensic
Accountants, at Level 1, 160 Brisbane Street, in Ipswich,
Queensland.

Adam Francis Ward of Worrells Solvency was appointed as
administrator of Clarks Industrial on Feb. 25, 2019.


CONCORD RSL: First Creditors' Meeting Set for March 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Concord RSL
& Community Club Limited will be held on March 6, 2019, at 2:30
p.m. at Concord RSL and Community Club, at Nirranda Street, in
Concord West, NSW.

Adam Shepard of Farnsworth Shepard was appointed as administrator
of Concord RSL on
Feb. 22, 2019.


ETA AUSTRALIA III: S&P Assigns Preliminary 'B' ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings, on Feb. 26, 2019, assigned its 'B' preliminary
issuer credit rating on ETA Australia Holdings III Pty Ltd (MYOB).


S&P said, "We also assigned our 'B' preliminary issue ratings to
the company's proposed A$920 million term loan B and A$50 million
revolving credit facility (RCF). The recovery ratings on these
facilities are '3', reflecting meaningful (50%-70%; rounded
estimate: 60%) recovery prospects in a payment default. The outlook
on MYOB is stable, reflecting our expectation that MYOB will retain
a large portion of its existing market share over the outlook
period as it continues to invest in product enhancement and
customer migration from desktop to cloud-based platforms."

The rating on MYOB principally reflects the company's established
brand and incumbent position in the niche accounting software
market in Australia and New Zealand. Tempering these strengths are
the company's highly leveraged capital structure, significant
competition from rival cloud-based players, execution risks
associated with migrating legacy desktop customers to the cloud,
and limited product and geographic diversity.

MYOB's highly leveraged capital structure is a constraint on the
rating. S&P said, "We expect pro forma S&P Global Ratings-adjusted
leverage in the mid-10x to low-11x range over the next two years
post-transaction given the company's reinvestment objectives.
Excluding the impact of the A$443 million shareholder loan, which
we treat as debt, we forecast adjusted leverage to be approximately
7.5x."

S&P said, "The 'B' rating is supported by our expectation that MYOB
will generate meaningful revenue growth over the next 12-24 months
and sustain EBITDA cash interest coverage above 2x (excluding the
shareholder loan). The rating is further supported by MYOB's
relatively capital-light operating model and our expectations that
the company will generate sustainably positive free operating cash
flow (FOCF) during its period of elevated investment spend.  

"Also constraining the rating is MYOB's ownership by financial
sponsor Kohlberg Kravis Roberts & Co L.P. (KKR). Having said that,
we expect KKR to remain committed to MYOB's existing growth
strategy, including the retention of the company's senior
leadership team. Importantly, we note that KKR is reinvesting
earnings in organic long-term growth opportunities and not pursuing
an aggressive short-term cost-out strategy.

"We treat the company's A$443 million redeemable preference shares
(RPSs) as debt. However, we note that these instruments do display
some equity-like characteristics, such as not paying cash coupons;
being structurally subordinated to senior debt; and being held by
funds controlled by KKR. Furthermore, we reclassify MYOB's research
and development (R&D) expenditure as an operating expense, given
our view that it represents a recurring cost to the business. While
our analytical treatment of the RPSs and R&D expenditure increases
adjusted leverage, we note that neither effects free cash flow
generation.

"Our assessment of MYOB's business risk reflects the company's
narrow product offering, limited geographic diversification, and
significant competitive threats. MYOB's relatively late adoption of
cloud-based technologies is somewhat offset by its established
brand and incumbent market position. That said, we believe that
MYOB has a credible strategy to migrate the more than 400,000
non-paying desktop users to paying cloud-based services. This
includes an elevated period of investment as the company augments
its software development functions and bolsters its sales and
marketing efforts. Our rating also incorporates the risk that this
migration will result in elevated rates of customer churn.
MYOB's appeal among accounting practices is likely to be a key
determinant of success. This is because accounting practices tend
to promote a single software platform to their SME clients.
Cloud-based technologies have rapidly improved the analytical
capabilities of accounting software, allowing accountants to spend
less time on rudimentary compliance and more time on value-add
advisory services. To this end, it is important that MYOB continues
to invest in product innovation that supports advisory services and
the integration of SME end-users.

"We believe that MYOB has a competitive product offering. However,
the current market dynamic requires MYOB to continually innovate in
end-user functionality and usability, including the integration of
third-party software applications. We also believe that MYOB is
well-positioned to participate in payment solutions that have the
potential to generate steady recurring income over time. While we
view some of the increased investment as non-discretionary as MYOB
seeks to close the technological gap, we nevertheless believe that
the level of reinvestment is sufficient to stabilize market share
and support revenue growth.

"We view a data or cybersecurity breach as a material event risk,
given the magnitude and sensitivity of confidential data held by
the company. The impact of a breach could result in reputational,
legal, and/or financial damage that could impinge on the overall
creditworthiness of the business. That said, MYOB has a robust
security framework, which should help protect against
cyber-attacks.

"The stable outlook reflects our view that MYOB will generate
sustained revenue growth driven by increased product innovation as
well as its bolstered sales and marketing efforts.

"We expect EBITDA growth to remain subdued over the next few years
given the company's reinvestment objectives and our treatment of
R&D as an operating expense. Nevertheless, we expect FOCF to remain
positive during the peak investment period, supported by the
company's low capital intensity and improving levels of recurring
income.

"We could lower the rating if an erosion of market share or reduced
profitability result in negative FOCF, or if EBITDA interest
coverage (excluding shareholder loan) is sustained below 2x. We
could also lower the rating if corporate activity results in debt
to EBITDA increasing above 7.5x (excluding the shareholder loan)."

More immediate downward rating pressure could occur if capital is
returned to either common or noncommon equity holders, unless it is
supported by the company's underlying financial performance.

S&P considers an upgrade to be unlikely given MYOB's current
ownership structure and organic growth objectives.


FROGTECH PTY: Administrators Seek Expressions of Interest
---------------------------------------------------------
The Joint and Several Administrators of FrogTech Geoscience are
seeking expressions of interest to recapitalize and/or restructure
Frogtech Geoscience and/or its assets.  

Highlights include:

* A market leader in upstream regional petroleum exploration
   solutions, counting 80% of the blue chip global exploration
   companies among its customer base.

* Service product lines that boast:

   - 53% coverage of global onshore and offshore exploration
     projects
   - 51% coverage of basins holding USGS estimated Non-U.S.
     undiscovered petroleum resources.

* Investor of SEEBASE, the world renowned, industry standard,
   structurally enhanced economic basement model for the
   petroleum sector.

The assets include:

* Established leased premises with offices and storage area;
* Plant and equipment;
* IT infrastructure; and
* Intellectual property including business and trading names,
   domain, telephone numbers, geographic information systems,
   and customer contacts list.

An information memorandum will be available to interest parties
upon execution of a confidentiality deed.  Expression of interest
and inquiries should be directed to:

          Adam Cormack
          Email: adam.cormack@rsm.com.au
          Phone: (612)6217-0397 by COB 20 February 2019

Frogtech Pty Ltd, trading as 'Frogtech Geoscience', is a globally
recognized upstream provider of geological science-based solutions
that reduce risks associated with petroleum exploration.

Frank Lo Pilato and Jonathon Colbran of RSM Australia Partners were
appointed as administrators of FrogTech Geoscience on Feb. 8,
2019.


MORGAN CONSULTING: Second Creditors' Meeting Set for March 6
------------------------------------------------------------
A second meeting of creditors in the proceedings of Morgan
Consulting Pty Ltd and AACN 169 936 690 Pty Ltd, formerly Known As
Morgan Payroll Services Pty Ltd, has been set for March 6, 2019, at
11:30 a.m. at the offices of Hamilton Murphy, at Level 1, 255 Mary
Street, in Richmond, 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 March 5, 2019, at 4:00 p.m.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of Morgan Consulting on Jan. 31, 2019.


NIOX NUTRACEUTICALS: First Creditors' Meeting Set for March 7
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Niox
Nutraceuticals Pty Ltd will be held on March 7, 2019, at 11:00 a.m.
at the offices of TPH Insolvency, at Suite 101, 167b The Entrance
Road, in Erina, NSW.

Timothy Heesh of TPH Insolvency was appointed as administrator of
Niox Nutraceuticals on Feb. 25, 2019.


SCORDO TRANSPORT: First Creditors' Meeting Set for March 6
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Scordo
Transport Services Pty. Ltd., trading as Motor Cars International
will be held on March 6, 2019, at 11:00 a.m. at the offices of SV
Partners, at Level 17, 200 Queen Street, in Melbourne, Victoria.

Michael Carrafa & Peter Gountzos of SV Partners were appointed as
administrators of Scordo Transport on Feb. 22, 2019.


SPECIAL ONE: Second Creditors' Meeting Set for March 6
------------------------------------------------------
A second meeting of creditors in the proceedings of Special One
Grain Accumulator Pty Ltd has been set for March 6, 2019, at 1:00
p.m. at Oxley Room, Dubbo Regional Theatre and Convention Centre,
at 155 Darling 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 March 5, 2019, at 5:00 p.m.

Trent Andrew Devine of Jirsch Sutherland was appointed as
administrator of Special One on Oct. 18, 2018.


URBAN COUTURE: Second Creditors' Meeting Set for March 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of Urban Couture
Pty Ltd has been set for March 6, 2019, at 11:00 a.m. at the
offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 5, 2019, at 4:00 p.m.

Liam Bailey and Daniel Frisken of O'Brien Palmer were appointed as
administrators of Urban Couture on Jan. 9, 2019.




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C H I N A
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CHINA: Beijing Renews Warnings on Systemic Financial Risk
---------------------------------------------------------
Sherry Fei Ju and Lucy Hornby at The Financial Times report that
warnings coming out of Beijing over systemic financial risks carry
echoes of 2017, when China launched a crackdown on capital flight
by the country's largest and best-connected private conglomerates.


According to the FT, the government needs to "gear up for fighting
a hard and enduring battle," Wang Zhaoxing, vice-chairman of China
Banking and Insurance Regulatory Commission, told reporters on Feb.
25. He cited "complicated and grim-looking circumstances" even
though risks in the banking and insurance industries had been
generally under control amid the economic downturn, the FT relays.

In a more positive note, a press handout noted that "structural
deleveraging has reached its expected target". But Mr. Wang was
undeterred. "Even if the original risks are resolved, some risks
may become new risks; even if previous risks in-stock are resolved,
there may be new incremental risks," the FT quotes Mr. Wang as
saying.

The FT relates that Mr. Wang's call to arms comes after Chinese
president Xi Jinping declared that financial security is an
important part of national security, at a study session of the CPC
Central Committee Political Bureau on Feb. 22. Finance was part of
the core competitiveness of a country, he said in remarks carried
by state media.

Mr. Xi made similar statements linking financial stability to
national security in late April 2017. That heralded the crackdown
on the private conglomerates a few months later, the FT says.

Last year, China's official economic growth dropped to its slowest
annual rate since 1990. Growth rates have now slowed for three
consecutive quarters, prompting concern among investors that the
country could drag down the global economy.

The slowdown has exposed lenders and corporations that had
previously been able to roll old debts into new loans.

Mr. Wang highlighted shadow banking and debts at real estate
conglomerates, local governments and state-owned enterprises as
possible threats. He also said the safety and stability of banking
institutions could be impacted by liquidity and regional systemic
risks from small and medium-sized financial institutions, as
markets fluctuate.

The FT notes that the renewed push by Mr. Xi and the regulators
follow an unusually public spat between premier Li Keqiang and the
central bank, after Mr. Li warned of new potential risks from the
country's credit deluge in January.


QINGHAI PROVINCIAL INVESTMENT: S&P Lowers ICR to 'CCC+'
-------------------------------------------------------
On Feb. 26, 2019, S&P Global Ratings lowered its long-term issuer
credit rating on Qinghai Provincial Investment Group Co. Ltd.'s
(QPIG) to 'CCC+' from 'B+'. S&P also lowered its long-term issue
ratings on the company's outstanding senior unsecured notes to
'CCC+' from 'B+'.

S&P said, "S&P Global Ratings is not treating Qinghai Provincial
Investment Group Co. Ltd.'s (QPIG) missed interest payment on Feb.
22, 2019, as a default at this stage because we see a very high
likelihood that the company will make the payment during the
five-business-day imputed grace period with the help from the
Qinghai provincial government. However, QPIG's liquidity has
deteriorated significantly as the company was unable to roll over
some of its trust loans and financial leases in the past few months
leading to a much weaker stand-alone credit profile. We still
assess the company to have a high likelihood of receiving
extraordinary support from Qinghai provincial government, but we
see a risk that such support will weaken over time.

"At the same time, we placed all the ratings on QPIG on CreditWatch
with negative implications pending the emergence of a credible
refinancing plan for the company's short-term debt, especially the
repayment of the coupon on its US$300 million notes.

"We lowered the ratings on QPIG because the company's credit
profile has deteriorated on a stand-alone basis, in our view, and
we see risk that the extraordinary government support from Qinghai
Provincial government will weaken over time.

"We revised QPIG's stand-alone credit profile to 'ccc-' from 'ccc+'
because its liquidity position has deteriorated materially. This is
evidenced by the company's last-minute repayment of its Chinese
renminbi (RMB) 20.0 million privately placed notes that were due
Feb. 25, 2019. According to the company's management, although it
was able to continue to roll over its bank borrowings, it was
unable to roll over some of its trust loans and financial leases in
the past few months. As such, the company's unrestricted cash has
declined fast, leading to a much weaker stand-alone credit profile.
As a result, we do not expect it to be able to meet its financial
obligations in the next six months on its own.

"The company's outstanding US$300 million senior unsecured notes
that are due in February 2020 have a coupon that was due on Feb.
22, 2019, and the notes' offering circular does not specify a grace
period. We do not treat QPIG's recent missed coupon payment as a
default because we view timely payment to be no later than five
business days after the due date for payment if there is no stated
grace period for long-term obligations. At this stage, we believe
that there is a very high likelihood that the company will be able
to make the coupon payment within that period with help from the
Qinghai provincial government. Based on our understanding, the
Qinghai government is liaising with relevant parties to help QPIG
arrange refinancing."

S&P continues to assess QPIG as having a high likelihood of
receiving extraordinary support from the Qinghai provincial
government. S&P's view is based on the following characteristics of
QPIG:

-- Very strong link with the Qinghai provincial government. The
government as a controlling shareholder directly and indirectly
controls an around 86% stake in the company. The Xining city
government, which operates under the Qinghai provincial government,
controls the remaining stake. The Qinghai provincial government
appoints the company's senior management and Qinghai State-owned
Assets Supervision and Administration (SASAC) appoints the board of
directors. The government does not provide guarantees but exerts
strong influence over QPIG's operational and refinancing activities
when needed.

-- Important role to the local government. QPIG is the largest
aluminum producer in Qinghai province. Its credit standing is
important for the government as a default could reverberate
throughout the value chain, including the power and coal
industries.

However, S&P sees a gradual transition for QPIG toward a less
strong link with or a less important role to the Qinghai provincial
government and therefore a weakening of the likelihood of
extraordinary government support over time. While the local
government has a track record of providing timely support to QPIG,
the recent missed coupon payment may reflect less effective
governance and monitoring of QPIG and potentially weakened
willingness to support the company, in our view. Moreover,
according to media reports, Qinghai provincial government is in
talks with State Power Investment Corp. Ltd. (A-/Stable/--) for a
potential sale of its shareholding in QPIG. While the company has
made no official announcement regarding the matter, there is a
possibility that the Qinghai government's relationship with QPIG
may be changing.

The CreditWatch placement reflects the heightened uncertainty over
QPIG's refinancing plan for its short-term debt. Resolving the
CreditWatch status will depend on the company's ability to
formulate a concrete and credible plan to refinance and repay its
near-term maturities, especially the missed coupon payment on its
outstanding US$300 million notes due in February 2020.

S&P said, "We could lower the rating on QPIG to 'D' if it cannot
repay the missed coupon by March 1, 2019. We could also lower the
rating if it fails to come up with a credible refinancing plan for
its other upcoming short-term maturities. Moreover, we could lower
the rating if we perceive a lower likelihood of extraordinary
government support to the company than we currently expect.

"We will likely affirm the rating if: 1) QPIG can repay the missed
coupon by March 1, 2019, at the latest; and 2) it formulates a
refinancing plan as soon as possible for its other short-term
financial obligations due in the next six to 12 months."


REDSUN PROPERTIES: Fitch Rates Proposed USD Sr. Notes 'B(EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned China-based Redsun Properties Group
Limited's (B/Positive) proposed US dollar senior notes a 'B(EXP)'
expected rating and Recovery Rating of 'RR4'.

The proposed notes are rated at the same level as Redsun's senior
unsecured debt as they will constitute its direct and senior
unsecured obligations. Redsun plans to use the proceeds to
refinance existing debt and for general corporate purposes. The
final rating is subject to the receipt of final documentation
conforming to information already received.

Redsun is a subsidiary of Hong Yang Group Company Limited
(B/Positive). Fitch rates Redsun using a consolidated approach
based on its Parent and Subsidiary Rating Linkage criteria due to
the strong legal and operational linkages between Redsun and Hong
Yang.

The group's ratings are supported by a high-quality land bank,
which focuses on the city of Nanjing, the capital of China's
Jiangsu province, and the Yangtze River Delta. This helps drive the
group's contracted sales growth and better gross profit margin than
those of 'B' rated peers. The group also has higher recurring
income arising from the large scale of its property-rental
business. The group's improving business profile may be constrained
by the pressure to build up its landbank to pursue sustained high
sales growth. Home purchase restrictions that affect cities within
Jiangsu province also create uncertainty for the group's contracted
sales growth, although selling prices are likely to be supported by
firm demand.

The Positive Outlook reflects Fitch's expectation that the group
will keep to a prudent financial policy for acquiring land and that
the IPO of Redsun in July 2018 will allow group leverage to be
maintained below 50% in the next year or two.

KEY RATING DRIVERS

Sales to Continue Rising: Fitch expects the group's land
acquisitions and geographical expansion to drive higher sales and
forecasts annual attributable contracted sales to reach CNY30
billion-37 billion in 2019-2020, after increasing by 52% to CNY25
billion in 2018. The group has diversified its landbank to the
cities of Xuzhou, Bozhou, Yangzhou, Taixing and Jurong in Jiangsu
province, Ma'anshan in Anhui province, Huzhou in Zhejiang province
as well as Wuhan in central China and Chongqing in western China.

Niche Property-Rental Business: The group's investment-property
portfolio, which mainly comprises malls for retail and the
wholesale of household construction and decoration materials,
enjoys a niche market position and nearly full occupancy. The
portfolio provides a recurring EBITDA/interest coverage ratio of
0.3x-0.4x, higher than that of 'B' rated peers. Fitch expects the
completion of renovations at the Nanjing Hong Yang Plaza retail
mall in 2017 and still-resilient consumer demand for furniture and
decorations to continue supporting Hong Yang's rental revenue
growth and ratings.

Margins to Stay Healthy: Fitch expects a group EBITDA margin of
25%-26% in 2018-2019 as the high-margin Nanjing projects will
provide support over the next 18-24 months. This will be partly
offset by revenue recognition from more projects outside Nanjing,
which will have lower margins from 2018, possibly higher operating
costs on the group's geographical expansion and pre-listing
expenses for Redsun. The group's EBITDA margin rose to 37% in 2017,
from 31% in 2016, following the delivery of certain Nanjing
projects acquired at low cost in the early 2000s, with gross profit
margins as high as 40%-70%.

Land Acquisitions Remain Controlled: The group spent CNY12 billion
on landbank replenishment in 2018, equivalent to 0.5x of contracted
sales value (2017: 0.9x, 2016: 0.8x). Group leverage, measured by
net debt/adjusted inventory that proportionately consolidates joint
ventures and associates, was about 40% at end-June 2018 (2017: 44%,
2016: 40%). The group had attributable landbank of about 7.2
million square metres at end-June 2018, sufficient for three to
four years of development. Fitch expects the larger landbank will
allow the company to control its acquisitions and keep its ratio of
land acquisitions/contracted sales at 0.8x in the next two to three
years and group leverage below 50% in the next year or two.

DERIVATION SUMMARY

Redsun's ratings are based on the consolidated profile of its
parent, Hong Yang, due to the strong legal and operational linkages
between the two entities. The group's business profile is similar
to that of 'B' category peers. Ronshine China Holdings Limited
(B+/Stable) and Zhenro Properties Group Limited (B/Positive) are
Hong Yang's closest peers, as both companies focus on first- and
second-tier cities in the Yangtze River Delta region. Hong Yang has
a smaller contracted sales scale and landbank than Ronshine and
Zhenro, while its leverage, defined by net debt/adjusted inventory,
is higher than that of Ronshine but comparable with that of Zhenro.


The group's significant investment-property base is a credit
strength compared with other 'B' category homebuilders. Its
investment property recurring EBITDA/gross interest of around
0.3x-0.4x is comparable with that of Yida China Holdings Limited
(B/Stable), a business-park developer that generated significantly
lower attributable contracted sales of CNY5.6 billion in 2017.

KEY ASSUMPTIONS

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

  - Attributable property contracted sales of CNY30 billion-37
billion in 2019-2020 (2018: CNY25 billion)

  - EBITDA margin, excluding capitalised interest from cost of
goods sold, of 25%-26% in 2018-2019 (2017: 37%)

  - An average of 80% of contracted sales proceeds to be spent on
land acquisition in next two to three years to maintain a landbank
sufficient for three to four years of development (2017: 85% of
contracted sales)

RATING SENSITIVITIES

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

  - EBITDA margin, excluding capitalised interest from cost of
goods sold, sustained at 20% or above

  - Leverage, measured by net debt/adjusted inventory that
proportionately consolidates joint ventures and associates,
sustained below 50%

(All the ratios above are based on Hong Yang's consolidated
financial data)

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

  - Failure to sustain healthy attributable sales growth and
maintain the positive rating sensitivities over the next 12-18
months will lead to the Positive Outlook reverting to Stable

LIQUIDITY

Sufficient Liquidity: The group had a cash balance of CNY5.6
billion, including restricted cash and pledged deposits of CNY3.0
billion, and unused bank facilities of CNY5.0 billion as at
end-June 2018, sufficient to cover short-term borrowings of CNY9.0
billion.

ZHAOJIN MINING: Fitch Gives 'BB(EXP)' Rating to New USD Unsec Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Zhaojin Mining Industry Company
Limited's (Zhaojin Mining; BB/Stable) proposed US dollar senior
unsecured notes an expected 'BB(EXP)' rating. The notes are to be
issued by Zhaojin Mining International Finance Limited, a wholly
owned subsidiary of Zhaojin Mining. The notes are guaranteed by
Zhaojin Mining and are rated at the same level as Zhaojin Mining's
senior unsecured rating as they constitute its direct and senior
unsecured obligations. The final rating is subject to the receipt
of final documentation conforming to information already received.

Zhaojin Mining is the fourth-largest integrated gold producer in
China with annual production of about 16 tonnes in 2017. The
company is based in the gold-rich region of Zhaoyuan in eastern
Shandong province, and has high-quality gold assets as well as
production costs in the first quartile on the global cost curve.

Zhaojin Mining's ratings are derived from Fitch's assessment of the
consolidated credit profile of Zhaojin Mining's immediate parent,
Zhaojin Group Company Limited (Zhaojin Group), which is wholly
owned by the Zhaoyuan municipality. Fitch assesses Zhaojin Group's
ratings on four factors set out in its Government-Related Entities
Rating Criteria. As a result, Fitch takes a top-down approach to
the rating and notches Zhaojin Group's profile below its internal
assessment of the credit profile of Zhaoyuan municipality.

Zhaojin Mining's rating is equalised with the credit profile of
Zhaojin Group as Fitch assesses the linkage between the two
entities as strong, underpinned by solid strategic and operational
ties, as per the agency's Parent and Subsidiary Rating Linkage
criteria.

KEY RATING DRIVERS

Strong State Control and Support: Fitch assesses Zhaojin Group's
status, ownership and control by Zhaoyuan municipality as 'Strong'
as the company is economically and strategically important to the
city. Zhaojin Group is wholly owned by the municipality and is the
largest producer in a city where gold is a major economic
contributor. Fitch assesses Zhaojin Group's support record as
'Moderate'. Zhaojin Mining has received financial subsidies from
the municipality in the past, but the group's financial profile
remains weak.

Strong Incentive to Support: Fitch assesses the socio-political
effect of a default by Zhaojin Group on Zhaoyuan as 'Strong'
because Zhaojin Group is the largest gold producer in the city and
accounts for 80% of the city's gold refining capacity and 100% of
its processing capacity. Fitch also assesses that the financial
implications of a default by Zhaojin Group on Zhaoyuan are 'Very
Strong' because Zhaojin Group accounts for around 70% of the
state-owned assets in Zhaoyuan and it is the largest debt issuer in
the city.

Strong Parent-Subsidiary Linkage: Zhaojin Mining is 33.74%-owned by
Zhaojin Group and holds the majority of the group's core assets. It
is also the group's only publicly listed subsidiary. Zhaojin Mining
accounts for over 90% of Zhaojin Group's EBITDA and shares key
board members and senior management. Zhaojin Group also guarantees
some of Zhaojin Mining's bonds issued on the domestic market.

Low-Cost Gold Producer: Zhaojin Mining's gold-mining business has
cash costs in the first quartile on the global cost curve, with
average cash cost of about USD660/oz, thanks to its high-quality
assets. Zhaojin Mining's gold profitability is comparable with that
of highly rated gold peers such as Goldcorp Inc. (BBB/Rating Watch
Positive), Kinross Gold Corporation (BBB-/Stable) and Yamana Gold
Inc. (BBB-/Stable), and is higher than the gold business of
domestic peer Zijin Mining Group Co., Ltd (BBB-/Stable). This
contributed to Zhaojin's strong EBITDA margin of 43% in 1H18.

High Leverage, Healthy Coverage: Zhaojin Mining's standalone credit
profile is constrained by its high financial leverage, which is
driven by its large capex. Fitch expects Zhaojin Mining's FFO
adjusted net leverage to remain high at around 5.6x between 2018
and 2019, compared with 6.0x in 2017. However, the company's
interest coverage is ample at around 4.0x due to its low cost of
funding.

Haiyu Mine to Boost Output: Zhaojin Mining acquired 53% of the
Haiyu gold mine for CNY2.7 billion in 2015. Haiyu is the largest
undersea gold mine in China, with estimated reserves of around 500
tonnes. Fitch expects commercial production to commence around
2021, which will add around 14 tonnes of annual gold production to
the group's existing 20 tonnes, significantly boosting the size of
its gold-mining business. Fitch has not factored in contribution
from the Haiyu mine in itse financial forecasts for 2018-2021, as
it does not expect commercial production to begin in the near
term.

DERIVATION SUMMARY

Zhaojin Mining's rating is equalised with the credit profile of
Zhaojin Group, based on strong linkage between the two entities as
per Fitch's Parent and Subsidiary Rating Linkage criteria. Zhaojin
Group's profile is notched down two times from Fitch's internal
assessment of the credit profile of Zhaoyuan municipality, due to
the high likelihood of support from the local government as per
Fitch's Government-Related Entities Rating Criteria.

Zhaojin Group's notching from its parent is similar to that of
steel producer HBIS Group Co., Ltd.'s (BBB+/Stable) from Hebei
State-owned Assets Supervision and Administration Commission. HBIS
is the largest steelmaker in Hebei and steel is a major economic
driver for the province, accounting for 40% of the total assets of
state-owned enterprises in the province. Similarly, Zhaojin Group
is the largest gold miner in Zhaoyuan, where gold production is a
significant contributor to economic activity. Zhaojin Group
accounts for 70% of Zhaoyuan's total state-owned assets.

KEY ASSUMPTIONS

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

- Gold gross margin to remain at around 40% between 2018 and 2021
(2017: 40%)

- Gold price to be maintained at around USD1,200/oz between 2018
and 2021.

- Capex of CNY2.2 billion each year between 2018 and 2021 (2017:
CNY1.5 billion)

- Dividend payout ratio of around 20%-30% in the future.

RATING SENSITIVITIES

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

  - An upgrade of Fitch's internal assessment of the
creditworthiness of Zhaoyuan

  - Increase in the likelihood of support from the Zhaoyuan
government

  - Stronger standalone credit profile of Zhaojin Group, which may
be evident from interest coverage ratios at the group
holding-company level exceeding 2.0x on a sustained basis. (2017:
1.5x)

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

  - A downgrade of Fitch's internal assessment of the
creditworthiness of Zhaoyuan

  - Weakening of likelihood of support from the Zhaoyuan
government

  - Weaker standalone credit profile of Zhaojin Group, which may be
evident from liquidity issues.

LIQUIDITY

Adequate Liquidity: As of end-1H18, Zhaojin Mining had around
CNY13.3 billion in unused credit facilities and CNY2.3 billion in
cash, against around CNY10.7 billion in short-term debt. Zhaojin
Mining also has access to offshore equity markets and domestic bond
markets, and maintains good relationships with major domestic
financial institutions.



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

AGRASIA IMPEX: ICRA Maintains 'B' Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR7.00-crore bank facilities of
Agrasia Impex continue to remain in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          5.00       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continue
                                   to remain in 'Issuer Not
                                   Cooperating' category

   Fund based-          1.00       [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continue
                                   to remain in 'Issuer Not
                                   Cooperating' category

   Long Term-           1.00       [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continue
                                   to remain in '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
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.

Founded in 2007, as a proprietorship concern Agrasia Impex (AI) is
engaged in the trading of chilly and turmeric. Firm was earlier
involved in trading of chili powder, based on the orders received
from customers. However, since past 4 years the firm has
discontinued the sale of chili powder. AI is managed by Mr.
Nallamothu Sri Ramanjaneyulu who has more than a decade long
experience in trading of chilly and turmeric.


ALOKIT EXIM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Alokit Exim Pvt. Ltd.
        Registered address:
        21 Hemant Basu Sarani
        3rd Floor, Room No. 327
        Kolkata 700001

Insolvency Commencement Date: February 18, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 17, 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
                                 rp4alokit@gmail.com

Last date for
submission of claims:    March 4, 2018


AMBIENCE PROJECTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ambience Projects and Infrastructure Private Limited
        L-4, Green Park Extension
        New Delhi 110016

Insolvency Commencement Date: February 12, 2019

Court: National Company Law Tribunal, Principal Bench

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

Insolvency professional: Mr. Alok Kumar Agarwal

Interim Resolution
Professional:            Mr. Alok Kumar Agarwal
                         605, Suncity Business Tower
                         Golf Course Road
                         Sector 54, Gurgaon
                         Haryana 122002
                         E-mail: alok@insolvencyservices.in

                            - and -

                         C-100, Sector-2, Noida
                         Uttar Pradesh 201301
                         E-mail: ambience@ascgroup.in

Classes of creditors:    Residential Apartments/Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rabindra Kumar Mintri
                         JD-18-B, Near Ashiana Chowk
                         Pitampura, New Delhi
                         National Capital Territory of Delhi
                         110034
                         E-mail: mintri_ca@rediffmail.com

                         Mr. Sanjay Kumar Goel
                         L-76, Ground Floor, Lajpat Nagar-2
                         E-mail: sanjaygoelca@hotmail.com

                         Mr. Pramod Kumar Gupta
                         B-1/10, Lower Ground Floor
                         Hauz Khas, South, New Delhi
                         National Capital Territory of Delhi
                         110016
                         E-mail: variety.financial@gmail.com

Last date for
submission of claims:    February 25, 2019


ASHOK POLYMERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ashok Polymers Limited

        Registered office:
        15-2-134/Maharajgunj
        Hyderabad, TG 500006

        Other office:
        13-4-606/1/2
        Ziaguda, Hyderabad 500006

        Factory:
        6-8-41/2, Plot No. 5/G
        Road No. 6, IDA Kattedan
        RR Dist Hyderabad 500077

Insolvency Commencement Date: February 19, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 17, 2019

Insolvency professional: Sandhya Tadla

Interim Resolution
Professional:            Sandhya Tadla
                         EzResolve LLP, 402B
                         4th Floor, Technopolis
                         Chikoti Gardens, Begumpet
                         Hyderabad 500016
                         E-mail: Sandhya@EzResolve.in

Last date for
submission of claims:    March 4, 2019


BALAJI INDUSTRIAL: ICRA Maintains B Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR21.00-crore bank facilities of
Balaji Industrial and Agricultural Castings Private Limited
continue to remain in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable)/[ICRA]A4 ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Cash       2.60       [ICRA]B (Stable) ISSUER NOT
   Credit                          COOPERATING; Rating continue
                                   to remain in 'Issuer Not
                                   Cooperating' category

   Long Term/Short      0.40       [ICRA]B (Stable)/[ICRA]A4
   Term-Unallocated                ISSUER NOT COOPERATING;
                                   Rating continue to remain
                                   in 'Issuer Not Cooperating'
                                   category

   Short Term-Non-     18.00       [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continue
                                   to remain in '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
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.

Balaji Industrial and Agricultural Castings Private Limited
(BIACPL) is located at Hyderabad in India. It was established in
1978 and was converted to a private limited company in 2013 and is
in the field of drilling and implementation of water supply
schemes, civil construction and fabrication of solar products. It
is also into construction and execution of community water supply
projects, roads and bridges, civil constructions of multi storied
and office buildings etc. for government of India and Government of
Nigeria. Also, it is engaged in the supply of spares parts to
machineries, erection & Maintenance tool kits for hand pumps.


BHAGWATI WOVEN: ICRA Moves B on INR10cr Loans to Not Cooperating
----------------------------------------------------------------
ICRA said the rating for INR10.08 crore bank facilities of Bhagwati
Woven Pvt. Ltd. continue to remain under 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable)/ A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-          5.00      [ICRA]B(Stable); ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund-based-          5.08      [ICRA]B(Stable); ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Short term non-     (5.00)     [ICRA]A4; ISSUER NOT
   fund based-                    COOPERATING; Rating continues
   Letter of Credit               to remain under '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.

Incorporated in 2010, Bhagwati Woven Pvt. Ltd. (BWPL) manufactures
HDPE & PP1 woven fabrics (laminated and non-laminated) and
tarpaulin in the range of 68 Gram per Square Meter (GSM) to 700
GSM. The company started its commercial operations in July 2011
from its manufacturing facility at Bareja, Ahmedabad, which has an
installed capacity to manufacture 1,800 Metric Tonnes (MT) fabric
per annum. The promoters of the company have reasonable experience
in HDPE/ PP woven fabric industry and are also associated with
Omtex Pvt. Ltd., who trade in the suitings and shirtings business.


BILCARE LIMITED: ICRA Puts MC Rating on Notice of Withdrawal
------------------------------------------------------------
ICRA has placed the medium-term rating of MC ISSUER NOT COOPERATING
assigned to the INR125.00 crore proposed fixed deposit (FD)
programme of Bilcare Limited on notice of withdrawal for a period
of six months before being withdrawn at the end of the withdrawal
notice period.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Proposed fixed      125.00      MC ISSUER NOT COOPERATING;
   deposit (FD)                    placed on notice of withdrawal
   programme                       for six months

Rationale

The ratings are placed on notice of withdrawal in accordance with
ICRA's policy on withdrawal and suspension and as desired by the
company.

Outlook: Not applicable

Key rating drivers

Key rating drivers have not been captured as the rated instrument
is put on notice of withdrawal. Liquidity Position Liquidity
position has not been captured as the rated instrument is put on
notice of withdrawal.

Incorporated in 1987, Bilcare Limited is primarily involved in
manufacturing speciality pharmaceutical packaging barrier films.
Bilcare provides pharmaceutical packaging innovation (PPI) services
and products, global clinical services (GCS) and anti-counterfeit
technologies to major pharmaceutical companies. Over the years,
Bilcare has diversified its geographical presence by organic and
inorganic expansion. The company's manufacturing facilities are
located in India, Singapore, USA and Europe and its R&D facilities
are in India, Singapore and the USA.


C & C CONSTRUCTIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: C & C Constructions Ltd.

        Registered office:
        74 Hemkunt Colony
        New Delhi 110048

        Corporate office:
        Plot No. 70, Sector 32
        Gurgaon 122001 (Haryana)

Insolvency Commencement Date: February 14, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 13, 2019

Insolvency professional: Navneet Kumar Gupta

Interim Resolution
Professional:            Navneet Kumar Gupta
                         5th Floor, Caddie Commercial Tower
                         Aerocity, New Delhi 110037
                         E-mail: navneetkgupta@gmail.com

                            - and -

                         c/o Duff & Phelps India Pvt. Ltd.
                         206-207, World Mark 2
                         Hospitality District, Aerocity
                         New Delhi 110037
                         E-mail:
                         ip.candcconstructions@duffandphelps.com

Last date for
submission of claims:    February 28, 2019


DENOVO ENTERPRISES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Denovo Enterprises Private Limited
        1st Floor, Unit No. 21
        Navyug Industrial Estate Midc Cross Road
        J.B. Nagar, Andheri (east)
        Mumbai City Mh 400059 India

Insolvency Commencement Date: January 23, 2019

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: July 21, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Navin Khandelwal

Interim Resolution
Professional:            Mr. Navin Khandelwal
                         206 Navneet Plaza 5/2 Old Palasia
                         Indore 452018
                         E-mail: navink25@yahoo.com

Last date for
submission of claims:    February 18, 2019


EUROTEX INDUSTRIES: ICRA Cuts Ratings on INR84cr Loans to D
-----------------------------------------------------------
ICRA has revised the ratings on the bank facilities of Eurotex
Industries and Exports Limited (Eurotex) to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-           1.88        [ICRA]D, downgraded from
   Term Loan                         [ICRA]B+(Stable)

   Fund Based-           49.50       [ICRA]D, downgraded from
   Cash Credit (CC)/                 [ICRA]B+(Stable)
   Export Packing
   Credit (EPC)         

   Non-Fund Based-       11.00       [ICRA]D downgraded from
   Letter of Credit                  [ICRA]A4   
   (LC)/Credit
   Exposure Limit/
   Forex Treasury
   Limit               

   Unallocated           21.62       [ICRA]D downgraded from
   Limits                            [ICRA]B+(Stable)/[ICRA]A4

Rationale

The ratings revision takes into account the recent instances of
delays in debt servicing obligations by Eurotex following stressed
liquidity position arising out of reduction in drawing power
available with the bank due to reduced stock limits as operations
ceased, post the workers resorted to strike from November 3, 2018.
However, ICRA notes that the strike has been called off by the
workers recently and the production activities have commenced. The
rating also factors in the sustained weakness in the company's
operating performance in 9M FY2019 owing to higher cost of
production, mainly power and labour along with high raw material
cost, which has continued to impact the financial profile adversely
with operating losses in 9M FY2019. Besides, the power subsidy of
INR2 per unit offered in the Maharashtra State Textile Policy
2018-23, which was expected to provide some respite on the power
costs front is still due, exerting pressure on the profitability.
Further, regulatory risks in the form of changing Government
policies with respect to export of cotton and cotton yarn are other
rating concerns.

The ratings, however, continue to favourably factor in the
established experience of the promoters in the textile industry,
and the well-established position of the company as a cotton yarn
exporter with a geographically diverse customer base.
In ICRA's opinion, the company's ability to regularise debt
servicing by improving its turnover and profitability, would be the
key rating sensitivity, going forward.

Outlook: Not applicable

Key rating drivers

Credit strengths

Vast experience of the promoters in the textile industry, mainly in
spinning and exports of cotton yarn: Incorporated in 1987, Eurotex
is a spinning unit with an installed capacity of 61,632 spindles,
51 Two for one Twisters (TFOs) and 24

circular knitting machines. Eurotex was promoted by the Patodia
Group, founded by Shri B. L. Patodia. The Patodia Group has over 65
years of experience in the textile industry, which has helped the
company in establishing its position in the industry.
Well-established export network; geographically diverse customer
base - Eurotex is an exporter of 100% cotton yarn. The company is
also engaged in trading cotton yarn in export markets. Cotton yarn
accounts for ~90% of its total sales. Exports accounts for ~70-80%
of total sales. The company has a well-established and
geographically diverse export network, with Korea, Guatemala,
Germany, Egypt, and Bangladesh being its major export markets.

Credit challenges

Recent instances of delays in debt servicing obligations: Eurotex
has overutilsed the cash credit limits and has also delayed the
servicing of term loan repayment obligations in the past one month
on account of reduction in drawing power due to reduced stock
limits as operations ceased post the workers resorted to strike
from November 3, 2018.

Continued weak operating performance owing to higher cost of
production impacting competitiveness: Eurotex's operating income as
well as profitability has been impacted by the continuous decline
in cotton yarn prices and subdued volumes owing to weak global
demand in FY2017 and FY2018. The workers of the company's unit at
Kolhapur have resorted to strike from November 3, 2018 and
operations were ceased. This further exerted pressure on the
company's operating performance and in 9M FY2019, it reported a
de-growth in revenue of ~8% over 9M FY2018. Operating losses
persisted in 9M FY2019 also, following high power and fuel cost
combined with higher labour expenses (which together accounts for
~20% of the total output) as well as high raw cotton prices in the
domestic market resulting in high operating costs.

Erosion of networth due to continued net losses: The consistent net
losses incurred by the company has eroded the net worth base,
leading to a deteriorated capital structure and weak debt metrics.
Gearing has increased to 1.47 time as on September 30, 2018 over
1.26 time as on March 31, 2018. The debt protection metrics
weakened further as indicated by a negative debt service coverage
ratio of 0.39 times as on September 30, 2018.

Liquidity position
Lower cash inflows in FY2017 and FY2018 following weak operations,
have led to negative funds flow from operations. The promoters have
infused INR7 crore in FY2017 as unsecured loans and preference
shares, which has provided some comfort to cash flows. Nonetheless,
ICRA notes that Eurotex has overutilised the sanctioned working
capital limits and the continued losses incurred may further exert
pressure on the liquidity profile.

Eurotex Industries and Exports Limited is promoted by the Patodia
Group, which was founded by Shri B. L. Patodia in 1938. The Group
has over 65 years of experience in the textile industry. The
company commenced operations in 1989 with a 100% export oriented
spinning unit. The factory at Gokul Shirgaon in Kolhapur district
of Maharashtra had 19,200 spindles. Over the years, with
modernisation and expansion programmes, the company set up a
spinning and knitted fabric manufacturing unit with 61,632 spindles
(including 29,448 spindles of compact yarn), 51 TFOs and 24
circular knitting machines. The company enjoys power back-up for
the whole plant with a 7MW captive power plant.

In FY2018, Eurotex reported a net loss of INR14.17 crore on an
operating income of INR252.06 crore, as compared to a net loss of
INR11.94 crore on an operating income of INR185.39 crore during the
previous year. As per the unaudited financials of 9M FY2019,
Eurotex reported a net loss of INR12.21 crore on an operating
income of INR173.10 crore.


GLOBAL RURAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Global Rural Netco Limited
        Global Vision, Electronic Sadan II
        MIDC, TTC Industrial Area, Mahape
        Navi Mumbai 400710

Insolvency Commencement Date: February 18, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 17, 2019

Insolvency professional: Dipti Mehta

Interim Resolution
Professional:            Dipti Mehta
                         201-206, Shiv Smriti, 2nd Floor
                         49 A, Dr. Annie Besant Road
                         Above Corporation Bank, Worli
                         Mumbai 400018
                         Tel.: +91 (22) 6611 9696
                         Direct Extn.: 604
                         Mobile: +91 9820292415
                         E-mail: dipti@mehta-mehta.com

Last date for
submission of claims:    March 5, 2019


IMOSYS ENGINEERING: ICRA Withdraws B Ratings on INR7.25cr Loans
---------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B with a Stable
outlook assigned to the INR7.25 crore bank facilities of Imosys
Engineering Company Pvt. Ltd.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term-Fund-
   Based-Cash
   Credit               2.00      [ICRA]B (Stable); withdrawn

   Long-term-Fund-
   Based-Term Loan      5.25      [ICRA]B (Stable); withdrawn

Rationale

The long-term ratings assigned to Imosys Engineering Company Pvt.
Ltd. has been withdrawn at the request of the company and based on
the no objection certificate provided by its banker.

Imosys was incorporated in 2010 and commenced its operations in
February 2013, with Mr. Shrikrishna Upadhyay and Ms. Sumi Ajit
Thandassery as the directors. The company is involved in
manufacturing mould base and dye sets, which are used in the
plastic-injection moulding process for producing parts/components
by the OEMs and component manufactures. The moulds are used for
manufacturing various products including wiring harness components,
automotive components, white goods, medical and electrical
equipment. The company has its manufacturing plant in Belgaum,
Karnataka.


JET AIRWAYS: SBI Says No Decision Made on Going to NCLT
-------------------------------------------------------
Chris Thomas at Reuters relays that State Bank of India (SBI) said
reports on Feb. 25 that it was considering taking heavily indebted
Jet Airways Ltd to an insolvency tribunal to recover loans were
"speculative", and no such decision had been taken.

Reuters says the loss-making Indian airline approved a rescue deal
in mid-February after months of crisis-talks to plug a INR85
billion (US$1.2 billion) funding hole. The plan includes selling a
majority stake to a consortium led by SBI, the airline's biggest
creditor, at 1 rupee, Reuters relates.

According to Reuters, Indian media reports on Feb. 25 said SBI
planned to go to the National Company Law Tribunal (NCLT) to
recover its loans from Jet as it felt the airline was running out
of funds for operations.

"Reports have been appearing in the media about (a) decision taken
by SBI to refer Jet Airways to NCLT. These are totally speculative
and SBI would like to state that no such decision has been taken,"
Reuters quotes a spokesperson for SBI as saying.

Jet also said that the media reports were "speculative," Reuters
relays.

Saddled with a billion dollars in debt, Jet has defaulted on loans
and has not paid pilots, leasing firms and suppliers for months.

Reuters reports that in a rare joint statement, Jet's Chairman
Naresh Goyal and Tony Douglas, CEO of second-biggest shareholder
Etihad Airways, said on Feb. 25 they were working together with
other stakeholders to implement the bank-led provisional resolution
plan.

According to Reuters, Jet said on Feb. 22 that its shareholders had
approved the plan to convert existing debt to equity, paving the
way for the airline's lenders to inject funds and nominate
directors to its board.

Lenders can initiate proceedings under the Insolvency and
Bankruptcy Code (IBC) to recover dues from debt-laden entities. The
process can begin only after approval from the NCLT, Reuters
notes.

Reuters adds that Jet Airways' pilots, who are yet to receive a
part of their November wages, have warned of "non-cooperation" from
March 1, should the outcome of discussions for further payouts be
unsatisfactory, Jet's pilot union, National Aviator's Guild, said.
The union has not yet clarified what action pilots might take.

Jet said it was working out a "mutually acceptable arrangement" to
ensure that the company pays overdue salaries, Reuters relates.

                        About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited
--https://www.jetairways.com/EN/PH/Home.aspx -- provides passenger
and cargo air transportation services. It operates through two
segments, Air Transportation and Leasing of Aircraft. The company
also leases aircrafts. It operates flights to 64 destinations in
India and international countries, including Abu Dhabi, Amsterdam,
Bahrain, Bangkok, Colombo, Dammam, Dhaka, Doha, Dubai, Hong Kong,
Jeddah, Kathmandu, Kuwait, London Heathrow, Muscat, Paris, Riyadh,
Sharjah, Singapore, and Toronto. As of August 31, 2017, the company
had a fleet of 113 aircraft, which includes a mix of Boeing 777-300
ERs, Airbus A330-200/300 aircraft, Next Generation Boeing 737s, and
ATR 72-500/600s.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
28, 2018, ICRA revised the ratings on certain bank facilities of
Jet Airways (India) Limited to [ICRA]C from [ICRA]B. The rating
downgrade considers delays in the implementation of the proposed
liquidity initiatives by the management, further aggravating its
liquidity, as reflected in the delays in employee salary payments
and lease rental payments to the aircraft lessors. Moreover, the
company has large debt repayments due over the next four months
(December-March) of FY2019 (INR1,700 crore), FY2020 (INR2,444.5
crore) and FY2021 (INR2,167.9 crore). The company is undertaking
various liquidity initiatives, which includes, among others, equity
infusion and a stake sale in Jet Privilege Private Limited (JPPL),
and the timely implementation of these initiatives is a key rating
sensitivity.  Moreover, the company continues to witness a stress
in its operating and financial performance.


JET AIRWAYS: Working Out Mutually Acceptable Plan on Salary Dues
----------------------------------------------------------------
The Economic Times reports that Jet Airways on Feb. 25 said it was
working out a "mutually acceptable" arrangement regarding salary
dues.

Salary payments have been delayed for many employees, including
pilots. The airline management had promised to clear salary dues of
its pilots by March, ET relates.

"We wish to state that the company is in dialogue with its key
stakeholders to enlist their full support and cooperation," the
airline said in a filing to the stock exchanges, the report relays.


In doing so, the company is also apprising them of the challenges
faced by the company, it added.

Further, Jet said it was "working out a mutually acceptable
arrangement to ensure that the company becomes current on its
salary overdues," adds ET.

Last week, a section of pilots had reportedly warned the airline of
noncooperation from March 1 if the management did not give a
clarity on salary payment. More than 1,100 pilots of the airline
are represented by the National Aviator's Guild (NAG), ET notes.

                        About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/EN/PH/Home.aspx -- provides passenger
and cargo air transportation services. It operates through two
segments, Air Transportation and Leasing of Aircraft. The company
also leases aircrafts. It operates flights to 64 destinations in
India and international countries, including Abu Dhabi, Amsterdam,
Bahrain, Bangkok, Colombo, Dammam, Dhaka, Doha, Dubai, Hong Kong,
Jeddah, Kathmandu, Kuwait, London Heathrow, Muscat, Paris, Riyadh,
Sharjah, Singapore, and Toronto. As of August 31, 2017, the company
had a fleet of 113 aircraft, which includes a mix of Boeing 777-300
ERs, Airbus A330-200/300 aircraft, Next Generation Boeing 737s, and
ATR 72-500/600s.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2018, ICRA revised the ratings on certain bank facilities
of Jet Airways (India) Limited to [ICRA]C from [ICRA]B. The rating
downgrade considers delays in the implementation of the proposed
liquidity initiatives by the management, further aggravating its
liquidity, as reflected in the delays in employee salary payments
and lease rental payments to the aircraft lessors. Moreover, the
company has large debt repayments due over the next four months
(December-March) of FY2019 (INR1,700 crore), FY2020 (INR2,444.5
crore) and FY2021 (INR2,167.9 crore). The company is undertaking
various liquidity initiatives, which includes, among others, equity
infusion and a stake sale in Jet Privilege Private Limited (JPPL),
and the timely implementation of these initiatives is a key rating
sensitivity.  Moreover, the company continues to witness a stress
in its operating and financial performance.


K. PRASAD: ICRA Maintains 'B' Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR8.00-crore bank facilities of K.
Prasad Babu continue to remain in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          6.00       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continue
                                   to remain in 'Issuer Not
                                   Cooperating' category

   Long Term-Non-       2.00       [ICRA]B (Stable) ISSUER NOT
   fund based                      COOPERATING; Rating continue
                                   to remain in '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
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.

The firm was incorporated by Mr. K. Anantha Rao in the year 1983 as
sole proprietorship and was engaged in civil construction works and
is registered class 1 civil contractor with government of India.
Post the death of Mr. K Anantha Rao in June, 2014 his legal heir
K.Prasad Babu has taken over all the outstanding orders of his
father and floated a new firm K.Prasad Babu as sole proprietorship.
The firm is primarily engaged in construction of offices,
Hospitals, Govt. residential complexes & blocks, Godowns, schools
etc. for government agencies.


KERA VITRIFIED: ICRA Raises Rating on INR33.32cr Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on the bank facilities of Kera
Vitrified LLP's (KVL) to [ICRA]B+(Stable) and has reaffirmed
[ICRA]A4 rating.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         33.32       [ICRA]B+(Stable); Upgraded
   Term Loan                       from [ICRA]B(Stable)

   Fund-based-         10.00       [ICRA]B+(Stable); Upgraded
   Cash Credit                     from [ICRA]B(Stable)

   Non-fund-based-      3.25       [ICRA]A4; Reaffirmed
   Bank Guarantee       

Rationale

The upgrade in long-term rating factors in the successful
commencement and stabilisation of operations as per the estimated
operating parameters. Further, the ratings continue to favourably
factor in the extensive experience of partners in the ceramic tile
industry. The firm enjoys benefits in terms of an established
marketing and distribution channel of its associate concerns. The
ratings also take note of the location-specific advantages in terms
of its proximity to raw material sources by virtue of its presence
in Morbi (Gujarat).

The ratings, however, continue to remain constrained by Kera
Vitrified LLP's (KVL) weak financial risk profile marked by net
loss, leveraged capital structure, weak coverage indicators and
high working capital intensity. The ratings also factor in the
intense competition in the ceramic industry and the exposure of
KVL's profitability to volatility in raw material and fuel prices.
The ratings further take into account the exposure of the firm's
operations and cash flows to the cyclicality of the real estate
industry, which is the main end-user sector.

Outlook: Stable

ICRA believes that KVL will continue to benefit from the extensive
experience of its partners in the ceramic tile industry. The
outlook may be revised to Positive if substantial growth in revenue
and profitability leads to higher-than-expected cash accruals or if
substantial equity infusion or prudent working capital management
leads to strengthening of the capital structure and overall
liquidity. The outlook may be revised to Negative if substantial
reduction in scale and profitability leads to inadequate cash
accruals to support debt repayments, or if any major debt-funded
capex or capital withdrawal or elongation in working capital cycle
leads to deterioration in the capital structure and liquidity.

Key rating drivers

Credit strengths

Extensive experience of partners in ceramic industry: The partners
have vast experience of more than a decade vide their association
with other companies in the ceramic industry. Further, the firm
derives support in terms of established marketing and distribution
network of its associate concerns.

Stabilisation of operations: KVL started its commercial operation
in July 2017 and since then has scaled up gradually with
stabilisation of its operations as reflected by an increase in
revenues to INR42.2 crore during 9M FY2019 (provisional) from
INR26.3 crore in FY2018 (nine months of operations).

Location-specific advantage: The firm's manufacturing facility is
in the ceramic hub of Morbi (Gujarat) and hence benefits in terms
of easy access to raw material such as clay, feldspar and coal from
Gujarat and Rajasthan apart from savings in logistical cost.

Credit challenges

Weak financial risk profile: KVL reported a moderate operating
income (OI) of INR26.3 crore in FY2018 and INR42.2 crore in 9M
FY2019. It reported an operating margin of 17.4% and reported a net
loss of INR5.09 crore due to high depreciation and interest cost in
FY2018. The capital structure remained aggressive due to its
debt-funded capex with the gearing at 2.8 times as on FY2018-end.
The coverage indicators remained moderate with interest coverage of
1.4 times, TD/OPBIDTA of 7.5 times and NCA/TD of 4% in FY2018.
Further, its working capital intensity remained high with NWC/OI at
45% in FY2018 due to stretched receivables and high inventory
holdings to support which the creditors also remained stretched.

Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices: Raw material and fuel are the two major
components that determine the cost competitiveness in the ceramic
industry. The firm has, however, little control over the prices of
its key inputs such as natural gas/coal and raw materials, and thus
the profit margins remain exposed to adverse movement in raw
material and gas/coal prices as the ability to pass on any upward
movement in cost to the customers remains limited due to stiff
competition.

Margins subject to pressure from intense competition and
cyclicality in real estate industry: The ceramic tile manufacturing
industry remains highly fragmented because of stiff competition
from the organised as well as unorganised players, with most of the
entities located in Gujarat and operating on low-cost structures,
creating a pressure on the prices. Further, the real estate
industry accounts for majority uptake in the ceramic tiles, and
hence KVL's profitability and cash flows are likely to remain
vulnerable to the cyclicality in the real estate industry.

Liquidity position
The firm's overall liquidity position remains tight with high
working capital intensity and almost full utilisation of the
working capital limits during January 2018-December 2018. Further,
KVL has sizeable debt repayment over the next few years. Hence,
timely support from promoters through equity infusion/unsecured
loans remains critical in case of any cash flow mismatch.

Established in April 2016, as a limited liability partnership firm,
Kera Vitrified LLP (KVL) commenced commercial production in July
2017. KVL's manufacturing unit is located at Morbi and has product
profile comprising double-charged vitrified tiles of 600x600 mm,
800x800 mm and 800x1200 mm dimensions.

In FY2018, the firm reported a net loss of INR5.9 crore on an OI of
INR26.3 crore. Further, it achieved sales of INR42.2 crore during
nine month of operation in FY2019.


MAHI CORP: ICRA Maintains 'D' Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the rating for INR6.45 crore bank facilities of Mahi
Corporation Pvt. Ltd. continue to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D;
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       1.45       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating'
                                category

   Fund based-       5.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                '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.

Incorporated in November 2013, Mahi Corporation Private Limited
(MCPL) processes guar seeds to obtain guar gum refined splits and
by-products like churi and korma. The company operates from its
facility located at Tankara in Rajkot district of Gujarat, with an
installed guar gum seeds processing capacity of 16,500 MTPA.


NAKSHATRA BRANDS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Nakshatra Brands Limited
        Laxmi Tower, Office No. 6
        'B' Wing, 1st Floor, 'G' Block
        Bandra Kurla Complex, Bandra (East)
        Mumbai MH 400051

Insolvency Commencement Date: January 29, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 28, 2019

Insolvency professional: Vijay Kumar Garg

Interim Resolution
Professional:            Vijay Kumar Garg
                         Flat No. 802, Tower 6
                         Unitech Escape Nirvana Country
                         Sector 50, Golf Course Extension Road
                         Gurgaon, Haryana 122002
                         E-mail: gargvijay1704@gmail.com

                            - and -

                         C/o Duff & Phelps India Pvt. Ltd.
                         14th floor, Raheja Tower
                         Bandra Kurla Complex
                         Bandra (East)
                         Mumbai 400051
                         E-mail: ip.nakshatrabrands@
                                 duffandphelps.com

Last date for
submission of claims:    February 19, 2019


NAKSHATRA WORLD: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Nakshatra World Limited
        A-1, 7th Floor, Laxmi Towers
        Bandra Kurla Complex, Bandra (East)
        Mumbai MH 400051

Insolvency Commencement Date: January 29, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 28, 2019

Insolvency professional: Vijay Kumar Garg

Interim Resolution
Professional:            Vijay Kumar Garg
                         Flat No. 802, Tower 6
                         Unitech Escape Nirvana Country
                         Sector 50, Golf Course Extension Road
                         Gurgaon, Haryana 122002
                         E-mail: gargvijay1704@gmail.com

                            - and -

                         C/o Duff & Phelps India Pvt. Ltd.
                         14th floor, Raheja Tower
                         Bandra Kurla Complex
                         Bandra (East)
                         Mumbai 400051
                         E-mail: ip.nakshatraworld@
                                 duffandphelps.com

Last date for
submission of claims:    February 19, 2019


NAVAYUGA INFRATECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Navayuga Infratech (India) Private Limited

        Regional office:
        C 103, JMR White, Lotus Apartment
        Beside Shaikpet Dargha
        Hyderabad, Rangareddi
        Telangan 500008

        Plant Locations:
        Plot. No. 15, 15A, Beside BSNL
        Patancheru 502319, Hyderabad

        Sy.No. 481 to 485, Basuregadi
        Gandimaisamma
        Hyderabad 500002

        Sy.No. 288, 289, Beside Nagarjuna University
        Nambur, VGTM

        Sy.No. 113/4A, ADB Road, Unduru Village
        Kakinada 533262

Insolvency Commencement Date: February 15, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 14, 2019

Insolvency professional: Isaac Raj Pulimamidivare Goud

Interim Resolution
Professional:            Isaac Raj Pulimamidivare Goud
                         8-4-544/74/105B, Sanjay Nagar
                         Erragadda, Hyderabad
                         Telangana 500018
                         E-mail: cspgissacraj@gmail.com

Last date for
submission of claims:    March 1, 2019


NIPPON INVESTMENT: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Nippon Investment and Finance Company Private Limited
        171-C, Floor 17, Plot 224
        C Wing, Mittal Court
        Jamnalal Bajaj Marg, Nariman Point
        Mumbai 400021

Insolvency Commencement Date: February 18, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 16, 2019
                               (180 days from commencement)

Insolvency professional: Ms. Jovita Reema Mathias

Interim Resolution
Professional:            Ms. Jovita Reema Mathias
                         506, Inizio Building
                         Cardinal Gracious Road
                         Chakala, Andheri East
                         Mumbai 400099
                         E-mail: ip.reemajm@gmail.com
                                 ip.nippon@gmail.com

Last date for
submission of claims:    March 4, 2019


PINNACLE BIOMED: ICRA Moves B+ on INR20cr Loan to Not Cooperating
-----------------------------------------------------------------
ICRA has moved the long term and short term ratings for INR25.00
crore fund based and non-fund based bank facilities of Pinnacle
Biomed Private Limited to 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term, Fund      20.00      [ICRA]B+ (Stable) ISSUER NOT
   Based                           COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

   Short term, Non-      5.00      [ICRA]A4 ISSUER NOT
   fund Based                      COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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.

Pinnacle Biomed Private Limited began its operations in 1998. It
was started as a pharmaceutical trading entity by Mr. Gulshan
Bakhtiani who used his industry knowledge as a partner in a
pharmacy store and an ex-Area Manager for Lupin Pharmaceuticals. In
2004, Mr. Bakhtiani converted Pinnacle into a private limited
company and shifted its core area of operations to marketing and
distribution of specific high-end technological healthcare
consumables and equipment. PBPL has corporate office-cum-warehouses
at Mumbai, Bhiwandi, Pune, Ahmadabad and Chennai. Mr. Gulshan
Bakhtiani and Dr. (Mrs.) Anita Bakhtiani are the key management
personnel of the company and have an experience of around two
decades in the same line of business.


R. JAYKUMAR: ICRA Lowers Rating on INR6.50cr Loan to D
------------------------------------------------------
ICRA has revised the ratings on the bank facilities of R. Jaykumar
& Company (RJC) to [ICRA]D.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Short-term Fund-       6.50       [ICRA]D; Downgraded from
   based-Working                     [ICRA]A4
   Capital (FCBD)       
                                   
Rationale

The rating downgrade factors in the recent delay in payment of FCBD
liability by RJC owing to the non-receipt of payment from its
customer. The rating remains constrained by RJC's weak financial
profile characterised by small scale of operations, leveraged
capital structure, weak debt coverage indicators and high working
capital intensity of operations owing to stretched receivables. The
rating also factors in intense competition in the trading industry
and vulnerability of the firm's profitability to fluctuations in
cut and polished diamond (CPD) prices and foreign exchange rates.
Further, the rating takes into account the risk of withdrawals
owing to the partnership nature of the entity.

Nonetheless, the rating notes the extensive experience of the
partners, along with the firm's operating track record for nearly
two decades in the trading industry, which has resulted in an
established customer base.

Outlook: Not applicable

Key rating drivers

Credit strengths

Extensive experience of partners and RJC's established track record
in industry: RJC was incorporated in 1994 to manufacture CPDs;
however, the operations have been restricted to CPD trading FY2011
onwards. It is promoted by Mr. Arvind Bodara, Mr. Jerambhai Bodra
and Mr. Bhagwanbhai Bodra, who have nearly two decades of
experience in the CPD industry.

Established relationships with customers in export markets: RJC has
an established customer base, primarily in the export market of
Hong Kong, which accounts for 60-70% of the firm's total annual
sales. It enjoys established relationships with most of its export
customers.

Credit challenges

Recent delays in debt servicing: The firm's liquidity position
remained weak, given the stretched receivables days. There has been
a recent instance of delay in the payment of its FCBD liability
owing to the non-receipt of payment from its customer.

Weak financial profile characterised by small scale of operations,
leveraged capital structure and weak debt coverage indicators: RJC
remains a small-sized player in the CPD industry. The firm
witnessed muted revenue growth over the last five fiscals. The
operating income (OI) witnessed a de-growth of 1% in FY2018 and
stood at INR21.98 crore against INR22.10 crore in FY2017. In the
current fiscal, until November 2018, the firm reported an OI of
INR15.44 crore. The firm's capital structure remained leveraged
with a gearing of 3.26 times as on March 31, 2018 against 2.11
times as on March 31, 2017. The debt coverage indicators also
remained weak with interest coverage of 1.01 times, NCA/TD of 3%
and TD/OPBDIT of 12.32 times as on March 31, 2018 compared to
interest coverage of 1.13 times, NCA/TD of 4% and TD/OPBDIT of 8.16
times as on March 31, 2017.

High working capital intensity of operations: RJC's working capital
intensity has historically remained high due to stretched
receivables and elevated inventory levels and stood at 84% in
FY2018 and 78% in 8M FY2019 (74% in FY2017). The inventory levels
generally remain on a higher side to fulfil orders on an immediate
basis, given the intense competition in the trading industry. The
receivables also remained high and stood at 141 days as on March
31, 2018, as the company provides a clean credit of 90 to 120 days
to its customers.

Vulnerability of profitability to fluctuations in diamond prices
and forex rates: RJC's operating margins are primarily affected by
fluctuations in the CPD prices, which in turn affect the sales
realisations. Any adverse movement in the CPD prices could have a
negative impact on the profitability, considering the limited
ability to pass on price hikes (owing to intense competition in the
trading industry). Further, the firm's profitability remains
exposed to forex risks in the absence of any hedging mechanism,
given that it is a net exporter.

Intense competition in trading industry: The firm faces intense
competition from large organised and well-established chains as
well as small unorganised players trading CPDs. This limits RJC's
pricing flexibility and bargaining power with customers, thereby
pressurising its revenues and margins.

Risk of capital withdrawal as inherent in partnership firm: ICRA
notes that RJC is a partnership firm and any significant withdrawal
from the capital account by the partners could impact its net
worth.

Liquidity position

The firm's cash flows remained negative in FY2018 due to increased
operating costs and stretched working capital position. RJC had a
modest unencumbered/free cash and bank balance (including liquid
investments) of INR0.37 crore as on March 31, 2018. The firm does
not have any debt repayments in the near to medium term. The
monthly utilisation of the fund-based working capital borrowings
averaged high at 89% during the 13-month period ended January 31,
2019.

RJC was incorporated in 1994 as a partnership concern and is
managed by Mr. Arvind Bodara, Mr. Jerambhai Bodra and Mr.
Bhagwanbhai Bodra. RJC primarily trades in CPDs and derives most of
its revenues from exports. It mainly trades in budget and
tapper-shaped diamonds of carats ranging from 0.01 to 0.20. RJC
also trades in small round diamonds occasionally within the same
carat range.

In FY2018, RJC reported a net profit of INR0.47 crore on an OI of
INR21.98 crore, compared to a net profit of INR0.59 crore on an OI
of INR22.10 crore in the previous year. In 8M FY2019, on a
provisional basis, it reported an OI of INR15.44 crore with profit
before tax and depreciation of INR0.92 crore.


RAMKAR STEEL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Ramkar Steel Re-Rolling Private Limited
        61A, Azad Nagar
        III Street, Ayyappa Nagar
        K.K. Nagar, Trichy
        Tamil Nadu 620021

Insolvency Commencement Date: Feruary 6, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 5, 2019
                               (180 days from commencement)

Insolvency professional: J. Karthiga

Interim Resolution
Professional:            J. Karthiga
                         Sri. Nivas, New No. 1, Old No. 1052
                         41st Street, Korattur
                         Chennai 600080
                         E-mail: karthigasri@hotmail.com

Last date for
submission of claims:    February 25, 2019


RASYA STEELS: ICRA Assigns B Rating to INR15cr LT Loan
------------------------------------------------------
ICRA has assigned [ICRA]B(Stable) ratings to the bank facilities of
Rasya Steels (Opc) Private Limited (RSPL).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-
   Unallocated          15.00     [ICRA]B(Stable); Assigned

Rationale

The rating considers that RSPL is yet to commence operations and
notes that the company is yet to tie-up working capital funding.
The rating also considers exposure of margins and cash flows to
cyclicality in steel industry; fragmented nature of steel trading
industry exposing the company to competition from several players,
and high geographic concentration with sales expected to be
confined to Andhra Pradesh and Telangana states.

The rating, however, favourably factors in the extensive experience
of the promoters in the steel trading industry which is expected to
result in the established customer and supplier base of the
company.

Outlook: Stable

ICRA believes that RSPL will continue to benefit from extensive
experience of its promoters in the steel trading business. The
outlook may be revised to Positive if timely commencement and
healthy ramp-up of operations with healthy profitability improves
its financial risk profile. The outlook might be revised to
Negative if financial closure is delayed or any significant
debt-funded capital expenditure, or lower-than-expected cash
accruals, or stretched working capital cycle weakens its capital
structure and liquidity position.

Key rating drivers

Credit strengths

Experience of promoters in the steel trading industry: The company
is promoted by Mr. Telapolu Ram Prasad who has extensive experience
in steel trading industry. The promoter operates other company
engaged in the similar line of business leading to established
supplier base and sales network.

Credit challenges

Nascent stages of project: The company's operations are yet to
commence, and it is yet to tie-up working capital funding. The
company was incorporated in March 2018 and is expected to commence
operations in April 2019. The timely commencement and healthy
ramp-up of operations remains crucial.

High geographic concentration risk: The geographic concentration
risk remains high with sales expected to be confined to Andhra
Pradesh and Telangana states.

Exposed to cyclicality in steel prices: The company's profitability
and cash flows will remain vulnerable to cyclicality inherent in
the steel trading business. Moreover, the steel trading industry is
fragmented and is characterised by competition from several
organized and unorganized players limiting its pricing
flexibility.

Liquidity Position
The company's operations are yet to commence and working capital
limits are yet to sanctioned.

Rasya Steels (OPC) Private Limited (RSPL) was incorporated in March
2018 to engage in trading of steel products in Hyderabad. The
company is expected to start the operations from April 2019 and has
its godown at Chityal Grampanchayat, Pragi Mandal, Rangareddy
district.


RAVINDRA ENERGY: ICRA Withdraws B+ Ratings on INR59.30cr Loans
--------------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]B+ assigned to the INR59.30
crore bank facilities of Ravindra Energy Limited (REL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loans           2.70       [ICRA]B+ (Stable); withdrawn

   Unallocated
   Limits              56.60       [ICRA]B+ (Stable); withdrawn

Rationale

The rating assigned to REL has been withdrawn at its request and
based on the no objection certificate provided by its banker.

Ravindra Energy Limited (REL) was setup in 1980 and is promoted by
Murkumbi family of Shree Renuka Group. REL has eleven foreign
subsidiaries (as on March 31, 2017) mostly into trading operations
although most of them are likely to be shut down given low scale of
operations and profitability. REL started as a trader of coal and
sugar and was involved in mining of coal through its foreign arm PT
Jambi Prima, Indonesia. Currently, the coal mining licenses have
been surrendered and sugar operation have been discontinued owing
to volatility associated with trading operations. Coal trading
accounts for ~42% of revenues followed by 58% revenues from solar
segment which the company ventured into in FY2014. REL operates in
the solar water pump segment catering to orders under KREDL and
MEDA scheme. REL also undertakes roof top solar power generation
projects and has set up a 100% wholly owned subsidiary under the
name Rhibhu Rooftop Solar Private Limited to cater to upcoming SECI
order for installation of 6MW capacity. REL has set up 15 LLPs with
an aggregate capacity of 34MW for power generation in Karnataka
region with the power being sold to DISCOMS.


SAI BABA AGRO: ICRA Reaffirms B+ Ratings on INR12cr Loans
---------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Sri Sai
Baba Agro Tech (SSBAT) at [ICRA]B+ (Stable).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-
   Cash Credit          10.00      [ICRA]B+ (Stable); Reaffirmed

   Long Term-
   Term Loan             1.30      [ICRA]B+ (Stable); Reaffirmed

   Long Term-
   Unallocated           0.70      [ICRA]B+ (Stable); Reaffirmed

ICRA has reaffirmed the long-term rating at [ICRA]B+ to the
INR11.30-crore (enhanced from INR6.48 crore) fund-based limits and
INR0.70-crore (enhanced from INR0.52 crore) unallocated limits of
SSBAT. The outlook on the long-term rating is 'Stable'.

Rationale

The rating factors in the extensive experience of the partners
spanning over four decades in the cotton ginning industry resulting
in the established customer and supplier base of the firm. The
rating also considers the location advantage with firm's proximity
to cotton growing areas of Adilabad, providing logistic advantage.

However, the rating is constrained by the moderate financial risk
characterised by high gearing and moderate debt protection metrics
in FY2018. The rating also factors in the moderate scale of
operations in the highly fragmented ginning industry and
commoditised nature of the product, leading to low pricing power.
The firm's revenues and profitability are exposed to fluctuations
in the prices of raw material, cotton, which is an agro-commodity,
and its prices are subject to seasonality and crop harvest.
Further, the rating considers the risks associated with partnership
nature of firm.

Outlook: Stable

ICRA believes SSBAT will continue to benefit from the extensive
experience of its partners and established customer relationships.
The outlook may be revised to 'Positive' if substantial growth in
revenue and profitability, strengthens the financial risk profile.
The outlook may be revised to 'Negative' if cash accrual is lower
than expected, or if any major capital expenditure, or stretch in
the working capital cycle, weakens its liquidity.

Key rating drivers

Credit strengths

Long experience of partners: The partners have extensive experience
in cotton ginning and trading business. The partners operate other
companies engaged in the similar line of business leading to
established supplier base and sales network.
Locational advantage: The firm's plant is located near major
cotton-growing area of Telangana, resulting in easy availability of
raw material and savings in transportation costs.

Credit weaknesses

Moderate scale of operations: The firm's scale of operations
remained moderate with revenues of INR139.1 crore in FY2018. The
revenues are expected to decline in FY2019 due to unavailability of
kapas.

Moderate financial risk profile: The firm's financial risk profile
remained moderate with high gearing of 4.6 times as on March 31,
2018 and moderate debt protection with interest coverage at 3.0
times, DSCR at 1.8 times and NCA/total debt at 5.5% in FY2018.

Intense competition and fragmentation in the industry given the low
entry barriers: The firm faces stiff competition from organised and
unorganised players limiting its pricing flexibility and bargaining
power.

Profitability exposed to fluctuation in raw material prices which
is subject to seasonality and Government regulations: The firm's
profit margins are exposed to the fluctuation in raw material
prices, which depend upon factors like seasonality, monsoon
condition, international demand and supply situation, export policy
etc. Further, it is exposed to the regulatory risks, as prices are
decided through the minimum support price, set by the Government.

Inherent risks being a partnership firm: Being a partnership firm,
it is vulnerable to capital withdrawals by the partners.

Liquidity Position:
The firm's liquidity position remains moderate given limited term
loan repayments, moderate average working capital utilisation of
35.2% for the period October 2017 to October 2018 and no major debt
funded capex in the near term.

Sri Sai Baba Agro Tech (SSBAT) was established in October 2015 and
is engaged in the business of cotton ginning & pressing and trading
in cotton related products. The firm has installed 60 ginning
machines with ginning capacity of 250 MTPA. The unit is a
partnership firm and Sri Raghunath Mittal is the Managing Partner.
The partners have got vast experience of over 40 years in this
field.

In FY2018, the firm reported a net profit of INR0.5 crore on an
operating income of INR139.1 crore, as compared to a net profit of
INR0.4 crore on an operating income of INR70.1 crore in FY2017.

SAI BABA ENTERPRISES: ICRA Reaffirms B+ Ratings on INR18cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Sri Sai
Baba Enterprises (SSBE) at [ICRA]B+ (Stable).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Cash
   Credit               12.00      [ICRA]B+ (Stable); Reaffirmed

   Long Term-Term
   Loan                  1.74      [ICRA]B+ (Stable); Reaffirmed

   Long Term-
   Unallocated           4.26      [ICRA]B+ (Stable); Reaffirmed

ICRA has reaffirmed the long-term rating at [ICRA]B+ to the
INR13.74-crore fund-based limits and INR4.26-crore unallocated
limits of Sri Sai Baba Enterprises (SSBE). The outlook on the
long-term rating is 'Stable'.

Rationale

The rating factors in the extensive experience of the partners
spanning over four decades in the cotton ginning industry resulting
in the established customer and supplier base of the firm. The
rating also considers the location advantage with firm's proximity
to cotton growing areas of Adilabad, providing logistic advantage.

However, the rating is constrained by the company's moderate
financial risk characterised by high gearing and moderate debt
protection metrics in FY2018. The rating also factors in the
moderate scale of operations in the highly fragmented ginning
industry and commoditised nature of the product, leading to low
pricing power. The firm's revenues and profitability are exposed to
fluctuations in the prices of raw material, cotton, which is an
agro-commodity, and its prices are subject to seasonality and crop
harvest. Further, the rating considers the risks associated with
partnership nature of firm.

Outlook: Stable

ICRA believes SSBE will continue to benefit from the extensive
experience of its partners and established customer relationships.
The outlook may be revised to 'Positive' if substantial growth in
revenue and profitability, strengthens the financial risk profile.
The outlook may be revised to 'Negative' if cash accrual is lower
than expected, or if any major capital expenditure, or stretch in
the working capital cycle, weakens its liquidity.

Key rating drivers

Credit strengths

Long experience of partners: The partners have extensive experience
in cotton ginning and trading business. The partners operate other
companies engaged in the similar line of business leading to
established supplier base and sales network.

Locational advantage: The firm's plant is located near major
cotton-growing area of Telangana, resulting in easy availability of
raw material and savings in transportation costs.

Credit weaknesses

Moderate scale of operations: The firm's scale of operations
remained moderate with revenues of INR167.7 crore in FY2018. The
revenues are expected to decline in FY2019 due to unavailability of
kapas.

Moderate financial risk profile: The firm's financial risk profile
remained moderate with high gearing of 5.0 times as on March 31,
2018 and moderate debt protection with interest coverage at 2.3
times, DSCR at 1.7 times and NCA/total debt at 5.2% in FY2018.

Intense competition and fragmentation in the industry given the low
entry barriers: The firm faces stiff competition from organised and
unorganised players limiting its pricing flexibility and bargaining
power.

Profitability exposed to fluctuation in raw material prices which
is subject to seasonality and Government regulations: The firm's
profit margins are exposed to the fluctuation in raw material
prices, which depend upon factors like seasonality, monsoon
condition, international demand and supply situation, export policy
etc. Further, it is exposed to the regulatory risks, as prices are
decided through the minimum support price, set by the Government.

Inherent risks being a partnership firm: Being a partnership firm,
it is vulnerable to capital withdrawals by the partners.

Liquidity Position:

The firm's liquidity position remains moderate given limited term
loan repayments, moderate average working capital utilisation of
47.0% for the period October 2017 to October 2018 and no major debt
funded capex in the near term.

Sri Sai Baba Enterprises (SSBE) was established in June 2016 and
began operations from November 2016. The firm was set up as a
cotton ginning and pressing unit with an installed capacity of 48
ginning machines or capacity to process 250 MT of cotton per day.
The unit is a partnership firm and Mr. Santosh Goyal is the
Managing Partner. The partners have vast experience of over 40
years in this field.

In FY2018, the firm reported a net profit of INR0.5 crore on an
operating income of INR167.7 crore, as compared to a net profit of
INR0.4 crore on an operating income of INR95.2 crore in 5M FY2017.


SAMADHAAN MARKETING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Samadhaan Marketing and Merchandise Private Limited
        Near Jatpura Gate
        City Bazar Complex
        Chandrapur 442401

Insolvency Commencement Date: February 11, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Manoj Kumar Jain

Interim Resolution
Professional:            Manoj Kumar Jain
                         11, Friends Union Premises Co-op. Society
                         2nd Floor, 227, P.D. Mello Road
                         Opp: St. George Hospital
                         Fort, Mumbai 400001
                         Mobile No.: 9819165816
                         E-mail: manojj2102@gmail.com

Last date for
submission of claims:    March 5, 2019


SHAH GROUP: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Shah Group Builders Limited
        323-329, Arenja Corner
        Plot No. 71, Sector 17
        Vashi, Navi Mumbai

Insolvency Commencement Date: February 14, 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: Pravin R. Navandar

Interim Resolution
Professional:            Pravin R. Navandar
                         Pravin R. Navandar & Co.
                         D-519/520, Neelkanth Business Park
                         Nathani Road, Vidyavihar West
                         Mumbai 400086
                         E-mail: ip.shah@prnco.in
                                 pravin@prnco.in

Classes of creditors:    Class-I Allotees under Real Estate
                               Projects

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Velamur Varadan Anand
                         B 2101, Great Eastern Gardens
                         LBS Marg, Kanjur Marg (West)
                         Mumbai 400078
                         E-mail: velamur.anand@yahoo.co.in

                         Ms. Chetna Paresh Sutaria
                         C-23, Satyam Shopping Centre
                         M.G. Road, Ghatkopar (East)
                         Mumbai 400077
                         E-mail: casutaria@gmail.com

                         Ms. Sudha Bhusan
                         701, B Wing, Julian Alps
                         Bhakti Park, Near Imax, Wadala
                         Mumbai 400037
                         E-mail: sudhag999@gmail.com

Last date for
submission of claims:    February 27, 2019


SHAH PRECICAST: ICRA Reaffirms B+ Rating on INR15.50cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Shah
Precicast Private Limited (SPPL) at [ICRA]B+(Stable)/ [ICRA]A4.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term, Fund-
   Based-Cash Credit    15.50     [ICRA]B+(Stable); Reaffirmed

   Short Term, Non
   Fund Based            1.50     [ICRA]A4; Reaffirmed

   Long Term,
   Unallocated           3.00     [ICRA]B+(Stable); Reaffirmed

Rationale

The rating reaffirmation takes into consideration the long-standing
experience of the promoters of SPPL in the steel and
stainless-steel casting industry and business relations with major
valve and pump manufacturers catering to the oil and gas industry.
SPPL also enjoys moderate geographic diversification with presence
in domestic as well as overseas markets.

The ratings, however, remain constrained by the thin net margins
over the period under study and the modest scale of operations with
YoY revenue de-growth posted during the period FY2015 - FY2018 due
to sub-optimal capacity utilization of the new manufacturing unit.
Nonetheless, ICRA takes note of the rebound in revenues in 9MFY2019
driven by improved capacity utilization and improving volumes. The
company continues to face high client concentration risk with high
exposure towards the oil and gas sector and vulnerability of
margins to commoditized raw material price and foreign exchange
fluctuations. Though long-term debt stands fully repaid as of
December 2018, the capital structure continues to remain leveraged
with strained interest coverage and debt service coverage
indicators. The company's high reliance on creditor funding has
also led to high total outside liabilities to net-worth ratio of
11.0x as of March 31, 2018.

Outlook: Stable

ICRA believes SPPL will continue to benefit from the extensive
experience of its promoters and established relationship with
reputed players in the steel and stainless-steel casting industry.
The outlook may be revised to Positive if sustainable growth in
revenue from improving capacity utilization, improvement in
profitability and coverage metrics and prudent working capital
management, strengthen the financial risk profile. The ability of
the company to raise funds for business requirements through sale
of the new manufacturing unit will be closely monitored and will be
critical from the overall credit perspective. The outlook may be
revised to Negative if cash accrual is lower than expected, or if
the old manufacturing unit continues to exhibit sub-optimal
capacity utilization or reduction in creditors funding adversely
impacts the working capital profile leading to cashflow
mismatches.

Key rating drivers

Credit strengths

Long standing experience of promoters in the steel and
stainless-steel casting industry: The promoters of SPPL have been
present in the steel and stainless-steel casting industry for over
two decades. Their long-standing experience helps the company in
client retention and new client acquisition.

Established relations with customers: The clientele of SPPL is
dominated by large players from the oil and gas sector, with valves
contributing largest revenue chunk in the revenue mix of the
company. The company mainly caters to the requirements of the valve
and pump manufacturing companies which in turn supply primarily to
oil and gas industry.

Moderate geographic diversification with presence in domestic as
well as overseas markets: With ~30% revenue historically generated
from exports and rest from the domestic markets, SPPL continues to
show moderate geographic diversification with presence in domestic
as well as overseas markets. Presence across multiple geographies
provides comfort against geography specific risks to an extent.

Credit challenges

High client concentration risk and exposure to the oil and gas
sector: With its top two customers contributing to ~47% revenues in
FY2018 and considerable exposure towards the cyclical oil and gas
sector, the company is exposed to high client concentration and
sector concentration risks. However, company's well-established
relations with its key customers provide some comfort against the
said risks.

Modest scale and YoY de-growth in revenues posted for the period
FY2015-FY2018: SPPL continues to operate on a modest scale of
operation. SPPL has posted YoY de-growth in revenues for the period
FY2015-FY2018 on account of slowdown in the oil and gas sector
which led to reduced order quantum from key customers. The company
recorded ~29% YoY de-growth in its revenue in FY2018 on account of
lower volume manufactured in the fiscal. However, the company
showed rebound in revenues in 9MFY2019 driven by improving
volumes.

Suboptimal capacity utilization of new manufacturing unit: The new
manufacturing unit of SPPL (capacity 6000 MTPA) continued to
exhibit sub-optimal capacity utilization in FY2018 which exerted
pressure on the profitability of the company. Due to excess
unemployed capacity, the company has decided to sell off its new
unit (capacity 6000 MTPA) and focus on the old unit (capacity 1800
MTPA) to efficiently utilise the capacity of the old manufacturing
unit.

Thin profitability; margins remain vulnerable to commoditized raw
material price and foreign exchange fluctuations: The margins of
SPPL remain vulnerable to commoditized raw material (mainly steel
and stainless-steel) prices. Any adverse movement in key raw
materials procured by the company could lead to suppressed
operating margin. Moreover, with considerable share of exports in
its revenues, SPPL also remains exposed to fluctuations in foreign
exchange which could impact the margins of the company. SPPL
procures raw material only against firm orders and implements
limited hedging for its overseas exposure which provide comfort
against the said risks to an extent.

Leveraged capital structure with a strain on interest coverage and
debt service coverage indicators: The capital structure of SPPL
continues to remain leveraged with a gearing of 4.0x in FY2018. The
interest and debt service coverage indicators of the company remain
strained on account of thin profitability with an interest cover of
1.0x times, debt to OPBDITA of 5.3x and debt protection cover of
less than 1x as on March 31, 2018. However, absence of any
long-term debt on the books of company as on December 31, 2018
would limit the quantum of debt repayments and interest outflows to
some extent going forward.

High reliance on creditors funding leading to high total outside
liabilities to net-worth ratio: SPPL recorded higher creditor days
in FY2018 (230 days) as compared to FY2017 (177 days), underlining
the high reliance of company on creditor funding which leads to
high total outside liabilities to net-worth ratio (11.0x in
FY2018). Any unfavourable changes in the credit terms from key
suppliers could therefore exert pressure on cashflows of SPPL.

Liquidity Position:
SPPL continues to exhibit stretched liquidity position on back of
suppressed margins leading to strained accrual position over the
years. The company had cash and cash equivalents of INR0.8 crore as
on March 31, 2018 and the average working capital utilization also
remains high at ~95% for FY2018, reflecting limited liquidity
cushion. Absence of any long-term debt on the books of SPPL is
however expected to provide some comfort to the liquidity position
of the company. Further, the company's plan of selling off the new
unit would lead to considerable cash inflow and boost the accrual
position. However, generating anticipated proceeds on liquidation
of the new manufacturing facility is expected to improve the
liquidity position.

Incorporated in 1997, SPPL is promoted by Mr. Nitin Shah, Mrs.
Sunita Shah and associates. The company is engaged in manufacturing
of steel, stainless-steel and nickel alloy castings. The main types
of castings manufactured are valve castings followed by pump and
general engineering castings. The company has two foundry units for
manufacturing of single piece castings ranging from 15 Kgs to 3000
Kgs and one machine shop for supply of fully machined components
from 1" to 24". The manufacturing units of SPPL are located in
Sangli, Maharashtra and the company has a current total installed
capacity of 7800 MT per annum (old unit with a capacity of 1800
MTPA and new unit with a capacity 6000 MTPA).


SHANTAI EXIM: ICRA Cuts Rating on INR7cr LT Loan to C
-----------------------------------------------------
ICRA has revised the ratings on the bank facilities of Shantai Exim
Limited to [ICRA]C/Issuer not Cooperating.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term fund-      7.00       [ICRA]C ISSUER NOT
   based limit                     COOPERATING Downgraded
                                   from [ICRA]B- ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in 'Issuer Not Co-
                                   operating' Category

   Short-term fund-     23.00      [ICRA]A4 ISSUER NOT
   based limits                    COOPERATING; Rating continues
                                   to remain in 'Issuer Not Co-
                                   operating' Category

Rating action

The ratings for the INR30.00 crore bank facilities of Shantai Exim
Limited continues to remain in 'Issuer Not Co-operating' category.
The long-term rating has been downgraded from
"[ICRA]B-; ISSUER NOT CO-OPERATING" to "[ICRA]C; ISSUER NOT
CO-OPERATING", while the short-term rating is reaffirmed at
"[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.

The ratings are based on limited information on the entity's
performance since the time it was last rated in November 2017. 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
information on the issuer's 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 downgrade in long-term rating takes into account the elevated
stress on financial profile due to stretched debtors, given the
delay in realisation of export bills, as well as due to the company
petition against SEL, by one of the financial creditors under
section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 at the
National Company Law Tribunal (NLCT), which further limits its
financial flexibility.

Incorporated in 2004, Shantai Exim Limited manufactures and exports
children's wear and women's wear like sarees and dress materials.
The company procures greige fabric from Surat and gets the fabric
processed by third parties on job work basis. The activities
outsourced on job work include dyeing, printing, embroidery,
pleating, crushing, stamping, foiling, coding, taping and flocking.
Stitching, garmenting, hand-work and final packaging of the
products are done at the company's facility in Surat. At times, SEL
also buys finished fabrics and gets them processed further. The
company has its registered office in Mumbai and its manufacturing
facility is in Surat(Gujarat).


SHRIRAM TRANSPORT: Fitch Rates USD400M Sr. Secured Notes 'BB+'
--------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB+' to India-based
Shriram Transport Finance Company Limited's (STFC, BB+/Stable)
USD400 million 5.7% senior secured notes due 2022, which carry a
fixed-rate coupon payable semi-annually.

This follows the completion of the securities issue and receipt of
final documents conforming to information previously received. The
final rating is the same as the expected rating assigned on
February 19, 2019.

The notes are secured by a fixed-charge over specified accounts
receiveable, in line with STFC's domestically issued 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 norms at all times, maintain a net
non-performing loan ratio equal to or less than 7% and ensure the
security coverage ratio is equal to or greater than 1x at all
times.

STFC has issued the notes in the international market under the
central bank's new external commercial borrowings framework issued
in January 2019.

KEY RATING DRIVERS

STFC's US-dollar denominated bonds are rated the same as its
Long-Term Foreign-Currency Issuer Default Rating in accordance with
Fitch's rating criteria.

Fitch considers the senior secured debt to be an obligation whose
non-payment would best reflect uncured failure, as most of STFC's
debt is secured. The company 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 bond rating will move in tandem with STFC's Long-Term
Foreign-Currency Issuer Default Rating.


SNJ LABS: ICRA Withdraws B+ Rating on INR10.18cr Loan
-----------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with a Stable
outlook assigned to the INR10.18 crore bank facilities of SNJ Labs
Pvt. Ltd. (SLPL).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits      10.18      [ICRA]B+(Stable);
                                     Withdrawn

Rationale

The ratings assigned to SNJ Labs Pvt. Ltd. have been withdrawn at
its request based on the no objection certificate provided by its
banker.

Incorporated in 2013, SNJ Labs Private Limited is engaged in
manufacturing an Active Pharmaceutical Ingredient (API), namely
iron sucrose. The company is Good Manufacturing Practice
(GMP)-certified with manufacturing facility located in Rajkot,
Gujarat. It is promoted by the Sorathiya family, which has
experience in pharmaceutical business though
associate concerns, namely Endoc Lifecare Pvt. Ltd. and Nira Life
Sciences Pvt. Ltd.

SOUTHEND INFRASTRUCTURE: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Southend Infrastructure Pvt. Ltd.
        B-14 Chirag Enclave, South Delhi
        New Delhi 110048

Insolvency Commencement Date: February 12, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 11, 2019

Insolvency professional: Niraj Preet Singh Chawla

Interim Resolution
Professional:            Niraj Preet Singh Chawla
                         Vaish Associates Advocates
                         11th Floor, Mohan Dev Building
                         13, Tolstoy Marg
                         New Delhi 110001
                         E-mail: npschawla@vaishlaw.com
                                 southendcirp@gmail.com

Last date for
submission of claims:    February 26, 2019


SRI DAKSHNINA: ICRA Withdraws 'B' Ratings on INR42cr Loans
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with a Stable
outlook assigned to the INR42 crore bank facilities of Sri
Dakshnina Murthy Agro Industry Private Limited (SDMAIPL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         12.00       [ICRA]B (Stable); withdrawn
   Term Loan           30.00       [ICRA]B (Stable) withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension at the request from the company based on
no objection certificate provided by its lenders.

Incorporated in 2016, Sri Dakshnina Murthy Agro Industry Private
Limited (SDMAIPL) established a solvent extraction unit with a
plant capacity of 400 TPD and also an oil refinery with a capacity
of 50 TPD. The manufacturing unit is in Chilakamarri village, P.A.
Palli mandal of Nalgonda district.


SUNSHINE EXPORTS: ICRA Keeps D in INR6cr Debt in Not Cooperating
----------------------------------------------------------------
ICRA said the short term rating for INR6.00 crore fund based bank
facility of Sunshine Exports continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short term fund     6.00      [ICRA]D ISSUER NOT COOPERATING;
   based limits                  Rating continues to remain under
                                 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.

Sunshine Exports (SE), established in the year 2006, is a
proprietorship firm based out of Nagpur, Maharashtra. The firm is
managed by its proprietor, Mrs. Aruna Moorthy and her husband, Mr.
DTS Moorthy. The firm is engaged in export of Agro products,
primarily rice and sugar.


VIDYA PRASARINI: ICRA Maintains 'D' Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the long term rating for INR13.45 crore fund based bank
facility and the long term and short term rating for INR0.30 crore
unallocated bank facilities of Vidya Prasarini Sabha continues to
remain under 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-       13.45       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain
                                 under the 'Issuer Not
                                 Cooperating' category

   Unallocated        0.30       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain
                                 under 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.

Vidya Prasarini Sabha (VPS) was established in 1923 with an aim to
provide education to various verticals of the society. At present,
VPS runs around twenty-two education institutes in Pune and
Lonavala, which includes Engineering college, BSC College, BCA
College, Jr. Colleges, high schools and Institutes for computer
courses with a total strength of around 11,800 students, of which
around 7400 students come under government sponsored schools while
remaining 4400 students come under private schools, Jr. Colleges
and other institutes.


ZENITH EXPORTS: ICRA Reaffirms B+ LT Rating on INR26cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Zenith
Exports Limited (ZEL) at ICRA]B+ (Stable)/[ICRA]A4.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based           26.00      [ICRA]B+ (Stable); Assigned/
   working-                        [ICRA]A4; Reaffirmed
   capital      
                                   
   Non-fund-based        1.00      [ICRA]A4; Reaffirmed
   Facility              

Rationale

The rating action considers the long presence of ZEL in the leather
and textile business, which along with its diversified geographical
presence support the company's market position. The ratings also
factor in the comfortable capital structure of the company, as
reflected by a low gearing of 0.13 times as on March 31, 2018 and
sizeable liquid investments, supporting its liquidity to some
extent.

The ratings are, however, constrained by the continuous decline in
ZEL's turnover over the last four years, adversely impacting
profitability and debt coverage metrics. The company's turnover
declined due to shutdown of Zenith Spinners (ZS; spinning unit in
Ahmedabad) in November 2015, weak performance of Zenith Textiles
(ZT; textile division for manufacturing and weaving of silk,
velvet, dobby and jacquard fabrics) and lower order inflow for
Zenith Main Division (ZM; manufactures leather gloves that are
mainly used for industrial purposes; also manufactures as well as
trades in silk and made-ups).

ICRA also notes that intense competition in the leather gloves
industry limits ZM's pricing flexibility, leading to low
profitability in the leather gloves segment. Additionally, low
utilisation of the installed capacity in ZT results in significant
losses from the division due to high fixed costs. In H1 FY2019,
around 30% of ZT's total employees have retired under the voluntary
retirement scheme which costed the company INR5.51 crore. While the
move is likely to reduce the fixed employee costs of the division
going forward, the high expense incurred after employees'
retirement in H1 FY2019 is likely to have an adverse impact on the
net profit in FY2019. The ratings are also constrained by the high
working capital intensity of the company's operations and
vulnerability of its profits to exchange rate movements and raw
material price fluctuations. The ratings also consider
susceptibility of ZEL's profit margins to any reduction in fiscal
incentives or other adverse government regulations.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that the company
will continue to benefit from ZEL's established position in the
leather and textile business and its diversified geographical
presence. The outlook may be revised to Positive if there is a
substantial increase in the scale of operations and improvement in
profitability on the back of healthy inflow of orders. The outlook
may be revised to Negative if the profitability and debt coverage
indicators weaken significantly or if any sizeable capital
expenditure aggravates its liquidity position.

Key rating drivers

Credit strengths

Long presence in the leather and textile business: ZEL has been
involved in the production of silk and velvet fabrics and made-ups,
industrial leather gloves and other leather products for over three
decades. In FY2018, around 88% of the company's revenues were from
ZM and the rest from ZT. Additionally, around 9-10% of ZM's
revenues were from silk and made-ups and the balance from
industrial leather gloves and leather products.

Diversified geographical presence: As ZEL is an export-oriented
unit (EOU), over 95% of the company's sales are derived from
exports. The company has a diversified geographical presence and it
exports to countries like Chile, France, Germany, Lebanon, Spain,
Poland, the UK and the US. Chile was the highest contributor to
ZEL's revenue in FY2018, accounting for around 29% of the company's
exports.

Comfortable capital structure: ZEL's capital structure remains
conservative, as reflected by a gearing of 0.13 times as on March
31, 2018 due to a comfortable net worth vis-a-vis its debt level,
aided by a healthy accretion to reserves in the past. However,
losses incurred by the company during the last few years have
negatively impacted its net worth to some extent.

Credit challenges

Continuous decline in revenues adversely impacted profits and debt
coverage metrics: ZEL's turnover declined continuously from FY2015
to FY2018 due to deterioration in the performance of both ZM and ZT
and shutdown of operations of ZS. Lower turnover, coupled with high
fixed costs, adversely impacted ZEL's profitability. In H1 FY2019,
around 30% of ZT's total employees have retired under the voluntary
retirement scheme, which resulted in a cost of INR5.51 crore to the
company. While the retirement is likely to reduce the fixed
employee costs of the division going forward, the high retirement
expense in H1 FY2019 is likely to have an adverse impact on ZEL's
net profit in the current financial year.

High working capital intensity of company's operations: High
inventory levels maintained for leather gloves and textile business
led to high working capital intensity of the company's operations,
reflected by high net working capital relative to the operating
income of 47% in FY2018. This exerted pressure on the company's
liquidity.

Exposed to foreign currency fluctuation and counterparty risks:
With high dependence on exports, most of ZEL's sales contracts are
denominated in foreign currencies, exposing its profitability to
volatility in exchange rate movements. Nonetheless, forward
contract bookings for around 60-70% of its receivables mitigate
such risks to an extent. ZEL is also exposed to counterparty risks
as the company extends open credit to overseas customers for most
of its exports.

Susceptibility of profitability to change in export incentives or
any adverse regulations: ZEL receives a significant amount of
export incentives from the Indian Government. However, such
incentives are mostly passed on to customers due to an intense
competition in the international markets, keeping the company's
profitability susceptible to the changes in export incentives.
Moreover, the company's business remains exposed to any adverse
developments in international trade policies and regulations in
India and the importing countries.

Liquidity position

ZEL incurred losses during the last two years (FY2017 and FY2018),
and a higher loss is expected in FY2019 on the back of increased
expense on voluntary retirement scheme offered to a large number of
employees in the textile division, aggravating the liquidity
position. However, significant liquid investments worth INR17.56
crore as on March 31, 2018 provides some comfort. The cushion in
working capital utilisation with average utilisation of 57% of the
sanctioned limit during April 2018-December 2018 also supports the
company's liquidity to some extent.

ZEL was incorporated in 1981 as a public limited company. At
present, it has two separate operating divisions, namely Zenith
Main Division (ZM) and Zenith Textiles (ZT), while Zenith Spinners
(ZS) was shut down in November 2015. ZM is involved in the export
of silk fabrics, made-ups, industrial leather hand gloves and other
leather products. ZT is a 100% export-oriented unit. Its
manufacturing facility is located at Nanjangud, Karnataka which
produces silk and velvet fabrics and made-ups.




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

RGT BHD: Exits Bursa Malaysia's PN17 List
-----------------------------------------
Chong Jin Hun at theedgemarkets.com reports that Bursa Malaysia
Securities Bhd (Bursa Securities) said RGT Bhd (formerly known as
Asia Knight Bhd) is out of Bursa Securities' Practice Note 17
(PN17) list as RGT has regularised its financial condition.

Bursa Securities said that the plastic products manufacturer no
longer triggers any of the PN17 criteria under the regulator's Main
Market listing requirements.

"Bursa Securities would like to emphasise that it will continue to
monitor the progress of PN17 companies in respect of their
compliance with the listing requirements," Bursa Securities said.

Asia Knight Berhad is an investment holding company based in
Malaysia. The Company's segments include manufacturing segment and
other reportable segments. The manufacturing segment is engaged in
the manufacturing of plastic parts. The Company's
subsidiaries include T-Venture Industries (M) Sdn. Bhd., which
manufactures plastic parts, and Citiview Hotel Sdn. Bhd.

The company has been a Practice Note 17 issuer since October 2014.
Asia Knight has triggered Paragraph 2.1(d) of the Practice Note 17
of the Main Market Listing Requirements of Bursa Malaysia
Securities Berhad as the Company Auditors have expressed
disclaimer opinion in the Company's latest audited financial
statements for the 18 months financial period ended June 30, 2014.




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

MAINZEAL PROPERTY: High Court Rules Directors Liable for NZ$36MM
----------------------------------------------------------------
Kim Savage at Radio New Zealand reports that the High Court has
ruled collapsed property and construction company Mainzeal traded
while insolvent for nine years and has held some of the directors
liable for NZ$36 million for letting it happen.

Mainzeal was New Zealand's third largest construction company when
it collapsed in 2013, owing creditors more than NZ$110 million, RNZ
relays.

Last year, the liquidators, Andrew Bethell and Brian Mayo Smith of
BDO, an accounting and advisory firm, took some of the directors,
including former Prime Minister Dame Jenny Shipley and Richard Yan,
the head of Mainzeal's parent company Richina Pacific, to court,
RNZ relates.

Former Brierley Investments chief executive Sir Paul Collins, as
well as Peter Gomm and Clive Tilby, were also sued by the
liquidators.

According to RNZ, the liquidators alleged the directors had allowed
the company to trade while insolvent and sought up to NZ$75 million
to repay creditors, although the directors vigourously denied the
claims.

In a decision on the case released on Feb. 26, Justice Francis
Cooke said Mainzeal's parent company Richina Pacific borrowed money
from Mainzeal to buy assets in China.  By 2009, the amount totalled
NZ$42 million including interest, RNZ reports.

"Excluding the value of these loans from Mainzeal's balance sheet
meant that Mainzeal was insolvent, and was continuously so from
2005 through to its failure in 2013."

RNZ relates that Justice Cooke said the directors were not in
breach while Mainzeal was backed by Richina, but when the two
companies separated after a restructuring in 2009 that safety net
ended.

He said allowing the company to keep trading at that point was a
breach, the report adds.

"They caused or allowed Mainzeal to undertake business in a manner
giving rise to a substantial risk of serious loss to the creditors,
being the very loss that eventuated."

RNZ says Justice Cooke ruled director Richard Yan should be liable
for the full amount of one third of the loss, which totals NZ$36
million.

He said as a shareholder in Richina Pacific, Mr. Yan benefited
significantly from the money taken out of Mainzeal, with the assets
the company bought now worth a significant amount of money, RNZ
relays.

RNZ says Mr. Yan was deemed responsible for convincing the other
directors to breach their duties.

The lawyer for Richard Yan, David Chisholm QC, confirmed on Feb. 26
his client would appeal the decision, RNZ notes.

RNZ adds that Dame Jenny Shipley, Clive Tilby and Peter Gomm were
deemed to have acted in good faith and honestly. However, each was
held liable for up to NZ$6 million jointly with Mr. Yan.

The court noted that the directors jointly have around NZ$20
million of liability cover, but did not take it into account when
assessing their liability, RNZ discloses.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held New
Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series of
events that had adversely affected the Company's financial position
coupled with a general decline in major commercial construction
activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are Mainzeal
Group, Mainzeal Property and Construction, Mainzeal Living, 200
Vic, Building Futures Group Holding, Building Futures Group,
Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ, NZ$70
million to unsecured creditors and NZ$5.2 million to employees, NZN
discloses. Subcontractors are among the unsecured creditors, said
NZN.




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

SINJIA LAND: Narrows Net Loss to SGD3.5MM in Year Ended Dec. 31
---------------------------------------------------------------
Rachel Mui at The Business Times reports that Sinjia Land managed
to narrow its full-year net loss to SGD3.5 million from SGD7.7
million a year ago, on the back of higher revenue, and the absence
of losses from discontinued operations.

In a regulatory filing on Feb. 25, Sinjia Land noted that
"discontinued operations" refer to its investment in HLN Rubber
Products Pte Ltd and its subsidiaries, as the company completed the
disposal on Dec. 15, 2017, BT discloses. It added that its
"continuing operations" relate to the company's remaining
businesses in hostel management, and investments in fund
management.

For the 12 months ended Dec. 31, loss per share (LPS) came in at
two Singapore cents, from a LPS of 4.59 Singapore cents a year ago,
BT relays. Its loss in the previous year comprised of a LPS of 2.42
Singapore cents from continuing operations, and a LPS of 2.17
Singapore cents from discontinued operations.

BT says no dividend has been declared for the current financial
period, unchanged from the preceding year.

Meanwhile, revenue rose 11 per cent to SGD526,000 for FY2018 from
SGD474,000 the previous year, mainly attributable to a growth in
visitor arrivals, Sinjia Land said, BT relays.

"Despite the increase in revenue, the group reported a gross loss
of SGD21,000 in FY2018, whereas a gross profit of SGD77,000 was
reported in FY2017. This was mainly due to the increase in labour
cost as the Ministry of Manpower of Singapore increased the
qualifying salary criteria for work pass holders to qualify for
dependant privileges from Jan 1, 2018," the company, as cited by
BT, added.

Looking ahead, the firm's directors noted that they remain cautious
in fiscal 2019 due to market challenges, and will continue to stay
lean and maintain positive cash flow in order to stay competitive
in the challenging business environment.

As at Dec. 31, the group has a cash at bank of SGD3.82 million, it
said.

It added that it is generally optimistic about tourism prospects
for 2019, and will focus resources on its property-related
businesses.

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




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

COINBIN: Files for Bankruptcy, Cites Employee Embezzlement
----------------------------------------------------------
Business Korea reports that cryptocurrency exchange Coinbin has
declared bankruptcy, causing financial damage estimated at KRW29.3
billion (US$26 million).

"We are preparing to file for bankruptcy due to a rise in debt
following an employee's embezzlement," Park Chan-kyu, CEO of
Coinbin, told reporters in its Seoul office on Feb. 20, Business
Korea relates.  As a result, all cryptocurrency and cash
withdrawals from the exchange were halted at 3:00 p.m. on Feb. 20.
Cryptocurrency and cash settlements would be done in accordance
with bankruptcy procedures, Coinbin said, Business Korea relays.

According to Business Korea, Mr. Park asserted that an executive in
charge of managing cryptocurrencies, who previously served as the
CEO of Youbit, the predecessor of Coinbin, had committed
dereliction of duty and embezzled company funds. The executive
reportedly claimed that he had removed hundreds of cryptographic
keys to coin wallets containing hundreds of Bitcoin and lost the
cryptographic key to a wallet containing more than 100 Ethereum
coins last November. But Mr. Park said that it was not a mistake
but an intentional act in that the executive is a cryptocurrency
expert. The amount of the damage is estimated at KRW29.3 billion
including KRW27 billion to be used for compensation of some former
members of Youbit and KRW2.3 billion of lost coins, Business Korea
reports.

Coinbin took over Youbit, a cryptocurrency exchange that suffered a
hack of KRW17 billion at the end of 2017, Business Korea recalls.
In April of the same year, Youbit succeeded Yapizon, which lost
KRW5.5 billion due to a hacking, the report notes.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***