/raid1/www/Hosts/bankrupt/TCRAP_Public/190322.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, March 22, 2019, Vol. 22, No. 59

                           Headlines



A U S T R A L I A

ALLEGRO VENTURES: Second Creditors' Meeting Set for March 29
C & S PACKAGING: First Creditors' Meeting Set for March 29
CANNHARVEST LIMITED: First Creditors' Meeting Set for March 29
MEALS IN A MOMENT: Second Creditors' Meeting Set for March 29
RHODES & BECKETT: Refunds Refused After Tailor's Collapse

SOUTHERN TYRE: Second Creditors' Meeting Set for March 29
W & I POPE: Second Creditors' Meeting Set for March 28


C H I N A

HNA GROUP: Latest Asset Sale Attracts U.S., Indian Bidders
JES INTERNATIONAL: Court Taps FTI Consulting as Judicial Manager
TIMES CHINA: Fitch Affirms 'BB-' Issuer Default Ratings
[*] CHINA: Had Record Amount of Corporate Bond Defaults in 2018


I N D I A

ARVEE ELECTRICALS: CARE Lowers Ratings on INR11.50cr Loans to D
BALAJI INDUSTRIES: CARE Migrates D Rating to Not Cooperating
BKM INDUSTRIES: CARE Migrates 'D' Ratings to Not Cooperating
DIGNITY BUILDCON: CARE Migrates D Rating to Not Cooperating
ESSAR STEEL: NCLAT Directs to Call CoC Meeting to Rejig Funds

JET AIRWAYS: Bankruptcy "Last Option," SBI Chairman Says
K.M.M. FOODS: CARE Maintains D Rating in Not Cooperating Category
METHRA INDUSTRIES: CARE Migrates D Rating to Not Cooperating
NAIKNAVARE PROFILE: CARE Hikes Rating on INR70cr NCD to C
ORTEL COMMUNICATIONS: CARE Moves D Ratings to Not Cooperating

PAWAN IMPEX: CARE Migrates D Rating to Not Cooperating Category
PIONEER FOOD: CARE Lowers Rating on INR30cr LT Loan to 'D'
QUADRANT TELEVENTURES: CARE Migrates D Rating to Not Cooperating
RAYAT & BAHRA: CARE Migrates 'D' Rating to Not Cooperating
RAYAT EDUCATIONAL: CARE Migrates 'D' Rating to Not Cooperating

REWA LEISURE: CARE Lowers Rating on INR4.21cr LT Loan to D
S.K. HITECH: CARE Assigns 'D' Rating to INR15cr LT Loan
SHARAN HOSPITALITY: CARE Migrates D Rating to Not Cooperating
SHREEJI SALES: CARE Migrates 'D' Rating to Not Cooperating
SVIIT SOFTWARE: CARE Migrates 'D' Rating to Not Cooperating



N E W   Z E A L A N D

FOREX CAPITAL: ASIC Obtains Interim Injunctions

                           - - - - -


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

ALLEGRO VENTURES: Second Creditors' Meeting Set for March 29
------------------------------------------------------------
A second meeting of creditors in the proceedings of Allegro
Ventures Pty Ltd, trading as Untapped Fine Wines, has been set for
March 29, 2019, at 9:30 a.m. at the offices of Bolwell Kelson
Advisory, at Suite 7, Level 1, 25 Claremont Street, in South Yarra,
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 28, 2019, at 4:00 p.m.

Craig Ivor Bolwell and Karen Leanne Kelson of Bolwell Kelson
Advisory were appointed as administrators of Allegro Ventures on
Feb. 22, 2019.


C & S PACKAGING: First Creditors' Meeting Set for March 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of C & S
Packaging Services Pty. Ltd will be held on March 29, 2019, at
10:00 a.m. at Level 4, 88 Phillip Street, in Parramatta, NSW.

Michael John Morris Smith of Smith Hancock was appointed as
administrator of C & S Packaging on March 20, 2019.


CANNHARVEST LIMITED: First Creditors' Meeting Set for March 29
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Cannharvest
Limited will be held on March 29, 2019, at 11:00 a.m. at the
offices of Rodgers Reidy (Tas) Pty Ltd, at Level 2, 15 Victoria
Street, in Hobart, Tasmania.

Shelley-Maree Brooks -- sbrooks@rodgersreidy.com.au -- & Brent
Leigh Morgan -- bmorgan@rodgersreidy.com.au -- of Rodgers Reidy
were appointed as administrators of Cannharvest Limited on March
19, 2019.


MEALS IN A MOMENT: Second Creditors' Meeting Set for March 29
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Meals in a
Moment Pty. Ltd. has been set for March 29, 2019, at 10:00 a.m. at
the offices of Hall Chadwick, at Level 14, 440 Collins Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 28, 2019, at 5:00 p.m.

Richard Lawrence and Richard Albarran of Hall Chadwick were
appointed as administrators of Meals in a Moment on Feb. 21, 2019.


RHODES & BECKETT: Refunds Refused After Tailor's Collapse
---------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that customers
of the high-end tailors Rhodes & Beckett are being refused refunds
for shirts and suits they bought but never received after the
business was quietly moved into a new company - controlled by the
same owners - and then put into administration.

It comes amid an ongoing battle between the suit maker and a
private equity group which helped revive the company when it last
collapsed just two years ago, with the store's owners saying its
website had been "held to ransom" and taken offline, the report
says.

"It's unbelievable really," said one customer, Julian, who did not
want his last name used due his position in a leading corporate
firm in Melbourne, SMH relays.

He said he bought about AUD1,400 worth of suits and shirts on
Christmas Eve but has still not received the order or a refund.

"I'm not destitute, but for people who were starting out in their
careers it would be a real problem," he said.

Rhodes & Beckett, which has stores in Sydney and Melbourne, told
Julian on February 22 in an email seen by the SMH and The Age that
the company had suffered "severe financial damage" from cyber
attacks and corporate fraud from its former management.

"To keep trading, Rhodes & Beckett's trademarks and assets were
sold to Rhodes & Beckett Trading Pty Ltd on the 11th January 2019,"
the company said.

Because Julian's order was placed with the "previous owners", the
company was "not obligated to fulfil or refund your order", and
instead offered a credit voucher.

SMH, citing documents lodged with the Australian Securities and
Investments Commission, discloses that the same people are behind
both the new and old trading entities -  Vincent Boulus and Mark
Joseph, the managing director and head of property at real estate
and services group Allmarque.

According to SMH, the old companies were put into liquidation on
March 8 and 9, owing AUD3.8 million - mostly to the trade
creditors, plus AUD167,544 in employee entitlements, and AUD250,000
to the tax office.

SMH relates that Mr. Boulus said he and Mr. Joseph were "white
knights" who had saved the company by buying it after being so
badly sabotaged by previous management and the IT company it worked
with.

"The only way we could protect the brand and the loyal customers
was to sell the business to a clean entity at fair value and start
again," the report quotes Mr. Boulus as saying.

Rhodes & Beckett has offered credit vouchers to customers who
placed their orders before January 11, and Mr. Boulus said he hoped
to rebuild the trust and loyalty of its customers, SMH relays.

The Age and SMH have previously revealed how Rhodes & Beckett's IT,
inventory and shipping systems were disrupted by an IT provider
linked to the AO Capital - a Hong Kong-based private equity group
that helped revive Rhodes & Beckett when it went into
administration in 2017.

AO Capital claims Rhodes & Beckett owes it hundreds of thousands of
dollars, and has obtained court orders for repayment.

SMH adds that a spokeswoman for the liquidators Worrells, who are
managing the insolvent Rhodes & Beckett trading company, said the
firm was "unable to comment on this ongoing administration in the
event that any comments made affect the outcome for stakeholders".


SOUTHERN TYRE: Second Creditors' Meeting Set for March 29
---------------------------------------------------------
A second meeting of creditors in the proceedings of Southern Tyre
Services (NSW) Pty Ltd, trading as Tyreright Ingleburn, has been
set for March 29, 2019, at 11:00 a.m. at the offices of BDO, at
Level 11, 1 Margaret St, 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 28, 2019, at 4:00 p.m.

Andrew Thomas Sallway and Duncan Clubb of BDO were appointed as
administrators of Southern Tyre on March 1, 2019.


W & I POPE: Second Creditors' Meeting Set for March 28
------------------------------------------------------
A second meeting of creditors in the proceedings of W & I Pope Pty
Ltd, trading as The Finished Art Workshop, has been set for March
28, 2019, at 11:00 a.m. at the offices of Cor Cordis, at One Wharf
Lane, Level 20, 171 Sussex 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 27, 2019, at 4:00 p.m.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of W & I Pope on Feb. 21, 2019.




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

HNA GROUP: Latest Asset Sale Attracts U.S., Indian Bidders
----------------------------------------------------------
Huang Rong, Wang Luyao and Yang Ge at Caixin Global report that
U.S. private equity firm Advent International and Chinese
electronic payments giant China UnionPay are among a field of
finalists in late-stage bidding for IT outsourcing firm Pactera
Technology, which is being sold by the cash-strapped HNA Group, a
source said.

Caixin relates that one of China's largest companies specializing
in outsourced technology services for corporate clients, most
notably financial institutions, Pactera was formerly listed in New
York and was privatized by private equity giant Blackstone in 2014
in a deal that valued it at $680 million. Blackstone sold it to a
then high-flying HNA two years later for about the same amount.

But following a Beijing crackdown on private companies with
excessive debt, HNA has been under pressure to sell many of its
assets to raise cash since the second half of 2017. The company is
planning to sell most of its technology assets, including the
largest, U.S. computer parts distributor Ingram Micro, a source
close to HNA told Caixin, speaking on condition of anonymity.

Caixin says the bidding for Pactera, meantime, has entered a second
round, following an initial round in which bids ranged between $400
million and $700 million, said another source with knowledge of the
sale process. Despite being China's top supplier of information
technology services to domestic financial institutions, Pactera is
still losing money, even as it generates annual revenue in the $1
billion range, the source, as cited by Caixin, added.

Besides Advent and UnionPay, other bidders include Indian IT
services company Tech Mahindra, a unit of the larger Mahindra
Group; as well as Chinese IT products and services provider Digital
China, the source told Caixin.

"At the moment, foreign organizations are making the relatively
higher bids, and also in U.S. dollars," the source, as cited by
Caixin, said. "For a company like HNA that's anxious to get back
capital, that's relatively more attractive." But he added that a
foreign buyer could face greater scrutiny over national security
concerns since Pactera provides services to many of China's
commercial banks, policy banks and financial exchanges.

The source said a final deal was likely to be struck in the next
few weeks, and that some bidders were discussing the option of
launching a joint bid, adds Caixin.

                          About HNA Group

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

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2018, the Financial Times related that HNA Group defaulted on a
CNY300 million (US$44 million) loan raised through Hunan Trust.
According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China Development
Bank, following a liquidity crunch in the final quarter of last
year. The default came despite an estimated $18
billion in asset sales by HNA this year that have done little to
address its ability to meet its domestic debts, the FT noted.


JES INTERNATIONAL: Court Taps FTI Consulting as Judicial Manager
----------------------------------------------------------------
The Straits Times reports that a judicial manager has been
appointed for Chinese shipbuilding and engineering firm JES
International following its application for judicial management in
February.

The High Court has appointed Yit Chee Wah of FTI Consulting
(Singapore) as judicial manager after JES's application was heard
in Court on March 20, the company said in a regulatory filing with
the Singapore Exchange on March 21, the Straits Times relates.

Mr. Yit will manage the affairs, business and property of the
mainboard-listed China-based company, the report says.

Judicial management is a court-supervised temporary rescue
procedure where a distressed company is managed by a judicial
manager in an attempt to help the company to survive, get a scheme
approved or more advantageous realisation of assets of the company
versus that in a liquidation, the Straits Times discloses.

Trading in JES's shares has been suspended since March 4, 2015, the
report adds.

JES International Holdings Limited operates a shipyard in China.
The Company build bulk carriers, containerships and ocean
engineering vessels, mainly crane barges for offshore oil sector
and offshore construction building works.


TIMES CHINA: Fitch Affirms 'BB-' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed China-based Times China Holdings
Limited's Long-Term Foreign-Currency Issuer Default Ratings (IDR),
senior unsecured rating and the ratings of all its outstanding
bonds at 'BB-'. The Outlook is Stable.

Times China's ratings are supported by a significant increase in
scale without compromising its financial profile. The company has
expanded quickly within Guangdong province, while keeping leverage
below 45%, and has achieved a healthy gross profit margin of around
28% for its property-development business despite a fast churn
rate. In addition, government refunds from the sale of Times
China's urban redevelopment projects (URPs) introduce a new source
of liquidity. Fitch believes Times China's strong sales and healthy
financial profile are commensurate with those of 'BB-' rated
peers.

KEY RATING DRIVERS

Contribution from URPs: Times China expects 41 URPs, with an
estimated gross floor area (GFA) of 11 million square metres (sqm),
to be sold or converted into land bank in 2019-2021, after securing
80 projects with a GFA of 25 million sq m by end 2018. It started
harvesting its URPs in 2018, either by receiving government
compensation for performing primary-land development services or
benefiting from lower land costs. Primary land development
contributed CNY2.8 billion (8% of total revenue) in 2018, with a
high gross profit margin of 65%. Times China has a competitive
advantage in obtaining low-cost URPs, particularly in Guangzhou and
Foshan, which helps control land costs and ease land-acquisition
pressure.

Leverage Under Control: Leverage, as measured by net debt/adjusted
inventory, is likely to remain at 40%-45% over the next two years
based on Fitch's forecast of an improving cash-collection rate but
more expenditure on land replenishment. Times China has a
satisfactory record of managing its financials while expanding
quickly. The company's leverage of below 45% remains commensurate
with that of 'BB-' rated peers, even though leverage increased to
44% in 2018, from 38% in 2017, due to a historically low
cash-collection ratio of around 70%.

Cash Collection to Pick Up: Fitch expects Times China's cash
collection rate to recover to 76% in 2019, as the company has seen
price-restriction policies ease and mortgage-approval periods
shorten in some cities. In addition, Times China had uncollected
cash of CNY20 billion at end-2018. The company collected around
CNY30 billion of cash from sales in 2018, or around 70% of reported
contracted sales; lower than its 75% cash collection rate in 2017
and 85% before 2016. Fitch believes this is due to a tight onshore
credit environment starting in 2H17. Tighter credit may see buyers
experiencing delays in obtaining mortgage loans, slowing cash
collection for the market.

Land Acquisition to Increase: Fitch forecasts Times China will
spend CNY23 billion for land acquisitions in 2019, which amounts to
half of Fitch's estimated sales proceeds for the year. Total land
acquisition expenditure was CNY13 billion in 2018, much less than
the company's guidance of CNY22 billion-25 billion due to slower
cash collection. Its average land cost increased by 20% yoy to
CNY4,055/sq m in 2018 due to the higher portion of GFA acquired in
tier one and two cities. This was partly offset by a smaller
portion of land acquired through public auction. Two thirds of GFA
was acquired through acquisitions, while the rest was purchased via
public auctions and conversion from URPs.

Slower Sales Growth: Times China's contracted sales growth is
likely to slow in 2019, in line with Fitch's view of negative
sentiment on China's property market. Total sales increased by 46%
yoy in 2018 to CNY61 billion (2017: 42% increase), which was 10%
above the company's target, with support from a 32% rise in GFA
sold and 10% rise in the average selling price. Fitch expects sales
to continue increasing over the next three years, albeit at a
slower pace, in light of Times China' medium-term sales target of
CNY100 billion and robust demand in Guangdong province thanks to
the government's initiative to deepen integration within the
Greater Bay Area.

DERIVATION SUMMARY

Times China has a large footprint in Guangdong province, similarly
to KWG Group Holdings Limited's (BB-/Stable), Logan Property
Holdings Company Limited (BB-/Stable) and China Aoyuan Group
Limited (BB-/Positive). Times China's closest peer is KWG, although
KWG's has a more diverse geographic exposure but smaller
attributable sales scale. Fitch forecasts that the two companies
will have similar leverage, as measured by net debt/adjusted
inventory, of 40%-45% over the next 12 to 18 months and will see
EBITDA margins, excluding capitalised interest, of over 30% for the
next two years, although Times China has faster churn of around
1.4x, against KWG's 0.6x.

Times China has smaller scale but faster churn than Logan. The two
companies have similar leverage of 40%-45% and an EBITDA margin of
over 30%. Aoyuan has larger scale than Times China and better
leverage of below 40%. However, Fitch expects Times China's EBITDA
margin to exceed Aoyuan's around 25%, thanks to the contribution
from Times China's URPs; both companies have a similar churn rate.


KEY ASSUMPTIONS

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

-- Contracted sales to increase by 15% in 2019 and 10% in 2020
    (2018: 46%)

-- Cash collected as a percentage of total sales at 76% (2018:
    70%)

-- Attributable land premium of around 50% of sale proceeds in
    the next three years (2018: 37%)

-- Overall EBITDA margin, excluding capitalised interest,
    improving to 33% in 2020 (2018: 31%)

RATING SENSITIVITIES

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

-- Net debt/adjusted inventory sustained below 40%

-- EBITDA margin, excluding capitalised interest, sustained over
    30%

-- Contracted sales/total debt sustained above 1.2x

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

-- Net debt/adjusted inventory above 50% for a sustained period

-- EBITDA margin, excluding capitalised interest, below 20% for a

    sustained period

LIQUIDITY

Sufficient Liquidity: Times China had cash and cash equivalents of
CNY27 billion, including restricted cash of CNY4 billion, as of
end-2018, against CNY7 billion in short-term debt. The company's
average funding cost remained stable at 7.7% in 2018, compared with
7.6% in 2017.

FULL LIST OF RATING ACTIONS

Times China Holdings Limited

-- Long-Term Foreign-Currency IDR affirmed at 'BB-', Outlook
    Stable;

-- Senior unsecured rating affirmed at 'BB-';

-- US$375 million 6.250% senior unsecured notes due 2020 Affirmed

    at 'BB-';

-- US$300 million 10.950% senior unsecured notes due 2020
    Affirmed at 'BB-';

-- US$500 million 6.250% senior unsecured notes due 2021 Affirmed

    at 'BB-';

-- US$450 million 7.850% senior unsecured notes due 2021 Affirmed

    at 'BB-';

-- US$225 million 5.750% senior unsecured notes due 2022 Affirmed

    at 'BB-';

-- US$500 million 7.625% senior unsecured notes due 2022 Affirmed

    at 'BB-';

-- US$300 million 6.600% senior unsecured notes due 2023 Affirmed

    at 'BB-'.


[*] CHINA: Had Record Amount of Corporate Bond Defaults in 2018
---------------------------------------------------------------
Weizhen Tan at CNBC reports that an economic slowdown and extremely
tight credit conditions pushed corporate debt to a record high in
China last year, according to experts.

Defaults for Chinese corporate bonds - issued in both U.S. dollars
and the Chinese yuan - soared last year, CNBC discloses citing
numbers from two banks.

CNBC, citing a February report by Singapore bank DBS, says
yuan-denominated debt rose to an "unprecedented" CNY119.6 billion
(US$17.8 billion) - four times more than 2017.

Japanese bank Nomura's estimates, provided to CNBC, were even
higher, putting the size of defaults in onshore bonds - or
yuan-denominated bonds - at CNY159.6 billion (US$23.8 billion) last
year. That number is roughly four times more than its 2017
estimate.

Offshore corporate dollar bonds, or U.S. dollar-denominated debt
issued by Chinese companies, followed the same trend. Nomura said
the amount of such debt rose to $7 billion in 2018, from none the
year before, CNBC relays.

"China witnessed an unprecedented wave of corporate bond defaults
last year, in a fresh sign of wobbles hitting financial markets as
slowdown deepens," said DBS analysts in the report.

According to CNBC, DBS said the energy sector bailed on 46.4
billion yuan of payments in 2018 - making up almost 40 percent of
all defaults in yuan-denominated debt. Consumer companies were the
next worst hit, according to the bank's report.

"The default wave is extending into 2019 . . . Given the reduced
risk appetite and huge maturing volume, the outlook is poor," DBS
said, adding that there are CNY3.5 trillion in corporate bonds due
this year, CNBC adds.

CNBC relates that companies are facing tighter monetary conditions,
aggravated by high borrowing costs, DBS said, adding that real
interest rates shot up to 4.35 percent in January, from as low as
-3.1 percent at the start of 2017.

"Availability of credit for refinancing remains tight despite
repeated monetary easing by (the) PBOC," said DBS, referring to the
People's Bank of China, the country's central bank. Meanwhile, it
added: "Commercial banks have remained cautious in lending to
private companies and financially wobbly state-owned enterprises."

Such tough monetary conditions "add to the financial stress on
Chinese firms," DBS, as cited by CNBC, warned, saying it "doesn't
bode well for their debt repayment ability."

The bank singled out the property sector and said that "a
worryingly large share of recent borrowing has come in the form of
short-term bonds." The funding pressure faced by property
developers have been exacerbated by the housing slowdown, it
added.

Last year's defaults hit mostly companies in the private sector as
compared to the last cycle in 2016, CNBC reports citing Edmund Goh,
Asian fixed income investment manager at Aberdeen Standard
Investments.

"Rising rates environment in 2017 and early 2018 . . . and in
general, weaker economic growth in (the second half of 2018) were,
of course, the main culprit for defaults - but why is it
concentrated on private companies then? Because we see strong
support policies in place to channel capital to Chinese
state-owned-enterprises in the last few years," CNBC quotes Mr. Goh
as saying.



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ARVEE ELECTRICALS: CARE Lowers Ratings on INR11.50cr Loans to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Arvee Electricals and Engineers Private Limited (AEEPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank        1.50     CARE D Revised from CARE B+;
   Facilities                     Stable

   Short term Bank      10.00     CARE D Revised from CARE A4
   Facilities          

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
AEEPL factors in the ongoing delays in servicing of debt
obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing obligations: As per banker interaction
there are continuous overdrawals in the cash credit facility
for more than 30 days. This was on account of delay in receiving
payments from the customers, resulting in stretched liquidity
position of the company.

Established in the year, 1987, AEEPL is a Pune-based company
promoted by Mr Arun Doshi and Mrs Asha Doshi. The company is a
turnkey electrical contractor and handles contracts for sugar,
cement, fertilizer, metallurgical plants, cement plants and the oil
industry. The company also provides services related to
engineering, detailing, designing, production and commissioning of
substations and transmission lines set up for private organizations
and is also engaged in the trading of electrical components like LT
panels and electrical control boards.


BALAJI INDUSTRIES: CARE Migrates D Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Balaji
Industries (BI) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     8.00       CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BI to monitor the rating
vide e-mail communications/letters dated December 18, 2018, January
8, 2019 and February 25, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on BI's
bank facility will now be denoted as CARE D, ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in the rating assigned to the bank facilities of
Balaji Industries (BI) factors in the ongoing delays in servicing
of debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing obligations: As per banker interaction,
there are continuous overdrawals in the cash credit facility
for more than 30 days. This was on account of delay in receiving
payments from the customers, resulting in stretched liquidity
position of the company.

BI based out of Nagpur, Maharashtra is a partnership firm promoted
by Mr. Ramanrao Bholla and Mrs Vijayalaxmi Bholla. The firm was
established in October 2013 and is engaged in the business of
processing of roasted gram dal with its processing facility located
at Nagpur, Maharashtra.


BKM INDUSTRIES: CARE Migrates 'D' Ratings to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of BKM
Industries Ltd. (BKM) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank     80.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 Information

   Short-term Bank    28.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

BKM has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on BKM's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating assigned to the bank facilities of BKM takes into
account the ongoing delays in interest servicing due to tight
liquidity position.

Detailed description on Key Rating Driver

At the time of last review on September 17, 2018, following were
the rating weaknesses (updated for the latest information available
in the company's website):

Key Rating Weaknesses

Ongoing delays in the account: There have been instances of LC
devolvement and the cash credit account remained overdrawn for a
period of more than 30 days. This liquidity mismatch is primarily
due to delay in collection from the debtors and decline in
the revenue since Q1FY19 due to weak demand scenario.

Deterioration in financial performance of the company in Q1FY19
marked by cash losses: BKM's operating income declined by 58.32%
from previous quarter to INR17.30 crore in Q1FY19 (as against
INR45.05 crore in Q1FY18) on the back of lower execution of orders.
This coupled with under absorption of fixed cost and execution of
less margin products lead to operational losses in Q1FY19. Further,
higher interest expenses resulted in cash losses during the said
quarter. This apart in July 2018, the company had also decided to
discontinue its manufacturing operations at the Barjora (Bankura,
West Bengal) and resultantly reported loss of INR-0.57 crore in
Q1FY19. During 9MFY19, BKM reported cash loss of INR22.15 crore on
a total operating income of INR34.64 crores .

BKM Industries Ltd (BKM) was incorporated on March 25, 2011. It was
a dormant company till October 1, 2013 before the demerger of
packaging division of Manaksia Ltd (ML) to BKM. BKM manufactures
packaging products and aluminum semi-rigid containers. Major
packaging products manufactured by the company includes (1) Roll on
Pilfer Proof closures for the premium liquor and pharmaceutical
sector, (2) Crown closures for carbonated soft drinks and beer, (3)
Plastic closures for carbonated soft drinks and mineral water
sectors, and (4) Metal containers for shoe polishes, cosmetics and
tea. The company currently has manufacturing facilities located in
West Bengal, Telengana and Dadra & Nagar Haveli. In July 2019, the
company has strategically planned to discontinue its manufacturing
operations at the Barjora (Bankura, West Bengal).


DIGNITY BUILDCON: CARE Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Dignity
Buildcon Private Limited (DBPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank     775.00      CARE D; Issuer not cooperating;
   Facilities                     on the basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

DBPL has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. Also, CARE has been seeking
information from Dignity Buildcon Private Limited to monitor the
rating vide e-mail communications and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings
except provisional financials for FY18. In line with the extant
SEBI guidelines CARE's rating on Dignity Buildcon Private Limited's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating assigned to the bank facilities of Dignity Buildcon
Private Limited (DBPL) takes into account the ongoing delays in the
repayment of debt obligations on bank loans and account has been
classified as NPA.

Detailed description of the key rating drivers

At the time of last rating on November 15, 2017, the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

Delay in debt servicing: The company has delayed in repayment of
interest during the current quarter (Q3FY18- refers to the period
from October to December) on account of stretched liquidity due to
delay in project completion.

Delay in project completion and substantial area of the project yet
to be leased out: The project 'Prius Vision' was scheduled to
complete by September-2017, however, it has been delayed and
now the project is proposed to be completed by March-2018. Tower B1
and Tower B2 have been completed however retail space and Iconic
Tower are expected to be complete by December-2017 and March-2018
respectively. The delay in project completion is on account of slow
pace of project execution and delay in
obtaining Occupancy Certificate (OC) due to delay in getting
ownership title of approach road (from main road to the project)
from the State Development Authority. Further, as on July 31, 2017,
out of total leasable area of 13.00 lsf, DBPL has been able to
lease 1.38 lsf of leasable area (~11% of aggregate leasable area)
and the remaining area of 11.62lsf is yet to be leased out. Any
delay in the completion of the tower and subsequent
delay in leasing it out might affect the gross lease rentals
envisaged by the company.

Key Rating Strengths

Experienced promoters: DBPL is a part of the GYS group and is
promoted by Delhi-based Mrs.ShabnamDhillon and
Mr.YuvrajNarainGorwaney. Further, Mrs. ShabnamDhillon holds about
8.52% stake in Religare Enterprises Limited in her personal
capacity and is classified as a public shareholder in the company,
she further holds 9.01% in Religare Enterprises Limited through
corporate holdings. Furthermore, the promoters of Fortis/Religare
group have close ties with the Dhillon family.  

Incorporated in March 2006, Dignity Buildcon Private Limited (DBPL)
is a part of GYS Group. DBPL is a wholly owned subsidiary of Prius
Real Estate Private Limited (PREPL) which is owned by GYS Group.
DBPL is currently developing a commercial project "Prius Vision" in
Sector-62, Gurgaon with total leasable area of 13.00 lakh square
feet (lsf). Mr. Yuvraj Narain Gorwaney and Ms. Shabnam Dhillon are
the promoters of the GYS group.


ESSAR STEEL: NCLAT Directs to Call CoC Meeting to Rejig Funds
-------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) asked the resolution professional of Essar Steel
to call a fresh meeting of Committee of Creditors to discuss
distribution of INR42,000 crore coming from ArcelorMittal's
resolution plan.

A two-member bench headed by Justice SJ Mukhopadhaya has asked to
reconsider distribution of the funds between financial and
operational creditors of Essar Steel in the meeting, the report
says.

"The resolution professional may call for the meeting of the
Committee of Creditors for reconsideration of distribution of
funds," the bench said, BloombergQuint relays.

According to BloombergQuint, the NCLAT was hearing an urgent
application moved by Standard Charted bank, an operational creditor
of the company.

The appellate tribunal has directed to list the matter on March 27
for the next hearing.

BloombergQuint says Standard Chartered moved the NCLAT against the
plan as its counsel contended that the bank was being given only
1.7 percent of its total dues on Essar Steel, while other financial
creditors, forming part of the CoC, were getting over 85 percent of
their dues

ArcelorMittal's resolution proposal provides financial creditors
INR41,987 crore out of their total dues of INR49,395 crore,
BloombergQuint notes.

Operational creditors, under the plan, would get just INR214 crore
against the outstanding of INR4,976 crore.

If the ArcelorMittal plan is implemented, Standard Chartered will
only get INR60 crore against its claims of INR3,187 crore from
Essar Steel, according to BloombergQuint.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar
Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip)
and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore
slurry from the beneficiation plant (located near the iron ore
mines in Dabuna and Kirandul) to the pellet plant (located near the
Paradip and Vizag ports). A large portion of the iron ore pellets
produced are intended for captive consumption by ESIL's steel plant
at Hazira for cost optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench admitted
Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB).


JET AIRWAYS: Bankruptcy "Last Option," SBI Chairman Says
--------------------------------------------------------
Reuters reports that State Bank of India's head told reporters on
March 20 that putting Jet Airways into bankruptcy is the "last
option" for lenders and that they are making every effort to keep
the airline flying.

"We believe that it is in everybody's interest that Jet Airways
continues to fly," the SBI chairman, Rajnish Kumar, told reporters
after a meeting with government officials, adding that placing Jet
into bankruptcy would mean grounding the airline, Reuters relays.

According to Reuters, Kumar said that talks with Abu Dhabi-based
carrier Etihad, Jet's largest shareholder, to secure a rescue deal
are ongoing.

There is also the possibility of bringing in a new investor, he
said. Kumar also said that any decision taken to rescue Jet is a
commercial one and is not at the direction of the Indian
government.

The 25-year-old airline has defaulted on loans after racking up
over $1 billion in debt, and owes money to banks, suppliers, pilots
and lessors - some of whom have started terminating their lease
deals with the carrier.

The government has asked state-run banks to rescue Jet Airways
without pushing it into bankruptcy, two people within the
administration have told Reuters.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provides passenger and cargo air
transportation services. It also provides aircraft leasing
services. It operates flights to 66 destinations in India and
international countries. As of November 22, 2018, the company had a
fleet of 124 aircraft, comprising Boeing 777-300 ERs, Airbus
A330-200/300, the latest Boeing 737 Max 8, 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.M.M. FOODS: CARE Maintains D Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings had, vide its press release dated February 2, 2018,
placed the rating(s) of K.M.M. Foods Private Limited (KFPL) under
the 'issuer non-cooperating' category as KFPL had failed to provide
information for monitoring of the rating for the rating exercise as
agreed to in its Rating Agreement. KFPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and letter/email-s dated
December 4, 2018, January 4, 2019, January 19, 2019, February 12,
2019 and February 14, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term Bank     5.66      CARE D; Issuer not co-operating;
   Facilities                   Based on Best Available
                                Information

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on February 2, 2018, the following were
the rating weaknesses:

Key Rating Weaknesses

Ongoing delays in debt servicing: KFPL has been irregular in
servicing its debt obligation due to weak liquidity position of the
company.

KFPL was incorporated in 2007 by Mr Prem Manglani and Mr. Ghanshyam
S Manglani. It is a contract based manufacture of Parle 20-20
biscuits for Parle Products Limited (PPPL). The company has its
manufacturing unit in Ahmedabad, Gujarat with an installed capacity
of 1196 Metric tonne (MT). The raw materials are entirely supplied
by PPPL and the manufacturing process is as per standards and
specifications of PPPL. KFPL is a part of the Manglani Group,
Gujarat, which has a presence in confectionery and bakery products
for over four decades.


METHRA INDUSTRIES: CARE Migrates D Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Methra
Industries India Private Limited (MIPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      5.64       CARE D; Issuer not cooperating;
   Facilities                     on the basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MIPL to monitor the rating
vide e-mail communications/letters dated October 17, 2018,
January 12, 2019, February 7, 2019 and February 12, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of best available
information which however, in CARE's opinion is not sufficient to
arrive at fair rating. The rating on Methra Industries India
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating.

Detailed description of the key rating drivers

At the time of last rating on January 05, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weakness

On-going delays in servicing debt obligations due to stressed
liquidity position and working capital intensive nature of
Operations: The company has been facing liquidity stress due to
insufficient cash accruals during the review period to meet the
debt obligation of time. Furthermore, the company operates in a
working capital intensive nature of industry due to high inventory
holding. The company is engaged in manufacturing of concrete blocks
(Autoclaved Aerated Blocks) along with trading of gypsum which
requires high inventory holding to meet production requirement as
well as meet the customer's requirement on time. The company is
funding working capital requirements by delaying payments to
creditors along with utilization of cash credit (CC) facility.
There are on-going delays in servicing the principal installment in
all the term loans to the extent of 60 days. However, the interest
payments are regular. The maximum utilization of CC is 100% in the
last 12 months ended November 30, 2017 and overdrawals were also
observed in the CC account. The last overdrawals in CC account was
regularized within 14 days.

Improved networth: Tangible networth of the company has improved
and stood at INR0.97 Crore as on March 31, 2018.

Key Rating Strengths

Increase in net profit with better operating margins and
improvement in debt coverage indicators: Net profit of the company
also increased in FY18 by 200% and stood at INR0.36 Crore.
Operating margin also has shown improvement by 322bps in FY18 and
stood at 27.52%. Debt coverage indicators also improved marked by
TD/GCA at 6.98x as on March 31, 2018, as against 8.57x as on
March 31, 2017 on account of decrease in total debt.

Methra Industries India Private Limited (MIIPL) was established on
April 12, 2010 by Mr. P.Venkatesan and Mrs. Saraswathy Venkatesan
with the objective of manufacture of concrete blocks (Autoclaved
Aerated Blocks) which are ecofriendly under the brand name "CELL O
CON" using the German technology. In addition to the manufacture of
AAC blocks, MIIPL also trades the gypsum material which is used in
plastering of building.


NAIKNAVARE PROFILE: CARE Hikes Rating on INR70cr NCD to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Naiknavare Profile Constructions Private Limited (NPCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible      70.00      CARE C; Stable Revised from
   Debentures                      CARE D

Detailed Rationale & Key Rating Drivers

The revision in the rating of the long-term instrument of NPCPL
takes into account strong promoter's background with 3 decades of
experience and track record in construction sector. The rating also
factors in the receipt of all the approvals and clearances required
for the construction of project and financial assistance received
from ASK Real estate fund ("ASK") in the form of NCD The rating
takes a note of full replacement of existing term loan by the NCDs
with flexible interest servicing terms.  However the rating
strengths are partially offset by high project execution risk
associated with nascent stage of the project construction, high
salability risk of the project, competition from other
projects in the nearby areas and cyclical nature of the real estate
industry.

The ability of the company to timely execute the construction of
the project as per the schedule and collect the customer advances
as per schedule thereby avoiding any cash flow mismatches will be
the key rating sensitivity. Further the ability of the company to
generate surplus and pay out the coupon amount as scheduled is a
key rating monitorable.

Detailed description of the key rating drivers

Key Rating Weaknesses

High project execution risk associated with nascent stage of the
project construction: The construction of Phase-1 and Phase-2 of
Avon Vista commenced in August 2016 and April 2018 respectively and
is in advance stage of execution. However construction of Phase-3
is yet to begin. The company has incurred ~44% of the total project
cost. The remaining project cost is to be incurred through the
customer advances. Further, considering repayment of debt (NCD
repayment along with Interest) company's ability to sell the
remaining unsold inventory and generating surplus will be a key
rating sensitivity.

High Salability Risk: The company has already launched Phase-1 and
Phase-2 of the project for sale and construction of phase 3 is yet
to begin and the management is planning to launch the same in next
2-3 months. The company has unsold units of ~70 % of the total
units. Going forward, the ability of the firm to receive customer
advances stage wise from the sold units and ability of the firm to
sale unsold units and collect the customer advances out of the same
at least for as envisaged shall remain key rating sensitivity.

Competition from other projects in the nearby areas: The project is
situated at Balewadi, Pune, next to Mumbai Pune Highway, and has
all the required social infrastructure including shopping,
entertainment, health care, education, IT Park within a short
distance and easy reach. Thus making the area very favorable to
those in IT companies or offices in these areas as well, thereby
leading to the increased competition among various builders within
the same vicinity.

Cyclical nature of the industry: The firm is exposed to the
cyclicality associated with the real estate sector which has direct
linkage with the general macroeconomic scenario, interest rates and
level of disposable income available with individuals. In case of
real estate companies, the profitability is highly dependent on
property markets.

Liquidity
Current ratio as on March 31, 2018 stood at 2.24x as against 1.58x
as on March 31, 2017. Further, cash and bank balance as on December
31, 2018 stood at INR2.17 crore.

Key Rating Strengths

Experienced Promoters: Naiknavare Profile Construction Private
Limited (NPCPL) was incorporated in December, 2017 and is
spareheaded by Mr. Hemant Naiknavare, Age 58 Years, in the capacity
of Chairman. Mr Hemant holds the degree in B.E. (Civil) L.L.B., and
has the business experience of more than three decades. He looks
after the control of overall operations and policies of the group,
his main areas of expertise lies in land acquisition and legal
permissions. Mr Hemant is ably supported by Mr. Ranjit Naiknavare,
Age 56 Years, graduated with distinction from the Bombay University
in 1984 and has obtained MS in Civil Engineering (Structures) from
the USA. He currently undertakes the responsibilities of Marketing,
Construction and Finance for the group.

Financial Assistance from ASK Real Estate Fund: The Company has
raised INR70.00 Cr (O/s INR58.50 crore as on December 31, 2018,
remaining amount yet to be disbursed) through Non-convertible
Debentures (NCD) issued to ASK Real estate fund ("ASK").  The NCDs
have stipulated guaranteed IRR of 16% and maximum IRR of 22%,
maturing on December 19, 2021. However, the IRR shall be payable
based on availability of surplus cash flows in the project.
The amount was used for re-financing NPCPL's existing term loan
from Piramal Finance Private Limited and towards funding working
capital requirements.

Receipt of the approvals and clearance: NPCPL has received all the
necessary sanction required for the project, including approval on
commencement certificate, Fire NOC, Environment clearance,
Irrigation and Highway approval, plinth checking approval for the
whole project.

Industry Outlook: There has been a marked increase in the number of
new apartments launched on a year-on-year basis in Pune. Industry
witnessed increase in inventory levels to 40,885 new apartments
which is a rise of 64.91% from period June-December of last year.
This led to improvement in sales by 15% for the same period. The
demand couldn't translate into a price rise, rates per square foot
(psf) continued on the downward trend. The focus towards affordable
housing has gathered pace and this has brought down the average per
square foot price.

Naiknavare Developers Private Limited (NDPL) is developing a
residential project through Naiknavare Profile Constructions
Private Limited (erstwhile Naiknavare Profile Developers LLP;
Project SPV, NPDL) by the name of Avon Vista at Balewadi, Pune
(Project) with total saleable area of 6.14 lakh square ft (lsf).
Naiknavare Developers are property builders that have been in the
construction business since the past 28 years in Pune.


ORTEL COMMUNICATIONS: CARE Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Ortel
Communications Limited (OCL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     39.98      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

   Short-term Bank    20.00      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

OCL has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on OCL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above ratings.

The ratings take into account the ongoing delays in debt servicing
by the company.

Detailed description of the key rating drivers

At the time of last rating on November 5, 2018, the following were
the rating strengths and weaknesses (updated for the information
available from Stock Exchange filings):

Key Rating Weaknesses

Delays in debt servicing: The liquidity position of the company has
been stretched due to significant losses incurred in FY18 (refers
to the period April 1 to March 31) and 9MFY19. OCL reported net
loss of INR95.27 crore in FY18 (as against PAT of INR0.05 crore in
FY17) on total operating income of INR184.04 crore (as against
INR203.21 crore in FY17). It reported net loss of INR43.79 crore in
9MFY19. With respect to a petition filed with National Company Law
tribunal against OCL by one of their creditors, Corporate
Insolvency Resolution process has been initiated against OCL and
Resolution Professional has been appointed.

OCL was incorporated on June 2, 1995 by the Bhubaneswar-based Mr.
Baijayant Panda & family. OCL is a regional cable and broadband
service provider. The company provides services in the state of
Odisha, Chhattisgarh, Andhra Pradesh, Telengana, Madhya Pradesh and
West Bengal.


PAWAN IMPEX: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Pawan
Impex Private Limited (PIPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      185.00     CARE D; Issuer not cooperating;
   Facilities@                    Based on best available
                                  information

@The rating is based on the credit enhancement in the form of
structured payment mechanism which entails operating escrow account
and maintenance of Debt Service Reserve Account in the form of Bank
Guarantee (Covering two month's principal and interest
obligation).

Detailed Rationale & Key Rating Drivers

PIPL has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. Also, CARE has been seeking
information from Pawan Impex Private Limited to monitor the rating
vide e-mail communications and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings except audited
financials (without auditor's report) for FY18. In line with the
extant SEBI guidelines CARE's rating on Pawan Impex Private
Limited's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating assigned to the bank facilities of Pawan Impex Private
Limited takes into account the ongoing delays in the repayment of
debt obligations.

Detailed description of the key rating drivers

At the time of last rating on July 02, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

Ongoing delays in debt servicing: The company has delayed in
repayment of debt obligations due to liquidity stretch as a result
of decline in its overall tenancies with some of the large tenants
not renewing their tenancies and moving out after the expiry
of their lease period.

Single property risk: The company has revenue (lease rentals)
accruing from only one property, for debt servicing of Lease rental
Discounting (LRD) loan. This exposes the company to revenue
concentration risk.

Subdued industry scenario: The real estate market in Delhi-NCR has
seen slow-down in the sales in past few quarters. Competitive
pricing, increased transparency, speedy approvals process, clear
land titles, improved delivery and project execution are expected
to support growth of the real estate sector. Further, after the
implementation of Real Estate (Regulation & Development) Act (RERA)
under which 70% of the amount realized from the real estate project
from the buyers, from time to time, shall be deposited in a
separate account to cover the cost of construction/development and
the land cost and shall be used only for that purpose which has led
to shortage of free funds with the developers.

Key Rating Strengths

Well-connected location and strong catchment area: The property
"GYS Global" is located at Plot No. A-3-5, Sector -125, Noida. The
location is off Noida-Greater Noida Expressway. The plot size is
12000 sqm, which has been granted to the Borrower on standard lease
agreement for a period of 90 years starting January-2005.

Incorporated in 2002, PIPL is a wholly-owned subsidiary of GYS Real
Estate Private Limited (GREPL), the holding company of the GYS
group, and is promoted by Delhi-based Mrs. Shabnam Dhillon and Mr.
Yuvraj Narain Gorwaney. Furthermore, the promoters of
Fortis/Religare group have close ties with the Dhillon family. PIPL
owns and manages a commercial building "GYS Global" at Sector 125,
Noida, with total leasable area of 3.57 lakh square feet. The
property is currently leased out to Religare Enterprises Limited
(REL), Religare Finvest Limited (RFL), Religare Securities Limited
(RSL), Eli Research, Vatika Group, Finserve Shared Service Limited
(FSSL), Monotype Solutions and Rategain IT Solutions for varying
lease period of 11 months to 5 years and lock-in period ranging
from 11 month to 3 year.


PIONEER FOOD: CARE Lowers Rating on INR30cr LT Loan to 'D'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pioneer Food & Agro Industries Private Limited (PFA), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      30.00      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4 Based on
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PFA to monitor the rating(s)
vide e-mail communications/letters dated Jan 28, 2019, Nov 15, 2018
and Aug 14, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on PFA bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings have been revised on account of the ongoing delays in
debt servicing and the account has been classified as NPA.

Detailed description of the key rating drivers

At the time of last rating on March 30, 2018, the following were
the rating strengths and weaknesses (updated from the latest
possible information received from the banker):

Key Rating Weaknesses

On-going delay in debt servicing: As per banker interaction, there
have been ongoing delays in debt servicing and the account has been
classified as NPA.

Mumbai (Maharashtra) based Pioneer Food & Agro Industries Private
Limited (PFA), initially established as a partnership firm in 2007
and later on in July 2014 was converted into private limited
company. PFA is engaged in the processing of the raw honey wherein
it procures raw honey through its network of traders
&collectors(from Punjab, Haryana, Uttarakhand, Uttar Pradesh, Bihar
and West Bengal) and decrystallize it (reduces the moisture
content) to improve the quality of honey and finally exports the
processed honey (export only to USA). The company has its sole
processing facility located at Mathura (Uttar Pradesh) with the
accreditation from ISO 22000, HACCP & USFDA.


QUADRANT TELEVENTURES: CARE Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Quadrant
Televentures Limited (QTL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term Bank      17.22     CARE D; Issuer not cooperating;
   Facilities                    on the basis of best available
                                 information

   Short-term Bank     24.40     CARE D; Issuer not cooperating;
   Facilities                    on the basis of best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from QTL to monitor the rating
vide e-mail communications dated December 4, 2018; January 4, 2019;
January 7, 2019; January 14, 2019; January 17, 2019,
January 21, 2019; Feb 11, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
Quadrant Televentures Limited's bank facilities will now be denoted
as CARE D/CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating.

The rating assigned to the bank facilities of Quadrant Televentures
Limited (QTL) takes into account ongoing delays in the servicing of
the debt obligation.

Detailed description of the key rating drivers

At the time of last rating on February 1, 2018 the following were
the rating weaknesses (updated for the information
available from stock exchange).

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in the
interest servicing for the cash credit limit availed by QTL. The
limit has remained overdrawn for more than 30 days.

Financial risk profile marked by declining scale of operations and
losses at net level: The total operating income of the company
declined by ~57% in FY18 mainly on account of lower sales realized
from its internet services segment and lower other income realized
due to fair valuation of its Compulsorily Convertible Debentures
(CCDs) through profit & loss account in FY18 compared to previous
year. Further, due to high operational expenses, the PBILDT margins
remained low in FY18 at 3.48% which declined from 74.33% in FY17.
The PBILDT margins remained high in FY17 on account of other income
realized by the company due to fair valuation of its CCDs.
Furthermore, the company remained in losses at the net level of
INR300.64 crore (profit of INR520.14 crore in FY17). Due to losses
at the net level, the networth of the company remained negative. In
9MFY19 (Unaudited), the total operating income of the company stood
at INR300.33 cr. (Rs.290.94 cr. in the same period last year) and
net loss of INR97.73 cr. (net loss of INR253.96 cr. in the same
period last year).

History of CDR: The debt of the Company was restructured under
Corporate Debt Restructuring (CDR) mechanism in Mar- 04 and
subsequently in Jun-05. However, due to continued losses and
liquidity problems (at the time of launch of GSM services), QTL
again approached its lenders for rework of the earlier sanctioned
restructuring package, which was approved by CDR Empowered Group in
Aug-09, with cut-off date as April 1, 2009. In-line with the last
approved CDR terms, Videocon group was inducted as the new
strategic investor and subsequently a new management team was
setup.

Deterioration in the financial risk profile of Videocon group from
which QTL derives operational and financial support: After taking
over the reins of the business of QTL in 2009, the Videocon group
has regularly supported the company to fund its capex and other
operational needs. The Videocon group, through its flagship
company-Videocon Industries Limited (VIL), has presence in varied
business verticals such as oil & gas, consumer electronics and
telecommunications. However, the financial risk profile of VIL has
deteriorated lately, with the company reporting net loss of
INR6553.72 crore on a total income of INR5093.07 crore in FY18 as
compared with net loss of INR2550.39 crore on a total income of
INR13591.86 crore in FY17, at a consolidated level. Further, on a
standalone basis, VIL reported net losses of INR5264.04 crore in
FY18 as against net losses of INR2080 crore in FY17.

Quadrant Televentures Limited (QTL) was incorporated in August 1946
by the name - The Investment Trust of India Limited (ITIL). The
name of the company was changed to HFCL Infotel Limited (HIL) in
May 2003. In August 2009, the ownership of HIL was transferred to
the Videocon group, subsequent to which, the company was
rechristened as QTL.  Currently, the Videocon group holds majority
stake (49.47%) in QTL through an entity promoted by it.

QTL is a Unified Access Services (UAS) Licensee in the Punjab
Telecom Circle comprising of the state of Punjab, Chandigarh and
Panchkula. The company started its operations as a fixed line
service provider under the brand name 'Connect' in the year 2000.
It was later granted UAS License in the Punjab Telecom Circle
(including Chandigarh and Panchkula) in 2003 subsequent to which it
launched its CDMA based mobile services under the brand name 'Ping'
(from September 2007) and GSM-based mobile services in March 2010.
Currently, QTL is providing Fixed Voice (Landline) services, DSL
(Internet) services, Leased Line services and CDMA Mobile Services
in the Punjab Telecom Circle (including Chandigarh and Panchkula).
The company discontinued its GSM business operations from February
15, 2017.


RAYAT & BAHRA: CARE Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of from
Rayat & Bahra Group Of Institutes: An Educational & Charitable
Society (RBGI) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      85.35      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

   Short term Bank      1.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RBGI to monitor the rating
vide e-mail communications/letter dated January 14, 2019;
January 17, 2019; January 21, 2019; February 7, 2019; February 14,
2019 and numerous phone calls. However, despite CARE's repeated
requests, the society has not provided the requisite information
for monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Rayat & Bahra Group Of
Institutes: An Educational & Charitable Society's bank facilities
will now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on August 20, 2018 the following were
the rating weaknesses:

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the interest and principle repayments for
the term loans availed. Furthermore, the over-draft limit has
remained overdrawn for more than 30 days.

Rayat & Bahra Group Of Institutes: An Educational & Charitable
Society (RBGI) was established in 2003. Currently, RBGI is running
two campuses having twelve colleges located in Mohali and
Hoshiarpur, Punjab. Apart from the above, the society is also
running two K-12 schools, one each under the Mohali and Hoshiarpur
campus. The Society was established with an objective to provide
education in the field of engineering and technology, management
and pharmacy. The different courses offered are duly approved by
AICTE (All India Council of Technical Education), PTU (Punjab
Technical University) - Jalandhar, SCERT (State Council of
Educational Research and Training) - Punjab, PU (Punjab University)
- Chandigarh and PSBTE (Punjab State Board of Technical Education)
- Chandigarh.


RAYAT EDUCATIONAL: CARE Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Rayat
Educational & Research Trust (RERT) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      33.36      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

CARE has been seeking information from RERT to monitor the rating
vide e-mail communications/letter dated January 14, 2019;
January 17, 2019; January 21, 2019; February 7, 2019; February 14,
2019 and numerous phone calls. However, despite CARE's repeated
requests, the trust has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Rayat Educational & Research
Trust's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on August 20, 2018, the following were
the rating weaknesses:

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the interest and principle repayments for
the term loans availed. Furthermore, the over-draft limit has
remained overdrawn for more than 30 days.

Rayat Educational & Research Trust (RERT) was established in 2001.
Currently, the trust is running one campus having six colleges and
two schools located in Ropar, Punjab. The Trust was established
with an objective to provide education in the field of engineering
and technology, management and pharmacy. The different courses
offered are duly approved by AICTE (All India Council of Technical
Education), PTU (Punjab Technical University) - Jalandhar, SCERT
(State Council of Educational Research and Training) - Punjab, PU
(Punjab University) - Chandigarh and PSBTE (Punjab State Board of
Technical Education) - Chandigarh.


REWA LEISURE: CARE Lowers Rating on INR4.21cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rewa Leisure Private Limited (RLPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       4.21      CARE D Revised from CARE BB-;
   Facilities                     Negative

   Long-term/Short-     3.00      CARE D/CARE D Revised from
   Term Bank                      CARE BB-; Negative/CARE A4
   Facilities           
                                  
Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of RLPL
takes into account ongoing delays in servicing its interest
obligations due to cash flow mismatches on account of delay in its
project completion.

Detailed Description of the Key Rating Drivers

Key Rating Weakness

On-going delays in interest servicing: There are ongoing delays in
interest servicing of term loan by RLPL due to cash flow mismatches
on account of delay in project completion. The interest for the
months of December and January has not been serviced as on date.

RLPL, a special purpose vehicle (SPV) of Ruchi Realty Holdings Ltd
(RRHL), was incorporated in November 2013 to set up an ecotourism
and adventure park in the city of Rewa, Madhya Pradesh. The
contract has been concessioned on a public private partnership
(PPP) basis by Madhya Pradesh Ecotourism Development Board
(concessioning authority) to RLPL (concessionaire) and includes
development of facilities on two islands in the river 'Beehar'
along with a suspension bridge. The concession agreement was signed
on April 28, 2014 for a period of 30 years, including two years of
construction. The project was largely completed in April 2016;
however 'Construction Completion Certificate' was not received till
July 2016 from M.P Ecotourism Development Board due to pending
construction of minor facilities. Meanwhile, the project
infrastructure and suspension bridge was affected during September
2016 due to heavy rainfall and the project was expected to be
completed by July 2019 during last review, which is now delayed to
around September 2019. The total project cost of around INR9.80
crore is financed with a term loan of INR4.72 crore and the balance
through promoter funding (equity and unsecured loans).


S.K. HITECH: CARE Assigns 'D' Rating to INR15cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of S.K.
Hitech Industries (SKHI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          15.00       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SKHI are tempered by
ongoing delays in servicing debt obligation on time due to net
losses and stretched liquidity position on back of late cash
receipts from its customers.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in servicing debt obligations and stressed liquidity
position: There are ongoing delays in servicing debt obligations on
time due to net losses and stressed liquidity position on account
of delay in receipt of payments from its customers.

Limited track record and small scale of operations: SKHI, has
limited track record less than 5 years and the scale of operations
remained small marked by the total operating income of INR37.90
crore in FY18 and with the low net worth base of INR3.84 crore as
on March 31, 2018. The small scale of operations limits the
financial flexibility in times of stress and deprives it's from
scale benefits.

Financial risk profile marked by the net losses, leveraged capital
structure and weak debt coverage indicators: SKHI, has registered
net losses for the last two years. This mainly on the account
increase in the finance cost backed by higher utilization of
working capital facilities and coupled with depreciation provision
due to which, the firm registered net loss of INR1.28 crore in FY17
and INR0.10 crore in FY18. However, the PBILDT margin has been
increasing for the period with the increase in TOI and stood at
9.59% in FY18 as compared to 3.47% in FY17. The capital structure
of the firm has been deteriorated and stood leverage with the
overall gearing ratio of 4.76x as on March 31, 2018 as compared to
4.01x as on March 31, 2017 due to decline in the tangible net worth
on the account of absorption of carry forward losses.

The debt coverage indicators improved and stood satisfactory marked
by total debt to GCA and interest coverage of 9.18x and 2.21x in
FY18 due to improvement in the absolute amount of PBILDT and
marginal repayment of term loans. Further, the total debt to CFO
has been improved and stood at 4.35x as on March 31, 2018 due to
improvement in the profitability and coupled with improvement in
the net working capital changes (increase in sundry creditors and
utilization levels of working capital facilities and maturity of
current investments, realization of less than six months' sundry
debtors during FY18).

Working capital intensive nature of operations due seasonal
available of paddy: The firm is operating in working capital
intensive nature of business. Paddy in India is harvested mainly at
the end of two major agricultural seasons Kharif (June to
September) and Rabi (November to April). The millers should stock
enough paddy by the end of each season as the price and quality of
paddy is better during the harvesting season. During this time,
the working capital requirements of the rice millers are generally
on the higher side. Further, the firm gets a credit period of 15-60
days from its creditors while it offers a credit period of 30-90
days to its customers. On account of the same, working capital
limits have been fully utilized over the last 12 months ended
November 30, 2018.

Partnership nature of business operations: Partnership nature of
business has an inherent risk of withdrawal of capital by the
partners at the time of their personal contingencies. It also has
the inherent risk of business being discontinued upon the
death/insolvency of a partner. The ability to raise funds is also
very low as partnership concerns have restricted access to external
borrowings. There is net withdrawal of capital of INR1.03 crore
during FY18.

Fragmented nature of industry and low entry barriers: The rice
milling business requires limited quantum of investment in
machinery, however, has high working capital needs. Further, rice
milling is not very technology intensive and therefore the industry
is highly fragmented with large number of players operating in the
organized and unorganized segments. The high level of competition
has ensured limiting bargaining power, because of which rice mills
are operating at low to moderate profitability margins.

Key Rating Strengths

Experienced management in rice mill industry: Ms. Syeda Rehana, the
managing partner of SKHI, has industry experience of more than a
decade in rice mill industry along with other partners. Further,
due to long term presence in the market, the partners have
established relationship with their customers and suppliers.

Increasing trend in total operating income for the period under
review: The total operating income of the firm has been increasing
for the period under review at CAGR of 71.40% during FY16-FY18, due
to increasing demand from customers and favourable industry
outlook. The total operating income stood at INR37.90 crore in FY18
as compared to INR23.13 crore in FY17 and INR12.90 crore in FY16.
Further, the firm registered the TOI of INR36.00 crore during
8MFY19 (Prov.).

Healthy demand outlook for rice: Rice is consumed in large quantity
in India which provides favourable opportunity for the rice millers
and thus the demand is expected to remain healthy over medium to
long term. India is the second largest producer of rice in the
world after China and the largest producer and exporter of basmati
rice in the world. With growing consumer class and increasing
disposable incomes, demand for premium rice products is on the rise
in the domestic market. Demand for nonbasmati segment is primarily
domestic market driven in India. Initiatives taken by government to
increase paddy and better monsoon conditions will be the key
factors which will boost the supply of rice to the rice processing
units. Rice being the staple food for almost 65% of the population
in India, it has a stable domestic demand outlook.  

Davanagere (Karnataka) based S K Hitech Industries (SKHI) was
established in the year 2014 as Partnership Firm by Mr. H Syed
Jameel, Ms. Syeda Rehana, Ms. Shahataj Banu and Mr. Shaik Abdul
Khuddus. The firm is engaged in processing of paddy to produce
rice, broken rice, bran and husk with the installed capacity of 14
ton per hour. Ms. Syeda Rehana, the Managing Partner, of the firm
looks after the day-to-day operations.


SHARAN HOSPITALITY: CARE Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sharan
Hospitality Private Limited (SHPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      74.00      CARE D; Issuer not cooperating;
   Facilities@                    Based on best available
                                  information

@ The rating is based on the credit enhancement in the form of
structured payment mechanism which entails operating
escrow account and maintenance of Debt Service Reserve Account in
the form of Bank Guarantee (Covering two month's
principal and interest obligation).

Detailed Rationale & Key Rating Drivers

SHPL has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. Also, CARE has been seeking
information from Sharan Hospitality Private Limited to monitor the
rating vide e-mail communications and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings
except audited financials (without auditor's report) for FY18. In
line with the extant SEBI guidelines CARE's rating on Sharan
Hospitality Private Limited's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating assigned to the bank facilities of Sharan Hospitality
Private Limited takes into account the ongoing delays in the
repayment of debt obligations.

Detailed description of the key rating drivers
At the time of last rating on July 02, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

Ongoing delays in debt servicing: The company has delayed in
repayment of debt obligations due to liquidity stretch as a result
of decline in its overall tenancies with some of the large tenants
not renewing their tenancies and moving out after the expiry
of their lease period.

Single property risk: The company has revenue (lease rentals)
accruing from only one property, for debt servicing of Lease rental
Discounting (LRD) loan. This exposes the company to revenue
concentration risk.

Subdued industry scenario: The real estate market in Delhi-NCR has
seen slow-down in the sales in past few quarters. Competitive
pricing, increased transparency, speedy approvals process, clear
land titles, improved delivery and project execution are expected
to support growth of the real estate sector. Further, after the
implementation of Real Estate (Regulation & Development) Act (RERA)
under which 70% of the amount realized from the real estate project
from the buyers, from time to time, shall be deposited in a
separate account to cover the cost of construction/development and
the land cost and shall be used only for that purpose which has led
to shortage of free funds with the developers.

Key Rating Strengths

Well-connected location and strong catchment area: The property
"GYS Infinity" is strategically located at Plot No. 19-20, Subhash
Road, Vile Parle (E), Mumbai, on land admeasuring 2651.20 sqm with
0.80 lsf of leasable area. The property is surrounded by high-end
commercial and residential buildings, very near to the Western
Express Highway in Vile Parle (East).

Incorporated in 2002, SHPL is a wholly-owned subsidiary of Triple
Ess Realtors Private Limited (TERPL), the holding company of the
GYS group. SHPL owns and manages a commercial building "GYS
Infinity" at Vile Parle (East), Mumbai with total leasable area of
0.80 lakh square feet. The property is currently leased out to
Viacom 18 Media Private Limited, Religare Support Services Limited
(RSSL), Religare Finvest Limited (RFL) and Finserve Shared Services
Limited (FSSL) for varying lease periods of 5-8 years and lock-in
period ranging from 24 months to 5 year.


SHREEJI SALES: CARE Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shreeji
Sales Corporation (SSC) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       5.49      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SSC to monitor the ratings
vide e-mail communications/letters dated August 31, 2018,
October 1, 2018, November 14, 2018, December 7, 2018, January 2,
2019, February 06, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on SSC's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above ratings.

Detailed description of the key rating drivers

At the time of last rating on December 15, 2017, the following were
the rating weaknesses.

Key Rating Weaknesses

Ongoing delay in debt servicing: There are on-going delays in debt
servicing of principal and interest obligations of term loan due to
weak liquidity position of the firm.

SSC was established as proprietorship firm in 2012 by Mr Bharat
Shah. SSC was established for trading of di-calcium phosphate and
mono-calcium phosphate. SSC is recently completed project of
manufacturing di-calcium phosphate and mono-calcium phosphate from
raw phosphate instead of trading with total project cost of INR4.64
crore. The plant will be located at Vadodara (Gujarat) with area of
1 lakh sq. ft. with proposed installed capacity of 300 tonnes per
month.


SVIIT SOFTWARE: CARE Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of SVIIT
Software Private Limited (SSPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      57.00      CARE D; Issuer not cooperating;
   Facilities@                    Based on best available
                                  information

@The rating is based on the credit enhancement in the form of
structured payment mechanism which entails operating escrow account
and maintenance of Debt Service Reserve Account in the form of Bank
Guarantee (Covering two month's principal and interest
obligation).

Detailed Rationale & Key Rating Drivers

SSPL has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. Also, CARE has been seeking
information from SVIIT Software Private Limited to monitor the
rating vide e-mail communications and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings
except audited financials (without auditor's report) for FY18. In
line with the extant SEBI guidelines CARE's rating on SVIIT
Software Private Limited's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating assigned to the bank facilities of SVIIT Software
Private Limited takes into account the ongoing delays in the
repayment of debt obligations.

Detailed description of the key rating drivers

At the time of last rating on July 2, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

Ongoing delays in debt servicing: The company has delayed in
repayment of debt obligations due to liquidity stretch as a result
of decline in its overall tenancies with some of the large tenants
not renewing their tenancies and moving out after the expiry
of their lease period.

Single property risk: The company has revenue (lease rentals)
accruing from only one property, for debt servicing of Lease rental
Discounting (LRD) loan. This exposes the company to revenue
concentration risk.

Subdued industry scenario: The real estate market in Delhi-NCR has
seen slow-down in the sales in past few quarters. Competitive
pricing, increased transparency, speedy approvals process, clear
land titles, improved delivery and project execution are expected
to support growth of the real estate sector. Further, after the
implementation of Real Estate (Regulation & Development) Act (RERA)
under which 70% of the amount realized from the real estate project
from the buyers, from time to time, shall be deposited in a
separate account to cover the cost of construction/development and
the land cost and shall be used only for that purpose which has led
to shortage of free funds with the developers.

Key Rating Strengths

Well-connected location and strong catchment area: The property
"GYS Global" is located at Plot No. 10 and 11, Sector -125, Noida.
The location is off Noida-Greater Noida Expressway. The plot size
is 3,600 sqm, which has been granted to the Borrower on standard
lease agreement for a period of 90 years.

Incorporated in 2000, SSPL is a wholly-owned subsidiary of GYS Real
Estate Private Limited (GREPL), the holding company of the GYS
group. SSPL owns and manages a commercial building "GYS Global" at
Sector 125, Noida, with total leasable area of 1.10 lakh square
feet. The property has been leased out to Finserve Shared Services
Limited (FSSL), Dataflow Services (India) Private Limited, Times
Internet Limited and Skymet Weather Services Private Limited for
varying lease period of 11 months to 5 years and lock-in period
ranging from 11 months to 3 years.




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

FOREX CAPITAL: ASIC Obtains Interim Injunctions
-----------------------------------------------
The Australian Securities and Investments Commission has appeared
before the Federal Court in Melbourne as part of its action to
protect investor funds in OTC derivatives issuer, Forex Capital
Trading Pty Ltd, while an ASIC investigation is underway.

On March 12, 2019, ASIC obtained ex parte interim orders in the
Federal Court against Forex Capital Trading that restrained the
company from removing their assets from Australia, disposing of
their property and freezing monies in its bank account, and which
prevented the sole director, Shlomi Yoshai, from leaving
Australia.

On March 18 to 19, 2019, the matter returned before the court where
ASIC sought an extension of the interim orders. The court declined
the extension of the freezing orders but made orders to prevent Mr.
Yoshai from leaving Australia until 5:00 p.m. on March 25, 2019 and
to restrain Forex Capital Trading from transferring any property,
including client money, overseas.

The matter is next before the court on May 20, 2019.



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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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