/raid1/www/Hosts/bankrupt/TCRAP_Public/190418.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, April 18, 2019, Vol. 22, No. 78

                           Headlines



A U S T R A L I A

2NDS WORLD: First Creditors' Meeting Set for April 30
CODY LIVE: First Creditors' Meeting Set for April 29
HAMILTON ROOFING: Second Creditors' Meeting Set for April 24
LAWSTE PTY: First Creditors' Meeting Set for April 30
PEPPER I-PRIME 2019-1: S&P Assigns B (sf) Rating to Class F Notes

RED GECKO: First Creditors' Meeting Set for April 29
VAJALE PTY: First Creditors' Meeting Set for April 26


C H I N A

SICHUAN LANGUANG: S&P Rates New US Dollar Sr. Unsecured Notes 'B'


H O N G   K O N G

MELCO RESORTS: S&P Rates New U.S. Dollar Senior Unsec. Notes 'BB'


I N D I A

AMIT RICE: CRISIL Withdraws B Rating on INR8cr Loans
AUREATE MEDIA: Insolvency Resolution Process Case Summary
DHANA SREE: CRISIL Assigns 'B' Rating to INR15cr LT Loan
DHANLAXMI SOLVEX: Insolvency Resolution Process Case Summary
INCOM CABLES: Insolvency Resolution Process Case Summary

INDUS MOBILE: Insolvency Resolution Process Case Summary
JASS GROUNDING: Insolvency Resolution Process Case Summary
JUHI INDUSTRIES: CARE Migrates 'D' Rating to Not Cooperating
LAKHANI ARMAAN: CRISIL Withdraws D Rating on INR24.51cr Loans
LORD SHIVA: Insolvency Resolution Process Case Summary

NEHA INTERNATIONAL: CARE Migrates 'D' Rating to Not Cooperating
NJT FINANCE: CRISIL Migrates B+ Rating to Not Cooperating
PRAG DISTILLERY: CARE Migrates D Rating to Not Cooperating
RADHESH PLASTICS: CRISIL Migrates Rating From B+, Not Cooperating
RELIABLE INSUPACKS: Insolvency Resolution Process Case Summary

RITE DEVELOPERS: Insolvency Resolution Process Case Summary
ROYAL LANDMARKS: Insolvency Resolution Process Case Summary
SAI SOLAR: Insolvency Resolution Process Case Summary
SHLOGAM AGRO: CARE Migrates 'D' Rating to Not Cooperating
SRI VAISHNAVI: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating

STEAMLINE INDUSTRIES: Insolvency Resolution Process Case Summary
TAYO ROLLS: Insolvency Resolution Process Case Summary
VASAN CONSTRUCTION: Insolvency Resolution Process Case Summary
VENERATE TRADING: Insolvency Resolution Process Case Summary


S I N G A P O R E

HYFLUX LTD: SG Regulators Review Firm's Disclosure Standards


S O U T H   K O R E A

KUMHO ASIANA: FSC Dismisses Doubts on Plan to Sell Asiana Airlines

                           - - - - -


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

2NDS WORLD: First Creditors' Meeting Set for April 30
-----------------------------------------------------
A first meeting of the creditors in the proceedings of 2nds World
Appliances Pty Limited will be held on April 30, 2019, at 2:00 p.m.
at The Lyceum, at Wesley Conference Centre, 220 Pitt Street, in
Sydney, NSW.

Mark Robinson, Riad Tayeh, Antony Resnick of de Vries Tayeh were
appointed as administrators of 2nds World on April 15, 2019.

CODY LIVE: First Creditors' Meeting Set for April 29
----------------------------------------------------
A first meeting of the creditors in the proceedings of Cody Live
Limited will be held on April 29, 2019, at 2:00 p.m. at the offices
of McGrath Executive Suites, at Level 5, 115 Pitt Street, in
Sydney, NSW.

Justin Holzman of DW Advisory was appointed as administrator of
Cody Live on April 15, 2019.

HAMILTON ROOFING: Second Creditors' Meeting Set for April 24
------------------------------------------------------------
A second meeting of creditors in the proceedings of Hamilton
Roofing (Aust) Pty Ltd has been set for April 24, 2019, at 11:00
a.m. at the offices of SV Partners, at Level 3, 12 Short Street, in
Southport, Queensland.

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 April 23, 2019, at 4:00 p.m.

Matthew John Bookless of SVP Partners was appointed as
administrator of Hamilton Roofing on March 20, 2019.

LAWSTE PTY: First Creditors' Meeting Set for April 30
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Lawste Pty
Ltd will be held on April 30, 2019, at 11:00 a.m. at the offices of
BCR Advisory (SA) Pty Ltd, at Level 5, 63 Pirie Street, in
Adelaide, SA.

Stephen Glen James of BCR Advisory was appointed as administrator
of Lawste Pty on April 15, 2019.

PEPPER I-PRIME 2019-1: S&P Assigns B (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee of Pepper I-Prime 2019-1 Trust. Pepper
I-Prime 2019-1 Trust is a securitization of prime residential
mortgages originated by Pepper HomeLoans Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination.

-- The underwriting standard and centralized approval process of
the seller, Pepper HomeLoans.

-- The availability of a yield-enhancement reserve, amortization
reserve, and overcollateralization amount, which will all be funded
by excess spread to cover potential yield shortfalls and loss
reimbursements and to repay principal on the notes at various
stages of the transaction's term.

-- The extraordinary expense reserve of A$250,000, funded by
Pepper on or before closing, available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.2% of the outstanding balance of the notes, and
principal draws, are sufficient under its stress assumptions to
ensure timely payment of interest.

-- The benefit of a cross-currency swap to hedge the mismatch
between the Australian dollar receipts from the underlying assets
and the U.S. dollar payments on the class A1-u notes.

  RATINGS ASSIGNED

  Pepper I-Prime 2019-1 Trust

  Class       Rating         Amount (mil.)
  A1-u1       A-1+ (sf)      US$266.5
  A1-a        AAA (sf)        A$225.0
  A2          AAA (sf)         A$90.0
  B           AA (sf)          A$18.5
  C           A (sf)           A$15.5
  D           BBB (sf)         A$10.5
  E           BB (sf)           A$7.0
  F           B (sf)            A$4.5
  G           NR                A$4.0

  NR--Not rated.

RED GECKO: First Creditors' Meeting Set for April 29
----------------------------------------------------
A first meeting of the creditors in the proceedings of Red Gecko
Pty Ltd, trading as Manubread, will be held on April 29, 2019, at
11:00 a.m. at Level 2, 15 Victoria Street, in Hobart, Tasmania.

Shelley Brooks of Rodgers Reidy was appointed as administrator of
Red Gecko on April 12, 2019.

VAJALE PTY: First Creditors' Meeting Set for April 26
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Vajale Pty
Ltd ATF The Godfrey Family Trust will be held on April 26, 2019, at
11:00 a.m. at the offices of Worrells Solvency & Forensic
Accountants, at Suite 601B, Level 6, 91 Phillip Street, in
Parramatta, NSW.  

Graeme Robert Beattie of Worrells Solvency was appointed as
administrator of Vajale Pty on April 11, 2019.



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

SICHUAN LANGUANG: S&P Rates New US Dollar Sr. Unsecured Notes 'B'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to a
proposed issuance of U.S.-dollar-denominated senior unsecured notes
by Hejun Shunze Investment Co. Ltd., an indirectly owned subsidiary
of Sichuan Languang Development Co. Ltd. (Languang: B+/Stable/--).
Languang unconditionally and irrevocably guarantees the notes. The
company plans to use the proceeds for general corporate purposes.

S&P said, "We rate Languang's senior unsecured notes one notch
below the issuer credit rating because of significant subordination
risks from secured debt. In our calculation, the proposed notes
will rank behind a sizable amount of priority debt in Languang's
capital structure. As of the end of 2018, Languang's reported debt
consists of Chinese renminbi (RMB) 23.6 billion unsecured debt and
RMB33.4 billion secured debt issued by the company and its
subsidiaries, which is over our threshold of 50%. The issue rating
is subject to our review of the final issuance documentation.

"We do not expect the new issuance to have a significant impact on
Languang's credit profile. The stable outlook reflects our view
that Languang will improve its cash collection, and maintain stable
margins and leverage ratios in the next 12 months. We also expect
the company to grow its scale moderately and expand its
geographical diversity."




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

MELCO RESORTS: S&P Rates New U.S. Dollar Senior Unsec. Notes 'BB'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to the
U.S. dollar-denominated senior unsecured notes that Melco Resorts
Finance Ltd. proposes to issue. The rating on the notes is subject
to our review of the final issuance documentation. Melco Resorts
Finance plans to use the net proceeds from the notes issuance to
repay part of the principal amount outstanding under its senior
secured revolving credit facility.

S&P said, "We rate the notes the same as the long-term issuer
credit rating on Melco Resorts (Macau) Ltd. (Melco Macau:
BB/Stable/--). We reference our issue rating on Melco Resorts
Finance's senior unsecured notes to the issuer credit rating on
Melco Macau, because we view the latter as the core operating
subsidiary and major driver of the group's credit profile. Melco
Resorts Finance is one of the financing subsidiaries of Melco
International Development Ltd., which is the ultimate parent of
Melco Macau.

"We believe the risk of subordination is insignificant in Melco
Resorts Finance's capital structure. Although the percentage of
senior secured debt to total debt was temporarily higher as of Dec.
31, 2018, we expect the ratio to drop materially after the issuance
of the proposed notes. As of Dec. 31, 2018, Melco Resorts Finance's
capital structure consists of US$1.0 billion senior unsecured notes
and about US$1.48 billion senior secured credit facilities borrowed
by Melco Macau."



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

AMIT RICE: CRISIL Withdraws B Rating on INR8cr Loans
----------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Amit Rice
and Gen. Mills (ARGM) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

   Term Loan             1.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

CRISIL has been consistently following up with ARGM for obtaining
information through letters and emails dated March 15, 2019 and
March 20, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ARGM. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for ARGM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of ARGM to 'CRISIL
B/Stable Issuer not cooperating'.

Set up in 2005 and promoted by Mr Amit Gupta, Karnal
(Haryana)-based ARGM mills and sells basmati and non-basmati rice.

AUREATE MEDIA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Aureate Media Private Limited
        A-31, Yayati Srishti CHS Ltd
        Srishti HSG Complex
        Sector-II Mira Road East Thane
        Maharashtra 401104

Insolvency Commencement Date: April 5, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 2, 2019

Insolvency professional: Rakesh Tulsyan

Interim Resolution
Professional:            Rakesh Tulsyan
                         B-4, Vinay Tower
                         Kranti Nagar, Lokhandwala
                         Kandivali East
                         Mumbai 400101
                         E-mail: tulsyanrk@gmail.com

                            - and -

                         Office No. 3, 1st Floor
                         B Wing, Sukh Sagar
                         Akurli Cross Road No. 1
                         Kandivali East
                         Mumbai 400101
                         E-mail: rp.aureatemedia@gmail.com

Last date for
submission of claims:    April 19, 2019


DHANA SREE: CRISIL Assigns 'B' Rating to INR15cr LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dhana Sree Collections Private Limited (DSCPL).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility       15       CRISIL B/Stable (Assigned)

The ratings reflect YSMPL group's modest scale of operations in the
fragmented and intensely competitive retailing business with
exposure to high funding risk and a weak financial risk profile.
These rating weaknesses are partially offset by entrepreneurial
experience of the promoter.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DSCPL with Youvakshi Shopping Malls
India Private Limited (YSMPL). This is because the two entities,
collectively referred to as the Youvakshi Shopping group, are
expected to be in the same line of business with significant
business linkages, have a common management, and fungible cash
flows.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: Youvakshi Shopping group has modest
scale of operations with revenue of Rs. 1.75 Crore in fiscal 2018
and is expected to have similar scale in fiscal 2019 as well.
Moreover the group operates in the fragmented and highly
competitive retailing business which constrains its pricing
flexibility resulting in modest operating margin. Also working
capital requirements are expected to be high resulting in high
reliance on bank borrowings.

* Exposure to high funding risk: Youvakshi Shopping group is
planning to acquire a shopping complex named 'Mangalam' and the
group remains exposed to high funding risk as promoter's capital is
yet to be infused and bank limits are also not yet sanctioned.
Timely funding tie-up and ramp up in scale of operations, remain a
key rating sensitivity factor.

* Weak financial risk profile: Financial risk profile is expected
to remain weak because of a modest networth base, leveraged capital
structure and sub-par debt protection metrics mainly because of
modest operating margin and high reliance on external borrowings
for its working capital requirements.

Strength:

* Extensive experience of the promoters: Youvakshi Shopping group
is promoted by Mr. Gummadi Venkateswerllu who has extensive
entrepreneurial experience of more than a decade. The promoter, Mr.
Venkateswerllu was earlier associated with real estate industry in
Andhra Pradesh and has developed strong track record of execution
in the industry. In order to diversify the promoter is venturing
into other businesses.

Liquidity
Liquidity is expected to be stretched because of large working
capital requirements which are expected to be funded largely from
external debt. Moreover promoters have been venturing into multiple
businesses simultaneously which is expected to constrain their
financial flexibility and ability to support Youvakshi Shopping
group in case of any exigency.

Outlook: Stable

CRISIL believes that Youvakshi Shopping group will continue to
benefit from the entrepreneurial experience of the promoters and
their fund support. The outlook may be revised to 'Positive' in
case of timely stabilization of operations and healthy ramp up in
sales resulting in improvement in key credit metrics. Conversely
the outlook may be revised to 'Negative' in case of delay in
commencement of operations or lower than expected revenue and
profitability result in a weak financial risk profile, especially
liquidity.

DSCPL, incorporated in 2018, is expected to engage in retailing of
ladies and kids wear. Operations have not commenced yet.

Incorporated in 2017, YSMPL is planning to acquire a shopping
complex based out of Hyderabad, Telangana. Currently it is into
trading of ladies garments. Post the acquisition it is expected to
venture in retailing of gold ornaments along with ladies premium
sarees.

DHANLAXMI SOLVEX: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Dhanlaxmi Solvex Private Limited
        201, Bansi Plaza
        581 M.G. Road
        Indore MP 452001

Insolvency Commencement Date: April 2, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Shikhar Chand Jain

Interim Resolution
Professional:            Mr. Shikhar Chand Jain
                         C/o ADB & Company, First Floor
                         Mahavir Gaushala Complex
                         K.K. Road, Moudhapara
                         Raipur (C.G.) 492001
                         E-mail: kaijan92@gmail.com
                                 irp.dspl@gmail.com

Last date for
submission of claims:    April 16, 2019


INCOM CABLES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Incom Cables Private Limited
        A-90, Naraina Industrial Area, Phase-I
        New Delhi 110028

Insolvency Commencement Date: April 8, 2019

Court: National Company Law Tribunal, New Delhi Principal Bench

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

Insolvency professional: Sunil Prakash Sharma

Interim Resolution
Professional:            Sunil Prakash Sharma
                         Lower Ground Floor, E-25
                         Lajpat Nagar-3
                         New Delhi 24
                         E-mail: adv.sunilprakash@gmail.com

                            - and -

                         Lower Ground Floor, J-12
                         Jangpura Extension
                         New Delhi 14
                         Tel.: 011-41716695
                         E-mail: irpsunil.incomcables@gmail.com

Last date for
submission of claims:    April 23, 2019


INDUS MOBILE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Indus Mobile Distribution Private Limited
        Old No. 29, New No. 57
        Royapettah High Road, Royapettah
        Chennai 600014 Tamil Nadu

Insolvency Commencement Date: March 28, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 24, 2019
                               (180 days from commencement)

Insolvency professional: B. Ramana Kumar

Interim Resolution
Professional:            B. Ramana Kumar
                         Advocate & Insolvency Professional
                         IRP: Indus Mobile Distribution P Ltd  
                         A1, Ground Floor, 17/6
                         Sarada Apartments
                         Sringeri Mutt Road
                         RA Puram, Mandaveli
                         Chennai 600028
                         E-mail ramanakumar@ovopaxlegal.com

Last date for
submission of claims:    April 15, 2019


JASS GROUNDING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Jass Grounding Systems Private Limited

        Registered office as per ROC Company Master Data:
        E-16/708, Pratap Nagar
        Saboli, Harsh Vihar
        Delhi 110093

Insolvency Commencement Date: April 3, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 30, 2019
                               (180 days from commencement)

Insolvency professional: Subhash Kumar Kundra

Interim Resolution
Professional:            Subhash Kumar Kundra
                         Primus Insolvency Resolution and
                         Valuation Pvt. Ltd.
                         C-4-E/135, Janak Puri
                         New Delhi 110058
                         E-mail: kundra.sk27@gmail.com
                                 jass@primusresolutions.in

Last date for
submission of claims:    April 23, 2019


JUHI INDUSTRIES: CARE Migrates 'D' Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Juhi
Industries Private Limited (JIPL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     219.10     CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 Information

Detailed Rationale

CARE has been seeking information from JIPL to monitor the rating
vide e-mail communications/letters dated October 10, 2018, February
15, 2019, February 27, 2019, March 4, 2019, March 8, 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.  Further, JIPL has not paid the
surveillance fees for the rating exercise as agreed to its Rating
Agreement. The ratings of JIPL'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 rating continues to be constrained by ongoing delays in debt
servicing, elongated working capital cycle, high leverage and
weak debt protection metrics due to losses in FY18 leading to
erosion of net-worth and stretched liquidity position.

Detailed description of the key rating drivers

At the time of last rating in March 28, 2018 the following were the
rating strengths and weakness (updated for the available
information):

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in
servicing of interest and principal repayment obligation of the
term loan and overdrawals in cash credit account.

Elongated working capital cycle & stretched liquidity position
The Operating cycle improved from 220 days in FY17 to 124 days in
FY18 due to reduction in average collection period and average
holding period but remained elongated leading to liquidity stress.
The cash and bank balance stood at INR0.87 crore as on March 31,
2018 vis-à-vis INR0.77 crore as on March 31, 2017.

High leverage and weak debt coverage indicators: Overall gearing
deteriorated from 2.25x as on March 31, 2017 to 14.28x as on March
31, 2018 due to erosion of net worth due to losses incurred of
INR70.65 crore in FY18 and high debt availed by the company for
Capex requirements.

Key Rating Strengths

Experienced promoters: JIPL has satisfactory track record in the
steel industry and established operations with regionally known
brand name "Ultrashakti". The board of directors consists of two
promoter directors-Mr. Mithilesh Pandey (Chairman), Mr. Sanjay
Kumar Shah. Mr. Shah is have experience of around a decade in the
iron and steel industry.  

JIPL, incorporated in October 1998, is promoted by Mr Mithilesh
Pandey and Mr. Sanjay Kumar Shah. JIPL is engaged in the business
of manufacturing TMT bars at its plant located in Saraikela,
Jharkhand having an installed capacity of 18000 MTPA. The Company
sells its products in the local market through a network of dealers
under the regionally known brand name "Ultrashakti". JIPL has
implemented a large debt funded expansion and diversification
project. The project include expansion of existing TMT plant by
78,000 TPA and setting up of light section mill (24,000 MTPA), pipe
plant (80,000 MTPA) and Galvanising plant (30,000 MTPA). The board
of directors consists of promoter directors - Mr Mithilesh Pandey
(Chairman), Mr Sanjay Kumar Shah.

LAKHANI ARMAAN: CRISIL Withdraws D Rating on INR24.51cr Loans
-------------------------------------------------------------
CRISIL has withdrawn its rating on the long-term bank facilities of
Lakhani Armaan Shoes Private Limited (LASPL) at the company's
request and on receipt of a no-due certificate from its bank. The
rating action is in line with CRISIL's policy on withdrawal of its
ratings on bank loans.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bill Purchase-
   Discounting
   Facility              5         CRISIL D (Withdrawn)

   Cash Credit           6.5       CRISIL D (Withdrawn)

   Letter of Credit      8.5       CRISIL D (Withdrawn)

   Term Loan             4.51      CRISIL D (Withdrawn)

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LASPL, Lakhani Footwear Pvt Ltd, Lakhani
Shoes and Apparels Pvt Ltd, Lakhani Rubber Products Pvt Ltd, Mascot
Footcare, and Lakhani Rubber Works. This is because these entities,
collectively referred to as the Lakhani group, are in the same
business, and have common promoters, senior management,
procurement, marketing, and finance functions.

The Lakhani group operates in the footwear and rubberised
automotive components businesses. Over the past 40 years, the group
has expanded its footwear business and established the Lakhani
brand in India. Between 2006 and 2008, the split between Mr K C
Lakhani and his younger brother, Mr P D Lakhani, led to
re-organisation of the business and its assets. Mr K C Lakhani
renamed his faction of the business as the Lakhani Armaan Group,
with production facilities comprising three units in Faridabad
(Haryana), two in Haridwar (Uttarakhand), and one each in Dhar
(Madhya Pradesh) and Noida (Uttar Pradesh).

LORD SHIVA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Lord Shiva Construction Co Private Limited
        House No. 66, Block H-34
        Sector-3 Rohini
        New Delhi DI 110085

Insolvency Commencement Date: April 4, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: September 30, 2019
                               (180 days from commencement)

Insolvency professional: Hardev Singh

Interim Resolution
Professional:            Hardev Singh
                         101, Plot No. 6, Lsc, Vardhman
                         Rajdhani Plaza
                         New Rajdhani Enclave
                         Delhi 110092
                         E-mail: singh_hardev@rediffmail.com  

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Pradeep Kathuria
                         401, Prabhat Kiran Building
                         17, Rajendra Place
                         New Delhi 110008
                         E-mail: pkathuria28@gmail.com

                         Mr. Ravinder Singh Kathuria
                         A-215/55, Chawla Complex
                         Vikas Marg, Shakarpur
                         New Delhi
                         E-mail: rsk04069@rediffmail.com

                         Mr. Ashok Kumar Verma
                         13-B, 2nd Floor
                         Above Central Bank of India
                         Netaji Subhash Marg, Daryaganj
                         New Delhi
                         E-mail: ashokvermafcs@yahoo.com

Last date for
submission of claims:    April 17, 2019


NEHA INTERNATIONAL: CARE Migrates 'D' Rating to Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Neha
International Limited (NIL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       5.60      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

   Short term Bank     23.50      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NIL to monitor the ratings
vide e-mail communications dated March 4, 2019, March 8, 2019,
March 9, 2019, March 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 best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on Neha
International 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 ratings.

The ratings take into consideration the strain in liquidity
position and consequently leading to delays in servicing of debt
obligations.

Detailed description of the key rating drivers

At the time of last rating on November 20, 2018 the following were
the rating strengths and weaknesses

Key Rating Weaknesses

Deterioration in the liquidity profile resulting in delays in
meeting debt obligations: The liquidity profile of Neha
International Limited (NIL) deteriorated on account of cash flow
mismatches. The same has resulted in delays with respect to debt
servicing of the company.

Decline in the operating income and profitability margins during
FY18: At consolidated level, the total operating income of the
company declined by 28.35% from INR451.67 crore during FY17 to
INR323.63 crore during FY18. The primary reason for decline in TOI
during FY18 is due to subdued global agri commodity scenario
coupled with subdued floriculture industry scenario in Western
Europe. Profitability margins remained low due to trading nature of
operations. The PBILDT margin of the company has remained stable at
2.46% during FY18 (2.16% during FY17). However, the PAT margin
deteriorated significantly from 0.26% during FY17 to -7.52% during
FY18 due to high extraordinary expense amounting to INR21.84
crore.

Analytical approach: CARE in its analysis considered the
consolidated business and financial risk profiles of Neha
International Limited (NIL) and its subsidiaries - Globeagro
Holdings, Holetta Roses Plc, Alliance Flower Plc, Oromia Wonders
Plc, NINT Agri Plc, Neha Agri Tanzania Ltd, Neha AgriVentures (U)
Ltd, Neha Agri Zambia Ltd, Neha Agri Senegal, SURAL, Neha
Agriservices Pte Ltd, Neha Agriservices FZE, Dream Flowers Plc, and
Neha Agri Corp Pte. Ltd as most of these entities operate in the
same line of business.  

Established in 1993, Neha International Ltd (NIL) is engaged into
trading of agricultural products mainly Maize, Soya Bean, Sun
Flower, Edible oils etc. The company has been promoted by Mr G
Vinod Reddy, who has about two decades of experience in the line of
activity. The company got listed on BSE expand in February 1995.
Neha at the group level is into floriculture space also exporting
cut roses to Europe and Middle Eastern markets in Saudi Arabia,
Qatar and UAE, through its subsidiaries (based in Ethiopia) and
step down subsidiaries. Being primarily into trading, the company
procures the agricultural products from small local traders and
sells it to big traders & poultry farms domestically.

NJT FINANCE: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of NJT Finance
Private Limited (NJT Finance) to 'CRISIL B+/Stable Issuer Not
Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           15       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NJT for getting
information. CRISIL requested cooperation and information from the
issuer through its letters dated January 3, 2019, February 28, 2019
and March 20, 2019, apart from telephonic communication. However,
the issuer has continued to be non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NJT Finance, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on NJT
Finance is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB Rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of NJT Finance to 'CRISIL B+/Stable Issuer Not
Cooperating'.

Based in Kottayam, Kerala, NJT Finance was established as Alapatt
Finance Pvt Ltd in 1995. It got its current name after it was
acquired by present promoter Mr Alex Thomos in September 2015. Mr
Alex has been operating as a moneylender for more than two decades.
The company provides short-term business loans of INR25 lakh to
INR1 crore for 20-50 weeks. It collects installments of principal
and interest on a weekly basis.

PRAG DISTILLERY: CARE Migrates D Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Prag
Distillery Pvt. Ltd. (PDPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       12.82     CARE D; Issuer not cooperating;
   Facilities                     Based on Best Available
   (Term Loan-ECB)                Information

   Long-term Bank       20.00     CARE D; Issuer not cooperating;
   Facilities                     Based on Best Available
   (Fund-based)                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 8, 2018, placed the
rating(s) of PDPL under the 'issuer non-cooperating' category as
PDPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. PDPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a emails dated
February 26, 2019, February 15, 2019, January 7, 2019 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information.
The rating on Prag Distillery Pvt. Ltd.'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 ratings take into account the ongoing delays in
repayment/servicing of debt obligation owing to continued strain on
the liquidity profile of the company led by poor operational
performance in FY18 (refers to the period April 1 to March 31).

Detailed description of the key rating drivers

At the time of last rating on March 8, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies and Banker interaction).

Key Rating Weaknesses

Delays in Debt Servicing: There are ongoing delays in servicing of
debt obligation owing to continued strain on the liquidity profile
of the company led by poor operational performance in FY18 (refers
to the period April 1 to March 31).

Incorporated in March 2005, Prag Distillery Pvt. Ltd. (PDPL) is
engaged in manufacturing and bottling of Indian Made Foreign Liquor
(IMFL). In 2008, Tilaknagar Industries Ltd (TIL) acquired 100%
stake in PDPL; forming it a wholly-owned subsidiary. The company is
involved into manufacturing IMFL (whisky, brandy, rum, gin and
vodka) under various brands owned by TI such as Mansion House,
Courier Napolean, Golden Chariot Whisky, Hot Shot Brandy, Nigro He
Mans Rum, Madira Rum, Shot Rum, etc. PDPL's manufacturing
operations comprises three manufacturing units (one directly
operated unit, a leased unit in the state of Andhra Pradesh and a
tie-up unit in the state of Telangana).

RADHESH PLASTICS: CRISIL Migrates Rating From B+, Not Cooperating
-----------------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the long-term bank facility of Radhesh Plastics India Private
Limited (RPIPL) to 'CRISIL B+/Stable; Issuer not cooperating'.
However, the firm's management has started sharing the information
necessary for a comprehensive review of the rating. Consequently,
CRISIL is migrating the rating from 'CRISIL B+/Stable; Issuer not
cooperating' to 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2.7       CRISIL B/Stable (Migrated from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING')

   Term Loan            2.08       CRISIL B/Stable (Migrated from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING')

The rating migration reflects deterioration in RPIPL's business
risk profile marked by decline in the revenues by 15% on account of
low demand for PVC pipes. The trading business is supporting the
revenues but the manufacturing business of PVC pipes which caters
to agriculture & construction businesses has weakened. Revenue of
RPIPL is expected to generate for FY 19 is INR35 crore. The
anticipated weakening of business profile will lead to
lower-than-expected cash accruals; this coupled with high reliance
on working capital limits and scheduled repayments of term loans
will weaken the overall credit risk profile.

The rating continues to reflect modest scale, and working capital
intensive nature, of operations. The rating also factors in
below-average financial risk profile because of a high total
outside liabilities to tangible net worth ratio and average
interest coverage ratio. These rating weaknesses are partially
offset by the extensive experience of the promoters in the
polyvinyl chloride (PVC) pipes industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale, and working capital intensive nature, of
operations: RPIPL's has a modest scale of operations which reflects
in revenue of around Rs.35.cr. estimated for 2018-19 (refers to
financial year, April 1 to March 31). PVC resin trading and PVC
pipes manufacturing industry that the company operates in
fragmented, with many small unorganised players and low entry
barriers. RPIPL has a moderate working capital requirements as
reflected in gross current assets (GCAs) of around 39 days
estimated for 2018-19. GCAs of around 39 days is on account of
moderate inventory of around 19 days and moderate receivable of
around 21 days. Moreover, the company offers credit of around 34
days to its customers. CRISIL believes that RPIPL's scale of
operation may remain modest and may continue to have moderately
working capital intensive operation over the medium term.

* Below-average financial risk profile: The RPIPL has below-average
financial risk profile marked by modest net worth of Rs. 0.90 cr.,
high total outside liability to tangible net worth of 5.65 times as
on March 31, 2018. The company has moderate debt protection metrics
with net cash accrual to Total debt (NCATD) and interest coverage
ratios of over 0.07 and 1.34 times, respectively, for 2018-19.
CRISIL believes the financial risk profile may remain below average
over the medium term.

Strengths:

* Extensive experience of promoters in manufacturing polyvinyl
chloride (PVC) pipes and trading in PVC resins: RPIPL, set up in
2010, is engaged manufacturing polyvinyl chloride (PVC) pipes and
trading in PVC resins. Over the years, the promoters have developed
adequate insights into the PVC pipes and PVC resins industry. The
promoters anticipate price trends, and calibrate purchasing and
stocking decisions, on the back of their extensive industry
experience. CRISIL believes that the extensive experience of
RPIPL's promoters in the PVC pipes and PVC resins industry and
their established customer relations will help increase the
company's scale of operations over the medium term.

Liquidity
Liquidity is stretched, driven by expected cash accrual of more
than INR0.25 crore per annum in fiscals 2019 and 2020. Fund-based
bank limit was utilized at 95% during the 12 months through October
2018. The company has long-term repayment obligation of INR0.4
crore in fiscal 2019

Outlook: Stable

CRISIL believes that RPIPL will continue to benefit over the medium
term from its moderate financial risk profile and extensive
industry experience of its promoters. The outlook may be revised to
'Positive' if sustained improvement in revenue and profitability,
or any equity infusion, strengthen the financial risk profile. The
outlook may be revised to 'Negative' if decline in profitability or
revenue, or a stretched working capital cycle results in low cash
accrual.

Incorporated in 2010 and headquartered in Koteshwara, Karnataka,
RPIPL trades in PVC resins and manufactures PVC pipes. The company
has a manufacturing capacity of 1750 tonnes of pipes per annum.

RELIABLE INSUPACKS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Reliable Insupacks Private Limited
        House No. 19, 10, Hailey Road
        New Delhi 110001

Insolvency Commencement Date: March 26, 2019

Court: National Company Law Tribunal, New Delhi Bench III

Estimated date of closure of
insolvency resolution process: September 21, 2019

Insolvency professional: Laxmi Narayan Sachdeva

Interim Resolution
Professional:            Laxmi Narayan Sachdeva
                         Flat No. 606, Plot No. 30
                         Parivar Apratments
                         I P Extension
                         Delhi 110092
                         E-mail: lnsachdeva1@gmail.com

                            - and -

                         1E, 505, School Block, Shakarpur
                         Delhi 110092
                         E-mail: ripl.cirp@gmail.com

Last date for
submission of claims:    April 22, 2019


RITE DEVELOPERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Rite Developers Private Limited
        3rd Floor, Krishna Bhuvan 67, Nehru Road
        Vile Parle East Mumbai 400057

Insolvency Commencement Date: March 11, 2019

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: September 6, 2019

Insolvency professional: Mr. Jitendra Palande

Interim Resolution
Professional:            Mr. Jitendra Palande
                         New Ajanta Avenue 5-3/D#38
                         Paud Road, Kothrud
                         Pune 411038
                         E-mail: jrpalande@gmail.com

                            - and -

                         Unit No. 144, 1st Floor, Ashoka Mall
                         Bund Garden Road
                         Pune 411001
                         E-mail: developersrite@gmail.com

Last date for
submission of claims:    April 17, 2019


ROYAL LANDMARKS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Royal Landmarks Housing & Developers Pvt Ltd
        No. 85, G1-Ground Floor, Strawberry Homes
        South Mada Street, Villivakkam
        Chennai 600049

Insolvency Commencement Date: April 1, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: S. Sivarama Krishnan

Interim Resolution
Professional:            S. Sivarama Krishnan
                         F142/5, 8th Street
                         Anna Nagar East
                         Chennai 600102
                         Mobile: 9884273151
                         E-mail: csdrsiva@gmail.com
                                 irp.royallandmark@gmail.com

Last date for
submission of claims:    April 15, 2019


SAI SOLAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Sai Solar Technology Private Limited
        429, RPS, DDA Flat
        Man Sarovar Park
        Shahdara, Delhi 110032
        India Delhi East Delhi 110032

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 23, 2019

Insolvency professional: Rajiv Bajaj

Interim Resolution
Professional:            Rajiv Bajaj
                         4/180, Ground Floor
                         Backside Subhash Nagar
                         New Delhi, Delhi 110027
                         E-mail: rbajajip@gmail.com
                                 cirpsai@gmail.com

Last date for
submission of claims:    April 10, 2019


SHLOGAM AGRO: CARE Migrates 'D' Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shlogam
Agro Private Limited (SAPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short-term Bank     30.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
   (fund based)                    information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2018, placed the
rating(s) of SAPL under the 'issuer non-cooperating' category as
the company had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. Shlogam Agro Private
Limited continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
emails dated February 26, 2019; February 15, 2019; January 7, 2019
and numerous phone calls. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information. The rating on Shlogam Agro 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.

The rating factors in the delays in servicing of debt obligation
owing to liquidity constraint in the company.

Detailed description of the key rating drivers

At the time of last rating on March 5, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing: Due to liquidity constraint in the
company, there are on-going delays in servicing the debt. Besides,
as per banker interaction, this account is still classified as NPA
(Non-performing Asset).

Shlogam Agro Private Limited (SAPL), incorporated in May 2008 is a
closely held family business engaged in trading of rice, millet,
maize, groundnut meal, soya bean meal, millet, barley and chick
peas among other agro commodities since inception. SAPL is managed
by Mr. Rahul Bakliwal and Mr. Nikhil Bakliwal. The company is
non-operational since April 2017.

SRI VAISHNAVI: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Vaishnavi
Spintex (India) Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR130 mil. Fund-based working capital facility migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund-based working capital facility migrated to

     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
9, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010 and commenced commercial operations in 2012,
Sri Vaishnavi Spintex (India) manufactures carded cotton yarn
primarily in the 30s to 40s count range.

STEAMLINE INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Steamline Industries Limited
        901/904, Jagadamba Commercial Complex
        A/2, Near Movie Time Theater
        Link Road, Malad (W)
        Mumbai 400064

Insolvency Commencement Date: March 13, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 8, 2019

Insolvency professional: Hasti Mal Kachhara

Interim Resolution
Professional:            Hasti Mal Kachhara
                         A-602, Nirman Apartment
                         Pump House, Vikas Nagar
                         Andheri (E)
                         Mumbai 400093
                         E-mail: hastimal.kachhara@gmail.com

                            - and -

                         Waterfall Insolvency Professionals LLP
                         1221 Maker Chamber V, Nariman Point
                         Mumbai 400021
                         E-mail: irp.steamline@gmail.com

Last date for
submission of claims:    April 23, 2019


TAYO ROLLS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Tayo Rolls Limited

        Registered office as per ROC Company Master Data:
        3, Circuit House Area (North East)
        Road No. 11, P.O. & P.S. Bistupur
        Dist.: East Singhbhum
        Jamshedpur 831001

Insolvency Commencement Date: April 8, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 4, 2019

Insolvency professional: Mrs. Vinita Agrawal

Interim Resolution
Professional:            Mrs. Vinita Agrawal
                         B-301, Royal Palms
                         Near Memko More, Dhaiya
                         Dhanbad 826004
                         E-mail: sushil.vinita@gmail.com

Last date for
submission of claims:    April 22, 2019


VASAN CONSTRUCTION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Vasan Construction Company Private Limited
        274/C, Thuraiyur Road
        Perambalur
        TN 621212 IN

Insolvency Commencement Date: April 6, 2019

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: October 3, 2019

Insolvency professional: A.R. Ramasubramania Raja

Interim Resolution
Professional:            A.R. Ramasubramania Raja
                         No. 3, Sundaram Brothers Layout
                         Opp. to All India Radio
                         Trichy Road, Ramanathapuram
                         Coimbatore 641045
                         E-mail: arrsraja@yahoo.com

Last date for
submission of claims:    April 20, 2019


VENERATE TRADING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Venerate Trading Private Limited

        Registered office:
        Flat No. A-501, 5th Floor, Kapoor Apartment
        Panjabi Lane, Chandravarkar Road, Borivali West
        Mumbai 400092, Maharashtra, India

Insolvency Commencement Date: March 29, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 25, 2019
                               (180 days from commencement)

Insolvency professional: Ms. Rajshree Padia

Interim Resolution
Professional:            Ms. Rajshree Padia
                         Office No. 17, 10th Floor
                         Pinnacle Corporate Park, G-Block
                         Bandra Kurla Complex, Bandra (E)
                         Mumbai 400051
                         E-mail: rajshreecs@hotmail.com
                                 cirpvenerate@gmail.com

Last date for
submission of claims:    April 17, 2019




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

HYFLUX LTD: SG Regulators Review Firm's Disclosure Standards
------------------------------------------------------------
Reuters reports that Singapore authorities said on April 16 they
are reviewing debt-laden water treatment company Hyflux Ltd's
accounting and auditing standards to see if the firm has breached
any laws.

Hyflux is currently under a court-supervised restructuring process
and its recently called-off rescue by an Indonesian investor has
thrown the future of the debt-laden company further into doubt.

In a joint statement, the Monetary Authority of Singapore, the
Accounting and Corporate Regulatory Authority and the Singapore
Exchange Regulation said they "are currently reviewing
Hyflux-related disclosure issues, as well as compliance with
accounting and auditing standards," Reuters relates.

According to Reuters, the review is "to determine if there have
been breaches of listing rules and/or the relevant laws and
regulations," they said, without giving details or saying what had
prompted the review.

A spokeswoman for Hyflux Ltd told Reuters in an email that the
company will be "cooperating fully" with queries that regulators
may have.

Hyflux started a process to restructure its debt last year, which
stood at about SGD1.67 billion at the end of September, Reuters
says.

Early this month, it said that a lifeline deal with its prospective
Indonesian investor, SM Investments, had been terminated, throwing
its debt restructuring plans into doubt.

On April 15, Hyflux took legal action against SM investments for
abandoning the deal.

Hyflux's Tuaspring plant is the largest of three desalination
plants in Singapore and an important water source for the city
state. PUB, Singapore's water agency, has warned Hyflux that it may
take over the plant if the company does not fix its contractual
defaults by April 30.

                            About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.

The Company said it is taking this step in order to protect the
value of its businesses while it reorganises its liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.



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

KUMHO ASIANA: FSC Dismisses Doubts on Plan to Sell Asiana Airlines
------------------------------------------------------------------
Yonhap News Agency reports that the head of the financial regulator
on April 17 dismissed doubts about a pledge by former Kumho Asiana
Group Chairman Park Sam-koo to sell the group's flagship Asiana
Airlines Inc., saying that he is confident of Park's promise.

Earlier this week, Kumho Asiana submitted a fresh self-rescue plan
to creditors, including the proposed sale of Asiana Airlines, in
return for KRW500 billion (US$440 million) in financial support,
Yonhap recalls.

Yonhap relates that the state-run creditor bank, Korea Development
Bank (KDB), said on April 16 it will soon provide fresh liquidity
to Asiana Airlines.

Choi Jong-ku, chairman of the Financial Services Commission (FSC),
made the remarks amid some market speculation that Kumho
Petrochemical Chairman Park Chan-koo, younger brother of Sam-koo,
may buy the stake in Asiana Airlines, Yonhap says.

"I have not the slightest doubt about the sincerity (of former
chairman Park Sam-koo), and the decision should be respected," the
report quotes Mr. Choi as saying.

Asiana Airlines, the country's No. 2 airline, has been under
pressure to strengthen its financial health amid corporate
challenges facing the logistics-centered business conglomerate.

Yonhap adds that the KDB said it would take about six months for
Kumho Asiana to complete the sale of Asiana Airlines.

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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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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