/raid1/www/Hosts/bankrupt/TCRAP_Public/190501.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

          Wednesday, May 1, 2019, Vol. 22, No. 87

                           Headlines



A U S T R A L I A

BRUNO ONE: Clifton Hall Appointed as Liquidator
GRANDSTAND SCAFFOLD: Second Creditors' Meeting Set for May 9
GREGNIK INVESTMENTS: First Creditors' Meeting Set for May 13
HOPELAND HOMES: Second Creditors' Meeting Set for May 7
LITIGATION FINANCE: First Creditors' Meeting Set for May 8

NORTH EASTERN: First Creditors' Meeting Set for May 8
PLANTATION OUTDOOR: First Creditors' Meeting Set for May 8


C H I N A

GUORUI PROPERTIES: S&P Raises ICR to 'CCC+', Outlook Negative
LEECO: Unit Faces Higher Delisting Risk on Negative Net Assets
OCEANWIDE HOLDINGS: Fitch Rates New USD Senior Notes 'B-(EXP)'
OCEANWIDE HOLDINGS: S&P Affirms 'CCC+' ICR, Outlook Negative
TEWOO GROUP: Fitch Cuts LT IDR to 'B-', Maintains Watch Negative

YUZHOU PROPERTIES: S&P Alters Outlook to Neg., Affirms 'BB-' LT ICR


I N D I A

AZAM RUBBER: ICRA Assigns C+ Issuer Rating
BANGALORE INSTITUTE: ICRA Cuts INR10cr Loan Rating to D, Not Coop.
BHARATH AGRO: ICRA Maintains 'B+' Ratings in Not Cooperating
DA TOLL: ICRA Downgrades Rating on INR1883.34cr Loan to D
ELEKTRANS SHIPPING: Insolvency Resolution Process Case Summary

GALAXY CONCAB: ICRA Maintains 'B' Rating in Not Cooperating
GAYATH INDUSTRIES: ICRA Assigns B+ Rating to INR9cr LT Loans
HARIOM PULSES: ICRA Withdraws B Rating on INR9cr Cash Loan
HYDROCONS SYSTEMS: Insolvency Resolution Process Case Summary
IL&FS WIND: ICRA Lowers Rating on INR200cr NCD to D

ISKCON METALS: ICRA Withdraws B+ Rating on INR8cr Cash Loan
JET AIRWAYS: Tells Employees it Cannot Fund Mediclaim Policy
JOGMA LAMINATES: Insolvency Resolution Process Case Summary
KSC EDUCATIONAL: ICRA Migrates 'B+' Rating to Not Cooperating
LUNAR CERAMICS: ICRA Withdraws B+ Rating on INR2.51cr Term Loan

MAGUS METALS: ICRA Cuts INR8cr Loan Rating to D, Not Coop.
MAHESH MERCANDISE: ICRA Downgrades Rating on INR19.5cr Loan to D
MAITHRI DEVELOPERS: ICRA Assigns B+ Rating to INR60cr Loan
NEELSON CERAMIC: ICRA Moves B+ Rating to Not Cooperating
OSWAL OVERSEAS: ICRA Assigns C Rating to INR62.82cr LT Loan

PARAMOUNT INTERNATIONAL: ICRA Cuts Rating on INR10.80cr Loan to D
PHADNIS RESORTS: Insolvency Resolution Process Case Summary
R.V. RAYANAM: ICRA Reaffirms B+ Rating on INR40cr Loans
RRP HOUSING: NCLT Enters Liquidation Order
SHREE SIDDHESHWARI: ICRA Withdraws B+ Rating on INR16cr Loan

SIDDHARTH MILK: Insolvency Resolution Process Case Summary
SIDDHI COTTON GINNING: ICRA Withdraws B+ Rating on INR8cr Loan
SIDDHI COTTON: ICRA Withdraws B+ rating on INR12cr Loan
STEEL MAX: ICRA Withdraws 'B' Rating on INR10cr Loan
TAJ AGRO: ICRA Maintains B+ Rating in Not Cooperating Category

VIJAYA POLYMERS: Ind-Ra Assigns 'BB+' Long Term Issuer Rating
VISHWAS COTTON: ICRA Withdraws B Rating on INR6cr Bank Loans


N E W   Z E A L A N D

MR8 CONSTRUCTION: Waterstone Insolvency Appointed as Liquidator
RESIMAC VERSAILLES 2019-1: S&P Rates Class E RMBS 'BB (sf)'


S O U T H   K O R E A

DOOSAN BOBCAT: S&P Affirms 'BB-' Long-Term Issuer Credit Rating
SOUTH KOREA: Economy Suffers Worst Contraction Since Fin'l. Crisis

                           - - - - -


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

BRUNO ONE: Clifton Hall Appointed as Liquidator
-----------------------------------------------
Daniel Lopresti of Clifton Hall was appointed as Liquidator of
Bruno One Pty Ltd on April 24, 2019.

GRANDSTAND SCAFFOLD: Second Creditors' Meeting Set for May 9
------------------------------------------------------------
A second meeting of creditors in the proceedings of Grandstand
Scaffold Services Pty Limited has been set for May 9, 2019, at
10:00 a.m. at the offices of Bernardi Martin, 195 Victoria Square,
in Adelaide, SA.

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 May 9, 2019, at 9:00 a.m.

Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of Grandstand Scaffold on March 27, 2019.

GREGNIK INVESTMENTS: First Creditors' Meeting Set for May 13
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Gregnik
Investments Pty Ltd as trustee for Wood Family Trust, will be held
on May 13, 2019, at 10:00 a.m. at the offices of McLeod & Partners,
at Level 9, 300 Adelaide Street, in Brisbane, Queensland.

Jonathan McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Gregnik Investments on April 20,
2019.

HOPELAND HOMES: Second Creditors' Meeting Set for May 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Hopeland Homes
Pty Ltd has been set for May 7, 2019, at 11:00 a.m. at the offices
of Cor Cordis, 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 May 6, 2019, at 4:00 p.m.

Jason Tang & Ozem Kassem of Cor Cordis were appointed as
administrators of Hopeland Homes on March 21, 2019.

LITIGATION FINANCE: First Creditors' Meeting Set for May 8
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Litigation
Finance Pty Ltd will be held on May 8, 2019, at 10:00 a.m. at the
offices of Helm Advisory, at Suite 2, Level 16, 60 Carrington
Street, in Sydney, NSW.

Philip Raymond Hosking of Helm Advisory was appointed as
administrator of Litigation Finance on April 30, 2019.

NORTH EASTERN: First Creditors' Meeting Set for May 8
-----------------------------------------------------
A first meeting of the creditors in the proceedings of North
Eastern Tasmanian Sands Pty Ltd will be held on May 8, 2019, at
10:30 a.m. at the offices of 105 Macquarie St, in Hobart, Tasmania.


Paul John Cook of Paul Cook & Associates was appointed as
administrator of North Eastern Tasmanian on April 26, 2019.

PLANTATION OUTDOOR: First Creditors' Meeting Set for May 8
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Plantation
Outdoor Kitchens Pty Ltd, trading as TheBarbequeStore.com.au;
thebbqking.com.au; The Grill Store; The BBQ Store Outdoor Kitchen
Appliances, will be held on May 8, 2019, at 10:30 a.m. at the
offices of Worrells Solvency & Forensic Accountants, at Suite 1,
Level 15, 9 Castlereagh Street, in Sydney, NSW.

Christopher Damien Darin of Worrells Solvency was appointed as
administrator of Plantation Outdoor on April 26, 2019.



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

GUORUI PROPERTIES: S&P Raises ICR to 'CCC+', Outlook Negative
-------------------------------------------------------------
On April 29, 2019, S&P Global Ratings raised its long-term issuer
credit rating on Guorui Properties Ltd. (Guorui) to 'CCC+' from
'CCC'. The outlook is negative. S&P also raised its issue rating on
the company's senior unsecured debt to 'CCC' from 'CCC-'. At the
same time, S&P removed all ratings from CreditWatch, where they
were placed with developing implications on Feb. 4, 2019.

S&P said, "We upgraded Guorui to reflect the reduced risk of an
imminent liquidity crisis after it successfully refinanced its two
offshore bonds maturing or puttable in March 2019. After such
refinancing, Guorui has only a small amount of offshore bonds
maturing over the next 12 months.

"In our view, the upcoming short-term maturities still pose
liquidity pressure to Guorui, given its small cash balance of
Chinese renminbi (RMB) 1 billion-RMB2 billion. As of end 2018,
excluding senior notes that have been repaid, the company still had
short-term debt of RMB10 billion, including a RMB1 billion onshore
bond puttable in September, with the remaining balance mainly
consisting of bank and trust loans. While onshore bondholders are
likely to exercise their put options, the amount is much smaller
than the US$550 million offshore maturity it dealt with in March.

"We believe bank borrowings and trust loans are more manageable,
considering the moderate liquidity easing onshore currently. That
is also because these borrowings are generally secured by project
assets and repayment are partly linked to project status and cash
flow. The company is also planning certain onshore issuances with
assets pledged. At the same time, it is trying to accelerate its
cash collection.

"That said, we view Guorui's low cash to short-term debt ratio as
unsustainable in the long term, because that provides very limited
buffer to meet changes in funding conditions or slippage in
refinancing.

"We believe Guorui's ability to improve its liquidity position
hinges on its sales execution, conservative land acquisitions, and
the ability to obtain longer-term financing. The company has
announced the launch of RMB50 billion of new saleable resources in
2019, with half of them in Beijing. Over the first three months of
2019, the company has already achieved gross contracted sales of
RMB7.7 billion, with material contribution from its joint venture
projects in Beijing. We expect full-year contracted sales to reach
RMB23 billion-RMB25 billion, although the attributable amount is
estimated at RMB15 billion-RMB16 billion. Part of it will be used
to repay project debts and building up its cash balance.

"In our view, it takes time for Guorui to enhance its capital
structure and rebuild bond investors' confidence. Over the past 12
months, we observed a high ratio of investors exercising their put
options on its onshore bonds. Its offshore bond issuances also had
to offer a high interest rate. To secure sufficient funding for
debt repayment, Guorui has also increased its trust and other
non-bank financial institution exposure to 19% in 2018, from 12% in
2017. We believe that shows weak investor confidence on its capital
structure and it may affect the company when it needs to tap the
market again."

The negative outlook reflects the unsustainability of Guorui's
capital structure and liquidity owing to its low cash to short-term
debt ratio over the next 12 months.

S&P said, "We may lower the rating if we believe Guorui faces
difficulty in repaying its upcoming debt maturities. Such a
scenario could arise if the company's operating cash flow declines
beyond our expectation or its access to onshore capital market,
bank and trust borrowings weakens.

"We may revise the outlook to stable or upgrade Guorui if the
company improves its liquidity to a more sustainable level. This
could happen if the company demonstrates an improving ability to
generate cash, reduce its short-term debt and maintain a
significantly higher unrestricted cash balance."

LEECO: Unit Faces Higher Delisting Risk on Negative Net Assets
--------------------------------------------------------------
Wang Juanjuan and Timmy Shen at Caixin Global report that four
companies traded on the Shenzhen and Shanghai markets face a higher
risk of being delisted after they reported negative net assets for
2018 and trading in their shares was suspended on April 26. One of
the four is a unit of the fugitive tycoon Jia Yueting's
once-highflying technology conglomerate LeEco, the report says.

The four are Shenzhen-listed LeEco unit Leshi Internet Information
& Technology Corp. Beijing, Gansu Huangtai Wine-Marketing Industry
Co. Ltd. and Hunan Chinasun Pharmaceutical Machinery Co. Ltd., and
Shanghai-listed Jiangsu Protruly Vision Technology Group Co. Ltd,
Caixin discloses.

The 2018 reports triggered the trading suspensions, the report
notes.  According to Caixin, the Shenzhen and Shanghai stock
exchanges will further decide on whether to suspend the listings
within 15 trading days, according to exchange rules. A listed
company can experience multiple stages for delisting--suspension,
resumption, compulsory or voluntary termination of listing--under
rules of both exchanges.

Caixin notes that suspension of listing can be triggered under
multiple circumstances, including when the auditor reports a
disclaimer of opinion or adverse opinion after the company has been
issued a delisting risk warning, or when the audited net assets at
the end of the most recent fiscal year are negative after the
company has received a delisting risk warning.

The negative net assets of the four companies largely reflect
losses in major operating businesses, debt issues and massive
operations using debt-backed investments during the previous bull
market period, a source in the auditing industry told Caixin. The
four also faced lawsuits and had part of their assets or bank
accounts frozen because of unpaid debts.

Leshi, the unit of troubled LeEco, reported its net loss narrowed
to CNY4.1 billion ($594 million) in 2018 from a loss of CNY13.9
billion for 2017. However, it posted negative net assets of CNY3
billion at the end of 2018, compared with net assets of CNY663
million a year earlier, Caixin discloses.

LeEco's founder, Jia Yueting, has remained outside China since the
summer of 2017, leaving behind billions of yuan in debts, which
reached CNY11.9 billion at the end of 2018. Jia has also been
blacklisted as a debt defaulter by a Chinese court. He holds a
24.43% stake in Leshi, most of which have been frozen or pledged as
collateral, Caixin discloses citing Leshi's annual report.

According to Caixin, shareholders are scrambling to get out, with
Leshi's stock plunging by the daily 10% limit for three days in a
row before the suspension. On April 25, the last trading day before
the suspension, Leshi's stock closed at CNY1.69 ($0.25) per share,
a tiny fraction of the stock's value of CNY40 or so in 2015.

Caixin notes that among the four companies, Protruly Vision, an
electronic vision products maker, posted the worst negative net
assets of CNY5 billion at the end of 2018. It had a net loss of
CNY1.7 billion in 2018, according to its annual report. The auditor
issued a disclaimer of opinion for the 2018 report.

Pharmaceutical machine maker Hunan Chinasun also received a
disclaimer of opinion from its auditor for the 2018 report,
according to Caixin. It had a net loss of CNY2.5 billion in 2018,
compared with a loss of CNY324 million in 2017, according to its
report. At the end of last year, Chinasun posted negative net
assets of CNY1.8 billion, compared with net assets of CNY671
million, the report showed.

Liquor and wine maker Gansu Huangtai posted a net loss of CNY95
million in 2018, the third year in a row of red ink, the annual
report, as cited by Caixin, said. At the end of last year, the
company had negative net assets of CNY238 million, compared with
negative CNY143 million at the end of a year earlier, the report
showed. The China Securities Regulatory Commission has been
investigating the wine maker and some of its former senior
executives for alleged noncompliance with information disclosure
rules and related illegal activities, adds Caixin.

Leshi Internet Information & Technology Corp., Beijing engages in
Internet video, and film and television production and distribution
businesses in China.

OCEANWIDE HOLDINGS: Fitch Rates New USD Senior Notes 'B-(EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned China-based Oceanwide Holdings Co.
Ltd.'s (B-/Stable) proposed US dollar senior notes a 'B-(EXP)'
expected rating and a Recovery Rating of 'RR4'.

The proposed notes will be issued by the company's wholly owned
subsidiary, Oceanwide Holdings International Development III Co.,
Ltd. They will be guaranteed by the parent and are rated at the
same level as Oceanwide's senior unsecured rating because they
constitute its direct and senior unsecured obligations. Part of the
proposed notes is being offered in exchange for its USD400 million
notes due 28 May 2019. Oceanwide intends to use net proceeds from
any new note issuance primarily for refinancing existing debt. The
final rating is subject to the receipt of final documentation
conforming to information already received.

Oceanwide's ratings are constrained by its high leverage - measured
by net debt/adjusted inventory, including available-for-sale (AFS)
financial assets and financial institution investments - of around
79% at end-2018. Fitch estimates the company's leverage will
improve to 73% by end-2019 after selling assets to Sunac China
Holdings Limited (BB/Stable) in January. The company's total debt
will stay high, and Fitch believes its leverage will remain under
pressure due to weaker sales without contribution from the disposed
projects, as well as high interest and tax burden.

Oceanwide's high leverage is partly offset by an increasing
contribution from its finance business that had an EBITDA of CNY1.8
billion in 2018, accounting for 51% of total EBITDA. Fitch expects
the company's non-development property EBITDA/interest paid ratio
to improve to 0.25x-0.30x over the next two years, which provides
some buffer in servicing its debt.

KEY RATING DRIVERS

Leverage Stays High: Oceanwide has one of the highest leverages
among 'B' rated Chinese homebuilder peers. Oceanwide's weak credit
metrics are due to its investments in its FI subsidiaries and its
larger exposure to commercial development properties that have a
longer cash-collection cycle. Fitch estimates Oceanwide's leverage
will improve to 73% by end 2019, from 79% at end 2018, thanks to
the asset disposals to Sunac. However, Oceanwide's leverage will
remain under pressure due to much weaker sales without contribution
from the Shanghai and Beijing projects disposed, as well as its
high interest and tax burden that will amount to CNY10 billion a
year in the next three years.

Extremely Slow Sales: Fitch expects Oceanwide's sales efficiency,
as measured by contracted sales/gross debt excluding FIs, to remain
below 0.25x for the next three years. Fitch estimates Oceanwide's
sales will decrease by around 40% in 2019 and remain weak
thereafter post the asset disposals, despite its US projects
starting to contribute in 2020. This implies a contracted
sales/gross debt ratio at 0.08x in 2019 and 2020.

Funding Pressure Easing Post-Deal: Oceanwide will receive a net
equity consideration of CNY12.6 billion for the assets disposed in
January 2019. Total debt of CNY28 billion will be transferred to
Sunac, of which CNY10.6 billion is due within 12 months.
Oceanwide's available cash, including cash in its FI subsidiaries,
at end-2018 was CNY7.4 billion, down from CNY9.6 billion at
end-2017, while short-term debt increased to CNY58.4 billion in
2018 from CNY45.3 billion in 2017.

Focus on Finance Businesses: Oceanwide is accelerating its
transformation into a financial conglomerate; EBITDA from its
finance business contributed over 50% of total EBITDA in 2017 and
2018, from only 16% in 2016. Still, the profitability of
Oceanwide's financial business fluctuates depending on the overall
financial environment. Its non-development property EBITDA/interest
paid ratio fell to 0.18x in a weak financial market in 2018, from
0.40x in 2017. Fitch expects this ratio to improve to 0.25x-0.30x
over the next two years, which will provide some buffer in
servicing the company's debt.

Asset Base Supports Funding Access: Fitch believes Oceanwide still
has borrowing capacity, with its unencumbered assets of CNY22
billion at end-2018. Oceanwide has pledged property and financial
assets of CNY103.4 billion as well as shares of its FI subsidiaries
for CNY80 billion in secured debt. The company had CNY16 billion of
development properties that remained unencumbered at end-2018; and
Oceanwide is likely to be able to use them to secure more
borrowings because of their attractive valuation.

DERIVATION SUMMARY

Oceanwide's rating is severely constrained by its poor contracted
sales/gross debt, excluding FIs, of below 0.25x, which is among the
lowest contracted sales/gross debt ratios of all rated
homebuilders. Its weak cash generation led to leverage rising
consistently, reaching 79% in 2018, and made it one of the highest
leveraged among 'B' rated peers.

Oceanwide's poor credit metrics are due partly to larger exposure
to commercial development properties that have a longer
cash-collection cycle. However, the company's slow-churn business
model means that its land bank is much older and substantially
undervalued compared with those of fast-churn homebuilders. This
also means that Oceanwide has a high EBITDA margin among 'B' rated
peers.

KEY ASSUMPTIONS

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

  - Property development EBITDA margin of 25%-40% in 2018-2020

  - Stable performance of finance segment

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory including AFS & FI investment
sustained below 70% (79% at end-2018)

  - Consolidated EBITDA margin sustained above 35% (28% in 2018)

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

  - Further weakening of Oceanwide's liquidity position

  - Non-property development EBITDA/interest paid below 0.25x
(0.18x in 2018) for a sustained period

LIQUIDITY

Refinancing Plan in Place: Fitch believes Oceanwide has the ability
to meet its debt-repayment obligation in 2019 following its asset
sales. The proposed exchange offer, if successful, will further
improve its liquidity. The company's funding channels include
securing new banking facilities, tapping commercial
mortgaged-backed securitisation, and issuing domestic bonds and
medium-term notes, as well as through outbound guarantee and
seeking strategic partners. The company estimated that these
channels may bring additional liquidity of over CNY55 billion for
the rest of this year.

Furthermore, CNY41 billion of its short-term debts at end-2018 were
secured borrowings and Oceanwide can negotiate to roll over such
borrowings if the funding cost is competitive. Fitch believes
Oceanwide had unencumbered assets of CNY22 billion that can be
collaterised to raise additional secured borrowings.

OCEANWIDE HOLDINGS: S&P Affirms 'CCC+' ICR, Outlook Negative
------------------------------------------------------------
On April 29, 2019, S&P Global Ratings affirmed its 'CCC+' long-term
issuer credit rating on Oceanwide Holdings Co. Ltd. and the 'CCC'
long-term issue rating on the company's outstanding senior
unsecured notes.

S&P said, "We affirmed the rating on Oceanwide because we believe
the proposed exchange offer is not distressed as the company should
have sufficient resources to repay the upcoming maturing senior
notes. In our view, the plan serves as a way for the company to
streamline its deal execution, allowing existing bondholders to
subscribe to a new issuance." The negative outlook reflects
Oceanwide's continued strained liquidity, potential uncertainty on
its refinancing execution, and still significant debt repayment
pressure.

If successfully executed, the transaction will meaningfully help
Oceanwide to address near-term liquidity pressure and allow it to
further reduce onshore debt over the next 12 months. On the other
hand, if market interest is weak, then the transaction will have
negative implications on the company's market standing.

Under the proposed exchange offer, existing investors of the
original 2019 notes could elect to receive 100.5% on the par as the
principal of new notes. In addition, investors can expect a
material coupon increase on top of the existing 8.5%, in alignment
with market yields on Oceanwide's other outstanding senior notes.
The concurrent new issuance will be under the same terms, while any
additional funds raised will be used for refinancing the remaining
2019 notes and other offshore debt. The maturity on new notes will
be in 2021, effectively extending the company's offshore maturity
profile. Should the transaction attract good market interest,
Oceanwide's key offshore obligation in 2019 will have been dealt
with, and remaining offshore debt in the year should be
manageable.

On the other hand, if the market response to the transaction is
lukewarm and the aggregate subscription amount, including the
exchange offer and new issuance, falls materially short of the
US$400 million required for the 2019 bond repayment, then S&P could
view it as a sign of the company's waning capital market standing
and ability to source financing.

In this downside scenario, Oceanwide may need to resort to existing
onshore resources and other funding channels for the 2019 bond
repayment. Although S&P believes this to be unlikely, such a
scenario could eat into the company's already-thin cash position
and strain its weak liquidity further. The company's next major
offshore maturities are US$411 million in outstanding notes due
July and August 2020, and another US$215 million notes puttable in
October 2020. Hence, its refinancing pressure remains significant
and weak investor sentiment now could mean difficulties in
accessing capital markets or other refinancing channels over the
next year.

S&P said, "In our view, the sales of land assets to Sunac China
Holdings Ltd. at the beginning of the year had provided liquidity
and offloaded debt--both issues are pressing for Oceanwide. Yet,
the company's debt size remains unsustainable even after a
reduction to below Chinese renminbi (RMB) 90 billion post-sale from
RMB120 billion as of end 2018, given that more than half of its
debt are still short term. We estimate interest servicing needs
will largely consume operating cash flow from property sales,
government reimbursements, and dividends contribution from its
financial subsidiaries. Further debt reduction will require a
capital restructure including other asset sales or potential equity
fundraising. We believe those items are on the company's current
agenda, but progress on such remains uncertain."

The negative outlook on the issuer credit rating reflects the
company's continued strained liquidity, potential uncertainty on
its refinancing execution, and still-significant debt repayment
pressure. S&P continues to view the company's capital structure to
be unsustainable and is vulnerable to adverse market conditions.

S&P said, "We could lower the rating if the execution of the
exchange offer and new issuance falters and a replacement funding
plan is absent, such that the company's liquidity becomes depleted
and material repayment risk starts to appear within a 12-month
horizon. In addition, cash flow from property sales and financial
subsidiary dividends that are below our expectations, as well as
delays in cash collection from other operating activities, could
squeeze liquidity and lead to downward rating pressure.

"We may revise the outlook to stable if Oceanwide's refinancing
plan progresses smoothly and its liquidity pressure is
significantly alleviated. This would include producing feasible
refinancing plans and overhauling its capital structure, while
managing to collect cash from operating activities to boost its
liquidity resources."

TEWOO GROUP: Fitch Cuts LT IDR to 'B-', Maintains Watch Negative
----------------------------------------------------------------
Fitch Ratings has downgraded China-based commodities trader Tewoo
Group Co., Ltd.'s Long-Term Issuer Default Rating to 'B-' from
'BBB-'. Fitch has also downgraded its senior unsecured rating to
'B-' from 'BBB-' with a Recovery Rating of 'RR4'. The Rating Watch
Negative on the ratings has been maintained.

The downgrade is mainly driven by a lowering of Tewoo's standalone
credit profile to 'ccc+' from 'bb' due to weak liquidity management
and leverage that may be higher than its previous expectations,
which could cause the company to breach its negative rating
thresholds. Fitch has also lowered Tewoo's scoring under Fitch's
Government-Related Entities Rating Criteria as it  has reassessed
the support track record of its parent, the Tianjin municipality,
to Tewoo as 'Moderate' rather than 'Strong', leading to a one-notch
uplift from its standalone credit profile versus a two-notch uplift
previously.

The RWN, which was placed on the rating on April 9, 2019, will
continue until the smooth completion of reforms initiated by its
parent, which are part of the local government's plans for its
state-owned enterprises.

KEY RATING DRIVERS

Constraint on Standalone Credit Profile: Fitch lowered the
standalone credit profile of Tewoo to 'ccc+' as recent corporate
developments, including the reform process potentially affecting
the loans of some subsidiaries, and documentation provided to the
agency suggest the company has weak liquidity management, which is
not commensurate with its previous 'bb' standalone credit profile
and can disproportionately affect the operations of a commodities
trader like Tewoo. This will be a key constraint until the company
can demonstrate that its credit facilities have normalised and its
debt maturity profile has improved.

Higher-Than-Expected Leverage: Tewoo had planned a CNY5 billion
debt-for-equity swap in late 2018, which did not materialise. The
current reform initiatives by its parent, which include capital
restructuring, may increase the possibility that any further
progress on its debt-for-equity swap will be delayed. Fitch
previously forecasts a CNY10 billion swap for 2018-2019, including
the CNY5 billion in 2018, but without the programme, Tewoo's FFO
net leverage may rise above 4.5x, which would breach its negative
rating sensitivity on its standalone credit profile.

Tewoo's forecast coverage ratios will be affected by its
expectations that the company will be unable to deleverage in the
near future. Fitch expects Tewoo's EBITDA/net interest to fall
below 1.5x, the level at which Fitch would consider negative rating
action, starting 2019.

Lower GRE Score: Tewoo is a state-owned enterprise that is 100%
held by the Tianjin State-owned Assets Supervision and
Administration Commission (Tianjin SASAC). Fitch lowered Tewoo's
scoring from 15 points to 12.5 points after the reassessment of the
local government's support track record to Tewoo to 'Moderate' from
'Strong'. Its assessment also reflects the Tianjin government's
strong control of Tewoo and the weak socio-political implications
and moderate financial implications on the government of a default
by Tewoo. The company is rated one notch above its new standalone
credit profile of 'ccc+', based on its GRE rating criteria.

DERIVATION SUMMARY

Fitch has compared Tewoo with Sinochem Hong Kong Company Limited
(A/Stable), which also has a substantial trading business. Its
parent, Sinochem Corporation, is China's biggest agricultural
import company (fertilisers, seeds and agrochemicals) with core
businesses spanning energy, agriculture, chemicals, real estate and
financial services. SinoChem Hong Kong has a standalone credit
profile of 'bb-' mainly due to its strong business profile,
although it has a weak financial profile. Therefore, Fitch believes
the four-notch difference between Tewoo's and Sinochem's standalone
credit profiles is justified, based on business profile, leverage
and coverage.

KEY ASSUMPTIONS

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

  - Revenue decline of 3%-5% per annum during 2019-2021

  - Stable gross profit margin of 2%

  - No debt-to-equity swaps in its financial forecasts (previously
CNY10 billion from 2018-2019)

Recovery Rating Assumptions:

  - Tewoo would be liquidated in a bankruptcy because it is an
asset-trading company

  - 10% administrative claims

As Tewoo is a commodity trader, Fitch has adopted the
liquidation-value approach, which would generate higher recovery.
The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed to
creditors.

  - Fitch assumes 100% of cash will be drained through payment of
accounts payables

  - Fitch applied a haircut of 25% to inventory

  - Fitch applied a haircut of 35% to its adjusted accounts
receivables and prepayments

  - Fitch applied a haircut of 50% to property, plant and equipment
and investment properties

  - Fitch applied a haircut of 50% to long-term equity investments
(ex-Tianjin SASAC's CNY35 billion)

Based on its calculation of Tewoo's estimated liquidation value
after administrative claims of 10%, Fitch estimates the recovery
rate of the offshore senior unsecured debt to be 36%, which
corresponds with a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Removal of the RWN and Reassessment of the Current Rating Level

  - Tewoo's ratings will be removed from RWN if the company is able
to demonstrate that its liquidity has improved and there is
evidence of stronger support from Tianjin SASAC.

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

  - Tewoo's ratings will be downgraded if there is evidence that
its liquidity has further deteriorated and/or there is weaker
likelihood of support from Tianjin SASAC.

LIQUIDITY

Access to Funding Important: Tewoo had adequate liquidity at
end-June 2018. However, continued access to funding is critical to
maintaining this position.

FULL LIST OF RATING ACTIONS

Tewoo Group Co., Ltd.

  - Long-Term IDR downgraded to 'B-' from 'BBB-'; RWN maintained

  - Senior unsecured rating downgraded to 'B-' from 'BBB-' with a
Recovery Rating of 'RR4'; RWN maintained

Tewoo Group Finance No 2 Limited

  - USD300 million 4.5% senior unsecured notes due 2019 downgraded
to 'B-' from 'BBB-' with a Recovery Rating of 'RR4'; RWN
maintained

Tewoo Group Finance No 3 Limited

  - USD300 million 4.625% senior unsecured notes due 2020
downgraded to 'B-' from 'BBB-' with a Recovery Rating of 'RR4'; RWN
maintained

  - USD200 million 5.5% senior unsecured notes due 2022 downgraded
to 'B-' from 'BBB-' with a Recovery Rating of 'RR4'; RWN
maintained

Tewoo Group No 5 Limited

  - USD450 million senior perpetual capital securities downgraded
to 'B-' from 'BB+' with a Recovery Rating of 'RR4'; RWN maintained

YUZHOU PROPERTIES: S&P Alters Outlook to Neg., Affirms 'BB-' LT ICR
-------------------------------------------------------------------
On April 29, 2019, S&P Global Ratings revised its outlook on
China-based developer Yuzhou Properties to negative from stable.

At the same time, S&P affirmed its long-term issuer credit rating
on Yuzhou at 'BB-' and its long-term issue rating on the company's
senior unsecured notes at 'B+'.

S&P said, "We revised the outlook on Yuzhou Properties Co. Ltd. to
negative reflecting our view that the company could face challenges
in reversing its weakened financial position over the next 12
months. The company's debt expansion to support its rapidly growing
operating scale outpaced its EBITDA growth considerably in 2018.
Yuzhou's debt-to-EBITDA ratio surged to 6.1x as of end 2018,
considerably higher than 4.0x a year earlier and our expectation of
4.4x-4.6x.

"We believe the company's leverage could improve in 2019 with more
recognition of sold but unrecognized inventory amounting to Chinese
renminbi (RMB) 60 billion. However, the magnitude would depend on
its control over its growing debt. The company issued around US$1
billion in senior notes and RMB3 billion in domestic corporate
bonds in 2018 among other new borrowings, bringing gross debt to
RMB47.5 billion at year end. Since the beginning of 2019, the
company further issued US$1.5 billion in senior notes and RMB3.5
billion in domestic corporate bonds. We expect the company to
assert more control over its total debt level by paying down some
maturities in the second half of the year." Yuzhou's maturity
profile has improved overall with the issuance of longer maturity
debt.

Yuzhou's consolidated debt-to-EBITDA ratio could only improve
marginally to 5.8x-6.0x by end-2019 and to around 5.2x-5.4x in
2020. However, this includes guaranteed debt from joint venture
(JV) projects without any earnings contribution considered. S&P
believes that the "see through" ratio (with JVs proportionally
consolidated) could present a somewhat better leverage level, once
there is more transparency on JV financials. Yuzhou's JV projects
largely started in the latter half of 2017 and early 2018, and more
significant earnings contribution should come in 2019 and 2020.

Any improvement in Yuzhou's financial standing also hinges on its
operating performance in 2019. Contracted sales in the first three
months was flattish, increasing the risk of sales target slippage.
The company has also spent RMB10 billion on land acquisitions in
the first quarter, compared with RMB12 billion in full-year 2018,
while further expanding its footprint in Central China and the
Greater Bay Area. In 2018, its EBITDA was flattish despite 39%
growth in contracted sales due to slower-than-expected revenue
recognition and markedly lower gross margin by around 470 basis
points. Although S&P expects Yuzhou to sustain EBITDA margins above
the industry average, they will likely remain at 30%-32% compared
with above 35% in earlier years.

S&P said, "The negative outlook on Yuzhou reflects our view that
the company may not show a sufficiently visible trend in reversing
the deterioration in its leverage over the next six to 12 months.
This is despite our view that the company will maintain steady
sales growth and relatively strong profitability.

"We may downgrade Yuzhou if its consolidated and see-through
debt-to-EBITDA ratio does not improve to close to 5.0x and below
5.0x, respectively. This may happen if Yuzhou fails to control debt
growth and deleverage meaningfully while pursuing expansion.

"We may revise the outlook to stable if Yuzhou improves its
leverage such that its consolidated debt to EBITDA improves to
close to 5.0x, and its see-through debt-to-EBITDA ratio improves to
below 5.0x. This could happen if the company manages to control its
debt level while achieving solid revenue growth."



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

AZAM RUBBER: ICRA Assigns C+ Issuer Rating
------------------------------------------
ICRA has assigned [ICRA]C+ issuer rating to Azam Rubber Products
Limited (ARPL).

Rationale
The rating assigned to Azam Rubber Products Limited (ARPL) takes
into account the declining but moderate scale of operations of Azam
Rubber Products Limited (ARPL) with operating income (OI) of
INR85.01 crore in FY2018. The rating is further constrained by the
weak financial profile of the company as reflected by high gearing
at 1.81 times, over-utilisation of its working capital limits,
coupled with high working capital intensity of 128% in FY2018, due
to higher inventory days. Moreover, the operational metrics of the
company remain weak with capacity utilisation level at 50% in
FY2018 (a significant decline from 76% in FY2016) and intense
competition from local players in the footwear industry. ICRA
further notes that the operating margin remains susceptible to
volatility in the raw material prices and the absence of hedging
mechanism for the export sales exposes ARPL to forex fluctuations.
However, the rating takes into account the extensive experience of
the promoters in the footwear industry and the diversity of the
product profile which consists slippers, casual shoes, sport shoes,
etc. Going forward, the company's ability to scale up its revenues,
utilise the maximum capacity as well as manage the working capital
requirements, thereby improving its liquidity position, would be
the key rating sensitivity.

Key rating drivers

Credit strengths

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

Diversity in product profile: The product profile of the company
consists sandals, sport shoes, casual shoes, etc. Of these, sandals
are the highest revenue contributors (around 50%). Such diversity
provides enough cushion to the company against change in demand and
customer preference.

Credit challenges

Declining scale of operations since FY2016: The OI of the company
declined substantially to INR85.01 in FY2018 from INR221.14 crore
in FY2015 on account of loss following a fire in the factory
premises. It was further aggravated by the implementation of Goods
and Service Tax (GST) in FY2018 which resulted in lower volume
sold.

Stretched liquidity position with leveraged capital structure: The
liquidity position of the company remains stretched due to high
inventory days, leading to over-utilisation of working capital
limits. Further, the capital structure is leveraged with gearing
ratio of 1.81 times in FY2018.

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

Highly fragmented and intensely competitive industry with various
smaller competitors: The company operates in the highly fragmented
and intensely competitive footwear industry. This limits its
pricing flexibility and its ability to effectively pass on the
increase in raw material prices to customers.

Liquidity position

The liquidity position of the company remains stretched with
instances of frequent overdrawals and high working capital
intensity of 128% in FY2018. Moreover, the gearing of ARPL
increased to 1.81 times in FY2018 from 1.68 times in FY2017 on
account of a decline in net worth and an increase in the overall
debt level. However, the current ratio and interest coverage ratio
remain comfortable at 1.85 times and 2.93 times, respectively in
FY2018.

Incorporated in 1994, ARPL is promoted by Mr. Azam Khan. The
company is manufactures footwear including hawai (flip flop)
slippers, sandals and sports shoes, etc. and has two manufacturing
units located at Gorakhpur Industrial Development Authority (GIDA),
Gorakhpur, Uttar Pradesh, with a total installed capacity of 4.35
crore pairs of footwear annually. Hawai slippers are produced and
ethylene vinyl acetate/polyvinyl chloride (EVA/PVC) footwear is
produced. The main raw material used by the company is rubber, EVA
and PVC, which it procures domestically. The products of the
company are marketed in UP, Bihar, Jharkhand, Chhattisgarh and MP,
under the brand name ARP through a network of around 250 dealers.

BANGALORE INSTITUTE: ICRA Cuts INR10cr Loan Rating to D, Not Coop.
------------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Bangalore Institute of Gastroenterology Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Fund       9.95       [ICRA]D ISSUER NOT
   based Term Loans                COOPERATING; Revised from
                                   [ICRA]B(Stable) and
                                   continues to remain in
                                   Issuer Not Cooperating
                                   Category

   Long-term            0.05       [ICRA]D ISSUER NOT
   Unallocated                     COOPERATING; Revised from
                                   [ICRA]B(Stable) and
                                   continues to remain in
                                   Issuer Not Cooperating
                                   Category

ICRA has downgraded the long-term rating to [ICRA]D ISSUER
NOT-COOPERATING from [ICRA]B ISSUER NOT-COOPERATING for the
INR10.00-crore limits of Bangalore Institute of Gastroenterology
Private Limited. The rating continues to remain in the 'Issuer Not
Cooperating' category.

As part of its process and in accordance with its rating agreement
with Bangalore Institute of Gastroenterology Private Limited, ICRA
has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Rationale The rating downgrade follows the delays in debt servicing
by Bangalore Institute of Gastroenterology Private Limited to the
banker, as confirmed by the banker to ICRA. ICRA has limited
information on the entity's performance since the time it was last
rated in April 2016 and the ratings were moved to the ISSUER NOT
COOPERATING category in September 2017.

Key rating drivers

Credit challenges

Delay in debt servicing: The entity has delayed in meeting its
repayment obligations on its term loan.

Incorporated in 2013, BIG has set up a 100-bed gastroenterology
specialty hospital in Jayanagar (Bangalore). The company is owned
and managed by Dr. Ramesh Reddy, Dr. S Divakara Murthy, Dr.
Preethan K.N., Dr. R Sahadev and Dr Tejeswi S. Gutti who are
gastroenterology specialists. The hospital was set up with an aim
to provide one stop solution for gastrointestinal, hepatobiliary
and pancreatic diseases.

BHARATH AGRO: ICRA Maintains 'B+' Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the rating of INR7.00-crore bank facilities of Bharath
Agro Agencies (BAA) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term-Fund      5.00      [ICRA]B+(Stable) ISSUER NOT
   Based/CC                      COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long Term-Non       1.70      [ICRA]B+(Stable) ISSUER NOT
   Fund Based                    COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long Term/Short     0.30      [ICRA]B+(Stable)/[ICRA]A4
   Term-Unallocated              ISSUER NOT COOPERATING; Rating
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in January
2018. The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating does not adequately reflect the credit risk profile of
the entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating agreement
with Bharath Agro Agencies, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information,
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Bharath Agro Agencies was incorporated as a partnership firm in
2005. The firm is an authorized tractor dealer, spares and
accessories distributor and service provider for Mahindra &
Mahindra Limited. The firm caters to the Kurnool market and
operates through five showrooms at Adoni, Dhone, Atmapur,
Nandikotkur and Kurnool and four dedicated service centres at all
the centres except Atmapur.

DA TOLL: ICRA Downgrades Rating on INR1883.34cr Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
DA Toll Road Private Limited (DATRPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans         1883.34      [ICRA]D; Downgraded from
                                   [ICRA]BBB

   Proposed Term        15.44      ICRA]D; Downgraded from
   Loan                            [ICRA]BBB

Rationale

The rating revision takes into account the recent irregularities in
debt servicing by DATRPL. While the toll collections were adequate
to meet the debt obligation, lenders were instructed by the
National Highway Authority of India (NHAI) on February 8, 2019 to
transfer the toll receipts (being collected from January 1, 2019
onwards) to a separate withheld account1 owing to delays in project
execution and non-achievement of fourth execution milestone
(timeline for the same was December 31, 2018) on time. The interest
overdue as on February 28, 2019 was INR13.21 crore while the
surplus available in construction period fee escrow sub-account
from which the interest has to be serviced had credit balance of
INR92.6 crore which was more than adequate to service the interest
obligation. Similarly, the debt obligation for the month of March
31, 2019 was INR26.62 crore as against the credit balance of
INR93.8 crore in construction period fee escrow sub-account. For
both the months, the debt obligation could not be serviced on time
despite the surplus lying in the construction period fee escrow
sub-account.

Key rating drivers

Credit weaknesses

Recent delays in debt servicing: There has been delays in debt
servicing by DA Toll Road Private Limited (DATRPL). While the toll
collections were adequate to meet the debt obligation, lenders were
instructed by the National Highway Authority of India (NHAI) on
February 8, 2019 to transfer the toll receipts (being collected
from January 01, 2019 onwards) to a separate withheld account owing
to delays in project execution and non-achievement of fourth
execution milestone (timeline for the same was December 31, 2018)
on time. The interest overdue as on February 28, 2019 was INR13.21
crore while the surplus available in construction period fee escrow
sub-account from which the interest has to be serviced had credit
balance of INR92.6 crore which was more than adequate to service
the interest obligation. Similarly, the debt obligation for the
month of March 31, 2019 was INR26.62 crore as against the credit
balance of INR93.8 crore in IIn line with the supplementary
agreement executed between 'NHAI' and 'DATRPL' on December 21,
2015, construction period fee escrow sub-account. For both the
months, the debt obligation could not be serviced on time despite
the surplus lying in the construction period fee escrow
sub-account.

Liquidity Position:
As on February 28, 2019, the company had INR92.6 crore in
construction period fee escrow sub-account and INR34.8 crore in
withheld account as against interest obligation of INR13.21 crore
for February 2019. Similarly, for the month of March 31, 2019 the
credit balance of INR93.8 crore was available in construction
period fee escrow sub-account and INR57.2 crore in withheld account
as against the debt obligation of INR26.62 crore for March 2019.
For both the months, the debt obligation could not be serviced on
time despite the surplus lying in the construction period fee
escrow sub-account.

Incorporated in May 2010, DA Toll Road Private Limited (DATRL), is
a special purpose vehicle (SPV) promoted by Reliance Infrastructure
Limited (R Infra). It has been set up for the purpose of
widening/up-gradation of the stretch between Delhi and Agra from
existing 4-lanes to 6-lanes. The total length of the road under the
project is 179.50 kilometre (km). The project was awarded to the
company under a competitive bidding process under National Highway
Development Program (NHDP) on a Design, Build, Finance, Operate and
Transfer (DBFOT) basis. The key bid variable was the grant
receivable from NHAI which was bid at INR180 crore by R Infra. The
concession period is for 26 years from the appointed date (i.e.,
October 16, 2012). The project is expected to achieve COD in June
2019.

ELEKTRANS SHIPPING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Elektrans Shipping Private Limited

        Registered office:
        LG-A-05, LG-A-06, LG-A-07, LG-A-08
        Art Guild House, Lower Gr Floor
        Phoenix Market City
        LBS Marg, Kurla
        Mumbai 400070

        Office address as per website:
        Phoenix Paragon Plaza, 3B-33 and 34
        Phoenix Market City
        LBS Marg, Kurla
        Mumbai 400070

Insolvency Commencement Date: April 10, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 20, 2019
                               (180 days from commencement)

Insolvency professional: Manishkumar Patel

Interim Resolution
Professional:            Manishkumar Patel
                         1, Vishram Apartment
                         L.B.S. Marg
                         Thane Maharashtra 400602
                         E-mail: manipatel@outlook.com
                                 elektrans.shipping@ipmanish.com

Last date for
submission of claims:    May 7, 2019


GALAXY CONCAB: ICRA Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR32.00-crore bank facilities of
Galaxy Concab (India) Private Limited continue to remain under
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable) and [ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       10.00      [ICRA]B (Stable); ISSUER NOT
   Based/Cash                      COOPERATING; Continues to
   Credit                          remain under the 'Issuer Not
                                   Cooperating' category

   Long Term-            1.00      [ICRA]B (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Short Term-          15.00      [ICRA]A4; ISSUER NOT
   Non-fund Based                  COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Long Term/Short       6.00      [ICRA]B (Stable)/A4; ISSUER
   Term-Fund Based                 NOT COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

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

PVC (polyvinyl Chloride) Cables), which are used in the
high-voltage transmission of power. The company also trades in High
Tension Cables. In addition, the company also undertakes job work
for LT cables.

GAYATH INDUSTRIES: ICRA Assigns B+ Rating to INR9cr LT Loans
------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Gayath
Industries, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term-          8.90       [ICRA]B+ (Stable);
   Fund-based                     Assigned/outstanding

   Long-term-          0.10       [ICRA]B+ (Stable);
   Unallocated                     outstanding

Rationale

The assigned rating is constrained by Gayath Industries' modest
scale of operation, which restricts benefits arising from the
economies of scale. The rating also considers the moderate net
worth position of the firm and the same is exposed to the risk of
profit or capital withdrawals associated with its proprietorship
nature. The rating takes into consideration the expected weakening
of the firm's capital structure owing to the sizeable debt-funded
capital expenditure envisaged in the near term towards expansion of
its manufacturing facility. Nonetheless, the capital expansion is
likely to support its ability to scale up operations at a healthy
pace with the expected receipt of sizeable orders from new
customers and steady improvement in order flow from its existing
customers. The rating derives comfort from the extensive experience
of the promoter in the precision-machined components industry for
over two decades and the firm's extensive and proven operational
track record in the business, which facilitated in establishing
strong association with its key customers and suppliers. The rating
considers the firm's healthy profitability because of its control
over the manufacturing cost, aided by advanced technology machinery
in place and supported by considerable proportion of its revenues
derived from job-work operations. The rating also considers the
firm's comfortable coverage indicators on the back of adequate
operational cash flows.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that Gayath
Industries will continue to benefit from the promoters' extensive
experience in the precision-machined components segment and its
proven operational track record. The outlook may be revised to
Positive if the company scales up its operations significantly
while maintaining its profit margins and efficiently managing its
working capital requirements. The outlook may be revised to
Negative, if cash accruals are lower than expected and result in
weakening of its debt coverage indicators or if any stretch in the
working capital cycle weakens the firm's liquidity.

Key rating drivers

Credit strengths

Extensive experience of the promoter in the precision components
business: The firm's promoter, Mr. Muthu P, has an established
presence of over two decades in the precision-machined components
business. Gayath Industries' extensive presence in the business and
the promoter's vast experience enabled the firm in establishing a
strong association with its key customers and suppliers.

Comfortable profitability and coverage indicators: The firm's
profitability has been healthy in the past, supported by the firm's
manufacturing facility, which is equipped with advanced technology
machinery that facilitated in better operational efficiency.
Besides, considerable proportion of revenues derived from
margin-accretive job-work operations (nearly 50% of its operating
income in general) has also supported the firm's profitability. The
firm's coverage indicators have also been comfortable in the past,
aided by adequate cash flows from operations on the back of its
healthy profitability.

Credit challenges

Modest scale of operations restricts economies of scale benefits:
The firm's modest scale of operations, as characterised by an
operating income (OI) of INR7.44 crore in FY2018, restricts the
benefits arising from the economies of scale. Nevertheless, the
expected receipt of sizeable orders from newly acquired customers
and steady improvement of order flow from its existing customers
are likely to support the firm's revenue growth.

Moderate financial profile: Gayath Industries' net worth position
remains low and its working capital cycle is adversely impacted by
the stretched receivables. Besides, given the sizeable debt-funded
capital expenditure envisaged by the firm in the near term towards
enhancement of its manufacturing facility, its capital structure
and coverage indicators are expected to weaken to some extent.

Risk of profit and capital withdrawal: The firm is exposed to the
risk of profit or capital withdrawals associated with its
proprietorship status, as witnessed in the past.

Liquidity position

Gayath Industries' liquidity position is tight with limited buffer
in its working capital facilities and modest cash balances
maintained by the firm. Any stretch in its receivables position is
likely to result in further deterioration of the firm's liquidity
position.

Gayath Industries was established in 2006, with Ms. Latha Muthu as
its proprietor. The firm manufactures precision-machined
engineering components such as windmill components, railway coach
couplers, tunnel boring machine components, value components and
manifolds, among others. The day-to-day operations are managed by
Mr. Muthu P, who has an extensive experience of over two decades in
the precision components segment.

The firm reported a profit after tax (PAT) of INR0.52 crore on an
Operating Income (OI) of INR7.44 crore in FY2018 compared to a PAT
of INR0.98 crore on an OI of INR6.22 crore in the previous year.


HARIOM PULSES: ICRA Withdraws B Rating on INR9cr Cash Loan
----------------------------------------------------------
ICRA Ratings has withdrawn the ratings on bank facilities of Hariom
Pulses (HOP).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       9.00       [ICRA]B (Stable); Withdrawn
   Based/Cash
   Credit               

   Long Term-Fund       0.32       [ICRA]B (Stable); Withdrawn
   Based/Term Loan      

   Short Term-Fund      3.00       [ICRA]A4; Withdrawn
   Based                

Rationale

The long-term and short-term ratings assigned to Hariom Pulses
(HOP) have been withdrawn at the request of the company, based on
the no-objection certificate provided by its banker, and in
accordance with ICRA's policy on withdrawal and suspension.


HOP was established in 2002 as a partnership concern with Mr.
Omprakash Multani and Mr. Harish Kumar Multani as partners in equal
ratio. It is involved in processing grains, of which Rahar dal has
significant share in its revenues. In FY2016, the firm diversified
into rice-milling operations and set up its rice-milling unit for
sale of non-Basmati rice under its own brand. The firm's factory is
located at the Industrial Estate, Katni, Madhya Pradesh with a
pulse-processing capacity of 18,250 MT per annum and rice milling
capacity of 4 tonne per hour.

HYDROCONS SYSTEMS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Hydrocons Systems Private Limited
        Unit-06, P.No. 33
        The New India Industrial Estate
        Off Mahakali Caves Road
        Opp. Paper Box Main Gate
        Andheri East Mumbai 400093

Insolvency Commencement Date: April 23, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 20, 2019
                               (180 days from commencement)

Insolvency professional: Ms. Poonam Basak

Interim Resolution
Professional:            Ms. Poonam Basak
                         904-23D, Pallazio Chs. Powai
                         Mumbai, Suburban
                         Maharashtra 400076
                         E-mail: poonamb.irp@gmail.com
                                 cirp.hydro@gmail.com

Last date for
submission of claims:    May 7, 2019


IL&FS WIND: ICRA Lowers Rating on INR200cr NCD to D
---------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
IL&FS Wind Energy Limited (IWEL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-Convertible        200        [ICRA]D; downgraded from
   Debenture (NCD)                   [ICRA]C-
   Programme              
                                     
Rationale

The long-term rating for IWEL has been downgraded owing to the
delays in debt servicing on the NCD programme due to the weak
liquidity position of the company. The company was not able to
redeem the INR75 crore zero-coupon NCD which was due for redemption
on April 15, 2019.

Key rating drivers:

Credit challenges

Delays in debt servicing: Owing to the weak liquidity position,
IWEL has not redeemed the INR75 crore zero-coupon NCD which was due
for redemption on April 15, 2019.

Liquidity position
Being a holding company, the liquidity position of the company
remains inadequate owing to limited revenue streams.

IWEL is a 100% subsidiary of IEDCL and owns 51% controlling stake
in seven operating wind SPVs namely Khandke Wind Energy Private
Limited, Ratedi Wind Power Pvt. Ltd., Tadas Wind Energy Pvt. Ltd.,
Lalpur Wind Energy Pvt. Ltd., Wind Urja India Private Limited,
Etesian Urja Limited and Kaze Energy Limited. The remaining 49%
stake in operating wind SPVs is held by Orix Corporation, Japan.

ISKCON METALS: ICRA Withdraws B+ Rating on INR8cr Cash Loan
-----------------------------------------------------------
ICRA Ratings has withdrawn the rating on bank facilities of Iskcon
Metals (IM).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-
   Term Loan            4.50      [ICRA]B+(Positive); Withdrawn

   Fund-based-
   Cash Credit          8.00      [ICRA]B+(Positive); Withdrawn


Rationale
The ratings assigned to IM have been withdrawn, based on the
no-dues certificate provided by its banker.

Outlook: Positive

ICRA has withdrawn the positive outlook on the long-term rating.

Established in August 2012, as a partnership firm by the Patel
family, Iskcon Metals (IM) is engaged in the manufacturing of long
structural steel products, Mild Steel (MS) angles and channels. The
manufacturing facility of the firm is located at Vijapur, Gujarat,
with a production capacity of 29,500 tonnes per annum. Currently,
the partners of the firm are associated with Pragati Steel
Industries, which is engaged in the manufacturing of structural
steel products of smaller size.

JET AIRWAYS: Tells Employees it Cannot Fund Mediclaim Policy
------------------------------------------------------------
The Economic Times reports that faced with severe liquidity crisis,
grounded Jet Airways has informed employees that it will not be
able to fund the premium of Group Mediclaim Policy and advised them
to take medical cover of their choice.

IANS first reported on April 27 that Jet employees face uncertainty
over extension of their Mediclaim provided by the company, ET says.


"In the absence of any emergency funding from the lenders or any
other source of funds forthcoming in the near future, we find
ourselves facing a situation where we are not able to fund the
premium of our Group Mediclaim Policy," the airline Chief People
Officer Rahul Taneja wrote in a letter to its employees, ET relays.


He said that the Group Mediclaim Policy lapses on the midnight of
April 30, 2019, adding that "these circumstances are not of our
doing and much as we would wish to do things differently, we are
left with little choice".

Taneja, however, sounded optimistic and gave hope about revival of
the airline, the report relates.

"I must also state that we have not yet given up on our efforts and
continue to engage with the lenders and support them in the bid
process. We are working with them proactively to find opportunities
to revive our beloved airline. As soon as we have more clarity on
this matter, we will share the same with you," the report quotes
Rahul Taneja as saying.

                        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 reported in the Troubled Company Reporter-Asia Pacific on April
22, 2019, Reuters said Jet Airways Ltd on April 17 halted all
flight operations after its lenders rejected its plea for emergency
funds, potentially bringing the curtains down on what was once
India's largest private airline.

Lenders of Jet Airways led by SBI are currently in the process of
selling the airline to recover their dues of over INR8,400 crore,
The Economic Times discloses. Private equity firm TPG Capital,
Indigo Partners, National Investment and Infrastructure Fund (NIIF)
and Etihad Airways are in the race to buy a stake in the grounded
Jet Airways, ET says.  

JOGMA LAMINATES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Jogma Laminates Industry Private Limited
        5 & 6 Krishna Plaza
        Besides The Dental House
        Near Lakadganj Garden
        Queta Colony, Lakadganj, Nagpur
        Maharashtra 440008

Insolvency Commencement Date: April 25, 2019

Court: National Company Law Tribunal

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

Insolvency professional: IP CMA Rohit Vora

Interim Resolution
Professional:            IP CMA Rohit Vora
                         1103 Raj Sun Flower
                         Royal Complex, Eksar Road
                         Borivali (West) Mumbai 400092
                         E-mail: contact@rohitvora.com

                            - and -

                         C/o Wealthtree Advisors Pvt. Ltd. (MyCFO)
                         18th Floor, 'The Ruby'
                         Senapati Bapat Marg, Dadar (W)
                         Mumbai 400028
                         E-mail: ipjogma.rohit@mycfo.in

Last date for
submission of claims:    May 9, 2019

KSC EDUCATIONAL: ICRA Migrates 'B+' Rating to Not Cooperating
-------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of KSC
Educational Society to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term-Fund      150.00    [ICRA]B+ (Stable); ISSUER NOT
   Based/Term Loan               COOPERATING; Rating moved to
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-Non-       2.32     [ICRA]B+ (Stable); ISSUER NOT
   fund Based                    COOPERATING; Rating moved to
                                 'Issuer Not Cooperating'
                                 Category

Rationale

The ratings for the INR152.32-crore1 bank facilities of KSC
Educational Society has been moved to 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

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

K.S.C Educational Society is promoted by the Chadha Group with the
objective of providing technical and non-technical education. The
Society has set up an international school (from Nursery to Class
XII) by the name of 'Genesis Global School' in Sector 132 of Noida,
Uttar Pradesh. The school commenced operations from April 2010.

LUNAR CERAMICS: ICRA Withdraws B+ Rating on INR2.51cr Term Loan
---------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Lunar
Ceramics.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan            2.51       [ICRA]B+(Stable); Withdrawn

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

   Non-fund-based-
   Bank Guarantee       0.65       [ICRA]A4; Withdrawn

Rationale

The ratings assigned to Lunar Ceramics have been withdrawn, based
on the no-objection certificate provided by its banker.

Outlook: Stable

ICRA has withdrawn the Stable outlook on the long-term rating.

Established in 2010 as a partnership firm, Lunar Ceramics is
promoted by Mr. Kailashbhai Bhoraniya, Mr. Kuldeepbhai Bopaliya,
Mr. Bhagvanjibhai Bopaliya and family members. It manufactures
digital ceramic wall tiles. The promoters have experience in the
ceramic industry through their association with entities in the
ceramic industry. The firm has associate concerns namely Famous
Ceramic Industries (wall and floor tiles) and Omkar electricals.
The manufacturing unit of the firm is located in Wankaner, Gujarat,
and has an installed capacity of 16350 MTPA. At present, the firm
manufactures digitally printed wall tiles of two sizes – 12"X18"
and 12"X24".

MAGUS METALS: ICRA Cuts INR8cr Loan Rating to D, Not Coop.
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Magus Metals Private Limited (MMPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based         8.00      [ICRA]D ISSUER NOT COOPERATING;
   CC Limits                    Revised from [ICRA]C+; Rating
                                continuous to remain under
                                'Issuer Not Cooperating' category

   Fund Based         1.90      [ICRA]D ISSUER NOT COOPERATING;
   TL Limits                    Revised from [ICRA]C+; Rating
                                continuous to remain under
                                'Issuer Not Cooperating' category

   Unallocated        1.10      [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Revised from [ICRA]C+; Rating
                                continuous to remain under
                                'Issuer Not Cooperating' category

ICRA has revised the rating of bank facilities of MMPL to [ICRA]D
from [ICRA]C+. The rating continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D ISSUER
NOT COOPERATING".

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

Rationale
The rating downgrade factors in the delays in debt servicing.

Magus Metals Private Limited (MMPL) was started as R.R. Metals
Private Limited in the year 1990. Later in the year 2001, the name
of the company was changed as Magus Metals Private Limited. From
inception, the company is into manufacturing of non ferrous metals
from the scrap generated by smelters like Hindustan Zinc limited
and Binani Zinc Limited. The company manufactures cadmium, zinc
sulphate, copper cathode and zinc ingots. The factory is situated
at Chotuppal, Nalgonda Dist, Telangana.

MAHESH MERCANDISE: ICRA Downgrades Rating on INR19.5cr Loan to D
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Mahesh Mercandise Private Limited (MMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based          10.00       [ICRA]D; revised from
   Limits                          [ICRA]BB- (Stable)

   Non-Fund based      19.50       [ICRA]D; revised from
   Limits                          [ICRA]A4

ICRA has revised the rating to [ICRA]D for bank facilities of MMPL
on account of instances of default in debt servicing by the company
due to stretched liquidity position of the company.

Key rating drivers

Credit strengths

Experienced management provides competitive edge: The promoters and
their families have been involved in the timber processing and
trading industry, for more than four decades and have gained a
thorough knowledge of the market. The company's long presence in
the industry has helped it establish strong relationships with
suppliers and customers.

Credit challenges

Stretched liquidity position leads to delays in debt servicing:
There have been recent instances of delays in debt servicing by the
company owing to the company's stretched liquidity position.

Stiff competition and fragmented industry puts pressure on
profitability: Timber processing is a low value-added business and
faces high competition from numerous players operating in the
industry. The fragmented and competitive nature of the industry
limits the pricing flexibility of its participants and keeps the
margins under pressure. While MMPL benefits to an extent on account
of the promoters' operational track record of more than four
decades, the pricing flexibility is limited by the intense
competition in the industry.

Liquidity Liquidity profile of the company stood weak owing to the
company's stretched liquidity position.

Mahesh Merchandise Private Limited was incorporated in 2006 by Mr.
Shish Pal Mittal. It is involved in the trading and processing of
timber logs. The company's offices are located in Karnal,
Gandhidham and Delhi. The company has milling facilities at
Gandhidham, Gujarat, which is close to Kandla and Mundra ports. Mr.
Shish Pal Mittal has an extensive experience in the timber
business. Prior to incorporating MMPL, he was involved in other
timber processing entities as a partner/director.

MAITHRI DEVELOPERS: ICRA Assigns B+ Rating to INR60cr Loan
----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Maithri
Developers (MD), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          60.0       [ICRA]B+(Stable); assigned
   Unallocated
   Limits               

Rationale

The assigned rating takes into account the long track record of the
promoter, Mr. BVS Reddy, in the field of real estate development
with the firm developing 2.0 million square feet (msft) of
constructed area over the past 15 years. The rating also factors in
the favourable location of the ongoing projects with proximity to
public amenities such as hospitals, IT parks and educational
institutions. The rating is, however, constrained by the firm's
modest scale of operations, notwithstanding the significant
improvement in revenues in FY2018, which limits the operational and
financial flexibility of the firm. The rating is also constrained
by the high market and execution risks for its ongoing projects,
Shilpitha Royal Oak and Shilpitha Tech Park, with both projects
being in nascent stages of construction. The rating considers the
risks emanating from proprietor constitution of the firm, including
withdrawal of capital, dissolution of the firm, etc. Besides, the
rating also factors in the intense competition in the Bengaluru
real estate market and the susceptibility to cyclicality and
regulatory risks inherent in the industry.

Outlook: Stable

ICRA expects Maithri Developers to continue to benefit from the
long track record of the promoter and the favourable location of
the ongoing projects. The outlook may be revised to Positive if
healthy sales progress and timely execution of its ongoing
projects, result in improved receipt of customer advances.
Conversely, the outlook may be revised to Negative if cash flows
from operations are lower than expected, either because of subdued
booking levels or low customer advances, or if any significant
delay in completion of the projects, weakens the firm's liquidity
position.

Key rating drivers

Credit strengths

Long track record of the promoter: The firm is promoted by Mr. BVS
Reddy, who has over a decade of experience in the real estate
industry. Although the scale of operations remains moderate, the
firm has developed around 2.0 msft over the past 15 years.

Favourable location of the ongoing projects: The ongoing project,
Shilpitha Royal Oak, is located in Sadarmangala in North Bangalore
which is in close proximity to many public amenities such as
hospitals, IT parks and educational institutions. The project,
Shilpitha Tech Park, is located in Devirabisanahalli on the outer
ring road which was witnessed healthy demand for both residential
and commercial real estate activities in the recent past.

Low regulatory risks: The projects are being developed under the
joint development agreement (JDA) mode, such that the firm has 55%
share in the total saleable area (for both projects combined). The
firm has received all approvals required to carry out the project's
construction.

Credit challenges

High market, execution and funding risks for the projects: The firm
faces high market and execution risks for both its ongoing projects
as they are in nascent stages of construction. Moreover, the debt
for the ongoing projects is yet to be tied up which exposes the
firm to funding risks as well. Furthermore, the firm has three
upcoming projects encompassing 0.8 msft of saleable area in the
next one year.

Inherent risk associated with the proprietorship nature of
business: The firm is exposed to risks associated with
proprietorship firms such as capital withdrawals and dissolution of
the firm, etc.

Exposure to inherent cyclicality in real estate industry: As real
estate is a cyclical industry, it is highly dependent on
macro-economic factors, which make the firm's sales vulnerable to
downturns in demand and competition within the region from various
established developers. With operations of the Maithri Developers
concentrated in Bengaluru, it also exposes the firm to geographical
concentration risks.

Liquidity position

The cash flow from operations improved significantly in FY2018 due
to significant reduction in inventory levels. The firm had achieved
healthy sales for the completed projects, resulting in repayment of
the outstanding debt in a timely manner. Currently, the firm is
planning to avail a debt of Rs 60.0 crore to part finance the
construction cost of its ongoing projects, Shilpitha Royal Oak and
Shipitha Tech Park. However, with the ongoing projects in nascent
stages of implementation, the liquidity position will remain
dependent on the sales velocity and collection efficiency achieved,
besides, the ability of the promoter to bring his contribution in a
timely manner.

Incorporated in 2004, Maithri Developers (MD) is a proprietorship
firm engaged in real estate development in Bangalore, Karnataka.
The proprietor has long experience in the field of real estate
development and construction and the firm has successfully executed
11 residential projects since its establishment encompassing ~2.0
million square feet (msft) of saleable area. The residential
projects include apartments, with amenities such as clubhouse,
swimming pool and gymnasium. Presently, the firm has two ongoing
projects and three more projects are expected to commence within a
year's time. The firm undertakes all the activities with the
assistance of its in-house team of engineers and architects.

NEELSON CERAMIC: ICRA Moves B+ Rating to Not Cooperating
--------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Neelson
Ceramic LLP to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit          6.00      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category

   Term Loan           13.35      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category

   Bank Guarantee       1.80      [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category

ICRA has moved the ratings for the INR21.15 crore bank facilities
of Neelson Ceramic LLP to the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]B+ (Stable)/A4 ISSUER NOT
COOPERATING".

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.
  
Incorporated in May 2015, Neelson Ceramic LLP (NCL) is engaged in
manufacturing polished glazed vitrified tiles. The firm's
manufacturing facility is at Morbi, Gujarat, with an installed
production capacity of 45,000 MTPA of glazed vitrified tiles. NCL
currently manufactures vitrified tiles in sizes of 600" x 600" and
300" x 600". NC is in the process of increasing its installed
capacity to 67,500 MTPA and introducing a new tile dimension of
600" x 1,200".

The firm is promoted by Shri Kalesh Makasana, Shri Sanjay Makasana,
Shri Ghanshyam, Smt. Maheshwari Makasana and Smt. Reena Makasana.
The promoters have experience of the ceramic industry owing to
their association with previous group concerns, Neha Ceramic and
Nehani Tiles Private Limited.

OSWAL OVERSEAS: ICRA Assigns C Rating to INR62.82cr LT Loan
-----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Oswal Overseas
Limited (OOL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term fund-
   based limits         62.82      [ICRA]C; Assigned

Rationale

The assigned rating takes into account the weak financial profile
of OOL marked by its modest scale of operations and losses in the
past mainly because of high cane procurement costs, which has
constrained its liquidity position. Due to the constrained
liquidity position, the company has funded its working capital
requirements through its creditors. The rating also factors in the
vulnerability of the company's profitability to volatility in sugar
prices. ICRA further notes the inherent cyclicality in the sugar
industry and the company's exposure to agro-climactic risks related
to cane production.

The rating, however, factors in the extensive experience of the
promoters in the sugar industry and the Government support to the
sugar industry in the form of soft loans and subsidies, among
others.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the sugar industry: OOL is
mainly involved in manufacturing sugar. Its sugar manufacturing
unit with its 3,500 tonne crushed per day (TCD) capacity is located
in the Bareilly district of Uttar Pradesh. The operations of the
company are managed mainly by Mr. Paramjeet Singh, who has more
than 30 years of experience in various business segments including
more than 15 years of experience in the sugar industry.

Government support to the sugar industry: The company benefits from
the Government support to the sugar industry in the form of low
cost soft loans and interest subvention schemes, among others,
which has a material impact on the profitability of the domestic
sugar industry.

Credit challenges

Weak financial profile marked by losses in the past; stretched
creditor position: The company reported operating losses in the
last five years (except FY2017) mainly due to high cane procurement
costs. OOL has registered an operating loss of INR16.57 crore in
FY2018 as against an operating profit of INR4.29 crore in FY2017.
The company reported losses at the net level mainly on sizeable
interest burden in the past. Given the constrained liquidity
position, the company has stretched creditors in the past to fund
the working capital requirements. The creditor days remained at 249
in FY2018 as compared to 168 in FY2017.

Modest scale of operations: The company's operational history spans
more than three decades. In SY20181, the company operated for close
to 144 days, crushing 409,661 MT of cane, recording a recovery of
8.75% over the operational period of 139 days in SY2017, when the
company crushed 220,680 MT of cane, recording a recovery of 9.63%.
The operating income (OI) in FY2018 was stagnant and stood at
INR75.98 crore due to softening sugar realisations, especially
since December 2017. For the fiscal period from April 2018 to
December 2018, the company booked revenues of INR58.97 crore.

Exposure to agro-climatic risks and cyclical trends in the sugar
industry: Cane production remains a function of agro-climatic
conditions, which ultimately impacts the volumes and realisations
of sugar and its by-products. Further, the sugar business also
remains vulnerable to any unfavourable changes in Government
policies related to the sugar trade.

Vulnerability of profitability to volatility in sugar realisations
and cane procurement costs: Typically, the profitability of sugar
entities remains driven by their sugar realisations and cane
procurement costs. While sugar realisations remain market driven,
state governments usually fix the minimum support price for
sugarcane. Any adverse movements in the same impacts the
contribution margins and, hence, the profitability of sugar mills.

Liquidity position

The liquidity profile has remained constrained, especially in the
past two fiscals mainly on losses. The company has sizeable
repayment obligations in the coming fiscals, which remain at
INR3.29 crore, INR10.34 crore and INR12.08 crore each for FY2020,
FY2021 and FY2022, respectively. The ability of the company to
ensure healthy scale up of its operations with notable improvement
in profitability will be crucial for timely debt servicing. The
average utilisation of the sanctioned working capital limits for
the 12-month period ending February 2019 stood at around 93%. OOL
had a free cash balance of INR0.96 crore as on March 31, 2018.

Incorporated in May 1984 as ANK Impex Private Limited, the company
changed its constitution to a public limited company and was
renamed to ANK Impex Limited in October 1984. On May 1992, the
company was again renamed to Oswal Overseas Limited. It
manufactures sugar in its plant in Bareilly (Uttar Pradesh) with an
installed production capacity 3,500 TCD. OOL's registered office is
in New Delhi. The shares of the company were listed on the Bombay
Stock Exchange (BSE) on September 1995.

In FY2018, OOL reported a net loss of INR19.96 crore on an OI of
INR75.98 crore, and in the nine-month period ended December 31,
2018, it reported a net loss of INR7.97 crore on an OI of INR59.87
crore (provisional numbers).

PARAMOUNT INTERNATIONAL: ICRA Cuts Rating on INR10.80cr Loan to D
-----------------------------------------------------------------
ICRA has revised the ratings on bank facilities of Paramount
International (PI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based           10.80      [ICRA]D; downgraded from
                                   [ICRA]A4

Rationale

The revision in rating is on account of delays in debt repayments
owing to the stretched liquidity position of the firm. ICRA takes
note of weak financial profile as reflected by continuous decline
in operating income from past four years and stretched working
capital indicators. ICRA, however, takes note of the extensive
experience of the promoters in the Handicraft industry.

Going forward, the firm's ability to improve its liquidity position
and service its debt in a timely manner will be the key rating
sensitivity.

Key rating drivers

Credit strengths:

Extensive presence of the promoter in handicraft exports and
established relations with international customers Incorporated in
2008 for the manufacturing of handicrafts like candle stands,
lamps, ornaments etc made of brass, coloured glass, iron, etc. The
promoters are engaged in the business for more than 10 years. Also,
The firm has a wide customer base with significant presence in the
international market. However, USA still remains the major revenue
contributor followed by UK and Europe (Germany, France, etc).

Credit challenges

Decline in Operating Income and stretched working capital
indicators leading to delay in bank overdues: Owing to the
stretched liquidity position of the company there have been delays
in the repayment of working capital facility.

Small scale of operations of the firm: The operational profile of
the firm is weak on account of its modest scale of operations,
which restricts its economies of scale and also limits is
bargaining power with respect to its customers.

Vulnerability of profitability to adverse fluctuations in raw
material prices and foreign exchange rates: The firm's margins are
significantly affected by raw material price fluctuation, which in
turn affects the sales realisations. Also, in absence of a formal
hedging policy, the firm's profitability remains exposed to any
adverse fluctuations in the foreign exchange rate.

Risk associated with its status as partnership firm- ICRA notes the
risks associated with the partnership form of the firm's business
in terms of continuity, capital infusions and withdrawals.

Liquidity position: The liquidity of the firm is stretched as
reflected in limited cushion in fund-based limits which has led to
instances of delays.

Paramount International (PI) was incorporated on 2008. It is
involved in manufacturing of handicrafts like Candle Stands, Lamps,
Christmas Ornaments etc. made of brass, colored glass, iron,
aluminum etc. The raw materials used at present are Timber, Iron
and Glass. The firm's factory is in Moradabad, U.P. also known as
"Brass City or Peetal Nagri". The firm has no retails outlets and
all the sales are exported mainly to the USA and some European
countries also.

PHADNIS RESORTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Phadnis Resorts And Spa India Limited
        Kalpavriksh 2nd Floor, S.No. 46/IC/I
        D P Road, Karve Nagar
        Pune, Maharashtra, India 411052

Insolvency Commencement Date: April 12, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 9, 2019

Insolvency professional: Mr. Mahesh Sureka

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

Last date for
submission of claims:    April 25, 2019


R.V. RAYANAM: ICRA Reaffirms B+ Rating on INR40cr Loans
-------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
R. V. Rayanam (RVR), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          10.00       [ICRA]B+(Stable); reaffirmed
   Secured
   Overdraft           

   Long Term-          30.00       [ICRA]B+(Stable); reaffirmed
   Bank Guarantee      

Rationale
The rating factors in the high client and project concentration
risk with top customer accounting for 72% of its unexecuted order
book as on February 28, 2019. The rating also considers high
segment and geographic concentration risk with order execution
limited to execution of civil contracts only in Andhra Pradesh, and
highly competitive construction industry marked by presence of
numerous players where tenders are largely awarded on lowest price
quoted. The rating considers constrained liquidity position with
high average utilisation of working capital limits on account of
high receivables. ICRA also notes that revenues are vulnerable to
budgetary allocations by the state government and municipalities;
and risks arising from partnership nature of the firm viz. capital
withdrawal seen during FY2017 and FY2018.

However, the rating favorably factors in the extensive experience
of the partners spanning over four decades in the execution of
civil contracts and recognition as a special class contractor by
the Government of Andhra Pradesh enabling the firm to participate
in various projects for the State Government. The rating also
factors in the healthy order book size of INR237.8 crore as on
March 28, 2019, which is 2.4 times FY2018 revenues, resulting in
medium term revenue visibility.

Outlook: Stable

ICRA believes that RVR will continue to benefit from the extensive
experience of its partners in the civil construction business. The
outlook may be revised to 'Positive' if substantial growth in
revenue and profitability, along with better working capital
management, strengthens the financial risk profile. The outlook may
be revised to 'Negative' if lower-than-expected cash accruals due
to slow execution of projects in hand, or a stretch in the working
capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Significant experience of partners in civil contract works: The
firm was incorporated by Mr. R.V. Rayanam, who has been in the
field of civil construction since 1970 while his son, Mr. Remella
Satish has more than 26 years of experience in executing civil
contracts.

Recognition as a special class contractor: The firm is recognised
as a special class contractor by the Government of Andhra Pradesh
which enables it to participate in a variety of projects for the
State Government, and RVR is primarily engaged in execution of
civil, electrical, mechanical and engineering contracts.

Healthy order book size: The firm has healthy unexecuted order book
of INR237.8 crore as on March 28, 2019, which is 2.4 times FY2018
revenues, lending revenue visibility in the medium term.

Credit challenges

High project and client concentration risk: The firm is exposed to
high project and customer concentration risk as its top customer
accounts for 72% of its order book and it has four on-going
orders.

High geographic and sectoral concentration risk: The firm's
geographic concentration risk remains high with work order
execution limited to Andhra Pradesh. Further, the firm's work
orders are mostly confined to execution of civil contracts for
various departments of Government of Andhra Pradesh.

Inherent risks being a partnership firm: Being a partnership firm,
it is vulnerable to capital withdrawals by the partners. The
capital withdrawals have been high at INR2.8 crore in FY2017 and
INR2.7 crore in FY2018.

High competitive intensity in civil construction industry: The firm
faces high competition from numerous other players in the civil
construction industry. Given that the firm participates in work
orders for various government departments where business is tender
based, sustainability of profit margins is vulnerable.

Liquidity Position:

The firm's liquidity has been stretched with high utilisation of
fund-based on account of stretched receivables position. However,
the non-fund-based was comfortable at 55.5% as on February 28,
2019. The firm does not have any major capital expenditure plans in
the near to medium term.

R. V. Rayanam (RVR) is a partnership firm established in August
2005 and is a special class contractor recognised by the Government
of Andhra Pradesh. It is a Kakinada based construction firm
promoted by Mr. R V Rayanam who has more than four decades of
experience in civil construction industry. RVR is in the business
of execution of civil, electrical, mechanical and engineering
contracts, primarily for central and state government departments.

In FY2018, the firm reported net profit of INR5.1 crore on an
operating income of INR97.5 crore, as compared to a net profit of
INR2.3 crore on an operating income of INR51.6 crore in FY2017.

RRP HOUSING: NCLT Enters Liquidation Order
------------------------------------------
The Hindu reports that the Chennai Bench of the National Company
Law Tribunal (NCLT) ordered liquidation of RRP Housing Private
Limited after it was submitted that the company had been struck off
the Registrar of Companies' list and no proper information
regarding its financials was available.

The company was admitted under the insolvency proceedings, and the
270 days--the maximum period allowed for finding a
resolution--ended on September 26, 2018, The Hindu says.

Arumugam, the resolution professional appointed to oversee the
insolvency process, submitted that he failed to get assistance from
any of the promoters/directors on the assets of the company,
because the records were not handed over.

As of March 22, 2018, the resolution professional said he had
received claims for an amount of INR18.76 crore.

On September 8, 2018, the company was struck off the Registrar of
Companies' list, as it had not filed annual returns since 2012.

The Hindu, citing a petition by homebuyers in four projects
promoted by RRP Housing, notes that the company obtained advances
from 25 homebuyers.

There are a total of 400 homebuyers to whom houses/monies are due
from the company and 44 of them had filed claims, according to the
petition cited by The Hindu.

According to the report, the resolution professional said the
average money paid by homebuyers for each project was about
INR20-28 lakh per villa and INR30 lakh per apartment.

"Now the fate of the homebuyers and the creditors is hanging in the
air. Thereby, we are of the view that the company is fit for
liquidation . . . because the liquidator can be in the position to
organise some viable arrangements by independently dealing with
each of the projects with the consensus of the home buyers who paid
money," the NCLT said in its order, The Hindu relays.

It also directed for the appointment of a liquidator and for it to
be referred to the Insolvency and Bankruptcy Board of India, The
Hindu adds.

SHREE SIDDHESHWARI: ICRA Withdraws B+ Rating on INR16cr Loan
------------------------------------------------------------
ICRA Ratings has withdrawn the rating on bank facilities of Shree
Siddheshwari Oil Industries.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          3.75       [ICRA]B+(Stable) ISSUER NOT
   Term Loan                       COOPERATING; Withdrawn

   Fund-based-         16.00       [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

Rationale

The ratings assigned to Shree Siddheshwari Oil Industries have been
withdrawn, based on the no-objection certificate provided by its
banker.

Outlook: Stable

ICRA has withdrawn the Stable outlook on the long-term rating.

Established in November 2007 as a partnership firm by Mr. Jigar
Mehta and Mr. Pratik Mehta, Shree Siddheshwari Oil Industries
(SSOI) is involved in crushing of cotton seeds and mustard seeds to
extract the cotton seed oil and cake, and mustard seed oil and
cake, respectively. In FY2017, the firm also started crushing of
castor seed to extract castor seed oil and cake. The manufacturing
facility of the firm is located at Harij, Gujarat and is equipped
with 21 expellers. The processing capacity of the plant is ~85
tonne per day of cotton seeds, ~60 tonne per day of mustard seeds
and ~150 tonne per day of castor seeds.

SIDDHARTH MILK: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Siddharth Milk Foods (India) Private Limited

        Registered office:
        Plot No. 83, Kundaim Industrial Estate
        Kundaim, South Goa
        Goa 403115

        Principal / Factory office:
        Plot No. 39A, Sector J, Phase 4
        Parvati Cooperative Industrial Estate
        Yadrav, Ichalkaranji
        Dist. Kolhapur 416146

Insolvency Commencement Date: April 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ravindra Chaturvedi

Interim Resolution
Professional:            Ravindra Chaturvedi
                         C/o Parekh Shah & Lodha
                         31E, BKC Centre
                         Laxmi Industrial Estate
                         New Link Road, Andheri (W)
                         Mumbai 400053
                         E-mail: ravinchaturvedi@hotmail.com
                                 ip1.ravinchaturvedi@gmail.com

Last date for
submission of claims:    May 10, 2019


SIDDHI COTTON GINNING: ICRA Withdraws B+ Rating on INR8cr Loan
--------------------------------------------------------------
ICRA Ratings has withdrawn the rating on bank facilities of Siddhi
Cotton Ginning & Pressing Private Limited (SCGPPL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Cash Credit          8.00       [ICRA]B+ (Stable); Withdrawn

Rationale

The long-term rating assigned to SCGPPL have been withdrawn at the
request of the company, based on the no-objection certificate
provided by its banker.

Outlook: Stable

ICRA has withdrawn the Stable outlook on the long-term rating.

Incorporated in 2007, the Dhasa (Bhavnagar, Gujarat) based Siddhi
Cotton Ginning & Pressing Private Limited is involved in the
ginning and pressing of raw cotton. The plant is equipped with 48
ginning machines and a fully automatic pressing machine with a
production capacity of 17,952 metric tonnes (MT) of cotton bales
per annum. The company is promoted by Mr. Vikram Patel and family,
with long experience in the cotton industry. Some of the
shareholders of the company are associated with two other group
companies, namely Siddhi Cotton Industries and Shivam Cotton
Industries, which are also involved in the same business sector.

SIDDHI COTTON: ICRA Withdraws B+ rating on INR12cr Loan
-------------------------------------------------------
ICRA Ratings has withdrawn the rating on bank facilities of Siddhi
Cotton Industries (SCI).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         12.00       [ICRA]B+ (Stable); Withdrawn
   Cash Credit          

Rationale

The long-term rating assigned to SCI have been withdrawn at the
request of the firm, based on the no-objection certificate provided
by its banker.

Outlook: Stable

ICRA has withdrawn the Stable outlook on the long-term rating.

Established in 1999 as a partnership firm, Siddhi Cotton Industries
is involved in ginning and pressing raw cotton. Its manufacturing
unit, located in Vijapur (Gujarat), is equipped with 28 ginning
machines and a fully automatic pressing machine with a production
capacity of 10,200 metric tonnes of cotton bales per annum. The
firm is owned and managed by Mr. Alpesh Patel and family, with
extensive experience in the cotton industry. Some partners are
associated with two other group concerns, namely Siddhi Cotton
Ginning and Pressing Private Limited and Shivam Cotton Industries,
which are also involved in the same business sector.

STEEL MAX: ICRA Withdraws 'B' Rating on INR10cr Loan
----------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B (Stable)
outstanding on the INR10.00 crore bank facilities of Steel Max
Rolling Mills Limited (SMRML). ICRA has also withdrawn the
short-term rating of [ICRA] A4 on the non-fund-based bank limits of
SMRML.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term-Fund-
   based facilities        4.00      [ICRA]B (Stable); Withdrawn

   Long-term-Term
   Loan                    6.00      [ICRA]B (Stable); Withdrawn

Rationale
The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension, as desired by the company and based on
the NOC provided by its banker.
Key rating drivers

Incorporated in 2004, SMRML is primarily engaged in the manufacture
of TMT bars. Its manufacturing facility is located in Palakkad
(Kerala), which has a capacity of 36,000 TPA. In December 2012,
SMRML was converted from a private limited company to a public
limited company. Its group entity, SAL, operates an induction
furnace in Palakkad, with a capacity to manufacture MS ingots of
21,000 TPA.

TAJ AGRO: ICRA Maintains B+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA said the long term rating for INR10.00 crore fund based bank
facilities of Taj Agro Industries LLP continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".


                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-         10.00      [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

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

In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.

Established in May, 2014 and promoted by Mr. Himmatlal Chandra and
Mr. Jayesh Ganatra, Taj Agro Industries LLP, (Taj LLP or the firm)
is engaged in processing of pulses namely; red lentils, yellow
lentils, pigeon peas, crimson/red lentils. Based out of Navi
Mumbai, Taj LLP has a processing facility located in Asangaon,
Thane with an installed capacity to process 24,000 MTPA of food
grain, pulses and lentils (dal). The firm sells processed pulses to
distributors, processors, exporters across India. Taj LLP is a part
of Trimurti Group, which owns a building of ~4,000 square feet in
close proximity to Agriculture Produce Market Committee (APMC),
Vashi, which is also the registered and administrative office and
two godowns in APMC market.

The key partners of Taj LLP are Mr. Himmatlal Chandra and Mr.
Jayesh Ganatra who collectively look after the overall functions of
business. Mr. Jayesh Ganatra looks after the procurements and
inventory management of the company while Mr. Himmatlal Chandra
looks after the sales and marketing functions. Trimurti Group
comprises five other group companies. While most of the group
companies' revenues are in the form of brokerage income, Taj Agro
Commodities Pvt. Ltd. is engaged in trading of pulses.

VIJAYA POLYMERS: Ind-Ra Assigns 'BB+' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vijaya Polymers
India Private Limited (VPPL) a Long-Term Issuer rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits assigned with IND BB+/Stable/IND

     A4+ rating;

-- INR230 mil. Non-fund-based limits assigned with IND A4+
     rating; and

-- INR25.83 mil. Term loan due on FY23 assigned with IND
     BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect VPPL's small scale of operations, as indicated
by revenue of INR878.40 million in FY18 (FY17: INR450.9 million).
The company started commercial operations in July 2016, and FY18
was the first full year of operations. In 9MFY19, VVPL recorded
revenue of INR700 million.

The rating factor in VPPL's modest liquidity. The average
fund-based limits utilization was 70% for the 12 months ended in
March 2018. The networking capital cycle shortened to 55 days in
FY18 (FY17: 104 days), mainly due to a fall in inventory days. The
company's cash balance stood at INR20.9 million (INR6 million).

However, VPPL's credit metrics are comfortable on account of a
healthy EBITDA margin. Its interest coverage (operating
EBITDA/gross interest expense) was 2.0x in FY18 (FY17: 2.1x) and
net leverage (adjusted net debt/operating EBITDAR) was 2.0x (5.3x).
The company's EBITDA margin fell to 6.8% (8.9%) due to fluctuations
in raw material prices; the return on capital employed was 21%
(13%).

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations and
profitability, leading to an improvement in the credit metrics,
could be positive for the ratings.

Negative: Any deterioration in the EBITDA margin, leading to a
sustained deterioration in the credit metrics, could be negative
for the ratings.

COMPANY PROFILE

Incorporated in September 2015, Vijaya Polymers manufactures
high-density polyethylene (HDPE) pipes from virgin-grade HDPE
compounds. The pipes manufactured by VPIPL are approved by the
Bureau of Indian standards. The facility is accredited for quality
management systems ISO 9001:2015, and has the capacity to
manufacture 1000 tons per month. The company's EBITDA margins stood
at 7.26 % in 1HFY19 (1HFY18: 6.79%), while the interest coverage
ratio stood at 2.63x (1.98).

VISHWAS COTTON: ICRA Withdraws B Rating on INR6cr Bank Loans
------------------------------------------------------------
ICRA Ratings has withdrawn the ratings on bank facilities of
Vishwas Cotton Industries.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based-
   Term Loan          0.22      [ICRA]B(Stable); Withdrawn

   Fund-based-
   Working Capital
   Facilities         4.75      [ICRA]B(Stable); Withdrawn

   Unallocated
   Limits             1.03      [ICRA]B(Stable); Withdrawn

ICRA has withdrawn the long-term rating of [ICRA]B with a Stable
outlook assigned to the INR6.00 crore bank facilities of Vishwas
Cotton Industries.

Rationale
The ratings assigned to Vishwas Cotton Industries have been
withdrawn at its request based on the no objection certificate
provided by its banker.

Vishwas Cotton Industries was established as a partnership firm in
December 2013 and is currently managed by nine partners. It is
engaged in cotton ginning and pressing to produce cotton seeds and
cotton bales. The company is equipped with 24 ginning machines and
one pressing machine, having an installed capacity to produce 100
bales per day (29,780 MTPA considering 12 hours of operations per
day).



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

MR8 CONSTRUCTION: Waterstone Insolvency Appointed as Liquidator
---------------------------------------------------------------
Anne Gibson at NZ Herald reports that another Auckland construction
business has gone into liquidation, sparking a dispute over work in
Ponsonby, but an ex-director of the builder says no money is owed.

According to NZ Herald, Companies Office records show BHSSR,
previously called MR8 Construction, went into voluntary liquidation
on April 14, in the hands of Waterstone Insolvency.

NZ Herald relates that one creditor said NZ$50,000 was outstanding
for work undertaken last year and he knew of at least two other
creditors who had provided goods and services on a project on
Ponsonby's Fitzroy St.

Mark Ensom, MR8 Construction's contact on its firm's web site, said
he was a former director of the company which did not owe any
money, NZ Herald says.

The creditor in fact owed MR8 Construction about NZ$30,000 Mr.
Ensom said, because its work had been defective and took builders
many weeks to rectify.

"They totally mucked up. There's been litigation," NZ Herald quotes
Mr. Ensom as saying.

The creditor said work was carried out last October but payment had
not been received.

"We served a statutory demand on them and were ready to go to court
this morning to enforce that only to find it had changed its name
and the company had been placed in liquidation. I know of at least
two other creditors who are going to get burnt too," the man said.

According to the report, Michael Turner of Waterstone said the firm
had only been appointed and had been told by Mr. Ensom there were
no creditors.

"My understanding is that it has not been trading for some time,"
the report quotes Mr. Turner as saying. However, accounts were yet
to be received and examined.

MR8 Construction specialises in the construction of multi-unit
developments, high-density residential, light commercial, fitouts
and industrial construction.  MR8 Construction's web site shows
projects at Farro Orakei and residential work in Mt Eden, Ponsonby
and Flat Bush as well as the Fitzroy project in Ponsonby.

RESIMAC VERSAILLES 2019-1: S&P Rates Class E RMBS 'BB (sf)'
-----------------------------------------------------------
S&P Global Ratings assigned ratings to six classes of prime and
nonconforming residential mortgage-backed securities (RMBS) issued
by The New Zealand Guardian Trust Co. Ltd. as trustee of the
RESIMAC Versailles Trust - RESIMAC Versailles Trust Series 2019-1.

The ratings reflect:

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

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination, and excess spread (if any).

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 0.75% of the initial aggregate amount of the
notes, principal draws and an excess spread reserve are sufficient
under its stress assumptions to ensure timely payment of interest
on the rated notes.

-- The extraordinary expense reserve of NZ$150,000, funded at
transaction close and available to meet extraordinary expenses.

-- The reserve will be topped up via excess spread if drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Westpac Banking Corp. and Bank of New Zealand to hedge
the mismatch between receipts from fixed-rate mortgage loans and
the variable-rate RMBS.

RATINGS ASSIGNED

RESIMAC Versailles Trust - RESIMAC Versailles Trust Series 2019-1

Class      Rating         Amount (mil. NZ$)
A1         AAA (sf)       175.000
A2         AAA (sf)        49.000
B          AA (sf)          7.750
C          A (sf)           6.875
D          BBB (sf)         4.750
E          BB (sf)          3.000
F          NR               3.625

NR--Not rated.



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

DOOSAN BOBCAT: S&P Affirms 'BB-' Long-Term Issuer Credit Rating
---------------------------------------------------------------
On April 29, 2019, S&P Global Ratings affirmed its 'BB-' long-term
issuer credit rating on Doosan Bobcat Inc. S&P also affirmed its
'BB' issue rating on the $971 million senior secured term loan with
a recovery rating of '2' that Bobcat guarantees.

S&P said, "We affirmed our rating on Doosan Bobcat Inc. despite our
view that the company's financial metrics will remain robust over
the next two years on stable earnings from the U.S. market for
compact construction equipment. This is because the relatively weak
liquidity of the Korean-based parent, Doosan Infarcore Co. Ltd.
(DI; not rated), acts as a constraint on the rating.

"We revised the stand-alone credit profile (SACP) for Bobcat to
'bb+' from 'bb' to reflect the steady U.S. market performance, and
our view that the company's positive free cash flow will contribute
to improving financial metrics. We estimate Bobcat's ratio of debt
to EBITDA at 1.5x-2.0x over the next one to two years, similar to
1.6x in 2018 but much stronger than 2.5x-3.5x in 2015-2017.

"By our forecasts, Bobcat's EBITDA will remain relatively stable at
US$450 million-US$530 million supported by steady compact
construction equipment demand in the U.S. Construction activity in
the U.S. should remain healthy in 2019-2020, broadly similar to
what we saw in 2017-2018. That said, we expect some margin pressure
due to intensified market competition and Bobcat's additional costs
for product diversification."

The company's investments, including capital expenditure (capex),
are likely to grow in order to further diversify its products
(compact agricultural equipment) and its geographic coverage (India
and China). Notwithstanding this, S&P believes steady operating
performance will enable the company to generate positive free cash
flows.

S&P said, "We expect Bobcat to use some free cash flows to
gradually reduce debt as seen in the past. The company made three
voluntary early prepayment of US$350 million in 2017-2018.

"Still, we view Bobcat's high dependence on the compact
construction equipment business in the U.S. and the high
cyclicality in this business remain as major risks."

Despite the improved SACP, the issuer credit rating on Bobcat is
constrained by the group credit profile (GCP). S&P said, "We assess
the final rating as one-notch higher than the GCP. We continue to
assess parent DI's GCP at 'b+'. Although DI's financial metrics
have improved notably (debt-to-EBITDA ratio of 4.1x in 2018 versus
6.8x in 2016) on strong earnings of the heavy-equipment business in
China, and Bobcat in the U.S., the company's high reliance on
short-term debt with ongoing refinancing needs remain as a major
constraint on its GCP."

Bobcat's senior secured term loan due 2024 belongs to Clark
Equipment Co., a Bobcat subsidiary, and is guaranteed by Bobcat.
The '2' recovery rating reflects S&P's expectation for substantial
recovery (70%-90%; 80% rounded estimate) in the event of default.

S&P said, "The stable outlook on Bobcat reflects our expectation
that the company's well-established market position and good cash
flows will help it to maintain its robust financial metrics over
the next one to two years. We expect the ratings to remain
constrained by the DI group's relatively weak liquidity position.

"We may raise the rating on Bobcat if DI group improves its
liquidity profile, while maintaining its ratio of debt-to-EBITDA
ratio below 4.0x on a sustainable basis. DI's short-term debt
reduction through free operating cash flow or issuance of
longer-term debt could indicate such improvement.

"We could also raise the rating if Bobcat's ties with or control
from its parent group weaken materially, possibly through DI
selling a significant portion of its shares in the company.

"The rating on Bobcat could come under pressure if we lower the GCP
of the parent, potentially due to weakening liquidity or
deterioration in financial metrics such as DI's debt-to-EBITDA
staying well above 5.0x.

"Though less likely, we may also lower the rating if we revise
downward the SACP for Bobcat to 'b+' or below as a result of a
significant deterioration in profitability and financial measures.
Bobcat's weakening market position or decreasing demand such that
the debt-to-EBITDA ratio after S&P Global Ratings' adjustments
approaching 5.0x would indicate such deterioration."

Bobcat is a Korea-based holding company that fully owns U.S.-based
Clark Equipment Co. (CEC), Europe-based Doosan Holdings Europe Ltd.
(DHEL), and Singapore-based Doosan Bobcat Singapore Pte Ltd.
(DBSG).

SOUTH KOREA: Economy Suffers Worst Contraction Since Fin'l. Crisis
------------------------------------------------------------------
The Financial Times reports that South Korea's economy suffered its
worst quarterly contraction since the global financial crisis as
the export-driven economy felt the pinch from weakening growth in
China, global trade tension and a downturn in the technology
sector.

According to economists polled by Reuters, the 0.3 per cent fall in
economy follows growth of 1 per cent in the previous quarter,
undershooting expectations that gross domestic product would
increase 0.3 per cent, the FT relays.

The FT says the data released by the Bank of Korea came a day after
the government announced a $5.87 billion supplementary budget to
boost growth after the country's unemployment rate hit a nine-year
high in January.

According to the FT, the latest grim economic data will put further
pressure on President Moon Jae-in, whose popularity has been dented
by slowing growth and a weakening jobs market. His government has
announced various stimulus measures including financial support for
smaller companies and a temporary fuel tax cut to spur consumption
in a bid to boost growth, the FT says.

The FT notes that the won weakened as much as 0.6 per cent to a low
of KRW1,161.37 per dollar following the release of the economic
data, its weakest in almost 27 months. South Korea's Kospi index
was down 0.2 per cent. Despite the series of government measures to
prop up the economy, economists expect Asia's fourth-largest
economy to remain in the doldrums for the rest of this year as
exports continue to fall and Korean companies slash investment.

Exports, which account for about half of the country's GDP, are
heading for a fifth consecutive monthly decline amid weak demand
from China, the country's biggest market that accounts for about a
quarter of overseas shipments. The country's exports fell 2.6 per
cent quarter on quarter, the FT discloses.

According to the FT, capital expenditure dropped 10.8 per cent, the
worst reading since the 1998 Asian financial crisis, as big
manufacturers, such as Samsung Electronics and SK Hynix, refrained
from increasing capacity amid a global economic slowdown and weaker
demand for semiconductors. LG Electronics is moving its lossmaking
smartphone production from South Korea to Vietnam amid slowing
demand after the company posted an estimated 19 per cent drop in
first-quarter operating profit.

The economy expanded 1.8 per cent from a year earlier but domestic
consumption remained sluggish, held back by high household debt and
rising unemployment, the FT relays.

The FT notes that Mr. Moon was elected on a labour-friendly
platform, but his policies, which include a steep increase in the
minimum wage and a cap on working hours, have been criticised for
hurting employment at small and medium-sized enterprises.

Lee Ju-yeol, governor of the central bank, expects exports and
capital spending to improve in the second half of the year.
However, analysts said that while the economy may have hit bottom
in the first quarter, a quick recovery was uncertain, the FT adds.

"Looking ahead, there are reasons to think Q1 may have marked the
bottom for South Korea's growth," Krystal Tan, economist at ANZ
Research, wrote in a research note, the FT relays. "Nonetheless,
the big picture is that South Korea's growth will likely be
lacklustre in 2019 and any recovery is expected to be gradual."


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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
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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