/raid1/www/Hosts/bankrupt/TCRAP_Public/190619.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, June 19, 2019, Vol. 22, No. 122

                           Headlines



A U S T R A L I A

BLITZ SERVICES: First Creditors' Meeting Set for June 25
CAMDEN ART: Second Creditors' Meeting Set for June 24
CUSTOM CONTROL: Second Creditors' Meeting Set for June 25
GASCOYNE RESOURCES: To Continue Operating During Administration
KAMATA HOMES: Second Creditors' Meeting Set for June 26

KARLEE CRANE: First Creditors' Meeting Set for June 25
KING & WILSON: First Creditors' Meeting Set for June 25
NATIONAL CONGRESS: Will Meet Strict Conditions for Funding
REDZED TRUST 2018-1: Moody's Upgrades Class E Notes to Ba1(sf)
SWIM LOOPS: ACCC Launches Court Action Over Misleading Conduct

TRAILER CRANES: First Creditors' Meeting Set for June 25
WHIRLWIND PRINT: Liquidators to Determine if Company was Insolvent


C H I N A

AIRNET TECHNOLOGY: Changes Nasdaq Ticker Symbol to "ANTE"
BAOSHANG BANK: Regulators Move to Restructure Troubled Bank
HUAI AN TRAFFIC: Fitch Affirms 'BB' LT IDR, Outlook Stable
LANDSEA GREEN: Fitch Rates Proposed USD Sr. Notes 'B(EXP)'
LANDSEA GREEN: Moody's Rates Proposed USD Bond 'B3'

LANDSEA GREEN: S&P Rates New U.S. Dollar Sr. Unsec. Notes 'B-'


I N D I A

ADVENT INFRAPROJECTS: CARE Keeps B/A4 Rating in Not Cooperating
ANJANI COTTON: CARE Maintains 'B+' Rating in Not Cooperating
D.M. JEWELLERS: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
DANU WIND: Ind-Ra Cuts INR2,676.3BB Loan Rating to 'D'
DEWAN HOUSING: CARE Lowers Rating on INR42,713.80cr LT Loan to D

FLEXI PLAST: CARE Maintains 'B' Rating in Not Cooperating
GWALIOR BYPASS: CARE Lowers Rating on INR93.28cr NCD to D
HALDIA STEELS: Ind-Ra Migrates BB Issuer Rating to Non-cooperating
HIM ALLOYS: CARE Maintains 'D' Rating in Not Cooperating
HIM STEEL: CARE Maintains 'D' Rating in Not Cooperating

HINDUSTHAN ISPAT: CARE Lowers Rating on INR20cr Loan to C
HYDERABAD STEELS: CARE Lowers Rating on INR4cr Loan to C
IL&FS TECHNOLOGIES: CARE Lowers Rating on INR121.55cr Loan to D
JET AIRWAYS: Lenders Plan Insolvency Proceedings
LAKSHMI COTFAB: CARE Downgrades Rating on INR13.10cr Loan to D

LICHCHHWI FOOD: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
NAMOKAR ENTERPRISES: CARE Maintains B+ Rating in Not Cooperating
NIFTY LABS: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
RADHAKRISHNA OIL: CARE Maintains B+ Rating in Not Cooperating
RAMAKRISHNA ELECTRONICS: CARE Retains D Rating in Not Cooperating

RATNADEEP METALS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
RELIANCE COMMUNICATIONS: Chinese Banks Demand $2.1BB from Firm
SAFESPACE WAREHOUSING: CARE Maintains B+ Rating in Not Cooperating
SANGHVI FORGING: CARE Maintains 'D' Rating in Not Cooperating
SHRI SHIKHARJI: CARE Maintains B+ Rating in Not Cooperating

SONIC THERMAL: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
SPY AGRO: CARE Downgrades Rating on INR163.44cr Loan to D
SRI BALAJI: CARE Maintains 'D' Rating in Not Cooperating
SRI PAVITHRA: CARE Maintains B Rating in Not Cooperating
TERAI TEA: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'

VANDANA VIDYUT: Punjab National Bank Puts on the Block Six NPAs
VANTAGE SPINNERS: CARE Lowers Rating on INR68.75cr Loan to D
VIJAYA DURGA: CARE Lowers Rating on INR8cr LT Loan to D
YATHARTH HOSPITAL: Ind-Ra Affirms 'D' Long Term Issuer Rating


I N D O N E S I A

MULTIPOLAR TBK: Fitch Cuts LT IDR to CCC+ Then Withdraws Rating


M A L A Y S I A

SEACERA GROUP: New Board Put Bank Deals and Legal Suits on Hold

                           - - - - -


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A U S T R A L I A
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BLITZ SERVICES: First Creditors' Meeting Set for June 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Blitz
Services Pty Limited will be held on June 25, 2019, at 10:00 a.m.
at the offices of SV Partners Newcastle, Suite 3, at Level 3, 426
King Street, in Newcastle West, NSW.  

Daniel Jon Quinn and Joshua-Lee Robb of SV Partners were appointed
as administrators of Blitz Services on June 13, 2019.

CAMDEN ART: Second Creditors' Meeting Set for June 24
-----------------------------------------------------
A second meeting of creditors in the proceedings of Camden Art
Supplies Pty Ltd, trading as Deans Art, has been set for June 24,
2019, at 11:00 a.m. at the offices of Hall Chadwick Chartered
Accountants, at Level 14, 440 Collins Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 21, 2019, at 5:00 p.m.

David Allan Ingram and David Ross of Hall Chadwick were appointed
as administrators of Camden Art on May 17, 2019.

CUSTOM CONTROL: Second Creditors' Meeting Set for June 25
---------------------------------------------------------
A second meeting of creditors in the proceedings of Custom Control
Electrical Pty Ltd has been set for June 25, 2019, at 11:00 a.m. at
the offices of KPMG Australia Offices, at Level 38 Room 16
(Walton), 300 Barangaroo Aveneue, 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 June 24, 2019, at 4:00 p.m.

Glenn Livingstone of KPMG Australia was appointed as administrator
of Custom Control on May 30, 2019.

GASCOYNE RESOURCES: To Continue Operating During Administration
---------------------------------------------------------------
Australian Mining reports that Gascoyne Resources' administrators
have decided to maintain operations at the Dalgaranga gold mine in
Western Australia during its administration process.

According to the report, the administrators aim to maximise the
chances of Gascoyne continuing its existence, which is considered a
better outcome than immediate liquidation for creditors.

Australian Mining says Gascoyne administrators, who are senior
managing directors of FTI Consulting, are optimistic about the gold
operations, with the support of employees, banking lenders, NRW
Holdings and suppliers.

They expect to continue Gascoyne's operations on a break even or
better basis, considering the voluntary administration suspension,
their ability to sell gold at the current high gold price and as
mining progresses to access the more continuous area within the
main Gilbeys orebody, Australian Mining relates.

The report says the administrators have obtained the assistance of
expert technical advisors to increase ore mining and reduce waste
mining, while preserving and optimising the long-term mine value.

Technical advisors Mining One and the Gascoyne group management are
also working to develop an updated optimised life of mine plan for
the Gilbeys orebody, the report notes.

"At this stage the administrators expect that the administration
may last from two to six months, subject to the outcome of the
technical review and ongoing trading performance," FTI Consulting
said in a statement.

The administrators are exploring options for short-term funding to
support ongoing trading, adds Australian Mining.

                      About Gascoyne Resources

Gascoyne Resources Limited is a mineral exploration and development
company. The Company is engaged in the exploration for gold and
evaluation of the development options for its Australian gold
projects. The Company holds mining leases and exploration licenses
and applications totaling approximately 4,000 square kilometers in
the Gascoyne and Murchison regions of Western Australia. Its
Dalgaranga gold project is located approximately 70 kilometers
Northwest of Mt Magnet in the Murchison gold mining region of
Western Australia. Its Glenburgh gold project is located in the
Southern Gascoyne Province of Western Australia approximately 250
kilometers east of Carnarvon. The Glenburgh gold project consists
of a gold mineralized system hosted in interpreted remnants of
Archaean terrain in a Proterozoic mobile belt. Its Egerton project
consists of approximately two granted mining leases and over three
granted exploration licenses.

The company employs 87 staff at Dalgaranga and 15 at its head
office in Perth.

As reported in the Troubled Company Reporter-Asia Pacific on June
4, 2019, Australian Mining said Gascoyne Resources has moved into
administration due to an expected material cash shortfall over the
coming months.  The announcement was made via FTI Consulting, which
revealed that Michael Ryan, Kathryn Warwick and Ian Francis will
assume the role as voluntary administrators.

KAMATA HOMES: Second Creditors' Meeting Set for June 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of Kamata Homes
Pty Ltd has been set for June 26, 2019, at 10:00 a.m. at CQ
Functions, at Level 2, 113 Queen Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 25, 2019, at 3:00 p.m.

Andrew Schwarz and Benjamin Conrad of AS Advisory were appointed as
administrators of Kamata Homes on May 21, 2019.

KARLEE CRANE: First Creditors' Meeting Set for June 25
------------------------------------------------------
A first meeting of the creditors in the proceedings of Karlee Crane
Services Pty Ltd will be held on June 25, 2019, at 10:30 a.m. at
the offices of SV Partners Newcastle, Suite 3, at Level 3, 426 King
Street, in Newcastle West, NSW.  

Daniel Jon Quinn and Joshua-Lee Robb of SV Partners were appointed
as administrators of Karlee Crane on June 13, 2019.

KING & WILSON: First Creditors' Meeting Set for June 25
-------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- King & Wilson Holdings Pty Limited
   -- King & Wilson Administration Pty Ltd
   -- King & Wilson Transport Pty Ltd

will be held on June 25, 2019, at 3:00 p.m. at the offices of BDO,
Level 11, 1 Margaret Street, in Sydney, NSW.

Andrew Thomas Sallway and Duncan Edward Clubb of BDO were appointed
as administrators of King & Wilson on June 13, 2019.

NATIONAL CONGRESS: Will Meet Strict Conditions for Funding
----------------------------------------------------------
Lorena Allam at The Guardian reports that the national Indigenous
elected body, the National Congress of Australia's First Peoples,
will need to "meet a range of strict conditions in the future
before it can apply for federal funding" again, according to the
group's administrators, Cor Cordis.

The Guardian says the Congress represents 180 organisations and
10,000 individual members across Australia. It went into voluntary
administration last week, faced with having to cease operating on
30 June, when its existing funding agreement with the federal
government expires, the report discloses.

"In the past, the congress has relied almost solely on funding from
the federal government for key programs to benefit and advance
issues impacting Aboriginal and Torres Strait Islanders," the
Guardian quotes Cor Cordis's Alan Walker as saying. "We will be
working closely with the minister's office over the next few weeks
to see if we can restructure Congress so that it is in a better
position to apply for funding."

The Guardian relates that Mr. Walker said in a statement the
details of those conditions have not been made public, but an
initial meeting with the federal minister for Indigenous
Australians, Ken Wyatt, was "really positive."

"We are confident of meeting those conditions outlined by the
minister and gave the undertaking to work closely together to
secure the congress's future," he said, notes the report.

According to the Guardian, Mr. Walker said it was too early to say
what the future level of funding may be. Congress would have to
demonstrate it was operating "within a viable structure".

Labor has written to Ken Wyatt asking him to urgently restore
adequate and secure funding for Congress, the report says.

"For years, National Congress enjoyed bipartisan support--until
Tony Abbott cut its funding," according to a joint statement by
Labor's Linda Burney, Pat Dodson and Warren Snowdon, who are all
members of the ALP's First Nations caucus, The Guardian relays.

"We have also asked the government to guarantee that National
Congress is provided with no-strings funding, so it is free to
advocate on behalf of First Nations Australians.

"If the government is serious about a bipartisan approach to First
Nations affairs, genuine reconciliation and a co-design process for
a voice to parliament, National Congress will not be allowed to go
under.

"It is too important to lose," the statement said.

Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of National Congress Of Australia's First Peoples on
June 3, 2019.

REDZED TRUST 2018-1: Moody's Upgrades Class E Notes to Ba1(sf)
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
of notes issued by RedZed Trust Series 2017-2 and four classes of
notes issued by RedZed Trust Series 2018-1.

The affected ratings are as follows:

Issuer: RedZed Trust Series 2017-2

Class C Notes, Upgraded to Aa3 (sf); previously on Sep 26, 2018
Upgraded to A1 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Sep 26, 2018
Upgraded to Baa1 (sf)

Issuer: RedZed Trust Series 2018-1

Class B Notes, Upgraded to Aa1 (sf); previously on Sep 20, 2018
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Sep 20, 2018
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Sep 20, 2018
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Sep 20, 2018
Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

The upgrade is prompted by an increase in the credit enhancement
available to the affected notes and collateral performance that is
within Moody's expectations. Sequential amortization of the notes
since closing has led to an increase in note subordination.

RedZed Trust Series 2017-2

Since the last upgrade in September 2018, the note subordination
available for the Class C and Class D Notes has increased to 9.5%
and 6.4% from 8.0% and 5.4%, respectively.

As of April 2019, 4.7% of the outstanding pool was 30-plus day
delinquent, and 2.2% was 90-plus day delinquent. The portfolio has
not incurred any losses to date.

The outstanding pool has become more concentrated when compared
with the pool at the time of the last rating action. As of April
2019, there were 347 loans from 297 borrowers, compared with 435
loans from 372 borrowers in September 2018. The top five borrowers
contributed 6.6% of the outstanding pool, and the top 10 borrowers
contributed 11.5%.

Based on the observed performance and outlook, Moody's has revised
its expected loss assumption to 3.0% of the outstanding pool by
projecting the future defaults based on a roll rate analysis on
delinquent and defaulted loans.

Moody's has increased its MILAN CE assumption to 19.4% from 17.9%
at the time of the last upgrade in September 2018, based on the
current portfolio characteristics. The increase in MILAN CE is
mainly driven by increased borrower concentration and higher loan
delinquencies.

RedZed Trust Series 2018-1

Since closing, the note subordination available for the Class B,
Class C, Class D and Class E Notes has increased to 9.3%, 7.3%,
5.0% and 3.0% from 7.9%, 6.2%, 4.3% and 2.7%, respectively.

As of April 2019, 2.8% of the outstanding pool was 30-plus day
delinquent, and 0.7% was 90-plus day delinquent. The portfolio has
incurred a loss of AUD83,167 since closing.

The pool contained 627 loans from 540 borrowers. The top five
borrowers contributed 3.5% of the outstanding pool, and the top 10
borrowers contributed 6.1%.

Based on the observed performance and outlook, Moody's has
maintained its expected loss assumption at 2.3% as a percentage of
the original pool balance, which is equivalent to 2.75% of the
outstanding pool.

Moody's has maintained its MILAN CE assumption to 16.5% since deal
close, based on the current portfolio characteristics.

The MILAN CE and expected loss assumptions are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the cash flow model.

The transactions are Australian RMBS secured by portfolios of
residential mortgage loans, originated by RedZed Lending Solutions
Pty Limited. A portion of the portfolios consist of loans extended
to borrowers with impaired credit histories or made on a limited
documentation basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2019.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.

SWIM LOOPS: ACCC Launches Court Action Over Misleading Conduct
--------------------------------------------------------------
Matthew Elmas at SmartCompany reports that the Australian
Competition and Consumer Commission (ACCC) is taking franchisor
Jump! Swim Schools to court, alleging it misled over 90 franchisees
by failing to deliver their fit-outs, leaving them hundreds of
thousands of dollars out of pocket.

In just the latest case of alleged franchisee exploitation to hit
the scandal-plagued franchise sector, the ACCC will allege Jump!
and director Ian Campbell made a series of false, misleading or
deceptive statements in breach of Australian Consumer Law,
SmartCompany relates.

According to SmartCompany, the competition and consumer watchdog
has been investigating the company in the wake of reporting by the
Sydney Morning Herald and The Age, which earlier this year
published allegations Jump! accepted fees to construct pools for
franchisees, but left them hanging.

On June 18, the ACCC claimed over 90 franchisees had not received
an operational swim school within 12 months of handing over between
AUD150,000 and AUD175,000 in fees, while some are still waiting,
SmartCompany says.

"We allege this conduct caused substantial harm to franchisees who
paid significant sums but did not receive an operational swim
school within the time specified, or at all," the report quotes
ACCC chair Mick Keogh as saying of the case.

SmartCompany notes that news of the prosecution comes less than two
months after the main trading company behind Jump Swim collapsed
into voluntary administration, although existing franchisees are
still trading.

Jump Swim director Ian Campbell, who was awarded "Australian
emerging franchisor of the year" by the oft-criticised Franchise
Council of Australia (FCA) in 2016, is also being prosecuted, the
report says.

Mr. Campbell denies the ACCC allegations and said he will contest
the claims in court, according to SmartCompany.

Citing a slowdown in the swim school site approval process in
recent years, Mr. Campbell argues delays experienced by franchisees
are the result of red tape challenges, SmartCompany relays.

"Our position with that is there is a number of factors and
approvals required. We're not opening a local corner shop, we need
approvals from a whole range of bodies," the report quotes Mr.
Campbell as saying.

However, the ACCC alleges Mr. Campbell had no reasonable basis for
telling franchisees their swim schools would be operational within
twelve months, arguing he "wrongfully accepted payment".

In its statement of claim sent to the Federal Court on June 17, the
ACCC said it had three versions of a brochure allegedly sent to
prospective franchisees, claiming those who bought in would be
provided with an operational franchise within 12 months,
SmartCompany reports.

"Jump Swim continued to accept payments when it knew, or ought to
have known at the time it accepted the payments, that the timing
for its delivery of operational franchises was dependent on events
that were outside its control," Mr. Keogh said, SmartCompany
relays.

Mr. Campbell denies this, the report notes.

"We don't believe we did promise people a 12-month time frame or
represent that, we believe we have a range of supporting
materials," Mr. Campbell, as cited by SmartCompany, said.

The ACCC alleges 88 franchises were left waiting for longer than 12
months, experiencing an average wait time of 540 days, and in some
cases longer than three years, SmartCompany notes.

Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of Swim Loops on May 20, 2019.

TRAILER CRANES: First Creditors' Meeting Set for June 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Trailer
Cranes (Australia) Pty Ltd will be held on June 25, 2019, at 11:00
a.m. at the offices of SV Partners Newcastle, Suite 3, at Level 3,
426 King Street, in Newcastle West, NSW.

Daniel Jon Quinn and Joshua-Lee Robb of SV Partners were appointed
as administrators of Trailer Cranes on June 13, 2019.

WHIRLWIND PRINT: Liquidators to Determine if Company was Insolvent
------------------------------------------------------------------
Sheree Young at ProPrint reports that Grant Thornton liquidator
Ahmed Bise has confirmed that whether Whirlwind Print was trading
while insolvent will be a central part of his investigation into
the companies.

Mr. Bise and colleague Andrew Hewitt were brought in when Whirlwind
Print was put into liquidation on May 28, 2019 and have now
released full creditor listings of what is owed and a summary of
company affairs which provide estimates of assets and liabilities
associated with both Whirlwind companies, ProPrint says.

According to ProPrint, the summary of company affairs show that
when Whirlwind Print raised the white flag it had a combined asset
value of AUD4.25 million but after secured creditors and other
circular security interests were paid the shortfall slipped to
AUD4.9 million in the negative.

On the day the liquidators were brought in and prior to any
investigations by them all staff were made redundant and referred
to the federal government's Feg scheme for their entitlements,
ProPrint relates.

Mr. Bise has told ProPrint that any questions around whether
Whirlwind Print Pty Ltd and Whirlwind Print NSW Pty Ltd were
trading while insolvent will be investigated.

"As the company's liquidators we have an obligation to investigate
the company's affairs within reason but one of the things we will
be considering is whether the directors have breached any duties to
the company," Mr. Bise told ProPrint. "One of those duties is the
duty to not trade whilst insolvent. The way the act defines
solvency broadly is the capacity to pay your debts as when they
fall due and payable. You are solvent if you can do that. If you
cannot pay your debts as and when they fall payable you technically
may be insolvent."

But Mr. Bise said it was too early make any conclusions, the report
relays.

"Solvency and whether this company was allowed to trade whilst
insolvent is something that we are definitely going to look at,"
the report quotes Mr. Bise as saying.

"We haven't formed a conclusion on it. It's far too premature for
me to say something definitive on that. We have to complete our
investigation into that which we will. Ultimately if there is a
claim against any party what we have then got to be able to show is
that a reasonable person in the director's position should have had
reason to suspect that the company was trading whilst insolvent so
it's quite involved in determining whether or not their ultimately
is a claim.

"One you need to establish that yes it was insolvent and then you
have to establish that a director had reason to suspect that."

In the week before Whirlwind officially entered liquidation it sold
its printing equipment, customer list and existing lease of its
Knoxfield site to rival trade printer CMYKhub with the bulk of that
money used to pay the ANZ bank, ProPrint notes.

According to ProPrint, creditor lists show the scale of the debts
with Whirlwind Print Pty Ltd owing Direct Paper AUD1.24 million,
Ball and Doggett AUD654,396, B J Ball Papers AUD80,500, Spicers
Australia AUD22,894, The Printing Hub AUD22,363 and Toll Transport
AUD23,757.

Whirlwind Print NSW Pty Ltd has its own list of unsecured creditors
including Direct Paper Supplies owed AUD99,376, Neopost Australia
AUD55,730 and Goldcraft Embossing AUD22,082. It also owes Whirlwind
Print Pty Ltd AUD112,804.

Mr. Bise and fellow Grant Thornton liquidator Andrew Hewitt are now
continuing to investigate the business with the date of the first
creditors still to be set, Proprint notes.

Whirlwind Print is a trade and commercial printer based in
Australia.



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AIRNET TECHNOLOGY: Changes Nasdaq Ticker Symbol to "ANTE"
---------------------------------------------------------
AirNet Technology Inc. disclosed that its trading symbol on the
Nasdaq Capital Market will be changed from "AMCN" to "ANTE."
Trading under the new ticker symbol began at market opening on
Thursday, June 13, 2019 and no action is needed from the current
shareholders in relation to the change of the trading symbol.

                      About AirNet Technology

Incorporated in 2007 and headquartered in Beijing, China, and
formerly known as AirMedia Group Inc, AirNet (Nasdaq: AMCN)
provides in-flight solutions to connectivity, entertainment and
digital multimedia in China. AirNet -- http://ir.ihangmei.com/--
empowers Chinese airlines with seamlessly immersive Internet
connections through a network of satellites and land-based beacons,
provides airline travelers with interactive entertainment and a
coverage of breaking news, and furnishes corporate clients with
advertisements tailored to the perceptions of the travelers.

Marcum Bernstein & Pinchuk LLP, in New York, issued a "going
concern" qualification in its report dated April 30, 2019, on the
Company's consolidated financial statements for the year ended Dec.
31, 2018, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

AirMedia incurred a net loss of US$93.41 million in 2018 following
a net loss of US$179.2 million in 2017. As of Dec. 31, 2018,
AirMedia had US$129.8 million in total assets, $115.41 million in
total liabilities, and US$14.39 million in total equity.


BAOSHANG BANK: Regulators Move to Restructure Troubled Bank
-----------------------------------------------------------
Liu Jiefei at Caixin Global reports that Chinese regulators have
finished dealing with the troubled Baoshang Bank Co. Ltd.'s debts
to large corporate and interbank clients, and will now verify the
bank's assets before restructuring, according to a Q&A published by
the central bank-backed Financial News on June 16.

By June 7, Baoshang's large corporate and interbank clients had
transferred all their claims to the deposit insurance fund
management company set up by the People's Bank of China (PBOC) on
the same day the lender was taken over, Caixin relates. The
transfer marked the end of the first phase of the takeover,
according to the Q&A, which was presented as an interview with an
unnamed official on the government team in charge of the takeover,
Caixin says.

The team will now focus on verifying the bank's assets and
restructuring the bank as soon as possible, the official said,
Caixin reports.

They conceded that the takeover had led to "a little bit of pain,"
but said it was good for the market's development, Caixin says.

According to the report, the official said 99.98% of Baoshang's
corporate creditors have had their claims fully guaranteed. The
remainder, as well as some large interbank creditors, had an
average of 90% of their claims guaranteed at the preliminary
stage.

Caixin relates that the official said the high guarantee ratios
came from the fact that the fund management company purchased
Baoshang's assets and liabilities to fully take over the bank,
instead of simply bankrupting and liquidating it. If it had done
the latter, depositors of all kinds would only be guaranteed up to
CNY500,000 ($72,193.80) each.

Not all creditors were fully guaranteed because doing so would
encourage financial institutions to invest in illegal high-interest
products without conducting a solid risk assessment, the official,
as cited by Caixin, said. This was a "moral hazard" that could lead
to a "systemic crisis."

The PBOC and the China Banking and Insurance Regulatory Commission
took over the Inner-Mongolia based Baoshang Bank on May 24, citing
serious credit risks, and entrusted China Construction Bank Corp.
to manage Baoshang's day-to-day operations, Caixin recalls.

The authorities guaranteed the principal and interest of all
individual clients' deposits, as well as corporate deposits and
interbank liabilities worth up to CNY50 million to the full amount,
and promised to guarantee large creditors with more than CNY50
million of claims 90% of their amounts in the initial period,
according to the PBOC's announcement on June 6, adds Caixin.

HUAI AN TRAFFIC: Fitch Affirms 'BB' LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Huai An Traffic Holding Co., Ltd's
(HATH) Long-Term Foreign- and Local-Currency Issuer Default Ratings
at 'BB'. The Outlook is Stable.

Fitch has also affirmed HATH's USD300 million 4.95% notes due 2019
at 'BB'. The bonds are issued directly by HATH and are rated at the
same level as its Long-Term Foreign-Currency Issuer Default Rating.


HATH is based in Huai'an, a city in eastern China. HATH is 100%
owned by Huai'an State-owned Assets Supervision and Administration
Commission (SASAC), and is the municipality's only platform to
fund, invest, construct and maintain transportation infrastructure
such as toll roads, municipal roads and bridges. The company also
invests in ports, airports and railroads on behalf of Huai'an
municipality.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: HATH is fully owned by
Huai'an SASAC and is registered as a limited liability company
under China's Company Law. Under the company's current legal
status, its major decisions (including M&A, spin-offs, bankruptcy
and liquidation) require verification and approval from the
municipal government. The Huai'an municipal government sets the
course of HATH's strategic development, appoints most of its senior
management, and signs off on its major decisions. Its financing
plan and debt level are also closely monitored by the municipality.
HATH is also required to report its operational and financial
results to the municipality on a regular basis.

'Moderate' support Track Record and Expectation: The government
mainly supports HATH via land and asset transfers. Annual subsidies
provided by the government are mainly to help to finance HATH's
operation of the local airport, tram services and other
transportation facilities. These subsidies are limited compared
with the company's revenue. Asset injections in 2017 and 2018 were
minimal and there were no cash injections by the government for
these two years. Transfers and grants were equivalent to around 10%
of revenue in 2018, similar to 2017. The government also purchases
assets from HATH, which help to fund the company's operations and
capex on transportation-related infrastructure. However, delays in
settlement have impaired HATH's cash flows.

'Moderate' Socio-Political Implications of Default: HATH is the
only investment and financing platform for transportation-related
infrastructure in the municipality and its activities include
developing, financing, operating and managing toll roads, airports
and ship locks in Huai'an. Nevertheless, it business is relatively
diversified, including construction, trading, logistics, shipping,
catering and tourism, which undermines the company's strategic
importance to the government. Hence a default by HATH would have
only 'Moderate' socio-political implications for the government.

'Strong' Financial Implications of Default: A default by HATH will
have negative consequences for the creditworthiness of Huai'an
municipality, reducing its access to funding from banks and capital
markets. HATH's diversified businesses help to limit the direct
financial implications for Huai'an municipality in case of a
default.

'b' Category Standalone Credit Profile: Fitch assesses HATH's
revenue defensibility as 'Weaker' under Fitch's Rating Criteria for
Public-Sector, Revenue-Support Debt, based on the demand and
pricing characteristics that influence revenue volatility and
HATH's available tools to respond to demand fluctuation. Fitch
considers operating risk as 'Midrange', based on the company's
operating profile such as predictability and volatility of costs,
key resource cost risks and HATH's ability to manage growth in
costs over time. HATH's net debt to EBITDA in 2018 was 47x, placing
its financial profile in the 'Weaker' category.

RATING SENSITIVITIES

The ratings on HATH could change if Fitch revises its perception of
Huai'an Municipality's ability to provide subsidies, grants or
other legitimate resources allowed under the policies and
regulations.

An increase in incentive for Huai'an Municipality to provide
support to HATH, including stronger socio-political and financial
implications of a default by HATH and a stronger track record of
support, may trigger positive rating action on HATH. In contrast,
the rating may be downgraded if there is a significant weakening in
the socio-political and financial implications of a default by
HATH, a weaker track record of support by the municipality, or a
dilution of the government's shareholding.

An improvement or deterioration of the standalone credit profile or
the liquidity position of HATH would also affect the ratings.

Any change in HATH's Long-Term Foreign-Currency Issuer Default
Rating will result in a similar change in the rating of the notes.

LANDSEA GREEN: Fitch Rates Proposed USD Sr. Notes 'B(EXP)'
----------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Landsea Green
Group Co., Ltd.'s (B/Positive) proposed US dollar senior notes a
'B(EXP)' expected rating and a Recovery Rating of 'RR4'. The
proposed notes are rated at the same level as Landsea's senior
unsecured rating because they will constitute its direct and senior
unsecured obligations.

Landsea plans to use the note proceeds to refinance existing debt.
The final rating is subject to the receipt of final documentation
conforming to information already received.

Landsea's ratings are supported by its improved financial position,
with leverage reduced to 17% at end-2018 (end-2017: 25%, end-2016:
42%, after giving 50% equity credit for the CNY1.6 billion in
shareholders' loans). Fitch expects Landsea's leverage to remain
healthy at below 30% given that its property sales are mainly in
Tier 2 cities in the Yangtze River Delta region and that a few
projects it owns in major US cities have started to generate
sales.

Its ratings are also driven by rising EBITDAR from its
non-development properties (DP) business. The recently proposed
disposal of rental-apartment subleasing, property management, and
designs services does not immediately affect Landsea's ratings,
Fitch expects Landsea's non-DP EBITDAR/(net interest+rental
expenses) ratio to continue to improve in the next 12-18 months.

KEY RATING DRIVERS

Leverage to Stay Healthy: Fitch expects Landsea's leverage,
measured by net debt to adjusted inventory that proportionately
consolidates joint ventures and associates, to stay below 30% in
2019-2020. The operating cash flows from the project-management
business should rise moderately as the company continues to adopt
an asset-light strategy of holding minority equity interests in its
projects, which should support the company's leverage to stay low
in the next 18-24 months.

Small, Diversified Operation: Fitch believes the company's quality
land bank and diversified operation will support contracted sales
from equity-stake projects of CNY23.6 billion, which it achieved in
2018. Landsea's low attributable exposure to its development
projects, equivalent to about CNY8.1 billion of contracted sales in
2018, does not impede its ability to grow its project-management
services. Its attributable land bank was 1.46 million square metres
at end-December 2018, smaller than that of 'B' category peers, but
still able to support the company's development for around four to
five years.

The company targets core Tier 2 cities in China, such as Nanjing,
Hangzhou, Wuxi, Chengdu, Wuhan and Chongqing, and around 55% of its
land bank is in the Yangtze River Delta. Landsea's 18 US projects
are in coastal areas and represent 10% of its land bank.

Stabilising Margin: Fitch expects Landsea's EBITDA margin,
excluding capitalised interest from cost of sales, to stay healthy
at 20%-21% in 2019-2020, driven by the delivery of profitable
projects sold in the previous two to three years in China, a
sustained improvement in the US business and a contribution from
the higher-margin project-services business. The margin improved to
24% in 2018, from 21% in 2017 and 13% in 2016 (2015: 37%),
following the delivery of higher-profitability projects in China
and US property businesses turning more profitable.

Ratings Unaffected by Non-DP Disposals: Landsea announced on May
10, 2019 the proposed disposals of the rental-apartment subleasing,
property-management service, and architectural and landscape-design
businesses to Landsea Group, the controlling shareholder of
Landsea. The business units recorded losses before tax of CNY182
million in 2018, with losses from rental apartments reaching CNY194
million from revenue of CNY125 million as pre-operating expenses
were not sufficiently offset by the slow ramp-up of revenue.

Fitch expects the rental-apartment business to continue to post
operating losses in 2019 and 2020, which will be a drag on non-DP
EBITDA. Landsea's non-DP EBITDA will continue to be driven by its
project-management services, and Fitch expects Landsea's non-DP
EBITDAR/net interest+rent coverage to reach 1.5x in 2019-2020
(2018: 1.4x, 2017: 1.3x).

Slower Contracted Sales: Fitch has revised its expectation for
growth in Landsea's total contracted sales to 20% each in 2019 and
2020, from 30%-50% previously, as Fitch forecasts industry sales to
decline in 2019. Landsea's total contracted sales reached CNY38
billion in 2018. The continued growth in contracted sales will
continue to support growth of 20% to 25% in its project-management
services income in the next two years from CNY1 billion in 2018.

DERIVATION SUMMARY

Landsea's leverage is lower than 'B' rated peers, such as Hong Yang
Group Company Limited (B/Positive), Xinyuan Real Estate Co., Ltd.
(B/Negative) and Yida China Holdings Limited (B-/Stable), which
generally have leverage of 40%-50%. Contracted sales from
equity-held projects are similar to those of peers at about CNY20
billion a year.

The adoption of an asset-light strategy and the monetising of its
experience in green-technology homes differentiate Landsea from
traditional homebuilders and may support its deleveraging. Its
quality land bank in China and diversification into the US will
help the company sustain its contracted sales scale in 2019-2020.
Non-development EBITDA from the project-management service is about
1x its cash interest, exceeding that of all 'B' rated peers.

KEY ASSUMPTIONS

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

- Contracted sales value for equity-held projects at CNY25
billion-28 billion a year in 2019-2020

- EBITDA margin, excluding capitalised interest from cost of
sales, at 20%-21% in 2019-2020

- Non-property development revenue, including project-management
services, rental-apartment subleasing and investment properties, of
CNY1.6 billion-2.4 billion per year in 2019-2020

- About 55% of contracted sales to be spent on land replenishment
to maintain a land bank life of about three to four years

RATING SENSITIVITIES

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

- Net debt/adjusted inventory that proportionately consolidates
joint venture and associates sustained below 50%. The net debt
includes loans from Landsea's ultimate shareholder to which Fitch
has assigned 50% equity credit, in accordance with Fitch's
Corporate Hybrids Treatment and Notching Criteria

- EBITDA margin, excluding capitalised interest from cost of
sales, sustained above 20%

- Non-development EBITDAR/(net interest + rental expenses)
sustained above 1.5x. Net interest includes cash interest from
amounts due from and due to joint ventures and associates

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

- Net debt/adjusted inventory that proportionately consolidates
joint venture and associates above 60% for a sustained period

LIQUIDITY

Adequate Liquidity: Landsea had CNY5.9 billion in available cash on
hand at end-December 2018, which exceeded its short-term debt of
CNY0.7 billion. Landsea has generated positive free cash flow in
the past two years and Fitch expects the trend to continue in the
next two years, supported by healthy sales and its higher-margin
project-management business.

LANDSEA GREEN: Moody's Rates Proposed USD Bond 'B3'
---------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to the proposed USD bond to be issued by Landsea Green Group Co.,
Ltd.

The outlook is positive.

Landsea plans to use the proceeds of the notes to refinance its
existing debt.

RATINGS RATIONALE

"Landsea's proposed bond issuance will not have a material impact
on the company's credit metrics, because it will use the proceeds
for refinancing," says Cedric Lai, a Moody's Vice President and
Senior Analyst, and also Moody's Lead Analyst for Landsea.

Moody's expects the company's debt leverage--as measured by
adjusted debt/EBITDA--will trend towards around 3.7x-3.9x over the
next 12-18 months from 3.4x in 2018, while EBIT/interest should
stabilize at 3.2x-3.4x from 3.7x over the same period.

Landsea's B2 corporate family rating is supported by its recognized
brand in the niche green property market. Landsea's green products
have attracted sustained demand and higher selling prices when
compared to traditional property offerings.

Landsea's B2 rating also considers the good quality of its
investing partners for its property projects, such as Ping An Real
Estate Company Ltd, China Orient Asset Management Co., Ltd. (A3
stable), and China Cinda Asset Management Co., Ltd. (A3 stable).
The presence of these quality partners reflects Landsea's good
brand name and strong sales execution ability.

On the other hand, the B2 corporate family rating is constrained by
the company's developing track record for its asset-light business
model. Landsea adopted an asset-light business model in 2015, and
the sustainability of this model will depend on the company's
ability to secure new projects from investors through the property
cycles.

Another rating constraint is the company's narrow funding sources.
In 2018, Landsea's funding base had a high proportion of
shareholder loans, high-cost loans from non-bank financial
institutions, and private notes, which together accounted for about
31% of total debt.

However, Moody's understands the company is exploring other funding
channels to expand its investors base.

The company's B3 senior unsecured rating is one notch lower than
its CFR because of subordination risk for senior unsecured
bondholders. This risk reflects the fact that most of the claims
are at the operating subsidiaries. These claims have priority over
Landsea's senior unsecured claims in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination, resulting in a lower recovery rate
for claims at the holding company.

The positive outlook reflects Moody's expectation that the company
will maintain strong credit metrics when compared with its B2-rated
Chinese property peers over the next 12-18 months.

Landsea's liquidity position is good. Moody's expects the company's
cash holdings and operating cash flow will be sufficient to cover
its short-term debt and committed land payments over the next 12
months. As of December 31, 2018, Landsea's total cash balance of
RMB5.9 billion covered its short-term debt of RMB684 million as at
the same date.

Upward rating pressure could emerge if Landsea successfully
executes its asset-light business model, grows in scale and
improves its credit metrics, with EBIT/interest coverage above 3.5x
and adjusted debt/EBITDA below 4.0x on a sustained basis.

On the other hand, the rating outlook could be revised to stable if
Landsea is unlikely to grow in scale, secure new projects from good
quality investment partners or achieve Moody's expected credit
metrics over the next 12-18 months.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

LANDSEA GREEN: S&P Rates New U.S. Dollar Sr. Unsec. Notes 'B-'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
U.S.-dollar-denominated senior unsecured notes that Landsea Green
Group Co. Ltd. (B/Stable/--) proposes to issue. The China-based
developer will use the proceeds to refinance its existing debt. The
issue rating is subject to our review of the final issuance
documentation.

S&P rates Landsea's senior unsecured notes one notch below the
issuer credit rating, given significant subordination risk in its
capital structure. As of Dec. 31 2018, Landsea's capital structure
consisted of Chinese renminbi (RMB) 2.4 billion in secured debt,
RMB1.7 billion in unsecured debt issued by Landsea, and RMB3.6
billion unsecured debt issued or guaranteed by the company's
operating subsidiaries. Its priority debt ratio of 78% is above our
50% threshold.

Landsea will use the net proceeds to refinance existing borrowings
in accordance with its green bond framework. The company faces
little refinancing pressure in 2019, with only RMB683 million of
debt maturing. However, Landsea has over RMB4.4 billion of debt
maturing in 2020, including US$200 million of green notes due in
April 2020, a RMB1.7 billion loan from Landsea Group, and other
bank borrowings, which together account for over 60% of its total
indebtedness. S&P expects further refinancing over the next six to
12 months to lengthen the company's maturity profile.

With revenue ramping up and margin gradually improving, the
company's adjusted EBITDA grew by over 55% in 2018. Nevertheless,
the company's debt-to-EBITDA ratio stayed at 6.7x, similar to that
in 2017, due to a higher adjusted debt from operating lease
commitments for the company's long-term rental apartment business.
S&P said, "We expect no rating impact on Landsea from the proposed
disposal of noncore businesses to its holding company Landsea
Group, because the group credit profile of the overall Landsea
Group will remain unchanged. We continue to assess Landsea as a
core entity of Landsea Group. This is also reflected in our stable
outlook on the company."




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

ADVENT INFRAPROJECTS: CARE Keeps B/A4 Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Advent
Infraprojects Private Limited (AIPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term/short-      10.00      CARE B; Stable/CARE A4;
   Term Bank                        Issuer not cooperating;
   Facilities                       Based on best available
                                    information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from AIPL to monitor the
ratings vide email communications dated May 6, 2019, May 8, 2019
and May 15, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided no default
statement for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on AIPL's
bank facilities will now be denoted as CARE B; Stable/ CARE A4;
ISSUER NOT COOPERATING.

ANJANI COTTON: CARE Maintains 'B+' Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anjani
Cotton Industries (ACI) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       20.12       CARE B+; Issuer Not
   Facilities                       Cooperating; Based on
                                    Best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2018, placed the
rating(s) of ACI under the 'issuer non-cooperating' category as ACI
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. ACI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated March 4, 2019, April 1, 2019, April 5, 2019, April 10, 2019,
April 16, 2019, April 18, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Declining scale of operations with thin profitability and moderate
leverage position: Total operating income (TOI) of ACI has shown a
declining trend marked by decline of 37.6% in TOI in FY16 over
FY15. Its scale of operations remained at INR97.93 crore in FY16
with a PBILDT and PAT of 2.20% and 0.29% respectively. The solvency
position had remained moderate marked by overall gearing of 1.56
times as on March 31, 2016 marginally deteriorate from 1.35 times
as on March 31, 2015.

Working capital intensive nature of operation with moderate
liquidity profile: The liquidity position of ACI is moderate marked
by high working capital limit utilization and moderate liquidity
ratio i.e. current ratio and quick ratio of 1.51 times and 0.56
times as on March 31, 2016. During FY16, the operating cycle has
deteriorated and remained elongated at 70 days as against 37 days
during FY15. Cash and Bank balance was remained low at INR0.11
crore. Cashflow from operating activity was remained at negative
INR3.55 crore as on March 31, 2016.

Presence in highly fragmented cotton ginning industry and
susceptible to fluctuations in cotton prices: Cotton ginning
business involves very limited value addition and is highly
dominated by small and medium scale units resulting in highly
fragmented nature of industry. Also, cotton prices in India are
regulated through fixation of Minimum Support Price (MSP) by the
government. Further, price of raw cotton is highly volatile in
nature and depends upon factors like area under production, yield
for the year.

Seasonal procurement resulting in working capital intensive nature
of operations: Cotton being an agro commodity is seasonal in
nature, where sowing season is normally during March to July and
harvesting season is during November to February every year. Also
the cotton ginners usually have to procure raw cotton in bulk to
bargain better discount from the suppliers. Hence, there is
significant requirement for working capital funds especially during
the peak season towards stocking of inventory.

Key Rating Strengths

Extensive experience of promoters in cotton ginning and pressing
business: Started in 1999, ACI has established track record in
cotton industry. ACI is managed by four partners, Mr Rajeshkumar
Ghodasara, Mr. Ashvin Kasundra and other two partners i.e. Mr.
Kirti Ghodasara and Mr. Piyush Saradava. All are holding healthy
experience in the same line of business.

Proximity to cotton-producing region of Gujarat: Raw cotton is the
key input required for ginning & pressing activities. ACI's plant
is located in the cotton growing region which is the largest
producer of raw cotton in India. Due to its proximity to the
cotton-growing region of Gujarat, raw cotton is readily available
at lower logistic expenditure.

Wankaner, Gujarat-based Anjani Cotton Industries (ACI) was setup in
1999 as partnership firm and is currently managed by four partners.
The firm is engaged in cotton ginning and pressing business with 60
ginning and 1 pressing machine. It has installed capacity of 19,950
Metric Tonne (MT) of cotton bales and 34,900 MT of cotton seeds as
on March 31, 2016 at its sole manufacturing plant located at
Wankaner, Gujarat.

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

The instrument-wise rating actions are:

-- INR187 mil. Fund-based working capital limits Migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 19, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

DMJ is a Gujarat-based proprietorship firm that trades gold,
diamond and silver jewelry. It has a 1,200 square foot showroom in
Navsari, Gujrat.

DANU WIND: Ind-Ra Cuts INR2,676.3BB Loan Rating to 'D'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Danu Wind Parks
Private Limited's (DWPPL) term loan to 'IND D' from 'IND BBB-'. The
Outlook on the earlier rating was Negative.

The detailed rating action is:

-- INR2,676.3 bil. Term loan (long-term) due on March 31, 2034
     downgraded with IND D rating.

The downgrade reflects DWPPL's delays in debt servicing for both
April 2019 and May 2019, due to the delayed realization of payments
from the off-taker, Andhra Pradesh Southern Power Distribution
Company (APSPDCL), leading to cash flow mismatches and strained
liquidity. Ind-Ra has relied on the debt service payment account of
trust and retention accounts, from which interest due for April
2019 has been partially met and no interest payment has been made
for May 2019. The management has represented that they have
requested the lender to access the debt service reserve (DSR) and
the same was yet to be approved by lender as on 1 June 2019.

KEY RATING DRIVERS

As on 8 April 2019, the company's Danu-I and Danu-II projects
maintained a one-quarter DSR of INR57.1 million and INR65.3
million, respectively, which was sufficient to meet the debt
service till June 2019. The loan documents have stipulated a
two-quarter DSR of INR227.3 million (Danu I: INR102.3 million and
Danu II: INR132.3 million). From July 2019, DWPPL would be
dependent on the timely receipt of revenue from APSPDCL to meet its
debt servicing requirements.

The payments from APSPDCL have been pending from September 2018.
The delay increased to an average of more than 180 days in FY19
from 107 days in FY18. This has severely impacted DWPPL's cash
flows and debt servicing ability. The company had a cash balance of
INR3.8 million as on June 1, 2019.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.

COMPANY PROFILE

DWPPL was formed in 2011 to build and operate a wind power plant in
Kurnool, Andhra Pradesh. Danu-I (22.4MW), located in Dhone, was
commissioned in December 2016 with a project cost of INR1,740
million, which was funded through a debt of INR1,170 million and
equity of INR570 million. Danu-II (25.3MW), located in Nellakote,
was partly commissioned in July 2017 and fully commissioned in
December 2017 with a project cost of INR2, 252.60 million, which
was funded through a debt of INR1,690 million and equity of
INR562.60 million. DWPPL has a long-term power sale tie-up with
APSPDCL for its entire capacity at a constant tariff of
INR4.84/kWh.

DEWAN HOUSING: CARE Lowers Rating on INR42,713.80cr LT Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dewan Housing Finance Limited (DHFL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-Convertible     17,655.12     CARE D Revised from CARE BBB-
   Debentures                        and removed from credit watch

                                     with negative implications

   Subordinated Debt    2,205        CARE D Revised from CARE BBB-
                                     and removed from credit watch

                                     with negative implications  

   Perpetual Debt       1,300        CARE D Revised from CARE BBB-
                                     and removed from credit watch

                                     with negative implications


   Non-Convertible     29,000        CARE D Revised from CARE BBB-
   Debentures                        and removed from credit watch
   (Public Issue)                    with negative implications


   Non-convertible        750        CARE D (RPS) Revised from
   Redeemable                        CARE BBB- (RPS) and removed
   Cumulative                        from credit watch with
   Preference share                  negative implications

   Fixed Deposit
   Programme            8,940        CARE D (FD) Revised from
                                     CARE BBB- (FD) and removed
                                     from credit watch with
                                     negative implications

   Long term Bank      42,713.80     CARE D Revised from CARE BBB-
   Facilities                        and removed from credit watch

                                     with negative implications


Detailed Rationale & Key Rating Drivers

The rating revision takes into account the recent instance of delay
in servicing of obligations with respect to some of the
non-convertible debentures by DHFL due to prolonged liquidity
stress. The liquidity profile of the company continues to remain
stressed on account of delay in identification and induction of
strategic investor and limited progress on generating additional
liquidity mainly through builder loan book sell down and
securitization. The ratings have been removed from credit watch
with negative implications.

Detailed description of the key rating drivers

Key rating weaknesses

Deterioration in liquidity profile and delay in debt servicing:
There has been a deterioration in liquidity profile of DHFL with
cash & liquid investments decreasing from INR4,668 crore (including
SLR) as on March 31, 2019 to INR2,775 crore (including SLR) as on
April 30, 2019. As per liquidity statement as on April 30, 2019,
the company was envisaging cumulative cash inflows of around
INR6,600 crore from June'19 to August 19 as against scheduled
cumulative cash outflows of around INR10,780 crore during the same
period thereby reflecting a negative cumulative mismatch of around
INR4,180 crore. The company has been making multi-pronged efforts
to generate adequate liquidity through sale of investments,
induction of strategic investor and asset pool sell-downs.
However, some of these measures have been delayed resulting in
lower than envisaged liquidity generation.

Moderation in financial flexibility: Post September 2018, the
liquidity scenario tightened for NBFC and HFC sector, and DHFL
witnessed sharp rise in yields of bonds traded in the secondary
markets and also sharp reduction in the share price. Further, the
company's limited progress on earlier envisaged strategic measures
such as further sell down of builder book and inflows from
securitization deals to build up additional liquidity has resulted
in further moderation in the financial flexibility of DHFL.

Exposure to low and middle income segment with increasing
proportion of wholesale loans: DHFL has exposure to the lower and
middle income group which is more prone to defaults in case of a
stressed economic scenario. Further, the proportion of wholesale
loans (builder loans) increased to 23% of the outstanding loan book
as on December 2018 from 18% as on March 2018 and 14% as on March
2017, which is a relatively riskier segment.

Liquidity profile

There has been a deterioration in the liquidity profile of DHFL
with cash & liquid investments decreasing from INR4,668 crore
(including SLR) as on March 31, 2019 to INR2,775 crore (including
SLR) as on April 30, 2019. As per liquidity statement as on April
30, 2019, the company is envisaging cumulative cash inflows of
around INR6,600 crore from June 19 to Aug 19 as against scheduled
cumulative cash outflows of around INR10,780 crore during the same
period thereby reflecting a negative cumulative mismatch of around
INR4,180 crore. The generation of additional liquidity will
continue to be dependent on timely fructification of efforts made
by DHFL including sale of investments, induction of strategic
investor and asset pool sell-downs.

Incorporated in 1984, DHFL is amongst large size housing finance
company in India with total asset size of INR1,07,436 crore as on
March 31, 2018. The company has a successful track record of over
30 years of lending in the low and middle income group in Tier II
and Tier III cities, primarily to salaried individuals. DHFL had a
loan portfolio of INR91,930 crore as on March 31, 2018. The company
operates through a network of over 349 offices (incl. branches and
service centres). DHFL also has international presence through
representative offices located in London and Dubai which cater to
the housing needs of non-resident Indians.

FLEXI PLAST: CARE Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Flexi Plast
Industries continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank        5.04       CARE B; Stable; Issuer not
   Facilities                       cooperating; Based on best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Flexi Plast
Industries to monitor the ratings vide e-mail communications dated
May 15, 2019, May 8, 2019, May 6, 2019, May 2, 2015, April 16,
2019, April 2, 2019, April 3, 2019, April 1, 2019 , March 30, 2019,
March 15, 2019, March 5, 2019, March 1, 2019, February 28,2019,
February 15,2019, February 7,2019, February 5, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided no default statement for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on Flexi Plast Industries's bank facilities
will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

GWALIOR BYPASS: CARE Lowers Rating on INR93.28cr NCD to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gwalior Bypass Project Limited (GBPL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Non-Convertible       93.28      CARE D Revised from
   Debenture issue                  CARE C; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the Non-Convertible
Debenture (NCD) issue of Gwalior Bypass Project Limited (GBPL)
factors in the non-payment of full amount of interest and principal
due on NCDs on May 31, 2019, as a result of company's admittance
into NCLT on May 29, 2019.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligation: GBPL has delayed in timely
servicing of its debt obligations towards the NCD issue due on May
31, 2019, as the company was admitted into NCLT on May 29, 2019 as
per order given by NCLT, New Delhi Principal Bench and
consequently, moratorium is declared in terms of Section 14 of the
Insolvency and Bankruptcy Code, 2016.

GBPL was incorporated in 2006 as Special Purpose Vehicle (SPV) by
consortium of Era Infra Engineering Ltd (EIEL and its group
companies with combined stake of 68.89%), Ramky Infrastructure Ltd
(RIL, 26.01% stake) and Shriram Chits (P) Ltd (SCPL) for
implementation of a new four-lane Gwalior Bypass from Km 103 on
NH-3 to Km 16 on NH75 (total length 42.03 km) in the State of
Madhya Pradesh on BOT-Annuity Basis. This project with total length
of 42.03 km is a part of National Highways Development Project
(NHDP-II). The concession period for the project is 20 years
(inclusive of a 30 months' construction period) from the appointed
date, which is April 09, 2007.

The total project cost as per original estimate was INR332.15 crore
funded through equity of INR92.15 crore and debt of INR240 crore.
The project, initially envisaged to be completed in October 2009,
was delayed due to land acquisition issues and achieved provisional
commercial operation date (COD) on November 15, 2011, and final COD
with effect from April 30, 2014. The project cost also underwent an
overrun to INR584.75 crore, funded through equity of INR92.15
crore, debt of INR230 crore, unsecured loans from promoter group of
INR184.13 crore and unpaid contract expenses of INR78.49 crore. The
company subsequently refinanced its term debt availed from IDFC
through NCDs of INR241.55 crore issued to L&T Infra Finance and L&T
IDF.

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

The instrument-wise rating actions are:

-- INR350 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR50 mil. Term loan due on March 2021 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR400 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 15, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

HSPL manufactures ferroalloys, sponge iron, and billets at its
facility in Durgapur, West Bengal.

HIM ALLOYS: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Him Alloys
and Steel Private Limited (HASPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      56.19       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

   Short Term Bank      3.50       CARE D; Issuer not cooperating;

   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2018, placed the
ratings of HASPL under the 'issuer non-cooperating' category as
HASPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. HASPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated May 28,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Delays in debt servicing: There have been instances of delays by
the company w.r.t. its debt service obligations. The same was
attributable to tight liquidity position owing to lower than
expected cash accruals on account of subdued market condition.

Below average financial risk profile: During FY16, HASPL registered
a total operating income of INR241.64 as against the operating
income of INR264.01 crore during FY15. Although the company's
operating income has moderated by 8.47% during FY16 in value terms
but in volume terms it has actually grown the company's PBILDT
margins and PAT margins remained low and in range of 3.75%-4.85%
and 0.40%-0.75% respectively. The capital structure remains
leveraged as exhibited by overall gearing ratio of 3.34x as on
March 31, 2016.

Low profitability margins and product concentration risk: The
company undertakes conversion of scrap to TMT bars, resulting in
low profitability margins. The PBILDT margin although improved and
stood at 4.81% during FY16 as against 3.79% in FY15. The
manufacturing of a single product results in product concentration
risk.

Exposure to fluctuation in raw material prices: Raw material
consumption is the single largest cost component for the secondary
players in iron and steel industry. The same constituted 74% of the
total operating income of during FY16. However, the company does
not have backward integration for its basic raw materials (i.e.
steel scrap) and the same is purchased from traders located in
Delhi, Punjab and Gujarat.

Cyclicality of steel industry: The steel industry is sensitive to
the shifting business cycles including changes in the general
economy, interest rates and seasonal changes in the demand and
supply conditions in the market. Apart from the demand side
fluctuations, the highly capital intensive nature of steel projects
along-with the inordinate delays in the completion hinders the
responsiveness of supply side to demand movements. This results in
several steel projects bunching-up and coming on stream
simultaneously leading to demand supply mismatch. Furthermore, the
value addition in steel products like TMT bars is also low
resulting into low product differentiation in the market.

Furthermore, the producers of such steel products are essentially
price-takers in the market, which directly exposes their cash flows
and profitability to volatility in the input prices.

HASPL was incorporated by Mr Ashok Raja and his brother Mr S.S.
Raja on October 27, 2004. The company is engaged in the
manufacturing of TMT bars with an installed capacity of 88,000
Metric Tonnes Per Annum (MTPA). The company sources steel scrap
from Delhi, Gujarat and Punjab whereas it sells its finished
product viz TMT bars under the brand name of "Kamdhenu", a
well-known brand for TMT bars in Northern India owned by Kamdhenu
Ispat Limited.

HIM STEEL: CARE Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Him Steel
Private Limited (HSPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      50.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short Term Bank      5.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information      

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2018, placed the
ratings of HSPL under the 'issuer non-cooperating' category as HSPL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. HSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated May 28,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

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

Key Rating Weaknesses

Delays in debt servicing: There have been on-going delays by HSPL
in servicing of its debt obligations, resulting from stressed
liquidity.

Him Steel Pvt. Ltd. (HSPL) was incorporated by Mr. Ashok Raja and
his brother Mr. S.S. Raja on May 3, 2011 for the purpose of trading
in gold, silver and precious stones etc with the name M/s. Shree
Bullion Pvt Ltd. Thereafter in FY15, the management decided to
carry on the steel business and taken over an automatic steel plant
situated at Bilaspur, Himachal Pradesh, with installed capacity of
1,26,667 Metric Tonnes Per Annum (MTPA).

HINDUSTHAN ISPAT: CARE Lowers Rating on INR20cr Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hindusthan Ispat Private Limited (HIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       20.00      CARE C; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB; Stable on the basis
                                   of best available information

   Short term Bank      15.00      CARE A4; Issuer not
   Facilities                      cooperating; on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from HIPL to monitor the
rating(s) vide various communications/letters from January 31, 2019
to May 30, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Hindusthan
Ispat Private Limited's bank facilities will now be denoted as CARE
C; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of media reports with
regard to CBI probe and allegations and non-receipt of No Default
Statement (NDS).

Detailed description of the key rating drivers

At the time of last rating on November 6, 2018, the following were
the rating strengths and weaknesses (updated for the information
available from media reports):

Key Rating Weaknesses

Non receipt of NDS and CBI probe: Based on recent media reports,
the company is alleged to be one of the front end firms of
Hyderabad based Sujana Group and is being probed by CBI. Further,
there have been parallel probes by GST anti-evasion wing for
involvement in circular trading. Furthermore, the company has not
furnished No Default Statement despite reminders.

Weak financial risk profile and debt coverage indicators: The
overall gearing of the company deteriorated from 1.79x as on March
31, 2017 to 3.78x as on March 31, 2018 owing to significant
increase in total debt during the year. During FY18, the company
has achieved 41% of the total revenue during February 2018 and
March 2018 and in order to facilitate this kind of sales the
company has procured raw materials against LC leading high overall
gearing during FY18. Further, total debt to GCA of the company is
on the higher side at 224.51x in FY18 as against 113.67x in FY17
due to low gross cash accruals.

Working capital intensive operations: During FY18, the average
operating cycle of the company deteriorated to 53 days from 38 days
in FY18, primarily on back of increase in the collection period
from 70 days in FY17 to 95 days in FY18. The collection period
during FY18 appears to be on a higher side due to increase in sales
during the last quarter as the company has achieved 41% of the
total revenue during February 2018 and March 2018. The average
inventory period of the company has remained at 4-6 days for the
past three years as the company maintains back-to-back order
arrangement where it places order with suppliers only upon receipt
of order from its customers. The average working capital
utilization of the company for the 12 months ended Sep 30, 2018 is
around 95% to 100%.

Susceptibility to price fluctuation in steel products; albeit
mitigated largely due to back to back ordering: Prices of steel
products in the domestic market are quite volatile in nature since
they are driven by changes in global prices. Hence, any adverse
fluctuation in the prices can adversely affect the profitability
margins of the company. However, the price fluctuation is mitigated
to an extent as the company maintains back-to-back order
arrangement where company places order with suppliers only upon
receipt of order from its customers.

Cyclical nature of steel industry: The steel industry is cyclical
in nature. Steel consumption depends upon the economic activities.
Construction, automobile and infrastructure sectors drive the
consumption of steel. Slowdown in these sectors leads to decline in
demand for steel.

Key Rating Strengths

Experienced and resourceful promoters: HIPL is promoted by Mr. B S
V S Dharmavatar, who has around three decades of experience in
business administration and marketing functions. He was associated
with various organizations holding various positions. The promoters
of the company have been resourceful and infusing funds as and when
it was required.

Healthy growth in total operating income albeit decline in the
profitability margins: During FY18, the total operating income of
the company grew by around 8.58% from INR221.04 crore in FY17 to
INR240.00 crore in FY18 mainly due to growth in the trading volumes
during the year. The profitability margins of the company are on
lower side due to stiff competition in the steel trading business.
PBILDT margin of the company has marginally improved by 22 bps from
1.31% in FY17 to 1.53% in FY18 due to decrease in the selling
expenses. However, PAT margin remained at similar level of 0.06%
during FY18 (as against 0.05% in FY17).

Healthy relationship with key clients and suppliers: The promoter
being in the steel industry for more than two decades has
established relationship with major steel trading and manufacturing
companies in Telangana and Andhra Pradesh.

Hindusthan Ispat Private Limited (HIPL) incorporated in March 29,
2011 is promoted by Mr. B S V S Dharmavatar and his wife Smt. B Uma
Devi. HIPL is primarily engaged in trading of steel and various
steel products like Thermo Mechanically Treated (TMT) bars,
Structural Steel Products, Mild Steel (MS) scrap, Iron ore, etc. to
construction companies and other steel manufacturing players. The
other companies of promoters are Hindusthan Warehousing Pvt Limited
and Integrated Ispat Limited.

HYDERABAD STEELS: CARE Lowers Rating on INR4cr Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hyderabad Steels, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       4.00       CARE C; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable on the
                                   basis of best available
                                   information

   Short term Bank      3.50       CARE A4; Issuer not
   Facilities                      cooperating; on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Hyderabad Steels to monitor
the rating(s) vide various communications/letters from January 31,
2019 to May 30, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Hyderabad
Steels's bank facilities will now be denoted as CARE C; Stable/CARE
A4; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of media reports with
regard to CBI probe and allegations and non-receipt of No Default
Statement (NDS).

Detailed description of the key rating drivers

At the time of last rating on December 20, 2018, the following were
the rating strengths and weaknesses (updated for the information
available from media reports):

Key Rating Weaknesses

Non receipt of NDS and CBI probe: Based on recent media reports,
the firm is alleged to be one of the front end firms of Hyderabad
based Sujana Group and is being probed by CBI. Further, there have
been parallel probes by GST anti-evasion wing for involvement in
circular trading. Furthermore, the firm has not furnished No
Default Statement despite reminders.

Volatility in total operating income: The operating income of the
firm is affected significantly during FY17 due to slow down in the
construction and infrastructure sectors which are the major driver
for steel consumption and cheaper imports from china, which has
resulted in decline in the total operating income from INR402.30
crore during FY16 to INR182.66 crore during FY17. However during
FY18, due to recovery in domestic steel industry, the firm's total
operating income has grown by about 29.53% to INR236.60 crore.

Thin profit margin: Since the firm is into trading business the
profitability margin is low due to limited value addition. The
PBILDT margin of the firm is very thin and improved from 0.18%
during FY16 to 0.41% during FY17 and deteriorated to 0.25% during
FY18 due to stiff competition. Due to high interest and finance
expense the PAT margin of the firm very low at 0.04% during FY18
(during FY16 & FY 17: 0.03%).

Weak interest coverage indicators: The PBILDT interest coverage
ratio is weak and stood at 1.14x during FY18 (1.11x during FY17)
due to thin profit margins and increase in interest and finance
expense of the firm.

Working capital intensive nature of business: HS depends on short
term bank borrowings to fund the working capital requirements of
the firm. The average working capital utilization limit is about
90% during 12 months ending October, 2018.

Limited geographical presence coupled with high customer
concentration risk: The firm clientele are based in Hyderabad only.
The firm has high customer concentration risk as top five customers
are contributing about 74.31% of total firm's revenue
contribution.

Constitution of the entity being a partnership firm: Hyderabad
Steel is a partnership firm which has the inherent risk of
possibility of withdrawal of the partners' capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partner. Moreover, partnerships
firms have restricted access to external borrowings as credit
worthiness of the partners would be key factors affecting credit
decision for the lenders.

Cyclicality of the steel industry: The steel industry is sensitive
to the shifting business cycles including changes in the general
economy, interest rates and seasonal changes in the demand and
supply conditions in the market. Apart from the demand side
fluctuations, the highly capital intensive nature of steel projects
along-with the inordinate delays in the completion hinders the
responsiveness of supply side to the demand movements.

Key Rating Strengths

Experienced partners: The partners Ms. J. Raghavi Reddy and Mr. M.
Pavan Kumar are having about 25 years of experience in iron and
steel trading business and also in merchant trading business. The
partners of the firm have been resourceful and infusing funds as
and when it is required. During FY17 and FY18 the partners have
infused INR0.14 crore and INR0.9 crore respectively to support the
operations.

Moderately leverage capital structure: The capital structure of the
firm remained satisfactory during review period marked by debt
equity ratio of the firm remained zero on account of absence of
long term loans. However, the overall gearing ratio remained
moderate at 1.33x as on March 31, 2018(1.38x as on March 31, 2017)
due to accretion of net profit to the networth of the firm.

Satisfactory operating cycle: The firm makes the payment to its
creditors based on the realization from its customers. Due to
significant reduction in the scale of operation during FY17, the
average collection period elongated from 46 days during FY16 to 104
days during FY17. However, during FY18 the average collection
period remains at 64 days due to improvement in the scale of
operation. Further, the firm receives credit from its suppliers for
about 2 months and maintains inventory for about 6 to 12 days, thus
leading to satisfactory operating cycle of about 8 days.

Established relationship with suppliers as well as customers: The
firm has established relationship with their suppliers ensuring
regular supply of traded goods when it is required and they are
also having strong relationship with their customers resulting in
repeated orders.

Liquidity position: The liquidity position of the firm is weak with
current ratio of 1.05 as on March 31, 2018. The cash and bank
balances stood at INR0.02 crore as on March 31, 2018. Further the
firm does not have any term loans, hence there are no specific
scheduled debt obligations to meet going forward.

Hyderabad steels (HS) was founded in 2008 as a proprietorship and
was later reconstituted as a partnership firm during 2015. The firm
is engaged in the trading of steel and iron products such as Mild
Steel (MS) Ingots, Billets, MS Bars, MS Angles, MS Flats, Scrap,
Sponge Iron etc. The partners of the firm Ms J. Raghavi Reddy and
Mr. M. Pavan Kumar are having 25 years of experience in iron and
steel trading business. The firm has its warehouse facility at
Nacharam, Hyderabad. HS clientele mostly consist of steel dealers
in Hyderabad.

IL&FS TECHNOLOGIES: CARE Lowers Rating on INR121.55cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
IL&FS Technologies Ltd (ITL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term bank       45.00       CARE D Revised from CARE C;
   Facilities                       Negative
   (Fund-based)         
                                    

   Long-term bank      121.55       CARE D Revised from CARE C;
   Facilities                       Negative
   (Non-fund based)     
                        
Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of ITL takes
into account the ongoing delays in servicing of debt obligations
due to its stressed liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of debt obligations: As per banker interaction,
there are on-going delays in the servicing the debt obligations
with instances of overdrawals of fund-based limits for more than 30
days. This is on the account of the stressed liquidity position of
the company due to stretched receivables with continued slow
execution of the ongoing projects and subdued bidding of the new
projects.

ITL is a part of the IL&FS group in which Infrastructure Leasing
and Financial Services Ltd (IL&FS) holds the majority stake (52.26%
as on June 30, 2018) in the company. ITL was incorporated on
February 9, 1993, and is engaged in complete end-to-end technology
solutions offering consulting, software development, systems
integration, data digitization and management service and
solutions, performance tuning solutions and IT infrastructure
management services to global customers.

ITL works closely with various government departments (pan India
and globally) to create e-governance infrastructure. ITL, over the
years has developed significant expertise in developing and
delivering citizen centric IT projects in Public Private
Partnership (PPP) mode in both domestic and international markets.

JET AIRWAYS: Lenders Plan Insolvency Proceedings
------------------------------------------------
Reuters reports that Jet Airways' creditors said on June 17 they
plan to begin insolvency proceedings against the Indian airline in
a last-ditch bid to find a buyer for the carrier or its remaining
assets and recover some of what they are owed.

"Lenders have decided to seek resolution under IBC since only a
conditional bid was received," they said in a statement, referring
to India's Insolvency and Bankruptcy Code, Reuters relays.

This process will allow Jet's lenders, led by State Bank of India,
to sell the company as a whole or sell its assets piecemeal to
maximize recovery for creditors and bring to an end weeks of
uncertainty over the airline's future, according to Reuters.

Reuters notes that Jet and its lenders have been searching for new
investors but have failed to agree a proposal.

Jet shareholder Etihad Airways and Indian business house Hinduja
Group were among those interested in buying a stake in the airline,
Reuters says.

According to Reuters, two operational creditors owed about INR67
million have already filed an insolvency petition against Jet. The
National Company Law Tribunal (NCLT) in Mumbai will decide on June
20 whether or not to admit the petition, Reuters notes.

Jet's pilots and cabin crew, who are owed at least INR4 billion
($57 million) in unpaid salaries from January to May, had also
sought legal advice on filing an insolvency petition, two people
aware of the matter told Reuters.

India's largest stock exchange said this month that Jet would soon
no longer be traded in the derivatives market, while day-trading in
the stock would also be barred, in a bid to curb speculative
trading, Reuters adds.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provided passenger and cargo air
transportation services.  It also provided aircraft leasing
services. It operated 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 reported.  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 said.

The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint disclosed.

LAKSHMI COTFAB: CARE Downgrades Rating on INR13.10cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lakshmi Cotfab Private Limited (LCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       13.10      CARE D Revised from
   Facilities                      CARE B+; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of LCPL
is primarily due to irregularity in servicing its debt
obligations.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: The rating assigned to the bank
facilities of LCPL takes into account on-going delays in servicing
term loan principal installment and interest obligations.

Rajkot-based (Gujarat) LCFPL was incorporated in September, 2013 by
Mr. Nimish Lotiya, Mr. Vishal Lotiya and Mr. Harilal Khakhar. LCFPL
is engaged into cotton ginning, cleaning and bailing process having
an installed capacity of 350 full pressed cotton bales per day (165
kg each) as on March 31, 2018. The company procures raw cotton from
farmers and sells its final products in domestic market to the
states like Gujarat, Maharashtra, Tamil Nadu etc.

LICHCHHWI FOOD: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Lichchhwi Food
India Pvt. Ltd.'s Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR80.00 mil. Fund-based working capital limit (Long-term)  
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR28.84 mil. Long-term loan (long-term) due on March 2023
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 20, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

LFIPL stores agricultural and horticultural products and is engaged
in the trading of potato.

NAMOKAR ENTERPRISES: CARE Maintains B+ Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Namokar
Enterprises continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank       10.00       CARE B+; Stable; Issuer not
   Facilities                       cooperating; Based on best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Namokar Enterprises
to monitor the ratings vide e-mail communications dated May 15,
2019, May 8, 2019, May 6, 2019, May 2, 2015, April 16, 2019, April
2, 2019, April 3, 2019, April 1, 2019, March 30, 2019, March 15,
2019, March 5, 2019, March 1, 2019, February 28,2019, February
15,2019, February 7,2019, February 5, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on Namokar Enterprises's bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

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

The instrument-wise rating actions are:

-- INR250.0 mil. Fund-based working capital limit migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR120.0 mil. Non-fund-based working capital limit migrated to

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

-- INR100.0 mil. Proposed fund-based working capital limit
     migrated to non-cooperating category with Provisional IND BB+

     (ISSUER NOT COOPERATING) / Provisional IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR150.0 mil. Proposed term loan migrated to non-cooperating
     category with Provisional IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 4, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, NLPL manufactures active pharmaceutical
ingredients and advanced drug intermediates.

RADHAKRISHNA OIL: CARE Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Radhakrishna Oil Industries continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       9.00       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Radhakrishna Oil
Industries to monitor the ratings vide e-mail communications dated
May 15, 2019, May 8, 2019, May 6, 2019, May 2, 2019, April 30,
2019, April 16, 2019, April 8, 2019, April 3, 2019, April 1, 2019 ,
March 30, 2019, March 15, 2019, March 7, 2019, March 5, 2019, March
1, 2019, February 28,2019, February 15,2019, February 7,2019,
February 5,2019 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided no default statement
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on
Radhakrishna Oil Industries bank facilities will now be denoted as
CARE B+; Stable; ISSUER NOT COOPERATING.

RAMAKRISHNA ELECTRONICS: CARE Retains D Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ramakrishna
Electronics_Kurnool (RE) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       30.00       CARE D; Issuer not
   Facilities                       cooperating; on the basis
                                    of best available
                                    information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 1, 2018, placed the
rating(s) of RE under the 'issuer non-cooperating' category as RE
had failed to provide information for monitoring of the rating. RE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated May 22, 2019, May 23, 2019, May 24, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

Key Rating Weakness

Delays in debt servicing: On account of stressed liquidity position
of the firm, there are ongoing delays in interest payment in cash
credit account and the account remains overdrawn for over a period
of 30-40 days on regular basis.

Key Rating Strengths

Experience of the promoters in the similar line of business: Mr. V.
Raghavendra (Managing Partner) has experience of around 29 years in
the trading activity and looks after marketing and purchase
activities of the firm.

Ramakrisha Electronics (RE), is a partnership firm established in
April, 2000by Mr. V. Raghavenrdra, Mr. V. Ravi Kumar, Mrs. V.
Rajeshwari, Mrs. V. Neelima, Mr. V Ananthakrishna, Mr. G. Ramaiah,
Mr. G. Seshamma and Mrs. V. Nagarekha. The firm is engaged in
distribution and trading (retail and wholesale) of consumer
electronic products and home appliances. It operates with a total 9
showrooms. The firm has its registered office and show room located
at Municipal Shopping Complex, Park Road, Kurnool with other retail
show rooms located at Anathapur, Nadhyala, Madhanapally,
Thandapathi, Kadiri and Guntakal in Andhra Pradesh. The firm
distributes consumer durables of some major brands which include
Sony and LG electronics goods in and around two district of Andhra
Pradesh. The firm has closed down its distribution center in
Telangana on account of excess of 2% of state tax over and above
levied by the state government.

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

The instrument-wise rating actions are:

-- INR300 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR330 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 25, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in June 2002, RMTL manufactures carbon steel, alloy
steel and stainless steel seamless as well as stainless steel
welded tubes and pipes.

RELIANCE COMMUNICATIONS: Chinese Banks Demand $2.1BB from Firm
--------------------------------------------------------------
P R Sanjai at Bloomberg News reports that Chinese lenders,
including China Development Bank, Industrial and Commercial Bank of
China and Exim Bank of China, have demanded at least $2.1 billion
from embattled Indian tycoon Anil Ambani's Reliance Communications
Ltd., that slid into bankruptcy earlier this year.

State-owned China Development Bank, with loans worth INR98.6
billion ($1.4 billion) was the biggest creditor to the indebted
telecom company, Bloomberg discloses citing a filing made by the
Indian company to stock exchanges. Exim Bank of China sought
payment of INR33.6 billion, while Industrial and Commercial Bank of
China claimed INR15.54 billion, according to the filing cited by
Bloomberg.

India's bankruptcy court is hearing lenders, and the former Indian
billionaire's telecom firm as it attempts to find buyers for the
company's assets and pay debt, Bloomberg says. Anil Ambani's older
sibling and Asia's richest man Mukesh Ambani's Reliance Jio
Infocomm Ltd. had earlier offered to purchase RCom's assets in a
INR173 billion deal, which would have helped partly pay off
lenders. The deal fell through after encountering regulatory
hurdles, Bloomberg notes.

Mukesh Ambani had in March helped his younger brother avert the
risk of being jailed by making an $80 million payment on his behalf
to the local unit of Ericsson AB for past maintenance services, the
report recounts.

Following is a list of Reliance Communication's top seven lenders
as of June 13.  Chinese banks account for about one-fourth of the
total claims, Bloomberg notes.

Creditor                 Amount Claimed (in billion rupees)
--------                       ----------------------------------
China Development Bank                      98.6
State Bank of India                          49.1
Life Insurance Corp. of India                47.6
Exim Bank of China                           33.6
Bank of Baroda                               27
Madison Pacific Trust                        23.5
Axis Bank                                    20.9


Bloomberg says Reliance Communications on June 17 released list of
financial creditors that are claiming INR573.82 billion under
Indian bankruptcy proceedings.

Investment bank VTB Capital of Russia has also featured in the list
with a claim of INR5.11 billions while Standard Chartered Bank
(London), Deutsche Bank (Hong Kong), DBS Bank and Emirates NBD Bank
are among other foreign institutions in the financial creditors
chart, Bloomberg notes.

                   About Reliance Communications

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

As reported in the Troubled Company Reporter-Asia Pacific on May
10, 2019, The Economic Times said the National Company Law Tribunal
on May 9 allowed Reliance Communications (RCom) to exclude the 357
days spent in litigation and admitted it for insolvency.  With
this, RCom, which owes over INR50,000 crore to banks, has become
the first Anil Ambani group company to be officially declared
bankrupt after the NCLT on May 9 superseded its board and appointed
a new resolution professional to run it and also allowed the
SBI-led consortium of 31 banks to form a committee of creditors.

SAFESPACE WAREHOUSING: CARE Maintains B+ Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Safespace
Warehousing (India) Private Limited(SWPL) continues to remain in
the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       6.89      CARE B+; Stable; Issuer not
   Facilities                     cooperating; Based on best
                                  available information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers:

CARE has been seeking no default statement from SWPL to monitor the
ratings vide e-mail communications dated, May 15, 2019, May 8,
2019, and May 6, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided no default
statement for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on SWPL's
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

SANGHVI FORGING: CARE Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sanghvi
Forging & Engineering Limited (SFEL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank       123.49      CARE D; Issuer Not Co-
   Facilities                       operating; Based on best
                                    available Information

   Long Term/Short       32.00      CARE D/CARE D; Issuer Not
   Term Bank                        Co-operating; Based on best
   Facilities                       Available information

   Short Term Bank        1.05      CARE D; Issuer Not Co-
   Facilities                       operating; Based on best
                                    available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 11, 2017, placed the
ratings of SFEL under the 'Issuer Non Co-operating' category as the
as the company had not paid the surveillance fees as agreed to in
its request letter. SFEL continues to be non-cooperative despite
requests for submission of information through phone calls and an
e-mail dated May 13, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 29, 2018, the following were the
rating strengths and weaknesses (updated based on the best
available information).

Key Rating Weaknesses

Ongoing delays in servicing of debt obligation: Due to stressed
liquidity, there are on-going delays in servicing of its debt
obligations.

Vadodara, Gujarat based SFEL, incorporated in 1989, is promoted by
Mr. Babulal Sanghvi. SFEL is engaged in manufacturing of forged
flanges & heavy forgings used in industrial forging and precision
machined components used in the non-automotive sectors such as oil
and gas, petrochemicals, chemicals, fertilizers, process equipment,
desalination & water treatment, ship building, defense,
instrumentation, etc. The company manufactures both standardized as
well as customized products. SFEL had an installed forging capacity
of 18,600 Metric Tonne Per Annum (MTPA) as on March 31, 2015 with
capability to handle a single job of up to 40 MT. SFEL caters to
the domestic as well as overseas markets, mostly in Europe, Middle
East, Canada and USA.

SHRI SHIKHARJI: CARE Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Shikharji Rice oil LLP (SSROL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      11.75       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers:

CARE has been seeking no default statement from SSROL to monitor
the ratings vide e-mail communications dated, May 15,2019, May 8,
2019, May 6, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided no default
statement for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on SSROL's
bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

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

The instrument-wise rating actions are:

-- INR180 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR550 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 15, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2002 by Mr. Ram Kishore Bansal in Kolkata, STPL
manufactures silico manganese and ferromanganese (i.e.
ferroalloys).

SPY AGRO: CARE Downgrades Rating on INR163.44cr Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
SPY Agro Industries Limited (SPYAIL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       163.44      CARE D; Revised from CARE B;
   Facilities                       Stable; ISSUER NOT COOPERATING

   Short-term Bank       14.40      CARE D; Revised from CARE A4;
   Facilities                       ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated March 20, 2018, placed the
rating(s) of SPYAIL under the 'issuer non-cooperating' category as
SPYAIL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. SPYAIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 20, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The revision in the ratings assigned to the bank facilities of
S.P.Y. Agro Industries Limited (SPYAIL) factor in delays in debt
servicing.

Detailed description of the key rating drivers:

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

(Updated as per the due diligence carried out by CARE Ratings
Limited)

Key Rating Weakness:

Delays in debt servicing: The Company has been facing liquidity
constraint and there are delays in debt servicing, as confirmed by
the lenders.

Key Rating Strengths:

Experienced promoters with long track record of operations in
diversified business: SPYAI belongs to Nandi Group of Industries,
which has presence in diversified businesses such as cements,
dairy, construction, PVC pipes, etc mainly in Andhra Pradesh. The
main promoter of the group, Mr S.P.Y. Reddy (Chairman) has business
experience of more than three decades.  The business operations of
the group have benefited from Mr. Reddy's long established track
record in different businesses and the vast industry network
developed over the years.

SPY Agro Industries Limited (SPYAI), incorporated in 1955, belong
to the Nandi group of companies. SPYAI is engaged in manufacturing
of alcohol and related products and has a grain-and-molasses-based
distillery unit with installed capacity of 145 kilo litres per day
at its manufacturing facilities located at Nandyal, Andhra
Pradesh.

The group is based out of Nandyal (Andhra Pradesh) and has presence
in other businesses such as cement, dairy, PVC pipes, construction,
TMT bars etc.

SRI BALAJI: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Balaji
Steel Tube Industries (SBSTI) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long -term Bank       4.00       CARE D; Issuer not
   Facilities                       cooperating; Based on best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2018, placed the
rating(s) of SBSTI under the 'issuer non-cooperating' category as
SBSTI had failed to provide information for monitoring of the
rating. SBSTI continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated May 22, 2019, May 23, 2019, May 24, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating revision to the bank facilities of Sri Balaji Steel Tube
Industries is on account of ongoing delays in debt servicing.

Key Rating Weakness

Ongoing delays in debt servicing: The firm was unable to generate
sufficient cash flows leading to strained liquidity position
resulting in delayed debt servicing of term loan in both principal
and interest. Low entry barriers and presence in the highly
fragmented industry resulting into stiff competition from other
established players.

The increase in cost of raw material would only be a near term
concern for Indian steel companies It said the sharp increase in
coking coal costs will hurt near term margins of Indian steel
companies due to the lag effect in transition of increased cost to
higher steel prices. Companies have a hard time correctly judging
the risk of strongly fluctuating raw material costs. If they pass
on increasing costs only minimally, delayed or too conservatively,
or if increasing raw material costs coincide with decreasing sales
prices, a margin squeeze is inevitable. Highly fluctuating raw
material costs and ineffective price management can greatly
endanger a company's success.

Constitution of the entity as a partnership firm with inherent risk
of withdrawal of capital and limited access to funding Constitution
as a partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency which can adversely affect its capital structure.

Key Rating Strengths

Experience of the partners for three decades in steel industry:
SBSTI is promoted by Mr Rama Chandra Mouli (Managing Partner). He
is qualified graduate and has an overall experience of 45 years. He
was the President of Warangal District Rice Millers Welfare
Association. Apart, he was also Vice President of Warangal Urban
Co-operative Bank Limited. He is also running one rice mill under
the name OM Industries. Mrs Rama Latha (Spouse of Mr Rama Chandra
Mouli) is also a graduate and she has an overall experience of 15
years. She looks after the operations of M/s.OM Industries. Mr Rama
Gopi Krishna is also a graduate and he has seven years' of
experience in working with HSBC bank. Due to long term presence in
the market, the partner has established relation with customer
and suppliers.

Stable outlook of steel industry: Indian steel industry plays
crucial role in development of nation and is considered as the
backbone of civilization.  Currently, India is the world's
third-largest producer of crude steel and is expected to become the
second-largest producer soon. The sector is poised to perform well
in coming time on the back of several government initiatives. To
provide temporary respite from imports, the Government has
increased Minimum Import Price (MIP) on steel. MIP is imposed on
173 steel products, ranging from $341- $752 per ton. New MIP rates
would be applicable for a period of 6 months from the date of
notification (February 5, 2016). On the concern side, India's steel
sector grew modestly in FY15 as compared to the robust growth in
the last decade, impacted by both external and internal influences.
The growth has been on back-foot due to factors like overcapacity
of steel, cheap import of steel, falling crude oil prices and
diminished demand. The heavy imports, a resultant of the
availability of cheap steel products from the international market,
led to a drop in demand and subsequently in sales. Moreover, the
increased cost of imported raw materials like coking and thermal
coal or natural gas, the price fluctuations, put an extra burden on
the industry.

Sri Balaji Steel Tube Industries (SBSTI) is a partnership firm
formed on December 09, 2015 with the main object of carrying out
business of manufacturing steel tubes from Hot rolled (HR), Cold
rolled (CR) and Galvanised products (GP) coils. The proposed
manufacturing unit is located at Adilabad, Hyderabad (Telangana).
SBSTI is promoted by Mr Rama Chandra Mouli (Managing Partner), Mrs.
Rama Latha (Partner) and Mr Rama Gopi Krishna (Partner). After the
commencement of business operations, the firm is planning to
purchase the raw materials like HR, CR and GP coils from the
dealers located in and around Adilabad. The firm is planning to
sell the steel tubes of various dimensions in Andhra Pradesh. The
project was started in September 2016 and likely to start the
commercial operations by April 2017. The total proposed cost of
project is INR8.80 crore which is proposed to be funded through
bank term loan of INR3.50 crore, Partners' capital of INR5.20 crore
and remaining through unsecured loan of INR0.10 crore. As on
December 31, 2016, the firm has incurred expenses of INR3.60 crore
(around 40.90% of total project cost) towards the civil works and
purchase of Plant & Machinery and the same was funded by the
partners' capital. Once the commercial operation starts, the firm
is planning to avail the cash credit of INR0.50 crore to meet the
working capital requirement.

SRI PAVITHRA: CARE Maintains B Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Pavithra Cotton Mills Private Limited (SPCPL) continues to remain
in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            16.45      CARE B; Stable Issuer Not
                                    Cooperating; Based on best
                                    Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2018, placed the
rating(s) of SPCPL under the 'issuer non-cooperating' category as
SPCPL had failed to provide information for monitoring of the
rating. SPCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated May 13, 2019, May 14, 2019, May 15, 2019 and May
16,2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of Sri Pavithra Cotton
Mills Private Limited (SPCPL) continues to be tempered by Small
size of operation and Working capital intensive nature of
operations. The rating also factors in with increase total
operating income in FY17, increase in PBILDT margin and thin PAT
margin albeit fluctuating and leveraged capital structure and weak
debt coverage indicators.

The rating, however, continues to moderate operational track record
of the company and experience of the promoters in the
textile industry for more than two decades.

Key Rating Weakness

Small size of operation: The company has small size of operations
marked by a decline in net worth base of INR2.84 crore as of March
31, 2016 when compared to INR3.68 crore as of March 31, 2016
(Provisional). However the net worth marginally improved to INR2.97
cores as of March 31, 2017.

Working capital intensive nature of operations: The operating cycle
of the company remained elongated at 58 days in FY17, however
improved when compared to 110 days in FY16.

Increase in PBILDT margin and thin PAT margin albeit fluctuating
The PBILDT margin marginally increased year-on-year from 3.57% in
FY16(Provisional) to 8.76% in FY17,however the PAT margin continued
to fluctuate and stood in the range of 0.35%-0.62% during
FY16-FY17.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company deteriorated year-on-year from
1.63x as on March 31, 2016(Provisional)to 2.34x as on
March 31, 2016 and 3.40x as on March 31, 2017. The Debt coverage
indicators, marked by Total debt to GCA stood weak although
improved year on year from 30.2x as on March 31, 2016 (provisional)
to 29.47x as on March 31,2016 and 16.59x as on
March 31, 2017.

Key rating strengths

Increase total operating income in FY17: The total operating of the
company declined from INR30.10 crore in FY16(provisional) to
INR18.67 crore in FY16. Further, the total operating income
increased to INR20.78 core in FY17.

Moderate operational track record of the company and experience of
the promoters in the textile industry for more than two decades:
Established in 2006, the firm has moderate operational track record
of 10 years in the textile industry. Mr. Karunakaran,
Managing director and the promoter of SPCMPL, has more than 20
years of experience in the textile industry. Prior to the
establishment of the company in 2006, he was a managing partner of
'Pavithra Textiles' and was engaged in manufacture of yarn in
Coimbatore, Tamil Nadu.

Mrs. Shanmugapriya Karunakaran has around 18 years of experience in
the textile industry and she has been associated with SPCMPL since
its inception. The company is likely to be benefited by the long
experience of the directors. The company's stake is closely held by
the promoter and his family.

Sri Pavithra Cotton Mills Private Limited (SPCMPL) was established
in 1994 as a partnership firm under the name 'Pavithra Textiles'
promoted by Mr. Karunakaran in Coimbatore, Tamil Nadu. The firm is
engaged in the manufacturing of yarn with the installed capacity of
9,000 spindles. In February 2006, the partnership firm was
reconstituted into the private limited company and the present
directors of the company are Mr. Karunakaran and Mrs. Shanmugapriya
(w/o Mr.Karunakaran). The company has expanded its operations
gradually over the years and currently has installed capacity of
9,072 spindles with the production capacity of ~9.50 lakh kgs of
yarn/month. The company has its registered office and manufacturing
facility located in Coimbatore, Tamil Nadu.

In FY17, SPCMPL reported a net profit of INR 0.13 crore on a total
operating income of INR20.87 crore, as against net profit and TOI
of INR0.07 crore and INR18.67 crore respectively, in FY16.

TERAI TEA: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Terai Tea
Company Limited's (TTCL) Long-Term Issuer Rating to 'IND BB+
(ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'.
The issuer did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is on the basis of the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR216.03 mil. Fund-based working capital limits downgraded
     with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based working capital limits downgraded
     with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

Analytical Approach:  Ind-Ra has not factored in support from
TTCL's group companies, Abhijit Tea Co Pvt Ltd, New Darjeeling
Union Tea Co. Ltd, East India Produce Ltd, Jaldacca Tea Plantations
Pvt Ltd, Sayedabad Tea Company Ltd, The Kharibari Tea Company Ltd,
and Terai Dooars Tea Company Pvt Ltd, while arriving at the
ratings, due to the absence of information of the group companies.

KEY RATING DRIVERS

The downgrade reflects the breach of Ind-Ra's negative rating
guideline for interest coverage (operating EBITDA/gross interest
expense) in FY19. The company reported EBITDA losses in 4QFY19, due
to an increase in raw material costs, resulting in the interest
coverage sustaining below 2.0x (FY19: 1.77x, FY18: 1.75x). TTCL's
net financial leverage (total adjusted net debt/operating EBITDA)
was high at 4.86x in FY19 (FY18: 5.09x) and EBITDA margin was low
at 4.73% (5.10%).

The ratings also factor in the company's medium scale of operation
as indicated by revenue of INR1,407.51 million in FY19 (FY18:
INR1,291.21 million).

TTCL did not participate in the surveillance exercise and has not
provided information about bank utilization, future plans, and
performance of its group companies, among others.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics and revenue, both on
a sustained basis, will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1973, TTCL has one tea estate with an installed
capacity of 10 million kg. TTCL group is managed by Ajit Kumar
Agarwala and family.

VANDANA VIDYUT: Punjab National Bank Puts on the Block Six NPAs
---------------------------------------------------------------
BloombergQuint reports that state-owned Punjab National Bank has
put on sale six non-performing assets worth over INR1,000 crore,
including NPA accounts of Vandana Vidyut Steel Ltd. and Visa Steel
Ltd.

BloombergQuint says the asset reconstruction companies, non-banking
financial companies, other banks and financial institutions can
submit binding bids for the PNB NPA accounts till June 26. The bids
will open the following day. "We intend to place the (six accounts)
for sale to ARCs/NBFCs/Other Banks/FIs etc," said a PNB notice on
June 16.

The reserve price for the six PNB NPAs has been fixed at INR342
crore, BloombergQuint discloses.

Bhopal-based Vandana Vidyut Steel owes INR454.02 crore, while
Kolkata-headquartered Visa Steel has an outstanding balance of
INR443.76 crore.

BloombergQuint relates that the rest of the four PNB
NPAs—Temptation Foods Ltd., Helios Photovoltaic, Cabcom Cables,
and Vallabh Steel Ltd.—are Delhi based.

According to the report, PNB said the sale process is to be handled
by the Stressed Assets Targeted Resolution Action division of the
bank. The submission of financial bids will be only through
e-auction method, which will take place on the portal of the bank.

In the backdrop of the $2 billion PNB fraud, perpetrated by Nirav
Modi and Mehul Choksi, the state-run lender has enhanced its
recovery mechanism by forming the Stressed Asset Management
Vertical and SASTRA, according to BloombergQuint.

It is also looking to raise INR10,000 crore in 2019-20 through sale
of non-core assets, rights issue and expected writebacks from two
large accounts undergoing insolvency proceedings, the report
notes.

In 2018-19, PNB's consolidated net loss was at INR9,570.11 crore as
against a loss of INR12,113.36 crore in 2017-18. Its income during
the fiscal ended March 2019 rose to INR59,514.53 crore compared to
INR57,608.19 crore in the previous year, BloombergQuint discloses.

Gross NPAs stood at INR78,472.70 crore in 2018-19, lower than
INR86,620.05 crore reported in 2017-18. Net NPAs were valued at
INR30,037.66 crore as against INR48,684.29 crore, BloombergQuint
says.

VANTAGE SPINNERS: CARE Lowers Rating on INR68.75cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vantage Spinners Private Limited (VSPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       68.75      CARE D; Revised from CARE B+;
   Facilities                      Stable; ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated March 19, 2018, placed the
rating(s) of VSPL under the 'issuer non-cooperating' category as
VSPL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. VSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 20, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The revision in the rating assigned to the bank facilities of VSPL
factors in stretched liquidity profile of the company with delays
in debt servicing.

Detailed description of the key rating drivers:

At the time of last rating on March 19, 2018, the following were
the rating strengths and weaknesses:

(Updated information taken from Ministry of Corporate Affairs)

Key Rating Weaknesses

Stretched liquidity with delays in debt servicing: The Company has
been facing stretched liquidity with inadequate cash accrual
generation for servicing the debt obligation. Consequently there
has been delays in debt servicing as confirmed by the lenders.

Key rating Strength

Experienced promoter group: VSPL's promoter Mr. Potluru Mohana
Krishna has around three years of experience in the textile
industry mainly by virtue of his association with M/s Priyadarshini
Spinning Mills Ltd.

Vantage Spinners Pvt. Ltd. (VSPL) was incorporated on July 28,
2006, by Mr Potluri Mohana Murali Krishna, Mr Potluri Soma Sekhar
and Ms Nandamuri Meenalatha. VSPL is engaged in manufacturing of
cotton yarn (40s and 60s count) with an installed capacity of
31,500 spindles. The company's manufacturing plant is located at
Nuzividu Mandalam in Krishna district, Andhra Pradesh. The company
started commercial operation in February 2010.

VIJAYA DURGA: CARE Lowers Rating on INR8cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vijaya Durga Green Fields Private Limited (VDGF), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        8.00       CARE D; Revised from CARE B;
   Facilities                       Stable;

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated March 21, 2018, placed the
rating(s) of VDGF under the 'issuer non-cooperating' category as
VDGF had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. VDGF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 20, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The rating has been revised on account stretched liquidity profile
with delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on March 21, 2018, the following were
the rating strengths and weaknesses:

(Updated information taken from Ministry of Corporate Affairs)

Key Rating Weaknesses

Delays in debt servicing: The Company has been facing stretched
liquidity profile and consequently there are delays in debt
servicing, as confirmed by the lenders.

Volatility in raw material prices: Prices of raw cotton are highly
volatile in nature and depend upon factors like area under
cultivation, crop yield, international demand-supply scenario,
export quota decided by the Government and inventory carry forward
of the previous year. Hence, the profit margins of the company are
susceptible to fluctuations in price of raw cotton.

Decline in revenue and low profitability: The company registered a
significant decline in revenue by about 23% on y-o-y basis in FY17
from FY16 at the back of decrease in sales volume due to reduced
demand in market. The profitability level continued to remain low
due to trading nature of business.

Key rating Strengths

Experienced promoters & management team: The promoters of the
company, Ms N. Meena Latha and Ms P. Sitaratnam have experience of
about 10 years in the cotton and textile industry.

Vijaya Durga Green Fields Private Limited was promoted by Ms
Nandamuri Meena Latha and Ms Potluri Sita Ratnam in December 2013.
The company is engaged in trading of cotton lint and cotton yarn
and is the supplier of cotton lint to various spinning units in the
major cotton growing region in Krishna District, Andhra Pradesh.
The company started commercial operations from January 2014
onwards.

YATHARTH HOSPITAL: Ind-Ra Affirms 'D' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Yatharth Hospital and Trauma Care Services Private Limited's
(YHTCSPL) Long-Term Issuer Rating of 'IND D'.

The instrument-wise rating actions are:

-- The 'IND D' rating on the INR70.00 mil. Fund-based limits*
     (long-term/short-term) affirmed and withdrawn; and

-- The 'IND D' rating on the INR430.00 mil. Term loan* (long-
     term) due on October 31, 2025, affirmed and withdrawn.

* Affirmed at 'IND D' before being withdrawn

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the rated facilities'
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017, for credit rating
agencies.

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by YHTCSPL during
the three months ended March 2019, owing to a stressed liquidity
position, resulting from the ongoing CapEx for hospital expansion.

COMPANY PROFILE

YHTCSPL was formed in 2008 by Dr. Ajay Tyagi, Dr. Kapil Tyagi, Dr.
Neena Tyagi, and Dr. Manju Tyagi. It has a 350-bed hospital in
Greater Noida and a 340-bed hospital in Noida.



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

MULTIPOLAR TBK: Fitch Cuts LT IDR to CCC+ Then Withdraws Rating
---------------------------------------------------------------
Fitch Ratings has downgraded Indonesian holding company PT
Multipolar Tbk's Long-Term Issuer Default Rating to 'CCC+' from
'B-'. At the same time, Fitch Ratings Indonesia has downgraded
Multipolar's National Long-Term Rating to 'BB-(idn)' from
'BB(idn)'. The Outlook is Negative for the National Long-Term
Rating. Fitch has chosen to withdraw the ratings of Multipolar for
commercial reasons.

The downgrade is based on Multipolar's prolonged liquidity pressure
as dividends paid from its major investment, PT Matahari Department
Store Tbk (MDS, not rated), will not be sufficient to cover
operational expenses, interest payment and debt amortisation at the
holding company level in 2019. This will force Multipolar to rely
on asset sales in the next 18-24 months to cover the shortfall. A
potentially lower dividend from MDS in 2020 due to the significant
weakening of its profitability in 1Q19 is reflected in its Negative
Outlook.

'BB' National Ratings denote an elevated default risk relative to
other issuers or obligations in the same country. Within the
context of the country, payment is uncertain to some degree and
capacity for timely repayment remains more vulnerable to adverse
economic change over time.

KEY RATING DRIVERS

Prolonged Weak Liquidity: The downgrade reflects its expectation
that Multipolar's liquidity will continue to come under pressure
over the next two years. The combination of increasing principal
repayment under its term loan facility from PT Bank Negara
Indonesia (Persero) Tbk (BBB-/AA+(idn)/Stable) and lower dividend
payments from MDS, as the largest dividend contributor to
Multipolar, will pressure cash flow.

Dividend receipts from MDS and PT Multipolar Technology Tbk (MLPT)
of around IDR200 billion will not be sufficient to cover
Multipolar's operational expenses at the holding company of around
IDR200 billion-300 billion and debt servicing requirements of above
IDR700 billion. The latter consist of a combination of interest and
debt amortisation payments of term loans from BNI, revolving
working capital loan PT Bank CIMB Niaga Tbk (BBB-/AA+(idn)/Stable)
and loans from Deutsche Bank AG (BBB/Rating Outlook Evolving). The
loans from Deutsche Bank have a bullet maturity in 2020 that is
extendable by one year.

Lower MDS Dividend: Its Negative Outlook reflects the potential of
a lower dividend coming from MDS due to the weakening of its
financial performance. MDS's financial performance weakened in 1Q19
due to rising cost pressures and negative same-store sales growth
(SSSG) amid increasing competition from online retailers. MDS's
revenue decreased by 1.5% yoy, while SSSG turned negative 1.7%
(1Q18: 4.8%) and EBITDA margin fell to 8.7% (1Q18: 11.8%). This
will ultimately affect MDS's credit metrics and its ability to
distribute dividends.

Fitch expects lower dividend receipts from MDS in 2020 despite
Multipolar's increasing ownership to 18.18% (2017: 17.48%). MDS
paid a IDR933 billion dividend in late April 2019, considerably
lower than its IDR1,334 billion in 2018.

Reliance on Asset-Sales: Fitch believes Multipolar is in advance
stages of discussion to sell assets and dispose of some of the
holding company's investments to address the cash shortfall.
Prolonged completion of these asset sales and divestments will
exacerbate the company's liquidity pressure. Multipolar generated
more than IDR1,400 billion in 2018 from such exercises, comprising
IDR588 billion sales of long-term investments, IDR460 billion
disposal of fixed assets and IDR420 billion sales of wealth
management products.

Reliance on asset sales will persist as dividends coming from other
subsidiaries are much smaller than that of MDS. MLPT, PT Matahari
Pasific (MP) and PT Nadya Putra Investama (NPI) generated less than
IDR220 billion of EBITDA in 2018. Their capacity for shareholder
returns is therefore not as significant as MDS, which generated
more than IDR2,750 billion of EBITDA in 2018, unless they sell
assets that allow them to distribute special dividends.

DERIVATION SUMMARY

Multipolar's rating is comparable with PT Lippo Karawaci TBK
(Lippo, CCC+/BB-(idn)/Rating Watch Positive). Both companies'
ratings are driven by their liquidity risks that arise from cash
shortfalls and reliance on asset divestments to cover the liquidity
gaps. However, its Rating Watch Positive on Lippo is based on the
announcement of a major recapitalisation plan that will sustain the
company's liquidity until 2020 - which is absent in Multipolar.

Multipolar's National Long-Term Rating is well-positioned relative
to PT Tiphone Mobile Indonesia Tbk (BB-(idn)/ Negative). Both
companies face liquidity challenges from the principal repayment of
their debt. However, Multipolar's debt amortisation schedule is
more gradual compared with Tiphone's concentrated maturity of its
banking facilities in 2020. Multipolar has available assets and
investments to support its liquidity while Tiphone is likely to
rely on inventory liquidation.

KEY ASSUMPTIONS

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

  - Dividend payout of MDS in 2020 will be affected by its
declining performance as shown in its weaker 1Q19 results.

  - No dividend will be paid by PT Matahari Putra Prima Tbk in 2019
and 2020

  - MLPT will continue to pay dividend in 2019 and 2020



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

SEACERA GROUP: New Board Put Bank Deals and Legal Suits on Hold
---------------------------------------------------------------
Chester Tay at theedgemarkets.com reports that Seacera Group Bhd's
new board of directors has put the tile maker's banking
transactions and legal proceedings on hold, after the first board
meeting on June 17.

According to theedgemarkets.com, Seacera's board said in a
statement it has appointed a new company secretary and has
authorized one of its directors Shirley Tan Lee Chin to appoint an
auditor to conduct detailed forensic investigation into the group's
financial records and accounts.

Lee Chin is the sister of Seacera's single largest shareholder
Datuk William Tan Wei Lian, who owns 12.76% equity stake in the
company, the report says.

"With the unanimous decision, the company will also proceed to
write to notify all banks on the change of the Board members.

"The resolution for removal and appointment has been carried out
and 88% of shareholders voted for seven new directors who now sit
on the Board. They are Shirley Tan Lee Chin, Rizvi Abdul Halim,
Datin Ida Suzaini Abdullah, Clarence Yeow, Chua Eng Chin, Marzuki
Hussain and Ong Eng Taik," the statement read, theedgemarkets.com
relays.

                        About Seacera Group

Seacera Group Bhd engages in manufacturing and trading of ceramic
tiles. The company operates in mainly two divisions namely, Tiles
division involving the manufacturing, trading, and marketing of all
kinds of ceramic tiles and related products which contributes a
major part of revenue and Property development and construction
division which comprises of Investing and development of properties
located in Malaysia. The company operates in multiple states across
Malaysia, while it has a presence in ASEAN and other countries.

Seacera Group Bhd has been classified as a Practice Note 17 (PN17)
company as it has defaulted on the payment of principal and profits
to AmBank Islamic Bhd and not being able to provide a solvency
declaration to Bursa Malaysia Securities.

The company recorded a net loss of MYR43.13 million in the
financial year ended Dec. 31, 2018, from a net profit of MYR8.92
million in the previous year.


                           *********


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

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

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

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