/raid1/www/Hosts/bankrupt/TCRAP_Public/190717.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, July 17, 2019, Vol. 22, No. 142

                           Headlines



A U S T R A L I A

BRADFORD (WA): First Creditors' Meeting Set for July 26
CIVCON PROJECTS: First Creditors' Meeting Set for July 24
CIVIL BRIDGE: First Creditors' Meeting Set for July 23
HEAVENLY BALINESE: First Creditors' Meeting Set for July 23
MIDLAND HWY: Land-banking Scam Ends Up in Supreme Court

NOVELLUS GROUP: Collapses Into Liquidation With Huge Tax Bill
PERSONNEL CONCEPT: First Creditors' Meeting Set for July 25
PROVENANCE FOOD: First Creditors' Meeting Set for July 24
QUEENSLAND NICKEL: Clive Palmer Defends Fight vs. Liquidators
TOLBALE PTY: First Creditors' Meeting Set for July 25



C H I N A

ADDENTAX GROUP: Incurs $694,000 Net Loss for Year Ended March 31
CAMSING INT'L: Chairwoman's Fraud Probe Entangles Top Retailer


I N D I A

ABHIRAM INFRA: Ind-Ra Affirms 'D' Long Term Issuer Rating
ADVANCE INDIA: Ind-Ra Lowers Issuer Rating to BB+, Outlook Stable
ANTONY MOTORS: ICRA Withdraws B+ Rating on INR8.5cr Loan
ARCHANA MOTORS: Insolvency Resolution Process Case Summary
BAFNA MOTORS: ICRA Reaffirms B- Rating on INR209cr Loans

BHAI INDUSTRIES: CARE Lowers Rating on INR6cr LT Loan to 'D'
BHUSHAN POWER: JSW Likely to Go Ahead with Bid Despite Fraud Probe
CAPITAL INFRAPROJECTS: Ind-Ra Moves BB+ Rating to Non-Cooperating
E-GLOBAL TRADING: Insolvency Resolution Process Case Summary
EXOTIC GRANITE: ICRA Maintains 'B' Rating in Not Cooperating

EXTOL EDUCATION: Ind-Ra Maintains BB LT Rating in Non-Cooperating
GAYATRI POULTRIES: Ind-Ra Maintains B+ Rating in Non-Cooperating
GRUHA KALYAN: Insolvency Resolution Process Case Summary
HARNESHWAR AGRO: Insolvency Resolution Process Case Summary
HYDROBATHS RAMCO: ICRA Keeps D on INR13cr Loans in Not Cooperating

IL&FS EDUCATION: Ind-Ra Lowers NonConvertible Debt Rating to D
IL&FS GROUP: Three Entities to Start Servicing Debt Obligations
K. C. PRINTING: CARE Maintains D on INR7cr Loan in Not Cooperating
KHED ECONOMIC: ICRA Raises Rating on INR430cr LT Loan to 'B'
KHEDUT COTEX: ICRA Lowers Rating on INR8.77cr Loans to 'D'

KISHAN COTTON: ICRA Migrates B Ratings to Not Cooperating
KOLEY MULTIPURPOSE: CARE Lowers Rating on INR14.22cr Loan to D
M/S RASHMI: Ind-Ra Assigns 'BB+' Rating on INR120MM Bank Loan
MAHADEV BUILDING: CARE Maintains B Rating in Not Cooperating
MOBILITY SOLUTIONS: Ind-Ra Migrates BB Rating to Non-Cooperating

NEW CHENNAI: Insolvency Resolution Process Case Summary
NICE PROJECTS: Insolvency Resolution Process Case Summary
OM AASTHA: CARE Migrates B Rating to Not Cooperating Category
POLYWELL ENTERPRISES: CARE Lowers Rating on INR5.56cr Loan to B+
R.R. HOLIDAY: Ind-Ra Affirms 'D' Long Term Issuer Rating

RADHE COTTON: CARE Migrates D Rating in Not Cooperating Category
RAJ BORAX: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
RAMESHWAR COTTEX: ICRA Lowers Ratings on INR9.5cr Loans to D
RAYS POWER: CARE Maintains D Rating in Not Cooperating Category
SAINATH ESTATES: Insolvency Resolution Process Case Summary

SHRI VASANTHRAJ: ICRA Hikes Ratings on INR8cr Loans to C
SPS EDUCATIONAL: CARE Maintains D Rating in Not Cooperating
SUZLON ENERGY: Investors Await Convertible Bond Payout
V.P.S. TEXTILES: ICRA Hikes Rating on INR8cr Loans to C
VERMA TRACTORS: ICRA Migrates B+/A4 Ratings to Not Cooperating

VIJAYANAG POLYMERS: CARE Maintains B Rating in Not Cooperating


J A P A N

MITSUI E&S: Egan-Jones Lowers Senior Unsecured Ratings to B


M A L A Y S I A

MULTI SPORTS HOLDINGS: Plan to Get Southern Score Falls Through


S I N G A P O R E

HYFLUX LTD: Maybank Demands Another SGD33.6MM From Unit
HYFLUX LTD: Utico to Buy 88% Stake for SGD535 Million

                           - - - - -


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

BRADFORD (WA): First Creditors' Meeting Set for July 26
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Bradford
(WA) Pty Ltd, trading as Dome Galleria, will be held on July 26,
2019, at 10:00 a.m. at Sandpiper Room, Level 13, at 37 St Georges
Terrace, in Perth, WA.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Bradford (WA) on July 16, 2019.



CIVCON PROJECTS: First Creditors' Meeting Set for July 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Civcon
Projects Pty Ltd will be held on July 24, 2019, at 11:00 a.m. at
the offices of Mackay Goodwin, Level 2, at 10 Bridge Street, in
Sydney, NSW.

Grahame Robert Ward of Mackay Goodwin was appointed as
administrator of Civcon Projects on July 12, 2019.


CIVIL BRIDGE: First Creditors' Meeting Set for July 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of Civil Bridge
& Wharf Pty Ltd will be held on July 23, 2019, at 12:00 p.m. at the
Boardroom, APL Insolvency, Level 5, at 150 Albert Road, in South
Melbourne, Victoria.

Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of Civil Bridge on July 12, 2019.


HEAVENLY BALINESE: First Creditors' Meeting Set for July 23
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Heavenly
Balinese Group Pty Ltd, trading as Naughty Nuri's, will be held on
July 23, 2019, at 10:00 a.m. at Level 10, at 45 William Street, in
Melbourne, Victoria.

David Coyne -- dcoyne@brifvic.com.au -- and James Koutsoukos --
jkoutsoukos@brifvic.com.au -- of BRI Ferrier were appointed as
administrators of Heavenly Balinese on July 12, 2019.


MIDLAND HWY: Land-banking Scam Ends Up in Supreme Court
-------------------------------------------------------
Simon Johanson at The Sydney Morning Herald reports that a city law
firm and two of its principal lawyers were allegedly at the heart
of one of Australia's largest land-banking schemes that fleeced
mum-and-dad investors of at least AUD24 million, Supreme Court
documents claim.

According to the report, a writ filed by the liquidators of the
failed land-banking company claims that Melbourne firm Evans Ellis
Lawyers and its solicitors Darren Eliau and Benjamin Skinner acted
for a company, Midland Hwy Pty Ltd, and engaged in a complex web of
transactions between 2011 and 2013 that ultimately lost the
investors money.

SMH relates that the liquidators of Midland, mid-tier business
services firm BDO and global powerhouse PwC, are claiming
unspecified damages and costs alleging the firm and its lawyers
were negligent, engaged in misleading and deceptive conduct and
breached contracts and their fiduciary duties.

Company records show the law firm trades as WD Legal Holdings Pty
Ltd and that Mr. Skinner is a director. Mr. Eliau is a secured
creditor of the business, the report says.

The firm lists its office at 455 Bourke Street in Melbourne and was
tipped into administration by the Tax Office in 2016 when the
courts appointed liquidator Andrew Poulter, documents show,
according to SMH.

"I am investigating and considering undertaking public examinations
against both the director and the secured creditor," the report
quotes Mr. Poulter as saying.

Individuals who fail to attend liquidator-initiated public
examinations face potential arrest proceedings, the report notes.

Midland Hwy was used to run the Hermitage Bendigo land-banking
scheme and was the subject of a long-running investigation by The
Age and Herald.


NOVELLUS GROUP: Collapses Into Liquidation With Huge Tax Bill
-------------------------------------------------------------
Scott Sawyer at Sunshine Coast Daily reports that a high-profile
husband and wife's company, behind four restaurants and cafes, has
gone bust after racking up sizeable tax debts, including more than
AUD220,000 in unpaid superannuation and wages.

The Daily relates that Craig and Maeva McCabe, directors of
Novellus Group Pty Ltd, had their company placed in liquidation
after Federal Court action was taken by the Deputy Commissioner of
Taxation to wind it up.

Novellus Group had traded as Circa Cooroy, Republique, Felix
Espresso & Wine Bar and Noosa Hot Bread Shop, prior to the
company's collapse, the report says.

According to the Daily, a liquidator's initial report released in
March found the businesses known as Felix Espresso, Circa Bistro
and Coffee Republique were sold for AUD10,000 to Postcode 4567 Pty
Ltd, as trustee for the CRF Trust about two days before Novellus
folded.

Postcode 4567 is directed by Maeva McCabe, and the company was
registered on December 6, 2018, before Brisbane-based liquidator
Mitchell Herrett, of RSM Australia Partners, was appointed by the
court to wind up Novellus on December 14.

The ATO had submitted proofs of debt of AUD580,000 for a running
balance and AUD227,000 in unpaid employee superannuation, some of
which was understood to date back to 2015, the report discloses.

The Daily adds that Mr. Herrett said investigations were continuing
in relation to the transfer of the businesses and any possible
voidable transactions or payments.

"We'll advise creditors in due course of the outcome," the report
quotes Mr. Herrett as saying.

In Mr. Herrett's initial report, he outlined his preliminary view
that the company had "exhibited financial and commercial indicators
of insolvency on or before June 30, 2017," the report relays.

His estimation in the March report had been that the extent of an
insolvent trading claim could be in the vicinity of AUD1.3
million.

His report advised it would be unlikely any dividend would be
declared to unsecured creditors, based on initial investigations.

The Daily understood Mr. McCabe had also filed for bankruptcy in
April.

The Daily says the initial creditors' report identified AUD1.31
million in projected debts to 92 creditors, but Mr. Herrett said
that figure could change, depending on how many formal proofs of
debt were lodged.

It also identified loan accounts owed to the company of AUD201,144
in Craig McCabe's name, and AUD136,639 in Maeva McCabe's name.

A loan account of AUD167,864 was also identified in the name of Mr
McCabe Snr, as a related-party creditor, but it was understood
formal proofs of debt were yet to be lodged, the Daily relays.

According to the Daily, Mrs McCabe said they were fine at the
moment, and the three businesses transferred were "open and running
fine".

She said there was "no way" they would shut down, before saying she
was no longer comfortable speaking on the matter and ending the
phone call, adds the Daily.


PERSONNEL CONCEPT: First Creditors' Meeting Set for July 25
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Personnel
Concept Group Pty Limited will be held on July 25, 2019, at 11:30
a.m. at the offices of Romanis Cant, Level 2, at 106 Hardware
Street, in Melbourne, Victoria.

Renee Sarah Di Carlo and Anthony Robert Cant of Romanis Cant were
appointed as administrators of Personnel Concept on July 15, 2019.


PROVENANCE FOOD: First Creditors' Meeting Set for July 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Provenance
Food and Wine Pty Ltd will be held on July 24, 2019, at 10:00 a.m.
at Level 1, at 305-307 Kingsway, in Caringbah, NSW.

Darren John Vardy of SVP was appointed as administrator of
Provenance Food on July 12, 2019.


QUEENSLAND NICKEL: Clive Palmer Defends Fight vs. Liquidators
-------------------------------------------------------------
Sarah Elks at The Australian reports that Clive Palmer might be
cashed up, but the former federal MP said he has a "moral
responsibility" to keep fighting attempts to claw back AUD200
million owed to creditors of his failed Queensland Nickel.

The Australian relates that liquidators are pursuing the United
Australia Party founder and several of his companies over debts
left after Queensland Nickel's 2016 collapse, with a nine-week
Queensland Supreme Court civil trial due to start on July 15. But
Mr. Palmer is stalling for more time, after his star expert defence
witness, former liquidator Peter Dinoris, became "incapacitated"
and unable to testify on his behalf, the report says.

Mr. Dinoris was to argue that Mr. Palmer had not unlawfully acted
as a "shadow director" of Queensland Nickel, and had not allowed
the Townsville refinery company to trade while insolvent, as
liquidators allege.

The expert witness resigned last month as a registered trustee in
bankruptcy citing ill-health, only months after the Australian
Financial Security Authority launched disciplinary pro­ceedings
against him over an unrelated case, the Australian recounts.

The Australian say Queensland Supreme Court judge Debra Mullins was
expected to hear Mr. Palmer's application to delay the trial on
July 16, after out-of-court negotiations between the parties on
July 15.

According to the report, the billionaire businessman - who is flush
with cash after a major court victory over his estranged Chinese
business partners in Western Australia - said he was representing
himself in court because he wanted to personally cross-examine the
liquidators who had been pursuing him for years.

"I think it's a really good thing," the report quotes Mr. Palmer as
saying.  "At my age, I'm 65, it's a much better activity than
playing bowls, or going sailing, or something like that.

"It's very important that when these things happen, they don't
disappear, they stand firm, and they're ready to have their day in
court so people know what's happening."

The Australian relates that Mr. Palmer said even though he had
"nothing to worry about" money-wise after his WA court victory, he
would not simply pay out Queensland Nickel creditors without a
fight.

"The question is whether they're (the debts) properly incurred or
not," he said.

"And it's a bigger question that people all across Australia are
having trouble now with liquidators and receivers, businesses are
closing, and a lot of our farms are broken down, because of their
unconscionable behaviour.

"So when that happens to someone like me, I've got a moral
responsibility not to give up, to bring these things to the public
fore, so people can understand what's happening, it's for the
greater good," Mr. Palmer, as cited by the Australian, said.

His nephew Clive Mensink was the sole registered director of
Queensland Nickel when Mr. Mensink voluntarily called in
administrators in early 2016, after the company sacked 237 refinery
workers, the Australian notes.

Another 550 staff later lost their jobs when the plant was
mothballed.

The Australian says federal taxpayers were forced to pay about
AUD70 million in unpaid entitlements to former Queensland Nickel
workers, after the staff were left out of pocket for redundancy and
long-service-leave entitlements.

The Australian relates that the billionaire businessman has lost
most of his previous applications in the build-up to the trial,
with all cost orders, 70-odd in total, going against him and the
other defendants.

If the trial goes ahead this week, liquidators Kelly Trenfield and
John Park are expected to be among the first witnesses, the report
notes.

                       About Queensland Nickel

Queensland Nickel was engaged in the production and marketing of
nickel and cobalt.  It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd and
QNI Metals Pty Ltd, with the directorship going to Palmer's nephew
Clive Theodore Mesnick.

On Jan. 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield and
Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that the
Company "incurred debts of AUD771 million after going insolvent in
November [2015]."

On April 22, 2016, the Companies' creditors voted for liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.


TOLBALE PTY: First Creditors' Meeting Set for July 25
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Tolbale Pty
Ltd, trading as Mobile Glass, will be held on July 25, 2019, at
11:00 a.m. at the offices of Hamilton Murphy, Unit 18, at 28
Belmont Ave, in Rivervale, WA.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of Tolbale Pty on July 15, 2019.




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

ADDENTAX GROUP: Incurs $694,000 Net Loss for Year Ended March 31
----------------------------------------------------------------
Addentax Group Corp. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$694,329 on $10,026,920 of revenues for the year ended March 31,
2019, compared to a net loss of $709,396 on $13,437,569 of revenues
for the year ended in 2018.

The audit report of Pan-China Singapore PAC states that the Company
incurred recurring losses from operations, has net current
liabilities, and has an accumulated deficit that raise substantial
doubt about its ability to continue as a going concern.

The Company's balance sheet at March 31, 2019, showed total assets
of $3,971,846, total liabilities of $5,674,393, and a total deficit
of $1,702,547.

A copy of the Form 10-K is available at:

                       https://is.gd/B46g8i

Addentax Group Corp. does not have significant operations.
Previously, it was involved in the production of images on multiple
surfaces, including glass, leather, plastic, ceramic, textile, and
others using three-dimensional sublimation vacuum heat transfer
machines.  The Company was founded in 2014 and is based in
Shenzhen, China.


CAMSING INT'L: Chairwoman's Fraud Probe Entangles Top Retailer
--------------------------------------------------------------
Caixin Global, citing obtained documents, reports that the
fundraising scandal engulfing Camsing Global LLC has shone a
spotlight on the activities of e-commerce giant Suning.com,
suggesting the retailer may have been inflating its sales figures
by round-tripping shipments through a company with links to
Camsing's chairwoman, Lo Ching.

The fundraising scandal engulfing Camsing Global LLC has shone a
spotlight on the activities of e-commerce giant Suning.com, with
documents obtained by Caixin suggesting the retailer may have been
inflating its sales figures by round-tripping shipments through a
company with links to Camsing's chairwoman, Lo Ching.

Contracts seen by Caixin show a series of purchases and sales
between a wholesaler, one of its suppliers, and Suning, a
brick-and-mortar retailer that has expanded rapidly into online
selling in the past few years. Caixin relates that the wholesaler,
Guangdong Kangan Trade Co. Ltd., is linked to an investment
consulting firm that issued asset management products that were
partly guaranteed by Camsing and Lo herself, who is also known by
her English name Vivian. She was detained in Shanghai on June 20,
Caixin discloses citing a filing to the Shanghai Stock Exchange by
Jiangsu Boxin Investing & Holdings Co. Ltd., a company controlled
by her.

Documents obtained by Caixin show that Guangdong Kangan, a
wholesaler and import-export trader based in Guangzhou, signed two
contracts worth a total of CNY117.6 million ($17.1 million) to buy
goods from Hangzhou Chenghe Supply Chain Management Co. Ltd., one
of its suppliers, in January. Some of the goods were to be sold to
Suning and shipped directly to Suning's distribution warehouse in
Nanjing by delivery company Best Express, according to the
contracts and consignment notes, or delivery documents, obtained by
Caixin.

However, a spokesperson for Best Express told Caixin that the
consignment notes were fake, and the person who answered the
contact phone number for the delivery firm given on the notes
denied he worked for the delivery company.

Caixin's inability to verify the deliveries suggests there were no
real purchases and that the invoices were part of a continuous loop
of buying and selling between Suning, Kangan and Chenghe that
served to inflate the retailer's gross merchandise volume (GMV), a
metric used by the e-commerce sector to show the total value of
goods sold through an online marketplace or platform.

The documents obtained by Caixin suggest that Suning is buying
goods from Kangan and Camsing, and is also selling goods to Chenghe
which also sells to Kangan.

Zhu Zhangyue, Chenghe's legal representative, told Caixin that
Chenghe has been buying goods from Suning for several years, but he
declined to name the companies Chenghe is selling to.

Suning did not respond to Caixin's request for comment on its
contracts with Chenghe.

The practice of faking or inflating sales figures, even among big
players such as JD.com and Suning, is an open secret in the
e-commerce industry, several people familiar with the matter told
Caixin. Analysts and investors use GMV as a key metric to value
e-commerce companies, and companies are under pressure to report
strong growth in the metric, especially during major online
promotions such as Singles Day, Caixin notes.

According to Caixin, Suning has been thrust into the limelight
after New York-listed Noah Holdings Ltd., one of China's biggest
wealth management companies, accused Camsing of fraud in connection
with CNY3.4 billion of asset management products one of the
conglomerate's affiliates issued that were backed by accounts
receivable, money owed to it by its customers, in this case from
JD.com.

The scandal and the detention of Camsing's chairwoman sent jitters
through the industry, as many asset management companies had
exposure to asset management products backed by Camsing's accounts
receivable related to its business with other companies, Caixin
relates.

Yunnan International Trust Co. Ltd., a company based in southwest
China that offers asset management, trust and investment banking
services to institutions, acted as a trustee for products that were
backed by Camsing's accounts receivable and guaranteed by Lo,
Caixin discloses citing a statement released to the media. It
reported the matter to the police and to the regulators. The firm
has engaged lawyers to begin enforcement proceedings and to pursue
those who raised the financing and the guarantor to fulfill their
repayment obligations, it said, Caixin relays.

A source at the company who declined to be identified told Caixin
that Yunnan International Trust started doing business with Camsing
and Kangan in 2018, and that it had issued asset management
products backed by accounts receivable related to Camsing's
business with Suning and guaranteed by Lo. Around CNY1 billion of
the products are outstanding, the person said.

However, a spokesperson for Suning told Caixin that it had no
involvement with these products and that the accounts receivable
with Suning that backed the products were fake.

Camsing International Holding Limited, formerly Fittec
International Group Limited, is an investment holding company
principally engaged in the development, sales and distribution of
intellectual property rights (IP) derived products and mobile
devices. The Company provides IP licensing and comprehensive
services.




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

ABHIRAM INFRA: Ind-Ra Affirms 'D' Long Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Abhiram Infra
Projects Private Limited's (AIPPL) Long-Term Issuer Rating at 'IND
D (ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR300 mil. Fund-based working capital limits (Long-
     term/Short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating; and

-- INR1.280 bil. Non-fund-based working capital limits (Short-
     term) affirmed with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The rating action reflects delays in debt servicing by AIPPL and
the details of the same are unavailable.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
result in a rating upgrade.

COMPANY PROFILE

Established in 2009, AIPPL executes engineering, procurement and
construction contracts in water supply and underground sewerage
segments in Karnataka, Tamil Nadu, Andhra Pradesh, and Kerala. The
company also undertakes road and civil construction projects.


ADVANCE INDIA: Ind-Ra Lowers Issuer Rating to BB+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Advance India
Projects Limited's (APIL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Term loan* due on March 2023 downgraded and
     assigned with IND BB+/Stable rating; and

-- INR150 mil. Non-fund based limits# downgraded and assigned
     with IND A4+ rating.

*Downgraded to 'Provisional IND BB+/Stable' and assigned final
rating following the receipt of executed financing documents by
Ind-Ra.

#Downgraded to 'Provisional IND A4+' and assigned a final rating
following the receipt of executed financing documents by Ind-Ra.

KEY RATING DRIVERS

The downgrade reflects a slowdown in sales velocity leading to
stress in liquidity and deterioration in cash debt service coverage
ratio (DSCR). AIPL's DSCR deteriorated to 2.6x in FY19 (FY18:
11.6x; FY17: 29x) due to decreased cash inflows due to a slowdown
in the real estate industry, coupled with loan repayments that
started from FY19P. The ratings are further constrained by
investments made by AIPL in its subsidiaries. AIPL invested around
INR1,159.90 million in FY18 (FY17: INR949.24 million), which led to
stress in liquidity, as reflected by the negative cash flow from
the operation of INR571.57 million in FY18 (FY17: negative INR
477.12 million). The cash and cash equivalent have been around
INR375.92 million in FY18 (FY17: INR602.73 million). FY19
financials are provisional in nature.

AIPL has booked around 60.09% of the total built-up area of 1.942
million square feet (msf) as of March 2019 (FY18: 40% of the total
build-up was booked). The ongoing projects have moderate dependence
on advances from the customers at 73%, with 25% of the project
being funded by a term loan and 2% from promoters' contribution
mitigating the risk of delay in cash inflows. The company has
already incurred the cost of INR7,452 million, out of total project
cost of INR12,110 million.

The ratings are supported by AIPL's promoters' experience of around
three decades in real estate development with a track record of
executing 40 projects, primarily office spaces in Delhi, National
Capital Region, and Punjab.

The ratings are also supported by the locational advantage of its
ongoing projects, which are located in the southern part of
Gurgaon, near Golf Course Extension Road. All the projects are well
connected to Sohna Road and Golf Course Road and are only 30
minutes' drive from Indira Gandhi International Airport. The
projects are easily accessible to National Highway-8 and are
surrounded by upcoming premium residential apartments.

RATING SENSITIVITIES

Negative: Time and cost overruns or cancellations of sold units,
leading to stressed cash flows could lead to negative rating
action.

Positive: An improvement in sales and timely receipt of advances
from customers, leading to stronger cash flows, could lead to
positive rating action.

COMPANY PROFILE

Delhi-based AIPL is a closely-held public limited company engaged
in the real estate development business. It has a multi-dimensional
portfolio ranging from residential to commercial and retail
segments.

The company's ongoing projects, AIPL Business Club (59.56% sold),
AIPL Joy Street (85.83% sold) and AIPL Joy Central (43.92% sold)
have a total built-up area of 0.72 million sf, 0.48 million sf, and
0.74 million sf, respectively.


ANTONY MOTORS: ICRA Withdraws B+ Rating on INR8.5cr Loan
--------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Antony Motors Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based           8.50       [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Withdrawn

   Short-term: Non
   fund based          10.00       [ICRA]A4 ISSUER NOT
                                   COOPERATING; Withdrawn

Rationale

The ratings assigned to INR18.50 crore bank facilities of Antony
Motors Private Limited have been withdrawn at the request of the
company, based on the no-objection certificate provided by its
banker.

Incorporated in 1992, Antony Motors Private Limited is engaged in
the business of manufacturing of special purpose vehicles for Solid
Waste Management and Motor Body Fabrication. Initially, the company
started with fabrication of bus bodies on chassis for various
states and corporation owned city buses. Subsequently, the company
diversified into fabricating special purpose vehicles like
fire-fighting equipment, Suction and Jetting machine, Ambulances.
The existing range of products include Compactors, Painted bins,
Cement Bulker, Suction machines, Portable Cabins, Suction cum
Jetting Machine, Tipper, Dumper Placer, Transfer Stations, Fire
Fighting Vehicles, Refuellers and other fabricated special purpose
vehicles. AMPL was one of the first companies in the body builder
and fabricator category to get ISO 9001:2000 and subsequently ISO
9001:2008 certifications.


ARCHANA MOTORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Archana Motors Pvt Ltd
        Door No. 13/1(59), Vazhappilly Arcade
        Near Lulu Convention Centre
        Ayyanthole, P O Thrissur
        Thrissur KL 680003 IN

Insolvency Commencement Date: July 1, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Ashok Seshadri

Interim Resolution
Professional:            Ashok Seshadri
                         S1, Naveeens Yaduvanam
                         Brindavan Street
                         Chennai 600033
                         E-mail: ashokseshadrig@gmail.com

                            - and -

                         A2, Dynamic Apartments
                         Parangusapuram Street
                         Aziz Nagar, Kodambakkam
                         Chennai 600024
                         E-mail: resolution.archana@gmail.com

Last date for
submission of claims:    July 15, 2019


BAFNA MOTORS: ICRA Reaffirms B- Rating on INR209cr Loans
--------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Bafna Motors (Mumbai) Private Limited (BMMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Trade Advance       59.00       [ICRA]B-(Stable); Reaffirmed

   Long-term: Fund
   Based-Term Loans   150.00       [ICRA]B-(Stable); Reaffirmed


Rationale

The rating reaffirmation continues to take into account the weak
financial position of BMMPL as reflected by its weak operating
profit margins, net losses over the last three years leading to
negative net worth, its stretched capital structure and muted debt
coverage indicators. The rating continues to remain constrained by
its high working capital intensity and stretched liquidity position
as reflected by the almost full utilisation of its working capital
limits, and the stiff competition in the commercial vehicle (CV)
industry, which limits its pricing flexibility. Given the slow
recovery witnessed by the CV segment in the recent past in BMMPL's
operating region, timely realisation of loans and advances extended
to Group concerns remains critical to avoid cash flow mismatches,
given the sizeable debt repayments in the near-to-medium term.

The ratings, however, continue to favourably factor in the
extensive experience of the promoters of BMMPL in the CV dealership
business. ICRA notes its dominant market share in Mumbai and its
suburban region as a dealer of Tata Motors Limited's (TML's) CVs,
with TML's financial support in the form of performance incentives
and loans from its affiliates.

Outlook: Stable

ICRA expects BMMPL to continue to benefit from the extensive
experience of its promoters and the sizeable market share of the
company in the domestic CV market. The outlook may be revised to
Positive if substantial growth in revenue and profitability, or
notable recovery of the advances extended to Group companies
strengthens the financial risk profile. The outlook may be revised
to Negative if cash accrual is lower than expected, or if any major
capital expenditure, or stretch in the working capital cycle,
weakens liquidity.
Key rating drivers

Credit strengths

Extensive experience of the promoters and established track record
of the Group in the auto dealership business - BMMPL was
incorporated on November 05, 2001 and is a part of the Bafna Group,
promoted by Mr. M. C. Bafna, with its first dealership in Nanded
(Maharashtra). At present, his three sons, Mr. Sumati Prasad Bafna,
Mr. Sanjeev Bafna and Mr. Sunil Bafna, handle different companies
that are all involved in the car dealership and transport
businesses. Mr. Sumati Prasad Bafna, the chairman of BMMPL, also
owns two other companies -- Bafna Motors Pvt. Ltd. and Bafna Motors
(Ratnagiri) Pvt. Ltd. These companies are also involved in the
dealership of TML's CV and passenger vehicles (PVs), mainly for
Nanded, Latur and Ratnagiri regions of Maharashtra. The promoters
have an extensive and established track record of over two decades
in this business sector.

Authorised dealer of TML, the market leader in the CV segment -
BMMPL handles the dealership of TML's CVs for the three markets of
Mumbai, Thane and Raigad districts. TML continues to dominate the
market share in the CV segment due to its large coverage of
geographical areas and its highly diversified product portfolio.

Financial support from TML through incentives and loans from its
affiliates - BMMPL, being an authorised dealer for TML, receives
financial support by way of performance incentives and unsecured
loans from TML and Tata Motors Finance Ltd. (TMFL), respectively.
The company received a performance incentive of INR29.85 crore in
FY2019 (Rs. 36.35 crore in FY2018) from TML. Moreover, it has
availed term loans and trade advance facilities from TMFL, which
helps in managing its working capital cycle.

Credit challenges

Weak financial profile characterised by net losses leading to
negative net worth, highly leveraged capital structure and muted
debt coverage indicators - The operating margins of the company
continue to remain weak due to heavy sales discounts offered by TML
to retain its market share. The same however improved to 2.5% in
FY2018 over 1.8% in FY2017 as the discounts have reduced over the
years. BMMPL reported a net loss of INR10.51 crore in FY2018 over
INR13.31 crore in FY2017 on account of high financial expenses.
Accumulated losses over the years resulted in a negative net worth
of INR14.78 crore as on March 31, 2018; thereby leading to a
leveraged capital structure (gearing of -20.48 times) and muted
debt coverage indicators. This scenario is reflected by an interest
cover of 0.47 time in FY2018 (P.Y.: 0.35 time) and total
debt/OPBDITA of 18.32 times as on March 31, 2018. (P.Y.: 24.89
times).

High working capital intensity and stretched liquidity position -
The company's working capital intensity remains high as reflected
by NWC/OI of 28% as on March 31, 2018 (28% as on March 31, 2017)
due to stretched receivables. The average monthly utilisation of
the fund-based working capital limits remained high at 97% over the
12-month period from May 2018 to April 2019, indicating its
stretched liquidity. However, free cash and liquid investments of
INR4.18 crore as on March 31, 2018 provides support to liquidity to
some extent.

Vulnerability downturn in the CV market; intense competition
leading to heavy sales discounts and resultant net losses - After
registering healthy growth till October 2018, the domestic CV
sector started facing headwinds as reflected by a sharp contraction
in sales of Medium & Heavy CV (M&HCV) as well as a growth slowdown
in Light CV (LCV) sales. The adverse impact of tightening the
financing environment following the liquidity crunch, the surplus
capacity created by revised axle load norms, and the viability
pressure because of higher fuel cost and weak freight rates
collectively impacted CV demand in H2 FY2019. For FY2019, M&HCV
volumes grew by 15% YoY, while LCV grew by 19%, supported largely
by healthy demand from the construction sector.

In the Mumbai region—covering Mumbai, Navi Mumbai and Thane -
BMMPL typically faces competition from two other dealers of TML's
CVs. The stiff competition from other CV manufacturers has led to
pricing pressures and hence heavy sales discounts by TML and its
dealers, leading to accumulated losses over the years for the
company. The discounts, however, have reduced during the last two
fiscals causing an uplift in operating margins of the company.
Inherently low operating margins in the auto dealership business -
Being an authorised TML dealer, the company receives a dealer
margin of ~3% of the ex-showroom price for each vehicle sold.
Institutional sales to clients like state municipalities are
carried out directly through TML, where BMMPL earns a commission to
the tune of ~70% of the basic margin on the vehicles sold.
BMMPL also receives additional income from performance incentives,
commission from insurance companies and commission from financing
institutions (for vehicles financed through it).

Sizeable impending repayments; recovery of loans and advances
extended to Group entities remains critical for cash flow profile -
BMMPL has extended advances to Group companies, which stood at
INR50.57 crore as on March 31, 2019 as compared to INR48.8 crore as
on March 31, 2018 and INR41.09 crore as on March 31, 2017. A few of
these have ceased operations. The timely recovery of these
advances, which are repayable on demand, remains critical for the
cash flow profile of the company, given that there are sizeable
debt repayments (~Rs. 8.9-11.1 crore annually) falling due in the
near-to-medium term.

Liquidity position

BMMPL had external term loans of INR130.91 crore on its books as on
March 31, 2019 to be repaid by FY2025. It has scheduled repayment
obligations of INR8.90 crore in FY2020 and INR9.74 crore in FY2021
towards the same. BMMPL had cash and liquid investments of INR6.39
crore (of which INR2.21 crore is encumbered cash) as on March 31,
2018, which supports the liquidity position to some extent. The
company has reported negative fund flow from its operations for the
FY2014 to FY2018 period due to the high working capital intensity
of its operations and low profitability. The average utilisation of
the fund-based working capital limits remained high at 97% over the
12-month period from May 2018 to April 2019, indicating a stretched
liquidity position.

BMMPL is an authorised dealer of TML, dealing in commercial
vehicles as well as in their spare parts and servicing. The company
serves the three regions of Mumbai, Thane and Raigad district in
Maharashtra. The company was established on November 5, 2001. Its
registered office is at World Trade Centre, Cuffe Parade, Mumbai.
The Bafna Group was promoted by Mr. M. C. Bafna, with its first
dealership in Nanded.

BMMPL reported a net loss of INR13.32 crore on an operating income
(OI) of INR634.87 crore in FY2017, as compared to a net loss of
INR15.92 crore on an OI of INR691.11 crore in FY2016.


BHAI INDUSTRIES: CARE Lowers Rating on INR6cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhai Industries Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      6.00        CARE D; Stable Issuer not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable

Detailed Rationale & Key Rating drivers

CARE has been seeking no default statement from Bhai Industries
Private Limited to monitor the rating vide email
communications dated June 18, 2019, June 7, 2019, June 05, 2019,
June 3, 2019, May 30, 2019, May 22, 2019, May 15, 2019, April 30,
2019, April 3, 2019, April 1, 2019, March 30, 2019, March 7, 2019,
March 5, 2019, March 1, 2019, February 28, 2019, February 7, 2019,
February 5, 2019, February 1, 2019 and January 31, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided no default statement for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Bhai Industries Private
Limited's bank facilities will now be denoted as CARE D; Issuer not
cooperating.

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

The revision in the rating assigned to the bank facilities of Bhai
Industries Private Limited takes into account instances of delays
in the servicing of the debt obligations because of weak liquidity
position of the company.


BHUSHAN POWER: JSW Likely to Go Ahead with Bid Despite Fraud Probe
------------------------------------------------------------------
Bloomberg News reports that JSW Steel Ltd., India's most valuable
steel producer, said it is likely to go ahead with a INR197 billion
(US$2.9 billion) offer to buy out a stressed steel mill even as a
string of accounting frauds were uncovered at the target company.

While JSW is "so far" not backing out of its offer to buy Bhushan
Power & Steel Ltd., the company is anxious about the alleged frauds
and its impact on the sale process, it's lawyer Arun Kathpalia said
July 15 during a hearing at the National Company Law Tribunal,
Bloomberg relates.

Earlier this month, Allahabad Bank Ltd. and Punjab National Bank
reported financial frauds amounting to about INR18 billion and
INR38 billion respectively at Bhushan, the report recalls.

Bloomberg says a two-judge bench headed by Justice M.M. Kumar said
during the hearing that the alleged fraud reports would not affect
the insolvency resolution process and JSW's plan for Bhushan Power.
The NCLT, which is yet to approve the sale of the mill to JSW, on
July 15 allowed the bankruptcy administrator to give copies of
forensic audits of Bhushan to JSW, Bloomberg adds.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and cold
rolled products; and long products, including iron making and
sponge iron products. The company also provides steel pipes, hollow
steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings, according to
LiveMint.com. Barring Era Infra Engineering Ltd, petitions have
been admitted in all other cases, LiveMint.com notes.


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

The instrument-wise rating actions are:

-- INR1,000.00 bil. Term loan due on December 2019 migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 11, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Capital Infraprojects was incorporated in 2010 as a private limited
company and constructs residential and commercial real estate
projects.


E-GLOBAL TRADING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: E-Global Trading Limited
        Suite 903, Business Suites 9
        S.V. Road, Santacruz West, Mumbai
        Mumbai City 400054
        Maharashtra India

Insolvency Commencement Date: July 3, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 29, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Sekar Ananthanarayan

Interim Resolution
Professional:            Mr. Sekar Ananthanarayan
                         B-305, Sai Jyote
                         Lalubhai Park West
                         Vile Parle West
                         Mumbai 400056
                         E-mail: a.sekar.cs@gmail.com

Last date for
submission of claims:    July 18, 2019


EXOTIC GRANITE: ICRA Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR17.00-crore bank facilities of
Exotic Granite LLP continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING” for the bank
facilities of the company.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based           4.00       [ICRA]B (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based           6.00       [ICRA]B (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category          

   Short term non       7.00       [ICRA]A4; ISSUER NOT
   fund based                      COOPERATING; Rating continues
   Letter of                       to remain under 'Issuer Not
   Credit                          Cooperating' category

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

Established in December 2012, M/S. Exotic Granite LLP (EGL) set up
a granite cutting and polishing unit in Mundra, Gujarat in April
2014, with a production capacity of cutting and polishing 15,00,000
square feet of granite slabs per annum. The firm is currently
managed by Mr. Rajesh Mandhana, Mr Pradeep Mandhana. Additionally,
Crystal Granite and Marble Private Limited (CGMPL) engaged in
processing granite rough blocks into slabs has also partnered with
EGL.


EXTOL EDUCATION: Ind-Ra Maintains BB LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Extol Education
Society's bank facilities rating in the non-cooperating category.
The issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
BB (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR37.04 mil. Term loan maintained in non-cooperating category

     with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Bank overdraft facility maintained in non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 7, 2015. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Extol Education Society is an educational society registered under
Madhya Pradesh Society Registration Act in 1996. The society runs a
college, which became operational in 1997, and a school, which
became operational in 2005; both are located at Bhopal, Madhya
Pradesh.


GAYATRI POULTRIES: Ind-Ra Maintains B+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gayatri
Poultries Pvt. Ltd.'s Long-Term Issuer Rating of 'IND B+ (ISSUER
NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR130 mil. Term loan* due on March 31, 2024, maintained in the

     non-cooperating category and withdrawn; and

-- INR30 mil. Fund-based limits* maintained in the non-
     cooperating category and withdrawn.

*Maintained at 'IND B+ (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no objection certificates 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.

COMPANY PROFILE

Gayatri Poultries was incorporated in 2011 in Ganjum, Odisha, by
Srinivasa Rao Vadlamundi, Shivanand Karanama, Prasad Vadlamundi,
and Y Kranti Kumar. The company runs a poultry farm with a daily
capacity of 250,000 eggs.


GRUHA KALYAN: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Gruha Kalyan Housing Projects Pvt Ltd
        # 32/A, 9th Main, 6th Sector
        HSR Near Empire Hotel
        Bangalore KA 560102 IN

Insolvency Commencement Date: June 27, 2019

Court: National Company Law Tribunal, Bangalore Bench

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

Insolvency professional: Ms Medha Kulkarni

Interim Resolution
Professional:            Ms Medha Kulkarni
                         D 301, Admirality Square
                         13 Cross, 6 Main, Indiranagar
                         Bangalore 560068
                         E-mail: medha1273@gmail.com

Classes of creditors:    Home buyers of real estate projects of
                         Corporate Debtor

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Viswanathan Sankaran
                         Mr. Haresh Addanki
                         Mr. Surender Devasani

Last date for
submission of claims:    July 10, 2019


HARNESHWAR AGRO: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Harneshwar Agro Products Power & Yeast (India) Limited
        Registered office:
        Ayodhya Bunglow, Walchand Nagar
        Tal. Indapur, Dist. Pune

Insolvency Commencement Date: June 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 23, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Jigar Shah

Interim Resolution
Professional:            Mr. Jigar Shah
                         AAA Insolvency Professionals LLP
                         B/801 Gopal Place
                         Nr. Shiromani Complex
                         Nehrunagar Cross Road
                         Ahmedabad, Gujarat
                         India 380015
                         E-mail: ip.jigar@gmail.com
                                 harneshwar@aaainsolvency.com

Last date for
submission of claims:    July 22, 2019


HYDROBATHS RAMCO: ICRA Keeps D on INR13cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for the INR13.93 crore bank facilities of
Hydrobaths Ramco Merketing Private Limited (HRMPL) continues to
remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long-Term         10.43       [ICRA]D ISSUER NOT COOPERATING,
   Fund based                    Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Long-Term Non-     2.50       [ICRA]D ISSUER NOT COOPERATING,
   Fund based                    Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Unallocated        1.0        [ICRA]D ISSUER NOT COOPERATING,
                                 Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

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

Hydrobaths Ramco Marketing Private Limited (HRMPL), incorporated in
2009, is involved in the trading of products like sanitary ware
(bathtubs, shower trays, Jacuzzis, shower panels, shower enclosure,
bathroom furniture, steam baths, spas), faucets, tiles and others
which are largely procured from international manufacturers from
countries like Thailand, Italy and China. The promoters were
initially involved in the manufacturing of bathtubs through a
proprietorship firm (set up in 1992). Later in 1999, another
proprietorship firm named Hydrobaths Ramco Marketing Company (HRMC)
was set up and in the year 2000, the firm started importing
products like sanitary ware and faucets.

In 2009, Hydrobaths Ramco Marketing Private Limited, was
incorporated which took over the business of HRMC. HRMPL procures
products from international manufacturers like Guangzhou Metal &
Mineral Imp Exp Limited, SIAM Cement Group, Ceramic Atlas Concorde
Spa Italy and others and sell in domestic market. HRMPL sells its
through distributors, dealers, own retail showroom and also project
sales (sale to institutional clients). The company has franchisee
arrangement with its 2-3 distributors located in Mumbai, Bangalore
and Kolkata though distributors in cities like Hyderabad, Chennai,
Cochin, Ahmadabad and others operate their own showrooms. The
company has its exclusive showroom (around 35000 sqft) at Gurgaon.


IL&FS EDUCATION: Ind-Ra Lowers NonConvertible Debt Rating to D
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
IL&FS Education & Technology Services Limited's (IETSL)
non-convertible debentures (NCDs) 2014 to 'IND D (SO)' from 'IND B
(SO)' while resolving the Rating Watch Negative (RWN), as follows:

-- INR1.030 bil. Series C NCDs issued on November 12, 2014 ISIN
     INE896F07068 11% coupon rate due on April 10, 2020
     downgraded; Off RWN with IND D (SO) rating.

KEY RATING DRIVERS

The downgrade and RWN resolution reflects the non-payment of INR408
million that was due to holders of the NCDs on July 10, 2019.

ITESL has also been classified as an Amber Entity in line with the
National Company Law Appellate Tribunal order dated February 11,
2019, which defines Amber Entities as domestic group entities that
are not able to meet all their obligations (financial and
operational), but can meet only operational payment obligations and
payment obligations to senior secured financial creditors'.

IETSL's NCDs are backed by seasoned information communication
technology (ICT) contracts of six states with a staggered payment
mechanism. The NCDS are also supported by a debt service reserve
account (DSRA) equivalent to INR360 million. The cash and bank
balance amounted to INR220 million as on July 10, 2019.

As per the latest update from ITESL, it has received INR318.6
million during the last quarter against the expected collection of
INR545.5 million. Despite the availability of cash and bank balance
and DSRA backup, the payments to the NCD holders have not been
made. This was mainly because of the ongoing discussions with all
the lenders for the restructuring of the total outstanding debt.
ITESL is in the process of finalizing the restructuring schemes
with all the lenders, and as per the company, it is not making any
payments to the lenders in the meantime.

RATING SENSITIVITIES

Positive: Timely debt servicing for two consecutive quarterly
payments will result in an upgrade.

COMPANY PROFILE

IETSL is the education technology and training arm of the IL&FS
group, a pioneer in the development of physical and social
infrastructure projects in the public private partnership formats.
Started in 1997, IETSL has a well-diversified business model and
offers comprehensive solutions in the fields of pre-primary,
elementary, secondary and higher education using ICT tools.


IL&FS GROUP: Three Entities to Start Servicing Debt Obligations
---------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal, headed by Justice SJ Mukhopadhayay, has allowed three
'amber' companies of the IL&FS Group to be re-categorised as
'green', enabling them to service debt obligations.

The three entities selected by the central government include
Jharkhand Road Projects & Implementation Company Ltd., Moradabad
Barielly Expressway Ltd., Western Gujarat Expressway Ltd, the
report discloses.

BloombergQuint says the appellate tribunal once again re-iterated
that in repayment of debt obligations, provident fund and pension
will get priority over the others. The NCLAT has directed this
earlier too, in April.

According to BloombergQuint, the Ministry of Corporate Affairs said
around INR7,009 crore worth of investment has been made in IL&FS by
provident fund.

BloombergQuint relates that the counsel for IL&FS and the
government informed the court that a binding term sheet has been
signed between the Infrastructure Leasing & Financial Services Ltd.
and the creditors for two of the three projects. As for the
Moradabad Barielly Expressway Ltd. project, Bank of India is the
last remaining to sign and will do so in a few days. The binding
documents are to be executed for release of payment, the report
notes.

According to BloombergQuint, IL&FS group entities were classified
into three categories - green, amber and red - based on their
ability to service debt obligations. Entities classified as 'green'
are those which continue to meet their payment obligations, while
'amber' category firms can meet only operational payment
obligations to senior secured financial creditors. Those falling in
the 'red' category are the entities which cannot meet their payment
obligations towards even senior secured financial creditors.

There were a total of 13 entities in the amber group and the NCLAT
has asked the government to inform on the conversion of the
remaining 10 amber group companies to green, the report notes.

The next date of hearing will be on Aug. 8 at 3:00 p.m., says
BloombergQuint.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the government on Oct. 1,
2018, stepped in to take control of crisis-ridden IL&FS by moving
the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.


K. C. PRINTING: CARE Maintains D on INR7cr Loan in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K. C.
Printing and Allied Works (KCPA) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      7.00        CARE D; Stable Issuer not
   Facilities                      Cooperating based on best
                                   available information

   Short-term Bank     3.00        CARE A4; Stable Issuer not
   Facilities                      Cooperating based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018, placed the
ratings of KCPA under the 'issuer non-cooperating' category as KCPA
had failed to provide information for monitoring of the rating.
KCPA continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 19, 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.

The ratings take into account non-availability of requisite
information and no due-diligence conducted due to noncooperation by
KCPA with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk. The ratings of the company
continue to be restricted by small scale of operations coupled with
low net worth base, leveraged capital structure, elongated
collection period and competitive nature of operations. The rating,
however, continues to draw comfort from long track record of
operations coupled with experienced proprietor and moderate
profitability margin.

Detailed description of the key rating drivers

At the time of last rating on April 6, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

Small scale of operations coupled with low net worth base: The
scale of operations has continued to remain small as marked
by total operating income of INR20.17 crores and net worth of
INR2.80 crore for FY17 (FY refers to period April 1 to March 31).
Small scale limits the firm's financial flexibility in times of
stress and deprives it from scale benefits.

Leveraged capital structure: The capital structure of the firm
improved; however, it continued to remain leveraged due to
low capital base and high dependence on working capital borrowing.
Elongated collection period: KCPA customers base normally comprises
of government boards and universities and on
account of procedural delays, there is normally delay in
realization resulting into high average collection period. The
firm
procures the raw material only which is based on delivery schedules
and receives credit up to 90 days from its suppliers.
Competitive nature of industry: KCPA faces direct competition from
various organized and unorganized players in the market. There are
number of small and regional players who are located in and around
area and catering to the same market which has limited the
bargaining power of the firm and has exerted pressure on its
margins.

The firm provides gets the order through the tender-based system.
The firm is exposed to the risk associated with the tender-based
business, which is characterized by intense competition. The growth
of the business depends on its ability to successfully bid for the
tenders and emerge as the lowest bidder. Furthermore, any changes
in the Government policy or Government spending on projects are
likely to affect the revenues of the firm.

Key Rating Strengths

Long track record of operations coupled with experienced
proprietor: KCPA was established in 1979 as a proprietorship firm,
by Mr Kali Charan Agrawal. However, the business is currently
managed by Ms Mahima Agrawal who has an experience of more than two
decades in this printing business through her association with
KCPA.

Moderate profitability margins: Margins of the firm have witnessed
an erratic trend during last three years FY14-FY16 owing to tender
driven nature of business which pose huge competition and pressure
on the profit margins of the firm.

Mathura-based (Uttar Pradesh) KCPA, was established in 1979 as
proprietorship firm by Mr Kali Charan Agrawal. The firm is
currently being managed by Ms Mahima Agrawal. KCPA is engaged in
printing of books such as text books, printed answer sheets, mark
sheets, degrees and other printed education material for various
state education board and universities in Uttar Pradesh, Rajasthan,
Madhya Pradesh, Himachal Pradesh, Chattisgarh, Bihar and Haryana.


KHED ECONOMIC: ICRA Raises Rating on INR430cr LT Loan to 'B'
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Khed Economic Infrastructure Private Limited (KEIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term-Fund        430.00      [ICRA]B (Stable); rating
   Based-Term Loan                   upgraded from [ICRA]D

Rationale

The rating upgrade of KEIPL considers the curing of past delays in
interest payment on the term loan. The upgrade in the rating
factors in creation of debt servicing reserve account (DSRA)
equivalent to three months' interest (in line with sanction terms)
as well as sufficient revenue visibility to cover the debt
obligations over the next three to six months. ICRA takes note of
the favourable location in the close proximity to Chakan industrial
zone and the advanced stages of discussion with prospective
customers for sale of land parcels, which can result in improvement
of the liquidity profile. The rating is constrained by sizeable
debt obligations against a backdrop of lumpy revenue streams of the
company which led to cashflow mismatch in the past as well.

Outlook: Stable

ICRA believes that KEIPL's committed cashflows are sufficient to
take care of near term debt obligations. The outlook may be revised
to Positive if the company is able to execute any major lease
agreements such that sufficient cash reserve is available to take
care of debt obligations over the next 12 months. The outlook may
be revised to Negative if there is significant slowdown in the
revenue streams leading to cash shortfall.

Key rating drivers

Credit strengths

Strategic location near Pune's industrial hub, Chakan Industrial
belt and Port Trust - Khed city is in close proximity to existing
industrial zones around Pune, like Chakan, Pimpri Chinchwad,
Talegaon and Ranjangaon. It is also well connected to other parts
of the country and overseas locations through the Jawaharlal Nehru
Port Trust (160 km) and Lohegaon airport in Pune.

Creation of DSRA as per the sanction terms - During May 2019, KEIPL
was able to close one major MoU for a land parcel against which
INR23.5 crore was received in the same month and another INR23.5
crore is expected to flow in Q2 FY2020. The proceeds were utilised
to create DSRA equivalent to three months' interest and FD
equivalent to principal payment due in June 2019 was also set
aside. Besides the pending collection against the aforementioned
transaction, KEIPL has a healthy line up which if executed would be
sufficient to meet the upcoming debt obligations. ICRA would
closely monitor these deals due to the rating sensitivity.

Credit challenges

Lumpy cashflows as against sizeable monthly debt obligations – As
on March 31, 2019 debt outstanding (excluding impact of deferred
processing fees) for KEIPL was INR415.3 crore leading to sizeable
monthly interest payments and quarterly principal repayments. As
against this, the revenue streams of KEIPL was linked with proceeds
from execution of agreement for sale/lease of land parcels. The
ticket size of such transactions is large and has led to lumpy
cashflows for KEIPL in the past.

Significant marketing risk given sizeable residual leasable area
and competition in the vicinity - Significant marketing risk exists
due to large area (1,300 acres) to be sold/leased. As on May 2019
only 259 acres of the area was sold/leased. Further, existence of
another large multi-product SEZ project in the vicinity (Navi
Mumbai SEZ, India Bulls SEZ in Nashik) along with other sector
specific SEZs in Pune increases the marketing risk.

Liquidity position
Liquidity position over the next three to six months expected to be
adequate on account of committed cashflows as well as presence of
sizeable cash reserves (including DSRA) of INR16.9 crore (as on Jun
10, 2019). Sustained sales momentum would be critical for timely
debt servicing in the near future and remain a rating sensitivity.

Khed Economic Infrastructure Private Limited (KEIPL), a Special
Purpose Vehicle (SPV) jointly promoted by Kalyani Group (KG) and
Maharashtra Industrial Development Corporation (MIDC), is
undertaking to implement a sector specific SEZ, DTA and IIA over an
area of 1705 Ha in Khed Taluka near Pune District in the State of
Maharashtra. KEIPL had signed lease agreement with MIDC for 1,200
Ha land on December 18, 2009 and for 505.62 Ha land on June 30,
2010. The above lease is for an initial period of 95 years,
extendable for a further period of 95 years. Earlier, company was
planning to setup multiproduct SEZ in 1,000 Ha however the plan is
now revised to setup 100Ha SEZ and develop remaining 900Ha area as
Integrated Industrial Area (IIA) under Maharashtra Industrial
Policy, 2013 and / or as Domestic Tariff Area. KEIPL has received
final approval for partial de-notification for 257 Ha in April
2017.


KHEDUT COTEX: ICRA Lowers Rating on INR8.77cr Loans to 'D'
----------------------------------------------------------
ICRA has downgraded the long-term rating for the bank facilities of
Khedut Cotex Pvt. Ltd. (KCPL) to [ICRA]D ISSUER NOT COOPERATING
from [ICRA]B ISSUER NOT COOPERATING. The rating continues to remain
under 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]D ISSUER NOT COOPERATING”.

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

   Fund-based-        2.77      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Downgraded from [ICRA]B (Stable);
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Rationale
The rating takes into consideration the irregularity in debt
servicing by KCPL, as confirmed by its lender to ICRA.

Incorporated in 2015 as a private limited company, Khedut Cotex
Private Limited (KCPL) is engaged in ginning and pressing of raw
cotton. The company's manufacturing unit, located at Jafrabad,
Amreli, is equipped with 48 ginning machines and 1 pressing machine
with an intake capacity of 216 MT per day (considering 22 hours of
operations per day). The commercial operations commenced in
February 2016. The promoters have extensive experience in cotton
industry.


KISHAN COTTON: ICRA Migrates B Ratings to Not Cooperating
---------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Kishan
Cotton Ginning & Pressing Factory (KCGPF) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          12.00      [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   category

   Term Loan            0.52       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   category

   Unallocated          0.58       [ICRA]B (Stable)/A4 ISSUER NOT
   Limits                          COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   category

   Export Packing      (6.00)      [ICRA]A4 ISSUER NOT
   Credit^                         COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   category
^Sub limit of cash credit

ICRA has moved the ratings for the INR13.10 crore bank facilities
of KCGPF to the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable)/A4 ISSUER NOT COOPERATING”.

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

Established in 2003, the Bhuj-based KCGPF is involved in ginning
and pressing of raw cotton, crushing of cotton seeds and processing
of groundnuts. The plant is equipped with 36 ginning machines and a
fully automatic pressing machine with the capacity of ginning and
pressing 18,600 metric tonnes (MT) of raw cotton per annum. The
firm also has hulling, cleaning, sorting and grading machines to
process 32 MT of groundnuts per day.


KOLEY MULTIPURPOSE: CARE Lowers Rating on INR14.22cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Koley Multipurpose Himghar Private Limited (KMHPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank     14.22        CARE D; Stable Issuer not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KMHPL is primarily
constrained by its ongoing delays in debt servicing. Going forward,
the ability to regularise and timely repay the debt servicing
obligations will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in debt servicing
As reported by the banker, there are ongoing delays in servicing of
installments of term loans.

Liquidity
Stretched liquidity characterized by tightly matched accruals
vis-à-vis repayment obligations. Its bank limits are utilized to
the extent of 98% for the 12 months ended May 2019 and current
ratio was above unity.

Koley Multipurpose Himghar Private Limited (KMHPL) was incorporated
in 2016. The company is promoted by Smt. Priyanka Koley. The
company has established a cold storage unit at Gobindapur in the
district of Midnapore with a storage capacity of 172000 quintals.
The company is providing cold storage services primarily for
potatoes to the farmers and traders on a rental basis. Besides
providing cold storage facility, the unit is also works as a
mediator between the farmers and marketers of potato, to facilitate
sale of potatoes stored and also provide interest bearing advances
to farmers for farming purpose against potatoes stored. The day to
day operations of the company are look after by Smt. Priyanka Koley
(Promoter) along with Mr. Prasenjit Koley (Director) and Smt.
Saraswati Koley (Director) who have experience around 09 years, 13
years and 11 years respectively, in similar line of business.
According to the management, the company has earned INR0.36 crore
during FY19 (prov.).


M/S RASHMI: Ind-Ra Assigns 'BB+' Rating on INR120MM Bank Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated M/s Rashmi Motors'
(Rashmi) additional bank loans as follows:

-- INR120 mil. Fund-based limits assigned with IND BB+/Stable
     rating.

RATING SENSITIVITIES

Negative: A negative rating action could result from substantial
and sustained deterioration in Rashmi's liquidity profile.

Positive: A positive rating action could result from a substantial
improvement in Rashmi's revenue while maintaining the operating
margins on a sustained basis.

COMPANY PROFILE

Incorporated in 1995, Rashmi is an authorized dealer of Ashok
Leyland. It is managed by Rajat Kumar Baliarsinha and his wife
Babita Baliarsinha.


MAHADEV BUILDING: CARE Maintains B Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahadev
Building Systems Private Limited (MBSPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.72       CARE B; Stable Issuer not
   Facilities                      Cooperating based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 22, 2018, placed the
rating(s) of MBSPL under the 'issuer non-cooperating' category as
MBSPL had failed to provide information for monitoring of the
rating. MBSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails,
phone calls and email dated May 29, 2019, May 24, 2019, May 22,
2019, May 20, 2019 and May 15, 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 ratings assigned to the bank facilities of Mahadev Building
Systems Private Limited (MBSPL) are continues to be constrained by
limited track record of the company in civil construction business,
small scale of operations, presence in highly fragmented steel and
civil construction industry characterized by intense competition
due to fragmented nature of industry and susceptibility of
profitability margins to fluctuating in raw material prices.
However, the rating also takes into account the fluctuating total
operating income and PBILDT margin, decline in PAT margin, increase
in working capital cycle days and deterioration in debt coverage
indicator and leverage capital structure albeit improving. The
ratings are underpinned by the experienced promoters in steel
industry and construction industry.

Going forward, the company's ability to increase its scale of
operations along with profit margins and improve its capital
structure and debt coverage indicators while improving its working
capital requirements effectively would be the key
rating sensitivities.

Key Rating Weakness

Fluctuating total operating income and decline in PAT margins
The total operating income declined from INR30.96 crore in FY16 to
INR28.64 crore in FY18. Moreover the PAT margin decreased from
1.87% in FY16 to 0.84% in FY18 at the back of increase in financial
expenses and depreciation provisions.

Fluctuating PBILDT margin
The PBILDT margin though fluctuating in the range of 7% to 8% it
has increased from 7.23% in FY16 to 7.54% in FY18.

Deterioration of debt coverage indicators
The total debt/GCA deteriorated from 16.48x in FY16 to 23.48x in
FY18 due to decrease in cash accruals. The PBILDT/interest coverage
ratio has been decreased from 1.69x in FY16 to 1.52x in FY18 at the
back of increase in financial expenses.

Limited track record of the company in civil construction business
MBSPL was incorporated in 2011 .The company has a limited track
record of 5 years in the civil construction business.

MBSPL operations are marked by short track and relatively small
scale with total operating income of INR28.64 crore in
FY18.

Small scale of operations
The scale of operations remained small at INR28.64 crore in FY18 as
against INR30.96 crore in FY16 with low net worth base of INR3.98
crore as on March 31, 2018 as against INR3.41 crore as on March 31,
2016 as compared to other peers in the industry.

Improvement in capital structure although remained Leveraged
The overall gearing ratio improved from 4.02x as on March 31, 2016
to 3.43x as on March 31, 2018 at the back of increase in net worth
due to accretion of profits to the net worth. However remained
leveraged during the review period.

Presence in the highly fragmented steel and civil construction
industry characterized by intense competition due to
fragmented nature of industry
MBSPL faces intense competition from various regional and
unorganized players of steel and civil construction industry.
The spectrum of the industry is highly fragmented and competitive
marked by the presence of numerous players in India,
in view of low entry barriers. Hence, the players in the industry
(including MBSPL) do not have pricing power and are
exposed to competition induced pressures on profitability.

Susceptibility of profitability margins to fluctuation in raw
material prices
The raw material is the major cost driver for MBSPL and raw
material prices are volatile in nature which is driven by the
global prices. Hence, the profitability margin of the company is
susceptible to fluctuation in raw material prices (cement,
steel) and any adverse fluctuation in the prices can adversely
affect the profitability margins of the company. However, if
the variation is more than 5% the same can be reimbursed. Therefore
fluctuation in raw material prices slightly affects the
profitability of the company.

Key rating strengths

Satisfactory experience of promoters in steel and construction
industry
MBSPL was incorporated in 2011 by Mr G Mahadeva Naidu (Managing
Director) along with his family members. Mr G Mahadeva Naidu has an
experience of around twenty eight years in civil and manufacturing
segment. The other promoters of the company are well qualified and
supported by a team of professionals with an experience of more
than seven years in the similar line of industry.

Increase in working capital cycle
The operating cycle increased from 64 days in FY16 to 203 days in
FY18 at the back of increase in average collection period from 168
days in FY16 to 249 days in FY18 coupled with decrease in average
creditor period from 122 days in FY16 to 93 days in FY18.

Incorporated in May 2011, MBSPL was promoted by Mr. G. Mahadeva
Naidu along with his sons Mr. G.M. Lokesh and Mr. G. MahadevaTeja.
The company is engaged in manufacturing of wide range of roofing
sheets and products which include GI-Sheets, Purlins and Steel
Structures. These products are widely utilized by clients across
various construction industries for building various factories,
sheds, commercial and residential sites. MBSPL commenced its
business operations from December 27, 2012 with FY14 being first
full year of business operations. The company has diversified its
business from manufacturing activity to civil constructions (like
construction of bridges, canals and warehouses) from FY14 onwards.
The company procures its raw material such as steel coils, HR
coils, zinc, aluminium, paints and chemicals from Telangana and
Maharashtra. MBSPL is also a registered Class-I civil contractor.

In FY18, MBSPL had a Profit after Tax (PAT) of INR0.24 crore on a
total operating income of INR28.64 crore as against PAT of INR0.32
crore and total operating income of INR26.68 crore in FY17
respectively.


MOBILITY SOLUTIONS: Ind-Ra Migrates BB Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mobility Solutions
Limited's (MSL) 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:

-- INR90 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR75 mil. Non-fund-based working capital limits migrated to
     non-cooperating category IND A4+ (ISSUER NOT COOPERATING)
     rating; and

-- INR28 mil. Term loans due on August 2022 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 11, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

MSL was incorporated in 1998 as an ancillary for manufacturing
ready-to-use sub-assemblies of window frames, regular deluxe and
semi-deluxe seats. The manufacturing plant is located on the
Chandigarh - Ambala highway at Mohali, Punjab.


NEW CHENNAI: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: New Chennai Township Private Limited
        Seekanakuppam Village
        Cheyyur, Kancheepuram
        Tamil Nadu 603305

Insolvency Commencement Date: July 5, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 1, 2020

Insolvency professional: L K Sivaramakrishnan

Interim Resolution
Professional:            L K Sivaramakrishnan
                         1/4 Rangas, Fourth Main Road
                         R A Puram, Chennai 600028
                         E-mail: lks@rvkassociates.com
                                 newchennai.cirp@rvkassociates.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    S. Santha Kumar
                         B6, II Floor, Gems Court 14
                         Khader Nawaz Khan Road Nungambakkam
                         Chennai 600034
                         E-mail: santha@kandv.in

                         C K Krishnamachari
                         Old No. 109 New No. 30, II floor
                         T P Koil Street, Triplicane
                         Chennai 600014
                         E-mail: ckkchari@gmail.com

                         J Velayudham
                         Old No. 20, New No. 6
                         Sivaraman Street, Mandavali
                         Chennai 600004
                         E-mail: velayudhamj@gmail.com

Last date for
submission of claims:    July 19, 2019


NICE PROJECTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Nice Projects Limited
        C-56A, Kalkaji
        New Delhi 110019

Insolvency Commencement Date: July 4, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 31, 2019

Insolvency professional: Hans Raj Chugh

Interim Resolution
Professional:            Hans Raj Chugh
                         E-24, (basement)
                         Lajpat Nagar-III, New Delhi
                         National Capital Territory of Delhi
                         110024
                         E-mail: hansrajchugh@ashm.in

Last date for
submission of claims:    July 18, 2019


OM AASTHA: CARE Migrates B Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Om
Aastha Indo Energy Private Limited (OAIEPL) to Issuer Not
Cooperating category.


                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.00       CARE D; Stable Issuer not
   Facilities                      Cooperating based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from OAIEPL to monitor the
ratings vide email communications/letters dated June 12, 2019, June
7, 2019, June 5, 2019 and numerous phone calls. However,  despite
CARE's  repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
OAIEPL's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in August 28, 2018 the following were
the rating strengths and weaknesses

Key Rating Weaknesses:

On-going delay in debt servicing: There are on-going delays in debt
servicing of the company.

Comment on liquidity: The liquidity position was stressed as
reflected by its on-going delay in debt servicing.

Om Aastha Indo Energy Private Limited (OAIEPL) was constituted as a
private limited company in October 2011 by Mr. Shailesh Pratap, Mr.
Bishwambar Singh and Mrs. Sudha Pratap for setting up a rice
milling unit. The company has started its commercial operations
from January 2014. The company has been engaged in rice milling
activities at its plant located at Bhabhua, Bihar with aggregate
installed capacity of 17400 MTPA. The company procures its raw
material from local market and sells its finished products across
Bihar.


POLYWELL ENTERPRISES: CARE Lowers Rating on INR5.56cr Loan to B+
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Polywell Enterprises (PES), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.56       CARE B+; Stable; Issuer not
   Facilities                      cooperating; revised from
                                   CARE BB-; Stable; ISSUER
                                   NOT COOPERATING based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 28, 2018, placed the
rating of PES under the 'issuer noncooperating' category as PES had
failed to provide information for monitoring of the rating and had
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. PES continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter dated
June 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(s).

The rating of Polywell Enterprises (PWE) continues to remain
constrained on account of its leveraged capital structure, working
capital intensive nature of operations and its presence in the
highly competitive and fragmented plastic industry. The rating,
further, continues to remain constrained on account of
vulnerability of margins to fluctuation in the raw material prices
and foreign exchange rate and constitution as a proprietorship
concern.

The rating, however, continues to derive strength from experienced
management and continuous growth in the scale of operations with
moderate profitability. The rating further derives strength from
successful completion of its debt funded projects in FY16 (refers
to the period from April 1 to March 31).

Detailed description of the key rating drivers

At the time of last rating on March 28, 2018, the following were
the rating strengths and weaknesses.

Key Rating Weakness

Leveraged Capital Structure
The capital structure of the firm remained leveraged but improved
mainly due to higher proportionate increase in tangible net worth
than increase in total debt of the firm mainly on account of
accretion of profits to reserve.

Working Capital intensive nature of operations
The business of the firm remains working capital intensive in
nature with full utilization of its working capital bank borrowings
for the last 12 months ended January 2017. Furthermore, the firm
took adhoc limit for 3 months for working capital
requirement.

Key Rating Strengths

Successful completion of its debt funded projects: In 2015, the
firm undertook capacity expansion from 1100 MTPA to 1500 MTPA and
for the same to be funded through term loan and balance through
unsecured loans. The firm completed its project within envisaged
time parameter and commercial production started from March, 2016.

Marginal growth in Total Operating Income (TOI) with moderate
profitability margins: During FY16, TOI witnessed a growth of
around mainly due to increase in sale of its product pet perform.
The profitability of the firm in FY16 remained moderate.

Jaipur-based (Rajasthan) Polywell Enterprises (PE) was formed in
2010 as a proprietorship concern by Dr. Chandra Shekhar Baid. PE is
engaged in the business of manufacturing and trading of
distinguished range of pet bottles, pet jars, water campers, pet
perform and cap inner etc. The firm sells its products in the
domestic market as well as export to Middle East countries. It
markets its products under the brand name of "Welkin" all over
India and abroad. It sells its product mainly to the water
packaging industry.


R.R. HOLIDAY: Ind-Ra Affirms 'D' Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed R.R. Holiday Homes
Private Limited's (RRHPL) Long-Term Issuer Rating to 'IND D'. The
ratings have also been migrated to the non-cooperating category.
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 best available information. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR180.40 mil. Term loan (long term) due on June 2020 affirmed

     and migrated to non-cooperating category with IND D (ISSUER
     NOT COOPERATING) rating; and

-- INR 10 mil. Fund-based working capital limit (long term/short
     term) affirmed and migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The rating action reflects delays in debt servicing for the months
of May and June 2019 by RRHPL.

RATING SENSITIVITIES

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

COMPANY PROFILE

RRHPL is engaged in hospitality, restaurant, flight catering, and
travel and tour businesses. The company has two flagship holiday
homes- Uday Samudra Leisure Beach Hotel and Uday Suites- and it
provides flight catering services under the name of Uday Sky
Kitchen.


RADHE COTTON: CARE Migrates D Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Radhe
Cotton Company (RADHE) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      5.58        CARE D; Stable Issuer not
   Facilities                      Cooperating based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 11, 2018 placed the
ratings of RADHE under the 'issuer non-cooperating' category as
RADHE had failed to provide information for monitoring of the
ratings as agreed to in its Rating Agreement. RADHE continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated November 13, 2018,
December 4, 2018, April 5, 2019, April 25, 2019, April 29, 2019,
May 6, 2019 and June 4, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings of RADHE's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 12, 2018, the following were
the rating strengths and weaknesses:

Ongoing delays in Debt servicing: The ratings assigned to the bank
facilities of Radhe Cotton Company takes into account the ongoing
delays in debt servicing due to weak liquidity position of the
firm.

Gokhalana, Jasdan (Rajkot)-based, RADHE was incorporated as a
partnership firm in 2012 by six partners. The partners of RADHE
include mainly Mr Rameshbhai Khakhriya, Manubhai Khakhriya and
Dhirajbhai Jivabhai Khakhriya. The firm is engaged into the
activity of cotton ginning, bailing and cleaning of cotton. The
products of RADHE include cotton seeds, cottonseeds oil cake and
cotton wash oil.


RAJ BORAX: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Raj Borax
Private Limited's (RBPL) Long-Term Issuer Rating of 'IND BB+
(ISSUER NOT COOPERATING)' and has simultaneously withdrawn the
rating.

The instrument-wise rating actions are:

-- INR55.0 mil. Fund-based facilities* maintained in the non-
     cooperating category and withdrawn; and

-- INR55.0 mil. Non-fund based facilities# maintained in the non-
     cooperating category and withdrawn.

* Maintained at 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

# Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

RBPL did not participate in the rating exercise despite continuous
requests and follow-ups by the agency.

Ind-Ra is no longer required to maintain the ratings, based on the
company's request to withdraw the ratings and the lender's feedback
that RBPL's external rating is not required. This is consistent
with the Securities and Exchange Board of India's circular dated
March 31, 2017, for credit rating agencies.

COMPANY PROFILE

RBPL manufactures boron-based chemicals and fertilizers for
agriculture, ceramics, and glass and fiberglass industries, among
others.


RAMESHWAR COTTEX: ICRA Lowers Ratings on INR9.5cr Loans to D
------------------------------------------------------------
ICRA has downgraded the long-term rating for the bank facilities of
Rameshwar Cottex (RC) to [ICRA]D ISSUER NOT COOPERATING from
[ICRA]B ISSUER NOT COOPERATING. The rating continues to remain
under 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]D ISSUER NOT COOPERATING”.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Fund-based-        7.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Downgraded from [ICRA]B (Stable);
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund-based-        2.50      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Downgraded from [ICRA]B (Stable);
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Rationale
The rating takes into consideration the irregularity in debt
servicing by RC, as confirmed by its lender to ICRA.

Established in April 2016, as a partnership firm, Rameshwar Cottex
(RC) is involved in cotton ginning and pressing to produce cotton
bales and cottonseeds and in trading of raw cotton at its
manufacturing facility located in Rajkot, Gujarat. Its facility is
equipped with 36 ginning machines and a pressing machine with an
installed production capacity of 54 MTPD or 320 bales per day. The
firm set up its manufacturing facility in November 2015 and
commercial operations commenced from January 2016. The promoters
associated with the firm have vast experience in agro-commodities.


RAYS POWER: CARE Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rays Power
Experts Pvt Ltd (RPEPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      10.00       CARE D; Stable Issuer not
   Facilities                      Cooperating based on best
                                   available information

   Long-term Bank      43.75       CARE D; Stable Issuer not
   Facilities                      Cooperating based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 3, 2018, placed the
ratings of RPEPL under the 'issuer non-cooperating' category as
RPEPL had failed to provide information for monitoring of the
rating as agreed to in its rating agreement. RPEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated June 4,
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.  The ratings on RPEPL's bank facilities will continue to be
denoted as CARE D; ISSUER NOT COOPERATING/CARE D; ISSUER NOT
COOPERATING.

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

RPEPL, promoted by Mr Rahul Gupta (an alumnus of IIT Roorkee) in
March 2011, is engaged in design, engineering, turnkey EPC, O&M,
liaisoning and consultancy services for grid-connected as well as
roof top solar photo voltaic (PV) power projects. The company has
commissioned about 146 MW of ground-mounted capacity and about 17
MW of roof-top capacity as an EPC contractor till March 31, 2017.
The company has also forayed into the development of solar projects
as an Independent Power Producer (IPP).


SAINATH ESTATES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sainath Estates Private Limited
        11-8-333 & 334, A-Wane
        Opp: Police Lines, Begumpet
        Hyderabad TG 500016

Insolvency Commencement Date: July 8, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: January 3, 2020

Insolvency professional: Dr. K.V. Srinivas

Interim Resolution
Professional:            Dr. K.V. Srinivas
                         3-4-756/1, Flat No. 402
                         Sai Raghavendra Residency
                         Barkatpura, West Marredpally
                         Telangana 500027
                         Tel.: +91 8309310156, 9959223615
                         E-mail: kvsrinivas12@gmail.com

                            - and -

                         Kamala Tower, 4th Floor, 1-8-304 to 307
                         Patigadda Road, Begumpet
                         Hyderabad 500017
                         E-mail: irp_sepl@aaip.co.in

Last date for
submission of claims:    July 22, 2019


SHRI VASANTHRAJ: ICRA Hikes Ratings on INR8cr Loans to C
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Shri Vasanthraj Textiles Private Limited (Vasanthraj), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based
   Limits-Cash
   Credit               3.00       [ICRA]C; Upgraded from [ICRA]D

   Long Term-Fund
   Based TL             1.10       [ICRA]C; Upgraded from [ICRA]D

   Long Term            3.90       [ICRA]C; Upgraded from [ICRA]D
   Unallocated
   Limit

Rationale

The rating upgrade take into account the regularisation of debt
repayment in the past six months by Vasanthraj. However, the rating
is constrained by the company's stretched liquidity profile as
indicated by high utilisation of working capital limits. Moreover,
its coverage indicators continue to remain weak on account of
subdued profitability.

The rating also factors in Vasanthraj's small scale of operations
and presence in a highly commoditized market with intense
competition, which inhibits the pricing flexibility. Nonetheless,
ICRA takes note of the experience of the promoters in the textile
industry and support extended by the promoters in form of unsecured
loans to the company. The ability to improve the working capital
intensity and liquidity position, going forward, will be key rating
driver.

Key rating drivers

Credit strengths

Experienced promoters with over a decade of experience in the
textile business: The company is promoted by Mr. C Velusamy having
more than 1 decade of experience in the cotton industry. Further,
it enjoys established relationship with its customers as evident
from repeat orders from its domestic customers.

Regularisation of debt repayment in the past six months: Vasanthraj
has been regular in servicing all its debt obligations since
December 2018 and the banker (Canara Bank) has confirmed on the
same.

Credit challenges

Small scale of operations: Vasanthraj is a small-sized player in
the textile industry involved in manufacturing cotton yarn with a
capacity of 14,400 spindles running 60's count. The company can
manufacture around 2900 kg of cotton yarn per day working out to an
installed capacity of 10 lakh kg of cotton yarn. The capacity
utilisation for FY2019 stood around 85% against 80% in FY2018. With
a small scale of operations, it has limited bargaining power with
customers, to pass on any increase in costs, and also with its
suppliers, to avail any discounts for cotton purchases. This limits
the overall pricing flexibility.

Stretched liquidity position: The company's working capital
position remains high resulting in limited financial flexibility.
Elongated receivables and low cash accruals resulted in a stretched
liquidity profile. Nonetheless, the promoters continued to extend
support through unsecured loans and same supported the liquidity
position to an extent.

Earnings exposed to price risk due to intense competition in the
fragmented cotton yarn market: Vasanthraj operates in an intensely
competitive and commoditised cotton yarn industry, which is
characterised by low product differentiation and a fragmented
industry structure. This restricts pricing flexibility. Thus, the
earnings are exposed to volatility in prices, which have
constrained contribution levels as witnessed in the past. In
addition, the requirement of stocking cotton during the harvest
season to support manufacturing operations results in working
capital intensive operations and increases the price risks.

Liquidity position:

Vasanthraj' low profitability margins, coupled with yearly
repayments resulted in weak debt service coverage metrics giving
rise to liquidity concerns. Further, the working capital limits
have been fully utilised over the last twelve months. Any
improvement in liquidity profile will depend on an improvement in
the profitability metrics and any enhancement in working capital
borrowing limits.

Shri Vasanthraj Textiles Private Limited (Vasanthraj) was
incorporated in 1992. The company manufactures cotton yarn of the
fine count range of 60's. Its spinning mill is located in R.
Vadipatti in Tamil Nadu and has a spindle capacity of 14400
spindles as of FY2017. It is a closely-held company promoted by
Mr.C.Veluswamy who is also the promoter of V.P.S Textiles (India)
Private Limited (rated at [ICRA]C) manufacturing cotton yarn and
Sreenivasa Balaji Papers Private Limited manufacturing paper and
paper products.


SPS EDUCATIONAL: CARE Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SPS
Educational Trust (SPS) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      25.25       CARE D; Stable Issuer not
   Facilities                      Cooperating based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 3, 2018, placed the
rating(s) of SPS under the 'issuer non-cooperating' category as SPS
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. SPS
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
May 29, 2019, June 5, 2019 and June 19, 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 takes into account delays in debt repayment owing to
weak liquidity position.

Detailed description of the key rating drivers

At the time of last rating on April 3, 2018, the following were the
rating strengths and weaknesses:

Detailed description of key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: There are ongoing delays in
servicing its debt obligation due to weak liquidity position of
the entity.

Palwal-based (Haryana), SPS Educational Trust (SPS) was established
in the year 2010 by Mr Sureshchandra Bharadwaj, Mrs. Sunita
Bhardwaj, Mr Shyam Sunder, Mr Brijesh Kumar and Mr Ram Kumar Gupta
with the object of setting up educational institutions. SPS is
running a school in the name of SPS International at Palwal
(Haryana) since, August, 2011. The school is affiliated to the
Central Board of Secondary Education (CBSE) and offers education
from Kindergarten to class XII. The school is spread across the
area of 5.25 acres and it has all the state of the art facilities
like computer labs, library, smart classes, various sports
facilities and swimming pool etc.


SUZLON ENERGY: Investors Await Convertible Bond Payout
------------------------------------------------------
Bloomberg News reports that investors in Indian corporate debt are
watching whether a stressed wind-turbine maker will repay its
dollar-denominated convertible bonds due July 16, and help avoid
further widening of strains in the nation's credit market.

Suzlon Energy Ltd., which became India's biggest convertible note
defaulter when it missed payments in 2012, must repay $172 million
outstanding on such securities that were issued as part of a debt
restructuring, according to Bloomberg. While that revamp helped the
company's shares surge in 2014-2015, they've since slumped after
India's shift to auctions for building wind projects increased
competition and diluted Suzlon's market share, Bloomberg says.

The company's bank facility ratings were cut to default by Care
Ratings in April after it failed to meet payback obligations to its
lenders, Bloomberg notes. Any delay in repayments on the
convertibles could further spook credit investors already reeling
under a spate of defaults in the last year, from IL&FS Group to
Dewan Housing Finance Ltd.

According to Bloomberg, some traders in Suzlon's bonds are pinning
their hopes on a proposed acquisition of the embattled company by
Toronto-based Brookfield Asset Management Inc. A person familiar
with the matter said earlier in July that Brookfield may make a
binding offer for a stake in the company as soon as the end of the
month, the report recalls.

"Suzlon's bondholders don't have many choices now," Bloomberg
quotes Raj Kothari, London-based head of trading at Jay Capital
Ltd., as saying. "The redemption will depend on the progress of the
Brookfield deal."

Shares of the company were at INR4.86 at 12:45 p.m. July 15 in
Mumbai, close to the lowest since its 2005 listing on the exchange,
Bloomberg notes.

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its operations
relate sale of WTGs and allied activities, including sale/sub-lease
of land, infrastructure development income; sale of gear boxes, and
sale of foundry and forging components. Others primarily include
power generation operations.


V.P.S. TEXTILES: ICRA Hikes Rating on INR8cr Loans to C
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
V.P.S. Textiles (India) Private Limited (VPS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based
   Limits-Cash
   Credit               3.00       [ICRA]C; Upgraded from [ICRA]D

   Long Term-
   Fund Based TL        0.32       [ICRA]C; Upgraded from [ICRA]D

   Long Term
   Unallocated
   Limit                4.68       [ICRA]C; Upgraded from [ICRA]D

Rationale

The rating upgrade takes into account the regularisation of debt
repayment in the past six months by VPS. However, the rating is
constrained by the company's stretched liquidity profile as
indicated by high utilisation of working capital limits. Moreover,
its coverage indicators continue to remain weak on account of
subdued profitability. The rating also factors in VPS' small scale
of operations and presence in a highly commoditised market with
intense competition, which inhibits the pricing flexibility.
Nonetheless, ICRA takes note of the experience of the promoters in
the textile industry and support extended by the promoters in form
of unsecured loans to the company. The ability to improve the
working capital intensity and liquidity position, going forward,
will be key rating driver.

Key rating drivers

Credit strengths

Experienced promoters with over a decade of experience in the
textile business: The company is promoted by Mr. C. Velusamy having
more than a decade of experience in the cotton industry. Further,
it enjoys established relationship with its customers as evident
from repeat orders from its domestic customers.
Regularisation of debt repayment in the past six months: VPS has
been regular in servicing all its debt obligations since December
2018 and the banker (Canara Bank) has confirmed on the same.

Credit challenges

Small scale of operations: VPS is a small-sized player in the
textile industry involved in manufacturing cotton yarn with a
capacity of 11,636 spindles running 60's count yarn. The company
can manufacture around 2900 kg of cotton yarn per day, working out
to an installed capacity of 10 lakh kg of cotton yarn. The capacity
utilisation for FY2019 stood around 85% against 80% in FY2018. With
a small scale of operations, it has limited bargaining power with
customers, to pass on any increase in costs, and also with its
suppliers, to avail any discounts for cotton purchases. This limits
the overall pricing flexibility.

Stretched liquidity position: The company's working capital
position remains high resulting in limited financial flexibility.
Elongated receivables and low cash accruals resulted in a stretched
liquidity profile. Nonetheless, the promoters continued to extend
support through unsecured loans and same supported the liquidity
position to an extent.

Earnings exposed to price risk due to intense competition in the
fragmented cotton yarn market: VPS operates in an intensely
competitive and commoditised cotton yarn industry, which is
characterised by low product differentiation and a fragmented
industry structure. This restricts pricing flexibility. Thus, the
earnings are exposed to volatility in prices, which have
constrained contribution levels as witnessed in the past. In
addition, the requirement of stocking cotton during the harvest
season to support manufacturing operations results in working
capital intensive operations and increases the price risks.

Liquidity position

VPS' low profitability margins, coupled with yearly repayments
resulted in weak debt service coverage metrics giving rise to
liquidity concerns. Further, the working capital limits have been
fully utilised over the last twelve months. Any improvement in
liquidity profile will depend on an improvement in the
profitability metrics and any enhancement in working capital
borrowing limits.

V.P.S. Textiles (India) Private Limited (VPS) was incorporated in
2006. The company manufactures cotton yarn of the fine count range
of 60's. Its spinning mill is located in R. Vadipatti in Tamil Nadu
and has a spindle capacity of 11,636 spindles as of FY2017. It is a
closely-held company promoted by Mr. C. Veluswamy, who is also the
promoter of Shri Vasanthraj Textiles Private Limited (rated at
[ICRA]C) manufacturing cotton yarn and Sreenivasa Balaji Papers
Private Limited manufacturing paper and paper products.


VERMA TRACTORS: ICRA Migrates B+/A4 Ratings to Not Cooperating
--------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Verma
Tractors (VT) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term/          7.0        [ICRA]B+ (Stable)/A4; ISSUER
   Short Term-                    NOT COOPERATING; Rating moved
   Fund Based–                    to the 'Issuer Not Cooperating'

   CC                             category

Rationale

The rating for the INR7.00 crore bank facilities of VT has been
moved the 'Issuer Not Cooperating' category.  The rating is now
denoted as "[ICRA] B+(Stable)/A4, ISSUER NOT COOPERATING.

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

Verma Tractors (VT) established in 2004 is an authorized dealer of
Escorts Tractors in the city of Barabanki, U.P. The firm
operates in the city through its four outlets. The outlets are in
Barabanki city and blocks of Kaiserganj, Fatehpur and Ramnagar. The
operation of the firm is being managed by three partners Mrs Daya
Rani Verma, Mrs Archana Verma and Mr Suresh Chandra Verma.

In FY2017, the firm reported a net profit of INR0.3 crore on an
operating income (OI) of INR31.20 crore compared with a net profit
of INR0.1 crore on an OI of INR23.50 crore in the previous year.


VIJAYANAG POLYMERS: CARE Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vijayanag
Polymers Private Limited (VPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.30       CARE B; Stable 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 VPPL under the 'issuer non-cooperating' category as
VPPL had failed to provide information for monitoring of the
rating. VPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated May 22, 2019, May 24, 2019, May 27, 2019, May 28,
2019 and May 29, 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 ratings assigned to the bank facilities of VPPL are continues
to be constrained by short track record and small scale of
operations and susceptibility of margins to volatile raw material
prices. However, the rating also takes into account the increase in
net losses, leveraged capital structure and elongated creditor
days. The ratings are underpinned by the moderate experience of
promoter in the packaging industry and stable demand outlook for
packaging industry.

Going forward, the company's ability to increase its scale of
operations along with profit margins and turn around losses
to profits and improve its capital structure and debt coverage
indicators while improving its working capital requirements
effectively would be the key rating sensitivities.

Key Rating Weakness

Short track record and small scale of operations: The scale of
operations of the company remained small at INR5.35 crore in FY18
declined from INR11.16 crore in FY17.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the company remained negative at -1.50x as on
March 31, 2018 due to the erosion of net worth on account net
losses.

Net losses during the review period albeit decreasing y-o-y: The
company has incurred net loss of INR1.04 crore in FY18 as against
INR0.52 crore in FY17 due to high financial expenses and
depreciation provisions.

Susceptibility of margins to volatile raw material prices: The
primary raw material required by VPPL is LDPE, polymers, polyester
etc, which constituted around 80% of total raw material requirement
from various domestic suppliers. The price of LDPE, polymers,
polyester is linked to crude oil prices which are volatile in
nature thus affecting the raw material prices.

Key rating strengths

Moderate experience of promoter in packaging industry: The company
was incorporated in 2011 and currently promoted by Dr. V V Nagi
Reddy and his wife Mrs. M Vijaya Lakshmi. Dr. V V Nagi Reddy is a
retired Physics professor and has an experience of four years in
packaging industry.

Growth in total operating income during the review period: The
total operating income of the company declined from INR11.16 crore
in FY17 to INR5.35 crore in FY18.

Elongated creditor days: The working capital cycle remained
negative at -60 days in FY18 due to elongated creditor days from
147 days in FY17 to 348 days in FY18.

Stable demand outlook for packaging industry: The Indian packaging
industry constitutes about 4 percent of the global packaging
industry. The per capita packaging consumption in India is quite
low at 4.3 kgs, compared to countries like Germany and Taiwan where
it is 42 kgs and 19 kgs respectively. However, organised retail and
boom in e-commerce, which offer huge potential for future growth of
retailing, is giving a boost to the packaging sector. Packaging
Industry is an important sector driving technology and innovation
growth in the country and adding value to the various manufacturing
sectors including agriculture and FMCG segments.

Vijayanag Polymers Private Limited (VPPL), an ISO 9001:2008 and
AGMARK certified company, was incorporated in the July 2011 and
commenced commercial operation in the second half of FY13. VPPL is
currently promoted by Dr. V V Nagi Reddy and his wife Mrs. M Vijaya
Lakshmi. Dr. Nagi Reddy is a retired Physics professor, according
to the management; Mr Nagi Reddy is having 10% shareholding in
Midwest Granite Pvt. Ltd, which has been in the mining business
since 1981. VPPL is engaged in production of plain and printed
packaging laminated materials like laminated films, Pouches, Poly
bags and others, which are used across a wide range of industries
like consumer food, fertilizers and others. VPPL is having total
installed capacity of 200 tonne per month at the manufacturing
facility in Bapulapadu, near Vijawada of Andhra Pradesh, however
currently the company is only producing 70 tonne per month which in
future going to rise as number of orders are in pipeline.

In FY18, VPPL had a net loss of INR1.06 crore on a total operating
income of INR5.35 crore as against net loss of 0.52 crore and total
operating income of INR11.16 crore in FY17 respectively.




=========
J A P A N
=========

MITSUI E&S: Egan-Jones Lowers Senior Unsecured Ratings to B
-----------------------------------------------------------
Egan-Jones Ratings Company, on July 8, 2019, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Mitsui E&S Holdings Co., Ltd. to B from B+. EJR also downgraded
the rating on commercial paper issued by the Company to B from A3.

Mitsui E&S Holdings Co., Ltd. was founded in 1917 and is
headquartered in Tokyo, Japan. The company was formerly known as
Mitsui Engineering & Shipbuilding Co., Ltd.




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

MULTI SPORTS HOLDINGS: Plan to Get Southern Score Falls Through
---------------------------------------------------------------
theedgemarkets.com reports that China-based shoe manufacturer Multi
Sports Holdings Ltd and construction firm Southern Score Sdn Bhd
have aborted plans to form a new company (Newco) to take over and
assume Multi Sports' listing status.

The plan was part of efforts to regularise Multi Sports' finances
and lift itself out of Practice Note 17 (PN17) status, the report
says.

In a filing with Bursa Malaysia on July 15, Multi Sports said the
memorandum of understanding (MoU) it had signed with Southern Score
has lapsed on July 5 and no further extension was sought,
theedgemarkets.com relates.

"The company will continue with its efforts to work on a
reqularisation of its operational and financial condition and an
announcement on any development will be made in due course," it
added.

Under the MoU, Southern Score was to have issued up to MYR9 million
worth of Newco shares to the existing shareholders of Multi Sports,
and up to MYR6 million worth of Newco shares as full and final
settlement of the accrued liabilities and debts outstanding to
Multi Sports' creditors, theedgemarkets.com discloses.

                         About Multi Sports

Multi Sports Holdings Ltd is a Malaysia-based investment holding
company. The Company is engaged in footwear production. The Company
has five segments; TPR shoe soles, RB shoe soles, MD1 shoe soles,
MD2 shoe soles and Apparels and accessories. TPR shoe soles are a
physical mix of polymers, usually rubber and plastic.  The RB shoe
soles are waterproof and weatherproof. Natural and synthetic
rubbers are used in the production of RB shoe soles. The MD1 shoe
soles are lightweight, soft, flexible, elastic, resistant to wear
and tear. The main components of MD2 shoe soles are similar to MD1
shoe soles. Apparels and accessories segment comprise the main
component is men's fashion wear and accessories. The Company's
subsidiaries include Pak Sing Shoe Material (H.K.) Limited,
Jinjiang Baixing Shoe Material Co., Ltd, Fujian Evidoma Ltd.,
Fujian Qingte Investment Ltd and Quanzhou Sente Trading Ltd.

Multi Sports slipped into PN17 status on Nov. 13, 2017, after its
external auditor Messrs RT LLP issued a disclaimer of opinion in
respect of AR2015.

Among the concerns highlighted by the external auditor were its
inability to obtain sufficient audit evidence with regards to
inventories, investment in subsidiaries, tax provisions, litigation
and risk to fraud, theedgemarkets.com discloses.

In AR2017, Multi Sports said it has until November 2018 to submit
its plan to Bursa to regularise its PN17 status.




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

HYFLUX LTD: Maybank Demands Another SGD33.6MM From Unit
-------------------------------------------------------
Tay Peck at The Business Times reports that Malayan Banking
(Maybank) has demanded payment of another SGD33.6 million from
Tuaspring, the subsidiary of the debt-ridden water treatment
company Hyflux.

According to the report, Hyflux in a regulatory filing on July 15
announced that Maybank had notified Tuaspring of the latter's early
termination of one of these hedging agreements dated Nov. 22, 2013,
pursuant to certain alleged events of default and termination
events.

Maybank had designated July 7 as the early termination date in
respect of all outstanding transactions under the Nov 22, 2013
agreement, the report says. The bank issued a calculation statement
to Tuaspring on July 12, asserting that the amount payable in
respect of the early termination is SGD33.6 million.

CNA relates that the hedging agreement entered into was part of
Tuaspring's financing arrangements. Currency exchange fluctuations
and interest rate movements directly impact the exposure under the
hedging agreement.

The amount demanded is on top of the SGD509.1 million and US$44.5
million being sought by Maybank, as the latter two sums were drawn
down under the term loan facilities and the cash cover for
contingent liabilities respectively, BT discloses.

National water agency PUB took over the loss-making Tuaspring
desalination plant in May, following the termination of the Water
Purchase Agreement (WPA) with Tuaspring.

Hyflux's debt moratorium ends on Aug. 2, CNA notes.

                           About Hyflux

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

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

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

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


HYFLUX LTD: Utico to Buy 88% Stake for SGD535 Million
-----------------------------------------------------
Channel News Asia reports that United Arab Emirates (UAE) utility
firm Utico is buying an 88 per cent stake in Hyflux Ltd., the
companies said in a joint statement on July 16.

Utico said the deal is subject to various regulatory approvals, as
well as approval from creditors, the Singapore Stock Exchange,
investors and the court. Hyflux will remain as a separate-listed
company, the statement added, CNA relays.

According to the report, Utico said the equity valuation of the
company is set at SGD340 million though the total deal value could
be SGD535 million, higher than an earlier failed deal of SGD530
million of SM Investments.

"The aim is to save time and move expeditiously as both Utico and
Hyflux, investors and creditors are aware of the fact that time is
of essence in preserving the value of the Singaporean company and
arrest further slide," the report quotes Richard Menezes, managing
director of Utico, as saying.

Utico also intends to offer the cash equivalent of a 4 per cent
stake in the enlarged Utico group plus additional cash payouts, CNA
relates.

This, according to Mr. Menezes, could give Hyflux's perpetual
securities and preference (PNP) shareholders "50 per cent of their
first SGD2,000 to SGD3,000 as well as a cascade and staggered deal
to the rest, thus offering them options to exit and hope for full
redemption," CNA relays.

In its statement, Utico cited Mr. Menezes as saying that the aim
for both parties is "to enter into a definitive agreement on the
proposed investment with the approval of senior creditors at the
earliest and hold a town hall for both PNP and medium term note
holders" before the next court hearing on Aug. 2, the report adds.

                           About Hyflux

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

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

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

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



                           *********


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

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

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

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