/raid1/www/Hosts/bankrupt/TCRAP_Public/190719.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, July 19, 2019, Vol. 22, No. 144

                           Headlines



A U S T R A L I A

ANIMAL ANGELS: Second Creditors' Meeting Set for July 25
CATTLEFACTS PTY: Second Creditors' Meeting Set for July 26
ELEVATE AUSTRALASIA: Second Creditors' Meeting Set for July 25
NEXGEN CONSTRUCTION: Second Creditors' Meeting Set for July 26
SALLYROSE PTY: Second Creditors' Meeting Set for July 29

SWIM LOOPS: Jump Swim School Franchise Sold to BK's Gym & Swim
WALCHIME KITCHEN: First Creditors' Meeting Set for July 24


C H I N A

CHENGDU AIRPORT: Fitch Rates USD100MM Sr. Unsec. Bonds BB
CHINA LENDING: Forges Strategic Partnership with Rui Xin
KAISA GROUP: Moody's Assigns B2 to Proposed USD Sr. Unsec. Notes
POWERLONG REAL: Moody's Rates New USD Sr. Unsec. Notes 'B2'
RONSHINE CHINA: Fitch Assigns B+(EXP) to Proposed USD Sr. Notes

[*] CHINA: Debt Ratio Growing as Economy Loses Steam


H O N G   K O N G

[*] HONG KONG: Protests Starting to Affect Economy


I N D I A

ADHUNIK GROUP: NCLT Orders Liquidation as Liberty Plan Fails
AMRIT FRESH: Insolvency Resolution Process Case Summary
BANSAL REFINERIES: Insolvency Resolution Process Case Summary
BRIJNANDAN INDUSTRIES: ICRA Lowers Rating on INR12cr Loans to D
CHOKSHI TEXLEN: ICRA Maintains B+ Rating in Not Cooperating

DELITE CABLES: ICRA Maintains 'D' Ratings in Not Cooperating
GAURSONS SPORTSWOOD: Insolvency Resolution Process Case Summary
GLOPORE IM: Insolvency Resolution Process Case Summary
GOYAL AUTOMOBILES: ICRA Maintains B+ Rating in Not Cooperating
JAVIN CONSTRUCTION: ICRA Keeps B+ Loan Rating in Not Cooperating

JET AIRWAYS: Government to Launch Job Web Portal for Jet Employees
JET AIRWAYS: Lenders Plan to Call Bids for Assets by July 20
JET AIRWAYS: TPG Capital-led Group, Apollo Global Show Interest
JONNA IRON: ICRA Assigns B+ Rating to INR17cr Cash Loan
KAMLESH METACAST: ICRA Keeps B on INR18cr Debt in Not Cooperating

KARISMAA FOUNDATIONS: Insolvency Resolution Process Case Summary
KOLKATA ELECTRONICS: Insolvency Resolution Process Case Summary
KRISHNA TUFF: ICRA Keeps B on INR7cr Loans in Not Cooperating
KSR PROPERTIES: ICRA Moves B on INR30cr Loan to Not Cooperating
KWALITY TOWNSHIP: ICRA Keeps D on INR5cr Debt in Not Cooperating

MALAR ENERGY: Insolvency Resolution Process Case Summary
MCLEOD RUSSEL: ICRA Lowers Rating on INR360cr Loan to 'D'
MODE ADVERTISING: Insolvency Resolution Process Case Summary
NAVIN COLD: ICRA Lowers Rating on INR9cr Bank Loan to 'D'
NS PAPERS: Insolvency Resolution Process Case Summary

OCTAGA GREEN: Insolvency Resolution Process Case Summary
PEPSU ROAD: ICRA Moves B+ Rating on INR40 Loans to Non-Cooperating
PLAST LINK: Insolvency Resolution Process Case Summary
POSCHO STEELS: Insolvency Resolution Process Case Summary
PROPURBAN ADVISORY: Insolvency Resolution Process Case Summary

R.K. CONSTRO: Insolvency Resolution Process Case Summary
S L CONSUMER: Insolvency Resolution Process Case Summary
SAI LILAGAR: Insolvency Resolution Process Case Summary
SHREE MEENAKSHI: Insolvency Resolution Process Case Summary
SKIPPER TEXTILES: Insolvency Resolution Process Case Summary

SQL STAR: Insolvency Resolution Process Case Summary
SRI PADMA: ICRA Reaffirms B+ Rating on INR18cr LT Loan
SRINIVASA MURUGAN: ICRA Reaffirms B+ Rating on INR12cr LT Loan
SVSVS PROJECTS: ICRA Keeps B+ on INR50cr Loans in Not Cooperating
SWATI MINING: Insolvency Resolution Process Case Summary

TEE VENTURES: ICRA Lowers Rating on INR8cr LT Loan to B-
UNNATI FORTUNE: Insolvency Resolution Process Case Summary
VENU INDUSTRIES: ICRA Reaffirms 'B' Rating on INR15cr Loan


I N D O N E S I A

DELTA MERLIN: S&P Lowers ICR to 'CCC-', Outlook Negative


N E W   Z E A L A N D

FONTERRA COOP: To Shed Another 25 Staff in Australian Restructure
ORANGE H GROUP: Owes Lender McConnell NZ$23.4 Million
WALCO EVENTS: Event Promoter Goes Into Liquidation

                           - - - - -


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

ANIMAL ANGELS: Second Creditors' Meeting Set for July 25
--------------------------------------------------------
A second meeting of creditors in the proceedings of Animal Angels
Wellness and Fertility Clinic Pty Ltd has been set for July 25,
2019, at 10:00 a.m. at Level 4, 26 Wharf Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 24, 2019, at 5:00 p.m.

Travis Pullen of B&T Advisory was appointed as administrator of
Animal Angels on June 20, 2019.


CATTLEFACTS PTY: Second Creditors' Meeting Set for July 26
----------------------------------------------------------
A second meeting of creditors in the proceedings of Cattlefacts Pty
Ltd has been set for July 26, 2019, at 10:30 a.m. at the offices of
Worrells Solvency & Forensic Accountants, Suite 5A, Level 5, at 34
East Street, in Rockhampton City, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 25, 2019, at 5:00 p.m.

Morgan Gerard James Lane of Worrells Solvency was appointed as
administrator of Cattlefacts Pty on June 21, 2019.


ELEVATE AUSTRALASIA: Second Creditors' Meeting Set for July 25
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Elevate
Australasia Pty Ltd has been set for July 25, 2019, at 11:00 a.m.
at the offices of SV Partners Sydney, Level 7, at 151 Castlereagh
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 24, 2019, at 4:00 p.m.

Ian Purchas of SV Partners was appointed as administrator of
Elevate Australasia on
June 20, 2019.


NEXGEN CONSTRUCTION: Second Creditors' Meeting Set for July 26
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Nexgen
Construction Supplies Australia Pty Ltd has been set for July 26,
2019, at 10:00 a.m. at the offices of DuncanPowell, Level 4, at 70
Pirie Street, in Adelaide, South Australia.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 25, 2019, at 4:00 p.m.

Peter James Lanthois and Stephen James Duncan of Duncan Powell were
appointed as administrators of Nexgen Construction on June 21,
2019.


SALLYROSE PTY: Second Creditors' Meeting Set for July 29
--------------------------------------------------------
A second meeting of creditors in the proceedings of Sallyrose Pty
Ltd has been set for July 29, 2019, at 11:00 a.m. at the offices of
Cor Cordis, Level 19, Waterfront Place, at 1 Eagle Street, in
Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 26, 2019, at 4:00 p.m.

Darryl Kirk of Cor Cordis was appointed as administrator of
Sallyrose Pty on June 24, 2019.


SWIM LOOPS: Jump Swim School Franchise Sold to BK's Gym & Swim
--------------------------------------------------------------
Cara Waters at The Sydney Morning Herald reports that troubled swim
school franchise Jump which collapsed earlier this year has been
sold, providing relief to some franchisees, however many are still
owed money.

According to the report, Jump's main trading company, Swim Loops,
has been sold to BK's Gym & Swim, a subsidiary of franchise
operator Belgravia for an undisclosed sum.

In a letter to franchisees sent on July 16, administrator Glenn
O'Kearney of GT Advisory said he had received a number of
expressions of interest from third parties to purchase Swim Loops,
an offer from a group of franchisees who expressed interest in
effectively 'buying out' their franchise arrangements and a number
of proposals for a deed of company arrangement.

These included what franchisees are describing as an "eleventh
hour" deed of company arrangement put forward by founder Ian
Campbell on July 12 with Belgravia's purchase offer open until
12:00 p.m. on July 15.

"The administration is an extremely fast-moving and fluid process
which can change direction very quickly," the letter, as cited by
SMH, said. "We are confident that this way forward is overall in
the best interest of stakeholders."

The report relates that the administrator said while the sale to
Belgravia may "on first glance" not be the preferred way forward
for a number of franchisees an alternative if a sale was not
achieved was for Jump Loops to cease trading and be placed in
liquidation.

"The sale maximises the chances of the business continuing in
existence whilst maximising the return to creditors of the
company," the report quotes the administrator as saying. "The
acquisition of franchises within the Swim Loops network presents a
genuine opportunity for all parties involved to benefit from the
support, resources and proven track record of Belgravia in running
franchised swim school networks of this kind."

According to SMH, Jump franchisee Juliet Sharpe paid more than
AUD165,000 for a franchise two years ago plus more than AUD100,000
in rent, however she is still no closer to opening her swim
school.

Like many of the estimated 98 franchisees still waiting for a swim
school, the sale will not bring relief to Ms. Sharpe, the report
says.

SMH relates that Ms. Sharpe said for Jump Loops franchisees the
sale will have no impact as the company remains in liquidation and
a case brought by the Australian Competition and Consumer
Commission against Jump Loops, Swim Loops and Mr. Campbell is
ongoing.

For those franchisees which are operational Ms. Sharpe said the
sale was "not the outcome that some desired", however "they have
operational businesses, more than a lot of us have dreamed about,"
relays SMH.

                         About Swim Loops

Swim Loops Pty Ltd, the company in charge of JUMP! Swim Schools,
operates more than 60 swimming school franchises around Australia
and has operations in New Zealand, Brazil and Singapore.

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

The move came after a wind up application was put forward by
Western Australians Barry and Dorothy Ryle on April 30, Inside
Franchise Business said.


WALCHIME KITCHEN: First Creditors' Meeting Set for July 24
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Walchime
Kitchen & Bathroom Pty Ltd will be held on July 24, 2019, at 11:00
a.m. at the offices of Cor Cordis, Level 19, Waterfront Place, at 1
Eagle Street, in Brisbane, Queensland.

Darryl Kirk of Cor Cordis was appointed as administrator of
Walchime Kitchen on July 16, 2019.




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

CHENGDU AIRPORT: Fitch Rates USD100MM Sr. Unsec. Bonds BB
---------------------------------------------------------
Fitch Ratings has assigned a final 'BB' rating to China-based
Chengdu Airport Xingcheng Investment Group Co., Ltd.'s (CAXIG;
BB/Stable) USD500 million 6.5% senior unsecured bond due 2022.

The assignment of the final rating follows the receipt of documents
conforming to information already received. The final rating is in
line with the expected rating assigned on 10 July 2019.

KEY RATING DRIVERS

The bonds are issued by CAXIG and constitute its direct,
unconditional, unsubordinated and unsecured obligations and rank
pari passu with all its other present and future unsecured and
unsubordinated obligations. The proceeds will be used for general
corporate purposes.

RATING SENSITIVITIES

Any change in CAXIG's Issuer Default Ratings will result in similar
rating action on the bonds.


CHINA LENDING: Forges Strategic Partnership with Rui Xin
--------------------------------------------------------
China Lending Corporation has entered into a five-year strategic
partnership agreement with Rui Xin Insurance Technology (Ningbo)
Co., Ltd, a financial technology company providing comprehensive
insurance solutions.  Through the partnership, each party expects
to jointly grow their businesses and help each other to expand
their customer base by leveraging each other's unique and
complementary strength as well as resource in financial technology,
the consumer finance market and the insurance industry.

China Lending will work with Rui Xin to develop its own consumer
financial platform.  In collaboration with Rui Xin and its
partners, the Company expects to provide value-added consumer
financial services to insurance consumers of Rui Xin and its
partners.  Benefiting from the anticipated size of the business and
the good credit record of insurance consumers, China Lending will
improve its asset quality and maintain sustainable business growth
through the partnership.  In addition, China Lending and Rui Xin
will also explore collaboration opportunities in areas such as
insurance consumer acquisition, development of insurance products,
expansion of insurance business, and customization of consumer
financial solutions.

Moreover, China Lending will benefit from Rui Xin and its partners'
advanced technological capabilities in big data and artificial
intelligence to improve its risk management and enhance its
customer experience.

Through this partnership, Rui Xin will be able to explore new
business opportunities and increase its competency to eventually
expand its customer base in the insurance industry by benefiting
from China Lending's financial service expertise, bank credit
facility resource, and client base in certain regional markets.

Ms. Jingping Li, co-founder and chief executive officer of China
Lending, commented, "Our entering into the partnership conforms
with our long-term goal of providing individuals and enterprises in
China with our quality financial service products.  We will
continue to improve our operating efficiencies, diversify our
product offerings, and strengthen our collaborations with partners
in different segments.  Through our partnership with Rui Xin, we
will develop a customer base for consumer financial services and
serve customers with long-term financing needs.  We will also
benefit from assisting Rui Xin and its partners with the expansion
of insurance business.  Rui Xin and its partners' capabilities and
experience in applying advanced financial technologies will enhance
our risk management capability and help us to achieve innovations
of financial products to better satisfy diversified customer
demands."

"We are excited to collaborate with China Lending.  We believe the
partnership will create synergies for both parties in technological
and commercial areas.  Going forward, we will continue to promote
the integration of our resources, explore potential business
opportunities, and expand our customer bases to boost the business
growth of both parties," said Mr. Yanliang Zhuang, vice president
of Rui Xin.

                        About China Lending

Founded in 2009, China Lending -- http://www.chinalending.com/--  
is a non-bank direct lending corporation and provides services to
micro, small and medium sized enterprises, farmers, and
individuals, who are currently underserved by commercial banks in
China.  The Company is headquartered in Urumqi, the capital of
Xinjiang Autonomous Region.

China Lending reported a net loss US$94.12 million for the year
ended Dec. 31, 2018, compared to a net loss of US$54.78 million for
the year ended Dec. 31, 2017.  As of Dec. 31, 2018, the Company had
US$95.66 million in total assets, U$122.01 million in total
liabilities, US$9.65 million in convertible redeemable Class A
preferred shares, and a total deficit of US$36 million.

Friedman LLP, in New York, the Company's auditor since 2017, issued
a "going concern" qualification in its report dated April 26, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, citing that the Company has incurred
significant losses and is uncertain about the collection of its
loans receivables and extension of defaulted loans.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


KAISA GROUP: Moody's Assigns B2 to Proposed USD Sr. Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to the proposed USD notes to be issued by Kaisa Group Holdings Ltd
(B1 stable).

The rating outlook is stable.

Kaisa plans to use the proceeds of the notes to refinance the
existing medium to long term offshore indebtedness which will
become due within one year.

RATINGS RATIONALE

"The proposed bond issuance will lengthen Kaisa's debt maturity
profile and will not have a material impact on its credit metrics,
because the proceeds will be used mainly to refinance existing
debt," says Danny Chan, a Moody's Assistant Vice President and
Analyst, and also Moody's Lead Analyst for Kaisa.

Kaisa continued to report strong 37% year-on-year contracted sales
growth (together with its joint ventures and associates) to RMB34.7
billion in 1H 2019, compared to RMB22.5 billion in the
corresponding period in 2018. Its attributable contracted sales
grew by 57% and 50% in 2018 and 2017, respectively.

Supported by such robust contracted sales, Moody's expects Kaisa's
revenue to continue growing strongly over the next one to two
years. As a result, its revenue/adjusted debt will rise to around
51% and 63% in 2019 and 2020 respectively, from 36% in 2018.

Likewise, its adjusted EBIT/interest coverage should improve to
2.1x in 2019 and 2.5x in 2020 from 1.7x in 2018. These credit
metrics combined with the scale of its attributable contracted
sales — which totaled RMB70 billion in 2018 — position the
company's CFR at the B1 rating level.

Kaisa's liquidity is good. Its cash holdings of RMB22.3 billion at
December 31, 2018 were sufficient to cover its short-term debt of
RMB17.0 billion. Moody's expects that Kaisa's cash holdings and
operating cash flow will be sufficient to cover its maturing and
puttable debt, including both USD300 million senior notes and
HKD1.2 billion senior notes maturing in December 2019 respectively
and committed capital spending over the next 12 months.

Kaisa's B1 corporate family rating (CFR) reflects its strong sales
execution in the Guangdong-Hong Kong-Macao Bay Area, established
track record with high-margin urban redevelopment projects, and
good quality land banks in high-tier cities such as Shenzhen.

However, the rating is constrained by its moderate financial
metrics, history of debt restructuring and share suspension, and
high financing costs.

The proposed notes will not have a material impact on the company's
credit metrics, because Kaisa will use the proceeds to refinance
existing debt.

The B2 senior unsecured ratings are one notch lower than the CFR
due to the risk of structural subordination. This risk refers to
the facts that the majority of Kaisa's claims are at its operating
subsidiaries and have priority over claims at the holding company
in a bankruptcy scenario and that the holding company lacks
significant mitigating factors for structural subordination.

The stable outlook reflects Moody's expectation that Kaisa will
maintain its sales growth in high-tier cities, high profit margins
and good liquidity. The outlook also incorporates Moody's
expectation that the company will expand its access to funding over
the next 12-18 months.

Moody's could upgrade Kaisa if the company (1) maintains its good
liquidity position; (2) diversifies its funding channels; and (3)
improves its adjusted EBIT/interest coverage to above 3.0x-3.5x and
revenue/adjusted debt to above 75%-80% on a sustained basis.

On the other hand, downward ratings pressure could emerge if the
company fails to achieve sales growth, or aggressively acquires
land beyond Moody's expectation, such that its financial metrics
and liquidity deteriorate.

Credit metrics that could trigger a rating downgrade include (1)
revenue/adjusted debt below 50% on a sustained basis; (2) adjusted
EBIT/interest coverage below 2.0x on a sustained basis; or (3) cash
to short-term debt below 1.0x-1.5x.

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


POWERLONG REAL: Moody's Rates New USD Sr. Unsec. Notes 'B2'
-----------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Powerlong
Real Estate Holdings Limited's (B1 stable) proposed senior
unsecured USD notes.

Powerlong plans to use the proceeds from the proposed notes mainly
to refinance its existing indebtedness.

RATINGS RATIONALE

"The proposed bond issuance will improve Powerlong's liquidity
profile and will not materially affect its credit metrics, because
the company will use the proceeds mainly to refinance existing
debt," says Cedric Lai, a Moody's Vice President and Senior
Analyst, and also Moody's Lead Analyst for Powerlong.

Moody's expects that Powerlong's rental income will grow 20%-25%
annually to around RMB1.4 billion in 2019 and RMB1.8 billion in
2020 from RMB1.1 billion in 2018, underpinned by its scheduled
opening of new retail malls. The company plans to open seven retail
malls in the second half of 2019.

As a result, Powerlong's adjusted rental income/interest coverage
will improve to around 40% over the next 12-18 months from 36% in
2018.

Moody's also expects that Powerlong's adjusted EBIT/interest will
slightly improve to around 2.6x over the next 12-18 months from
2.5x in 2018, while adjusted debt/adjusted capitalization will stay
largely stable at around 58% over the same period.

Powerlong's contracted sales were strong over the past two years.
In the first half of 2019, Powerlong, together with its joint
ventures and associates, achieved strong year-on-year growth in
contracted sales of 79% to RMB29.2 billion, after recording 97%
year-on-year growth to RMB41 billion in 2018. The strong contracted
sales will underpin the revenue growth of the company in the next
12-18 months.

Powerlong's B1 corporate family rating reflects its (1) track
record of developing and selling commercial and residential
properties; (2) increasing recurring revenue, which improves the
stability of its debt servicing; and (3) expansion into higher-tier
cities in China where demand for its properties is more favorable.

However, its credit profile is constrained by execution risk, the
high level of capital required for its business strategy, and high
debt leverage.

The B2 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Powerlong's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

The stable ratings outlook reflects Moody's expectation that
Powerlong will (1) continue to grow its contracted sales,
especially for commercial properties; (2) ramp up its malls to
generate rental revenue streams that will improve rental
income/interest coverage to about 0.4x-0.5x over the next 12-18
months; and (3) maintain adequate liquidity and exercise prudence
in its land acquisitions.

Upward ratings pressure could emerge if Powerlong continues to grow
in scale, while maintaining its adequate liquidity and sound credit
metrics, and improves its debt leverage to a level that matches its
business model of holding investment properties.

Credit metrics that could trigger a ratings upgrade include: (1)
adjusted EBIT/interest above 3.5x; (2) rental income/interest
coverage above 0.6x; (3) adjusted debt/adjusted total
capitalization below 50%; and/or (4) cash/ short-term debt above
1.5x on a sustained basis.

Moody's could downgrade Powerlong's ratings if the company shows a
deterioration in sales or undertakes more aggressive expansion that
weakens its credit metrics.

Credit metrics that could trigger a ratings downgrade include: (1)
adjusted EBIT/interest below 2.5x; (2) rental income/interest below
0.4x; (3) adjusted debt/adjusted total capitalization above 55%;
and/or (4) cash/short-term debt below 100%.

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

Powerlong Real Estate Holdings Limited is a Chinese property
developer focused on building large-scale integrated residential
and commercial properties in China. The company listed on the Hong
Kong Exchange in October 2009. The founding Hoi family held 61% of
the total number of issued shares of the company at July 8, 2019.


RONSHINE CHINA: Fitch Assigns B+(EXP) to Proposed USD Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned homebuilder Ronshine China Holdings
Limited's (B+/Stable) proposed US dollar senior notes an expected
rating of 'B+(EXP)' with a Recovery Rating of 'RR4'. The proposed
notes are rated at the same level as Ronshine's senior unsecured
rating because they will be unconditionally and irrevocably
guaranteed by the company. Ronshine intends to use the net proceeds
to refinance its existing debt. The final rating is subject to the
receipt of final documentation conforming to information already
received.

Ronshine's ratings reflect its high quality and diversified land
bank, which supported its fast contracted sales expansion in 2018.
Its ratings are constrained by its sustained moderately high
leverage of about 50%, as defined by net debt/adjusted inventory,
which is high among 'B+' rated peers. Fitch believes Ronshine's
ability to source a low-cost land bank consistently while
maintaining sales churn and profitability will affect the company's
deleverage progress to below 45%, the level that would trigger
positive rating action.

KEY RATING DRIVERS

Faster Scale Expansion: Ronshine's total contracted sales increased
by 143% to CNY122 billion in 2018 (equivalent to consolidated
contracted sales of about CNY74 billion). Ronshine's focus on the
Yangtze River Delta, with exposure to cities that are benefiting
from spillover demand from top-tier cities, was a key driver for
the strong sales growth. The company set a total contracted sales
target of CNY140 billion in 2019, supported by CNY200 billion in
saleable resources, of which 52% will be located in the Yangtze
River Delta.

High Quality, Diversified Land Bank: Ronshine's attributable land
bank remained largely stable at 12.9 million square metres (sq m)
as of end-2018, compared with 12.7 million sq m as of end-2017. Its
land-bank portfolio is well-diversified, covering 39 cities in
China with a focus on tier 1 and 2 cities, which accounted for 80%
of its land bank by area. Fitch believes the diversified land bank
has mitigated the impact from tighter home-purchase restrictions in
many high-tier cities. The company entered six new cities in 2018,
including Qingdao, Jiaxing and Huzhou.

Margin Recovery: Ronshine's EBITDA margin, after adding back
capitalised interest in the cost of goods sold (COGS), recovered to
25% in 2018, from 20% in 2017. The weak EBITDA in 2017 was due to
the revaluation of inventory to fair value following some
acquisitions during the year. Fitch expects the impact to diminish
as the company's scale expands. Ronshine's average land-bank cost
was CNY6,356/sq m, which accounted for 29% of its contracted
average selling price in 2018. The land cost appears reasonable in
light of the high-quality land bank, which should sustain the
EBITDA margin at around 25%.

Ratings Constrained Despite Lower Leverage: Leverage, measured by
net debt/adjusted inventory including guaranteed debt for its joint
ventures (JV) and associates, had fallen to 50.1% by end-2018, from
56.6% at end-2017. Management expects to deleverage further as the
company's budget for land acquisition will remain low at about 30%
of contracted sales proceeds in 2019, as there is sufficient land
bank to maintain its contracted sales scale.

DERIVATION SUMMARY

Ronshine's consolidated contracted sales scale of about CNY80
billion a year and diversified land bank are equivalent to 'BB-'
rated homebuilders, such as Yuzhou Properties Company Limited
(BB-/Stable). However, Ronshine's leverage of 50% is higher than
that of 'BB-' rated peers, which usually have leverage of below
45%.

Ronshine has a smaller scale, thinner EBITDA margin and higher
leverage relative to China Evergrande Group (B+/Positive), but
Ronshine has relatively less trade payables and a stronger
liquidity position. Ronshine has a similar scale to 'B' category
peers, such as Yango Group Co., Ltd. (B/Positive), although
Ronshine's leverage is lower. Ronshine's normalised EBITDA margin
(adding back capitalised interest in COGS) of about 25% is
comparable with that of Yango.

KEY ASSUMPTIONS

Total contracted sales of CNY140 billion in 2019 and CNY150 billion
in 2020 (2018: CNY122 billion)

  - EBITDA margin, after adding back capitalised interest in COGS,
of 25%-27% in 2019-2020 (2018: 25%)

  - Land acquisitions to account for 30%-40% of contracted sales
proceeds in 2019-2020

No changes to its recovery rating assumptions

  - Fitch estimates the recovery rate of the offshore senior
unsecured debt to be 55%, based on its calculation of the adjusted
liquidation value after administrative claims. Fitch has rated the
senior unsecured debt at 'B+'/RR4. China falls into its 'Group D'
of creditor friendliness under its Country-Specific Treatment of
Recovery Ratings Criteria, and instrument ratings of issuers with
assets in this group are subject to a soft cap at the issuer's IDR.



[*] CHINA: Debt Ratio Growing as Economy Loses Steam
----------------------------------------------------
Bloomberg News reports that China's efforts to shore up sagging
economic growth are leading to a resurgence in indebtedness,
underlining the challenge President Xi Jinping's government faces
in curbing financial risk.

The nation's total stock of corporate, household and government
debt now exceeds 303% of gross domestic product and makes up about
15% of all global debt, Bloomberg discloses citing a report
published by the Institute of International Finance. That's up from
just under 297% in the first quarter of 2018.

Bloomberg says the real growth of the world's second-largest
economy slowed to a record-low pace in the second quarter amid the
negative effects of the trade war with the U.S. as well as
longer-term factors such as its aging society. In a bid to manage
the slowdown, the government has tried to funnel credit to the
private sector and encourage domestic consumption -- at the price
of higher debt.

According to Bloomberg, China's total debt-to-GDP ratio nears 310%
as of July 2019.

That's a turnaround from 2018's sweeping campaign to curb
off-balance sheet corporate borrowing from the so-called shadow
banking sector, a signature campaign by Xi, Bloomberg says. While
that effort did have some success, borrowing in other sectors
offset it, according to the IIF. The marked slowdown in the economy
also affects the burden that debt places on the economy.

With nominal GDP growth now running at about 8%, far outpaced by
the growth in aggregate financing at about 11%, means that the
debt-to-GDP ratio is bound to increase, according to Raymond Yeung
at Australia & New Zealand Banking Group Ltd, Bloomberg relays.

Real gross domestic product rose 6.2% in the April-June period from
a year earlier, a further slowdown compared with the 6.4% expansion
in the first quarter, Bloomberg discloses. For now, accelerated
debt growth appears to be a price policy makers are willing to pay
in order to brake the slowdown.

Policy makers have beefed up fiscal support, including easing the
rules for using government debt in some infrastructure projects.
Bloomberg recalls that the State Council, China's cabinet, said
last month that banks should try to sell more than CNY180 billion
($26.2 billion) of bonds to fund small firms in 2019 as well as
lend more to the manufacturing and services sector.




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

[*] HONG KONG: Protests Starting to Affect Economy
--------------------------------------------------
Bloomberg News reports that Hong Kong is beginning to reckon with
the economic cost of ongoing protests against the government's
extradition bill, as the disruption risks driving away local
shoppers and deterring tourists from mainland China.

According to Bloomberg, the Hong Kong Retail Management Association
on July 16 said that "most members" reported a
single-to-double-digit drop in average sales revenue between last
month and the first week of this month, when multiple
demonstrations converging on major office and retail districts took
place.

Bloomberg relates that the threat to Hong Kong's vital retail
sector is hitting its economy at a time when it is already slowing.
Retail sales data for last month is due for release on Aug. 1, with
the value of goods sold having contracted every month since
February.

The "industry is worried that these events will damage Hong Kong's
international image as a safe city, a culinary capital and a
shopping heaven," the association said in a statement, Bloomberg
relays.

Bloomberg says Hong Kong Chief Executive Carrie Lam's bid to ease
extraditions to the mainland prompted hundreds of thousands of
protesters to take to the streets in a wave of historic protests
that has brought parts of the territory to a halt since early last
month.

Bloomberg relates that Hong Kong Financial Secretary Paul Chan said
at a briefing on July 15 that second-quarter economic output is
expected to be "slow," though there haven't been obvious capital
outflows amid the demonstrations.

Sa Sa International Holdings, a seller of cosmetics, reported a
15.3 percent drop in same-store sales in Hong Kong and Macau for
the three months through last month. The company said the
demonstrations had affected some stores, as had a high comparison
from the previous year, Bloomberg discloses.

For the same period, Chow Tai Fook Jewellery Group reported an 11
percent decline, adds Bloomberg.

The political backdrop and a decline in mainland visitors increases
the likelihood of a 2 percentage-point reduction in its first-half
operating margin, Catherine Lim, an analyst at Bloomberg
Intelligence in Singapore, wrote in a note.

The chances of a marked economic impact from the protests raises
comparisons with the Occupy movement that blocked parts of central
Hong Kong five years ago, Bloomberg notes.

Bloomberg notes that economic growth slowed in the fourth quarter
of 2014 from the previous period, and the government at the time
partially blamed that weaker performance on the protest, saying it
"affected tourism, hotel, catering, retail and transport
industries."

This year, the number of visitors to the territory from the
mainland has been increasing strongly, thanks in part to the
opening of a new bridge linking Hong Kong with the city of Zhuhai
in Guangdong Province, Bloomberg notes. Arrivals in May surged 23.6
percent from a year earlier, with last month's tally not yet
available.

Images of protesters blocking major city thoroughfares - and retail
outlets - is likely to pose a significant risk if the
demonstrations continue, Bloomberg states. On July 1, a gathering
that ultimately saw protesters break into and vandalize the
territory's Legislative Council hampered retailers in the shopping
district of Causeway Bay and elsewhere.

Yet most businesses are attempting to carry on.

"There were so many people, it was a mess, no one wanted to come
in," Bloomberg quotes Chen Yan, 30, who works at the counter of a
pharmaceutical store in Causeway Bay, as saying. "But we haven't
changed our operations because of the protests. We expect it to be
temporary."




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

ADHUNIK GROUP: NCLT Orders Liquidation as Liberty Plan Fails
------------------------------------------------------------
VCCircle reports that the National Company Law Tribunal (NCLT) has
ordered the liquidation of Adhunik Metaliks Ltd and unit Zion Steel
after the UK-based Liberty House Group failed to implement its
resolution plan for the debt-laden companies.

VCCircle relates that the Cuttack bench of the NCLT said in an
order issued on July 7 that Liberty House couldn't implement its
resolution plan and that the 270-day period to complete the
insolvency resolution process was over long ago.

This is the second company that steel tycoon Sanjeev Gupta's
Liberty House was keen to acquire but is now headed for
liquidation, the report says. In April, ABG Shipyard was ordered
into liquidation after lenders rejected Liberty House's sole bid.

According to the report, the tribunal also rejected a plea by
Adhunik's lenders to allow them to consider an offer by Maharashtra
Seamless Ltd involving capital infusion into the stressed companies
as it was below the liquidation value.

"In such a situation, the authority [NCLT] cannot reset the clock
back to day one. I cannot allow the committee of creditors to
restart the corporate insolvency resolution process afresh over and
again," the order said, VCCircle relays.

Adhunik's committee of creditors had sought permission to consider
the offer by Maharashtra Seamless, which was the second-highest
bidder for the assets of Adhunik Group of Industries, the report
says.

VCCircle notes that Maharashtra Seamless can still apply to acquire
the companies under Sections 230-232 of the Companies Act that deal
with mergers and acquisitions. The CoC may then be permitted to
consider its resolution plan, the order said.

Adhunik's lenders, led by State Bank of India, had approved Liberty
House's resolution plan in July 2018, the report recounts. However,
the plan got delayed due to certain claims by state-run MSTC Ltd.
The claims were later rejected by both National Company Law
Appellate Tribunal (NCLAT) and the Supreme Court.

Although the claims were rejected, Liberty House failed to pay
INR410 crore and said it did not receive the offer letter from
lenders for equity shares, which made it difficult for the UK-based
company to invest funds, VCCircle relays.

                        About Adhunik Group

Adhunik Group companies are engaged in the production of alloy-and
carbon-steel products for the auto, power and engineering sectors,
and are also into the mining of manganese ore.

In October 2017, NCLT's Kolkata chapter admitted these four
companies for insolvency proceedings that commenced in August
2017.

Adhunik Group, which employs over 1,500 workers, has a debt of more
than INR5,000 crore, VCCircle disclosed.


AMRIT FRESH: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Amrit Fresh Private Limited
        158, Lenin Sarani
        3rd Floor, Kolkata
        West Bengal 700013

Insolvency Commencement Date: July 10, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 5, 2020
                               (180 days from commencement)

Insolvency professional: Niraj Agrawal

Interim Resolution
Professional:            Niraj Agrawal
                         C/o M/s H.K. Agrawal & Co.
                         125, Netaji Subhas Road
                         5th Floor, Room No. 52
                         Kolkata 700001, West Bengal
                         E-mail: niraj@execonservices.com

                            - and -

                         Apex Insolvency Professionals LLP
                         Central Plaza, 41 B.B. Ganguly Street
                         5th Floor, Room No. 5A
                         Kolkata 700012
                         E-mail: afpl.cirp@gmail.com

Last date for
submission of claims:    July 24, 2019


BANSAL REFINERIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Bansal Refineries Private Limited
        Registered office:
        113, Park Street
        North Block, 7th Floor
        Kolkata 700016, West Bengal

Insolvency Commencement Date: July 9, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 4, 2020

Insolvency professional: Dr.(h.c.) Advocate Mamta Binani

Interim Resolution
Professional:            Dr.(h.c.) Advocate Mamta Binani
                         2A, Ganesh Chandra Avenue
                         Commerce House
                         Fourth Floor, Room No. 6
                         Kolkata 700013, West Bengal
                         E-mail: mamtabinani@gmail.com
                                 cirpbrpl@gmail.com

Last date for
submission of claims:    July 23, 2019


BRIJNANDAN INDUSTRIES: ICRA Lowers Rating on INR12cr Loans to D
---------------------------------------------------------------
ICRA has downgraded the rating for the INR12.00 crore bank
facilities of Brijnandan Industries Private Limited (BIPL) to
[ICRA]D ISSUER NOT COOPERATING (pronounced ICRA D Issuer Not
Cooperating) from [ICRA]BB (Stable) ISSUER NOT COOPERATING
(pronounced ICRA double B Issuer Not Cooperating). The rating
continues to remain in the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-         9.50      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating downgraded from [ICRA]BB
                                 (Stable); continues to remain
                                 in issuer not cooperating
                                 category

   Fund based-         2.50      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating downgraded from [ICRA]BB
                                 (Stable); continues to remain
                                 in issuer not cooperating
                                 category

Rationale

The rating downgrade factors in the discontinuation of automobile
dealership business of BIPL, giving rise to the risk of
irregularity in debt servicing.

ICRA has limited information on the entity's performance since the
time it was last rated in July 2016.

As part of its process and in accordance with its rating agreement
with Brijnandan Industries Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

BIPL was an authorised dealer of Renault for the sale of passenger
cars, servicing and sale of spares in Bihar. However, its
automobile dealership business has been discontinued.


CHOKSHI TEXLEN: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR8.17-crore bank facilities of
Chokshi Texlen Private Limited continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING" for the bank facilities of the company.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based TL        1.17       [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based CC        7.00       [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; 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/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.

Chokshi Texlen Private Limited (CTPL) was incorporated in 1997 by
Mr. Nikhil Agarwal and Mr. Piyush Agarwal to acquire an existing
texturising unit in Surat, Gujarat. Initially, it was engaged in
the production of crimp yarn. With the rising demand for Kota yarn,
however, the company began producing the same from FY2012. CTPL is
equipped with 10 texturising machines for the production of crimp
and Kota yarn with a manufacturing capacity of 550-600 kg of yarn
per day, with the configuration of 30 deniers.


DELITE CABLES: ICRA Maintains 'D' Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the rating of INR12.00 Crore bank facility of Delite
Cables Pvt. Ltd. continues to remain under 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/D ISSUER NOT
COOPERATING".

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

   Non fund based-   4.50       [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee               Rating continues to remain under
                                'Issuer Not Cooperating' category

   Unallocated       3.50       [ICRA]D/D ISSUER NOT
   Limits                       COOPERATING; 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/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.

Delite Cables Private Limited (DCPL) was incorporated in 2004 and
is engaged in manufacturing low tension power and control cables
and aerial bundled cables at its facility located at Vadodara in
Gujarat. Besides this, DCPL is also an EPC (Erection, procurement
and commissioning) contractor and has completed projects in Sasan
Gir, Junagadh and Rajkot regions of Gujarat. The company is managed
by Mr. Pankaj Panchal and Mr. Mitul Panchal who have past
experience of about a decade in the cable industry.


GAURSONS SPORTSWOOD: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Gaursons Sportswood Private Limited
        D-25 Vivek Vihar
        Delhi 110095

        Other office:
        Gaur Biz Park
        Plot No. 1 Abhaykhand II
        Indirapuram
        Ghaziabad 201014

Insolvency Commencement Date: July 10, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 6, 2020
                               (180 days from commencement)

Insolvency professional: Prabhjit Singh Soni

Interim Resolution
Professional:            Prabhjit Singh Soni
                         GG1/144/C, Near PVR Cinema
                         Vikas Puri, New Delhi 110018
                         E-mail: psgurleensoni@gmail.com
                                 ipgaursons@gmail.com

Classes of creditors:    Home Buyers-Financial Creditor

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rakesh Kumar Jain
                         Flat J-6 2nd Floor Pocket 9a
                         Jasola, New Delhi, Delhi

                         Mr. Sunil Kumar Agrawal
                         E-29, South Extension, Part-II
                         New Delhi 110049

                         Mr. Arvind Kumar
                         B-321, Second Floor
                         Nehru Ground
                         NIT Faridabad 121001

Last date for
submission of claims:    July 24, 2019


GLOPORE IM: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Glopore IM Services Private Limited
        No. 595, SLA Arcade
        3rd Floor, 15th Cross, 1st Phase
        Outer Ring Road
        JP Nagar, Bengaluru
        Karnataka 560078

Insolvency Commencement Date: June 26, 2019

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Venkataraman Jayagopal

Interim Resolution
Professional:            Venkataraman Jayagopal
                         V. Jayagopal & Associates
                         Company Secretaries
                         No. 275, 2nd Floor, JMJ Apartments
                         100 feet Road, Indira Nagar
                         HAL 2nd Stage
                         Adjacent to Udupi Park Restaurant
                         Bengaluru 560038
                         E-mail: gopal_venus@hotmail.com

Last date for
submission of claims:    July 18, 2019


GOYAL AUTOMOBILES: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR5.00 crore bank facilities of Goyal
Automobiles continues to remain in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based–          5.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

The rating is based on no updated information on the entity's
performance since the time it was last rated in June 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

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

Incorporated in 2000 as a proprietorship firm, Goyal Automobiles
(GA) is an authorised dealer for vehicles manufactured by Hero
Motocorp Limited (HML). The company sells vehicles and provides
ancillary services that include vehicle servicing and sale of spare
parts and accessories from its showroom based in Raigarh,
Chhattisgarh.


JAVIN CONSTRUCTION: ICRA Keeps B+ Loan Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR30.0 crore bank facilities of Javin
Construction Private Limited (JCPL) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]
B+(Stable), ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Fund         30.0       [ICRA]B+ (Stable) ISSUER NOT
   based/Term loan                   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.

Javin Construction Pvt Ltd is a special purpose vehicle formed to
execute the 'Raj empire' project in the Raj nagar Extension area of
Ghaziabad. The development of the project is through the consortium
of group entities namely S M builders, SS Buildcon and JCPL itself.
The shareholding of these three entities are 50:40:10.

The group is managed by two set of promoters namely Mr. Mukesh
Chandra Agarwal from SS group and Mr. Deepak and Mr. Sudhir Rawat.
The SS group has good experience in real estate development in NCR.
The other directors also have more than 15 years of experience in
real estate. Following is a list of projects completed by the group
directors.


JET AIRWAYS: Government to Launch Job Web Portal for Jet Employees
------------------------------------------------------------------
BusinessToday.In reports that the government will soon launch a web
portal to facilitate jobs to thousands of Jet Airways employees.

BusinessToday.In relates that the jobless employees will be listed
on the portal to make it easier for other airlines in India to
reach out for the right talent. "We are also producing a website
which is ready. I wish I had the capacity of telling you that the
website is up. Every employee would be listed there and the
prospects for their re-employment or employment will be facilitated
by the government," Civil Aviation Minister Hardeep Singh Puri said
in the Rajya Sabha on July 16, the report relays.

He said the government was also in touch with other domestic
airlines, including SpiceJet and IndiGo, on the matter. Puri,
replying on the Airports Economic Regulatory Authority of India
(Amendment) Bill, 2019, in the Rajya Sabha, said that the revival
of the airline was now possible only under the IBC,
BusinessToday.In relays.

The Minister, however, said the government could not be held
responsible for the business failure of a private entity. He said
the government had no role in raising funds for Jet Airways, as it
was its internal matter. "Each airline prepares its business plan
on the basis of its own market assessment and liabilities. Based on
their business plan, the efficient operations and financial
resources are the responsibility of the airlines," the minister, as
cited by BusinessToday.In, added.

Over 20,000 employees of Jet Airways are facing an unprecedented
crisis since they have not been paid their salaries since January,
the report states.

According to the report, Puri said Jet Airways reported aggregated
losses during the past few quarters, which eroded its liquidity and
jeopardised its ability to sustain its operations. "As a result,
there were significant overdue towards all creditors including the
lessors of the aircraft, pilots, suppliers, oil companies etc. Due
to the suspension of operation by Jet Airways, a large number of
employees of different category working with the airline has been
adversely affected," the report quotes Puri as saying.

                          About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provided passenger and cargo air
transportation services.  It also provided aircraft leasing
services. It operated flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on June
24, 2019, Reuters said the National Company Law Tribunal (NCLT), on
June 20 accepted an insolvency petition against Jet
Airways Ltd filed by its creditors as they attempt to recover some
of their dues.  The insolvency process will allow lenders to sell
the company as a whole or in parts, laying out a fixed timeline for
a resolution around its future. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

Jet Airways Ltd on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

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


JET AIRWAYS: Lenders Plan to Call Bids for Assets by July 20
------------------------------------------------------------
The Economic Times reports that the lenders to bankrupt Jet
Airways, who met in India on July 16 for the first time since the
carrier was sent to the NCLT, are understood to have decided to
call for expressions of interest to sell the meager assets of the
airline by July 20.

According to the report, the airline's meager assets include 14
aircraft including 10 Boeing planes -- down from 124 before the
grounding -- and 49 percent stake in Jet Privilege and a few
buildings, while its liabilities are over INR36,000 crore,
including more than INR10,000 crore of vendor dues, INR8,500 crore
along with interest to the lenders, over INR3,000 crore in salary
dues and more than INR13,500 crore in accumulated losses of the
past three years.

The company is no more a going concern and had for many years run
into negative networth, the report notes.

ET relates that the lenders also list spares, slots and routes as
the "assets" of the airliner that was promoted by Naresh Goyal and
operated its last flight on April 17. The airline was sent to the
NCLT on June 17.

But it can be noted that government had temporarily given away all
its domestic slots in April itself and its international routes in
June.

ET adds that the insolvency resolution professional for the airline
Ashish Chhawchharia and the lenders led by State Bank will be
laying down the bidding criteria, a source told PTI.

Voting on the timeline for issuing the expressions of interest and
the eligibility criteria will be completed by the targeted date of
July 19 and the EoIs are likely to be issued the next day on July
20, the source, as cited by ET, added.

Financial creditors have made a claim of INR8,500 crore, while the
claims from operational creditors and employees -- which are much
higher than the former -- are yet to be verified, the source said,
ET relays.

The National Company Law Tribunal had on June 20 admitted the
insolvency petition filed by the lenders against Jet Airways, and
directed resolution professional to try to finish the process
within three months.

The tribunal had cited "national importance" of the airline while
directing a faster resolution process, than 180 days allowed under
the bankruptcy code, according to the report.

Before it was sent to the NCLT, the banks, which own half of the
shares in the airline had sought expressions of interest from both
strategic and financial investors to sell between 31.2 and 75
percent stake, ET recalls.

ET says the bankers had received four non-binding EoIs in April,
while Etihad Airways, which owns 24 percent in the carrier, had
submitted a conditional bid. But none of the bidders moved forward.
Later late last month, the employees had moved the NCLT seeking to
take over the airline with an unknown entity.

                          About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provided passenger and cargo air
transportation services.  It also provided aircraft leasing
services. It operated flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2019, Reuters said the National Company Law Tribunal
(NCLT), on June 20 accepted an insolvency petition against Jet
Airways Ltd filed by its creditors as they attempt to recover some
of their dues.  The insolvency process will allow lenders to sell
the company as a whole or in parts, laying out a fixed timeline for
a resolution around its future. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

Jet Airways Ltd on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

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


JET AIRWAYS: TPG Capital-led Group, Apollo Global Show Interest
---------------------------------------------------------------
Ashwin Mohan at Moneycontrol reports that a TPG Capital-led
consortium is evaluating a potential bid for Jet Airways under the
IBC (Insolvency and Bankruptcy Code), according to multiple sources
with knowledge of the matter.

US private equity firm Apollo Global Management, which specialises
in distressed firms, is also keen to strike an alliance with other
suitors to bid for the debt-ridden airline, the report says. The
firm, which has $280 billion of assets under management, has
reached out to the Jet employees consortium in this regard, sources
added.

Another source told Moneycontrol that a lot hinges on the lenders
making  JPPL a party to the bidding process.

"TPG Capital is interested in Jet Privilege Private Limited (JPPL),
which has better financials compared to Jet Airways, has seen a
spike in membership and has shown profits in the past. But the only
hurdle is JPPL is an independent entity is not a party to the
current insolvency proceedings. The SBI-led lenders' consortium
needs to take a crucial call on whether JPPL can be made a party to
the bidding process," a second source told Moneycontrol.

Jet Privilege Private Limited (JPPL) is the frequent flyer loyalty
programme of Jet, Moneycontrol discloses. It was incorporated in
2012 as a wholly-owned unit of Jet Airways but was separated as an
independent entity in 2014 after Etihad Airways purchased a 50.1%
stake for $150 million. The remaining stake is held by Jet Airways.
On Point Loyalty, a global management consultancy focused on
airline loyalty programmes, had valued Jet Privilege at $1.131
billion (about INR7,300 crore) last year, based on the average
rupee exchange rate in November.

"Apollo Global Management met the Jet Airways employees consortium
recently. They are value investors and see a good opportunity in
Jet Airways," Moneycontrol quotes a third source as saying.

According to Moneycontrol, the lenders of Jet concluded their first
CoC (Committee of Creditors) on July 16, 2019 and are expected to
invite EOIs (expressions of interest) by the end of the week. The
deadline for submission of EOI's by potential suitors is likely to
end in the first week of August, the report notes. Ashish
Chhawchharia of Grant Thornton was picked earlier by the SBI-led
consortium as the resolution professional for Jet Airways.

Moneycontrol was the first to report on June 29 that a Hinduja
Group-Etihad Airways consortium gearing up for an IBC bid for Jet
Airways and the Tata Group and Qatar Airways in an exploratory mode
for the same. Later, Tata SIA Airlines chairman Bhaskar Bhatt was
quoted as follows: "With demand evidently remaining unfulfilled, we
like other airlines have sought to get more aircraft into our
fleet, including those grounded at present. Acquiring (Jet's)
Boeing fleet makes our otherwise A320 Airbus fleet asymmetric but
it will at least service the gap even if temporarily," indicating
that the conglomerate's interest may be limited to only some of the
airlines' assets."

Moneycontrol had also reported earlier on June 28 that the employee
consortium had joined hands with London-based AdiAgro Aviation to
bid for 75 percent in the airline through the IBC process. AdiGro
Aviation Founder Sanjay Viswanathan said the consortium will bid
for 75 percent stake, of which the London-based firm will take 49
percent, and the rest will be with the employees' consortium. There
is a 49 percent cap on FDI in the aviation sector.

                          About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provided passenger and cargo air
transportation services.  It also provided aircraft leasing
services. It operated flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on June
24, 2019, Reuters said the National Company Law Tribunal (NCLT), on
June 20 accepted an insolvency petition against Jet
Airways Ltd filed by its creditors as they attempt to recover some
of their dues.  The insolvency process will allow lenders to sell
the company as a whole or in parts, laying out a fixed timeline for
a resolution around its future. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

Jet Airways Ltd on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

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


JONNA IRON: ICRA Assigns B+ Rating to INR17cr Cash Loan
-------------------------------------------------------
ICRA has assigned rating to the bank facilities of Jonna Iron Mart
(JIM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term-Cash
   Credit Limits        17.00      [ICRA]B+ (Stable); Assigned

Rationale

The assigned rating is constrained by JIM's modest scale of
operations in the steel trading industry with revenues of INR136.7
crore in FY2019. JIM had a thin operating margin of 3.19% in FY2019
owing to the trading nature of business and a tight liquidity
position, as reflected by full utilisation of working capital
limits in the past 12 months owing to high inventory and debtor
levels. Further, the firm is exposed to inventory risk with the
company holding significant inventory levels over the past five
years. The rating is further constrained by intense competition in
the steel trading industry given the limited product
diversification and exposure of margins and revenues to the risks
associated with volatility in prices of the products.

The rating, however, draws comfort from the extensive experience of
the promoters in the steel trading industry. JIM's established
relationship with suppliers, ensuring regular supply of traded
goods, and strong relationships with customers, resulting in repeat
orders over the past few years, provide further support.

Outlook: Stable

The Stable outlook reflects ICRA's belief that JIM will continue to
benefit from the extensive experience of its promoters in the steel
trading industry. The outlook may be revised to Positive if
higher-than-expected growth in revenue and profitability, and
better working capital management, strengthen the financial risk
profile. The outlook may be revised to Negative if there is a
decline in the operating margins or if any stretch in the working
capital cycle weakens its liquidity.

Key rating drivers

Credit Strengths

Healthy growth in operating income: The operating income has grown
from INR52.25 crore in FY2015 to INR136.20 crore in FY2019, driven
by increased sales volumes. The sales volume increased from 13,682
MT in FY2015 to 37,314 MT in FY2019 on the back of increased
economic activity in Anantapur region of Andhra Pradesh. The demand
is expected to continue in the near term with many auto ancillary
units planning to set up factories in Anantapur region.

Experienced promoters in the steel trading industry: The partners
have been involved in the steel trading business for close to four
decades. Further, the firm is benefitted from repeat orders
received from customers over the past few years. The firm also has
established relationship with suppliers ensuring regular supply of
traded goods.

Credit Challenges

Small scale of operations: Although the revenues increased at a
CAGR of 32% to INR136.20 crore in FY2019, the scale of operation
continues to remain small in the steel trading industry.

Weak financial risk profile: The firm's financial profile is weak,
characterised by a gearing of 2.51 times as on March 31, 2019 owing
to high debt levels. The total debt of INR27.41 crore as on March
31, 2019 comprises working capital borrowings of INR20.18 crore and
interest free unsecured loans from promoters of INR7.23 crore. The
coverage indicators are moderate with interest coverage ratio at
2.02 times, NCA/Debt at 8% for FY2019.

Trading nature of business and intense competition lead to thin
margins: The operating margins were thin at 3.19% in FY2019 because
of the trading nature of operations. JIM faces intense competition
from the domestic players and from cheaper Chinese, Japanese and
South Korean imports. Given the low entry barriers in the industry
and low capital investment, stiff competition in the industry would
continue to limit the firm's pricing flexibility, exposing its
margins to volatility in raw material prices.

Risk related to partnership nature of the firm: The firm is exposed
to the risk inherent to the partnership nature of the firm,
including the capital withdrawal risk.

Liquidity position

The firm's liquidity position is weak, as reflected by high average
utilisation of working capital limits for the past 12 months ending
May 2019. The liquidity is supported by INR7.23 crore of unsecured
loans from promoters.

Jonna Iron Mart was founded as a partnership firm in 1962 to trade
in iron and steel products. The firm operates as a dealer for
products of Tata Steel, RINL and SAIL in addition to selling
re-rolled steel products of other rolling mills. The firm is
managed by Mr. Jonna Suresh and operates out of Anantapur.


KAMLESH METACAST: ICRA Keeps B on INR18cr Debt in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR18.60 crore bank facilities of
Kamlesh Metacast Private Limited (KMPL) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]
B(Stable), ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Non-      18.60       [ICRA]B (Stable) ISSUER NOT
   Fund based                      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.

Kamlesh Metacast Pvt. Ltd. (KMPL) was initially incorporated in the
year 2011 by Mr. Shyam Sundar Singhwi and Mr. Nimesh Singhwi with
equal shareholding % in the company. The company was formed with a
view to apply prospecting license (PL) for identification of
limestone in the districts of Sirohi, Rajasthan. Mr. Nimesh is a
geologist and has an extensive experience in the field to
identification of mineral resources specially Limestone. Based on
extensive research and experience, Mr. Nimesh has identified an
area in Sirohi, Rajasthan which has good prospects of availability
of limestone of cement grade. He demarcated an area of about 1900
hectares in Sirohi and filed for prospecting license application
with Directorate of Mines & Geology (DMG), Udaipur (Rajasthan).

Since the process of clearances for PL and other financial
condition, which needs to be fulfilled beforehand requires a lot of
investment. Due to insufficient funds the promoters sold their
stake to Mr. Ananya Agarwal in 2013. Mr. Ananya purchased the stake
through his family holding company namely M/s Naangi & Sons India
Pvt. Ltd. The major shareholders of the company are Mr. Ananya and
his mother Mrs. Manjusha Gupta. After taking over the previous
management the current management pursued the demarcation of the
land and other processes for clearances of the prospecting license
by mining office, forest office and directorate office. The final
consent of the application was given by DMG on December 24, 2014.
The agreement was then eventually signed on March 12th, 2015. The
LOI agreement provides 3 years of prospecting period after which
the company needs to submit the report to DMG, Udaipur; failing to
do will attract the penalty from the DMG office.


KARISMAA FOUNDATIONS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Karismaa Foundations Private Ltd
        No. 340, 1st South Main Road
        Kapaleeswarar Nagar, Neelankarai
        Chennai Kancheepuram TN 600115

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: Subramaniam Aneetha

Interim Resolution
Professional:            Subramaniam Aneetha
                         A2 Sarada Apartments
                         17/6, Sringeri Mutt Road
                         R.A. Puram, Mandaiveli
                         Chennai, Tamil Nadu 600028
                         E-mail: aneethaca@gmail.com
                                 karismaarp@gmail.com

Last date for
submission of claims:    July 22, 2019


KOLKATA ELECTRONICS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Kolkata Electronics Private Limited
        1, Vidyasagar Sarani Silpara Basket Ball Ground
        Behala, Kolkata 700008

Insolvency Commencement Date: July 5, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mohan Ram Goenka

Interim Resolution
Professional:            Mohan Ram Goenka
                         46, B.B. Ganguly Street
                         4th Floor, Room No. 6
                         Kolkata 700012
                         E-mail: goenkamohan@gmail.com

Last date for
submission of claims:    July 19, 2019


KRISHNA TUFF: ICRA Keeps B on INR7cr Loans in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for INR7.00 crore bank facilities of Krishna
Tuff Private Limited continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B(Stable)
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          1.50       [ICRA]B(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based-          4.32       [ICRA]B(Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated          1.18       [ICRA]B(Stable) ISSUER NOT
   Limits                          COOPERATING; 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/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Incorporated in June 2012, Krishna Tuff Private Limited (KTPL) is
engaged in manufacturing toughened glass and insulated glass
(double glazed glass) of thickness ranging from 4–12 mm, which is
supplied to fabricators and builders in Gujarat. The unit is
located at Chatral in Gujarat, with an installed manufacturing
capacity of ~2,00,000 sq. m. of toughened glass per annum. KTPL
commenced its commercial operations from October 2014. It is
promoted by Mr. Hasmukh Patel, Mr. Ajendra Patel and family. The
promoters have more than a decade of experience in the industry
through an associate concern, Ghanshyam Glass Corporation, which is
engaged in the trading of glasses.


KSR PROPERTIES: ICRA Moves B on INR30cr Loan to Not Cooperating
---------------------------------------------------------------
ICRA has moved the long-term rating for the limits of KSR
Properties Private Limited to the 'Issuer Not Cooperating'
category. The ratings are now denoted as "[ICRA]B (Stable); ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          30.00       [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating moved
   Limits                          to 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.

Incorporated in 1999, KSR Properties Private Limited (KSR) is a
private limited concern with Mr. Ramana Reddy Kunduru as Managing
Director. The entity is into the business of real estate
development and has completed three projects since its inception.
The company's main areas of activity are apartments and luxury
villas. Presently, the company is engaged in execution of two
residential apartment project named KSR Cordelia and KSR Basil in
KR Puram and Old Madras Road in Bangalore respectively. In the
future, the company plans to launch one row house project with an
aggregate saleable area of 1.41 lakh square feet (sqft).


KWALITY TOWNSHIP: ICRA Keeps D on INR5cr Debt in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR5.0 crore bank facilities of
Kwality township Pvt. Ltd. (KTPL) 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 Fund       5.0       [ICRA]D ISSUER NOT COOPERATING,
   Based/Term loan                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.

Incorporated in 2009, KTPL develops housing projects and townships
and undertook its first township project, "ARK City" in 2009. In
this project located in Meerut, Uttar Pradesh, the company sold 300
plots and is developing single story and duplex houses on another
100 plots as row houses. KTPL commenced the construction of its
second project "ARK Residency", Meerut, in 2012. This is a
mixed-use project, comprising 72 commercial units and 45
residential units. The total project cost is estimated at INR19.72
crore, which is proposed to be funded by customer advances (40%),
promoter's contribution (35%) and debt (25%).


MALAR ENERGY: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Malar Energy and Infrastrucure Pvt Ltd
        No. 57, First Floor Pantheon Road
        Egmore Chennai
        Chennai TN 600008 IN

Insolvency Commencement Date: July 3, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 2, 2020

Insolvency professional: Radhakrishnan Dharmarajan

Interim Resolution
Professional:            Radhakrishnan Dharmarajan
                         D3, Triumph Apartments
                         114 Jawaharlal Nehru Salai
                         Arumbakkam, Chennai 600106
                         E-mail: Dharma67@gmail.com

                            - and -

                         RDH & Co Chartered Accountants
                         26, O Block
                         18th Avenue, Ashok Nagar
                         Chennai 600083
                         E-mail: Dharma.rdh@gmail.com

Last date for
submission of claims:    July 24, 2019


MCLEOD RUSSEL: ICRA Lowers Rating on INR360cr Loan to 'D'
---------------------------------------------------------
ICRA has downgraded the ratings on the INR1031.09-crore fund-based
and non-fund based bank facilities of McLeod Russel India Limited
(MRIL) to [ICRA]D from [ICRA]B-(Negative)/[ICRA]A4. The ratings
continue to remain in the Issuer Not Cooperating category owing to
non-submission of no default declaration.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Term Loan          360.00      [ICRA]D ISSUER NOT COOPERATING;
                                  downgraded from [ICRA]B-
                                  (Negative); continues to remain
                                  in issuer not cooperating
                                  category

   Fund-based Bank    491.76      [ICRA]D ISSUER NOT COOPERATING;
   Facilities                     downgraded from [ICRA]B-
                                  (Negative); continues to remain
                                  in issuer not cooperating
                                  category

   Fund-based Bank    163.92      [ICRA]D ISSUER NOT COOPERATING;
   Facilities**                   downgraded from [ICRA]B-
                                  (Negative)/[ICRA]A4; continues
                                  to remain in issuer not
                                  cooperating category

   Non-fund-based      15.41      [ICRA]D ISSUER NOT COOPERATING;
   Bank Facilities                downgraded from [ICRA]A4;
                                  continues to remain in issuer
                                  not cooperating category

**Fungible with LT facilities

Material Event

MRIL has announced its annual results for FY2019 on June 29, 2019.
The company reported an operating income of INR1719.7 crore with a
net profit of INR38.8 crore during FY2019 as against an operating
income of INR2055.1 crore and a net profit of INR219.20 crore
during FY2018 on a consolidated basis. The total debt has
significantly increased on account of high exposure to weak group
companies, which has been largely funded by short-term debt.

Rationale
The rating revision factors in MRIL's recent delays in meeting debt
obligations in a timely manner. ICRA, in its earlier releases, had
highlighted the continued pressure on the liquidity profile of the
company owing to high financial exposure to weak group companies,
which was largely funded by short-term debt, thus exposing the
company to significant refinancing risks. ICRA had also earlier
noted that, though the company had received a majority of the
proceeds from sale of some of the tea estates, the delays in
utilising such sale proceeds in debt reduction had resulted in
significantly high financial leverage of the company, and the
sizeable debt repayment obligations were unlikely to be met from
its operational cash flows.

Key rating drivers

Credit strengths

Being one of the largest bulk tea producers in domestic markets;
geographically diversified production base – Notwithstanding the
reduction in volume post sale of some tea gardens, both in the
domestic and overseas operations, MRIL continues to remain one of
the largest bulk tea producers from India. The company produced
around 89 mkg of tea in India during FY2018; however, after sale of
20 gardens in FY2019 and Q1 FY2020, the volume is likely to reduce
to around 55 mkg. The overseas operations would make an additional
26 mkg (post sale of some gardens), taking the total consolidated
production to around 81 mkg.

High productivity and bought-leaf operations reduce risks
associated with the fixed-cost intensive nature of operations to
some extent - The average realisation of MRIL's produce fetches a
premium over the auction averages, indicating the good quality of
teas produced. The favourable age profile of MRIL's tea bushes,
with around 72% of the Indian bushes below 50 years of age, also
helps record a healthy tea estate yield.

Credit challenges

Delay in debt-servicing owing to stretched liquidity position –
MRIL has recently delayed meeting its debt obligation in a timely
manner. The tight liquidity position owing to high advances to weak
group companies, its loss-making tea operations and significantly
high debt repayment requirements have led to the delay in its debt
servicing.

Exposure to group companies increases the overall debt levels and
puts pressure on debt coverage – MRIL has significantly increased
the financial exposure to weak group companies, from INR645 crore
in FY2018 to INR1745 crore in FY2019. These advances were largely
funded by short-term debt raised in MRIL's books, exposing the
company to significant refinancing risks. ICRA further notes that
although the company has received a majority of the proceeds from
the sale of tea estates, the delay in utilising such sale proceeds
in debt reduction resulted in significantly high financial leverage
of the company. The considerable increase in financial expenses in
FY2019 on such high debt levels adversely impacted the debt
coverage indicators of the company.

Significant deterioration in core tea operation- Pressure on core
operating profitability persists as depressed tea prices were not
adequately compensating for the increase in wage costs,
notwithstanding the cost-reduction initiatives taken by the
company. In FY2019, the company reported significant losses at the
operating levels. The performance of the overseas operations in
CY2018 was also adversely impacted owing to subdued tea prices in
the African market.

Risks associated with tea for being an agricultural commodity as
well as the inherent cyclicality of the fixed cost-intensive tea
industry - Tea production depends on agro-climatic conditions,
which subject it to agro-climatic risks. Moreover, tea estate costs
are primarily fixed with labour-related costs, which are
independent of the volume produced, accounting for around 50% of
the production cost. This leads to variability in profitability and
cash flows of bulk tea producers such as MRIL.

Liquidity position
MRIL's liquidity position is stretched as evidenced by the delay in
it meeting its debt obligation. The high advances to weak group
companies, the loss-making tea operations and a significant debt
obligation resulted in tight liquidity position of the company.

McLeod Russel India Limited (MRIL), the tea plantation company of
the Kolkata-based B.M. Khaitan Group, was originally incorporated
as Eveready Company India Private Ltd. on May 5, 1998. MRIL was
formed after the demerger of the bulk-tea business from Eveready
Industries India Ltd. (EIIL) with effect from April 1, 2004. MRIL
has acquired several other companies like Williamson Tea Assam in
FY2006, Doom Dooma Tea Company in FY2007 and Moran Tea in FY2008.
These acquisitions helped MRIL increase the number of tea estates
to 53 in India with 33,723 hectares (Ha) of total land under tea
cultivation. MRIL also acquired tea estates through its
subsidiaries in Vietnam (three tea estates and seven factories),
Uganda (six tea estates and five factories) and Rwanda (two tea
estates and two factories) between CY2009 and CY2014, which took
the total production to around 118 mkg on a consolidated basis in
FY2018. In the recent past, MRIL has sold/signed MoUs for 20 tea
estates, both in Assam and in the Dooars. MRIL is primarily a
producer of CTC tea, which accounts for around 96% of the total tea
production.

In FY2019, on a standalone basis, the company reported a net loss
of INR4.4 crore on an operating income of INR1309.9 crore, compared
to a net profit of INR67.3 crore on an operating income of
INR1,592.8 crore in the previous year. On a consolidated basis, the
entity reported a net profit of INR38.8 crore in FY2019 on the back
of an operating income of INR1,719.7 crore against a net profit of
INR219.2 crore on operating income of INR2,055.1 crore in the
previous year.


MODE ADVERTISING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Mode Advertising and Marketing Pvt. Ltd.
        C 40-44, Lajpat Nagar II
        New Delhi 110024

Insolvency Commencement Date: July 4, 2019

Court: National Company Law Tribunal, New Delhi Bench, Court II

Estimated date of closure of
insolvency resolution process: December 30, 2019

Insolvency professional: Mr. Atul Tandon

Interim Resolution
Professional:            Mr. Atul Tandon
                         66, Sreshtha Vihar
                         Delhi 110092

                            - and -

                         C/o SPG Associates, Chartered Accountants
                         #105, 48855/24
                         Ansari Road, Darya Ganj
                         New Delhi 100002
                         E-mail: irp.mampl@gmail.com

Last date for
submission of claims:    July 24, 2019


NAVIN COLD: ICRA Lowers Rating on INR9cr Bank Loan to 'D'
---------------------------------------------------------
ICRA has downgraded the rating for the INR9.00 crore bank
facilities of Navin Cold Storage Pvt. Ltd. (NCSPL) to [ICRA]D
ISSUER NOT COOPERATING (pronounced ICRA D Issuer Not Cooperating)
from [ICRA]C+ ISSUER NOT COOPERATING (pronounced ICRA C plus Issuer
Not Cooperating). The rating continues to remain in the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D ISSUER
NOT COOPERATING."

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       1.81       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating downgraded from [ICRA]C+
                                and continues to remain in the
                                'Issuer Not Cooperating'
                                category

   Fund based-       1.17       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating downgraded from [ICRA]C+
                                and continues to remain in the
                                'Issuer Not Cooperating'
                                category

   Fund based-       5.50       [ICRA]D ISSUER NOT COOPERATING;
   working capital              Rating downgraded from [ICRA]C+
   loan                         and continues to remain in the
                                'Issuer Not Cooperating'
                                category
                  
   Unallocated       0.52       [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Rating downgraded from [ICRA]C+
                                and continues to remain in the
                                'Issuer Not Cooperating'
                                category  

Rationale

The rating downgrade follows the delays in debt servicing by Navin
Cold Storage Pvt. Ltd. to the lender, as confirmed by them to
ICRA.

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

Navin Cold Storage Pvt. Ltd. had set up its cold storage unit in
West Medinipur, West Bengal in 1990 to carry out the business of
storage and preservation of potatoes. The current capacity of the
cold storage unit is 23,557 metric tones (Mt).


NS PAPERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s NS Papers Limited
        Registered office:
        8th K.M., Jansath Road
        Muzaffarnagar U.P. 251001

Insolvency Commencement Date: July 11, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 6, 2020
                               (180 days from commencement)

Insolvency professional: Pankaj Mahajan

Interim Resolution
Professional:            Pankaj Mahajan
                         H-223, 22nd Floor
                         DLF Capital Greens
                         15, Shivaji Marg
                         Delhi 110015
                         E-mail: pankaj@acgasso.com

                            - and -

                         C/o LSI Resolution Pvt. Ltd.
                         808 Padma Tower-I
                         Rajendra Place
                         New Delhi 110008
                         E-mail: cirp.nspapers@gmail.com

Last date for
submission of claims:    July 25, 2019


OCTAGA GREEN: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Octaga Green Power and Sugar Company Limited
        Registered office:
        Chapsey Terrace, 3rd Floor
        30 Altamount Road, Mumbai
        MH 400026 IN

Insolvency Commencement Date: July 3, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Gaurav Ashok Adukia

Interim Resolution
Professional:            Mr. Gaurav Ashok Adukia
                         Anand Bhavan, Jamnadas Adukia Road
                         Kandivali (W), Mumbai 400067
                         E-mail: gauravadukia@hotmail.com

                            - and -

                         Sumedha Management Solutions Private
                         Limited
                         C703, Marathon Innova
                         Off Ganapatrao Kadam Marg
                         Lower Parel West, Mumbai
                         Maharashtra 400013
                         E-mail: ogps@sumedhamanagement.com

Last date for
submission of claims:    July 17, 2019


PEPSU ROAD: ICRA Moves B+ Rating on INR40 Loans to Non-Cooperating
------------------------------------------------------------------
ICRA has moved the rating for the INR40.0 crore bank facilities of
Pepsu Road Transport Corporation (PRTC) to 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+(Stable), ISSUER NOT
COOPERATING."

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Fund       25.0       [ICRA]B+ (Stable) ISSUER NOT
   based/Cash                      COOPERATING, Rating moved to
   credit                          'Issuer Not Cooperating'
                                   category
  
   Long-Term/           15.0       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING, Rating moved to
                                   '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.

Pepsu Road Transport Corporation (PRTC) was set up on October 16,
1956 under the provisions of Road Transport Corporation (RTC) Act,
1950 with the objective of providing "adequate, efficient, economic
and properly coordinated road transport services" in the designated
territory (Southern region) in the State of Punjab.

Apart from providing services in the districts of Patiala,
Bathinda, Kapurthala, Barnala, Sangrur, Budhlada, Faridkot and
Ludhiana, it also provides interstate services to neighboring
states like Haryana, Himachal Pradesh, Rajasthan, Jammu & Kashmir,
Uttar Pradesh, Uttaranchal, Delhi and Chandigarh. As on March 31,
2017, PRTC had a fleet strength of 1,067, which also includes 150
hired buses. Currently, PRTC has a total staff of around 4,000,
which includes around 50% contract staff also.


PLAST LINK: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Plast Link Polymers India Private Limited
        Gala No. 5 Dalmil Compound
        Nandali Talav, Purna Post Kolhere
        Taluka Bhiwandi, Thane
        Maharashtra 421302

Insolvency Commencement Date: July 8, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 4, 2020

Insolvency professional: Mr. Mahendra Prasad Jindal

Interim Resolution
Professional:            Mr. Mahendra Prasad Jindal
                         B-810 Fairdeal House
                         Nr. Swastik Char Rasta
                         Navrangpura, Ahmedabad 380009
                         E-mail: mpjindal@rediffmail.com
                                 plastlink.irp@gmail.com

Last date for
submission of claims:    July 22, 2019


POSCHO STEELS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Poscho Steels Private Limited
        308, 3rd floor, Ceejay House
        Dr. A.B. Road, Worli
        Mumbai 400018

Insolvency Commencement Date: July 9, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 5, 2020

Insolvency professional: Manish D. Shah

Interim Resolution
Professional:            Manish D. Shah
                         A/502, Krishna Palace
                         Thakur Complex, Kandivali (East)
                         Mumbai 400101
                         E-mail: mdshah0211@gmail.com

                            - and -

                         407, Sanjar Enclave
                         Opp. PVR/Milap Cinema
                         S.V. Road, Kandivali (West)
                         Mumbai 400067
                         E-mail: poschosteels@
                                 consultinsolvency.com

Last date for
submission of claims:    July 24, 2019


PROPURBAN ADVISORY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s PropUrban Advisory Services Pvt Ltd
        25/2, Nish Manor, 1st Floor
        Norris Road, Langford Town
        Shantinagar Post
        Bangalore 560025

Insolvency Commencement Date: June 24, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: December 21, 2019
                               (180 days from commencement)

Insolvency professional: S. Viswanathan

Interim Resolution
Professional:            S. Viswanathan
                         10, 6 A Cross
                         Ramaswamy Palya
                         Vignana Nagar
                         Bangalore 560037
                         E-mail: vish.ramanan@gmail.com

                            - and -  

                         Golden Square Business Centre
                         102, Eden Park
                         20, Vittal Mallya Road
                         Bangalore 560001
                         E-mail: cirp.propurban@gmail.com

Last date for
submission of claims:    July 17, 2019


R.K. CONSTRO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: R.K. Constro Projects Private Limited
        Registered office as per MCA Records:
        R.K.B. Bhavan H.No. 34
        Bhagyanagar, Adalat Road
        Aurangabad 431001

Insolvency Commencement Date: June 28, 2019

Court: National Company Law Tribunal, Aurangabad Bench

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

Insolvency professional: Mr. Ajay Murarilal Agrawal

Interim Resolution
Professional:            Mr. Ajay Murarilal Agrawal
                         1330, ShriramKuti
                         Deshpande Layout
                         Near haldiram Day 2 Day
                         Nagpur 440008
                         E-mail: ajayagrawal86@yahoo.co.in

                            - and -

                         Agrawal Biyani & Associates
                         Shop No. 2 First Floor
                         Matoshree Apartment
                         Satnami Nagar
                         Nagpur 440008
                         E-mail: ip.rkconstro@yahoo.com

Last date for
submission of claims:    July 23, 2019


S L CONSUMER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: S L Consumer Products Limited
        2646, Raghunandan Naya Bazar
        Delhi, North Delhi 110006

Insolvency Commencement Date: July 10, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 5, 2020
                               (180 days from commencement)

Insolvency professional: Vikram Kumar

Interim Resolution
Professional:            Vikram Kumar
                         J 6A, Kailash Colony
                         New Delhi 110048
                         E-mail: vikramau@gmail.com
                                 ip.slcpl@gmail.com

Last date for
submission of claims:    July 24, 2019


SAI LILAGAR: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sai Lilagar Power Generation Limited
        Registered office:
        8-2-293/82/A/431/A
        Road No. 22, Jubilee Hills
        Hyderabad 500033
        Telangana

Insolvency Commencement Date: July 11, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: January 7, 2020
                               (180 days from commencement)

Insolvency professional: Ram Singh Setia

Interim Resolution
Professional:            Ram Singh Setia
                         Flat No. 203, Tower 2, Crescent Bay
                         Jerbai Wadia Road, Parel
                         Mumbai, Maharashtra 400012
                         E-mail: setiars@gmail.com

                            - and -

                         7th Floor, Edelweiss House
                         Off CST Road, Kalina
                         Mumbai, Maharashtra 400098
                         E-mail: cirp.saililagar@edelweissfin.com

Last date for
submission of claims:    July 25, 2019


SHREE MEENAKSHI: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shree Meenakshi Food Products Private Limited
        416 A, E-Wing
        Kailash Industrial Complex
        Veer Savarkar Marg
        Park Site, Vikhroli (West)
        Mumbai, Mumbai City MH 400079
        India

Insolvency Commencement Date: July 15, 2019

Court: National Company Law Tribunal, Thane Bench

Estimated date of closure of
insolvency resolution process: January 11, 2020

Insolvency professional: Mr. Vimal Kumar Agrawal

Interim Resolution
Professional:            Mr. Vimal Kumar Agrawal
                         Office No. 11-12, Krishna Kunj
                         Above HDFC Bank Ltd.
                         Near Easr-West Flyover
                         Bhayander West
                         Thane 401101
                         Maharashtra
                         E-mail: vimalpagarwal@rediffmail.com

Last date for
submission of claims:    July 29, 2019


SKIPPER TEXTILES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Skipper Textiles Private Limited
        16F, Topsia Road, 1st Floor
        Kolkata 700046

Insolvency Commencement Date: June 28, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 25, 2019

Insolvency professional: Pradeep Kumar Goenka

Interim Resolution
Professional:            Pradeep Kumar Goenka
                         AV Insolvency Professionals Pvt. Ltd.
                         Bajarang Kunj, Room No. 412 & 413
                         2B, Grant Lane, 4th Floor
                         Kolkata 700012
                         E-mail: goenka.pradeep@gmail.com
                                 cirp.skippertextiles@gmail.com

Last date for
submission of claims:    July 12, 2019


SQL STAR: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: SQL Star International Ltd
        H.No. 1-11-254/11/A/1
        Rama Mansion 4, Motilal Nehru Nagar
        1st Floor, Begumpet
        Hyderabad Telangan 500016 IN

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: Sunit Jagdishchandra Shah

Interim Resolution
Professional:            Sunit Jagdishchandra Shah
                         303, 3rd Floor, Abhijeet-1
                         Opp. Bhuj Mercantile Bank
                         Mithakhali Six Roads
                         Navrangpura, Ahmedabad 6
                         E-mail: sunit78@gmail.com
                                 cirp.ssil@gmail.com

Last date for
submission of claims:    July 22, 2019


SRI PADMA: ICRA Reaffirms B+ Rating on INR18cr LT Loan
------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Sri Padma Priya Finance Corporation (PP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term bank
   Facilities           18.00      [ICRA]B+ (Stable); reaffirmed

Rationale

For arriving at the rating, ICRA has taken a consolidated view of
Sri Padma Priya Finance Corporation (PP) and Sri Vishnu Priya
Finance (VP) as these entities are under the same management and
operate in the same business segment. The combined entity is
henceforth referred to as PPVP/the entities.

The rating reaffirmation factors in PPVP's small scale with a
combined portfolio of INR82.21 crore as on March 31, 2019,
high geographical concentration with a presence in a single state
and weak profitability indicators. While the management is taking
initiatives to expand the business by commencing operations in new
districts, ICRA notes that PPVP's concentration in Andhra Pradesh
is likely to remain high over the medium term. The rating continues
to factor in the operational and managerial support from the SB
Group. The Group's promoters have diverse business interests
including auto dealership, real estate and tour & travel
operations. The rating also factors in PPVP's good asset quality
indicators with the 90+ delinquencies at 1.5% and the comfortable
capital structure with a gearing of 2.9 times as on March 31,
2019.

ICRA notes that there is scope for improvement in PPVP's credit
appraisal, internal control and risk management systems, which is
crucial for business expansion. The rating also takes into
consideration the lack of regulatory oversight as the entities
operate as partnership firms. PPVP's ability to improve its funding
diversity, maintain the asset quality and scale up its operations,
going forward, would be crucial from a rating perspective.

Outlook: Stable

The Stable outlook factors in the good asset quality indicators and
comfortable capitalisation profile. The outlook may be revised to
Positive as PPVP scales up with an improvement in its profitability
while maintaining a comfortable capitalisation profile. The outlook
may be revised to Negative in case of a significant deterioration
in the asset quality or other financial indicators.

Key rating drivers

Credit strengths

Comfortable capitalisation profile – PPVP's capitalisation is
comfortable with a gearing of 2.9 times (as on March 31, 2019),
supported by regular capital infusion by promoters/managing
partners. ICRA expects the capital structure to remain comfortable
over the medium term and to adequately support the envisaged
business expansion.

Good asset quality – The asset quality remains healthy with a 90+
dpd of 1.5% as on March 31, 2019 (1.5% as on March 31, 2018). ICRA
notes that the soft bucket delinquencies remain high as the 0+ dpd
stood at 30% as on March 31, 2019. However, the forward flows are
restricted by repossession and recovery efforts. As on March 31,
2019, about 82% of PPVP's total loans were towards used
two-wheelers and the remaining towards new two-wheelers. The credit
profile of the borrowers in these segments is modest, making PPVP
vulnerable to adverse economic cycles.

Support from Group entities and promoters – The SB Group has
business interests in various fields including auto dealership,
auto financing, real estate and tour & travel operations. PPVP
derives operational and managerial support from the SB Group and
leverages the Group's established auto dealerships namely, SB
Wheels Zone and SB Motor Corporation, for business growth. PPVP
also derives financial support from the Group companies in the form
of unsecured loans to bridge its funding requirement. These loans
accounted for 32% of the total borrowings as on March 31, 2019
(34.2% as on March 31, 2016).

Credit challenges Small scale and geographically concentrated
operations – PPVP has a small scale of operations (portfolio of
INR82.2 crore as on March 31, 2019) limited to Andhra Pradesh. ICRA
also takes note of the initiatives taken by PPVP to reduce its
reliance on Group entities for business. ICRA expects the
operations to remain concentrated in Andhra Pradesh over the medium
term. Subdued profitability indicators – PPVP's profitability
(Profit after tax/Average total assets) was modest at 0.7% in
FY2019 owing to higher operating expenses (Operating
expense/Average total assets of 33.7%). Going forward, it would be
crucial for PPVP to improve its operating efficiency. The cost
income ratio was 96.2% in FY2019 (96.7% in FY2018).

Scope for improvement in credit appraisal; lack of regulatory
oversight – PPVP's appraisal process does not include borrower
income analysis or credit bureau checks. It relies largely on
reference checks for feedback while making credit decisions, which
accentuates the credit risk considering the modest target customer
profile. The management information system is not integrated with
the accounting system. Given the absence of regulatory oversight
and constitution (partnership firms), PPVP does not provide for
non-performing assets.

Modest funding diversity – The funding profile largely consists
of unsecured loans from Group entities and partners in addition to
a cash credit facility from a bank. The entities ability to
diversify funding sources and secure long-term borrowings at
competitive rates would be critical for portfolio expansion.

Liquidity position:

PPVP's liquidity profile is stretched as its combined bank
facilities (cash credit) of INR36 crore were almost fully utilised
as on May 31, 2019. However, the absence of any major term loan
repayment obligations and the presence of sizeable unsecured loans
from Group companies provide liquidity cushion to some extent.
Further, its comfortable capitalisation profile with headroom for
borrowings is expected to provide support. Going forward, ICRA
notes that PPVP's ability to improve its funding diversity would be
crucial for long-term liquidity.

Sri Vishnu Priya Finance was set up in 1996 as a partnership firm
in Rajahmundry (Andhra Pradesh). It provides finance for
two-wheelers in the West Godavari region of Andhra Pradesh. As on
March 31, 2019, VP's total vehicle loan portfolio grew by 10.6% YoY
to INR32.7 crore (provisional; including unmatured hire purchase
charges), registering YoY growth of 10.6%. For FY2019, VP reported
a net profit of INR0.2 crore on an asset base of INR34.5 crore. As
on March 31, 2019, its total net worth in relation to the total
managed portfolio was about 32%.

Group Profile
PPVP is a part of the SB Group, based in Rajahmundry. The key
entities in the SB Group include SB Motor Corporation, SB Wheels
Zone, Sri Padma Priya Finance Corporation and Sri Vishnu Priya
Finance. With an established track record of over three decades,
the SB Group is primarily engaged in two- and four-wheeler
dealerships and financing. Mr. Rangaprasad, Mr. Ramkumar, Ms.
Parimala, and Mr. Suresh Kumar are the partners in all the entities
of the Group with varying shares in each firm.
The Group's financing activities are undertaken by PP and VP. Both
are partnership firms and provide finance for two- wheelers, mostly
used vehicles, with a focus on the rural market.
As on March 31, 2019, PPVP's total vehicle loan portfolio stood at
INR82.2 crore (Provisional; including unmatured hire purchase
charges; INR58.4 crore excluding unmatured hire purchase charges),
registering YoY growth of about 17.6%. For FY2019 (Prov), the
combined entity reported a net profit of INR0.5 crore on an asset
base of INR71.1 crore. As on March 31, 2019, PPVP's total net worth
in relation to total assets was 25.4% (provisional).


SRINIVASA MURUGAN: ICRA Reaffirms B+ Rating on INR12cr LT Loan
--------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Srinivasa Murugan Industries (SMI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-
   Cash Credit          12.00      [ICRA]B+ (Stable); Reaffirmed

   Long Term-
   Term Loan             2.50      [ICRA]B+ (Stable); Reaffirmed

   Unallocated           5.50      [ICRA]B+ (Stable)/[ICRA]A4;
                                   Reaffirmed

Rationale

The ratings consider the firm's moderate scale of operations in the
highly fragmented ginning industry and commoditised nature of the
product, leading to a low pricing power. The ratings also consider
its moderate financial risk profile characterised by a high gearing
and moderate debt protection metrics in FY2018 and 9M FY2019. The
firm's revenues and profitability are exposed to fluctuations in
the prices of raw material, cotton, which is an agro-commodity, and
its prices are subject to seasonality and crop harvest. Further,
the rating considers the risks associated with the partnership
nature of the firm.

However, the ratings favourably factor in the extensive experience
of the partners spanning over four decades in the cotton ginning
industry resulting in an established customer and supplier base of
the firm. The ratings also consider the location advantage with
firm's proximity to cotton growing areas of Thalakondapally,
Telangana, providing logistics advantage.

Outlook: Stable

ICRA believes that SMI will continue to benefit from the extensive
experience of its partners and established customer relationships.
The outlook may be revised to 'Positive' if a substantial growth in
revenue and profitability, strengthens the financial risk profile.
The outlook may be revised to 'Negative' if SMI's cash accrual is
lower than expected, or if any major capital expenditure, or a
stretch in the working capital cycle, weakens its liquidity.

Key rating drivers

Credit strengths

Long experience of partners - The partners have extensive
experience in cotton ginning and trading business. The partners
operate other companies involved in the similar line of business,
leading to an established supplier base and sales network.

Location-specific advantage – The firm's plant is located near
major cotton growing areas of Telangana, resulting in easy
availability of raw materials and savings in transportation costs.

Credit challenged

Moderate scale of operations- The firm's scale of operations
remained moderate with revenues of INR134.12 crore in FY2018.
Moreover, the revenues declined in FY2019 due to limited of kapas
on account of pest attack and unseasonal rains.

Moderate financial risk profile – The firm's financial risk
profile remained moderate with high gearing of 3.1 times as on
March 31, 2018 and moderate debt protection with interest coverage
at 1.6 times, DSCR at 1.5 times and NCA/total debt at 5.3% in
FY2018. The firm's gearing continued to remain high at 2.7 times as
on December 31, 2018. Moreover, the firm's liquidity position
remained stretched during the peak season as reflected in the high
average utilization of 92.4% of the working capital limits for the
period October 2018 to February 2019.

Intense competition and fragmentation in the industry given the low
entry barriers - The firm faces stiff competition from organised
and unorganised players limiting its pricing flexibility and
bargaining power.

Profitability exposed to fluctuation in raw material prices which
is subject to seasonality and Government regulations – The firm's
profit margins are exposed to the fluctuation in raw material
prices, which depend upon factors like seasonality, monsoon
condition, international demand and supply situation, export policy
etc. Further, it is exposed to the regulatory risks, as prices are
decided through the minimum support price, set by the Government.

Inherent risks for being a partnership firm - Being a partnership
firm, it is vulnerable to capital withdrawals by the partners.

Liquidity position:

The firm's liquidity position remains moderate given its limited
term loan repayments, and in the absence of any debt funded capex
in the near term. The average working capital utilisation was
moderate at 62.0% for the period February 2018 to February 2019.
However, the working capital utilisation stood high at 92.4% for
the period October 2018 to February 2019, during the peak season.

Srinivasa Murugan Industries (SMI) was constituted as a partnership
firm in the year 2015 and commenced operations in October 2015. The
firm's plant is located at Talakondapally, Ranga Reddy district of
Telangana and is engaged in ginning, pressing and trading of cotton
lint. The installed capacity of the firm is 1,63,296 quintals of
cotton ginning.

In FY2018, the firm reported a net profit of INR0.3 crore on an
operating income of INR134.1 crore, as compared to a net profit of
INR0.5 crore on an operating income of INR156.5 crore in FY2017. As
per the provisional results, the firm reported a net profit of
INR0.8 crore on an operating income of INR68.2 crore in 9M FY2019.


SVSVS PROJECTS: ICRA Keeps B+ on INR50cr Loans in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR50.50 crore bank facilities of
SVSVS Projects Private Limited continues to remain in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA] B+
(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          2.50       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Non-Fund based      48.00       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

The rating is based on no updated information on the entity's
performance since the time it was last rated in December 2017. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

As part of its process and in accordance with its rating agreement
with SVSVS Projects Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information,
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information

SVSVS Projects Private Limited (SPPL) is a Hyderabad based
construction company engaged in executing construction of roads,
bridges, dams, buildings and irrigation works. The company is
currently executing projects on construction and maintenance of
roads for Road Construction Department of Bihar and Andhra
Pradesh.


SWATI MINING: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Swati Mining Private Limited
        Registered office:
        Tobacco House 1&2
        Old Court House Corner, 3rd Floor
        Kolkata 700001, West Bengal

Insolvency Commencement Date: July 8, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 4, 2020
                               (180 days from commencement)

Insolvency professional: Saurabh Basu

Interim Resolution
Professional:            Saurabh Basu
                         Alapan Appartment, 3rd Floor
                         10/6/2 Raja Rammohan Roy Road
                         Kolkata 700008
                         E-mail: pcs.saurabhasu@gmail.com
                                 swatimining.irp@gmail.com

Last date for
submission of claims:    July 22, 2019


TEE VENTURES: ICRA Lowers Rating on INR8cr LT Loan to B-
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Tee Ventures (India) Private Limited (TVIPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      8.00       [ICRA]B- (Stable); revised from
   Based TL                       [ICRA]B (Stable)

   Long term/Short     3.50       [ICRA]B- (Stable); revised from
   Term-Unallocated               [ICRA]B (Stable)/[ICRA]A4
                                   Reaffirmed

Rationale

The ratings downgrade takes into account the slower than expected
ramp up in manufacturing operations of TVIPL. It has achieved an
operating income of INR0.12 crore and registered operating losses
of INR(1.47) crore in FY2019. The ratings also take into account
high levels of market risk associated with the business, coupled
with possible stress on the debt servicing ability in case cash
flows are lower-than-anticipated. The ratings also consider the
limited experience of TVIPL's promoters in the golf ball
manufacturing sector. The company has, however, recruited
technically qualified professionals with vast experience in the
industry, which provides some comfort. Furthermore, ICRA also notes
that since TVIPL is a new player in the industry, it faces
competition from established international golf ball manufacturers,
which limits its pricing flexibility. The ratings also take into
consideration the exposure of the firm's profitability margins to
fluctuations in foreign exchange rates since majority of its sales
would be in the form of exports.

The ratings, favorably, factor in the advantages derived from the
location of the manufacturing unit with proximity to various ports,
assuring uninterrupted supply of raw materials that are to be
largely imported, along with savings in freight cost and reduced
lead time.

Outlook: Stable

Given the stiff competition that the company faces from global
players, its capacity utilisations are expected to initially remain
low and scale up gradually. The outlook may be revised to
'Positive', if the company is able to secure large number of orders
and execute it in timely manner while maintaining the immunity of
its margins to fluctuations in raw material prices and foreign
exchange rates. The outlook may be revised to 'Negative' if the
company is not able to successfully ramp up its scale of operations
and generate adequate cash flows for debt servicing, given the
uncertainty related to off-take levels.

Key rating drivers

Credit strengths

Location advantages of the manufacturing unit on account of
proximity to ports and other benefits available after commencement:
The manufacturing unit of TVIPL is located in Sayakha GIDC
(Gujarat) in proximity to the ports at Dahej (40 km) and Hazira
(120 km). Since the company largely imports its raw material and
exports its finished products, proximity to these ports provides
logistics convenience.

Credit challenges

Small scale of operations: The firm's scale of operations has
remained small with a low operating income of INR0.12 crore
registered in FY2019 due to failure in acquiring new customers.
Furthermore, it also registered operating losses of INR(1.47) crore
in FY2019 due to high overhead costs.

Limited experience of the promoters in golf ball manufacturing;
however, recruitment of experienced professionals provides comfort:
Though the promoters are professionally qualified, their experience
in the golf ball-manufacturing industry remains limited. The
company has, however, recruited technically qualified professionals
with vast experience in the industry, which provides some comfort.

High levels of market risk associated with the business; possible
stress on debt servicing ability: The firm's scale of operations
has remained low while the term loan repayment has already
commenced from October 2017. In case, the cash flows from the
business are lower than anticipated, then it might exert stress on
the firm's debt servicing ability. In such a case, the promoters'
ability to bring in unsecured loans for debt servicing will be
critical.

High competitive pressure coupled with vulnerability of
profitability to any adverse fluctuations in foreign exchange
rates: Though TVIPL is currently the only golf ball manufacturing
company in India, it faces competition from the established
manufacturers located in other countries. Since the company is a
relatively new entrant in the industry, its pricing flexibility in
the first few years will be limited. Furthermore, since the firm is
targeting international customers, majority of its revenues would
be in the form of exports and hence it would have a high exposure
to fluctuations in foreign currency exchange rates. However, a
natural hedge from imports mitigates the risk to an extent.

Liquidity Position:
TVIPL had external term loans of INR5.45 Crore on its books as on
March 31, 2019. The company incurred net losses of INR(5.72) crore
and had repayments of INR1.60 crore to be made in FY2019, which
were done through unsecured loans. Furthermore, it has repayment
obligations of 1.60 crore in FY2020 too, which will remain
contingent to succesful ramp up of operations and infusion of
unsecured loans in the business.

TVIPL had free cash balance of INR0.42 crore as on March 31, 2019.
ICRA foresees major concerns on liquidity given the loss-making
operations leading to negative cash accruals. Without infusion of
unsecured loans, it will be difficult for TVIPL to meet its term
loan repayment obligations. However, the fact that unsecured loans
are taken from director's relatives and friends and no interest is
charged on them, provides some comfort.

Tee Ventures (India) Private Limited (TVIPL) was incorporated in
March 2011 for manufacturing golf balls. The company has completed
establishing its manufacturing unit at Sayakha GIDC in Gujarat. The
15,000-sq. m. manufacturing unit has an installed production
capacity of 4.32 million packs of a dozen golf balls per
annum—translating into 12,000 golf balls per day.

As per provisionals, the company reported a net loss of INR(5.72)
crore on an operating income of INR0.12 crore in FY2019 as against
a net loss of INR(0.37) crore on an operating income of INR0.02
crore in FY2018.


UNNATI FORTUNE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Unnati Fortune Hotmart Private Limited

        Registered office:
        560 G.T. Road First Floor
        Shahdara, Opposite UCO Bank
        Delhi 110032 IN

        Corporate office:
        B-117 Sector-67
        Noida 201301 UP

Insolvency Commencement Date: July 9, 2019

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: January 5, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Shaikh Nafis Anjum

Interim Resolution
Professional:            Mr. Shaikh Nafis Anjum
                         Flat No. A-206
                         Prateek Stylome Apartment
                         Sector-45, Noida
                         Uttar Pradesh 201303
                         E-mail: sn.anjum123@gmail.com

                            - and -

                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi, Delhi 110048
                         E-mail: sn.anjum@aaainsolvency.com
                                 unnati.hotmart@aaainsolvency.com

Last date for
submission of claims:    July 25, 2019


VENU INDUSTRIES: ICRA Reaffirms 'B' Rating on INR15cr Loan
----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Venu
Industries (VI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based/CC       15.00       [ICRA]B(Stable); Reaffirmed

Rationale

The rating factors in VI's small scale of operations in a highly
fragmented and competitive rice milling industry, limiting its
pricing power. Its revenues and capacity utilisation declined in
11M FY2019 owing to subdued demand from customers. The rating
considers the firm's weak financial profile characterised by high
gearing, low profitability and modest coverage indicators for
FY2019. The rating is further constrained by VI's stretched
liquidity position and its high working capital on account of high
inventory holding. ICRA notes the susceptibility of its revenues to
agro-climatic risks, which can affect the availability of paddy in
adverse weather conditions. The rating is constrained by the risks
associated with the partnership nature of the firm.

The rating, however, draws comfort from the extensive track record
of the promoters in the rice milling business and the strategic
location of the mill, which results in easy availability of paddy.
Moreover, ICRA takes into account the favourable demand prospects
for the rice industry, with rice being a staple food grain and
India's position as world's second largest producer and consumer of
rice.

Outlook: Stable

ICRA believes VI will continue to benefit from the extensive
experience of its promoters in the rice milling industry. The
outlook may be revised to Positive if substantial growth in revenue
and profitability, improved coverage indicators, and better working
capital management, 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 its liquidity.

Key rating drivers

Credit strengths

Significant experience of the management - The management has over
15 years of experience in the rice milling industry resulting in an
established relationship with customers. Favourable location of the
unit - The mill is located in Nizamabad, Telangana, a major
paddy-growing region, ensuring raw material availability at
competitive rates. All paddy requirements are met locally through
direct purchases from farmers and from traders in some months.

Favourable demand prospects for rice within the state - The demand
prospects for the rice industry are expected to remain good as rice
is a staple food grain and India is the world's second largest
producer and consumer of rice primarily aided by growing demands
within the state.

Credit challenges Small scale of operations - VI is a small-scale
player in a highly fragmented and competitive rice milling
industry, characterised by the presence of a large number of
organised and unorganised players, impacting the margins. Moreover,
the firm's revenues and capacity utilisation declined in 11M FY2019
owing to intense competition and subdued demand from its customers,
especially in Karnataka, Tamil Nadu, Maharashtra and Kerala.

Weak financial profile - The firm's financial profile is
characterised by high gearing of 2.6 times as on February 28, 2019,
low operating margin of 3.5% in 11M FY2019 and moderate coverage
indicators with an interest coverage ratio of 1.1 times, high Total
Debt/OPBITDA of 12 times and NCA/Total Debt of 1.7% for 11M
FY2019.

High working capital intensity - The firm's working capital
intensity remained high at 56% in 11M FY2019 owing to high
inventory holding. The inventory days increased to 188 as on
February 28, 2019 from 147 as on March 31, 2018 owing to high
procurement during the end of the year. This resulted in a
stretched liquidity position with high utilisation of working
capital limits during the peak season.

Industry susceptible to agro-climatic risks and Government policies
- The rice milling industry is susceptible to agro-climatic risks,
which can affect the availability of the paddy in adverse weather
conditions. It is exposed to Government policies such as MSP,
affecting the raw material prices.

Partnership nature of the firm: Given VI's constitution as a
partnership firm, it is exposed to risks including the possibility
of withdrawal of capital by the partners.

Liquidity position
The firm's liquidity position is stretched owing to high inventory
holding. The same is reflected by its high average utilisation of
working capital limits during the peak season, i.e., December to
May. However, VI does not have any major capex plans or repayment
obligations in the near term.

Venu Industries is involved in the milling of paddy and produces
raw and boiled rice. The rice mill is situated in Nizamabad
district of Telangana. It has an installed production capacity of
67,200 metric tonne per annum. The firm is managed by Mr. Srinivas,
Mr. Sai Rahul, Mr Venugopal and Mr. Balaji, who belong to the same
family. It sells rice under the brand name, Healthy Rice.




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

DELTA MERLIN: S&P Lowers ICR to 'CCC-', Outlook Negative
--------------------------------------------------------
On July 16, 2019, S&P Global Ratings lowered its long-term issuer
credit rating on PT Delta Merlin Dunia Textile and its long-term
issue rating on the company's senior unsecured notes to 'CCC-' from
'BB-'.

S&P said, "We downgraded DMDT because the company is facing
significant liquidity challenges, which could result in its
inability to service its syndicated loans in September 2019. In
addition, we believe weak liquidity at parent group Duniatex may
also affect DMDT." Significant deterioration in Duniatex group's
liquidity has resulted in missed payments at the spinning company
PT Delta Dunia Sandang Tekstil (DDST) starting last week. The group
is also in the process of appointing a consultant to restructure
DDST's loans.

Duniatex's liquidity and operating performance was adversely
affected by stretched working capital and plummeting prices
resulting from the oversupply of imported cheap fabric from China.
The ongoing U.S.-China trade tensions are significantly hurting the
Indonesian textile market. Following the U.S.-imposed tariffs of
25% on Chinese imports, Chinese producers have started redirecting
their products to more hospitable destinations, including
Indonesia, from May onwards. This coincided with weakened domestic
demand in Indonesia due to the general elections.

S&P said, "In our view, DMDT's liquidity has also significantly
weakened due to adverse market conditions. As of March 31, 2019,
the company has about US$50 million in cash and cash equivalents,
which was sufficient to manage its obligations in the subsequent
quarter. However, we believe that the situation has now changed
such that DMDT could face challenges in meeting its debt servicing
obligations in September 2019, particularly on its syndicated
loans, which we estimate to be about US$5 million. The company has
the funds in the interest reserve account for its senior unsecured
notes to meet the interest obligations of about US$13 million due
in September 2019."

DMDT's operations are also likely to suffer in the next few months
because of the group's liquidity pressures. This is because
Duniatex group's spinning companies, including DDST, are the key
suppliers to DMDT. We believe lack of adequate liquidity and
working capital support from banks could hamper production at the
spinning companies.

The negative outlook reflects the risk of DMDT being unable to
service its syndicated loans in September 2019. The outlook also
reflects the potential risk of adverse action by bondholders if the
company were not to abide by its covenants.

S&P said, "We may lower the rating on DMDT to 'SD' if the company
fails to service its debt obligations in a timely manner. This
could happen as early as September 2019, given the company's
syndicated loan. We may also lower the rating to 'D' if the group
includes DMDT in a debt restructuring exercise."

An upgrade is unlikely given DMDT's operating challenges. An
upgrade will be contingent on DMDT having sufficient liquidity to
meet its obligations over the next 12 months, a scenario that would
require an operating recovery at the company. Moreover, S&P would
raise the rating only if believe there is no risk of acceleration
of DMDT's debt obligations and the group has no plans to
restructure the company's debt.




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

FONTERRA COOP: To Shed Another 25 Staff in Australian Restructure
-----------------------------------------------------------------
Gerard Hutching at Stuff.co.nz reports that Fonterra Australia will
soon jettison 25 staff in Melbourne and regional offices as it
grapples with a declining milk supply.

In a newsletter to the dairy company's suppliers, Farm Source
general manager Matt Watt said the jobs would be removed from
Fonterra's Melbourne headquarters and regional offices, Stuff
says.

Stuff relates that the move is in response to lower milk production
in Australia as the dairy giant tries to reduce its debt by NZ$800
million by the end of the 2019 financial year, on July 31.

It has already announced the closure of the Dennington milk powder
plant in South Victoria later this year with the loss of 100
workers, the report notes.

Fonterra employs 1,600 staff in total in Australia, including about
300 at its corporate office in Melbourne. A spokeswoman would not
say whether the job losses would be in management or
administration, Stuff notes.

"We have informed our employees that we are proposing some changes
to the structure of our Australian business. Right now, our focus
is on talking with our people about what this may mean for them.
The new structure proposes 25 roles are disestablished. However, as
we're only in the consultation stage, no decisions have been made
yet."

According to Stuff, Australian media have also speculated on
potential large scale desertions from Fonterra by farmer suppliers
as the new season is about to begin. However this was rejected by
the co-op.

"We have had some losses, but we've also had new suppliers join us,
and our current milk volumes are in line with expectations.

"It's no secret that milk production in Australia has been
declining due to drought conditions and high input costs, leading
to an increase in cow culling rates and farm exits," the
spokeswoman said, Stuff relays.

Australian dairy farmer Mark Billing has decided to part company
with Fonterra, Stuff says.

"Management in Melbourne struggles to understand what goes on at
the farm gate," Mr. Billing told Stock and Land.  "The big
decisions are being made in NZ, that's where Fonterra Australia is
hamstrung."

Stuff relates that Mr. Billing said Fonterra's problems escalated
in 2016 when it revised down its payments to farmers from NZ$5.75
to NZ$5.00 a kilogram of milksolids. Farmers were offered the
option of either re-paying the money by mid-2016, or taking out a
loan at an interest rate of 3.95 per cent, payable from 2018. The
support loan expires in June next year.

Stuff adds that industry body Dairy Australia said in its latest
Situation and Outlook report that despite the tougher competition
for milk, fewer farmers were switching processor than last year,
when about 25 per cent of farmers swapped allegiance.

In order to shore up farmer support, Fonterra has announced an
opening farmgate milk price of NZ$6.80 per kilogram of milksolids,
a figure matched by Canadian newcomer Saputo. This compares to a
range of NZ$6.25 to NZ$7.25kg/MS being offered to New Zealand
farmers, Stuff discloses.

In its latest global dairy update report, Fonterra said its
year-to-date Australian milk collection is down 19.8 per cent. It
blames the fall on high input costs leading to lower milk
production and low farmer confidence, according to SMH.

"Fonterra's share of monthly collection continues to reduce due to
poor seasonal conditions and high input costs, leading to an
increase in cow cull rates, farm exits in key regions and declining
share in a highly competitive market," the report, as cited by
Stuff, said.

Fonterra Co-operative Group Limited, together with its
subsidiaries, collects, manufactures, and sells milk and
milk-derived products. It operates through Ingredients, Consumer
and Foodservice, and China Farms segments. The company offers bulk
and specialty dairy products, including milk powders, dairy fats,
cheese, and proteins for food producers and distributors in
approximately 140 countries. It also operates 70 Farm Source rural
retail stores; and engages in farming of fresh milk.


ORANGE H GROUP: Owes Lender McConnell NZ$23.4 Million
-----------------------------------------------------
Anne Gibson at NZ Herald reports that the failed Orange H Group
construction businesses, once part of New Zealand's second-largest
builder Hawkins, owe secured lender McConnell Ltd NZ$23.4 million
but it remains uncertain how much of that will be repaid.

Andrew Grenfell, the McGrathNicol receiver and manager of 13
ex-Hawkins companies in receivership as well as liquidation, has
produced the third report on the wind-down of the building
businesses, the Herald relates.

The Herald says Mr. Grenfell, working with fellow receiver Conor
McElhinney, is continuing to collect money from building jobs to
repay some of that NZ$23.4 million owed to McConnell Ltd.

But it appears unlikely that the secured lender will be repaid in
full and that the receivers will collect all the NZ$23.4 million.

In March 2017, the McConnell group sold many assets in its Hawkins
construction business to ASX-listed Downer EDI for AUD55.4 million,
the Herald recalls. Employment contracts, the Hawkins brand and
name, plant and equipment and selected construction contracts were
sold to Downer, Mr. Grenfell's report noted, according to the
Herald.

But some projects remained within McConnell Ltd and didn't go to
Downer.

"Construction projects not included in the sale remained with the
companies for completion," Mr. Grenfell wrote, referring to the
retained projects under the Orange H Group structure.

"The majority of the retained projects had reached practical
completion and were in their defects liability period."

McConnell Ltd's directors are David Arnot Williamson McConnell of
Parnell, John Arnot Williamson McConnell of Remuera, and Arthur
William Young of Birkenhead, the Herald discloses. McConnell Ltd is
wholly owned by The Shooting Box Ltd whose directors are the same
three people but with the addition of Nancy Anne McConnell of
Whitford.

In the past six months, the receivers have collected a number of
payment claims and retentions on the retained projects and say they
continue to work with principals "to seek recovery of amounts due
on the retained projects. In some cases, this may require legal
actions against principals."

The receivers have paid employees preferential claims in full as
well as tax and ACC, the latest report said.

According to the Herald, Mr. Grenfell said the total amount owed to
all secured lenders was NZ$173.1 million but he discouraged
emphasis on that figure, even though it was higher than the NZ$23.4
million owed to McConnell Ltd.

"That's the total amount due to secured lenders," he said of the
NZ$173.1 million.

"But all the companies are related and each of the companies
secured each other. So in terms of the lending, all the companies
will cancel each other out, meaning that larger amount isn't the
significant sum. It's the NZ$23.4 million which is owed to
McConnell which is the more significant figure," Mr. Grenfell said,
the Herald relays.

The wind-up or receivership was to complete building jobs around
New Zealand which were unfinished when Downer bought some assets
owned by Hawkins, the Herald notes.

"The family got nothing out of the sale to Downer," the Herald
quotes Mr. Grenfell as saying. "Based on the information that we
have, none of the money from the sale of Hawkins has gone to the
McConnell family and none of it will. The money has been kept
within the business, McConnell Ltd, to wind it down and finish
projects," he said.

Orange H Group, which remains part of McConnell Ltd, had a number
of legacy and ongoing projects hence the process now going on.

It is those which the receivers are now in charge of and collecting
amounts from, the report notes.

The 13 ex-Hawkins companies in receivership and liquidation are
Orange H Group, H Construction Group, Orange H Management, H Plant,
Orange H Construction, H Construction South Island, H Construction
North Island, H Construction North Island Group, H Construction
N.I, H Construction Hobsonville, H Infrastructure Holdings, H
Infrastructure (NZ) and HUC.

Last month, the Herald reported how McConnell Ltd, the ultimate
shareholding company of H Construction North Island, should pay
increased costs to the Ministry of Education after it rejected a
settlement offer and attempted to seek an adjournment that wasn't
just unsuccessful, but unnecessary.

Last year, the ministry won its case against H Construction North
Island, with the court ordering a NZ$13.4 million payment to help
repair nine leaky buildings at Botany Downs Secondary College in
Auckland, the Herald recounts.

But H Construction North Island Ltd, formerly known as Hawkins
Construction North Island Ltd (Hawkins), did not pay, according to
the ministry.

A June 26 High Court decision said McConnell Ltd must pay NZ$1.1
million, the Herald notes.


WALCO EVENTS: Event Promoter Goes Into Liquidation
--------------------------------------------------
Mat Kermeen at Stuff.co.nz reports that Manly will not be bringing
a home NRL match to New Zealand in 2020 following the promotional
company behind the venture going into liquidation.

Walco Events Limited, which promoted matches between Manly and the
Warriors in Christchurch in 2018 and 2019, was placed into
liquidation on July 12, Stuff discloses.

Walco Events director Justin Wallace confirmed to Stuff on July 16
he was "taking a hiatus" from event promotion and the company would
not be looking to trade out of liquidation.

According to Stuff, Mr. Wallace said the company going into
liquidation was "not a great look, unfortunately" but had come on
the back of the 2019 game receiving underwhelming support at the
gates.

"The game won't go ahead next year, Manly won't be coming back,"
the report quotes Mr. Wallace as saying.  "I'm not too sure what
that means for NRL games in Christchurch in the future."

Stuff relates that Mr. Wallace said the liquidation process came as
a result of a disappointing crowd of just 11,774 to see Manly thump
the Warriors 46-12 on March 30 at what was then known as
Christchurch Stadium.

"We were a couple of thousand tickets shy of covering costs," Mr.
Wallace said.  "It left us in a difficult position because of
that."

Walco Events were behind the hugely successful Fight for
Christchurch and Battle of the Rebuild charity boxing events but
the brands were sold to Christchurch event company Team Event in
2017. The NRL match was the only event on Walco's books since the
sale of the charity boxing events that raised more than NZ$1.5
million.

Walco Events promoted a Penrith Panthers home game in Christchurch
against the Warriors in 2016 that attracted a sellout crowd.

A 17,357 strong crowd turned out to see the Warriors 34-14 victory
over Manly in 2018 but the 2019 match struggled to gain traction
with the punters, the report says.

"Ticket sales for this game were apathetic from the day they went
on sale," Mr. Wallace said, Stuff relays.

He remains at a loss to explain the exact reason for the poor crowd
but anecdotal evidence suggests there was a range of factors, Stuff
adds.

Walco Events "threw everything, including the kitchen sink" at
promoting and marketing the game, he said.

"There wasn't anything left in the tank from our point of view, we
tried our hardest."

Mr. Wallace told Stuff on the eve of this year's clash between
Manly and the Warriors he was considering taking the game outside
of Christchurch if it wasn't well supported.

The Christchurch shootings that rocked Christchurch to its core on
March 15 obviously played a part and the temporary stadium, now
known as Orangetheory Stadium, does not provide the most attractive
spectator experience, the report notes.



                           *********


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

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

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

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