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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, August 15, 2019, Vol. 22, No. 163

                           Headlines



A U S T R A L I A

AUSGOLD MINING: In Administration; Creditors to Meet on Aug. 19
CLAREMONT WA: Second Creditors' Meeting Set for Aug. 21
CLEAR INTERIORS: Second Creditors' Meeting Set for Aug. 21
ELSMORE RESOURCES: First Creditors' Meeting Set for Aug. 22
GEE ADVANCED: Second Creditors' Meeting Set for Aug. 21

GRAINPRO PTY: Creditors Likely to Receive 90% Pay Out
ILUM-A-LITE PTY: Second Creditors' Meeting Set for Aug. 21
ISMAIL-ZAI NAZIR: Second Creditors' Meeting Set for Aug. 19
LED DISTRIBUTION: Second Creditors' Meeting Set for Aug. 21
VIVID INDUSTRIAL: Second Creditors' Meeting Set for Aug. 21



C H I N A

ANBANG INSURANCE: Mirae Emerges as Lead Bidder for Hotel Portfolio
CHINA SINGYES: Deutsche Bank Files Bid to Wind Up Solar Firm


H O N G   K O N G

HMV MARKETING: Liquidation Sale Starts Today in Wan Chai


I N D I A

A.V. PROPERTIES: CRISIL Lowers Rating on INR8.8cr Loan to B+
ABDOS LAMITUBES: CRISIL Lowers Rating on INR57cr Loans to B+
AL-NAFEES PROTEINS: CRISIL Maintains D Ratings on Not Cooperating
ALECTRA CONSTRUCTION: CRISIL Lowers Rating on INR4cr Loan to B+
APINDIA BIOTECH: CRISIL Keeps C Loan Ratings on Not Cooperating

ATRIA POWER: CRISIL Lowers Rating on INR22cr Loan to B+
BALAJI INDUSTRIES: CRISIL Keeps B+ on INR6cr Debt on NonCooperating
BANSHI AIRGASES: CRISI: Lowers Rating on INR6.75cr Loan to B+
BHAGAVATI RUBBER: CRISIL Lowers Ratings on INR10cr Loans to B+
CENTECH ENGINEERS: CRISIL Maintains D Ratings on Not Cooperating

DEV PRAYAG: CRISIL Maintains 'B' Ratings on Not Cooperating
DHIREN DIAMONDS: CRISIL Keeps B+ on INR16cr Loan on Not Cooperating
DURG TRACTORS: CRISIL Lowers Rating on INR5cr Cash Loan to B+
EDIMANNICKAL JEWELLERY: CRISIL Keep B+ Rating on Not Cooperating
FSD BUILDING: CRISIL Keeps B+ on INR35cr Loans on Not Cooperating

GARVIT HOSPITALITY: CRISIL Keeps B- Rating on Not Cooperating
GEE PEE: Insolvency Resolution Process Case Summary
IL&FS: NCLT Rejects Deloitte, BSR's Bids Challenging Jurisdiction
KRS PHARMACEUTICALS: CRISIL Keeps B- Rating on Not Cooperating
KUNSTWERK MACHINERY: CRISIL Keeps B+ Ratings on Not Cooperating

LATTA SUPER: CRISIL Lowers Rating on INR10cr Cash Loan to B+
LAXMI ENGINEERING: CRISIL Lowers Rating on INR17.5cr Loan to D
MAKALU TRADING: CRISIL Keeps D on INR275cr Loan on Not Cooperating
MAKSI AGRO: CRISIL Keeps B+ on INR11.5cr Loan on Not Cooperating
MARC ENTERPRISES: CRISIL Lowers Ratings on INR40cr Loans to B+

MEALITE FOODS: CRISIL Keeps D on INR8.6cr Loans on Not Cooperating
PAYNE REALTORS: Insolvency Resolution Process Case Summary
SETH ROSHAN: CRISIL Lowers Rating on INR25cr Cash Loan to B+
TATA MOTORS: S&P Affirms 'B+' Issuer Credit Rating, Off Watch Neg.
[*] India Worsening Default Risks Are Putting Focus on Stimulus



S O U T H   K O R E A

DOOSAN BOBCAT: S&P Hikes Long-Term ICR to 'BB' on Revised Criteria

                           - - - - -


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

AUSGOLD MINING: In Administration; Creditors to Meet on Aug. 19
---------------------------------------------------------------
Meagan Dillon at ABC News reports that Chinese businesswoman Sally
Zou has placed her insolvent company, AusGold Mining, into
voluntary administration and is claiming it owes her AUD35
million.

According to the report, administrator John Vouris of Hall Chadwick
said AusGold owes creditors more than AUD41 million in total, with
the Australian Tax Office owed about AUD900,000 and 14 employees
owed about AUD430,000.

But he said Ms Zou will have to provide a Proof of Debt to
substantiate her claim.

ABC News relates that Mr. Vouris said the Fair Work Ombudsman was
involved given the employees were claiming they were underpaid.

A meeting with creditors has been scheduled for August 19.

Ms. Zou is the sole shareholder and director of AusGold Mining, the
report notes.

Earlier this year, the NSW Resource Regulator released a report
into problems at AusGold's Good Friday Gold Mine, about 380km north
of Sydney, including the illegal construction of a dam and the
deaths of more than 25 kangaroos at the site, ABC recalls.

The ABC says Ms. Zou is a Liberal Party donor, and attracted
attention in the lead up to the 2018 South Australian election over
a tweet promising more than AUD1 million to Premier Steven
Marshall, a donation that never eventuated.

According to the ABC, Ms. Zou was the subject of debate in Federal
Parliament after it was revealed she had set up an organisation
called the Julie Bishop Glorious Foundation, an organisation the
former foreign minister said she had never heard of.

Victorian company Delta Rent Pty Ltd has lodged a winding up
application against AusGold in the Victorian Supreme Court, the ABC
adds.


CLAREMONT WA: Second Creditors' Meeting Set for Aug. 21
-------------------------------------------------------
A second meeting of creditors in the proceedings of Claremont WA
Consolidated Pty Ltd, formerly trading as "Joyce Kitchens", has
been set for Aug. 21, 2019, at 10:00 a.m. at the offices of
Chartered Accountants Australia and New Zealand, Level 11, at 2
Mill Street, in Perth, WA.

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 Aug. 20, 2019, at 4:00 p.m.

Jack Robert James and Paula Lauren Smith of Palisade Business
Consulting were appointed as administrators of Claremont WA on July
17, 2019.


CLEAR INTERIORS: Second Creditors' Meeting Set for Aug. 21
----------------------------------------------------------
A second meeting of creditors in the proceedings of Clear Interiors
Pty Ltd has been set for Aug. 21, 2019, at 12:00 p.m. at the
offices of Hall Chadwick Chartered Accountants, Level 21, at 25
Grenfell Street, in Adelaide, SA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 20, 2019, at 5:00 p.m.

Brent Kijurina of Hall Chadwick Chartered Accountants were
appointed as administrators of Clear Interiors on July 22, 2019.


ELSMORE RESOURCES: First Creditors' Meeting Set for Aug. 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Elsmore
Resources Ltd will be held on Aug. 22, 2019, at 11:00 a.m. at Level
5, at 2 Barrack Street, in Sydney, NSW.

Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of Elsmore Resources on Aug. 12, 2019.


GEE ADVANCED: Second Creditors' Meeting Set for Aug. 21
-------------------------------------------------------
A second meeting of creditors in the proceedings of Gee Advanced
Technologies Pty Ltd has been set for Aug. 21, 2019, at 2:30 p.m.
at the offices of SV Partners, Level 17, at 200 Queen Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 20, 2019, at 5:00 p.m.

Peter Gountzos and Richard Cauchi of SV Partners were appointed as
administrators of LED Distribution on July 17, 2019.


GRAINPRO PTY: Creditors Likely to Receive 90% Pay Out
-----------------------------------------------------
Peter Hemphill at The Weekly Times reports that creditors of NSW
grain trader Grainpro may get back 90% of what they are owed.

The Riverina company, which was placed in administration on
July 27 by its sole director Mario Bonfante, owes creditors about
AUD6 million, the report discloses.

According to The Weekly Times, administrator Adam Shepard said the
shortfall might be as little as AUD500,000, although the accounts
were still being verified.

The Weekly Times relates that Mr. Shepard said a Deed of Company
Arrangement was likely to be offered to settle the debts owed to
creditors.

He said it was up to creditors to decide whether Grainpro would
continue trading, the report relays.

Grainpro was established in 2007 by Angela Hawke, then known as
Angela Greenhalgh.  She later married Mr Bonfante but is now
separated from him.  Mr. Bonfante has been sole director of the
company since December, 2017.  Both Mr Bonfante and Ms Hawke hold
single shares in the company.

Ms. Hawke told The Weekly Times two weeks ago she had not been
involved with management of the business since last December.

The Weekly Times does not suggest Ms Hawke was involved in the
financial decline of Grainpro.

The Weekly Times, citing documents lodged with the Australian
Securities and Investments Commission, discloses that there are
about 255 creditors of Grainpro, including 16 current and former
staff owed nearly AUD59,000 in wages, holiday leave entitlements
and superannuation.

Most of the creditors are grain companies, brokers, farmers and
transport operators.

One of the largest creditors is the Australian Taxation Office,
owed more than AUD200,000, The Weekly Times discloses.

About AUD2.8 million is owed to Grainpro by a number of other
companies, mostly grain buyers.

Grainpro's assets include loans to Ms. Hawke, Mr. Bonfante and
associated entities.

According to The Weekly Times, there is also a contingent claim by
Grainpro against Ms Hawke and an associated entity totalling about
AUD1.1 million for grain, hay, equipment and other costs.

Mr. Bonfante established another grain and hay trader, Agbiz
Australia, in February.

Based in Dubbo, New South Wales, Grainpro Pty Limited is a grain
marketing company. Adam Shepard of Setter Shepard was appointed
administrator of Grainpro Pty Ltd on July 27, 2019.


ILUM-A-LITE PTY: Second Creditors' Meeting Set for Aug. 21
----------------------------------------------------------
A second meeting of creditors in the proceedings of Ilum-A-Lite
Pty. Limited (Trading As "Vivid Ilumalite") has been set for
Aug. 21, 2019, at 11:30 a.m. at the offices of SV Partners,  
Level 17, at 200 Queen Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 20, 2019, at 5:00 p.m.

Peter Gountzos and Richard Cauchi of SV Partners were appointed as
administrators of Ilum-A-Lite Pty on July 17, 2019.


ISMAIL-ZAI NAZIR: Second Creditors' Meeting Set for Aug. 19
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Ismail-Zai
Nazir Holdings Pty Ltd has been set for Aug. 19, 2019, at 12:00
p.m. at the Boardroom of Servcorp, at 11/125 St Georges Terrace, in
Perth, WA.

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 Aug. 16, 2019, at 4:00 p.m.

Gavin Moss of Chifley Advisory was appointed as administrator of
Ismail-Zai Nazir on July 22, 2019.


LED DISTRIBUTION: Second Creditors' Meeting Set for Aug. 21
-----------------------------------------------------------
A second meeting of creditors in the proceedings of LED
Distribution Network Pty Ltd has been set for Aug. 21, 2019, at
2:00 p.m. at the offices of SV Partners, Level 17, at 200 Queen
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 20, 2019, at 5:00 p.m.

Peter Gountzos and Richard Cauchi of SV Partners were appointed as
administrators of LED Distribution on July 17, 2019.


VIVID INDUSTRIAL: Second Creditors' Meeting Set for Aug. 21
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Vivid
Industrial Pty Ltd (Trading As "Metrolight Australia") has been set
for Aug. 21, 2019, at 12:30 p.m. at the offices of SV Partners,
Level 17, at 200 Queen Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 20, 2019, at 5:00 p.m.

Peter Gountzos and Richard Cauchi of SV Partners were appointed as
administrators of Vivid Industrial on July 17, 2019.




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

ANBANG INSURANCE: Mirae Emerges as Lead Bidder for Hotel Portfolio
------------------------------------------------------------------
Manuel Baigorri, Vinicy Chan, and Gillian Tan at Bloomberg News
report that South Korea's Mirae Asset Financial Group is emerging
as the leading bidder for a portfolio of 15 U.S. luxury hotels
being sold by troubled Chinese insurer Anbang Insurance Group Co.,
people with knowledge of the matter said.

An affiliate of Mirae is working to arrange financing and reach an
agreement on terms of a purchase, according to the people, who
asked not to be identified because the information is private,
Bloomberg relates. An acquisition by the South Korean asset manager
could value the 15 properties at more than $5.5 billion, one of the
people said.

Anbang hasn't granted exclusivity to Mirae, and at least one other
suitor is still actively pursuing the assets, the people said. If
talks are successful, Mirae aims to make a non-refundable deposit
by the end of the month, according to one person, Bloomberg
relays.

According to Bloomberg, Anbang bought the properties' owner,
Strategic Hotels & Resorts Inc., from Blackstone Group Inc. for
about $5.5 billion in 2016. The deal was part of a global buying
spree that made Anbang synonymous with China's unbridled appetite
for international trophy assets. That era ended when Chinese
authorities seized control of Anbang and later sentenced Chairman
Wu Xiaohui to 18 years in prison.

The hotel portfolio also attracted interest from suitors including
Brookfield Asset Management Inc. and a consortium fronted by a
former lieutenant to the U.K.'s billionaire Barclay twins,
Bloomberg News has reported. The properties include the Westin St.
Francis in San Francisco, the Loews Santa Monica Beach Hotel, the
JW Marriott Essex House in New York and the Four Seasons in Jackson
Hole, Wyoming. Separately, Anbang still owns the famed Waldorf
Astoria hotel in Manhattan from a $1.95 billion deal in 2015, the
report notes.

No final agreements have been reached, and another buyer could
still emerge, the people, as cited by Bloomberg, said.

Mirae has previously invested in U.S. hotels, buying the five-star
Fairmont San Francisco Hotel in 2015 and the Fairmont Orchid hotel
on the big island of Hawaii in 2016, Bloomberg says.

                        About Anbang Insurance

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
26, 2018, The Strait Times related the Chinese government had
seized control of Anbang Insurance, the troubled Chinese company
that owns the Waldorf Astoria hotel in New York and other marquee
properties around the world, and charged its former chairman with
economic crimes. The Strait Times noted that the move is Beijing's
biggest effort yet to rein in a new kind of Chinese company, in
this case, one that spent billions of dollars around the world over
the past three years buying up hotels and other high-profile
properties.  The rise of these companies illustrates China's
growing economic might, but Chinese officials have grown
increasingly concerned that they were piling up debt to make
frivolous purchases. In a statement posted on its website on Feb.
23, the China Insurance Regulatory Commission said the government
was taking over to ensure the "normal and stable operation" of the
company. "Illegal operations at Anbang may have seriously
endangered the company's solvency, prompting the government to take
control," the statement read.

The Strait Times noted the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.

Mr. Wu Xiaohui was later sentenced to 18 years in prison for fraud
and embezzlement, according to Reuters.


CHINA SINGYES: Deutsche Bank Files Bid to Wind Up Solar Firm
------------------------------------------------------------
Max Hall at PV Magazine reports that Deutsche Bank's Hong Kong
branch has issued a winding up petition against Guangdong-based
solar project developer and building-integrated PV manufacturer
China Singyes Solar.

PV Magazine relates that the heavily-indebted solar company is in
the midst of negotiating with the holders of almost $430 million of
defaulted senior notes and convertible bonds as it waits upon a
mooted HK$1.55 billion (US$198 million) takeover by Chinese
state-owned entity Water Development (HK) Holding Co Ltd.

However, the embattled manufacturer revealed on August 9, Deutsche
Bank AG Hong Kong branch had issued the petition to wind up its
affairs over what Singyes described as an "alleged" debt of US$6.27
million.

According to the report, the petition will be heard by the
Hong Kong High Court at 9:30 a.m. local time on October 2 and
Singyes stated it has taken legal advice and "believes there are
strong grounds for opposing the petition".

In an announcement made to the Hong Kong stock exchange on
August 9, Singyes revealed Deutsche Bank was among the creditors
involved in discussions over a proposed debt restructuring which
would require the consent of the holders of at least 75% of the
defaulted payments to be passed, PV Magazine relays.

PV Magazine says Singyes is in default for a reported US$260
million of 7.95% senior notes due this year, US$155 million of
US$160 million worth of 6.75% notes which were due to mature last
year, and RMB96 million (US$13.6 million) of CNY930 million worth
of 5% convertible bonds which the company last week confirmed it
would not be settling on their due date August 8.

PV Magazine relates that the Hong Kong-listed manufacturer has
offered creditors a pro rata slice of a US$8.6 million "consent
fee" plus a US$41.4 million pot of the monies owed them in return
for accepting new three-year notes to the same value as the
defaulted payments.

The debt restructuring hinges on Water Development HK acquiring a
66.92% of an enlarged Singyes Solar, a move which itself depends on
current shareholders waiving requirements for the Chinese
state-owned entity to acquire further stock in the ailing company,
as would usually be required under Hong Kong takeover rules, the
report states.

However, the promised details of that crucial shares subscription
arrangement were on August 7 postponed until October 4 – two days
after the winding up petition hearing – with Singyes citing the
creditor negotiations and continued lack of full year 2018 figures
for the delay.

On August 9 Singyes stated the 2018 figures - which relate to the
year the company suffered a drastic turnaround in its fortunes -
would be prepared by August 16, PV Magazine reports. Further
anxiety was heaped on shareholders a day later as the company
announced its first half figures for this year would not be
produced until "mid October", thanks to the restructuring talks.

China Singyes Solar Technologies Holdings Ltd. manufactures glass
and stone curtain walls and solar energy products. The Company
produces solar powered bus shelters, solar powered street lighting,
solar powered pumping systems, and other products.




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

HMV MARKETING: Liquidation Sale Starts Today in Wan Chai
--------------------------------------------------------
Inside Retail Hong Kong reports that a giant HMV liquidation sale
kicks off today, August 15, in Wan Chai as the failed retailer's
liquidator tries to recover some cash to return to creditors.

According to Inside Retail, Wong Sun-keung of Vision AS, who is
overseeing HMV's liquidation, had originally planned to sell
several containers-full of stock recovered from shuttered stores by
way of a tender. However he says the prices submitted by 10 bidders
were so low, it was decided to proceed with an HMV liquidation sale
instead, despite the high overheads of leasing space and hiring
staff, the report relays.

The report relates that Vision AS said 50,000 DVDs will go on sale
along with 20,000 music CDs, 24,000 Blu-ray discs and 9,000 vinyl
records. The remainder of the stock includes headphones, iPhone and
tablets and other electronic goods.

The HMV liquidation sale will run from August 15 to August 29 at W
Square in Wan Chai, the report discloses. Doors will open between
11:00 a.m. and 9:00 p.m.

Former employees of the company and creditors had access to a
restricted presale on Wednesday night,  August 14.

It is expected that only cash will be accepted as payment, the
report notes.

                 HMV Retail

HMV Marketing Limited ("HMV Retail"), a company incorporated in
Hong Kong with limited liability, was an indirectly wholly-owned
subsidiary of HMV Digital China Group. HMV Retail was running the
physical HMV retail stores in Hong Kong.

On Dec. 18, 2018, Mr. Wong Sun Keung and Ms. Tsui Mei Yuk Janice,
both of Vision A.S. Limited were appointed as the joint and several
provisional liquidators of HMV Retail.




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

A.V. PROPERTIES: CRISIL Lowers Rating on INR8.8cr Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of A.V.
Properties India Private Limited (AVPL) to 'CRISIL B+/Stable Issuer
not cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           8.8      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with AVPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of AVPL Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

Established as a proprietorship firm and reconstituted as a private
limited company in 2005, AVPL is promoted by Mr. AP Vincent Raj and
undertakes civil contracts and residential real estate projects in
Coimbatore.


ABDOS LAMITUBES: CRISIL Lowers Rating on INR57cr Loans to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Abdos
Lamitubes Private Limited (ALPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           15       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

   External              32       CRISIL B+/Stable (ISSUER NOT
   Commercial                     COOPERATING; Revised from
   Borrowings                     'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

   Long Term Loan        10       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with ALPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of ALPL Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

Incorporated in 2004 in Guwahati and promoted by Mr Rajesh Agarwal
and his brother, Mr Sanjay Agarwal, ALPL manufactures multilayer
laminated tubes mainly for Hindustan Unilever Ltd (rated 'CRISIL
AAA/Stable/CRISIL A1+') products such as Pepsodent, Close-Up, and
Fair & Lovely. ALPL has annual production capacity of around 728
million tubes.


AL-NAFEES PROTEINS: CRISIL Maintains D Ratings on Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Al-Nafees Proteins
Private Limited (ANP; part of the Al Nafees group) continues to be
'CRISIL D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Packing Credit         7       CRISIL D (ISSUER NOT
                                  COOPERATING)

   Proposed Long Term    40.5     CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING)

CRISIL has been consistently following up with ANP for obtaining
information through letters and emails dated February 26, 2019 and
July 30, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of ANP continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ANFF and group entities, Al Nafees
Proteins Pvt Ltd (ANP), Al Tamash Exports Pvt Ltd (ATE) and
Prestige Food Exports (PF). This is because these entities,
collectively referred to as the Al Nafees group, have operational
and financial linkages. Furthermore, ANP is a 72 per cent
subsidiary of ANFF, and ANFF has provided corporate guarantee to
the bank facilities of ANP and ATE in the past.

ANFF, promoted by Mr. Mohammad Mustaqeem Qureshi in 1987, is the
flagship company of the Al Nafees group. It processes and exports
buffalo meat. Its plant in Dasna (Uttar Pradesh) has capacity to
process 150 tonnes per day (tpd) of frozen meat. Its rented plant
in Hyderabad has a capacity of 90 tpd.

ANP, ATE, and PF are in the same business. ANP, a subsidiary of
ANFF, processes meat of sheep, goat, and buffalo; ATE has a cold
storage where the group stores its products.


ALECTRA CONSTRUCTION: CRISIL Lowers Rating on INR4cr Loan to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Alectra
Construction Limited (ACL) to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       17.4      CRISIL A4 (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL A4+ ISSUER NOT
                                  COOPERATING')

   Cash Credit           4        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

   Standby Line          0.6      CRISIL B+/Stable (ISSUER NOT
   of Credit                      COOPERATING; Revised from
                                  'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with ACL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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


Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of ACL revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer not
cooperating'.

ACL was formed as a closely-held public limited company by
promoters, Mr Anil Kumar Singh and his son Mr Dhananjay Singh in
2004, to take over business of the partnership firm, Alectra
Construction. The company undertakes civil construction works in
Bihar and Uttar Pradesh, and has been engaged in road projects
since 1982. It has executed several projects for government
authorities such as the National Highway Authority of India (NHAI)
and RCD (Road Construction Dept.) Bihar and for private companies
like Larsen & Toubro. It also undertakes sub-contracting mainly for
NHAI.


APINDIA BIOTECH: CRISIL Keeps C Loan Ratings on Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of APIndia Biotech
Private Limited (ABPL; part of the MB group) continues to be
'CRISIL C Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.5       CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     7.3       CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              1.2       CRISIL C (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ABPL for obtaining
information through letters and emails dated February 26, 2019 and
July 30, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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


Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of ABPL continues to be 'CRISIL C Issuer not
cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of APBPL and Madhya Bharat Phospate Pvt Ltd
(MBPPL). This is because the two companies together referred to as
the MB group, have strong business linkages as they are engaged in
the same line of businesses; APBPL has been supplying raw material
(rock phosphate) to MBPPL since July 2012.
Furthermore, MBPPL has a shareholding of 99.99 per cent in APBPL
and has provided loans and advances of INR52 million to the company
to support its working capital requirements.

MBPPL was originally incorporated in 1998 as Omni Seeds and Farms
(India) Pvt Ltd, promoted by Mr. Pawan Agrawal; the name was
changed to the current one in 2003. The company manufactures SSP
fertilisers. It has two manufacturing facilities, one each in
Raisen and Meghnagar (both in Madhya Pradesh).


ATRIA POWER: CRISIL Lowers Rating on INR22cr Loan to B+
-------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Atria Power
Corporation Private Limited (APCPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan            22        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with APCPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of APCPL Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

Established in 1995, APCPL is a power generating company. Its
plants, located on River Shimsha in Mandya (Karnataka), have a
combined capacity of 24 megawatt (MW). The company also has a
solar-thermal power plant with capacity of 3 MW.


BALAJI INDUSTRIES: CRISIL Keeps B+ on INR6cr Debt on NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Balaji Industries -
Chhindwara (BI) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           4.9      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

   Long Term Loan        1.6      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with BI for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of BI continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in 2002, BI is a proprietorship firm that trades in maize,
wheat and a variety of pulses in India. Operations are managed by
the Mr Uttam Shah.


BANSHI AIRGASES: CRISI: Lowers Rating on INR6.75cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Banshi
Airgases Private Limited (BAPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           .9       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Term Loan            5.85      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with BAPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of BAPL Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

Incorporated in April 2008, BAPL manufactures and supplies
industrial and medical gases. The manufacturing facility is located
in Fatuha Industrial Area, Patna. Daily operations are managed by
the promoter, Mr Gaurav Kumar.


BHAGAVATI RUBBER: CRISIL Lowers Ratings on INR10cr Loans to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Bhagavati
Rubber Product Industries (BRPI) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           6        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long Term    4        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Revised from
                                  'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with BRPI for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of BRPI Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

Incorporated in 1982 as proprietorship, BRPI supplies products
rubber flaps to OEMs in domestic market majorly. The company
supplies to leading tyre manufacturers such as Apollo Tyres Ltd
(Apollo), B. K Tyres Birla Tyres Limited, Michellin and Goodyear
India Ltd (Goodyear India).


CENTECH ENGINEERS: CRISIL Maintains D Ratings on Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Centech Engineers
Private Limited (CEPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         1.75      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            8.50      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       2.00      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
  Bank Loan Facility       .22      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Standby Line of
   Credit                 1.25      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan              1.28      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with CEPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of CEPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

CEPL was incorporated in 2006-07 (refers to financial year, April 1
to March 31) as Contec Airflow Engineers Pvt Ltd by Mr. C Rama
Krishna. Centech designs, consults, and commissions HVAC and
mechanical, electrical, and plumbing projects. Its operations are
currently managed by Mr. C Rama Krishna's son Mr. Pawan Kumar.


DEV PRAYAG: CRISIL Maintains 'B' Ratings on Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Dev Prayag Paper Mill
Private Limited (DPML) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           2        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

   Term Loan             7        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with DPML for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of DPML continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established in 2013, promoted by Mr Bharat Agarwal, Mr Sandeep
Agarwal, and Mr Mahesh Chand Agarwal, DPML manufactures kraft paper
and light-weight coated duplex board. It commenced operations at
its facility in Allahabad (Uttar Pradesh) in September 2015.


DHIREN DIAMONDS: CRISIL Keeps B+ on INR16cr Loan on Not Cooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dhiren Diamonds (DD)
continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Export Packing        16       CRISIL B+/Stable (ISSUER NOT
   Credit                         COOPERATING)

CRISIL has been consistently following up with DD for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of DD continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

DD was set up in 1992 by Mr Dahyabhyai M Dhamelia and his friends
as a partnership firm. The current partners of the firm are Mr
Dahyabhyai M Dhamelia, Mr Arvindbhai Dhamelia, Mr Hitendra
Dhamelia, Mr Chintan Dhamelia, Mr Kishan Dhamelia, and Mr Rasikbhai
Dhamelia.

The firm manufactures large diamonds, and specialises in certified
and non-certified polished diamonds of 20 cents to 5 carats. Its
head-office is in Mumbai and manufacturing unit is at Surat,
Gujarat.


DURG TRACTORS: CRISIL Lowers Rating on INR5cr Cash Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Durg Tractors
(DT) to 'CRISIL B+/Stable Issuer not cooperating' from 'CRISIL
BB-/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            5       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with DT for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of DT Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

DT, a proprietorship firm of Mr Ajay Singh, was set up in September
2004 to distribute tractors of Escorts Ltd in Durg, Chhattisgarh.


EDIMANNICKAL JEWELLERY: CRISIL Keep B+ Rating on Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Edimannickal
Jewellery (EJ) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           5.6      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

   Proposed Long Term    4.3      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING)

CRISIL has been consistently following up with EJ for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of EJ continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

EJ, set up as a partnership firm by Mr E T Jose and his brother Mr
Thomas Mathew in 1989, retails gold jewellery. It owns a shop in
Ranni, Kerala. Operations are managed by Mr Thomas Mathew.


FSD BUILDING: CRISIL Keeps B+ on INR35cr Loans on Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of FSD Building
Materials Private Limited (FSD) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Overdraft             30       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

   Proposed Long Term
   Bank Loan Facility     5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with FSD for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of FSD continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

FSD, incorporated in 2010, is promoted by Mr Yahya Farouk Darvesh,
Ms Hanifa Farouk Darvesh, and Mr Zakaria Farouk Darvesh based in
Mumbai. The family has been engaged in the timber industry for over
100 years. The company trades in timber, medium-density fibreboard,
and wood-based chemicals, and is managed by Ms Hanifa Farouk
Darvesh and Mr Zakaria Farouk Darvesh.


GARVIT HOSPITALITY: CRISIL Keeps B- Rating on Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Garvit Hospitality &
Infracon Private Limited (GHIPL) continues to be 'CRISIL B-/Stable
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          1.75      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan           13.25      CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with GHIPL for obtaining
information through letters and emails dated February 26, 2019 and
July 30, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of GHIPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Set up in October 18, 2011, M/S. Garvit Hospitality & Infracon
Private Limited (GHIPL) is setting up a plant to manufacture
Autoclaved Aerated Concrete blocks to be used in building and civil
construction. It is based out of Jhansi, Uttar Pradesh and is by
Mr. Parvindar Singh and his father Mr. Bishan Singh.


GEE PEE: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Gee Pee Infotech Pvt Ltd
        34/1Q, Ballygunge Circular Rd
        Kolkata 700019
        West Bengal

Insolvency Commencement Date: August 2, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 29, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Binay Kumar Sighania

Interim Resolution
Professional:            Mr. Binay Kumar Sighania
                         BKS & Co, Diamond Heritage
                         16 Strand Road
                         Unit-519, 5th Floor
                         Kolkata, West Bengal 700001
                         E-mail: binay1@yahoo.com

                            - and -

                         AAA Insolvency Professionals LLP
                         Mousumi Co.Op. Housing Society
                         15B, Ballygunge Circular Road
                         Kolkata 700019
                         E-mail: geepeeinfotech@aaainsolvency.com

Last date for
submission of claims:    August 20, 2019


IL&FS: NCLT Rejects Deloitte, BSR's Bids Challenging Jurisdiction
-----------------------------------------------------------------
BloombergQuint reports that the National Company Law Tribunal on
August 9 rejected Deloitte's and BSR's applications challenging the
tribunal's jurisdiction to ban them from business for five years
for their omissions and commissions in the IL&FS Group collapse.

This is the second setback for these foreign audit firms as earlier
the tribunal had allowed the corporate affairs ministry to
prosecute them along with 21 others in the same case, though its
implementation has been stayed after they sought time to challenge
the order at the National Company Law Appellate Tribunal, according
to BloombergQuint.

The ministry had in June moved NCLT to implement a five-year ban on
the two auditors, the report notes.

According to BloombergQuint, the auditors had challenged the
jurisdiction of the NCLT to ban them under Sec 140(5) of Company's
Act, asserting that  section 140(5) pertains to auditors who are
still auditing the company in question while they have already
resigned as auditors of IL&FS companies and thus cannot be banned
under the given provisions.

While Deloitte had stopped auditing IL&FS Group, which owes over
INR95,000 crore to lenders and other financial institutions, by the
end of FY18, BSR was the statutory auditor of IL&FS Financial
Services and resigned only in June this year -- nine months after
the company was sent to the bankruptcy court, the report says.

BloombergQuint adds that the BSR counsel Darius Khambata and
Deloitte's counsel Janak Dwarakadas had also argued that before
banning them, the tribunal must pass a final order in the matter
establishing that fraud was indeed committed by the auditors.

BloombergQuint says the ministry move to ban them came after the
Serious Fraud Investigation Office in its investigation found them
guilty of painting a rosy picture of IFIN despite being aware of
the poor financial health of the company.

The counsels of the audit firms had argued that merely an
investigation by SFIO is not sufficient basis to ban them.

The SFIO, in its report alleged that these auditors were aware that
IFIN was lending to defaulting companies through group companies so
that they could suppress their NPAs and not provide for the bad
debt, the report adds.

BloombergQuint meanwhile reports that NCLT approved the appointment
of other auditors to recast accounts of IL&FS and its
subsidiaries.

According to the report, the ministry had on August 8 proposed
Borkar & Mazumdar & Co and MM Chitale & Co for IL&FS and IFIN
respectively; and GM Kapadia & Co and CNK & Associates for IL&FS
Transportation Networks to recast account of IL&FS and its
subsidiaries.

Terming the ruling unfortunate, Deloitte in a statement said it
"will review the order and decide on the future course of action
shortly," BloombergQuint relays.

"We remain committed to high standards of audit quality and ethical
conduct in our professional practice. We have faith in the
country's regulatory and judicial processes and will continue to
cooperate fully with the authorities," a Deloitte spokesperson was
quoted as saying in the statement.

                            About IL&FS

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

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


KRS PHARMACEUTICALS: CRISIL Keeps B- Rating on Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of KRS Pharmaceuticals
Private Limited (KPPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          1.72      CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING)

   Proposed Long Term
   Bank Loan Facility     .28     CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING)

   Term Loan             7.61     CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with KPPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of KPPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Set up in 2004 by Mr. B Narendra and Mr. B L Swamy, KPPL
manufactures bulk drugs and intermediates at its plant in Hyderabad
and Visakhapatnam.


KUNSTWERK MACHINERY: CRISIL Keeps B+ Ratings on Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kunstwerk Machinery
India Private Limited (KMPL) continues to be 'CRISIL B/Stable
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           2        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

   Export Packing
   Credit                1        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

   Proposed Working
   Capital Facility      7        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with KMPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of KMPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 2009, KMPL manufactures agro-based capital goods.
The operations are managed by Mr Suraj Ramakrishnan.


LATTA SUPER: CRISIL Lowers Rating on INR10cr Cash Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Latta Super
Market (Latta) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          10        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with Latta for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of Latta Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

Latta, set up in 2000 as a partnership firm by Mr. Chandrakumar and
his brothers, operates three supermarkets in Chennai. The
operations are managed by Mr. Chandrakumar.


LAXMI ENGINEERING: CRISIL Lowers Rating on INR17.5cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on bank loan facilities of Laxmi
Engineering Industries (Bhopal) Private Limited (LEIPL) to 'CRISIL
D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        10       CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Cash Credit           17.5     CRISIL D (Downgraded from
                                  'CRISIL BB/Stable')

   Rupee Term Loan       10.75    CRISIL D (Downgraded from
                                  'CRISIL BB/Stable')

The downgrade reflects delays in servicing of term debt obligations
and over utilization in cash credit limit. The delay is on account
of stretched working capital leading to weak liquidity.

LEIPL has below average financial risk profile, modest scale and
stretched working capital cycles. The promoters have extensive
experience in industry.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in servicing of term debt due to large working capital:
The Company is delaying on its term debt repayments. This is on
account of stretched liquidity arising from large working capital.
Gross current assets were ~378 days as on March 31, 2019, due to
large inventory and stretched receivables. This is because of the
long manufacturing process and delay in testing by client before
delivery and installation due to weak demand or project delays at
the client site. The debtor realization is also stretched to more
than 100 days.

* Below-average financial risk profile: Financial risk profile is
marked by gearing of around 2.01 times as on March 31, 2019. Debt
protection metrics is weak, with net cash accrual to total debt and
interest coverage ratios of 0.07 times and around 1.6 times,
respectively, for fiscal 2019. This is on account of high reliance
on external working capital debt.

* Modest scale of operations: Scale is modest reflected in revenue
of INR44 crores for fiscal 2019. This restricts bargaining power
with customers and suppliers, leading to high requirement of credit
to be provided. Intense competition in the industry will restrict
scale up over the medium term.

Strengths:
* Extensive experience of the promoters: The promoter, Mr KK Gurjar
has over 25 years of experience in manufacturing heat exchangers.
Over the years, he has gained strong business insights, and has
established a healthy relationships with large customers.

Liquidity
Liquidity is weak, as reflected in low cash inflow and hence, delay
in servicing term debt.

LEIPL was set up in 1987, by Mr KK Gurjar. The company manufactures
heat exchangers and oil coolers, at its plant in Bhopal, Madhya
Pradesh.


MAKALU TRADING: CRISIL Keeps D on INR275cr Loan on Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Makalu Trading
Limited (MTL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Letter of Credit     275       CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with MTL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MTL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

MTL, incorporated in 1981 by Mr Vinod Jatia and his family members,
primarily trades in iron and steel products such as hot- and
cold-rolled coils, sheets, and plates, sponge iron lumps, and
fines.


MAKSI AGRO: CRISIL Keeps B+ on INR11.5cr Loan on Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maksi Agro Cool
Chains Private Limited (MACCPL) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan           11.5       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with MACCPL for obtaining
information through letters and emails dated
January 23, 2019 and July 11, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MACCPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

MACCPL has set up a unit at Ara, Bihar, for extracting edible oil.
The unit began commercial operations in the first week of December
2016. The company is promoted by Mr Ajeet Kumar Sinha, Ms Sonika
Sinha, and Mr Manoj Kumar Sinha and their families.


MARC ENTERPRISES: CRISIL Lowers Ratings on INR40cr Loans to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Marc
Enterprises Private Limited (ME) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           20       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Fund-
   Based Bank Limits      8       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB/Stable ISSUER NOT
                                  COOPERATING')

   Term Loan             12       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with ME for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of ME Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

ME, based in New Delhi, was set up by the Jain family in 1981. The
company manufactures home appliances, including fans and geysers,
at its unit in Baddi, Himachal Pradesh. Its operations are managed
by Mr Pramod Jain.


MEALITE FOODS: CRISIL Keeps D on INR8.6cr Loans on Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mealite Foods Private
Limited (MFPL) continues to be 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          5.5       CRISIL D (ISSUER NOT
                                  COOPERATING)

   Term Loan            3.1       CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with MFPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MFPL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2013, MFPL manufactures corn flakes, ready to eat
packaged snacks such as namkeens, baked snacks, fried snacks and
other related products. It has recently started its commercial
operations in July 2015 and its manufacturing facilities is located
at Rajkot-Gujarat.


PAYNE REALTORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Payne Realtors Private Limited

        Registered address:
        D-3, District Centre, Saket
        New Delhi, South Delhi 110017

        Corporate address:
        Prius Global, 6th Floor
        Plot no. 3, 4 & 5, Sector-125
        Gautam Budhha Nagar
        Noida 201301

Insolvency Commencement Date: July 25, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: January 21, 2020

Insolvency professional: Mahender Khandelwal

Interim Resolution
Professional:            Mahender Khandelwal
                         B-2A, Sunny Valley CGHS
                         Plot No. 27, Sector 12
                         Dwarka, New Delhi 110078
                         E-mail: mahender.khandelwal@pwc.com

                            - and -

                         Pricewaterhouse Coopers Pvt Ltd
                         Plot # Y-14, Block EP
                         Sector V, Salt Lake
                         Kolkata 700091
                         E-mail: claims.pr@in.pwc.com
                                 ip.m.pr@in.pwc.com

Last date for
submission of claims:    August 8, 2019


SETH ROSHAN: CRISIL Lowers Rating on INR25cr Cash Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Seth Roshan
Lal Jain Trust (SRLJT) to 'CRISIL B+/Stable Issuer not cooperating'
from 'CRISIL BB+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           25       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with SRLJT for obtaining
information through letters and emails dated
January 23, 2019 and July 11, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SRLJT Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

SRLJT, set up in 1998, operates College of Engineering, Roorkee,
which offers engineering, commerce, and management courses. The
college is situated on a 75-acre campus.


TATA MOTORS: S&P Affirms 'B+' Issuer Credit Rating, Off Watch Neg.
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer and issue
credit ratings on Tata Motors Ltd. S&P removed the ratings from
CreditWatch, because it believes geopolitical risks such as Brexit
and U.S. tariffs could take longer than expected to play out.

S&P said, "In our view, Tata Motors' continued cash burn largely at
its U.K.-based subsidiary Jaguar Land Rover Automotive PLC (JLR) is
denting the company's financial position. In addition, we are
unsure of the timing and outcome of significant events such as
Brexit and U.S. trade tariffs. Therefore, we resolve our
CreditWatch and affirm the rating with a negative outlook.

"We expect Tata Motors' finances to improve over the next two
years, largely driven by volume recovery from JLR's new product
launches, stabilizing Chinese markets, and GBP800 million of
budgeted cost cuts under project charge. An expectation of volume
growth in its Indian market, which hinges on late recovery of
monsoon and overall shift to new emission norms, should also aid
the recovery. We believe the improvements can increase EBITDA
margin (S&P adjusted) by 200-250 basis points over the next two
years, from the historic low of 1.7% in fiscal 2019.

"In our projections, the improved profitability will narrow the
negative free operating cash flow (FOCF) although it will continue
to remain negative until fiscal 2022. We expect Tata Motors to
generate negative FOCF of Indian rupees (INR) 140 billion-INR150
billion annually over the next 12-24 months, largely due to JLR's
cash burn.

"We have revised our estimates of JLR's negative FOCF to about
GBP1.2 billion each in fiscal 2020 (year ending March 31, 2020) and
fiscal 2021, compared with our previous estimates of GBP1.3 billion
and GBP0.7 billion, respectively. We believe the company's focus on
running tighter inventory levels will help arrest some of the cash
burn."

Tata Motors' first-quarter fiscal 2020 (ended June 30, 2019)
financial performance remained weak, with JLR volumes down 11.6%
across markets and India commercial vehicle (CV) volumes 14.8%
lower. Despite severe volume declines, the reported negative FOCF
of INR116 billion was better than INR187 billion in the same
quarter last year. Working capital and cost savings from JLR's
project charge helped narrow the cash burn over the last year or
so.

S&P said, "We believe Tata Motors continues to work on multiple
fronts, including evaluating tie-ups and partnerships, to manage
its capital spending, particularly at JLR, which will remain high
at GBP3.8 billion-GBP4.0 billion annually over the next two to
three years. Tata Motors' fiscal 2019 reported EBITDA (excluding
captive finance) was about 60% of its total capital expenditure for
the year. We expect the reported EBITDA (excluding captive finance)
to be lower than its capital spending until fiscal 2022,
underpinning its continued cash burn. Therefore, we have a
one-notch downward adjustment to capture the risk of unsustainable
capital spending over the next two to three years, resulting in
significant cash burn."

The negative outlook reflects Tata Motors' vulnerability to
continued cash burn at JLR, further risks from uncertainties on
Brexit and U.S. tariffs, as well as India's automotive market
slowdown.

S&P said, "We may lower the ratings by one notch if we see
diminishing prospects of turnaround at JLR. This may happen if
JLR's new launches fail to resurrect the volumes or the company
fails to achieve its expected costs savings, resulting in Tata
Motors' negative FOCF surpassing INR200 billion over the next 12
months.

"We may also downgrade Tata Motors if we expect Brexit or other
geopolitical risks to cause further disruptions to its operations,
increasing the pressure on business and financial position.

"In an unlikely situation, we may also downgrade Tata Motors if the
significant cash burn results in weak liquidity or if we see rising
refinancing risks due to waning bank support.

"We may revise the outlook to stable if Tata Motors improves its
performance in line with our expectation such that the FOCF is
expected to turn positive sustainably. Reducing risks from a
disorderly Brexit or U.S. tariffs, and overall improvement in JLR's
global operations and Tata Motors India operations over the next
six to 12 months could indicate such a scenario."


[*] India Worsening Default Risks Are Putting Focus on Stimulus
---------------------------------------------------------------
Rahul Satija at Bloomberg News reports that investors are awaiting
stimulus measures from the Indian government as a gloomy economic
outlook adds to mounting credit market woes and raises fears
defaults will spread.

The government is planning measures to boost the economy and may
announce some steps this week to help demand for housing,
automobiles, and to spur small businesses, an official said on
August 9, Bloomberg relays. Credit profiles of the nation's
companies worsened to a 19-month low in July, Bloomberg discloses
citing a Care Ratings index that tracks 1,601 local firms.

Bloomberg says the credit market has been stung by a yearlong
shadow banking crisis that started with shock defaults last year by
IL&FS group. Government measures to kick-start the economy may help
investors regain confidence after other missed payments by firms
including non-bank financier Dewan Housing Finance Corp., travel
planner Cox & Kings Ltd. and wind-turbine maker Suzlon Energy Ltd,
according to Bloomberg.

India's central bank cut its benchmark interest rate last week for
the fourth time in 2019. Reserve Bank of India also lowered its
economic growth forecast for the year to March 31 to 6.9% from its
7% forecast in June, Bloomberg discloses.

"The problem in the economy is lack of demand, which can't be
addressed by RBI's rate cuts," Bloomberg quotes Madan Sabnavis,
chief economist at Care Ratings, as saying. "Quality of debt in the
country has definitely gone down. Indian companies will remain
under pressure in the coming months," if further measures are not
taken, he said.




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S O U T H   K O R E A
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DOOSAN BOBCAT: S&P Hikes Long-Term ICR to 'BB' on Revised Criteria
------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Doosan Bobcat Inc. (DBI) to 'BB' from 'BB-'. At the same time, S&P
revised the recovery rating on DBI's senior secured term loan due
2024 to '1' from '2' reflecting two recent prepayments totaling
US$250 million. As a result of the above two actions, S&P raised
the issue rating on the senior secured term loan by two notches to
'BBB-' from 'BB'. S&P has taken all the ratings off under criteria
observation (UCO).

S&P said, "The upgrade of DBI reflects our application of the new
"Group Rating Methodology" criteria published on July 1, 2019,
under which we apply higher insulation of DBI from the parent,
Doosan Infracore Co. Ltd. (DI; not rated). We assess DBI's credit
rating as two notches higher than the 'b+' group credit profile,
compared with previous one-notch higher assessment. In our view,
DBI is operationally separated from DI and its financial
performance and funding are highly independent from the group.
Also, we see somewhat limited control from the group, given DBI's
public listing and significant minority shareholders. We believe
the group has a fairly strong economic incentive to preserve DBI's
credit strength, as evidenced by its recent debt repayments using
its free cash flows."

DBI mainly operates in the U.S. compact construction equipment
market under its "Bobcat" brand through its wholly owned subsidiary
Clark Equipment Co.--contributing the bulk of DBI's revenue and
most of its operating income. On the other hand, the parent, DI,
focuses on the heavy construction equipment market under the
"Doosan" brand, mainly in China, Korea, and developing countries.
The two companies have limited business reliance on each other.

After several transactions since 2015, including DBI's IPO, DI's
ownership in DBI fell to 51% from 100%. Other minor shareholders
include Korea's national pension services and financial investors.
Also, three out of five directors on DBI's board are independent.
These factors, together with Korea's increasing attention on fair
trade, should prevent negative intervention in DBI by DI, in S&P's
opinion.

For instance, despite DI's credit metrics being weaker than those
of DBI, S&P has not seen any instances of adverse action from DI
that negatively affected DBI's financials over the past several
years. Instead, DI monetized its shares in DBI to improve its
financial metrics. DBI has also used most of its positive free cash
flows to reduce its own debt and invest in its own business in the
past.

S&P said, "We continue to assess parent DI group's group credit
profile at 'b+'. Although DI's financial metrics have improved
notably (debt-to-EBITDA ratio of 4.1x in 2018, compared with 6.8x
in 2016), the company's exposure to refinancing risk due to a high
reliance on short-term debt remains a major constraint on its group
credit profile.

"We maintained the stand-alone credit profile (SACP) for DBI at
'bb+'. We expect the company will continue to benefit from steady
U.S. market performance. We estimate DBI's ratio of debt to EBITDA
to remain sound at 1.0x-2.0x over the next one to two years,
similar to 1.6x in 2018.

"We raised our issue-level rating on DBI's senior secured term loan
due 2024 to 'BBB-' from 'BB'. The two-notch raise is a result of
DBI's one-notch issuer credit rating upgrade and revision of the
recovery rating to '1' (two-notch uplift) from '2' (one-notch
uplift). The improvement in recovery rating mainly reflects the
company's recent two voluntary prepayments of US$150 million in
June and US$100 million in August. The outstanding balance of the
term loan is now US$715 million, down from the initial issuance
amount of US$1.3 billion in 2017.

"DBI's senior secured term loan belongs to its subsidiary, Clark
Equipment, and is guaranteed by DBI. The '1' recovery rating
indicates our expectation that lenders can make a very high
recovery (90%-100%) in the event of a payment default.

"The stable outlook on DBI reflects our expectation that the
company's well-established market position and good cash flows will
help it to maintain its financial metrics over the next one to two
years. Still, we expect the company to remain exposed to cyclical
demand for construction equipment.

"The rating on DBI could come under pressure if we lower the group
credit profile of DI group, potentially due to weakening liquidity.
We could also lower the rating if we see higher possibility of
increased control or negative intervention by DI in DBI.

"We may also lower the rating if we revise downward the SACP for
DBI to 'bb-' or below as a result of a significant deterioration in
profitability and financial measures. The company's weakening
market position or decreasing demand such that the debt-to-EBITDA
ratio after S&P Global Ratings' adjustments weakens to above 4.0x
on a sustained basis would indicate such deterioration.

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

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

DBI is a Korea-based holding company that fully owns U.S.-based
Clark Equipment, Europe-based Doosan Bobcat EMEA s.r.o, and
Singapore-based Doosan Bobcat Singapore Pte.

The company primarily engages in the compact construction equipment
business in the U.S., Europe, and Asia through these subsidiaries.
Its compact equipment business generates more than 90% of its
revenues.

DBI was established in April 2014 in a spin-off from parent DI. DBI
was listed on the Korea stock exchange through an IPO in November
2016. DI holds 51% of DBI's shares.

-- U.S. GDP growth of 2.5% in 2019 and 1.8% in 2020, compared with
2.9% in 2018.

-- Eurozone GDP growth of 1.1% in 2019 and 1.3% in 2020, compared
with 1.9% in 2018.

-- DBI's performance will be largely driven by macroeconomic
trends, especially construction activities, in the two
above-mentioned key markets.

-- Revenue growth to be 4%-6% in 2019, primarily due to healthy
demand in North America and increased sales from expansion into new
segments and countries.

-- EBITDA margins to come under modest pressure in 2019 on
increased research and development costs for new products and
compliance with environment regulations and also increased
marketing expense.

-- Revenue growth to slow down and margin pressure to increase
from 2020 onwards, mainly reflecting S&P's view of inherent
industry cyclicality in the U.S. housing market.

-- Annual capex to increase to US$180 million-US$210 million over
the next two to three years.

-- Annual dividend payouts to increase to US$120 million-US$140
million for 2019 and 2020, compared with US$111 million in 2018,
due to DBI's steady performance and shareholder friendly policy
after the IPO.

S&P assesses DBI's liquidity to be adequate. S&P expects the
company's sources of liquidity to exceed uses by 1.2x over the next
12 months. Liquidity sources are likely to exceed uses even if the
company's EBITDA declines by 15%.

Although DBI has substantially improved its cash holdings over the
past two years, mainly due to positive free cash flows, the parent
group's weaker liquidity constrains DBI's liquidity position, in
our view. That said, S&P believes that DBI has satisfactory
relationships with banks and can manage its capital investments and
dividends to support its liquidity if necessary.

Principal liquidity sources include:

-- Cash and cash equivalents of about US$490 million as of Dec.
31, 2018; and

-- Cash flow from operations of about US$336 million during 2019.

Principal liquidity uses include:

-- Debt of about US$19 million maturing in 2019;
-- Capex of about US$200 million during the same period; and
-- Dividend payments of about US$125 million during the same
period.

DBI has covenants on its senior secured term loan, including
mandatory prepayment and some restrictions on dividends,
investments, and asset disposals and additional debt incurrence.
S&P expects the company to be compliant with the covenants, given
its good performance and cash holdings.

-- S&P has completed a review of the recovery analysis for DBI,
and the recovery rating on the company's senior secured term loan
B.

-- S&P used an enterprise value approach to assess recovery
prospects and applied a 5x valuation multiple to its emergence
EBITDA level of $167 million. The 5x valuation multiple reflects
the industry specific multiple derived from its empirical analysis
of the capital goods industry. As a result, S&P estimates a gross
emergence enterprise value (EV) of $836 million.

-- S&P said, "Our simulated default scenario contemplates a
payment default occurring in 2023 against a backdrop of a prolonged
global economic downturn. A combination of business activity
declines in key end markets and increased pressures from major
competitors in the construction equipment segment would cause
substantial deterioration in cash flow for the company. We believe
that the company would reorganize rather than liquidate under our
default scenario, given its position in the construction equipment
industry and its diverse customer base."

-- S&P said, "We expect the net EV of US$794 million (after
deducting estimated priority unpaid administrative expenses of 5%)
will be available for distribution to all creditors. We have
assumed that approximately 80% of the net enterprise value would be
attributable to the guarantor group."

-- After satisfying the asset-based lending (ABL) revolver
lenders' priority claims, the collateral value together with
residual foreign subsidiaries unpledged enterprise value is
sufficient to provide the senior secured term loan lenders with
recovery expectation of the very high recovery (90%-100%) in the
event of a default.

-- Simulated year of default: 2024
-- Emergence EBITDA: US$167 million
-- Multiple: 5x
-- Net recovery value for waterfall after administrative expenses
(5%): US$794 million.
-- Obligor/nonobligor valuation split: 80%/20%
-- Estimated priority claims (ABL or other): US$92 million.
-- Remaining recovery value: US$646 million.
-- Estimated first lien claim: US$669 million.
-- Value available for first lien claim: US$646 million.
-- Recovery range: 90%-100% (rounded estimate: 95%)

*Note: All debt amounts include six months of prepetition
interest.



                           *********


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,
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

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