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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

          Wednesday, August 28, 2019, Vol. 22, No. 172

                           Headlines



A U S T R A L I A

E-MEDIA CORP: Second Creditors' Meeting Set for Sept. 2
GRAINPRO PTY: May Have Been Traded While Insolvent
INNOVATIVE BENCHTOP: First Creditors' Meeting Set for Sept. 5
NP DISTRIBUTION: Second Creditors' Meeting Set for Sept. 3
RYLEHO GROUP: First Creditors' Meeting Set for Sept. 6

SKM RECYCLING: Australian Government Provides AUD10MM Loan
SNOWCOAST PTY: Second Creditors' Meeting Set for Sept. 3
SQUIRREL SUPERANNUATION: First Creditors' Meeting Set for Aug. 30
WINGED MEDIA: Second Creditors' Meeting Set for Sept. 4


C H I N A

CHINA HONGQIAO: Fitch Affirms BB- LongTerm IDRs, Outlook Stable


I N D I A

ADITYA VIDYUT: ICRA Lowers Ratings on INR97cr Loans to D
ARIISTO DEVELOPERS: IRP Invites Fresh Bids to Revive Business
BSL ENGINEERING: CRISIL Migrates 'B' Rating to Not Cooperating
CONC SHADE: CRISIL Assigns B+ Ratings to INR14.50cr Loans
DATTAKALA SHIKSHAN: CRISIL Moves D Ratings to Not Cooperating

DYNAMIC ELECTRICALS: CRISIL Withdraws C Rating on INR2.5cr Loan
GANESH DIAGNOSTIC: CRISIL Moves D Ratings to Not Cooperating
GOYAL FARM: CRISIL Moves B+ on INR8.8cr Loan to Non-Cooperating
H. R. EDUCATIONAL: ICRA Reaffirms D Rating on INR10cr Term Loan
IL&FS SOLAR: ICRA Lowers Rating on INR405cr Loans to B+

JET AIRWAYS: Irish Lessor Seeks to Take Back Boeing 777
JET AIRWAYS: Lenders Extend EOIs Deadline Again to Aug. 31
K.P.R. AGROCHEM: ICRA Lowers Rating on INR199cr Loan to 'D'
KROWN AGROFOODS: CRISIL Moves B on INR10cr Loan to Not Cooperating
LAXMIPATI BALAJI: Insolvency Resolution Process Case Summary

NORSEA OFFSHORE: ICRA Lowers Rating on INR24cr Term Loan to D
PNX LOGISTICS: ICRA Lowers Rating on INR14cr Loan to B+(SO)
RAHEJA DEVELOPERS: NCLT Initiates Insolvency Proceedings
SICAL IRON: ICRA Lowers Rating on INR500cr Term Loan to B+
SICAL LOGISTICS: ICRA Lowers Rating on INR526.01cr Loan to B+

SICAL MULTIMODAL: ICRA Cuts Rating on INR100cr Loan to B+(SO)
SICAL SAUMYA: ICRA Lowers Rating on INR41.83cr Loan to B+(SO)
TIMBLO DRYDOCKS: CRISIL Lowers Rating on INR50cr Cash Loan to D


S I N G A P O R E

HYFLUX LTD: Inks Restructuring Agreement with Utico


S O U T H   K O R E A

[*] SOUTH KOREA: 97% of Crypto Exchanges Facing Bankruptcy

                           - - - - -


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A U S T R A L I A
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E-MEDIA CORP: Second Creditors' Meeting Set for Sept. 2
-------------------------------------------------------
A second meeting of creditors in the proceedings of E-Media
Corporation Pty Ltd has been set for Sept. 2, 2019, at 11:00 a.m.
at the offices of Cor Cordis, One Wharf Lane, Level 20, at 171
Sussex Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 1, 2019, at 4:00 p.m.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of E-Media Corporation on Aug. 5, 2019.


GRAINPRO PTY: May Have Been Traded While Insolvent
--------------------------------------------------
Gregor Heard at Queensland Country Life reports that the
administrator of GrainPro Pty Ltd has said in his preliminary
creditors' report that it was possible the business had been
trading when insolvent since at least March 31 this year and maybe
even as far back as August last year.

The report relates that Adam Shepard of Setter Shepard said while
the company had a net asset surplus as late as June 30 this year,
this included related party loans which were not readily
realizable.

He recommended to creditors that the Wagga Wagga-based company be
wound up, the report says.

Creditors of the business, which owes what is estimated to be over
AUD7 million, will vote whether to wind up the company or to enter
a Deed of Company Arrangement (DOCA) at a meeting in Wagga Wagga on
August 30, according to Queensland Country Life.

Queensland Country Life relates that Mr. Shepard said while he
recommended winding up the company, there was merit in the DOCA if
third party security can be provided.

The report did not make for happy reading for creditors, in
particular unsecured grower creditors, Queensland Country Life
notes.

According to Queensland Country Life, initial reports on the
company's financial state tabled at the first creditors' meeting
earlier in the month painted a relatively rosy picture that saw a
scenario where all creditors received a full payment.  However in
his report Mr. Shepard said unsecured creditors, including the
majority of grower creditors, could expect a payment of 25 cents in
the dollar, Queensland Country Life discloses.

Queensland Country Life says the discrepancy has arisen because in
the Report on Company Activities and Property (ROCAP) GrainPro did
not include a loan from financier Scottish Pacific of over a
million, which pushed the total owed from AUD5.7 million to AUD7
million.

The ROCAP showed a net surplus of AUD1.16 million, however upon
Mr. Shepard's investigation he said there would be a net deficiency
of AUD3.87 million, Queensland Country Life relays.

Several assets were downgraded in the Setter Shepard report.

GrainPro valued grain assets at AUD1.5 million but this was written
down to AUD1 million by Setter Shepard, Queensland Country Life
notes.

Plant and equipment were initially valued at AUD659,000 but was
readjusted to AUD77,000 in another dramatic readjustment, says
Queensland Country Life.

In further bad news for grower creditors, Mr. Shepard has
identified AUD225,000 of payments after March 31 this year as
potentially the subject of 'unfair preference' clawbacks, meaning
growers paid in this have to prove they had no suspicion the
company was trading while insolvent, Queensland Country Life
relays.

Queensland Country Life adds that GrainPro had impressive revenue
figures, rising quickly to AUD43 million in the 2018-19 financial
year, however Mr. Shepard said profit margins were slim and the
company struggled with working capital and had significant cash
flow issues.

Mr. Shepard nominated a lack of working capital as a key reason for
the company's failure, Queensland Country Life adds.

             About Grainpro Pty

Based in Dubbo, New South Wales, Grainpro Pty Limited is a grain
marketing company. The Company was founded by Mario and Angela
Bonfante in Dubbo in 2006. The Company was placed in administration
on July 27, 2019. Adam Shepard of Setter Shepard was appointed
administrator for the Company on July 27.


INNOVATIVE BENCHTOP: First Creditors' Meeting Set for Sept. 5
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Innovative
Benchtop Solutions Pty Ltd, trading as Kitchens Direct and
Innovative Benchtop Design, will be held on Sept. 5, 2019, at 10:30
a.m. at Level 4, 15 Ogilvie Road, at Mount Pleasant.

Mervyn Jonathan Kitay of Worrells Solvency was appointed as
administrator of Innovative Benchtop on Aug. 26, 2019.


NP DISTRIBUTION: Second Creditors' Meeting Set for Sept. 3
----------------------------------------------------------
A second meeting of creditors in the proceedings of NP Distribution
Pty. Ltd. and Lark Asset Management Pty. Ltd. has been set for
Sept. 3, 2019, at 10:30 a.m. at the offices of PKF Melbourne, Level
13, at 440 Collins Street, in Melbourne.

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 Sept. 2, 2019, at 4:00 p.m.

Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were
appointed as administrators of NP Distribution on Aug. 9, 2019.


RYLEHO GROUP: First Creditors' Meeting Set for Sept. 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Ryleho Group
Pty Ltd will be held on Sept. 6, 2019, at 10:00 a.m. at Equinox
Building 4, Level 2, at 70 Kent Street, in Deakin, ACT.

Frank Lo Pilato and Jonathon Colbran of RSM Australia Partners were
appointed as administrators of Ryleho Group on Aug. 27, 2019.


SKM RECYCLING: Australian Government Provides AUD10MM Loan
----------------------------------------------------------
Benjamin Preiss at The Age reports that thousands of tonnes of
recycling stockpiled in warehouses around Melbourne will begin to
be cleaned up after the Andrews government loaned SKM Recycling's
receivers AUD10 million.

According to The Age, the money extended to KordaMentha, the
appointed receivers for failed waste company SKM, will pay to
repair and maintain the machines that sort the waste to prevent it
becoming landfill.

SKM's Laverton plant is expected to start operating properly within
about five weeks, the report says.  Other SKM sites at Hallam,
Geelong and Coolaroo are expected to come back online after the
Laverton plant.

The Age says the recent collapse of SKM cast Victoria's recycling
system into chaos with several councils forced to send thousands of
tonnes of recycling to the tip.  Piles of waste have been dumped at
warehouses across Melbourne as the crisis continued.
Households could get an extra recycling bin to reduce contamination
rates as part of the response to the recycling crisis, the report
states.

According to the report, the Andrews government said it is working
with local councils on a "major overhaul" of the kerbside
collection system to prevent future failures.

Government talks with local councils and industry representatives
will take place next month with an expression of interest to design
the new regime released soon after, the report says. The new
kerbside recycling system is expected to begin in 2021.

The Age adds that Environment Minister Lily D'Ambrosio said the
loan was the fastest way to process recycling rather than sending
it to landfill.

"An overhaul of kerbside collection is the next step in getting our
recycling sector back on track by reducing contamination and
improving the quality of recyclable materials," the report quotes
Ms. D'Ambrosio as saying.  "We're getting on with delivering a
strong and resilient local recycling sector that the Victorian
public expects and deserves."

Last week, KordaMentha was appointed to run a group of businesses
under the SKM umbrella, The Age discloses.

Privately-owned SKM provides recycling sorting services to 12
councils across Victoria including City of Ballarat, City of
Melbourne and Shire of Mornington Peninsula.  SKM Recycling is
owned and run by the Italiano family.

SKM had contracts with more than 30 councils when it collapsed,
owing creditors more than AUD100 million, The Age discloses.

Australia's largest waste disposer, Cleanaway, has bought AUD60
million of that debt, putting it in a strong position to take over
SKM, The Age adds.


SNOWCOAST PTY: Second Creditors' Meeting Set for Sept. 3
--------------------------------------------------------
A second meeting of creditors in the proceedings of Snowcoast Pty
Ltd has been set for Sept. 3, 2019, at 10:00 a.m. at the offices of
TPH Advisory, Lower Level, at 133 Macquarie Street, in Sydney,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 2, 2019, at 4:00 p.m.

Tim Heesh of TPH Insolvency was appointed as administrator of
Snowcoast Pty on July 31, 2019.


SQUIRREL SUPERANNUATION: First Creditors' Meeting Set for Aug. 30
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Squirrel
Superannuation Services Pty Ltd and Supplier Services Pty Ltd will
be held on Aug. 30, 2019, at 11:00 a.m. at Level 9, 60 Pitt Street,
in Sydney, NSW.

Christian Sprowles and Michael Hogan of Hogan Sprowles were
appointed as administrators of Squirrel Superannuation on Aug. 21,
2019.


WINGED MEDIA: Second Creditors' Meeting Set for Sept. 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of Winged Media
Pty Ltd has been set for Sept. 4, 2019, at 10:30 a.m. at the
offices of TPH Advisory, Suite 101, at 167b The Entrance Road, in
Erina, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 3, 2019, at 4:00 p.m.

Amanda Lott and Timothy Heesh of TPH Advisory were appointed as
administrators of Winged Media on July 31, 2019.




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C H I N A
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CHINA HONGQIAO: Fitch Affirms BB- LongTerm IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed aluminium producer China Hongqiao Group
Limited's Long-Term Foreign- and Local-Currency Issuer Default
Ratings at 'BB-'. The Outlook is Stable. At the same time, Fitch
has also withdrawn Hongqiao's Long-Term Local-Currency IDR.

Hongqiao's ratings reflect its position as one of the largest
aluminium smelters in the world with a competitive cost base
supported by substantial economies of scale and low input costs.
Hongqiao's ratings are constrained by uncertainties regarding the
implications of potential surcharges on its captive power
generation assets, which could significantly increase its
production costs.

The Stable Outlook reflects Fitch's expectation that Hongqiao will
continue to post strong profitability in its core aluminium
business, and Hongqiao's net leverage will remain within the range
for its current rating even if the government power surcharges are
enforced.

The Long-Term Local-Currency IDR has been withdrawn with the
following reason: No longer considered by Fitch to be relevant to
the agency's coverage because the issuer does not have debt that
relies on the local-currency rating.

KEY RATING DRIVERS

Surcharge Risk Weighs on Profitability: Fitch expects the
profitability of Hongqiao's aluminium business to decrease if the
company has to start paying power surcharges to the government
(such as a renewable energy surcharge and cross-subsidies) for
electricity generated by its captive power plants.

Its sensitivity analysis shows that a CNY0.029/kWh and
CNY0.0504/kWh increase in power tariffs could reduce the company's
aluminium gross profit per tonne by as much as CNY370 and CNY650,
respectively (2019 forecast gross profit per tonne: CNY2,000).
Hongqiao's net leverage could increase to 3.0x-3.5x between 2020
and 2022 if both the surcharge and cross-subsidies are applied,
although there is little clarity over the government's plans for
the surcharges.

Leading Producer, Stable Capacity: Fitch expects Hongqiao's total
primary aluminium smelting capacity and production to remain stable
at around 6.5 million tonnes per year as its current capacity is
legal and compliant with the latest government policies. The
company has retained its domestic market share of around 15% and
remains one of the largest aluminium smelters in the world.
Hongqiao's size allows it to enjoy large economies of scale, making
it one of the most profitable smelters in China.

Lower Margins: Hongqiao's EBITDA margin narrowed to 22% in 2018,
from 25% in 2017, driven by weaker aluminium prices and rising
input costs. Fitch expects Hongqiao's EBITDA margin to remain at
around 20% over 2019-2022, supported by Fitch's forecasts for
stable aluminium prices. Hongqiao's profitability should remain
well ahead of that of other domestic aluminium smelters due to its
scale and high levels of input self-sufficiency, as Hongqiao is
100% self-sufficient in alumina production and also has access to
overseas bauxite resources in Guinea.

Stable Leverage: Hongqiao's net leverage dropped to 2.1x in 2018,
from around 2.3x in 2017 and 3.9x in 2016, on back of strong
profitability in its core aluminium business. Fitch expects
Hongqiao's net leverage to stabilise at around 2.4-2.7x between
2019 and 2022; driven by strong funds from operations (FFO)
generation. Fitch expects Hongqiao to post positive free cash flow
(FCF) but less so than in previous years due to higher working
capital needs and higher dividend payouts, despite limited capex.

Improving Corporate Governance: The company maintained a record of
satisfactory corporate governance, with adequate internal controls
and timely financial disclosure, over the last two years, following
a delay in the publication of its annual report in 2017. Fitch
believes that Hongqiao's corporate governance and financial
transparency are no longer constraints on its current ratings.

DERIVATION SUMMARY

Comparable Fitch-rated peers include Alcoa Corporation
(BB+/Stable), United Company RUSAL Plc (BB-/Stable), and Aluminum
Corporation of China Limited (Chalco; A-/Stable).

Hongqiao has a less sophisticated range of products than Alcoa, but
it maintains slightly higher margin due to the scale and efficiency
of its core aluminium smelting business. However, Hongqiao's net
leverage remains higher than that of Alcoa, even after the
deleveraging in 2018.

Rusal benefits from substantial size, low input costs and its stake
in PJSC MMC Norilsk Nickel (BBB-/Stable). Hongqiao has higher
profitability than Rusal and maintains a lower net leverage, but
has higher business risks due to uncertainty about the power
surcharges. Rusal's rating also captures the higher-than-average
systemic risks associated with the Russian business and
jurisdictional environment.

Compared to Chalco, Hongqiao is larger in scale, has higher
profitability and consistently maintains lower and less volatile
net leverage.

KEY ASSUMPTIONS

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

  - Aluminium capacity to remain at 6.5 million tonnes

  - Capex of CNY3 billion per year between 2019 and 2022

  - 50% dividend pay-out ratio between 2019 and 2022

RATING SENSITIVITIES

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

  - FFO net leverage sustained below 2.5x (2019F: 2.7x)

  - Greater clarity on the regulatory implications surrounding
Hongqiao's unpaid power tariffs or potential imposition of power
surcharges, which will not result in any negative impact on the
company's financial metrics.

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

  - FFO net leverage above 3.5x on a sustained basis

  - Further capacity shutdowns or significant deterioration of
market position

  - Significant increase in power surcharges paid or substantial
payment of previously unpaid tariffs

LIQUIDITY AND DEBT STRUCTURE

Hongqiao has around CNY46 billion in cash as of end-2018, which was
adequate to cover its short-term debt of around CNY28 billion.
Hongqiao also has an unutilised credit facility of around CNY18
billion, as well as adequate access to domestic and international
bond and equity markets.




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I N D I A
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ADITYA VIDYUT: ICRA Lowers Ratings on INR97cr Loans to D
--------------------------------------------------------
ICRA has downgraded the ratings for the bank facilities of Aditya
Vidyut Appliances Limited (AVAL) to [ICRA]D ISSUER NOT COOPERATING
from [ICRA]BB (Stable) ISSUER NOT COOPERATING* and [ICRA]A4 ISSUER
NOT COOPERATING. ICRA continues the rating in the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based         53.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loans                    Downgraded from [ICRA]BB
                                 (Stable) ISSUER NOT COOPERATING

   Fund-based         44.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Downgraded from [ICRA]BB
                                 (Stable) ISSUER NOT COOPERATING

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

Rationale

The rating downgrade follows the delays in debt servicing by AVAL
due to stretched liquidity position. The company's operations in
transformer manufacturing and re-manufacturing are also
working-capital intensive and seasonal. The ratings further take
into account the intense competition in the
transformer-manufacturing business due to overcapacity and exposure
to raw material price fluctuation risk in fixed price-based
orders.

The company started its transformer-remanufacturing business in
1989 and has successfully remanufactured over 9,000 transformers
till date. At present, the company has two business verticals –
transformer remanufacturing (repairs) and transformer
manufacturing, including contract manufacturing. AVAL
remanufactures and uprates transformers manufactured in India and
as well as abroad and in the due course has incorporated
technologies from leading companies across the world such as
Siemens (Germany), Westinghouse (USA), Trafo Union (Germany),
ABB-Secheron (SA), English Electric (UK), AEG (Germany), Tamini
(Italy), ABB (Italy), Stromberg (Finland), Concar (Croatia), Elta
(Poland), Hyundai (Korea), Mitsubishi (Japan), GEC (England), etc.
In addition, the company has developed European as well as inhouse
proprietary design programs for accurate and optimised designing of
transformers. Apart from EHV transformers, the company has
expertise in remanufacturing auto transformers, generating
transformers, furnace transformers and rectifier transformers of
all major transformer OEMs. AVAL has two manufacturing units in
Thane, Maharashtra. The total area of the units is over 60,000 sq
meters. The units are capable of delivering more than 16,000 MVA
per year. The company has well-experienced teams of engineers and
technicians with ample experience in the transformer industry.


ARIISTO DEVELOPERS: IRP Invites Fresh Bids to Revive Business
-------------------------------------------------------------
Livemint.com reports that Jayesh Sangkhrajka, the resolution
professional (RP) of Ariisto Developers, has invited fresh bids
from prospective buyers to revive the Mumbai-based real estate firm
which has gone under insolvency proceedings since last year.

Livemint.com relates that Mumbai-based developer Rustomjee Group
emerged as the lone bidder in the first round of bidding. The
Committee of Creditors (CoC) however rejected the resolution plan
submitted by Rustomjee Group, following which a fresh of round of
bidding has been invited, Livemint.com relays, citing two people
aware of the matter.

The last date for submission of new bids has been set for Sept. 1.

The RP related that it has received response from prospective
resolution applicants and the list will be finalized by September
10, the report cites.

Livemint.com relates that Boman Irani, chairman and managing
director of Rustomjee Group, said that the company would be
participating in the second round of bidding with a revised offer.

Apart from Rustomjee, few other developers including Wadhwa Group
have already submitted their expressions of interest (EOIs).

                       About Ariisto Developers

Ariisto Realtors Private Limited operates as a real estate
developer. The Company owns and develops residential and commercial
properties. Ariisto Realtors serves customers in India.

In November 2018, the National Company Law Tribunal (NCLT) admitted
insolvency proceedings against the developer. Ariisto Realtors owed
around INR2,500 crore to various lenders that includes HDFC Ltd,
IIFL Trustee Ltd and Indiabulls Housing Finance Ltd.


BSL ENGINEERING: CRISIL Migrates 'B' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of BSL
Engineering Services Limited (BESL) to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee         5       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit            1       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit       1       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BESL for obtaining
information through letters and emails dated July 22, 2019 and July
26, 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 BESL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BESL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of BESL to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 2009, BEPL is promoted by Mr Hansraj Shiv and is
now managed by his son, Mr Neerav Hans. It specialises in
engineering, procurement, and construction services and fabrication
of steel structures, high-pressure pipes, low pressure pipes, and
supply of power equipment. The company has well laid out workshops
in India at Roorkee and Haridwar in Uttarakhand, and Nasik in
Maharashtra, and overseas (UAE and Ukraine).


CONC SHADE: CRISIL Assigns B+ Ratings to INR14.50cr Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Conc Shade Constructions Private Limited
(CSCPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          14.35     CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     .15     CRISIL B+/Stable (Assigned)

The rating reflects the susceptibility to tender-based operations,
modest scale of business in a competitive segment and an average
financial risk profile. These weaknesses are partially offset by
extensive experience of CSCPL's promoter.

Analytical Approach

Unsecured loans of INR2.63 crore extended by the promoters as on
March 31, 2019 have been treated as 75% equity and 25% debt. That's
because these loans bear low interest and are likely to remain in
the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders.
Entities in this segment face intense competition, thus requiring
to bid aggressively to get contracts, which restrict the operating
margin to a moderate level. Also, given the cyclicality inherent in
the construction industry, the ability to maintain profitability
through operating efficiency becomes critical.

* Modest scale of operations in a competitive segment: Intense
competition from small and medium-sized players keeps the company's
scale of operation modest, as reflected in estimated revenue of
INR23.88 crore for fiscal 2019.

* Average financial risk profile: Gearing is high at an estimated
1.42 times as on March 31, 2019 due to high dependence on bank
borrowings for working capital limits, while networth is modest at
INR11.05 crore. Debt protection metrics were moderate, with
estimated interest coverage and net cash accrual to adjusted debt
ratios of 2.42 times and 0.15 time, respectively, in fiscal 2019.

Strength:

* Extensive experience of the promoter: Benefits from the
promoter's experience of over two decades and healthy relations
with suppliers and key principals (Roads & Buildings Dept.
Karnataka and Karnataka Road Development Corporation Ltd) should
continue to support the business.

Liquidity

Liquidity is stretched. The fund-based limit of INR14.35 crore was
highly utilized at more than 94% over the past 12 months through
May 2019. Temporary limits were also availed by the company to
support additional working capital requirements during this period.
However, cash accrual, expected at INR1.5-3.0 crore (estimated at
INR2.36 crore in fiscal 2019) in the near-term should be sufficient
to cover maturing debt of INR0.4 crore.

Outlook: Stable

CRISIL believes CSCPL will continue to benefit from the extensive
experience of its promoter, and healthy relations with clients.
The outlook may be revised to 'Positive' if improvement in scale of
operations and stable profitability strengthen financial risk
profile.  The outlook may be revised to 'Negative' if decline in
revenue or profitability, stretch in working capital cycle or large
debt-funded capital expenditure weakens financial risk profile.

Incorporated in 2008, Chikmangalur (Karnataka)-based CSCPL,
promoted by Mr H B Sudarshan and family, undertakes civil
construction works, primarily construction of roads and bridges.


DATTAKALA SHIKSHAN: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Dattakala
Shikshan Sanstha (DSS) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           0.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Funded Interest       2.26     CRISIL D (ISSUER NOT
   Term Loan                      COOPERATING; Rating Migrated)

   Proposed Long Term    3.74     CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan            17.50     CRISIL D (ISSUER NOT             
           
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DSS for obtaining
information through letters and emails dated July 17, 2019, July
22, 2019 and July 26, 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 DSS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DSS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of DSS to 'CRISIL D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

DSS, established in 2009 by Professor Mr R M Zol, provides
education in engineering, management, pharmacy, and computer
application. The trust also runs a Central Board of Secondary
Education (CBSE) school and Secondary School Certificate school
from Standard I to XII. The trust presently runs eight institutions
and has 3,300 students studying in its campus. The courses are
approved by CBSE/MSSEB, All India Council for Technical Education,
Directorate of Technical Education, and affiliated to University of
Pune.


DYNAMIC ELECTRICALS: CRISIL Withdraws C Rating on INR2.5cr Loan
---------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Dynamic
Electricals and Switchgear Private Limited (DMCESL) on the request
of the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        2.5      CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Cash Credit           2.5      CRISIL C (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Letter of Credit      0.8      CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with DMCESL for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 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 they are arrived at without any management
interaction and are 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 DMCESL. This restricts CRISIL's
ability to take a forward DMCESL 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 rating on bank facilities of DMCESL
continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

DESPL, incorporated in 1997 and promoted by Mr. Dinesh Sharma,
executes electrical works including installation and commissioning
of power cable lines and other power equipment in the civil
construction segment. Based in Noida, Uttar Pradesh, it undertakes
projects for residential and commercial real estate developers
mainly in North India.


GANESH DIAGNOSTIC: CRISIL Moves D Ratings to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ganesh
Diagnostic and Imaging Centre Private Limited (GDICPL) to 'CRISIL
D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Loan       7.47      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Overdraft            4.95      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term    .08      CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GDICPL for obtaining
information through letters and emails dated July 17, 2019, July
22, 2019 and July 26, 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 GDICPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GDICPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GDICPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Set up in 2000 by Dr Ganesh Chand Sharma and Dr Ravin Sharma,
GDICPL is engaged in lab testing (pathology) and radio imaging
(radiology) at its laboratories in the Delhi NCR.


GOYAL FARM: CRISIL Moves B+ on INR8.8cr Loan to Non-Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Goyal Farm
Fresh (GFF) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Loan        8.8      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GFF for obtaining
information through letters and emails dated July 22, 2019 and July
26, 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 GFF. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GFF is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GFF to 'CRISIL B+/Stable Issuer not cooperating'.

GFF was set up in 2016 at Mohali (Punjab) as a partnership between
Mr Sahil Goyal and family. The firm has set up a frozen foods and
vegetables manufacturing unit along with controlled atmosphere cold
storage. Operations are expected to commence in fiscal 2019.


H. R. EDUCATIONAL: ICRA Reaffirms D Rating on INR10cr Term Loan
---------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
H. R. Educational Foundation Trust's (HREFT), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term–          10.00       [ICRA]D; reaffirmed
   Fund based-
   Term loan           

Rationale

The rating reaffirmation factors in HREFT continued delays in
servicing its term loan repayment obligation in a timely manner.
The delay in repayment is due to low cash accruals owing to lower
enrolment rate of ~50% at its school in the academic year (AY)2019
and AY2020. Though the school has an established track record of
ten years in its locality, it faces stiff competition from other
reputed schools. The rating is constrained by the trust's small
scale of operations with a single school, stretched capital
structure and liquidity.

Key rating drivers

Credit strength

Extensive experience of the promoters in educational sector: The
promoters have more than a decade of experience in the educational
sector. The promoters also hold directorship and partnership in
other businesses owned and run by them in the name of Presidency
Homes and Infrastructure Pvt Ltd, Presidency Builders & Developers
and Presidency Industries.

Credit challenges

Delay in debt servicing owing to low enrolment level leading to
weak cash flows: The school has an intake capacity of 2000 student.
However, its enrolment rate is low at around 50% in AY2019 and
AY2020. The trust achieved a revenue growth of 13.3% and a net
profit of INR0.3 crore in FY2019. However, the cash accruals in
FY2019 were not adequate to meet its term loan repayment obligation
resulting in delay in its debt servicing. Nonetheless, it has
repaid a significant portion of its debt in June 2019 and proposed
the bank to restructure the term loan repayment.

Weak capital structure and debt-coverage indicators: The trust's
total debt comprised a term loan of INR10.30 crore and an overdraft
of INR0.50 crore as on March 31, 2019. The gearing remained high at
2.5 times as on March 31, 2019. The debt coverage indicators
remained weak with interest coverage of 1.5 times, DSCR of 0.7
times and TD/OPBITDA of 4.4 times in FY2019.

Intense competition from other reputed schools in the vicinity –
Mangalore has many reputed schools offering quality education at
affordable fees with premium amenities, leading to intense
competition, which exerts pressure on attracting as well as
retaining students and faculty.

Liquidity position

The trust's liquidity position was adverse with inadequate cash
flow from its operations with INR2.24-crore repayment outstanding
as on March 31, 2019. However, after the proposed restructuring,
the yearly repayment obligation will be INR0.70 crore for the next
10 fiscals including FY2020.

Established in 2006, HREFT is a single-school entity operating the
Prestige International School in Mangalore. The trust is a part of
the Presidency Homes and Infrastructure Group, promoted by Mr.
Hyder Ali, the Chairman of the school. The school is affiliated to
Central Board of Secondary Education Board (CBSE) and follows the
curriculum based on the continuous and comprehensive evaluation
assessment. It offers education from pre-primary to pre-university
levels.

In FY2019, on provisional basis, the trust reported a net profit of
INR0.3 crore on an operating income (OI) of INR8.1 crore compared
to a net loss of INR0.2 crore on an OI of INR7.1 crore in the
previous year.


IL&FS SOLAR: ICRA Lowers Rating on INR405cr Loans to B+
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
IL&FS Solar Power Limited (ISPL), as:

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Term Loans               45        [ICRA]B+ (SO) (Negative);
                                      downgraded from [ICRA]BB+
                                      (SO) (Negative)

   Non-Convertible         150        [ICRA]B+ (SO) (Negative);
   Debenture                          downgraded from [ICRA]BB+
   Programme I                        (SO) (Negative)
   (NCD I)     

   Non-Convertible         210        [ICRA]B+ (SO) (Negative);
   Debenture                          downgraded from [ICRA]BB+
   Programme II                       (SO) (Negative)
   (NCD II)     
                     
Rationale

The revision in the rating takes into account the ongoing delays in
acquiring the Section 109 approval for the project land, which
prevented the execution of sale deed in the name of Embassy Energy
Private Limited (EEPL) and part payment of monthly instalments by
EEPL to ISPL.

With sales deed signed for only 55% of the total land as on date,
Embassy Group is paying only 50% of the total monthly instalments
due to the company which has stretched the overall liquidity
position. ICRA notes that ability of the company to execute the
sale deeds for the remaining land parcel and receive entire monthly
instalments from the Embassy Group remain highly critical for
timely debt servicing. The revision in the rating also takes into
account the high debt refinancing risk with almost INR460 crore due
for repayment during Q3 FY2021. Ability of the company to refinance
the debt in a timely manner remains highly critical. The rating
continues to remain constrained by the limited track record of
operations of the solar plant as well as high leveraging level of
the company as the entire project cost is funded through a mix of
external loans and IL&FS Group debt.

The rating, however, takes into account the strengths arising from
presence of the deferred payment agreement (DPA) signed between
ISPL and EEPL, which in turn has signed power purchase agreements
(PPAs) at a tariff linked to the prevailing grid tariff with
Embassy Group entities owning/operating specific commercial office
parks. As per the terms of the DPA, EEPL is obligated to pay annual
payment (in equal monthly instalments) to the company for a 15-year
period from the commercial operations date (COD). The solar power
generated from the project is being utilised by the tenants of the
office parks and will constitute about 50-60% of the overall power
consumption by tenants.
Outlook: Negative The outlook may be revised to Stable in case of
the company executing sale deed for the balance project land and
subsequent commencement of entire monthly payments from the Embassy
Group.

Key rating drivers:

Credit strengths

Firm DPA with EEPL: ISPL has signed a DPA with EEPL as per which
the entity is obligated to pay annual payment (in equal monthly
instalments) to the company for a 15-year period from the COD. EEPL
in turn has signed PPAs at a tariff linked to the prevailing grid
tariff with the office park entities of the Embassy Group. The
solar power generated from the project will be utilised by tenants
of the office park entities and will constitute about 50-60% of the
overall power consumption by tenants.

Credit challenges

Absence of sale deed for almost 45% of the total land area: While
the project has been commissioned in a timely manner, the company
has faced delays in acquiring Section 109 approval for the project
land. Out of the total land parcel of 466 acres, the company has
received Section 109 approval for ~ 266 acres of land, out of
which, the sale deed has been executed for 254 acres in the name of
EEPL. Consequently, Embassy Group is paying only 50% of the total
monthly instalments due to the company which has stretched the
overall liquidity position of ISPL. ICRA notes that ability of the
company to execute sale deeds for the remaining land parcel and
receive entire monthly instalments from the Embassy Group remain
highly critical for timely debt servicing.

Highly-leveraged capital structure: The project has been set up
with a capital outlay of INR685 crore, which is entirely funded
through a mix of external loans and IL&FS Group debt. The capital
structure of the company remains aggressive.

Sizeable refinancing requirements: ISPL remains exposed to high
refinancing risk with ~INR460 crore due for refinancing during Q3
FY 2021. However, the residual tenure of the DPA (12 years) at the
time of refinancing provides some comfort from credit perspective.

Limited track record of operations: Given that the project was
commissioned in March 2018, it has limited track record of
operations. As a result, the ability of the company to supply power
to EEPL at the guaranteed supply level remains to be seen. Also, as
per the O&M agreement entered between ISPL and EEPL, ISPL will be
required to compensate EEPL in case of any shortfall in the
generation compared to the guaranteed supply. However, to mitigate
the risk, ISPL has entered into a back-to-back O&M agreement with
Sterling and Wilson. As per the agreement, Sterling and Wilson will
compensate ISPL in case of any shortfall in generation due to
performance-related issues. Also, ISPL has taken a weather
insurance cover for solar irradiation, which is expected to
mitigate the risk of any shortfall in generation due to lower
irradiation to some extent.

Counterparty credit risk associated with the Embassy Group: ISPL
remains exposed to the counterparty credit risk associated with the
PPA offtakers.

Liquidity position

The liquidity position of the company remains modest with only 50%
of the monthly instalments being paid by the Embassy Group. The
company has cash fixed deposits of ~ INR15 crore as on March 2019.

IL&FS Solar Power Limited, a 100% subsidiary of IL&FS Energy
Development Private Limited, has been set up to install a 100-MW
(AC)/ 130-MW (DC) ground mounted solar PV power project at Ittigi
(40 MW), Nellukudure (28 MW) and Mooregeri (32 MW) villages of the
Bellary district of Karnataka. The project capital cost stood at
about INR685 crore. The project was developed under build, finance
and transfer arrangement by ISPL. ISPL signed a DPA with EEPL as
per which the latter, post commissioning, will be paying monthly
payments to ISPL for the duration of 15 years. The solar power
generated by the project will be supplied to the various office
parks/commercial properties operated by the Embassy Group.


JET AIRWAYS: Irish Lessor Seeks to Take Back Boeing 777
-------------------------------------------------------
Business Standard reports that Irish aircraft leasing firm Fleet
Ireland, which had leased the impounded Boeing B777 plane to the
defunct Jet Airways, on Aug. 23 moved the National Company Tribunal
Law (NCLT) seeking a recall of the tribunal's July 5, 2019 order on
the non-deregistration of the aircraft.

The July 5 order directed the Directorate General of Civil Aviation
(DGCA) of the Indian Goverment not to deregister the subject Boeing
B777 aircraft on the ground that it is an affected party and thus
needs to be heard.

Business Standard notes that the aircraft was seized by a European
cargo operator at the Amsterdam airport end March for non-payment
of dues. Following this, a Dutch court had ordered bankruptcy
proceedings against the airline in May.

The tribunal adjourned the matter to September 3, the report
notes.

The application seeking for the DGCA to deregister the aircraft was
lodged by a Dutch company after Jet Airways was taken to the NCLT
on June 17, 2019.  When the NCLT resumed hearing the case on July
5, the Resolution Professional (RP) sought a direction to the DGCA
against de-registration of the plane citing the moratorium under
the bankruptcy process, the report cites.

Meanwhile, the RP informed the NCLT that about 200 employees have
consented to the terms of the agreement on salary payments,
Business Standard reports.

The RP also sought a direction to the lenders on interim financing
so that a portion of the pending salaries could be paid, the report
adds. The tribunal comprising of VP Singh and Rajesh Sharma
directed the RP to file a fresh application in this regard,
Business Standard says.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- was one of India's top airlines
founded by Naresh Goyal.  It provided passenger and cargo air
transportation services as well aircraft leasing services. It
operated flights to 66 destinations in India and international
countries.  

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.
Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

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

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


JET AIRWAYS: Lenders Extend EOIs Deadline Again to Aug. 31
----------------------------------------------------------
The Economic Times reports that Jet Airways lenders on Aug. 26
decided to extend the deadline for submission of the expression of
interest (EoI) to August 31.

According to the report, South America-based Synergy Group Corp had
expressed interest in Jet Airways last week and now the deadline
has been extended to give another opportunity to a potential
investor. The airline's resolution professional is in talks with
the new suitor, which has shown genuine interest in the defunct
airline, said people in the know, ET relays.

Earlier this year, the Synergy group also expressed interest in
Italian carrier Alitalia. It is also expected that a few more EoIs
may come in for Jet Airways within the extended deadline, the
report notes.

So far, the resolution professional had received EoIs from
Panama-based Avantulo Group and a Russian fund called Treasury
Creator, ET discloses. Anil Agarwal had also expressed interest in
the airline and submitted an exploratory EoI for Jet but later
pulled out of the race. However, only the Russian fund has been
shortlisted so far, said sources.

Synergy Group Corp, founded by businessman German Efromovich, owns
the majority stake in Avianca Airlines. Efromovich purchased
Avianca, which went through bankruptcy in 2004, and has since
turned around the carrier into South America's second-largest
airline. Avianca operates a fleet of 180 aircraft and serves over a
hundred destinations in 28 countries with main operations in
Colombia, Ecuador, and Peru, among other countries.

However, both the airline and its largest share owner are facing a
crisis this year. The airline's Brazilian unit ceased operations
following a bankruptcy.

Efromovich, too, had to step down as the airline's chairman
following a loan default. The loan was taken by the Synergy Group
by pledging its stake in Avianca as collateral.

"We do not have any information regarding the transaction you
mentioned nor can we make any statements on behalf of any of our
shareholders," Avianca Airlines said in an emailed response to ET.

ET adds that the lenders on Aug. 26 decided to release the initial
interim funding of $10 million for maintenance of Jet Airways.

However, an application may still be filed in the National Company
Law Tribunal asking the tribunal to direct the lenders to release
funds, ET says. More funds have been sought from the lenders for
recovery of the aircraft engines stuck in a maintenance unit over
unpaid dues.

ET notes that the lenders have given in-principal nod for the extra
sum but will have to approve it through a vote this week.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- was one of India's top airlines
founded by Naresh Goyal.  It provided passenger and cargo air
transportation services as well aircraft leasing services. It
operated flights to 66 destinations in India and international
countries.  

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues. Ashish
Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

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

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


K.P.R. AGROCHEM: ICRA Lowers Rating on INR199cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long-term rating for the bank facilities of
K.P.R. Agrochem Limited (KAL) to [ICRA]D from [ICRA]BB-(Stable)
ISSUER NOT COOPERATING and short-term rating to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]A4 ISSUER NOT COOPERATING. The rating
continues to remain under 'Issuer Not Cooperating' category. The
rating is now denoted as [ICRA]D; ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based-      100.00      [ICRA] D; ISSUER NOT COOPERATING;
   Term Loan                    Revised from [ICRA]BB-(Stable);
                                ISSUER NOT COOPERATING; Rating
                                continues to remain under
                                'Issuer Not Cooperating' category

   Fund-based-      199.00      [ICRA] D; ISSUER NOT COOPERATING;
   Cash Credit                  Revised from [ICRA]BB-(Stable);
                                ISSUER NOT COOPERATING; Rating
                                continues to remain under
                                'Issuer Not Cooperating' category

   Long-Term-        49.50      [ICRA] D; ISSUER NOT COOPERATING;
   Unallocated                  Revised from [ICRA]BB-(Stable);
                                ISSUER NOT COOPERATING; Rating
                                continues to remain under
                                'Issuer Not Cooperating' category

   Non-Fund Based-  150.00      [ICRA] D; ISSUER NOT COOPERATING;
   Letter of Credit             Revised from [ICRA]A4; ISSUER NOT
                                COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Non-Fund Based    1.50       [ICRA] D; ISSUER NOT COOPERATING;
   Bank-Guarantee               Revised from [ICRA]A4; ISSUER NOT
                                COOPERATING; Rating continues to
                                remain under 'Issuer Not
                                 Cooperating' category

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

Rationale

The rating downgrade follows the delays in debt servicing by KPPL
to the lender(s), as confirmed by them to ICRA.

K.P.R Agrochem Limited (KPR, erstwhile known as KPR Fertilisers
Limited) was setup in 2007 and is the flagship of KPR Group, which
was started by Mr. Kovvuri Papa Reddy in 1975. KPR is engaged in
manufacturing of NPK Mixtures, Agrochemicals, Di Calcium Phosphate
(DCP - animal feed), Singe Super Phosphate (SSP), Sulphuric Acid,
Di-Methyl Sulphate (DMS), LABSA, Oleum etc. It has manufacturing
facilities in Biccavolu in East Godavari District of Andhra Pradesh
and Halavarthi in Koppal District of Karnataka for each of the
major products, i.e. NPKL mixtures, SSP, DCP & Sulphuric acid. The
company has a separate manufacturing facility for agrochemicals at
Balabhadrapuram, Andhra Pradesh. KPR has also set-up a waste heat
recovery plant at its manufacturing facility at Biccavolu and
Koppal, to generate power in order to optimally use the steam
produced during the manufacturing of sulphuric acid. The aggregate
capacity of the power plants is 2.5 MW (1.5 MW at Biccavolu and 1
MW at Koppal) which caters to the captive power requirements. KPR
has a wholly owned subsidiary, Sri Sai Swarupa Seeds Private
Limited, which is involved in seed processing business and has an
installed capacity of 15,000 TPA.


KROWN AGROFOODS: CRISIL Moves B on INR10cr Loan to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Krown
Agrofoods Private Limited (KAFPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan            10.5      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KAFPL for obtaining
information through letters and emails dated July 22, 2019 and July
26, 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 KAFPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KAFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KAFPL to 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 1998, KAFPL undertakes job work for ITC Ltd for
manufacturing the Sunfeast brand of biscuits. The company is
managed by Mr Deepak Bherwani and Mr Anil Kumar Dhir, and is based
in Ghaziabad, Uttar Pradesh.


LAXMIPATI BALAJI: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Laxmipati Balaji Infra Pvt. Ltd.
        204, 2nd Floor, Corporate Zone C-21 Mall
        Hosangabad Road, Misrod Bhopal
        Bhopal MP 462026
        India

Insolvency Commencement Date: June 11, 2019

Court: National Company Law Tribunal, Bhopal Bench

Estimated date of closure of
insolvency resolution process: December 8, 2019

Insolvency professional: Dr. Vichitra Narayan Pathak

Interim Resolution
Professional:            Dr. Vichitra Narayan Pathak
                         120, Jharneshwar Colony
                         Madhuban Vihar
                         Near International Public School
                         Hoshangabad Road
                         Bhopal 462047
                         E-mail: drvnpathak@yahoo.co.in

Last date for
submission of claims:    September 4, 2019


NORSEA OFFSHORE: ICRA Lowers Rating on INR24cr Term Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Norsea Offshore India Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan            24.00      [ICRA] D; downgraded from
                                   [ICRA]BB+ (SO) (Negative)

Rationale

The rating downgrade takes into account the recent delay in
repayment of principal installment. The delay was on account of
further weakening of liquidity position of the Sical Group due to
delays in disbursement of loan installments by some lenders, post
the unexpected demise of the group's promoter – Mr. V. G.
Siddhartha, indicating weakened financial flexibility and enhanced
refinancing risks faced by the group. The loan availed by Norsea
Offshore India Limited was backed by corporate guarantee from Sical
Logistics Limited and an undertaking to ensure that the debt
obligations are serviced on or prior to the due date, irrespective
of the invocation of the guarantee by the beneficiary. However,
while the guarantee has not been invoked by the lender, SLL did not
honour the undertaking due to weak liquidity position at the group
level.

Outlook: Not Applicable

Key rating drivers

Credit Challenges

Weakened financial flexibility and liquidity profile of the group:
The rated bank facilities of Norsea are backed by an unconditional
and irrevocable guarantee provided by SLL for its due payment and
an undertaking provided by the guarantor that it would ensure that
the related debt obligations are serviced on or prior to the due
date, irrespective of the invocation of the guarantee by the
beneficiary. However, the guarantor did not service the debt since
the guarantee was not invoked by lender, despite the undertaking.
The delay in debt servicing by Norsea was on account of liquidity
pressure at the group level, arising from delays in disbursement of
loan (under another group entity – Sical Iron Ore Terminal
Limited) by one of the lenders, post the unexpected demise of SLL's
promoter – Mr. V. G. Siddhartha, indicating weakened financial
flexibility and enhanced refinancing risks faced by the group. ICRA
notes that the consolidated entity has high repayment obligations
and any further liquidity stress caused by delays in disbursal of
sanctioned facilities will have adverse impact on the debt
servicing capability of the Sical group.

Parent/Group Company: SLL Consolidation / Standalone

For arriving at the ratings of SLL, ICRA has considered the
consolidated financials of SLL.

Norsea Offshore India Limited (Norsea) is a step-down subsidiary of
Sical Logistics Limited and is engaged in the business of dredging.
The company owns a dredger (total gross block of Rs 136 crore as on
31st March 2018) which it leases to its parent, Sical, for the
execution of dredging contracts across ports in India.
Additionally, Norsea also started handling retail logistics
business recently.

Guarantor Profile:

Incorporated in 1955, SLL is involved in the business of mining,
multi-modal logistics for bulk and containerised cargo port
terminals, port handling, trucking and warehousing, ship agency,
customhouse agency, offshore supply logistics and retail logistics.
On a consolidated basis, SLL has investments in infrastructure
including a port terminal, container freight stations, container
rail and a dredger.

SLL was promoted by Mr. M. A. Chidambaram Chettiar to provide
shipping and custom agency services apart from its core activity of
trading. Over the years, SLL began entering areas like port
handling, container terminal operations (through JV) and logistics.
In 2005, SLL hived off its non-core activities and increased its
focus on the logistics business. In the recent years, SLL entered
mining by executing coal/overburden removal contracts for Coal
India subsidiaries, which rapidly grew into one of the major
revenue contributors of the company. Tanglin Retail Reality
Developments (P) Limited (part of the Coffee Day Group) picked up
10% stake initially in November 2010 before raising the stake to
54.2%. The Coffee Day Group, at present, holds a total 55.18%
shareholding in SLL through its Group entities namely Tanglin
(50.19%) and GiriVidyuth (India) Ltd (4.99%). The Coffee Day Group
has a diversified portfolio of companies, which have presence in
owning and managing coffee plantations, coffee exports and
retailing of coffee, vending machines and cafes. It is also
involved in leasing of commercial space, financial services,
hospitality services and others.


PNX LOGISTICS: ICRA Lowers Rating on INR14cr Loan to B+(SO)
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
PNX Logistics Pvt Ltd (PNX), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan 1         14.00       [ICRA]B+(SO)(Negative);
                                   downgraded from [ICRA]BB+ (SO)
                                   (Negative)

   Term Loan 2          5.00       [ICRA]B+(SO)(Negative);
                                   downgraded from [ICRA]BB+ (SO)
                                   (Negative)

   Cash Credit         14.00       [ICRA]B+(SO)(Negative);
                                   downgraded from [ICRA]BB+ (SO)
                                   (Negative)

   WCDL*              (14.00)      [ICRA]B+(SO)(Negative)/
                                   [ICRA]A4(SO); downgraded from
                                   [ICRA] BB+ (SO)
                                   (Negative)[ICRA] A4+ (SO)

    Short term Loan    (6.00)      [ICRA]B+(SO)(Negative)/
                                   [ICRA]A4(SO); downgraded from
                                   [ICRA] BB+ (SO)
                                   (Negative)[ICRA] A4+ (SO)


    Letter of Credit   (2.00)      [ICRA]B+(SO)(Negative)/
                                   [ICRA]A4(SO); downgraded from
                                   [ICRA] BB+ (SO)
                                   (Negative)[ICRA] A4+ (SO)

    Bank Guarantee     2.00)       [ICRA]B+(SO)(Negative)/
                                   [ICRA]A4(SO); downgraded from
                                   [ICRA] BB+ (SO)
                                   (Negative)[ICRA] A4+ (SO)
Rationale

The ratings are principally based on an unconditional and
irrevocable corporate guarantee provided by Sical Logistics
Limited1 (SLL/the guarantor, rated at [ICRA]
B+(Negative)/[ICRA]A4)) for the INR33.00 crore bank facilities of
PNX and an undertaking from the guarantor to ensure that the debt
obligations are serviced on or prior to the due date, irrespective
of the invocation of the guarantee by the beneficiary. However,
ICRA notes that, SLL has not honoured the guarantor support
undertaking provided to one of its subsidiaries - Norsea Offshore
India Pvt Ltd, where the guarantee was not invoked by the lender,
due to weak liquidity position at the Group level. The rating
revision reflects the revision in rating of the guarantor due to
weakening of credit profile.

Outlook: Negative

The outlook may be revised if there is a change in the outlook of
the corporate guarantee provider, SLL.

Key rating drivers

Credit challenges

Weak liquidity position at the Group level - The Sical Group
remains exposed to refinancing risks, given considerable scheduled
debt repayments and capex requirements in relation to the expected
cash accruals. Further, the weakening of operating cash flows puts
additional pressure on its liquidity position. While drawdown of
longer tenure project loan for the SIOTL project was expected to
help the liquidity profile of the consolidated entity, any delays
in disbursement of loan by the lenders due to uncertainties arising
from the demise of promoter and ongoing investigations will lead to
increased liquidity pressure. Further delays in disbursement or
stoppage of funding by the lender for the SIOTL project will lead
to significant deterioration in liquidity profile of SLL
(consolidated).

Liquidity position (Guarantor)

SLL remains exposed to refinancing risks, given considerable
scheduled debt repayments and capex requirements in relation to the
expected cash accruals. Further, the weakening of operating cash
flows puts additional pressure on its liquidity position. While
drawdown of longer tenure project loan for the SIOTL project was
expected to help the liquidity profile of the consolidated entity,
any delays in disbursement of loan by the lenders due to
uncertainties arising from the demise of promoter and ongoing
investigations will lead to increased liquidity pressure. Further
delays in disbursement or stoppage of funding by the lender for the
SIOTL project will lead to significant deterioration in liquidity
profile of SLL (consolidated). Further, the weakened financial
flexibility of the Coffee Day Group also has adverse impact on
SLL's liquidity profile as the Group's ability to provide support
in the form of unsecured loans in case of need is constrained by
the recent developments.
Analytical approach: Analytical Approach Comments Applicable Rating
Methodologies Corporate Credit Rating Methodology Approach for
rating debt instruments backed by third-party explicit support

Parent/Group Company: SLL

The assigned ratings are based on corporate guarantee extended by
SLL Consolidation/Standalone

The ratings are based on corporate guarantee extended by SLL. For
arriving at the ratings of SLL, ICRA has considered the
consolidated financials of Sical Logistics Limited.

                      About PNX Logistics

PNX Logistics Private Limited (PNX) traces its origins to a courier
company which started as a proprietary firm in January 2000 with an
objective to provide courier/document services. Incorporated in
January 2007, PNX eventually became a private limited company in
2012. PNX subsequently exited the courier business and currently
offers express cargo services pan-India catering to customers
majorly in textile, automobile and pharmaceutical industries. PNX
owns a mix of LCV, MCV and HCV vehicles and additionally operates
vehicles under lease. The company has a team of 400+ employees
working out of various offices across India. Sical Logistics Ltd
acquired 60% stake in PNX in July 2017. The remaining 40% stake is
currently held by the founder Mr. Ananthashesha Naganna Hanagal.


RAHEJA DEVELOPERS: NCLT Initiates Insolvency Proceedings
--------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has initiated insolvency proceedings against NCR-based real
estate firm Raheja Developers after admitting a plea filed by one
of its flat buyers.

A two-member Principal bench, headed by President Justice M M
Kumar, has appointed an interim resolution professional (IRP) to
take over the management of the company, the report says.

According to the report, the tribunal said "a default has occurred"
by Raheja Developers in giving possession of apartments, and
rejected the contention of the realty firm that the delay was
caused because of lack of infrastructure in the area to be provided
by the state government authorities.

The NCLT declared a moratorium, protecting the company from the
lenders by prohibiting them to recover the amount for a certain
period, ET relays.

NCLT's direction came over a petition filed by a flat buyer of
Raheja Developers, the report notes. Flat buyers are now treated as
financial creditor of the company after recent amendments in the
Insolvency & Bankruptcy Code (IBC).

The petitioner had booked an apartment in a residential project
Raheja Sampada developed by the corporate debtor (Raheja
Developers), the report says.

Raheja Developers had issued a joint allotment letter on August 3,
2012 and executed a flat buyer's agreement. As per the agreement,
possession was to be delivered within a period of 36 months, which
was not fullfilled.

ET relates that the buyers had made a payment of Rs86.62 lakh to
the company on various dates and sought a refund along with 18 per
cent interest rate, claiming default after possession was not
handed over within the stipulated time frame.

The NCLT observed that the 36 month-period came to an end on August
3, 2015 and construction was not complete, ET notes.

Raheja Developers had contended that there was no default from its
part as the handing of possession was subject to provisioning of
the infrastructure by the government in the area and it has
received the occupation certificate in 2016, says ET.

According to the realty firm, to date, water and sewer pipelines
has not been provided.

"The vague arguments made by the corporate debtor-respondent hardly
need to be noticed. The other objections are also lame excuses to
deny the claim of the financial creditor," the NCLT said, ET
relays.

Raheja Developers Limited operates as a real estate development
company. The Company develops, constructs, and manages residential
and commercial properties.


SICAL IRON: ICRA Lowers Rating on INR500cr Term Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Sical Iron Ore Terminals Limited (SIOTL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term-          500.00      [ICRA]B+ (SO) (Negative)
   Term Loans                      downgraded from [ICRA]BB+ (SO)
                                   (Negative)

   Long term-           40.00      [ICRA]B+ (SO) (Negative)
   Fund Based                      downgraded from [ICRA]BB+ (SO)
                                   (Negative)

   Long term-           60.00      [ICRA]B+ (SO) (Negative)
   Non Fund Based                  downgraded from [ICRA]BB+ (SO)
                                   (Negative)

   Long term–Non-     (175.00)     [ICRA]B+ (SO) (Negative)
   fund based                      downgraded from [ICRA]BB+ (SO)

   (sub-limit)                     (Negative)

   Short term –       (175.00)     [ICRA]A4(SO); downgraded from
   Non-fund based                  [ICRA] A4+ (SO)  
   (sub-limit)        

Rationale

The ratings are based on an unconditional and irrevocable corporate
guarantee provided by Sical Logistics Limited (SLL/the guarantor,
rated at [ICRA] B+(Negative)/[ICRA]A4) for the INR600.00-crore bank
facilities of SIOTL and an undertaking from the guarantor to ensure
that the debt obligations are serviced on or prior to the due date,
irrespective of the invocation of the guarantee by the beneficiary.
However, ICRA notes that, SLL has not honoured the guarantor
support undertaking provided to one of its subsidiaries - Norsea
Offshore India Pvt Ltd, where the guarantee was not invoked by the
lender, due to weak liquidity position at the Group level. The
rating revision reflects the revision in rating of the guarantor
due to weakening of credit profile.

Outlook: Negative

The outlook may be revised if there is a change in the outlook of
the corporate guarantee provider, SLL.

Key rating drivers

Credit challenges

Weak liquidity position at the Group level – The Sical Group
remains exposed to refinancing risks, given considerable scheduled
debt repayments and capex requirements in relation to the expected
cash accruals. Further, the weakening of operating cash flows puts
additional pressure on its liquidity position. While drawdown of
longer tenure project loan for the SIOTL project was expected to
help the liquidity profile of the consolidated entity, any delays
in disbursement of loan by the lenders due to uncertainties arising
from the demise of promoter and ongoing investigations will lead to
increased liquidity pressure. Further delays in disbursement or
stoppage of funding by the lender for the SIOTL project will lead
to significant deterioration in liquidity profile of SLL
(consolidated).

Liquidity position (Guarantor)
SLL remains exposed to refinancing risks, given considerable
scheduled debt repayments and capex requirements in relation to the
expected cash accruals. Further, the weakening of operating cash
flows puts additional pressure on its liquidity position. While
drawdown of longer tenure project loan for the SIOTL project was
expected to help the liquidity profile of the consolidated entity,
any delays in disbursement of loan by the lenders due to
uncertainties arising from the demise of promoter and ongoing
investigations will lead to increased liquidity pressure. Further
delays in disbursement or stoppage of funding by the lender for the
SIOTL project will lead to significant deterioration in liquidity
profile of SLL (consolidated). Further, the weakened financial
flexibility of the Coffee Day Group also has adverse impact on
SLL's liquidity profile as the Group's ability to provide support
in the form of unsecured loans in case of need is constrained by
the recent developments.

Parent/Group Company: SLL
The assigned ratings are based on corporate guarantee extended by
SLL Consolidation / Standalone

The ratings are based on corporate guarantee extended by SLL. For
arriving at the ratings of SLL, ICRA has considered the
consolidated financials of Sical Logistics Limited.

                          About SIOTL

SIOTL was incorporated as a special purpose vehicle in September
2006 by the consortium of SLL and L&T Infrastructure Development
Projects Limited (L&T IDPL). A concession agreement (CA) was signed
between SIOTL and Kamarajar Port Limited (KPL, erstwhile Ennore
Port Limited) on September 23, 2006, to implement an iron ore
terminal at Ennore Port, Tamil Nadu on a build-operate-transfer
(BOT) basis for a total period of 30 years (including the terminal
construction period). The project was planned towards setting up an
iron ore terminal of capacity 6 MMTPA in Phase I to reach 12 MMPTA
in phase II. At present, SLL holds 63% in the JV, while MMTC
Limited and L&T IDPL hold 26% and 11%, respectively.

Despite completion, the operations did not commence due to the
Supreme Court's ban on iron ore mining operations in Karnataka in
2011. Post this, SIOTL sought approval from the Ministry of
Shipping for conversion into a coal handling terminal.
Subsequently, SIOTL received the approval from the Ministry of
Shipping. The company received the letter of award from KPL in July
2016 for conversion of terminal to handle coal with a capacity of
12 MTPA. The terminal received the final environmental clearance
and at present, terminal conversion works are ongoing. The
management started receiving the INR500-crore project loan, which
is to be used for refinancing the old debt and to fund the
conversion capex.

Guarantor profile
Incorporated in 1955, SLL is involved in the business of mining,
multi-modal logistics for bulk and containerised cargo port
terminals, port handling, trucking and warehousing, ship agency,
customhouse agency, offshore supply logistics and retail logistics.
On a consolidated basis, SLL has investments in infrastructure
including a port terminal, container freight stations, container
rail and a dredger.

SLL was promoted by Mr. M. A. Chidambaram Chettiar to provide
shipping and custom agency services apart from its core activity of
trading. Over the years, SLL began entering areas like port
handling, container terminal operations (through JV) and logistics.
In 2005, SLL hived off its non-core activities and increased its
focus on the logistics business. In the recent years, SLL entered
mining by executing coal/overburden removal contracts for Coal
India subsidiaries, which rapidly grew into one of the major
revenue contributors of the company. Tanglin Retail Reality
Developments (P) Limited (part of the Coffee Day Group) picked up
10% stake initially in November 2010 before raising the stake to
54.2%. The Coffee Day Group, at present, holds a total 55.18%
shareholding in SLL through its Group entities namely Tanglin
(50.19%) and GiriVidyuth (India) Ltd (4.99%). The Coffee Day Group
has a diversified portfolio of companies, which have presence in
owning and managing coffee plantations, coffee exports and
retailing of coffee, vending machines and cafes. It is also
involved in leasing of commercial space, financial services,
hospitality services and others.


SICAL LOGISTICS: ICRA Lowers Rating on INR526.01cr Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Sical Logistics Limited(SLL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible     100.00      [ICRA]B+ (SO) (Negative)
   Debenture                       downgraded from [ICRA]BB+ (SO)
   Programme                       (Negative)

   Long term-          300.00      [ICRA]B+ (SO) (Negative)
   Fund based                      downgraded from [ICRA]BB+ (SO)
                                   (Negative)

   Long term-          526.01      [ICRA]B+ (SO) (Negative)
   Term Loan                       downgraded from [ICRA]BB+ (SO)
   Outstanding                     (Negative)

   Long term-            6.53      [ICRA]B+ (SO) (Negative)
   Unallocated                     downgraded from [ICRA]BB+ (SO)
                                   (Negative)

   Short term-          29.50      [ICRA]A4(SO); downgraded from
   fund based                      [ICRA] A4+ (SO)   
   facilities                      

   Short term-         383.00      [ICRA]A4(SO); downgraded from
   Non fund based                  [ICRA] A4+ (SO)   
   facilities                      


Rationale

The rating revision factors the delays in debt servicing by Norsea
Offshore India Pvt Ltd, a subsidiary of SLL, to which SLL had
extended corporate guarantee and provided an undertaking to ensure
that the debt obligations are serviced on or prior to the due date,
irrespective of the invocation of the guarantee by the beneficiary.
However, while the guarantee was not invoked by the lender, SLL did
not honour the undertaking due to weak liquidity position at the
group level, caused by delays in disbursement of loan instalments
by some lenders, post the unexpected demise of SLL's promoter –
Mr. V. G. Siddhartha, indicating weakened financial flexibility and
enhanced refinancing risks faced by the group. ICRA notes that the
consolidated entity has high repayment obligations and any further
liquidity stress caused by delays in disbursal of sanctioned
facilities will have adverse impact on the debt servicing
capability of the Sical group.

The ratings remain constrained by the company's moderate financial
risk profile, characterised by weak capitalisation and coverage
indicators, on account of significant debt levels and considerable
interest costs. It is further impacted by SLL's
weaker-than-expected operational performance. ICRA takes note of
the considerable debt repayment obligations scheduled at the
consolidated level, necessitating refinancing of debt. ICRA had
earlier taken note of the considerable capex requirements towards
the mine development and operation (MDO) projects, over the near to
medium term, for setting up the infrastructure and procurement of
mining equipment, which would entail additional debt at the
consolidated level. Moreover, continued support in the form of
equity commitments and corporate guarantees extended to its
subsidiaries and related Group entities puts further stress on
SLL's credit profile. However, ICRA notes that post the recent
development, some of the aforementioned capex may not be undertaken
and the Group companies (including SLL) are also looking at
deleveraging through asset sale. The timeliness and quantum of
deleveraging at the Group level, as well as in SLL, remain a rating
sensitivity.

Sical Iron Ore Terminals Limited (SIOTL), a subsidiary of SLL,
witnessed considerable delays in commencement of terminal
operations for over close to seven years due to multiple reasons
including ban on iron ore movement, delays in rebidding
process for conversion into coal terminal and for receipt of
environmental clearance. This led to considerable project cost
overruns, leading to increased funding support from SLL over the
years. However, the conversion work commenced in the last fiscal
and is expected to achieve COD over the next 12 months. The project
is primarily funded by INR500.0-crore sanctioned facility (used for
both capex and repayments of some old loans), repayable over a
20-year period. Even though, traction on the conversion project and
replacement of older loans with longer duration loan are favourable
for the consolidated entity, any delays in disbursement of loans
will have adverse impact on the overall liquidity profile and
progress of the project. ICRA, also takes note of the significant
revenue share payable (~52%) to Kamarajar Port, which can stress
the debt servicing capability of SIOTL once it commences
operations. Hence, speedy ramp up of cargo handled after COD will
be a key rating sensitivity.

Outlook: Negative

The Negative outlook reflects the increased uncertainties post the
demise of Mr. V. G. Siddhartha, which includes constrained
financial flexibility and increased refinancing risk for the Group
including SLL, following steep erosion in share prices of group
entities. ICRA notes that delays in disbursement of loans already
sanctioned by the lenders due to aforementioned factors could
further lead to liquidity pressure and delays in ongoing projects.
The ratings may be downgraded further, if there is a significant
decline in the financial performance of the Coffee Day Group,
significant delays in deleveraging process, imposition of large tax
liability or any adverse outcome of the board investigation into
the contents of purported letter written by Mr. V. G. Siddhartha.
The ratings might also be downgraded if there is deterioration in
performance of SLL (consolidated), delay in commencement of the
SIOTL project or higher-than-anticipated capex is incurred towards
mining projects. The outlook may be revised to Stable, if there is
material deleveraging and improvement in the Group's liquidity
position.

Key rating drivers

Credit strengths

Extensive track record and established presence in integrated
logistics solutions: Incorporated in 1955, the company has
significant presence in South Indian ports like those at Kamarajar,
Chennai, Tuticorin and Visakhapatnam for handling various port
operations. SLL has established its presence in transportation,
shipping and container rail operations. This enables it to be a
multi-modal integrated logistics player.
Progress on SIOTL project – The SIOTL project, which has been
funded hitherto by loans from SLL, had received the initial tranche
of project debt in FY2019. Refinancing of the SIOTL debt with
project debt with favourable terms including longer tenure is
favourable for the liquidity of the consolidated entity. However,
due to the uncertainties arising from recent developments, any
delays in disbursement of loan sanctioned for the project, will
have adverse impact on liquidity profile of SLL group and may
result in delays in project execution. Further, the stiff
competition among the coal terminals in the east coast and the high
revenue share payable to Kamarajar Port are expected to moderate
the cash flows at SIOTL. Hence the timely commencement of
operations of SIOTL and achievement of healthy utilisation levels
at the terminal would remain the key in determining the extent of
further support required by SIOTL from SLL.

Revenue visibility from mining segment: SLL, at present, executes
overburden/coal removal contracts for Coal India and its
subsidiaries. It also holds two MDO contracts with long project
tenures and substantial revenue potential. Robust unexecuted order
book position indicates the healthy revenue visibility for the
mining segment. However, the MDO projects typically involve
considerable capex, long gestation periods, land acquisition and
approval risks, which would stress the company's credit profile.
ICRA notes that given the recent developments, some of the earlier
planned capex in this segment might not be undertaken with the
group focused on deleveraging through asset sales.

Credit challenges

Weakened financial flexibility of the Coffee Day Group: Following
the takeover of SLL from its erstwhile promoters, the Coffee Day
Group has been supporting its business through oversight and
financial support. Till March 2019, CDEL infused ~INR281 crore as
unsecured loans to SLL (increased from INR189.95 crore as on March
31, 2018), for meeting the various funding requirements of the
businesses. However, given the unexpected demise of the Group's
promoter and weakened financial flexibility with increased
refinancing risks faced by the Coffee Day Group, following the
aforementioned development and steep decline in share prices of
Group entities, its ability to provide incremental support has
become constrained.

Financial risk profile characterised by weak capitalisation and
coverage indicators: In FY2019, SLL (consolidated) witnessed a
healthy revenue growth, driven by increased revenues from the
mining segment. However, it witnessed moderation in its profit
margin on account of lower-than-expected margin from the mining
project and high bid preparation expenses. The company continued to
register subdued profit margin in Q1 FY2020. The capital structure
and coverage indicators remained subdued with a gearing of 2.1
times as on March 31, 2019 and DSCR and interest coverage of 0.5
times and 2.5 times in FY2019, respectively. Moreover, significant
scheduled annual debt repayments in the range of INR250 – INR300
crore per annum over the next three fiscals, amid limited cash
accruals, might entail refinancing risks for the company.

Equity/advances and corporate guarantees extended to subsidiaries
and related Group entities - SLL has extended sizeable corporate
guarantees to its subsidiaries and related Group entities.
Moreover, the company's continued support in the form of equity
commitments and advances towards its subsidiaries is a credit
concern.

Liquidity position
The company remains exposed to refinancing risks, given
considerable scheduled debt repayments and capex requirements in
relation to the expected cash accruals. Further, the weakening of
operating cash flows puts additional pressure on its liquidity
position. While drawdown of longer tenure project loan for the
SIOTL project was expected to help the liquidity profile of the
consolidated entity, any delays in disbursement of loan by the
lenders due to uncertainties arising from the demise of promoter
and ongoing investigations will lead to increased liquidity
pressure. Further delays in disbursement or stoppage of funding by
the lender for the SIOTL project will lead to significant
deterioration in liquidity profile of SLL (consolidated). Further,
the weakened financial flexibility of the Coffee Day Group also has
adverse impact on SLL's liquidity profile as the Group's ability to
provide support in the form of unsecured loans in case of need is
constrained by the recent developments.

Parent/Group Company: Coffee Day Group
The ratings factor in implicit support from Coffee Day Group
Consolidation / Standalone

For arriving at the ratings, ICRA has considered the consolidated
financials of SLL. As on March 31, 2019, the company had 11
subsidiaries, three step-down subsidiaries and two JVs.

                            About SLL

Incorporated in 1955, SLL is involved in the business of mining,
multi-modal logistics for bulk and containerised cargo port
terminals, port handling, trucking and warehousing, ship agency,
customhouse agency, offshore supply logistics and
retail logistics. On a consolidated basis, SLL has investments in
infrastructure including a port terminal, container freight
stations, container rail and a dredger.

SLL was promoted by Mr. M. A. Chidambaram Chettiar to provide
shipping and custom agency services apart from its core activity of
trading. Over the years, SLL began entering areas like port
handling, container terminal operations (through JV) and logistics.
In 2005, SLL hived off its non-core activities and increased its
focus on the logistics business. In the recent years, SLL entered
mining by executing coal/overburden removal contracts for Coal
India subsidiaries, which rapidly grew into one of the major
revenue contributors of the company. Tanglin Retail Reality
Developments (P) Limited (part of the Coffee Day Group) picked up
10% stake initially in November 2010 before raising the stake to
54.2%. The Coffee Day Group, at present, holds a total 55.18%
shareholding in SLL through its Group entities namely Tanglin
(50.19%) and GiriVidyuth (India) Ltd (4.99%). The Coffee Day Group
has a diversified portfolio of companies, which have presence in
owning and managing coffee plantations, coffee exports and
retailing of coffee, vending machines and cafes. It is also
involved in leasing of commercial space, financial services,
hospitality services and others.


SICAL MULTIMODAL: ICRA Cuts Rating on INR100cr Loan to B+(SO)
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Sical Multimodal and Rail Transport Limited (SMART), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible     100.00      [ICRA]B+ (SO) (Negative)
   Debenture                       downgraded from [ICRA]BB+ (SO)
   Programme                       (Negative)

   Long term-           40.00      [ICRA]B+ (SO) (Negative)
   Fund based                      downgraded from [ICRA]BB+ (SO)
                                   (Negative)

   Long term-           60.77      [ICRA]B+ (SO) (Negative)
   Term Loan                       downgraded from [ICRA]BB+ (SO)
                                   (Negative)

   Short term-
   Non-fund based       60.00      [ICRA]A4(SO); downgraded from
                                   [ICRA] A4+ (SO)

Rationale
The ratings are principally based on an unconditional and
irrevocable corporate guarantee provided by Sical Logistics
Limited1 (SLL/ the guarantor, rated at [ICRA]
B+(Negative)/[ICRA]A4) for the INR100.00-crore NCDs and
INR160.77-crore bank facilities of SMART and an undertaking from
the guarantor to ensure that the bank debt obligations are serviced
on or prior to the due date, irrespective of the invocation of the
guarantee by the beneficiary. However, ICRA notes that, SLL has not
honoured the guarantor support undertaking provided to one of its
subsidiaries - Norsea Offshore India Pvt Ltd, where the guarantee
was not invoked by the lender, due to weak liquidity position at
the Group level. The rating revision reflects the revision in
rating of the guarantor due to weakening of credit profile.

Outlook: Negative

The outlook may be revised if there is a change in the outlook of
the corporate guarantee provider, SLL.

Key rating drivers

Credit challenges

Weak liquidity position at the Group level – The Sical Group
remains exposed to refinancing risks, given considerable scheduled
debt repayments and capex requirements in relation to the expected
cash accruals. Further, the weakening of operating cash flows puts
additional pressure on its liquidity position. While drawdown of
longer tenure project loan for the SIOTL project was expected to
help the liquidity profile of the consolidated entity, any delays
in disbursement of loan by the lenders due to uncertainties arising
from the demise of promoter and ongoing investigations will lead to
increased liquidity pressure. Further delays in disbursement or
stoppage of funding by the lender for the SIOTL project will lead
to significant deterioration in liquidity profile of SLL
(consolidated).

Liquidity position (Guarantor)
SLL remains exposed to refinancing risks, given considerable
scheduled debt repayments and capex requirements in relation to the
expected cash accruals. Further, the weakening of operating cash
flows puts additional pressure on its liquidity position. While
drawdown of longer tenure project loan for the SIOTL project was
expected to help the liquidity profile of the consolidated entity,
any delays in disbursement of loan by the lenders due to
uncertainties arising from the demise of promoter and ongoing
investigations will lead to increased liquidity pressure. Further
delays in disbursement or stoppage of funding by the lender for the
SIOTL project will lead to significant deterioration in liquidity
profile of SLL (consolidated). Further, the weakened financial
flexibility of the Coffee Day Group also has adverse impact on
SLL's liquidity profile as the Group's ability to provide support
in the form of unsecured loans in case of need is constrained by
the recent developments.

Parent/Group Company: SLL
The assigned ratings are based on corporate guarantee extended by
SLL Consolidation / Standalone

The ratings are based on corporate guarantee extended by SLL. For
arriving at the ratings of SLL, ICRA has considered the
consolidated financials of Sical Logistics Limited.

Incorporated in May 2007, SMART is a container rail freight
operator with a category I license to operate container trains on
all routes of the Indian Railways (IR). SMART is a 100% subsidiary
of Sical Infra Assets Limited (SIAL), which is in turn held by SLL.
It commenced commercial operations in March 2008 with one leased
rake. At present, it operates seven rakes, mainly in the
north-south and west-south routes for domestic container cargo.
SMART is, at present, developing its own Inland Container Depots
near Chennai. In July 2012, the company got sanction and approval
for a scheme of amalgamation with its associate concern Sical
Distriparks Limited (SDL) and a 100% subsidiary, Sical Hambuja
Logistics Private Limited (Hambuja), vide a High Court of Madras
order. Post this merger, SMART has two operational segments –
container rail operations and CFS operations.

Guarantor profile
Incorporated in 1955, SLL is involved in the business of mining,
multi-modal logistics for bulk and containerised cargo port
terminals, port handling, trucking and warehousing, ship agency,
customhouse agency, offshore supply logistics and retail logistics.
On a consolidated basis, SLL has investments in infrastructure
including a port terminal, container freight stations, container
rail and a dredger.

SLL was promoted by Mr. M. A. Chidambaram Chettiar to provide
shipping and custom agency services apart from its core activity of
trading. Over the years, SLL began entering areas like port
handling, container terminal operations (through JV) and logistics.
In 2005, SLL hived off its non-core activities and increased its
focus on the logistics business. In the recent years, SLL entered
mining by executing coal/overburden removal contracts for Coal
India subsidiaries, which rapidly grew into one of the major
revenue contributors of the company. Tanglin Retail Reality
Developments (P) Limited (part of the Coffee Day Group) picked up
10% stake initially in November 2010 before raising the stake to
54.2%. The Coffee Day Group, at present, holds a total 55.18%
shareholding in SLL through its Group entities namely Tanglin
(50.19%) and GiriVidyuth (India) Ltd (4.99%). The Coffee Day Group
has a diversified portfolio of companies, which have presence in
owning and managing coffee plantations, coffee exports and
retailing of coffee, vending machines and cafes. It is also
involved in leasing of commercial space, financial services,
hospitality services and others.


SICAL SAUMYA: ICRA Lowers Rating on INR41.83cr Loan to B+(SO)
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Sical Saumya Mining Limited (SSML), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           41.83       [ICRA]B+ (SO) (Negative);
                                   downgraded from [ICRA]BB+ (SO)
                                   (Negative)

   Short term:         25.00       [ICRA]A4(SO); downgraded from
   Fund based                      [ICRA] A4+ (SO)
   facilities          
                                   
Rationale

The ratings are principally based on an unconditional and
irrevocable corporate guarantee provided by Sical Logistics
Limited1 (SLL/ the guarantor, rated at [ICRA]
B+(Negative)/[ICRA]A4) for the INR66.83 crore bank facilities of
SSML and an undertaking from the guarantor to ensure that the debt
obligations are serviced on or prior to the due date, irrespective
of the invocation of the guarantee by the beneficiary. However,
ICRA notes that, SLL has not honoured the guarantor support
undertaking provided to one of its subsidiaries - Norsea Offshore
India Pvt Ltd, where the guarantee was not invoked by the lender,
due to weak liquidity position at the Group level. The rating
revision reflects the revision in rating of the guarantor due to
weakening of credit profile.

Outlook: Negative

The outlook may be revised if there is a change in the outlook of
the corporate guarantee provider, SLL.

Key rating drivers

Credit challenges

Weak liquidity position at the Group level – The Sical Group
remains exposed to refinancing risks, given considerable scheduled
debt repayments and capex requirements in relation to the expected
cash accruals. Further, the weakening of operating cash flows puts
additional pressure on its liquidity position. While drawdown of
longer tenure project loan for the SIOTL project was expected to
help the liquidity profile of the consolidated entity, any delays
in disbursement of loan by the lenders due to uncertainties arising
from the demise of promoter and ongoing investigations will lead to
increased liquidity pressure. Further delays in disbursement or
stoppage of funding by the lender for the SIOTL project will lead
to significant deterioration in liquidity profile of SLL
(consolidated).

Liquidity position (Guarantor)

SLL remains exposed to refinancing risks, given considerable
scheduled debt repayments and capex requirements in relation to the
expected cash accruals. Further, the weakening of operating cash
flows puts additional pressure on its liquidity position. While
drawdown of longer tenure project loan for the SIOTL project was
expected to help the liquidity profile of the consolidated entity,
any delays in disbursement of loan by the lenders due to
uncertainties arising from the demise of promoter and ongoing
investigations will lead to increased liquidity pressure. Further
delays in disbursement or stoppage of funding by the lender for the
SIOTL project will lead to significant deterioration in liquidity
profile of SLL (consolidated). Further, the weakened financial
flexibility of the Coffee Day Group also has adverse impact on
SLL's liquidity profile as the Group's ability to provide support
in the form of unsecured loans in case of need is constrained by
the recent developments.

Parent/Group Company: SLL

The assigned ratings are based on corporate guarantee extended by
SLL Consolidation / Standalone

The ratings are based on corporate guarantee extended by SLL. For
arriving at the ratings of SLL, ICRA has considered the
consolidated financials of Sical Logistics Limited.

Sical Saumya Mining Limited (SSML) is a subsidiary of Sical
Logistics Limited (SLL) and is engaged in the business of
overburden extraction and transportation. The company was formed as
a JV with Saumya Mining Limited (SML) for the purpose of securing
overburden removal contracts in association with the coal removal
contracts that Sical is undertaking in Mahanadi Coalfields Limited
(MCL). Currently the company is executing two contracts – the
operations are handled by SLL through a subcontract.

Guarantor Profile:

Incorporated in 1955, SLL is involved in the business of mining,
multi-modal logistics for bulk and containerised cargo port
terminals, port handling, trucking and warehousing, ship agency,
customhouse agency, offshore supply logistics and retail logistics.
On a consolidated basis, SLL has investments in infrastructure
including a port terminal, container freight stations, container
rail and a dredger.

SLL was promoted by Mr. M. A. Chidambaram Chettiar to provide
shipping and custom agency services apart from its core activity of
trading. Over the years, SLL began entering areas like port
handling, container terminal operations (through JV) and logistics.
In 2005, SLL hived off its non-core activities and increased its
focus on the logistics business. In the recent years, SLL entered
mining by executing coal/overburden removal contracts for Coal
India subsidiaries, which rapidly grew into one of the major
revenue contributors of the company. Tanglin Retail Reality
Developments (P) Limited (part of the Coffee Day Group) picked up
10% stake initially in November 2010 before raising the stake to
54.2%. The Coffee Day Group, at present, holds a total 55.18%
shareholding in SLL through its Group entities namely Tanglin
(50.19%) and GiriVidyuth (India) Ltd (4.99%). The Coffee Day Group
has a diversified portfolio of companies, which have presence in
owning and managing coffee plantations, coffee exports and
retailing of coffee, vending machines and cafes. It is also
involved in leasing of commercial space, financial services,
hospitality services and others.


TIMBLO DRYDOCKS: CRISIL Lowers Rating on INR50cr Cash Loan to D
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Timblo Drydocks Private
Limited (TDPL) to 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
downgraded the ratings on the bank facilities of TDPL from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating' to 'CRISIL D/CRISIL
D'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee         75      CRISIL D (Downgraded from
                                  'CRISIL A4+ ISSUER NOT
                                  COOPERATING')

   Cash Credit            50      CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Foreign Letter
   of Credit              15      CRISIL D (Downgraded from
                                  'CRISIL A4+ ISSUER NOT
                                  COOPERATING')

The rating reflects instances of overdrawal in the cash credit
facility for a period beyond 30 days. This was on account of high
gross current asset (GCA) levels leading to stretched liquidity
position.

The ratings reflect the extensive experience of TDPL's promoters in
the shipbuilding industry. These strengths are partially offset by
large working capital requirement, and below average financial risk
profile.

Key Rating Drivers & Detailed Description

* Overdrawals in the cash credit facility: There have been
instances of overdrawal in the cash credit facility for a period
beyond 30 days. This was on account of high gross current asset
(GCA) levels leading to stretched liquidity position.

Weakness

* Large working capital requirement: TDPL had gross current asset
of 1120 days as on March 31, 2019, because of substantial
work-in-progress inventory.

* Below average financial risk profile: Networth was modest, at
INR13.30 crore, while TOLANW ratio was high, at 14.25 times, as on
March 31, 2019. Debt protection metrics are weak on account of
large working capital debt.

Strengths

* Promoters' extensive industry experience: TDPL is promoted by the
Timblo family which is one of the oldest business houses in Goa.
The promoters have been in the shipbuilding business for more than
three decades. Over the years, they have established healthy
relationships with government companies such as the Goa Shipyard
Ltd ('CRISIL AAA/Stable/CRISIL A1+'), Indian Navy, Kerala Shipping
and Inland Navigation Corp, and Indian Oil Corporation Ltd.

Liquidity

The liquidity of TDPL is stretched on account of high gross current
asset (GCA) levels leading to stretched liquidity position.

Established in 1973, TDPL is engaged in shipbuilding. It started
manufacturing cylinders in fiscal 2017. Its daily operations are
managed by Mr Sarvesh Pramod Timblo, elder son of founder Mr Pramod
Panduronga Timblo.




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

HYFLUX LTD: Inks Restructuring Agreement with Utico
---------------------------------------------------
Vivienne Tay at The Business Times reports that Utico said on Aug.
27 it had "signed and released" a restructuring agreement with
Singapore-based Hyflux Ltd on Aug. 26, which will give it 88 per
cent of the debt-laden water treatment firm.

"The deal finds a resolution for creditors and PNP investors and
development projects that have been languishing since the
moratorium in May 2018," United Arab Emirates-based utility firm
Utico said, the report relays.

Utico added that with the support of Hyflux's board and management,
"swift action" will be taken to bring all projects up to speed, as
well as take on new projects, according to BT. It did not give any
details of the agreement signed, the report relays.

Hyflux when contacted by The Business Times said that an
announcement would be made in a filing with the Singapore Exchange.


Utico had earlier agreed to take an 88 per cent stake in Hyflux
through a SGD300 million equity injection and a SGD100 million
shareholder loan, and is engaging with Hyflux's creditors to work
out the details of the rescue plan, the report notes.

                           About Hyflux

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

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

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

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




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

[*] SOUTH KOREA: 97% of Crypto Exchanges Facing Bankruptcy
----------------------------------------------------------
Token Post, citing Business Korea, reports that nearly all
cryptocurrency exchanges in South Korea are on the verge of
bankruptcy.

As per the report, many local crypto exchanges are facing
bankruptcy because of low transaction volumes, further noting that
only five or six South Korean exchanges made it to the top 100 in
the world, Token Post relates.

"It is no exaggeration to say that 97 percent of domestic exchanges
are in danger of going bankrupt due to their low volume of
transactions," the report noted.

Token Post notes that although the report did not specify any
sources, at least one exchange has already shut down its operations
earlier this month, Prixbit.

As a result, South Korean crypto startups are also reportedly
starting to put their chances at stake overseas. Many are allegedly
listing their cryptocurrencies on overseas exchanges including the
United States and Singapore.

"Foreign exchanges have opened the Korean won money market to
attract South Korean cryptocurrency projects," the report, as cited
by Token Post, stated. It also revealed that there is a steadily
increasing trend of the number of South Korean firms listing their
early-stage blockchain projects on overseas exchanges.

Binance Labs and BW.com are some of the leading exchanges that are
making efforts to attract Korean startups. BW.com, which has
already listed Ziktalk, Storichain, Payexpress, and Sigma Chain,
plans to open the won market by month-end to absorb local crypto
investors.

Binance Labs, on the other hand, is luring Korean startups by
directly accelerating Korean blockchain projects.

According to Token Post, there are several tough local crypto
exchange market conditions that are reportedly contributing to the
efforts of listing abroad, including the fact that investors cannot
make or withdraw deposits in the Korean currency at Korean
exchanges. Moreover, around 200 smaller exchanges cannot open
real-name virtual accounts, preventing crypto holders from
benefiting from investor protection.

The report follows after the Korea Financial Intelligence Unit
(KoFIU) recently revealed its plan to bring crypto exchanges
operating in the country directly under the regulatory system,
Token Post relays.

Last month, reports indicated that South Korean banks are also
making requirements for renewing account by four crypto exchanges
more difficult, as they start to adopt the new anti-money
laundering laws.

Token Post says restrictions have become so tight that some smaller
crypto exchanges said they might not be able to survive of what is
asked from them. Having to suspend existing accounts and stopping
the addition of new accounts will eat into their funds, which could
ultimately lead them to shut down, adds Token Post.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***