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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, September 18, 2019, Vol. 22, No. 187

                           Headlines



A U S T R A L I A

BAKERY CANBERRA: First Creditors' Meeting Set for Sept. 27
BRANCOURTS DAIRY: Goes Into Administration, 80 Jobs in Doubt
C2C CAPITAL: First Creditors' Meeting Set for Sept. 26
DIAMOND OFFSHORE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B-
FORESITE IT: Second Creditors' Meeting Set for Sept. 25

HOPELAND HOMES: Second Creditors' Meeting Set for Sept. 24
MELIOR RESOURCES: Enters Into Standstill Agreement With Sr. Lender
OBJECT CONSULTING: Up for Sale After Entering Administration
RALAN GROUP: Receivers to Offload Ruby Apartments
SQUIRREL SUPERANNUATION: 2nd Creditors' Meeting Set for Sept. 24

SUPPLIER SERVICES: Second Creditors' Meeting Set for Sept. 24
V MARKETING: Second Creditors' Meeting Set for Sept. 25


C H I N A

CHINA EVERGRANDE: Moody's Affirms B1 CFR, Alters Outlook to Stable
WEST CHINA CEMENT: Moody's Upgrades CFR to Ba2, Outlook Stable


I N D I A

ADVENT ENTERPRISES: ICRA Maintains B Rating in Not Cooperating
APLAB LIMITED: ICRA Maintains 'D' Rating in Not Cooperating
BANSAL BROTHERS: ICRA Lowers Rating on INR6cr Cash Loan to B+
BHUSHAN POWER: NCLAT to Hear JSW Steel's Plea on Oct. 14
BRISK FACILITIES: ICRA Moves 'B' Rating to Not Cooperating

CHANDRALOK TEXTILE: ICRA Maintains D Rating in Not Cooperating
DATACOM PRODUCTS: ICRA Maintains D Rating in Not Cooperating
DC METALS: ICRA Keeps 'D' Rating in Not Cooperating Category
DECOR PAPER: ICRA Maintains 'B+' Rating in Not Cooperating
ECO ROOTS: ICRA Withdraws B+ Rating on INR20cr Loans

EMERALD ALCHYMICUS: ICRA Maintains D Rating in Not Cooperating
G.P. COTTFAB PRIVATE: Insolvency Resolution Process Case Summary
GAV AGRO: ICRA Cuts Rating on INR10.15cr Loan to D, Not Cooperating
GOLDSTAR METAL: ICRA Maintains 'D' Rating in Not Cooperating
GOPAL OIL: ICRA Cuts INR9.90cr Cash Loan Rating to 'B', Not Coop.

K. B. PRODUCTS: ICRA Maintains 'B' Rating in Not Cooperating
K. K. GIFTS PRIVATE: Insolvency Resolution Process Case Summary
MADHUVAN PRASAD: ICRA Maintains B+ Rating in Not Cooperating
MAHALAXMI CASHEW: ICRA Moves 'B+' Rating to Not Cooperating
MATOSHRI LAXMI: ICRA Maintains 'D' Rating in Not Cooperating

PALAK FERRO: ICRA Maintains 'D' Rating in Not Cooperating
PARTH CONCAST: ICRA Maintains 'D' Rating in Not Cooperating
PKM PROJECTS: ICRA Maintains 'D' Rating in Not Cooperating
RAIPUR POWER: ICRA Maintains 'D' Rating in Not Cooperating
SANGHVI FORGING: Insolvency Resolution Process Case Summary

SARVODAYA POLYMERS: ICRA Lowers Rating on INR8cr Loan to B+
SEANTO MINERALS: ICRA Maintains D Rating in Not Cooperating
SHANTI DEVELOPERS: ICRA Maintains C Rating in Not Cooperating
SHREE HANUMAN: ICRA Maintains 'B+' Rating in Not Cooperating
VIDARBHA INDUSTRIES: ICRA Reaffirms D/Not Cooperating Rating

WIINTRACK EXPORTS: ICRA Maintains D Rating in Not Cooperating
ZIPPY EDIBLE: ICRA Lowers Rating on INR16cr Loans to B+


M A L A Y S I A

PRESS METAL: S&P Cuts ICR to 'B+' on Continued High Investments


N E W   Z E A L A N D

ROSE BUILT: Construction Company Goes Into Liquidation


S I N G A P O R E

JUBILANT PHARMA: Fitch Affirms BB- LT IDR, Outlook Stable
USP GROUP: Appoints Lim Boh Soon as New CEO

                           - - - - -


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

BAKERY CANBERRA: First Creditors' Meeting Set for Sept. 27
----------------------------------------------------------
A first meeting of the creditors in the proceedings of The Bakery
Canberra Pty Ltd will be held on Sept. 27, 2019, at 10:30 a.m. at
the offices of Vincents, Level 2, at 14 Moore Street, in Canberra,
ACT.

Anthony Lane of Vincents was appointed as administrator of Bakery
Canberra on Sept. 17, 2019.

BRANCOURTS DAIRY: Goes Into Administration, 80 Jobs in Doubt
------------------------------------------------------------
Michael Parris at Newcastle Herald reports that Brancourts Dairy,
which has factories at Hexham and in Victoria, has gone into
voluntary administration, leaving the future of 80 employees in
doubt.

Administrator PKF was appointed on Sept. 10 to take over the
century-old company's affairs.

"The Director of Brancourts Dairy appointed Voluntary
Administrators due to current challenges being faced through a
combination of high milk prices and the Company's inability to
reflect these increased costs in its end products," the report
quotes PKF as saying in a statement.

Newcastle Herald relates that PKF said 50 of the firm's employees
at Hexham and in Victoria had been stood down and the remaining
staff were maintaining customer relations, logistics and reduced
production activity.

The factories remain open but production of Brancourts' cheese,
yoghurt, condensed milk and cream brands is winding down.

According to Newcastle Herald, PKF said it was "urgently pursuing"
the sale of the company as a going concern and was receiving offers
from interested parties.

"The Administrators expect that employee entitlements will be met
either through a sale of the business, recoveries from the sale of
stock, or through the Commonwealth Government's Fair Entitlements
Guarantee (FEG) Scheme," it said, Newcastle Herald relays.

Brancourts was started by a French immigrant family in Sydney in
the early 1900s and took over the former OAK factory at Hexham
after the Hunter dairy cooperative closed 10 years ago.

The administrator said Brancourts held an estimated 30 per cent
share of the Japanese sweetened condensed milk market, 50 per cent
of the Australian market and 60 per cent of the domestic cottage
cheese market, adds Newcastle Herald.

Bradley John Tonks, Mark Roufeil and Simon Thorn of PKF were
appointed as administrators of Brancourts Manufacturing and
Processing Pty Ltd, Brancourt Dairy Pty Ltd and on Sept. 9, 2019.

C2C CAPITAL: First Creditors' Meeting Set for Sept. 26
------------------------------------------------------
A first meeting of the creditors in the proceedings of C2C Capital
Pty Ltd will be held on Sept. 26, 2019, at 11:30 a.m. at the
offices of Jones Partners, Level 13, at 189 Kent Street, in Sydney,
NSW.

Michael Gregory Jones and Alan Godfrey Topp of Jones Partners were
appointed as administrators of C2C Capital on Sept. 16, 2019.

DIAMOND OFFSHORE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 3, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Diamond Offshore Drilling Incorporated to B- from
B.

Diamond Offshore Drilling, Inc. is an offshore drilling contractor.
The company is headquartered in Houston, Texas, United States, and
has major offices in Australia, Brazil, Mexico, Scotland,
Singapore, and Norway. The company operates 17 drilling rigs
including 13 semi-submersible platforms and 4 drillships.

FORESITE IT: Second Creditors' Meeting Set for Sept. 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Foresite IT Pty
Ltd has been set for Sept. 25, 2019, at 10:00 a.m. at the offices
of Jirsch Sutherland, Level 27, at 259 George St, 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. 24, 2019, at 5:00 p.m.

Sule Arnautovic and Trent Andrew Devine of Jirsch Sutherland were
appointed as administrators of Foresite IT on Aug. 21, 2019.

HOPELAND HOMES: Second Creditors' Meeting Set for Sept. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Hopeland Homes
Pty Ltd has been set for Sept. 24, 2019, at 3:00 p.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. 23, 2019, at 4:00 p.m.

Ozem Kassem of Cor Cordis was appointed as administrator of
Hopeland Homes on Aug. 19, 2019.

MELIOR RESOURCES: Enters Into Standstill Agreement With Sr. Lender
------------------------------------------------------------------
Melior Resources Inc. refers to its press release of September 9,
2019 regarding the appointment of voluntary administrators to the
Company's wholly-owned subsidiaries, Melior Australia Pty Ltd and
Goondicum Resources Pty Ltd. As a consequence of the appointment of
the voluntary administrators to the Subsidiaries, the Company and
its Subsidiaries have received a notice of default and demand from
their senior lender under the loan agreement dated August 9, 2018,
as amended.

The Company said that it has entered into a standstill agreement
with the Senior Lender (the "Standstill Agreement") pursuant to
which the Senior Lender has agreed (on certain terms and
conditions) not to proceed with enforcement actions against Melior
(excluding the Subsidiaries) for a period until October 31, 2019.

Under the Default Notice, the Senior Lender has demanded that
Melior and its Subsidiaries make payment to it in the amount of
US$22,714,700, representing the amount outstanding under the Loan
Agreement as at September 9, 2019, together with related interest,
costs and charges, on or before 4:00 p.m. Australian Western
Standard Time on September 13, 2019. As of this date, Melior and
its Subsidiaries do not have sufficient cash resources to meet such
a demand for payment.

Melior is currently considering all options available to it in
these circumstances in the interests of all Melior stakeholders.
Additional information will be provided to the market by Melior as
necessary.

                      About Melior Resources

Based in Canada, Melior Resources Inc. (CVE:MLR) is focused on
assessing, developing and operating resource projects. The
Company's major asset is the Goondicum Ilmenite and Apatite Mine
(Goondicum) located at Monto in Queensland, Australia.  The
exploration and development of mineral properties are located in
Australia.  The Company's subsidiary is Goondicum Resources Pty.
Ltd., which owns the Goondicum ilmenite and apatite mining and
processing facility near the town of Monto in Queensland, Australia
(the Goondicum Ilmenite Project). The Goondicum mine has produced
approximately 15,000 tons of ilmenite and over 2,000 tons of
apatite. The Company also has interest in Asian Mineral Resources
Limited, which is the owner and operator of the Ban Phuc nickel
project in Vietnam.  Ban Phuc produces over 6,400 tons of nickel
and approximately 3,200 tons of copper per annum contained in
concentrate plus a cobalt by-product.

Bryan Kevin Hughes and Daniel Bredenkamp of Pitcher Partners were
appointed as administrators of Melior Australia on Sept. 8, 2019.

OBJECT CONSULTING: Up for Sale After Entering Administration
------------------------------------------------------------
Simon Sharwood at CRN Australia reports that Sydney channel player
Object Consulting is up for sale after going into voluntary
administration.

According to CRN, the company held a creditors meeting earlier this
month and administrators have filed documents with the Australian
Securities and Investment Commission (ASIC) that reveal testing
circumstances.

CRN relates that the ASIC filing revealed the company owes
substantial amounts of wages and superannuation to employees and
over AUD10 million to creditors, but has little cash on hand and
around AUD500,000 of outstanding receipts. An advertisement
offering the company for sale said it has a AUD4 million pipeline
of booked work and the potential to double that, CRN says.

CRN understands that administrators have not yet determined how
Object found itself in this position, but that the company is
capable of trading on--and is indeed open for business at the time
of writing--and already has several parties interested in an
acquisition. Helping things along is that Object pondered a sale in
recent years, so the consultancy that assisted with that process
has already laid some ground work for a deal been brought in to
expedite a transaction.

The news isn't great for all Object staff--CRN understand that
around a third of staff were let go, because they were not actively
engaged in revenue-earning projects. But customers have been
informed of the situation, contracts for work remain in place and
some clients are even increasing their commitments with the
company.

A second creditors meeting is due to be held in late September and
hopes are high a sales will have been concluded by that time, CRN
notes.

Object Consulting provides IT consultancy services and platform
solutions in News and Victoria.

RALAN GROUP: Receivers to Offload Ruby Apartments
-------------------------------------------------
David Simmons at Business News Australia reports that the collapse
of property developer Ralan Group has triggered the sale of
management rights for one of the most recent builds on the Gold
Coast.

Ruby Apartments, a 30-level apartment complex in Surfers Paradise
completed less than a year ago, was one of several developments
that was left in the lurch by the Sydney-based company's downfall,
the report says.

Business News Australia relates that the completed apartment was
just one of a planned 'Ruby Collection' that was never completed by
Ralan before it fell into receivership. The complete Ruby
Collection was to include the 30-level Ruby Apartments plus a
further three towers.

With the management rights now on the market, Ralan's receivers
Deloitte has appointed tourism and accommodation specialist agency
ResortBrokers to find a buyer, according to Business News
Australia.

Business News Australia says the new buyer of the former
Ralan-operated building will manage the 230 apartments, 13
townhouses and four freehold lots, including day-to-day caretaking
duties.

According to the report, ResortBrokers director Alex Cook said the
Ruby Apartments are already attracting significant attention from
prospective managers.

"We've already received significant interest from a range of
experienced, large-scale operating groups, including
well-established local private operators and well-known nationwide
corporate operators," the report quotes Mr. Cook as saying.

The four freehold sites, one of which includes Ruby Apartments, are
being offered either in one-line or individually, the report
notes.

When Ralan Group collapsed earlier this year it left a development
pipeline of more than 3,000 residential units in the construction
or pre-construction stage, as well as more than 600 operational
rooms, Business News Australia notes.

At the time of its collapse, administrators Grant Thornton said
Ralan Group owed around AUD500 million to creditors, Business News
Australia discloses.

Business News Australia adds that the ABC reported it obtained
contracts showing how Ralan was asking homebuyers to release their
deposits as "extremely risky loans" to the company in return for 15
per cent annual interest.

Business News Australia relates that Said Jahani of Grant Thorton
told the broadcaster the developer could be referred to the
Australian Securities and Investments Commission (ASIC) for
investigation.

"Once you start raising money beyond 20 people, you need to have
licenses from ASIC, you need to follow strict protocols in terms of
how you produce documents, like a product disclosure statement.
None of that was actually done by Ralan," Mr. Jahani was quoted as
saying, Business News Australia relays.

                         About Ralan Group

The Ralan Group specializes in the development, marketing and
management of residential and commercial property.

Said Jahani, Philip Campbell-Wilson and Graham Killer were
appointed Voluntary Administrators of the Group by a resolution of
the Group's directors on July 30, 2019.

On Aug. 1, 2019, Jason Tracey, Timothy Heenan and Salvatore Algeri
of Deloitte were appointed Joint and Several Receivers and Managers
of Ralan Paradise Holdings Pty Ltd, Ralan Paradise No. 1 Pty Ltd,
Ralan Paradise No. 2 Pty Ltd, Ralan Paradise No. 3 Pty Ltd, Ralan
Budds Beach No 1 Pty Ltd and Ruby Apartments Pty Ltd.

On Aug. 5, 2019, Ken Whittingham was appointed Receiver and Manager
of Ralan Paradise Resort Pty Ltd and Ralan Paradise No 4 Pty Ltd.

SQUIRREL SUPERANNUATION: 2nd Creditors' Meeting Set for Sept. 24
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Squirrel
Superannuation Services Pty Ltd has been set for Sept. 24, 2019, at
12:00 p.m. at the offices of HoganSprowles, Level 9, at 60 Pitt
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. 23, 2019, at 4:00 p.m.

Christian Sprowles and Michael Hogan of HoganSprowles were
appointed as administrators of Squirrel Superannuation on Aug. 20,
2019.

SUPPLIER SERVICES: Second Creditors' Meeting Set for Sept. 24
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Supplier
Services Pty Ltd has been set for Sept. 24, 2019, at 11:00 a.m. at
the offices of HoganSprowles, Level 9, at 60 Pitt 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. 23, 2019, at 4:00 p.m.

Christian Sprowles and Michael Hogan of HoganSprowles were
appointed as administrators of Supplier Services on Aug. 20, 2019.

V MARKETING: Second Creditors' Meeting Set for Sept. 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of V Marketing
Australia Pty Ltd has been set for Sept. 25, 2019, at 12:30 p.m. at
Gold Coast Business Hub, Level 2, at 35-39 Scarborough Street, in
Southport, Queensland.

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

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

Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of V Marketing on Aug. 20, 2019.



=========
C H I N A
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CHINA EVERGRANDE: Moody's Affirms B1 CFR, Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service revised the outlooks for the ratings of
China Evergrande Group, Hengda Real Estate Group Company Limited,
Tianji Holding Limited and Scenery Journey Limited to stable from
positive.

At the same time, Moody's has affirmed the following ratings:

  -- Evergrande's B1 corporate family rating (CFR) and B2 senior
unsecured debt rating;

  -- Hengda's B1 CFR;

  -- Tianji's B2 CFR; and

  -- The B2 backed senior unsecured rating for the notes issued by
Scenery Journey and guaranteed by Tianji. The notes are also
supported by a deed of equity interest purchase undertaking and a
keepwell deed between Hengda, Tianji, Scenery Journey, and the bond
trustee.

Hengda is a 63.5% owned onshore subsidiary of Evergrande. It also
owns 100% of Tianji, which in turn owns 100% of Scenery Journey.

RATINGS RATIONALE

"The revision of the outlooks to stable from positive reflects our
expectation that the credit profiles of Evergrande and Hengda are
likely to prove more in line with other B1-rated Chinese property
peers over the next 12-18 months, due to slower-than-expected
growth in revenue and contracted sales, and the slower pace of
deleveraging," says Josephine Ho, a Moody's Vice President and
Senior Analyst.

"The stable outlooks also reflect our expectation that Evergrande
and Hengda will maintain their access to funding to refinance their
maturing debt over the next 12-18 months," adds Ho.

Moody's expects that Evergrande's debt leverage — as measured by
revenue/adjusted debt — will improve to 50%-60% over the next
12-18 months, down from Moody's previous expectation of 60%-75%,
after dropping to 39% for the 12 months ended June 30, 2019 from
53% in 2018.

Similarly, Moody's expects Hengda's improvement in revenue/adjusted
debt will slow to 65%-70% over the next 12-18 months from Moody's
previous projection of 71%-79% compared with 64% in 2018. The
improving debt leverage of the two companies is driven by a
combination of reduced spending on land and controlled debt
growth.

The revised projected ratios will position the companies' CFRs
appropriately at the B1 level.

For Evergrande, Moody's expects that the company will increase its
investment in non-property businesses to RMB25-RMB40 billion over
the next 12-18 months compared to around RMB18.5 billion in 2018.
However, this size of investments remains manageable when compared
with the company's main operations.

Moody's has included the RMB130 billion in investments from
Hengda's strategic investors in the calculation of the company's
adjusted debt, but notes that the funds were treated as equity by
the company, in accordance with China GAAP and Hong Kong GAAP.

EBIT/interest for both Evergrande and Hengda will also strengthen
because of their improving debt leverage. Moody's expects that
Evergrande's EBIT/interest will improve to 2.5x-2.9x over the next
12-18 months from around 2.1x for the 12 months ended June 30, 2019
and 2.4x in 2018. At the same time, Hengda's EBIT/interest will
improve to 2.6x--2.9x over the next 12-18 months from 2.6x at the
end of 2018.

Hengda's B1 CFR reflects the company's strong market position as
one of the top property developers in China (A1 stable) in terms of
contracted sales and the size of its land bank. The rating also
reflects Hengda's nationwide geographic coverage, strong sales
execution, low-cost land bank and focus on mass-market residential
properties. However, the company's CFR is constrained by its weak
liquidity and still high debt leverage.

Evergrande's B1 CFR mainly reflects the credit profile of Hengda,
with the latter accounting for most of Evergrande operations and
financial profile. As of June 30, 2019, Hengda accounted for 89% of
Evergrande's revenue, 76% of cash, 71% of reported debt, 84% of
total assets, and 78% of the company's land bank. Evergrande's B1
CFR further considers its high risk appetite in expanding its
non-property businesses; a factor which will constrain its
liquidity.

Liquidity for both Evergrande and Hengda is weak, given the sizable
amount of upcoming short-term maturities from bank loans and trust
loans, as well as the RMB70 billion potential repurchase of
investments from strategic investors. However, the refinancing risk
is mitigated by the companies' track record in accessing
diversified funding channels, including the bank and capital
markets for debt refinancing.

Evergrande's B2 senior unsecured rating is one notch below its CFR,
reflecting legal and structural subordination.

Upward ratings pressure could emerge, if Evergrande: (1)
demonstrates improved discipline on business growth and
acquisitions; (2) shows a sufficient liquidity position to meet its
refinancing needs and cover land acquisition costs; and (3)
improves its credit metrics.

Financial indicators of ratings upgrade pressure for Evergrande
could include (1) cash/short term debt exceeding 1.0x-1.25x; (2)
revenue/adjusted debt exceeding 70%-75%; and (3) EBIT/interest
exceeding 2.5x-3.0x, all on a sustainable basis.

On the other hand, downward ratings pressure could emerge, if
Evergrande shows (1) aggressive acquisitions and a high-growth
strategy; (2) a lack of progress in debt deleveraging; (3)
weakening liquidity; or (4) a material reduction in the ownership
of its subsidies, including Hengda.

Financial indicators of ratings downgrade pressure could include
(1) cash/short term debt below 1.0x; (2) revenue/adjusted debt
below 50%; and (3) EBIT/ interest below 2.0x.

Moody's could upgrade Hengda's CFR if the company (1) demonstrates
tighter discipline in its debt growth, while growing its business;
(2) shows a sufficient liquidity position to meet its refinancing
needs and cover land acquisition costs; and (3) improves its credit
metrics.

Financial indicators of rating upgrade pressure include Hengda's
(1) cash/short-term debt exceeding 1.0x-1.25x; (2) revenue/adjusted
debt exceeding 70%-75%; and (3) EBIT/interest exceeding 2.5x-3.0x
on a sustained basis.

On the other hand, downward rating pressure could emerge, if Hengda
shows (1) aggressive acquisitions and a high growth strategy; (2) a
lack of progress in debt deleveraging; or (3) weakening liquidity.

Moody's has also revised the outlook for Tianji's CFR to stable
from positive, because of the revision of the outlook on Hengda's
CFR, which is in turn because of Hengda's weakened ability to
provide support to Tianji.

Tianji's B2 CFR reflects the company's standalone credit profile
and a one-notch rating uplift, based on Moody's expectation that
Hengda will provide financial support to Tianji in a situation of
financial stress.

The one-notch uplift reflects (1) Hengda's full ownership of
Tianji; (2) Tianji's status as the primary platform for Hengda to
invest in offshore property projects and raise offshore funds; and
(3) Hengda's track record of providing financial support to
Tianji.

Tianji's standalone credit profile factors in its moderately large
scale, weak liquidity, and weak credit metrics.

The B2 senior unsecured rating of the notes guaranteed by Tianji
takes into account Moody's expectation that the support from Hengda
would mitigate the risk of structural subordination.

Moody's could upgrade Tianji's CFR if (1) Hengda's rating is
upgraded; and (2) Tianji maintains a stable standalone profile,
with its EBIT/interest ratio staying above 1.25x-1.50x.

On the other hand, Moody's could downgrade Tianji's CFR if (1) its
liquidity position further weakens; (2) Hengda's rating is
downgraded; or(3) Tianji's significance within the Hengda group
declines, leading to reduced financial or operational support.

In terms of environmental, social and governance factors, Moody's
has considered the concentrated ownership by Evergrande's key
shareholders, Mr. Hui Ka-yin and his wife, who held a total 77%
stake in the company at June 30, 2019. Moody's points out that
Evergrande demonstrates established internal governance structures
and standards, as required under the Corporate Governance Code for
companies listed on the Hong Kong Stock Exchange. The board has
three independent non-executive directors out of a total nine board
of directors.

Moody's has also considered the risk related to new energy vehicle
(NEV) investments. Given that Evergrande's NEV business is at a
nascent stage, it is unlikely to be profitable over the next 12-18
months and will incur additional capital expenditure.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

China Evergrande Group is among the top five developers in China by
sales volume, with a standardized operating model. Founded in 1996
in Guangzhou, the company has rapidly expanded its business across
China over the past few years. At June 30, 2019, its land bank
totaled 319 million square meters in gross floor area.

Hengda Real Estate Group Company Limited is the property arm and
flagship subsidiary of China Evergrande Group. It is among the top
property developers in China by sales volume, with a standardized
operating model. Founded in 1996 in Guangzhou, Hengda has rapidly
expanded its business across the country over the past few years.

China Evergrande Group is Hengda's largest shareholder. At June 30,
2019, the former owned 63.5% of Hengda's shares.

Incorporated in Hong Kong in 2009, Tianji Holding Limited is an
offshore holding company that houses some of Hengda's property
projects in China and overseas, including Hengda's Hong Kong
headquarters.

WEST CHINA CEMENT: Moody's Upgrades CFR to Ba2, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
West China Cement Limited to Ba2 from Ba3.

The outlook on the rating is stable.

RATINGS RATIONALE

"The upgrade reflects the sustained improvement in WCC's capital
structure, which increases its financial buffer against business
volatility," says Roy Zhang, a Moody's Associate Vice President and
Analyst.

WCC's leverage — as measured by total debt to EBITDA — fell to
0.9x for the 12 months to June 30, 2019, a level which is
significantly lower than the 3.0x-4.0x seen between 2012 and 2016.
The company's total reported debt fell to RMB2.8 billion at June
30, 2019 when compared to the peak of RMB4.0 billion at the end of
2016. And, its reported net debt fell to RMB1.7 billion at June 30,
2019 versus the peak of RMB3.5 billion at the end of 2014.

Moody's believes WCC's ability to retain capital has structurally
improved due to reduced capex needs, because new capacity additions
will not be approved by the regulators. Meanwhile, industry
competition is easing, owing to supply side reforms and China's
focus on environmental concerns.

Moody's believes WCC has a large financial buffer to sustain its
financial leverage against its rating level throughout the business
cycle.

WCC also had about RMB832 million in short-term loan receivables
and RMB999 million in long-term loan receivables on its balance
sheet at June 30, 2019. These assets can be used to further improve
its capital structure, if needed.

WCC repaid its USD bond on September 11, 2019. Moody's expects that
the company's cash on hand will be sufficient to cover the
remaining short-term debt. In addition, Moody's also expects that
the company will generate strong operating cash flow over the next
12-18 months.

The improved liquidity allows WCC to navigate through market
volatility, even if funding access is temporarily unavailable, due
to weak market conditions.

WCC's Ba2 corporate family rating considers the company's dominant
market share in cement production in southern Shaanxi Province,
with a long track record of operations, and its business synergies
with Anhui Conch Cement Company Limited (Conch, A2 stable). Conch
held a 21.1% stake in WCC at December 31, 2018.

However, the rating is constrained by WCC's small scale,
concentrated product and market exposure, and inherited industry
cyclicality.

The stable rating outlook reflects Moody's expectation that WCC
will generate health cash flow and maintain prudent financial
management and adequate liquidity.

The rating also takes into account the following environmental,
social and governance considerations.

First, the building materials sector shows elevated credit exposure
to environmental risks, in terms of air pollution and carbon
emission. Moody's points out that WCC has a good track record of
compliance with local regulations. Its operations have experienced
limited impact from the tightened environmental standards in China.
Moreover, it has benefited from industry consolidation, because the
higher standards have squeezed out smaller producers.

Second, on the governance front, its ownership is concentrated in
its key shareholder, Mr. Zhang Jimin, who held a total 32.3% stake
in the company at the end of 2018. This risk is partially mitigated
by the higher board oversight exercised through its strategic
minority shareholder, Conch.

Moody's could upgrade WCC's rating if the company can demonstrate:
(1) increased scale and greater geographic diversification; and (2)
continued improvement in its capital structure, such that
debt/EBITDA stays below 1.5x, and with a net cash position on a
sustained basis.

On the other hand, downward rating pressure could emerge, if WCC's
financial or liquidity position, or both, weaken because of falling
revenue, rising costs, aggressive acquisitions or unexpected
shareholder distributions.

Financial indicators of a rating downgrade include an EBITDA margin
below 25%, or debt/EBITDA exceeding 3.0x, or adjusted
debt/capitalization exceeding 40% on a sustained basis.

Any reduction in Conch's support for or level of ownership in WCC
would be negative for WCC's rating.

The principal methodology used in this rating was Building
Materials published in May 2019.

West China Cement Limited is one of the leading cement producers by
capacity in Shaanxi Province. At June 30, 2019, the company's
annual cement production capacity measured 29.2 million tons. Its
revenues totaled RMB3.3 billion in 1H 2019.

At December 31, 2018, the company was 32.3%-owned by its founder
and chairman, Mr. Zhang Jimin, and 21.1% by Anhui Conch Cement
Company Limited.



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

ADVENT ENTERPRISES: ICRA Maintains B Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR12.50 crore bank facilities of
Advent Enterprises Private Limited (AEPL) continues to remain under
'Issuer Not Cooperating' category. The rating continues to remain
as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term-          12.50       [ICRA]B (Stable) ISSUER NOT
   Fund Based–                     COOPERATING; Rating continues
   Dropline                        to remain under 'Issuer Not
   Overdraft                       Cooperating' category
   Limits              

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

Advent Enterprises Private Limited was incorporated in 1997 by Mr.
Dinesh Agarwal. The company commenced trading in electrical home
appliances and kitchenware under its own brand, 'Demont', from 2011
onwards. It also trades welding consumables, equipment and spares
of Indian Railways to a small extent (~2% of total revenues for
FY2015 and FY2016). Under the home appliances segment, the company
has a pan India presence, with operations primarily concentrated in
Gujarat, Rajasthan, Maharashtra, Madhya Pradesh and Uttar Pradesh.
AEPL's registered office is in Mumbai, along with a warehouse at
Palghar, near Mumbai, and branch offices in Surat, Jaipur, Indore,
Lucknow and Mumbai, to facilitate distribution. AEPL also has a few
group companies who are involved in the same business sector.

APLAB LIMITED: ICRA Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR73.00 crore bank facilities of
Aplab Limited (Aplab) continues to remain under 'Issuer Not
Cooperating' category for information. The rating is denoted as
"[ICRA]D/D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-       12.80       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Fund based–       13.20       [ICRA]D ISSUER NOT COOPERATING;
   Working Capital               Rating continues to remain under
   Demand Loan                   'Issuer Not Cooperating'
                                 category

   Fund based-       11.00       [ICRA]D ISSUER NOT COOPERATING;
   Bill Discounting              Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category    

   Non-fund Based-   14.00       [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit              Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category
  
   Non Fund based–   22.00       [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

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

APLAB Limited was incorporated in the year 1962 by Mr. P.S Deodhar
and has started as a manufacturer for Test & Measurement
instruments. Originally it was called as 'Applied Electronics
Limited' which later on went on to be called as 'Applied
Electronics Lab' before the name was finally changed to 'APLAB
Limited'. The company's primary business activity involves
manufacturing electrical/electronic equipment and devices. In the
year 2000, Zee Entertainment Enterprises Limited acquired 26% stake
in the company.

The company has multiple product divisions namely Test and
Measurement Instruments (T&M), Power Conversion & Controls (PCC),
Power Supply Equipment (PE) or UPS systems, Banking and Retail
Automation (BA) and Cable Fault Locating Instruments (CFS).
Recently; the company has also diversified into Solar Power
Equipment business.

BANSAL BROTHERS: ICRA Lowers Rating on INR6cr Cash Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Bansal Brothers (BB), as:

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

   Non-Fund based-      2.00       [ICRA]A4; ISSUER NOT
   Letter of Credit                COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

Rationale

The rating for the INR8.00 crore bank facilities of BB continues to
remain under 'Issuer Not Cooperating' category for information. The
rating is now denoted as "[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT
COOPERATING.

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
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.

Bansal Brothers is a partnership firm, incorporated in 1968 by the
Late Mr. Desh Raj Bansal, as a trader in iron and steel products
like scrap, plates, channels, beams, rounds and flats. The firm is
currently managed by Mr. Kishore Bansal, Mr. Anoop Bansal, Mr.
Gaurav Agarwal and Mr. Anirudh Singhal. In 2007, the firm
diversified into the manufacturing of noble ferro alloys - such as
ferro-aluminium, ferro-silicon magnesium, and ferro-titanium -
which find application in the steel making process. The firm has a
manufacturing facility at Bhilai, Chhattisgarh, with an installed
capacity 3,600 MT per annum. An associate concern of the
firm—Sarthak Metals Marketing Private Limited
([ICRA]BBB-(Stable)/[ICRA]A3) Issuer not Cooperating - is involved
in the manufacturing of metallurgical cord wires, aluminium
flipping coils and industrial oxygen gas in Bhilai, Chhattisgarh.

BHUSHAN POWER: NCLAT to Hear JSW Steel's Plea on Oct. 14
--------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT) will hear the plea of JSW Steel Ltd. in the
Bhushan Power insolvency case on Oct. 14, the court said on Sept.
16.

JSW Steel, which has emerged as the highest bidder for Bhushan
Power & Steel Ltd., is seeking immunity from the ongoing cases of
money laundering against the bankrupt firm, BloombergQuint relates.
The NCLAT has also directed impleading the Ministry of Corporate
Affairs, the Central Bureau of Investigation and Enforcement
Directorate as party in the matter.

BloombergQuint relates that a three-member NCLAT bench, headed by
Chairman Justice SJ Mukhopadhaya, said it will also decide on the
payment of INR19,350 crore by JSW Steel to the Committee of
Creditors of Bhushan Power on Oct. 14. However, the bench declined
to stay the order of depositing the amount within a month, which is
Oct. 5.

"We allow the appellant to implead Union of India through Ministry
of Corporate Affairs and Enforcement Directorate as respondent No.
3 & 4. The Union of India may address the matter on behalf of CBI
and SFIO," NCLAT, as cited by BloombergQuint, said. "Let notice be
issued."

During the proceedings, the CoC requested NCLAT to direct for
payment of the money. However, the bench said it would look into
this issue on Oct. 14 only, BloombergQuint relates.

On Sept. 5, National Company Law Tribunal's Delhi bench approved
JSW Steel's $2.7 billion bid for Bhushan Power, the second major
steel asset the mill has bagged under India's new insolvency
process.

According to the resolution plan approved by NCLT, INR19,350 crore
will be distributed among financial creditors to settle their
INR47,158 crore of dues, BloombergQuint discloses. The remaining
INR350 crore would be paid to operational creditors to settle
INR733.76 crore claims. JSW Steel will make an infusion of INR7,200
crore in Bhushan Power for improving its operations.

BloombergQuint adds that NCLT also said criminal proceedings
against the Bhushan Power's founders on alleged siphoning off of
funds would not impact an acquisition by JSW Steel. "The criminal
proceedings initiated against the erstwhile members of the board of
directors and others shall not affect the JSW-H1 (highest)
Resolution Plan Applicant or the implementation of the resolution
plan."

It, however, did not grant JSW Steel certain relief sought from
statutory authorities under the Income Tax Act, 1961, and the
Reserve Bank of India.

"We leave it open to the members of the CoC to file appropriate
applications if criminal proceedings result in the recovery of
money which has been siphoned off or on account of tainted
transactions or fabrication," NCLT said, BloombergQuint relays.

The Bhushan Power insolvency case was filed by lead lender Punjab
National Bank after the company failed to pay loans within a
stipulated time frame, the report notes.

                        About Bhushan Power

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

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

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

BRISK FACILITIES: ICRA Moves 'B' Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the long term ratings for the bank facilities of
Brisk Facilities (Sugar Division) Private Limited (BFSDPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         105.00      [ICRA]B (Stable) ISSUER NOT
   Working Capital                 COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

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

Brisk Facilities (Sugar Division) Private Limited was incorporated
in June 2013 as Gadhlinglaj Sugars Private Limited. The company
currently conducts the operations of Appasaheb Nalawade Sahakari
Sakhar Karkhana Limited based out of Gadhinglaj, Kolhapur
(Maharashtra). Appasaheb Nalawade Sahakari Sakhar Karkhana Limited
which was established in 1979. The operations of the sugar
cooperative were taken over by Brisk India Private Limited (BIPL),
Pune in FY2014 following a collaborative agreement of 10 years
starting from SY2014 onwards. In June 2017, BIPL demerged its sugar
business effective April 1, 2016 to a separate company called
Gadhlinglaj Sugars Private Limited which immediately changed its
name to Brisk Facilities (Sugar Division) Private Limited. The
cooperative has 24,744 members who supply cane to the company.
Under the collaborative arrangement between Brisk Sugar and
Appasaheb Nalawade Sahakari Sakhar Karkhana Limited, the company
pays a royalty to the cooperative. The current installed crushing
capacity of the company is 2000 TCD while the distillery has
installed capacity of 25 KLPD. The company currently does not have
the power generation operations.

CHANDRALOK TEXTILE: ICRA Maintains D Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR9.32 crore bank facilities of
Chandralok Textile Industries Private Limited (CTIPL) continues to
remain under 'Issuer Not Cooperating' category. The rating
continues to remain as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based         9.32      [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Chandralok Textile Industries Private Limited, incorporated in
2003, is in the business of processing grey cloth for the
production of fabric used in making suitings, shirtings and dress
materials. The company's registered office is in Mumbai and its
manufacturing unit is in Bhiwandi (Maharashtra). Mr. Chandramohan
Chaudary is the key director of the company, with more than four
decades of experience in the textile industry.

DATACOM PRODUCTS: ICRA Maintains D Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of
Datacom Products (India) Pvt. Ltd. (DPIPL) continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term-         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain under
                                'Issuer Not Cooperating' category
    
   Short term-        2.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund based               Rating continues to remain under
                                'Issuer Not Cooperating' category

   Short term-       (1.25)     [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund based               Rating continues to remain under   

   (interchangeable)            'Issuer Not Cooperating' category

   Long term/Short    4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Term-Unallocated             Rating continues to remain under
                                'Issuer Not Cooperating' category  


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

Datacom Products (India) Private Limited (DPIPL) was established in
1990 and grew over the years to become an independent system
integration company with dealership of products from companies like
Avaya India, Tadiran, Cisco, Extreme and other international
companies. It is an enterprise communication provider and solution
integrator delivering customized communication solutions for
organizations. The company has three major lines of business -
Unified Communications, Call Centre & CRM Solutions and Customer
Service.

DC METALS: ICRA Keeps 'D' Rating in Not Cooperating Category
------------------------------------------------------------
ICRA said the rating for the INR30.00 crore bank facilities of D C
Metals (DCM) 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-       30.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

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

Established in 1984, M/s. D C Metals is a partnership firm engaged
in the trading of aluminium products namely ingots, wire rods, cast
strips, cold rolled/hot rolled products etc. The firm is promoted
by Mr. Kesarimal Bhansali, who has an industry experience of over
40 years. The customer base of the firm mainly comprises end users
making value added products such as automobile parts, aluminium
conductors, utensils, sheets etc.

DECOR PAPER: ICRA Maintains 'B+' Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR13.13-crore bank facilities of
Decor Paper Mills Limited continue to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term-        13.00       [ICRA]B+(Stable) ISSUER NOT
   Fund-based                    COOPERATING; Rating continues
   Cash Credit                   to remain in the 'Issuer Not
                                 Cooperating' category

   Short Term-        0.13       [ICRA]A4 ISSUER NOT
   Non-fund Based                COOPERATING; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

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

Incorporated in 2007, Decor Paper Mills Limited (DPML) is engaged
in the manufacturing of kraft paper which finds applications in the
packaging industry, especially for making corrugated boxes. The
company has its manufacturing unit located in Hyderabad having a
production capacity of around 60,000 MTPA of kraft paper of various
grades. The grades manufactured by the company include 12 BF, 14
BF, 16 BF, 18 BF, 20 BF, and 22 BF. DPML is promoted by the Agarwal
group, which has a long track record in the paper and pulp
industry. The key group companies are Bazargaon Paper and Pulp
Mills Private Limited (Nagpur, 25,000 MTPA) and Kolar Paper Mills
Limited (plant being setup at Chittoor, Andhra Pradesh with an
installed capacity of 105,000 MTPA).

ECO ROOTS: ICRA Withdraws B+ Rating on INR20cr Loans
----------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Eco Roots Foods India Private Limited, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        19.70      [ICRA]B+(Stable) ISSUER NOT
   limits                       COOPERATING; Rating Withdrawn

   Non-fund based     0.30      [ICRA]B+(Stable) ISSUER NOT
   Limits                       COOPERATING; Rating Withdrawn

Rationale

The ratings assigned to Eco Roots Foods India Private Limited have
been withdrawn at the request of the client, based on the
no-objection certificate provided by its banker.

Eco Roots Foods India Private Limited was established in the year
2015. The Company has one paddy processing unit in Moradabad (U.P.)
on a lease basis with a capacity of 8tph and one sorting/grading
unit in Delhi with a capacity of 6 tph. The Delhi unit is owned by
the Company itself. The commercial production started in December
2015. The active promoters in ERF are Mr. Pushpinder Munjal and Mr.
Narender Sidhar who have vast experience in rice milling business.


Key financial indicators (audited): Not Applicable

Status of non-cooperation with previous CRA
On July 2, 2018 CRISIL has withdrawn its rating of 'CRISIL
B+(Stable) on the bank facilities of Eco Roots Foods India Private
Limited on the request of the company.

EMERALD ALCHYMICUS: ICRA Maintains D Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR13.25 crore bank facilities of
Emerald Alchymicus Private Limited (EAPL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based         7.50      [ICRA]D; ISSUER NOT COOPERATING;
   Limits                       Rating continues to remain under
                                'Issuer Not Cooperating' category

   Non-Fund based     5.75      [ICRA]D; ISSUER NOT COOPERATING;
   Limits                       Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Incorporated in 2003, Emerald Alchymicus P Limited (EAPL) is
involved in trading of chemicals. The company derives its revenue
from two segments viz. Stock & Sell and Commercial segment. In case
of Stock & Sell, the company imports specialty chemicals from
various overseas suppliers and maintains an inventory of the same
whereas in the case of Commercial segment, the customers place bulk
orders with EAPL for various chemicals and based on these orders,
EAPL procures the materials from the suppliers and supplies
directly to the customers.

G.P. COTTFAB PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: G.P. Cottfab Private Limited
        "Krishna" 10-K-14 RC Vyas Colony
        Bhilwara 311001 Rajasthan

Insolvency Commencement Date: September 12, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: March 10, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Prashant Agrawal

Interim Resolution
Professional:            Mr. Prashant Agrawal
                         P. Agrawal & Associates
                         F-106 (1st Floor)
                         Sumer Complex, Gautam Marg
                         Behind Bagadia Bhawan
                         C-Scheme 302001
                         Jaipur, Rajasthan
                         E-mail: ippagrawal@gmail.com
                                 cirpgpcottfab@gmail.com

Last date for
submission of claims:    September 26, 2019


GAV AGRO: ICRA Cuts Rating on INR10.15cr Loan to D, Not Cooperating
-------------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
GAV Agro Private Limited (GAPL), as:

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

   Fund based-       10.15      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                    Rating revised from
                                [ICRA]B(Stable) and continues to
                                remain under 'Issuer Not
                                Cooperating' category

Rationale
The rating for the INR14.15 crore bank facilities of GAPL continues
to remain under 'Issuer Not Cooperating' category. The rating is
now denoted as "[ICRA]D 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 rating is
downgraded primarily based on the public information available to
ICRA that the company has not been meeting its debt servicing
obligations in a timely manner. The current rating action has been
taken by ICRA basis best available information on the issuers'
performance. Accordingly, the lenders, investors and other market
participants are advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

Established in June 2013, GAPL commenced commercial milling in
February 2016. The manufacturing unit of the company is located at
Lucknow-Sultanpur road with a capacity of milling 8 tons of paddy
per day (TPH). The active promoters in GAPL are Mr. Pradeep Kumar,
Mr. Ajai Kumar Gupta and Mr. Om Prakash who have vast experience in
rice milling business.

GOLDSTAR METAL: ICRA Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of
Goldstar Metal Solutions Private Limited (GMSPL) continues to
remain under 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-      (10.00)      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Fund based-       10.00       [ICRA]D ISSUER NOT COOPERATING;
   Packaging                     Rating continues to remain under
   Credit                        'Issuer Not Cooperating'
                                 category

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

Incorporated in 2005, Goldstar Metal Solutions Pvt. Ltd. (GMSPL) is
promoted by Mr. Prem Prakash Saraogi. The firm was earlier involved
in trading of iron ore in domestic and international markets from
three mines located in Satheli village in Sinddhudurg district of
Maharashtra. However, in December 2013, Samruddha Resources Limited
(SRL) acquired the iron ore trading business of GMSPL. SRL paid
sales consideration of INR5.01 crore via slump sale and acquired
excess of liabilities over assets to the tune of INR29.73 crore.
Currently, the company is involved in trading of TMT bars.

GOPAL OIL: ICRA Cuts INR9.90cr Cash Loan Rating to 'B', Not Coop.
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Gopal Oil Industries (Gopal Oil), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based         9.90      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                  COOPERATING Rating downgraded
                                from [ICRA]BB- (Stable) and
                                moved to 'Issuer Not Cooperating'
                                category

Rationale

The rating downgrade is because of lack of adequate information for
Gopal Oil's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by the rated entity". The
lenders, investors and other market participants are thus 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.

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

Gopal Oil Industries is a proprietorship concern and was
incorporated in 1990. The firm started operations with two oil
expellers at Pandhurna in the state of Madhya Pradesh. The
manufacturing operations were expanded over the years and the firm,
as on date, has 18 oil expellers/crushers currently, a caustic wash
section and a groundnut shelling plant. The firm got its cotton
seed cake brand "Surbhi Shri" registered in 2008. The product mix
of the firm constitutes cotton seed oil and cotton seed cake. The
firm also trades in commodities such as soyabean seed, groundnut
cottonseed etc.

K. B. PRODUCTS: ICRA Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR7.00 crore bank facilities of K. B.
Products Private Limited (KBPPL) continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable) ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-        5.45      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Unallocated        1.55      [ICRA]B (Stable) ISSUER NOT
   Limit                        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
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.

K.B. Products Private Limited (KBPL) was setup by Mr. Kewalchand
Jain and his brother Mr. Jagdish Jain in the year 1978 as a trading
and distribution firm for milk products in Masjid Bunder. In 2007,
the company was converted from a sole proprietorship into a private
limited company. KBPL is primarily engaged in trading and marketing
of ghee and dairy products. KBPL has been a distributor for various
dairy brands like Gowardhan, Milko, Madhur Ghee, Gopal Ghee,
Vijaya, Nandini etc. in the past, however, since the last few
years, the company is focussing on marketing and distribution of
ghee and dairy products under its own brand name 'Nakoda'. Some of
the main products which the company sells under its brand name
'Nakoda' include buffalo ghee, cow ghee, coconut oil, skimmed milk
powder, refined sunflower oil, groundnut oil, sesame oil and
mustard oil. KBPL's products are distributed mainly in Maharashtra
and in some other states like Gujarat, Haryana, Rajasthan, Uttar
Pradesh, Chhattisgarh through their wide spread dealer network.

The company also has a manufacturing facility located at Bhiwandi
for processing of ghee, butter and oil with a storage capacity of
300 TPD and a packing capacity of 50 TPD which is currently run in
a single shift.

K. K. GIFTS PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: K. K. Gifts Private Limited
        6A, S.N. Banerjee Road
        Futnani Chambers
        Gate No. 9, 2nd Floor
        Kolkata, West Bengal 700087

Insolvency Commencement Date: September 6, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Shri Sachin Gopal Jathar

Interim Resolution
Professional:            Shri Sachin Gopal Jathar
                         B-1/8, Samadrita
                         EKTP Phase-III, EKT
                         Kolkata, West Bengal 700107
                         E-mail: sgjathar@gmail.com

                            - and -

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

Last date for
submission of claims:    September 20, 2019


MADHUVAN PRASAD: ICRA Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR7.50 crore bank facilities of
Madhuvan Prasad Infra Private Limite continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       7.50       [ICRA]B+(Stable); ISSUER NOT
   Based                           COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
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.

Madhuvan Prasad Infra Pvt Ltd was incorporated as a Private Limited
Company in 2010 at Manipal, Karnataka. The company is into the
hospitality industry and has built one 3-star hotel named "Hotel
Madhuvan Serai" at Smriti Bhavan Road, Upendra Nagar, Manipal. The
hotel commenced operations on July 19, 2013. It consists of 7
floors with a built-up area of about 55,000 sft. It consists of
Vegetarian and Non-vegetarian Restaurants with a seating capacity
of 120 people each, a Banquet Hall with a seating capacity of 500
people, a Conference Hall with a seating capacity of 100 people and
46 Rooms. The company has leased out some space in the ground floor
to State Bank of India for opening its branch and ATM and to Axis
Bank for ATM. A portion of the cellar area has been leased out for
opening a grocery and stationery shop. The hotel is in close
proximity to Syndicate Bank Head Office, Udayavani Press, KMC
Hospital, MIT College, Medical College, Bus stand and other
Educational Institutions. It is also nearby Udupi, District
headquarters and Malpe beach which is a famous tourist attraction.

MAHALAXMI CASHEW: ICRA Moves 'B+' Rating to Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR7.00 crore bank facilities of
Mahalaxmi Cashew Industries have been moved to 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B+(stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      6.00        [ICRA]B+(Stable); ISSUER NOT
   Based-Crash                     COOPERATING; Rating moved to
   Credit                          'Issuer Not Cooperating'
                                   category

   Long Term-Fund      1.00        [ICRA]B+(Stable); ISSUER NOT
   Based-Term Loan                 COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
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.

Mahalaxmi Cashew Industries is a partnership firm that processes
raw cashew nuts (RCN) to cashew kernels. The firm also trades in
RCN to an extent. It was established in 1996 and has its
manufacturing unit in Chandgad, Maharashtra with an installed
capacity of 6MT per day. MCI sources its RCN from local traders and
resellers as well as through imports from Benin, Tanzania and
Indonesia. The firm sells the processed kernels primarily to
wholesale dealers within India.

In FY2018, the firm reported a net profit of INR0.36 crore on an OI
of INR17.01 crore compared to a net profit of INR0.80 crore on an
OI of INR12.08 crore in the previous year.

MATOSHRI LAXMI: ICRA Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR61.40-crore bank facilities of
Matoshri Laxmi Sugar Co-Generation Industries Limited continue to
remain in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       61.40      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests from ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuer's 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.

Matoshri Laxmi Sugar Co-Generation Industries Limited ('MLSCIL' or
'the company'), incorporated in May 2008, operates a 3500 TCD
(Tonnes Crushed Per Day) sugar plant, which is forward integrated
with co-generation unit of 10 MW. The plant has been setup at
village Rudhewadi in Solapur district of Maharashtra. The sugar
plant was commissioned in April 2012 though commercial operations
began from October 2012 while the co-generation unit was
commissioned in January 2014.

PALAK FERRO: ICRA Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR20.00 crore bank facilities of
Palak Ferro Alloys (PFA) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/D ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       6.10       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund based-       0.10       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

   Unallocated      13.80       [ICRA]D 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
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Established in 2008 as a proprietorship firm by Mr. Rahul Parwani,
PFA is engaged in the manufacturing of ferro alloys and manganese
oxides. The firm has its manufacturing facility located at Nagpur,
Maharashtra. PFA has an installed capacity of 1500 MTPA for
manufacturing ferro alloys such as medium carbon (MC) – ferro
manganese, low carbon (LC) – ferro manganese and silico
manganese, and 1500 MT for manufacturing manganese oxides. Ferro
alloys find application in the steel industry whereas manganese
oxides are used in the fertilizer industry.


PARTH CONCAST: ICRA Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating of INR26.0 crore bank facilities of Parth
Concast Limited (PCL) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING."

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based         6.0        [ICRA]D ISSUER NOT COOPERATING;
   Limits-Cash                   Rating continues to remain under
   Credit                        'Issuer Not Cooperating'
                                 category

   Term Loans         20.0       [ICRA]D 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.

PCL, incorporated in 2013, manufactures billets from sponge iron
with a total installed capacity of 90,000 Tonnes per annum (TPA),
the commercial operations of which began in October 2015. The
company is promoted by the Garg family of Ludhiana – Mr. N.D.
Garg, Mr. Vinod Garg and Mr. Balraj Garg.

PKM PROJECTS: ICRA Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term ratings for the bank facilities of
PKM Projects Private Limited in the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based        40.00       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

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

PKM was incorporated in December 2006 and is a part of the Mahesh
Mehta Group of companies, which has interests in hotel business,
real estate business and is also into manufacturing of Kattha
Products. The company had acquired one hotel property in Goa, which
is yet to commence operations.

RAIPUR POWER: ICRA Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating of INR390.0 crore bank facilities of Raipur
Power and Steel Limited (RPSL) continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based        97.50       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Term Loans       242.75       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Non-fund Based    22.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Unallocated       27.75       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category  

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

Incorporated in 2007, RPSL manufactures sponge iron (capacity of
90,000 TPA), ferro alloys (30,000 TPA), iron ore pellets (400,000
TPA), billets (90,000 TPA), wire rods and HB wires (90,000 TPA
each) and has power generation capacity of 12 MW (6 MW waste heat
based and 6 MW coal based). RPSL's manufacturing plant is located
in Durg, Chattisgarh, where many steel-making units are located.
The products of the company are sold in nearby areas.

SANGHVI FORGING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sanghvi Forging and Engineering Limited

        Registered office as per MCA records:
        244/6&7 GIDC Estate
        Waghodia 391760
        Dist. Vadorada
        Gujarat

Insolvency Commencement Date: August 30, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 3, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Chandra Prakash Jain

Interim Resolution
Professional:            Mr. Chandra Prakash Jain
                         D-501, Ganesh Meridian
                         Opposite Gujarat High Court
                         S.G. Road, Ahmedabad 380060
                         E-mail: jain_cp@yahoo.com

Last date for
submission of claims:    September 20, 2019


SARVODAYA POLYMERS: ICRA Lowers Rating on INR8cr Loan to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Sarvodaya Polymers Pvt Ltd (SPPL), as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based          8.0       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                   COOPERATING Rating downgraded
                                 from [ICRA]BB- (Stable) and
                                 moved to 'Issuer Not
                                 Cooperating' category

   Fund-based          5.0       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                     COOPERATING Rating downgraded
                                 from [ICRA]BB- (Stable) and
                                 moved to 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding SPPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
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.

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

Sarvodaya Polymers Pvt. Ltd. (SPPL) was incorporated in 2011 by
members of the Anjana family. The company is engaged in the
business of manufacturing polypropylene (PP) woven sacks and the
manufacturing facility of the company is located in RIICO
Industrial Area in Nimbahera, District (Rajasthan). The company
commenced its manufacturing operations during FY13. The promoter
group of SPPL has been involved in various businesses such as
construction, real estate, edible oil extraction and limestone
mining. The promoters do not have any previous experience in
manufacturing of PP woven bags and entered into this business owing
to the large number of cement manufacturers (which are the end
consumers of PP woven bags) located in this region.

In FY2017, the firm reported a net loss of INR0.91 crore on an
operating income (OI) of INR41.10 crore compared with a net loss of
INR1.30 crore on an OI of INR42.93 crore in the previous year. As
per the provisional figures provided by SPPL, it generated sales of
Rs 47 crore in first ten months of operations in FY2018.

SEANTO MINERALS: ICRA Maintains D Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR8.00 crore bank facilities of
Seanto Minerals And Energy Limited (SMEL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        3.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Non-fund based-    3.00       [ICRA]D; ISSUER NOT COOPERATING;
   Letter of Credit              Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Unallocated        2.00       [ICRA]D; 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
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Incorporated in 2008, Seanto Minerals and Energy Limited is
promoted by Mr. Sanjay Sanghai and his family. The company is
engaged in trading of textiles and ferrous products. Key products
traded by the company include shirtings and denims, stainless steel
plates and heavy melting scrap.

SHANTI DEVELOPERS: ICRA Maintains C Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR7.40-crore bank facilities of
Shanti Developers continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]C; ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term-         7.40       [ICRA]C ISSUER NOT COOPERATING;
   Fund based                    Rating continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category


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

Incorporated in 2001, Shanti Developers (SD) is a partnership firm
being promoted by Mr. Hitesh Makhecha and is involved in real
estate development in Mumbai, Maharashtra. The promoters of the
firm are also involved in organizing fairs and small amusement
games in Tier-II cities in Maharashtra, Gujarat and Goa for the
past thirty years through their group companies.

SHREE HANUMAN: ICRA Maintains 'B+' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR59.50-crore bank facilities of
Shree Hanuman Trust continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      59.50       [ICRA]B+(Stable) ISSUER NOT
   Based Term Loan                 COOPERATING; Rating continues
                                   to remain

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

Incorporated in 1982, Shree Hanuman Trust (SHT) is engaged in
leasing of the 3rd floor of Mittal Court developed by the Mittal
Group with an area of 22,111 sq. ft. at 244, Nariman Point, Mumbai
to The Income Tax Department, Government of India. The trust is a
part of the Mittal Group, which is engaged in real estate
development since 1952.


VIDARBHA INDUSTRIES: ICRA Reaffirms D/Not Cooperating Rating
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of Vidarbha Industries
Power Limited at [ICRA]D. The rating continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING". ICRA has also reaffirmed the
short-term rating of Vidarbha Industries Power Limited at [ICRA]D.
The rating continues to remain in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loans-      2654.24     [ICRA]D ISSUER NOT COOPERATING;
   Long Term                    reaffirmed and continues to
   Scale                        remain in issuer not cooperating
                                category

   Working Capital   500.00     [ICRA]D ISSUER NOT COOPERATING;
   Facilities                   reaffirmed and continues to
   (CC/WCDL)                    remain in issuer not cooperating
                                category

   Non-fund Based    110.00     [ICRA]D ISSUER NOT COOPERATING;
   Limit (B/G                   reaffirmed and continues to
   and L/C)                     remain in issuer not cooperating
                                category

Rationale:

The rating has been reaffirmed at [ICRA] owing to delays in debt
servicing as evidenced from the signing of the Inter-Creditor
Agreement (ICA) on July 6, 2019 by all the six lenders of Vidarbha
Industries Power Limited. The liquidity profile of the company has
been impacted owing to significant increase in receivables due to
the disallowance of certain part of the fuel cost as per the tariff
order approved by the Maharashtra Electricity Regulatory Commission
(MERC). While VIPL is raising the invoices to its off-taker as per
the terms of the power purchase agreement (PPA) without factoring
in the disallowance, it is receiving payments as per the MERC order
which has resulted in the significant under-recovery. The liquidity
profile is also impacted by the weak plant availability during FY
2019 (~46%) due to coal availability issues which has also led to
lower fixed cost recovery.

Key rating drivers:

Credit challenges
Delays in debt servicing evident from signing of ICA by the lenders
- On July 6, 2019, all the six lenders of Vidarbha Industries Power
Limited signed ICA, basis which the company has achieved standstill
for 180 days and expects the implementation of the resolution plan
during the same period.

Stretched liquidity due to disallowance of certain part of fuel
cost as per actual by MERC: The company's cash flow position has
been impacted owing to significant increase in receivables due to
the disallowance of certain part of the fuel cost as per the tariff
order approved by the MERC. While the company appealed against the
MERC's order to the Appellate Tribunal for Electricity (APTEL),
which in turn issued an order in favour of the company in November
2016, the MERC subsequently filed an appeal against the APTEL order
in the Supreme Court in January 2017. While VIPL is raising the
invoices to its off-taker as per the terms of the power purchase
agreement (PPA) without factoring in the disallowance, it is
receiving payments as per the MERC order which has resulted in the
significant under-recovery.
Subsequently, VIPL has filed an application before MERC for grant
of relief and compensation under Change in Law due to non-signing
of FSA for Unit 1. Consequently, upon the petitions filed by VIPL,
MERC, vide its Order dated September 14, 2018 directed VIPL to file
a revised Mid Term Review Petition (MTR). With reference to the
said MTR petition, MERC has held a public hearing on January 8,
2019, and has reserved the order. The company is expecting a
favourable order from MERC in the near term which is expected to
mitigate the issue relating to the disallowance of certain part of
the fuel cost.

Signing of FSA with Coal India Limited subsidiary for balance 300
MW is under process: The company has signed an FSA with Western
Coalfiled Limited in March 2014 for one unit of 300 MW for 1.11
MMT. For the balance 300 MW, the company is currently in the
process of signing another FSA. While the company has secured a
favourable order from Delhi High Court directing CIL to commence
supply of coal to VIPL in view of a valid LoA, signing of FSA and
commencement of supply of the linkage coal remains highly critical
and a key monitorable. Further VIPL has secured a long term coal
supply for this balance Unit of 300 MW by participating in the
second round of SHAKTI Coal Auction conducted by CIL under B(ii)
auctions during May 2019 and has successfully secured 8.57 lakh
tons of coal. VIPL is currently in progress towards signing the FSA
for this balance unit 300 MW.

Liquidity position
The company's liquidity position continues to remain stretched
owing to significant under-recoveries.

VIPL, a subsidiary of Reliance Power Limited, belongs to the
Reliance Group promoted by Mr. Anil D Ambani and it operates a
domestic coal-based project with a capacity of 600 MW (2X300 MW) at
the Butibori Industrial Area in Nagpur, Maharashtra. The project
was awarded to the erstwhile Reliance Energy Limited (currently
R-Infra) in 2005 (which was subsequently transferred to R-Power) as
a group captive power project (GCPP) by the Maharashtra Industrial
Development Corporation (MIDC) on a competitive bidding basis.
Initially, the scope of the project involved developing a 1X 300 MW
power plant, however, subsequently, to derive the economies of
scale through better utilisation of certain common facilities, the
company decided to change the scope of the project by doubling its
size to 600 MW (2 X 300 MW). Also, subsequently, VIPL decided to
operate the entire project as an Independent Power Producer (IPP)
and signed a PPA under a cost-plus regime for its entire contracted
capacity of 600 MW for supply of power from April 01,2014 onwards,
for which it has the MERC approval as well with Reliance
Infrastructure Ltd (R-Infra) which was a distribution licensee in
Mumbai R-Infra subsequently assigned the PPA to Adani Electric
Mumbai Limited (formerly known as Reliance Electric Generation and
Supply Limited) and sold its distribution business to Adani
Transmission Limited. The commercial operation date (CoD) for the
Unit I of VIPL was declared on April 3, 2013 while the CoD for Unit
II was declared on March 28, 2014.


WIINTRACK EXPORTS: ICRA Maintains D Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of
Wiintrack Exports (WT) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-          3.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based TL                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Short Term-         7.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

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

Wiintrack Exports was established in the year 2002 as a partnership
firm and is engaged in the business of manufacturing of readymade
garments. The Firm manufactures knitted and woven garments meant
for overseas customers and mainly caters to European market. The
Firm operates from its own factory located in Tirupur (Tamil Nadu).
The Firm procures yarn from domestic market and the same in knitted
into fabric. The firm has in-house knitting, printing and garment
manufacturing capabilities while it outsources dyeing and
embroidery processes to job workers. Mr. K Velusamy is the managing
partner of the firm and has an experience of more than 15 years in
the textile industry.

ZIPPY EDIBLE: ICRA Lowers Rating on INR16cr Loans to B+
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Zippy Edible Products Private Limited (ZEPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based         2.0       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                  COOPERATING Rating downgraded
                                from [ICRA]BB (Stable) and
                                moved to 'Issuer Not Cooperating'
                                category

   Fund-based        14.0       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                    COOPERATING Rating downgraded
                                from [ICRA]BB (Stable) and
                                moved to 'Issuer Not Cooperating'
                                category

Rationale

The rating downgrade is because of lack of adequate information for
ZEPL's performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by the rated entity". The
lenders, investors and other market participants are thus 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.

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

ZEPPL was incorporated in August 2013 and is engaged in the
manufacturing of pasta and vermicelli. The commercial production
commenced from April 2015. The unit is located in Jaspur in
Uttarakhand and has a total production capacity of 18,120 Metric
Tons Per Annum. The main raw materials required for manufacturing
semolina which is coarse and is derived by purified wheat middlings
of durum wheat. The company sells its products directly in the
local markets in Uttar Pradesh, Uttrakhand and Delhi under its
brands "Digraono" and "Dilizia".



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

PRESS METAL: S&P Cuts ICR to 'B+' on Continued High Investments
---------------------------------------------------------------
On Sept. 16, 2019, S&P Global Ratings lowered its issuer credit
rating on Press Metal Aluminium Holdings Bhd. (PMB) to 'B+' from
'BB-'. S&P also lowered the issue rating on the company's
guaranteed notes to 'B+' from 'BB-'.

S&P said, "We lowered our ratings on PMB because the company's
growth aspirations make debt reduction and more prudent funding
management less plausible until 2021 at the earliest. At the same
time, we believe PMB's higher debt over the next 12-18 months
reduce its headroom to absorb volatility in aluminum and alumina
prices."

PMB's growth appetite will likely result in higher capital spending
for raw material security over the next 12–18 months. S&P expects
the company to partly fund the capital spending and investments
with debt after its operating cash flows are used up. Meanwhile,
PMB's operating performance is exposed to volatility in aluminum
and alumina prices due to global growth concerns and trade
frictions.

S&P said, "We believe the PMB management's growth aspirations are
likely to persist beyond the planned investments until 2021. We
understand that there are limited investments prospects. However,
we believe the company's comfortable leverage from the management's
perspective and availability of free operating cash
flows-–especially starting 2021--will trigger further growth
investments. The potential of significant debt reduction is
therefore low beyond 2021."

S&P expects PMB's cash flow leverage to weaken over the next
12–18 months owing to a rise in growth investments in recent
months. The company announced in August 2019 the development of
phase 3 of its Bintulu plant in Samalaju, Sarawak. The brownfield
development will add 320,000 tons of smelting capacity to PMB's
current capacity of 760,000 tons per annum. PMB has also secured a
15-year power purchase agreement (PPA) with Sarawak Energy Bhd.
(SEB) for 500 megawatts (MW) of electricity, which will power PMB's
planned expansion. The power tariffs are competitive and will keep
the company's operating economics attractive. The land for the
Bintulu expansion is already available to PMB.

PMB's single-site concentration will remain because the Bintulu
plant will now account for about 90% of the company's smelting
capacity. With total smelting capacity of 1 million tons per annum
(mtpa), PMB will still have a moderate scale in a global
comparison. With the commissioning of the Bintulu expansion likely
in late 2020, we expect the plant to ramp up in 2021 and make full
contribution from 2022.

PMB's investment for capacity expansion is likely to be about
Malaysian ringgit (MYR) 1.2 billion (US$300 million) until 2021.
The company will also have to make working capital investments
commensurate with ramp-up requirements. Once commissioned, S&P
expects about MYR600 million in incremental EBITDA annually, with
EBITDA per ton of US$450-US$475, in line with the historical
average.

PMB also plans to acquire a 25% stake in PT Bintan Alumina
Indonesia (PT BAI), an alumina refinery under construction, to
secure its raw material needs. The purchase consideration is likely
to be about MYR1.2 billion (US$300 million). PT BAI will construct
a 2 mtpa alumina facility over two phases, which are likely to be
completed by mid-2021. This investment follows PMB's acquisition of
an effective 5% stake in Australian alumina producer Worsley
Alumina in early 2019 for a similar consideration. With the stake
in PT BAI, PMB is looking to tie up a large part of PT BAI's
alumina production in long-term purchase contracts, potentially
with a cost-plus-margin structure. While this investment could help
PMB secure alumina at predictable costs, the economic benefits are
at least two years away.

S&P said, "We believe investments for Worsley, PT BAI, and the new
smelting capacity will total about MYR3.5 billion. Of this, at
least MYR1.2 billion will be debt-funded, pushing up the debt to
MYR4.2 billion-MYR4.6 billion by end-2020. Our EBITDA expectation
over 2019 is MYR1.2 billion, rising to MYR1.5 billion in 2020 as
aluminum prices improve and cash flows benefit from softer alumina
prices. Our key leverage ratio of funds from operations (FFO) to
debt is likely to stay near 30% until the end of 2020."

An improvement in PMB's leverage is likely only toward the second
half of 2021, when the new capacity will contribute to cash flow.
The company's working capital outflows have also surprised on the
negative side, resulting in more than MYR1.2 billion in outflows
over the past eight or so quarters. Overall, management's stated
intent of deleveraging remains undelivered over the past two
years.

S&P said, "We expect PMB's operating performance in 2019 to stay
largely in line with our expectations, although the first-half
performance lagged a bit. The company's EBITDA was MYR500 million
in the first half of the year. We anticipate aluminum price to
trend up over the next two years while alumina price should stay
soft, at 17%-18% of aluminum price. This will boost PMB's EBITDA to
MYR1.5 billion in 2020, with further gains likely following new
capacity additions. However, global growth concerns and
trade-related friction could weigh on aluminum prices.

"The stable outlook on PMB reflects our expectation that the
company's FFO-to-debt ratio will average near 30% over the next two
to three years as the company accelerates its debt-funded growth
investments. We also believe the company's reliance on short-term
debt is unlikely to reduce in the period.

"We could lower the rating if PMB does not moderate the pace and
magnitude of its investments, so that its FFO-to-debt ratio
approaches 20% on a sustained basis. Continued exposure to high
levels of short-term debt could also add pressure on the rating.

"We may raise the rating if PMB ramps up new capacity and starts to
benefit from its vertical integration in alumina, such that the
FFO-to-debt ratio remains close to 35%." A higher rating would
depend on the company adopting a prudent approach to growth and
working capital investments, such that it has stronger cash flow
leverage and less aggressive funding management.

PMB is a Malaysia-based aluminum extrusion and smelting company,
with operations mainly in Malaysia and China. It is the largest
aluminum producer in Southeast Asia, with smelting capacity of
760,000 mtpa and extrusion capacity of 210,000 mtpa.



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

ROSE BUILT: Construction Company Goes Into Liquidation
------------------------------------------------------
Jennifer Eder at Stuff.co.nz reports that a liquidator has been
appointed for Rose Built Homes, a construction company that has
left half-built homes around Marlborough.

Rose Built Homes went into liquidation earlier this month, shortly
after managing director Kyle Payne confirmed he was taking advice
after "internal management issues" amid a competitive regional
construction sector, Stuff says.

According to Stuff, the company had at least three houses waiting
to be finished in Blenheim, including Anastasia Brown's first home
on Taylor Pass Rd, where timber framing has stood untouched for
more than three months.

Stuff relates that a person representing a group of affected trades
companies said there were several making claims as creditors, but
it was too early to say the total number or the size of their
claims.

Mr. Payne could not be reached for comment following the
appointment of Hunt, but said two weeks ago his team of 14 staff
had decreased to "just myself now", and his executive director had
left the company for health reasons as the company folded, Stuff
says.

"It's a very difficult market, it's very competitive, it's not what
people think, and the market is shifting as well, it's not as
strong as it once was," the report quotes Mr. Payne as saying.



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

JUBILANT PHARMA: Fitch Affirms BB- LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings affirmed Singapore-based Jubilant Pharma Limited's
Long-Term Foreign-Currency Issuer Default Rating at 'BB-'. The
Outlook is Stable. The agency has also affirmed JPL's senior
unsecured rating and the rating on its senior unsecured notes at
'BB'.

JPL's ratings reflect strong linkages with its parent, Jubilant
Life Sciences Limited, which has a weaker credit profile on account
of lower profitability, high leverage and commodity-price driven
volatility in its life-science chemicals business. JPL's limited
dependence on generic formulations and favourable market position
in speciality pharmaceuticals-focused segments, along with a strong
financial profile, underpin its credit profile, despite its small
size and high degree of regulatory risk arising from limited
production-facility diversification.

The Stable Outlook underscores JPL's limited presence in generic
drugs and Fitch's expectation of steady growth in JPL's speciality
pharmaceuticals-focused segments, which will support profitability
despite ongoing pricing pressure in the US and adverse US Food and
Drug Administration (USFDA) actions on its generic business.
Profitability should allow the company to cut debt, even as it aims
for selective capacity expansion across businesses. Fitch also
expects some stabilisation in JLS's largely commoditised chemicals
business following weak performance in the financial year ended
March 2019 (FY19).

KEY RATING DRIVERS

Strong Linkages with Parent: JPL's rating is based on the
consolidated profile of its parent, JLS, as Fitch assesses strong
linkage between the two entities due to management control and
commonality, and JLS's access to its key operating subsidiary's
cash and cash flow. JLS's life-science ingredient business has
strong positions in some products - such as pyridines, acetyls and
niacinamide - and its backward integration provides a cost
advantage against some peers. However, Fitch believes JLS has a
weaker credit profile than JPL due to volatile cash flow on account
of the commodity nature of its products and intense competition.
JLS is evaluating the separation of the businesses; Fitch would
regard it as credit positive for JPL if any potential separation
results in weak linkages.

Notes Rated Above IDR: The rating on the senior notes is above the
IDR to reflect lower secured debt at JPL and direct recourse to
JPL's cash flow and assets. JPL's ratio of secured and
prior-ranking debt/EBITDA declined post refinancing of secured debt
from its maiden bond issue in 2016 and remained below 0.1x in FY18
and FY19. In addition, the bond's indenture restricts the amount of
prior-ranking debt to 0.2x of JPL's consolidated assets, subject to
certain carve outs.

Small Scale; Speciality Focus: JPL has a smaller scale and lower
degree of business diversification compared with larger generic
pharmaceutical companies. Nonetheless, Fitch believes its focus on
segments such as nuclear imaging, contract manufacturing of sterile
products and allergy therapy - which contributed more than 80% of
pharma EBITDA in FY19 - limits its exposure to ongoing pricing
pressure in the US generic pharmaceutical market.

JPL's Draximage business is the third-largest participant by sales
in North America's small nuclear imaging market, with some of its
top products enjoying limited competition. JPL is among the leading
contract manufacturing organisations in North America for sterile
injectables and the segment has reported sustained growth
benefiting from its long-standing customer relationships. JPL is
one of the top-three companies in the US allergenic extract market
and the sole supplier of venom products, following the exit of a
key competitor last year.

Healthy Speciality Pipeline: JPL aims to launch a number of new
radiopharma products with significant revenue potential following
approval over the next three to four years. Its rating case does
not include this incremental revenue due to the uncertainty in the
approval process, but successful execution should improve JPL's
product diversification and further boost cash flow, which Fitch
expects to benefit from limited competition in its rating case.

Fitch believes Ruby Fill - an infuser device for heart imaging
launched in 1QFY18 - has good competitive potential, as it is the
first new product launched in this segment in nearly 25 years and
offers significant patient-safety advantages over the competitor's
alternative. Nonetheless, ramp-up has been slow due to a challenge
from the incumbent leader and its rating case does not include a
significant jump in Ruby Fill revenue in the next few years. JPL
aims to add capacity in its contract manufacturing business, as the
order book and utilisation levels have benefitted from favourable
industry conditions.

Effect of USFDA Actions Limited: USFDA's adverse actions on JPL's
active pharmaceutical ingredients and generic dosage plants
underscore above-average exposure to regulatory risk due to JPL's
small scale and low number of production facilities. Nonetheless,
sales to the US are still allowed from both plants and Fitch
believes any downside from USFDA restrictions on sales to the US
will be limited by the plants' sales diversification outside the US
and JPL's low dependence on generic drugs. Fitch has revised down
its revenue growth and margin expectations in these segments for
probable delays in new approvals and additional costs following the
USFDA actions.

Robust Financial Profile: JLS's consolidated financial profile is
strong for its rating, with leverage - measured by FFO adjusted
gross leverage - below 4.0x, FFO fixed-charge coverage above 4.0x
and positive free cash generation over the previous few years.
Profitability is likely to drop in FY20 due to lower margins in
generic segments and its expectations of higher R&D expenses.
Nonetheless, steady specialty-segment growth and stabilising
profitability at Triad and JLS's chemicals business will support
higher operating cash flow. This should lead to positive free cash
generation from FY21, despite expansion capex, and allow leverage
to fall to 3.1x by FY21 (FY19: 3.8x).

DERIVATION SUMMARY

JPL has a smaller scale, with limited geographic diversification,
than larger generic pharmaceutical companies, such as Mylan N.V.
(BBB-/Rating Watch Positive) and Teva Pharmaceutical Industries
Limited (BB-/Negative). JPL's rating also factors in its parent's
focus on life-science chemical products, which are commodities in
nature and thus exposed to competition and price volatility. These
factors are partly counterbalanced by the higher acquisition-led
leverage of larger peers, particularly in the case of Teva, as
Fitch expects its leverage to remain elevated due to continued
pricing pressure on generic drugs in the US.

Glenmark Pharmaceuticals Ltd (BB/Stable) has a larger and more
geographically diversified pharma business than JPL. JPL's greater
presence in specialty pharmaceuticals limits its exposure to
ongoing pricing pressure in the US generic pharmaceutical market
and it has a better deleveraging profile. However, this is
counterbalanced by its parent's weak chemicals business, justifying
its rating being one notch lower than that of Glenmark.

Ache Laboratorios Farmaceuticos S.A. (BB/Stable) benefits from a
bigger scale, solid market positioning and a stronger financial
profile than JPL, although Brazil's Country Ceiling of 'BB'
constrains its rating.

KEY ASSUMPTIONS

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

  - JLS revenue growth in the mid- to high-single-digits over
FY20-FY22, supported by growth in the speciality-pharma segments
and selective capacity expansion across businesses (FY19: 21%).

  - JLS EBITDA margin to decline to 16.2% in FY20 (FY19: 17.9%),
reflecting lower profitability in generic-pharma segments and
higher R&D expenses. EBITDA margin to improve to around 19.0% by
FY22, supported by growth in speciality-pharma segments and
gradually improving profitability at Triad.

  - JLS annual capex to average about INR8 billion over FY20-FY22,
reflecting selective capacity expansion across pharma and
life-science business segments.

  - JLS dividend payout to remain at less than 15% of net income.

RATING SENSITIVITIES

Developments that may, individually or collectively lead to
positive rating action include:

  - FFO adjusted gross leverage sustained at less than 2.5x (FY19:
3.8x).

  - Sustained free cash flow generation.

  - Sustained improvement in the operating profile of the
life-science business, as reflected in greater scale and
diversification and lower margin volatility.

Developments that may, individually or collectively, lead to
negative rating action include:

  - Volatility in free cash flow generation due to a weak operating
environment in life sciences or adverse USFDA actions.

  - Deterioration in FFO adjusted gross leverage to more than
4.5x.

LIQUIDITY

Robust Liquidity: JLS's unrestricted cash balance of INR10.9
billion as of FYE19 sufficiently covers INR6.0 billion in
short-term debt maturities and its forecast for marginally negative
free cash generation in FY20. Debt maturities in FY21 are
manageable at below INR3.0 billion and Fitch expects sustained
positive free cash flow generation after FY20 in its rating case.
JPL has used the majority of its proceeds from USD200 million in
senior notes issued in March 2019 to cut debt maturities in FY21
and, in particular, FY22, when its USD300 million senior notes
mature. Fitch believes improving cash flow and JLS's focus on
lowering leverage will support JPL's refinancing ability in FY22.

FULL LIST OF RATING ACTIONS

Jubilant Pharma Limited

  -- Long-Term IDR affirmed at 'BB-'; Outlook Stable

  -- Senior unsecured rating affirmed at 'BB'

  -- Rating on USD300 million 4.875% senior unsecured notes due
2021 affirmed at 'BB'

  -- Rating on USD200 million 6.000% senior unsecured notes due
2024 affirmed at 'BB'

USP GROUP: Appoints Lim Boh Soon as New CEO
-------------------------------------------
Fiona Lam at The Business Times reports that USP Group has
appointed Lim Boh Soon as chief executive officer (CEO) and
executive director.

This came days after independent auditors flagged a material
uncertainty in the company's fiscal 2019 results which may cast
doubt on its ability to continue as a going concern, BT says.

Dr. Lim, 63, has commenced his role as CEO on Sept. 16, the report
discloses. His appointment as executive director will be effective
from Oct. 1, USP said in a bourse filing on Sept. 17.

He replaces interim CEO Kan Bright Pan, who was appointed to the
role in December 2018. Meanwhile, Mr. Kan will resume his position
as chief technical officer of USP's marine business, the report
notes.

Dr. Lim is the founder-owner and managing director of Arise Asset
Management, as well as a venture partner at TPT Corporation. He is
also an independent non-executive director at OUE Commercial Reit,
Jumbo Group and Tomi Environmental Solutions.

According to BT, USP said that Dr. Lim used to be a director at
Across Asia Limited, which was investigated by the Securities and
Futures Commission of Hong Kong for breaching certain disclosure
obligations. Although Dr. Lim was one of the persons under
investigation, the commission did not name him as a specified
person when it commenced its proceedings after the probe.
Therefore, Dr. Lim was not a party to the proceedings, and the
commission did not take disciplinary action against him nor was he
warned or reprimanded.

In a bourse filing on Sept. 14, independent auditors RSM Chio Lim
LLP noted that USP's total current liabilities exceeded total
current assets by SGD15.5 million for the year ended March 31, and
that the company had incurred a net loss of SGD23 million,
according to BT.

In response, USP's board said on Sept. 14 that it believes the
group can continue as a going concern. BT says the board cited
several reasons, including that USP had obtained written agreements
from the bank on June 27 to accommodate the breach of loan
covenants on a one-off basis for fiscal 2019.

BT adds that the company also disclosed on Sept. 16 several
discrepancies between its unaudited and audited financial
statements for fiscal 2019. These included a SGD21.3 million
increase in other losses, from SGD124,000 in the unaudited
statements to SGD21.4 million in the audited statements, mainly due
to the reclassification of SGD19.4 million from exceptional items.

USP operates in the oil trading, marine equipment trading, and
property development segments.


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

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

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

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