/raid1/www/Hosts/bankrupt/TCRAP_Public/191002.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, October 2, 2019, Vol. 22, No. 197

                           Headlines



A U S T R A L I A

CAPRICORN YACHT: Second Creditors' Meeting Set for Oct. 9
INFODB CONSULTING: First Creditors' Meeting Set for Oct. 10
OT MARKETS: First Creditors' Meeting Set for Oct. 9
RAINBOW COMPANY: Second Creditors' Meeting Set for Oct. 8


C H I N A

[*] CHINA: Defaults Set to Worsen; $8.6BB Bonds Due Next Year


I N D I A

AACHI SPECIAL: CRISIL Cuts INR40cr Loan Rating to B+, Not Coop.
ADITYA VIDYUT: Insolvency Resolution Process Case Summary
AISHWARYAGIRI CONSTRUCTIONS: ICRA Cuts INR30cr Loan Rating to D
ALTICO CAPITAL: Ind-Ra Lowers Rating on INR30.5MM NCDs  to 'D'
ARHAN INFRATECH: Insolvency Resolution Process Case Summary

AXSYS SOLUTIONS: CRISIL Withdraws B- Rating on INR5.85cr LT Loan
BABA JATADHARI: ICRA Maintains 'B' Rating in Not Cooperating
BALAHANUMAN PLASTIC: CRISIL Cuts Rating on INR4.52cr Loan to B+
BALWINDRA TOOLS: Insolvency Resolution Process Case Summary
BHARTI AIRTEL: Fitch Rates Unit's Proposed US$ Sub. Bonds 'BB(EXP)'

BHATTAD BROTHERS: Insolvency Resolution Process Case Summary
BRAINER INFRA: ICRA Maintains B+ Rating in Not Cooperating
BRISK INDIA: ICRA Maintains D Rating in Not Cooperating
CHAMARIA INFRASTRUCTURES: Ind-Ra Lowers LT Issuer Rating to 'D'
DAFTARI AGRO: ICRA Maintains B+ Rating in Not Cooperating

DECCAN BRAKES: Insolvency Resolution Process Case Summary
DEMPO SHIPBUILDING: ICRA Reaffirms D Rating on INR15cr LT Loan
DIN DAYAL: CRISIL Withdraws B+ Rating on INR75cr Cash Credit
ELECTRA ACCUMULATORS: Insolvency Resolution Process Case Summary
FLAMINGO LANDBASE: Insolvency Resolution Process Case Summary

GANPATI FOODS: CRISIL Withdraws B+ Rating on INR12.28cr Loan
GMR WARORA: Ind-Ra Lowers Rating on INR750MM NCDs  to 'D'
HANUMAN RICE: CRISIL Moves INR15cr Loan Rating to B/Not Cooperating
HIMAGIRI ENTERPRISES: Insolvency Resolution Process Case Summary
INDIAN SUCROSE: CRISIL Cuts INR150cr Loan Rating to B+, Not Coop.

INNOVARI TECHNOLOGIES: Insolvency Resolution Process Case Summary
JSK MARKETING: Insolvency Resolution Process Case Summary
JSW STEEL: Fitch Puts Final BB Rating to US$400MM Sr. Unsec. Notes
KAY BEE: CRISIL Downgrades Rating on INR7cr Cash Loan to D
LOKHANDWALA INFRASTRUCTURE: Insolvency Resolution Case Summary

M K OVERSEAS PRIVATE: Insolvency Resolution Process Case Summary
MANGALORE MINERALS: CRISIL Withdraws B Rating on INR27.5cr Loan
MASTANA FOODS: Insolvency Resolution Process Case Summary
MONDAL & MANNA: Insolvency Resolution Process Case Summary
MONIQUE GEMS: Insolvency Resolution Process Case Summary

OM CORRUGATED: ICRA Keeps B+ Rating in Not Cooperating
OM SHAKTHI: Insolvency Resolution Process Case Summary
PADIGELA GINNING: ICRA Lowers Rating on INR7.50cr Loan to 'D'
PALM LAGOON: Insolvency Resolution Process Case Summary
PARAS SPARES: Insolvency Resolution Process Case Summary

PRASANNA EDUCATION: Ind-Ra Migrates 'B-' Rating to Non-Cooperating
PRAVEER CONSTRUCTIONS: NCLT Appoints Official Liquidator
PRIYANKA PROCESSORS: CRISIL Withdraws B+ Rating on INR4cr Loan
RAJESH PROJECTS: Insolvency Resolution Process Case Summary
RAMEE HOTELS: ICRA Cuts INR48.50cr Loan Rating to B+, Not Coop.

RELIANCE COMMUNICATIONS INFRA: NCLT Initiates Insolvency Process
RENUKA CONSTRUCTIONS: CRISIL Withdraws B Rating on INR10cr Loan
SARTHAK FIBROTEX: Insolvency Resolution Process Case Summary
SAVFAB DEVELOPERS: ICRA Cuts Rating on INR35cr Loan to D
SEMBMARINE KAKINADA: Insolvency Resolution Process Case Summary

SHAHI INFRASTRUCTURE: Insolvency Resolution Process Case Summary
SHRINE ENGINEERING: CRISIL Assigns B+ Rating to INR2.0cr Loan
SHRIRAM LAND: Insolvency Resolution Process Case Summary
SIMAR PRIDE: CRISIL Assigns B+ Rating to INR20cr LT Loan
SINGH TECHNOINFRA: CRISIL Assigns 'B' Rating to INR6.50cr Loan

SOLO METALS: CRISIL Lowers Rating on INR23.25cr Cash Loan to D
SRI SARASWATHI: CRISIL Assigns B+ Rating to INR12cr Loan
ST. GEORGE ELECTRONICA: CRISIL Reaffirms 'B-' INR16.2cr Loan Rating
SULAV FLOUR: CRISIL Assigns B+ Rating to INR5.5cr Term Loan
SUNDARLAM INDUSTRIES: CRISIL Assigns B+ Rating to INR2.5cr Loan

TRANS GULF: Insolvency Resolution Process Case Summary


I N D O N E S I A

AGUNG PODOMORO: Moody's Confirms B2 CFR, Outlook Negative


N E W   Z E A L A N D

MAKETU PIES: Goes Into Receivership After 37 Years in Business


S I N G A P O R E

EMAS OFFSHORE: Court Hearing on JM Application Moved to Oct. 21
NO SIGNBOARD: Appoints Lok Pei San as Group CFO

                           - - - - -


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

CAPRICORN YACHT: Second Creditors' Meeting Set for Oct. 9
---------------------------------------------------------
A second meeting of creditors in the proceedings of Capricorn Yacht
Repairs & Services Pty Ltd, trading as Springwood Marine, has been
set for Oct. 9, 2019, at 11:30 a.m. at the offices of SM Solvency
Accountants, 10/144 Edward Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 8, 2019, at 4:30 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Capricorn Yacht on Sept. 3, 2019.

INFODB CONSULTING: First Creditors' Meeting Set for Oct. 10
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Infodb
Consulting Pty Ltd will be held on Oct. 10, 2019, at 10:00 a.m. at
the offices of Jirsch Sutherland, Level 27, at 259 George St, in
Sydney, NSW.

Bradd William Morelli of Jirsch Sutherland were appointed as
administrators of Infodb Consulting on Sept. 27, 2019.


OT MARKETS: First Creditors' Meeting Set for Oct. 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of OT Markets
Pty Ltd will be held on Oct. 9, 2019, at 2:30 p.m. at the offices
of Chartered Accountants Australia and New Zealand, Level 18, at
Bourke Place, 600 Bourke Street, in Melbourne, Victoria.  

Mathew Gollant of Courtney Jones & Associates was appointed as
administrator of OT Markets on Sept. 27, 2019.

RAINBOW COMPANY: Second Creditors' Meeting Set for Oct. 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of Rainbow Company
Pty Ltd has been set for Oct. 8, 2019, at 11:00 a.m. at the offices
of Hamilton Murphy, Level 1, at 255 Mary Street, in Richmond,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 7, 2019, at 4:00 p.m.

Stephen Dixon and Leigh Dudman of Hamilton Murphy were appointed as
administrators of Rainbow Company on Sept. 2, 2019.



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

[*] CHINA: Defaults Set to Worsen; $8.6BB Bonds Due Next Year
-------------------------------------------------------------
Rebecca Choong Wilkins, Yuling Yang and Molly Dai at Bloomberg News
report that a record pace of defaults hit China's domestic bonds
this year. In 2020, it could be the offshore market's turn. That's
because of a looming wall of dollar debt, issued by now-stressed
borrowers, that comes to maturity, the report says.

There's $8.6 billion of offshore bonds coming due next year that
currently have at least 15% yields, classifying them as stressed,
according to data compiled by Bloomberg.

Put another way, nearly 40% of total outstanding corporate dollar
bonds from China's most troubled companies is due next year, the
report says. With Chinese policy makers emphasizing the need to
continue a campaign to limit leverage, it suggests a pick-up in
defaults. For those lured by juicy yields in today's low-rate
universe, that means danger.

"This is a market where you want to go for safer bets rather than
be a hero," Bloomberg quotes Michel Lowy, chief executive officer
at Hong Kong-based SC Lowy, which specializes in fixed income, as
saying. "We are on the verge of a massive snowball effect," where
defaults spur funds to take money out of high-yield debt, driving
up yields and making it all the harder for firms to refinance, he
said.

Mr. Lowy advises sticking with companies with strong cash flows.

Trouble is, a swathe of the borrowers with debt due next year
lacked strong fundamentals, and took advantage of unusually sweet
financing conditions back in 2017 --
the year of the synchronous global expansion. That's according to
Wonnie Chu, managing director of fixed income at GaoTeng Global
Asset Management Ltd, Bloomberg relays.

"A lot of them were issued with a low interest rate not comparable
to the credit risk," she said.  Ms. Chu predicts a full-blown shock
will be avoided as enough investors have already begun to
anticipate problems, Bloomberg relays.

Indeed, money managers have already started slashing their holdings
of riskier companies. Asian high-yield credit funds saw a near 3%
outflow from their assets under management in August, according to
Morgan Stanley, Bloomberg discloses. (Asian high yield is dominated
by Chinese issuers.) At the same time, funds that focus on Asia
investment-grade saw an inflow close to 1%.

Another sign of investor concern: prices in the secondary market
have slumped, driving up yields. That's spurred a doubling in the
amount of Chinese dollar bonds with stressed-level premiums since
March, Bloomberg notes.

According to Bloomberg, following are a few of the issuers with
bonds coming due in 2020 that currently have stressed-level
premiums. The report says the selection underscores the diversity
of indebted businesses, but doesn't imply that these are more
strained than others.  

   * Yida China Holdings

   * Tewoo Group Co

   * Peking University Founder Group. A spokesperson for the
     technology services firm in Beijing said the group has an
     ample credit line with lenders, with CNY62.5 billion
     (US$8.8 billion) untapped as of June, and cash of CNY45.3
     billion.

   * Oceanwide Holdings.

Ten of the 25 are property developers, Bloomberg notes. More
broadly, real-estate firms have $30 billion of dollar debt due next
year, amid continuing efforts by authorities to tamp down
property-price inflation.

Any refinancing crunch could offer opportunities. Bloomberg relates
that Mr. Lowy said "we are positioning ourselves with alternative
capital that we can syndicate to investment partners with private
money to refinance some of those debt obligations."

China's high-yield dollar-debt issuers tend to have higher default
risks than peers abroad, Bloomberg discloses citing Morgan Stanley
research. That's because of relatively short bond-maturity profiles
--
at close to 2.5 years, Kelvin Pang, head of the bank's Asia credit
strategy team in Hong Kong, wrote in a note earlier this month,
Bloomberg relays.

High-yield issuers' loans maturities are also of shorter duration,
at one to three years, Mr. Pang, as cited by Bloomberg, wrote. It
all means that "China corporates are extremely sensitive to credit
conditions," he wrote.

Bottom line, according to Owen Gallimore, head of credit strategy
at Australia & New Zealand Banking Group: "Next year, as the
maturity wall comes, the default rate is likely to increase" in the
Chinese dollar-debt market, Bloomberg adds.



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

AACHI SPECIAL: CRISIL Cuts INR40cr Loan Rating to B+, Not Coop.
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Aachi Special
Foods Private Limited (ASFPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB+/Stable Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       20       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

   Warehouse Receipts       40       CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

CRISIL has been consistently following up with ASFPL for obtaining
information through letters and emails dated
September 17, 2019 and September 23, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Based in Chennai, ASFPL was set up in 2012 by Mr Ashwin Pandian and
Mr Abhishek Abraham to trade in red chillies, black pepper,
coriander, and cumin. The company is part of the Chennai-based
Aachi group, to which it makes its entire sales.

ADITYA VIDYUT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Aditya Vidyut Appliances Limited
        Survey no. 168, Hissa No. 10
        Sonale Village Bhiwandi Bypass Road
        Nh-3 Bhiwandi, Mumbai
        Thane 421302

Insolvency Commencement Date: September 11, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 9, 2020

Insolvency professional: Mr. Kshitiz Gupta

Interim Resolution
Professional:            Mr. Kshitiz Gupta
                         Flat no. C/104, Lotus CHSL
                         Gundecha Valley of Flowers
                         Thakur Village, Kandivali East
                         Mumbai 400101
                         E-mail: kshitiz.ca@gmail.com
                                 cirpadityavidyut@gmail.com

Last date for
submission of claims:    October 4, 2019


AISHWARYAGIRI CONSTRUCTIONS: ICRA Cuts INR30cr Loan Rating to D
---------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Aishwaryagiri
Constructions Pvt Ltd, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term-        30.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Downgraded from [ICRA]B+
                                (Stable); rating continues to
                                Remain in non cooperating
                                Category

   Non-Fund Based    15.00      [ICRA]D ISSUER NOT COOPERATING;
                                Downgraded from [ICRA]A4; rating
                                continues to remain in non
                                cooperating category

Rationale

The rating downgrade factors in the delay in debt-servicing, as
confirmed by the banker. The delay pertains to continuous
over-utilisation of the cash credit limit for more than 30 days.

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

As part of its process and in accordance with its rating agreement
with ACPL, 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.

The company was incorporated in May 2011 by Mr. Jayaramaiah and Mr
Shivakumar for executing civil construction works such as road
construction, building construction, slum development activities
and other infrastructure development activities. Mr. Jayaramaiah is
in the construction business since 2000. Being proprietor of Giri
Constructions, he had taken up projects such as road construction
for Bruhat Bengaluru Mahanagara Palike, building construction for
Karnataka Police Dept and slum development projects for Karnataka
Slum Development Board. The company is presently executing slum
development projects for Karnataka Slum Development Board in
Karnataka.

ALTICO CAPITAL: Ind-Ra Lowers Rating on INR30.5MM NCDs  to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Altico Capital
India Limited's (Altico) non-convertible debentures (NCDs) to 'IND
D' from 'IND C'.

The detailed rating action is:

-- INR30.5 mil. NCDs* (Long-term) downgraded with IND D rating.

* Details in Annexure

# The suffix emr denotes the exclusion of the embedded market risk
from the rating. The rating of market-linked debentures is based on
an ordinal assessment of the underlying credit risk of the
instrument and does not factor in the market risk that investors in
such instruments will assume. This market risk stems from the fact
that the coupon payment on these instruments will be based on the
performance of a reference index or equity share (detailed in the
information memorandum of the issue).

PP-MLD refers to full principal protection in the equity-linked
notes, wherein the issuer is obligated to pay the full principal
upon maturity.

KEY RATING DRIVERS

The downgrade reflects Altico's non-payment of the NCDs (ISIN:
INE587O07149) that were due on September 26, 2019.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could be a credit positive.

COMPANY PROFILE

Altico was established in 2004 by the funds managed by Clearwater
Capital Partners as Clearwater Capital Partners India Private
Limited for wholesale lending to capital-constrained Indian small
and medium enterprises. It was registered as a
non-deposit-accepting non-banking finance company with the Reserve
Bank of India in January 2005. Its business strategy initially
focused on special situation opportunities across the capital
structure. In FY15, the company was renamed Altico Capital India
Limited, and its business strategy was changed. Altico is focused
on high-yield asset-backed senior secured credit opportunities in
the real estate sector.

ARHAN INFRATECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Arhan Infratech Private Limited

        Registered office as per MCA Data:
        621/9 First Floor
        18 Quarter Vishwas Nagar
        Shahdara Delhi
        East Delhi DL 110032
        IN

        As per NCLT Order:
        R-289-C Greater Kailash-1
        New Delhi 110048

Insolvency Commencement Date: September 6, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Rohan Lal Jain

Interim Resolution
Professional:            Rohan Lal Jain
                         AN-46B Shalimar Bagh, North West
                         National Capital Infinity
                         Delhi 110088
                         IN
                         E-mail: roshanljain@yahoo.co.uk
                                 cirp.arhan@gmail.com

Last date for
submission of claims:    October 2, 2019


AXSYS SOLUTIONS: CRISIL Withdraws B- Rating on INR5.85cr LT Loan
----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Axsys
Solutions (Axsys) on the request of the company and after receiving
no objection certificate from the bank. The rating action is
in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

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

   Cash Credit            2.5       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B-/Stable'; Rating
                                    Withdrawn)

   Letter of Credit       6.25      CRISIL A4 (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL A4'; Rating
                                    Withdrawn)

   Proposed Long Term     5.85      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Migrated from
                                    'CRISIL B-/Stable'; Rating
                                    Withdrawn)

   Standby Line of        0.50      CRISIL A4 (ISSUER NOT
   Credit                           COOPERATING; Migrated from
                                    'CRISIL A4'; Rating
                                    Withdrawn)

   Term Loan              2.40      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B-/Stable'; Rating
                                    Withdrawn)

CRISIL has been consistently following up with Axsys for obtaining
information through letters and emails dated
September 18, 2019 and September 23, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Axsys. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for Axsys is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of Axsys to 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of Axsys on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

Axsys, based in Sirmour, Himachal Pradesh (HP), manufactures
aluminium facades. Its unit is in Kala Amb, HP. The firm commenced
commercial operations in February 2015.

BABA JATADHARI: ICRA Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR8.65 crore bank facilities of Baba
Jatadhari Agro (India) Pvt Ltd (BJPL) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based           6.25       [ICRA]B (Stable) ISSUER NOT
   Limits Term                     COOPERATING; Rating continues
   Loan                            to remain under the 'Issuer
                                   Not Cooperating' category

   Fund based           2.40       [ICRA]B (Stable) ISSUER NOT
   limits-                         COOPERATING; Rating continues
   Cash Credit                     to remain under the 'Issuer
                                   Not Cooperating' category

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

Incorporated in 2011, Baba Jatadhari Agro (India) Private Limited
(BJPL) is promoted by the West Bengal-based Shaw family. BJPL is
involved in flour milling with an installed capacity of 100 metric
tonnes per day (MTPD) at its manufacturingfacility located at
Abhirampur, Budge Budge, West Bengal. The commercial operations of
the facility commenced in October 2016.

BALAHANUMAN PLASTIC: CRISIL Cuts Rating on INR4.52cr Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Balahanuman Plastic Industries Private Limited (BPIPL) to
'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          2.5       CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Long Term Loan       4.52      CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the business risk profile,
as indicated by the decline in operating margin to 0.48% in fiscal
2019 from 4.53% in the previous fiscal on account of increase in
raw material prices and other manufacturing expenses. As a result,
net cash accrual fell to a negative INR0.52 crore from INR0.45
crore over this period.

The rating reflects a modest scale of operations, susceptibility to
volatility in raw material prices, and a weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the polymer industry and prudent
working capital management.

Analytical Approach

Unsecured loans of INR5.14 crore as on March 31, 2019, from the
promoters have been treated as neither debt nor equity as the loans
are expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations
Revenue was modest at INR26.19 crore in fiscal 2019 due to the
highly fragmented and competitive nature of the industry. Though
revenue is expected to improve backed by capacity addition, it
should remain modest over the medium term.

* Susceptibility to volatility in raw material prices
The cost of raw materials such as polypropylene granules is more
than 85% of revenue. Consequently, profitability is expected to
remain highly susceptible to changes in raw material prices as the
ability to pass on any price increase to clients is restrained by
intense competition. This was evident in fiscal 2019 when the
operating margin fell to 0.48% from earlier levels of 4.0-4.5%.

* Weak financial risk profile
The total outside liabilities to adjusted networth ratio was high
at around 2.91 times as on March 31, 2019, primarily due to term
debt of around INR4 crore availed at the end of fiscal 2019.

Strengths
* Extensive industry experience of the promoters
A presence of over a decade in the polymer industry has enabled the
promoters to establish a healthy relationship with suppliers and
customers, and develop keen insight into market dynamics.

* Prudent working capital management:
Gross current assets were comfortable at 43 days, driven by low
debtors of 3 days and moderate inventory of 22 days, as on March
31, 2019. This has resulted in low bank limit utilisation,
averaging at 21.56% during the 12 months through June 2019, thus
supporting liquidity.

Liquidity: Poor
Large repayment obligation constrains liquidity. Cash accrual is
expected at INR0.7-0.9 crore per fiscal over fiscals 2020 to 2022
against repayment obligation of INR0.7 crore per fiscal. However,
part cushion is available from the working capital limit of INR2.3
crore, the average utilisation of which was 21.56% during the 12
months through June 2019.

Outlook: Stable

CRISIL believes BPIPL will continue to benefit from the extensive
industry experience of the promoters, and maintain prudent working
capital management over the medium term.

Rating sensitivity factors

Upward Factor
* Consistency in order flow from customers
* Increase in revenue along with an operating margin of 4-5%,
resulting in net cash accrual of above INR1 crore

Downward Factor
* Significant decline in revenue or weaker profitability, resulting
in the cushion between net cash accrual and debt repayment
declining to below INR0.2 crore
* Increasing working capital requirement, leading to deterioration
in liquidity.

BPIPL was set up in 1996 as a partnership firm, which was
reconstituted as a private limited company in 2006. Mr Rajesh Shah
and Mr Pradeep Khandelwal are the promoters. The company
manufactures low-density polyethylene/polypropylene bags at its
facility at Bapunagar, Gujarat.

BALWINDRA TOOLS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Balwindra Tools Private Limited
        Ground Floor, 2247
        Guru Nanak Nagar
        New Ranjit Nagar, West Delhi
        New Delhi 110008

Insolvency Commencement Date: September 18, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: March 17, 2019

Insolvency professional: Sanjay Kumar Jha

Interim Resolution
Professional:            Sanjay Kumar Jha
                         123/8, Gali No. 15, T-Point
                         Main Market Sant Nagar
                         Burari, New Delhi 110084
                         E-mail: sanjayjhafcs@gmail.com

                            - and -

                         308-309, Vardhman Fortune Mall
                         G.T. Karnal Road
                         Opp. Hans Cinema
                         Azadpur, New Delhi 110033

Last date for
submission of claims:    October 3, 2019


BHARTI AIRTEL: Fitch Rates Unit's Proposed US$ Sub. Bonds 'BB(EXP)'
-------------------------------------------------------------------
Fitch Ratings assigned an expected rating of 'BB(EXP)' to the
proposed US dollar deeply subordinated perpetual bonds to be issued
by Network i2i Limited, a wholly owned subsidiary of Bharti Airtel
Limited (Bharti, BBB-/Stable). The issuance is fully guaranteed by
Bharti and will constitute a direct, unsecured and subordinated
obligation of Bharti.

The proposed securities will qualify for 50% equity credit, under
Fitch's analysis. The group plans to use the proceeds for general
corporate purposes. The final rating on the notes and equity credit
are contingent on the receipt of final documents conforming to
information already received.

The expected rating on the proposed securities is two notches below
Bharti's Long-Term Issuer Default Rating. This reflects the
proposed notes' deeply subordinated nature, ranking junior to all
existing and future debt obligations and senior only to Bharti's
ordinary shares. This approach is in accordance with Fitch's
Corporate Hybrids Treatment and Notching Criteria.

Fitch assesses that the proposed securities will qualify for 50%
equity credit as they meet Fitch's criteria with regard to deep
subordination, effective maturity in excess of five years, full
discretion to indefinitely defer interest coupon payments, limited
events of default and the absence of material covenants and
look-back provisions. Equity credit is limited to 50% due to the
cumulative interest coupon, a feature that Fitch regards as more
debt-like in nature. Fitch will treat the coupon payments as 100%
interest in its financial analysis of Bharti, despite the 50%
equity treatment of the principal amount.

Bharti has a call option to redeem the notes on any date from the
first call date to the first reset date (which will be over five
years after the issue date) and at any interest payment date
thereafter.

There will be a coupon step-up of 25bp five years after the first
reset date and an additional step-up of 75bp 20 years after the
first reset date. The first call date and coupon step-up date are
not treated as effective maturity dates under Fitch's criteria due
to the cumulative amount of the step-ups being lower or equal to
1%. The documentation includes non-binding, intention-based
replacement language that supports its permanence assessment of the
hybrid instruments.

Deferrals of coupon payments are cumulative and non-compounding;
coupons can be deferred even if a dividend has been paid or shares
are bought back. Restrictions will apply on dividends and
distributions to junior and parity securities or buy-backs of
junior and parity securities of Bharti, if the issuer defers an
outstanding hybrid coupon. Fitch expects 50% equity credit for the
securities until 2040, five years before the effective maturity
date in 2045, which is when the replacement language expires.
Equity credit drops to zero after 2040.

The proposed perpetual securities will benefit Bharti's credit
profile, though not materially. The equity credit will lower
Bharti's FFO adjusted net leverage by around 0.1x-0.2x.

KEY RATING DRIVERS

Improving Rating Headroom: Fitch forecasts FFO adjusted net
leverage to improve to 2.0x-2.2x in the financial year ending March
2020 (FY20) (FY19: 2.6x), excluding USD6.1 billion in deferred
spectrum costs, after Bharti raised USD3.5 billion from a rights
issue in June 2019 and used the proceeds to repay debt. Fitch
expects leverage to remain under the 2.5x threshold above which
Fitch would consider negative rating action. Furthermore, Fitch
expects Bharti to sell a stake in the combined Indus Tower and
Bharti Infratel in the next 12-18 months; the merger is awaiting
regulatory approval.

Bharti also raised USD1.45 billion through a private placement of
an equity stake in Airtel Africa, the holding company of 14 African
operations, in 2HFY19, which was used to repay USD995 million of
the 2023 notes. It raised another USD680 million through an IPO of
Airtel Africa in June-July 2019. The company intends to use such
proceeds to repay debt. However, leverage may climb to 2.4x-2.5x in
FY21 if it were to make a large upfront payment for 5G spectrum
assets.

Diversified Revenue Stream: Bharti's resilient cash generation is
underpinned by a diversified EBITDA stream, with its Indian mobile
and non-mobile and African operations each accounting for about a
third of EBITDA in FY19. Its established market positions in India
and Africa, solid spectrum portfolio and integrated operations are
likely to help it withstand competition in the Indian mobile
segment. The EBITDA contributions from its African and Indian
non-mobile businesses increased to 31% and 34%, respectively, in
FY19, from 22% and 28% in FY18.

Mid-Single-Digit Percentage Growth: Fitch forecasts Bharti's FY20
revenue and EBITDA to rise by mid-single-digit percentages, driven
by better average revenue per user (ARPU) in the Indian mobile
segment and steady growth in the African and business-to-business
(enterprise) segments. Indian mobile EBITDA is likely to increase
by 15%-20% on strong data-usage growth and higher blended ARPU, as
competition eases and incumbents focus on profitability.

Bharti's 1QFY20 consolidated revenue rose by 5% yoy, while EBITDA
increased by 2%, after deducting operating lease expenses to remove
the effect of IndAS 116 so that the figure is comparable with
previous quarters. The improvements were driven by continued growth
in Africa, where revenue and EBITDA increased by 7% and 13%,
respectively, on subscriber growth of 9% and stable ARPU. Its
mobile EBITDA in India rose by 7% qoq to INR25 billion in 1QFY20
after improving by 33% in 4QFY19, driven by ARPU growth of 5% to
INR129 as 4G subscribers increased by 10% to 95 million and average
data consumption rose by 8% to 11.9GB per month per user.

Stable Outlook on Indian Mobile: Fitch expects Indian telcos'
credit profiles to improve following a recovery in industry tariffs
and incumbents' strategies to partially repay debt through equity
injections and non-core asset sales. Blended average tariffs should
rise by 5%-10% in FY20, underpinned by the incumbents' introduction
of a minimum mobile tariff of INR35 (USD0.50) a month and growing
data use as affordable smartphones proliferate in the industry.

Strengthening African Operation: Fitch forecasts African FY20
revenue and EBITDA to grow by a high-single-digit percentage, on a
constant currency basis, driven by steady growth in subscribers and
mobile-money services, against management's forecast of
double-digit percentage growth. However, there is likely to be a
small dilution in blended ARPU in the African markets due to
competition. Fitch expects mobile money services to account for
over 10% of revenue from the African operation in FY20, from the
current 8%, as the services are likely to be popular in some
under-banked markets. Bharti's market position has improved to be
the number one or strong number two mobile operator in 11 of its 14
African markets.

Bharti's stake in Airtel Africa will drop to 55%, from 68%, after
the IPO. The business's net debt/EBITDA improved to 3.0x in FY19
(FY18: 6.8x) on higher EBITDA and debt repayment from pre-IPO
private placement proceeds. Net debt/EBITDA improved further, to
around 2.4x-2.5x, after the IPO.

Negative FCF; High Capex: Fitch forecasts negative FCF in FY20
(FY19: negative INR219 billion), as cash flow from operations of
INR220 billion-245 billion will be insufficient to fund large capex
plans and moderate dividends of INR30 billion-40 billion. Fitch
expects FY20 capex/revenue to remain high at 34%-37%, with forecast
capex of around USD4 billion, as Bharti continues to strengthen its
4G network and fibre infrastructure. However, management expects
core capex, which excludes deferred spectrum payments, to have
peaked and to decline significantly in FY20.

Rising Fibre Importance: Fibre will become increasingly important
for Indian telcos, as the weakness of fibre back-haul networks has
led to a poor internet experience relative to other markets. Fibre
infrastructure is also indispensable for a seamless 5G experience.
Fitch expects the government to hold a 5G spectrum auction in the
next 18-24 months. However, Fitch believes there will be limited
participation from telcos given high reserve prices and limited
appeal due to a lack of content and applications that cannot be
addressed by 4G data speeds.

DERIVATION SUMMARY

Bharti's IDR is comparable with the rating on the Philippines'
Globe Telecom, Inc. (BBB-/Stable). Bharti has a more diversified
business profile and larger scale, which offset weakness at its
Indian mobile business segment. Its FY20 forecast for Bharti's FFO
adjusted net leverage of 2.0x-2.2x is better than Globe's 3.0x.
Globe is the wireless market-leader in the Philippines, which has a
duopoly telecommunications industry, and has strong execution
capabilities. Fitch may consider negative rating action if Bharti's
leverage rises above 2.5x, a lower level than the 3.5x for Globe,
because of intense competition in India.

MTN Group Limited (BB+/Negative) is rated lower than Bharti because
of the South African company's weaker financial profile and
deteriorating business profile following competitive pressure, poor
economic conditions, particularly in South Africa, and a fine in
its key market of Nigeria. The Negative Outlook reflects continuing
regulatory pressure in the Nigerian market as well as the change in
its Outlook on the South African sovereign's (BB+/Negative) rating.
Its 2019 forecast for MTN's FFO adjusted net leverage is higher
than Bharti's at 2.7x, which could breach the negative rating
sensitivity of 3.0x if it were to pay the USD2 billion fine in
Nigeria.

Bharti's business risk profile is comparable with that of
Thailand's third-largest telco by revenue - Total Access
Communication Public Company Limited's (DTAC, BBB/Stable,
Standalone Credit Profile: bbb-). DTAC faces difficulty in gaining
market share and stabilising earnings in the medium-term due to
intense price competition and weak network coverage. Fitch
forecasts DTAC to post FFO adjusted net leverage of around
2.0x-2.5x in 2019, similar to Bharti's.

KEY ASSUMPTIONS

Fitch's Key Assumptions within Its Rating Case for the Issuer

  - Revenue to increase by mid-single-digit percentage in FY20,
driven by stable Indian mobile tariffs and growth in the African,
homes and enterprise business segments.

  - Indian mobile segment's ARPU to improve by 5%-10%.

  - Operating EBITDAR margin to improve to 32%-33% (FY19: 31%) and
competition does not intensify in the Indian mobile segment.

  - FY20 capex/revenue of 34%-37% to invest to strengthen its 4G
networks (FY19: 40%). Capex includes spectrum payments of INR57
billion in FY20.

  - 5G spectrum auction in next 12-18 months and for Bharti to make
USD1 billion in upfront payments in FY21.

  - Bharti's African subscribers to increase by around 5% and ARPU
to decline by around 2% in FY20. However, management expects ARPU
to remain stable.

  - Effective interest rate of 5.5%-6.0%.

RATING SENSITIVITIES

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

Fitch does not envisage an upgrade to Bharti's ratings in the
medium-term in light of its business profile and investment needs.
Bharti's ratings are not constrained by India's Country Ceiling of
'BBB-', so an upgrade in the Country Ceiling will not necessarily
lead to an upgrade of Bharti's ratings.

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

  - Prolonged intense competition or M&A activity, resulting in FFO
adjusted net leverage remaining at above 2.5x for a sustained
period.

  - A downgrade of India's 'BBB-' Country Ceiling

LIQUIDITY

Liquidity Dependent on Refinancing: Bharti's cash and equivalents
of INR118 billion, including proportionate cash of Infratel, were
insufficient to repay short-term debt of INR218 billion at end-June
2019. Fitch expects the company to tap local banks or capital
markets to refinance its maturing debt. The company has solid
access to Indian banks and capital markets, as evident from its
issuance of USD6.5 billion of unsecured bonds over the previous six
years in US dollars, euros and Swiss francs.

BHATTAD BROTHERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Bhattad Brothers Realty Private Limited
        104, Bajaj Bhavan
        Nariman Point
        Mumbai 400021

Insolvency Commencement Date: September 5, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Shashi Agarwal

Interim Resolution
Professional:            Shashi Agarwal
                         Subarna Appartment
                         (Opp.: Udayan Club)
                         21N, Block-A, New Alipore
                         Kolkata 700053
                         E-mail: shashiagg@rediffmail.com
                                 bhat6750@rediffmail.com

Last date for
submission of claims:    October 8, 2019


BRAINER INFRA: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR15.00 crore bank facilities of
Brainer Infra LLP (BILLP) continue to remain under Issuer Not
Cooperating category. The long-term rating is denoted as [ICRA]B+
ISSUER NOT COOPERATING with a Stable outlook.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based          15.00       [ICRA]B+(Stable); ISSUER NOT
   Limit Cash                      COOPERATING; Rating Continues
   Credit                          to remain under 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 dated 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.

Brainer Infra LLP (BILLP) was established in January 2016 as a
limited liability partnership firm to develop a residential project
under the name 'ROOP KATHA' in Baruipur, West Bengal. The entire
project will be developed in various phases.

During the first phase of the project, BILLP is developing a
Low-Income Group (LIG)-category residential complex comprising
sixteen towers divided into 320 flats spread ver 2.60 acres of land
with saleable area of 2.32 lakh square feet (lsf).

BRISK INDIA: ICRA Maintains D Rating in Not Cooperating
-------------------------------------------------------
ICRA said the rating of INR90.00 crore bank facilities of Brisk
India Private Limited (BIPL) 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,        16.37       [ICRA]D ISSUER NOT COOPERATING;  

   Fund based–                   Rating continues to remain in
   Term Loan                     the 'Issuer Not Cooperating'
                                 category

   Long Term,        35.00       [ICRA]D ISSUER NOT COOPERATING;  
   Fund based–                   Rating continues to remain in
   Cash Credit                   the 'Issuer Not Cooperating'
                                 category

   Long Term-        10.28       [ICRA]D ISSUER NOT COOPERATING;  

   Unallocated                   Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Short Term–       25.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Short Term-        3.35       [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

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

Incorporated in the year 2009, Brisk India Private Limited
(erstwhile Brisk Facilities Private Limited) is involved in
providing various services related to facility management, manpower
and staffing solutions and security.

CHAMARIA INFRASTRUCTURES: Ind-Ra Lowers LT Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Chamaria
Infrastructures Private Limited's (CIPL) Long-Term Issuer Rating to
'IND D' from 'IND B (ISSUER NOT COOPERATING)'.

The instrument-wise rating action is:

-- INR55 mil. Term loan (Long-term) due on July 2025 downgraded
     with IND D rating.

KEY RATING DRIVERS

The ratings reflect CIPL's delays in interest servicing on term
debt for August 2019 due to its tight liquidity position resulting
from weak cash flows considering its nascent stage of operations.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
be positive for the ratings.

COMPANY PROFILE

Incorporated in July 2015, CIPL operates a hotel in Madhya Pradesh.
The hotel began operations in December 2018.


DAFTARI AGRO: ICRA Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating of INR9.25 crore bank facilities of Daftari
Agro Private Limited (DAPL) continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term,           1.75       [ICRA]B+ (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Limits-                         to remain under 'Issuer Not
   Term Loans                      Cooperating' category

   Long Term,           7.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Limits-                         to remain under 'Issuer Not
   Cash Credit                     Cooperating' category

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

Incorporated in 1994, Daftari Agro Private Limited (DAPL) is
promoted by the Daftari family based out of Wardha, Maharashtra.
The company is engaged in the cultivation, breeding, processing,
cleaning, grading and preservation of certified seeds—such as oil
seeds, soya bean seeds, pulses seeds, paddy seeds, hybrid cotton
seeds, wheat seeds, vegetable seeds, maize seeds and fodder seeds.
The seeds are then supplied to distributors under the brand name,
'Daftari', across the country.

DECCAN BRAKES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Deccan Brakes Private Limited
        D.No. 36-37, Defence Colony
        Sainikpuri, Secunderabad
        Telangana

Insolvency Commencement Date: September 11, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 8, 2020
                               (180 days from commencement)

Insolvency professional: Chillale Rajesh

Interim Resolution
Professional:            Chillale Rajesh
                         B-421, Western Plaza
                         O.U. Colony, H.S. Darga
                         Hyderabad 500008
                         Telangana
                         E-mail: chillalerajesh@yahoo.co.in

Last date for
submission of claims:    September 27, 2019


DEMPO SHIPBUILDING: ICRA Reaffirms D Rating on INR15cr LT Loan
--------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Dempo Shipbuilding and Engineering Private Limited (DSEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund
   Based/Cash
   Credit               3.00       [ICRA]D; reaffirmed


   Long Term-Non
   Fund Based          15.00       [ICRA]D; reaffirmed

Rationale

The reaffirmation of rating considers delays in debt servicing in
the recent past and consistently weak financial performance of
DSEPL, as evident from the loss-making operations over the last
five years, leading to leveraged capital structure and depressed
coverage indicators. Further, DSEPL's large investments of INR284.2
crore in the form of equity and unsecured loan to its financially
weak subsidiary, Modest Infrastructure Private Limited
([ICRA]C+/A4), impacts the consolidated financial risk profile of
the company. The ratings are also constrained by the exposure of
DSEPL's margins to fluctuations in input material prices given the
fixedprice nature of contracts. DSEPL's order book position also
remains modest at an absolute level notwithstanding the
recent order of INR20 crore received by the company, due to subdued
demand scenario in the shipbuilding industry.

However, the capital structure of the company is expected to
improve in FY2021 as the parent company, V S Dempo Holdings Private
Limited (VSDHPL) intends to convert the compulsorily convertible
debentures (CCDs) into equity shares.

While the company has been regular in debt servicing in the last
one month, its ability to continue the same on a sustained basis
would remain the key rating sensitivity.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters in the shipbuilding industry -
Incorporated in 1974, DSEPL is involved in the construction and
repair of barges, utility vessels and pontoons. The company has two
shipbuilding yards: one at Old Goa on the banks of Mandovi river
and the other at Undir on the banks of the Zuari river

Credit challenges

Weak financial risk profile characterised by continued losses and
depressed coverage indicators – DSEPL's financial risk profile is
characterised by consistent losses at operating and net levels
during the past five years. Consequently, there were delays in debt
servicing in the recent past. DSEPL's capital structure is highly
leveraged and coverage indicators too remain depressed. The overall
debt level increased to INR260.1 crore as on March 31, 2019 from
INR258.8 crore as on March 31, 2018 to fund the working capital.
The borrowings majorly comprised CCDs of INR246.5 crore and
unsecured loan from VSDHPL amounting to INR13.6 crore. The capital
structure of the company is expected to improve in FY2021 as the
parent company intends to convert the CCDs into equity shares.


Large investments and advances extended to its subsidiary –DSEPL
has invested INR93.69 crore and extended advances of INR190.51
crore to its subsidiary, Modest Infrastructure Private Limited as
on March 31, 2019. MIPL remains a lossmaking entity with a negative
net worth, which adversely impacts the consolidated financial risk
profile of DSEPL.

Nominal order book size - The order book of DSEPL increased to
INR21.23 crore as on March 31, 2019 from INR2.13 Crore as on March
31, 2018, majorly due to an export order received from an
Oman-based company. However, the order book remains modest at an
absolute level, given the headwinds faced by the shipbuilding
industry.

Exposure to raw material price risk - The company's margins remain
exposed to fluctuations in input prices given the fixed-price
nature of its sales contracts.

Liquidity position: Poor

DSEPL's liquidity remains poor due to loss making operations as a
result of the slowdown in the shipbuilding industry. Consequently,
DSEPL largely depends on the support from its parent company to
fund its working capital requirements. While ICRA notes that the
company's debt servicing has been regular since August 2019, the
ability to continue the same remains the key rating sensitivity.

Rating sensitivities

Positive triggers - ICRA could upgrade DSEPL's rating in case of
timely debt servicing on a sustained basis.

Incorporated in 1974, Dempo Shipbuilding & Engineering Private
Limited is a wholly-owned subsidiary of V S Dempo Holdings Private
Limited, which is an investment company of the Dempo Group. The
company has two shipbuilding yards: one at Old Goa on the banks of
Mandovi river and the other at Undir on the banks of the Zuari
river. DSEPL has the capacity to undertake new construction of
10-12 vessels per annum of up to 4,000 Deadweight Tonnage (DWT) and
carry out the repair work of around 36 vessels of 350-2,000 DWT. In
July 2012, DSEPL received approval from the Gujarat Maritime Board
for acquisition of a majority stake in Modest Infrastructure
Private Limited, and consequently, MIPL became a subsidiary of
DSEPL. MIPL is a ship-building and repairing company, which
undertakes projects of building small to medium-sized product
tankers, bulk carriers and offshore survey vessels in addition to
executing ship-repairing activities from its shipyard facility at
Ramsar in Bhavnagar (Gujarat).

In FY2020, on a provisional basis, the company reported a net loss
of INR2.9 crore on an operating income of INR12.4 crore compared to
a net loss of INR8.8 crore on an operating income of INR11.9 crore
in FY2019.

DIN DAYAL: CRISIL Withdraws B+ Rating on INR75cr Cash Credit
------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Din Dayal
Purushottam Lal (DDPL) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.
                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          75       CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with DDPL for obtaining
information through letters and emails dated November 26, 2018 and
December 20, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DDPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for DDPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has Continues the ratings on the bank facilities of DDPL to 'CRISIL
B+/Stable Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of DDPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

DDPL, a partnership firm set up in 1971, trades in cotton. It has
offices in Aurangabad, Ahmedabad, Rajasthan and Punjab with its
head office in Sirsa, Haryana. Mr Lalit Mohan Sharda and his sons,
Mr Mahesh Sharda and Mr Pankaj Sharda, are the partners.

ELECTRA ACCUMULATORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Electra Accumulators Limited
        19, Mahavir Nagar
        N H No. 8, Vapi
        Gujarat 396195
        India

Insolvency Commencement Date: September 16, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 12, 2020

Insolvency professional: Mr. Ritesh Prakash Adatiya

Interim Resolution
Professional:            Mr. Ritesh Prakash Adtiya
                         E-904, Iscon Platinum
                         Bopal Cross Road, Bopal
                         Ahmedabad 380054
                         E-mail: riteshadatiya01@gmail.com

                            - and -

                         109, Arista Business Space
                         Sindhu Bhavan Road
                         Bodakdev 380059

Last date for
submission of claims:    October 6, 2019


FLAMINGO LANDBASE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Flamingo Landbase Private Limited

        Registered office address:
        1st Floor, LIC Jeevan Nidhi Building Ambedkar Circle
        Bhawani Singh Road, Jaipur
        Rajasthan 302005

Insolvency Commencement Date: September 24, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: March 23, 2020
                               (180 days from commencement)

Insolvency professional: Mrs. Anuradha Gupta

Interim Resolution
Professional:            Mrs. Anuradha Gupta
                         E-194, Amba Bari
                         Jaipur 302039
                         Rajasthan
                         E-mail: anuradhagupta70@gmail.com
                                 flamingocirp@gmail.com

Last date for
submission of claims:    October 8, 2019


GANPATI FOODS: CRISIL Withdraws B+ Rating on INR12.28cr Loan
------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Ganpati
Foods (GF) on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            18        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating
                                    Withdrawn)

   Long Term Loan          0.22     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating
                                    Withdrawn)

   Warehouse Receipts     12.28     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating
                                    Withdrawn)

CRISIL has been consistently following up with GF for obtaining
information through letters and emails dated December 13, 2018 and
December 18, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GF. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for GF is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has Continues the ratings on the bank facilities of GF to 'CRISIL
B+/Stable Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of GF on the
request of the company and after receiving no objection certificate
from the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

Set up in 2008 as a partnership firm by Mr Kewal Krishna Bansal and
his family members, GF mills rice at its plant in Patran, Punjab.

GMR WARORA: Ind-Ra Lowers Rating on INR750MM NCDs  to 'D'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GMR Warora
Energy Limited's (GWEL) non-convertible debentures' (NCDs) rating
to 'IND D' from 'IND C' as follows:

-- INR750 mil. NCDs* downgraded with IND D rating.

* Details are given in annexure

KEY RATING DRIVERS

The downgrade reflects non-redemption of NCDs subsequent to an
investor opting to exercising the put option. The NCDs were
required to be redeemed by September 25, 2019. GWEL has informed
Ind-Ra that the process to comply with conditions and complete the
documentation for recalling/deferral of the put option by the sole
investor is ongoing. The debenture trust deed defines default in
payment as when any amount payable under the transaction document
is not paid on due date and such default continues for 30 days.

RATING SENSITIVITIES

Positive: Firming up of debt structure subsequent to exercising of
put option, timely payment of interest and no event of default for
three successive months will be positive for the rating.

COMPANY PROFILE

GWEL is a special purpose vehicle incorporated to build, maintain
and operate a 600MW (two units of 300MW each) coal-fired,
subcritical technology-based thermal power plant in Warora,
Maharashtra. GMR Energy Limited is the primary sponsor of the
project, with 100% equity investment. GMR Energy is held by GMR
Infrastructure Limited (52%), Tenaga Nasional Berhad (30%) and
private equity investors (18%).

HANUMAN RICE: CRISIL Moves INR15cr Loan Rating to B/Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hanuman Rice
Mills - Karnal (HRM) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Capex Letter          1.75       CRISIL A4 (ISSUER NOT
   of Credit                        COOPERATING; Migrated from
                                    'CRISIL A4+')

   Cash Credit          15.00       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL BB-/Stable')

   Proposed Long Term    1.25       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Migrated from
                                    'CRISIL BB-/Stable')

CRISIL has been consistently following up with HRM for obtaining
information through letters and emails dated June 28, 2019, August
30, 2019 and September 3, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

HRM was set up in 1990, as a partnership firm of Mr Vipin Kumar, Mr
Rajesh Kumar, and Mr Sushil Kumar, with equal profit sharing. The
Karnal (Haryana)-based firm mills and processes basmati and
non-basmati rice, and has installed capacity of 10 tonnes per hour.
The firm sells rice in the domestic market and exports a small
quantity to the Middle East.

HIMAGIRI ENTERPRISES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Himagiri Enterprises Private Limited

        Registered address:
        Plot No. 56, Nagarjuna Hills
        Punjagutta Hyderabad 500082
        Telangana State
        E-mail: himagirienterprisespvtltd@gmail.com

Insolvency Commencement Date: September 23, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 21, 2020
                               (180 days from commencement)

Insolvency professional: Ram Murthy Kommera

Interim Resolution
Professional:            Ram Murthy Kommera
                         Plot No. 143, H.No. 8-19
                         Metro City Mega Town Ship
                         Bonguloor, M.P. Patelguda
                         Ibrahimpatnam, Ranga Reddy Dist.
                         Hyderabad 501510
                         Telangana State
                         E-mail: rammurthyadvocate@gmail.com
                         Mobile: 9866500627

Last date for
submission of claims:    October 9, 2019


INDIAN SUCROSE: CRISIL Cuts INR150cr Loan Rating to B+, Not Coop.
-----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Indian Sucrose
Limited (ISL) to 'CRISIL B+/Stable Issuer not cooperating' from
'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            150       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ISL for obtaining
information through letters and emails dated February 26, 2019 and
August 16, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ISL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ISL is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

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

The Yadu group acquired ISL from the Oswal group in 2002. Its
manufacturing unit at Mukerian has a sugarcane crushing capacity of
6500 tonne per day.

INNOVARI TECHNOLOGIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Innovari Technologies Pvt. Ltd.
        E-20 1st & 2nd Floor Hauz Khas
        New Delhi South Delhi
        Dl 110016

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 23, 2020

Insolvency professional: Partha Sarathy Sarkar

Interim Resolution
Professional:            Partha Sarathy Sarkar
                         Office No. 7, 2nd Floor
                         Vikas Bhawan
                         26A Cawasjee Patel Street
                         Fort, Mumbai 400001
                         E-mail: sarkarpartho@yahoo.com

Last date for
submission of claims:    October 9, 2019


JSK MARKETING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: JSK Marketing Limited
        403-405, Sumer Kendra Co-Op Society Ltd
        4th Floor, Behind Mahindra Tower
        Pandurang Budhkar Marg
        Worli Mumbai
        Maharashtra 400018

Insolvency Commencement Date: Septemeber 23, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 20, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Abhilash Lal

Interim Resolution
Professional:            Mr. Abhilash Lal
                         C-192, Belvedere Towers
                         DLF Phase II
                         Gurgaon 122002
                         Haryana
                         E-mail: abhilash.lal@gmail.com

                            - and -

                         Room No. 4, Laxmi Building
                         First Floor, Sir P.M. Road
                         Fort 400001
                         Mumbai
                         E-mail: cirpjsk@gmail.com

Last date for
submission of claims:    October 6, 2019


JSW STEEL: Fitch Puts Final BB Rating to US$400MM Sr. Unsec. Notes
------------------------------------------------------------------
Fitch Ratings has assigned a 'BB' final rating to India-based JSW
Steel Limited's (JSWS, BB/Stable) USD400 million 5.375% senior
unsecured notes maturing in April 2025. The proceeds will be used
for capex or any other purpose in accordance with regulations. The
final rating is in line with the expected rating assigned on
September 23, 2019, and follows the receipt of final documents
conforming to earlier information.

JSWS's ratings continue to be underpinned by its competitive
conversion costs and position as one of the largest steel producers
in India, which is one of the fastest-growing steel markets
globally. Its leverage in terms of total adjusted debt to EBITDAR
stood at 3.1x in the financial year ended March 2019 (FY19),
supported by high industry-wide margins. However, Fitch expects
leverage to increase to 4x in FY20 due to a moderation in margins
and an increase in capex. Fitch also expects a pick-up in domestic
demand growth from 2HFY20 after relative weakness in 1QFY20. There
is limited rating headroom and demand that is weaker than its
expectations could result in further margin erosion and lower sales
volumes. This could increase JSWS's leverage further and therefore
have rating implications.

KEY RATING DRIVERS

Lower Margins, Weak Volumes: JSWS's EBITDA per tonne margin for its
standalone operations, which contribute almost all of its
consolidated earnings, declined 15% from the FY19 average to around
INR9,900 in 1QFY20 on lower steel prices. JSWS's sales volumes for
the quarter were also down 2% yoy and 13% qoq. Tighter liquidity
conditions affected private-sector demand, especially in the auto
sector. Disbursals for public-sector infrastructure projects also
slowed in 1QFY20, likely due to the general elections during the
period. Fitch had factored a margin squeeze in its forecasts, but
the weakness in domestic demand and the impact on sales volume were
greater than expected.

Fitch expects domestic demand to increase from 2HFY20 after the
seasonally weak second quarter, at least from a resumption in
government spending. However, overall demand growth could remain
subdued unless demand from other sectors picks up as well. Indian
steel prices, which are largely following the global trend, also
face risks from a further decline in international prices due to
weaker global steel demand if trade disputes remain unresolved.

Substantial Capex Planned: JSWS intends to spend a total of around
INR300 billion in FY20 and FY21 in India on increasing steelmaking
and downstream capacity and on cost-saving projects. It is aiming
to expand crude steel capacity at its Dolvi plant by 5 million
tonnes per annum (mtpa) to 10mtpa by March 2020. The company has
scaled back its capex plans for its plate and pipe mill in Texas,
US, by around USD300 million by putting plans for backward
integration on hold and intends to spend a total of around USD200
million over FY19-FY21. These projects should generate substantial
earnings within two years, mitigating risks to JSWS's financial
profile. However, JSWS's planned capex had jumped in 2018, and
another significant increase could weaken its credit profile.

Cost-Efficient Operations: JSWS has a dominant market share in
southern and western India, where its plants are located, supported
by a rising share of value-added products. Its highly efficient
operations partly offset its lack of significant vertical
integration. JSWS's main plant at Vijayanagar placed in the second
quartile of CRU's cost curve for flat steel products for 2018. The
company is ramping up output of iron ore from six iron-ore mines in
Karnataka and is aiming to produce at a rate of 4.5mtpa-5mtpa, or
about 20% of the amount needed by its Vijayanagar plant, by
end-FY20. JSWS also emerged as the highest bidder for three more
iron-ore mines in Karnataka in July 2019, which the company aims to
start in FY21. Output from these mines should increase the
self-sufficiency of the Vijayanagar plant to above 40%, improving
supply certainty and reducing costs to an extent.

Uncertainty Prevails over Acquisition: JSWS plans to acquire a
minority stake in Bhushan Power and Steel Ltd (BPS) with debt at
the entity not having legal recourse to JSWS. The company has also
sought immunity from liabilities due to the actions of the previous
BPS management. Fitch intends to account for BPS using the equity
method after factoring in investment outflows. However, Fitch
awaits further details regarding the acquisition's transaction
structure, which may be materially more adverse than its
assumptions. Fitch also sees risks to JSWS's credit profile from an
increase in spending on organic growth if the acquisition is
unsuccessful.

Risk from Auction Delays: JSWS is purchasing all its iron ore
domestically and has benefitted from the divergence in
international and domestic iron-ore prices this year. International
prices have risen due to supply-side constraints, but domestic
prices have stayed largely flat due to ample local production ahead
of the lease expiries of private merchant miners in March 2020. A
delay in the completion of the mining auction process and the grant
of approvals to new owners would raise the risk of a temporary
iron-ore shortage in the Indian market in 2020, affecting JSWS's
margins and increasing its inventory levels and working-capital
requirements.

Increase in Leverage, Negative FCF: Fitch estimates JSWS's gross
adjusted debt to EBITDAR leverage to increase to around 4x in
FY20-FY21 based on a decline in margins and an increase in capex as
capacity expansion and other projects near completion. This is also
likely to result in significantly negative free cash flow (FCF)
over the next two years. Thereafter, Fitch believes that a
combination of increased output and lower capex will lead to an
improvement in the FCF profile and a steady reduction in leverage.

DERIVATION SUMMARY

JSWS can be compared with domestic peer Tata Steel Limited (TSL,
BB/Stable), whose Standalone Credit Profile of 'bb-' is based on a
combination of robust operations in India and a much weaker
operating profile in Europe. TSL's Indian operations have better
vertical integration and a higher EBITDA margin than that of JSWS.
However, this is partly counterbalanced by JSWS's cost-efficient
operations. Fitch forecasts JSWS's total adjusted debt-to-EBITDAR
leverage, after including acceptances, will be at a similar level
to that of TSL.

ArcelorMittal S.A. (AM, BBB-/Stable) is rated higher than JSWS,
based on ArcelorMittal's position as the world's largest as well as
most-diversified steel producer by product type and geography.
ArcelorMittal benefits from significant vertical integration into
iron ore, with around 50% of its iron-ore needs met by its own
output. ArcelorMittal also has significantly better leverage and
coverage metrics than JSWS. These strengths are partly offset by
its thinner margins due to its global manufacturing facilities,
including large operations in geographies with structurally high
costs such as Europe and the US.

JSWS has a larger EBITDAR scale and better margins than United
States Steel Corporation (BB-/Stable). U.S. Steel's leverage is
lower than that of JSWS, but Fitch expects it to increase to a
similar level by 2020. In addition, U.S. Steel's significant
exposure to the US oil and gas sector results in higher demand and
earnings volatility than for JSWS.

KEY ASSUMPTIONS

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

  - Standalone sales volume to have CAGR of 6% over FY20-FY22

  - Average of annual standalone EBITDA per tonne of around
INR9,500 over FY20-FY22 (FY19: INR11,700)

  - Cumulative consolidated capex of around INR450 billion over
FY20-FY22

  - Spending on acquisitions of around INR50 billion in FY20

RATING SENSITIVITIES

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

  - Total adjusted debt-to-EBITDAR leverage below 3.0x on a
sustained basis

  - Sustained neutral or positive FCF

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

  - Total adjusted debt-to-EBITDAR leverage above 4.0x for a
sustained period

  - Negative FCF for a sustained period

  - Evidence of a move away from maintaining investment discipline

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: JSWS had readily available cash of INR61
billion as of end-March 2019, compared with debt maturing within
the next 12 months of around INR300 billion. Around INR180 billion
of the debt maturities were composed of short-term working-capital
debt and acceptances, which are likely to be rolled over. JSWS also
had available undrawn working-capital lines (fund and non-fund
based) of around INR146 billion and undrawn lines for capex of
INR75 billion. In addition to a drawdown of its cash balance and
unutilised lines, Fitch expects the company to rely on refinancing
to address debt maturities over the next year as FCF is likely to
be significantly negative. However, Fitch does not see significant
refinancing risk due to JSWS's diverse banking relationships,
access to various funding sources and a robust market position.

SUMMARY OF FINANCIAL ADJUSTMENTS

Material financial adjustments: JSWS's acceptances, related to
trade payables and payables for capital projects, have been treated
as debt (FY19: INR116 billion) and long-term advances from
customers have been included under working capital (FY19: INR41
billion).

KAY BEE: CRISIL Downgrades Rating on INR7cr Cash Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term facility of
Kay Bee Cotgin Private Limited (KBCPL) to 'CRISIL D' from 'CRISIL
B-/ Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade in the rating in on account of delay in servicing of
interest on the bank facilities availed by the company.

The rating continues to reflect KBCPL's modest scale of operations
in the intensely competitive cotton industry, weak financial risk
profile and stretched liquidity. These weaknesses are partially
offset by the extensive industry experience of its promoters and
their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in payment of interest:
KBCPL has delayed in the payment of interest on the fund based
facility availed by the bank. The interest payment on the fund
based facility from April 2019 to July 2019 remained outstanding
and was paid in the month of August 2019.

* Modest scale of operation:
Revenue has declined and remained moderate at Rs. 46 crore in FY
17-18 owing to intensely competitive cotton industry.

* Weak financial risk profile:
Financial risk profile is marked by modest net worth of INR1.50
crore and high gearing of 7.74 times as on March 31, 2018. The
interest coverage was weak at 1.01 time for fiscal 2018. The
company however benefits from promoter-funding in the form of
unsecured loans - at INR1.46 crore as on March 31, 2018.

* Exposure to volatility in cotton prices and intense competition:
The operating margin is highly susceptible to fluctuations in
cotton prices. Moreover, intense competition in the industry also
restricts the margin.

Strength:
* Extensive experience of the promoters:
Benefits from the promoters' two decade-long experience in the
industry and established relationships with suppliers and customers
should support business.

Liquidity: Poor

KBCPL has poor liquidity marked by delay in servicing of interest
and marginal cash and cash equivalents of Rs. 0.04 crore as on
March 31, 2018. The firm has access to fund based limits of Rs.7
crore, which are almost fully utilized over the 12 months ended
November 30th, 2018. The ability of the entity to meet its interest
obligation depends on an increase in accruals or access to
incremental fund based limits.

Rating sensitivity factor

Upward factor
* Track record of timely interest servicing for atleast over 90
days
* Sustainable improvement in financial risk profile

Incorporated in 1997, KBCPL carries out cotton ginning and pressing
operations at its facility in Abohar, Punjab. The operations are
managed by Mr. Ashok Gandhi and family.

LOKHANDWALA INFRASTRUCTURE: Insolvency Resolution Case Summary
--------------------------------------------------------------
Debtor: Lokhandwala Infrastructure Private Limited
        72 Gandhi Nagar Dainik Shivner Road
        Worli, Mumbai 18
        Maharashtra

Insolvency Commencement Date: September 19, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 17, 2020

Insolvency professional: Ajit Kumar

Interim Resolution
Professional:            Ajit Kumar
                         1A, Sanskriti Apartment GH-22
                         Sector 56, Gurugram
                         Haryana & Punjab 122011
                         E-mail: cmaajitjha@gmail.com

                            - and -

                         Sun Resolution Professional
                          Private Limited
                         83, National Media Centre
                         Shanker Chowk
                         Nr. Ambiance Mall/DLF Cyber City
                         Gurugram 122002
                         E-mail: cirp.lokhandwala@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Jeetendra Rajpal Daryani
                         Mrs. Bhavi Shreyans Shah
                         Mr. Tejas Shah

Last date for
submission of claims:    October 3, 2019


M K OVERSEAS PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M K Overseas Private Limited

        Registered office:
        39/5864, Basti Har Phool Singh
        Sadar Bazar, Delhi 110006

Insolvency Commencement Date: September 19, 2019

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

Estimated date of closure of
insolvency resolution process: March 17, 2020

Insolvency professional: Mr. Suresh Kumar Jain

Interim Resolution
Professional:            Mr. Suresh Kumar Jain
                         3775/3 Kanhaiya Nagar
                         New Delhi 110035
                         E-mail: suresh1958@rediffmail.com

                            - and -

                         C/o Sumedha Management Solutions Pvt Ltd.
                         B-1/12, 2nd Floor, Safdarjung Enclave
                         New Delhi 110029
                         E-mail: cirp.mkoverseas@gmail.com

Last date for
submission of claims:    October 4, 2019


MANGALORE MINERALS: CRISIL Withdraws B Rating on INR27.5cr Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Mangalore
Minerals Private Limited (MMPL, part of MMPL group) on the request
of the company and after receiving no objection certificate from
the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       .15       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B/Stable'; Rating
                                    Withdrawn)

   Cash Credit          11.00       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B/Stable'; Rating
                                    Withdrawn)

   Term Loan            27.55       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B/Stable'; Rating
                                    Withdrawn)

CRISIL has been consistently following up with MMPL for obtaining
information through letters and emails dated September 18, 2019 and
September 23, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MMPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for MMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of MMPL to 'CRISIL
B/Stable Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of MMPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Mangalore Minerals Pvt Ltd (MMPL) and
Mandovi Minerals Pvt Ltd (Mandovi Minerals), together referred to
as the MMPL group. This is because both these entities are in
similar line of business, have a common management, and fungible
cash flows.

The MMPL group, promoted by Mr Shivaji Mendon and Mrs Rama Mendon,
is headquartered in Mangalore. Incorporated in 1987, MMPL, the
flagship entity of the group, produces industrial sands.

Mandovi Minerals is also promoted by the Mendons. Incorporated in
2004, it manufactures washed and dry silica sand.

MASTANA FOODS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Mastana Foods Private Limtied
        2646, 1st Floor
        Gali Raghu Nandan
        Naya Bazar
        Delhi 110006

Insolvency Commencement Date: September 18, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 16, 2020

Insolvency professional: Ashok Kumar Juneja

Interim Resolution
Professional:            Ashok Kumar Juneja
                         1203, Vijaya Building
                         17, Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: ashokjuneja@gmail.com
                                 ip.mastanafoods@gmail.com

Last date for
submission of claims:    October 3, 2019


MONDAL & MANNA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Mondal & Manna Coldstore Private Limted
        VILL-Ratanpur P.O. Singur
        P.S. Singur, WB 712409
        IN

Insolvency Commencement Date: September 23, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 20, 2020

Insolvency professional: Uma Kothari

Interim Resolution
Professional:            Uma Kothari
                         20A, Charu Chandra Place (East)
                         Kolkata 700033
                         E-mail: caumakothari@gmail.com

Last date for
submission of claims:    October 6, 2019


MONIQUE GEMS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Monique Gems Exports Private Limited
        Parekh Building Back Sidest Floor
        Office No. 3 18 M Paramanand Marg
        Mumbai 400004
        Maharashtra

Insolvency Commencement Date: September 13, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Rajesh S. Shah

Interim Resolution
Professional:            Rajesh S. Shah
                         635/84, Siddharth
                         Vijayanagar Colony
                         Next to MSEDCL Building
                         Opp. to Neelayam Theatre
                         Sadashiv Peth
                         Pune 411030
                         Maharashtra
                         E-mail: rsshah27@hotmail.com
                         Mobile: 9923700717
Last date for
submission of claims:    October 7, 2019


OM CORRUGATED: ICRA Keeps B+ Rating in Not Cooperating
------------------------------------------------------
ICRA said the ratings for the 9.35 crore bank facilities of Om
Corrugated Pack Private Limited (OCPPL) continue to remain under
Issuer Not Cooperating category. The long-term rating is denoted as
[ICRA]B+ ISSUER NOT COOPERATING with a Stable outlook, while the
short-term rating is denoted as [ICRA]A4 ISSUER NOT COOPERATING.

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

   Fund based           2.65       [ICRA]B+(Stable); ISSUER NOT
   Limit-Term                      COOPERATING; Rating Continues
   Loans                           to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated          2.70       [ICRA]B+(Stable)/[ICRA]A4;
   Limits                          ISSUER NOT COOPERATING;
                                   Rating Continues to remain
                                   under 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 dated 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 2011, Om Corrugated Pack Private Limited (OCPPL)
manufactures corrugated boxes. The manufacturing facility is
located at Bihta, Bihar, with an installed capacity of 21,600
metric tonnes per annum (MTPA). The company is promoted by the
Patna-based Singh and Kumar families who have more than four
decades of experience in the packaging industry.

OM SHAKTHI: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: OM Shakthi Renergies Limited
        H.No. 8-2-293/52/DKN/2
        Road No. 51, Jubilee Hills
        Hyderabad TG 500033

           - and -

        H.No. 8-2-684/3/15
        Bhavani Nagar, Road no. 12
        Banjara Hills
        Hyderabad 500034

Insolvency Commencement Date: September 16, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 13, 2020
                               (180 days from commencement)

Insolvency professional: Chillale Rajesh

Interim Resolution
Professional:            Chillale Rajesh
                         B-421, Western Plaza
                         O.U. Colony, H.S. Darga
                         Hyderabad 500008
                         Telangana
                         E-mail: chillalerajesh@yahoo.co.in

Last date for
submission of claims:    October 2, 2019


PADIGELA GINNING: ICRA Lowers Rating on INR7.50cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Padigela Ginning Industries (PGI), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit         7.50     [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating'
                                category. Revised from
                                [ICRA]B+(Stable) ISSUER NOT
                                COOPERATING

   Term Loan           0.10     [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating'
                                category. Revised from
                                [ICRA]B+(Stable) ISSUER NOT
                                COOPERATING   

   Unallocated         4.40     [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Rating continues to remain under
                                'Issuer Not Cooperating'
                                category. Revised from
                                [ICRA]B+(Stable) ISSUER NOT
                                COOPERATING

Rationale

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

ICRA has limited information on the entity's performance since the
time it was last rated in June 2016. As part of its process and in
accordance with its rating agreement with PGI, 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 noncooperative. 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

Padigela Ginning Industries was founded in 2009 as a partnership
firm. PGI is in Bhainsa, Adilabad District, Telangana and is
involved in the ginning & pressing of raw cotton to produce cotton
lint & seeds and processing of cotton seeds to produce cotton seed
oil & cakes. The firm has 36 gins and one pressing unit. The
current capacity of the plant is 300 bales of lint per day. The
operations are currently managed by its managing partner, Mr. P.
Srinivas and his family members who has more than 6 years of
experience in Ginning Industry.

PALM LAGOON: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Palm Lagoon Backwater Resorts Private Limited
        Door No.PP VI/I, Vellimon West P.O.
        Kollam KL 691511
        IN

Insolvency Commencement Date: September 20, 2019

Court: National Company Law Tribunal, Kochin Bench

Estimated date of closure of
insolvency resolution process: March 18, 2020
                               (180 days from commencement)

Insolvency professional: R. Velu

Interim Resolution
Professional:            R. Velu
                         New No. 28 Old No. 22
                         Menod Street, Purasawalkam
                         Chennai 600007
                         E-mail: ramavelu@gmail.com
                                 cavelu.irp@gmail.com

Last date for
submission of claims:    October 4, 2019


PARAS SPARES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Paras Spares and Accessories Limited
        1517/6, Devika Towers
        Nehru Place
        New Delhi 110019

Insolvency Commencement Date: September 20, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 18, 2020

Insolvency professional: Abhishek Anand

Interim Resolution
Professional:            Abhishek Anand
                         E-103, LGF
                         Greater Kailash Enclave-1
                         New Delhi 110048
                         E-mail: irpepoch@gmail.com
                                 irppsal@gmail.com

Last date for
submission of claims:    October 8, 2019


PRASANNA EDUCATION: Ind-Ra Migrates 'B-' Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prasanna Education
Trust's (PET) bank loans' ratings to the non-cooperating category.
The issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND B-
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Bank loans migrated to non-cooperating category
     with IND B- (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Fund-based working capital facility migrated to
     non-cooperating category with IND B- (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
September 28, 2018. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

PET is a public charitable trust established in 2003 and managed by
K. Gangadhara Gowda, former Minister, Government of Karnataka and
his family. The trust runs six institutions, including a
residential school and offers primary-to-higher education in
Dhankshina Kannada, Karnataka.

PRAVEER CONSTRUCTIONS: NCLT Appoints Official Liquidator
--------------------------------------------------------
Ankit Sharma at ETRealty.com reports that the National Company Law
Tribunal (NCLT) on Sept. 27 allowed liquidation of Delhi-based
Praveer Constructions under section 33 of the Insolvency and
Bankruptcy Code (IBC), 2016.

The court has appointed Alok Kaushik, who was previously the
insolvency resolution professional (IRP), as the official
liquidator in the liquidation process, ETRealty.com discloses.

In October 2018, one of the financial creditors had filed an
application under Section 7 of IBC for initiation of the corporate
insolvency resolution process (CIRP) against Praveer Constructions,
according to ETRealty.com.

ETRealty.com notes that following the process, IRP made public
announcement and invited EOIs on February 2019. However, no
response was received. The IRP again invited EOIs which was
published on May 2019, in response to which three EOIs were
received by the last date i.e. July 4, 2019.

Committee of Creditors (CoC) was constituted with six members who
are individual investors being commercial space allottees. However,
in the absence of any resolution plan, CoC in August 21, 2019
decided by voting share of 79.32% to liquidate Praveer
Constructions.

ETRealty.com says the liquidator will now follow up and investigate
the financial affairs of the builder with provisions of Section 35
(1) of IBC.

Kaushik has been directed to issue public announcement stating that
the builder is in liquidation, the report relates. The registry has
been directed to communicate the order to the registrar of the
companies, NCT of Delhi & Haryana and Insolvency and Bankruptcy
Board of India (IBBI).

NCLT has ordered the liquidator to submit a preliminary report to
the adjudicating authority within 75 days, ETRealty.com adds.

PRIYANKA PROCESSORS: CRISIL Withdraws B+ Rating on INR4cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Priyanka
Processors Private Limited (PPPL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       .34       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Cash Credit         4.00       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Proposed Term Loan   .40       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Term Loan           1.80       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with PPPL for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PPPL. This restricts CRISIL's
ability to take a forward PPPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of PPPL
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of PPPL on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

PPPL processes polyester-based saris and dress materials. The
Surat-based company began operations in 1992 and has the capacity
to process 95,000 metres of fabric per day.

RAJESH PROJECTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Rajesh Projects (India) Private Limited

        As per order passed by Hon'ble NCLT on 19.9.2019:
        1601, RG Trade Tower
        Plot No. B7
        Netaji Subhash Place
        Pitampura, New Delhi 110034
        IN

        As per MCA data as on 24.9.2019:
        Shop No. 214, LSC Block-B
        RG City Centre
        Lawrence Road Delhi
        North West DL 110035
        IN

Insolvency Commencement Date: Septemebr 19, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 17, 2020

Insolvency professional: Gaurav Katiyar

Interim Resolution
Professional:            Gaurav Katiyar
                         D-32, East of Kailash
                         New Delhi 110065
                         E-mail: cagauravkatiyar@gmail.com
                                 rgi.cirp@gmail.com

                            - and -

                         The Insolvency and Bankruptcy Board of
                         India (IBBI)
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Classes of creditors:    Allotee under real estate project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr.  Anurag Jain
                         1994, Sector-6
                         Bahadurgarh, Jhajjar
                         Haryana 124507
                         E-mail: anuragjaincs@gmail.com

                         Mr. Shyam Arora
                         96, Aravali Apartment
                         Alaknanda, New Delhi
                         National Capital Territory of Delhi
                         110019
                         E-mail: arora.shyaam@yahoo.com

                         Mr. Manoj Kumar Singh
                         203, 2nd Floor
                         10 Sikka Complex Community Centre
                         Preet Vihar, New Delhi
                         Delhi 110092
                         E-mail: cma.msingh@gmail.com

Last date for
submission of claims:    October 7, 2019


RAMEE HOTELS: ICRA Cuts INR48.50cr Loan Rating to B+, Not Coop.
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Ramee Hotels Private Limited, as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based-         10.00      [ICRA]B+ (Stable) ISSUER NOT
   Overdraft                      COOPERATING; Rating downgraded
                                  from [ICRA]BB- (Stable) moved
                                  to the 'Issuer Not Cooperating'
                                  category

   Fund based-         48.50      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating downgraded
                                  from [ICRA]BB- (Stable) moved
                                  to the 'Issuer Not Cooperating'
                                  category

   Non fund based       2.50      [ICRA]A4; ISSUER NOT
   Bank Guarantee                 COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

   Unallocated          0.25      [ICRA]B+ (Stable)/[ICRA]A4  
   Limits                         ISSUER NOT COOPERATING;
                                  Downgraded from [ICRA]BB-
                                  (Stable)/A4; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category


Rationale

The rating downgrade is because of lack of adequate information
regarding Ramee Hotels Private Limited'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 Ramee Hotels Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Incorporated in 1998 and promoted by the Shetty family, Ramee
Hotels Private Limited is engaged in the hospitality business and
operates two hotels in Mumbai and Pune. Its registered office is in
Dadar, Mumbai. The company's promoter, Mr. Vardaraj M Shetty, is
actively involved in the Group's business. The Ramee India Group,
comprising two other companies and around six subsidiaries, is
engaged in the hospitality, construction and real estate and
security and protection business. Ramee acts as a holding company
for its subsidiaries and holds stake in two other Group companies.
The three companies operating in India—Ramee Hotels Pvt. Ltd.
(RHPL), Ramani Hotels Limited (RHL) and Creative Hotels Pvt. Ltd.
(CHPL)—share a common management and brand, 'Ramee Guestline
Hotels', while deriving considerable synergy from intra-group
operational and financial linkages. The Group also operates 34
hotels worldwide, with a total capacity of ~3,000 rooms, with focus
on the West Asian market.

RELIANCE COMMUNICATIONS INFRA: NCLT Initiates Insolvency Process
----------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT)-Mumbai has initiated corporate insolvency resolution process
against Reliance Communications Infrastructure (RCIL) under Section
7 read with Rule 4 of the Insolvency and Bankruptcy Code 2016.

ET, citing the State Bank of India's (SBI) plea, relates that the
company committed default to the extent of INR3,730.40 crore
including interest, as a guarantor of the loan facilities
sanctioned by them to Reliance Communications (RCOM), Reliance
Telecom (RTL) and Reliance Infratel (RITL).

According to ET, SBI further said that it sanctioned Rupee Term
Loan of INR1,500 crore to RCOM and INR125 crore to RTL. In 2015, a
Rupee Loan Facility Agreement was entered into between the
Principal Borrowers and Obligors, SBI and rupee lenders viz.
Oriental Bank of Commerce, Central Bank of India, UCO Bank,
Syndicate Bank, Bank of India, Corporation Bank, Union Bank of
India, Canara Bank, Indian Overseas Bank and IDBI Bank, wherein
RCOM's and RTL's rupee commitment amount was INR6,015 crore and
INR735 crore, respectively, ET notes.

Subsequently, in 2016, SBI sanctioned INR565 crore and INR635 crore
as Rupee Loan Facility to RCOM and RITL respectively.

ET says RCIL along with RCOM and RTL executed a Corporate Guarantee
in January 2017 in favour of ATSL for INR1,200 crore. It along with
RITL and RTL executed a Corporate Guarantee Deed in January 2017 in
favour of ATSL for INR1,200 crore.

The company along with RITL and RCOM executed a Corporate Guarantee
Deed in March 2017 in favour of Axis Trustee Services (ATSL),
security trustee of the secured parties i.e. rupee lenders, for
INR6,750 crore.

Under these Corporate Guarantee Deeds, the Guarantors was
unconditionally liable to the security trustee, upon failure by
RCOM to duly discharge its obligations, all or any of the
Guarantors as required by the security trustee.

The Axis Trustee Services in February 2019 invoked the guarantee
issued by SBI wherein INR7,229.45 crore and INR8,1032.47 crore was
demanded from the RCIL herein in respect of the outstanding of RCOM
and RTL respectively.

SBI in April 2019 recalled the outstanding loan of INR8,460.91
crore from RCOM and RTLand INR1,428.05 crore from RCOM and RITL.

The court has appointed Anish Niranjan Nanavaty as the interim
resolution professional (IRP) for the case, ET discloses.

The report adds that the court has ordered a stay on all
ongoing/pending suits or proceedings against RCIL. It has also
prohibited the company from transferring, encumbering or disposing
of its assets. Any foreclosure of company's assets or recovery of
any property by an owner or lessor where such property is occupied
by or in the possession of the company has also been prohibited.

Reliance Communications Infrastructure Limited provides
telecommunications services. The Company offers mobile, Internet,
broadband, and telephone services. Reliance Communications
Infrastructure serves customers globally.

RENUKA CONSTRUCTIONS: CRISIL Withdraws B Rating on INR10cr Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Renuka
Constructions - Pune (RC) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Project Loan         10        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with RC for obtaining
information through letters and emails dated May 31, 2019 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for RC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has Continues the ratings on the bank facilities of RC to 'CRISIL
B/Stable Issuer not cooperating'.


RC is a proprietorship firm set up by Mr. Babu Mhehtre in 1993-94
(refers to financial year, April 1 to March 31). The firm develops
real estate in Pune. It has three ongoing projects: Renuka Gulmarg
Phase II, Renuka Tulsi, and Sai Mouli.

SARTHAK FIBROTEX: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Sarthak Fibrotex Private Limited

        Registered office:
        53, Swarn Apartments
        Pitam Pura
        Delhi 110034

        Factory Address:
        312/313, HSIDC Barhi
        Sonipat, G.T. Karnal Road
        Haryana

Insolvency Commencement Date: September 18, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: March 14, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Vijender Sharma

Interim Resolution
Professional:            Mr. Vijender Sharma
                         Building No. 11, 3rd Floor
                         Hargovind Enclave, Vikas Marg
                         Delhi 110092
                         E-mail: vijender@vsa.net.in

Last date for
submission of claims:    October 2, 2019


SAVFAB DEVELOPERS: ICRA Cuts Rating on INR35cr Loan to D
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Savfab Developers Pvt Ltd (SDPL),, as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund Based-       35.00       [ICRA]D ISSUER NOT COOPERATING;
   Working                       downgraded from [ICRA]C+ ISSUER
   Capital                       NOT COOPERATING; rating
                                 continues in the 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade reflects irregularities in term loan
repayment, information for which available in public domain. The
rating is based on limited information on the entity's performance
since the time it was last rated in September 2018. 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 SDPL, 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.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters - The company's promoters have
extensive experience in the real estate business for many years.

Credit challenges

Delays in term-loan repayment - There has been irregularities in
the term loan repayment by the company.

Liquidity position: Poor

SDPL liquidity is poor as reflected in delays in the term loan
repayment by the company.

Positive triggers: ICRA could upgrade TIPL's rating if the company
demonstrates a track record of timely repayment of term loan
installments.

Incorporated in 2012, SDPL is developing a residential project
called "Jasmine Grove" at Village Mehrauli, on NH-24, Ghaziabad,
Uttar Pradesh. In the last year, the company increased the scope of
the project to 517 flats from the originally envisaged 370 flats.
The company is part of the Saviour group, which is promoted by Mr.
Dhanesh Goel and Mr. Vineet Goel, who have been executing projects
in NCR for many years.

SEMBMARINE KAKINADA: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Sembmarine Kakinada Limited
        Kakinada Deep Water Port  
        First Floor, OSV Complex
        Beach Road, Kakinada
        Kakinada East Godavari AP 533007

Insolvency Commencement Date: September 23, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 21, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Om Prakash Agarwal

Interim Resolution
Professional:            Mr. Om Prakash Agarwal
                         BIA Merlin Chamber 18
                         British Indian Street
                         4th Floor, Room No. 403
                         Kolkata, West Bengal 700069
                         E-mail: opagarwall1@gmail.com

                            - and -

                         C/o EY Restructuring LLP
                         Oval Office, 18
                         iLabs Centre, Hitech City
                         Madhapur, Hyderabad
                         Telangana 500081
                         E-mail: sembmarineclaims@in.ey.com
                                 ip.sembmarine@in.ey.com

Last date for
submission of claims:    October 9, 2019


SHAHI INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s Shahi Infrastructure Private Ltd
        F-46/2, Pandav Nagar Delhi
        East Delhi 110091

Insolvency Commencement Date: August 22, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 18, 2020

Insolvency professional: Kailash Chander Jain

Interim Resolution
Professional:            Kailash Chander Jain
                         D-32, East of Kailash
                         New Delhi 110065
                         E-mail: sasd32@yahoo.com
                                 shahiinfracirp@gmail.com

Last date for
submission of claims:    October 3, 2019


SHRINE ENGINEERING: CRISIL Assigns B+ Rating to INR2.0cr Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on the
bank facilities of Shrine Engineering Private Limited (SEPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Cash
   Credit Limit           0.5       CRISIL B+/Stable (Assigned)

   Bank Guarantee         3.5       CRISIL A4 (Assigned)

   Cash Credit            2.0       CRISIL B+/Stable (Assigned)

The ratings reflect the modest scale of operations amid intense
competition, susceptibility to tender based operations and moderate
working capital cycle. These weaknesses are partially offset by
extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: Scale of
operations remains modest, amid intense competition in the civil
construction industry, as reflected in estimated revenue of INR42
crore for fiscal 2019. The company has order book of ~Rs 80 crore
to be executed in next 12-18 months.

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

* Large working capital requirement: Operations are working capital
intensive, as reflected in GCA ranging between 90 to 120 days in
past 5 fiscals through 2019, over the medium term, mainly on
account of high debtors.

Strengths
* Extensive experience of the partners: Benefits from the
promoters' experience of nearly two decades in the civil
construction business, and their healthy relationships with the
suppliers should continue to support the business. The company is a
Class 'AA' contractor with R&B, Gujarat.

Liquidity: Poor

* High bank limit utilisation: The company enjoys fund based
facility (Cash Credit) of INR2 crore, fully utilized as on date. BG
limit is INR3.5 crore, remains fully utilized.

* Moderate cash accruals: Cash accruals expected in the range of
INR1.0-1.2 crore per year are sufficient in the absence of any term
debt repayment obligation.

* Low current ratio: Current ratio is low, has remained below 1
time in the past.

Outlook: Stable

CRISIL believe SEPL will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.

Rating sensitivity factors

Upward factor
* Sustenance of operating profitability combined with improvement
in working capital position with GCA below 75 days
* Diversification of customer and geographical base

Downward factor
* Delays in order execution leading to increase in GCA days
* Stretch in receivables beyond 120 days
* Debt funded capital expenditure leading to significant
deterioration in debt protection metrics

SEPL was incorporated in 2007, it is located in Porbandar
(Gujarat). SEPL is promoted by Piyush Nagajan Modhwadia, Parth
Arjunbhai Modhwadia, Priyanka Piyushkumar Modhwadia and others.
SEPL is engaged in civil construction works, such as construction
of roads and bridges, canal works, irrigation works and
electrification works.

SHRIRAM LAND: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shriram Land Development India Private Limted

        Registered office:
        No. 1, Club House Road
        Chennai 600002

        Corporate office:
        33-34, 1&2, 8th Main Road
        4th Cross, Sadashivnagar
        Bengaluru 560080

Insolvency Commencement Date: September 20, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 18, 2020

Insolvency professional: Krishnasamy Vasudevan

Interim Resolution
Professional:            Krishnasamy Vasudevan
                         17B/7B, Maruthi Nagar
                         Hasthinapuram, Chromepet
                         Chennai 600064
                         E-mail: cavasu1967@gmail.com

                            - and -

                         No. B7, B Wing, 6th Floor
                         Gemini Parsn Manere
                         602 Anna Salai, Nungambakkam
                         Chennai 600006
                         E-mail: cirp.sldpl@gmail.com

Classes of creditors:    Land Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Ramana Kumar
                         Mr. Madhu Desikan
                         Ms. B. Mekala

Last date for
submission of claims:    October 4, 2019


SIMAR PRIDE: CRISIL Assigns B+ Rating to INR20cr LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the bank loan
facility of Simar Pride Ventures LLP (SPV).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         20        CRISIL B+/Stable (Assigned)

The rating reflects exposure to inherent risks and cyclicality in
the real estate industry, risk associated with its on-going project
with geographical concentration in revenue profile. These
weaknesses get partially offset by extensive experience of the
promoters in the said industry coupled with timely construction
progress of its on-going project.

Key Rating Drivers & Detailed Description

Weaknesses

* Risks associated with its ongoing residential real estate project
along with geographical concentration
The company is executing a residential project in Aurangabad
(Punjab) which exposes it to revenue concentration risks. Moreover,
with low customer advances currently and given the current market
conditions the project is exposed to significant demand risk.

* Risks and cyclicality inherent in the real estate sector in
India
The real estate sector in India is cyclical and is marked by sharp
movements in prices and a highly fragmented market structure. The
execution of the real estate projects in India is affected by
multiple property laws and non-standardized government regulations
across the states

Strength
* Promoters' extensive experience coupled with timely construction:
Promoters of SPV have been engaged in the real estate business for
close to two decades, especially in and around Aurangabad (Punjab).
SPV is the flagship company of the Pride group and is promoted
primarily by Mr Nitin Bagaria who has been associated with SPV
since inception. With an extensive experience, Mr Bagaria has
developed immense industry insight and brand recognition in the
company's area of operations. This should help the company to
complete the project on time.

Liquidity: Stretched

SPV has stretched liquidity marked by low customer advances as on
date. Moreover, the bank loan sanction and disbursement will be a
key determinant in project progress. Any delay in customer advances
or delay in bank funding would adversely impact the liquidity
profile. The cash buffer ratio might fall below one time in case of
inadequate flow of customer advances or delays in debt inflow. This
is partially offset by the promoters' willingness to support on a
need basis.

Outlook: Stable

CRISIL believes Abhiram will benefit over the medium term from its
promoter's extensive experience in real estate industry.

Rating sensitivity factors

Upward factor
* Substantial inflow of customer advances of over 55% of total
saleable value in fiscal 2020 for the ongoing project
* Quantum and diversity of future projects and their funding mix.

Downward factor
* Cash buffer ratio dropping below 1.2 time owing to delays in
customer advances or bank funding
* Delay or cost overrun in construction of ongoing project or
larger than expected debt funding

Simar Pride Ventures LLP constituted in 2012 by Mr Nitin Bagaria is
primarily engaged in construction and sales of residential
complexes in Aurangabad and has completed 3 projects in the past.

SINGH TECHNOINFRA: CRISIL Assigns 'B' Rating to INR6.50cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Singh Technoinfra Private Limited (STIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              6.5       CRISIL B/Stable (Assigned)

The rating reflects the tender-based, modest scale, and working
capital-intensive nature of operations, and a weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses
* Susceptibility to risks related to the tender-based nature of
operations:
Revenue and profitability entirely depend on the ability to win
tenders. Also, entities in this segment face intense competition,
thus requiring to bid aggressively to get contracts, which
restricts the operating margin. Further, given the cyclicality
inherent in the construction industry, the ability to maintain
profitability margins through operating efficiency becomes
critical.

* Modest scale of operations:
The scale of operations remains modest in the intensely competitive
civil construction industry. The company reported operating
revenues of INR14.9 crore for fiscal 2019, furthermore with modest
order book of INR15 crore to be executed in the next 12 to 18
months provides limited revenue visibility. This should continue to
limit operating flexibility.

* Working capital-intensive operations:
Gross current assets were at 267-306 days over the past three
fiscals (267 days as on March 31, 2019) as against around 162 days
for some peers.  That's due to large debtors and inventory. A long
credit period needs to be extended coupled with inventory
maintained to meet business needs along with significant
work-in-process

* Weak financial risk profile:
The total outside liabilities to tangible networth ratio (TOLTNW)
has been high in the three fiscals ended March 31, 2019 with modest
networth of INR2.24 crore. Debt protection metrics have been weak
due to high gearing and low cash accrual from operations. The
interest coverage and net cash accrual to total debt ratios were
1.42 times and 0.03 time, respectively, for fiscal 2019, and are
expected to remain weak over the medium term due to high working
capital debt.

Strength

* Extensive industry experience of the promoters:
The promoters have an experience of over 20 years in the civil
construction industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity: Poor

Liquidity is poor. Average utilization of the bank limit was high
at 99% during the past 12 months through May 2019. Cash accrual are
modest and expected at around INR70 lakh per fiscal against no
repayment obligation, over the medium term. The current ratio was
moderate at 1.37 times on March 31, 2019

Outlook: Stable

CRISIL believes STIPL will continue to benefit from the extensive
industry experience of its promoters and established relationships
with clients.

Rating sensitivity factors

Upward factor
* Ramp-up in the scale of operations driven by growth in orders and
sustainability in operating margins.
* Improvement in the gearing and TOLANW ratio to under 3 times.

Downward factor
* Debt-funded capital expenditure, resulting in further weakening
of the financial risk profile
* Increase in gearing to above 5 times.

STIPL, incorporated in 2007, is owned and managed by Mr Rajhans
Hargovind Singh and Mrs Sunita Singh. The company, located in
Kanpur, Uttar Pradesh, undertakes civil construction works, which
involve foundation work for industrial purposes and laying optical
cables underground.

SOLO METALS: CRISIL Lowers Rating on INR23.25cr Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Solo Metals
Private Limited (SMPL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1.50      CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           23.25      CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The downgrade reflects delays by SMPL in servicing its debt
obligations. There is overutilization of cash credit limit leading
to delay in interest payment and invocation of the bank guarantee
for more than 30 days.

The company is exposed to cyclicality and intense competition in
the steel industry, and working-capital-intensive operations. These
weaknesses are partially offset by the extensive experience of the
promoters in the steel industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing of interest & over utilization of fund based
facility: SMPL has over utilized its fund based facility and has
delayed the interest servicing due to stretched liquidity. The
working capital cycle of the company is stretched marked by high
receivables leading to such delays.

* Exposure to cyclicality and intense competition in the steel
industry: Intense competition from several players in the domestic
steel industry limits the pricing power of entities like SMPL.
Capacity additions undertaken by large manufacturers can weaken
growth prospects of smaller players.

* Working capital-intensive operations: Gross current assets were
moderate at 156 days as on March 31, 2018, expected to be at
similar levels for fiscal 2019, mainly driven by large inventory
and receivables. While inventory of about two months is generally
maintained, considerable amount of payment is due from various
government departments.

Strengths

* Extensive experience of the promoters: The two-decade-long
experience of the promoters, in the steel industry, their sound
understanding of local market dynamics, enable the company to
anticipate price trends and calibrate purchasing and stocking
decisions accordingly.

Liquidity: Poor

SMPL has weak liquidity reflected by overutilization of fund based
limit on account of inefficient working capital management.

Rating Sensitivity Factor

Upward Factor
* Track record of timely debt servicing for at least over 90 days
* Sustainable improvement in financial risk profile and working
capital management.

SMPL was incorporated in 2005, by the promoter, Mr Jawahar Singh
Saroha and his son, Mr Saket Saroha. The company manufactures steel
billets at its facility in Wada, Maharashtra.

SRI SARASWATHI: CRISIL Assigns B+ Rating to INR12cr Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sri Saraswathi Timber And Plywoods (SSTP).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Letter
   of Credit             12         CRISIL B+/Stable (Assigned)

   Secured Overdraft
   Facility               2         CRISIL B+/Stable (Assigned)

The rating reflects modest scale of operations and large working
capital requirement. Further, the weakness is partially offset by
the extensive experience of the partners.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SSTP and Sri Saraswathi Timber Mart
(SSTM). This is because both the entities, are engaged in the same
line of business and managed by the same partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: The group has a modest scale of
operations as indicated by the topline of INR35.3 crores in 2019.
Going forward, the revenue is expected to improve in the medium
term however will remain modest considering the industry scenario.

* Large working capital requirements: The operations of the group
was working capital intensive in nature as indicated by the gross
current asset days of over 280 days in 2019. Going forward, the
operations are expected to be working capital intensive in nature.

Strength

* Partner's extensive experience: The partners has been in the
industry for over 3 decades and have developed deep understanding
of the dynamics of the market.  The extensive experience of
partners will help firm in bringing significant business linkage
over the medium term. CRISIL expects the group to continue to
benefit from its partner's extensive industry experience over the
medium term.

Liquidity: Stretched

The firm has moderately utilized the bank limits as indicated by
the average utilization of around 88%. The net cash accruals (NCA)
is expected to be sufficient against the repayment obligations in
the medium term. Further, the need based funding support from
partner's supports the liquidity profile. The current ratio stood
at around 1.47 times in 2019.

Outlook: Stable

CRISIL believes that the group will benefit from its partners'
extensive industry experience.

Rating Sensitivity Factor

Upward factor
* Improvement in the revenue profile, and EBITDA margin of more
than 8%.
* Gross Current Asset Days of less than 150 days.

Downward factor
* Decline in the revenue profile, and EBITDA of less than 4%
* Gross Current Asset Days of more than 300 days.

Incorporated in 2000 by Mr. Ramesh Patel and Family, Sri Saraswathi
Timber And Plywoods (SSTP) is engaged in the trading of timber,
plywood, laminate and allied products. The firm is based out of
Chennai, Tamil Nadu.

ST. GEORGE ELECTRONICA: CRISIL Reaffirms 'B-' INR16.2cr Loan Rating
-------------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of ST. George Electronica Private Limited
(STG).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             20.45      CRISIL A4 (Reaffirmed)

   Term Loan             16.20      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Facility               12.05     CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect STG's weak financial risk profile
and exposure to intense competition in the consumer appliances
retail industry. These weaknesses are partially offset by the
extensive industry experience of the promoters.

Analytical Approach

Unsecured loans have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile
Capital structure is aggressive, marked by gearing and total
outside liabilities to adjusted net worth (TOLANW) ratios of more
than 50 times, due to small net worth of INR0.38 crore, estimated
as on March 31, 2019. Debt protection metrics are constrained by
weak profitability, as reflected in interest coverage ratio of 0.57
time and cash losses estimated in fiscal 2019.

* Exposure to intense competition in the industry
Intense competition from both local traders and large national
players, restrict scalability and profitability. STG has limited
bargaining power with customers and suppliers.  Moreover, the
company has presence only in Kerala, and hence, remains vulnerable
to any region-specific event.

Strengths

* Extensive experience of the promoter:
The three - decade - long experience of the promoter, in the
consumer electronics appliances industry, and established
relationships with customers and principals, have led to growth in
revenue over the past four fiscals.

Liquidity: Poor

Liquidity is poor, as indicated by expected cash accrual of
INR0.30-0.6 crore, against maturing debt of INR3.50 crore in fiscal
2020 and 2021. Working capital facility of INR20.45 crore was fully
utilized in the 12 months ended August 31, 2019.

Outlook: Stable

CRISIL believes STG will continue to benefit from the extensive
experience of the promoter.

Rating sensitivity factors

Upward Factor
* Sustained growth in revenues by and operating margin, leading to
cash accrual of over INR2 crore.
* Improvement in financial risk profile, with gearing and TOLANW
ratios below 4 times.

Downward Factor
* Significant decline in revenue or profitability, impacting cash
accruals
* Weakening of financial risk profile, with additional capital
expenditure or stretch in working capital marked by gross current
assets of 200 days.

STG, was set up in 2014, at Thrissur (Kerala) by Mr KT Jissy. The
company sells consumer electronics and home appliances, and
operates retail stores in Kerala.

SULAV FLOUR: CRISIL Assigns B+ Rating to INR5.5cr Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sulav Flour Mill (SFM).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan             5.5       CRISIL B+/Stable (Assigned)
   Cash Credit           2.5       CRISIL B+/Stable (Assigned)
   Proposed Cash   
   Credit Limit          1.0       CRISIL B+/Stable (Assigned)

The rating reflects SFM's susceptibility to climatic conditions and
fluctuations in raw material prices along with the exposure to
risks related to ongoing project and a weak financial risk profile.
These weaknesses are partially offset by the extensive experience
of the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to climatic conditions and fluctuations in raw
material prices
The crop yield of agricultural commodities is dependent on adequate
and timely monsoon. Also, production may be impacted by pests or
crop infection, leading to higher unpredictability in production
and pricing of the commodities and their derived products.

* Exposure to risks related to ongoing project
SFM is scheduled to commence its project in January 2020. Demand
risk is expected to be moderate as the industry is highly
fragmented. Intense competition may continue to constrain
scalability, pricing power, and profitability. Timely completion
and successful stabilisation of operations at the new unit will be
closely monitored.

* Weak financial risk profile
Financial risk profile may remain constrained as the project is
aggressively funded through a debt-equity ratio of 3 times.

Strength

* Extensive experience of the proprietor
Benefits from the proprietor's experience of over 25 years, his
strong understanding of local market dynamics, and healthy
relations with customers and suppliers should continue to support
the business.

Liquidity: Stetched

Liquidity should remain stretched due to the large, debt-funded
capital expenditure. Adequate ramp-up in operations should help
meet the repayment obligation in fiscal 2020. The proprietor is
likely to extend timely, need-based funds support to meet working
capital and repayment obligation requirements.

Outlook: Stable

CRISIL believes SFM will continue to benefit from the extensive
experience of the proprietor.

Rating sensitivity factors

Upward factor
* Timely stabilisation of operations at the proposed plant
* More-than-expected revenue, with operating margin at 6-8%

Downward factor
* Considerable delay in the commencement of operations
* Significantly low cash accrual during the initial phase of
operations
* Large working capital requirement, weakening financial risk
profile and liquidity

SFM was set up in 2017 by the proprietor, Mr Latifuddin. This
Murshidabad (West Bengal)-based firm is currently setting up a
roller flour mill; the mill is expected to be commissioned in
January 2020.

SUNDARLAM INDUSTRIES: CRISIL Assigns B+ Rating to INR2.5cr Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Sundarlam Industries (SI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             2.5        CRISIL B+/Stable (Assigned)


The rating reflects modest scale of operations and below average
financial risk profile. These weaknesses are partially offset by
extensive industry experience of the proprietor

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation: SIs business profile is constrained by
its modest scale of operations in the intensely competitive
industrial machinery and consumables industry.  The firm made
revenues of INR8.55 crores in fiscal 2019. SIs modest scale of
operations will continue limit its operating flexibility.

* Below-average financial risk profile:
Capital structure is marked by gearing of 1.24 times and modest
networth of INR2.95 crore as on March 31, 2019. Debt protection
metrics are average, with interest coverage and net cash accrual to
adjusted debt ratios of 1.86 times and 0.07 times, respectively,
for fiscal 2019.

* Strength

Extensive industry experience of the proprietors: The proprietor
have an experience of around 4 decades in industrial machinery and
consumables industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity: Stretched

Sanctioned limit of INR2.5 crore has been utilised at an average of
36% for the 12 months ended July 30, 2019. Expected cash accrual of
over INR0.35 crore is expected to be just sufficient to meet its
maturing term debt of INR0.30 crore in the medium term.
Nevertheless, liquidity is supported by need-based financial
assistance expected from the promoter in the form of unsecured
loans.

Outlook: Stable

CRISIL believe SI will continue to benefit from the extensive
experience of its proprietor, and established relationships with
clients.

Rating Sensitivity Factors

Upward factor
* Improvement in margins to more than 9% and scale, leading to
higher cash accruals.
* Improvement in working capital cycle

Downward factor
* Weaker operating profitability resulting in lower cash accrual of
less than INR0.30 crore
* Large debt-funded capital expenditure weakens capital structure

SI was established in 1985, it is located in Bangalore. SI is owned
and managed by Mr. Soundrarajan Sundaram. SI manufactures and
exports polylam extrusion lamination machine.

TRANS GULF: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Trans Gulf Frozen Food Containers Private Limited
        A-5, JHILMIL Industrial Area
        Shahdara Delhi, East Delhi
        DL 110095
        IN

Insolvency Commencement Date: September 17, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: March 15, 2020

Insolvency professional: Navjit Singh

Interim Resolution
Professional:            Navjit Singh
                         218-A, 1st Floor, Shop No. 4
                         Rama Market, Pitampura
                         Delhi 110034
                         E-mail: navjit92ca@gmail.com
                                 tgffcpl.cirp2019@gmail.com

Last date for
submission of claims:    October 1, 2019




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

AGUNG PODOMORO: Moody's Confirms B2 CFR, Outlook Negative
---------------------------------------------------------
Moody's Investors Service confirmed the B2 corporate family rating
of Agung Podomoro Land Tbk.

At the same time, Moody's has confirmed the B2 backed senior
unsecured rating of the 2024 notes issued by APL Realty Holdings
Pte. Ltd., a wholly owned subsidiary of Agung Podomoro Land. The
notes are guaranteed by Agung Podomoro Land and some of its
subsidiaries.

The outlook on all ratings is negative.

These rating actions conclude the review for downgrade initiated on
July 15, 2019.

RATINGS RATIONALE

On September 26, 2019, Agung Podomoro Land announced that it has
received IDR800 billion ($57 million) of advances from its
controlling shareholder, Trihatma Kusuma Haliman and family, which
will be converted into equity after obtaining approval at the
company's extraordinary general meeting in November 2019.

At the same time, Agung Podomoro Land has signed a $127 million
senior secured term facility agreement with Credit Opportunities II
Pte. Limited (managed by SSG Capital Management) that has a tenor
of 18 months and will be secured by Central Park Mall.

The company will use the funds raised to repay its (1) outstanding
IDR1.178 trillion syndicated facilities due September 30, 2019; (2)
IDR451 billion domestic bond due December 19, 2019; (3) IDR99
billion domestic bond due March 25, 2020; and (4) IDR750 billion
syndicated facilities due May 24, 2021.

"The confirmation of Agung Podomoro Land's B2 CFR reflects that the
company has been able to arrange funds to address its significant
refinancing requirements over the next six months," says Jacintha
Poh, a Moody's Vice President and Senior Credit Officer.

"The negative outlook reflects our expectation that Agung Podomoro
Land's liquidity will weaken over the next 12-18 months and that
the company will face refinancing risk, because its new secured
term facility will come due by March 2021," adds Poh.

Agung Podomoro Land's B2 CFR also reflects the company's
established market position and portfolio of investment properties
that provides a healthy recurring income base. For the 12 months
ended June 30, 2019, the company's recurring revenue accounted for
33% of total revenue, at around IDR1.5 trillion. Moody's estimates
the recurring cash flow covered around 0.8x of interest expense.

Over the next 12-18 months, Moody's expects the company's recurring
revenue to grow by around 10%, largely driven by the opening of a
new retail mall in Medan and hotels in Bandung. Moody's estimates
the recurring cash flow coverage of interest expense will also
remain around 0.8x.

In the first eight months of 2019, Agung Podomoro Land achieved
around IDR1.3 trillion of core marketing sales, equivalent to 43%
of its IDR3.2 trillion full-year target. Despite the good pick-up
in July and August, Moody's estimates the company will likely
achieve core marketing sales of only around IDR2 trillion in 2019.
Consequently, Agung Podomoro Land's credit metrics will remain
weak, with adjusted debt/homebuilding EBITDA at around 5.0x and
homebuilding EBIT/interest expense below 2.0x.

Agung Podomoro Land plans to sell one of its investment properties
in the second half of 2019 and use part of the proceeds to reduce
debt, in turn supporting an improvement in liquidity and credit
metrics. However, the sale may be subject to delays.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Agung Podomoro Land's weak financial
management. The company's ownership is also concentrated in its
founder and his family, but this risk is partially mitigated by the
oversight exercised through independent board directors.
Furthermore, the founder has shown support for the company by
injecting funds in times of stress.

Given the negative ratings outlook, an upgrade is unlikely over the
next 12-18 months. Nonetheless, the outlook could return to stable
if the company (1) improves its liquidity such that cash balances
and committed facilities are sufficient to cover operating cash
needs and debt repayments over the next 12-18 months; and (2)
successfully executes its business plans, leading to a sustained
improvement in its credit metrics, with adjusted debt/homebuilding
EBITDA falling below 5.0x and adjusted homebuilding EBIT/interest
expense rising above 2.0x.

Moody's could downgrade the ratings if Agung Podomoro Land's credit
metrics and liquidity weaken, owing to (1) a deterioration in the
property market, leading to protracted weakness in the company's
operations; and (2) a material depreciation in the Indonesian
rupiah, which could increase the company's debt servicing
obligations.

Metrics indicative of a downgrade include (1) adjusted
debt/homebuilding EBITDA exceeding 5.0x; (2) adjusted homebuilding
EBIT/interest coverage falling below 2.0x; or (3) insufficient cash
balances and committed facilities to cover operating cash needs and
debt repayments over a 6-12 month period.

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

Agung Podomoro Land Tbk is an integrated property developer, and
listed on the Indonesia Stock Exchange in 2010. The company and its
subsidiaries are engaged in the development, management and
operation of apartments, houses, shopping centers, office towers
and hotel properties. It is controlled by Mr. Trihatma Kusuma
Haliman and family, who held an approximate 84% stake in the
company at June 30, 2019.



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

MAKETU PIES: Goes Into Receivership After 37 Years in Business
--------------------------------------------------------------
Stuff.co.nz reports that Te Puke's Maketu Pies has gone into
receivership after 37 years in business.

Rodewald Consulting receiver Tom Rodewald and BDO Tauranga receiver
Kenneth Brown were appointed by directors Robert and Karen Wilson
on Sept. 27, Stuff discloses citing the Companies Office.

According to Stuff, Mr. Rodewald said the company would continue to
operate as a going concern. He said it already had "lots of
interest" from potential buyers.

Stuff relates that Mr. Rodewald said it was too early to tell how
much the company owed its bank and creditors.

On its website, the family-owned company said it had been making
"honest to goodness" pies since 1982.  Maketu has 40 full-time and
part-time staff.  The Wilsons along with JK Hamilton Trust own the
company.

Its website said the famed pie shop made its pies in Maketu, by
hand, in the original way "just as nana would have", baked in a pie
shop not a factory.

"It's a real family business and many of our skilled team of
pie-makers are now entering their third generation. Mum tests out
all of our recipes in the same old country kitchen. She gets them
just right before allowing our latest flavours out into the
world."

Maketu Pies were sold in Countdown, New World and Pak 'n Save
supermarkets and were served on Qantas flights, the site said.



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

EMAS OFFSHORE: Court Hearing on JM Application Moved to Oct. 21
---------------------------------------------------------------
Emas Offshore Limited announced that the hearing of the company's
application for Judicial Management has been adjourned by the Court
until October 21, 2019, 2:30 p.m.

Emas filed an application in the High Court of Singapore on July
19, 2019, for, among other things, a court order that it be placed
under judicial management pursuant to Section 227B of the Companies
Act.

The Company said it will provide further updates pertaining to the
JM Application in compliance with the listing requirements of the
Oslo Bors or when there are material developments.

Emas added that shareholders should consult their financial, tax or
other advisers when in doubt as to the action they should take.

According to The Business Times, the judicial management follows
failed attempts to bail out Emas or related units.

In February this year, Philippine group Udenna Corporation informed
Emas that its proposed investment of US$73.29 million would not
take place, after both parties had inked a non-binding term sheet
in October 2018. No reasons were given in the announcement for
Udenna's decision.

BT says the deal would have seen Udenna pumping the money into
Emas' subsidiary as part of the group's financial restructuring. A
portion of the funds was to have gone towards buying Emas vessels
that have been secured to bank lenders.

Prior to that, in July 2018, oil and gas equipment supplier Baker
Technology also pulled out of its plan to invest in Emas. Baker
Technology terminated the term sheet for an equity injection of
US$50 million, BT relates.

Trading in dual-listed Emas was suspended in Singapore in 2017, and
the stock has been the target of delisting attempts by the Oslo
Stock Exchange, says BT.

Emas is a subsidiary of former stock market darling Ezra Holdings,
which filed for bankruptcy protection under Chapter 11 in the US in
2017 after receiving two statutory demands from creditors, BT
notes. Ezra's secured creditors include DBS Bank, OCBC Bank and
UOB, BT discloses citing documents filed in the US Bankruptcy
Court.

ET adds that the beleaguered offshore and marine group also failed
in July 2018 to put its assets, including Emas Offshore, under a
separate trust as part of its restructuring.

Last December, Ezra placed four dormant subsidiaries under
creditors' voluntary liquidation. The units are AMSA Offshore, Emas
Ghana, Emas Offshore Angola and Fodemas, according to BT.

Earlier this month, Triyards Marine Services, a subsidiary of
Ezra's shipyard arm Triyards, was ordered to wind up. Its creditor
Tractors Singapore had applied for the liquidation, and the court
order was issued on July 5, BT notes.

Singapore-based EMAS Offshore Limited (SGX:UQ4) --
http://www.emasoffshore.com/home/-- engages in the offering of
offshore support, accommodation and offshore production services to
customers in the offshore oil and gas industry throughout the
oilfield lifecycle, spanning exploration, development, production
and decommissioning stages. It operates through two business
segments: Offshore Support and Accommodation Services division, and
Offshore Production Services division.

NO SIGNBOARD: Appoints Lok Pei San as Group CFO
-----------------------------------------------
Fiona Lam at The Business Times reports that seafood restaurant
operator No Signboard on Sept. 30 appointed Lok Pei San as group
chief financial officer (CFO), after Voon Sze Yin resigned from the
role.

Ms. Lok, 40, joined No Signboard's finance and accounting
department in April 2019, and is a chartered accountant with the
Institute of Singapore Chartered Accountants, BT discloses citing
the Catalist-listed company's bourse filing on Sept. 30.

Before No Signboard, Ms. Lok was a corporate controller at Zuellig
Pharma Holdings from July 2016 to September 2018, and CFO at dnata
Singapore from January 2014 to July 2016, the report relays.

Meanwhile, Ms. Voon, 40, tendered her resignation as group CFO on
July 1 after accepting an offer for a new job opportunity, said No
Signboard.

Ms. Voon had agreed with the board to stay on in the role until the
independent review was substantially completed, and also to ensure
a smooth transition and handover to the new CFO.

She has agreed to assist the company on any financial and
accounting matters, as and when required, No Signboard said.

Separately, the restaurant operator in August announced it was
closing its hawker-themed fast food outlets due to "continuing
losses," BT notes. It also slipped into the red for its fiscal
third quarter amid higher costs, with a net loss of SGD1.4 million,
the report discloses.

In May, No Signboard said that its chief executive officer Sam Lim
Yong Sim had been arrested and released on bail, amid an ongoing
probe by the Commercial Affairs Department into the company's Jan.
31 abortive share buyback, recalls BT.

                        About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
4, 2019, the Strait Times said No Signboard Holdings sank deeper in
the red with a net loss of SGD573,643 for the first quarter ended
Dec 31, 2018, from a restated loss of SGD416,366 a year ago. This
comes as the numbers from a year ago were significantly restated
after the company adopted the latest accounting rules. Under the
new accounting framework, the group reported a restated net loss of
SGD416,366 for the fiscal first quarter ended December 2017, a
marked difference from the SGD1.4 million net profit it had
initially reported under the old accounting rules.


                           *********


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

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

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

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

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



                *** End of Transmission ***