/raid1/www/Hosts/bankrupt/TCRAP_Public/190102.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, January 2, 2019, Vol. 22, No. 001

                            Headlines


A U S T R A L I A

SIMPSON AND CO: First Creditors' Meeting Set for Jan. 8


C H I N A

GIONEE COMMUNICATION: Court Accepts Bankruptcy Application


H O N G  K O N G

HMV DIGITAL: Places Retail Unit Under Provisional Liquidation


I N D I A

AFFINITY BEAUTY: Insolvency Resolution Process Case Summary
AJARA HEALTH: Ind-Ra Assigns 'B' Rating to INR293MM Loan
ARION CEMENT: Insolvency Resolution Process Case Summary
BALA BALAJEE: CRISIL Maintains 'D' Rating in Not Cooperating
BALPRADA HOTELS: ICRA Reaffirms D Rating on INR91cr Loan

BHIMSERIA AGRO: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
BINANI CEMENT: IFCI Gets INR492cr for Resolution Under IBC
BROWN MULTIWALL: Insolvency Resolution Process Case Summary
DANIA ORO: CRISIL Maintains 'D' Rating in Not Cooperating
DEEPAK DIAMONDS: CRISIL Lowers Rating on INR18.9cr Loan to D

DHARMRAJ ALUMINIUM: CRISIL Maintains D Rating in Not Cooperating
DHANLAXMI COTEX: CRISIL Maintains D Rating in Not Cooperating
DILIP CHHABRIA: Insolvency Resolution Process Case Summary
DINODIA EDUCATIONAL: CRISIL Maintains D Rating in Not Cooperating
DYNAMIX CHAINS: CRISIL Maintains 'D' Rating in Not Cooperating

DWARIKAMAYEE BHANDAR: CRISIL Retains D Rating in Not Cooperating
ESSEM JUTE: CRISIL Maintains 'D' Rating in Not Cooperating
EVAN MULTISPECIALITY: Insolvency Resolution Process Case Summary
FUNBARS HOSPITALITY: Insolvency Resolution Process Case Summary
GOA AUTO: Insolvency Resolution Process Case Summary

GOLDENLINE INFRA: CRISIL Maintains D Rating in Not Cooperating
GVP INFRA: CRISIL Maintains 'D' Rating in Not Cooperating
GVRMP DHARWAD: CRISIL Maintains 'D' Rating in Not Cooperating
GYASI RAM: CRISIL Maintains D Rating in Not Cooperating Category
HBS REALTORS: ICRA Maintains 'D' Rating in Not Cooperating

HORIZON LEISURE: CRISIL Maintains D Rating in Not Cooperating
INNOVATIVE INFRA: CRISIL Maintains D Rating in Not Cooperating
IREO FIVERIVAER: Insolvency Resolution Process Case Summary
ISR INFRA: CRISIL Maintains D Rating in Not Cooperating Category
JAHANVI ISPAT: CRISIL Maintains 'D' Rating in Not Cooperating

JK SURFACE: CRISIL Maintains 'D' Rating in Not Cooperating
JMD OILS: Insolvency Resolution Process Case Summary
METKORE ALLOYS: Insolvency Resolution Process Case Summary
NICOMET INDUSTRIES: Insolvency Resolution Process Case Summary
NINA REALTORS: CRISIL Withdraws D Rating on INR10cr Term Loan

PARSVNATH LANDMARK: CRISIL Lowers Rating on INR200cr Loan to D
PARTH COTTON: ICRA Maintains C+ Rating in Not Cooperating
RAI BAHADUR: CRISIL Maintains 'C' Rating in Not Cooperating
RAJAPUR MINERALS: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
SHARMA PHARMACEUTICAL: Ind-Ra Assigns B+ Rating, Outlook Stable

SHREE GANESH: Ind-Ra Raises Long Term Issuer Rating to 'B'
SYSTEM CONTROL: ICRA Withdraws B+ Rating on INR3.75cr Cash Loan
U.P. IINFRAESTATE: Insolvency Resolution Process Case Summary
UMA RANI: ICRA Maintains C+ Rating in Not Cooperating Category
V3S INFRATECH: CRISIL Maintains 'D' Rating in Not Cooperating


M A L A Y S I A

SC ESTATE: Net Loss Widens to MYR913,000 in Q3 Ended Oct. 31


N E W  Z E A L A N D

ACCENT ON: Placed in Liquidation; Debt Hits NZ$9 Million
BK'S FOUR: Up for Sale After Going Into Receivership


X X X X X X X X

* Asian Debt Defaults Expected to Rise on Tighter Liquidity


                            - - - - -


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


SIMPSON AND CO: First Creditors' Meeting Set for Jan. 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Simpson
and Co Painting Pty Ltd will be held at the offices of Hall
Chadwick Chartered Accountants, at Level 11, Allendale Square, 77
St Georges Terrace, in Perth, West Australia, on Jan. 8, 2019, at
2:00 p.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of Simpson and Co. on Dec. 24, 2018.



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


GIONEE COMMUNICATION: Court Accepts Bankruptcy Application
----------------------------------------------------------
Business Today reports that Gionee Communication Equipment Co.'s
bankruptcy application has been accepted by the Chinese court in
Shenzhen. Once a top smartphone manufacturer, Gionee has
reportedly failed to pay its debt from various suppliers. The
problem was compounded in November this year when Gionee chairman
Liu Lirong reportedly "lost over $1.4 billion" while gambling at
a casino in Saipan, the report says.

According to the report, Mr. Lirong did admit to the gambling
problem but maintained that he did not use Gionee's money to
gamble. He also admitted losing only around $144 million. Gionee
owes $2.9 billion to 648 creditors as of August 2018, Business
Today discloses.  The company was losing $14.4 million a month
between 2013 and 2015 and these losses further doubled in the
last two years.

However, Liu Lirong is still hopeful and has stated that he sees
a turnaround in the company's fortune in 3-5 years. Meanwhile, as
of mid-December last year, consultants were hired by Gionee to
streamline and restructure the company and create a plan that
would allow it to emerge out of the current mess, Business Today
relays.

Based in Shenzhen, China, Gionee Communication Equipment Company
Ltd. manufactures cellular telephones.



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


HMV DIGITAL: Places Retail Unit Under Provisional Liquidation
-------------------------------------------------------------
Enoch Yiu at The South China Morning Post reports that HMV
Digital China Group, owner of the HMV music retail chain, is
winding up its 25-year-old CD and DVD stores in Hong Kong, as the
last remnants of the once-booming music retailing industry bows
to the growing popularity of online streaming media.

HMV will put its HMV Retail unit in provisional liquidation to
manage its assets, the company said in a stock exchange filing on
Dec. 18, 2018, SCMP relays. All seven of its stores were shut on
Dec. 18, 2018, and 80 employees dismissed, according to a person
familiar with the matter.

According to SCMP, the company was behind in rent and other
payments, and is facing lawsuits by landlords and other
creditors, HMV said.

"The company is under negotiation with the landlords of the
settlement plans," the report quotes chairman Stephen Shiu Jnr as
saying in an announcement. "HMV Retail has not been generating
sufficient revenue to cover its own operating expenses and there
is no reasonable prospect of making any significant improvement
on its financial performance or operation in the foreseeable
future."

HMV, which can trace its history to London's Oxford Street in
1921, entered Hong Kong 25 years ago and became the largest CD
and DVD retailer in the city. During the heyday of Canto-pop in
Asia, HMV was the place for celebrities to meet their fans.
Mariah Carey, Boyzone, Backstreet Boys were among some of the
stars who signed autographs or performed at an HMV store in Hong
Kong.

Still, the store could not compete with the "digital tide" of
online streaming as well as Apple's Airpods, which sent sales of
HMV's bestselling earphones tumbling, Mr. Shiu, as cited by SCMP,
said.

"Suffering from operational difficulties, HMV Retail was unable
to escape from the crushing force of the wheel of history,"
Mr. Shiu said.

Signalling the huge changes afoot in the music world, Hong Kong
Records, another major CD and DVD retailer, closed its flagship
shop in Pacific Place in June. The company still has a shop at
Harbour City.

Last month, HMV said it was considering liquidating its retail
units after its landlords in Central, Causeway Bay and Kowloon
Bay filed separate lawsuits to claim HK$5 million in unpaid
rents, SCMP adds.

According to SCMP, HMV said in a separate filing two of its
subsidiaries are being sued by Lei Shing Hong Credit. The
creditor has a claim on money owed from the sale of property by
HMV's subsidies, including a house and several parking spaces. A
person familiar with the matter said Shiu lives in the home.

Wong Sun-keung and Janice Tsui Mei-yuk Janice, both of Vision
A.S. Ltd, will be the joint provisional liquidators of HMV Retail
to handle the assets, negotiate with the creditors and seek
buyers, SCMP discloses.

Wong said the total debt of the company is about HK$40 million,
while its assets, mainly CDs, earphones, speakers and other
products are worth about HK$9 million, SCMP relays. The
provisional liquidators will keep these assets before a final
decision is made about what to do with them, the report states.

"[T]he HMV Retail business in Hong Kong experienced drastic
changes during the past few months," the report quotes Shiu as
saying. "The HMV Retail business in Canada had closed all its 102
stores last year due to the impact of online streaming media,
signifying the hardship in operating physical stores; and as HMV
retail stores in Hong Kong faced the same shock in recent months,
it became an inevitable decision for us to wind up the business."

The group swung to a net loss of HK$18.81 million (US$2.41
million) in the three months ended September, from a profit of
HK$1.85 million a year earlier. Retail sales fell 41 per cent to
HK$31.55 million, SCMP discloses citing an exchange filing.

In 2013, British HMV was taken under the management of a court-
appointed administrator. AID Partners, a private equity firm
directed by local businessman Kelvin Wu King-shiu, took over the
Hong Kong unit and its seven shops across the city, SCMP
discloses.

SCMP says Mr. Shiu's company was originally called China 3D
Digital, which produced films and managed artistes. In 2016,
Mr. Shui bought HMV's retail music business for HK$408 million
from AID Partners. At the time, Mr. Shiu wanted to turn HMV into
a lifestyle business model, with restaurants for customers as
well as earphones, speakers, and toys of characters from Star
Wars, Batman and Superman and other movies, SCMP relates. The
film and artist management business will not be affected, Mr.
Shiu said.



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


AFFINITY BEAUTY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Affinity Beauty Salon Private Limited
        C-25, Green Park Ext.
        New Delhi 110016

Insolvency Commencement Date: December 14, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 12, 2019

Insolvency professional: Arunava Sikdar

Interim Resolution
Professional:            Arunava Sikdar
                         D-3, LGF, Lajpat Nagar Part 1
                         New Delhi 110024
                         E-mail: asikdar1990@gmail.com
                                 irpasikdar@gmail.com

Last date for
submission of claims:    January 1, 2019


AJARA HEALTH: Ind-Ra Assigns 'B' Rating to INR293MM Loan
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ajara Health
Care and Research Centre Private Limited (AHCRC) a Long-Term
Issuer Rating of 'IND B'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR293 mil. Term loan due on April 2026 assigned with
    IND B/Stable rating.

KEY RATING DRIVERS

The ratings reflect the delays in the commercialization of
AHCRC's hospital project. The total cost of the project is INR600
million, which is being funded by the company's promoter's
contribution (share capital) of INR307 million and a term loan of
INR293 million. The project completion and commercial production
are likely to be achieved in April 2019.

The ratings are constrained by the fragmented nature of the
industry.

The ratings however are supported by AHCRC's promoter's two
decades of experience in the healthcare industry and the
locational advantage of the project as it has easy accessibility
to the city's interstate bus terminal, railway station and
highways.

RATING SENSITIVITIES

Negative: Inability to execute the project and ramp-up the
operations/production in a timely fashion and/or any additional
debt-led capex impacting its debt servicing capability would be
negative for the ratings.

Positive: Ability to execute the project and ramp up the
operations/production in a timely manner along with achieving
stable business operations will be positive for the ratings.

COMPANY PROFILE

Established in June 2011, AHCRC is setting up a 350-bed multi-
specialty hospital in Hanumakonda, Warangal District, and
Telangana State.



ARION CEMENT: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Arion Cement Manufacturing Private Limited
        Indrahata, P.O. Puranderpur P.S. Kandi
        Murshidabad 742171

Insolvency Commencement Date: December 12, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 10, 2019
                               (180 days from commencement)

Insolvency professional: Kanchan Dutta

Interim Resolution
Professional:            Kanchan Dutta
                         Chatterjee International Centre
                         14th Floor, Flat No. 13A
                         J.L. Nehru Road
                         Kolkata 700071
                         E-mail: kanchan@kgrs.in
                                 kdutta.ip@gmail.com

Last date for
submission of claims:    December 26, 2018


BALA BALAJEE: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bala Balajee
Textiles Limited (BBTL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.39       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit          13.00       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      1.50       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Cash         6.64       CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING)

   Term Loan            21.47       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BBTL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 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 BBTL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BBTL 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 BBTL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

BBTL was set up in 2004 by Mr. Subba Rao Chitturi and his family
members. The company manufactures combed cotton yarn. Its
spinning unit is in West Godavari district in Andhra Pradesh.


BALPRADA HOTELS: ICRA Reaffirms D Rating on INR91cr Loan
--------------------------------------------------------
ICRA has reaffirmed the rating on the bank facilities of Balprada
Hotels And Hospitality Services Private Limited (BHHS) at D and
removed from the non-cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based           91.0      [ICRA]D; Rating reaffirmed and
                                  removed from the 'Issuer Not
                                  Cooperating' category

   Non-fund based        6.0      [ICRA]D; Rating reaffirmed and
                                  removed from the 'Issuer Not
                                  Cooperating' category

Rationale

The ratings take into account the delays in servicing of debt
obligations by BHHS due to its stretched liquidity position.
Initially, the property witnessed time and cost overruns.
Subsequently, its performance was affected by the slowdown in the
hospitality industry, which adversely impacted its cash flows.
Further, with high leverage and significant leakages in terms of
interest cost, the company was dependent on additional loans from
the promoters. The ratings are also constrained by limited
experience of promoters in the hospitality sector, risks
associated with a single property and net losses since inception.
Though ICRA notes that the operational metrics as characterised
by occupancy and average room revenue (ARR) of the hotel has
improved year on year.

Key rating drivers

Credit challenge

Delays in debt servicing: The company has not been able to
service its term loan obligations on time due its stretched
liquidity position amid high interest cost on lower scale of
operations. The company have been delaying its loan repayments by
up to 60 days.

Liquidity position

The company has stretched liquidity position with delays in debt
obligation of up to 60 days.

Balprada Hotels and Hospitality Private Limited (Balprada) is a
subsidiary of JMD Limited. The company has developed a 185 room
4-star hotel at Golf Course Road in Gurgaon at a cost of INR178
crore. The hotel has been funded by debt of INR100 crore and
promoters' contribution of INR78 crore. The hotel project (to be
operated under the DoubleTree by Hilton brand) started commercial
operations in March 2012.

In FY2018, the company reported a net loss of INR14.0 crore on an
operating income (OI) of INR41.6 crore compared with a net loss
of INR6.1 crore on an OI of INR34.8 crore in the previous year.


BHIMSERIA AGRO: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bhimseria Agro
Private Limited (BAPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR93.2 mil. Term loan due on December 2022 assigned with
    IND BB/Stable rating; and

-- INR34.5 mil. Fund-based working capital limit assigned with
    IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect BAPL's medium scale of operations as
indicated by revenue of INR770.5 million (FY17: INR370.4
million). The revenue growth was due to an increase in orders
from existing and new customers. As of November 2018, it booked
revenue of INR467.60 million. The firm expects to achieve revenue
of around INR800 million in FY19, as it is focusing on increasing
its exports.

The company's return on capital employed was 9% in FY18 (FY17:
7%) and EBITDA margin was modest at 6.6% (10.6%). The decline in
the operating margin was on account of an increase in raw
material cost.

The ratings also factor in BAPL's modest credit metrics as
indicated by gross interest coverage (operating EBITDA/gross
interest expenses) of 1.6x in FY18 (FY17: 1.6x) and net leverage
(total adjusted net debt/operating EBITDA) of 4.5x (8.0x).

The ratings are also constrained by BAPL's tight liquidity
position as reflected by near full utilization of the working
capital limits during the 12 months ended November 2018. The
company's cash flow from operation was INR3.2 million and cash
and cash equivalents were INR3.2 million in FYE18.

However, the ratings are supported by BAPL's promoters' more than
two decades of experience in the rice trading industry.

RATING SENSITIVITIES

Negative: Any further deterioration in the EBITDA margin, leading
to deterioration in the credit metrics or liquidity position in
FY19-FY20 will be negative for the ratings.

Positive: An improvement in the revenue along with an improvement
in the EBITDA margin, leading to an improvement in the credit
metrics and its liquidity position in FY19-FY20 will be positive
for the ratings.

COMPANY PROFILE

BAPL was incorporated in 2011 as a private limited company in
Muzaffarpur, Bihar. The company has a rice mill with a production
capacity of 14 tons of paddy per hour. The company began
commercial operations from February 2016. BAPL majorly markets
its products in north east of India and Bihar.


BINANI CEMENT: IFCI Gets INR492cr for Resolution Under IBC
----------------------------------------------------------
BloombergQuint reports that infrastructure term lender IFCI on
Dec. 24, 2018, said it has received INR492 crore towards security
receipts under the insolvency and bankruptcy resolution plan for
Binani Cement.

"On account of resolution of Binani Cement through NCLT, IFCI,
which is holding 42,16,850 security receipts of the face value of
INR1,000 each has received INR491.84 crore, net of TDS (tax
deducted at source) of INR30.55 crore, pursuant to the said
resolution," BloombergQuint quotes the lender as saying in a
regulatory filing.

On Nov. 14, Aditya Birla Group firm UltraTech Cement won the bid
to acquire debt-ridden Binani Cement after the National Company
Law Appellate Tribunal approved its revised INR7,950.34 crore bid
over an offer by rival Dalmia Bharat Group, BloombergQuint
recalls.

In approving UltraTech's resolution plan for Binani, which was
auctioned to recover unpaid bank dues, NCLAT may have set a
precedence as it favored a proposal that not just paid the
financial lenders but also operational creditors, BloombergQuint
notes.

                        About Binani Cement

Binani Cement is a subsidiary of Binani Industries, a
conglomerate with manufacturing and R&D operations. It has a
manufacturing capacity of 11.25 million tonnes (mt) per annum
with integrated plants in India and China, and grinding units in
Dubai.

On July 25, 2017, the Kolkota bench of the National Company Law
Tribunal (NCLT) admitted an insolvency petition against Binani
Cement.

Bank of Baroda (BoB) had referred Binani to the bankruptcy court
after it failed to repay a sum of INR97 crore. BoB has appointed
Vijaykumar V Iyer of Deloitte India as the interim resolution
professional (IRP) to oversee the insolvency process.

The company owes around INR6,500 crore to a consortium lenders.


BROWN MULTIWALL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Brown Multiwall Paper Bags Ltd

        Registered office:
        14/4, Mathura Road
        Faridabad, Haryana 121001

        Principal office:
        Silverline, 1st floor, S.B.
        Marg, J.B. Nagar, Andheri East
        Mumbai 400059

Insolvency Commencement Date: December 11, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 9, 2019

Insolvency professional: Mr. Arun Chadha

Interim Resolution
Professional:            Mr. Arun Chadha
                         727, Brahmpuri
                         Meerut 250002
                         Uttar Pradesh
                         E-mail: chadharun@yahoo.com

                            - and -

                         E-95/2, Naraina Vihar
                         New Delhi 110028
                         E-mail: cirp.brown@gmail.com

Last date for
submission of claims:    December 26, 2018


DANIA ORO: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Dania Oro Jewellery
Private Limited (Dania Oro) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit        12.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Post Shipment         12.5       CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

   Proposed Long Term    17.31      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with Dania Oro for
obtaining information through letters and emails dated May 31,
2018 and November 22, 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 Dania Oro, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Dania
Oro 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 Dania Oro continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

Dania Oro was incorporated in 2006, promoted by Mr. Pramod Goenka
of Mumbai. The company exports diamondstudded gold jewellery to
the US and UK.


DEEPAK DIAMONDS: CRISIL Lowers Rating on INR18.9cr Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facility
of Deepak Diamonds Private Limited (DDPL) to 'CRISIL D' from
CRISIL BB-/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Export Packing        18.9      CRISIL D (Downgraded from
   Credit                          'CRISIL BB-/Stable')

   Post Shipment          3.6      CRISIL D (Downgraded from
   Credit                          'CRISIL BB-/Stable')

   Proposed Long Term
   Bank Loan Facility     14.5     CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects instances of delay in realization of bills
beyond 30 days.

The rating continues to reflect working capital intensity in
operations and leveraged capital structure. These rating
weaknesses are partially offset by the extensive experience of
promoters in the diamond industry, and moderate financial risk
profile.

Analytical Approach

CRISIL has treated unsecured loan as debt, as they are not
subordinated to bank borrowings.

Key Rating Drivers & Detailed Description

Weakness

* Delay in realization of bills: There have been instances of
bills being overdue beyond 30 days and the banker has classified
the account as NPA (Non-Performing Assets)

* Working capital intensity in operations: Gross current assets
were high at 301 days as on March 31, 2017, due to large
receivables of 273 days.

* Leveraged capital structure: Total outside liabilities to
adjusted networth (TOL/ANW) ratio weakened to 3.06 times as on
March 31, 2017, from 2.6 times as on March 31, 2016, mainly led
by working capital debt.

Strengths

* Extensive experience of the promoters in the diamond industry:
The four-decade long experience of the key promoter, Mr
Parshottambhai Patel in the diamond industry, and established
relationships with customers and major suppliers, has helped
strengthen the company's market position, and aided revenue
growth to INR105.4 crore in fiscal 2017, from INR81.16 crore in
fiscal 2016.

* Moderate financial risk profile: Networth remains moderate at
INR22.21 crore as on March 31, 2017. Debt protection metrics will
be modest in the medium term, with interest coverage at 2.5 times
for fiscal 2017, and expected to be stable, driven by moderate
cash accrual.

Liquidity: Stretched

The liquidity of DDPL is stretched on account of elongation in
its receivable cycle resulting in delays in realization of bills.

DDPL was initially set up as a partnership concern in 1988, and
reconstituted into a private limited company on July 14, 2014,
and renamed DDPL. The company is a family-run business, promoted
by Mr Parshottam Patel, his wife, Mrs Savita Patel and son, Mr
Vijay Patel.

The company mainly manufactures and trades in brown and white
diamonds, in the range of 0.5-20 points (100 points equals 1
carat). It has recently ventured into manufacture and export of
solitaires. Manufacturing facility is at Surat.


DHARMRAJ ALUMINIUM: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Dharmraj Aluminium
Industries Private Limited (DAIPL) continues to be 'CRISIL D
Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         20       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with DAIPL for
obtaining information through letters and emails dated May 31,
2018 and November 22, 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 DAIPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on DAIPL,
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

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

DAIPL, incorporated in 2011, manufactures aluminium ingots. The
company is currently promoted and managed by Mr. Vijay C Gujar
and Mr. Bharat B Gujar. DAIPL has a manufacturing facility in
Aurangabad (Maharashtra) with a capacity of 18,000 tonne per
annum.


DHANLAXMI COTEX: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Dhanlaxmi Cotex (DC)
continues to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         8        CRISIL D (ISSUER NOT COOPERATING)
   Cash Term Loan      2        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with DC for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 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 DC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DC, is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

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

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

Set up in 2013, DC is a partnership firm promoted by the Patel
family. The firm undertakes cotton ginning and pressing
operations at its production facility in Kadi (Gujarat). DC
started its commercial production in October 2014.


DILIP CHHABRIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Dilip Chhabria Design Private Limited

        Registered office:
        Kantuo Industrial Estate
        Road No. 5, Kondvita Village Road
        Andheri Kurla Road, Andheri, Mumbai
        Maharashtra

Insolvency Commencement Date: December 14, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 12, 2019
                               (180 days from commencement)

Insolvency professional: Ilam Chand Kamboj

Interim Resolution
Professional:            Ilam Chand Kamboj
                         401A, Aarcadia Commercial Tower
                         Unitech Arcadia, South City-II
                         Sector-49, Gurugram 122018
                         India
                         E-mail: ickambojklc@gmail.com
                                 dcdesigncirp@gmail.com

Last date for
submission of claims:    December 29, 2018


DINODIA EDUCATIONAL: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Dinodia Educational
Society (DES) continues to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan           12       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with DES for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 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 DES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DES, is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

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

DES, established in 2008, is operating a school near Siliguri,
West Bengal, under the name G D Goenka Public School, Siliguri
(GDGPSS). DES is associated with the GD Goenka group of schools,
and all the facilities have been built up and the school is
operated under the ageis of the group. The school is located at
Dagapur, around 7 Km away from the city of Siliguri, West Bengal,
and is spread over an area of 7.32 acres. GDGPSS has commenced
operation from 2009-10 and operate classes from Nursery to class
XII under the affiliation of Central Board of Secondary
Education.


DYNAMIX CHAINS: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dynamix Chains
Manufacturing Private Limited (Dynamix) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Funded Interest       4.97       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Packing Credit        5.0        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Post Shipment         9          CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

   Proposed Long Term   35.15       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             2.84       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital      15.89       CRISIL D (ISSUER NOT
   Demand Loan                      COOPERATING)

CRISIL has been consistently following up with Dynamix for
obtaining information through letters and emails dated May 31,
2018 and November 22, 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 Dynamix, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Dynamix
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 Dynamix continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

Dynamix, established in October 2007, is promoted by Mr. Pramod
Goenka of Mumbai. It manufactures specialised chains and
pendants, which are exported to the US.


DWARIKAMAYEE BHANDAR: CRISIL Retains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dwarikamayee
Bhandar (DB; part of Maa Kalika group) continues to be 'CRISIL D
Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        4.7       CRISIL D (ISSUER NOT COOPERATING)

   Proposed Cash
   Credit Limit       5.8       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with DB for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 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 DB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DB 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 DB continues to be 'CRISIL D Issuer not
cooperating'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of DB, Kohenoor Industries (KI), Shree
Krushna Enterprises (SKE) and Maa Kalika Bhandar (MKB). The
firms, together referred to as the Maa Kalika group, are under a
common management with common customer and supplier base.
Moreover, the promoters treat the four entities as one single
group for funding and support.

The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such
as sugar, pulses, and edible oil. Operations are primarily
managed by Mr Pawan Kumar Jajodia and his son, Mr Jay Jajodia.


ESSEM JUTE: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Essem Jute
Industries Limited (Essem) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.4        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           5.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      2          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             1.9        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Essem for
obtaining information through letters and emails dated May 31,
2018 and November 22, 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 Essem, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Essem 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 Essem continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.


Essem was set up in Kolkata by Mr. Tarun Mall and Mr. Kailash
Kumar Jhawar in December 2002. The company manufactures jute
products such as jute yarn, hessian cloth, and bags. The
company's facilities are in Cooch Behar (West Bengal).


EVAN MULTISPECIALITY: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Evan Multispeciality Hospital & Research Centre Private
        Limited

        Registered office:
        D-125, Bathla Apartment 43
        Extension Delhi, East Delhi
        Delhi 110092

        Hospital address:
        4th Km, Bhopa Road
        Muzaffarnagar
        Uttar Pradesh 251002

Insolvency Commencement Date: December 3, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 31, 2019

Insolvency professional: Mr. Jitendra Bakshi

Interim Resolution
Professional:            Mr. Jitendra Bakshi
                         D-175, Jhilmil Colony
                         New Delhi
                         Delhi 110095
                         E-mail: jitendra.bakshi@gmail.com

                            - and -

                         Chamber #185, New Lawyers Chamber
                         Block-2, High Court of Delhi
                         New Delhi 110001
                         E-mail:
cirp.evanmultipeciality@gmail.com

Last date for
submission of claims:    December 25, 2018


FUNBARS HOSPITALITY: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s Funbars Hospitality Private Limited

        Registered office:
        10-B, 4th Floor
        Rajindra Park, Pusa Road
        New Delhi 110060

Insolvency Commencement Date: December 19, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 17, 2019
                               (180 days from commencement)

Insolvency professional: Vivek Raheja

Interim Resolution
Professional:            Vivek Raheja
                         JD-2C, 2nd Floor
                         Pitmpura, New Delhi 110034
                         E-mail: vivek@vpgs.in
                                 claims.funbars@gmail.com

Last date for
submission of claims:    January 2, 2019


GOA AUTO: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Goa Auto Accessories Limited
        Mezzanine Floor, C/o EDC Limited
        1st Floor, "EDC House" Dr. A.B. Road
        Panaji, Goa 403001

Insolvency Commencement Date: December 11, 2018

Court: National Company Law Tribunal, Nagpur Bench

Estimated date of closure of
insolvency resolution process: June 10, 2019

Insolvency professional: Suresh Saluja

Interim Resolution
Professional:            Suresh Saluja
                         Plot No. 23, Jaripatka
                         Nagpur 440014
                         Maharashtra
                         E-mail: salujasuresh@gmail.com
                                 cirp.goaato@gmail.com

Last date for
submission of claims:    December 29, 2018


GOLDENLINE INFRA: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Goldenline
Infrastructures Private Limited (GIPL) continues to be 'CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              10        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GIPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 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 GIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GIPL 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 GIPL continues to be 'CRISIL D Issuer not
cooperating'.

GIPL was incorporated in 2006, promoted by Mr. Ashish Gupta along
with Aerens Gold Souk International Ltd of Gurgaon, Haryana. The
company is setting up a residential project, Aerens Golden Tulip,
at Ajmer, Rajasthan.


GVP INFRA: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of GVP Infra Projects
Private Limited (GIPPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              50        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GIPPL for
obtaining information through letters and emails dated May 31,
2018 and November 22, 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 GIPPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on GIPPL,
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

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

GIPPL operates a 15 megawatt hydro power project in Udupi
district in Karnataka. The operations of the company are managed
by the promoter, Mr. G Venkateswara Rao.


GVRMP DHARWAD: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of GVRMP Dharwad
Ramanagar Tollway Private Limited (GDRTPL) continues to be
'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan           150        CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with GDRTPL for
obtaining information through letters and emails dated May 31,
2018 and November 22, 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 GDRTPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on GDRTPL,
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

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

GDRTPL is a special purpose vehicle (SPV) set up as a joint
venture between GVR Infra Projects Limited (51%), RMN
Infrastructures Ltd (25%) and Prathyusha Group (24%) in 2010.
GDRTPL has entered into a 30 year concession agreement with
Karnataka Road Development Corporation Limited to widen and
maintain SH-34 from Dharwad to Ramanagar (Karnataka) for a total
length of 61.4 kms on BOT-toll basis.


GYASI RAM: CRISIL Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Gyasi Ram
Educational Society (GRES) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Overdraft         1.49       CRISIL D (ISSUER NOT COOPERATING)
   Term Loan        11.83       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with GRES for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 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 GRES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GRES, is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

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

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

GRES was setup in 2008 in Sonipat, Haryana. The society has two
colleges in Sonipat, Haryana; International Institute of
Technology and Business (I2TB) offering courses in engineering
and BBA and International Institute of Pharmaceutical Sciences
(I2PS), offering courses in pharmacy and medical lab technology.
The founding members of the society are Prof. Rakesh Ranjan, Mr.
Ved Dahiya, Prof. Jyoti Ranjan and Mr. Arun Thakran.


HBS REALTORS: ICRA Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the Rs.53.56 crore non-convertible
debenture programme of HBS Realtors Private Limited continues to
remain under 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Non-convertible    53.56      [ICRA]D ISSUER NOT COOPERATING;
   Debenture                     Rating continues to remain under
   programme                     '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 1995, HBS Realtors Private Limited is a Mumbai-
based real estate developer involved in large scale city-centric
developments in commercial as well residential segments. The
group has a diversified product mix with a strong presence in
residential, retail, commercial, hospitality and SEZ
developments. Over the last decade, HBS has built strategic
partnerships with reputed business houses such as Phoenix Mills
Limited for the development of its 'Marketcity' projects, and
with the Mody Group of JB Chemicals and Pharmaceuticals for the
development of its pharma SEZ project. Over the years, HBS has
also attracted various financial investors like IL&FS, MPC Fund,
SREI Infrastructure Finance Ltd. and Edelweiss across its various
projects.


HORIZON LEISURE: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Horizon Leisure
Hotels Private Limited (HLHPL) continues to be 'CRISIL D Issuer
not cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      27.17      CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

CRISIL has been consistently following up with HLHPL for
obtaining information through letters and emails dated May 31,
2018 and November 22, 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 HLHPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on HLHPL,
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

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

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

Incorporated on November 09, 2009, HLHPL is Indore-based real
estate developer Horizon group's first venture into the
hospitality sector, which it operates through a tie-up with the
Best Western group. The hotel began commercial operations in
2012-13 (refers to financial year, April 1 to March 31).


INNOVATIVE INFRA: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Innovative
Infraprojects Private Limited (IIPL) continues to be 'CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             17.8       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with IIPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 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 IIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IIPL, is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

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

IIPL, incorporated in 2009, develops residential and commercial
real estate projects in Dhanbad, Jharkhand. Its daily operations
are managed by Mr. Kashish Vyas.


IREO FIVERIVAER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Ireo Fiveriver Private Limited
        C-4, First Floor, Malviya Nagar
        New Delhi 110017

Insolvency Commencement Date: December 13, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 11, 2019

Insolvency professional: Kanwal Chaudhary

Interim Resolution
Professional:            Kanwal Chuadhary
                         EA-413, Maya Enclave
                         New Delhi 64
                         E-mail: kanwalchaudhary@gmail.com
                                 irpkanwwal.ireo@gmail.com

Classes of creditors:    Not yet ascertained

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Sunil Prakash Sharma
                         Mobile: 9810970099
                         E-mail: adv.sunilprakash@gmail.com

                         Mr. Dinesh Chandra Agarwal
                         Mobile: 9810106892
                         E-mail: padamdinesh@gmail.com

                         Ms. Anjali Sharma
                         Mobile: 9810011235
                         E-mail: anjalisharma@
                                 integrallawoffices.org

Last date for
submission of claims:    June 2, 2019


ISR INFRA: CRISIL Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the rating on bank facilities of ISR Infra Private
Limited (IIPL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           2.17       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Open Cash Credit      5          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital       0.83       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with IIPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 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 IIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IIPL, is
consistent with 'Scenario Unlikely Scenario' outlined in the
'Framework for Assessing Consistency of Information with
'Unlikely Scenario'.

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

Established in 2010, IIPL undertakes civil projects such as
construction of roads and bridges. Visakhapatnam, Andhra Pradesh-
based IIPL is promoted by Mr Srinivas Rao and family.


JAHANVI ISPAT: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Jahanvi Ispat
Private Limited (JIPL) continues to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         7        CRISIL D (ISSUER NOT COOPERATING)
   Long Term Loan     11        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with JIPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 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 JIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JIPL, is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

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

JIPL, incorporated in 2009, is promoted by Mr. Pramod Gupta. The
company manufactures thermo-mechanicallytreated steel bars from
mild-steel billets and ingots. The company's manufacturing
facility is at Mandideep, Madhya Pradesh.


JK SURFACE: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of JK Surface Coatings
Private Limited (JKSC) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        7.6        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Overdraft             9.0        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility    1.95       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Rupee Term Loan       1.2        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with JKSC for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 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 JKSC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JKSC 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 JKSC continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 1998, JKSC is a service-contractor of protective
surface coatings. The company, based in Navi Mumbai
(Maharashtra), and promoted by Mr Ajay Sagar and Mr Sanjiv
Thakur, undertakes contracts for application of surface-coatings
at industrial sites, on both work- and labour-contract bases.


JMD OILS: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: JMD Oils Private Limited

        Regional office:
        5/24, Ramesh Nagar
        New Delhi 110015

        Works/Plant:
        Survey No. 320
        Village Bhimasar
        Gandhidham (Kutch)
        Gujarat 370240

Insolvency Commencement Date: December 11, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 9, 2019
                               (180 days from commencement)

Insolvency professional: Sandeep Kumar Gupta

Interim Resolution
Professional:            Sandeep Kumar Gupta
                         H. No. 93, 2nd Floor, DDA
                         Site-1, Shankar Road
                         New Rajinder Nagar
                         New Delhi 110060
                         E-mail: sandeepkumar.gupta@gmail.com

                            - and -

                         Witworth Insolvency Professionals
                         Pvt. Ltd
                         C-124, Ground Floor
                         Lajpat Nagar-I
                         New Delhi 110024
                         E-mail: ip.jmdolls@gmail.com

Last date for
submission of claims:    December 25, 2018


METKORE ALLOYS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Metkore Alloys & Indutries Limited
        Plot No. 18, Sagar Society
        Street No. 1 Road No. 2
        Banjara Hills
        Hyderabad 500034
        Telangana

Insolvency Commencement Date: December 12, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: June 10, 2019

Insolvency professional: Sisir Kumar Appikatla

Interim Resolution
Professional:            Sisir Kumar Appikatla
                         106, First Floor, Bharat Towers, 5th
Lane
                         Dwarakanagar, Visakhapatnam
                         Andhra Pradesh 530016
                         E-mail: sisir_appi@yahoo.co.in

Last date for
submission of claims:    December 26, 2018


NICOMET INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Nicomet Industries Limited
        155, Maker Chamber III, Nariman Point
        Mumbai 400021, Maharashtra
        India

Insolvency Commencement Date: December 14, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 12, 2019

Insolvency professional: Devang P. Sampat

Interim Resolution
Professional:            Devang P. Sampat
                         Bungalow No. 4, Shiv Pooja
                         Plot 100, Sector 29
                         Vashi Navi Mumbai 400703
                         India
                         E-mail: dpsampat@sampatassociates.in

                            - and -

                         #615, Shivai Plaza
                         Plot 79/A, Marol Coop. Industrial Estate
                         Off Andheri Kurla Road
                         Marol, Anderi (East)
                         Mumbai 400059
                         India

Last date for
submission of claims:    December 28, 2018


NINA REALTORS: CRISIL Withdraws D Rating on INR10cr Term Loan
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Nina Realtors (NR) to
'CRISIL D Issuer not cooperating'. CRISIL has withdrawn its
rating on bank facility of NR following a request from the
company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL is migrating the ratings on bank
facilities of NR from 'CRISIL D Issuer Not Cooperating to 'CRISIL
D'. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              10        CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

NR was set up in fiscal 2014 as a partnership firm by Mr. Sabir
Nirman, Mr. Musafir Moin Chashmawala, Mr. Nazir M. Munshi, Mr
Salman N. Munshi and Mr. Tanveer N. Munshi. The firm is currently
undertaking a residential redevelopment project at Chakala Street
at Masjid Bandar, Mumbai.


PARSVNATH LANDMARK: CRISIL Lowers Rating on INR200cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on non-convertible debentures
(NCDs) of Parsvnath Landmark Developers Private Limited (PLDPL)
to 'CRISIL D' from 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible       200        CRISIL D (Downgraded from
   Debentures LT                    CRISIL B+/Stable)

The downgrade reflects delay in interest payment by PLDPL due to
weak liquidity that resulted from muted collections owing to
slower construction progress. Despite achieving 96% saleability
in a group housing project till date, the delay in handover of
Phase I and slowdown in construction progress of Phase II has
adversely impacted customer advances.

The rating continues to reflect exposure to project
implementation risk and modest debt protection metrics. These
weaknesses are partially offset by the favourable location of the
company's La Tropicana project with healthy saleability.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project implementation risk: Construction progress
of Phase II has been delayed due to funding constraints,
resulting in lower-than-expected customer advances. Furthermore,
approval for the building plan of the economically weaker section
(EWS) project (Phase 3) has been pending with New Delhi Municipal
Council for over a year, thus exposing PLDPL to project
implementation risk.

* Modest debt protection metrics: The company had issued INR200
crore of NCDs in October 2016, with a one-year interest
moratorium and scheduled repayments over 36 months through
October 2019. As per the initial agreement, the moratorium ended
on October 12, 2017, and the first coupon of INR10 crore was
payable. However, the stretched liquidity led to the company
restructuring the first NCD coupon payment. The company has been
restructuring the subsequent coupon payments since then. However,
the coupon payment which was due on November 13, 2018 has not
been restructured and PLDPL has failed to make the payment.

Strength

* Favorable location of project with healthy saleability
The La Tropicana project is at the prime location of Civil lines,
New Delhi. The project is being developed in a phased manner with
Phases 1 and 2 comprising luxury apartments spread over 0.2 crore
square foot (sq ft) of saleable area. These phases were launched
in 2009 and have witnessed healthy saleability of about 96% as on
March 31, 2018. Furthermore, the construction of Phase I has been
completed in December 2016 with possession of flats in progress.
Advances of around 90% pertaining to Phase I have been received
and the balance would be received on completion of pending minor
construction and possession of these flats.

Liquidity

Liquidity remains weak because of low cash flow from the La
Tropicana Project. Delay in handover of phase I and slowdown in
construction on phase II have constrained customer advances in
the last two fiscals. This has resulted in need for restructuring
of the NCD coupon payment in the recent past. The coupon payment
which was due on November 13, 2018 has not been paid. Given the
delays in project execution, PLDL's liquidity is likely to
continue to remain stretched with inadequate cash flows to meet
its debt servicing obligations in near to medium term.

PLDPL is a special-purpose vehicle, promoted by Parsvnath
Developers Ltd (PDL; rated 'CRISIL D') to develop La Tropicana, a
0.23-crore sq ft residential project located at Civil Lines, New
Delhi. The project, which is being executed in phases, comprises
505 luxury apartments, houses for the EWS, and commercial units,
spread over a saleable area of 0.2 crore sq ft. The company is
yet to launch its 40-storied building for EWS. Prior to September
2016, PDL held 78.0% equity stake in PLDPL, with Sankaty Advisors
through Sterling Pathway holding 22.0%. After the NCD issuance in
October 2016, PDL has bought out Sterling Pathway's stake in the
company, thereby making PLDPL its wholly-owned subsidiary.

Incorporated in 1990, PDL develops real estate projects, and has
a well-diversified portfolio of residential apartments,
integrated townships, commercial and retail projects, special
economic zones, information technology parks, and hotels.


PARTH COTTON: ICRA Maintains C+ Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for INR6.50 crore bank facilities of Parth
Cotton & Oil Industries continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]C+;
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan          1.50      [ICRA]C+; ISSUER NOT
                                COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

   Cash Credit        5.00      [ICRA]C+; ISSUER NOT
                                COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

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

Incorporated in the year 2012, Parth Cotton & Oil Industries
(PCOI) is engaged in the business of cotton ginning and cotton
seed crushing. The firm commenced commercial production from
November 2013 from its manufacturing facility located at Morbi in
Gujarat. The unit is equipped with 24 ginning machines, 1
pressing machine and 5 expellers, having processing capacity of
approx. 17280 MTPA of raw cotton. PCOI is a partnership firm with
the promoters having extensive experience in the cotton industry
for more than a decade.


RAI BAHADUR: CRISIL Maintains 'C' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Rai Bahadur Narain
Singh Sugar Mills Limited (RBNL) continues to be 'CRISIL C/CRISIL
A4 Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Bank Guarantee      2       CRISIL A4 (ISSUER NOT COOPERATING)
   Cash Credit       181       CRISIL C (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with RBNL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 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 RBNL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RBNL 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 RBNL continues to be 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

Incorporated in 1932 and promoted by Mr Rai Bahadur Narain Singh,
RBNL started commercial production in 1935. It currently has a
manufacturing capacity of 8,400 TCD of sugar. Operations are
managed by promoter's son, Mr Hardev Singh Akoi.


RAJAPUR MINERALS: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rajapur
Minerals' (Rajapur) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR21 mil. Term loan due on January 2020 affirmed with
    IND B+/Stable rating; and

-- INR29 mil. Fund-based facilities affirmed with
    IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects Rajapur's continued small scale of
operations, as indicated by revenue of INR209 million in FY18
(FY17: INR132 million). The growth in revenue was attributed to
an improvement in order inflows due to the lifting of the iron
ore ban from Goa in 2014 as well as business diversification
through the setting up of an irrigation construction division in
FY18. As of November 2018, the company had orders worth INR650
million, to be executed before January 2021. Rajapur recorded a
revenue of INR200 million during 8MFY19.

The ratings also factor in the moderate credit metrics. The net
leverage (total adjusted net debt/operating EBITDAR) improved to
2.9x in FY18 (FY17: 4.6x) due to an increase in absolute EBITDA
(FY18: INR63 million; FY17: INR47 million). However, interest
coverage (operating EBITDA/gross interest expense) deteriorated
slightly to 2.9x in FY18 (FY17: 3.0x) because of an increase in
interest expenses (FY18: INR22 million; FY17: INR16 million),
resulting from increased debt in the last quarter of FY17.

The ratings are constrained by the volatility in the EBITDA
margin, which ranged between 30.0%-54.4% during FY14-FY18 due to
fluctuations in the orders' margins. In FY18, the RoCE was 8%
(10%) and the EBITDA margin fell to a modest 30% (FY17: 35.3%)
due to the execution of relatively low-margin orders.

However, the ratings are supported by Rajapur's comfortable
liquidity profile, with its fund-based facilities being utilized
at an average of 52.6% for the 12 months ended November 2018. The
company's cash flow from operations surged to INR12 million in
FY18 (FY17: INR1 million) due to an improvement in the operating
EBITDA from INR 47 million to INR63 million. As of March 2018,
Rajapur had an unutilized credit line of INR2 million and a term
loan of INR21 million, which will be repaid fully in January
2020.

The ratings also benefit from the proprietor's experience of more
than two decades in iron ore mining.

RATING SENSITIVITIES

Negative: Any substantial decline in the scale of operation and
operating profitability, leading to a sustained deterioration in
the credit metrics, all on a sustained basis, will be negative
for the ratings.

Positive: An increase in the scale of operations while
maintaining profitability margin at the current level, leading to
an improvement in credit metrics, would be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2002, Rajapur is promoted and managed by Mr.
Satish Rajapur. The company is engaged in the extracting,
crushing, screening and transportation of iron ore.


SHARMA PHARMACEUTICAL: Ind-Ra Assigns B+ Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sharma
Pharmaceutical Private Limited (SPPL) a Long-Term Issuer Rating
of 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50.00 mil. Fund-based limits assigned with IND B+/
    Stable/IND A4 rating; and

-- INR40.00 mil. Non-fund-based limits assigned with IND A4
    rating.

KEY RATING DRIVERS

The ratings reflect SPPL's small scale of operations, although
the company's revenue rose 30.58% yoy to INR447.79 million in
FY18 on account of an increasing demand for orthopedic implants
and instruments. It achieved INR250.00 million in revenue for
April-November 2018. Also, the margins in FY18 were modest at
8.60% (FY17: 9.26%) due to high operating expenses and industry
competition. Return on capital employed was 9% (13%).

The ratings also reflect SPPL's weak credit metrics in FY18 with
interest coverage (operating EBITDAR/gross interest expense) at
1.67x (FY17: 1.69x) and net leverage (adjusted net debt/operating
EBITDAR) at 8.42x (3.23x). The leverage increased sharply in FY18
owing to a rise in debt level.

The ratings are constrained by the company's tight liquidity,
indicated by an average maximum fund-based limit use of 100% for
the 12 months ended November 2018.

The tight liquidity was due to an elongated working capital cycle
of 230 days in FY18 (FY17: 129 days) because of a long receivable
period of 246 days (198 days).

The ratings however are supported by the company's promoters'
experience of over two decades in manufacturing surgical
instruments.

RATING SENSITIVITIES

Positive: A sustained improvement in the revenue and credit
metrics will be positive for the ratings.

Negative: Sustained deterioration in the credit metrics, could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2004 by Mr. Dayanand Sharma, SPPL manufactures
orthopedic implants and instruments in Vadodara.


SHREE GANESH: Ind-Ra Raises Long Term Issuer Rating to 'B'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shree Ganesh
Metaliks Limited's (SGML) Long-Term Issuer Rating to 'IND B' from
'IND C'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR1,953.88 bil. (reduced from INR1.972 bil.) Term loans due
     on March 2030 upgraded with IND B/Stable rating;

-- INR350 mil. Fund-based limits upgraded with IND B/Stable
     rating; and

-- INR165 mil. Non-fund-based limits affirmed with IND A4
    rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in SGML's liquidity position
as indicated by 98.42% average utilization of the working capital
limits during the 12 months ended November 2018 compared to
almost 100% earlier. Also, cash flow from operations increased to
INR193.62 million in FY18 (FY17: negative INR28.43 million),
owing to an increase in cash accruals. Moreover, cash and cash
equivalents rose to INR398.75 million at FYE18 (FYE17: INR230.73
million). Also, the net cash cycle shortened to 79 days in FY18
(FY17; 130 days) due to an improvement in receivable and
inventory days.

The upgrade also reflects an improvement in SGML's revenue,
leading to an improvement in its credit metrics. Revenue grew to
INR3,672.82 million in FY18 (FY17: INR2,620.85 million), on
account of an increase in sales volume. The company reported an
EBITDA profit of INR398.75 million in FY18 as against INR230.73
million in FY17. The improvement in EBITDA was attributed to the
increase in sales volume, leading to better absorption of fixed
costs. EBITDA interest coverage (operating EBITDA/gross interest
expenses) stood at 1.3x in FY18 (FY17: 0.7x) and net financial
leverage (net debt/operating EBITDA) at 5.8x (11.0x).

However, the scale of operations remains medium and credit
metrics weak.

Also, the company continues to report modest EBITDA margins
(FY18: 10.9%; FY18: 8.8%), due to huge competition from
unorganized players. Return on capital employed was 10% in FY18
(FY17: 4%).

The ratings remain supported by the promoter's experience of more
than one decade in the steel industry.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margin, along with an increase
in the working capital position leading to deterioration in
liquidity, all on a sustained basis, may lead to a negative
rating action.

Positive: An increase in EBITDA margin leading to an improvement
in the credit metrics and an improvement in the working capital
cycle leading to improved liquidity, all on a sustained basis,
may lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2003, SGML manufactures sponge iron and billets
in Sundargarh district of Odisha. The company is headed by its
promoter director Mr. Manoj Kumar Agarwal.


SYSTEM CONTROL: ICRA Withdraws B+ Rating on INR3.75cr Cash Loan
---------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ ISSUER NOT
COOPERATING with Stable outlook for the INR0.25-crore term loan
and INR3.75-crore cash credit facilities of System Control &
Automation Private Limited (SCAPL). ICRA has also withdrawn the
long-term rating of [ICRA]B+ ISSUER NOT COOPERATING with Stable
outlook and the short-term rating of [ICRA]A4 ISSUER NOT
COOPERATING for the INR2.00-crore non-fund based bank facility of
SCAPL.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based          0.25       [ICRA]B+ (Stable) ISSUER NOT
   Limits-Term                    COOPERATING; Withdrawn
   Loan

   Fund-based          3.75       [ICRA]B+ (Stable) ISSUER NOT
   Limits-Cash                    COOPERATING; Withdrawn
   Credit Facility

   Non-Fund based      2.00       [ICRA]B+ (Stable)/[ICRA]A4;
   Limit-Bank                     ISSUER NOT COOPERATING;
   Guarantee                       Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company.

Incorporated in 1993, SCAPL is involved in the manufacturing of
electrical relay and control panel. The company's manufacturing
facility is located at Beleghata, Kolkata in West Bengal. SCAPL
is an authorised Original Equipment Manufacturer (OEM) of Alstom
India Ltd. and Value Added Reseller (VAR) partner of Siemens Ltd.
The promoters have experience of more than two decades in the
control and relay panel board industry. SCAPL has reputed
clientele comprising both public and private sector players.


U.P. IINFRAESTATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: U.P. Infraestate Private Limited
        A-49 Sector 63
        Noida, UP 201301

Insolvency Commencement Date: December 13, 2018

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: June 10, 2019

Insolvency professional: Devinder Arora

Interim Resolution
Professional:            Devinder Arora
                         1301, Vijaya Building
                         17, Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: dev_arora@hotmail.com

                            - and -

                         1203, Vijaya Building
                         17, Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: Devinder.rp@gmail.com

Classes of creditors:    Allottees under a Real Estate Project
                         under Sec.5 (8)(F) of the Insolvency and
                         Bankruptcy Code, 2016

Insolvency
Professionals
Representative of
Creditors in a class:     Mr. Rajeev Lochan
                          243, First floor AGCR Enclave
                          Delhi 110092
                          Opp. KKD Court
                          E-mail: csrajeevlochan@gmail.com

                          Dr. Durga Das Agrawal
                          Vikasdeep Building
                          Laxmi Nagar District Centre
                          New Delhi 110092
                          E-mail: cadda.ip@gmail.com

                          Mr. Harvinder Singh Kohli
                          N-2 (Ground Floor)
                          Green Park Extension
                          New Delhi 110016
                          E-mail: hskohli.adv@gmail.com

Last date for
submission of claims:     December 28, 2018


UMA RANI: ICRA Maintains C+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA continues to keep the ratings for the bank facilities of Uma
Rani Agrotech Private Limited (URAPL) under 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]C+
/[ICRA]A4 ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       2.25       [ICRA]C+ ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund based-       3.15       [ICRA]C+ ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

   Non-Fund based-   0.25       [ICRA]A4 ISSUER NOT COOPERATING;
   Bank Guarantee               Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Established in 2010, URAPL is engaged in milling of par boiled
rice; and has an installed production capacity of 28,800 MTPA of
rice. The rice mill started commercial production from February
2014. The company's rice milling facility is located in the
Birbhum district of West Bengal.


V3S INFRATECH: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of V3S Infratech
Limited (V3S) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       11.61       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit          34.38       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             7.01       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with V3S for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 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 V3S, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on V3S 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 V3S continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

V3S was incorporated in 2003, promoted by the Kurele family. The
company develops real estate commercial and residential projects
and also undertakes construction activities. It is owned by Mr.
Yogendra Chandra Kurele, his son Mr. Chanchal Kurele and his wife
Mrs. Manjulata Kurele.



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


SC ESTATE: Net Loss Widens to MYR913,000 in Q3 Ended Oct. 31
------------------------------------------------------------
Sun Daily reports that SC Estate Builder Bhd's net loss has
widened in the third quarter ended Oct. 31, 2018 to MYR913,000,
from MYR855,000 in the previous corresponding quarter due to the
one-off expenses incurred for the rights issue.

Revenue for the quarter declined 23% to MYR1.57 million, compared
with MYR2.03 million in the same period last year, Sun Daily
says.

This was due to business from the trading of aluminium and
machines parts that has been inactive despite there was an
increase in the revenue generated from the construction/project
management segment and the trading of building materials segment,
the group said in a Bursa Malaysia filing, the report relays.

For the nine months period, its net loss narrowed to MYR1.74
million, from MYR1.8 million a year ago, while revenue plunged
57% to MYR5.97 million, against MYR13.87 million previously, Sun
Daily discloses.

On its prospects, the group said although it is cautious about
the current challenges in the construction industry, it will
continue to seek ways to improve its financial performance for
the current financial year, according to Sun Daily.

Currently, the group said it is focusing on its efforts to
complete the existing construction contract in hand and will
continue to secure more contract to replenish its order book as
well as to improve the group's overall performance.

The current construction project is progressing within
expectation, it added, Sun Daily relays.

SC Estate Builder Berhad, an investment holding company, engages
in construction and related activities in Malaysia. The company
operates through Construction, Manufacturing, and Trading
segments. The Construction segment offers project management
services, such as design and build, building and infrastructure
projects, including planning, costing and implementation, and
procurement for building materials, labor, etc. The Manufacturing
segment designs, manufactures, and distributes precision systems,
expanded metals, and turbine ventilators. The Trading segment is
involved in trading of building materials and other related
products.



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


ACCENT ON: Placed in Liquidation; Debt Hits NZ$9 Million
--------------------------------------------------------
Stuff.co.nz reports that Accent on Construction went into
receivership with the loss of 40 jobs in November and now it's
been placed in liquidation.

According to Stuff, liquidators Jared Booth and Tony Maginness of
Rodway Staples have made their first report about how the
receivership is disputed by the company's shareholder and funder,
and the sole director Ian Fistonich.

Stuff relates that the liquidators, who have greater powers under
the law, said they have sent a letter to receiver Damien Grant
advising that they want to take over the job of recovering any
money, but they haven't heard back.

Meanwhile, Mr. Fistonich's latest Linkedin post said "looking for
new opportunity" -- seven other of his related companies were
also placed in receivership in the lead up to Christmas and their
projects halted, Stuff reports.

The debts owed by the companies comes to more than NZ$9 million
so far, Stuff discloses.

Secured lenders are owed more than NZ$4 million, unsecured trades
suppliers about NZ$3.8 million, and preferential creditors NZ$1.7
million, including employees owed NZ$136,409, adds Stuff.

There are more than 150 unsecured suppliers ranging from
stationery shops to concrete suppliers, and a raft of
tradespeople, the report notes.

According to Stuff, the liquidators' report said receiver Grant
was appointed by Premier Legal Finance which is controlled by
Graeme Halse, who was also the company's solicitor, trustee of
the main shareholder, and solicitor to Mr. Fistonich.

Mr. Fistonich disputed the validity of Mr. Halse's appointment of
the receiver, the report says.

Stuff adds that liquidators said that although Premier Legal
Finance was owed most among the secured creditors at NZ$3.1
million, other secured creditors rank higher - including ASB owed
NZ$840,000 and Finance Now owed NZ$141,416.

The liquidators have obtained legal advice on the receivership
but won't make it publicly available because it may be
"prejudicial," the report states.

They have yet to identify the value of any assets within the
companies, the report says.

Most of the projects carried out by the Fistonich companies have
been residential developments and schools in the Auckland area,
Stuff adds.


BK'S FOUR: Up for Sale After Going Into Receivership
----------------------------------------------------
NZ Herald reports that a Four Square in Auckland was tipped into
receivership on Christmas Eve -- but the store has reopened under
an acting manager and will be put up for sale as a going concern
in the new year.

David Bridgman and Craig Sanson of PwC, were appointed receivers
for BK's Four Square in Torbay, Auckland on December 24, but had
the doors open again by Boxing Day, the Herald discloses.

According to the Herald, Mr. Bridgman said PwC is still in the
early stages of establishing how much money is owed by owner-
operator Sagar Patel, who has now been replaced by an interim
manager.

But he said the business is healthy, with weekly revenue and
other metrics that compare well with other Four Squares, the
Herald relates.

It ran into trouble because Mr. Patel had financial difficulties
that were "somewhat unrelated" but impacted the business, the
report says.  Mr. Bridgman did not want to comment further on the
nature of the franchisee's business problems at this point, the
report states.

Four Square stores are run as franchises under the umbrella of
Foodstuffs, which also includes New World and Pak'nSave. Bridgman
says Foodstuffs is BK's main creditor.

A former Four Square owner who now works for Foodstuffs was
drafted in as acting BK's manager, allowing the store to reopen
immediately after Christmas.

The Herald relates that Mr. Bridgman said it's business as usual.
The half dozen staff have kept their jobs. He's confident of
selling the business as a going concern, the report adds.

However, it won't be put on the block immediately. Mr. Bridgman
said PwC will wait until the holiday quiet period ends, the
Herald reports.



===============
X X X X X X X X
===============


* Asian Debt Defaults Expected to Rise on Tighter Liquidity
-----------------------------------------------------------
Denise Wee at Bloomberg News reports that a growing chorus of
observers expect debt defaults in Asia will spread as weakening
currencies and tighter liquidity leave riskier borrowers with
higher refinancing costs.

Rising failures add to headwinds that governments have to
navigate during a politically fraught 2019, with elections in
India and Indonesia, Bloomberg says. Asian dollar bond market
defaults tripled to at least nine in 2018 from the previous year,
according to Bloomberg-compiled data.

In India, a landmark default by shadow lender Infrastructure
Leasing & Financial Services Ltd. has tightened liquidity for
non-bank lenders, while China's deleveraging campaign and push to
cut the number of zombie companies have prompted more failures,
Bloomberg says. Mounting nonpayments may sour sentiment in the
credit market, but could boost business for investors in problem
assets.

According to Bloomberg, Edwin Wong, chief investment officer at
Hong Kong-headquartered investment firm SSG Capital Management,
which invests in distressed debt, sees the biggest opportunities
in China and India amid tight liquidity.

The U.S.-China trade war is also starting to hit companies, as
rising interest rates pressure businesses, according to FTI
Consulting, a firm that advises on restructuring, Bloomberg
relays.

"We are setting up the business on the premise that we will see
an increase in defaults in 2019," Bloomberg quotes John
Batchelor, Asia head for corporate finance and restructuring at
the firm, as saying.  The company is looking to increase its
headcount in Hong Kong and China, he added.

Ron Thompson, a managing director at Alvarez & Marsal Asia who
leads the firm's Asia restructuring practice, said the crackdown
on China's $10 trillion shadow banking market is also
contributing to a rise in defaults, as many entrepreneurs have
limited access to the nation's banking system, according to
Bloomberg.

In India, the overhauled bankruptcy regime is likely to continue
to put pressure on companies to sort out their debt problems or
be forced into insolvency, Bloomberg says. The abrupt resignation
of Urjit Patel as central bank governor has prompted some to
question his successor's independence, Bloomberg states.

While it's too early to tell what the new governor will do, the
government's "concerted efforts" to clean up the banking sector
and create better protection for creditors should remain, Mr.
Wong, as cited by Bloomberg, said.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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 ***