/raid1/www/Hosts/bankrupt/TCRAP_Public/190704.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

          Thursday, July 4, 2019, Vol. 22, No. 133

                           Headlines



A U S T R A L I A

AUSTRALIAN MUTUAL: First Creditors' Meeting Set for July 10
AUSTRALIAN VOCATIONAL: Second Creditors' Meeting Set for July 12
COMMSITE INTEGRATED: Second Creditors' Meeting Set for July 9
J.H. PLASTERING: Second Creditors' Meeting Set for July 8
LIDCO DISTRIBUTIONS: Second Creditors' Meeting Set for July 8

RITEMP TECHNOLOGIES: First Creditors' Meeting Set for July 10
SKILL TRAINING: First Creditors' Meeting Set for July 11
SQUIRREL LIMITED: First Creditors' Meeting Set for July 11
WELLARD LTD: Suspends Shares Ahead of Recapitalisation Plans


C H I N A

DAFA PROPERTIES: S&P Rates New USD Senior Unsecured Notes 'B-'


I N D I A

ADLABS ENTERTAINMENT: Banks Expect Loan Resolution Before September
ARSHIT GEMS: ICRA Keeps D on INR28cr Loans in Not Cooperating
AVERA RESOURCE: ICRA Keeps D on INR11cr Loan in Not Cooperating
CHANDRALOK RESIDENCY: CRISIL Moves D Loan Rating to Non-Cooperating
CIEMME JEWELS: ICRA Keeps D on INR38cr Loans in Not Cooperating

DIGITAL TRAVELS: Insolvency Resolution Process Case Summary
DNP FOODS: ICRA Keeps D on INR16cr Loans in Not Cooperating
ENRICH RD: ICRA Keeps C+ on INR3cr Loan in Not Cooperating
JAYPEE INFRATECH: Stay on Insolvency Case to Continue
KISHAN GUM: ICRA Keeps B on INR5.94cr Loans in Non-Cooperating

KLASSIC CONSTRUCIONS: Insolvency Resolution Process Case Summary
MANDALIA OVERSEAS: ICRA Keeps D Ratings in Not Cooperating
MANISHA CONSTRUCTION: ICRA Maintains B+ Rating in Not Cooperating
MARUTHI FOOD: Insolvency Resolution Process Case Summary
MDI LABORATORIES: Insolvency Resolution Process Case Summary

MEHTA & ASSOCIATES: ICRA Lowers Rating on INR8cr Loan to D
NAIK ENVIRONMENTAL: ICRA Keeps B on INR6cr Loan in Not Cooperating
NARENDRA EMPORIS: ICRA Keeps B+ on INR15cr Loans in Non-Cooperating
PIONEER FABRICATORS: Insolvency Resolution Process Case Summary
PLANTET 'M' RETAIL: Insolvency Resolution Process Case Summary

PRATIBHA ELECTRICAL: CRISIL Cuts Rating on INR6.5cr Loan to D
QUALITRONICS (MADRAS): CRISIL Withdraws B- Rating on INR6cr Loans
RIONA LAMINATE: ICRA Keeps B+ on INR6.5cr Loans in Not Cooperating
ROYALICA TILES: ICRA Keeps B on INR7cr Loans in Not Cooperating
S TEN: CRISIL Assigns 'D' Rating to INR8.4cr Loans

SAHU KHAN: ICRA Withdraws B+ Rating on INR12cr LT Loan
SAI KRISHNA: Insolvency Resolution Process Case Summary
SPS METAL: Insolvency Resolution Process Case Summary
STEPS DUMASK: Insolvency Resolution Process Case Summary
TEKNOVATION ENGINEERS: CRISIL Cuts Rating on INR3.8cr Loan to D

VARIETY LUMBERS: ICRA Hikes Rating on INR2cr Cash Loan to B-
[*] INDIA: ICRA CEO Put on Leave Amid Credit Rating Probe
[*] INDIA: Wilful Defaults Cross $21 Billion in 2018-2019


N E W   Z E A L A N D

NELSON RELIANCE: Liquidators Seek Court Summons for Directors


P H I L I P P I N E S

EAST COAST RURAL: Creditors' Claim Deadline Set for Aug. 13

                           - - - - -


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

AUSTRALIAN MUTUAL: First Creditors' Meeting Set for July 10
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Mutual Holdings Limited will be held on July 10, 2019, at 2:30 p.m.
at the offices of BRI Ferrier (NSW), Level 30, at Australia Square,
264 George Street, in Sydney, NSW.

Peter Paul Krejci of BRI Ferrier was appointed as administrator of
Australian Mutual on
June 28, 2019.


AUSTRALIAN VOCATIONAL: Second Creditors' Meeting Set for July 12
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Vocational Learning Centre Pty Ltd has been set for July 12, 2019,
at 11:00 a.m. at the offices of Nicols + Brien, Level 2, at 350
Kent Street, in Sydney, NSW.

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

Steven Nicols of Nicols + Brien was appointed as administrator of
Australian Vocational on June 3, 2019.


COMMSITE INTEGRATED: Second Creditors' Meeting Set for July 9
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Commsite
Integrated Communications Pty Ltd has been set for July 9, 2019, at
11:00 a.m. at the offices of Vince & Associates, 51 Robinson
Street, in Dandenong, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 8, 2019, at 4:00 p.m.

Peter Robert Vince and Paul William Langdon of Vince & Associates
were appointed as administrators of Commsite Integrated on June 3,
2019.


J.H. PLASTERING: Second Creditors' Meeting Set for July 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of J.H. Plastering
Services Pty Ltd has been set for July 8, 2019, at 10:30 a.m. at
the offices of Worrells Solvency & Forensic Accountants, Level 1,
Unit 5, at 72 Gheringhap Street, in Geelong, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 7, 2019, at 5:00 p.m.

Nathan Lee Deppeler and Scott Andersen of Worrells Solvency were
appointed as administrators of J.H. Plastering on June 3, 2019.


LIDCO DISTRIBUTIONS: Second Creditors' Meeting Set for July 8
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Lidco
Distributions Pty Ltd has been set for July 8, 2019, at 11:30 a.m.
at the offices of Deloitte Financial Advisory Pty Ltd, at Eclipse
Tower, Level 19, at 60 Station Street, in Parramatta, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 5, 2019, at 4:00 p.m.

David Ian Mansfield and Michael Charles Hird of Deloitte Financial
Advisory were appointed as administrators of Lidco Distributions on
May 31, 2019.


RITEMP TECHNOLOGIES: First Creditors' Meeting Set for July 10
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ritemp
Technologies Pty Ltd will be held on July 10, 2019, at 12:00 p.m.
at Level 8 West Wing, at 50 Grenfell Street, in Adelaide, SA.

Peter Ivan Macks & Ian Wayne Burford of Macks Advisory were
appointed as administrators of Ritemp Technologies on July 1,
2019.


SKILL TRAINING: First Creditors' Meeting Set for July 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Skill
Training Victoria Pty Ltd will be held on July 11, 2019, at 11:00
a.m. at The Capital, at 50 View St, in Bendigo, Victoria.  

Nathan Lee Deppeler and Scott Andersen of Worrells Solvency were
appointed as administrators of Skill Training on July 1, 2019.


SQUIRREL LIMITED: First Creditors' Meeting Set for July 11
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Squirrel
Limited will be held on July 11, 2019, at 10:00 a.m. at the offices
of Hall Chadwick, Level 40, at 2 Park Street, in
Sydney, NSW.

Richard Albarran, Brent Trevor-Alex Kijurina and Richard John
Lawrence of Hall Chadwick were appointed as administrators of
Squirrel Limited on July 1, 2019.


WELLARD LTD: Suspends Shares Ahead of Recapitalisation Plans
------------------------------------------------------------
Jenne Brammer at The West Australian reports that troubled live
exporter Wellard has voluntarily suspended its shares, pending the
release of an announcement about a proposed recapitalisation and
restructure.

According to the report, the suspension follows the company putting
its shares into a trading halt on July 1, foreshadowing the
announcement, which was planned for July 3 but is now set to be
released by July 5.

The West Australian says the announcement relates to discussions
Wellard is engaged in to recapitalise its business or restructure
its operations, including its position with its convertible
noteholders.

The stock has plummeted 40 per cent from 4 cents since June 11 when
the company revealed a default had triggered a hike in repayments
of its debt of AUD15 million, the report says.

The West Australian relates that Wellard, led by executive chairman
John Klepec, said at the time Wellard was considering options to
meet a doubling in monthly redemptions to $US1 million and an
interest rate rise from 14 per cent to 21 per cent.

Options included a restructuring of its balance sheet, including
the possible sale of a vessel, but the company warned there was no
certainty that such opportunities could be completed in the short
term, the report says.

Wellard also announced in June that Mauro Balzarini, whose family
started Wellard, had stepped down as chief executive and was no
longer a director of the exporter, adds The West Australian.

Headquartered in Fremantle, Australia, Wellard Limited --
http://www.wellard.com.au/-- primarily supplies live sheep and  
cattle to customers in the Middle East and Asia. It operates
through Trading and Chartering, and Other segments. The Trading and
Chartering segment engages in the business of livestock marketing;
buying livestock from various sources for export to buyers in
international markets; and logistics and transportation activities
for the delivery of livestock, which include the carriage of cargo
owned by third parties through its vessels. The Other segment
processes and distributes meat.




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

DAFA PROPERTIES: S&P Rates New USD Senior Unsecured Notes 'B-'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
U.S.-dollar-denominated senior unsecured notes that DaFa Properties
Group Ltd. (DaFa: B/Stable/--) proposes to issue. DaFa intends to
use the net proceeds to refinance existing debt. The issue rating
is subject to S&P's review of the final issuance documentation.

S&P said, "We rate the notes one notch lower than the issuer credit
rating on DaFa because the debt is significantly subordinated to
other debt in the company's capital structure. As of Dec. 31, 2018,
DaFa's capital structure consists of about Chinese renminbi (RMB)
5.6 billion of secured debt and RMB56 million of unsecured debt. As
such, the secured debt ratio is about 99%, above our threshold of
50% for notching down the issue rating. We believe the ratio will
have improved slightly following DaFa's issuance of US$120 million
in one-year senior notes in April 2019.

"The stable outlook on DaFa reflects our expectation that the
company will continue to grow and maintain high expenditure on land
acquisitions over the next 12 months. Despite our expectation of a
moderate increase in leverage, the company could significantly
reduce its reliance on high-cost alternative financing and lower
its funding cost."




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

ADLABS ENTERTAINMENT: Banks Expect Loan Resolution Before September
-------------------------------------------------------------------
Press Trust of India reports that the Union Bank of India-led
consortium of 13 lenders is hopeful of finding a resolution for
their INR1,100-crore exposure to Adlabs Entertainment before
September outside the National Company Law Tribunal -- either by
selling their distressed loans to asset reconstruction companies or
finding an investor, two sources familiar with the development
said.

The bankers, however, are more hopeful and keen on selling their
loans to asset reconstruction companies, and a loan auction is
likely to begin shortly, said the sources, PTI says.

PTI relates that while the Tourism Finance Corporation had moved
the Mumbai NCLT last September to recover its INR46 crore dues from
the company, state-run Corporation Bank had filed for bankruptcy in
early June to recover its INR80-crore loan. However, the bankruptcy
tribunal has not approved both these pleas as 11 other banks are
not keen on a bankruptcy process.

This has renewed the hope of other 11 lenders to find a resolution,
said a banker, the report relays. The bankruptcy laws demand 75
percent of the lenders consent for a plea to be admitted for
insolvency proceedings. Apart from Union Bank, Adlabs' bankers
include Bank of Baroda, Indian Overseas Bank, Bank of India,
Central Bank, Syndicate Bank, Punjab & Sind Bank and Jammu &
Kashmir Bank among others.

According to the report, the lenders to the Manmohan Shetty-owned
company that runs the country's first theme park Imagica on the
Mumbai-Pune Expressway along with a 5-star hotel are at advanced
stage of discussions for an out-of-court settlement. These includes
selling their loans to an ARC or finding a financial investor a
buyer for a majority stake from the popular Hindi film producer
Shetty who owns 32 percent in the firm. The rest of the stakes in
the company are with the public, the report states.

"We are in the process of soliciting consent from other 11 banks to
sell our loan exposure collectively to an investor or an ARC," said
the banker cited above. When contacted a senior official at Union
Bank, which is the lead lender with an exposure of INR240 crore to
the company, confirmed to PTI that "they are at an advanced stage
of discussions with all interested parties", but refused to share
details.

PTI says Adlabs refused to confirm or deny the developments,
saying, the management is in active conversation with the lenders
to find a resolution outside the bankruptcy tribunal. There have
been reports that asset reconstruction company Arcil has expressed
interest in taking over the debt. In fact, Asset Reconstruction
Company (India) Ltd. along with its hedge fund partner Avenue
Capital has submitted a proposal to the creditors to take over the
stressed loans.

Union Bank had in January appointed financial consultant BDO to
advice it on the loan sale, while the company has roped in Imap
India to advise it on a debt resolution, PTI recounts. Another
source said the company is in negotiations with some financial
investors led by Shaan Agro & Reality India which already owns a
7.85 percent in Adlabs. Another investor who has shown interest is
Catalytic Solutions & Management Services, floated by Ashutosh
Maheshwari, who was earlier with Rabobank and Motilal Oswal, PTI
says.

This consortium is keen on rescuing the company, though it isn't
yet clear whether it would buy the remaining equity or partner with
Shetty for a one-time settlement with creditors, the source said,
PTI relays. Apart from the theme park spread over 130 acres at
Khopoli and the 287-key Novotel hotel nearby, Adlabs has a 204-acre
land parcel nearby which it has been trying to sell for long but
landed in a legal tangle, the report says.

Promoted by Mr. Manmohan Shetty and his family, Adlabs
Entertainment Limited, has set up an amusement park which is a
combination of a theme park, a water park, a snow park and Novotel,
a 4-star hotel -- all under the Imagica Umbrella -- at Khopoli,
spread over an area of 140 acres, with another surplus area of 170
acres. The project was started in April 2011. The theme park
commenced partial operations and after a soft launch on April 18,
2013, it commenced full scale operations from November 1, 2013. The
water park was commissioned from October 1, 2014, and the first
phase of the hotel, comprising 116 rooms, commenced in September
2015. The snow park started operating from the first week of April
2016. Currently, Novotel has 287 rooms.


ARSHIT GEMS: ICRA Keeps D on INR28cr Loans in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for INR28.00 crore bank facilities of Arshit
Gems (AG) continues to remain under 'Issuer Not Co-operating'
category. The ratings are denoted as "[ICRA]D ISSUER NOT
CO-OPERATING" (pronounced ICRA D Issuer Not Co-operating). ICRA had
earlier moved the rating of AG to the 'ISSUER NOT CO-OPERATING'
category due to non-submission of requisite information by the
entity to undertake surveillance of the ratings.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term/Short      28.00      [ICRA]D/[ICRA]D ISSUER NOT
   term, fund                      COOPERATING; Ratings continue
   based limits                    to remain in 'Issuer Not
                                   Cooperating' category

The ratings are based on no updated information on the entity's
performance since the time it was last rated in March 2018. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

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

Incorporated in 1988, Arshit Gems is a partnership firm based in
Mumbai. The firm is engaged in importing rough diamonds, cutting,
polishing and marketing them in India as well as to other
countries. The firm has manufacturing units situated at Surat (two
units), Bhavnagar (three units) and Rajkot (one unit).


AVERA RESOURCE: ICRA Keeps D on INR11cr Loan in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for INR 11.00-crore bank facilities of Avera
Resource Private Limited continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING". ICRA had earlier moved the rating of ARPL to the
'ISSUER NOT COOPERATING' category due to non-submission of
requisite information by the entity to undertake surveillance of
the rating.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Short Term-         11.00     [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund Based                Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

The rating is based on no information on the entity's performance
since the time it was last rated in March 2018. The lenders,
investors and other market participants are thus advised to
exercise appropriate caution while using this rating as the rating
does not adequately reflect the credit risk profile of the entity.
The entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.
Incorporated in 2005, ARPL is engaged in opportunistic trading of
steel products and chemicals. ARPL is promoted by Mr. Alok Gupta
and Mrs. Divya Gupta. Earlier, Mr. Alok Gupta was the Chairman and
Managing Director of ACI Infocom Limited (AIL), which was engaged
in trading of steel, coal and scrap. Mr. Alok Gupta sold his stake
in AIL and resigned from its board of directors in February 2012. A
part of the trading business of AIL was spun-off and transferred to
ARPL during that period. Mr. Alok Gupta continued the steel trading
business henceforth under ARPL. The promoters of ARPL entered into
biomass pellet manufacturing business under ACI Clean Energy
Private Limited (ACEPL). ACEPL was set up through promoters' own
funds and ARPL does not hold any stake in ACEPL or vice-versa.


CHANDRALOK RESIDENCY: CRISIL Moves D Loan Rating to Non-Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Chandralok
Residency Private Limited (CRPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan              5        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CRPL for obtaining
information through letters and emails dated June 10, 2019 and June
14, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

CRPL, established in 2010, is setting up a 22-key hotel in Rewa,
Madhya Pradesh. The company is promoted by Rewa-based Mr. Satnam
Singh and Mr. Mohanveer Singh.


CIEMME JEWELS: ICRA Keeps D on INR38cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for INR38.30-crore bank facilities of Ciemme
Jewels Limited continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING". ICRA had earlier moved the rating of CJL to the
'ISSUER NOT COOPERATING' category due to non-submission of
requisite information by the entity to undertake surveillance of
the rating.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       24.00      [ICRA]D ISSUER NOT
   Based Cash Credit               COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-Fund       13.90      [ICRA]D ISSUER NOT
   Based Term Loan                 COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-Non         0.40      [ICRA]D ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

The rating is based on no information on the entity's performance
since the time it was last rated in March 2018. The lenders,
investors and other market participants are thus advised to
exercise appropriate caution while using this rating as the rating
does not adequately reflect the credit risk profile of the entity.
The entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.
Ciemme Jewels Limited (CJL) is a wholly owned subsidiary of C
Mahendra International Limited (CMIL). CMIL is in turn a wholly
owned subsidiary of C Mahendra Exports Limited which is the
flagship company of the C Mahendra Group. CMIL is the holding
company for all other C Mahendra group companies. CJL was
incorporated on April 03, 2003 as C.M. Jewels Private Limited to
buy, sell, export, import, deal, market and manufacture diamonds,
precious stones, semi-precious stones and jewellery. The name of
the company was changed to Ciemme Jewels Private Limited on June
06, 2003. The company was converted into a public limited company
and name was further changed to Ciemme Jewels Limited with effect
from June 28, 2007. The company is engaged in the manufacturing and
marketing of Diamond studded jewellery. It also engages in trading
of diamonds.


DIGITAL TRAVELS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Digital Travels Private Limited
        Shop No. 9, Manisha Bliz
        Near Photo Fast, Shankar Math
        Hadapsar Pune Mh 411028 In

Insolvency Commencement Date: June 19, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 16, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Sekar Ananthanarayan

Interim Resolution
Professional:            Mr. Sekar Ananthanarayan
                         B-305, Sai Jyote
                         Laluhhai Park West
                         Vile Parle West
                         Mumbai 400056
                         E-mail: a.sekar.cs@gmail.com

Last date for
submission of claims:    Within 14 days from the date of
                         publication notice.


DNP FOODS: ICRA Keeps D on INR16cr Loans in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR16.00-crore bank facilities of DNP
Foods Limited continue to remain in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Short term-        16.00     [ICRA]D ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain in
                                the 'Issuer Not Cooperating'
                                category

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

Incorporated in September 2006 as a public limited company, DNP
Foods Limited is engaged in processing and exporting seeds and
spices, mainly guar gum splits at its 12,000 metric tons per annum
(MTPA) processing plant at Umbergam, Gujarat, which commenced
operations in April 2010. The company is closely held by the Palani
family. The core products of the company - guar gum splits - are
versatile and efficient bio-polymers covering a wide range of
applications, such as oil well drilling, human and pet food,
textile printing, paper, explosive, water treatment and ore
flotation with oil and gas (O&G) segment is DNP's major customer.



ENRICH RD: ICRA Keeps C+ on INR3cr Loan in Not Cooperating
----------------------------------------------------------
ICRA said the rating for INR 15.00-crore bank facilities of Enrich
RD Infraprojects Private Limited continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]C+/[ICRA]A4 ISSUER NOT COOPERATING". ICRA had earlier moved
the rating of ERIPL to the 'ISSUER NOT COOPERATING' category due to
non-submission of requisite information by the entity to undertake
surveillance of the rating.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-Fund     3.00       [ICRA]C+ ISSUER NOT COOPERATING;
   Based Cash                    Rating continues to remain under  

   Credit                        'Issuer Not Cooperating'
                                 Category

   Short Term-Non-    7.00       [ICRA]A4 ISSUER NOT
   Fund Based                    COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long Term/Short    5.00       [ICRA]C+/[ICRA]A4 ISSUER NOT
   Term-Unallocated              COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

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

The rating is based on no information on the entity's performance
since the time it was last rated in March 2018. The lenders,
investors and other market participants are thus advised to
exercise appropriate caution while using this rating as the rating
does not adequately reflect the credit risk profile of the entity.
The entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.
Enrich RD Infraprojects Private Limited (ERDIPL) was initially
established as a proprietorship firm - R D Electricals by Mr.
Dashrath Redekar in 1986 and converted to a private limited company
in 2007. The operations of the company are collectively managed by
the directors of the company- Mr. Sunil Agrawal and Mr. Deepak
Redekar. ERDIPL is engaged in executing turnkey projects involving
designing, supply, erection, testing and commissioning of the
overhead electrification1 for railways. The company is also engaged
in the trading of steel items such as MS Angles, plates, channels
and electrical fittings like GPRS modules and others.

The company is an electrical contractor and primarily participates
in tenders floated by the railways, which are awarded to the lowest
bidder i.e. based on L1 pricing. The major clients of company
include Central Railway, Western Railway, Southern Railway and
Northern Railway.


JAYPEE INFRATECH: Stay on Insolvency Case to Continue
-----------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal on July 2 directed representatives of lenders, allottees
and other stakeholders in debt-ridden Jaypee Infratech Ltd. to
appear before it on July 17 after banks rejected NBCC (India)
Ltd.'s acquisition bid.

BloombergQuint relates that the three-member bench headed by
Justice Chairman SJ Mukhopadhyaya said it is not keen to consider
Adani Group's bid at this stage saying it has no experience in
infrastructure and questioned the banks on backdoor negotiations
with the business conglomerate.

It directed Jaypee Infratech's committee of creditors to produce a
gist of the resolution plan submitted by NBCC and objections they
have with regard to the plan, adds BloombergQuint.

                      About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development.  The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

On August 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In September 2017, the Supreme Court of India stayed the insolvency
proceedings initiated against JIL, after various associations of
homebuyers moved a batch of petitions fearing they will lose their
apartments and not get any compensation, according to Livemint. The
stay was later revoked by the court, which directed the resolution
professional to submit an interim resolution plan that takes into
account the interest of homebuyers.

The court also directed the parent company, JAL, to deposit
INR2,000 crore to protect the interest of homebuyers.  Out of this,
only INR750 crore has been deposited so far, Livemint relayed.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company, JAL owes
more than INR29,000 crore to various banks, the report added.


KISHAN GUM: ICRA Keeps B on INR5.94cr Loans in Non-Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR5.94-crore bank facilities of
Kishan Gum Industries continue to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable);
ISSUER NOT COOPERATING" for the bank facilities of the company.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based          5.94       [ICRA]B (Stable); 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.

Established in September 2014, Kishan Gum Industries (KGI) is
engaged in processing guar gum seeds to manufacture guar gum
refined splits as main product and churi and kroma as by product.
The guar gum refined splits finds it application as raw material in
guar gum powder manufacturing industries whereas churi and korma
are largely used as cattle feed. The plant is located at Halvad in
Surendranagar district of Gujarat with capacity of processing
10,800 MT of raw guar seeds per annum. The firm commenced
commercial operations in June 2015.


KLASSIC CONSTRUCIONS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Klassic Constructions Pvt Ltd
        Shop No. 2, Zoom Plaza Co-op Hsg Soc Ltd
        Opp Gorai Bus Depot, Borivali West
        Mumbai 400091

Insolvency Commencement Date: June 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 21, 2019

Insolvency professional: S. Gopalakrishnan

Interim Resolution
Professional:            S. Gopalakrishnan
                         R-2/202, Moraj Riverside Park, Takka
                         Panvel 410206
                         Raigad District, Maharashtra
                         E-mail: gopi63@gmail.com

                            - and -

                         Kanchansobha Debt Resolution Advisors LLP
                         1507-Wing, One BKC, Plot No. C-66
                         G Block, Bandra Kurla Complex
                         Bandra East, Mumbai 400051
                         E-mail: klassic@kanchansobha.com

Last date for
submission of claims:    July 12, 2019


MANDALIA OVERSEAS: ICRA Keeps D Ratings in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for INR10.00 crore bank facilities of
Mandalia Overseas Corporation (MOC) continues to remain under
'Issuer Not Co-operating' category. The ratings are denoted as
"[ICRA]D ISSUER NOT CO-OPERATING". ICRA had earlier moved the
rating of MOC to the 'ISSUER NOT CO-OPERATING' category due to
non-submission of requisite information by the entity to undertake
surveillance of the ratings.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based-        1.05       [ICRA]D ISSUER NOT COOPERATING;
   Overdraft                     Ratings continue to remain in
                                 'Issuer Not Cooperating'
                                 Category

   Fund based-       (4.00)      [ICRA]D ISSUER NOT COOPERATING;
   Packing Credit                Ratings continue to remain in
                                 'Issuer Not Cooperating'
                                 Category

   Fund-based-        8.00       [ICRA]D ISSUER NOT COOPERATING;
   Post-shipment                 Ratings continue to remain in
   Credit                        'Issuer Not Cooperating'
                                 Category

   Unallocated        0.95       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Ratings continue to remain in
                                 'Issuer Not Cooperating'
                                 Category

The ratings are based on no updated information on the entity's
performance since the time it was last rated in March 2018. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

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

Established in 1971, as a partnership firm, MOC is engaged in
export of variety of agro-products as well as packed foods.

The firm has its registered office located in Masjid, Mumbai and
has two rented warehouses in Navi Mumbai. The firm is registered
with various government organizations like National Agricultural
Cooperative Marketing Federation (NAFED), Agricultural and
Processed Food Products Export Development Authority (APEDA) and is
also a recognized export house by the Government of India.


MANISHA CONSTRUCTION: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for INR20.00 crore bank facilities of Manisha
Construction Co. (MCC) continues to remain under 'Issuer Not
Co-operating' category. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT CO-OPERATING" and "[ICRA]A4 ISSUER NOT
COOPERATING". ICRA had earlier moved the rating of MCC to the
'ISSUER NOT CO-OPERATING' category due to non-submission of
requisite information by the entity to undertake surveillance of
the ratings.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term,          3.00        [ICRA]B+(Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Limit                           to remain in 'Issuer Not
                                   Cooperating' category

   Short-term         15.50        [ICRA]A4 ISSUER NOT
   Non-fund Based                  COOPERATING; Rating continues
   Limits                          to remain in 'Issuer Not
                                   Cooperating' category

   Unallocated         1.50        [ICRA]B+(Stable)/[ICRA]A4
   Limit                           ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   in 'Issuer Not Cooperating'
                                   category

The ratings are based on no updated information on the entity's
performance since the time it was last rated in December 2017. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

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

Manisha Construction Co. was established as a partnership firm in
1985 and the company constructs petty roads (such as stone
pavements, cement concrete pavements, paver blocks and asphalt
roads), lays sewerage pipelines and culverts, and repairs roads and
buildings for government clients. The firm is registered as an 'AA
Class' contractor with the Municipal Corporation of Greater Mumbai
(MCGM) and as a 'Class 1' contractor with the Public Works
Department (PWD) of Maharashtra. Apart from this, MCC is also
involved in job work, which comprises sub-contract work and leasing
of machinery and labour. The firm has its registered office in
Mumbai.

MCC, along with its group company, K.R.S. & Jain Associates {Rated
[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT CO-OPERATING} is involved in
the same line of business. K.R.S. & Jain Associates is a
proprietorship firm established in 2005 and operates in the Mumbai
region.


MARUTHI FOOD: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Maruthi Food Processing and Agri Products Export
        (India) Private Limited
        Flat No. 303, Block A, Sreevatsa Platinum
        Appartment Edayarpalayam
        Velandipalayam Post
        Coimbatore 641025

Insolvency Commencement Date: June 21, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: December 18, 2019

Insolvency professional: R. Ramela

Interim Resolution
Professional:            R. Ramela
                         "RAJI", 3B1, 3rd floor, Gaiety Palace
                         No. 1L Blackers Road
                         Next building to Casino Theatre
                         Mount Road, Chennai 600002
                         E-mail: rum_jai@yahoo.com

Last date for
submission of claims:    July 5, 2019


MDI LABORATORIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: MDI Laboratories Pvt. Ltd.
        G-6, Sharda Chamber
        15, New Marine Lines Road
        Mumbai 400020

Insolvency Commencement Date: June 27, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 26, 2019

Insolvency professional: CA Naren Sheth

Interim Resolution
Professional:            CA Naren Sheth
                         1014-1015, Prasad Chamber
                         Tata Road No. 1, Opera House
                         Charni Road (East)
                         Mumbai 400004
                         Mobile: 09821133426
                         Tel.: 022 66322870
                         E-mail: mkindia58@gmail.com
                                 nvsheth@mkindia.com

Last date for
submission of claims:    July 11, 2019


MEHTA & ASSOCIATES: ICRA Lowers Rating on INR8cr Loan to D
----------------------------------------------------------
ICRA has downgraded the long-term rating for the bank facility of
Mehta & Associates Fire Protection Systems Private Limited
(MAFPSPL) to [ICRA]D ISSUER NOT COOPERATING from [ICRA]B ISSUER NOT
COOPERATING. ICRA has also downgraded the Short-term rating for the
bank facility of Mehta & Associates Fire Protection Systems Private
Limited (MAFPSPL) to [ICRA]D ISSUER NOT COOPERATING from [ICRA]A4
ISSUER NOT COOPERATING. The rating continues to remain in the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D; ISSUER NOT COOPERATING" for the bank facilities of the
company.

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

   Non Fund based-     8.00      [ICRA]D ISSUER NOT
   Bank Guarantee                Downgraded from [ICRA]B
                                 (Stable); Rating continues to
                                 remain in the 'Issuer Not
                                 Cooperating' category       

   Non Fund Based-     2.25      [ICRA]D ISSUER NOT
   Letter of Credit              COOPERATING; Downgraded from
                                 [ICRA]A4; Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

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

Rationale

The ratings take into consideration the irregularity in debt
servicing by MAFPSPL, as confirmed by its lender to ICRA.

Mehta & Associates Fire Protection System Private Limited (MAFPS)
is an Ahmedabad based contractor for fire protection services. Its
core business incorporates procurement and installation of fire
protection system for various clients. It undertakes numerous
turnkey projects to procure, supply and erect the entire fire
protection system for various clients, particularly power and power
grid projects. Incorporated in 1984, MAFPS was founded by Mr Jayant
Mehta ā€“ the first-generation entrepreneur. Prior to establishing
Mehta & Associates, he worked with The Grinnell Fire Protection
Systems Co Inc., in Dallas, Texas (TYCO Group) for 7 years in
different capacities from Design Engineer to Manager (Eng.) of
Special Hazards department. Since 2009, after Mr Jayant Mehta's
demise, the company is being managed by his sons - Kaushal Mehta
and Kunal Mehta.MAFPS has two operating divisions ā€“ Systems and
Products. The systems division undertakes turnkey projects for
supply and installation of fire protection system on site. In
products division, it undertakes local distribution of
internationally procured cables and detectors from Protectowire and
Detectomat.


NAIK ENVIRONMENTAL: ICRA Keeps B on INR6cr Loan in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for INR6.00 crore bank facilities of Naik
Environmental Engineers Private Limited (NEEPL) continues to remain
under 'Issuer Not Co-operating' category. The ratings are denoted
as "[ICRA]B (Stable) ISSUER NOT CO-OPERATING" and "[ICRA]A4 ISSUER
NOT COOPERATING". ICRA had earlier moved the rating of NEEPL to the
'ISSUER NOT CO-OPERATING' category due to non-submission of
requisite information by the entity to undertake surveillance of
the ratings.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term,           4.50       [ICRA]B(Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Limits                          to remain in 'Issuer Not
                                   Cooperating' category

   Short-term           1.50       [ICRA]A4 ISSUER NOT
   Non-fund                        COOPERATING; Rating continues
   Based Limits                    to remain in 'Issuer Not
                                   Cooperating' category

The ratings are based on no updated information on the entity's
performance since the time it was last rated in March 2018. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

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

Naik Environmental Engineers Private Limited (NEEPL) is a private
limited company incorporated in the year 1990. The company is an
environmental engineering company providing solutions for waste
water recycling. The company has a patented product with brand name
'Ecobiopack'. NEEPL has its owned registered office and work
facility located in Navi Mumbai spread across an area of 2,800
square feet whereas it has an additional workshop in Khopoli
(Raigad district in Maharashtra).


NARENDRA EMPORIS: ICRA Keeps B+ on INR15cr Loans in Non-Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the Rs15.00 crore bank facilities of
Narendra Emporis Limited continues to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-         15.00      [ICRA]B+ (Stable); ISSUER NOT
   Cash credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Non Fund based-    (13.50)     [ICRA]A4; ISSUER NOT
   sublimit to                    COOPERATING; Rating continues
   cash credit                    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 and 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.

Narendra Emporis Limited (NEL) (erstwhile, Narendra Cotton Ginning
& Pressing Company Private Limited) was incorporated in 1997 by Mr.
Narendra Lakhani who has had more than 30 years of experience in
cotton business line. Currently the business is being managed by
Mr. Narendra Lakhani and his two sons Mr. Dharmesh Lakhani and Mr.
Niraj Lakhani. The company was initially set up as a ginning and
pressing facility for processing raw cotton into bales. Later on,
in 2007-08 the company undertook expansion through forward
integration into spinning of yarn (open ended) with having capacity
of 20 TPD and is equipped with 6 spinning machines with 1728
rotors. The company used to give its additional capacity for job
work till FY10, however in FY11 the capacity utilization was almost
full and no job work income was realized. Further, the company is
also involved in manufacturing of grey fabrics and knitted fabrics
having the manufacturing capacity of 4 TPD, followed with the
establishment of weaving plant consisting of 25 weaving machines.
Further from FY15, the company has also diversified into Ring Spun
Carded Cotton yarn manufacturing with installation of 13 spinning
machines and 3 attachments with 16,704 spindles.


PIONEER FABRICATORS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Pioneer Fabricators Private Limited

        Registered office:
        H.No. 460/4C1, Block No. 25A
        Vishwas Nagar, Shahdhara
        Near Mandir
        New Delhi 32

        Plant:
        B-2, Saraswati Industrial Estate Partapur
        Meerut 250103 UP

Insolvency Commencement Date: June 12, 2019

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Ravi Sharma

Interim Resolution
Professional:            Ravi Sharma
                         D-63, JFF Complex
                         Jhandewalan
                         New Delhi 55
                         E-mail: ip.ravisharma@gmail.com

Last date for
submission of claims:    July 5, 2019


PLANTET 'M' RETAIL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Planet 'M' Retail Limited
        171-C, 17th Floor Mittal Court C Wing
        Nariman Point Mumbai MH 400021

Insolvency Commencement Date: June 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 22, 2019

Insolvency professional: Mr. Kshitiz Gupta

Interim Resolution
Professional:            Mr. Kshitiz Gupta
                         Flat No. A7/502, Siddharth Nagar
                         Building No. 2 CHSL
                         Off Western Express Highway
                         Borivali East
                         Mumbai Suburban 400066
                         Maharashtra, India
                         E-mail: kshitiz.ca@gmail.com
                                 cirp.planetm@gmail.com

Last date for
submission of claims:    July 9, 2019


PRATIBHA ELECTRICAL: CRISIL Cuts Rating on INR6.5cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Pratibha Electrical Contractor LLP (PECL) to 'CRISIL D//CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. The downgrade reflects overutilization in cash credit
limits for more than 30 days.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         13        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit             6.5      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING')

   Inland/Import           3.0      CRISIL D (ISSUER NOT
   Letter of Credit                 COOPERATING; Downgraded
                                    from 'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Letter of Credit        2        COOPERATING; Downgraded
                                    from 'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      0.5      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING')

CRISIL has been consistently following up with PECL for obtaining
information through letters and emails dated December 31, 2017 and
May 31, 2018, Feb 26, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Formed in 1987 as proprietorship firm and converted into a limited
liability partnership firm in 2014, PECL is engaged in supply,
erection, installation and testing of sub-station equipment along
with laying of transmission and distribution lines for private as
well as government organisations. The firm is promoted by Mr.
Hrishikesh Joshi and is based out of Pune (Maharashtra).


QUALITRONICS (MADRAS): CRISIL Withdraws B- Rating on INR6cr Loans
-----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of
Qualitronics (Madras) Private Limited (QMPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Open Cash Credit       4.5      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Working Capital        1.5      CRISIL B-/Stable (ISSUER NOT
   Term Loan                       COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with QMPL for obtaining
information through letters and emails dated March 31, 2018 and
September 28, 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 QMPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for QMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has Continues the rating on the bank facilities of QMPL to 'CRISIL
B-/Stable Issuer not cooperating'.

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

Established in 1996 as a partnership firm and later converted to a
company, Qualitronix Madras Private Limited (QMPL) is engaged in
sale of security systems like CCTV, burglar alarm, fire alarms, and
security alarms. Based in Chennai, Tamil Nadu the company is
promoted by Mr. S Raghu, Mrs. Sulochana Nagarajan and Mr. V
Ramachandran.


RIONA LAMINATE: ICRA Keeps B+ on INR6.5cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the ratings for the INR6.50-crore bank facilities of
Riona Laminate Pvt. Ltd. (RLPL) continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING" for the bank facilities
of the company.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-          3.50      [ICRA]B+(Stable); ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund based-          3.00      [ICRA]B+(Stable); ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2011, Riona Laminate Pvt. Ltd. (RLPL) was set up to
manufacture high pressure decorative laminates which are primarily
used in furniture for surface decoration. The company commenced
commercial production in September 2012. It is owned and managed by
Mr. Kishan Bhalodiya, Mr. Jayntilal Kanani and Mr. Jaydeep Kanani.
The plant is in Morbi (Gujarat) and has an installed capacity to
manufacture 90000 sheets per month. The company mainly manufactures
decorative sheets of the size 8'x4' with thickness ranging from
0.8mm-1.0 mm which is the most common size sold in India. The
company also manufactures phenol resin and melamine resin for
captive consumption as well as sold externally.


ROYALICA TILES: ICRA Keeps B on INR7cr Loans in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR7.07-crore bank facilities of
Royalica Tiles (RT) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B
(Stable)/A4; ISSUER NOT COOPERATING" for the bank facilities of the
company.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Proposed           7.07        [ICRA]B (Stable)/A4; ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
   Limits                         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.

Royalica Tiles will initially engage in manufacturing of digital
vitrified parking tiles of two sizes i.e. 12"x12" and 8"x24". The
plant of the company is located in Morbi, Gujarat. The plant has an
installed capacity of 51300 MTPA (9000 boxes) of digital vitrified
parking tiles. RT is likely to commence its trial runs from July
2016 and commercial production from August 2016.


S TEN: CRISIL Assigns 'D' Rating to INR8.4cr Loans
--------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities of
S Ten Lighting (STL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL D (Assigned)
   Long Term Loan         5.4       CRISIL D (Assigned)

The rating reflects delay in repayment of term loan instalment
because of stretched liquidity due to delay in commencement of
operation along with modest scale of operations. However, these
weaknesses are partially offset by experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in meeting term debt obligation: Cash accrual remained
insufficient to meet debt obligation, leading to delays in
repayment of bank debt.

* Modest scale of operation: The firm has commenced operation in
the month of August 2018 and estimating revenue of Rs 15-16 crore
during fiscal year 2019. Hence operation of the firm remain
modest.

Strengths

* Experience of promoter: Benefits from the proprietor's experience
of over 2 decades, strong understanding of local market dynamics,
and healthy relations with customers and suppliers should continue
to support the business.

Liquidity
Liquidity stretched marked by insufficient cash accruals to meet
debt obligation.

Established in 2017, STL is promoted by Mr Biren Shah and Mr Sujit
Kapse. The firm is engaged in assembling of of electrical/lighting
products & components, LED Products.


SAHU KHAN: ICRA Withdraws B+ Rating on INR12cr LT Loan
------------------------------------------------------
ICRA has withdrawn the long-term ratings assigned to Sahu Khan
Chand Foods (SKCF) at the request of the company, based on the
no-objection certificate provided by its banker, and in accordance
with ICRA's policy on withdrawal and suspension.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       12.00      [ICRA]B+(Stable) ISSUER NOT
   Based/Cash Credit               COOPERATING; Withdrawn

Incorporated in 2008, SKCF is a partnership firm of Ms. Bhagwati
Devi, Mr. Mausam Gupta, Ms. Neeru Chaudhary, Mr. Nirmal Gupta, Mr.
Rakesh Chandra and Mr. Tejendra Chaudhary. The firm is involved in
the processing and freezing of vegetables, primarily green peas at
two of its manufacturing units in Sambhal, Uttar Pradesh. The
firm's processing units are equipped with two individual quick
freezing (IQF) technology machines. The unit has a storage capacity
of 5,400 MT of vegetables and an annual processing capacity 10,000
metric tonne. Frozen green peas are sold under the brand name of
Sahu Fresh.


SAI KRISHNA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sai Krishna Cores Private Limited
        Registered address:
        9-1-205/1, Shanti Nagar
        Bhadrachalam, Khammam 507111
        Telangana State
        E-mail: itskirankumar@gmail.com

Insolvency Commencement Date: June 25, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: December 22, 2019
                               (180 days from commencement)

Insolvency professional: Ram Murthy Kommera

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

Last date for
submission of claims:    July 12, 2019


SPS METAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: SPS Metal Cast & Alloys Ltd
        Elegant Towers 224A, A.J.C.
        Bose Road Kolkata WB 700017

Insolvency Commencement Date: June 25, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 21, 2019

Insolvency professional: Mr. Rakesh Kumar Agarwal

Interim Resolution
Professional:            Mr. Rakesh Kumar Agarwal
                         20, N.S. Road
                         Room no. 15, Block-A
                         Kolkata 700001
                         E-mail: rakesh202@hotmail.com

Last date for
submission of claims:    July 9, 2019


STEPS DUMASK: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Steps Dumask Waste Procesing Services Pvt. Ltd.
        Plot No. 721/1, Sector 7B
        Gandhinagar Ahmedabad GJ 382007
        India

Insolvency Commencement Date: June 19, 2019

Court: National Company Law Tribunal, Ahmedabad, Gujarat Bench

Estimated date of closure of
insolvency resolution process: December 16, 2019

Insolvency professional: Ms. Anjali Choksi

Interim Resolution
Professional:            Ms. Anjali Choksi
                         A, 4th Floor, Galaxy Line
                         Behind Samartheshwar Mahadev Temple
                         Law Garden, Ahemdabad 380006
                         E-mail: Anjali.choksi@anaca.in

                            - and -

                         DJNV & Co
                         2nd Floor, H.N. House
                         Opposite MuktaJivan Colour Lab
                         Above Income-Tax Under Bridge
                         Stadium Circle, Navrangpura
                         Ahmedabad 380009
                         E-mail: cirp.steps@gmail.com

Last date for
submission of claims:    July 10, 2019


TEKNOVATION ENGINEERS: CRISIL Cuts Rating on INR3.8cr Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Teknovation
Engineers Private Limited (TEPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating', as there has been on-going delays in term loan
repayments.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.05       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit           2.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             3.8        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with TEPL for obtaining
information through letters and emails dated November 30, 2018,
February 14, 2019 and February 20, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality.

Based on the last available information, CRISIL has downgraded its
ratings on bank facilities of TEPL to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating', as there has been on-going delays in term loan
repayments.

Incorporated in January 1988, TEPL is engaged in manufacturing of
machineries for paper industry as per specification of customers.
TEPL also in engaged in corrosion management for hydel power and
thermal power projects, however majority of the revenue is derived
from sale of machineries to paper industry.


VARIETY LUMBERS: ICRA Hikes Rating on INR2cr Cash Loan to B-
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Variety
Lumbers Private Limited (VLPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based           2.00       [ICRA]B-(Stable); Upgraded
   Cash Credit                     from [ICRA]C

   Non-fund based      20.00       [ICRA]A4; Reaffirmed
   Import Letter
   of Credit cum
   Buyers Credit       

Rationale

The revision in the ratings takes into account the regular debt
servicing in the past five months, following the improvement in the
working capital cycle. Additionally, the churning up of inventory
to sales with easing up of labour shortage issues and realisation
of receivables leading to some easing up of liquidity position in
recent months. The ratings continue to favourably factor in the
extensive experience of VLPL's promoters in the timber industry and
the location-specific advantages due to the company's proximity to
the Kandla port in Gujarat.

The ratings, however, are constrained by the company's weak
financial risk profile, marked by a leveraged capital structure,
weak coverage indicators and tight liquidity position owing to high
working capital intensity (31% as on FY2019-end). ICRA notes that
the inventory days increased to 97 in FY2019 from 58 in FY2018-end
because of temporary labour shortage; however, the problem is
expected to be resolved in the near term. Further, the ratings
factor in the stiff competition in the timber industry and the
vulnerability of VLPL's profitability to volatility in timber
prices and to foreign exchange fluctuation because of substantial
imports.

Outlook: Stable

ICRA expects VLPL to continue to benefit from the extensive
experience of its promoters in the timber business and the
strategic location of its facilities. The outlook may be revised to
Positive if substantial growth in revenue and profitability leads
to higher-than-expected cash accruals, which along with prudent
working capital management improve the liquidity and the overall
financial risk profile. The outlook may be revised to Negative if
substantial reduction in scale and profitability leads to
inadequate cash accruals or any stretch in the working capital
cycle weakens the company's liquidity position and impacts its debt
repayments capabilities.

Key rating drivers

Credit strengths

Extensive experience of promoters in timber industry - Incorporated
in 2002, VLPL's operations are managed by the members of the Dubey
family, who have more than two decades of experience in the timber
business.

Location-specific advantage - VLPL's facility is located at
Gandhidham in Gujarat, which has been declared a timber zone by the
Government. Further, as a major part of its procurement is through
imports, the company's proximity to the Kandla port in Gujarat
provides logistical advantage.

Regular debt servicing and improvement in working capital cycle -
The company has been regularly repaying his debts to its lenders
since the last five months (i.e. January 2019 - May 2019). Further,
with churning up of inventory to sales with easing up of labour
shortage issues and realisation of stuck receivables in recent
months there has been some easing up of liquidity position.

Credit challenges

Weak financial risk profile characterised by leveraged capital
structure and weak coverage indicators - Low value addition in
timber sawing and trading business results in low operating margin
(4.7% in FY2018) and net margin (0.9% in FY2018). VLPL's capital
structure continues to remain leveraged; the gearing was 2.3 times
as on FY2018-end and 2.7 times as on FY2017-end. The debt coverage
indicators remained weak, with interest coverage of 1.4 times,
TD/OPBIDTA of 4.3 times, DSCR of 1.3 times and NCA/TD of 6% as on
FY2018-end as against interest coverage of 1.3 times, TD/OPBIDTA of
8.6 times, DSCR of 1.2 times and NCA/TD of 3% as on FY2017-end.
Further, its operating income (OI) declined by 14% to INR37.8 crore
in FY2019 (provisional numbers) from INR43.9 crore in FY2018.

Stretched liquidity position - VLPL's working capital intensity
spiked substantially in FY2019 - the NWC/OI was 31% as on
FY2019-end compared to 20% as on FY2018-end-due  to an increase in
inventory holding to 97 days in FY2019 from 58 days in FY2018. The
inventory increased as labour shortage lowered production, leading
to pile up of raw material inventory. However, by May 2019, the
labour shortage problem was addressed, which released the stuck raw
material inventory and consequently improved the liquidity
position.

Intense competition due to presence of numerous players - The
company's margins are low as timber sawing and trading is a low
value-added business. Additionally, stiff competition from numerous
players operating in the fragmented industry keeps the company's
margins under check.

Exposure to government regulations of importing country; volatility
in timber prices - A significant share of VLPL's key raw material
requirement, i.e. timber, is imported from New Zealand. This
exposes the company to the risks associated with timber
availability and adverse changes/restrictions in timber export
policies by the Government of the timber-supplying countries.

Vulnerability of profitability to adverse fluctuation in foreign
currency exchange rate - Import constitutes a major part of VLPL's
total purchase and the entity does not have any formal hedging
policy for its forex risk; hence, its import payables remain
exposed to adverse movements in forex rates.

Liquidity position

VLPL's fund flow from operations (FFO) turned positive to INR0.31
crore in FY2018, compared to FY2017. Additionally, its free cash
flows (before debt repayment) turned positive due to lower
incremental working capital requirement. The company's liquidity
position is expected to remain tight, given the LC repayment in the
near term. However, normalisation of labour situation has improved
the conversion cycle of inventory to finished goods and increased
the realisation of receivables, which are expected to support the
liquidity. The liquidity will be further supported by cushion
available in terms of undrawn working capital limits.

Incorporated in 2002, VLPL processes and trades timber logs and
manufactures wooden pallets. It deals in radiate pine logs, which
are mainly imported from New Zealand and Singapore. The plant is
located at Gandhidham in Gujarat, which is close to the Kandla
port. The company is promoted by the Dubey family, the key
promoters being Mr. Swami Nath Dubey and his son Mr. Jay Kumar
Dubey. The promoters have more than 25 years of experience in the
timber business.

In FY2018, VLPL reported a net profit of INR0.40 crore on an
operating income (OI) of INR43.90 crore compared to a net profit of
INR0.26 crore on an OI of INR36.72 crore in the previous year.
Further, it achieved revenue of INR37.8 crore in FY2019 on a
provisional basis.


[*] INDIA: ICRA CEO Put on Leave Amid Credit Rating Probe
---------------------------------------------------------
Rahul Satija and Divya Patil at Bloomberg News report that Moody's
Investors Service's India unit has put its chief on leave amid a
probe into a controversial rating decision, in the latest sign of
trouble in the nation's credit evaluation industry.

ICRA Ltd.'s board has decided to place Chief Executive Officer
Naresh Takkar on leave, the company said in an exchange filing on
July 1. According to the report, the rater is examining concerns
raised in a whistle-blower complaint, sent to it by the regulator,
that its executives interfered to guarantee top ratings for a
financier that plunged to default just two months later.

The rating company was probing certain matters related to a debt
score it assigned to a client and its subsidiaries, ICRA said in
May, without naming the client, Bloomberg relays. ET Now television
channel had reported that the complaint said the executives meddled
to ensure systemically important Infrastructure Leasing & Financial
Services Ltd. would receive a AAA rating, citing people it didn't
identify.

According to the report, the board's decision comes at a time when
financial regulator Securities and Exchange Board of India is
tightening rules for rating companies. Those firms have come under
fire for missing warning signs like the infrastructure financier's
soaring debt load, which jumped 44% between 2015 and 2018. The
default of IL&FS sent shock waves across the country's credit
markets, triggering a liquidity crisis that is still reverberating
among the shadow lenders.

"The current credit market turbulence is eroding the market's
confidence on credit rating companies," Bloomberg quotes Hemant
Dharnidharka, chief executive officer at Dharni Wealth, a firm that
provides financial advisory services to high net-worth individuals,
as saying. "There have been cases where there has been no warning
or action by rating companies and the borrower has defaulted on
debt repayments."

A year after the IL&FS crisis broke, Indian shadow banks' woes are
continuing to mount, Bloomberg says. Investors are demanding nearly
the highest premium in six years to hold the financiers' short-term
debt. An expanding list of firms including Edelweiss Financial
Services Ltd. and Piramal Capital & Housing Finance Ltd. have been
downgraded or placed under watch by rating companies.

Competition in India's credit-rating industry has increased over
the years as more firms have set up business, and because of that
"quality has suffered," said Dharnidharka, Bloomberg relays.

IL&FS's bonds and loans held AAA ratings until August 2018, when
ICRA cut the issuer to AA+, the second-highest rank. A month later,
a unit of the company defaulted on short-term debt obligations and
ICRA hit the company with a 10-step downgrade to BB, a junk grade.
The shadow lender was cut yet again to D, a rating reserved for
debt in default or expected to be in default in a matter of days.

According to the report, ICRA appointed Group Chief Financial
Officer Vipul Agarwal as interim chief operating officer. The New
Delhi-based company declined to comment when reached by Bloomberg,
while emails seeking comments from Agarwal and Takkar remained
unanswered.

Bloomberg notes that Indian credit rating companies rely on the
same "issuer-pays" model common in the U.S. that allows the entity
issuing a financial instrument to pay credit analysts upfront to
rate the underlying securities. S&P Global Ratings, Moody's and
Fitch Ratings were criticized for placing profits before investors
when rating mortgage securities in the run-up to the U.S. financial
crisis in 2008.

Bloomberg adds that Rajiv Kumar, India's banking secretary, said in
an interview last year that there's "definitely a case" for
re-examining the nation's rating framework, and that there needs to
be "some kind of accountability."


[*] INDIA: Wilful Defaults Cross $21 Billion in 2018-2019
---------------------------------------------------------
Reuters reports that India's state-owned banks had classified
INR1.50 trillion (US$21.76 billion) worth of loans as "wilful
defaults" in 2018-2019, with the biggest lender State Bank of India
accounting for nearly a third, the finance minister said in the
parliament.

Under Indian law, wilful defaulters are classified as firms or
individuals who own large businesses and deliberately avoid
repayments, Reuters says.

The State Bank of India saw the highest number of wilful defaults
at INR461.58 billion, while Punjab National Bank stood second at
INR250.9 billion, with Bank of India at INR98.9 billion, Finance
Minister Nirmala Sitharaman said in a written reply to queries in
the parliament on July 2, Reuters relays.

Reuters, citing data from the Reserve Bank of India (RBI),
discloses that gross loans and advances in state-run banks came in
at INR638.2 billion, as of March 31, 2019.

According to Reuters, the Narendra Modi-led government has been
tightening norms against wilful defaulters especially after Indian
aviation tycoon Vijay Mallya, fugitive billionaire jeweller Nirav
Modi and his uncle Mehul Choksi fled the country following
repayment defaults.

Wilful defaulters are not sanctioned any additional facilities by
banks or financial institutions, and they are debarred from
launching ventures for five years, Reuters says.

Reuters notes that the government has debarred wilful defaulters
and companies with wayward borrowers from accessing capital markets
to raise funds or participate in insolvency resolution process.

Bank chiefs can also authorise look-out notices for defaulters to
prevent them from leaving the country, says Reuters.

Public-sector banks filed 1,475 police complaints against wilful
defaulters in the last three financial years, the finance minister
added, Reuters relays.




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

NELSON RELIANCE: Liquidators Seek Court Summons for Directors
-------------------------------------------------------------
Katy Jone at Stuff.co.nz reports that liquidators are seeking a
court summons for a couple accused of delaying the investigation
into their Nelson company which owes creditors NZ$3.7 million.

According to Stuff, liquidators said Nevil and Amber Basalaj have
failed to comply with requests for information about the financial
affairs of the boat-building company Nelson Reliance Engineering
they ran in Nelson, which went into liquidation 16 months ago owing
nearly NZ$4 million.

"We continue to be frustrated by the lack of response, in a
meaningful sense, from Mr and Mrs Basalaj," Stuff quotes Rhys Cain
from Ernst and Young as saying.  "We've had continued reasons
provided to us as to why they cannot provide the answers to the
questions that we have provided, none of which are satisfactory to
us."

Stuff notes that the last six monthly liquidators' report showed
the business owed more than NZ$3.7 million, with NZ$3.2 million of
that owed to unsecured creditors.  NZ$69,927 of the total
NZ$3,842,008 owed had been paid out, with staff due nearly
NZ$47,000 and the IRD's claim for NZ$482,576 outstanding, Stuff
discloses.

Stuff says the Basalajs were criticised three months ago by
liquidators and some of the more than 170 companies the business
owed money to, when the pair chose to go on a family holiday in
America instead of cooperate with the investigation.

Stuff relates that Mr. Cain said no progress had been made in the
investigation since then.

"According to the records of the company, there is a significant
amount of money owing by Mr and Mrs Basalaj personally, as well as
other related companies of Mr and Mrs Basalaj, owing to Nelson
Reliance Engineering Ltd," Stuff quotes Mr. Cain as saying.

"That is what we are seeking to recover. And what they have been
asked to provide is evidence supporting their claim that the
records of Nelson Reliance Engineering are wrong, and they don't
owe the money.

"They haven't been able to provide any such evidence to date."

Nevil Basalaj is a director of both Basalaj Properties and Basalaj
Racing, Stuff notes.

When approached by Stuff at the couple's home in the Tasman
district Amber said the couple would not respond to the
liquidators' comments, saying the matter was with their lawyers.

Liquidators were preparing to lodge a request with the High Court
at Nelson for a summons to be issued to the couple, pursuant to
section 261 of the Companies Act, according to Stuff.

Stuff relates that non compliance with such a summons is an offence
punishable by a fine, not exceeding NZ$50,000, or a period of
imprisonment for a term not exceeding two years for each offence.

The Inland Revenue Department would not comment on the amount owed
to them by Nelson Reliance Engineering, citing section 18 of the
Tax Administration Act which prevented them from discussing the
affairs of any taxpayer, adds Stuff.  

Nelson Reliance Engineering was operating under an umbrella
company, Challenge Marine, also run by Mr. Basalaj.  He owns
another company, Fluid Power Solutions, under the Challenge New
Zealand umbrella, and two other companies; Basalaj Properties and
Basalaj Racing.

Nelson Reliance Engineering went into liquidation in May 2018.




=====================
P H I L I P P I N E S
=====================

EAST COAST RURAL: Creditors' Claim Deadline Set for Aug. 13
-----------------------------------------------------------
All creditors of the closed East Coast Rural Bank of Hagonoy, Inc.
have until August 13, 2019 to file their claims against the assets
of the closed bank either personally or by mail. Creditors refer to
any individual or entity with a valid claim against the assets of
the closed East Coast Rural Bank of Hagonoy and include depositors
whose deposits exceed the maximum deposit insurance coverage (MDIC)
of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims may also
be filed through mail addressed to the PDIC Public Assistance
Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City. Claims filed by mail must have a postmark
dated not later than August 13, 2019. The prescribed Claim Form
against the assets of the closed bank may be downloaded from the
PDIC website, www.pdic.gov.ph. PDIC reminds creditors to transact
only with authorized PDIC personnel.

Claims filed after August 13, 2019 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within sixty (60) days from receipt of final
notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PhP500,000 who have already filed claims for the insured portion of
their deposits as of August 13, 2019 are deemed to have filed their
claims for the uninsured portion or the amount in excess of the
MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

East Coast Rural Bank of Hagonoy was ordered closed by the Monetary
Board (MB) of the Bangko Sentral ng Pilipinas on May 30, 2019 and
PDIC, as the designated Receiver, was directed by the MB to proceed
with the takeover and liquidation of the closed bank in accordance
with Section 12(a) of Republic Act No. 3591, as amended. The bank
is located at HRBI Compound, G. Panganiban St., Brgy. Santo NiƱo
(Pob.), Hagonoy, Bulacan.

All requests and inquiries relating to East Coast Rural Bank of
Hagonoy shall be addressed to the PDIC Public Assistance Department
through mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner
V.A. Rufino St., Makati City, through e-mail at pad@pdic.gov.ph, or
through telephone number (02) 841-4630. Depositors and creditors
outside Metro Manila may call the PDIC Toll Free Hotline at
1-800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC
Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00
AM to 5:00 PM. Inquiries may also be sent as private message at
Facebook through www.facebook.com/OfficialPDIC



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

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

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

This material is copyrighted and any commercial use, resale or
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