/raid1/www/Hosts/bankrupt/TCRAP_Public/190725.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 25, 2019, Vol. 22, No. 148

                           Headlines



A U S T R A L I A

360 BODY: First Creditors' Meeting Set for Aug. 5
CERINA PTY: First Creditors' Meeting Set for Aug. 2
CLEAR INTERIORS: First Creditors' Meeting Set for Aug. 1
JTS GROUP: First Creditors' Meeting Set for Aug. 1
MADISON ACCESSORIES: First Creditors' Meeting Set for Aug. 2

PICTON PRESS: Creditors Vote to Liquidate Printer
SOUTHBANK CONSTRUCTIONS: First Creditors' Meeting Set for Aug. 1
STEWARTS CATERING: First Creditors' Meeting Set for Aug. 5
WORIMI PTY: First Creditors' Meeting Set for Aug. 2


C H I N A

JIANGSU HONGTU: Defaults on CNY700MM Medium-Term Notes


I N D I A

BADEPALLY MUNICIPALITY: ICRA Keeps B+ Rating on Non-Cooperating
BAZARGAON PAPER: ICRA Raises Rating on INR7.25cr Loan to C+
BRIJNANDAN INDUSTRIES: ICRA Cuts Ratings on INR12cr Loans to D
DEV METALS: ICRA Lowers Ratings on INR10.82cr Loans to D
DEWAN HOUSING: Expects Approval of Resolution Plan by Month-End

DHANSHRI TOOLING: Insolvency Resolution Process Case Summary
DURGA SHAKTI: Ind-Ra Lowers LT Issuer Rating to D, Outlook Stable
EMAAR MGF: ICRA Hikes Rating on INR779cr Term Loans to D
ESSAR STEEL: High Court Puts Sale to ArcelorMittal on Hold
GSCO INFRASTRUCTURE: ICRA Cuts Ratings on INR46.4cr Loans to D

INDUSTRIAL FORGING: ICRA Reaffirms B+ Rating on INR11.95cr Loan
INOX FMCG: Insolvency Resolution Process Case Summary
INTERSPACE SOLUTIONS: Insolvency Resolution Process Case Summary
J.Y. INTERNATIONAL: ICRA Lowers Ratings on INR16.28cr Loans to D
JAYDEV CONSTRUCTIONS: Insolvency Resolution Process Case Summary

JET AIRWAYS: Lessor Wants Carrier's Headquarters to be Vacated
KASTURCHAND FERTILIZERS: ICRA Moves B+ Rating to Not Cooperating
KKRC INFRASTRUCTURE: ICRA Reaffirms B Ratings on INR34cr Loans
M/S MARBELLO: Ind-Ra Affirms 'D' LT Issuer Rating on INR150MM Loan
MOSER BAER: Insolvency Resolution Process Case Summary

MULTISTONE GRANITO: ICRA Lowers Ratings on INR48.82cr Loans to D
NANO AGRO: ICRA Withdraws 'B' Rating on INR10.73cr Loans
NAVIN COLD: ICRA Lowers Ratings on INR9cr Loans to 'D'
NISSAN SYNTEX: ICRA Reaffirms B+ Rating on INR7cr Loan
NRI EDUCATIONAL: Ind-Ra Maintains BB LT Rating in Non-Cooperating

NXTGEN DATACENTER: ICRA Lowers Ratings on INR115cr Loans to D
PATELNAGAR REFRACTORIES: ICRA Assigns 'D' Ratings to INR15cr Loans
PRAPALSHA AGROS: ICRA Reaffirms 'B' Rating on INR11cr Loan
RELIANCE POWER: ICRA Cuts Ratings on INR8015cr Loans to D
RENJIN CONSTRUCTION: ICRA Maintains B+ Rating in Not Cooperating

ROSA POWER: ICRA Lowers Rating on INR4867cr Loan to B-
SANDEEP RICE: ICRA Keeps B on INR30cr Debt in Not Cooperating
SRIVARI ALLOYS: Insolvency Resolution Process Case Summary
SUNCORE TILES: ICRA Withdraws B Rating on INR26cr Term Loan
SVP BUILDERS: ICRA Lowers Ratings on INR100cr Loans to 'B'

THERMOSET POLY: ICRA Lowers Rating on INR5.0cr Cash Loan to D
VIDARBHA INDUSTRIES: ICRA Cuts Rating on INR3190.80cr Loan to D
WIND URJA: ICRA Lowers Rating on INR133.09cr Term Loan to B+


N E W   Z E A L A N D

JORY HENLEY: Former Owner Owes Staff Nearly NZ$50,000


S I N G A P O R E

TRIYARDS MARINE: Court Taps FTI Consulting as Liquidator

                           - - - - -


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

360 BODY: First Creditors' Meeting Set for Aug. 5
-------------------------------------------------
A first meeting of the creditors in the proceedings of 360 Body
Works Pty Ltd will be held on Aug. 5, 2019, at 12:00 p.m. at Level
1, at 255 Mary Street, in Richmond, Victoria.

Stephen Robert Dixon and Andrew Mattinson of Hamilton Murphy were
appointed as administrators of 360 Body on July 24, 2019.


CERINA PTY: First Creditors' Meeting Set for Aug. 2
---------------------------------------------------
A first meeting of the creditors in the proceedings of Cerina Pty
Limited will be held on Aug. 2, 2019, at 10:30 a.m. at the offices
of Queensland Administration Services, at 9 Price Street, in
Nerang, Queensland.  

Anne Marie Barley of AMB Insolvency was appointed as administrator
of Cerina Pty on July 23, 2019.


CLEAR INTERIORS: First Creditors' Meeting Set for Aug. 1
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Clear
Interiors Pty Ltd will be held on Aug. 1, 2019, at 10:00 a.m. at
the offices of Hall Chadwick Chartered Accountants, Level 21, at 25
Grenfell St, in Adelaide, SA.  

Brent Trevor-Alex Kijurina and Joanne Keating of Hall Chadwick were
appointed as administrators of Clear Interiors on Aug. 1, 2019.


JTS GROUP: First Creditors' Meeting Set for Aug. 1
--------------------------------------------------
A first meeting of the creditors in the proceedings of JTS Group
Services Pty Limited will be held on Aug. 1, 2019, at 11:00 a.m. at
the offices of Chartered Accountants Australia and New Zealand,
Level 13, at 1 Eagle Street, in Brisbane, Queensland.

Trajan John Kukulovski of Chan & Naylor was appointed as
administrator of JTS Group on July 22, 2019.


MADISON ACCESSORIES: First Creditors' Meeting Set for Aug. 2
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Madison
Accessories Pty. Ltd. will be held on Aug. 2, 2019, at 2:30 p.m. at
the offices of Worrells Solvency & Forensic Accountants, Level 15,
at 114 William Street, in Melbourne, Victoria.

Ivan Glavas and Matthew Kucianski of Worrells Solvency were
appointed as administrators of Madison Accessories on July 23,
2019.


PICTON PRESS: Creditors Vote to Liquidate Printer
-------------------------------------------------
ProPrint reports that troubled Western Australian printer Picton
Press has been put in liquidation with a clear majority of
creditors voting to wind up the indebted business at a meeting in
Perth.

Around 13 creditors attended the meeting at the offices of
administrators Cor Cordis on July 23 with the majority voting to
terminate a controversial Deed of Company Arrangement (DOCA) that
was struck in November 2018 that allowed Picton Press to continue
to trade despite having AUD9 million debts, according to ProPrint.

Cor Cordis administrator Jeremy Nipps confirmed the meeting outcome
to ProPrint and that all operations have now ceased at Picton's
factory.

The directors of Picton Press put the business in voluntary
administration in May 2018 with debts including AUD3.5 million to
unsecured creditors, AUD1.3 million in tax and AUD660,000 in
outstanding staff pay and superannuation, ProPrint discloses.

A cash flow crisis sparked Picton's problems after it invested in a
high speed ten colour KBA Rapida 106 perfector in 2014 as the West
Australian resource boom ended and demand for print diminished.

ProPrint says an accountant for Picton Press and its directors Gary
Kennedy and Dennis Hague was present at the meeting and voted in
favor of the deal with neither company director making any comments
during the meeting.

"The majority of creditors voted in favour of the resolution," Mr.
Nipps told ProPrint.  "There was concerns about the ability of the
business to continue as a going concern."

Mr. Nipps was appointed as Picton's administrator in May 2018.

In the following months, a Deed of Company Arrangement was put
together by Picton's directors with the plan ultimately voted in
favour of in November 2018. This effectively allowed the business,
which at the time had about 30 staff, to continue to operate. It
meant unsecured creditors owed less than AUD10,000 would receive
full payment and those exceeding that, including the Australian Tax
Office and paper suppliers, would get just one to two cents in the
dollar.

But the deal hits its first hitch in December 2018 when the
Australian Tax Office sought to wind it up over its AUD1.3 million
tax debt with that case remaining adjourned in the Federal Court.

Then earlier this month, Mr. Nipps moved to have the business wound
up out of concerns the current trading position was not
sustainable.

ProPrint relates that Mr. Nipps said a clear majority voted in
favour of terminating the DOCA and putting the business in
liquidation and that Picton has now ceased to operate with staff
advised to apply for their entitlements through the federal
government.

He will now set about evaluating the assets, chief among them the
KBA 10 colour which the National Australia Bank holds security
over, to derive the best value for creditors. Westpac is the only
other secured creditor with the remaining group, including the ATO,
unsecured, ProPrint notes.


SOUTHBANK CONSTRUCTIONS: First Creditors' Meeting Set for Aug. 1
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Southbank
Constructions Pty Ltd, trading as Landmark Development (Vic) will
be held on Aug. 1, 2019, at 10:30 a.m. at Level 12, 460 Lonsdale
Street, in Melbourne, Victoria.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Southbank Constructions on July 22, 2019.


STEWARTS CATERING: First Creditors' Meeting Set for Aug. 5
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Stewarts
Catering NSW Pty Ltd, trading as OceanGrind, will be held on Aug.
5, 2019, at 10:30 a.m. at the offices of Worrells Solvency &
Forensic Accountants, Level 1, Suite 1, at 151 Tongarra Road, in
Albion Park, NSW.

Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells Solvency
were appointed as administrators of Stewarts Catering on July 24,
2019.


WORIMI PTY: First Creditors' Meeting Set for Aug. 2
---------------------------------------------------
A first meeting of the creditors in the proceedings of Worimi Pty.
Ltd., trading as Corporate Sales Mergers & Acquisitions, Business
Sales Sydney & Quoteworld, will be held on Aug. 2, 2019, at 11:00
a.m. at the offices of O'Brien Palmer, Level 9, at 66 Clarence
Street, in Sydney, NSW.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
Worimi Pty on July 23, 2019.




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

JIANGSU HONGTU: Defaults on CNY700MM Medium-Term Notes
------------------------------------------------------
Zhu Liangtao and Liu Jiefei at Caixin Global report that two of the
largest private sector companies in the eastern city of Nanjing
have become the latest to join the wave of corporate debt defaults
in China, as the country forges ahead with its crackdown on
financial risks and its campaign to deleverage the economy.

Shanghai-listed retailer and electronics manufacturer Jiangsu
Hongtu High Technology Co. Ltd. failed to make the interest and
principal payments due July 22 on CNY700 million (US$101.76
million) in medium-term notes issued in 2016, Caixin discloses
citing the company's filing to the National Interbank Funding
Center on
July 22.

Caixin says Nanjing Construction Industrial Group Co. Ltd. failed
to pay interest and principal due July 19 on CNY2 billion in
privately placed green bonds issued in 2017. The company, which
mainly works on municipal engineering projects, couldn't come up
with the payments after all of the bondholders had exercised an
option to sell the securities back early, according to a statement
from the company seen by Caixin.

As of July 20, China's $13 trillion bond market had seen 79
defaults this year, involving CNY53.77 billion, Caixin reports
citing research by Everbright Securities Co. Ltd. With Jiangsu
Hongtu and Nanjing Construction's defaults, this amount has
surpassed CNY56 billion.

Defaults will continue as the financial deleveraging campaign rolls
on despite slowing economic growth, a fixed-income securities
director of the proprietary trading desk of a securities company
told Caixin.

Jiangsu Hongtu is controlled by Sanpower Group Co. Ltd., a
property-to-pharmaceuticals conglomerate that has been in a debt
crisis since June 2018, Caixin discloses. Before that, the company
had gone on a credit-fueled bender of acquisitions that included
the purchase of House of Fraser, the British department store
operator. Jiangsu Hongtu previously failed to make payments for the
interest and principal on CNY700 million in three-year medium-term
note due on Nov. 25, Caixin recalls.

Nanjing Construction, which had been known as Nanjing Fullshare
Industrial Holding Group Co. Ltd. before the end of January, had
run into debt repayment trouble on Dec. 26, but managed to get the
problem resolved with the assistance of the Nanjing city
government, Caixin says.




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

BADEPALLY MUNICIPALITY: ICRA Keeps B+ Rating on Non-Cooperating
---------------------------------------------------------------
ICRA said the issuer rating of Badepally Municipality (BDM)
continues to be in 'Issuer not cooperating' category. The ratings
are denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

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

The BDM, being an ULB, provides civic services to the Badepally
town. The town is located in Mahbubnagar district of Telangana and
is at a distance of around 90 km from the state capital, Hyderabad.
Badepally covers an area of 10.37 sq. km. and has population base
of 32,598, of which, ~37% is accounted by slum dwellers.

The major functions of the BDM involve water supply, solid-waste
management, repair and maintenance of roads, street lighting and
amenities such as shopping stalls, community hall, playgrounds,
parks/gardens, among other civic amenities. The council of the BDM
comprises 20 Ward Councillors. The executive wing is headed by a
Municipal Commissioner, who is appointed by the GoTS and is
supported by the heads of various departments.


BAZARGAON PAPER: ICRA Raises Rating on INR7.25cr Loan to C+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Bazargaon Paper & Pulp Mills Private Limited (BPML), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          7.25       [ICRA]C+; revised from [ICRA]D
   Cash Credit          

   Non-fund Based–      0.50       [ICRA]A4; revised from
[ICRA]D
   Bank Guarantee       

   Unallocated          2.25       [ICRA]C+/[ICRA]A4; revised
                                   from [ICRA]D/D

Rationale

The rating revision considers the regularisation of debt repayment
in the past six months by BPML. However, the rating is constrained
by the company's modest scale of operations in a highly competitive
business environment, characterised by a large number of organised
and unorganised players, which limits pricing flexibility. The
rating is also constrained by the stretched liquidity position as
indicated by high utilisation of working capital limits averaging
at ~88% in the past 12 months ending June 2019, along with marginal
cash balance as on March 31, 2019.  Moreover, heavy discounting has
weakened the operating profitability continuously in the past five
fiscals straining the cash flows. The rating also takes into
account the vulnerability of the company's profitability to adverse
movements in waste paper prices, especially for lower burst factor
(BF) category kraft paper. Nonetheless, the rating factors in the
extensive experience of the promoters in the kraft paper industry.
The ability of the company to improve the working capital intensity
and liquidity position, going forward, will be a key rating
driver.

Key rating drivers

Credit strengths

Extensive experience of promoters in the kraft paper manufacturing
sector – The company was established more than three decades ago
by Mr. Surajbhan Agarwal and Mr. Jaiprakash Agarwal. The promoters
also founded the associate companies of Decor Paper Mills in
Hyderabad and Kolar Paper Mills in Puttur (Karnataka). The
extensive experience of the promoters has enabled the company to
increase its capacity ten-fold since its inception. It continues to
receive bulk orders from established customers.

Credit challenges

Modest scale of operations with declining operating profitability
– The company has increased its production over the past year by
almost 19% aided by regular refurbishing and upgradation of
machinery and equipment. However, the production level continued to
remain moderate at 71% with modest level of operating income of
INR50.4 crore in FY2019. Moreover, the operating margin is largely
affected by the heavy discounting policy adopted by the management
to increase the scale of business, which has declined to 4.3% in
FY2019 from 5.2% in the previous year.

Stretched liquidity – The company has undertaken significant
capex in FY2018 and FY2019 to increase the installed capacity for
kraft paper manufacturing funded by internal accruals. Along with
lower operating profitability from the company's heavy discounting
policy to increase its market share, this has resulted in a
stretched liquidity position as indicated by near to full
fund-based working capital facilities.

Moderate capital structure with weak coverage indicators – The
company has high reliance on external debt as indicated by near to
full fund-based limit utilisation over the past one year period.
Though the gearing has remained moderate 0.9 time as on March 31,
2019, TD/OPBDITA has remained weak due to its high reliance on
external debt and low profitability, as reflected by TD / OPBDITA
of 3.8 times as on March 31, 2019.

Profitability exposed to volatility in raw material prices – The
main raw material used in the manufacturing process is waste kraft
paper, i.e., used corrugated boxes as well as old newspapers and
used white paper, which altogether form about 90% of the total raw
material costs. The company remains exposed to the price
fluctuations in its raw material prices.

High competitive intensity from domestic players - There are about
400 kraft paper mills in the country, serving various centers of
corrugated box manufacturers. However, due to low margins in the
business, the sales of kraft paper remain largely regionalised as
high transportation costs make it economically unviable to sell the
paper at remote locations. The company largely faces competition
from kraft paper units based out of Nashik and Nagpur
(Maharashtra).

Liquidity position
The liquidity position of the company remains stretched with high
working capital limit utilisation, averaging ~88% in the past 12
months, along with marginal cash balance as on March 31, 2019. In
addition, the company withdrew unsecured debt of INR1.3 crore in
FY2019, increasing its dependence on external debt.

Bazargaon Paper & Pulp Mills Private Limited (BPML) was
incorporated in 1982 and started commercial production from 1989.
The company is engaged in the manufacturing of kraft paper of
various grades—viz. 14 BF, 16 BF, 18 BF, 22 BF, 24 BF and 28 BF
(BF stands for Burst Factor and signifies the strength quality of
the paper) which finds application in the packaging industry,
especially for making corrugated boxes. BPML's manufacturing unit
is in Nagpur (Maharashtra). Over the years, the company has
undergone several phases of expansion. It commenced with a
production capacity of 2,500 metric tonne per annum (MTPA) in 1989,
which has been enhanced to 33,000 MTPA over the last 20 years.

In FY2019, on a provisional basis, the company reported a net
profit of INR0.5 crore on an operating income of INR50.4 crore, as
compared to a net profit of INR0.5 crore on an operating income of
INR44.6 crore in the previous year.


BRIJNANDAN INDUSTRIES: ICRA Cuts Ratings on INR12cr Loans to D
--------------------------------------------------------------
ICRA has downgraded the rating for the INR12.00 crore bank
facilities of Brijnandan Industries Private Limited (BIPL) to
[ICRA]D ISSUER NOT COOPERATING from [ICRA]BB (Stable) 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."

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        9.50      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating downgraded from [ICRA]BB
                                (Stable); continues to remain
                                in issuer not cooperating
                                category

   Fund based-        2.50      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating downgraded from [ICRA]BB
                                (Stable); continues to remain
                                in issuer not cooperating
                                category

Rationale

The rating downgrade factors in the discontinuation of automobile
dealership business of BIPL, giving rise to the risk of
irregularity in debt servicing.

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

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

BIPL was an authorised dealer of Renault for the sale of passenger
cars, servicing and sale of spares in Bihar. However, its
automobile dealership business has been discontinued.


DEV METALS: ICRA Lowers Ratings on INR10.82cr Loans to D
--------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D - 'ISSUER NOT
COOPERATING' from [ICRA]C and has also downgraded the short term
rating to [ICRA]D - 'ISSUER NOT COOPERATING', from [ICRA]A4, for
the bank facilities of INR10.82 crore of Dev Metals and Alloys Pvt.
Ltd. (DMAPL). The ratings are now denoted as "[ICRA]D ISSUER NOT
COOPERATING /[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based          0.96       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                      downgraded from [ICRA]C; Rating
                                  moved to the 'Issuer Not
                                  Cooperating' category

   Fund-based          7.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    downgraded from [ICRA]C; Rating
                                  moved to the 'Issuer Not
                                  Cooperating' category

   Non-fund Based      1.50       [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit               downgraded from [ICRA]A4;
                                  Rating moved to the 'Issuer Not
                                  Cooperating' category

   Unallocated         1.36       [ICRA]D ISSUER NOT COOPERATING;
   Limit                          downgraded from [ICRA]C/A4
                                  ISSUER NOT COOPERATING; Rating
                                  moved to the 'Issuer Not
                                  Cooperating' category

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

Rationale

The rating downgrade factors in the delays in debt servicing as
confirmed by the lender due to stretched liquidity.

Incorporated in 2000, Dev Metals & Alloys Private Limited (DMAPL)
is involved in manufacturing aluminium alloy ingots, which find
applications in the automotive and electronics industries. The
company's primary manufacturing facility is located in Bhiwandi,
Maharashtra, with an aggregate capacity of 500 tonne per month
(based on four shift operations).


DEWAN HOUSING: Expects Approval of Resolution Plan by Month-End
---------------------------------------------------------------
BloombergQuint reports that debt-ridden Dewan Housing Finance
Corporation Ltd. said it expects an in-principle approval from its
lenders for its resolution plan by month-end.

BloombergQuint relates that the ability of the company to continue
as a going concern is predicated upon its ability to monetise its
assets, secure funding from the bankers or investors, restructure
its liabilities and recommence its operations, DHFL said in a late
evening regulatory filing while releasing its audited results.

According to BloombergQuint, the company said that it was in the
process of submitting a resolution plan to the lenders who are
expected to give in-principle approval by month-end.

It further said that DHFL has received non-binding indicative term
sheets as part of the proposed corporate restructuring of the
company and any proposals approved will constitute a part of the
resolution plan, BloombergQuint relays.

Promoters of mortgage lender are in talks with private equity firms
and are expecting to garner $1 billion (about Rs6,900 crore) by
selling nearly 50 percent of their holdings, sources said, adds
BloombergQuint.

The Wadhawan family, the promoters of the company, currently holds
close to 40 percent stake in the company.

Private equity firms Lone Star, AION Capital and KKR are in talks
with promoters for a strategic stake, sources, as cited by
BloombergQuint, said. It further said that the company is
undergoing substantial financial stress since the second half of
the last financial year.

BloombergQuint notes that DHFL has suffered consistent downgrades
in its credit ratings since February 2019. On June 5, 2019, its
credit rating was reduced to 'default grade' despite no default
till that date.

"The Company's ability to raise funds has been substantially
impaired and the business has been brought to a standstill with
there being minimal/virtually no disbursements. These developments
may raise a significant doubt on the ability of the Company to
continue as a going concern," it said.

It further said that the company is taking active steps to monetise
its assets and is in discussions with multiple Indian banks and
international financial institutions to sell off its retail as well
as wholesale portfolio, BloombergQuint adds.

                            About DHFL

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans. As of March 31, 2018, the company operates through a network
of 347 locations, including 187 branches, 135 micro branches, 20
zonal/regional/CPU offices, 2 disbursement hubs, and 1 collection
center in India, as well as overseas representative offices in
London and Dubai.

As reported in the Troubled Company Reporter-Asia Pacific on June
21, 2019, ICRA downgraded the rating on the 850-crore commercial
paper programme of Dewan Housing Finance Corporation Limited (DHFL)
to [ICRA]D from [ICRA]A4. The rating has been removed from Watch
with Negative Implications.


DHANSHRI TOOLING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Dhanshri Tooling Systems Private Limited
        RN-31, Veer Savarkar Colony
        Bajaj Nagar, Waluj Aurangabad
        Aurangabad MH 000000
        India

Insolvency Commencement Date: July 15, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Rajmal Labhchand Mogra

Interim Resolution
Professional:            Rajmal Labhchand Mogra
                         24, 3rd Floor
                         Bombay Mutual Annex Building
                         Rustom Sidhawa Marg, Fort
                         Mumbai 400001
                         E-mail: rmogra@gmail.com
                                 rmirp02@gmail.com
                         Tel.: 9821017062

Last date for
submission of claims:    August 1, 2019


DURGA SHAKTI: Ind-Ra Lowers LT Issuer Rating to D, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Durga Shakti
Foods Private Limited's (DSFPL) Long-Term Issuer Rating to 'IND D'
from 'IND BBB- (ISSUER NOT COOPERATING)'. The Outlook was Stable.

The instrument-wise rating actions are as follows:

-- INR1.1 mil. (reduced from INR28.226 mil.) Term loan (Long-
     term) due on June 2019 downgraded with IND D rating;

-- INR119 mil. Fund-based facilities (Long-term/short-term)
     downgraded with IND D rating; and

-- INR5 mil. (increased from INR2.1 mil.) Non-fund-based
     facilities (Short-term) downgraded with an IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by DSFPL over the
past six months ended May 2019.

RATING SENSITIVITIES

Positive: Timely debt servicing, for at least three consecutive
months, will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2008, DSFPL is engaged in processing of soya bean
for extracting soya bean oil and soya de-oiled cake.


EMAAR MGF: ICRA Hikes Rating on INR779cr Term Loans to D
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Emaar MGF Land Limited (EMGF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans            779       Rating downgraded to [ICRA]D
                                   from [ICRA]B and
                                   simultaneously upgraded to
                                   [ICRA]BB (Stable)

   Overdraft             220       Rating downgraded to [ICRA]D
                                   from [ICRA]B and
                                   simultaneously upgraded to
                                   [ICRA]BB (Stable)

   Non-fund based        200       Rating downgraded to [ICRA]D
   Limits                          from [ICRA]A4 and
                                   simultaneously upgraded to
                                   [ICRA]A4

   Unallocated            20.0     Rating downgraded to [ICRA]D
                                   from [ICRA]B and
                                   simultaneously upgraded to
                                   [ICRA]BB (Stable)

Rationale

The revision of the ratings to [ICRA]D/[ICRA]D takes into account
the irregularity in debt servicing by EMGF in January 2019. Post
revision, the ratings have been simultaneously upgraded to [ICRA]BB
(Stable)/[ICRA]A4 due to the subsequent regularisation of debt
servicing since and the completion of the curing period of three
months.

The revision takes into account the delays in debt servicing due to
the moratorium on payments placed by the appointed Interim
Resolution Professional (IRP) on account of commencement of
corporate insolvency proceedings against EMGF on January 24, 2019
by the National Company Law Tribunal (NCLT), pursuant to an
application filed by a customer seeking refund of the amount paid
along with interest. With legal and procedural restrictions placed
on EMGF under the corporate insolvency proceedings, the cash flow
management and the prioritisation of the available funds for
payment to employees, statutory dues, vendors, and lenders was
determined by IRP. Given these factors, ICRA notes that despite
having adequate liquidity and refinancing capability, the company
could not meet its debt obligations in a timely manner for the
month of January 2019. It completed the settlement with the
concerned customer and based on the settlement agreement the
National Company Law Appellate Tribunal (NCLAT), in February 2019,
stayed the insolvency proceedings against EMGF and restored the
powers of board of directors. Since then, the debt servicing has
been regular.

The rating upgrade takes into account the regularisation of debt
servicing, the significant financial, operational and management
support extended by the majority shareholder – Emaar Properties
PJSC (Emaar; rated Baa3 by Moody's Investors Service) over the last
two years, and the demerger1 of the interest of the MGF Group from
EMGF. Post the demerger, support from Emaar enabled EMGF to raise
funds at competitive rates of interest and increased the pace of
execution across all projects in the last two years, leading to
delivery of more than 3,300 units in FY2019, which led to an
improvement in brand image in the key markets. Additional funding
support of INR400 crore has been provided by Emaar to EMGF in the
form of NCDs in April 2019. In FY2020, equity infusion of INR300
crore and conversion of
outstanding Compulsorily Convertible Debentures (CCD) of INR250
crore is proposed, which is likely to increase Emaar's
shareholding in EMGF to 76% from 57.33%. ICRA also notes that post
demerger, part of the NCD (INR700 crore) has been
shifted to MGF group and the repayment of ~INR1,564 crore NCDs is
proposed to be deferred to FY2023, reducing the
repayment pressure to that extent, though high repayment obligation
remains a concern.

The ratings continue to factor in EMGF's large and favourably
located land bank, part of which is planned to be monetised to
shore up liquidity. High visibility for new launches also supports
the ratings. While assigning the ratings, ICRA has taken note of
the explicit support provided by Emaar to cover the majority of
EMGF's borrowings in the form of either corporate guarantee, letter
of comfort or stand-by letter of credit (SBLC).

The ratings, however, are constrained by EMGF's high leverage and
large refinancing requirements on account of its weak operational
cash flows due to delay in projects, cost overruns, and challenging
real estate market. Cash flow adequacy ratio remains weak at 50%
(Committed Inflows + Unsold Inventory/Total Pending Costs+ Debt),
the ongoing projects will have cash shortfall, which will have to
be met through launches, refinancing and land monetisation. ICRA
expects the company to remain cash deficit till the leverage is
brought down or operational cash flows pick up substantially.
Timely and adequate support from Emaar during this period will be
critical and it will be the key rating sensitivity. Post demerger,
EMGF's net worth reduced by INR2,583 crore. This, along with change
of accounting policy from percentage completion recognition to
completed contract recognition led to negative impact of INR1,440
crore in the retained earnings. As on March 31, 2019, the net worth
stood at INR(3,184) crore vis-à-vis INR1,235 crore as on March 31,
2018.

ICRA has also noted that the company is exposed to high contingent
liabilities on account of the ongoing litigations; any adverse
outcome may impact the company's credit risk profile. The rating
also factors in EMGF's high geographical concentration with a major
part of the ongoing projects and land bank being located in
Gurugram. ICRA has noted the ongoing proceedings in the Supreme
Court of India, based on the appeal filed by certain real estate
developers (including EMGF). The appeal has been filed by the
developers to ascertain the constitutional validity of provisions
inserted in the Insolvency and Bankruptcy Code (Second Amendment
Act, 2018), with respect to the treatment of homebuyers as
financial creditors. Though claim of one of the buyers has been
settled by the company, any unfavourable outcome of the proceedings
in the Supreme Court may lead to additional outflows on account of
higher claims to be settled by the company. ICRA will continue to
monitor the situation closely and take rating action, as and when
more clarity emerges on the matter.

Outlook: Stable

ICRA believes that EMGF will continue to benefit from operational,
financial and managerial support from Emaar. Although the company
is expected to continue to incur losses and be dependent on
refinancing, the improved execution capability and significant fund
raising at competitive interest rates will help in reducing the
cash losses going forward. Further, its ability to scale up
launches and secure adequate sales as well as manage the land
monetisation will be the key rating factors. The outlook may be
revised to Positive in case of substantial improvement in the
leverage in the backdrop of the launches and improvement in sales
velocity. The outlook, however, may be revised to Negative in case
the support from Emaar is not timely or inadequate or its cash flow
or leverage deteriorate further. Moreover, an unfavourable judicial
outcome leading to a liquidity stress, may create pressure on the
ratings.

Key rating drivers

Credit strengths

Demonstrated support from Emaar post demerger from MGF Group: EMGF
was incorporated as a joint venture (JV) between the MGF Group,
North India-based developer and Emaar Properties PJSC, a large
Dubai-based developer.  Emaar has developed around 100 million
square feet internationally across multiple countries and across
all segments of real estate. Post taking control of EMGF in July
2018, Emaar has extended significant operational, financial and
managerial support to EMGF. This has led to an improvement in
project execution and has enabled EMGF in raising
significant funds at competitive rates of interest.

Improved execution supports brand image in key market: With
continuous operational and financial support from Emaar, EMGF was
able to drive substantial pickup in the pace of execution across
all projects, leading to delivery of more than 3,300 units in
FY2019. This in turn resulted in an improvement in its brand image
in the key markets.

Financial flexibility arising from paid-up land bank: EMGF, post
the demerger, has a land bank of ~5,661 acre, which is located
across various cities in India. This apart, unencumbered and fully
paid-up land bank lends additional comfort and future visibility in
terms of launches. Further, the company will monetise the land and
improve its liquidity position.

Credit challenges

High leverage and repayment obligations: Emaar's support in the
last two years has come in the form of SBLCs, guarantees and letter
of comfort (LoC). It has not infused equity for many years and
hence its leverage and debt repayment obligations remain high.
Given the active involvement of Emaar, however, the payment on
EMGF's nonconvertible debentures (NCDs) is proposed to be deferred
to FY2023; post demerger, part of the NCD (Rs. 700 crore) has been
shifted to the MGF Group, reducing the repayment pressure to that
extent.

High geographical concentration: The marketing risks in the ongoing
projects are further exacerbated by the high geographical
concentration of the projects, most of which are located in
Gurugram.

Weak cash flows and significant losses: The company has been making
net losses over the last eight years. It has been facing cash flow
deficits on account of weak operational accruals (due to delay in
projects, cost overruns, and challenging real estate market), large
claims and compensations being paid to buyers, significant
financial expenses and its large repayment obligations. Cash flows
from ongoing projects will be inadequate to meet the pending costs
and current debt outstanding, making the company reliant on
launches, refinancing and asset monetisation.

Contingent liabilities: The company is exposed to contingent
liabilities on account of multiple ongoing litigations and any
adverse outcome may impact its credit risk profile.

Liquidity position

The company had weak liquidity position, given the cash flow
deficits on account of cost overruns, large claims and
compensations being paid to buyers and significant financial
obligation on account of high leverage. Owing to limited
pending receivables and unsold inventory from ongoing projects,
cash flows from the ongoing projects will be inadequate to meet the
pending debt obligations, making EMGF reliant on launches,
refinancing and asset monetisation. Timely and adequate support
from Emaar during this period is critical and it will be the key
rating sensitivity.

Emaar MGF Land Limited was founded in 2005 as a JV between the MGF
Group, an NCR-based developer, and Emaar Properties PJSC, one of
the largest real estate developers based out of Dubai, having
presence in more than 12 countries and having developed more than
100 mn sq ft. EMGF is developing residential, commercial and retail
projects in different parts of India, including Delhi/NCR, Mohali,
Lucknow, Indore, Jaipur and Chennai. In May 2016, EMGF filed the
demerger scheme in High Court of Delhi on May 16, 2016, and the
case was later transferred to National Company Law Tribunal (NCLT).
In July 2018, NCLT approved the demerger and on July 31, 2018
(effective date) the scheme was approved by the Registrar of
Companies. Post demerger, EMGF has around ~5,661 acre land bank and
the entity is controlled by Emaar, the agreed assets and
liabilities of the MGF Group have been formally demerged as on
March 31, 2019.

On a consolidated basis, EMGF reported a net loss of INR396.4 crore
(total comprehensive income) on an operating income (OI) of
INR2,293.1 crore in FY2019 compared with a net loss of INR726.8
crore (total comprehensive income) on an OI of INR1,346.5 crore in
the previous year.


ESSAR STEEL: High Court Puts Sale to ArcelorMittal on Hold
----------------------------------------------------------
Upmanyu Trivedi at Bloomberg News reports that India's top court
temporarily put ArcelorMittal's $6.1 billion purchase of Essar
Steel India Ltd. on hold, after the mill's lenders sought to annul
a lower court ruling that split sale proceeds proportionately among
all creditors.

According to Bloomberg, the Supreme Court on July 22 admitted
financial lenders' appeal against a bankruptcy court ruling that
put secured creditors like banks at par with operational creditors,
or suppliers to the plants. It also said it would resolve issues
arising from the Essar verdict expeditiously and fix an early date
for hearing the case.

Bloomberg relates that financial creditors had said the bankruptcy
court's ruling to modify the distribution of proceeds would lead to
higher lending rates and increased risk of capital. The ruling will
also deter foreign investments into India's soured debt, Hong
Kong-based SC Lowy said. India is trying to attract foreign capital
to its bad loan cleanup, as it battles the worst nonperforming loan
ratio among the world's major economies.

ArcelorMittal has been fighting a legal battle for over a year to
enter India, where Prime Minister Narendra Modi's administration is
investing trillions of rupees in infrastructure. According to
Bloomberg, a lower court had earlier approved Arcelor and its
partner Nippon Steel Corp.'s offer to pay INR420 billion in cash to
creditors and pump in another INR80 billion in the country's
fourth-largest steel mill. The payment was halted by Supreme Court
in April after a dispute between lenders on the distribution on
funds.

Earlier this month, the National Company Law Appellate Tribunal
allowed ArcelorMittal's purchase of Essar Steel, while modifying
the distribution of the proceeds, Bloomberg recalls. The ruling
stated that financial lenders will get 60.7% of their claims, and
operational creditors will also get around 60% on a pro-rata
basis.

In addition to banks, the ruling was also challenged by Arcelor as
it was asked to part with the around INR40 billion of profits that
the steel mill generated during the bankruptcy resolution process.
The Supreme Court on July 22 also admitted Arcelor's appeal against
the bankruptcy court ruling, adds Bloomberg.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar
Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip)
and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore
slurry from the beneficiation plant (located near the iron ore
mines in Dabuna and Kirandul) to the pellet plant (located near the
Paradip and Vizag ports). A large portion of the iron ore pellets
produced are intended for captive consumption by ESIL's steel plant
at Hazira for cost optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench admitted
Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.


GSCO INFRASTRUCTURE: ICRA Cuts Ratings on INR46.4cr Loans to D
--------------------------------------------------------------
ICRA has downgraded the rating of INR46.4 crore bank facilities of
GSCO Infrastructure Pvt Ltd (GSCO) to [ICRA] D from
[ICRA]BB+(Stable). The rating continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-          6.4       [ICRA]D ISSUER NOT COOPERATING
   Cash Credit                    from [ICRA]BB+ (Stable); Rating
                                  continues to remain in the
                                  'Issuer Not Cooperating'
                                  category

   Non-Fund based-     40.0       [ICRA]D ISSUER NOT COOPERATING
   Bank Guarantee                 from [ICRA]BB+ (Stable); Rating
                                  continues to remain in the
                                  'Issuer Not Cooperating'
                                  category

Rationale

The rating downgrade follows the delays in debt servicing by GSCO
Infrastructure Pvt Ltd (GSCO) to the lender(s), as confirmed by
them to ICRA. ICRA has limited information on the entity's
performance since the time it was last rated in July 2016.

As part of its process and in accordance with its rating agreement
with GSCO Infrastructure Pvt Ltd (GSCO), 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. 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.

Key rating drivers

Credit challenges

Delays in debt servicing - The company has delays in servicing of
debt obligations in the last six months.

Incorporated in 2004, GSCO is promoted by Mr Gurmeet Singh who has
been in the construction business since the last three decades. The
promoters were earlier running the business through a proprietary
concern M/s. Gurmeet Singh & Co which was taken over by GSCO in
2008. GSCO undertakes projects in irrigation, mining and road
sectors.


INDUSTRIAL FORGING: ICRA Reaffirms B+ Rating on INR11.95cr Loan
---------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Industrial Forging Industries Private Limited (IFIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based          11.95       [ICRA]B+ (Stable) reaffirmed;
   Limits                          removed from the 'ISSUER NOT
                                   COOPERATING' category

   Non Fund-            1.50       [ICRA]A4 reaffirmed; removed
   based limits                    from the 'ISSUER NOT
                                   COOPERATING' category

Rationale

The ratings continue to consider IFIPL weak financial profile,
characterised by low operating profitability, adverse capital
structure and weak debt coverage indicators. The company's scale of
operations remained moderate despite a considerable top-line growth
in FY2019, aided by an improved demand scenario. The ratings also
consider the vulnerability of IFIPL's profitability to volatility
in the prices of raw materials as well as its exposure to
fluctuations in the foreign currency exchange rates arising from
exports, in the absence of any formal hedging mechanism. The
ratings, however, continue to factor in the promoters' experience
in the industry, geographical diversification of the company as
well as its established relationship with its customers and
acceptable product quality, leading to repeat orders.

Outlook: Stable

ICRA believes that IFIPL will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to Positive if a substantial growth in revenue and profitability,
improved capital structure and better working capital management,
strengthen the financial risk profile. The outlook may be revised
to Negative if the cash accrual is lower than expected due to weak
demand or a further stretch in the working capital cycle weakens
liquidity.

Key rating drivers

Credit strengths

Long experience of the promoters in the steel forging industry- The
promoters have a track record of around three decades in the
manufacturing of forged steel products such as cross arm, clamps,
eye hook, nuts and bolts etc, used mainly in the overhead lines for
transmission of power. Their long experience and established
relationship with customers strengthen IFIPL's operational
profile.

Significant geographical diversification- The company derives
revenues in the domestic market from various states like West
Bengal, Chhattisgarh, Odisha, Uttaranchal and Uttar Pradesh. In
addition, its exports to various countries including South Africa,
Kenya, Uganda, Jordan, the UAE and Mozambique reduce geographical
concentration risks of the company.

Exports accounted for around 28% of the company's turnover in
FY2019. However, the export exposes the company's profitability to
the risks of fluctuation in foreign currency exchange rates to some
extent in the absence of any formal hedging mechanism.

Established relationship with reputed customers and acceptable
product quality lead to repeat orders - The company has an
established relationship with its customers including reputed
contractors in the power transmission sector. This, coupled with
the acceptable quality of its products, translates into repeat
orders.

Credit challenges

Weak financial profile characterised by low operating
profitability, adverse capital structure and weak coverage
indicators - The low value additive nature of operations put
pressure on the company's profitability, as reflected by a low
operating margin (5.12% in FY2019). The company's total debt as on
March 31, 2019 comprised working capital borrowings of INR9.16
crore, nominal vehicle loan of INR0.10 crore and interest bearing
unsecured loan of around INR14 crore. The high debt levels of the
company along with a low tangible net worth resulted in a high
gearing (4.97 times as on March 31, 2019). The debt coverage
indicators of the company remained weak due to modest profitability
and high debt level, as reflected by an interest cover of 1.35
times, total debt to OPBDITA of 5.93 times and net cash accruals to
total debt of 4% in FY2019.

Moderate scale of current operations - The company's operating
income grew by around 30% to INR75.34 crore in FY2019 from INR58.04
crore in the previous year, aided by an improved demand. However,
the scale of the company's operations continued to remain at a
moderate level.

Vulnerability of profitability to fluctuations in raw material
prices - Mild steel rods, flat, angels and channels are the key raw
materials used by the company. The company's profitability remains
exposed to the volatility witnessed in the prices of these raw
materials.

Liquidity position
IFIPL's stretched receivable position kept its working capital
intensity of operations high, exerting pressure on liquidity,
notwithstanding a decline in the receivable days in FY2019 to an
extent. The company's high working capital limit utilisation and
modest cash accrual are likely to keep its liquidity under
pressure. Nevertheless, its nominal debt repayment obligation
provides some comfort.

Industrial Forging Industries Private Limited (IFIPL) was
incorporated in 1989 as a proprietorship firm in the name of
Industrial Forging Industries. However, in April 2016, the
proprietorship firm was converted into a private limited company,
with Mr. Shyam Sunder Daga (former proprietor) and Mr. Amit Daga as
Directors.

The company manufactures forged steel products such as cross arm,
clamps, eye hook, nuts and bolts etc used in overhead lines for
transmission of power. Its manufacturing facility is located at
Howrah and Jangalpur in West Bengal and has an installed capacity
of 12,000 tonnes per annum.


INOX FMCG: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Inox FMCG Private Limited
        612-618, Narain Manzil
        23, Barakhamba Road
        New Delhi 110001

Insolvency Commencement Date: July 9, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 4, 2020

Insolvency professional: Mr. Satya Prakash Gupta

Interim Resolution
Professional:            Mr. Satya Prakash Gupta
                         808, Eros Apartment
                         56 Nehru Place
                         New Delhi 110019
                         E-mail: spgfinance@gmail.com
                                 ip.inoxfmcg@gmail.com

Last date for
submission of claims:    July 28, 2019


INTERSPACE SOLUTIONS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Interspace Solutions Private Limited
        65, Murzban Road Fort Mumbai
        Mumbai City MH 400001

Insolvency Commencement Date: June 24, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 23, 2019
                               (180 days from commencement)

Insolvency professional: Hirachand Nemichand Bafna

Interim Resolution
Professional:            Hirachand Nemichand Bafna
                         1502, Girner Towers
                         Sheth Motisha Lane
                         Mazgaon, Mumbai 400010
                         E-mail: hnb1502@rediffmail.com
                         Tel.: 9820428608

                            - and -

                         21-A, 1st Floor, 47/51, Soni Bhavan
                         Opp. Godiji Temple
                         Mumbai 400002
                         E-mail: hbirp03@gmail.com

Last date for
submission of claims:    July 10, 2019


J.Y. INTERNATIONAL: ICRA Lowers Ratings on INR16.28cr Loans to D
----------------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D 'ISSUER NOT
COOPERATING' from [ICRA]B+ (Stable) – 'ISSUER NOT COOPERATING'
and has also downgraded the short term rating to [ICRA]D –
'ISSUER NOT COOPERATING', from [ICRA]A4 – 'ISSUER NOT
COOPERATING', for the bank facilities of INR16.28 crore of J.Y.
International (JYI). The rating continues to be in the 'Issuer Not
Cooperating' category. The ratings are now denoted as "[ICRA]D
ISSUER NOT COOPERATING /[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        1.28       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     downgraded from [ICRA]B+
                                 (Stable); Rating continues to
                                 be in 'Issuer not cooperating'
                                 category

   Fund Based-       11.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   downgraded from [ICRA]B+
                                 (Stable); Rating continues to
                                 be in 'Issuer not cooperating'
                                 category

   Fund-based-        4.00       [ICRA]D ISSUER NOT COOPERATING;
   Packing Credit                downgraded from [ICRA]B+
                                 (Stable)/[ICRA]A4; Rating
                                 continues to be in 'Issuer not
                                 cooperating' category

ICRA has been trying to seek information from the firm so as to
monitor its performance, but despite repeated requests by ICRA, the
firm'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 firm.

Rationale

The rating downgrade factors in the delays in debt servicing as
confirmed by the lender due to stretched liquidity.

Established in year 2004 by Mr. Mehul Parekh and Ms. Yogini Parekh,
JY International is a partnership firm engaged in manufacturing of
stainless steel (SS) utensils like fry pan, cookware, buckets,
canisters etc. The company operates a plant located at Vasai,
Mumbai where the SS utensils are manufactured. In the last six
years, the promoters have regularly expanded the ancillary
capacities to increase the production capacity and improve the
automation in the manufacturing process. These investments have
been primarily funded through unsecured loans from promoters and
internal accruals. The products so produced are mainly exported to
Middle East, African and Far East Countries.


JAYDEV CONSTRUCTIONS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Jaydev Constructions Private Limited
        New No. 3, Bhima Sena Building
        Flat Door No. 3 (1st Floor)
        Murrays Gate Road, Alwarpet Chennai
        Chennai TN 600018
        India

Insolvency Commencement Date: July 1, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: December 27, 2019
                               (180 days from commencement)

Insolvency professional: K Muruganandan

Interim Resolution
Professional:            K Muruganandan
                         No. 10, KPN Colony 2nd Street
                         Union Mill Road
                         Tirupur 641601
                         Tamilnadu
                         E-mail: kanandca@gmail.com

Last date for
submission of claims:    July 22, 2019


JET AIRWAYS: Lessor Wants Carrier's Headquarters to be Vacated
--------------------------------------------------------------
Rohit Jain at BloombergQuint reports that the owner and licensor of
the building that houses Jet Airways (India) Ltd.'s corporate
headquarters in Mumbai's Andheri moved the National Company Law
Tribunal on July 23 to get the property back.

BloombergQuint relates that Luckystar Property Holdings sought
directions to prevent the airline and the resolution professional
from "interfering" with its repossession of the office property.

This comes after tribunal admitted an insolvency petition against
the cash-strapped airline on June 20 and imposed a moratorium on
the institution of suits or proceedings and recovery of dues
against Jet Airways, the report notes.

The tribunal will hear the matter on Aug. 8, BloombergQuint
discloses.

According to BloombergQuint, Janak Dwarkadas, the counsel
representing Lucky Star, argued:

   * The building currently housing the headquarters of Jet
     Airways was licensed by Luckystar to Jet Airways under
     a leave and license agreement, entailing payment of
     monthly license fees by the airline.

   * Jet was bound to make monthly payments for license fees
     under the agreement failing which the agreement would
     stand automatically cancelled. Jet failed to make timely
     payments for the license fees for two months due to which
     a notice was issued on May 7 with a thirty-day payment   
     deadline.

   * Jet failed to make the payments on or before June 7,
     following which Luckystar had to cancel the leave and
     license agreement. Thus, Jet ceased to be licensee prior
     to the imposition of the moratorium period. However, it
     has continued to deny possession of the office space to
     Luckystar.

   * Under the insolvency code, a resolution professional is
     required to take control of all movable and immovable
     assets belonging to the corporate debtor after initiation
     of corporate insolvency resolution process. However, such
     assets don't include any property belonging to a third
     party or a property held in trust by the corporate debtor.
     Possession of any asset must be a rightful possession.

   * Exercising rights beyond the subsistence of license
     agreement and continuing with unlawful possession of
     the asset would amount to trespass. Rights of property
     owners are affected due to this.

   * The order of moratorium imposed by the tribunal wouldn't
     affect Luckystar's rights and ownership on the licensed
     office space. Appropriation of property belonging to a
     third party isn't an objective of the Insolvency and
     Bankruptcy Code.

   * Luckystar had to set off Jet's security deposit against
     its pending dues for license fees. Therefore denial of
     possession by Jet and its RP on the grounds of pending
     refund of security deposit by Luckystar is incorrect.

BloombergQuint adds that a counsel representing Jet Airways'
employee associations sought directions of the tribunal for payment
of one month's salary to its employees. In response, the NCLT
directed the resolution professional to discuss payment of
employees' salaries with the committee of creditors, stating the
payment of salary is important for survival of Jet and its
employees.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provided passenger and cargo air
transportation services.  It also provided aircraft leasing
services. It operated flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2019, Reuters said the National Company Law Tribunal
(NCLT), on June 20 accepted an insolvency petition against Jet
Airways Ltd filed by its creditors as they attempt to recover some
of their dues.  The insolvency process will allow lenders to sell
the company as a whole or in parts, laying out a fixed timeline for
a resolution around its future. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

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

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


KASTURCHAND FERTILIZERS: ICRA Moves B+ Rating to Not Cooperating
----------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of
Kasturchand Fertilizers Pvt. Ltd. to Issuer Not Cooperating
category.

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

   Non Fund based        0.50      [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

Rationale

The ratings for the INR10.50-crore bank facility of Kasturchand
Fertilizers continue to remain in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+(Stable)/A4 ISSUER NOT
COOPERATING.

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

Incorporated in 1995, Kasturchand Fertilizers Private Limited is
involved in manufacturing of different grades of Nitrogen
Phosphorus and Potassium (NPK) and Single Superphosphate (SSP)
Fertilizers. The company is promoted by Mr. Munnalal Agrawal and
his son, Mr. Abhay Agrawal. The plant unit is situated at Kalamgaon
Village, Wadsa, Dist. Gadchiroali with the production capacity of
24,000 MT NPK Fertiliser and 24,000 MT Single super Phosphate per
annum. The different grades of fertilizers are marketed and
supplied under the trade mark of "KRUSHIDHAN", which is mainly for
soil care and crop.

In FY2017, the company reported a net profit of INR0.33 crore on an
operating income of INR12.62 crore, as compared to a net profit of
INR0.45 crore on an operating income of INR17.67 crore in FY2016.


KKRC INFRASTRUCTURE: ICRA Reaffirms B Ratings on INR34cr Loans
--------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of KKRC
Infrastructure Private Limited (KKRC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          10.50       [ICRA]B (Stable); Reaffirmed
   Secured                         and Removed from 'Issuer Not
   Overdraft                       Cooperating' category

   Long Term-          23.50       [ICRA]B (Stable); Reaffirmed
   Bank Guarantee                  and Removed from 'Issuer Not
                                   Cooperating' category

Rationale

The rating factors in the company's small scale of operations with
revenues of INR38.4 crore in FY2019 and high client and project
concentration risk with three top customer accounting for 82.0% of
its unexecuted order book as on May 31, 2019. The rating considers
the project execution risk, given the large unexecuted order book
compared to its size of operations. ICRA notes the company's
constrained liquidity position and requirement of additional
working capital limits for timely execution of its existing orders.
The rating also considers high segment and geographic concentration
risk with order execution limited to Andhra Pradesh and Telangana
The rating considers highly competitive construction industry
marked by presence of numerous players where tenders are largely
awarded on lowest price quoted.

ICRA also notes that revenues are vulnerable to budgetary
allocations by the state government and municipalities. However,
the rating favorably factors in the extensive experience of the
promoters spanning over three decades in the execution of civil
contracts and recognition as a special class contractor by the
Government of Andhra Pradesh and Telangana enabling the company to
participate in various projects for the State Government.

Outlook: Stable

ICRA believes that KKRC will continue to benefit from the extensive
experience of its promoters in the civil construction business. The
outlook may be revised to Positive if timely execution of existing
orders results in substantial growth in revenue and profitability,
and better working capital management, strengthens the financial
risk profile. The outlook may be revised to Negative if
lower-than-expected cash accruals due to slow execution of projects
in hand, or a stretch in the working capital cycle, weakens
liquidity.

Key rating drivers

Credit strengths

Significant experience of promoters in civil construction business
- The company was incorporated by Mr. K. Chandra Mohan Reddy, who
has been in the field of civil construction since 1983 while his
son, Mr. K. Sriharsha Reddy, who has more than 12 years of
experience in executing civil contracts.

Recognition as a special class contractor - The company is
recognised as a special class contractor by the Government of
Andhra Pradesh and Telangana which enables it to participate in a
variety of projects for the State Government, and KKRC is primarily
engaged in execution of civil, electrical, irrigation and
engineering contracts.

Credit challenges

Small scale of operations – The company has a small scale of
operations with a revenue of INR38.4 crore for FY2019 in a highly
fragmented construction industry. The company faces high
competition from numerous other players in the civil construction
industry. Given that the company participates in work orders for
various government departments where business is tender based,
sustainability of profit margins is vulnerable.

High working capital intensity – The company's working capital
intensity remained high at 47.3% in FY2019 due to high inventory
holding. Further, the company's liquidity position has been
moderately stretched as reflected in high working capital
utilisation averaging at 80.5% for the period March 2018 to April
2019.

High execution risk – KKRC is exposed to the project execution
risk, given the large unexecuted order book compared to its size of
operations. Further, the company's constrained liquidity position
and requirement of additional working capital limits for timely
execution of its existing orders.

High project and client concentration risk – The company is
exposed to high project and customer concentration risk as its top
three customer accounts for 82.0% of its order book. Further, a
single project of INR120.0 crore contributed to 61.4% of the total
order book size of INR195.3 crore as on May 31, 2019.
Moderately high geographic and sectoral concentration risk – The
company's geographic concentration risk remains moderately high
with work order execution limited to Andhra Pradesh and Telangana.
Further, the company's work orders are mostly confined to execution
of irrigation work for various departments of Government of Andhra
Pradesh and Telangana.

Liquidity position
The company's liquidity has been stretched given high working
capital utilisation averaged at 85.6% for the period February 2017
to April 2019. Moreover, given its high unexecuted order book, the
company would need additional working capital funds for timely
execution. The company has capital expenditure plans in the near to
medium term towards the purchase of equipment's for which the term
loan is expected to be availed. The company also avails short term
loans from National Small Industries Corporation Limited (NSIC) for
raw material assistance.

KKRC Infrastructure Private Limited (KKRC) was set up as a
proprietorship firm, KK Reddy and Company, by Mr. K Chandra Mohan
Reddy in 1983. The firm was reconstituted as a partnership firm in
1996 and then as a private limited company in 2010, when it got its
present name. KKRC, located in Hyderabad (Andhra Pradesh),
undertakes civil construction works for various irrigation
projects, including digging and lining of canals, excavation works,
embankment in canal projects, and dam construction. The company is
registered as a special class contractor with the public works
departments of Andhra Pradesh and Telangana.


M/S MARBELLO: Ind-Ra Affirms 'D' LT Issuer Rating on INR150MM Loan
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/S Marbello's
Long-Term Issuer Rating at 'IND D (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR150 mil. Fund-based working capital limits (Long-
    term/Short-term) affirmed with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

KEY RATING DRIVERS

The rating action reflects delays in debt servicing by Marbello and
the details of the same are unavailable.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
result in a rating upgrade.

COMPANY PROFILE

M/S Marbello, established in 1991 as a proprietorship firm, is
involved in the trading of grey fabrics and Italian marbles.


MOSER BAER: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Moser Baer Electronics Limited
        43-B, Okhla Industrial Estate
        New Delhi 110020

Insolvency Commencement Date: July 17, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 13, 2020

Insolvency professional: Hemant Sharma

Interim Resolution
Professional:            Hemant Sharma
                         2/263, Subhash Nagar
                         New Delhi 110027
                         E-mail: hemant78sharma@yahoo.com

                            - and -

                         Witworth IPE, C-124, Ground Floor
                         Lajpat Nagar-1
                         New Deli 110058
                         E-mail: cirp.mbel@gmail.com
                                 hemant78sharma@yahoo.com
  
Last date for
submission of claims:    August 2, 2019


MULTISTONE GRANITO: ICRA Lowers Ratings on INR48.82cr Loans to D
----------------------------------------------------------------
ICRA has downgraded the ratings to [ICRA]D from [ICRA]C+/[ICRA]A4
and has also moved the ratings to the 'Issuer Not Cooperating'
category. The ratings are now denoted as "[ICRA]D/[ICRA]D ISSUER
NOT COOPERATING."

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Fund-based         32.40     [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                    Downgraded from [ICRA]C+; rating
                                moved to the 'ISSUER NOT
                                COOPERATING' category

   Fund-based         12.00     [ICRA]D; ISSUER NOT COOPERATING;
   Working                      Downgraded from [ICRA]C+; rating
   Capital                      moved to the 'ISSUER NOT
   Limits                       COOPERATING' category

   Non-fund            4.00     [ICRA]D; ISSUER NOT COOPERATING;
   Based Bank                   Downgraded from [ICRA]A4; rating
   Guarantee                    moved to the 'ISSUER NOT
                                COOPERATING' category

   Non-fund            0.42     [ICRA]D; ISSUER NOT COOPERATING;  

   Based Credit                 Downgraded from [ICRA]A4; rating
   Exposure Limit               moved to the 'ISSUER NOT
                                COOPERATING' category

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

Rationale

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

Incorporated in May 2016, Multistone Granito (P) Limited (MGPL)
commenced commercial production from April 2018 with its product
profile comprising double charged vitrified tiles of 600X600 mm and
800X800 mm. MGPL's manufacturing unit is located at Wankaner,
Morbi, the ceramic tile manufacturing hub of Gujarat. MGPL is
equipped to manufacture 73,800 metric tonnes (MT) of tiles per
annum. In FY2018 (eight months of operations), on a provisional
basis, it reported a net loss before depreciation and taxation of
INR6.64 crore on an operating income of INR14.23 crore.


NANO AGRO: ICRA Withdraws 'B' Rating on INR10.73cr Loans
--------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B with a Stable
outlook assigned to the INR10.73 crore bank facilities of Nano Agro
Foods Private Limited (NAFPL).

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based-
   Cash Credit        10.00       [ICRA]B (Stable); Withdrawn

   Unallocated         0.73       [ICRA]B (Stable); Withdrawn

Rationale

The rating assigned to Nano Agro Foods Private Limited has been
withdrawn on receipt of No Objection Certificate from the
lender(s).

Incorporated in 2007, Nano Agro Foods Pvt. Ltd. (NAFPL) is involved
in the business of ginning and pressing of raw cotton to produce
cotton bales and cotton seeds with its manufacturing facility
located at Rajkot (Gujarat). The company is equipped with 30
ginning machines and 1 pressing machine with an installed capacity
of processing 170 bales per day.


NAVIN COLD: ICRA Lowers Ratings on INR9cr Loans to 'D'
------------------------------------------------------
ICRA has downgraded the rating for the INR9.00 crore bank
facilities of Navin Cold Storage Pvt. Ltd. (NCSPL) to [ICRA]D
ISSUER NOT COOPERATING from [ICRA]C+ 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."

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        1.81       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating downgraded from [ICRA]C+
                                 and continues to remain in the
                                 'Issuer Not Cooperating'
                                 category

   Fund based-        1.17       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating downgraded from [ICRA]C+
                                 and continues to remain in the
                                 'Issuer Not Cooperating'
                                 category

   Fund based-        5.50       [ICRA]D ISSUER NOT COOPERATING;
   working capital               Rating downgraded from [ICRA]C+
   loan                          and continues to remain in the
                                 'Issuer Not Cooperating'
                                 category

   Unallocated        0.52       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating downgraded from [ICRA]C+
                                 and continues to remain in the
                                 'Issuer Not Cooperating'
                                 category

Rationale

The rating downgrade follows the delays in debt servicing by Navin
Cold Storage Pvt. Ltd. to the lender, as confirmed by them to
ICRA.

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

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

Navin Cold Storage Pvt. Ltd. had set up its cold storage unit in
West Medinipur, West Bengal in 1990 to carry out the business of
storage and preservation of potatoes. The current capacity of the
cold storage unit is 23,557 metric tones (Mt).


NISSAN SYNTEX: ICRA Reaffirms B+ Rating on INR7cr Loan
------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Nissan Syntex Private Limited (NSPL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund-based          7.00       [ICRA]B+(Stable); Reaffirmed
   Cash Credit         

   Non-fund           (4.00)      [ICRA]A4; Reaffirmed
   Based PC/PCFC/
   FBP/FBD/FCBP/
   FCBD-Sublimit
   to Cash Credit     

   Non-fund           (0.25)      [ICRA]A4; Reaffirmed
   Based Bank
   Guarantee-
   Sublimit to
   Cash Credit        

   Unallocated         0.05       [ICRA]B+(Stable)/[ICRA]A4;
   Limits                         Reaffirmed

Rationale

The ratings reaffirmation continues to take into account NSPL weak
financial risk profile characterised by relatively small scale of
operations, leveraged capital structure, weak coverage indicators,
and high working capital intensity because of elongated receivables
and high inventory days. The ratings remain constrained by the
vulnerability of the company's profitability to adverse
fluctuations in raw material prices and its inability to fully pass
on the same to end customers due to intense competition and
fragmented industry structure. The ratings are further constrained
by high customer concentration, with the top-five customers
constituting 75-85% of the revenues in the last three years.

The ratings, however, continue to positively consider the extensive
experience of the promoters in the textile industry and NSPL's
established relationship with its reputed clientele.

Outlook: Stable

ICRA expects NSPL to continue to benefit from the extensive
experience of its promoters in the textile industry. The outlook
may be revised to Positive if stabilisation of the
incrementally-added capacity leads to substantial growth in revenue
and profitability, resulting in higher-than-expected cash accruals.
Further, capital infusion or better working capital management,
coupled with timely realisation of the debtors, would strengthen
the financial risk profile. The outlook may be revised to Negative
if sub-optimal utilisation of the incrementally-added capacity
leads to a decline in scale and profitability, leading to
inadequate cash accruals needed to support debt repayments, or if
any major debt-funded capex or elongation in the working capital
cycle deteriorates the capital structure and the liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in textile business - NSPL's
promoters have over two-decade long experience in the textile
industry.

Reputed clientele - The company supplies bottom wears to various
reputed textile players, such as Lifestyle International Pvt. Ltd.
and Aditya Birla Fashion & Retail Ltd. (rated
[ICRA]AA(Stable)/[ICRA]A1+).

Credit challenges

Weak financial risk profile - The scale of operations remains
moderate with an operating income (OI) of INR23.15 crore in FY2018
and INR22.70 crore in FY2019, compared to INR22.88 crore in FY2017.
The operating margin improved to 9.8% in FY2018 from 9% in FY2017
mainly with increase in revenues from the garment manufacturing
business. However, it declined to 8.51% in FY2019 because of higher
raw material costs, which the company could not pass on. The net
profitability, though improved, remained low at 2.47% in FY2018 and
3.02% in FY2019 (vi-a-vis 2.08% in FY2017). The total debt
increased to INR10.40 crore as on March 31, 2019 as the company
increased its external financing to fund its capex and incremental
working capital requirements. The capital structure remained
aggressive with gearing of 1.86 times in FY2018 and 1.96 times in
FY2019 (vis-à-vis 2.17 times in FY2017).

With high interest and finance cost and low profitability, the
coverage indicators remained weak as reflected by interest coverage
of 1.85 times in FY2018 and 1.89 times in FY2019 (vis-a-vis 1.83
times in FY2017), TOL/TNW of 3.31 times in FY2018 and 2.82 times in
FY2019 (vis-a-vis 3.31 times in FY2017), and NCA/TD of 11% in
FY2018 and 10% in FY2019 (vis-a-vis 9% in FY2017). Further, the
working capital intensity remained high with NWC/OI of 43% as on
March 31, 2018, which increased to 50% as on March 31, 2019, mainly
because of high (165) receivable days, given elongated receivables
from two of its major customers.

High customer concentration risk - The top five customers
contributed 72 - 85% to the revenues in the last three years, which
includes exports to Gulf nations. Thus, NSPL's revenues and
earnings remain linked to the performances of its key customers,
along with other external factors such as changes in regulations
and duty structures across markets. However, the company's
established relationship with customers and its repeat order
history provide comfort.

Exposure of profitability to fluctuations in input prices and
competition - The company's profitability remains vulnerable to
adverse fluctuations in the raw material prices and its ability to
fully pass on the same to end customers, given intense competition
and fragmented industry structure.

Liquidity position
Fund flow from operations and free cash flows remained positive in
FY2018 and FY2019. The company's liquidity position currently
remains comfortable with no repayment obligations. However, going
forward, with term loan repayments for the planned capex starting
from April 2020, generation of adequate cash flows and realisation
of the elongated debtors will remain crucial.

Incorporated in 1982, Nissan Syntex Private Limited is promoted by
Mr. Harkishandas P. Parekh. NSPL commenced its operations as a
trading unit and gradually forayed into garment manufacturing from
its unit at GIDC in Naroda, Ahmedabad. The company is involved in
three businesses - processing and trading of fabrics, garment
manufacturing (bottom wear), and denim distributorship. The
company's current garment manufacturing capacity is about 40,000
per month. Currently, the company is expanding its capacity by
25,000 units per month. The additional capacity will be available
for manufacturing from October 2019.


NRI EDUCATIONAL: Ind-Ra Maintains BB LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained NRI Educational
Society's bank facilities in the non-cooperating category. The
issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the ratings. The ratings will continue to appear as
'IND BB (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR10.00 mil. Term loan due on January 9, 2019, maintained in
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating; and

-- INR48.85 mil. Overdraft facility maintained in non-cooperating

     category with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 17, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.   


COMPANY PROFILE

NRI Educational Society, in collaboration with G. D. Goenka Private
Limited, operates G. D. Goenka Public School in Kanpur, Uttar
Pradesh.


NXTGEN DATACENTER: ICRA Lowers Ratings on INR115cr Loans to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of NxtGen
Datacenter and Cloud Technologies Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term           15.00       [ICRA]D; downgraded from
   Cash Credit                     [ICRA]BBB- (Stable)

   Long-term          100.00       [ICRA]D; downgraded from
   Term Loan                       [ICRA]BBB- (Stable)

Rationale

The rating downgrade is on account of delays in repayment of the
term loans, as confirmed by the company and its bankers. The delays
were on account of stretched receivables from its Government
customers due to payments held up during the Lok Sabha elections
conducted between April to May 2019 resulting in tight liquidity
position.

Outlook: Not applicable

Key rating drivers:

Credit Challenges

Delay in receipt of payment from Government customers – The
company derives a sizeable portion of its revenues from PSU
customers. The delay in receipt of payments from its Government
customers was primarily due to payments held up during the Lok
Sabha elections conducted between April to May 2019 resulting in
stretched liquidity position.

Liquidity position:

NDCTPL's liquidity position remained stretched on account of delays
in receipt of payments from Government customers due to payments
held up during the Lok Sabha elections conducted between April to
May 2019.

NxtGen Datacenter and Cloud Technologies Private Limited was
initially incorporated as PVRR Data City Private Limited on 21st
March 2012 with the primary objective of setting up a Datacenter.
The Company is promoted by Mr. A S Rajgopal, Mr. Prasad, Mr. Ritesh
Khandelwal & Mr. Viral Thakkar. The Company has set up a high
efficiency and high-density data centre (HDDC) in Bangalore. In
addition, the Company also provides On-Premise Data Centre (OPDC)
solution and Enterprise Cloud Services (ECS).

In FY2019, the company reported a net loss of INR6.8 crore on an
operating income of INR152.0 crore compared to a net loss of
INR25.8 crore on an operating income of INR116.8 crore in the
previous year.


PATELNAGAR REFRACTORIES: ICRA Assigns 'D' Ratings to INR15cr Loans
------------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Patelnagar
Refractories Private Limited (PRPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based           1.10       [ICRA]D; Assigned
   Limit-Cash
   Credit               

   Fund-based          12.91       [ICRA]D; Assigned
   Limit-Term
   Loan                

   Non-fund based       0.25       [ICRA]D; Assigned
   Limit-Bank
   Guarantee            

   Unallocated          0.74       [ICRA]D/[ICRA]D; Assigned
   Limits               

Rationale

The assigned rating primarily considers the delays in timely
servicing of debt obligations by the company. The rating also
considers the relatively small scale of current operations, which
coupled with high depreciation and interest cost, resulted in net
losses for the company in FY2018 and FY2019 (provisional). The
financial profile of the company also remained weak, as reflected
by an adverse capital structure and depressed level of coverage
indicators on account of high debt levels and low operating and
cash profits. ICRA also notes that the company has significant
debt-servicing obligations because of the term loan availed to set
up the calcination unit, which is likely to keep its cash flows
under pressure in the near to medium term.

The rating, however, derives comfort from the long experience of
the promoters, who have been associated with the mining and
processing of china clay through other Group companies for more
than six decades. The rating also considers the linkage with the
Group company, in relation to procurement of china clay (major raw
material), which strengthen its operational profile to an extent.

In ICRA's opinion, the company's ability to service the debt
obligations in a timely manner, scale up its operations while
improving its capital structure and coverage indicators and
managing its working capital requirement efficiently would remain
key rating sensitivities, going forward.

Key rating drivers

Credit strengths

Long experience of promoters - The company was incorporated in
2012. It is promoted by the Birbhum-based Ghosh family, who have
been associated with the mining and processing of china clay
through other Group companies for more than six decades. One of the
promoters of the company, Mr. Swapan Kanti Ghosh, looks after the
day-to-day operations of the company along with a team of
experienced professionals.

Operational linkage with Group company - PRPL has linkage with
Patel Nagar Minerals & Industries Pvt. Ltd., the flagship company
of the Group, for sourcing of china clay (major raw material),
which strengthens its operational profile to an extent.

Credit challenges

Delays in timely servicing of debt obligations - The company has
unsatisfactory track record in timely servicing of debt
obligations, leading to an overdue principal and interest on term
loans.

Relatively small scale of current operations - The commercial
operations of the company started from December 15, 2017 and
registered a top line of INR1.01 crore in FY2018. The same
increased to INR8.79 crore in FY2019 (provisional), however, the
scale of operations continues to remain small.

Weak financial profile characterised by net losses, an adverse
capital structure and depressed coverage indicators - The company
posted net losses of INR2.69 crore and INR5.33 crore in FY2018 and
FY2019 (provisional), respectively because of small scale of
operations, coupled with high depreciation and interest cost. The
capital structure stood at an adverse level as on March 31, 2019
(provisional). The coverage indicators also remained subdued, as
reflected by an interest coverage of 1.52 times, Total Debt/
OPBDITA of 8.34 times and NCA/ Total Debt of 4% in FY2019
(provisional).

Substantial debt servicing obligations - The company has
substantial debt-servicing obligations in the near to medium term,
which are likely to keep its cash flows under pressure.

Liquidity position

The company has sizeable long-term debt service obligations.
Moreover, high receivables and inventory resulted in high
utilisation of its cash credit limit, as reflected by an average
utilisation of ~95% in the last 15 months, which has stretched the
company's liquidity position further and restricted its financial
flexibility. In view of sizeable debt-service obligations compared
to low cash accruals from business, the liquidity position of the
company is likely to remain tight in the near term at least.

Patelnagar Refractories Private Limited was incorporated in 2012.
The company manufactures calcined clay, which is required to
manufacture refractories, with a production capacity of 28,800
metric tonnes per annum (MTPA). PRPL's calcination unit is located
in Patelnagar, West Bengal. The day-to-day operations of the
company are looked after by Mr. Swapan Kanti Ghosh, the Promoter of
the company, along with a team of experienced professionals.


PRAPALSHA AGROS: ICRA Reaffirms 'B' Rating on INR11cr Loan
----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Prapalsha Agros Limited (PAL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Cash Credit         11.00       [ICRA]B (Stable); Reaffirmed

Rationale

The rating reaffirmation considers PAL small scale of operations
with revenues of INR16.6 crore in FY2019 in a competitive tobacco
trading industry, limiting its financial flexibility. The rating is
further constrained by PAL's weak financial profile, characterised
by low profitability inherent to the trading nature of operations,
high gearing as on March 31, 2019 and weak debt coverage indicators
in FY2019. Further, the rating considers the working
capital-intensive nature of the business because of high inventory;
the company's working capital cycle deteriorated over the last two
years and its working capital intensity was high at 52.3% in
FY2019. The rating also factors in regulatory risks as production
and auction are controlled by the Tobacco Board of India.

However, the rating draws comfort from the promoter's vast
experience in tobacco processing and trading industry. ICRA also
considers the company's location advantage with its presence in the
major tobacco growing area of Guntur district, resulting in easy
availability of tobacco.

Outlook: Stable

ICRA believes that PAL will continue to benefit from the extensive
experience of its promoters in the tobacco processing and trading
business. The outlook may be revised to Positive if substantial
growth in revenue and profitability, and improved working capital
cycle strengthens the financial risk profile. The outlook may be
revised to Negative if working capital cycle deteriorates further,
or low order inflow impacts the cash accruals, weakening its
liquidity.

Key rating drivers

Credit strengths

Long experience of the promoters - The promoters have extensive
experience in the tobacco processing and trading industry,
resulting in established relationship with customers and
suppliers.

Strategic location of the unit – The favourable location of the
unit in Guntur district of Andhra Pradesh with proximity to major
tobacco producers and aggregators results in easy access to raw
materials.

Credit challenges

Small scale of operations – PAL is a small-sized company involved
in processing and trading of tobacco, limiting financial
flexibility. The company reported revenues of INR16.6 crore in
FY2019.

Financial profile characterised by leveraged capital structure and
weak coverage indicators – The company's financial profile
continued to remain weak with a high gearing as on March 31, 2019
on account of high working capital borrowings, constrained
liquidity, and weak debt coverage indicators.

Intense competition in the industry – The tobacco processing
industry is very competitive with presence of a large number of
organised and unorganised players, impacting the margins.

High working capital intensity, resulting from high inventory,
impacts liquidity – The working capital intensity had been high
at 52.3% in FY2019 due to high inventory holding. This has
constrained the liquidity, as reflected in utilisation of 88.8% of
the drawing power between May 2018 and March 2019.

Vulnerable to regulatory risks pertaining to tobacco cultivation
– The company's performance remains exposed to regulatory risks
as the Tobacco Board dictates the price and the quantity to be
procured in a given year. As India is a signatory of WHO's
Framework Convention on Tobacco Control, it needs to reduce
production of tobacco over the long term.

Liquidity position

The company's liquidity position has been stretched with high
average working capital utilisation of 88.8% of the drawing power
between May 2018 and March 2019. Further, the working capital
intensity had been high at 52.3% in FY2019 due to high inventory
holding. The company does not have any major capital expenditure
plans in the near to medium term.

Prapalsha Agros Limited (PAL) was incorporated in 1998 by Mr. M.
Venkateswara Rao and his family members. The company is based out
of Guntur district of Andhra Pradesh and is primarily involved in
procuring, processing and trading of tobacco. The unit is
registered with the Tobacco Board as a tobacco dealer and exporter
and can participate in the auctions conducted by the same.

As per provisional financials, the company reported a net profit of
INR0.8 crore on an operating income of INR16.6 crore in FY2019
compared to a net profit of INR0.1 crore on an operating income of
INR9.9 crore in FY2018.


RELIANCE POWER: ICRA Cuts Ratings on INR8015cr Loans to D
---------------------------------------------------------
ICRA has downgraded the long-term rating of Reliance Power Limited
to [ICRA]D from [ICRA]C. The rating continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING". ICRA has also downgraded the
short-term rating of Reliance Power Limited to [ICRA]D from
[ICRA]A4. The rating continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term           1000       [ICRA]D ISSUER NOT COOPERATING;
   Non-Convertible                revised from [ICRA]C; Continues
   debentures (NCD)               to remain in non-cooperating
                                  category

   Non-Fund Based      3712       [ICRA]D/[ICRA]D ISSUER NOT
   Limit (B/G                     COOPERATING; revised from
   and L/C)                       [ICRA]C/[ICRA]A4; Continues
                                  to remain in non-cooperating
                                  category

   Long Term           2183^      [ICRA]D ISSUER NOT
   Loans                          COOPERATING; revised from
                                  [ICRA]C; Continues to remain
                                  in non-cooperating category

   Long Term-Fund        80       [ICRA]D ISSUER NOT
   Based Limits                   COOPERATING; revised from
                                  [ICRA]C; Continues to remain
                                  in non-cooperating category

   Short Term–           40       [ICRA]D ISSUER NOT
   Non-fund                       COOPERATING; revised from
   based Limits                   [ICRA]A4; Continues to remain
                                  in non-cooperating

   Commercial Paper/    1000      [ICRA]D ISSUER NOT
   Short-term debt                COOPERATING; revised from
   Programme/NCD                  [ICRA]A4; Continues to remain  
   (with maturity of              in non-cooperating
   less than one year)   
                                  
^includes ECB of US$25MM

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.

Rationale:

The rating which was on [ICRA]C Issuer Non-Cooperating has been
downgraded to [ICRA]D on confirmation of delays in debt servicing
as evidenced from the signing of the Inter-Creditor Agreement (ICA)
on July 6, 2019 by all the six lenders of Reliance Power Limited.
The liquidity profile of the company along with its subsidiaries
continues to remain stretched as evident from considerable decline
in the net cash accruals in FY 2018-19 and net-worth erosion due to
significant impairment of assets.

Key rating drivers:

Credit challenges

Delays in debt servicing evident from signing of ICA by the lenders
- On July 6, 2019, all the six lenders of Reliance Power Limited
signed ICA, basis which the company has achieved standstill for 180
days and expects the implementation of the resolution plan during
the same period. The liquidity profile of the company along with
its subsidiaries continues to remain stretched as evident from
considerable decline in the net cash accruals in FY 2018-19 and
net-worth erosion due to significant impairment of assets amounting
to ~ INR4170 crore as on March 31, 2019.

High leveraging level at standalone level, associated refinancing
risk- The leveraging levels for the company continue to remain
high. This has resulted in increase in interest expenses and
associated refinancing risk. The term loans have been primarily
deployed in the Special Purpose Vehicles (SPVs) to meet the
cash-flow mismatches.

Deterioration in the financial performance of Rosa Power and
Vidarbha Industries: In case of Rosa Power Project, the cash flow
position has been impacted on account of the tariff order issued by
the Uttar Pradesh Electricity Regulatory Commission (UPERC) and the
subsequent order issued by UPERC recently following the review
petition filed by the company. As per the tariff order, the tariffs
allowed are lower than what the company had asked for because of
the disallowance of additional capital expenditure/un-discharged
liability, marginal tightening of efficiency norms and sharing of
gains during the control period of FY2015–FY2019. Subsequently,
the company filed a review petition with the UPERC against the
tariff order, in respect to which, UPERC issued an order wherein
they have rejected the claims made by the company regarding
undischarged liability, secondary oil consumption and truing up of
interest on working capital. Also, the allowance of additional
capital expenditure of the tune of ~ INR470 crore remains pending
which is expected to limit the cash accruals for the company to
significant extent. Hon'ble Supreme Court, vide its Judgment dated
April 19, 2018 in a similar matter has held that regulations
override the Power Purchase Agreement (PPA) unless a carve out
within the Regulation enables the applicability of the PPA. For
VIPL, cash flow position of the company has been impacted owing to
significant increase in receivables due to the disallowance of
certain part of the fuel cost as per the tariff order approved by
the Maharashtra Electricity Regulatory Commission (MERC). While the
company appealed against the MERC's order to the Appellate Tribunal
for Electricity (APTEL), which in turn issued an order in favour of
the company in November 2016, the MERC subsequently filed an appeal
against the APTEL order in the Supreme Court in January 2017.
Subsequently, VIPL has filed an application before MERC for grant
of relief and compensation under Change in Law due to non-signing
of FSA for Unit 1. Consequently, upon the petitions filed by VIPL,
MERC, vide its Order dated September 14, 2018 directed VIPL to file
a revised Mid Term Review Petition (MTR). With reference to the
said MTR petition, MERC has held a public hearing on January 8,
2019, and has reserved the order. The company is expecting a
favourable order from MERC in the near term which is expected to
mitigate the issue relating to the disallowance of certain part of
the fuel cost.

Status as mainly a holding company with limited asset base and
revenue streams - The ratings assigned to R-Power remains
constrained by the fact that it is mainly a holding company with
limited asset base and revenue streams (except the 45-MW wind
project). As a result, debt servicing by the company remains
dependent on the timely ploughing back of funds from the project
SPVs.

Significant uncertainty with regards to the non-operational
Samalkot project - As the Samalkot project is at present
non-operational, debt servicing for the project (which commenced in
April 2015) has been met through support from R-Power. The company
is in discussion with the lender to restructure the debt whereby
outstanding principal would be repaid in three equal annual
instalments starting from June 2020. However, given the concerns
related to gas availability in India, the company is now planning
to deploy the unused equipment of 750-MW capacity to Bangladesh,
out of the total planned capacity of 2,250 MW at Samalkot. Reliance
Bangladesh LNG & Power Limited (RBLPL), the wholly owned subsidiary
of R-Power is developing the Bangladesh power project. RBLPL has
finalised the EPC contractor for the power project and have
received approval for financing of the project from Asian
Development Bank (ADB). With relocation of this project to
Bangladesh, R-Power would remain exposed to project execution
risk.

Exposure to counterparty credit risks associated with sale of power
to state-owned distribution utilities; however, adequate payment
security mechanisms partially mitigate the risk: The projects
remain exposed to counterparty credit risks associated with sale of
power to state-owned distribution utilities as well as fuel-supply
risks, both for coal and gas. ICRA, however, notes that the
counterparty credit risks are mitigated partially through adequate
payment security mechanisms, availability of fuel under FSA and the
fact that fuel cost is a pass-through in a cost plus-based PPA,
which in turn mitigates price risk for its thermal power projects
(Rosa and Butibori).

Liquidity position

The company's liquidity position continues to remain stretched as
evident from weak cash accruals during FY 2019.

R-Power, a part of the Reliance Group, promoted by Mr. Anil D
Ambani, is the primary vehicle for investments in the power
generation sector. The company came out with an IPO in February
2008 and raised INR11,560 crore for funding the equity contribution
for some of the identified projects. As on date, the company's
generation capacity stood at 5945 MW, including 5,760 MW of thermal
capacity and 185 MW of renewable energy-based capacity. Its
operational projects include Rosa Project at Shahajahnapur, Uttar
Pradesh (1,200 MW); Butibori Project at Nagpur, Maharashtra (600
MW), UMPP at Sasan (3,960 MW); solar PV Project at Dhursar,
Rajasthan (40 MW), concentrated solar power project at Pokhran,
Rajasthan (100 MW) and wind project at Vashpet, Maharashtra (45
MW).


RENJIN CONSTRUCTION: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR7.25-crore bank facility of Renjin
Construction continue to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+ (Stable)/A4 ISSUER
NOT COOPERATING."

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

   Non Fund based-      1.95       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated          2.30       [ICRA]B+ (Stable)/A4 ISSUER
   Limit                           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 1989, RC is a proprietorship firm involved in the
execution of civil construction contracts such as construction of
sewage canals, repair of building structures, road over bridges,
underground drainages, road extension and maintenance, replacement
of paver blocks etc. RC carries out construction works for various
government, semi-government and private agencies in and around
Mumbai in Maharashtra. At present, its operations are managed by
Mr. Mathew Mammen who has an experience of over two decades in the
construction industry.

In FY2017, the firm reported a net profit of INR1.0 crore on an OI
of INR19.3 crore, as compared to a net profit of INR1.0 crore on an
OI of INR18.1 crore in FY2016.


ROSA POWER: ICRA Lowers Rating on INR4867cr Loan to B-
------------------------------------------------------
ICRA has downgraded the long-term rating of Rosa Power Supply
Company Limited to [ICRA]B- from [ICRA]BB+. The rating continues to
remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B- ISSUER NOT COOPERATING". ICRA has also
downgraded the short-term rating of Rosa Power Supply Company
Limited to [ICRA]A4 from [ICRA]A4+. The rating continues to remain
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans-          4867       [ICRA]B- (Negative) ISSUER NOT
   Long Term Scale                 COOPERATING; revised from
                                   [ICRA]BB+ (Negative), rating
                                   continues to remain in issuer
                                   not cooperating category

   Working Capital      1554       [ICRA]B- (Negative)/[ICRA]A4
   Facilities                      ISSUER NOT COOPERATING;
   (CC/WCDL)                       revised from [ICRA]BB+
                                   (negative)/[ICRA]A4+; rating
                                   continues to remain in issuer
                                   not cooperating category

   LER limit              10       [ICRA]B- (Negative)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   revised from [ICRA]BB+
                                   (negative)/[ICRA]A4+; rating
                                   continues to remain in issuer
                                   not cooperating category

   Non-fund Based        150       [ICRA]B- (Negative)/[ICRA]A4
   Limit (B/G                      ISSUER NOT COOPERATING;
   and L/C)                        revised from [ICRA]BB+
                                   (negative)/[ICRA]A4+; rating
                                   continues to remain in 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. ICRA is unable to validate
whether Rosa Power Supply Company Limited has been able to meet its
debt servicing obligations in a timely manner. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating.

Rationale:

The revision in the rating takes into the account the significant
deterioration in the financial risk profile of Reliance Power Group
coupled with the overall deterioration in the liquidity position of
the company, pending the approval by UPERC on disallowed capital
expenditure as well as other cost & efficiency parameters. The
liquidity profile of Reliance Power Limited has remained stretched
as evident from considerable decline in the net cash accruals in FY
2018-19 and net-worth erosion due to significant impairment of
assets amounting to ~ INR4170 crore as on March 31, 2019.

Furthermore, the ratings continue to remain constrained on account
of the continuing weak credit quality of the sole offtaker, namely
the Uttar Pradesh Power Corporation Limited (UPPCL) and its high
cost of power generation due to locational disadvantages in
sourcing coal. With weak merit order position for the company in
the power procurement mix of UPPCL, the company's PLF level has
been low at 49% during FY2019. While the overall collection
efficiency since commencement has remained satisfactory, the
sustenance of timely collections from UPPCL remain a key rating
sensitivity.

The ratings, however, favourably consider the company's cost-plus
based tariff in PPA with UPPCL, involving allowed return on equity
at 16%, recovery of fixed capacity charges at plant availability of
85% and pass-through nature of fuel cost also in case of the sale
of power using alternative sources of coal due to FSA coal
shortages, thus mitigating fuel price risks.

Outlook: Negative

The outlook may be revised to Stable in case of any favourable
order from the UPERC towards allowance of the additional capital
expenditure/un-discharged liability or any significant deleveraging
by the company.

Key rating drivers:

Credit strengths

Cost-plus based PPA in place with UPPCL for 100% of its total
capacity: The company has a long-term power purchase agreement
(PPA) for its entire installed capacity (1200 MW) with the UPPCL
thus mitigating its exposure to any volatility in merchant tariffs
and fuel price risks. The PPA with the UPPCL is based on
'cost-plus' based tariff principles at normative norms, involving
allowed return on equity at 16% and recovery of fixed capacity
charges at plant availability of 85%. Also, fuel cost remains a
pass-through in tariff in case of sale of power using imported
coal, thus, mitigating the adverse impact of the rise in the cost
of generation.

Credit challenges

Deterioration in the financial risk profile of Reliance Power Group
(Reliance Power rated [ICRA]D/[ICRA]D; issuer not cooperating) -
The financial profile of Reliance Power has deteriorated
significantly as evident from considerable decline in the net cash
accruals in FY 2018-19 and net-worth erosion due to impairment of
assets amounting to INR4170 crore as on March 31, 2019. Further, on
July 6, 2019, all the six lenders of Reliance Power Limited signed
Inter-Creditor Agreement (ICA), basis which the company has
achieved standstill for 180 days and expects the implementation of
the resolution plan during the same period.

Impact on cash flow position due to reduction in the approved fixed
capacity charges: Reduction in the approved fixed capacity charges,
as per the final tariff order issued by the Uttar Pradesh
Electricity Regulatory Commission (UPERC) for the control period
FY2014-19, has impacted the cash flows for the company. The UPERC
has approved lower project cost (in comparison to the total cost
incurred) which will result in a reduction in depreciation and
return on equity (RoE) for the company. In addition, the reduction
in the normative station heat rate (SHR) and secondary oil
consumption will result in marginal reduction in operational
efficiency gains, which will also be shared between the company and
the discom respectively in the ratio of 80:20 going forward. The
company filed a review petition with the UPERC against the tariff
order, against which, UPERC issued an order wherein they have
rejected the claims made by the company regarding undischarged
liability, secondary oil consumption and truing up of interest on
working capital. Also, the allowance of additional capital
expenditure of the tune of INR470 crore remains pending which is
expected to limit the cash accruals for the company to significant
extent. While the company has filed an appeal with Appellate
Tribunal for Electricity (APTEL) with regards to the tariff order,
the decision is still awaited.

Significant dip in the PLF levels during FY2019: The entire project
(1200 MW) is operational from April 1, 2012. The plant load factor
(PLF) improved to 75% in FY2017 while plant availability factor
(PAF) has remained at 100%, allowing the company to claim a
recovery of the entire fixed capacity charges, which is subject to
plant availability at 85% and hence was able to generate
satisfactory returns over the last few years. During FY2018, the
PLF levels for the company was satisfactory at ~73%. The PLF levels
for the company however declined in the current fiscal with the
company recording PLF levels of 41% during FY 2019 which can be
attributed to weak merit order position of the company.

High counterparty credit risks pertaining to UPPCL, though payments
so far have been timely: RPSCL is exposed to counter-party credit
risks pertaining to UPPCL, whose credit quality is weak. The
company, however, benefits from the available payment security
mechanism. Also, overall collection efficiency, since commencement
is more than 95%. However, the sustenance of the same would remain
a key rating sensitivity, though payments so far have been timely.

With hinterland location of the project, cost of power generation
remains high thus adversely affecting the merit order position of
the company: While the average tariff for Rosa stands at INR4.5-5
per unit, the average procurement tariff for the state utilities
stands at ~Rs. 4-4.2/ unit. The normative variable cost for the
company remains high, resulting in a weak merit order position of
the company and exposing it to the offtake risk. However, power
deficit scenario in UP mitigates the risk to some extent.

Liquidity position

While the working capital utilisation continues to remain high, the
company's liquidity position remains stretched owing to lower
approved fixed capacity charges.

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


SANDEEP RICE: ICRA Keeps B on INR30cr Debt in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR10.00-crore bank facilities of
Sandeep Rice Mills (SRM) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable);
ISSUER NOT COOPERATING."

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term-Fund        10.00      [ICRA]B (Stable) ISSUER NOT
   Based/Cash Credit                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 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.

SRM was established in 2000 as a partnership firm by Mr. Amarjeet
Goyal, Mrs. Meena Devi and Mr. Jai Bhagwan Goyal. The firm is
engaged in milling and trading of basmati rice. The firm's milling
unit is based out of Cheeka and has an installed capacity of 6
ton/hour for milling of rice.


SRIVARI ALLOYS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Srivari Alloys India Private Limited
        D. No. 11, 50 Feet Road
        Krishnaswamy Nagar
        Ramanathapuram, Coimbatore
        Tamil Nadu 641045
        India

Insolvency Commencement Date: July 16, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Dr. Madurai Sundaram Sankar

Interim Resolution
Professional:            Dr. Madurai Sundaram Sankar
                         A126 S&S Sarvam
                         200 Feet Pallavaram
                         Thuraipakkam Radial Road
                         Pallikarani, Chennai 600100
                         E-mail: m.s.sankar@outlook.com
                                 svaiplrp@gmail.com

Last date for
submission of claims:    September 6, 2019


SUNCORE TILES: ICRA Withdraws B Rating on INR26cr Term Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B with a Stable
outlook and short-term rating of [ICRA]A4 assigned to the INR40.00
crore bank facilities of Suncore Tiles Pvt. Ltd. (STPL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Cash Credit          10.00      [ICRA]B (Stable); Withdrawn

   Fund based-
   Term Loan            26.00      [ICRA]B (Stable); Withdrawn

   Non fund based-
   Bank Guarantee        3.50      [ICRA]A4; Withdrawn

   Unallocated           0.50      [ICRA]B (Stable)/[ICRA]A4;
                                   Withdrawn

Rationale

The ratings assigned to Suncore Tiles Pvt. Ltd. have been withdrawn
on receipt of No Objection Certificate from the lender(s).

Incorporated in May 2017, Suncore Tiles Private Limited (STPL) set
up a Greenfield project at Morbi in Gujarat to manufacture
medium-sized double charged vitrified tiles. The unit has an
installed capacity of producing 63,000 metric tonnes of tiles per
annum and the commercial operations commenced in April 2018. The
promoters have past experience in the ceramic industry by virtue of
their association with other ceramic tiles manufacturing entities.


SVP BUILDERS: ICRA Lowers Ratings on INR100cr Loans to 'B'
----------------------------------------------------------
ICRA has downgraded the rating of bank facilities of SVP Builders
(I) Limited (SVPBL) to [ICRA]B with a stable outlook from [ICRA]BB+
with a Stable outlook. ICRA has also moved the rating to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING"

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         52.6       [ICRA]B(Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating revised
                                   from [ICRA]BB+ (Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating' category.

   Unallocated          47.4       [ICRA]B(Stable) ISSUER NOT
                                   COOPERATING; Rating revised
                                   from [ICRA]BB+ (Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating' category.

Rationale

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 on the basis of the best
available information on the issuers' performance and owing to
delays in debt servicing by a Group company, Jai Krishan-SVP JV1 to
the lender, as confirmed by the lender to ICRA. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the same
may not adequately reflect the credit risk profile of the entity,
despite the downgrade.

SVPBL is the flagship entity of the SVP Group, which has interests
in residential and commercial real estate, education, liquor, and
hospitality sectors. The Ghaziabad-based Group was founded in 1992,
and has so far completed about 13 residential real estate projects
covering an area of about 2.5 million square feet. SVPBL was
established by the Jindal family.

Further, SVPBL is a partner in a SVP Group firm, Friends Land
Developers [rated [ICRA]B(Stable) ISSUER NOT COOPERATING], which is
executing a residential real estate project named Gulmohar Greens
Phase 3 across a saleable area of about 0.25 million square feet.
This ongoing project is located near Hindon Air Base in Ghaziabad.
FLD has extended power of attorney to SVPBL for the execution and
marketing of the project.

SVPBL is also a partner in Jai Krishan-SVP JV (JKSVP) [rated
[ICRA]D ISSUER NOT COOPERATING], which is a partnership firm
jointly promoted by the SVP Group and the Ashok Wadia Group for
undertaking development of a residential real estate project Delhi
Heights (erstwhile Grand Royale), at Kaushambi, Ghaziabad.


THERMOSET POLY: ICRA Lowers Rating on INR5.0cr Cash Loan to D
-------------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D - 'ISSUER NOT
COOPERATING' from [ICRA]B (Stable) - 'ISSUER NOT COOPERATING', for
the bank facilities of Rs5 crore of Thermoset Poly Products (I)
Pvt. Ltd. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        5.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  downgraded from [ICRA]B (Stable);
                                Rating continues to be in '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.

Rationale

The rating downgrade factors in the delays in debt servicing based
on the best available information from the market.

Thermoset Poly Products (I) Pvt. Ltd. (Thermoset) was established
in 1993 and is engaged in manufacturing of fibre-reinforced
plastic/glass-fiber reinforced plastic (FRP/GRP) and other
engineering plastics. The management has an experience of more than
four decades in the field. The company has a manufacturing facility
of 40,000 sq. ft. spread over an area of 1,60,000 sq. ft. located
at Panvel, Raigarh.


VIDARBHA INDUSTRIES: ICRA Cuts Rating on INR3190.80cr Loan to D
---------------------------------------------------------------
ICRA has downgraded the long-term rating of Vidarbha Industries
Power Limited to [ICRA]D from [ICRA]BB+. The rating continues to
remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING". ICRA has also
downgraded the short-term rating of Vidarbha Industries Power
Limited to [ICRA]D from [ICRA]A4+. The rating continues to remain
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans-       3190.80^      [ICRA]D ISSUER NOT
   Long Term                       COOPERATING; revised
   Scale                           from [ICRA]BB+ (Negative):
                                   Continues to remain in
                                   non-cooperating category

   Working            500.00       [ICRA]D ISSUER NOT
   Capital                         COOPERATING; revised
   Facilities                      from [ICRA]A4+;
   (CC/WCDL)                       Continues to remain in
                                   non-cooperating category

   Non-fund           200.00       [ICRA]D ISSUER NOT
   Based Limit                     COOPERATING; revised
   (B/G and L/C)                   from [ICRA]A4+;
                                   Continues to remain in
                                   non-cooperating category

^includes ECB of US$ 25 mn

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.

Rationale:

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

Key rating drivers:

Credit challenges

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

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

Signing of FSA with Coal India Limited subsidiary for balance 300
MW is under process: The company has signed an FSA with Western
Coalfiled Limited in March 2014 for one unit of 300 MW for 1.11
MMT. However, for the balance 300 MW, the company is currently in
the process of signing another FSA. While the company has secured a
favourable order from Delhi High Court directing CIL to commence
supply of coal to VIPL in view of a valid LoA, signing of FSA and
commencement of supply of the linkage coal remains highly critical
and a key monitorable. Consequently, VIPL currently depends upon
the costlier sources of e-auction, forward auction, other domestic
supplies and imported coal to meet the shortfall in domestic coal
supplies which in turn affects its cost-competitiveness. However,
cost-plus based PPA mitigates the fuel price risk exposure to
significant extent.

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

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


WIND URJA: ICRA Lowers Rating on INR133.09cr Term Loan to B+
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Wind Urja India Private Limited (WUIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   LT-Term Loan       133.09       [ICRA]B+ (Negative);
                                   downgraded from
                                   [ICRA]BB (Negative)

Rationale

The rating downgrade for WUIPL takes into account the weakening of
the liquidity position due to continuing significant delays in
payments from the Tamil Nadu state-owned distribution utility -
TANGEDCO and incremental delays in payments from Rajasthan state
distribution utilities.

The rating revision also factors in the delays in the creation of
the Debt Service Reserve Account (DSRA), equivalent to six months
of principal and interest obligations, which was earlier expected
to be funded as per the terms of debt refinancing.

The rating continues to remain constrained by the risk of
variability in wind speed and grid availability issues, as evident
from the subdued plant load factor (PLF) levels of the company's
capacity in Rajasthan, which amounts 76% of the company's total
installed capacity. Also, the locational diversity of the company's
wind asset profile remains limited. The rating is further
constrained by the counterparty credit risk associated with the
exposure to TANGEDCO and the Rajasthan state-owned distribution
utilities, namely Jaipur Vidyut Vitran Nigam Limited (JVVNL) and
Ajmer Vidyut Vitran Nigam Limited (AVVNL), pertaining to delay in
cash collections. In case of Rajasthan, the company is facing
incremental payment delays of close to two to three months from the
state distribution utilities. Any further deterioration in the
collection cycle or grid back-down from utilities remains a key
rating sensitivity, given that PPAs do not have any termination
liability clause and the fact that the feed-in tariff in PPAs with
the utilities in Rajasthan remains relatively higher than the
average power purchase cost of the utilities in the respective
states as well as the competitively bid wind energy tariffs. ICRA
also takes a note of the operations and maintenance (O&M) service
provider's reference on the entire capacity i.e. Wind World India
Limited (WWIL) under insolvency and bankruptcy code (IBC). The
ability of the company to manage the O&M activities and maintain
the desired plant availability thus remains crucial from a credit
perspective. Also, the company remains exposed to interest rate
risk, given the single-part fixed tariff.

Further, the company's operations remain exposed to regulatory
challenges associated with the implementation of scheduling and
forecasting framework as applicable for inter-state wind projects,
given the limited experience in scheduling and forecasting for the
industry players in India and the highly variable nature of wind
energy generation.

The rating, however, continues to favourably take into account the
eight-year long operational track record of the company's wind
assets at two locations. The rating also takes note of the
long-term power purchase agreements (PPAs) at feed-in tariffs with
the state-owned distribution utilities along with the
generation-based incentive (GBI) eligibility.

TANGEDCO – Tamil Nadu Generation and Distribution Corporation

ICRA also notes that ORIX Japan has exercised its right of refusal
on GAIL's bid and expressed its intent to acquire remaining 51%
stake in the wind assets of IL&FS Group after GAIL Ltd had emerged
as the highest bidder for these assets as part of the resolution
process for IL&FS Group undertaken by its New Board. Nonetheless,
the conclusion of this sale process for wind energy assets will be
subject to various regulatory and other approvals. ICRA will
continue to monitor the development regarding the sale process for
wind energy assets of IL&FS Group and take rating action as and
when the transaction is concluded.

Outlook: Negative

ICRA believes that the timely collection of payments from the
company's off-takers and the creation of DSRA will remain crucial
for WUIPL's overall credit profile in the near term. The outlook
will be revised to Stable in case of marked improvement in the
collections from state distribution utilities and creation of DSRA
as per terms of refinancing.

Key rating drivers:

Credit strengths

Demand risk mitigated by PPAs for entire capacity with respective
state-owned distribution utilities - WUIL has PPAs for its entire
50.4 MW capacity with the respective state-owned distribution
utilities and is based on the long-term feed-in tariff mechanism.
The average PPA tariff for capacity tied up with distribution
utilities in Tamil Nadu and Rajasthan stands at INR3.39/ unit and
INR4.26/ unit, respectively. Both PPAs have been signed for a
tenure of 20 years.

Credit challenges

Counter-party credit risks associated with state-owned distribution
utilities - The weak financial condition of the state distribution
entities remains a key credit negative for WUIPL, particularly in
case of Tamil Nadu where the company is facing delays in payments
up to eighteen months. In case of Rajasthan, the company is facing
incremental payment delays of close to two to three months from the
state distribution utilities.

Liquidity constraints because of absence of DSRA – WUIPL was
expected to create a DSRA equivalent to six months of principal and
interest obligation from the debt funding availed for refinancing
but it is still pending. The delay in creation of DSRA remains a
credit negative and its creation without further delay remains
crucial from the credit perspective.

Low PLF levels (than P-90 estimate) of wind assets in Rajasthan -
While the PLF levels for wind assets located in Tamil Nadu have
exceeded the P-90 levels, the same has not been the case for the
38.4-MW capacity installed in Rajasthan, which reported
significantly lower PLFs, as against the P-90 levels. This
shortfall continues to adversely impact the company's revenue level
and cash flows.

Liquidity constraints in WWIL– WWIL is the O&M services provider
for the company's entire 50.4 MW capacity. At present, WWIL is
referred under IBC and the company is ensuring payments related to
O&M (especially the salaries of staff and necessary spares) through
a joint signatory account so that O&M services remain unaffected.
Going forward, the company's ability to manage the risk and have
the desired plant availability remains crucial from the credit
perspective.

Limited experience in forecasting and scheduling regulations- The
regulatory challenges regarding the proposed implementation of
scheduling and forecasting framework for wind projects pose a risk,
given the limited experience of the Indian industry players in
scheduling and forecasting and the variable nature of wind energy
generation.

Exposure to interest rate risk: The project remains exposed to
interest rate risk, given the single-part fixed tariff.

Liquidity position
As on July 4, 2019, the company had cash balance position of
INR2.34 crore. As per the refinancing terms, the DSRA equivalent to
six months of principal and interest obligations is to be created
out of debt funding availed in refinancing.

Incorporated in August 2012, WUIPL is a special purpose vehicle
(SPV) formed by IL&FS Energy Development Company Limited (IEDCL)
for development and operation of wind farms. The company has
developed wind farms of 50.4 MW aggregate capacity in Rajasthan and
Tamil Nadu, with capacities of 38.4 MW and 12 MW, respectively.
With effect from March 2016, Orix Corporation, Japan, picked up 49%
stake in WUIPL, while the rest continues to be held by the IL&FS
Group. The EPC (Engineering, Procurement and Construction) and O&M
for both the sites was awarded to Enercon India Limited (WWIL; now
known as "Wind World India Limited").




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

JORY HENLEY: Former Owner Owes Staff Nearly NZ$50,000
-----------------------------------------------------
Stuff.co.nz reports that the former owner of an Auckland furniture
chain owes nearly NZ$50,000 to staff, some of whom say they were
unfairly dismissed before the company went into liquidation.

Double Star operated Jory Henley Furniture stores in Newmarket,
Wairau Valley, Westgate, Botany and Manukau. It closed all stores
except for Wairau and Manukau before going into liquidation on July
1, Stuff relates.

According to Stuff, the business's assets have been sold for NZ$1
million and the Wairau and Manukau stores continue to trade under a
new company with the same director and shareholder as Double Star.

Stuff relates that Mahima Shokeen, a former store manager at Jory
Henley Furniture Botany, said about 25 people worked across the
business and about 15 people had been made redundant as a result of
the liquidation.

According to Stuff, a first liquidator's report by Waterstone
Insolvency principal Damien Grant said the company's assets had
been sold to a general security agreement holder for NZ$1.025
million and employees, who were owed NZ$47,000, would be paid out
of this transaction.

The business, registered on the Companies Office in 2015 as Double
Star, has a sole director, Kai Zhang. He owned 70 per cent of the
company. Hong Kong company Fangao International Development owned
the remaining shares, Stuff discloses.

It is understood Fangao International Development is the general
security agreement holder, Stuff says.

A receipt from Jory Henley Furniture's Manukau store showed it was
now operating under a company called JCD NZ.

JCD was registered in May and its sole director is Zhang, who is
also a 50 per cent shareholder. A Pei Le from Australia owns the
other half.

According to Stuff, the liquidators report said prior to Double
Star's liquidation, three of Jory Henley Furniture stores were
performing poorly, affecting the overall profitability of the
furniture stores.

Zhang decided to place Double Star in liquidation as part of a
wider restructuring effort, it said.

Mr. Grant said any employees wanting to make a claim for holiday
pay and unpaid wages should contact Waterstone Insolvency, adds
Stuff.




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

TRIYARDS MARINE: Court Taps FTI Consulting as Liquidator
--------------------------------------------------------
The Business Times reports that Triyards Marine Services has been
ordered to wind up, upon the application by its creditor Tractors
Singapore.

BT relates that the court order was issued on July 5 and a notice
of the winding-up order was published in the newspapers on July 18.
The liquidators for the winding-up are Joshua James Taylor and Yit
Chee Wah of FTI Consulting (Singapore), BT discloses.

Regional Caterpillar dealer Tractors Singapore filed the
application against Triyards Marine Services on October 3 last
year, the report discloses.

It was reported last year that Triyards Marine Services had also
received statutory demands for US$14.6 million from Taiwanese
lender CTBC Bank and for around US$800,000 from a supplier,
according to BT.

Triyards Marine Services is a subsidiary of Triyards, the shipyard
arm of Ezra Holdings. Ezra has been hit by the oil-and-gas slump.

BT notes that trading of Triyards shares has been suspended since
September 2017 about six months after Ezra, a former stock market
darling, filed for US Chapter 11 bankruptcy.



                           *********


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

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

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

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