TCRAP_Public/190802.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

          Friday, August 2, 2019, Vol. 22, No. 154

                           Headlines



A U S T R A L I A

AUSTRALIAN EMPLOYMENT: First Creditors' Meeting Set for Aug. 7
BL REALTY: Second Creditors' Meeting Set for Aug. 8
DELTA LAW: First Creditors' Meeting Set for Aug. 8
ESSENTIAL FREIGHT: First Creditors' Meeting Set for Aug. 7
GEMWOOD PROJECTS: Second Creditors' Meeting Set for Aug. 8

LYON SOLAR: Second Creditors' Meeting Set for Aug. 9
MAJESTIC POOLS: Goes Into Liquidation
MESOBLAST LIMITED: Journal Highlights Potential of Cell Therapy
MONTESSORI AUSTRALIA: First Creditors' Meeting Set for Aug. 9
SWINNERTON TRANSPORT: Second Creditors' Meeting Set for Aug. 9



C H I N A

HAWTAI MOTOR: Misses Debt Repayment on CNY1 Billion Bond
ZOOMLION HEAVY: Fitch Hikes LT Foreign Curr. IDR to B, Outlook Pos.


I N D I A

A B COMPOSITES: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
APHELION FINANCE: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
BALESHWAR KHARAGPUR: Ind-Ra Lowers Bank Loan Rating to 'D'
BARWA ADDA: Ind-Ra Lowers Bank Loan Rating to 'D'
BLOOM DEKOR: CRISIL Lowers Rating on INR32.5cr Loan to D

CARE UTILITY: CRISIL Hikes Rating on INR5.5cr Cash Loan to B
CASABLANCA MULTIVENTURES: Ind-Ra Lowers LT Issuer Rating to 'D'
DECENT DIA: Insolvency Resolution Process Case Summary
DR. SHAJIS MRI: CRISIL Hikes Rating on INR8.8cr LT Loan to B
DRS DILIP: Ind-Ra Migrates BB- LT Issuer Rating to Non-Cooperating

DURABLE FACADE: Insolvency Resolution Process Case Summary
HBN HOMES: Insolvency Resolution Process Case Summary
JAWAHAR SHETKARI: CRISIL Lowers Rating on INR40cr Loan to D
JEWEL WORLD: CRISIL Withdraws B+ Ratings on INR7.5cr Loans
JIWANRAM SHEODUTTRAI: CRISIL Cuts Ratings on INR32.4cr Loans to D

K MANIAR: Ind-Ra Migrates 'BB' LT Issuer Rating to Non-Cooperating
KARYAVATTOM SPORTS: Ind-Ra Lowers INR2.4BB Bank Loans Rating to D
KEYA BUILDTECH: CRISIL Moves D on INR25cr Loan to Not Cooperating
KHUSHBU VINYL: Insolvency Resolution Process Case Summary
KHUSHI EXIM: CRISIL Moves D on INR14cr Loan in Not Cooperating

KUKU EXPORTS: CRISIL Moves C on INR5.5 Loans to Not Cooperating
LEO PRIMECOMP: Insolvency Resolution Process Case Summary
LOORDHU AMMAL: CRISIL Lowers Rating on INR25cr LT Loan to D
M S GOLD: CRISIL Raises Rating on INR8cr Cash Loan to B+
NEUROMED IMAGING: Insolvency Resolution Process Case Summary

NXTGEN DATACENTER: Insolvency Resolution Process Case Summary
OPAL LUXURY: CRISIL Keeps D on INR14cr Loans in Not Cooperating
ORIENTAL TEXTILES: CRISIL Moves D on INR8cr Loan to Not Cooperating
PARAGON HOSPITALITY: Insolvency Resolution Process Case Summary
PHTHALO COLOURS: Ind-Ra Affirms 'BB' LongTerm Issuer Rating

PRANEE INFRASTRUCTURES: Insolvency Resolution Process Case Summary
PREE AAG: Insolvency Resolution Process Case Summary
PREMSHREE DEVCON: Insolvency Resolution Process Case Summary
PROSEED INDIA: Insolvency Resolution Process Case Summary
R D ENGINEERS: CRISIL Lowers Rating on INR6cr Loan to D

RAIHAN HEALTHCARE: CRISIL Moves D on INR32cr Loan to NonCooperating
RAJ ARCADE: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
RAJESH ESTATES: CRISIL Keeps B+ Debt Rating in Not Cooperating
RELIANCE INFRA: Mumbai Metro Lenders Accept Debt Revamp Plan
REOM INFRASTRUCTURE: Insolvency Resolution Process Case Summary

RIGHT TOWERS: Insolvency Resolution Process Case Summary
S.S. INFRAZONE: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
SARNAMOY PLASTIC: Insolvency Resolution Process Case Summary
SHATABDI SHIKSHA: CRISIL Moves D on INR10cr Loan to Not Cooperating
SHILPRAJ DEVELOPERS: Insolvency Resolution Process Case Summary

SHIVIN CA: CRISIL Lowers Rating on INR10cr Term Loan to D
SHREE VARDHMAN: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
SKYHIGH HOSPITALITY: CRISIL Moves D Loan Rating to Not Cooperating
SRI LAKSHMI: CRISIL Hikes Rating on INR11.15cr Cash Loan to B
SRI MUTHUMARI: CRISIL Moves D on INR7cr Loan to Not Cooperating

SRI PARAMESWARI: CRISIL Migrates 'D' Ratings to Non-Cooperating
SUPER FLOORINGS: Insolvency Resolution Process Case Summary
UTKAL HEALTHCARE: Ind-Ra Migrates BB LT Rating to Non-Cooperating
UTM ENGINEERING: CRISIL Lowers Rating on INR5.8cr Loan to D
V R INFRALOGISTICS: Insolvency Resolution Process Case Summary

VEE AAR: Ind-Ra Moves 'BB+' LT Issuer Rating to Non-Cooperating


N E W   Z E A L A N D

AUBURN DEVELOPMENT: Goes Into Voluntary Administration


S I N G A P O R E

CHINA FISHERY: Sets Sale Procedures for Singapore Property
EPICENTRE HOLDINGS: Resists Creditor's Application for JM
HYFLUX LTD: Seeks Further Extension for Debt Moratorium
TEE LAND: Annual Net Loss Widens to SGD23.8 Million in FY2019

                           - - - - -


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

AUSTRALIAN EMPLOYMENT: First Creditors' Meeting Set for Aug. 7
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Employment Corporation Pty Ltd will be held on Aug. 7, 2019, at
11:00 a.m. at the offices of the Institute of Public Accountants
Level 6, at 555 Lonsdale Street, in Melbourne, Victoria.

Trajan John Kukulovski of Chan & Naylor was appointed as
administrator of Australian Employment on July 26, 2019.


BL REALTY: Second Creditors' Meeting Set for Aug. 8
---------------------------------------------------
A second meeting of creditors in the proceedings of BL Realty Pty
Ltd, trading as Professionals Insight Realty, has been set for Aug.
8, 2019, at 10:30 a.m. at the offices of SV Partners Toowoomba, at
610 Ruthven Street, in Toowoomba, Queensland.

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

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

Anne Meagher of SV Partners was appointed as administrator of BL
Realty on July 4, 2019.


DELTA LAW: First Creditors' Meeting Set for Aug. 8
--------------------------------------------------
A first meeting of the creditors in the proceedings of Delta Law
Pty Ltd will be held on Aug. 8, 2019, at 10:30 a.m. at Unit 1, at
78 Logan Road, in Woolloongabba, Queensland.

Bill Cotter of Robson Cotter Insolvency was appointed as
administrator of Delta Law on July 29, 2019.


ESSENTIAL FREIGHT: First Creditors' Meeting Set for Aug. 7
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Essential
Freight Express Pty Ltd will be held on Aug. 7, 2019, at 11:30 a.m.
at the offices of the Institute of Public Accountants, Level 6, at
555 Lonsdale Street, in Melbourne, Victoria.

Trajan John Kukulovski of Chan & Naylor was appointed as
administrator of Essential Freight on July 26, 2019.


GEMWOOD PROJECTS: Second Creditors' Meeting Set for Aug. 8
----------------------------------------------------------
A second meeting of creditors in the proceedings of Gemwood
Projects Pty Ltd (As Trustee For "Gemwood Projects Discretionary
Trust") has been set for Aug. 8, 2019, at 11:00 a.m. at the offices
of SV Partners, Level 17, at 200 Queen Street, in
Melbourne, Victoria.

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

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

Michael Carrafa of SV Partners was appointed as administrator of
Gemwood Projects on July 4, 2019.


LYON SOLAR: Second Creditors' Meeting Set for Aug. 9
----------------------------------------------------
A second meeting of creditors in the proceedings of Lyon Solar Pty
Ltd, Lyon Battery Storage Pty Ltd, and Lyon Infrastructure
Investments 1 Pty Ltd, has been set for Aug. 9, 2019, at 2:00 p.m.
at the offices of Deloitte, Level 23 Riverside Centre, at 123 Eagle
Street, in Brisbane.

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

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

Richard John Hughes and David Orr of Deloitte were appointed as
administrators of Lyon Solar on May 3, 2019.


MAJESTIC POOLS: Goes Into Liquidation
-------------------------------------
SPLASH! reports that one of Australia's longest standing concrete
pool builders, Queensland's Majestic Pools and Landscapes, has gone
into liquidation.

SPLASH! understands a range of market conditions affected the
business with declared revenues down considerably compared to the
previous year.

A spokesperson for the Queensland Building and Construction
Commission (QBCC) said that they have no open complaints against
the company, and no complaints against the company relating to
monies owed, according to SPLASH!.

"Now that the company has been placed into liquidation, anyone owed
money will need to contact the liquidator," the report quotes the
spokesperson as saying. He also said that the QBCC has commenced
the administrative process that may see the company's director
excluded from the industry for three years, the report says.

Majestic Pools and Landscapes was established in 1988 and had been
Australia's most awarded pool builder.


MESOBLAST LIMITED: Journal Highlights Potential of Cell Therapy
---------------------------------------------------------------
Mesoblast Limited announced that premier cardiovascular journal
Circulation Research has published a Special Article highlighting
the important potential clinical benefits of Mesoblast's allogeneic
mesenchymal precursor cell (MPC) technology platform as
immunotherapy in patients with advanced chronic heart failure.

The Special Article highlighted that cardiac inflammation drives
heart failure progression, and concluded that based on preclinical
and Phase 2 clinical data, there is a biologic rationale for the
use of Mesoblast's MPCs in targeting this inflammatory process in
order to improve heart failure outcomes.

The manuscript, titled "Phase 3 DREAM-HF Trial of Mesenchymal
Precursor Cells in Chronic Heart Failure; A Review of Biological
Plausibility and Implementation of Flexible Clinical Trial Design,"
was requested by the journal's Editor-in-Chief.  Its authors
include the Phase 3 trial's co-principal investigators, Dr Emerson
Perin, Texas Heart Institute, and Dr Barry Greenberg, University of
California, San Diego Healthcare System.  The article can be
accessed at https://doi.org/10.1161/CIRCRESAHA.119.314951.

The ongoing, placebo-controlled double-blind Phase 3 trial of
Mesoblast's heart failure cellular medicine Revascor, comprising
150 million MPCs, is evaluating the immunotherapy for reduction of
heart failure-related hospitalizations and terminal cardiac events
in patients with advanced heart failure.  The events-driven trial
completed enrollment of 566 patients in February 2019, and was
previously successful in a pre-specified interim futility analysis
of the primary efficacy endpoint in the first 270 patients.

Revascor is also being evaluated to prevent mucosal bleeding in
end-stage chronic heart failure patients with a Left Ventricular
Assist Device (LVAD) and recently received Orphan Drug Designation
from the United States Food and Drug Administration (FDA) for this
indication.  Mesoblast is in discussions with the FDA regarding a
potential approval pathway under the product's existing
Regenerative Medicine Advanced Therapy (RMAT) designation for this
life-threatening condition.

                          About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) -- http://www.mesoblast.com/-- is a global developer  
of innovative cell-based medicines.  The Company has leveraged its
proprietary technology platform to establish a broad portfolio of
late-stage product candidates with three product candidates in
Phase 3 trials - acute graft versus host disease, chronic heart
failure and chronic low back pain due to degenerative disc disease.
Through a proprietary process, Mesoblast selects rare mesenchymal
lineage precursor and stem cells from the bone marrow of healthy
adults and creates master cell banks, which can be industrially
expanded to produce thousands of doses from each donor that meet
stringent release criteria, have lot to lot consistency, and can be
used off-the-shelf without the need for tissue matching.  Mesoblast
has facilities in Melbourne, New York, Singapore and Texas and is
listed on the Australian Securities Exchange (MSB) and on the
Nasdaq (MESO).

Mesoblast reported a net loss attributable to the owners of
Mesoblast of US$35.29 million for the year ended June 30, 2018,
compared to a net loss attributable to the owners of Mesoblast of
US$76.81 million for the year ended June 30, 2017.  As of March 31,
2019, Mesoblast had $675.7 million in total assets, $174.8 million
in total liabilities, and $500.9 million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" opinion in its report
on the Company's consolidated financial statements for the year
ended June 30, 2018.  The auditors noted that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


MONTESSORI AUSTRALIA: First Creditors' Meeting Set for Aug. 9
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Montessori
Australia Foundation Limited and Maryden Pty Ltd will be held on
Aug. 9, 2019, at 10:00 a.m. at Level 17, 383 Kent Street, in
Sydney, NSW.

John McInerney and Said Jahani of Grant Thornton Australia were
appointed as administrators of Montessori Australia on July 31,
2019.


SWINNERTON TRANSPORT: Second Creditors' Meeting Set for Aug. 9
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Swinnerton
Transport Pty Ltd has been set for Aug. 9, 2019, at 11:00 a.m. at
the offices of RSM Australia, Equinox 4, Level 2, at 70 Kent
Street, in Deakin, ACT.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 8, 2019, at 5:00 p.m.

Jonathon Kingsley Colbran of RSM Australia Partners were appointed
as administrators of Swinnerton Transport on July 5, 2019.



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C H I N A
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HAWTAI MOTOR: Misses Debt Repayment on CNY1 Billion Bond
--------------------------------------------------------
Liang Hong and Liu Jiefei at Caixin Global report that the
financial crisis at cash-strapped privately owned carmaker Hawtai
Motor Group Ltd. deepened this week as the company, which has a
stake in troubled Bank of Jinzhou, failed to repay investors in a
CNY1 billion (US$145 million) bond issue who had opted for early
redemption and were due to be paid on July 29.

The Beijing-based group, which is chaired and controlled by
businessman Zhang Xiugen, failed to honor its obligation to repay
CNY912 million to bondholders who exercised a put option to sell
the securities back to the company, sources with knowledge of the
matter told Caixin. The five-year bond, which matures in July 2021,
is listed on the Shanghai Stock Exchange. Hawtai Motor hasn't made
any statement to the exchange about the default and declined to
respond to Caixin's request for comment on the issue.

However, in a private notice sent to bond investors on July 23, the
company said it was facing serious liquidity risks due to the
macroeconomic and financial environment and offered an alternative
plan to pay at least 50% of its CNY912 million repayment obligation
in mid-October and the rest in July 2020 at a higher interest rate,
Caixin relays. The plan also involved the company pledging shares
it holds in an energy company to the bondholders. However, some
investors have not yet decided whether to agree to the proposal.

Caixin relates that the bonds, along with two other bond issues
traded on the exchange, have been suspended since July 23 after the
carmaker requested a halt owing to what it described as uncertainty
regarding "significant events" that could affect trading. It didn't
provide further details.

Hawtai Motor's inability to raise funds to redeem almost the entire
outstanding amount of the bonds indicates investors have lost
confidence in the company and adds to concerns about its financial
viability after news emerged on July 26 that it could not repay the
principal and interest on a CNY1.4 billion privately placed bond,
according to Caixin. The debt security had been bought by just one
investor who agreed to extend the maturity of the bond, sources
with knowledge of the matter told Caixin.

But Hawtai Motor's problems don't end there. The company in total
has more than CNY5.5 billion of bond repayment obligations
including the three bonds with a combined outstanding value of
CNY4.15 billion listed on the Shanghai Stock Exchange, Caixin
discloses. Holders of CNY2 billion worth of those bonds, set to
mature in October 2021, will have the option to redeem them in
October this year.

The company could also be in breach of regulations covering
publicly offered bonds for failing to file statements about the
default within two trading days of the event, a person close to the
Shanghai exchange told Caixin.

A former soldier in the People's Liberation Army, Zhang and his
family set up Hawtai Motor in 2000. He was listed as No. 137 on
Forbes Magazine's China Rich List in 2018.

Caixin says the financial calamity now engulfing the company, which
stock exchange filings show was 99% owned by Zhang as of March 31,
has been building since 2017. By the end of 2018, the company had
CNY31.8 billion of outstanding debts, up from CNY25.9 billion at
the end of 2015, company financial reports showed, and several of
its manufacturing facilities have ceased operation, Caixin reported
in April.

In 2018, Hawtai Motor reported annual sales of 102,300 vehicles,
Caixin discloses citing the company's filing to the auto industry
association. However, vehicle registration and customs records show
that it sold only 21,300 cars that year, including 2,950 in China,
with the rest exported, checks by Caixin show.


ZOOMLION HEAVY: Fitch Hikes LT Foreign Curr. IDR to B, Outlook Pos.
-------------------------------------------------------------------
Fitch Ratings has upgraded Zoomlion Heavy Industry Science and
Technology Co. Ltd's Long-Term Foreign-Currency Issuer Default
Rating to 'B' from 'B-'. The Outlook is Positive. Fitch has also
upgraded the China-based company's senior unsecured rating and the
rating of its USD600 million 6.125% senior unsecured notes due
2022, issued by subsidiary Zoomlion H.K. SPV Co. Ltd, to 'B' from
'B-' with a Recovery Rating of 'RR4'.

The upgrade reflects significant improvement in the company's
leverage metrics, supported by a sustained recovery in its core
construction-machinery business. The Positive Outlook reflects
Fitch's expectation that the company's lower leverage can be
maintained.

KEY RATING DRIVERS

Significant Improvement in Cash Generation: Zoomlion's FFO adjusted
net leverage dropped to 5.0x in 2018 from 18.1x in 2017 and 16.9x
in 2016. The leverage improvement was driven by Zoomlion's better
cash generation as EBITDA rose sharply and working capital was also
contained. Fitch expects Zoomlion's leverage to improve further in
the near term, driven by rising sales, profitability and cash
generation for the company's construction-machinery segment.

Business Recovery Continues: Fitch expects Zoomlion to continue
reporting strong operational performance in 2019 after 1Q19 revenue
and net profit rose by 42% and 166% yoy, respectively. The company
expects net profit to rise further by 172%-212% in 1H19. The
recovery was driven by increasing demand from downstream industries
such as real estate and infrastructure construction. Fitch believes
China's construction sector could experience a boost from easing
government policies in the short term as uncertainty over the
ongoing US-China trade dispute promted the government to strike a
balance between pursuing growth through stimulating investments and
the curbing of overall leverage.

Dividends and Buyback Limit Deleveraging: Zoomlion has historically
maintained an aggressive shareholders' return policy and the
company's dividend payout reached 96% of attributable net profit in
2018 (2017: 116%). The company also repurchased 390 million of its
A shares this year, representing 4.99% of the total share capital
of the company. Fitch believes Zoomlion will maintain a high
dividend distribution policy, which could limit the company's
ability to deleverage further.

Business Profile Remains Volatile: Zoomlion's disposal of its
stable and high-margin environmental-machinery business in 2017
permanently altered the company's business profile, leaving the
construction-machinery segment to account for 93% and 92% of its
2018 revenue and gross profit, respectively. The China
construction-machinery sector is highly cyclical and is directly
exposed to changes in China's infrastructure and real-estate
construction demand, which is in turn affected by government
policies and monetary conditions.

DERIVATION SUMMARY

Zoomlion's ratings are primarily constrained by its high leverage,
compared with 'BB' category rated China industrial corporate peers
such as China Hongqiao Group Limited (BB-/Stable) and Envision
Energy International Limited (BB+/Negative), Zoomlion has a
comparable business profile but weaker financial structure.

Zoomlion has a significantly larger operating scale and a similar
leverage profile as 'B' category rated peers such as Honghua Group
Limited (B/Stable) and Hilong Holding Limited (B+/Stable). However
the ratings are also constrained by the company's track record of
aggressive financial policy.

KEY ASSUMPTIONS

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

  - Revenue to grow by 34% yoy in 2019 but moderate to 0% CAGR till
2022.

  - EBITDA margin to rise to 15.7% yoy in 2019 and subsequently
fall towards 10% by 2022

  - Capex (inclusive of acquisitions) at CNY800 million per annum
between 2019 and 2022

  - Dividend payout ratio at 80%-96% of net profit over 2019-2022

RATING SENSITIVITIES

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

- FFO adjusted net leverage sustained below 4.5x and commitment to
maintaining it at that level

Developments That May, Individually or Collectively, Lead to a
Revision to a Stable Outlook

  - The Outlook will be revised to Stable if the positive
conditions are not met within the next 12-18 months

LIQUIDITY

Adequate Liquidity: Zoomlion had CNY8.8 billion in readily
available cash and CNY9.7 billion in short-term financial assets
that were classified as readily available (total reported
short-term financial assets were CNY13.8 billion), and CNY65
billion in unused banking facilities as of end-2018. This was
against CNY22 billion in short-term borrowings maturing within one
year.



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A B COMPOSITES: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated A B Composites Pvt
Ltd.'s Long-Term Issuer Rating to the non-cooperating category. The
issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB-
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR15 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 24, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1996, A B Composites manufactures natural
fiber-reinforced thermoset composites and fiber-glass reinforced
plastic windows, which are used in railway coaches.


APHELION FINANCE: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aphelion Finance
Pvt. Ltd.'s (AFPL) Long- Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR38.52 mil. (reduced from INR96.27 mil.) Bank loan affirmed
     with IND BB/Stable rating; and

-- INR200 mil. Cash credit affirmed with IND BB/Stable rating.

The affirmation reflects AFPL's small and geographically
concentrated franchise, limited funding sources, largely unsecured
loan portfolio and limited portfolio performance track record in
digital lending products. The ratings, however, are supported by
continuous capital infusions by the company's promoters (FY19:
INR5.7 million, FY18: INR48.9 million, FY17: INR4.9 million) and a
moderate liquidity profile.

KEY RATING DRIVERS

Around 90% of AFPL's outstanding portfolio remains concentrated in
Mumbai, and the overall portfolio has largely been sourced through
intermediaries (DSAs) and references (promoter-driven lending),
exposing the company to geographical concentration risk. However,
post its partnership with aggregators and fin-techs from FY17
onwards, AFPL has been able to expand its geographic reach to
Bangalore, Hyderabad, Chennai, Kolkata, Ahmedabad and Delhi without
establishing any branches in these cities.

AFPL's profitability matrix was moderate in FY19, with the return
on average assets standing at 2.5% (FY18: 3.3%). The profitability
decreased mainly because of an increase in interest expenses (cost
of funds - FY19: 13.0%; FY18: 11.5%), as the company's borrowings
from non-banking finance companies (NBFCs) were at a higher rate.
Credit costs remained stable at 1.06% in FY19 (FY18: 1.03%);
however, over FY20-FY22, the credit cost would depend upon AFPL's
portfolio performance in new products (tie-up with finance and
technology companies), which are unsecured, short term, unseasoned
and untested.

Most of AFPL's loans (FY19: 87.8%; FY18: 91.5%) are in the
unsecured personal loan segment, which is considered to be riskier
than secured loans; however, these loans are at the higher end of
the yield curve (average yield - FY19: 24.8%; FY18: 24.7%).
Promoter-driven loans (i.e loans to promoter's references) formed
32.8% of the total loan book in FY19 (FY18: 32.2%), which makes it
vulnerable to key man risk. The secured segment includes gold
loans, loans against an insurance policy, loans against
hypothecation (LAH), loans against property (LAP) and loans against
two-wheelers. The share of the secured segment in the portfolio
increased to 12.2% in FY19 (FY18: 8.5%), largely owing to the
growth in the two-wheeler segment.

AFPL is registered with the Reserve Bank of India (RBI) as a
non-deposit taking non-systematically important NBFC; hence, it
recognizes non-performing loans (NPLs) at 180 days past due (dpd)
basis. AFPL's gross NPL ratio remained low and stable at 1.25% at
end-FY19 (FY18: 1.31%). The share of personal loans through a
partnership with fin-tech companies increased as a proportion of
total advances to 11.02% in FY19 (FY18: 8.2%, FY17:2.25%). Ind-Ra
believes that the performance of these portfolios would remain a
key monitorable as the overall portfolio grows.

AFPL's capitalization levels have remained stable and adequate,
given its modest scale of operations. The capital adequacy ratio
stood at 33.58% in FY19 (FY18: 35.9%, FY17: 34.1%). The promoters
have been regularly infusing capital into the company, with INR5.65
million being infused in FY19. AFPL plans to maintain high
capitalization over the medium term (not less than 25%). The
promoters will infuse equity to support growth in assets under
management.

AFPL added new funding lines of INR72.5 million from three NBFCs in
FY19 in addition to its existing lines from two banks and one NBFC.
As at end-March 2019, the company did not have any short term
cumulative funding mismatch due to the short average tenor of its
advances, with around 55% of its outstanding advances falling due
within one year. AFPL also had unutilized cash credit lines from
banks amounting to INR38 million at end-March 2019.

The ratings continue to be supported by AFPL's promoters'
experience of more than a decade, which has helped the company
acquire the necessary knowledge and understanding to operate in the
unsecured lending space in the geographies where it has a
presence.

RATING SENSITIVITIES

Negative: Inability to raise funds, deterioration in the
asset-liability profile with material gaps till the one year
bucket, significant deterioration in the asset quality, such that
the NPA exceeds 5%, and rise in the proportion of promoter-driven
loans could lead to negative rating action.

Positive: Diversified funding with a larger number of banks,
expansion in the franchise with geographic diversification, control
over delinquencies and rise in secured loan products could lead to
positive rating action.

COMPANY PROFILE

AFPL is an RBI-registered NBFC that started operations in 1999 but
shifted focus to personal unsecured loans from 2004. It has
diversified into segments such as gold loans and loans against
insurance policies. It operates in Mumbai through a head office in
Mulund.


BALESHWAR KHARAGPUR: Ind-Ra Lowers Bank Loan Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Baleshwar
Kharagpur Expressway Limited's (BKEL) bank loans to 'IND D (ISSUER
NOT COOPERATING)' from 'IND C (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:

-- INR3,936.2 bil. Senior project bank loans (long-term)
     downgraded 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 downgrade reflects delays in debt servicing by BKEL, the
details of which are unavailable.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

BKEL operates a 24-year concession project to construct
bridges/structures and repair the existing four-lane highway from
Baleshwar to Kharagpur of National Highway 60 in Odisha and West
Bengal. The project was awarded on a design, build, and finance,
operate and transfer basis by the National Highways Authority of
India ('IND AAA'/Stable).


BARWA ADDA: Ind-Ra Lowers Bank Loan Rating to 'D'
-------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Barwa Adda
Expressway Limited's (BAEL) bank loans' ratings to 'IND D (ISSUER
NOT COOPERATING)' from 'IND C (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:

-- INR14.400 bil. Term loan (long-term) due on June 2030
     downgraded 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 downgrade reflects delays in debt servicing by BAEL as
confirmed by one of the lenders to Ind-Ra.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

BAEL has been granted a 20-year concession by the National Highways
Authority of India (NHAI; 'IND AAA'/Stable) to widen the
Barwa-Adda-Panagarh section of NH-2 to 521.120km from 398.240km to
six lanes including Panagarh Bypass in the states of Jharkhand and
West Bengal on a design, build, fund, operate, and transfer basis.
BAEL shall pay an annual premium amount of INR420 million from the
appointed date and an escalation of 5% thereafter. The original
schedule project completion date was September 26, 2016 and the
revised date shall be in FY19, depending upon the availability of
requisite right of way from the NHAI.


BLOOM DEKOR: CRISIL Lowers Rating on INR32.5cr Loan to D
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Bloom Dekor Limited (BDL) to 'CRISIL D' from 'CRISIL B-/Stable'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            32.5        CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The downgrade reflects continuous overdrawing of working capital
limits by the company for more than 30 straight days, because of
weak liquidity driven by continuous losses and large working
capital requirement. Despite available sanctioned limits, inventory
obsolesce has reduced BDL's drawing power, putting further stress
on liquidity.

BDL has a weak financial risk profile, constrained business risk
profile, and large working capital requirement. However, it
benefits from the extensive experience of its promoters in the
household appliances industry and their funding support.

Key Rating Drivers & Detailed Description

* Continuous overdrawing of working capital limits because of weak
liquidity: Weak liquidity has led to continuously overdrawn working
capital limits beyond 30 days. The liquidity is likely to remain
weak in the near term because of large working capital requirement,
losses, and term debt obligation.

Weaknesses
* Weak financial risk profile: Networth is modest, leverage high,
and debt protection measures inadequate.

* Large working capital requirement: The company had gross current
assets of around 10 months over the 4 fiscals through 2019.

* Exposure to intense competition: BDL's small scale of operations,
reflected in revenue of INR52 crore for fiscal 2019, limits the
negotiating power with suppliers and customers, and renders the
company vulnerable to business downturns. Moreover, it faces
intense competition due to the presence of a large number of
unorganised players in the industry on account of low capital
requirement.

Strength
* Extensive experience of the promoters: The promoters' experience
of six decades and established relationships with customers should
support the company's business. Also, the promoters have extended
unsecured loans in fiscal 2020.

Liquidity
The high working capital requirements, continuous erosion of net
worth and losses is likely to keep the liquidity under strain.

Based in Ahmedabad and listed on the Bombay Stock Exchange, BDL
manufactures laminated sheets and doors and sells to domestic and
international clients.


CARE UTILITY: CRISIL Hikes Rating on INR5.5cr Cash Loan to B
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Care Utility Products Private Limited (CUPPL) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             5.5        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Cash           1.07       CRISIL B/Stable (Upgraded
   Credit Limit                       from 'CRISIL B-/Stable')

   Rupee Term Loan         3.60       CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Working Capital         1.83       CRISIL B/Stable (Upgraded
   Demand Loan                        from 'CRISIL B-/Stable')

The upgrade reflects improved business risk profile, as reflected
in increase in revenue to INR50.5 crore in fiscal 2019 from INR26.3
crore in the previous fiscal due to better demand, healthy order
flow, and addition of new customers. Turnover is expected to reach
above INR65 crore in fiscal 2020 against sufficient cash accrual to
meet debt obligation. Liquidity was, however, constrained by high
bank limit utilisation of 90-95% during the 12 months ended March
2019.

The rating reflects CUPPL's small scale of operations in a highly
fragmented industry and large working capital requirement. These
weaknesses are partially offset by the extensive experience of its
promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations in highly fragmented industry: Despite
an increase of 92% year-on-year on account of addition of new
customers and better demand, turnover was subdued at INR50.5 crore
for fiscal 2019. It is the only plant in the north catering to the
packaging needs of Mondelez India Foods Ltd (MIFL). Additionally,
it has another plant, which is the sole India plant which does
assembling and packaging of razors and blades of Gillette India Ltd
(GIL) and Procter & Gamble (P&G) on a job work basis.

* Large working capital requirement: Gross current assets were 101
days as on March 31, 2019, because of stretched receivables.
However, inventory is nil due to confirmed orders.

Strengths:

* Extensive experience of promoters: Industry presence of more than
a decade has enabled the promoters to establish a healthy market
position and strong clientele, including Cadbury, P&G, GIL, and
MIFL.

Liquidity

* Cash accrual against debt obligation: Accrual of around INR2.81
crore in fiscal 2019 and INR3.01 crore in fiscal 2020 should be
sufficient to repay term debt of about INR1.00 crore over the
medium term.

* High bank limit utilisation: Utilisation of bank limit was
95-100% in the 12 months ended March 2019, and is expected to
remain high over the medium term because of large working capital
requirement.

* Moderate current ratio of 1.20 times as on March 31, 2019.

Outlook: Stable

CRISIL believes CUPPL will maintain its stable business risk
profile over the medium term on the back of contracts with
established clients. The outlook may be revised to 'Positive' if
business risk profile improves with larger-than-expected sales. The
outlook may be revised to 'Negative' if turnover or operating
margin declines because of reduced demand from clients, or if large
capital expenditure puts pressure on cash accrual and debt
repayment.

Incorporated in 1988 as Con Advertisers Pvt Ltd, CUPPL was taken
over and renamed in 2008 by Mr Kabir Sachdeva and Ms Shail
Sachdeva. The company assembles, packages, and manufactures razors
and blades for GIL, and packages chocolates for MIFL. It also
started undertaking operations and maintenance of telecom
infrastructure for Bharti Airtel Ltd from January 2015 in Punjab,
Haryana, Himachal Pradesh, and Uttar Pradesh. From July 2016, the
company has started providing warehousing and logistic solutions to
P&G and Modelez India Foods Limited. CUPPL has two facilities, one
each in Baddi (Himachal Pradesh) and Bhiwadi (Rajasthan). The
company has also started packaging for P&G products.


CASABLANCA MULTIVENTURES: Ind-Ra Lowers LT Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Casablanca
Multiventures Private Limited's (CMPL) Long-Term Issuer Rating to
'IND D' from 'IND B- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR10 mil. (reduced from INR150 mil.) Fund-based working
     capital limits (Long-term/Short-term) downgraded with IND D
     rating; and

-- INR140 mil. (increased from INR7.5 mil.) Non-fund-based limits
    (Short-term) downgraded with an IND D rating.

KEY RATING DRIVERS

The downgrade reflects overutilization of the fund-based limits by
CMPL for more than 30 days end-May 2019, which were regularized on
June 19, 2019.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2015, Mumbai-based CMPL is engaged in the trading
of agricultural commodities and computers, hard drives, LED lights,
etc.


DECENT DIA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Decent Dia Jewels Private Limited
        Office No. 2A
        8th Floor, B-Wing
        Laxmi Towers BKC
        Bandra East, Mumbai
        Mumbai City
        MH 400051 IN

Insolvency Commencement Date: July 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Kapil Dev Taneja

Interim Resolution
Professional:            Kapil Dev Taneja
                         56-C/BB, Janak Puri
                         New Delhi 110058
                         E-mail: kapildtaneja@gmail.com

                            - and -

                         C-124, Ground Floor
                         Lajapat Nagar
                         New Delhi 110024
                         E-mail: decentdia.ip@gmail.com

Last date for
submission of claims:    August 8, 2019


DR. SHAJIS MRI: CRISIL Hikes Rating on INR8.8cr LT Loan to B
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Dr. Shajis Mri and Medical Research Centre Private Limited (DSMMRC)
to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          8.8       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Overdraft                .5       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term      4.28      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The rating update reflects improvement in financial risk profile
due to decline in debt levels. Further, business risk profile also
improved marked by moderate growth in revenues to INR23.5 cr in
fiscal 2019 from INR21.6 cr in fiscal 2018 along with healthy
operating margin at around 29%.

The rating reflects modest scale of operations, within limited
geographical presence and modest financial risk profile. These
rating weaknesses are partially offset by the extensive experience
of DSMMRC's promoter in operating medical diagnostic centers.

Key Rating Drivers & Detailed Description

Weakness

* Modest Financial Risk Profile: DSMMRC has modest financial risk
profile marked by low networth leading to highly leveraged capital
structure. The losses made during previous fiscals has eroded the
networth.

* Modest scale of operations and limited geographical reach:
DSMMRC's scale of operations is modest, as reflected in its
revenues of INR 23.5 crore in fiscal 2019 despite being in
operations since 1996. DSMMRC's 12 diagnostic centers are all
located in Kerala, exposing it to geographic concentration risks.
Moreover, the diagnostic services industry is marked by intense
competition from numerous players offering similar services

Strength
* Promoters' extensive industry experience: DSMMRC is promoted by
Dr. P C Shaji, a radiologist, and his family since 1996. The
promoters started their first MRI center at Kozhikode, Kerala in
1996. It was the first MRI center in the Malabar region. Over the
years, they have set up twelve more diagnostic centers across
Kerala.

Liquidity
Average bank limit utilization for the last 12 months ended on May,
2019 is around 86%. Net cash accruals in the range of INR 4.78
crore is sufficient against repayment obligations of INR 3.74
crore. Current ratio is less than 1 times owing to nature of
business having comparatively more creditor days and significant
CPLTD for the previous debt taken for capex.

Outlook: Stable

CRISIL believes that DSMMRC will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the centers
are able to generate more than expected revenue while maintaining
its operating margin which will further led to better accretion to
reserves, thus improving its networth and overall financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of any significant time or cost overrun in implementing the
proposed debt-funded capex or in case of pressure on profitability
because of competition.

Set up in 1996, DSMMRC operates 11 medical diagnostic centers in
Kerala. The centers offer various services, such as magnetic
resonance imaging scan, computed tomography scan, ultrasound,
computerized radiography, and electro-neuro diagnostics services
among others. The company also runs a paramedical college, Dr.
Shaji's School of Medical Imaging & Allied Sciences, which offers
various diploma courses. The company's overall business operations
are managed by Dr. P C Shaji.


DRS DILIP: Ind-Ra Migrates BB- LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated DRS Dilip Road
Lines Private Limited's (DRSDRL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR150 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 6, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009, DRSDRL is engaged in the transportation of
household items, commercial and industrial goods, and parcel
movement across the country. It operates through its 100 branch
offices and agencies. DRSDPL acquired its group company DRS
Warehousing (South) Private Limited in April 2017.


DURABLE FACADE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Durable Facade Services Private Limited
        F-103, Ashish Complex
        Mayur Vihar Phase-I
        Delhi 110091

Insolvency Commencement Date: July 19, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 15, 2020
                               (180 days from commencement)

Insolvency professional: Parveen Kumar Garg

Interim Resolution
Professional:            Parveen Kumar Garg
                         105-B/2, Pal Mohan Plaza
                         D.B. Gupta Road, Karol Bagh
                         New Delhi 110005
                         E-mail: pkgcosec@rediffmail.com

Last date for
submission of claims:    August 8, 2019


HBN HOMES: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: HBN Homes Colonisers Private Limited
        Registered office:
        Business Unit No. 531, 5th Floor
        HBN Office D Mall, Plot D
        District Centre, Paschim Vihar
        New Delhi 110087

Insolvency Commencement Date: July 24, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 19, 2020

Insolvency professional: Rakesh Kumar Jain

Interim Resolution
Professional:            Rakesh Kumar Jain
                         1203/81, 1st Floor
                         Shanti Nagar, Tri-Nagar
                         New Delhi 110035
                         E-mail: rakeshjainca@rediffmail.com

                            - and -

                         1670/120, Shanti Nagar, Tri-Nagar
                         Delhi 110035
                         E-mail: iprakeshJ1@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Ram Phal Bhardwaj
                         Kamlesh Kumar Gupta
                         Ajay Kumar Siwach

Last date for
submission of claims:    August 7, 2019


JAWAHAR SHETKARI: CRISIL Lowers Rating on INR40cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Jawahar
Shetkari Sahakari Soot Girni Limited (JSSSGL) to 'CRISIL D/CRISIL
D' from 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         6.03        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Cash Credit           40.0         CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Letter of Credit      20.0         CRISIL D (Downgraded from
                                      'CRISIL A4')

   Proposed Long Term     2.17        CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The rating downgrade reflects devolvement in the letter of credit
facility and over-utilisation of cash credit facility, both for
more than 30 days. This is on account of inadequate cash flow
generation due to heavy losses recorded by the society in fiscal
2019, resulting in stretched liquidity.

JSSSGL has weak financial risk profile, large working capital
requirement and susceptibility to intense competition and
volatility in cotton prices. These weaknesses are partially offset
by established market position in the cotton yarn business.

Key Rating Drivers & Detailed Description

Weaknesses:
* Devolvement of letter of credit facility and over-utilisation of
fund-based working capital limit: There are instances of
devolvement of letter of credit facility and over-utilisation of
cash credit facility, both for more than 30 days. This was on
account of weak liquidity arising from inadequate cash flow
generation due to heavy losses recorded by the society in fiscal
2019.

* Weak financial risk profile: The gearing was 1.65 time and total
outside liabilities to adjusted networth (TOLANW) of 2.21 times, as
on March 31, 2019, on account of high debt levels. Debt protection
metrics are weak on account of operating losses recorded by the
society in fiscal 2019.

* Large working capital requirement: The operations are working
capital intensive on account of the seasonal availability of cotton
and hence the requirement to hold high inventory of around 2-3
months. The society gets limited credit on procurement and funds
the inventory largely by bank debt. CRISIL believes the overall
working capital requirement to remain at similar levels over the
medium term.

* Susceptibility to intense competition and volatility in cotton
prices: Intense competition may continue to restrict scalability of
operations, and limit the pricing power with suppliers and
customers, thereby constraining profitability. Prices of cotton are
volatile as availability depends on extent of rainfall. Cotton
prices are also affected by change in international demand.

Strength:
* Established market position in the cotton yarn business: The
society is one of the leading cotton spinning mills in
Maharashtra's co-operative sector with a track record of 30 years.
It has developed long-standing relationship with customers and
suppliers. The society is expected to benefit from its strong
customer and supplier relationship over the medium term.

Liquidity
JSSSGL has weak liquidity reflected in devolvement of letter of
credit facility and over-utilisation of cash credit limit for more
than 30 days, driven by losses recorded in fiscal 2019. Accruals
are expected to be tightly matched against repayment obligations of
INR7 crore annually in near term. The fund based bank limits of
INR40 crore have been highly utilized at more than 100% for last 12
months ended May, 2019.

JSSSGL was set up in 1981 as a co-operative society by Mr Rohidas
Patil and other members. The society manufactures cotton yarn in
the count of 24s to 42s, in Dhule, Maharashtra.


JEWEL WORLD: CRISIL Withdraws B+ Ratings on INR7.5cr Loans
----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Jewel
World (JW) on the request of the company and receipt of a no
objection certificate from its bank. The rating action is in line
with CRISIL's policy on withdrawal of its ratings on bank loans.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             6.5        CRISIL B+/Stable/Issuer Not
                                      Cooperating (ISSUER NOT
                                      COOPERATING; Rating
                                      Withdrawn)

   Proposed Long Term      1.0        CRISIL B+/Stable/Issuer Not
   Bank Loan Facility                 Cooperating (ISSUER NOT
                                      COOPERATING; Rating
                                      Withdrawn)

CRISIL has been consistently following up with JW for obtaining
information through letters and emails dated February 28, 2019,
April 8, 2019 and April 12, 2019, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Set up in 2013 as a partnership firm by Ahmedabad-based Soni and
Patel families, JW retails gold jewellery and has two showrooms in
Ahmedabad.


JIWANRAM SHEODUTTRAI: CRISIL Cuts Ratings on INR32.4cr Loans to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jiwanram Sheoduttrai Industries Private Limited (JSIPL) to 'CRISIL
D/CRISIL D' from 'CRISIL C/CRISIL A4'. CRISIL has also withdrawn
the proposed long term bank loan facility of INR35.14 crore
following a request from company in form of withdrawal request
mail.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         .25        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Foreign Bill          8.00        CRISIL D (Downgraded from
   Discounting                       'CRISIL A4')

   Letter of Credit      1           CRISIL D (Downgraded from
                                     'CRISIL A4')

   Packing Credit       10           CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Fund-       13.2         CRISIL D (Downgraded from
   Based Bank Limits                 'CRISIL C')

   Proposed Long Term
   Bank Loan Facility   35.14        CRISIL C (Withdrawn)

The downgrade reflects continuous overdue - of more than 30 days -
in JSIPL's packing credit, bill discounting, and letter of credit
facilities. The overdue is on account of weak liquidity.

The company's working capital remains under pressure, and its
financial risk profile below average. These rating weaknesses are
partially offset by benefits derived from the promoter's experience
in the leather industry.

Key Rating Drivers & Detailed Description

* Continuous overdue in working capital facilities: Instances of
overdue in the packing credit, bill discounting, and letter of
credit facilities have persisted for more than 30 days. The overdue
is on account of weak liquidity.

Weaknesses

* Working capital intensity in operations: Pressure on working
capital persists, given the sizeable gross current assets of 1402
days'debtors were of 782 days, while advances and inventory were of
505 days - as of March 2019. Given the ongoing delay in realising
bills from counterparties, especially in Europe, management of
working capital cycle will remain a key rating driver.

* Below-average financial risk profile: Financial risk profile
continues to be constrained by modest networth and high gearing -
INR25.41 crore and 2.26 times as of March 2019. The gearing has
deteriorated from 2.06 times a year earlier. Interest coverage,
however, is moderate 1.4 times in fiscal 2019 (2.10 times, the
previous fiscal).

Strength
* Extensive experience of the promoter: Benefits from the key
promoter, Mr Alok Prakash's experience of around two decades in the
leather accessories industry, and his healthy relationships with
suppliers and customers should continue to support the business.

Liquidity
Liquidity will, likely, remain under pressure, though cash accrual
- expected around INR1.95 crore per annum - may suffice for
servicing the maturing debt, of INR0.30 crore annually. Working
capital intensity in operations should continue to constrain
liquidity. Unsecured loans of INR18.90 crore extended by the
promoter, however, relieve some of the pressure.

JSIPL, incorporated in 1997 and promoted by Mr Alok Prakash, is
based in Kolkata. The company manufactures leather-based protective
gloves, garments, and accessories.


K MANIAR: Ind-Ra Migrates 'BB' LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K Maniar's
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR353.285 mil. A long-term loan with February 28, 2021,
migrated
     to non-cooperating category with IND BB (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 25, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

K Maniar commenced construction of Sethia Grandeur building on
March 2016.


KARYAVATTOM SPORTS: Ind-Ra Lowers INR2.4BB Bank Loans Rating to D
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Karyavattom
Sports Facilities Limited's (KSFL) bank loans to 'IND D (ISSUER NOT
COOPERATING)' from 'IND C (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 actions are:

-- INR2.415 bil. Senior project bank loans (long-term) downgraded

     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 downgrade reflects delays in debt servicing by KSFL, as
confirmed by the lender to Ind-Ra.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

KSFL is a special purpose vehicle sponsored by IL&FS Transportation
Networks India Limited (ITNL). It was set up to develop a
multi-purpose greenfield stadium in Karyavattom,
Thiruvananthapuram, Kerala, on a design, build, operate and
transfer annuity basis. The project achieved the final completion
date on February 29, 2016.


KEYA BUILDTECH: CRISIL Moves D on INR25cr Loan to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Keya Buildtech
LLP (KB) to 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan            25       CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KB for obtaining
information through letters and emails dated April 30, 2019 and May
24, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2017, KB is a partnership firm engaged in the
development of residential real estate. The firm is mainly present
in Vadodara, Gujarat. KB is promoted and is currently being run by
Mahesh Patel.


KHUSHBU VINYL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Khushbu Vinyl Private Limited
        Registered officer as per MCA Records:
        Block No. 28, Village Ujeti Baska-Ujeti Road
        Halol Dist. Panchmahal 389350
        Gujarat, India

Insolvency Commencement Date: July 26, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Chandra Prakash Jain

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

Last date for
submission of claims:    August 9, 2019


KHUSHI EXIM: CRISIL Moves D on INR14cr Loan in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Khushi Exim Private
Limited (KEPL) continues to be 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             14         CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with KEPL for obtaining
information through letters and emails dated April 30, 2019 and May
24, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

KEPL was established in 2003 by Mr. Hiralal Jalan and his son, Mr.
Vikash Jalan, in Kolkata. The company is in wholesaling and
retailing of gold jewellery, silver articles, and diamond- and
kundan-studded jewellery. It sells to retail showrooms in Raipur
(Chhattisgarh), Nagpur (Maharashtra), Indore (Madhya Pradesh),
Jamshedpur (Jharkhand), Ranchi (Jharkhand), and a few other
locations.


KUKU EXPORTS: CRISIL Moves C on INR5.5 Loans to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kuku Exports
(KE) to 'CRISIL C/CRISIL A4 Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Export Packing        6.5        CRISIL A4 (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

   Proposed Long Term    3.5        CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Secured Overdraft     2.0        CRISIL C (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KE for obtaining
information through letters and emails dated April 30, 2019 and May
24, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

KE was established as a partnership firm by Mr Shivnand Puri and
his sons Mr Rajesh Puri and Mr Dinesh Puri in 1998. The firm
manufactures knitted sweaters from acrylic yarn for men, women, and
children. It mainly caters to the international market with focus
on the UK. The firm's facility in Ludhiana, Punjab, has installed
capacity of 2500 pieces per day.


LEO PRIMECOMP: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Leo Primecomp Private Limited
        Flat No. 61 & 62
        Lakshmi Nagar
        Kandanchavadi Chennai 600096

Insolvency Commencement Date: July 24, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Mathur Sabhapathy Viswanathan

Interim Resolution
Professional:            Mathur Sabhapathy Viswanathan
                         15/35 Musafer Jung Bahadur Street
                         Triplicane, Chennai 600005
                         E-mail: msv8200@gmail.com

Last date for
submission of claims:    August 10, 2019


LOORDHU AMMAL: CRISIL Lowers Rating on INR25cr LT Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Loordhu Ammal Educational Trust (LAET) to 'CRISIL D' from
'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Loan          25         CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The rating downgrade reflects delays in repayment of bank loans by
LAET. Same is on account of weak liquidity.

The rating also reflects the trust's weak financial risk profile
because of weak liquidity. However LAET benefits from its
established position in the education industry.

Key Rating Drivers & Detailed Description

Weakness:

* Weak financial risk profile:  Though, the capital structure is
moderate with gearing of 1.83 times, moderate occupancy, leads to
inadequate accrual to meet the debt obligation. The trust is highly
reliant on unsecured loans and equity from promoters, leading to
weak liquidity. Cash and bank balances are minimum and hence will
not be sufficient for the repayments.

Strength:

* Established market position in the education industry:  LAET is
in the education industry for over 2 decades with a diversified
course offering from schooling to engineering and Medical. Over the
period the trust has developed good brand equity in the region,
leading to moderate occupancy levels. The established market
position should continue to support the business risk profile.

Liquidity

Liquidity is weak due to high repayment obligations against which
the accruals and cash and bank balances are insufficient.

Established in 1997 by Dr S Peter, LAET runs various educational
institutes in Kovur, Chennai.


M S GOLD: CRISIL Raises Rating on INR8cr Cash Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
M S Gold and Diamonds (MSGD) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             8          CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Cash           2          CRISIL B+/Stable (Upgraded
   Credit Limit                       from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that the improvement in
business and financial risk profiles will be sustained over the
medium term. Steady growth in revenue from 5 crore in 2017 to 22
crore in fiscal 2018, while the operating margin remained healthy
at 5%, supported by strong customer demand.

CRISIL rating on the long-term bank facilities of MSGD continues to
reflect the modest scale of operations and susceptibility to
intense competition in the fragmented gold retailing industry and
large working capital requirements. These weaknesses are partially
offset by experience of MSGD's promoter and moderate financial
risk.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in an intensely competitive industry:
Scale of operation is modest as reflected in revenues of INR22
crore in fiscal 2018. The retail jewelry industry in India is
intensely competitive and highly fragmented. The presence of a
large number of small and big players in the retail jewelry market
leads to profitability pressures. Operating margin was at 5%.

* Large working capital requirements: Working capital requirements
are large as reflected in estimated gross current assets (GCA) of
above 348.7 days as on March 31, 2018, driven by high inventory
requirements. Working capital requirements will continue to remain
at similar lines over the medium term.

Strengths:

* Extensive entrepreneurship experience of promoters: The firm is
floated by Mr. Muhammad Kadankot, day to day operations are managed
by Mr. Sameer, son of Mr. Muhammad Kadankot. Mr. Muhammad Kadankot
has heavy equipment trading and renting business in Kuwait. Mr.
Sameer previously had rubber trading business which he has
discontinued and started jewelry retailing business. Owing to many
years of entrepreneurship experience in various industry, the firm
would benefit from the experience of the promoters over the medium
term.

* Moderate financial risk profile: The Company has moderate
financial risk profile marked by net worth at INR18 crores as on
March 31, 2018.Consequently, gearing is expected to be less than
0.5 time. Also, debt protection metrics are comfortable marked by
interest coverage at above 1.6 times and sufficient cash accruals
at INR0.43 crore during fiscal year 2018.

Liquidity

MSGD has maintained an adequate liquidity profile. Bank limits were
moderately utilized at 50% for the past 12 months ended February,
2019. Cash accrual stood at INR0.43 crore, with INR0.30 crores of
repayment obligation in 2018.Further, current ratio was moderate at
3.9 times as on March 31,2018.Going forward, MSGD is expected to
generate sufficient cash accruals and maintain its liquidity
profile.

Outlook: Stable

CRISIL believes that MSGD would continue to benefit over the medium
term from the extensive entrepreneurship experience of the
promoters. The outlook may be revised to 'Positive', if the firm
records considerable increase in revenues while maintaining its
profitability resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative', if
the firm records lower than expected revenue and profitability or
if the firm undertakes a larger than expected debt funded capital
expenditure programme, or if there are greater than expected
capital withdrawal by the partners, weakening in its financial risk
profile.

Incorporated in 2016, MSGD is proprietorship firm, engaged in
jewelry retail. MSGD runs a 2800 sq.ft showroom in Iritty, Kerala.


NEUROMED IMAGING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Neuromed Imaging Center Private Limted
        403 Sakar-1
        Near Gandhigram Railway Station
        Opp. Nehru Bridge, Navrangpura
        Ahmedabad, Gujarat 380006

Insolvency Commencement Date: July 12, 2019

Court: National Company Law Tribunal, Ahmedabad, Gujarat Bench

Estimated date of closure of
insolvency resolution process: January 8, 2020

Insolvency professional: Ms. Anjali Choksi

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

                            - and -

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

Last date for
submission of claims:    August 7, 2019


NXTGEN DATACENTER: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: NxtGen DataCenter & Cloud Technologies Private Limited
        Plot No. 25-P-13, 1st Phase
        Bidadi Industrial Area
        Bidadi, Ramanagar District
        Ramanagar Bangalore Rural
        Karnataka 562109
        India

Insolvency Commencement Date: July 24, 2019

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Srinivas Thatikonda

Interim Resolution
Professional:            Srinivas Thatikonda
                         Flat No. 006
                         Nanda Ashirwad Apartments
                         No. 1, Canara Bank Colony
                         2nd Main, Chandra Layout
                         Bengaluru 560072
                         Karnataka
                         E-mail: srinivas@srinivasthatikonda.com

Last date for
submission of claims:    August 8, 2019


OPAL LUXURY: CRISIL Keeps D on INR14cr Loans in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Opal Luxury Time
Products Limited (OLTPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities       (INR Cr)    Ratings
   ----------       --------    -------
   Bank Guarantee       1       CRISIL D (ISSUER NOT COOPERATING)
   Cash Credit          8       CRISIL D (ISSUER NOT COOPERATING)
   Letter of Credit     5       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with OLTPL for obtaining
information through letters and emails dated July 8, 2019 and July
12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

Based in Pune (Maharashtra), OLTPL was incorporated in 2007. The
company was listed on the National Stock Exchange's SME (small and
medium enterprise) platform in fiscal 2013. The business was
earlier carried out under a partnership firm, Opal Industries,
established in 1996. OLTPL manufactures a variety of premium wall
clocks under its registered brands, Opal and Caliber.


ORIENTAL TEXTILES: CRISIL Moves D on INR8cr Loan to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Oriental
Textiles Industries (OTI) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with OTI for obtaining
information through letters and emails dated April 30, 2019 and May
24, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 1991 as a partnership firm by Mr Rajeev Goel, Ms Shashi
Goel, and Mr Anuj Goel; and reconstituted as a proprietorship firm
of Mr Rajeev Goel in December 2017, OTI trades in textile products,
especially woollen fabric, including premium blankets and shawls.
Registered office is in Ludhiana.


PARAGON HOSPITALITY: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Paragon Hospitality Private Limited
        Registered and Corporate office:
        A-49, Lajpat Nagar-II
        New Delhi 110024

Insolvency Commencement Date: July 1, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 24, 2020

Insolvency professional: Amit Agrawal

Interim Resolution
Professional:            Amit Agrawal
                         H-63, Vijay Chowk
                         Laxmi Nagar
                         Delhi 110092
                         E-mail id: amitagcs@gmail.com
                                    crown.amitagcs@gmail.com

Last date for
submission of claims:    August 11, 2019


PHTHALO COLOURS: Ind-Ra Affirms 'BB' LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Phthalo Colours &
Chemicals (India) Limited's (PCCIL) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR107.5 mil. Fund-based working capital limits affirmed with
     IND BB/Stable/IND A4+ rating;

-- INR20 mil. Fund-based working capital limits assigned with IND

     BB/Stable/IND A4+ rating; and

-- INR204.95 mil. (reduced from INR211.00 mil.) Term loan due on
     May 2024 affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects PCCIL's continued medium scale of
operations as indicated by revenue of INR1,405 million in FY19
(FY18: INR1,348 million, FY17: INR1,262 million). The revenue
growth was on account of the higher realization of exported goods.
As on July 1, 2019, PCCIL had an order book of INR172.763 million,
of which 90% accounted for export orders. The management expects
the order book to be executed by mid-August 2019; the company also
receives repeat orders on a daily basis. FY19 financials are
provisional in nature.

The ratings continue to factor in PCCIL's modest EBITDA margins
with a return on capital employed of 9% in FY19. Despite the
revenue increase, the EBITDA contracted to 6.5% in FY19 (FY18:
7.4%, FY17: 8.2%) attributed to an increase in the cost of raw
material consumed. This, along with an increase in debt to INR534
million in FY19 (FY18: INR494 million, FY17: INR534 million),
caused interest coverage (operating EBITDA/gross interest expense)
to deteriorate to 1.6x (2.1x, 1.1x) and net leverage (total
adjusted net debt/operating EBITDAR) to 5.7x (4.8x, 5.0x). The
credit metrics continue to be modest.

The ratings are constrained by PCCIL's tight liquidity position as
reflected by 95.4% average maximum use of its fund-based facilities
over the 12 months ended June 2019. In FY19, the cash & cash
equivalents were INR12 million (FY18: INR10 million, FY17: INR18
million). The cash flow from operations turned positive to INR31
million in FY19 (FY18: negative INR75 million, FY17: INR96 million)
on account of positive fund flow from operations of INR115 million
(negative INR14 million, INR23 million).

However, the ratings are supported by the company's comfortable net
cash conversion cycle of 39 days in FY19 (FY18: 18 days, FY17: 27
days) on account of an increase in credit period to 146 days (142
days, 113 days) due to longstanding relationships with its
suppliers.

The ratings remain supported by PCCIL's operational track record
and management's experience of around three decades in the pigment
and chemical manufacturing industry, leading to established
relationships with customers and suppliers.

RATING SENSITIVITIES

Negative:  A decline in the revenue and/or operating profitability,
leading to further deterioration in the credit metrics, all on a
sustained basis, will be negative for the ratings.

Positive: A rise in the revenue and the profitability, leading to
an improvement in the credit metrics, on a sustained basis, will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1991, PCCIL manufactures phthalocyanine pigments
such as green, alpha blue and beta blue at its plant in Vapi in
Gujarat under the Rangday brand.


PRANEE INFRASTRUCTURES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Pranee Infrastructures Private Limited
        Property No. 235/1, JKR Towers
        3rd Floor, Above Manipal Nursing Home
        Ramamurthy Nagar Main Road
        Bangalore 560016

Insolvency Commencement Date: July 23, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: January 19, 2020
                               (180 days from commencement)

Insolvency professional: Vinod Sunder Raman

Interim Resolution
Professional:            Vinod Sunder Raman
                         No. 318, 19th Main, 41st Cross
                         5th Block, HBR Layout
                         Bangalore 560043
                         E-mail: vinod@vrconsulting.biz

                            - and -

                         3rd Floor, No. 717
                         17th Main, 4th T Block
                         Jayanagar Bangalore 560041

Last date for
submission of claims:    August 6, 2019


PREE AAG: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Pree Aag Fire System Private Limited
        B.No. 42/632 C, 2nd Floor
        Blavath Building
        Ayyappankavu Junction
        Ernakulam, Kerala 628018
        India

Insolvency Commencement Date: May 2, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 28, 2019

Insolvency professional: Mr. Kedar Ramratan Laddha

Interim Resolution
Professional:            Mr. Kedar Ramratan Laddha
                         501 Shajanand Shopping Centre
                         Shahibaug, Ahmadabad
                         Gujarat, 380004
                         India
                         E-mail: professional33000@gmail.com
                                 ip@kpsjca.com
                         Tel.: 9737533000

                            - and -

                         B-1002, 10th Floor, Mondeal Square
                         Nr. Prahhladnagar Garden
                         SG Highway
                         Ahmedabad 380015
                         India

Last date for
submission of claims:    May 16, 2019


PREMSHREE DEVCON: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Premshree Devcon Private Limited
        Khasra no. 8/1/1
        Village Munlabag Patwari Halka 60
        Tehsil Sanwer Indore MP 452001 IN

Insolvency Commencement Date: July 19, 2019

Court: National Company Law Tribunal, Indore Bench

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

Insolvency professional: Mr. Navin Khandelwal

Interim Resolution
Professional:            Mr. Navin Khandelwal
                         206, Navneet Plaza
                         5/2 Old Palasia
                         Indore 452001
                         E-mail: navink25@yahoo.com
                                 irp.prem121@gmail.com

Classes of creditors:    Home buyers of Real Estate projects of
                         Corporate Debtor

Insolvency
Professionals
Representative of
Creditors in a class:    Ashutosh Gokhale
                         Neelesh Gupta
                         Rakesh Barmecha

Last date for
submission of claims:    August 2, 2019


PROSEED INDIA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Proseed India Limited
        Registered office:
        Flat No. 302, Lotus Block
        Block-B, Sandy Springs
        Manikonda, Hyderabad 500089
        Telangana

Insolvency Commencement Date: July 23, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: January 19, 2020

Insolvency professional: Venka Reddy Bathina

Interim Resolution
Professional:            Venka Reddy Bathina
                         H.No. 8-2-603/1/10, Second Floor
                         Krishnapuram, Road No. 10
                         Banjara Hills, Hyderabad 500034
                         Telangana
                         E-mail: bvrcs123@gmail.com
                                 cirp.proseed@gmail.com

Last date for
submission of claims:    August 6, 2019


R D ENGINEERS: CRISIL Lowers Rating on INR6cr Loan to D
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of R
D Engineers India Private Limited (RDEPL) to 'CRISIL D//CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             6          CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Letter Of Guarantee    12.5        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Letter of Credit         .08       CRISIL D (Downgraded from
                                      'CRISIL A4')

The downgrade reflects the delays in the principal repayment of
term loans and instances of devolvement in the letter of credit
facility which remained unpaid for 30 days. The delays are on
account of stretched liquidity position.

RDEPL has large working capital requirement, weak financial risk
profile, and small scale of operations amid high end-user industry
concentration. These weaknesses are partially offset by the
extensive experience of the promoter.

Key Rating Drivers & Detailed Description

Weakness:

* Delays in repayment obligation: The company has delayed in
repayment of term loans on account of stretched liquidity position.
There were instances of devolvement in the letter of credit
facility in the past.

* Stretched working capital cycle, leading to weak financial risk
profile: Gross current assets were over 900 days as on March 31,
2018, because of high build-up of inventory (in the form of
uncertified work) and receivables (work certified but not paid for)
of 605 days and 295 days, respectively. Hence, bank limit was
almost fully utilized. Large debt levels led to an aggressive
capital structure, with gearing of around 4.09 times and net worth
of INR5.62 crore, as on March 31, 2018. Debt protection metrics
were also weak, with interest coverage ratio of 1.14 times for
fiscal 2018.

* Small scale of operations and high end-user industry
concentration: With revenue of INR14.83 crore in fiscal 2018, scale
remains modest because of high end-user industry concentration as
the oil and gas segment remains the key contributor. This
constrains ability to secure better pricing and credit terms with
customers.

Strengths:

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

Liquidity

RDEPL has weak liquidity as reflected in delay in repayment of debt
obligations on account of low cash inflows. There was instances of
devolvement in the letter of credit facility in past.

RDEPL, incorporated in 1984 and promoted by Mr S R Dua, designs and
fabricates critical process equipment such as pressure vessels,
heat exchangers, columns, and towers for the refinery,
petrochemical, and fertiliser industries. The manufacturing
facilities are in Mumbai and Nashik.


RAIHAN HEALTHCARE: CRISIL Moves D on INR32cr Loan to NonCooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raihan
Healthcare Private Limited (RHPL) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          32       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RHPL for obtaining
information through letters and emails dated April 30, 2019 and May
24, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

RHPL, incorporated in 2014, is operating a super-specialty hospital
in Erattupetta (Kerala). Operations are managed by Dr Mohammed
Ismail and Dr Satheesh.


RAJ ARCADE: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Raj Arcade Homes
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR776.747 mil. Long-term loan due on February 28, 2021
     migrated to non-cooperating category with IND BB (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 26, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Raj Arcade Homes is constructing a residential project in Kandivali
West, Mumbai. The project, which began on January 2012, is a
redevelopment project under Slum Rehabilitation Authority. The
company was incorporated by Mr. Rajesh Savla.


RAJESH ESTATES: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating of Rajesh Estates and Nirman Pvt Ltd (RENPL)
remains at 'CRISIL B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Non Convertible       297.60       CRISIL B+/Stable (Issuer
   Debentures LT                      Not Cooperating)

CRISIL has been following up with RENPL for getting information
through letters and emails, dated April 30, 2019, and June 24,
2019, apart from various telephonic communications. However, the
issuer has continued to be non-cooperative.

The investors, lenders, and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'issuer not cooperating'. This rating lacks a
forward-looking component as it is arrived at without any
management interaction and is based on best available, limited, or
dated information on the company'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RENPL, which restricts CRISIL's
ability to take a forward-looking view on the company's credit
quality. CRISIL believes the information available is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information' with 'CRISIL BB' rating category or
lower'. Hence, the rating remains at 'CRISIL B+/Stable Issuer Not
Cooperating'.

The rating continues to reflect the continued high reliance on
external debt to fund project construction work, which would lead
to deterioration in debt protection metrics in the near term. The
rating also factors in susceptibility of sales to the cyclicality
inherent in the real estate sector. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the real estate industry, the prime location of the project, Raj
Grandeur, and the advanced stage of its completion.

Incorporated in 1996, RENPL is a fully owned subsidiary of Rajesh
Constructions Company Pvt Ltd (the flagship company of the Rajesh
group). RENPL has been developing two projects: Raj Grandeur and
Raj Embassy, and has recently started developing Raj Torres in
Thane, Maharashtra, aggregating to a total saleable area of 19 lakh
square foot.

The Rajesh group is a Mumbai-based real estate developer, promoted
by Mr Raghavji Patel. Group companies have been engaged in real
estate construction and development for over 50 years. Operations
are currently managed by the third-generation of the family, Mr
Priyal Patel and Mr Pratik Patel. The Rajesh group has nearly 86
lakh square foot of area under development across various projects
in and around Mumbai as on date.


RELIANCE INFRA: Mumbai Metro Lenders Accept Debt Revamp Plan
------------------------------------------------------------
BloombergQuint reports that a consortium of lenders, led by
Syndicate Bank, is set to agree to a restructuring scheme for
Reliance Infrastructure Ltd.'s Mumbai Metro project, two people in
the know said on condition of anonymity.

The restructuring plan involves extending the tenure of the Rs2,200
crore in outstanding loans by two years, the people quoted above
said. In addition, lenders will likely agree to a cut in interest
rates to around 9 percent from over 11 percent currently, which
will help the metro project repay its dues on time, the people told
BloombergQuint.

BloombergQuint says the plan, structured by consulting firm EY, is
in the final stages of approvals, with individual lenders seeking
board approvals to move forward with the restructuring plan. Apart
from Syndicate Bank, other lenders to the project include IDBI
Bank, State Bank of India, Indian Bank, Bank of Maharashtra and
India Infrastructure Finance Company (UK).

"At present, resolution process of MMOPL is underway and
Inter-Creditor Agreement has been signed amongst its lenders," the
report quotes an MMOPL spokesperson as saying.

Lenders to the project had signed an inter-creditor agreement in
June, after the Reserve Bank of India released fresh guidelines on
restructuring stressed accounts, the report says. The consortium
had appointed BDO India as adviser to look at the viability of the
restructuring plan, the first of the two people quoted earlier
said, BloombergQuint relays. The study has not thrown up any
negative surprises yet, this person said.

"Due to client confidentiality and sensitivity of these
assignments, we will not be able to comment on the queries," said a
BDO India spokesperson in response to queries emailed on July 29.

Reliance Infrastructure owns 69 percent stake in Mumbai Metro One
Pvt. Ltd., the entity that manages the metro project. Mumbai
Metropolitan Region Development Authority owns 26 percent, while
Veolia Transport RAPT Asia holds the remaining 5 percent stake,
BloombergQuint discloses.

According to BloombergQuint, the metro rail project, which extends
over 12 kilometers and covers 12 stations, has seen stress build up
over time. While the company has been able to cover its maintenance
cost, it is has not been able to generate enough revenue to repay
its debt on time. MMOPL has also been fighting a case at the Bombay
High Court against a reduction in fares proposed by a fare fixation
committee, which includes government representatives.

BloombergQuint says the company had previously attempted to
restructure its debt under the scheme for sustainable structuring
of stressed assets (S4A) of the RBI, in the second half of 2017.
However, the plan did not receive requisite approvals from the
lenders. Soon after that, the banking regulator scrapped the
restructuring scheme altogether.

The Anil Ambani-owned Reliance Group has seen many of its companies
undergo debt restructuring, owing to high debt and low
profitability. This includes Reliance Infrastructure, which is the
parent company of the metro project, BloombergQuint notes.

Reliance Infrastructure has already announced that its lenders have
signed an inter-creditor agreement to restructure its debt,
according to BloombergQuint. Reliance Power Ltd. too is under the
RBI's restructuring framework. Reliance Communications Ltd,
meanwhile, has already been admitted for insolvency proceedings,
where lenders have claimed over Rs49,000 crore worth dues,
BloombergQuint states.

                           About R-Infra

Reliance Infrastructure Limited (R-Infra) is the flagship company
of the India-based Reliance Group, led by Anil Dhirubhai Ambani,
active in the energy and infrastructure businesses. R-Infra has an
in-house engineering-procurement-construction/ EPC division that is
active in the power and road segments.


REOM INFRASTRUCTURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Reom Infrastructure and Construction Limited
        D-19/1, Okhla Industrial Area, Phase II
        New Delhi 110020

Insolvency Commencement Date: July 19, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 14, 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.reominc@gmail.com

Last date for
submission of claims:    August 8, 2019


RIGHT TOWERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Right Towers Pvt Ltd
        207, M.D. Road 3rd Floor
        Room No. 64
        Kolkata WB 700007

Insolvency Commencement Date: July 24, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Rakesh Kumar Agarwal

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

Last date for
submission of claims:    August 3, 2019


S.S. INFRAZONE: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated S.S. Infrazone
Private Limited's (SSIPL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR5 mil. Fund-based limits migrated to non-cooperating with
     IND BB (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR495 mil. Non-fund-based limits migrated to non-cooperating
     with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 1, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2012, SSIPL undertakes construction contracts mainly for
Jhansi Public Works Department, Gorakhpur Public Works Department,
and Lucknow Irrigation Authority. The company has been classified
as Class-I under Central Public Works Department, India (B&R) since
1990 and Class-IA Municipal Corporation of Delhi since 1981.


SARNAMOY PLASTIC: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sarnamoy Plastic Sack Manufacturing Private Limited
        Factory Para, Chiriamore
        Kaikhali, Kolkata WB 700136

Insolvency Commencement Date: July 23, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Sanjeev Jhunjhunwala

Interim Resolution
Professional:            Sanjeev Jhunjhunwala
                         Siddha Weston, 9 Weston Street
                         Suite No. 134, 1st Floor
                         Kolkata 700013
                         E-mail: sanjeevjhunjhunwala@gmail.com
                                 cirp.sarnamoy@gmail.com

Last date for
submission of claims:    August 5, 2019


SHATABDI SHIKSHA: CRISIL Moves D on INR10cr Loan to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shatabdi
Shiksha Prasar Sabha (SSPS) to 'CRISIL D Issuer not cooperating'.

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

CRISIL has been consistently following up with SSPS for obtaining
information through letters and emails dated April 30, 2019 and May
24, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SSPS was established in 1992 by Late Dr. Rampal Singh Nehra to set
up educational institutes in Meerut, Uttar  Pradesh. The  society
runs seven colleges and one school in Mohinidinpur,  Meerut. The
school is affiliated to the CBSE while the colleges are affiliated
to Chaudhary Charan Singh University, Meerut. Presently, Mr. Amit
Nehra is managing the affairs of the society.


SHILPRAJ DEVELOPERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Shilpraj Developers Private Limited
        60, Adarsh Society
        Athwalines, Surat
        Gujarat 395007

Insolvency Commencement Date: July 24, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: January 19, 2020

Insolvency professional: Sunil Kumar Agarwal

Interim Resolution
Professional:            Sunil Kumar Agarwal
                         Tower 6/603, Devnandan Heights
                         Near Podar School, New CG Road
                         Chandkheda, Ahmedabad
                         Gujarat 382424
                         E-mail: anil91111@hotmail.com

                            - and -

                         9/B, Vardan Complex
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad 380014
                         E-mail: cirp.shilpraj@gmail.com

Last date for
submission of claims:    August 13, 2019


SHIVIN CA: CRISIL Lowers Rating on INR10cr Term Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shivin CA Store (Shivin) to 'CRISIL D' from 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             10        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects delays in repayment of bank loans. The
rating factors in the extensive experience of the partners. This
strength is partially offset by the small scale of operations.

Key Rating Drivers & Detailed Description

Weakness:

* Delays in debt repayment obligations:  There have been instances
of delays in meeting term debt repayment obligations.

* Small scale of operations:  The firm has set up a 5700-tonne per
annum cold storage in Rohru, Himachal Pradesh in March 2019.
Commercial operations in the facility are expected to commence from
August 2019. Accordingly, scale is likely to remain small due to
the start-up phase in the intensely competitive cold storage
segment.

Strengths:

* Extensive experience of the partners:  The partners have
long-standing presence in trading of fruits and vegetables, and
have also been selling apples from their orchards.

Liquidity

Liquidity is weak due to high repayment obligations against which
cash accruals and cash and bank balances are insufficient.

Established in 2017, Shivin, a partnership firm of Mr Shivin
Chauhan and Ms Shyna Chauhan, has set up a controlled atmosphere,
24-chamber cold storage in Rohru, which will provide storage
facility for apples and seasonal vegetables.


SHREE VARDHMAN: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Vardhman
Developers Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR1.0 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) / IND A4
     (ISSUER NOT COOPERATING) rating; and

-- INR98.9 mil. Non-fund-based limits migrated to non-cooperating

     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 31, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated on October 21, 2005, Shree Vardhman Developers
undertakes the construction of residential and commercial
buildings. Its registered office is located in New Delhi.


SKYHIGH HOSPITALITY: CRISIL Moves D Loan Rating to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Skyhigh
Hospitality Private Limited (SHPL) to 'CRISIL D Issuer not
cooperating'.

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

CRISIL has been consistently following up with SHPL for obtaining
information through letters and emails dated April 30, 2019 and May
24, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SHPL was set up in 2008 by Gurugram-based Mr Ramesh Khurana and Mr
S N Virmani. The company runs a boutique hotel, Treehouse Queens
Pearl, in Gurugram.


SRI LAKSHMI: CRISIL Hikes Rating on INR11.15cr Cash Loan to B
-------------------------------------------------------------
CRISIL has revised its rating on the bank facilities of Sri Lakshmi
Mounica Rice Industries (SLMRI) from 'CRISIL B/Stable' to 'CRISIL
D' and simultaneously upgraded the rating to 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit          11.15       CRISIL B/Stable (Revised
                                    from 'CRISIL B/Stable'
                                    to 'CRISIL D' and
                                    Simultaneously Upgraded to
                                    'CRISIL B/Stable')

   Rupee Term Loan       3          CRISIL B/Stable (Revised
                                    from 'CRISIL B/Stable'
                                    to 'CRISIL D' and
                                    Simultaneously Upgraded to
                                    'CRISIL B/Stable')

   Proposed Long Term    0.85       CRISIL B/Stable (Revised
   Bank Loan Facility               from 'CRISIL B/Stable'
                                    to 'CRISIL D' and
                                    Simultaneously Upgraded to
                                    'CRISIL B/Stable')

The rating revision to 'CRISIL D' takes into account past instances
of delays in servicing of term debt until February 2019.

The simultaneous upgrade in rating to 'CRISIL B/Stable', reflects
timely servicing of the debt obligation during the last 90 days.

The ratings continue to reflect modest scale of operations in
intensely competitive rice milling industry, susceptibility of its
profitability margins to volatility in paddy prices and unfavorable
regulatory changes. The ratings also factor in the firm's
below-average financial risk profile, with modest net worth, high
gearing and modest debt protection metrics. These weaknesses are
partially offset by extensive industry experience of the proprietor
and it established supplier and customer relationships.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in highly fragmented rice milling
industry and susceptibility of operating profitability to
volatility in raw material prices: SLMRI has a modest scale of
operations with revenues of around INR58 crores in FY2019 (refers
to financial year, April 1 to March 31). The modest scale of
operations restricts the firm from getting benefits accruing from
economies of scale. Also, SLMRI's operating profitability would
continue to remain low due to the low value addition in its product
and would remain susceptible to adverse government regulations and
raw material price volatility.

* Below-average financial risk profile:  Financial risk profile is
below average: gearing was 2.26 times and networth was INR6.9 crore
as on March 31, 2019. Debt protection metrics are modest, with
interest coverage and net cash accrual to total debt ratios of 1.45
times and 0.05 time, respectively, in fiscal 2019.

Strength

* Extensive industry experience of the proprietor and it
established supplier and customer relationships:  SLMRI's business
risk profile benefits from the extensive experience of its
promoters in the rice milling industry. The firm is promoted by Mr.
Balamurali Reddy who have been associated with the rice milling
industry for more than one decades which has enabled the firm to
establish healthy linkages with farmers in the region there by
aiding the raw material (paddy) procurement.

Liquidity

Liquidity is adequate: cash accrual, expected at INR0.93-1.06 crore
in fiscals 2020 and 2021 each, should sufficiently cover yearly
maturing debt of INR0.54 crore. Bank limit of INR11.15 crore was
almost fully utilised over the 12 months through June 30, 2019.
Current ratio stood at 1.47 times as on March 31, 2019.

Outlook: Stable

CRISIL believes SLMRI will continue to benefit over the medium term
from the proprietors' extensive experience. The outlook may be
revised to 'Positive' if substantial and sustainable improvement in
revenue and profitability, or a sizeable equity infusion
strengthens financial risk profile. Conversely, the outlook may be
revised to 'Negative' if a steep decline in profitability, or
stretch in working capital cycle weakens key credit metrics.

Based in Nellore (Andhra Pradesh) and established in 2007 by Mr.
Balamurali Reddy, SLMRI is a proprietorship firm which process
paddy into rice; it also generates by-products such as broken rice,
bran, and husk.


SRI MUTHUMARI: CRISIL Moves D on INR7cr Loan to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Muthumari
Charitable and Educational Trust (SMCET) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan            7         CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMCET for obtaining
information through letters and emails dated April 30, 2019 and May
24, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SMCET, located in Karaikudi (Tamil Nadu), was set up in 2010 as a
trust registered under the Indian Trust Act, 1881.The trust offers
undergraduate courses in engineering and teacher education courses
and also runs a school. The operations of the trust are managed by
Mr. Periyasamy.


SRI PARAMESWARI: CRISIL Migrates 'D' Ratings to Non-Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Parameswari Projects Private Limited (SPPPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan         .8       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft              .4       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    4.3       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SPPPL for obtaining
information through letters and emails dated April 30, 2019 and May
24, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in the Year 2003 Sri Parameswari Projects Private
Limited(SPPPL) is involved in multiple business lines that include
running a petroleum bunk, movie theatre, automobile showroom and
function hall. The Company is promoted by Mr. K. Surapu Naidu.


SUPER FLOORINGS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Super Floorings Private Limited
        House No. 143, 1st Floor
        PKT G, DSIDC Sector-5
        Village Bawana, Landmark Samosa Chowk
        New Delhi North West DL 110039
        India

Insolvency Commencement Date: July 18, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Prabhat Ranjan Singh

Interim Resolution
Professional:            Prabhat Ranjan Singh
                         Chamber No. 119
                         C.K. Daphtary Block
                         Supreme Court of India
                         Tilak Lane, New Delhi
                         National Capital Territory of Delhi
                         110001

                            - and -

                         905, 9th Floor, Tower C
                         Unitech Business Zone
                         Nirvana Country
                         Sector-50, Gurugram
                         Haryana 122018
                         E-mail: cirp.superflooring@gmail.com

Last date for
submission of claims:    August 6, 2019


UTKAL HEALTHCARE: Ind-Ra Migrates BB LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Utkal Healthcare
Private Limited's (UHPL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR450 mil. Term loan due on July 2025 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 30, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

UHPL is constructing a 150-bed multi-specialty hospital in
Bhubaneswar, Odisha.


UTM ENGINEERING: CRISIL Lowers Rating on INR5.8cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of UTM
Engineering Private Limited (UTM) to 'CRISIL D/CRISIL D' from
'CRISIL C/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          2.7       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Overdraft               1.5       CRISIL D (Downgraded from
                                     'CRISIL C')

   Proposed Cash           5.8       CRISIL D (Downgraded from
   Credit Limit                      'CRISIL C')

The downgrade reflects overdrawing of working capital limit for
more than 30 days consecutively.

The ratings continue to reflect the company's stretched liquidity
leading to overdrawing of working capital limit, and modest scale
of operations. These weaknesses are partially offset by experience
of the promoters in mining and tunnel construction.

Key Rating Drivers & Detailed Description

Weaknesses

* Stretched liquidity:  UTM's stretched liquidity is indicated by
overdrawing of working capital limit for more than 30 days
consecutively.

* Modest scale of operations:  The scale of operations remains
modest and is expected to remain so over the medium term. This
limits the company's capability to bid for larger tenders.

Strength

* Experience of the promoters in mining and tunnel construction:
The promoters' experience of a decade in the construction and
mining industries has enabled the company to secure orders
consistently.

Liquidity

Liquidity is stretched as indicated by overdrawing of working
capital limit for more than 30 days consecutively.

UTM was established by Mr Krupa Sindhu Mandal and Mr Rajesh Singh
at Gurugram (Haryana) in 2014. The company undertakes tunnel
construction and mining activities for government and private
companies. Operations commenced in April 2015.


V R INFRALOGISTICS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: V R Infralogistics Private Limited
        12 India Exchange Place Jute House
        1st Floor, Kolkata
        West Bengal 700001

           - and -

        9, AJC Bose Road
        Ideal Centre, 3rd Floor
        Kolkata 700017

Insolvency Commencement Date: July 18, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Pankaj Kumar Tibrewal

Interim Resolution
Professional:            Mr. Pankaj Kumar Tibrewal
                         Chitra 3E, Duke Residency
                         13 Chanditala Lane
                         Ashok Nagar Park, Tollygunge
                         Regent Park, Kolkata
                         West Bengal 700040
                         E-mail: tibrewalpankaj@yahoo.com

                            - and -

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

Last date for
submission of claims:    August 9, 2019


VEE AAR: Ind-Ra Moves 'BB+' LT Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vee Aar Life Space
LLP's Long-Term Issuer Rating to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR1.0 bil. Term loan due on September 2023 migrated to non-
     cooperating category IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 2, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2017, Vee Aar Life Space undertakes real estate
projects.




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

AUBURN DEVELOPMENT: Goes Into Voluntary Administration
------------------------------------------------------
Anne Gibson at The New Zealand Herald reports that Auburn
Development, the company behind the high-profile Takapuna
apartments on The Block site, has gone into voluntary
administration, leaving a prominent North Shore real estate agency
owed about NZ$400,000.

Companies Office records show Auburn Development which developed
The Sargeson Apartments is in the hands of Bryan Williams of BWA
Insolvency after a decision by the board of directors, the Herald
discloses.

"It's a sad story. The mortgagee has taken over. We are owed money
for the sales, close to NZ$400,000. We sold 30 of them and were
paid some money. We settled properties and people moved in but the
lawyers have instructed not to pay commissions," the report quotes
Martin Cooper of Harcourts Cooper & Co said as saying.

Sixteen units remained unsold, Mr. Cooper said. His business was
the main selling agency moving many of the units, although other
agencies also sold the apartments, according to the Herald.

"The sad thing is individual salespeople who put their heart and
soul into the sales. They put in time and effort and have families
to feed. I'm taking legal advice on our position and getting an
assessment on what's the best way to protect that. We're
investigating putting a caveat on the titles to protect our
position," Mr. Cooper said referring to the 16 unsold units, the
Herald relays.

Last November, Auburn Development wrote to buyers of the 92-unit
Sargeson Apartments on Anzac St near Takapuna's shopping centre,
seeking more money to settle purchases, the Herald recalls.

Due to building costs rising and development finance becoming
"virtually unavailable", buyers must pay more, letters said.

Pre-purchasers were then asked to pay a further 8 per cent.

The Herald relates that one buyer said at the time that a place
which was costing NZ$465,000 originally would now cost him
NZ$535,000 and he was unhappy.

Companies Office records show Auburn Development's sole director
and shareholder is David James Oliphant of St Heliers. The company
was formed in July 2014.




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

CHINA FISHERY: Sets Sale Procedures for Singapore Property
----------------------------------------------------------
CFGL (Singapore) Private Limited, an affiliate of China Fishery
Group, asks the U.S. Bankruptcy Court for the Southern District of
New York to authorize the sale procedures in connection with the
sale of its real property located at #11-01 GB Building, 143 Cecil
Street, Singapore.

The Singapore Real Property comprises the whole floor of a
commercial office building with an area of 5,425 square feet
currently divided into two areas.  Suites 1101 and 1104, with an
area of 3,391 square feet are currently occupied by two Pacific
Andes group employees who are resident in Singapore.  Suites 1102
and 1103, with an area of 2,034 square feet, are subject to leases
to two third parties which are affiliates of one group.  The leases
are in the same terms, expiring on September 30, 2021, with
provision for an additional two-year term if requested by the
tenants.

As a result of staff reductions within the Pacific Andes group, the
majority of the space in suites 1101 and 1104 occupied by Pacific
Andes group employees, which is the majority of the floor, is
significantly underutilized.  In the business judgement of the
Debtor, it is in the overall benefit of the estate to liquidate the
value of the whole floor and, if necessary, rent a much smaller
office space for the remaining group employees.

Singapore Real Property is in the range of US$7 to $8 million.  A
marketing proposal has been obtained from Propnex, Singapore's
largest listed real estate agency, which provides detailed
information on sales in the area of the Real Property.  It is not
proposed to engage Propnex as a broker for cost reasons.  Instead,
the Debtor intends to list the Singapore Real Property
non-exclusively with a number of property agencies so as to create
competition between the agencies.  Note as indicated in the Propnex
report that there currently is a large number of properties in the
building listed for sale, which availability may impact the sale
price achieved.   

The Debtor is in the process of marketing the Singapore Real
Property.  There are no known liens, mortgages, or encumbrances on
the Singapore Real Property, save the leases for suites 1102 and
1103, which are attached to the Yee Declaration.  The Debtor is
entitled under Singapore law to sell the property subject to lease
and the consent of the lessee is not required.  The Debtor intends
to use the proceeds of sale of the Singapore Real Property for
payment of administrative expenses for the its estates.

The Debtor will be represented by the law firm of Drew & Napier,
which is already authorized to act for the Debtor pursuant to the
Court's Order Implementing Procedures to Retain, Compensate and
Reimburse Professionals in the Ordinary Course of Business dated
Dec. 1, 2016.  With the counsel's assistance, the Debtors will then
execute a sale and purchase agreement with the buyer.  The Purchase
Agreement would lay out the terms of a proposed Sale Transaction
and the retention terms for any broker, including the commission
fee, which typically constitutes 1.5% to 2% of the gross sale price
for the Sale Transaction.

The Debtor intends to ask the highest or otherwise best possible
offer for the Singapore Real Property.  However, when such a bid
becomes available, the Debtor may face a limited window of time to
consummate the Sale Transaction.  To provide the flexibility needed
to maximize the value of the Singapore Real Property, the Debtor
asks approval of the procedures set forth to consummate a Sale
Transaction.

The Debtors propose these Sale Procedures for Sale Transactions:

     a. Upon execution of the Purchase Agreement, the Debtors will
file a notice of such transaction with the Court under seal and
serve a copy thereof.

     b. The parties receiving a Transaction Notice will have 20
calendar days after the service of a Transaction Notice to file and
serve any objections to the Sale Transaction;

     c. If any material economic term of the Sale Transaction is
amended after transmittal of the Transaction Notice, but prior to
the expiration of the Notice Period, the Debtor will serve a
revised Transaction Notice on all parties that received the
Transaction Notice describing the proposed Sale Transaction, as
amended.  If a revised Transaction Notice is required, the Notice
Period will be extended for an additional seven calendar days;

     d. Any objections to the Sale Transaction must be served on
Klestadt Winters Jureller Southard & Stevens LLP, 200 W 41st
Street, Floor 17, New York, NY 10018 (Attn: Tracy L. Klestadt) as
the counsel to the Debtors, so as to be received on 4:00 p.m. (ET)
on the last day of the Notice Period;

     e. If an Objection is properly filed and served: (i) the
Objection will be deemed a request for a hearing on the Sale
Transaction, and the Objection will be heard at the next scheduled
omnibus hearing in these Chapter 11 cases that is at least 14
calendar days after service of the Objection; and (ii) the Sale
Transaction may not proceed absent (a) written withdrawal of the
Objection or (b) entry of an order by the Court specifically
approving the Sale Transaction;

     f. If no Objection is timely filed and served, the Debtor will
be deemed to be fully authorized by the Court to consummate the
Sale Transaction, and no further notice or Court approval will be
required to consummate the Sale Transaction; and

     g. The Debtor may consummate the Sale Transaction prior to
expiration of the Notice Period only if it obtains written consent
to the Sale Transaction from each of the Sale Notice Parties.

Upon consummation of the Sale Transaction, the purchaser will take
the Singapore Real Property sold by the Debtor pursuant to the Sale
Procedures subject to the terms of the documentation executed in
connection with the Sale Transaction.  The Debtor does not believe
there are any Encumbrances on the Singapore Real Property other
than the leases over suites 1102 and 1103 mentioned.  However, to
the extent any Encumbrances on the Singapore Real Property are
discovered, the party holding or claiming to hold such Encumbrances
is a Sale Notice Party under the Sale Procedures and the purchaser
will further take title to the Singapore Real Property free and
clear of liens pursuant to section 363(f) of the Bankruptcy Code.
All such Encumbrances, if any, will attach to the proceeds of sale
with the same validity, extent, and priority as had attached to the
Singapore Real Property immediately prior to the Sale Transaction.

The Debtors submit that sufficient cause exists to implement the
Sale Procedures and such procedures will improve the efficiency of
the sale process for the Singapore Real Property and maximize the
value to Pacific Andes International Holdings Ltd. (Bermuda)
estate.

                   About China Fishery Group

China Fishery Group Limited (Cayman), et al., are comprised
primarily of investment holding companies and non-operating
companies that were in the business of trading frozen seafood
products or providing freight services.  They also include: Protein
Trading Limited, a fishmeal trading company; South Pacific Shipping
Agency Limited ("SPSA"), which provides shipping agency services;
CFGL (Singapore) Private Limited ("CFGLPL"), a property investment
company; and China Fisheries International Limited ("CFIL").

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.  In the petition signed
by CEO Ng Puay Yee, China Fishery Group estimated its assets at
$500 million to $1 billion and debt at $10 million to $50 million.
The cases are assigned to Judge James L. Garrity Jr.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore).  Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors.  The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent.  Kwok Yih & Chan serves as
special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.


EPICENTRE HOLDINGS: Resists Creditor's Application for JM
---------------------------------------------------------
Rachel Mui at The Business Times reports that Catalist-listed
Epicentre Holdings has filed an affidavit to resist creditor Goh
Chee Hong's application for the company to be placed under judicial
management and appoint interim judicial managers, the former Apple
reseller announced on July 31.

In a separate response to Singapore Exchange (SGX) queries,
Epicentre on Aug. 1 said that uncontactable former director Kenneth
Lim was a key cog in a number of loans that the company is
questioning. The firm is also disputing certain claims on the basis
that the debts were not within the knowledge of the company's
current independent directors, BT relates.

Among other things, Epicentre said it is not aware of who initiated
the reassignment of loan from MDR to Edward Lee, adds BT.

BT relates that SGX noted that the MDR loan was used to repay a
loan from LLS Capital, and questioned the company on the quantum of
this loan, and what it was used for.

In response, Epicentre said the loan from LLS Capital amounted to
SGD5 million. According to the company's records, SGD2.85 million
was used for advance payment to Shenzhen Blueway Technologies Co
pursuant to a supply agreement; SGD1.85 million was used to pay ECS
Computer (Asia) and Apple South Asia; and SGD0.2 million was paid
to Kenneth Lim, as his salary for the period from June to December
2016, according to BT.

Epicentre added that it has no dealings with creditors Gemma
Martinez or Curtichs Javier, and is therefore unable to provide any
background information on either of them, the report relays.

Trading in Epicentre's shares has been suspended since May 30.

                      About Epicentre Holdings

Epicentre Holdings Limited is an investment holding company. The
Company is an Apple Premium Reseller (APR), which offers a range of
Apple and Apple-related products, as well as pre- and post-sale
services. The Company's segments are Apple brand products, and
third party and proprietary brand complementary products. It also
retails a range of non-Apple branded fashion-skewed accessories in
EpiLife concept stores. EpiLife also carries merchandise under
iWorld, the Company's brand of accessories targeted at the young
and trendy. EpiCentre's e-stores offer a range of accessories,
cases, headphones and styluses from various brands such as,
Monster, JAYS, Belkin, Gosh, Klipsch and B&O. The Company, through
its subsidiary, Epicentre Solutions Pte. Ltd., provides information
technology solutions to educational institutions within Singapore.
It operates approximately five and over six EpiCentre stores in
Singapore and Malaysia (Kuala Lumpur) respectively, and an EpiLife
store in Singapore.


HYFLUX LTD: Seeks Further Extension for Debt Moratorium
-------------------------------------------------------
Fiona Lam at The Business Times reports that Hyflux Ltd and three
of its subsidiaries have applied to the court for a further
extension of the debt moratorium, the troubled water treatment firm
said in a bourse filing on July 31.

According to the report, the applications for the extension will be
heard at the next court hearing on Aug. 2 at 2:30 p.m., when the
court will also hear an update on Hyflux's restructuring process.

In May, Justice Aedit Abdullah had extended the moratorium by two
months to Aug. 2, less than the four-month extension till the end
of September that Hyflux had sought, the report says.

BT relates that Hyflux also updated on July 31 that it continues to
be in discussions with potential strategic investors and
stakeholders, with a view to entering into a binding agreement for
an investment in the group.

The last announcement on these potential investments was made on
July 11 with Utico FZC, the report says. In a joint statement,
Hyflux and the United Arab Emirates-based utilities company said
they were in talks for Utico to possibly take an 88 per cent stake
in Hyflux through a SGD400 million commitment comprising SGD300
million in equity injection and SGD100 million in a shareholder
loan.

In addition, Utico intends to offer the cash equivalent of a 4 per
cent stake in the enlarged Utico group plus additional cash to
Hyflux's perpetual securities and preference shareholders, BT
relays.

On July 16, Utico said it valued this potential rescue deal at up
to SGD535 million - higher than an earlier failed SGD530 million
deal that SM Investments had proposed. This will include Utico's
SGD400 million commitment to ensure Hyflux remains a going concern
and also to grow the business.

According to the report, Hyflux also said in May and June that it
had received separate non-binding letters of intent for investments
in the group by a Chinese power service provider as well as
Mauritius-registered Oyster Bay Fund.

Hyflux has prioritised discussions with investors who are willing
to keep the group intact, as opposed to those who prefer to
"cherry-pick" parts of its business, WongPartnership lawyer Manoj
Sandrasegara, who represents Hyflux, told the court on May 29.

Hyflux said on Aug. 1 that it will make further announcements as
and when there are further material developments on the moratorium
and discussions with potential investors, BT adds.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ --
provides various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.

The Company said it is taking this step in order to protect the
value of its businesses while it reorganises its liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.


TEE LAND: Annual Net Loss Widens to SGD23.8 Million in FY2019
-------------------------------------------------------------
Annabeth Leow at The Business Times reports that mainboard-listed
developer Tee Land sank deeper into the red in its latest full
year, no thanks to selling The Peak @ Cairnhill I units at a loss
during the period.

Tee Land notched a widening net loss of SGD23.8 million for the 12
months to May 31, nearly three times worse than the SGD8.69 million
the year before, according to results released on July 30, BT
relays.

BT says the deeper losses came amid a 7.9 per cent fall in
turnover, to SGD8.7 million, on lower revenue from Third Avenue in
Malaysia and the absence of contributions from two other projects.

According to the report, 13 units at The Peak were moved at a gross
loss of SGD1.3 million, while Tee Land rang up variation orders and
extra costs at Third Avenue, on certain construction requirements.


Compensation for a delay in delivering Third Avenue units, as well
as a rental guarantee for shop units affected by the soft Malaysian
rental market, also affected the group's showing, BT states.

Besides the jump in cost of sales, the bottom line was hurt by a
fall in other operating income from the lack of an unrealised
currency gain and absence of dividend from a former Thai associate,
while the group's share of results from associates turned negative
amid losses at that associate, before Tee Land's divestment, BT
adds.

Based in Singapore, TEE Land Limited, an investment holding
company, operates as a real estate developer and investor in
Singapore, Malaysia, Thailand, Australia, and New Zealand. The
company operates through three segments: Property Development,
Hotel Operations, and Investment Properties. It undertakes
residential, commercial, and industrial property development
projects; invests in properties, such as hotels in Australia; and
provides short-term accommodation in New Zealand. TEE Land Limited
is a subsidiary of TEE International Limited.



                           *********


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

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

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

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

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



                *** End of Transmission ***