TCRAP_Public/190814.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, August 14, 2019, Vol. 22, No. 162

                           Headlines



A U S T R A L I A

ABOVE ALL: First Creditors' Meeting Set for Aug. 21
BIENNALE OF AUSTRALIA: May Have Traded While Insolvent
BOAB TREE: First Creditors' Meeting Set for Aug. 21
CARDS (VIC): First Creditors' Meeting Set for Aug. 21
GRANDVIEW AUSBUILDER: First Creditors' Meeting Set for Aug. 22

LEJIA APARTMENT: Unable to Pay Debt, Goes Out of Business
NP DISTRIBUTION: First Creditors' Meeting Set for Aug. 21
QUEENSLAND VEDIC: First Creditors' Meeting Set for Aug. 22


I N D I A

AANCHAL CEMENT: Ind-Ra Lowers Long Term Issuer Rating to 'D'
ABHIRAMA STEELS: Ind-Ra Affirms D Long Term Issuer Rating
ADITYA THERMOPACK: Insolvency Resolution Process Case Summary
ARUDAAVIS LABS: Insolvency Resolution Process Case Summary
BHOLANATH INGOTS: Insolvency Resolution Process Case Summary

BHOOMIKA MEDIA: Insolvency Resolution Process Case Summary
BOHRA PRATISHTHAN: Insolvency Resolution Process Case Summary
DEVIRAM RESTAURANTS: Insolvency Resolution Process Case Summary
ECOMOTEL HOTEL: CARE Keeps D on INR11.65cr Loans on Non-Cooperating
FLAMINGO PHARMACEUTICALS: CARE Keeps 'D' Ratings in Non-Cooperating

FLORAM SHOES: Insolvency Resolution Process Case Summary
G P COTTFAB: CARE Keeps D on INR19.8cr Loans in Non-Cooperating
GENEGROW COMMERCIAL: Insolvency Resolution Process Case Summary
GREY'S EXIM: Ind-Ra Affirms D Long Term Issuer Rating
IL&FS: Government Names Four Auditors to Restate Books

JET AIRWAYS: Sale Suffers Setback as Two Potential Buyers Back Out
LION INSULATION: CARE Keeps D on INR7.3cr Loans in Non-Cooperating
LOGAN MINERALS: Insolvency Resolution Process Case Summary
MALWA STRIPS: CARE Lowers Rating on INR6cr LT Loan to 'D'
MEVADA OIL: CARE Keeps D on INR14.6cr Loans in Non-Cooperating

NANDI PIPES: CARE Reaffirms 'D' Rating on INR8.40cr LT Loan
NEOTECH FOUNDRIES: CARE Keeps B+ on INR9cr Loans in Non-Cooperating
NIKUNJ WOODS: Insolvency Resolution Process Case Summary
NRS PROJECTS: Insolvency Resolution Process Case Summary
OMEGA TRANSMISSION: Insolvency Resolution Process Case Summary

OMNI AUTO: Insolvency Resolution Process Case Summary
ORIANAA DECORPACK: CARE Reaffirms B+ Rating on INR14.40cr Loan
PAWAN IMPEX: Insolvency Resolution Process Case Summary
PKS LTD: Insolvency Resolution Process Case Summary
POLYMECH COMPONENTS: CARE Lowers Rating on INR10.43cr Loan to B-

RAGHAV COTSPIN: CARE Lowers Rating on INR51.50cr Loan to 'D'
RAMESH SINGH: CARE Reaffirms B+ Rating on INR5cr LT Loan
SAND DUNE: CARE Lowers Rating on INR25cr LT Loan to D
SARJAY CHEMICALS: CARE Keeps D on INR7.5cr Loans in Non-Cooperating
SHRI KARPADHA: CARE Keeps D on INR9.4cr Loans in Non-Cooperating

SHRINATH COTTON: CARE Keeps D on INR6cr Loans in Non-Cooperating
SOMNATH AGRO: CARE Lowers Rating on INR5cr LT Loan to 'D'
SUNBEAM DEALRS: Insolvency Resolution Process Case Summary
SVIIT SOFTWARE: Insolvency Resolution Process Case Summary
TALWALKARS BETTER: CARE Lowers Rating on INR84.20cr Loan to D

TDI INTERNATIONAL: CARE Assigns B+ Rating to INR135cr LT Loan
VISA INTERNATIONAL: Insolvency Resolution Process Case Summary
[*] INDIA: Court Upholds Homebuyers' Rights in Builder Bankruptcies


M A L A Y S I A

ADDVALUE TECHNOLOGIES: Posts US$220,000 Net Loss at June 30 Qtr.
MAXWELL INTERNATIONAL: To Be Delisted on August 22
UTUSAN MELAYU: Media Group Demands Action for Delayed Salaries

                           - - - - -


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

ABOVE ALL: First Creditors' Meeting Set for Aug. 21
---------------------------------------------------
A first meeting of the creditors in the proceedings of Above All
Rigging & Site Modifications Pty Ltd will be held on Aug. 21, 2019,
at 10:30 a.m. at the offices of Australian Institute of Company
Directors, Level 1, at 77 St Georges Terrace, in Perth, WA.  

Richard Lawrence, Cameron Shaw and Richard Albarran of Hall
Chadwick were appointed as administrators of Above All on Aug. 9,
2019.


BIENNALE OF AUSTRALIA: May Have Traded While Insolvent
------------------------------------------------------
The Courier relays that a report by the liquidators investigating
the collapse of the Biennale of Australia Art (BOAA) has put
forward that the entity was possibly trading while insolvent, and
may have made unfair preferences in payments to creditors.

According to The Courier, Worrells Solvency and Forensic
Accountants has released a statutory report to creditors which has
included several preliminary investigations, concluding 'that the
Association likely traded whilst insolvent'.

BOAA's managing director Julie Collins denies the imputation,
saying she had conversations with the liquidators at the time about
placing the biennale into a halt and making arrangements to attempt
to trade through, The Courier relays.

Ms. Collins told The Courier considerable pressure was being placed
on her to make payments to certain creditors as cash came to hand.

Under section 588G of the Federal Corporations Act 2001, there are
strict penalties and outcomes for directors who allow a company or
entity to continue to incur debts after that entity is known to
have become insolvent; that is that the entity is unable to pay its
debts as they fall due.

In his report, liquidator Hayden Montgomerie suggests BOAA was
insolvent from 'at least November 2018' and a report on any
possible offences committed by the officers of BOAA is required to
be sent to Consumer Affairs Victoria as soon as possible, The
Courier relates.

The Biennale of Australian Art was promoted as the 'largest ever
showcase of Australian artists' in its literature, and over 150
visual and other practitioners were featured during its six-week
opening from September 2018.

The Courier reports that the company received funding and support
from both the state government and the City of Ballarat totalling
AUD400,000. However financial insecurity dogged the venture from
the outset, with projected ticket sales falling way below what was
required for the biennale to turn a profit.

The report, sent to artists and businesses owed money for services
and goods, makes for bleak reading, The Courier says. There is not
enough money left to pay the liquidators to pursue an insolvent
trading claim, Mr. Montgomerie warns in the report, saying there is
a 'substantial amount of work . . . required to satisfy the
standard of proof in an insolvent trading claim,' according to The
Courier.

Another section of the Worralls report suggests at least two sets
of payments were made in the six months before the winding up of
BOAA which might be regarded as falling under the 'unfair
preferences' section of the Corporations Act, The Courier adds.


BOAB TREE: First Creditors' Meeting Set for Aug. 21
---------------------------------------------------
A first meeting of the creditors in the proceedings of Boab Tree
Estate Vineyards Pty Ltd will be held on Aug. 21, 2019, at 9:30
a.m. at the offices of Woodgate & Co., Level 8, at 6-10 O'Connell
Street, in Sydney, NSW.

Giles Geoffrey Woodgate of Woodgate & Co was appointed as
administrator of Boab Tree on Aug. 9, 2019.



CARDS (VIC): First Creditors' Meeting Set for Aug. 21
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Cards (VIC)
Pty Ltd will be held on Aug. 21, 2019, at 2:00 p.m. at the offices
of Rodgers Reidy, Level 3, at 326 Williams Street, in Melbourne,
Victoria.

Brent Leigh Morgan of Rodgers Reidy was appointed as administrator
of Cards (VIC) on Aug. 9, 2019.


GRANDVIEW AUSBUILDER: First Creditors' Meeting Set for Aug. 22
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Grandview
Ausbuilder Pty Ltd will be held on Aug. 22, 2019, at 10:30 a.m. at
the offices of O'Brien Palmer, Level 9, at 66 Clarence Street, in
Sydney, NSW.

Liam Bailey of O'Brien Palmer was appointed as administrator of
Grandview Ausbuilder on Aug. 12, 2019.



LEJIA APARTMENT: Unable to Pay Debt, Goes Out of Business
---------------------------------------------------------
Wang Junwei at chinadaily.com reports that Lejia Apartment, the
Nanjing-based operator for long-term apartment rentals, ceased
operations and could not pay off its debts, the company announced
on its social media platform Sina Weibo on August 7.

According to the report, Lejia Apartment said in the statement that
its "high-in and low-out" business model - meaning the company
rents a house from an owner at a high price and then leases it to a
tenant at a low price - has serious defects, and has brought
relatively serious risks to the long-term rental market.

The lack of an internal management system and other factors also
led to the shutdown, the statement said, the report relays.

On July 21, the company announced on Weibo that some employees of
its Hefei branch were suspected of embezzlement and the company
planned to stop market expansion in Hefei, chinadaily.com says.

chinadaily.com says Nanjing's local housing regulators organized an
investigation and set up mediation service centers, providing
dispute mediation and legal consulting services for customers.
Also, five rental housing companies were recommend by the local
industry association to offer leasing services, according to the
website of the Nanjing Municipality Housing Security and Real
Estate Bureau.

Since January last year, about 20 long-term apartment rental
companies have faced a capital chain rupture, according to
incomplete statistics, China Youth Daily said in an earlier report,
chinadaily.com relays.

The current rental growth rate has slowed down significantly
compared with the same period last year due to economic conditions
and other factors, chinadaily.com says citing a report released on
July 29 by National Academy of Economic Strategy of Chinese Academy
of Social Sciences.

Since the rental growth rate is weaker than expected, long-rental
apartment providers, which have relatively radical operation
methods, will face higher pressure, and some are even more likely
to go bankrupt, the report, as cited chinadaily.com, said.


NP DISTRIBUTION: First Creditors' Meeting Set for Aug. 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of NP
Distribution Pty. Ltd. and Lark Asset Management Pty. Ltd. will be
held on Aug. 21, 2019, at 10:30 a.m. at the offices of PKF
Melbourne, Level 13, at 440 Collins Street, in Melbourne.

Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were
appointed as administrators of NP Distribution on Aug. 9, 2019.


QUEENSLAND VEDIC: First Creditors' Meeting Set for Aug. 22
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Queensland
Vedic Cultural Centre Pty Ltd will be held on Aug. 22, 2019, at
10:00 a.m. at the offices of the Chartered Accountants Australia
and New Zealand, Meeting Room 1, Level 13, Waterfront Place, at 1
Eagle Street, in Brisbane, Queensland.

Mohammed Shahin Hussain of H&H Advisory was appointed as
administrator of Queensland Vedic on Aug. 9, 2019.




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

AANCHAL CEMENT: Ind-Ra Lowers Long Term Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aanchal Cement
Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B+ (ISSUER NOT COOPERATING)'. 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 instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit (Long-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR132.19 mil. Non-fund-based working capital limit (Short-
     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 Aanchal Cement's delays in debt servicing
for the three months ended July 2019.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2010, Aanchal Cement was previously engaged in
trading and manufacturing in cement. However, since 2017, the
company is engaged in chicken processing in Kolkata, West Bengal.


ABHIRAMA STEELS: Ind-Ra Affirms D Long Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Abhirama Steels
Limited's (ASL) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the ratings are on the basis of the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR16.2 mil. Term loan (Long-term) due on February 2018
     affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR400 mil. Fund-based working capital facility (Long-
     term/Short-term) affirmed with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR200 mil. Proposed fund-based working capital facility
     (Long-term/Short-term) affirmed with Provisional IND D
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by ASL and the
details of the same are unavailable.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2006, ASL is a Hyderabad-based manufacturer of
thermo-mechanically treated steel and mild steel billets.


ADITYA THERMOPACK: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Aditya Thermopack Private Limited
        B-36, Allahabad Bank Staff CGHS Ltd
        Mayur Kunj Vasundhra Enclave New Delhi
        New Delhi DL 110096 IN

Insolvency Commencement Date: July 30, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 26, 2020

Insolvency professional: Subramanian Natarajan

Interim Resolution
Professional:            Subramanian Natarajan
                         Flat No. 56 Pocket A-4
                         Konark Apartments
                         Kalkaji Extension, South
                         National Capital Territory of Delhi
                         110019
                         E-mail: subrairp@gmail.com
                                 cirpatppl@gmail.com

Last date for
submission of claims:    August 16, 2019


ARUDAAVIS LABS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s. Arudaavis Labs Private Limited
        Flat G2, W-262, 13th Street
        Anna Nagar, West Extn
        Chennai 600101

        Factory:
        6B/105, Neduvarambakkam Road
        Chennivakkam, Chennai 600067

Insolvency Commencement Date: July 30, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 26, 2020

Insolvency professional: Rajalakshmi Vardarajan

Interim Resolution
Professional:            Rajalakshmi Vardarajan
                         351-18, 2nd Floor, Ishwarya Flats
                         36th Streeet, I Block, Anna Nagar
                         Chennai 600040
                         E-mail: cma.rajalakshmi@gmail.com
                                 cirp.arudaavis@gmail.com

Last date for
submission of claims:    August 13, 2019


BHOLANATH INGOTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Bholanath Ingots Pvt Ltd
        1, British Indian Street
        Kolkata 700069

Insolvency Commencement Date: August 7, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

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 21, 2019


BHOOMIKA MEDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Bhoomika Media Initiative Private Limited
        4, Vivek Vihar
        Near Gandhi Nagar Railway Station
        Jaipur 302015 (Rajasthan)

Insolvency Commencement Date: August 5, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: February 1, 2020
                               (180 days from commencement)

Insolvency professional: Prashant Sharma

Interim Resolution
Professional:            Prashant Sharma
                         611, Arcade
                         6th Floor, K-12
                         Malviya Marg, C-Scheme
                         Jaipur 302001
                         E-mail: prashantfcajaipur@yahoo.com

Last date for
submission of claims:    August 19, 2019


BOHRA PRATISHTHAN: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Bohra Pratisthan Private Limited
        336-B, Anand Plaza
        University Road
        Udaipur 313001 (Rajasthan)

Insolvency Commencement Date: August 5, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: February 1, 2020
                               (180 days from commencement)

Insolvency professional: Brij Kishore Sharma

Interim Resolution
Professional:            Brij Kishore Sharma
                         AB-162, Vivekanand Marg
                         Nirman Nagar, Near DCM
                         Ajmer Road, Jaipur 302019
                         E-mail: bksharma162@gmail.com

Last date for
submission of claims:    August 19, 2019


DEVIRAM RESTAURANTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Deviram Restaurants Private Limited
        44, F/9, Third Floor Kishangarh
        Vasant Kunj New Delhi 110070

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: Rajiv Malik

Interim Resolution
Professional:            Rajiv Malik
                         B-7/18, Mianwali Nagar
                         Delhi 110087
                         E-mail: iprmalik2009@gmail.com
                                 deviramcirp@gmail.com

Last date for
submission of claims:    August 1, 2019


ECOMOTEL HOTEL: CARE Keeps D on INR11.65cr Loans on Non-Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ecomotel
Hotel Limited (EHL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       11.65      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from EHL to monitor the ratings
vide e-mail communications dated May 30, 2019, June 7, 2019, June
17, 2019 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
Financial Statements for FY18 available on MCA website which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. CARE's rating on Ecomotel Hotel Ltd.'s bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings take into account the continuing delays in servicing of
debt obligations on term loan.

Detailed Description of the Key Rating Drivers

At the time of last rating on April 5, 2018, the following was the
rating weakness:

Key Rating Weaknesses

Delays in Debt Servicing: Due to lower capacity utilization, the
company has continued to book losses even during FY17. The weak
liquidity has constrained the company's ability to service its debt
in a timely manner and there have been continuing delays in
servicing of debt obligations to the lenders.

Ecomotel Hotel Limited (EHL) is a special purpose vehicle promoted
by Celebrations, a part of the Celebrations Group which operates
multiple specialty theme luxury hotels and resorts in Central India
and LCL, a Hindustan Construction Company Limited (HCC) group
company. As on March 31, 2017, LCL holds 51% equity stake in the
company while the remaining 49% equity stake is held by
Celebrations.


FLAMINGO PHARMACEUTICALS: CARE Keeps 'D' Ratings in Non-Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Flamingo
Pharmaceuticals Limited (FPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     137.82       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
   Term Loan                       Information

   LT/ST Bank          75.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
   (Fund Based)                    Information  

   Short term Bank     13.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
   (Non-Fund Based)                Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from FPL to monitor the rating(s)
vide email communications/letters dated June 24, 2019, June 18,
2019, May 30, 2019, March 15, 2018, March 13, 2018, March 7, 2018
and March 5, 2018 and numerous phone calls. However, despite CARE's
repeated requests, Flamingo Pharmaceuticals Limited has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Flamingo Pharmaceuticals Limited's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating has been revised on account of the ongoing delays in
debt servicing of the company due to its strained liquidity
position.

Detailed Rationale & Key Rating Drivers

Key rating weaknesses

Ongoing delays in servicing debt: .The rating has been reaffirmed
on account of the ongoing delays in debt servicing of the company
due to its strained liquidity position.
Incorporated in September 1985, Flamingo Pharmaceuticals Ltd. (FPL)
is engaged in manufacturing of pharmaceutical formulations products
under its own brand as well as engaged in contract manufacturing of
formulations products for various clients. The company is primarily
an export oriented player catering to the regulated as well as
semi-regulated markets with presence in acute therapies such as
antibiotics and antipyretic and also in chronic segment such as
anti-diabetic and anti- hypertensive. FPL has three manufacturing
facilities in Maharashtra a, set up as 100% EOU (Export Oriented
Units) located at Rabale, Taloja and Nanded.


FLORAM SHOES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Floram Shoes (India) Private Ltd.
        New No. 16, Old No. 4
        2nd Floor, Salai Street
        Choolai, Chennai 600112
        Tamil Nadu, India

Insolvency Commencement Date: July 31, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 27, 2020

Insolvency professional: Amier Hamsa Ali Abbas Rawther

Interim Resolution
Professional:            Amier Hamsa Ali Abbas Rawther
                         Bunglow C, Underwood Garden
                         3A, Greenways Road
                         Raja Annamalai Puram
                         Chennai 600028
                         E-mail: amierhamsa@gmail.com

                            - and -
  
                         No. 10/11
                         Dr. Subbarayan Nagar Main Road
                         Opp. Samiyar Madam, Kodambakkam
                         Chennai 600024

Last date for
submission of claims:    August 19, 2019


G P COTTFAB: CARE Keeps D on INR19.8cr Loans in Non-Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G P Cottfab
Private Limited (GPCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       19.62      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short term Bank       0.25      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key rating Drivers

CARE had, vide its press release dated November 2, 2018 placed the
rating of GPCPL under the 'issuer non-cooperating' category as
GPCPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GPCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated July
28, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on November 2 2018, the following were
the rating strengths and weaknesses.

Key Rating Weakness

Irregularities in Debt Servicing: There was delay in Debt servicing
in the past.

G.P. Cottfab Private Limited (GPCPL) was incorporated as a private
limited company in August 2014 by Mr. Yogendra Soni and Mrs Suman
Soni. GPCPL is engaged in the business of manufacturing of grey
Fabrics. The manufacturing unit of the company is located at
Bhilwara (Rajasthan) with installed capacity of 51.25 lakh meters
per annum (LMPA) grey fabrics as on March 31, 2017. The company has
total 69 looms in total as on March 2017. It uses PV and man-made
cotton yarn as raw material.


GENEGROW COMMERCIAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Genegrow Commercial Pvt Ltd
        34/1Q, Ballygunge Circular Rd
        Kolkata 700019
        West Bengal

Insolvency Commencement Date: August 2, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 29, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Binay Kumar Sighania

Interim Resolution
Professional:            Mr. Binay Kumar Sighania
                         BKS & Co, Diamond Heritage
                         16 Strand Road
                         Unit-519, 5th Floor
                         Kolkata, West Bengal 700001
                         E-mail: binay1@yahoo.com

                            - and -

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

Last date for
submission of claims:    August 20, 2019


GREY'S EXIM: Ind-Ra Affirms D Long Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Grey's Exim
Private Limited's (GEPL) Long-Term Issuer Rating at 'IND D (ISSUER
NOT COOPERATING)' and simultaneously withdrawn it.

The instrument-wise rating actions are:

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR4.5 mil.

     Long-term loan (long-term) affirmed and withdrawn;

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR242.5
     mil. Fund-based limit (long-/short-term) affirmed and  
     withdrawn;

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR55 mil.
     Non-fund-based limit (short-term) affirmed and withdrawn; and

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR48 mil.
     Proposed fund-based limit (long-/short-term) affirmed and
     withdrawn.

*Affirmed at 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The affirmation reflects the over-utilization of the fund-based
limit by GEPL over the last six months-ended July 2019. Ind-Ra is
no longer required to maintain the ratings as the agency has
received no-objection certificates from the rated facilities'
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017, for credit rating
agencies.

COMPANY PROFILE

Incorporated in Mumbai in 1985, GEPL is promoted by Mr. Mehul
Sedani. The company manufactures woven, knit and cotton garments,
and trades fashion fabrics.


IL&FS: Government Names Four Auditors to Restate Books
------------------------------------------------------
BloombergQuint reports that the corporate affairs ministry proposed
to the National Company Law Tribunal four auditing firms to restate
the accounts of the crippled Infrastructure Leasing & Financial
Services (IL&FS) and some of its subsidiaries to verify fraudulent
transactions.

BloombergQuint relates that the move comes even as the ministry
awaits the NCLT view on banning Deloitte, Haskins & Sells and BSR
Associates, which were the statutory auditors of these companies
before going belly up. While Deloitte quit in FY18, BSR, which is
an affiliate of KPMG, did so only in June, the report says.

According to BloombergQuint, the ministry had moved the NCLT in
June seeking a ban on them, which has been questioned by these
auditors on the powers of NLCT order a ban after a Serious Fraud
Investigation Office probe had established corruption and fraud in
these companies.

Incidently, all these new auditing firms are local companies based
in Mumbai, while Deloitte is an American and BSR has foreign
partner in KPMG, the report notes.

Earlier last week, the ministry had moved the NCLT seeking to
temporarily freeze their bank accounts along with those of 21
others who are impleaded in the main petition in the one of the
largest fraud cases, BloombergQuint recalls.

IL&FS Group owes more than Rs 95,000 crore to lenders and filed for
bankruptcy last October.

                             About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the government on Oct. 1,
2018, stepped in to take control of crisis-ridden IL&FS by moving
the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.


JET AIRWAYS: Sale Suffers Setback as Two Potential Buyers Back Out
------------------------------------------------------------------
Nupur Anand and Alexander Cornwell at Reuters report that
creditors' hopes of resurrecting India's Jet Airways and salvaging
some value from the bankrupt airline were dealt a fresh blow on
August 12 as two potential investors said they were no longer
interested in putting money into the business.

The billionaire head of Vedanta, Anil Agarwal, whose family trust
Volcan Investment had said it was looking at taking a stake in Jet,
backed out on August 12, Reuters relates.

Etihad Airways, which already owns a minority stake in Jet, also
said it was not interested in reinvesting in the airline, the
report relays.

According to Reuters, the announcements are a setback for creditors
hoping to recover a portion of the more than $3 billion that the
airline owes to its lenders, lessors, staff and other suppliers.

"The EOI (expression of interest) for Jet Airways by Volcan was
exploratory in nature. On further evaluation and considering other
priorities, we intend to not pursue this further," Volcan said in a
brief statement, a day after it had disclosed it had submitted an
EOI for the airline, Reuters relays.

The firm declined to provide any detail on its reasoning, the
report notes.

Separately, Abu Dhabi's Etihad said it was not interested in
reinvesting in Jet because of unresolved issues concerning the
Indian airline's liabilities, Reuters reports.

"Etihad remained engaged in the process, but despite the endeavors
of everyone involved there remained very significant issues
relating to Jet's previous liabilities," it said.

Etihad acquired a 24% stake in Jet in 2013, at a time when the
carrier had needed significant financial support, Reuters says.

A total of three EOIs have been received for Jet after prospective
bidders were invited to express interest, according to media
reports.

With Volcan out, only two potential bidders likely remain in the
fray, Reuters notes.

                         About Jet Airways

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

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

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

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


LION INSULATION: CARE Keeps D on INR7.3cr Loans in Non-Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lion
Insulation Private Limited (LIPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.33       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key rating Drivers

CARE had, vide its press release dated July 19, 2018 placed the
rating of LIPL under the 'issuer non-cooperating' category as LIPL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. LIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated July
28, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on Nov. 2, 2018, the following were the
rating strengths and weaknesses

Key Rating Weakness

Irregularities in Debt Servicing: There was delay in Debt servicing
in the past.
Lion Insulation Private Limited (LIPL) was incorporated in 2011.
LIPL had set up a manufacturing plant located at Guna, Madhya
Pradesh with total capacity of 9000 MTPA for manufacturing thermal
and acoustical insulation products like Rockwool mattress, Rockwool
slabs and pipe section, which will be used in refineries, chemicals
plants and malls where temperature control is required. LIPL has
commenced commercial production from December, 2013.


LOGAN MINERALS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Logan Minerals Private Limited
        224A, A.J.C. Bose Road
        9th Floor, Krishna Building
        Suite No. 904 & 905
        Kolkata WB 700017
        India

Insolvency Commencement Date: August 6, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 2, 2020

Insolvency professional: Suman Kumar Agarwal

Interim Resolution
Professional:            Suman Kumar Agarwal
                         East India House
                         20B British India Street
                         5th Floor, 5A/2
                         Kolkata 700069
                         E-mail: casumansimran@gmail.com
                                 lmpl.suman@gmail.com

Last date for
submission of claims:    August 20, 2019


MALWA STRIPS: CARE Lowers Rating on INR6cr LT Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Malwa Strips Private Limited (MSPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      6.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B on the basis

                                  of best available information

   Short-term Bank     3.25       CARE D; ISSUER NOT COOPERATING;

   Facilities                     Revised from CARE A4; ISSUER NOT
                                  COOPERATING on the basis of best

                                  Available information

Detailed Rationale, Key Rating Drivers

CARE had, vide its press release dated June 28, 2019, placed the
rating of MSPL under the 'issuer non-cooperating' category as MSPL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings have been revised on account of publically available
information regarding delays in debt servicing.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delay in debt servicing and overdrawing in bank overdrafts
limit: There have been instances of delay in debt servicing and
overdrawing in bank overdraft limits.

MSPL was incorporated in 1987 in Dewas (Madhya Pradesh) by Mr Dilip
Doshi along with his family members. MSPL is engaged in the
business of manufacturing of copper metal based products like
copper bars, rods, strips, foils and other copper based products.
The products of MSPL are mainly used in power and infrastructure
sector. MSPL has its manufacturing facility situated at Dewas
having an installed capacity of 120 Metric Tonnes Per Annum (MTPA)
as on March 31, 2016. Major raw material used by MSPL is copper
rods and copper strips.


MEVADA OIL: CARE Keeps D on INR14.6cr Loans in Non-Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mevada Oil
Mill Private Limited (MOMPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      14.60       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 9, 2018, placed the
rating of MOMPL under the 'issuer non-cooperating' category as
MOMPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. MOMPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
letter/email-s dated June 24, 2019, June 25, 2019 and June 26,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on July 9, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing: The ratings take into account the ongoing
delays in its debt servicing due to weak liquidity position of the
company.

Liquidity Analysis

The liquidity position remained weak owing to cash flow mismatch
from operations. Cash and bank balance remained low at INR0.77
crore as on March 31, 2017 (Provisional) while net cash flow from
operating activities remained negative at INR4.37 crore during FY17
(Provisional).

Surendranagar (Gujarat) based MOMPL was established in April, 2000
as a proprietorship firm by Mr. Ramesh Mevada. The firm was engaged
in the business of production of refined groundnut oil and trading
in all types of Edible Oil and Oil Cakes. During October 2016, the
Proprietorship firm was reconstituted as "Mevada Oil Mill Private
Limited" and is now engaged into manufacturing of cotton wash oil,
crude corn oil and oil cakes as well as trading in all kinds of
edible oil, nonedible oil and oil cakes.


NANDI PIPES: CARE Reaffirms 'D' Rating on INR8.40cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Nandi Pipes Private Limited (NPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      8.40        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Reaffirmed on the basis of best
                                   available information

   Short term Bank     1.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Reaffirmed on the basis of best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 24, 2017, placed
the rating of NPPL under the 'issuer non-cooperating (INC)'
category, the rating was subsequently reviewed and reaffirmed at
"CARE D; INC" vide press release dated August 22, 2018 as NPPL had
failed to provide information for monitoring of the rating. NPPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and latest
communication dated July 16, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of key rating drivers

The reaffirmation of rating assigned to the bank facilities of
Nandi Pipes Private Limited is on account of ongoing delays in debt
servicing by the company, as confirmed by the banker.

Nandi Pipes Private Limited (NPPL) was incorporated in October,
2011 by Mrs. V. Aravinda Rani, Mrs. S. Sujala and Mrs. S. Parvathi.
The company is engaged in manufacturing of PVC pipes with an
installed capacity of 6000 Metric tons. The manufacturing facility
is located at Nandyal, Andhra Pradesh.


NEOTECH FOUNDRIES: CARE Keeps B+ on INR9cr Loans in Non-Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neotech
Foundries Private Limited (NFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       9.54      CARE B+; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NFPL to monitor the rating
vide letters/e-mails communications dated May 20, 2019, June 10,
2019, June 18, 2019, July 12, 2019and numerous phone calls.
However, despite CARE's repeated requests, the entity has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the ratings
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at fair ratings. The
rating on Neotech Foundries Private Limited's bank facilities will
now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating assigned to the bank facilities of Neotech Foundries
Private Limited (NFPL) is constrained by project implementation
risk, volatility in raw material prices, working capital intensive
nature of business, and intensely competitive nature of the
industry with sluggish growth in end user industries and
cyclicality associated with steel industry.

The rating, however, derives strength from the experienced
promoters and strategic locational advantage of the plant.

Going forward, the ability of the company to increase the scale of
operations with improvement in profitability margins and to manage
working capital effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Detailed description of the key rating drivers

At the time of last rating in May 11, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Project implementation risk: NFPL proposes itself to be engaged in
manufacturing of alloy steel and iron casting items with
manufacturing capacity located at Bhilai with an aggregate project
cost of INR12.00 crore, which is proposed to be financed by way of
promoter's contribution of INR2.02 crore, term loan from bank of
INR7.00 crore and unsecured loan from promoters amounting to
INR2.98 crore. The company has already invested the entire amount
till April 30, 2018 for setting up of the aforesaid project. The
project is expected to be operational from June, 2018.  The
financial closure of the aforesaid term loan from the bank has
already been achieved and repayment of the same have started from
March 2016.However, repayment of the above term loan has been made
through continuous infusion of unsecured loan from promoters.

Volatility in raw material prices: The company does not have
backward integration for its basic raw-materials (i.e. pig iron, MS
Scrap, alloys and chemicals) and it procures the same from open
market at spot prices. Since the raw-material is the major cost
driver and the prices of which are volatile in nature, the
profitability of the company is susceptible to fluctuation in
raw-material prices.

Working capital intensive nature of business: The operations of the
company are estimated to remain working capital intensive. As the
company is engaged in manufacturing of alloys steel and iron
casting items, it is required to maintain a large quantity of raw
material inventory to mitigate the raw material price fluctuations
risk and smooth running of its production process. Further, the
company has proposed to allow credit of around two months to its
clients. Furthermore, the company has proposed to pay its suppliers
upfront for availing cash discounts.

Intensely competitive and cyclical industry: NFPL is entering in
the alloy steel and iron casting manufacturing unit which is
primarily dominated by large players and characterized by high
fragmentation and competition due to the presence of numerous
players in India owing to relatively low entry barriers. High
competitive pressure limits the pricing flexibility of the industry
participants which induces pressure on profitability.

The fortunes of companies like NFPL from the alloy & iron steel
casting industry are heavily dependent on the mineral, engineering
and paper industry. Steel consumption and, in turn, production
mainly depends upon the economic activities in the country.
Slowdown in these sectors may lead to decline in demand of steel&
alloys. Furthermore, all these industries are susceptible to
economic scenarios and are cyclical in nature.

Key Rating Strengths

Experienced promoters: Though, NFPL was incorporated in October
2011, the promoters of the company have long experience in similar
line of business. Mr. Soumen Midya (aged 54 years), having more
than two decades of experience in alloy steel and iron casting
manufacturing business along with his father Mr. Gunakar Midya
(aged 86 years), having around three decades of experience in
similar line of business looks after the overall management of the
company along with adequate support from a team of experienced
personnel.

Strategic locational advantage of the plant: The manufacturing unit
of the company is located in central India at Bhilai of
Chhattisgarh which is an important industrial hub and one of the
main steel cities in India. It is popularly known as the 'steel
city of central India' or the 'Industrial Cubo'. The place is rich
in important minerals like iron ore, dolomite, manganese, graphite,
quartz, building stone, lead etc. Most of the raw materials
required by the company are met from the nearby location like
Chhattisgarh and Jharkhand. Accordingly the company will be able to
save simultaneously on transportation cost and raw material
consumption cost, which gets reflected in the increasing PBILDT
level over the last three financial years.

Neotech Foundries Private Limited (NFPL) was incorporated as a
Private Limited Company on October 25, 2011. The company was
setting up an alloy steel and iron casting manufacturing unit at
Bhilai Industrial Estate at Chhattisgarhi with an installed
capacity of 5000 MTPA.

The project cost was INR12.00 crore, which was financed by way of
promoter's contribution of INR2.02 crore, unsecured loan from
promoters of INR2.98 crore and term loan from bank of INR7.00
crore. The project is almost completed and the entire amount
towards the project is expensed in full. Moreover, the company is
expected to start commercial operation from June, 2018.

Mr. Soumen Midya, having more than two decades of experience in
alloy steel and iron casting manufacturing business along with his
father Mr. Gunakar Midya having around three decades of experience
in similar line of business looks after the overall management of
the company along with adequate support from a team of experienced
personnel.


NIKUNJ WOODS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Nikunj Woods Private Limited
        Registered office:
        M-3/B-11, Jhule Lal Apartment
        Pitampura, New Delhi 110034
        India

Insolvency Commencement Date: July 30, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 26, 2020
                               (180 days from commencement)

Insolvency professional: Sh. Anurag Nirbhaya

Interim Resolution
Professional:            Sh. Anurag Nirbhaya
                         204, Sagar Plaza, Plot No. 19
                         District Centre Laxmi Nagar
                         New Delhi 110092
                         E-mail: anurag@canirbhaya.com
                                 cirp.nikunj@gmail.com

Last date for
submission of claims:    August 13, 2019


NRS PROJECTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: NRS Projects Private Limited
        302, Riddhi Siddhi Elanza
        Subhanpura, Vadodara 390007

Insolvency Commencement Date: July 25, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: January 21, 2020

Insolvency professional: Mr. Ravi Kapoor

Interim Resolution
Professional:            Mr. Ravi Kapoor
                         402, 4th Floor, Shaival Plaza
                         Gujarat College Road
                         Ellisbridge, Ahmedabad 380006
                         E-mail: ravi@ravics.com
                                 ipnrsprojects@ravics.com

Last date for
submission of claims:    August 21, 2019


OMEGA TRANSMISSION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Omega Transmission Private Limited
        60+61/1 Jaya Bibi Road, Ghusuri
        Howrah 711107, West Bengal

Insolvency Commencement Date: August 5, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 31, 2020
                               (180 days from commencement)

Insolvency professional: Raj Singhania

Interim Resolution
Professional:            Raj Singhania
                         Central Plaza
                         41 B.B. Ganguly Street
                         5th Floor, Room No. 5A
                         Kolkata 700012
                         E-mail: rajsinghania_ca@yahoo.co.in
                                 otpl.cirp@gmail.com

Last date for
submission of claims:    August 19, 2019


OMNI AUTO: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Omni Auto Tech Private Limited
        QU No. 212/2/1
        PO-G.H. Colony, PS-Chhota
        Govindpur, Jamshedpur
         Jharkhand 831015

Insolvency Commencement Date: August 1, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 27, 2020
                               (180 days from commencement)

Insolvency professional: Surya Kanta Satapathy

Interim Resolution
Professional:            Surya Kanta Satapathy
                         4, Lake Gardens
                         Near Yuvak Sangha
                         Kolkata 700045
                         E-mail: suryakantasatapathy@yahoo.co.in

                            - and –

                         MMS Chambers, Room No. B-4
                         1st Floor, 4A
                         Council House Street
                         Kolkata 700001
                         E-mail: cirp.omniautotech@gmail.com

Last date for
submission of claims:    August 15, 2019


ORIANAA DECORPACK: CARE Reaffirms B+ Rating on INR14.40cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Orianaa Decorpack Private Limited (ODPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          14.40       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ODPL remains
constrained due to its nascent stage of operation along with
stabilization risk associated with recently completed project, net
loss reported during 7MFY19 (Provisional, refers to period
September 2018 to March 2019), highly leveraged capital structure,
weak debt coverage indicators along with poor liquidity. The
ratings also remain constrained due to its presence in competitive
fragmented plastic packaging industry along with susceptibility of
profit margins to volatility in raw material prices. The rating,
however, continues to draw strength from experienced promoters
coupled with accessibility of existing selling and distribution
network of the associate firm.

The ability of ODPL to increase its scale of operations, profit
margins along with improvement in solvency position and debt
protection metrics and efficient working capital management will be
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of operation along with stabilization risk associated
with recently completed project: The operations of ODPL is into
nascent stage as it commenced operations from September 2018 after
completion of its green field project having total cost of INR22.00
crore, funded through debt/equity mix of 3.53 times. Hence, ODPL
remains exposed to post implementation risk mainly comprising
stabilization of operations from the new plant and
saleability risk.

During 7MFY19 (Provisional, refers to period September 2018 to
March 2019), ODPL reported total operating income of INR2.94 crore
with operating losses of INR0.20 crore and net loss of INR2.97
crore.

Highly leveraged capital structure and weak debt coverage
indicators: Owing to high debt as a result of availment of term
debt to fund the greenfield project along with higher utilization
of working capital limit at around 80% and a low net-worth base of
INR1.90 crore, ODPL's capital structure remained highly leveraged
marked by an overall gearing ratio of 11.47 times as on March 31,
2019 (Prov.). The debt coverage indicators of the company remained
weak mainly on account of operating and cash losses during the
year.

Presence in the highly competitive and fragmented plastic packaging
industry: ODPL operates in a highly competitive and fragmented
industry. The company has witnessed intense competition from both
organized players & unorganized players. This fragmented and highly
competitive industry results into price competition thereby
affecting the profit margins of the companies operating in this
industry.

Key rating strengths

Experienced promoters: The key promoter, Mr. Yogesh Shahani has
more than three decades of experience in packaging industry and is
also involved in the management of an associate entity named
Bullion Flexipack Private Limited (BFPL).

Accessibility of existing selling and distribution network of the
associate entity: ODPL has an advantage of access to an already
established selling and distribution network of BFPL.

Liquidity Analysis

Liquidity of ODPL remained poor marked by below unity current ratio
of 0.25 times as on March 31, 2019 (Prov.) . Furthermore, average
utilization of working capital bank borrowing stood high at 80% for
last ten months ended June 2019. The cash flow from operating
activity remained negative at INR1.84 crore during FY19 (Prov.) and
cash and bank balance remained low at INR0.55 lakhs. ODPL has
reported cash losses of INR1.24 crore as against its total debt
service of INR1.33 crore which is inadequate; however ODPL is
infusing unsecured loans to repay the debt obligation.

Vadodara (Gujarat) based ODPL was incorporated in March, 2017. Mr.
Yogesh Shahani and Ms. Jharna Shahani are the key directors of
ODPL. ODPL has recently completed its green field project for
manufacturing of Plastic Labels, Sticker Labels, Shrink Sleeve
labels, BOPP wrap around labels and HTL & IMA with a total capital
cost of INR22.00 crore. ODPL has commenced its commercial
operations from September 2018. ODPL operates from its sole
manufacturing unit located in Vadodara (Gujarat). Bullion Flexipack
Private Limited is associated entity, which is engaged into same
line of business.


PAWAN IMPEX: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Pawan Impex Private Limited

        Registered address:
        D-3, District Centre, Saket
        New Delhi, South Delhi 110017

        Corporate address:
        Prius Global, 6th Floor
        Plot no. 3, 4 & 5, Sector-125
        Gautam Budhha Nagar
        Noida 201301

Insolvency Commencement Date: July 25, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: January 21, 2020

Insolvency professional: Mahender Khandelwal

Interim Resolution
Professional:            Mahender Khandelwal
                         B-2A, Sunny Valley CGHS
                         Plot No. 27, Sector 12
                         Dwarka, New Delhi 110078
                         E-mail: mahender.khandelwal@pwc.com

                            - and -

                         Pricewaterhouse Coopers Pvt Ltd
                         Plot # Y-14, Block EP
                         Sector V, Salt Lake
                         Kolkata 700091
                         E-mail: claims.pi@in.pwc.com
                                 ip.m.pi@in.pwc.com

Last date for
submission of claims:    August 8, 2019


PKS LTD: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: P K S LTD
        7, CAMAC Street
        Azimgunj House
        Kolkata 700017

Insolvency Commencement Date: August 8, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Pinaki Sircar

Interim Resolution
Professional:            Pinaki Sircar
                         31/7, N.C. Chowdhury Road
                         Kolkata 700042
                         E-mail: pinaki_sircar@hotmail.com
                                 pksl.cirp@gmail.com

Last date for
submission of claims:    August 21, 2019


POLYMECH COMPONENTS: CARE Lowers Rating on INR10.43cr Loan to B-
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Polymech Components Private Limited (PCPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      10.43      CARE B-; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B on the basis

                                  of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 2, 2018, placed the
rating(s) of PCPL under the 'issuer non-cooperating' category as
Polymech Components Private Limited had failed to provide
information for monitoring of the rating. Polymech Components
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated June 11, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The ratings have been revised on account of non-availability of
sufficient information from the client and could not conduct due
diligence with banker.

The rating however continues to constrain on account of its
moderate scale of operations, low profit margins, leveraged capital
structure and weak debt protection matrix, Working capital
intensive nature of operation coupled with weak liquidity position,
and Presence in highly fragmented auto component industry.

The ratings however, derive strength from Experienced and qualified
promoter with long track record of operations.

Detailed description of the key rating drivers

At the time of last rating on July 2, 2018 the following were the
rating strengths and weaknesses: (updated for the information
available from MCA website):

Key rating Weakness

Modest scale of operations and low profit margins: The scale of
operations of the entity remained modest with TOI of INR43.96 crore
during FY18 (period refers from April 1, 2017 to March 31, 2018),
thus limiting the financial flexibility of the company. Further the
profit margins continue to remain low, marked by PBILDT and PAT
margin of 5.54% and 0.21% in FY18.

Leveraged capital structure and weak debt protection metrics:
PCPL's capital structure remained leveraged on account of high
reliance on external debt to fund its business operations. Further
owing to this and coupled with low cash accruals, the debt coverage
indicators continue to remains weak.

Working capital intensive nature of operation coupled with weak
liquidity position: The operations continue to remain working
capital intensive in nature with funds blocked in higher inventory
holding in anticipation of future orders and low credit period
received from its suppliers. On account of this, the utilization of
the working capital limit remained high. Further the investment in
net working capital as a percentage of total capital employed stood
at 71.33% as on March 31, 2018, whereas the net cash flow from
operating activity stood positive during FY18, the unencumbered
cash & bank balance was around INR0.04 crore as on March 31, 2018
as well. Further current ratio and quick ratio remains at weak
owing to higher utilization of working capital limits.

Presence in highly fragmented auto component industry: The Indian
auto component industry is large and highly fragmented and
predominantly controlled by the unorganized sector. Further, the
stiff competition makes it difficult to completely pass on the
rising input costs to the OEMs. The replacement and export market
is also very price-sensitive and hence the auto component
manufacturers hardly have any bargaining power in these segments as
well.

Key Rating Strengths:

Experienced and qualified promoter with long track record of
operations: The promoters of PMCPL are vastly experienced with Mr
Manoj Vora [a B.E. (Electronics)] having an experience of more than
two decades in auto component industry. He looks after overall
management of company.

Established in 1982 as a partnership firm, Poly-Mech Components
Private Limited (PMCPL) is engaged in the manufacturing of auto
components and construction hardware parts at its plant located at
Shahapu, Thane. PMCPL manufactures various products (such as hose
clamps, circlips, bearing pullers, washers, snap ring, spring steel
parts, sheet metal components, steel clamps, pipe clamps, sanitary
clamps) which find application in automobiles, construction and
engineering sector. The auto components segment contributed around
60% of the total income of PMCPL in FY15 (refers to the period
April 1 to March 31).


RAGHAV COTSPIN: CARE Lowers Rating on INR51.50cr Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Raghav Cotspin Private Limited (RCPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      51.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B on the basis

                                  of best available information

   Short term Bank      3.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE A4; ISSUER
                                  NOT COOPERATING on the basis
                                  of best available information

   Long-term/Short-     2.85      CARE D/CARE D; ISSUER NOT
   term Bank                      COOPERATING; Revised from
   Facilities                     CARE B; Stable/CARE A4;
                                  ISSUER NOT COOPERATING on
                                  the basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 14, 2018, placed the
ratings of RCPL under the 'issuer non-cooperating' category as RCPL
had failed to provide information for monitoring of the ratings.
CARE had further reviewed the ratings on the above bank facilities
of RCPL under the 'issuer non-cooperating' category vide its press
release dated July 30, 2019. RCPL continues to be non-cooperative
despite repeated requests for submission of information. In line
with the extant SEBI guidelines, CARE has reviewed the ratings on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The revision in ratings assigned to the bank facilities of RCPL
takes into account delay in debt servicing of term loans as
informed by the lender.

Detailed description of the key rating drivers

Key Rating Weakness

Delays in debt servicing:  Debt servicing of RCPL is irregular as
reflected by delay in debt servicing of term loans as informed by
the lender.

Incorporated in November 2013, RCPL is promoted by Gondal (Dist:
Rajkot, Gujarat) based Gajera family. RCPL was setting up a fully
automatic plant for spinning yarn (Ring spin) in Gondal having
20,064 spindles with a capacity to produce 5,565 Metric Tonnes Per
Annum (MTPA) of cotton yarn of 30-40 count during FY18. The total
cost of the project was INR82.59 crore which was being funded
through term loan of INR46.50 crore, equity capital of INR 22.00
crore and promoters' unsecured loans (quasi equity) of INR 14.09
crore. The company had already incurred more than 90% of the cost
as on May 15, 2017. The company was envisaging complete
commencement of operations by end of June 2017. However, RCPL has
started production in phased manner and complete commencement of
operations started by April 2018 (Source: Company website).


RAMESH SINGH: CARE Reaffirms B+ Rating on INR5cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ramesh Singh (RMS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.00       CARE B+; Stable Reaffirmed


Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of RMS continues to
remain constrained on account of fluctuating scale of operations as
well as profitability margins, moderate solvency position and
liquidity position and constitution as a partnership concern. The
rating, further, continues to remain constrained on account of high
business risk due to regulated nature of liquor industry and
uncertainty in allocation of license for liquor shops.  The rating,
however, continue to favorably takes into account experienced
management and favorable demand outlook with steady increase in
alcohol consumption.

Ability to increase its scale of operations while
maintaining/improving profitability along with improvement in
solvency position and efficient management of working capital would
be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Fluctuating scale of operations as well as profitability margins:
Owing to highly competitive nature of the industry and dependence
on the allocation of license, the scale of the operations of the
firm remained highly fluctuating during past three financial years
ended FY19. During FY19, Total Operating Income (TOI) has increased
by 26.92% over FY18 and stood INR44.51 crore with total 8 shops
(CL-4, FL-4). Further, the firm got license for 5 shops (CL-3 and
FL-2) for FY20. Owing to trading nature of business, the
profitability of the firm remained low with PBILDT and PAT margin
stood at 2.90% and 1.05% respectively in FY19.

Moderate solvency position: The solvency position of the firm stood
moderate marked by overall gearing of 1.64 times as on March 31,
2019. Further, total debt to GCA of the firm stood moderate at 9.64
times as on March 31, 2019, improved from 13.88 times as on March
31, 2018 owing to increase in GCA level coupled with decline in
total debt level. Further, interest coverage also stood moderate at
1.81 times in FY19.

Moderate liquidity position: During February- April of every year,
the firm requires large amount of fund for bidding for the shop
licenses and upon allotments it has to pay 5% of annual license fee
as security deposit to the government, due to which the firm has
almost full utilised its fund based working capital limits for 12
months period ended June 2019. The current ratio and quick ratio
stood moderate at 1.38 times and 1.21 times as on March 31, 2019.
Cash and bank balance stood at INR0.62 crore as on March 31,
2019.

Constitution as a partnership concern: RMS's constitution as a
partnership concern with moderate net worth base restricts its
overall financial flexibility in terms of limited access to
external fund for any future expansion plans. Furthermore, there is
an inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of partners.
In January 2018, 5 partners retired and remaining four partners
agreed to continue business which led to significant withdrawal of
capital in FY18. However, the existing partners have infused
capital in FY19.

High business risk due to regulated nature of liquor industry
uncertainty in allocation of license for liquor shops: The Indian
liquor industry is highly regulated. The industry is witnessing
high taxes and numerous regulations from government which impacts
the pricing flexibility of the industry. The State Governments levy
various duties license fee, state level import and export duty,
bottling fee, welfare levy, assessment fee, franchise fee, turnover
tax, surcharge etc. The state governments are also given liberty to
enact the bye-laws for liquor industry on their own; hence any
significant policy changes adversely affect the whole industry.
Further, as per liquor policy of Madhya Pradesh Government, every
year shop licenses are issued through tender and successful bidders
get license for trading for a period of one year for a specific
location and have to go through similar process every year for
renewal of licenses.

Key Rating Strengths

Experienced management: Mr. Manjeet Singh Bhatia, partner, has rich
experience in the liquor business of 25 years through other firms
which were promoted by other family members including his father
Mr. Devendra Singh Bhatia.

Favorable demand outlook with steady increase in consumption of
alcohol: Indian Liquor industry is one of the growing industries
despite being subjected to high taxes and innumerable regulations
by government. CL shares more than 50% of total liquor consumption
on account of low cost and easy availability. The factors such as
rising income levels and changing mind-sets which are more open to
the consumption of alcoholic beverages drives the growth of IMFL
segment. In addition, changing consumer preference towards premium
varieties has resulted in improvement in sales mix of industry.
Hence, Indian liquor industry is envisaged to continue the trend of
steady growth supported by increasing demand led volume growth.

Indore (Madhya Pradesh) based Ramesh Singh (RMS) was initially
formed in February 2009 by Mr Ramesh Singh with 8 others partners.
However, in January 2018, 5 members retired and remaining partners
Mr. Ramesh Singh, Mr Majeet Singh Bhatia Mrs. Puneet Kaur Bhatia
and Narmada Biofuel Pvt Ltd. agreed to continue business. The firm
is engaged in the retailing of country made and Indian Made Foreign
Liquor (IMFL) in Madhya Pradesh. The firm has licences for 5 shops
for FY 2019-20.


SAND DUNE: CARE Lowers Rating on INR25cr LT Loan to D
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sand Dune Constructions Private Limited (SDCPL, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      25.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE BB-; Stable;
                                  On the basis of best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 30, 2018, placed the
rating of SDCPL under the 'issuer non-cooperating' category as
SDCPL had failed to provide information for monitoring of the
rating. SDCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated July 23, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

The revision in the rating of SDCPL takes into account ongoing
delays in servicing of debt obligations.

Detail Description of the Key Rating Drivers

Key rating weaknesses

Irregularity in debt servicing: The banker of SDCPL has confirmed
that there are ongoing delays in servicing of interest obligations
by the company.
SDCPL is a Jaipur based real estate company incorporated in 1997 by
two brothers, Mr. Ravi Mathur and Mr. Anuj Mathur. Over the years,
SDCL has developed itself as one of the reputed brands in Jaipur.
Mr. Ravi Mathur is a civil engineer by qualification and associated
with the real estate market of Jaipur for more than two decades. He
is assisted by his brother Mr. Anuj Mathur who is an architect by
qualification having more than two decades of experience in the
construction business. As on March 31, 2016, the group has
completed around 60 residential projects and 11 commercial projects
(both residential and commercial) in Jaipur with total developed
area aggregating to 51.06 lakh square feet (lsf). SDCPL is the
flagship company of the renowned SDC Group (SDC) of Jaipur and is
one of the ISO 9001 certified companies in the construction
sector.


SARJAY CHEMICALS: CARE Keeps D on INR7.5cr Loans in Non-Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sarjay
Chemicals Private Limited (SCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 7, 2018, placed the
rating(s) of SCPL under the 'issuer non-cooperating' category as
SCPL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. SCPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
June 20, 2019, June 24, 2019, June 28, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating on June 7, 2018, the following were the
rating strengths and weaknesses

Ongoing delay in debt servicing: There are on-going delays in debt
servicing due to weak liquidity position.

Liquidity Analysis

The liquidity position remained weak marked by cash and bank
balance remained low at INR0.06 crore as on March 31, 2015 while
net cash flow from operating activities remained at INR0.08 crore
during FY15.

Ahmedabad-based SCPL was established in December 2010 by its key
promoters; Mr. Harish Patel and Mr. Jay Patel to start
manufacturing activity of micro nutrients in a category of
inorganic chemicals mainly zinc sulphate and manganese sulphate at
Dahej in Bharuch district of Gujarat State. The unit is spread over
the area of 5,200 sq. meters with total capacity of 10,800 metric
tonnes per annum (MTPA) for both the products. SCPL completed a
Greenfield project during January 2016 at a total cost of INR11.10
crore which was funded through term loan of INR6.50 crore, equity
share capital of INR3 crore and unsecured loan of INR1.60 crore.
SCPL has commenced trial runs from end of January 2016. The
promoter of SCPL is also running another proprietorship firm namely
M/s Universal Chemicals (UC) in Ahmedabad since 1990. UC is engaged
in trading of inorganic chemicals, dyes and dyes chemicals and
agricultural commodities like grain, seeds, oil seeds and spices
etc. in domestic market and in international market in Pakistan,
Middle and Far East countries, Canada, USA etc.


SHRI KARPADHA: CARE Keeps D on INR9.4cr Loans in Non-Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Karpadha Agro Foods (SKAF) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      9.40       CARE D; ISSUER NOT CO-OPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 31, 2018 placed the
rating(s) of SKAF under the 'issuer non-cooperating' category as
SKAF had failed to provide information for monitoring of the
rating. SKAF continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated July 05, 2019, July 9, 2019, July 12, 2019, July
16, 2019 and July 17, 2019 In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on May 31, 2018, the following were the
strengths and weaknesses:

Key Rating Weakness

Ongoing delays in meeting of debt obligations: The firm is unable
to generate sufficient cash flows leading to strained liquidity
position resulting in ongoing delays in meeting its debt
obligations in time.

Key rating strengths

Long experience of promoters' family in rice milling industry Mr.
P. Palanisamy is the main promoter of SKAF and has an overall
experience of 17 years in this industry. Prior to establishment of
KAF, he was engaged in rice milling business as a partner in a firm
established by family members. Subsequently, he retired from that
firm and established KAF. Mr. P. Kalaivanan, one of the promoters
is an Electronics and Electrical Engineering graduate and was
looking after machinery maintenance. Mr. P. Arul, presently the
Managing Partner in SKAF is an MBA graduate specialized. Prior to
establishment of KAF, he was assisting in rice milling business
established by family members looking after the overall operations.
Ms. Lalithambigai, partner joined the firm from April 2016 and is
presently looking after administration and finance.  
Shri Karpadha Agro Foods (SKAF) is a partnership firm engaged in
rice milling business and the present partners are Mr. Arul and Ms.
Lalithambigai. Originally the firm was established in 2006 in the
name of "Karpadha Agro Foods" (KAF) promoted by Mr. P. Palanisamy,
Mrs. P. Dhanam, Mr. P. Kalaivanan and Mr. P. Arul. Subsequently,
the partnership was reconstituted in April 2015. The installed
capacity of SKAF is 50 MT per day as of February 29, 2016 and SKAF
utilizes 85% of its installed capacity on an average. SKAF owns
storage capacity of 25,000 bags and a rented warehouse of capacity
20,000 bags.

SKAF procure paddy primarily from farmers and traders in Tamil
Nadu. After processing, the rice is packed in 25 kg (80% of the
rice sale), 50 kg, and 75 kg bags and marketed with their own brand
name "Karpadha" and "Pavai" across Tamil nadu. The client base of
SKAF consists of both wholesalers (50%) and retailers (50%).

By product bran is sold to oil manufacturers in Vilupuram district
and husk is used captively as fuel for power generation. In FY15,
the firm reported net profit of INR0.21 crore on a total operating
income of INR40.48 crore as against net profit of INR0.14 crore and
total operating income of INR31.62 crore in FY14 respectively.


SHRINATH COTTON: CARE Keeps D on INR6cr Loans in Non-Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shrinath
Cotton Industries (SCI) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.03       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 17, 2019, placed the
rating of SCI under the 'issuer non-cooperating' category as SCI
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. SCI
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and letter/email-s
dated July 15, 2019, July 16, 2019 and July 17, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the ratings on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on January 17, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing: The ratings take into account the ongoing
delays in its debt servicing due to weak liquidity position of the
company.

Liquidity Position: The liquidity position remained weak owing to
cash flow mismatch from operations. Cash and bank balance remained
low at INR0.07 crore as on March 31, 2017 while net cash flow from
operating activities remained at INR1.67 crore during FY17.

SCI is a partnership firm established in 2006 by three partners Mr.
Keshavlal Popat, Mr. Bharat Popat and Mrs. RakshaPopat which was
later reconstituted with the retirement of Mr. Keshavlal Popatas on
January 18, 2011. It is now managed by Mr. Bharat Popat and Mrs.
Raksha Popat and has its manufacturing facility at Amreli district,
Gujarat. SCI is engaged in the cotton ginning and pressing
business. The firm is ISO 9001:2008 certified and Technology
Mission on Cotton (TMC) approved firm by the Ministry of Textile,
GOI. As on March 31, 2017, SCI had a total installed capacity of
24,000 bales of cotton and 6,133 metric tonne per annum (MTPA) of
cotton seed.


SOMNATH AGRO: CARE Lowers Rating on INR5cr LT Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Somnath Agro Industries (SAI), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      5.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B on the basis

                                  of best available information

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of SAI is
primarily on account of increase in scale of operations during FY19
(Provisional; FY refers to the period April 1 to March 31). The
rating, further, continues to derive strength from the experienced
promoters in the agro commodity processing industry and its
location advantage.

The rating, however, continues to remain constrained on account of
its constitution as partnership firm, presence in highly fragmented
industry with low-value addition nature of business, susceptibility
of profit margins to raw material price fluctuations and foreign
exchange rates and seasonal nature of business. The rating,
further, continues to remain constrained on account of its low
profit margins, leveraged capital structure, weak debt coverage
indicators and modest liquidity during FY19 (Provisional).

The ability of SAI to further increase its scale of operations
along with an improvement in profitability and solvency position
while effectively managing its working capital needs are the key
rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Constitution as partnership firm along with presence in highly
fragmented and low value additive industry: SAI is engaged in
processing and trading of agro commodities. High proportion of
small scale units operating in the agro products value chain has
resulted in the fragmented nature of the industry as well as
intense competition within the players. Thus, layers operate at
very low bargaining power against its customers. Also, the
agro-commodity processing industry is a low-value addition business
with low profitability.

In addition to this, the firm has restricted avenues of raising
external borrowing and inherent risk of withdrawal of capital owing
to its partnership constitution.

Susceptibility of operating margins to raw material price
fluctuations and foreign exchange rates along with seasonal nature
of business:  Prices of raw material i.e. cumin seeds, sesame
seeds, wheat and other agro products are highly volatile in nature
and depend upon factors like, area under production, yield for the
year, international demand supply scenario, export quota decided by
government and inventory carry forward of last year. Food
processors usually have to procure raw materials at significantly
higher volume to bargain bulk discount from suppliers and hence are
exposed to raw material price fluctuations. Further, SAI is also
exposed to foreign exchange rate fluctuations risk as it also
exports its product without any active hedging policy.

Low profit margins, leveraged capital structure and weak debt
coverage indicators: During FY19 (Provisional), PBILDT margin of
SAI continued to remain low at 2.40% as against 2.36% during FY18.
PAT margin also remained thin at 0.29% during FY19 (Provisional) as
against 0.18% during FY18. Low profitability is inherent in
agro commodity processing and trading business due to low value
addition.  The capital structure of SAI marked by overall gearing
continued to remain leveraged at 3.39 times as on March 31, 2019
(Provisional) (3.23 times as on March 31, 2018). The debt coverage
indicators also continued to remain weak marked by Total Debt to
Gross Cash Accruals (TDGCA) of 34.47 years as on March 31,
2019(Provisional) (47.19 years as on March 31, 2018) on account of
low cash accruals, while, interest coverage remained moderate at
1.28 times during FY19 (Provisional).

Key Rating Strengths

Increase in scale of operations during FY19 (Provisional):  The
total operating income (TOI) of SAI improved by 9.75% y-o-y during
FY19 (Provisional) and remained moderate at INR38.19 crore as
against INR34.80 crore in FY18.

Experienced promoters in the agro commodity processing industry:
SAI was established by two partners namely Mr. Hitesh Thakkar and
Ms. Charmi Thakkar. Mr. Hitesh has an experience of more than a
decade and a half in agro commodity industry.

Location Advantage:  SAI is located in Morbi region of Gujarat
having large network of agro product growers, thereby making it
suitable for SAI in terms of easy availability of raw material,
transportation and connectivity. The major agro products processed
by SAI are procured from within Gujarat, Maharashtra, Madhya
Pradesh and Rajasthan.

Liquidity Analysis

The liquidity position of SAI remained modest marked by current
ratio at 1.41 times as on March 31, 2019 (Provisional) as compared
to 1.42 times as on March 2018. During FY19(Provisional) the
operating cycle remained stable and moderate at 73 days as compared
to 74 days in FY18. Average working capital limits utilization
remained high at ~95% during past twelve months period ended June,
2019. Cash and Bank balance remained low at INR0.72 crore as on
March 31, 2019 (Prov.) while cash flow from operations increased
but remained moderate at INR 2.22 crore during FY19 (Provisional).
Net working capital to total capital employed remained high at ~89%
which signifies working capital intensive nature of operations.

Morbi-based (Gujarat) SAI; a partnership firm was established in
December, 2012, promoted by Mr. Hitesh Thakkar and Ms. Charmi
Thakkar. SAI is involved into processing and trading of pulses,
cereals, spices and other agro commodities like coriander seeds,
cumin seeds, sesame seeds, fenugreek seeds, fennel seeds, wheat and
mustard seeds. SAI's processing facility is located at Halvad,
Morbi having installed capacity of processing 21,600 Metric tonnes
per annum of agro commodities as on March 31, 2019. SAI sells its
final products in domestically as well as exports the processed
agro commodities to China, Turkey, Dubai and other African
countries. SAI has two associates namely Dariyalal Trading Company
and Varun Agro Products operating in the same line of business.


SUNBEAM DEALRS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sunbeam Dealrs Private Limited
        Registered office:
        Shop No. 206, 2nd Floor
        Samriddhi Sqaure, Kishorganj
        Ranchi 834001, Jharkhand

Insolvency Commencement Date: July 30, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 26, 2020

Insolvency professional: Mr. Hulashmal Varma

Interim Resolution
Professional:            Mr. Hulashmal Varma
                         28B, Shakespeare Sarani
                         6B, Neelamber, Kolkata
                         West Bengal 700017
                         E-mail: hmvarma@yahoo.co.in

Last date for
submission of claims:    August 20, 2019


SVIIT SOFTWARE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: SVIIT Software Private Limited

        Registered address:
        D-3, District Centre, Saket
        New Delhi, South Delhi 110017

        Corporate address:
        Prius Global, 6th Floor
        Plot no. 3, 4 & 5, Sector-125
        Gautam Budhha Nagar
        Noida 201301

Insolvency Commencement Date: July 25, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: January 21, 2020

Insolvency professional: Mahender Khandelwal

Interim Resolution
Professional:            Mahender Khandelwal
                         B-2A, Sunny Valley CGHS
                         Plot No. 27, Sector 12
                         Dwarka, New Delhi 110078
                         E-mail: mahender.khandelwal@pwc.com

                            - and -

                         Pricewaterhouse Coopers Pvt Ltd
                         Plot # Y-14, Block EP
                         Sector V, Salt Lake
                         Kolkata 700091
                         E-mail: claims.sv@in.pwc.com
                                 ip.m.sv@in.pwc.com

Last date for
submission of claims:    August 8, 2019


TALWALKARS BETTER: CARE Lowers Rating on INR84.20cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Talwalkars Better value Fitness Limited (TBVFL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      84.20       CARE D Revised from CARE B
   Facilities                      (Credit watch with negative
   (Term Loan)                      implications)

   Long-Term Non       50.00       CARE D Revised from CARE B
   Convertible                     (Credit watch with negative
   Debenture                       implications)

   Long-Term Non       30.00       CARE D Revised from CARE B
   Convertible                     (Credit watch with negative
   Debenture                       implications)

   Long-Term Non       25.00       CARE D Revised from CARE B
   Convertible                     (Credit watch with negative
   Debenture                       implications)

   Proposed Non-       25.00       CARE D Revised from CARE B
   Convertible                     (Credit watch with negative
   Debenture Issue                 implications)

Detailed Rationale & Key Rating Drivers

CARE has considered combined financials of Talwalkars Better value
Fitness Limited (TBVFL) and Talwalkars Healthclubs Limited (THL,
Erstwhile Talwalkars Lifestyle Limited) for analysis referred as
TBVFL (combined) due to business and financial linkages along with
common management. The rating revision of TBVFL (combined) factors
in delay in servicing of interest due on term loans on 31st July
2019. Consequently, the ratings for instruments have also been
revised.


Key Rating Weaknesses (As per PR dated July 30, 2019)

Deteriorating debt coverage indicators; asset monetisation remains
key rating monitorable: As on March 31, 2019 (UA), the total
outstanding debt stood at INR ~759 crore an increase of 45.30%. The
debt was primarily on account of to fund its various expansion
plans, predominantly for the David Lloyd Club in Pune.
Consequently, the debt coverage metrics also deteriorated. As of
March 31, 2019 (UA), the interest coverage ratio stood at 4.99x as
against 7.10x as of March 31, 2018. Similarly, overall gearing as
well as total debt to gross cash accruals deteriorated to 1.05x and
5.33x as against 0.89x and 3.91x respectively.

Furthemore, TBVFL (combined) has invested in other complementing
ventures in the lifestyle segment such as 'Sarva'. As these
investments are taking longer than expected to generate material
returns, adjusting for the same (including goodwill), the overall
gearing ratio as on March 31, 2019 stands at 1.57x as against 1.11x
as on March 31, 2018.

The management is looking to raise funds by the end of calendar
year 2019 through various avenues such as sale of equity, sale of
stake in joint ventures/associate companies and to monetise some of
its gym properties by entering in a sale and lease back transaction
to partially retire its debt. The ability of the company to timely
raise funds and subsequent debt reduction is a key rating
monitorable.

Reduced financial flexibility: The financial flexibility of TBVFL
(combined) has reduced on account of significant reduction in
market capitalisation along with increase in promoters' pledged
shares. The promoters' stake pledged has increased to 76.11%
(TBVFL) and 77.30% (THL) as on June 30, 2019. The ability of the
promoters' to reduce quantum of pledged shares continues to remain
a key rating monitorable.

Relatively moderate scale of operations: TBVFL's scale of
operations are moderate and seasonal in nature as second quarter
and fourth quarter of the fiscal year together contribute almost
61% of its overall consolidated revenues in FY19. Hence, any
adverse impact on the business in the peak season may adversely
impact the profitability.

On-going significant capex towards existing line of business as
well as towards newer business segments which have not generated
returns in line with expectation: During FY19, on a combined basis,
the company had incurred capex of INR 173.03 crore of which, INR
111. 18 crore was for gym business and INR 61.84 crore was for the
lifestyle business. The company's ability to improve its asset
turnover and increasing turnover of higher value added segment is
crucial to improve its credit profile. Further, the company is
setting up a club in Pune in collaboration with David Lloyd Leisure
Limited which got delayed and is expected to start operation
shortly. The performance in terms of member addition remains a
rating sensitivity.

Key Rating Strengths

Long track record and extensive experience of the promoters in the
fitness industry: TBVFL and THL, promoted jointly by the Talwalkar
and Gawande families in 2003 has well-established track record of
operating gyms/fitness centres of over a decade and half in the
fitness industry with presence across the country. The brand
"Talwalkars" is in existence since 1932. The promoters, Mr Madhukar
Talwalkar and Mr Prashant Talwalkar, have more than four decades of
experience in various segments/aspects of fitness industry.

Diversified product portfolio; albeit higher dependence on revenues
from gym services: TBVFL (combined) have a diversified product
portfolio offering multiple products spanning from basic gym
services to aerobics, yoga, diet-based weight reduction programs,
massage, spa, and health counselling. While the contribution from
its value added services is increasing the company continues to
derive major share of revenues from basic gym services across its
outlets.

Liquidity: Cash and cash equivalents position as on March 31, 2019
is INR 76.91 crore on combined consolidated basis (Please see
analytical approach). The TBVFL (combined) repayments during FY20
are INR67.20 crore. The company also has rating trigger clauses (as
specified by the management) in NCD's, which if exercised could
severely impact liquidity and debt servicing ability of TBVFL
(combined).

Incorporated in 2003, Talwalkars Better Value Fitness Limited
(TBVFL) was jointly promoted by Mr. Madhukar Talwalkar, Mr.
Prashant Talwalkar and Mr. Anant Gawande. The company is one of the
leading fitness chains in India offering a wide range of services
like weight loss, weight gain, and other fitness programs like body
sculpting, shaping, general fitness, massage, spa and health
counselling under the brand "Talwalkars". The company offers
various value added fitness programs in its bouquet of fitness
programs like Zumba (dance inspired fitness program), NuForm
(Electric Muscle Simulation based Technology fitness program),
Reduce (weight loss diet program), Transform (holistic fitness
program). TBVFL (combined) operates gyms/fitness centre on three
models viz directly managed gyms, franchisee route and subsidiary
model (wherein TBVFL enters into an agreement with a master
franchise, and TBVFL owns around 51% equity and the brand). Over
the last seven years, TBVFL has grown rapidly from operating 63
gyms/fitness centres as on March 31, 2010, to 272 gyms/fitness
centres as on March 31, 2019.

TBVFL has split its operations into lifestyle business and gym
business and form two separate entities in the following manner:

a) Lifestyle business: This business is housed under TBVFL. The
business including various joint ventures/associate companies
comprises of Nuform, Zumba Fitness, Mickey Mehta, Sarva (Yoga),
Group X, Reduce, and sports club. As on March 31, 2019, there are
116 centers of Reduce, 80 centers of Nuform, 85 centers of Sarva
Yoga and 19 centers of Mickey Mehta.

b) Gym Business: This business is housed under Talwalkar
Healthclubs Limited (THL); erstwhile Talwalkars Lifestyle Limited
(TLL).


TDI INTERNATIONAL: CARE Assigns B+ Rating to INR135cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of TDI
International India Private Limited (TDI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          135.00      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of TDI are primarily
constrained by TDI's moderate financial profile marked by stable
topline and declining profitability, moderate debt protection
metrics, significant accumulated losses, limited financial
flexibility with almost fully utilized working capital facilities
and significant corporate guarantee extended to its Group company
Bhadra International India (P) Limited (BIIPL). The rating also
factors in past delays in debt servicing; however the conduct is
satisfactory since Apr-2019.

The ratings derive strength from its well experienced promoters in
OOH advertising, longstanding association with AAI and DMRC,
successful renewal of long term contracts, diversification across
various advertising segments.

Going forward, the ability of the company to profitably scale up
its operations at existing airports and metro locations aided by
improved capacity utilization and realizations, renewal of
contracts at existing locations and diversifying into new locations
while effectively managing its working capital requirement would
remain key rating sensitivity. Further, any development in
contingent liabilities arising from corporate guarantee extended to
Bhadra International India (P) Ltd. or disputed license fees claims
from AAI and DMRC would also remain key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Financial risk profile: The company witnessed modest growth in
revenue at CAGR of 5.07% during FY16-19 backed by stable revenue
from airports, healthy scale up of metro advertising revenues on
account of increasing number of metro stations and y-o-y growth in
revenue from media services and MAD.

During FY19, the company witnessed de-growth of 5% in operating
income to INR 158.89 cr (prov.) (P.Y: INR 166.86 cr) on account of
decline in airport revenues by 13%, however, the metro revenues
increased by 15% and media services and MAD revenues increased by
29%.

The PBILDT margins to 10.51% in FY19 (P.Y: 15.34%) due to increase
in license fees of airports as per the new contracts. The PAT
margins declined to 0.92% in FY19 (P.Y: 5.61%). The company entered
into fresh long term contracts with AAI during FY19. The license
fees increased substantially after the fresh contracts and there
was a transition period wherein the impact of increased license
fees could not be passed on.

The gearing improved to 2.29x as on March 31, 2019 (prov.) (PY:
2.58x) though remained high on account of high accumulated losses.
However, the same has being improving y-o-y on account of accretion
of profits to reserves and no major debt funded capex. The company
has funding in form of compulsorily convertible preference shares
and compulsorily convertible debentures which have been considered
as a part of net worth. Coverage indicators have remained moderate
with PBILDT to interest 2.12x in FY19 (prov.) (PY: 3.67x).

TDI's liquidity position remained weak as marked by current ratio
of 0.76x as on Mar 31, 2019 (PY: 0.73x). The company has working
capital intensive nature of operations. Average creditor period
remained stretched upto 97 days in FY19 (P.Y: 98 days), while the
company had average collection period of 88 days in FY19 (P.Y: 69
days). The cash and bank balance stood at INR0.03 cr as on March
31, 2019 (prov). The company's working capital facilities remained
almost fully utilized at 94% for the past 12 months ending May-19.

Significant contingent liabilities: TDI has significant contingent
liabilities amounting to INR 453.42 cr as on March 31, 2018 (Rs.
490.46 cr as on March 31, 2017) in its books with major portion of
liability towards corporate guarantee amounting to INR 295.41 cr as
on March 31, 2018 (Rs. 350.69 cr as on March 31, 2017) extended to
weaker group company Bhadra International India (P) Limited (BIIPL)
which continues to face operational challenges. The remaining
liability is on account of disputed license fee claims by AAI and
DMRC. Any invocation of corporate guarantee or development in
contingent liabilities would remain a key rating sensitivity.

Susceptibility to seasonality in business: The business of TDI is
susceptible to seasonality in advertising spend by companies and
advertisers' preferences which is also impacted by socio-economic
and political factors/ events. However, the risk is mitigated by
the well diversified and reputed client base of TDI spread across
various sectors and industries.

Key Rating Strengths

Extensive experience of promoters in OOH advertising with over 30
years of experience: TDI International India Private Limited (TDI)
was established by Mr. Prem Bajaj in 1986 to provide Out-of-Home
(OOH) advertising solutions. With experience of over 30 years in
OOH, he ably expanded the business of TDI from the first contract
in airport advertising space in 1987 to now having advertising
space across four airports in India. Mr. Prem Bajaj is well
supported by Mr. Hiyav Bajaj who is involved in various aspects of
day-to-day functioning of the business. He is responsible for
procuring the Metro Rail Contract and has formed a full-fledged
independent Mobile & Internet Advertising Wing.

Diversification across various advertising segments through metro
advertising, media services and MAD: With airport advertising
contributing 69% in FY19 (P.Y: 76%) to the total revenue the
company's revenue concentration risk remains high. However, the
same is mitigated with healthy scale up of metro advertising
revenues, backed by increasing number of metro stations. TDI has
advertising rights for a period of ten years of 114 metro stations
in New Delhi by DMRC which has scaled up from 102 metro stations in
2018 and 73 metro stations in 2016. The revenue contribution from
metro segment has increased to 21% in FY19 (P.Y: 17%) of the total
revenue. MAD and media services contributed 10% in FY19 (P.Y: 7%)
to total revenue.

Successful renewal of long term contracts with advertising rights
of ten years providing revenue visibility for medium to long term:
TDI currently has advertising sites spread across four airports
namely Ahmedabad, Chennai, Cochin and Goa on exclusive right basis.
The highest revenue is from Chennai airport (52%) followed by
Ahmedabad airport (26%) and Cochin airport (13%).  With expiry of
advertising rights at major airports in 2012 the company was
operating on extension at 6 out of 8 airport locations until
2018-19. In 2019-20, TDI made the exit from the low contribution
and unprofitable airport locations (i.e. Pune, Tirupati,
Trivandrum, Calicut) and successfully got the licenses renewed of
Chennai and Goa airport with exclusive advertising rights now
gained for long term spanning upto 10 years with Chennai being the
highest contributor to the total revenue. The long term contracts
of DMRC and Chennai & Goa airports along with continuous extension
at Ahmedabad airport and long continuing contract at Cochin airport
provides the revenue visibility to TDI for medium to long term.
Further, given the long association with AAI & recent renewal of
Chennai and Goa airport contracts provides comfort w.r.t renewal of
Ahmedabad and Cochin airport contract post their expiry.
Additionally, TDI has advertising rights for a period of ten years
in New Delhi by DMRC of 114 metro stations spreads across 6 lines.

Diversified and reputed clientele: The company pays licencing fees
to acquire advertising space at the airports/metro stations and
further lease it out to the potential clients. The company has a
well-diversified client portfolio and caters to both advertising
agencies and direct clients. Revenue from advertising agencies
comprises about 60% of the total revenue and the rest is from
direct clients. The revenue from government clients (which includes
government tourism boards, PSUs etc.) is about 20%-30% of the total
revenue. Along with this, the company also handles all aspects of
OOH advertising such as strategic planning, media buying, creative
solution etc. through its division-TDI Media Services.

Incorporated in the year 1986, TDI International India Private
Limited (TDI) was established by Mr. Prem Bajaj to provide
Outof-Home (OOH) advertising solutions. TDI ventured into airport
advertising space in the year 1987 with its first contract with
Indira Gandhi International Airport, New Delhi. Currently, it has
advertising sites spread across four airports namely Ahmedabad,
Chennai, Cochin, Goa on exclusive right basis which contributes
approx 70% of the total revenue. Additionally, TDI has acquired
advertising rights of 114 metro stations in New Delhi by DMRC
(Delhi Metro Rail Corporation) and has been dealing since 2012
which contributes approx 20% of the total revenue. Along with this,
the company also handles all aspects of OOH advertising such as
strategic planning, media buying, creative solution etc. through
its division-TDI Media Services. The media service and mobile and
internet marketing contributes approx 10% of the total revenue.


VISA INTERNATIONAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Visa International Limited
        8/10 Alipore Road
        Kolkata West Bengal 700027
        India

Insolvency Commencement Date: August 7, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Ashok Kumar Gulla

Interim Resolution
Professional:            Mr. Ashok Kumar Gulla
                         RBSA Restructuring Advisors LLP
                         Flat No. 23, I A P L House, 2nd Floor
                         South Patel Nagar, New Delhi
                         National Capital Territory of Delhi
                         110008
                         E-mail: ashok.gulla@rbsa.in
                                 ip.visaintl@rbsa.in

Last date for
submission of claims:    August 22, 2019


[*] INDIA: Court Upholds Homebuyers' Rights in Builder Bankruptcies
-------------------------------------------------------------------
Upmanyu Trivedi at Bloomberg News reports that India's Supreme
Court upheld the ability of homebuyers to drag property developers
into bankruptcy proceedings as several real estate firms are going
bust in Asia's third-largest economy.

Once a homebuyer establishes default before a bankruptcy court, the
onus is on builders to prove that the consumer does not wish to
take possession of their house to avoid proceedings, a three-judge
bench headed by Justice Rohinton F Nariman said on August 9,
Bloomberg relates. The court ruled homebuyers' rights will remain
at par with lenders.

According to Bloomberg, the verdict paves the way for resumption of
several insolvency cases that had been put on hold pending a
decision, and could potentially free up billions of rupees locked
up in stalled projects. Prime Minister Narendra Modi's government
had amended the bankruptcy law last year to protect homebuyers
rights in bankruptcy proceedings, the report says.

Homebuyers have the option to avail legal remedies before consumer
court, real estate regulatory authorities, as well as bankruptcy
courts, said Justice Rohinton F. Nariman, Bloomberg relays. In case
of conflicts with other laws, provisions of Insolvency and
Bankruptcy Code will prevail.

Bloomberg notes that the verdict came on petitions by 181 builders
including the Trump Organization's partner in India, Ireo Pvt Ltd.,
and some of the country's once-biggest builders such a Parsvnath
Developers Ltd., Ansal Housing Ltd., and Supertech Ltd.

A series of economic shocks in the past three years, from the
unexpected withdrawal of high-value rupee notes in 2016 to the
sales tax introduced the following year, have dented
property-market sentiment and caused funding for developers to dry
up, Bloomberg states. That has left hundreds of thousands of
homebuyers in the lurch as their life savings were locked away in
half-completed apartments.

Bloomberg says rejection of builders' petitions by the court also
denies banks more independence in resolving stressed assets.
Several companies, such as Jaypee Infratech Ltd., failed to reach a
resolution as banks and homebuyers differed on the best acquirer
for the bankrupt developer, the report notes.




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

ADDVALUE TECHNOLOGIES: Posts US$220,000 Net Loss at June 30 Qtr.
----------------------------------------------------------------
Leila Lai at The Business Times reports that net loss for Addvalue
Technologies narrowed to about US$220,000 in the fiscal first
quarter ended June 30 from a net loss of US$862,000 a year ago, the
company announced in a Singapore Exchange (SGX) filing on August
10.

Revenue for the communications technology products developer shrank
9.5 per cent to US$1.02 million from US$1.13 million in the
corresponding period of the previous year, BT relates.

Loss per share was 0.01 US cent, compared with 0.05 US cent in Q1
2019.

BT adds that the group remains "cautiously optimistic" about
achieving profitability in the current financial year, particularly
in the second half of FY2020.

Addvalue Technologies Ltd -- http://www.addvaluetech.com/--
provides satellite-based communication terminals and solutions for
various voice and IP-based data applications. It operates through
three segments: Europe Middle East and Africa, North
America, and Asia Pacific. The company develops and manufactures a
range of terminals operating on satellite networks for land,
maritime, and aeronautical applications; and designs and supplies
customized solutions for tracking, telemetry, supervisory control
and data acquisition, GSM backhauling, VSAT backup, and other
applications. It also provides design services, including initial
product conceptualization, development and evaluation,
qualification and regulatory approval, field trial, pilot run,
and mass production. The company markets its products and solutions
under the Wideye brand.


MAXWELL INTERNATIONAL: To Be Delisted on August 22
--------------------------------------------------
Wong Ee Lin at theedgemarkets.com reports that Maxwell
International Holdings, which marks its eighth year of listing,
will be de-listed in two weeks' time on Aug 22.

According to the report, the China-based sport shoes maker has
failed to comply with its obligation to regularise its financial
health within the stipulated time frame.

Notably, Bursa Malaysia has rejected Maxwell's application for an
extension of time to submit its regularisation plan,
theedgemarkets.com relates citing separate filings with Bursa
Malaysia on August 9.

theedgemarkets.com relates that Maxwell added that the company's
securities will be de-listed on August 22, unless an appeal against
the de-listing is submitted to Bursa Securities on or before August
19, noting that any appeal submitted after the deadline will not be
considered by Bursa Securities.

"In the event the company submits an appeal to Bursa Securities
within the Appeal Timeframe, the removal of the securities of the
Company from the Official List of Bursa Securities on Aug. 22, 2019
shall be deferred pending the decision on the Company's appeal,"
said Maxwell.

This is the third company from China to be removed from the stock
exchange after XingQuan International Sports Holdings Ltd and China
Stationery Ltd, the report notes.

Maxwell will continue to exist when it is removed from the stock
exchange, the report states. According to theedgemarkets.com, the
filing said the company is still able to continue its operations
and business and proceed with its corporate restructuring and its
shareholders can still be rewarded by the company's performance.

"However, the shareholders will be holding shares which are no
longer quoted and traded on Bursa Securities," said Maxwell.

The Practice Note 17 (PN17) company noted that the trading in
Maxell's securities will be and/or remain suspended with effect
from Aug. 20, 2019.

Trading in shares of Maxwell has been suspended since May 14, last
year, the report notes.

                    About Maxwell International

Maxwell International Holdings Berhad is a Malaysia-based
investment holding company. The Company is engaged in the
manufacture of sports shoes mainly in the People's Republic of
China. It designs and manufactures of a variety of sports
footwear, including court sports, such as basketball shoes,
volleyball shoes and badminton shoes; running and casual or leisure
sports shoes, such as hiking shoes and casual walking shoes.
Maxwell is the original equipment manufacturer and
original design manufacturer for a host of third-party brands.
Maxwell distributes its products to international customers
directly, as well as via trading houses and brand distributors.
Maxwell's end user markets include Europe, America, and Asia,
consisting mainly of Japan, South Korea, Singapore, Hong Kong,
Malaysia and Saudi Arabia. The Company's subsidiaries include
Zhenxing Shoes, Maxwell Global Investment Limited and Maxwell
International Trading Sdn. Bhd.

Maxwell had slipped into PN17 status on Aug. 2, 2016 after its
external auditors expressed a disclaimer opinion in its audited
financial statements for the financial year ended Dec. 31, 2015.


UTUSAN MELAYU: Media Group Demands Action for Delayed Salaries
--------------------------------------------------------------
Malaysia Kini reports that Institute of Journalists Malaysia (IOJM)
wants action taken against Utusan Melayu for repeatedly delaying
the salaries of some 800 employees.

In a statement on August 12, IOJM pointed out that this is not the
first time Utusan staff have not received their wages on time, the
report says.

It added that former staff who took up voluntary separation schemes
last December have also had their payments delayed, according to
the report.

"This is not the first time the company has delayed salaries, and
this recent incident involves wages for the month of July.

"The media reported that the affected staff are those who come
under the National Union of Journalists (NUJ). Executive staff
salaries were reportedly delayed for two months and only received
MYR2,000 in June.

"By December last year, a number of employees had accepted the VSS
as part of the company's cost-cutting measures. However, those
payments were also delayed," the statement read, Malaysia Kini
relays.

IOJM added that although the media industry is suffering, companies
are still contractually bound to pay their staff.

"The IOJM calls on the relevant authorities to take action against
Utusan Malaysia, and any other corporations found to be in breach
of such contract.

"We strongly state that media organisations must ensure adequate
resources to fulfil their financial obligations to their
employees."

Last week, it was reported that NUJ urged Utusan Melayu Bhd
chairperson Abdul Aziz Sheikh Fadzir to release all of its shares
in the company, Malaysia Kini recalls.

NUJ secretary-general Chin Sung Chew said that some of its members
from Utusan had to feed their children with syrup as they could not
afford to buy milk, the report relates.

                        About Utusan Melayu

Utusan Melayu (Malaysia) Berhad engages in the publication,
printing and distribution of newspapers. The Company's segments
include Publishing, distribution and advertisements, which is
engaged in publishing and distribution of newspapers, magazines and
books, and also indoor and outdoor advertising; Printing, which is
engaged in printing of magazines and books; Information technology
and multimedia, and Investment holding, management services and
others. It publishes newspapers, which include Utusan Malaysia,
Mingguan Malaysia, Kosmo! and Kosmo! Ahad. Its magazines include
Mastika, Saji, Infiniti and Wanita. The Company, through its
subsidiary, publishes educational books that cover all levels of
education, from pre-school to university. It also publishes
children's books and other general titles covering subjects, such
as religion and women's titles. Its other services include
transportation, audio video production and series, and archive and
research information services.

Utusan Melayu was classified as a PN17 company on Aug. 21, as it
had failed to provide a solvency declaration to Bursa Malaysia
after defaulting on its principal and profit payment to Maybank
Islamic Bhd and Bank Muamalat Malaysia Bhd.

On Aug. 30, Utusan Melayu said it will have the Corporate Debt
Restructuring Committee (CDRC), under the purview of Bank Negara
Malaysia, mediate between the group and its respective financiers.

The company said it is in the midst of formulating a regularization
plan to address its PN17 status.



                           *********


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 ***