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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, August 16, 2019, Vol. 22, No. 164

                           Headlines



A U S T R A L I A

CROMWELL SPV: Moody's Withdraws Ba1 Sr. Unsec. Ratings
ENERGYLINK SUPPORT: First Creditors' Meeting Set for Aug. 23
KONCEPT DEVELOPMENTS: First Creditors' Meeting Set for Aug. 23
LA QUINTA PTY: First Creditors' Meeting Set for Aug. 26
REVOLUTION BUILD: First Creditors' Meeting Set for Aug. 27

SBI GLOBAL: First Creditors' Meeting Set for Aug. 22
TOPFLIGHT HOLDINGS: First Creditors' Meeting Set for Aug. 27
WORIMI PTY: Second Creditors' Meeting Set for Aug. 23


C H I N A

CEFC CHINA: Unit Faces Delisting in Shenzhen Stock Exchange
CHINA HUISHAN: Yili in Talks to Invest in Restructuring
RONSHINE CHINA: S&P Hikes LT ICR to 'B+' on Improving Leverage
ZENDAI GROUP: Suspends Laocaibao Peer-to-Peer Lending Platform


I N D I A

AANCHAL COLLECTION: Ind-Ra Lowers Long Term Issuer Rating to 'D'
ADYAMA RICE: Insolvency Resolution Process Case Summary
BALLIUM EXPORTS: CRISIL Keeps 'B' Rating in Not Cooperating
BHAGWATI GEMS: Ind-Ra Alters Outlook on BB- Rating to Positive
BHARGAVA EDUCATIONAL: Ind-Ra Keeps B+ LT Rating in Non-Cooperating

BOHRA INDUSTRIES: Insolvency Resolution Process Case Summary
CALCUTTA ELECTRODES: Ind-Ra Migrates BB- Rating to Non-Cooperating
CARGO PLANNERS: Insolvency Resolution Process Case Summary
EMMTECH FARMS: Insolvency Resolution Process Case Summary
FAMOUS STATIONERY: Ind-Ra Lowers Long Term Issuer Rating to 'D'

FOREMOST INT'L: CRISIL Maintains 'D' Ratings in Not Cooperating
GENA PHARMACEUTICALS: Insolvency Resolution Process Case Summary
GIRIDHAN PROJECTS: Insolvency Resolution Process Case Summary
GOEL FOOD: CRISIL Keeps B+ on INR10cr Loans in Non-Cooperating
GOPINATH DAIRY: CRISIL Keeps D on INR30.1cr Loans in NonCooperating

GRAMOX PAPER: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
GUJARAT PEANUT: ICRA Reaffirms B+ Ratings on INR7.50cr Loans
HAJI SHEIK: CRISIL Keeps D on INR13.5cr Loans in Not Cooperating
HAKIM KISHORI: CRISIL Lowers Ratings on INR5.48cr Loans to B+
IL&FS SECURITIES: ICRA Lowers Rating on INR350cr ST Loan to D

IL&FS: May Not Have Disclosed Bad Loans for Years, RBI Reports
INCAB INDUSTRIES: Insolvency Resolution Process Case Summary
INTEGRATED ELECTRIC: CRISIL Keeps C Rating in Not Cooperating
JAI SHIV: CRISIL Keeps B+ Ratings in Not Cooperating Category
JAIDEEP TRADING: CRISIL Lowers Ratings on INR10.5cr Loans to B+

JAINAM CABLES: ICRA Withdraws B+ Rating on INR10.45cr Loans
JANARDHAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
JEET HOME: CRISIL Keeps D on INR9cr Loan in Non-Cooperating
JENIOUS CLOTHING: CRISIL Keeps B- Loan Ratings in Non-Cooperating
JHARKHAND MEGA: CRISIL Keeps D on INR33cr Debt in Not Cooperating

K. D. SUPPLY: CRISIL Lowers Ratings on INR25cr Loans to B+
K.R. PADMANABHAN: CRISIL Keeps B Loan Ratings in Not Cooperating
KARUTURI GLOBAL: Insolvency Resolution Process Case Summary
KK KADRI PAPER: Insolvency Resolution Process Case Summary
KM TOLL: ICRA Lowers Rating on INR789cr Term Loan to D

KUMAR TOOLS: CRISIL Lowers Rating on INR12cr Loans to B+
LALCHAND GEM: CRISIL Lowers Rating on INR15cr Cash Loan to B+
LTS PLASTICS: Insolvency Resolution Process Case Summary
OPTO INFRASTRUCTURE: Insolvency Resolution Process Case Summary
ORIJEAN PRIVATE: Insolvency Resolution Process Case Summary

PRABHA DEVI: CRISIL Assigns 'B' Rating to INR11cr Loans
PRITHVI FERRO: Insolvency Resolution Process Case Summary
RAVI IRON: ICRA Lowers Rating on INR24.4cr LT Loan to B+
RUBBER MATTERS: ICRA Removes 'B' Rating from Non-Cooperating
RUCHIKA TRADELINK: Insolvency Resolution Process Case Summary

SPS ISPAT: Insolvency Resolution Process Case Summary
SRUSHTI BUILDERS: ICRA Lowers Rating on INR35cr NCD Loan to D
SURINA IMPEX: Insolvency Resolution Process Case Summary
SURYA AUTOMOBILE: ICRA Withdraws B+ Ratings on INR6cr Loans
SUZLON ENERGY: Auditor Bets on Potential Investor to Keep It Going

TALWALKARS BETTER: ICRA Cuts Rating on INR80cr Loan to 'C'
VIVO MOBILE: Ind-Ra Puts 'BB' LT Issuer Rating on Watch Negative
WELLMAN CARBO: Insolvency Resolution Process Case Summary


N E W   Z E A L A N D

MOBILE SHOP: Liquidator in Dispute With Mobile Truck Shop Owner


S I N G A P O R E

BANYAN TREE: Posts SGD7.9MM Net Loss in Q2 Ended June 30
KRISENERGY LTD: Files for Six-Month Debt Moratorium


S O U T H   K O R E A

HYUNDAI MERCHANT: Loss Narrows to KRW200.7BB in Q2 Ended June 30

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A U S T R A L I A
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CROMWELL SPV: Moody's Withdraws Ba1 Sr. Unsec. Ratings
------------------------------------------------------
Moody's Investors Service withdrawn the Ba1 backed senior unsecured
rating of Cromwell SPV Finance Pty Ltd. Prior to the withdrawal the
outlook on the rating was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

BACKGROUND

Cromwell SPV Finance Pty Ltd is a wholly owned subsidiary of
Cromwell Property Group (unrated), which is an internally managed
Australian Real Estate Investment Trust listed on the Australian
Securities Exchange.


ENERGYLINK SUPPORT: First Creditors' Meeting Set for Aug. 23
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Energylink
Support Pty Ltd will be held on Aug. 23, 2019, at 10:45 a.m. at the
offices of MaC Insolvency, Level 7, at 91 Phillip St, in
Parramatta, NSW.

Trent McMillen of MaC Insolvency was appointed as administrator of
Energylink Support on Aug. 13, 2019.


KONCEPT DEVELOPMENTS: First Creditors' Meeting Set for Aug. 23
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Koncept
Developments Pty Ltd will be held on Aug. 23, 2019, at 10:30 a.m.
at the offices of Level 12, at 460 Lonsdale Street, in Melbourne,
Victoria.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Koncept Developments on Aug. 14, 2019.


LA QUINTA PTY: First Creditors' Meeting Set for Aug. 26
-------------------------------------------------------
A first meeting of the creditors in the proceedings of La Quinta
Pty Ltd will be held on Aug. 26, 2019, at 10:00 a.m. at the offices
of SV Partners, at 22 Market Street, in Brisbane, Queensland.

David Michael Stimpson of SV Partners was appointed as
administrator of La Quinta on
Aug. 26, 2019.


REVOLUTION BUILD: First Creditors' Meeting Set for Aug. 27
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Revolution
Build Pty Limited will be held on Aug. 27, 2019, at 9:30 a.m. at
the offices of Worrells Solvency & Forensic Accountants, Level 2,
at AMP Building 1 Hobart Place, in Canberra, ACT.

Stephen John Hundy of Worrells Solvency & Forensic Accountants was
appointed as administrator of Revolution Build on Aug. 15, 2019.


SBI GLOBAL: First Creditors' Meeting Set for Aug. 22
----------------------------------------------------
A first meeting of the creditors in the proceedings of SBI Global
Pty Ltd, trading as Hegs Australia, will be held on Aug. 22, 2019,
at 2:30 p.m. at the offices of Chartered Accountants Australia and
New Zealand, Room 1, Level 29, Westpac House, at 91 King William
Street, in Adelaide, SA.

Andrew Heard and Anthony Phillips of Heard Phillips Lieberenz were
appointed as administrators of SBI Global on Aug. 12, 2019.


TOPFLIGHT HOLDINGS: First Creditors' Meeting Set for Aug. 27
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Topflight
Holdings Pty Ltd, trading as Java Juice, will be held on Aug. 27,
2019, at 10:30 a.m. at the offices of Worrells Perth Level 4, at 15
Ogilvie Road, in Mount Pleasant, WA.

Mervyn Jonathan Kitay of Worrells Solvency was appointed as
administrator of Topflight Holdings on Aug. 15, 2019.


WORIMI PTY: Second Creditors' Meeting Set for Aug. 23
-----------------------------------------------------
A second meeting of creditors in the proceedings of Worimi Pty.
Ltd. has been set for Aug. 23, 2019, at 11:00 a.m. at the offices
of O'Brien Palmer, Level 9, at 66 Clarence Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 22, 2019, at 4:00 p.m.

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




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C H I N A
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CEFC CHINA: Unit Faces Delisting in Shenzhen Stock Exchange
-----------------------------------------------------------
The South China Morning Post reports that the latest turn in the
dramatic downfall of one of China's most aggressive deal makers --
CEFC China Energy -- is the likely start this week of removing its
only mainland-listed unit from the Shenzhen Stock Exchange.

According to the report, CEFC China amassed a large portfolio of
energy and financial assets in Europe, the Middle East, Central
Asia and Africa under its mysterious founder, Ye Jianming.

The empire builder was detained by Chinese authorities 18 months
ago and has not been seen since, the report relates. His detention
on still-undisclosed charges paralysed his former Fortune Global
500 conglomerate.

Its one mainland-listed unit is CEFC Anhui International Holdings,
the report discloses. Under exchange rules, it is likely to be
delisted soon because its stock price has fallen so low that it
cannot meet the threshold of reaching its face value of one yuan by
August 16, according to the Post.

In a filing on August 15 with the exchange, CEFC Anhui warned of
the delisting risk, the Post reports.

CEFC Anhui's stock closed at CNY0.67 on August 14. Even if it hit
the exchange's daily limit of a 10 per cent gain on each trading
day for the rest of the week, it would fall short of meeting the
threshold, the report states.

The Post adds that the clock is ticking: A company that sees its
share price continually fall below its face value for 20
consecutive days faces delisting. Trading of shares is suspended at
that point, and the stock exchange then decides whether to kick out
the company within 15 trading days.

"Unless there is a stock merger plan approved by the Shenzhen
bourse, it is highly unlikely that the exchange will give CEFC
Anhui an exception," the report quotes Guo Shiliang, an independent
stock commentator based in Guangzhou, as saying.

The Post says CEFC Anhui announced a restructuring agreement with
Jiaozuo Zhongzhou Carbon on August 9, but the news failed to fuel a
rise in its share price.

Delisted firms are removed from the stock exchange and traded on
the over-the-counter market, the report notes.  The company could
apply for relisting if it reaches standards set by the Shenzhen
bourse.

The Post, citing CEFC Anhui's annual report for 2018, discloses
that the company generates its revenue by trading oil products and
providing related finance and logistic services. But its business
and financial situation sharply deteriorated in 2018, "affected by
incidents" related to its controlling shareholder CEFC Shanghai
International Group, it said.

CEFC Anhui is 60.78 per cent owned by CEFC Shanghai, which is the
flagship subsidiary of CEFC China Energy, owned by Mr. Ye, the
report notes.  All of the stakes under CEFC Shanghai have been
frozen by a Chinese court, under the request of creditors.

The Post adds that in a recent development in the conglomerate's
drama, on July 30, Chinese authorities announced a formal
investigation of Hu Huaibang, the retired chairman of China
Development Bank (CDB), the biggest creditor of CEFC.

The report relates that prosecutors said that during his five years
as CDB chairman, Hu helped a CEFC subsidiary obtain a US$4.8
billion credit line from the policy bank.

According to a consolidated balance sheet released by Shanghai CEFC
to the Shanghai Clearing House, its total liabilities were CNY128
billion (US$18.2 billion) as of the end of September last year, the
Post discloses.

According to the report, CDB is leading a committee working on
dismantling CEFC and selling its assets.

There are two other listed entities: Singapore-listed AnAn
International, which has been trapped in lawsuits related to CEFC's
liabilities. And the Hong Kong-listed unit, CEFC Hong Kong
Financial Investment, which has reported losses of around HK$60
million, the report notes.  Neither is facing delisting so far,
adds the Post.

CEFC China Energy Company Limited engages primarily in energy and
financial services businesses. It invests and develops upstream and
downstream of oil and gas fields, and petrochemicals in the Middle
East, Central Asia, and Africa. The company establishes
logistics chains, overseas storage, and transshipment terminals. It
also invests in securities, trusts, futures, banking, financial
assets transactions, leasing, factoring, direct risk management,
and online insurance.


CHINA HUISHAN: Yili in Talks to Invest in Restructuring
-------------------------------------------------------
Shen Xinyue and Han Wei at Caixin Global report that Inner
Mongolian Yili Industrial Group, China's largest dairy company, is
in talks to invest in the debt restructuring of China Huishan Dairy
Holdings Co., a bankrupt dairy farm operator that is mired in
billions of dollars of debt.

Yili and livestock company Inner Mongolia Youran Livestock Co. have
been invited to join the bidding for Huishan Dairy's restructuring,
Shanghai-listed Yili confirmed August 14 with Caixin. But there are
still uncertainties as negotiations are underway, according to
Yili.

Hong Kong-listed Huishan Dairy was once one of China's largest
dairy farm operators. However, the company has been paralyzed by a
capital crunch and market sell-off since 2017. Caixin reported
earlier that the total debts of Huishan Dairy amounted to about
CNY40 billion (US$5.7 billion), involving major banks such as Bank
of China, Ping An Bank and the Industrial and Commercial Bank of
China, as well as a number of brokerage, trust and financing
leasing companies.

A creditor of Huishan Diary told Caixin that the company recently
conducted public bidding to choose investors for its debt
restructuring plan. Bidders included Yili, China Mengniu Dairy Co.,
Bright Diary & Food Co. and New Hope Group. Yili was the winner
after two rounds of votes by the company and creditor
representatives, the source said, Caixin relays.

According to Caixin, several other sources close to the matter said
other bidders including Mengniu and Bright Diary decided to
withdraw on concerns over Huishan Diary's asset quality, including
potential regulatory hurdles facing its farms and the health
condition of the herds.

A Huishan Dairy document regarding the restructuring seen by Caixin
showed that Yili's Youran Livestock submitted an investment and
restructuring plan in late July that has been accepted by the
company. The plan is pending discussion by creditors and may be
subject to changes, the report notes.

Caixin adds that Song Liang, a dairy industry analyst, said Huishan
Dairy's assets have great potential but need capital to support a
restructuring. Yili is among a few companies that can afford to
invest in Huishan Dairy and has less concern than Mengniu and
Bright Diary about excess supply from existing farms, Song said.

                       About China Huishan

China Huishan Dairy Holdings Co Ltd (HKG:6863) is principally
engaged in the production and sales of raw milk, liquid milk
products and milk powder products. The Company operates its
business through three segments. The Dairy Farming segment is
engaged in planting, growing and harvesting alfalfa grass and
other feed crops, processing feeds and breeding dairy cows. The
Liquid Milk Products Production segment is engaged in the
production and sales of pasteurized milk, ultra-high temperature
(UHT) milk, yoghurt and milk beverages. The Milk Powders
Production segment is engaged in the production and sales of
infant milk formula products, adult milk powder products and
dairy ingredient products.

Established in 1957, Huishan Dairy is a household brand in
Shenyang, the capital of Liaoning province in northeast China. The
company listed in Hong Kong in September 2013, raising $1.3
billion. As of the end of September 2016, Huishan Dairy had CNY34
billion of assets and CNY21 billion of debts, Caxian discloses
citing the company's last financial report.

But Huishan Dairy's business has suffered since 2014 as declining
domestic raw milk prices and weak demand for China-produced dairy
products shrank earnings from the country's milk producers. In
December 2016, U.S. short-selling fund Muddy Waters issued a report
questioning Huishan Dairy's earnings and saying the company was
worth next to nothing, Caixin recalls.

Huishan Dairy's financial troubles escalated in March 2017 after
the company said it lost contact with Ge Kun, an executive director
and wife of Chairman Yang Kai. Ge had been in charge of the
company's treasury and cash operations.

On March 21, 2017, creditors of Huishan Dairy were told their debts
wouldn't be repaid on time, Caixin recalls. Two days later,
Chairman Yang acknowledged that the company's capital chain was
broken.

Three days later, Huishan Dairy's shares plunged 85%, the largest
one-day percentage drop ever recorded on the Hong Kong Stock
Exchange, wiping out HK$32 billion of the company's market value.
The stock has since been suspended, Caixin notes.

In August 2017, Huishan Diary proposed a restructuring plan to
create a new company that would take over its assets and
affiliates. Huishan Diary said the plan won approval from more than
half of its creditors, but others argued that the financials
remained opaque and could hamper the reorganization.

A Shenyang court in December 2017 ruled for Huishan Dairy to start
bankruptcy restructuring, Caixin says. But it wasn't until February
this year that Huishan Diary released a draft restructuring plan to
inject 83 subsidiaries into a new company along with partial debt
repayment, debt extension and debt-to-equity plans.

The Hong Kong stock exchange in May said Huishan Dairy would be
delisted if it failed to submit a proper trading resumption plan
before Nov. 15, adds Caixin.


RONSHINE CHINA: S&P Hikes LT ICR to 'B+' on Improving Leverage
--------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Ronshine China Holdings to 'B+' from 'B'. S&P also raised the
long-term issue rating on the China-based developers' outstanding
senior unsecured notes to 'B' from 'B-'.

S&P upgraded Ronshine because it expects the company to sustain the
improvement in its leverage and capital structure helped by its
controlled growth appetite and strong increase in revenue. The
upgrade also reflects the company's effort to refine its debt mix,
leading to an improvement in the maturity profile, capital
structure, and liquidity.

Ronshine's moderate sales growth and stabilizing capital spending
should help it to control its debt and maintain adequate liquidity.
In the first seven months of 2019, the company's contracted sales
grew by 6% to Chinese renminbi (RMB) 69.6 billion, with a cash
collection ratio of about 80%. S&P said, "In our view, the
performance is solid, given the tightening market conditions. We
expect a moderate growth of 11% in contracted sales to RMB134
billion-RMB 136 billion in 2019, compared with aggressive growth of
above 70% in 2018."

S&P believes Ronshine can prudently increase its land acquisitions
in the second half of 2019. The company's current land reserves are
sufficient for around three years' development. Ronshine still has
room to maneuver its land acquisition by spreading them out to 2020
and would use around 40%-45% of proceeds from contracted sales in
2020-2021 for the purpose, in our view.

In addition, the company's 6.0 million-7.0 million square meters of
primary land development projects in Zhengzhou and Taiyuan are
likely to be transferred over the next few years. This should
support land replenishment needs with lower total spending.

Ronshine is likely to have strong revenue growth in 2019, given its
strong sales performance in 2017-2018. S&P estimates revenue will
increase to about RMB50 billion in 2019, representing about 44%
growth over 2018.

At the same time, S&P expects Ronshine's gross margin to stay low
at 21%-22% in 2019-2020, affected by the recognition of low-margin
projects through merger and acquisitions and price restrictions in
cities in which Ronshine mainly operates, such as Shanghai and
Hangzhou.

S&P expects Ronshine's leverage, as measured by debt-to-EBITDA
ratio (both on a consolidated and proportionate consolidated basis)
to stabilize at 5.0x-5.5x in 2019-2020, from 7.1x in 2018. The
company is likely to continue to expand using joint ventures (JVs)
in 2019-2020, and JV projects will likely continue to contribute
43%-45% of total sales over the next one to two years. At the same
time, the leverage ratio of JV projects will likely be largely in
line with its consolidated projects because the company funds the
land acquisition cost at the group level.

S&P said, "We believe Ronshine can further alleviate its short-term
debt burden, given its increased cash balance and stable sales
inflow. The company's short-term debt declined by 23% to RMB19.2
billion as at end-June 2019, accounting for 31% of total debt,
compared with 40% as at end-2018. We also expect Ronshine to
notably lengthen its debt maturity profile using longer-term
funding measures including offshore senior notes and onshore
funding channels such as corporate bonds, enterprise bonds, and
asset-backed securities.

"The stable outlook reflects our expectation that Ronshine will
continue to expand its operating scale while controlling its
leverage over the next 12 months. We forecast the company's
debt-to-EBITDA ratio (both on a consolidated and proportionate
consolidated basis) will stay below 5.5x over the period.

"We could lower the rating if Ronshine's sales or earnings are
weaker than our expectation or the company resumes aggressive
debt-funded expansion, such that its debt-to-EBITDA ratio (both on
a consolidated and proportionate consolidated basis) deteriorates
from 5.5x-6.0x for an extended period.

"We could upgrade Ronshine if the company further improves its
financial leverage, such that its debt-to-EBITDA ratio (both on a
consolidated and proportionate consolidated basis) improves to
below 5.0x on a sustainable basis." This could happen if Ronshine's
margin improves, and the company achieves strong sales growth and
controls its debt expansion.


ZENDAI GROUP: Suspends Laocaibao Peer-to-Peer Lending Platform
--------------------------------------------------------------
Zhang Yu, Zhu Liangtao and Guo Yingzhe at Caixin Global report that
Laocaibao, a peer-to-peer (P2P) lending platform ultimately owned
by private conglomerate Zendai Group, is the latest casualty of the
troubles that have engulfed the scandal-hit industry over the past
three years.

Laocaibao has stopped providing loans and Zendai's investment and
consulting arm, which directed clients to the platform, has fired
employees, according to statements from the companies and
investigations by Caixin.

Shanghai Zendai Aite Financial Information Service Co. Ltd., which
operates Laocaibao, and Shanghai Zendai Investment Consulting Co.
Ltd., are subsidiaries of Shanghai Zendai Creative and Cultural
Development Co. Ltd., also known as Zendai Group, a private
conglomerate controlled and chaired by former fund manager and
property developer Dai Zhikang, Caixin discloses. Laocaibao acts as
an intermediary matching borrowers and lenders and doesn't use its
own capital to make loans.

Caixin relates that the news first emerged on August 12 when Dai
sent an email to all staff informing them that Laocaibao was
suspending new business because of "changes in government policies
and the business environment," sources close to the company said.
Shanghai Huarui Bank, which acts as a custodian for funds raised
from investors that are used for lending, abruptly terminated its
cooperation with the platform leaving it without a custodian bank,
Dai said in the email, Caixin relays.

It's unclear how many employees of Shanghai Zendai Investment have
been let go, the report notes. Some media reports said the firm
employed thousands and that all were fired. Laocaibao acknowledged
in a statement on its social media account on August 13 that some
employees had had their contracts terminated but did not provide
any figures, although it denied all its staff had been fired. It
said it had made a "reasonable reduction" in its headcount due to
the change in its business environment stemming from the suspension
of new lending."

According to Caixin, Laocaibao confirmed in a statement on its
website that it has stopped offering credit and said it was forced
to do so because Huarui Bank terminated its cooperation with the
platform. "It takes time to find new custodian cooperation, so,
based on compliance requirements, the platform will stop taking on
new business in the absence of a custodian service." Laocaibao said
it had also stopped taking in new funds from investors looking to
lend money and suspended their ability to transfer their loans to
others, but said investors would still able to get their money back
when the platform's borrowers paid off their loans, Caixin relays.

However, Caixin spoke to a senior manager at the Shanghai-based
Huarui Bank, a privately owned bank set up in 2015, who denied that
the lender had stopped acting as custodian.

Caixin says the bank also put a statement on its website on
August 13 to address what it described as "false rumors" about its
custodian business. It didn't name Laocaibao, but denied that it
would unilaterally terminate an agreement it had with an online
lending platform and said cooperation would only be stopped before
the expiry of a contract with the agreement of both sides. Even if
a contract did expire, the rights of investors regarding repayment
and withdrawal of funds would not be affected, according to
Caixin.

Laocaibao is the latest P2P lending platform to run into trouble in
a scandal-plagued industry that's been shrinking rapidly since the
government tightened oversight in 2016 to curb abuse and fraud
after billions of yuan of investors' money was embezzled, the
report notes. The number of functioning P2P lending platforms has
fallen dramatically over the past four years, and stood at 787 in
July, down from more than 3,000 in 2015, Caixin discloses citing
data compiled by Wangdaizhijia, a website focused on the P2P
industry.

According to Caixin, the news has caused concern among many
investors who had lent money through Laocaibao and they descended
on the company's offices in Shanghai on August 12 to find out more
information. When a Caixin reporter arrived at the premises, dozens
of investors were present and the company had already set up a
clearing group made up of lawyers to register the loans they had
made through the platform. Laocaibao's managers told Caixin the
group would issue a repayment plan in one to three weeks although
investors may have to wait two to three years to get all their
money repaid.

At the end of July, Laocaibao had nearly CNY5 billion (US$708
million) in outstanding loans to borrowers on its platform,
according to its website. In his email to staff, Dai said that all
the contracts between borrowers and lenders made on the Laocaibao
platform were "real" and that lenders can continue to exercise
their creditors rights.

Caixin adds that the crisis at Laocaibao and concerns about the
potential fallout prompted Shanghai Zendai Property Ltd., a Hong
Kong listed company, to announce on August 13 that it had no links
or business dealings with Shanghai Zendai Investment and Dai had
transferred his stake in the company in 2015 and no longer held any
position at the listed firm.




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AANCHAL COLLECTION: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aanchal
Collection 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 rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limit (long- term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR15 mil. Non-fund based working capital limit (short- term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Based on the best available
information

KEY RATING DRIVERS

The downgrade reflects the delay in debt servicing for the last
three months ended in July 2019.

RATING SENSITIVITIES

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

COMPANY PROFILE

Aanchal Collection manufactures women's garments at its plant in
Kolkata, West Bengal, and it has its own showroom in the city.


ADYAMA RICE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Adyama Rice Mill Pvt
        29, Kalna Road
        Badamtala, P.O. & Dist-Burdwan
        West Bengal

Insolvency Commencement Date: August 6, 2019

Court: National Company Law Tribunal

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

Insolvency professional: Balaknath Bhattacharyya

Interim Resolution
Professional:            Balaknath Bhattacharyya
                         Sahabagan, Salua POR Gopalpur
                         Dist N 24 Parganas
                         Kolkata 700136
                         E-mail: bhattacharyyabn@yahoo.com

                            - and -

                         Insolvency and Bankruptcy Board of India
                         7th Floor, Mayur Bhawan
                         Shankar Market, Cannaught Circus
                         New Delhi 110001

Classes of creditors:    Name of the Class(es)

Insolvency
Professionals
Representative of
Creditors in a class:    Pranab Kumar Chakrborty
                         Saurabh Basu
                         Sanjay Kumar Sarkar

Last date for
submission of claims:    August 19, 2019


BALLIUM EXPORTS: CRISIL Keeps 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Ballium Exports (BK)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        20       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

CRISIL has been consistently following up with BK for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

In August 2009, BK Enchanting Enclave was formed as partnership
towards developing residential apartments. The project is towards
developing a gated community with 288 flats in Ongole District
(Andhra Pradesh).

Profit after tax (PAT) was INR0.67 crore and net sales were
INR16.66 crore for fiscal 2016, vis-a-vis INR(2.19) crore and
INR9.84 crore, respectively, for fiscal 2015.


BHAGWATI GEMS: Ind-Ra Alters Outlook on BB- Rating to Positive
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Bhagwati Gems' (BG)
Outlook to Positive from Stable while affirming its Long-Term
Issuer Rating at 'IND BB-'.

The instrument-wise rating actions are:

-- INR 15.7 mil. (reduced from INR 20 mil.) Term loan due on
     FY20-FY21 affirmed; Outlook revised to Positive from Stable
     with IND BB-/Positive rating;

-- INR 340 mil. Fund-based limits affirmed; Outlook revised to
     Positive from Stable with IND BB-/Positive rating; and

-- INR10 mil. Proposed fund-based working capital limits
     withdrawn (the company did not proceed with the instrument as

     envisaged).

KEY RATING DRIVERS

The Positive Outlook reflects Ind-Ra's expectation of BG's gross
interest coverage (operating EBITDA/gross interest expense)
sustaining above 2.5x in the near term. This expectation is on the
back of reduction in FY19 debt to INR253 million (FY18: INR320
million), mainly due to continued improvement in the networking
capital cycle (FY19: around 59 days; FY18: 66 days; FY17: 79 days)
and no major debt-funded capex plan in the near term. The firm's
total debt includes short-term debt of INR234 million and long-term
debt of INR18.92 million.

The rating factor in BG's modest credit metrics. Net leverage
(total adjusted net debt/operating EBITDAR) improved to 2.25x in
FY19 (FY18: 3.09x) on repayment of debt obligations. Gross interest
coverage improved marginally to 4.62x in FY19 (FY18: 4.35x) on a
slight rise in absolute EBITDA to INR110 million in FY19 (FY18:
INR99 million).

The ratings reflect BG's modest liquidity, as reflected by 78%
month-end average utilization of PCFC (pre-shipment credit in
foreign currency) facility during the last 12 months ended June
2019. Its cash flow from operations fell to INR91.47 million in
FY19 (FY18: INR122.75 million) on an increase in inventory held by
the firm (FY19: INR744 million; FY18: INR422 million). Cash and
cash equivalents stood at INR 4.46 million at FYE19 (FYE18:
INR12.61 million).

The ratings continue to reflect the partnership nature of the
business.

The ratings, however, are supported by improvement in revenue to
INR2,953 million (FY18: INR 2,647 million) due to increased orders
from customers. The firm's 1QFY20 revenue stood at INR1,100
million. The scale of operations continues to be medium.

The ratings are also supported by healthy margins. FY19 EBITDA
margins contracted slightly to 3.74% (FY18: 3.75%) owing to the
competitive nature of business. Its return on capital employed was
16% in FY19 (FY18: 14%). The firm's profitability is vulnerable to
price movements in rough and cut and polished diamonds. Any decline
in the price of cut and polished diamonds, while rough prices
remain constant, could put pressure on the firm's EBITDA margin.
Moreover, the firm's profitability is susceptible to forex
volatility, which is marginally mitigated by the use of forwarding
cover.

The ratings further continue to be supported by the promoters' more
than two decades of experience in the diamond processing business.
The promoters' second generation has now entered the business to
manage operations.

RATING SENSITIVITIES

Positive Sensitivity: Interest coverage above 2.5x, while
maintaining liquidity of the firm, will be positive for the
rating.

Negative Sensitivity: Interest coverage below 2.5x, and stretch in
liquidity will be negative for the rating.

COMPANY PROFILE

Established in 1999, Bhagwati is a partnership firm promoted by Mr.
Bharat Kathiriya, Mr. Bhimjibhai Kathiriya, Mrs. Manishaben
Kathiriya, and Mr. Kevinbhai Kathiriya. The firm is involved in
cutting and polishing of rough diamonds at its unit in Surat. It is
also engaged in the trading of rough diamonds.


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

The instrument-wise rating actions are:

-- INR58 mil. Term loan maintained in non-cooperating category
     with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Working capital facility maintained in non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Bhargava Educational Society has a registered office in Banga,
Punjab and was established in 2011 under the Societies Registration
Act, 1860. It runs one school - Darrick International School - in
Gunachaur, Punjab.


BOHRA INDUSTRIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Bohra Industries Limited
        301, Anand Plaza
        University Road
        Udaipur Rajasthan 313001

Insolvency Commencement Date: August 7, 2019

Court: National Company Law Tribunal, Jaipur Bench

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

Insolvency professional: Naresh Verma

Interim Resolution
Professional:            Naresh Verma
                         416/7 & 8, 1st Floor
                         Opposite Karkardooma Metro Station
                         Near Mata Mahamai Shiv Mandir
                         New Delhi 110092
                         E-mail: office.nva@gmail.com
                                 cirp2019bil@gmail.com

Last date for
submission of claims:    August 23, 2019


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

The instrument-wise rating action is:

-- INR70 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 3, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in September 1992, Calcutta Electrodes manufactures
arc welding electrodes and carbon dioxide metal inert gas welding
wires at its 7,400 metric tons per annum unit in Bhanpuri, Raipur.


CARGO PLANNERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Cargo Planners Limited
        A-191, Ground Floor
        Gali No. 8, Road No. 4
        First Floor, Mahipal Pur Extn
        New Delhi 110037

Insolvency Commencement Date: August 8, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Ashok Kumar Juneja

Interim Resolution
Professional:            Ashok Kumar Juneja
                         1203, Vijaya Building
                         17, Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: ashokjuneja@gmail.com
                                 ip.cargoplanners@gmail.com

Last date for
submission of claims:    August 23, 2019


EMMTECH FARMS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Emmtech Farms Private Limited
        7, M. Samar Sarani
        (Radio Gali)
        Near Chiria Mod
        Kolkata 700002

Insolvency Commencement Date: July 30, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 25, 2020
                               (180 days from commencement)

Insolvency professional: Savita Agarwal

Interim Resolution
Professional:            Savita Agarwal
                         R. Kothari & Company
                         16A, Shakespeare Sarani 5th Floor
                         Kolkata 700071
                         E-mail: savita_22@hotmail.com
                                 emmtech.cirp@hotmail.com

Last date for
submission of claims:    August 23, 2019


FAMOUS STATIONERY: Ind-Ra Lowers Long Term Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Famous
Stationery Private Limited's (FSPL) 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. Thus, the rating
is based on the best-available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR50 mil. Fund-based working capital limit (long term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by FSPL, the
details of which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in June 2013, Famous Stationery manufactures and
exports office and school stationery, exercise notebook, and other
innovative paper-bound stationery.
  

FOREMOST INT'L: CRISIL Maintains 'D' Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Foremost
International Private Limited (FIPL) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Foreign Bill          9        CRISIL D (ISSUER NOT
   Discounting                    COOPERATING)

   Foreign Letter        2.65     CRISIL D (ISSUER NOT
   of Credit                      COOPERATING)

   Long Term Loan        1.10     CRISIL D (ISSUER NOT
                                  COOPERATING)

   Packing Credit        9        CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with FIPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2002, FIPL manufactures and exports RMG,
predominantly for women, to Europe. The company, promoted by Mr
Varun Moudgil and Ms Shailja Khanna, has its manufacturing plant in
Gurgaon (Haryana).


GENA PHARMACEUTICALS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Gena Pharmaceuticals Limited
        Registered office:
        7/2/1, Thakurpukur (N/W) Road
        P.S. Barasat
        Kolkata Paragnas North WB 700128

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 4, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Anup Kumar Singh

Interim Resolution
Professional:            Mr. Anup Kumar Singh
                         162/d/702 Lake Gardens
                         Kolkata, West Bengal 700045
                         E-mail: anup_singh@sumedhamanagement.com

                            - and -

                         Sumedha Management Solutions Pvt Ltd
                         11/1 Sarat Bose Road
                         Ideal Plaza, South Block
                         4th Floor, Room No. 405
                         Kolkata 700020
                         E-mail: ip.genapharma@gmail.com

Last date for
submission of claims:    August 23, 2019


GIRIDHAN PROJECTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Giridhan Projects Pvt. Ltd.
        207, Maharshi Devendra Road
        3rd Floor, R.No. 64, Kolkata
        West Bengal 700007
        India

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: Pratim Bayal

Interim Resolution
Professional:            Pratim Bayal
                         18/1 Tarapukur Main Road
                         Ghosh Para, Agarpara
                         Kolkata, West Bengal 700109
                         E-mail: pratimbayal@gmail.com
                         Tel.: +91 33 23340941

                            - and -

                         CK-104, Salt Lake City
                         Sector-2, Kolkata 700091
                         E-mail: rp.giridhanprojects@gmail.com

Last date for
submission of claims:    August 18, 2019


GOEL FOOD: CRISIL Keeps B+ on INR10cr Loans in Non-Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Goel Food Product
(GFP) continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            5       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

   Proposed Long Term     1       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING)

   Term Loan              4       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with GFP for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of GFP continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

GFP was set up in 2014 as a partnership firm by Mr. Tarsem Kumar
Goel, Ms. Anita Rani, Ms. Mamta Rani, and Ms. Neelam Rani. The firm
is engaged in milling and sorting of basmati rice. GFP is based in
Kaithal (Haryana), and its plant has a milling capacity of 3 tonnes
per hour.


GOPINATH DAIRY: CRISIL Keeps D on INR30.1cr Loans in NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gopinath Dairy
Products Private Limited (GDPPL) continues to be 'CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           .9       CRISIL D (ISSUER NOT
                                  COOPERATING)

   Proposed Cash         .1       CRISIL D (ISSUER NOT
   Credit Limit                   COOPERATING)

   Rupee Term Loan     30         CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with GDPPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 1994 as Glaze Polycoat Pvt Ltd, it was renamed
Gopinath Dairy Products Pvt Ltd. The company is promoted by Mr
Rajesh Chitalia, Mr Lallubhai Chitalia and Ms Sonal Chitalia. It
has set up a plant for processing milk and milk products at Turbhe,
Navi Mumbai.


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


The instrument-wise rating actions are:

-- INR18.1 mil. Term loans due on January-2020 migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating;

-- INR70 mil. Fund-based facilities migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) / IND A4 (ISSUER

     NOT COOPERATING) rating;

-- INR12 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating; and

-- INR10 mil. Proposed term loan migrated to non-cooperating
     category with Provisional IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 7, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1992, GPBL manufactures duplex paperboard products
at its two units in south India. GMJ Paper and Boards is a
wholly-owned subsidiary of GPBL and manufactures kraft paper. It
has been taken on lease by Subam Papers Pvt. Ltd. from February
2018 for five years.


GUJARAT PEANUT: ICRA Reaffirms B+ Ratings on INR7.50cr Loans
------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Gujarat Peanut Products Private Limited (GPPPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based
   Cash Credit          6.50      [ICRA]B+(Stable); Reaffirmed

   Unallocated
   Limits               1.00      [ICRA]B+(Stable); Reaffirmed

Rationale

The rating reaffirmation continues to take into account GPPPL's
weak financial risk profile characterised by declining operating
profitability, leveraged capital structure and weak coverage
indicators. The company's liquidity position remains tight with
fully utilised working capital requirements, along with impending
repayments of unsecured loans. These loans were availed to meet its
increased working capital requirement during Q4 FY2019. The rating
also factors in the vulnerability of its profitability to adverse
fluctuations in raw material prices and intense competition, which
leads to pricing pressure. The rating factors in the risk
associated with exposure to agroclimatic conditions and the
Government's regulations in the domestic and international
markets.

The rating, however, continues to favourably consider the extensive
experience of the promoters in the agrocommodities business and the
favourable location of GPPPL in the agriculturally productive area
of Gujarat, enabling easy procurement of various agro products.

Outlook: Stable

ICRA expects GPPPL to continue to benefit from the extensive
experience of its promoters in the agro-commodity industry. The
outlook may be revised to Positive if substantial growth in scale
and cash accruals, along with an improvement in capital structure,
strengthen the credit profile and eases its liquidity position. The
outlook may be revised to Negative if substantial decline in scale
and profitability, leads to inadequate cash accruals needed to
support debt repayments, or if any major debt-funded capex or
elongation in the working capital cycle leads to deterioration in
the capital structure and the liquidity.

Key rating drivers

Credit strengths

Vast experience of promoters in the agro-commodity industry – The
promoters, Mr. Arun Chag and Mr. Sagar Chag, have extensive
experience of more than three decades in the trading and processing
of agro-commodities through their association with another entity,
Sagar International.

Favourable location benefits in terms of procurement of
agro-commodities – The company's production facility is located
in the agricultural belt of Rajkot (Gujarat), which ensures easy
availability of various agro-commodities like groundnut, cumin
seeds, wheat, etc.

Credit challenges

Weak financial risk profile: The company's operating income (OI)
has remained volatile over the years. After a decline in FY2017 to
INR22.39 crore from INR31.39 crore in FY2016, it revived in FY2018
to INR31.73 crore and further grew to INR54.41 crore in FY2019
(provisional). The revenue growth in FY2018 and FY2019 was due to
an increase in wheat processing, even though groundnut and cumin
fetched lower revenues compared to the earlier fiscal, along with
addition of new commodities to its portfolio. The operating margins
remained low and kept fluctuating on account of GPPPL trading in
different products. The same declined to 3.22% in FY2018 and 1.17%
in FY2019 (provisional) from 4.76% in FY2017 with higher raw
material cost. In line with the lower operating margins, the net
margins stood lower at 0.13% in FY2018 against 0.33% in FY2017. The
total debt stood at INR5.20 crore as on March 31, 2018 and
increased to INR8.12 crore as on March 31, 2019 with higher working
capital requirements, which resulted in borrowing of unsecured loan
from various banks/financial institutes by the company. The net
worth increased to INR4.60 crore as on March 31, 2019 from INR2.70
crore as on March 31, 2018 with equity infusion to the tune of
INR1.60 crore. The capital structure remained leveraged at 1.71
times as on March 31, 2018 and 1.34 times as on March 31, 2019
compared to 2.65 times as on March 31, 2017. Due to low
profitability and relatively high debt level, the coverage
indicators remained weak as evident from interest coverage at 1.71
times in FY2018 and 1.34 times in FY2019 (vis-à-vis 1.87 times in
FY2017), Total Debt/OPBDITA at 5.08 times in FY2018 and 12.71 times
in FY2019 (vis-à-vis 6.62 times in FY2017) and NCA/TD at 7% in
FY2018 and 4% in FY2019 (vis-a-vis 6% in FY2017).

Exposure to agro-climatic conditions and regulatory changes:  The
agro-commodity trading and processing business remains dependent on
the performance of the agricultural sector, which is further
impacted by a combination of factors like climatic conditions,
prevailing demand–supply scenario, regulatory changes pertaining
to export incentive, etc. The company's revenues as well as
profitability remain vulnerable to these external factors.

Intense competition due to low entry barriers: The company faces
stiff competition from other small and unorganized players in the
industry, which limits its bargaining power with customers and
suppliers, and hence, exerts pressure on its margins.

Liquidity position

The company's fund flow from operations and free cash flows
remained positive in FY2018. However, the FFO turned negative in
FY2019 on the back of higher operating cost along with higher
working capital requirement. Its liquidity position remains tight
with scheduled repayments of unsecured term loan availed to bridge
the financing gap because of increased working capital requirements
in Q4 FY2019. GPPPL has enhanced its working capital limits to
INR6.50 crore from April 2019 onwards and the cash credit limits
have remained fully utilised with an average utilisation of 95% for
the last 15 months from April 2018 to
June 2019. Going forward, generation of adequate cash flows and
promoters' support in times of cash flow mismatches will remain
crucial.

Incorporated in 2005, GPPPL is involved in the processing and
trading of agro-commodities such as groundnut seeds, wheat, sesame
seeds, cumin seeds, chickpeas, and coriander seeds, among others.
The company's processing facility is at Rajkot (Gujarat). It mainly
undertakes cleaning, grading, shelling and sorting activities.

In FY2018, the company reported a net profit of INR0.04 crore on an
OI of Rs.31.73crore, compared to a net profit of INR0.07 crore on
an OI of INR22.39 crore in FY2017. It reported a profit before tax
and depreciation of INR0.34 crore on an OI of INR54.41 crore in
FY2019 (provisional financials).


HAJI SHEIK: CRISIL Keeps D on INR13.5cr Loans in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Haji Sheik Ismail
Educational and Charitable Trust (HSIET) continues to be 'CRISIL D
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           2.5      CRISIL D (ISSUER NOT
                                  COOPERATING)

   Long Term Loan       10.58     CRISIL D (ISSUER NOT
                                  COOPERATING)

   Proposed Long Term     .42     CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING)

CRISIL has been consistently following up with HSIET for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

HSIET was set up by Mr. Mohamed Jahangeer in 2007. In 2008, the
trust set up Haji Sheik Ismail Polytechnic College, which offers
polytechnic courses. In 2013, Haji Sheik Ismail Engineering College
was established to provide engineering courses. Both these colleges
are located in Nagapattinam, Tamil Nadu.


HAKIM KISHORI: CRISIL Lowers Ratings on INR5.48cr Loans to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Hakim Kishori
Lal Educational and Charitable Society (HKLE) to 'CRISIL B+/Stable
Issuer not cooperating' from 'CRISIL BB-/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/            5        CRISIL B+/Stable (ISSUER NOT
   Overdraft                        COOPERATING; Revised from
   facility                         'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      0.48     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with HKLE for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of HKLE Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

Established in 1996 as a Educational &Charitable society, Hakim
Kishori Lal Educational & Charitable Society is involved in the
management of Nursing College, Teachers Training College & Senior
Secondary Classes (Science Stream) which has approval from Govt. of
Punjab/NCTE/INC as well as affiliated with PNRC, Chandigarh, Baba
Farid University of Health Sciences, Faridkot, SCERT, Chandigarh &
Panjab University, Chandigarh. All these educational Institutions
are based out in Guru Har Sahai, District Ferozepur, Punjab.


IL&FS SECURITIES: ICRA Lowers Rating on INR350cr ST Loan to D
-------------------------------------------------------------
ICRA has downgraded the ratings on bank facilities of IL&FS
Securities Services Limited to [ICRA]D; removed from Watch with
Developing Implications.
                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short-term          350.00      [ICRA]D; downgraded from
   bank lines                      [ICRA]A4 and removed from
                                   watch with developing
                                   implications

Rationale

The rating downgrade takes into account stretched liquidity profile
of the company following certain disputed trades executed by a
client resulting in defaults by ISSL in meeting its payment
obligations. This in-turn resulted in disabling of ISSL's trading
terminal as well as invocation of bank guarantee by the exchange
clearing house. ISSL has applied to the
regulatory authority and exchange clearing body regarding annulment
of said trades, and the matter is currently sub judice.
Nevertheless, the company's operations, over the near term, remain
uncertain.

Key rating drivers

Credit challenges

Stretched liquidity:  The ISSL's liquidity position is stretched
resulted in default by the company in meeting its payment
obligations. This in-turn resulted in disabling of ISSL's trading
terminal as well as invocation of bank guarantee by the clearing
house of the exchange. As of July 30, 2019, ISSL had INR43 crore
pay-in obligation towards clearing exchange. ISSL has sanctioned
fund-based facilities of INR200 crore (96% utilised as of July 30,
2019) and non-fund-based facilities of approximately INR269 crore
which have been used for meeting the margin requirement. The
non-fund based limits of ISSL are backed by a counter guarantee
from its clients. Given the liquidity issues, the company's
operations and debt
servicing over the near term are expected to remain uncertain.

High potential liability on account of disputed trades:  In
December 2018, a client of ISSL sold certain options contracts
(expiry date was on March 28, 2019 and June 27, 2019). The
collateral placed by the client for these trades obligations
comprised of cash, securities and mutual fund units. In February
2019, three companies filed compliant against the client
of ISSL to SEBI, alleging fraudulent transfer of mutual fund units
by the client from those three companies' demat accounts kept with
the client, which was used by the client as a collateral against
margins with ISSL for the said trades. In February 2019 SEBI barred
ISSL's client from the securities market for misappropriating
client securities. Subsequently
ISSL was disallowed from utilising the mutual funds units placed as
collateral (~ INR350-370 crore as per ISSL) for settlement of the
said trades. ISSL has placed INR408 crore of cash collateral
against this trade with clearing exchange (largely funded through
~INR62 crore from cash which was placed by its client, ~Rs. 40
crore from ISSL's own cash, ~INR192 crore of fund based bank lines
and ~INR114 crore of deposits from other clients). ISSL has applied
to the regulatory authority and exchange clearing body regarding
annulment of said trades, and the matter is currently sub judice.

Inter corporate deposits placed in group companies:  ISSL has
extended inter-corporate deposits (ICD) to IL&FS group companies.
As of March 31, 2019, ICDs aggregating to INR121 crore remained
outstanding (down from INR750 crore as on March 31, 2018). In
addition to these ISSL's loans to employees welfare trust, the
interest accrued on ICDs and loans stood at INR19 crore as per the
company.

Underlying business dependant on the performance of the capital
markets:  ISSL's business remains dependant on the performance of
the capital markets; revenues from depository operations and PC
services are dependent on the volumes of transactions undertaken by
their respective trading members. The competition in the
professional clearing, depository and custodian business has been
increasing leading to liberal margins. Large brokerage houses are
becoming self-clearing members and foreign brokers have also
started offering custodial services which is further increasing
competition in their domain.

Liquidity position

The ISSL's liquidity position is stretched. ISSL has sanctioned
fund-based facilities of INR200 crore (~96% utilised as of July 30,
2019) and non-fund-based facilities of approximately INR269 crore
which have been used for meeting the margin requirement. The
non-fund based limits of ISSL are backed by a counter guarantee
from its clients. As of July 30, 2019, ISSL had INR43 crore pay-in
obligation towards clearing exchange. However, ISSL does not have
free cash to settle the claim and thus, clearing exchange has
invoked bank guarantee. ISSL is also facing stretched liquidity as
some of their clients are withdrawing cash and shifting away from
ISSL. Moreover, the debt servicing towards its fund based
facilities is stretched and expected to be in default soon.

IL&FS Securities Services Limited

ISSL is engaged in a range of capital market related activities
such as depository, custodial, and professional clearing services.
Small brokerage houses avail its services to maintain a demat
account for their broking clients and to act as a professional
clearing member on their behalf. As a professional clearing member,
ISSL serves as an intermediary between the brokerage houses and the
exchange houses for maintaining adequate margin cover with the
exchange houses on behalf of the trading members. ISSL also
provides smaller brokerage houses the convenience of interaction
with a single point of contact instead of transacting with multiple
exchange houses. Moreover, brokerage houses have the liberty of
placing only a single pool of margin with ISSL for all the trading
segments (like equity, futures & derivatives, commodity and
currency futures) rather than placing separate margins for each
trading segment. This helps the small brokerage houses in efficient
utilisation of their financial resources.


IL&FS: May Not Have Disclosed Bad Loans for Years, RBI Reports
--------------------------------------------------------------
Reuters reports that Infrastructure Leasing & Financial Services
(IL&FS), which collapsed late last year, may not have disclosed bad
loans on its books for years despite a big part of its loan book
having soured, a report from India's central bank said.

The central bank's report, included in regulatory filings by IL&FS
on August 18, found that IL&FS, one of India's biggest non-banking
finance companies, or shadow banks, had not declared bad loans in
the four years to March 31, 2018, Reuters relays.

Reuters says Reserve Bank of India's (RBI) report, dated March 22,
2019, found that non-performing assets on IL&FS's books were as
high as 70% of its total loans and advances by March 31, 2018.

According to Reuters, the central bank said that "wide divergences
were observed" between the reported and the assessed position of
asset classifications and provisions at the company.

The discrepancies highlight how IL&FS failed to disclose problems
at the company and that these issues first surfaced only when it
started to delay repayments in June 2018, Reuters relates.

"Unscrupulous, negligent and dormant management decisions,"
involving huge sums of public money indicate that the (former)
board was completely incompetent, the RBI said in its inspection
report.

Reuters adds that the RBI report, included in IL&FS's 737-page
regulatory filing, sheds more light on what caused the IL&FS
meltdown in late 2018.

Reuters notes that the collapse of IL&FS led to contagion fears
that hit many other Indian shadow banks and dented credit growth,
sparking a broader economic slowdown that has severely stung the
domestic auto and real estate sectors.

The crisis at IL&FS prompted a series of federal investigations
into its operations.

According to Reuters, the RBI report also showed how IL&FS lacked
rigorous risk management rules. A significant number of IL&FS'
borrowers were either unrated or had poor credit ratings, the RBI
report said. In certain cases, IL&FS lent funds to insolvent
entities and to troubled projects, the report, as cited by Reuters,
also said.

                            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 Indian 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.


INCAB INDUSTRIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Incab Industries Limited
        9, Hare Street
        Kolkata 700001

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: Shashi Agarwal

Interim Resolution
Professional:            Shashi Agarwal
                         Subarna Appartment
                         (Opp. Udayan Club)
                         21N, Block-A, New Alipore
                         Kolkata 700053
                         E-mail: shashiagg@rediffmail.com
                                 incab6750@rediffmail.com

Last date for
submission of claims:    August 21, 2019


INTEGRATED ELECTRIC: CRISIL Keeps C Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Integrated Electric
Company Private Limited (IECPL) continues to be 'CRISIL C/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee         3       CRISIL A4 (ISSUER NOT
                                  COOPERATING)

   Cash Credit            2.75    CRISIL C (ISSUER NOT
                                  COOPERATING)

   Letter of Credit       3.50    CRISIL A4 (ISSUER NOT
                                  COOPERATING)

   Proposed Long Term      .92    CRISIL C (ISSUER NOT
   Bank Loan Facility             COOPERATING)

   Supplier Line of       5.20    CRISIL A4 (ISSUER NOT
   Credit                         COOPERATING)

   Term Loan              1.63    CRISIL C (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with IECPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of IECPL continues to be 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

IECPL, incorporated in 1982, manufactures electrical rotating
machines for various industrial applications. The company is
promoted by Mr. R Vijayaraghavan and his family.


JAI SHIV: CRISIL Keeps B+ Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jai Shiv Food
Products Private Limited (JSFPPL) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           9        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

   Pledge Loan          10        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

   Proposed Cash         4        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                   COOPERATING)

   Term Loan             3.15     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with JSFPPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of JSFPPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in March 2012 and promoted by Mr. Hariom Sharma, Mr.
Devendra Sharma, Mr. Atul Sharma, Mr. Kailash Sarawgi, and Mr.
Sanjeev Mittal, JSFPPL mills paddy into processed rice at Gwalior,
Madhya Pradesh.


JAIDEEP TRADING: CRISIL Lowers Ratings on INR10.5cr Loans to B+
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Jaideep
Trading Company (JTC) to 'CRISIL B+/Stable Issuer not cooperating'
from 'CRISIL BB-/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           7.5      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long Term    3.0      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with JTC for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of JTC Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

JTC was established in 1991 as a proprietorship by Mr. Paramjeet
Singh Rajpal. The firm trades in cotton bales and has its office in
Sendhawa (Madhya Pradesh). The firm started its commercial
operations from September 2015.


JAINAM CABLES: ICRA Withdraws B+ Rating on INR10.45cr Loans
-----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Jainam Cables (India) Private Limited, as:

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

   Fund based-
   Term Loan             0.45      [ICRA]B+ (Stable); Withdrawn

Rationale

The long-term rating assigned to Jainam Cables (India) Private
Limited has been withdrawn, based on the no-objection certificate
provided by its banker.

Incorporated in 2001, Jainam Cables (India) Private Limited
manufactures copper wires and cables. Its manufacturing unit is
located at Kathwada GIDC, Ahmedabad (Gujarat), with an annual
production capacity of 1,800 MT of 0.3- millimetre (mm) copper
wires. It manufactures wires in various sizes, ranging from 0.3 mm
to 7.0 mm. The company is ISO 9001:2000 certified. It was founded
by Mr. Harisingh Rajput, who started the business as the
proprietorship concern, M/S Jainam Cable Industries, which was
subsequently converted into a private limited company in April
2012.


JANARDHAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Janardhan Industries
Limited (JPIL) continues to be 'CRISIL D Issuer not cooperating'.

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

   Proposed Fund-        1.35     CRISIL D (ISSUER NOT
   Based Bank Limits              COOPERATING)

   Term Loan              .8      CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with JPIL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

JPIL, incorporated in 1987 by Mr Anil Goel, manufactures and trades
different grades of plyboard. It was taken over by Mr Gaurav
Singhal, Mr Vijender Shah, Mr Sanjay Taneja, and Mr Deepak Sudheja
in 2011. Its manufacturing facility is in Dehradun, Uttarakhand.


JEET HOME: CRISIL Keeps D on INR9cr Loan in Non-Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Jeet Home Solutions
Private Limited (JHSPL) continues to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan            9       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with JHSPL for obtaining
information through letters and emails dated
January 23, 2019, and July 11, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

JHSPL, incorporated in 2010, develops real estate in Varanasi,
Uttar Pradesh. The company is promoted by Mr Jitendra Kumar Sinha
and Mr Lallan Prasad Sinha. JHSPL currently has one residential
project, Jeet Rivera, under construction.


JENIOUS CLOTHING: CRISIL Keeps B- Loan Ratings in Non-Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jenious Clothing
Private Limited (JCPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           30       CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING)

   Corporate Loan        63       CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with JCPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of JCPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Established in 2011, Bangalore based JCPL is in the textile
industry. The company is involved in manufacture and export of
readymade garment and is promoted by Mr. Sunil Raheja.


JHARKHAND MEGA: CRISIL Keeps D on INR33cr Debt in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jharkhand Mega Food
Park Private Limited (JMFPPL) continues to be 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Loan       33.95     CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with JMFPPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

JMFPPL was incorporated in 2009 as a special-purpose vehicle (SPV)
by a group of entities, the primary stakeholders are GenX Venture
Capital Inc, Empower India Limited, Patanjali Avurved Ltd, Ranchi
Industrial Area Development Authority, and Green Coast Nurseries
India Pvt Ltd.


K. D. SUPPLY: CRISIL Lowers Ratings on INR25cr Loans to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of K. D. Supply
Chain Solutions Private Limited (KD) to 'CRISIL B+/Stable Issuer
not cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           15       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long Term    10       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with KD for obtaining
information through letters and emails dated February 26, 2019 and
July 30, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of KD Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

KD, incorporated in 2005, is a third-party logistics service
provider, having presence in western, southern, and northern India.
The company provides warehousing and transportation services. It is
promoted by Mr Umesh Premchandani, Mr Kapil Premchandani, and Mr
Vishal Premchandani.


K.R. PADMANABHAN: CRISIL Keeps B Loan Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of K.R. Padmanabhan and
Sons (KRP; part of the KRP group) continues to be 'CRISIL B/Stable
Issuer not cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              5        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term       0.5      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with KRP for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KRP and P. Sri Ramulu (PRS). This is
because both the entities, together referred to as the KRP group,
are engaged in the same business and have significant financial
fungibility.

The KRP group is engaged in rice trading. The group is based in
Chennai and is managed by Mr. P Sri Ramulu, Mr. P Damodaran, and
Mr. P Venkatesan.


KARUTURI GLOBAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Karuturi Global Limited
        204, Embassy Centre
        11, Crescent Road
        Bangalore, Karnataka
        India 560001

Insolvency Commencement Date: August 2, 2019

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Mr. Ghanshyam Das Mundra

Interim Resolution
Professional:            Mr. Ghanshyam Das Mundra
                         E-204, Ashok Gardens
                         TJ Road, Sewri
                         Mumbai, Pin: 400015
                         E-mail: gdmundra@mytemple.co.in

                            - and -

                         Mytemple Capital Advisors LLP
                         B-144, 14th Floor, B-Wing
                         Mittal Court, Nariman Point
                         Mumbai 400021
                         E-mail: cirp.kgl@mytemple.co.in

Last date for
submission of claims:    Ausgust 21, 2019


KK KADRI PAPER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: K K Kadri Paper Mills Pvt. Ltd.
        Plot No. 412/2
        Opp. Chanod Bus Stop
        G.I.D.C., Vapi 396195
        Gujarat, India

Insolvency Commencement Date: August 8, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: 180 days from commencement

Insolvency professional: Shyam Sundar Rathi

Interim Resolution
Professional:            Shyam Sundar Rathi
                         C/o DBS Business Centre
                         Kanakia Wall Street
                         Andheri Kurla Road
                         Andheri (E), Mumbai 93
                         E-mail: shyamrathi30@gmail.com

Last date for
submission of claims:    August 20, 2019


KM TOLL: ICRA Lowers Rating on INR789cr Term Loan to D
------------------------------------------------------
ICRA has downgraded the long-term rating for the bank facility of
KM Toll Road Private Limited (KMTRPL) to [ICRA]D from [ICRA]BBB-.
ICRA continues the rating in the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       789.0       [ICRA]D revised from [ICRA]BBB-
   Term Loan                     (Stable) ISSUER NOT COOPERATING;
                                 Rating continues to be in
                                 'Issuer Not Cooperating'
                                 category

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

Rationale

The rating downgrade follows the delays in debt servicing by KMTRPL
due to stretched liquidity position. Further, its sponsor R Infra
in its Q4FY2019 financials announced on Bombay Stock Exchange on
June 14, 2019 that it has terminated the Concession Agreement with
National Highways Authority of India (NHAI) for Kandla Mundra Road
Project on May 7, 2019.

KM Toll Road Private Limited (KMTRPL), a 100% subsidiary of
Reliance Infrastructure Limited ('R Infra'), has been set up for
the purpose of 4/6 laning of the Gandhidham (Kandla) - Mundra
Section of NH-8A Extension in the state of Gujarat from 0.00 Km to
71.4 kilometre (km). The Project was awarded by the National
Highways Authority of India (NHAI) on Design, Build, Finance,
Operate, Transfer (DBFOT) basis with concession period of 25 years
commencing from March 2010.


KUMAR TOOLS: CRISIL Lowers Rating on INR12cr Loans to B+
--------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Kumar Tools
and Stampings (KTS) to 'CRISIL B+/Stable Issuer not cooperating'
from 'CRISIL BB-/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           5.5      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER
                                  NOT COOPERATING')

   Proposed Long Term    3.73     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Term Loan             2.77     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with KTS for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of KTS Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

KTS is a proprietorship firm, set up in 2007 by Mr Rajkumar S
Nadar. The company manufactures precision making components, used
in the automobile and construction industries, apart from the
compressor technique and pneumatic tool spares. Bulk of the
products are supplied to the automobile industry. The product range
includes 150-200 types of components, including flanges, baffles,
end cap, and perforated tubes. The manufacturing capacity of
150-200 tonnes per month, is utilised at 70-75% as on date.


LALCHAND GEM: CRISIL Lowers Rating on INR15cr Cash Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Lalchand Gem &
Jewellers Private Limited (LGJPL; part of the Lalchand group)  to
'CRISIL B+/Stable Issuer not cooperating' from 'CRISIL BB-/Stable
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           15       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with LGJPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of LGJPL Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of LJPL and Lalchand Gems & Jeweller Pvt
Ltd (LGJPL). This is because the two companies, together referred
to as the Lalchand group, are in same line of business with a
common management, and have fungible funds.

LIPL commenced operations as a small proprietorship firm, retailing
gold, in Bhubaneswar in 1960. The firm was reconstituted as a
private limited company in 1995. The company is currently managed
by Mr Sanjay Hans, son of the founder, Mr Lalchand Hans. Mr. Sanjay
Hans joined the firm in the early 1990s and has about two decades
of experience in the retail jewellery business. LJPL retails gold,
diamonds, and third-party branded jewellery (such as Dia,
Nakshatra, ARY), high-end watches (diamond-studded, gold-plated
brands such as Rado and Citizen), and pens. The company has been in
the jewellery business since five decades and its brand is
well-known in Bhubaneswar. It owns one of the biggest gold
jewellery showrooms in Odisha.

LGJPL retails gold, diamond, and silver jewellery, and high-end
watches, pens, and other items. The company started operations in
fiscal 2016, and fiscal 2017 will be its first full year of
operations.


LTS PLASTICS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: LTS Plastics (India) Pvt. Ltd.
        Registered office:
        Kaikhali Chiriamore
        PO-R-Gopalpur
        24 Parganas (N) 743518

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 5, 2020

Insolvency professional: Mr. Hrisikesh Dasgupta

Interim Resolution
Professional:            Mr. Hrisikesh Dasgupta
                         AV Insolvency Professional Pvt. Ltd.
                         Bajarang Kunj, Room No. 412 & 413
                         2B, Grant Lane, 4th Floor
                         Kolkata 700012   
                         E-mail: hkdaspt@gmail.com
                                 cirp.ltsplastics@gmail.com

Last date for
submission of claims:    August 23, 2019


OPTO INFRASTRUCTURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Opto Infrastructure Limited
        No. S-11, Second Floor
        Gem Plaza, Infantry Road
        Bangalore 560001

Insolvency Commencement Date: July 25, 2019

Court: National Company Law Tribunal, Bangalore Bench

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

Insolvency professional: Mr. Vedagiri Venkata Krishnamurthy

Interim Resolution
Professional:            Mr. Vedagiri Venkata Krishnamurthy
                         197, Sai Krupa
                         6th A Main Road, 16th Cross
                         JP Nagar IV Phase
                         Bengaluru 560078
                         E-mail: vvk.fca@gmail.com

                            - and -

                         Plot No. 83, 2nd Floor
                         1st Phase, Electronic City
                         Bengaluru 560100
                         E-mail: ip.optoinfra@gmail.com

Last date for
submission of claims:    August 19, 2019


ORIJEAN PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Orijean Private Limited
        Registered office address:
        No. 29, Vadrapalya
        J P Nagar, 8th Phase
        2nd Block, Gottigere Post
        Bangalore 560083

Insolvency Commencement Date: August 7, 2019

Court: National Company Law Tribunal, Bangalore Bench

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

Insolvency professional: Mr. Shivadutt Bannanje

Interim Resolution
Professional:            Mr. Shivadutt Bannanje
                         Manipal Centre, S-709
                         South Block, 47, Dickenson Road
                         Bangalore 560042
                         Mobile: +91 9845286251
                         E-mail: ip.shivaduttb@gmail.com

Last date for
submission of claims:    August 20, 2019


PRABHA DEVI: CRISIL Assigns 'B' Rating to INR11cr Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Prabha Devi Multi Complex LLP (PDML).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              .82       CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     7.18      CRISIL B/Stable (Assigned)

   Proposed Term Loan     3         CRISIL B/Stable (Assigned)

The rating reflects PDML's exposure to project risk, and
susceptibility to cyclicality in the construction business and
intense competitive pressure. These weaknesses are partially offset
by the extensive experience of the partners and their funding
support.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project risk: The project commenced construction in
December 2018, and is expected to be completed by December 2019.
Timely completion of the project will, therefore, remain a key
rating sensitivity factor. Furthermore, although the hotel is
inside the prime radius of Jhansi, exposure to demand risk persists
due to competitive pressure.

Term loan of INR0.82 crore (tenure of which is 15 years) availed of
by PDML was sanctioned in June 2019 and has already been disbursed.
The company has applied for a fresh term loan (loan against
property) of INR3.0 crore, which is under process and expected to
be approved in 1-2 months.

* Susceptibility to cyclicality and intense competitive pressure:
The hotel industry remains vulnerable to changes in domestic and
global economies. During lean periods, revenue per available room
of premium hotels is constrained more significantly than that of
mid-scale or economy hotels. While the cost of operating premium
properties remains steep even during downtrends, cash flows are
more susceptible to economic downturns. Occupancy is high during
the wedding and tourist seasons (November-February). Moreover, a
high proportion of tourists in the customer profile exposes the
company to risks associated with global socio-economic and
political risks. Companies that have a high financial leverage are
more vulnerable to cyclicality due to their fixed financial
commitments.

Strengths

* Extensive experience of the partners: Benefits from the partners'
experience of over two decades in the construction business
(including laying of railway lines and construction of roads and
buildings) through the partnership firm (Suresh Chand Gupta; rated
'CRISIL BBB-/Stable/CRISIL A3'), and their healthy relationships
with customers should continue to support business risk profile.

* Funding support from the partners: The partners are likely to
extend financial assistance (of INR6.0 crore) in the form of equity
and unsecured loans to construct the hotel.

Liquidity
Liquidity should remain adequate over the medium term, backed by
financial assistance expected from the partners.

Outlook: Stable

CRISIL believes PDML will continue to benefit from the extensive
entrepreneurial experience of the partners. The outlook may be
revised to 'Positive' if timely stabilisation of operations at the
proposed plant, and significant revenue and profitability
strengthen key credit metrics. The outlook may be revised to
Negative' if a considerable delay in commencement of operations,
significantly low cash accrual in the early phase of operation, or
a substantial increase in working capital requirement weakens
financial risk profile, especially liquidity.

Incorporated in December 2018, PDML is currently setting up a
16-room hotel in Jhansi. The hotel is expected to be commissioned
in December 2019. PDML is a part of the Suresh Chand Gupta group,
which has presence in civil construction and commercial real estate
development. Mr Vikash Gupta, Mr Reetesh Gupta, and Mr Suresh Chand
Gupta are the partners.


PRITHVI FERRO: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Prithvi Ferro Alloys Private Limited
        CF-361, Salt Lake City Sector -1
        Kolkata WB 700064

Insolvency Commencement Date: August 8, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 4, 2020
                               (180 days from commencement)

Insolvency professional: Samir Kumar Bhattacharyya

Interim Resolution
Professional:            Samir Kumar Bhattacharyya
                         LSI Resolution Pvt. Ltd.
                         Sagar Trade Cube
                         104, S.P. Mukherjee Road
                         Kolkata, West Bengal 700026
                         E-mail: skb.resolution@gmail.com
                                 ip.prithivi8819@gmail.com

Last date for
submission of claims:    August 22, 2019


RAVI IRON: ICRA Lowers Rating on INR24.4cr LT Loan to B+
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Ravi Iron Limited (RIL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term Fund      24.4       [ICRA]B+ (Stable); downgraded
   Based Limits                   from [ICRA]BB- (Stable);
                                  Removed from Issuer Not
                                  Cooperating category'

Rationale

ICRA's rating revision takes into account the deterioration in
RIL's core steel trading operations, as evidenced by the company's
shrinking scale of operations, with both operating income (OI) and
operating profit recording a downtrend owing to the challenging
operating environment. The OI declined significantly to INR109.3
crore in FY2019 (P) from INR179.0 crore in the previous year
because of reduced orders in Q4 FY2019. Operating profits, which
were already low due to the highly fragmented and low value-added
nature of trading business, also reduced to INR5.1 crore in FY2019
from INR5.9 crore in FY2018. While net profits in FY2019 were
supported by non-OI of INR11.8 crore, primarily from the sale of a
godown in Loha Mandi, Ghaziabad, cash accruals from core operations
remained low.

ICRA notes that these sale proceeds were utilised to fund working
capital requirements, with the bank-sanctioned working capital
limits being reduced correspondingly, leading to low debt levels at
the end of FY2019. However, the ability of the company to manage
its working capital requirement with the reduced limits going
forward will remain a key rating monitorable, particularly given
the fluctuations in the same, as witnessed at the end of FY2019. In
the financial year, the company recorded increased inventory
holding because of the unanticipated reduction in Q4 FY2019
volumes.

Overall, the working capital intensity remained high which,
together with low cash accruals from core operations, resulted in
stressed liquidity, notwithstanding the aforementioned one-time
income received in FY2019. The rating also reflects the
vulnerability of RIL's profitability to variations in prices of
traded goods, given the inventory holding period of 90-120 days.
Exposure to counterparty risks also remains high on account of
extension of credit to its customers. Significant customer and
geographical concentration, with ~81% of revenues generated from
the top 10 customers in FY2019, and the majority of sales in the
National Capital Region (NCR), further exacerbate these risks.

The rating, however, favourably factors in the experienced
management of RIL and its well-established relationships with
suppliers and customers which aids smooth supply and delivery of
traded steel products. The ICRA also notes the company's
established position as an authorised dealer of specialty products
of Steel Authority of India Limited (SAIL) and Rashtriya Ispat
Nigam Limited (RINL).

Going forward, the company's ability to effectively manage its
working capital requirements and improve its scale and
profitability would be a key rating sensitivity.

Outlook: Stable

ICRA's believes that RIL will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to Positive if there is substantial increase in the scale of
operations, improvement in profitability and reduction in working
capital requirements. The outlook may, however, be revised to
Negative in case of further deterioration in scale or if increase
in working capital intensity adversely impacts RIL's liquidity
position.

Key rating drivers

Credit strengths

Extensive experience of promoters: Incorporated in 1997, RIL is a
part of the Garg Group, which has over five decades of presence in
diversified sectors across education, real estate, steel and
publication.

Established relationships with customers and suppliers, including
SAIL and RINL: The company has established relationships with
customers and suppliers, which aids in ensuring smooth supply and
delivery of traded steel products.  It is also an authorised
distributor of SAIL and RINL, which supports most of the
procurement.

Credit challenges

Shrinking scale of operations and high working capital intensity:
RIL's OI declined significantly to INR109.3 crore in FY2019 (P)
from INR179.0 crore in the previous year, because of reduced orders
in Q4 FY2019. ICRA notes that the unanticipated slowdown in sales
in Q4 FY2019 resulted in a particularly high inventory holding at
the end of FY2019. RIL's overall working capital intensity also
remained high in the recent years. These, together with low cash
accruals from core operations, have resulted in stressed liquidity,
notwithstanding the one-time income received from sale of a go down
in FY2019. The one-time income was utilised to fund working capital
requirements in FY2019, with the bank sanctioned working capital
limits being reduced correspondingly, leading to low debt levels at
the end of FY2019. However, the company's ability to manage its
working capital requirement with the reduced limits going forward
will remain a key rating monitorable.

Low profitability and cash accruals from core operations; depressed
return on capital employed: The company has been recording low
profitability and cash accruals from core operations, primarily
because of the highly fragmented and low value-added nature of the
trading business. Operating profits reduced to INR5.1 crore in
FY2019 from INR5.9 crore in
FY2018. This also resulted in depressed return on capital employed
on core operations of 8.06% in FY2019.

Exposure to concentration risks and cyclicality inherent in steel
industry: Most of RIL's sales are made in the NCR, with the top 10
customers accounting for about 81% of the revenues. This exposes
the company to geographical- and customer concentration risks.
Additionally, it is vulnerable to the cyclicality inherent in the
steel industry.
Liquidity position

The company has high working capital requirements as the purchases
are mainly done on cash basis, whereas sales are carried out with a
credit period of up to 60 days. Further, RIL follows a policy of
holding inventory for around three-four months to maintain the
large variety of products traded. This, however, increases its
working capital requirements. The high working requirements,
combined with the low cash accruals from core operations, has
resulted in a stressed liquidity position, notwithstanding the
receipt of non-OI of INR11.8 crore, primarily from the sale of a
godown in FY2019. The working capital limits thus remained almost
fully utilised through the year. Going forward, it will remain
critical for RIL to reduce its inventory holding to improve the
working capital cycle.

Incorporated in 1997 by Mr. Ravindra Kumar Garg and his son, Mr.
Manu Garg, RIL is a part of the Ghaziabad-based Garg Group that has
operations in various sectors like education, steel, publication,
real estate, etc. The company trades in long and flat steel
products. Its product portfolio includes various products such as
mild steel bars, plates, angles, structures, rounds, and channels.
The company procures steel primarily from Steel Authority India
Ltd. and Rashtriya Ispat Nigam Ltd. in Ghaziabad and other large
traders. In FY2018, the company reported a net profit of INR0.3
crore on an OI of INR179 crore compared with a net profit of INR0.2
crore on an OI of INR161.6 crore in the previous year.


RUBBER MATTERS: ICRA Removes 'B' Rating from Non-Cooperating
------------------------------------------------------------
ICRA has removed its earlier rating of [ICRA]B (Stable) from the
'ISSUER NOT COOPERATING' category as Rubber Matters Private Limited
(RMPL) has now submitted its 'No Default Statement' ("NDS") which
validates that the company is regular in meeting its debt servicing
obligations. The company's rating was moved to the 'ISSUER NOT
COOPERATING' category in March 2019.

The current rating derives comfort from the derived demand for
reclaimed rubber from nearby and well-established industrial
clusters in the Pune region, which is expected to support revenue
visibility and project feasibility over the medium term. The easy
and cheap availability of key raw material (waste rubber and tyres)
in the nearby region of the manufacturing plant is also expected to
boost profitability by containing raw material procurement costs.

The rating, however, remains constrained by the limited operational
track record of Rubber Matters Private Limited (RMPL), exposing it
to execution risks pertaining to delays in commencement and
stabilisation of operations. Although the promoters of the company
have interests across diversified fields, they presently have
limited experience in the rubber industry. Therefore, establishing
a strong customer and supplier base will be critical for the
stabilization of business. The ratings also factor in the
debt-funded nature of capex (~73% of the project is funded through
external debt), which is likely to keep the credit metrics
stretched in the medium term. While RMPL stands exposed to
regulatory risks and risks pertaining to governmental clearances
such as pollution control board clearance owing to its nature of
business, once operational the profitability will remain exposed to
adverse price changes in key raw materials such as waste rubber and
tyres, and limited pricing flexibility owing to intense competition
prevalent in the industry.


RUCHIKA TRADELINK: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ruchika Tradelink Private Limited
        155, Lenin Sarani
        4th Floor, Room No. 402
        Kolkata 700013

Insolvency Commencement Date: Ausgust 7, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Animesh Mukhopadhyay

Interim Resolution
Professional:            Animesh Mukhopadhyay
                         Syndicon Enclave
                         25/1A/1 Naktala Road
                         Kolkata 700047
                         E-mail: animesh_fca@yahoo.co.in

                            - and -

                         251/A/6 NSC Bose Road
                         Ground Floor, Kolkata 700047
                         E-mail: cirpruchika@gmail.com

Last date for
submission of claims:    August 21, 2019


SPS ISPAT: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: SPS Ispat & Power Limited
        Elegant Towers
        224A, Acharya Jagdish
        Chandra Bose Road
        Kolkata 700017
        West Bengal, India

Insolvency Commencement Date: August 8, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: CA Santosh Choraria

Interim Resolution
Professional:            CA Santosh Choraria
                         P-41, Princep Street
                         Room No.222
                         Kolkata 700072
                         E-mail: ca.schoraria@gmail.com
                                 cirp.spsispat@gmail.com

Last date for
submission of claims:    August 22, 2019


SRUSHTI BUILDERS: ICRA Lowers Rating on INR35cr NCD Loan to D
-------------------------------------------------------------
ICRA has downgraded the rating assigned to INR35.00 crore
structured non-convertible debenture (NCD) programme of Sai Srushti
Builders Private Limited (SSBPL) to [ICRA]D from [ICRA]BB+(SO)
Stable. The rating downgrade takes into account recent delay in
redemption of principal installment due in July 2019 due to the
company's stretched liquidity position. There has been delay in
receipt of balance receivables from concluded sales transactions
compared to earlier expectations.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible     35.00       [ICRA]D; downgraded from
   Debenture                       [ICRA]BB+ (SO) (Stable)
   Programme           
                                   
Going forward, timely servicing of the debt obligations and SSBPL's
ability to recover the balance receivables would remain the key
rating monitorable.

Outlook: Not Applicable

Key rating drivers

Credit challenges

Recent delay in debt servicing: There has been a delay of four days
in payment of principal obligation which was due on July 15, 2019,
due to absence of sufficient cash flows from completed
transactions. Although there was debt service reserve account
(DSRA) covering one month of interest and principal maintained,
there was a delay in utilizing the
amounts for principal repayment.

Uncertainty attached to timely collection of pending receivables:
The Group has pending receivables of around INR134 crore from the
concluded land sale / joint development agreement transactions.
However, the cash inflow from these transactions has been slow in
the last two years. Continued delay in the receipt of these
receivables will result in SSBPL depending on other cash flow
streams in the Group to service the debt obligations in a timely
manner.

Liquidity Position:  The company has cash and bank balances of INR4
lakh as on March 31, 2019, along with debt service reserve account
with INR1.23 crore covering one month of interest and principal
due. The DSRA has been part utilized to make the payment of
principal due in July 2019, albeit with a delay of four days

Incorporated in July 2015, SSBPL is an SPV of the SaiSrushti Group
(the Group) and is a wholly owned subsidiary of SaiSrushti
Developers Private Limited (SSDPL). The Group was founded and
promoted by Mr. Sreenadha Reddy Nayani in 2005. The Group comprises
companies having diversified interests in the domains of real
estate, construction, infrastructure and education. The Group's
flagship company SSDPL is a major property development company,
which has conceived and executed multiple projects including many
joint ventures (JV) with leading property developers with
developable area of over 3.0 million square feet (mn. sqft).


SURINA IMPEX: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. Surina Impex Pvt. Ltd.
        P.O. Narayanpur
        Mouza-Narayanpur Baghbari Dag No. 927131
        South 24 Parganas Narayanpur
        West Bengal 743502
        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: Sanjai Kumar Gupta

Interim Resolution
Professional:            Sanjai Kumar Gupta
                         153A, A.P.C. Road
                         Kolkata 700006
                         E-mail: casanjaigupta@gmail.com

                            - and -

                         LSI Resolution Pvt. Ltd.
                         Sagar Trade Cube
                         104, S.P. Mukherjee Road
                         Kolkata 700006
                         E-mail: cirp.surina@gmail.com

Last date for
submission of claims:    August 21, 2019


SURYA AUTOMOBILE: ICRA Withdraws B+ Ratings on INR6cr Loans
-----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Surya Automobile Private Limited (SAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term: Fund-       4.0      [ICRA]B+ (Stable) ISSUER NOT
   based/CC                        COOPERATING; rating withdrawn
      
   Long Term: Fund-       2.0      [ICRA]B+ (Stable) ISSUER NOT
   based/TL                        COOPERATING; rating withdrawn

Rationale

The short-term ratings assigned to SAPL have been withdrawn at the
request of the company, based on the no-objection certificate
provided by its banker, and in accordance with ICRA's policy on
withdrawal and suspension.

Liquidity Position

Information was not available on the liquidity position of the
rated entity.

SAPL was incorporated by the Saneja family in 1998. Mr. Bharat
Saneja, Mr. Prithiviraj Saneja and Mr. Sumit Saneja are the
company's directors. Along with the 2W dealership of Hero MotoCorp
(HML) at Sri Ganganagar, Rajasthan through SAPL, the promoters have
HML dealerships in Abohar (Punjab) and Jaipur (Rajasthan), through
other entities.


SUZLON ENERGY: Auditor Bets on Potential Investor to Keep It Going
------------------------------------------------------------------
Anindya Upadhyay at Bloomberg News reports that an offer from a
potential investor is critical for Indian wind turbine maker Suzlon
Energy Ltd. to repay lenders and continue as a going concern, its
auditor Deloitte Haskins & Sells LLP said in a review report on
August 18.

According to Bloomberg, the auditor said the offer envisages
infusion of additional equity in Suzlon and a waiver of some of the
amount due to lenders and bond holders. Based on that, a one-time
settlement has been proposed to lenders.

"Improvement of liquidity condition is contingent upon
fructification of the offer," Deloitte said, Bloomberg relays.
"Such events are not within the control of the group."

Suzlon, which reported a first-quarter loss of INR3.35 billion
(US$47 million) August 18, missed repaying $172 million on notes
due in July, Bloomberg discloses. In addition, the company and
certain subsidiaries have defaulted on repayment of loans and
interest aggregating nearly INR13 billion as of June 30, according
to the auditor.

Over the past two years, India's shift to auctions for building
wind projects from an earlier fixed-tariff program has squeezed
orders and pressured profit margins of turbine makers. The company
is also losing ground to foreign competitors such as Vestas Wind
Systems A/S and Senvion SA, Bloomberg notes.

Last week, a US$1.2 billion settlement plan, backed by Denmark's
Vestas was said to be proposed to Suzlon's lenders, Bloomberg
reported.

Post default, the company's operations are at a sub-optimal level,
Suzlon's group Chief Financial Officer Kirti Vagadia said in a
separate press release, Bloomberg adds. The management is working
toward debt resolution, fixing the capital structure and exploring
various funding options, he said.

                        Abot Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its operations
relate sale of WTGs and allied activities, including sale/sub-lease
of land, infrastructure development income; sale of gear boxes, and
sale of foundry and forging components. Others primarily include
power generation operations.


TALWALKARS BETTER: ICRA Cuts Rating on INR80cr Loan to 'C'
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Talwalkars Better Value Fitness Limited (TBVFL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Non-convertible      80.0      [ICRA]C ISSUER NOT COOPERATING;
   Debenture (NCD)                Rating downgraded from [ICRA]B-
   Program                        (Negative) and continues to
                                  remain in the 'Issuer Not
                                  Cooperating' Category

Material Event

The company has defaulted on interest payments which were due on
July 31, 2019 on terms loans with various banks which was disclosed
to the stock exchanges on August 1, 2019. However, the company has
not reported any defaults on its NCD programme.

Impact of the Material Event

ICRA has downgraded the rating for the INR80.0-crore
non-convertible debenture programme of Talwalkars Better Value
Fitness Limited (TBVFL) to [ICRA]C. The rating remains in the
'Issuer Not Cooperating' category.  ICRA will continue to monitor
the developments in the company.


VIVO MOBILE: Ind-Ra Puts 'BB' LT Issuer Rating on Watch Negative
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Vivo Mobile India
Private Limited's (Vivo) Long-Term Issuer Rating of 'IND BB' on
Rating Watch Negative (RWN). The Outlook on the earlier rating was
Stable.

The instrument-wise rating actions are:

-- INR7 mil. Non-convertible debentures (NCDs) due on December
     23, 2019 ISIN INE294W08010 3% coupon rate issued December 22,

     2016 placed on RWN with IND BB/RWN.

The RWN reflects lack of visibility over repayment of the upcoming
NCDs maturing in December 2019 as Vivo's internal accruals and
available liquidity are insufficient to repay the NCDs. The
management has clarified to Ind-Ra that the company is likely to
refinance the NCDs with external commercial borrowing (ECB), which
may be fully subscribed by Vivo's parent. Ind-Ra derives comfort
from the historic trend, wherein Vivo's parent has supported the
company by fully subscribing to the NCD (INR6.9 billion) and the
ECBs on the books (INR13.9 billion). However, Ind-Ra would await a
concrete, action plan from the company in regards to its
refinancing initiative.

KEY RATING DRIVERS

Weak Financial Risk Profile and Liquidity: Ind-Ra expects Vivo to
continue to incur EBITDA losses till FY21 on account of thin gross
margins and high advertisement expenses, thus remaining vulnerable
to refinancing risk. While the company has been able to meet its
interest payments via its cash balances (FY19: INR1.25 billion,
FY18: INR0.4 billion), the quantum of repayment in FY20 requires
the company to find alternative methods of financing. As per the
company's FY19 provisional financials, Vivo reported an EBITDA loss
of INR1.6 billion (FY18: INR1.2 billion) and a net loss of INR0.5
billion (FY18: INR1.2 billion). The company's working capital cycle
is completely funded through trade creditors. The EBITDA losses due
to continued heavy advertisement and sales promotion expenditure
pose a refinancing risk for FY20.   

Large Capex Impacts Cash Flows: Vivo incurred CAPEX of INR4.1
billion in FY19, of which 50% was for the acquisition of a 169-acre
plot of land in Uttar Pradesh for constructing a technology park
housing an upgraded manufacturing facility and granting easier
access to its suppliers. The balance CAPEX was for the installation
of surface-mount technology (SMT) lines and increasing the
assembling capacity. Cash flow from operations turned negative to
INR11.9 billion in FY19 from INR2.3 billion in FY18, majorly on
account of increased inventory, leading to networking capital
increased to negative 12 days (FY18: negative 27 days; FY17:
negative 17 days). This led to a working capital outflow of roughly
INR11.8 billion. The agency expects the inventory level to moderate
in FY20 (FY19: INR14.5 billion, FY18: INR3.8 billion), as the
company tends to hoard large quantities of raw materials six months
prior to the launch of new products.

Sales Promotion to Weigh on EBITDA: The ratings are constrained by
the uncertainty over EBITDA turning positive in the near term.
EBITDA losses increased to INR1.6 billion in FY19 (FY17: INR1.2
billion), despite a 55% YoY improvement in revenue to INR172
billion in FY19, due to higher demand and increased capacity. The
company's operating margins did improve slightly to negative 0.9%
(FY18: negative 1.1%) due to a rationalization of channel margins
and less profitable distribution channels. The company will look to
turn profitable in FY22 by increasing sales through product
launches at more competitive price-points, developing innovative
products (under-display fingerprint scanner) and strengthening its
offline presence. The management, however, has indicated that it
would continue to spend sizeable amounts (7%-10% of revenue) on
sales promotions to maintain its current market share.

Shift in Strategy; Improved Market Share: Vivo's shipment market
share significantly increased year-on-year in 2Q19, due to the
combined effect of its aggressive marketing strategy and a shift in
the company's own strategy by reducing the margins offered to
retailers and rationalization of its distribution, now only being
available at fewer counters which have strong visibility and sales.
As of July 2019, the company's market share stood at 12% (1Q18:
6%). The company should improve its margins in the medium term, and
enable it to make focused investments in tier two and tier three
cities. Management expects to achieve major revenue growth in FY20
on account of new product launches and improved focus on online and
offline sales. However, gaining market share on a sustained basis
would be challenging, given changing customer preferences and low
brand loyalty.

Domestic Manufacturing to Increase: Assembling capacity of the
company increased to 21.9 million units in FY19 (FY18: 16.2 million
units; FY17: 12 million units). The company has already added 2 SMT
lines in FY20, increasing capacity by 6 million units, to meet the
increased demand from consumers. At FYE19, the company's SMT lines
were running at a capacity utilization level of 80%, selling
roughly 17.5 billion units. Vivo intends to increase its capacity
by creating an enhanced technology center in Uttar Pradesh, which
should boost overall capacity and decrease transit costs from the
manufacturing plant to key dealers.

Forex Risk; Intense Competition: The company imports over 95% of
its material requirements, which exposes it to foreign exchange
fluctuation risk. Also, intense competition leaves less flexibility
to pass on price increases to customers. However, the company is
increasing local manufacturing of printed circuit boards, which
make up around 50% of the smartphone's making cost, which would
reduce the impact of rupee depreciation.

Industry Risks: The rating factor in industry risks such as rapid
technological changes, changing consumer preferences and
competitive pricing pressures. Other risks include forex volatility
resulting from imports; this is partially mitigated by increasing
the mix of indigenous sourcing/manufacturing.

RATING SENSITIVITIES

The RWN indicates that the rating may be either affirmed or
downgraded. The agency will resolve the rating watch by November
2019, once there is greater clarity over repayment of its NCDs.

COMPANY PROFILE

Incorporated in August 2014, Vivo is engaged in manufacturing and
selling of smartphones, and wholesale trading of mobile spare parts
and accessories.


WELLMAN CARBO: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Wellman Carbo Metalicks India Limited
        BD-191, Sector-1
        Saltlake City Kolkata 700064
        West Bengal, 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

Insolvency professional: CA Santosh Choraria

Interim Resolution
Professional:            CA Santosh Choraria
                         P-41, Princep Street
                         Room No. 222
                         Kolkata 700072
                         E-mail: ca.schoraria@gmail.com
                                 cirp.wellman@gmail.com

Last date for
submission of claims:    August 21, 2019




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

MOBILE SHOP: Liquidator in Dispute With Mobile Truck Shop Owner
---------------------------------------------------------------
Tamsyn Parker at NZ Herald reports that the liquidator of a mobile
truck shop claims associates of the company's owner are still
knocking on the doors of low-income debtors trying to get money out
of them despite the company no longer being in business.

Mobile Shop called in liquidators in July last year after it was
handed a NZ$330,000 fine in April 2018 after pleading guilty to 24
charges relating to breaches of the Fair Trading Act and Credit
Contracts and Consumer Finance Act, according to the report.

The fine remains the highest handed out to a mobile trading shop
since the Commerce Commission began an investigation into the
sector, NZ Herald says.




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

BANYAN TREE: Posts SGD7.9MM Net Loss in Q2 Ended June 30
--------------------------------------------------------
Lynette Tan at The Business Times reports that Banyan Tree Holdings
sank further into the red on August 14, posting losses of SGD7.9
million for the second quarter, versus SGD5.4 million a year ago.

This came as revenue slid 24 per cent to SGD51.8 million, dragged
by a sluggish hotel business and fewer property sales recognized,
BT says.

According to BT, hotel investments - which generate more than half
of Banyan Tree's revenue - saw a 13 per cent drop in revenue to
SGD33.6 million, due to weaker performance in Seychelles and
Thailand.

Revenue from property sales tanked 70 per cent at SGD4.5 million,
as sales of properties like Cassia Phuket and Laguna Park are only
expected to be recognised in the fourth quarter when construction
is completed, BT discloses.

Second-quarter loss per share stood at 0.94 Singapore cent, against
0.64 cent a year ago.

For the half-year, Banyan Tree slid into a SGD2.7 million net loss,
reversing a gain of SGD14.8 million in the preceding year. That
translated into a loss per share of 0.32 Singapore cent against
earnings per share of 1.77 cents, according to the report.

Revenue came in at SGD133 million, down 20 per cent from the year
before, BT adds.

Looking ahead, Banyan Tree expects hotel forward bookings for the
third quarter to come in at lower levels than last year, the report
relays.

For the property sales segment, revenue recognition will be largely
dependent on completing and handing over completed units to buyers,
the group said.

                         About Banyan Tree

Banyan Tree Holdings Limited engages in the provision of project
design and management services. The Company manages and develops
resorts, hotels, residences and spas. Its segments include Hotel
Investments, Property Sales, Fee-based Segment and Head Office. Its
Hotel Investments segment includes hotel and restaurant operations.
Its Property Sales segment consists of hotel residences, Laguna
property sales and development project/site sales. Its Fee-based
segment includes the management of hotels and resorts, the
management of an asset-backed destination club, the management of
private-equity funds, the management and operation of spas, the
sales of merchandise, the provision of architectural and design
services, the management and ownership of golf courses, and rental
of retail outlets and offices. It has approximately 40 hotels, over
70 spas, approximately 80 retail galleries and over three golf
courses in approximately 27 countries.


KRISENERGY LTD: Files for Six-Month Debt Moratorium
---------------------------------------------------
The Business Times reports that KrisEnergy Ltd has filed for a
six-month debt moratorium to seek court protection from creditors'
legal action while it restructures its debt totalling some US$476.8
million, it said on August 14.

Keppel Corporation, as a creditor and shareholder of KrisEnergy,
has also issued a statement confirming it supports the application
and KrisEnergy's management in formulating a restructuring plan,
the report says.

According to the report, the moratorium application constitutes an
event of default under KrisEnergy's existing debt agreements,
comprising a US$200 million revolving credit facility (RCF) with
DBS Bank maturing on June 30, 2020; SGD130 million 4 per cent
senior unsecured notes due 2022; SGD200 million 4 per cent senior
unsecured notes due 2023; about SGD139.5 million in principal
amount of senior secured zero-coupon notes due 2024; a term loan
from HSBC; and a term loan from Standard Chartered Bank, Singapore
Branch.

Keppel is a holder of the zero-coupon notes due 2024, the report
notes.

Keppel also holds the key economic risk in the RCF, under a
bilateral contract between Keppel and DBS, the report says. This
means, among other things, that Keppel may be required to make DBS
whole for any loss the bank suffers under the RCF. However, Keppel
said the analysis by its appointed financial adviser Borrelli Walsh
indicates that Keppel will not be required to make any payment to
DBS, BT relays.

KrisEnergy's wholly owned subsidiary, KrisEnergy (Asia) (KE Asia),
owes about US$179 million in outstanding principal to DBS under the
RCF as at August 13. Keppel holds an indirect interest in this
claim, BT discloses.

BT notes that the bilateral contract was required for DBS to
provide and continue to provide the RCF to KE Asia, and the
facility is guaranteed by KrisEnergy. Keppel also benefits from
interest payments made to DBS under that facility.

In its latest financial results released on July 18, Keppel
attributed a value of around SGD131 million to its direct
investments in KrisEnergy, comprising the zero-coupon notes,
warrants and equity, according to BT.

A banker close to the deal told The Business Times that DBS does
not need to make provisions for the RCF as it is guaranteed by
Keppel.

BT notes that KrisEnergy on August 14 applied to the High Court of
Singapore to start a court-supervised process to reorganise its
liabilities. The company said it is aiming for a restructuring that
will be equitable to all its stakeholders and will return it to
viability in the shortest time possible, the report relays.

It also requested a court order to restrain, among other things,
the commencement of legal proceedings and enforcement actions by
its creditors, for a period of six months, BT relates. Under
Section 211B(8) of the Companies Act, the debt moratorium would
automatically be in effect for 30 days upon the making of this
application.

According to the report, KrisEnergy said it needs to restructure
its debt because it would not be feasible for the company to make
payment of its financial obligations as they fall due.

In its financial results, also released on August 14, KrisEnergy
posted a net loss for the first half of this year amid lower oil
prices and lower sales, resulting in a capital deficiency position
for the group, BT discloses.

This brought the total debt recognised on the balance sheet to
US$476.8 million, while gearing stood at 110.8 per cent, as at June
30.

In recent months, KrisEnergy had already disclosed that it is
over-geared and under-equitised, and had appointed advisers to
review and implement all available options to improve its financial
condition, says BT.

According to BT, KrisEnergy said on August 18 it has engaged Drew &
Napier as legal adviser, and Houlihan Lokey (Singapore) as
financial adviser.

KrisEnergy added that it is considering potential asset sales to
credible bidders in a competitive sale process, as well as a
potential acquisition of the company as a whole. However, no
definitive agreements have been entered into as at August 14. Each
of these options will require the consent of DBS, as the RCF
lender, the report states.

BT relates that Keppel said it supports KrisEnergy's court
application because without a moratorium, there will be a
"significant risk" that creditors' legal action may jeopardise
KrisEnergy's ability to come up with a debt restructuring plan.

To date, Keppel has provided "significant" support to the
restructuring process, KrisEnergy, as cited by BT, said. This
support has included extending Keppel's exposure under the
bilateral contract with DBS in April to upsize the RCF to its
current size of US$200 million. However, although Keppel is a
supporting creditor for the application, it still reserves the
right to evaluate the restructuring plan once KrisEnergy has
developed a firm proposal, and to approve or reject it, the report
notes.

BT adds that KrisEnergy highlighted that there is no certainty or
assurance that any discussions or prospects with potential
investors, if any, or any restructuring options will materialise or
be successfully concluded.

To engage with all stakeholders, KrisEnergy intends to convene
townhall meetings in due course. It will give notice of these
meetings, BT says.

                     About KrisEnergy Limited

KrisEnergy Limited (SGX:SK3) -- https://krisenergy.com/ -- is a
Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.

KrisEnergy reported net losses of US$237.1 million, US$139.2
million and US$137.3 million for the financial years 2016, 2017 and
2018, respectively.




=====================
S O U T H   K O R E A
=====================

HYUNDAI MERCHANT: Loss Narrows to KRW200.7BB in Q2 Ended June 30
----------------------------------------------------------------
Yonhap News Agency reports that Hyundai Merchant Marine Co., South
Korea's biggest shipping company by sales, said on August 14 its
net losses narrowed in the second quarter from a year earlier due
to a rise in sales.

Net losses narrowed to KRW200.7 billion (US$165 million) in the
April-June period from KRW242.7 billion a year earlier, Yonhap
discloses citing the company's regulatory filing.

Operating losses also narrowed to KRW112.8 billion in the second
quarter from KRW199.7 billion a year ago. Sales rose 12.7 percent
on-year to KRW1.39 trillion during the cited period, the company
said.

According to Yonhap, Hyundai Merchant said its cost-cutting efforts
and increased sales helped the company to reduce its deficit.

In the first six months, Hyundai Merchant had net losses of
KRW379.1 billion, compared with KRW418.4 billion in losses a year
ago. Sales increased 15 percent on-year to KRW2.7 trillion, while
operating losses narrowed to KRW218.5 billion from KRW369.8
billion, Yonhap relays.

Yonhap adds that the shipper said it expects to have a tough second
half due to the impact of the ongoing U.S.-China trade war, while a
rise in fuel costs is also a concern.

Hyundai Merchant Marine Co., Ltd. -- http://www.hmm21.com/-- is a
Korea-based company specializing in the provision of shipping
services.  The Company provides its services under two main
segments: container and bulk.



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

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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Copyright 2019.  All rights reserved.  ISSN: 1520-9482.

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