TCRAP_Public/190909.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, September 9, 2019, Vol. 22, No. 180

                           Headlines



A U S T R A L I A

BOAB TREE: Second Creditors' Meeting Set for Sept. 13
CAMPFIRE AUSTRALIA: First Creditors' Meeting Set for Sept. 16
CAPRICORN YACHT: First Creditors' Meeting Set for Sept. 12
ELSMORE RESOURCES: Second Creditors' Meeting Set for Sept. 16
FARM WHOLEFOODS: ASIC Bans Director for Five Years

HOLDINGS (MRS) PTY: First Creditors' Meeting Set for Sept. 16
KAREN MILLEN: Australian Arm Enters Administration
KAREN MILLEN: First Creditors' Meeting Set for Sept. 16


C H I N A

DONGFENG PEUGEOT: Peugeot, Dongfeng Agree to Restructuring Plan


I N D I A

AASTHA FASHIONS: ICRA Maintains B+ Ratings in Not Cooperating
BABA AKHILA: ICRA Maintains 'D' Rating in Not Cooperating
BASHAR TECHNOLOGIES: Insolvency Resolution Process Case Summary
BHUSHAN POWER: Court Approves JSW Steel's Takeover Plan
CAPITAL GROWTH: Director Sentenced to Eight Years' Imprisonment

DEWAN HOUSING: Lenders Optimistic of Supporting Resolution Plan
EARTHCON INFRACON: Insolvency Resolution Process Case Summary
FINE FACETS: ICRA Keeps D on INR19cr Loans in Not Cooperating
FLEXITUFF VENTURES: ICRA Cuts Rating on INR289cr Loan to D
GANGA DIAGNOSTIC: ICRA Keeps B+ on INR13.9cr Loan in NonCooperating

GOMATHA COTTON: ICRA Keeps B on INR12cr Loans in Not Cooperating
ICED DESSERTS: ICRA Keeps D on INR15cr Debt in Not Cooperating
JYOTI VINCOM: ICRA Keeps B- on INR16.32cr Debt in Not Cooperating
K.R.K. EDUCATIONAL: ICRA Keeps C on INR30cr Debt in Not Cooperating
KAPRISA INT'L: ICRA Keeps D on INR8cr Loans in Not Cooperating

KARNIMATA COLD: ICRA Keeps B Debt Ratings in Not Cooperating
MAGADH PRECISION: ICRA Keeps D on INR75cr Loans in Not Cooperating
NATIONAL PLYWOOD: Insolvency Resolution Process Case Summary
NAVJIVAN COTTON: ICRA Reaffirms B+ Ratings on INR14.38cr Loans
PATWARI STEELS: ICRA Maintains 'D' Ratings in Not Cooperating

PRESCOT PRODUCTIONS: Insolvency Resolution Process Case Summary
PROGRESSIVE AUTOMOBILES: ICRA Moves B+ Ratings to Not Cooperating
RAHEJA DEVELOPERS: Insolvency Resolution Process Case Summary
RUCHI SOYA: NCLT Approves Patanjali's Resolution Plan
SANDOR MEDICAIDS: ICRA Lowers Rating on INR20cr Loan to 'D'

SHREE KHODIYAR: ICRA Keeps D on INR15cr Loan in Not Cooperating
SHREE RAM: ICRA Keeps B+ on INR15+cr Loan on Not Cooperating
SHREE SAI PRAKASH: Insolvency Resolution Process Case Summary
SHREE SAI ROLLING: Insolvency Resolution Process Case Summary
SHREE SAI SMELTERS: Insolvency Resolution Process Case Summary

SRI KARPAGAM: ICRA Keeps B+ on INR6cr Loans in Not Cooperating
SUPRIYA SPINNING: ICRA Keeps B Debt Ratings in Not Cooperating
TECHNOPAK ADVISORS: Insolvency Resolution Process Case Summary
THREE PLATINUM: Insolvency Resolution Process Case Summary
TODAY HOMES: Insolvency Resolution Process Case Summary

UNITED CONCEPTS: ICRA Keeps D Ratings in Not Cooperating
VIR ELECTRO: ICRA Maintains B- Debt Ratings in Not Cooperating
WARADE PACK: ICRA Maintains 'B' Debt Rating in Not Cooperating


S I N G A P O R E

ASTAKA HOLDING: Unit Gets Letters of Demand for SGD125.3MM

                           - - - - -


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

BOAB TREE: Second Creditors' Meeting Set for Sept. 13
-----------------------------------------------------
A second meeting of creditors in the proceedings of Boab Tree
Estate Vineyards Pty Ltd has been set for Sept. 13, 2019, at 10:00
a.m. at the offices of Woodgate & Co., Level 8, at 6-10 O'Connell
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 Sept. 12, 2019, at 10:00 a.m.


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


CAMPFIRE AUSTRALIA: First Creditors' Meeting Set for Sept. 16
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Campfire
Australia III Pty Ltd will be held on Sept. 16, 2019, at 2:00 p.m.
at the offices of Vincents, Level 14, MLC Centre, at 19-29 Martin
Place, in Sydney, NSW.  

Henry McKenna of Vincents was appointed as administrator of
Campfire Australia on Sept. 4, 2019.


CAPRICORN YACHT: First Creditors' Meeting Set for Sept. 12
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Capricorn
Yacht Repairs & Services Pty Ltd, trading as Springwood Marine,
will be held on Sept. 12, 2019, at 11:00 a.m. at the offices of SM
Solvency Accountants, at 10/144 Edward Street, in Brisbane,
Queensland.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Capricorn Yacht on Sept. 3, 2019.

ELSMORE RESOURCES: Second Creditors' Meeting Set for Sept. 16
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Elsmore
Resources Ltd has been set for Sept. 16, 2019, at 2:00 p.m. at
Level 5, 2 Barrack 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 Sept. 13, 2019, at 5:00 p.m.

Adam Edward Farnsworth of Farnsworth Carson was appointed as
administrator of Elsmore Resources on Aug. 12, 2019.


FARM WHOLEFOODS: ASIC Bans Director for Five Years
--------------------------------------------------
Australian Securities and Investments Commission (ASIC) has
disqualified Ms Elaine Ayoub, of Granville, New South Wales, from
managing companies for a period of five years. Ms Ayoub was a
director of seven companies that failed while owing the Australian
Taxation Office at least AUD1.3 million. The Farm Wholefoods Potts
Point Pty Ltd also failed owing employee entitlements. All seven
companies failed within the last seven years.

The seven companies were:

     * The Farm Wholefoods Potts Point Pty Ltd;
     * Sumbar Pty Ltd;
     * XXX Consulting Pty Ltd;
     * TFW Enterprise Pty Ltd;
     * ACN 609 906 158 Pty Ltd;
     * ACN 127 109 326 Pty Ltd; and
     * ACN 109 708 492 Pty Ltd.

In making its decision, ASIC found that Ms Ayoub:

     * Failed to ensure that three of the companies complied with
       their obligation to lodge documents such as BAS and income
       tax returns with the Australian Taxation Office;

     * Allowed two of the companies to trade whilst insolvent and
       incur debts totalling at least AUD150,000;

     * Failed to ensure two of the companies maintained adequate
       financial records;

     * Failed to assist Liquidators of three companies after their

       appointments by providing a Report on Company Activities
       and Property, formerly known as a Report as to Affairs, and

       company books and records; and

     * Failed to understand and discharge her duties as a
       director.

ASIC considers her most serious failure to be that she failed to
participate in the management of the companies at all.

In making its decision to disqualify Ms Ayoub, ASIC relied on
supplementary reports lodged by the Liquidators of The Farm
Wholefoods Potts Point Pty Ltd and Sumbar Pty Ltd, namely Andre
Lakomy and Jason Tang of Cor Cordis and Steven Gladman of Hall
Chadwick, respectively. ASIC assisted the Liquidators of The Farm
Wholefoods Potts Point Pty Ltd in preparing their supplementary
report by providing funding from the Assetless Administration
Fund.

The total amount of debts owed by the companies to creditors was in
excess of AUD2 million.

Ms. Ayoub's disqualification extends until Aug. 24, 2024.


HOLDINGS (MRS) PTY: First Creditors' Meeting Set for Sept. 16
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     -- Holdings (MRS) Pty Ltd
     -- Bachmann Plant Hire Pty. Ltd.
     -- Management Resource Solutions Pty Ltd
     -- MRS Property No 1 Pty Ltd
     -- MRS Services Group Pty Ltd

will be held on Sept. 16, 2019, at 11:00 a.m. at:

     * Newcastle City Hall
       290 King Street
       Newcastle, NSW

         -- and --

     * Ipswich Civic Centre
       50 Nicholas Street
       Ipswich, QLD

Sule Arnautovic, Bradd William Morelli and Trent Andrew Devine of
Jirsch Sutherland were appointed as administrators of Holdings
(MRS) and related entities on Sept. 4, 2019.

KAREN MILLEN: Australian Arm Enters Administration
--------------------------------------------------
Dominic Powell at The Sydney Morning Herald reports that the
Australian arm of UK fashion retailer Karen Millen has entered
administration and seven stores will close by the end of September
across Victoria, New South Wales and South Australia.

Deloitte Australia was appointed administrator on Sept. 4, SMH
discloses.

Designer and business owner Karen Millen founded the eponymous
mid-to-upmarket women's fashion brand in 1981. It was launched in
Australia in 2004, the same year Ms Millen sold the company to
Icelandic company Mosaic Fashions.

Last month, the London-based company was placed into administration
amid a tough retail environment after efforts earlier in the year
to sell the business, SMH recalls.

Its online operations were bought out of administration by online
women's fashion retailer Boohoo for GBP18 million (AUD32.1
million), with the company unable to find a buyer for the entire
business, the report says.

According to the report, Deloitte's Tim Norman said the company's
Australian arm turned over about AUD19 million last financial year
and employed 80 workers, many of them casual.

"With the UK business now sold and the label withdrawing from
Australia, we expect to wind down the business here and
progressively close all stores in the coming weeks," the report
quotes Mr. Norman as saying.

SMH relates that Mr. Norman said shoppers could "expect some
bargains" with the store holding a 75 per cent off closing down
sale.

Karen Millen operated stores in Melbourne's DFO South Wharf,
Emporium, Chadstone and Doncaster; QVB and Chatswood Chase in
Sydney and Burnside Village in Adelaide. It also had eight
concession stores within David Jones and Myer across Sydney,
Melbourne, Brisbane and Perth.

Customers who hold Karen Millen gift cards or are members of its
loyalty program will have their benefits honoured, the
administrators, as cited by SMH, said.


KAREN MILLEN: First Creditors' Meeting Set for Sept. 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Karen Millen
Australia Pty Ltd will be held on Sept. 16, 2019, at 11:00 a.m. at
the offices of Deloitte Financial Advisory Pty Ltd, Level 10, at
550 Bourke Street, in Melbourne, Victoria.  

Richard John Hughes of Deloitte Financial Advisory was appointed as
administrator of Karen Millen on Sept. 4, 2019.




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

DONGFENG PEUGEOT: Peugeot, Dongfeng Agree to Restructuring Plan
---------------------------------------------------------------
Reuters reports that Peugeot automaker PSA Group and its Chinese
partner Dongfeng Group have hammered out a plan to restructure
their joint venture operations, slashing costs in the short term
and aiming to boost annual sales to 400,000 vehicles by 2025, PSA
said on Sept. 5.

According to Reuters, Dongfeng Peugeot Citroen Automobiles (DPCA),
the joint venture based in Wuhan, central China, plans to reduce
the break-even point to below 180,000 vehicles in 2019 and further
reduce to below 150,000 vehicles between 2020 and 2021, according
to a post on PSA's social media account in China.

Reuters relates that the 27-year-old venture will start to
consolidate manufacturing resources, dispose of idle assets,
improve system efficiency and launch more models in China,
according to the post. The goal is to revive annual sales to around
250,000 units between 2020 and 2021, and 400,000 units by 2025, it
said.

Dongfeng Peugeot sold around 250,000 vehicles in China last year,
the report discloses.

PSA is attempting a reboot under tough conditions in the world's
largest vehicle market, once an auto industry cash cow. The Chinese
market contracted last year for the first time since the 1990s and
is expected to decline another 5% in 2019, squeezed by a trade
tension between China and United States.

Peugeot is one of several global automakers, including Ford Motor
Co, that have been forced to retrench as sales in China have
tumbled, Reuters discloses.

Dongfeng Peugeot plans to launch 14 new models in China over the
next three years. After 2020, every new model will have an
electrified version that qualifies as a “new energy vehicle”
under Chinese regulations, the post said, Reuters relays.

A document seen by Reuters in July showed the joint venture plans
to halve workforce and drop two of four shared assembly plants in
China.




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

AASTHA FASHIONS: ICRA Maintains B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR8.92 crore bank facility of Aastha
Fashions Pvt. Ltd. continues to remain under 'Issuer Not
Cooperating' category. The rating continues to be denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term, fund        6.00      [ICRA]B+(Stable) ISSUER NOT
   based: Cash Credit               COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Long-term, fund        2.92      [ICRA]B+(Stable) ISSUER NOT
   based: Term Loan                 COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Short-term, non-      (2.00)     [ICRA]A4 ISSUER NOT
   fund based^                      COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

^ sub-limit under cash credit facility

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.

Founded in 2002, Aastha Fashions Pvt. Ltd. (AFPL) is engaged in the
fabric processing business, mainly in printing greige fabric
(sarees and dress material) on a job-work basis. It has a fabric
processing facility at Surat, Gujarat. AFPL's clientele provide the
fabric and it processes the same in-house. The major raw materials
used are colors and chemicals, which the company procures locally.
AFPL markets its products directly to its customers, and mainly
operates in the domestic market in Surat.

BABA AKHILA: ICRA Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR38.80 crore bank facilities of Baba
Akhila Sai Jyothi Industries Private Limited (ASJIPL) continues to
remain under 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      18.00      [ICRA]D ISSUER NOT COOPERATING;
   Based/CC                       Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term-Fund      12.35      [ICRA]D ISSUER NOT COOPERATING;
   Based TL                       Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-Non       8.45      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                     Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Incorporated in May 2005, Baba Akhila Sai Jyothi Industries Private
Limited (BASJIPL) is into manufacturing of sponge iron. The sponge
iron plant is located at village Chikka Bagnal in Koppal district
of Karnataka and the plant commenced operations from April 2009.
The installed capacity of the plant was 100TPD which was increased
to 200 TPD from April 2011. The company s managed by Mr. V Krishna
Murthy who has more than 15 years of prior experience in the sponge
iron industry.


BASHAR TECHNOLOGIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Bashar Technologies Private Limited
        R-652, Second Floor
        New Rajendra Nagar
        New Delhi 110060

Insolvency Commencement Date: August 26, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 22, 2020

Insolvency professional: Arti Baluja

Interim Resolution
Professional:            Arti Baluja
                         H-34/100, Sector-3
                         Rohini, New Delhi 110085
                         E-mail: ca.artibaluja@gmail.com
                                 irpbashar@gmail.com

Last date for
submission of claims:    September 9, 2019


BHUSHAN POWER: Court Approves JSW Steel's Takeover Plan
-------------------------------------------------------
Reuters reports that an Indian court on Sept. 5 cleared JSW Steel
Ltd's takeover plan for debt-ridden Bhushan Power and Steel,
bringing an end to a bankruptcy case that has dragged on over two
years.

Reuters relates that the move paves the way for JSW Steel, which
has the biggest steel capacity in India, to take control of a steel
asset in the east of the country where rival Tata Steel Ltd and
Steel Authority of India Ltd have long dominated.

The National Company Law Tribunal (NCLT) in New Delhi said it
approved the debt resolution plan of JSW Steel, Reuters discloses
citing a copy of the judgment.

The ruling means JSW Steel can make its first major steel company
acquisition under a new bankruptcy regime in India, where
competition for cheap assets has been stiff between local rivals
and global majors, the report states.

According to Reuters, ArcelorMittal has also been entangled in
court cases about two years and is awaiting a final order to
acquire Essar Steel, which has a 10 million tonne-a-year plant that
was one of the biggest steel assets to become available under new
bankruptcy laws.

India's Punjab National Bank initiated criminal proceedings against
the former board of directors of Bhushan Power after the bank
discovered a INR38 billion (US$529 million) fraud in the account of
the company, Reuter says.

Reuters adds that the NCLT said investigations and any subsequent
criminal proceedings would not affect the resolution plan of JSW
Steel, which had asked for immunity from the fraud case.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and cold
rolled products; and long products, including iron making and
sponge iron products. The company also provides steel pipes, hollow
steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings, according to
LiveMint.com. Barring Era Infra Engineering Ltd, petitions have
been admitted in all other cases, LiveMint.com notes.


CAPITAL GROWTH: Director Sentenced to Eight Years' Imprisonment
---------------------------------------------------------------
Bradley Keith Silver, former Gold Coast director and property
developer, has been sentenced to eight years' imprisonment for
dishonesty offences totalling over AUD4.7 million, following an
Australian Securities and Investments Commission investigation.

Between July 2008 and July 2010, Mr. Silver dishonestly induced
Westpac Banking Corporation to deliver property in the amount of
AUD2,763,000 to Westpac customers for investing in Capital Growth
International Club Pty Ltd (CGIC) and All About Property Pty Ltd
(AAPD) ('the Scheme Companies').

ASIC's investigation further revealed that between April 2009 and
May 2010, Mr. Silver, while a director of CGIC and associated with
AAPD, dishonestly used his position with the intention of causing a
detriment in the amount of AUD2,015,000.

In February 2011, the Scheme Companies were placed into liquidation
owing investors approximately AUD9 million. Many of the investors
were pensioners and were approached by telemarketing or word of
mouth. Investors were convinced to borrow against their homes and
were told that their money would be used to develop property in
Tasmania. Instead, the money paid by investors was used to pay back
interest owed to other investors, payments to employees, cash
withdrawals and transfers to personal bank accounts.

In delivering the sentence, Judge Deborah Richards described Mr.
Silver as running a sophisticated scheme involving 'calculated
dishonesty . . . The ripple effect of your actions has been
enormous,' she said, condemning Silver's use of 'callous
manipulation and deception.'

'Bradley Silver deliberately targeted the elderly, promised
investors up to 20 per cent returns and convinced investors to
borrow against their homes, which in many cases, was their only
financial asset. ASIC will continue to pursue such deliberate and
harmful conduct,' said ASIC Commissioner Sean Hughes.

Retired NSW Nationals Senator John Williams raised concerns about
reverse mortgages with Westpac, highlighting the behavior of
Bradley Silver and David St Pierre, during a Senate enquiry in
2012. Senator Williams said of Bradley Silver's sentencing: 'I'm
glad that some of the victims of Bradley Silver got to see justice
done today. It's been a long road, but it was clear from the start
that Silver and his acquaintances were taking advantage of the
elderly. In my opinion, it was an investment scheme destined to
fail.'

The court set Mr. Silver a non-parole period of two and half years.


On March 28, 2019, Mr. Silver pleaded guilty in the Brisbane
District Court to seven counts of fraud to the value of
AUD2,763,000 and six counts of dishonestly using his position as a
director of CGIC and AAPD, a company with which he was associated,
in the amount of AUD2,015,000.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

ASIC investigations into The Scheme Companies are ongoing.

Between 2008 and 2010 Mr. Silver was the director of CGIC, a Gold
Coast property development company and associated with AAPD, which
provided property rental services.

Mr. Silver engaged the services of David St Pierre, a Westpac Home
Finance Manager at the Broadbeach branch, to arrange loans for some
people to invest in the Scheme Companies.

ASIC's investigation found that Mr. Silver furnished Westpac Home
Finance Manager, Mr. St Pierre, with CGIC letters falsely
certifying that the loan applicant had a pre-existing investment
with CGIC and was earning monthly interest.  Mr. St Pierre used the
false income amounts in CGIC letters to approve the loan. The loan
funds were then invested with the Scheme Companies.

On Feb. 9, 2017, Mr. St Pierre was sentenced to three years'
imprisonment after pleading guilty to dishonest use of his
position. ASIC permanently banned Mr. St Pierre from engaging in
credit activities and providing financial services on March 12,
2014.


DEWAN HOUSING: Lenders Optimistic of Supporting Resolution Plan
---------------------------------------------------------------
BloomberQuint reports that debt-ridden mortgage lender Dewan
Housing Finance Corporation Ltd. has said lenders are optimistic of
supporting a resolution plan that will ensure a positive outcome
for all.

The consortium of 31 lenders led by Union Bank of India is still
working on the resolution, the report says.

According to BloomberQuint, DHFL has become the poster boy of the
non-banking financial company crisis that afflicted the financial
sector after the infrastructure lender IL&FS went belly up last
September.

"As we concluded the financial year 2018-19, the search to bring in
an equity partner with a strong interest in continuing with the
growth of our retail business has reached a promising phase," DHFL
said in its annual report 2018-19," DHFL, as cited by,
BloomberQuint, said.

"Lenders are optimistic of supporting the resolution plan that will
ensure a positive outcome for all. We are optimistic of getting the
company back on the path of glory while retaining the trust your
company has witnessed," it said.

It further said the company will originate all future loans with a
strong focus on securitisation, which will be the thrust of its
future growth, BloomberQuint relays.

Cross-sell will continue to remain yet another area of strength and
the company will build some strong product offerings to supplement
customers' needs, it said.

For the financial year 2018-19, DHFL posted a loss of INR1,036
crore. It logged a profit of INR1,240 crore in 2017-18, the report
discloses.

Meanwhile, the company defaulted on interest payment of some of
debentures which was due on Sept. 3, adds BloomberQuint.

                         About Dewan Housing

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

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


EARTHCON INFRACON: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Earthcon Infracon Private Limited

        Registered office:
        T-17, DDA Flats
        Sector 7, Jasola Vihar
        New Delhi 110025

        Also at:
        B-11, Sector 1
        Noida, Gautambudh Nagar
        Uttar Pradesh 201309

Insolvency Commencement Date: August 23, 2019

Court: National Company Law Tribunal, Bench-IV, New Delhi

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

Insolvency professional: Rukhsana Choudhury

Interim Resolution
Professional:            Rukhsana Choudhury
                         1080/1 Mehrauli, 3rd floor
                         New Delhi 110030
                         E-mail: rukhsanac@gmail.com
                                 cirp.earthcon@gmail.com

Last date for
submission of claims:    September 7, 2019


FINE FACETS: ICRA Keeps D on INR19cr Loans in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR14.00 crore bank facilities of
Fine Facets Private Limited (Fine Facets) continue to remain in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based:        5.00#      [ICRA]D ISSUER NOT COOPERATING;
   Packing credit                Rating continues to remain in
   Limits                        the 'Issuer Not Cooperating'
                                 category

   Fund based:        9.00#      [ICRA]D ISSUER NOT COOPERATING;
   Post shipment                 Rating continues to remain in
   credit limits                 the 'Issuer Not Cooperating'
                                 category

   Non-fund based:    5.00#      [ICRA]D ISSUER NOT COOPERATING;
   Foreign letter                Rating continues to remain in
   of credit                     the 'Issuer Not Cooperating'
   interchangeable               category
   limits             
                                 
# Working capital limit ceiling and total limit rated is INR14.00
crore

The rating is based on limited information on the entity's
performance since the time it was last rated in November 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

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

Incorporated in 2005, Fine Facets India Pvt. Ltd. (Fine Facets) is
engaged in trading certified and uncertified cut and polished
diamonds primarily for exports. The company has its marketing
office in Opera House, Mumbai.


FLEXITUFF VENTURES: ICRA Cuts Rating on INR289cr Loan to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Flexituff Ventures International Limited (FVIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term loan            37.00      Downgraded to [ICRA]D from
                                   [ICRA]C

   Fund-based-
   Cash credit         289.00      Downgraded to [ICRA]D from
                                   [ICRA]C

   Non-fund based      293.00      Downgraded to [ICRA]D from
                                   [ICRA]A4

Rationale

The ratings downgrade is on account of the devolvement of Letter of
credit facility (LC) which has remained unpaid for more than 20
days beginning August 2019 and is continuing as on date. The
devolvement of LCs is on account of discontinuation of
interchangeability of facility from Bank Guarantee to LC facility
by one of the lender coupled with stretched liquidity owing to
longer credit period offered to customers and high level of
receivables stuck with the Government, almost full utilization of
working capital limits besides deterioration in profitability. The
weak liquidity had earlier led to irregularities in servicing of
term loans raised from IFCI Limited and IFCI Capital Venture Funds
Limited. These loan facilities are not rated by ICRA. The company
has also not been able to raise the envisaged equity funds so far
that were to be utilised to retire its Foreign Currency Convertible
Bonds (FCCB).

ICRA's last rating rationale can be accessed here
Outlook: Not Applicable
Key rating drivers

Credit strengths

Established market position and long track record in FIBC industry
- The company has a long and established track record in the FIBC
market and is one of the leading players in the domestic market.
Although the domestic demand is still in its growth stage and is
mainly from industries like fertilizers, cement, petrochemicals and
raw salt, the company's sales are mainly focused on exports to
Europe, UK and USA. FVIL is particularly strongly placed to meet
export demand in FIBC applications for food and pharma user
industries where quality parameters are stringent. The company is
currently operating its FIBC capacities at healthy utilisation
levels.

Credit challenges

Deterioration in company's financial profile – The company's
profitability weakened in FY2019 owing to increase in its raw
material costs due to supply side issues that were subsequently
corrected in H2 FY2019. The company thus reported
net losses during FY2019. The company's gearing levels remain high
on account of debt-funded capex and subsequent inability to raise
equity funds in a timely manner. The company's working capital
requirements have also remained high and in absence of adequate
working capital bank limits, the company has not been able to ramp
up its geo-textiles division in the planned manner.

High working capital intensity - The credit period offered to
customers (FIBC exports) varies between 1-6 month (about 50-60% of
FIBC exports are with 180 days of credit period). In the
geo-textile division, the company had undertaken various government
projects where the credit period became significantly high besides
which a significant amount is still pending. During FY2019, the
company has strategically reduced the exposure in government
projects owing to the tight liquidity position. The company
receives a credit period of 90 days on the purchases backed by LCs.
Overall, the working capital intensity remains high in the
business.

Exposed to input price fluctuation as well as forex fluctuation
risks – The company's profitability is exposed to the movement in
the prices of polypropylene, which is the key raw material and has
displayed volatile price movements in the past. The company earns
most of its revenues in USD terms owing to the export-oriented
nature of business and is thus, exposed to the movement in the
forex rates.

Liquidity Position:

The liquidity of the company remains stretched with elongated
working capital cycle and almost complete utilisation of working
capital bank limits during past one year. The company has also
witnessed irregularities in servicing of its term loans to some
lenders due to the weak liquidity profile. The debt repayments for
the company would increase in the current year as it would also
have to service its FCCB obligations and thus its ability to raise
additional financing in a timely manner remains important.

Flexituff Ventures International Limited (FVIL) was formed in 1966
as a partnership firm. Subsequently, the firm was converted into a
private limited company in 1985 and the company got listed on the
Indian Bourses in 2011. FVIL is engaged in the business of
manufacturing Flexible Intermediate Bulk Container (FIBC), reverse
printed Biaxially-Oriented Polypropylene (BOPP) woven bags, Leno
Bags (small packaging bags, primarily for domestic markets),
geotextile fabrics and ground cover (used for prevention of
landslides, control of soil erosion and river bank protection) and
polymer compounds (used for wires and cables) and drippers. The
main product of the company is FIBC, which is used in bulk
packaging and transportation requirement for multiple industries
like cement, chemical, pharmaceutical, food processing consumer
goods, sugar and meat products. The company has two manufacturing
facilities, located at Pithampur (Madhya Pradesh) and Kashipur
(Uttarakhand), and two wholly-owned subsidiaries in U.K. and the
USA. The manufacturing facility at Kashipur commenced operations in
December 2015 and has a capacity of 22,000 metric tonne per annum
(MTPA).


GANGA DIAGNOSTIC: ICRA Keeps B+ on INR13.9cr Loan in NonCooperating
-------------------------------------------------------------------
ICRA said the rating for the INR13.99 crore bank facilities of
Ganga Diagnostic & Medical Research Centre Pvt. Ltd. continues to
remain under 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      13.99      [ICRA]B+ (Stable) ISSUER NOT
   Based TL                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2010, Ganga Diagnostic and Medical Research Centre
Private Limited (GDMRCPL) provide radiology and pathology
diagnostic services in Raipur. The diagnostic service centre
started its commercial operations in 2012. Mr. Subhash Agarwal and
Mr. Ashok Agarwal, Raipur-based promoters of the company, are also
part of the Vandana Group of Companies, which is involved in the
steel-manufacturing business.


GOMATHA COTTON: ICRA Keeps B on INR12cr Loans in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR12.00 crore bank facilities of
Gomatha Cotton Industries (GCI) continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       8.00      [ICRA]B (Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-Fund       4.00      [ICRA]B (Stable) ISSUER NOT
   Based TL                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Gomatha Cotton Industries (GCI) is a partnership firm set up in
April 2016 by Mr Gunda Srinivas and Mr Gourishetty Srinivas along
with 13 other partners. The firm is planning to set up cotton
ginning and pressing unit in Husnabad, Karimnagar with 44 ginning
machines for producing cotton bales. The partners of the firm have
prior experience in the cotton ginning industry and have planned to
set up their own ginning unit. The Rs 9.51 Crore project will be
funded by Rs 5 Crore partner's capital and Rs 4 Crore term loans.


ICED DESSERTS: ICRA Keeps D on INR15cr Debt in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR15.00 crore bank facilities of Iced
Desserts & Food Parlours (India) Private Limited continues to
remain under 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-Fund     15.00      [ICRA]D ISSUER NOT COOPERATING;
   Based TL                      Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

ICED was established in 1994 and is a part of the N. R. Group of
Companies promoted by Mr. Neeraj Rawal. The company was engaged in
Super Distributorship of Kingfisher beer brand of UBL for entire
Maharashtra except Mumbai. The company has two warehouses situated
in Aurangabad and Ambarnath having capacity of 50,000 and 80,000
cases respectively. With effect from April 1, 2016, ICED have be
appointed as a Commission Agent by United Breweries Ltd which is
change from earlier role as Super distributors for the region of
Maharashtra except Greater Mumbai. Hence since this change there
would be no sales and purchases in their books of account and they
would get only commission income once a month.


JYOTI VINCOM: ICRA Keeps B- on INR16.32cr Debt in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR16.50crore bank facilities of Jyoti
Vincom Private Limited continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B-
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       7.10      [ICRA]B- (Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-Fund       8.82      [ICRA]B- (Stable) ISSUER NOT
   Based TL                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-Non       0.18      [ICRA]A4 ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/Short      0.40      [ICRA]B- (Stable)/[ICRA]A4
   Term-Unallocated               ISSUER NOT COOPERATING; Rating
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

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

Incorporated in February 2009, Jyoti Vincom Private Limited (JVPL)
is promoted by the West Bengal-based Kundu family.The company
provides cold-storage facility to potato-growing farmers and
traders on a rental basis with a storage capacity of 19,668 metric
tonnes (MT). The company also provides a multipurpose storage
facility of 5,010 MT for storing different variety of fruits and
vegetables like carrot, beet, apples, etc. The cold-storage unit is
located at Hooghly, West Bengal.

K.R.K. EDUCATIONAL: ICRA Keeps C on INR30cr Debt in Not Cooperating
-------------------------------------------------------------------
ICRA said the ratings for the INR30.00-crore bank facilities of
K.R.K. Educational Trust (KRK) continue to remain in the 'Issuer
Not Cooperating' category. The long-term rating is denoted as
"[ICRA]C; ISSUER NOT COOPERATING". ICRA had earlier moved the
ratings of KRK to the 'ISSUER NOT COOPERATING' category due to
non-submission of monthly 'No Default Statement' by the entity.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term-Fund-     30.00     [ICRA]C; ISSUER NOT COOPERATING;
   based term loan               Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

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

K.R.K Educational Trust is an educational and charitable trust
established in 2007 to impart professional education to students in
Tamil Nadu. The trust owns and manages 'OAS Institute of Technology
and Management', situated in Pulivalam Village near Tiruchirapalli,
Tamil Nadu. The trust is promoted by Dr. K.R. Ilanghovan, Mrs. I.
Rajalakshmi and Mr. K. Ramajayam. The trustees have more than 30
years of professional experience. Mr. K.R. Ilanghovan is also the
founder of two technology companies - Omne Agate Systems Private
Limited and OAS Digital Infrastructure Private Limited, which are
mainly engaged in providing solutions to the energy sector.


KAPRISA INT'L: ICRA Keeps D on INR8cr Loans in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR6.00 crore bank facilities of
Kaprisa International Private Limited (Kaprisa) continue to remain
in the 'Issuer Not Cooperating' category. The ratings are now
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based:        3.00#      [ICRA]D ISSUER NOT COOPERATING;
   Packing credit                Rating continues to remain in
   Limits                        the 'Issuer Not Cooperating'
                                 category

   Fund based:        5.00#@     [ICRA]D ISSUER NOT COOPERATING;
   Post shipment                 Rating continues to remain in
   credit limits                 the 'Issuer Not Cooperating'
                                 category

# Fund based limit ceiling and total amount rated is INR6.00
   crore

@ Consists advance against direct bills sub-limit of INR2.50
   crore and foreign letter of credit sub-limit of INR1.50 crore
   rated [ICRA]D ISSUER NOT COOPERATING on the short-term scale

The rating is based on limited information on the entity's
performance since the time it was last rated in November 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

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

Incorporated in 1999, Kaprisa is engaged in manufacturing and
exporting studded gold jewellery, studded platinum jewellery, plain
gold and platinum mounted jewellery, as well as studded silver
jewellery. Kaprisa is a 100% export-oriented unit with its
marketing and administrative office as well as its manufacturing
unit located in the Special Economic Zone (SEZ) at SEEPZ, in
Andheri, Mumbai.


KARNIMATA COLD: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR12.00 crore bank facilities of
Karnimata Cold Storage Limited (Erstwhile Karnimata Cold Storage
Private Limited) continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable)/[ICRA]A4 ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       7.22       [ICRA]B (Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-Fund       4.58       [ICRA]B (Stable) ISSUER NOT
   Based TL                        COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-Non       0.20       [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Karnimata Cold Storage Limited (Erstwhile Karnimata Cold Storage
Private Limited) (KCSL) had set up its cold storage unit at West
Medinipur, West Bengal in 2012, to carry out the business of
storage and preservation of potatoes. KCSL has a storage capacity
of 25,814 metric tonnes (MT) at present.


MAGADH PRECISION: ICRA Keeps D on INR75cr Loans in Not Cooperating
------------------------------------------------------------------
ICRA said the rating for INR75-crore bank facility of Magadh
Precision Equipment Limited (MPEL) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D
ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based         50.00      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain in
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund Based     25.00      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain in
                                 'Issuer Not Cooperating'
                                 Category

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

MPEL was incorporated in 1986 and is engaged in manufacturing and
export of capital equipment's to the metal processing industry. The
product portfolio of the company includes: Galvanizing lines, Hot
and Cold Rolling Mills and Slitting lines. The products find
application in the steel industry. The manufacturing unit of the
company is located in Dewas, Madhya Pradesh spread over 12,000
square meters area.


NATIONAL PLYWOOD: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: National Plywood Industries Ltd.
        Registered office:
        Makum Pathar, Margherita
        Tinsukia, Assam 786187

Insolvency Commencement Date: August 26, 2019

Court: National Company Law Tribunal, Guwahati Bench

Estimated date of closure of
insolvency resolution process: February 22, 2020

Insolvency professional: Mr. Sandeep Khaitan

Interim Resolution
Professional:            Mr. Sandeep Khaitan
                         Sanmati Plaza, 2nd floor
                         Christian Basti, G S Road
                         Guwahati, Assam 781005
                         E-mail: khaitansandeep@gmail.com
                                 ibc.nationalply@gmail.com

Last date for
submission of claims:    September 9, 2019


NAVJIVAN COTTON: ICRA Reaffirms B+ Ratings on INR14.38cr Loans
--------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Navjivan
Cotton Industries (NCI), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based
   Term Loans           2.63      [ICRA]B+ (Stable); Reaffirmed

   Fund-based
   Cash Credit         11.75      [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating reaffirmation factors in the weak financial profile of
Navjivan Cotton Industries (NCI), characterised by thin
profitability margins and average debt coverage indicators. The
rating continues to take into account the limited value addition in
the cotton ginning business, the commoditised nature of products
and the vulnerability of its profitability to adverse movements in
cotton prices, which are subject to seasonality and crop harvest.
The firm's operations are also exposed to regulations governing the
industry such as restrictions on cotton exports and the minimum
support price (MSP). ICRA also notes the highly fragmented nature
of the industry, due to a large number of manufacturers, which
coupled with the low-entry barriers have led to intense competition
the sector. Further, the rating considers the potential adverse
impact on its net worth and gearing levels in case of any
substantial withdrawal from the capital accounts, given NCI's
constitution as a partnership firm.
The rating, however, continues to favourably factor in the
extensive experience of its promoters in the cotton ginning
industry, its reputed clientele limiting the counter party credit
risk and the proximity of NCI's manufacturing unit to raw material
sources, resulting in an easy procurement of quality raw material.

Outlook: Stable

ICRA believes NCI will continue to benefit from the past experience
of its partners in the cotton industry. The outlook may be revised
to Positive if it achieves substantial improvement in profitability
indicators or if a better working capital management strengthens
the overall financial risk profile. The outlook may be revised to
Negative if the firm reports substantial de-growth in its scale and
profitability leading to inadequate net cash accruals or if any
debt-funded capital expenditure or significant capital withdrawal,
which may weaken its overall liquidity position.

Key rating drivers

Credit strengths

Extensive experience of the partners in the cotton industry – NCI
was established in 2013 by partners having extensive experience
through their association with other entities in the cotton
business. The firm's customer base comprises reputed players such
as Arvind Limited, P. D. Sekhsaria Trading Co. Pvt. Ltd and
Panasian Impex Pvt. Ltd which limits the counter party credit
risk.

Location-specific advantage – The firm benefits in terms of lower
transportation cost and an easy access to quality raw material, due
to its proximity to raw material suppliers.

Credit challenges

Weak financial risk profile – NCI's financial risk profile
remains weak as reflected by its thin profitability margins
(Operatign margins at 1.08% in FY2019) and average coverage
indicators (TD/OPBDITA at 7.04 times, interest coverage at 2.12
times and NCA/Debt at 6% for FY2019). Owing to a high debt level
and a lower net-worth base, the capital structure remained
leveraged, with a gearing of 1.29 times and TOL/ TNW of 1.44 times
as on March 31, 2019.

Profitability remains vulnerable to agro-climatic condition and
regulatory changes – The cotton ginning business is low value
additive in nature. The profit margins for this industry are
exposed to fluctuations in the raw material (raw cotton) prices,
which depend upon various factors like seasonality, climatic
conditions, international demand and supply situation, export
policy, etc. Further, it is also exposed to the regulatory risks
with regards to the MSP set by the Government.

Intense competition – The firm faces stiff competition from other
small and unorganised players in the industry, which limits its
bargaining power with customers and suppliers and hence, exerts
pressure on its margins.

Liquidity position:

The fund flow from operations remained positive, the cash flow from
operations, however, turned negative in FY2018 and FY2019 due to
high incremental working capital requirements given the increase in
working capital intensity. The firm's liquidity position remains
weak, adequate with average utilization of ~32% of working capital
bank limits for the last ten months and no outstanding term debt
repayment.

Established in August 2013 as a partnership firm, NCI commissioned
operations on February 10, 2014 and is involved in ginning and
pressing of raw cotton to produce cotton bales and cottonseeds. It
is promoted by Mr. Usman Kadiwar, along with his family members,
who have an experience of around a decade in the cotton ginning
industry vide their association with another firms involved in the
same line of business.

PATWARI STEELS: ICRA Maintains 'D' Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR13.70 crore bank facilities of
Patwari Steels Private Limited continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

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

   Long Term-Fund       0.81      [ICRA]D ISSUER NOT COOPERATING;
   Based TL                       Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Short Term-          0.72      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                     Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term/Short      1.17      [ICRA]D/[ICRA]D ISSUER NOT
   Term-Unallocated               COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1981, PSPL manufactures MS ingots and TMT bars with
annual installed capacity of 16,000 metric tonnes and 33,000 metric
tonnes, respectively. The manufacturing units are in Patna, Bihar.

PRESCOT PRODUCTIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Prescot Productions Pvt Ltd
        No. 190, Tiny Sector
        SIDCO Industrial Estate
        Ambattur, Chennai 600098

Insolvency Commencement Date: August 23, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Mr. Pathukasahasram Raghunathan Raman

Interim Resolution
Professional:            Mr. Pathukasahasram Raghunathan Raman
                         Flat 'C' Ground Floor
                         Srishas Kamalam Apartment
                         #93, Sivan Koil South Street
                         Vadapalani, Chennai 600026
                         E-mail: ramann_pr@yahoo.co.in
                                 prramancirp@gmail.com

Last date for
submission of claims:    September 5, 2019


PROGRESSIVE AUTOMOBILES: ICRA Moves B+ Ratings to Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for the INR17.00 crore bank facilities of
Progressive Automobiles Private Limited moved to 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      9.70       [ICRA]B+ (Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating moved to
                                  issuer not cooperating
                                  category

   Long Term/Short     7.30       [ICRA]B+ (Stable)/[ICRA]A4
   Term-Unallocated               ISSUER NOT COOPERATING;
                                  Rating moved to issuer not
                                  cooperating category

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

Incorporated in August, 2015, Progressive Automobiles Private
Limited (PAPL) is a sole authorised dealer of Tata Motors Limited
(TML) in Tripura and deals in the entire range of commercial
vehicles manufactured by TML. The company commenced its operations
in February 2016 with a 3S (sales-service-spares) facility in
Agartala. The workshop facility of the company houses 11 workshop
bays and two accident bays. In addition to this, PAPL also operates
five customer touch-points across Tripura.

RAHEJA DEVELOPERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Raheja Developers Limited
        Registered office:
        W4D, 204/5, Keshav Kunj Cariappa Marg
        Western Avenue, Sainik Farms
        New Delhi 110062

Insolvency Commencement Date: August 20, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: February 16, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Jitesh Gupta

Interim Resolution
Professional:            Mr. Jitesh Gupta
                         257, Vardhman City Center
                         Near Shakti Nagar Under Bridge
                         Gulabi Bagh, Delhi 110052
                         E-mail: jitesh@jkgupta.com
                                 cirp.raheja@gmail.com

                            - and -

                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

Classes of creditors:    Allotee under the Real Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Mukul Kumar
                         D-3/1304, The Legend
                         Sushant Lok Phase 3
                         Sector 57, Gurgaon
                         Haryana 122011
                         E-mail adv.mksingh@gmail.com

                         Mr. Parveen Kumar Garg
                         105-b/2, Pal Mohan Plaza
                         D.b. Gupta Road
                         Karol Bagh, New Delhi
                         National Capital Territory of Delhi
                         110005
                         E-mail: pkgcosec@rediffmail.com

                         Mr. Alok Kumar Kuchhal
                         C-154, Sector-51
                         Noida, Uttar Pradesh 201301
                         E-mail: akkuchhal.ip@gmail.com

Last date for
submission of claims:    Septemebr 9, 2019


RUCHI SOYA: NCLT Approves Patanjali's Resolution Plan
-----------------------------------------------------
BloomberQuint reports that the National Company Law Tribunal (NCLT)
has approved the resolution plan submitted by Yoga guru Ramdev-led
Patanjali for the debt-ridden Ruchi Soya.

A two-member Mumbai NCLT bench, comprising Rajesh Sharma and VP
Singh, approved the resolution plan after observing that all
eventuality has been discussed by it, BloomberQuint relates.

"It is also to be clarified that every eventuality has been
discussed in the approved resolution plan, and in implementation of
the resolution plan circumstances may arise for which clarification
can be sought by the monitoring agency for effective implementation
of the plan," said the NCLT, BloomberQuint relays.

It further said: "In the circumstances, we hereby approve the
resolution plan."

According to BloomberQuint, the NCLT also ordered the registrar to
"immediately communicate this order to the resolution professional,
resolution applicant, corporate debtor and IBBI".

Ruchi Soya owes over INR9,345 crore to financial creditors led by
State Bank of India, which has an exposure of INR1,800 crore,
followed by Central Bank at INR816 crore, Punjab National Bank at
INR743 crore and StanChart at INR608 crore and DBS at INR243 crore,
BloomberQuint discloses. Thus the resolution comes at over INR60
per cent haircut to the lenders, the report notes.

                         About Ruchi Soya

Indore-based Ruchi Soya Industries has manufacturing plants and its
leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and
Ruchi Gold.

The company entered into the corporate insolvency resolution
process in December 2017 and Shailendra Ajmera of EY was appointed
as the resolution professional.

Ruchi Soya is part of the second list of 28 defaulters the Reserve
Bank of India flagged for resolution.  On December 2, the NCLT
bench admitted the company for insolvency resolution process under
the IBC.  The company owes more than INR12,000 crore to various
entities.


SANDOR MEDICAIDS: ICRA Lowers Rating on INR20cr Loan to 'D'
-----------------------------------------------------------
ICRA has downgraded the long-term rating assigned to Rs 20.00 crore
Non-Convertible Debentures of Sandor Medicaids Private Limited
(SMPL) to [ICRA]D from [ICRA]BB- (Negative). The rating action
follows the delay in servicing of its interest and principal
obligation on the Non-convertible debentures within the due date.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible     20.00       [ICRA]D; downgraded from
   Debentures                      [ICRA]BB- (Negative)

Rationale

The downgrade in the rating reflects irregularities in debt
servicing by the company owing to stretched liquidity position of
the company.

Material Event

Sandor Medicaids Private Limited (SMPL) has delayed in making
principal and interest payment on its Non-Convertible Debentures
due on August 24, 2019. The company had sought the deferment of
payment, which was received post due date.

Outlook: Not Applicable

Key rating drivers

Credit weaknesses

Stretched liquidity position - The liquidity position of the
company has been stretched owing to high inventory and receivables
position.

Irregularities in debt servicing - The company has failed to
service the debt obligation on time on account of stretched
liquidity position of the company.


SHREE KHODIYAR: ICRA Keeps D on INR15cr Loan in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR15.00 crore bank facilities of
Shree Khodiyar Oil Industries (SKOI) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based:         15.00      [ICRA]D ISSUER NOTCOOPERATING;
   Cash Credit                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Shree Khodiyar Oil Industries (SKOI) was established as a
partnership firm in 1997 as a cottonseed crushing unit with the
operations located at Jambuda, Gujarat. However, the present
management had purchased the firm in the year 2003 and later it has
augmented its operating sphere by backward integration into cotton
ginning. The manufacturing facility of the firm is currently
equipped with 24 ginning machines and 8 expellers with an installed
capacity of 8,000 TPA and 1,950 TPA of ginned cotton and wash oil
respectively. From November 2013, the firm has diversified in
groundnut seed crushing also. The firm is currently headed by Mr.
Sanjay J Lakkad along with other six partners, having an experience
of more than three decades in cotton and ginning activities.


SHREE RAM: ICRA Keeps B+ on INR15+cr Loan on Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR15.0 crore bank facilities of Shree
Ram Kripa Buildhome Private Limited (SRKBPL) continues to remain in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA] B+(Stable), ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund based/         15.0      [ICRA]B+(Stable) ISSUER NOT
   Term loan                     COOPERATING, Rating continues
                                 to remain in the 'Issuer Not
                                 Cooperating' category

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

Shree Ram Group (SRG) is a Jaipur based group promoted by Mr Ashok
Agarwal and Mrs. Renu Agarwal. SRG is a developed Real Estate
player prominently in Jaipur (Rajasthan) region with over 20 years
into business. The group has executed various Townships,
Residential Colonies, Shopping Malls, Residential Flats, and Hotels
etc in Jaipur region (A snapshot of major projects completed by the
company is provided in Annexure I). As per management discussion
the company holds around Rs 800.00 crore worth of land Bank in
Jaipur region.


SHREE SAI PRAKASH: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Shree Sai Prakash Alloys Private Limited
        Rongsokana Village
        15th Mile Byrnihat
        ML 793101
        IN

           - and -

        N.B.S. Complex
        Opp. Rajib Bhawan
        ABC, G.S.Road
        Guwahati 781005 AS

Insolvency Commencement Date: August 23, 2019

Court: National Company Law Tribunal, Guwahati Bench

Estimated date of closure of
insolvency resolution process: February 18, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Anil Agarwal

Interim Resolution
Professional:            Mr. Anil Agarwal
                         Unit No. 508, 5th Floor
                         The Chambers, 1865
                         Rajdanga Main Road
                         Kolkata, West Bengal 700107
                         E-mail: anil@dvaonline.in

                            - and -

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

Last date for
submission of claims:    September 8, 2019


SHREE SAI ROLLING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Shree Sai Rolling Mills India Limited
        Rangsokona, 15th Mile
        G S Road Byrnihat ML 793101
        IN

           - and -

        N.B.S. Complex
        Opp. Rajib Bhawan
        ABC, G.S. Road
        Guwahati 781005 AS

Insolvency Commencement Date: August 23, 2019

Court: National Company Law Tribunal, Guwahati Bench

Estimated date of closure of
insolvency resolution process: February 18, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Anil Agarwal

Interim Resolution
Professional:            Mr. Anil Agarwal
                         Unit No. 508, 5th Floor
                         1865, Rajdanga Main Road
                         Kolkata, West Bengal 700107
                         E-mail: anil@dvaonline.in

                            - and -

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

Last date for
submission of claims:    September 8, 2019


SHREE SAI SMELTERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shree Sai Smelters India Limited
        Rangsokona, 15th Mile Byrnihat G S Road
        Ri Bhoi Byrnihat ML 793101
        IN

           - and -

        N.B.S. Complex
        Opp. Rajib Bhawan
        ABC, G.S. Road
        Guwahati 781005 AS

Insolvency Commencement Date: August 23, 2019

Court: National Company Law Tribunal, Guwahati Bench

Estimated date of closure of
insolvency resolution process: February 18, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Anil Agarwal

Interim Resolution
Professional:            Mr. Anil Agarwal
                         Unit No. 508, 5th Floor
                         1865, Rajdanga Main Road
                         Kolkata, West Bengal 700107
                         E-mail: anil@dvaonline.in

                            - and -

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

Last date for
submission of claims:    September 8, 2019


SRI KARPAGAM: ICRA Keeps B+ on INR6cr Loans in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR6.00-crore bank facilities of Sri
Karpagam Steels continues to remain in the 'Issuer Not Cooperating'
category. The long-term rating is denoted as "[ICRA]B+ (Stable);
ISSUER NOT COOPERATING". ICRA had earlier moved the ratings of Sri
Karpagam Steels to the 'ISSUER NOT COOPERATING' category due to
non-cooperation in sharing information.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund        6.00      [ICRA]B+(Stable); ISSUER NOT
   Based facilities                COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

Sri Karpagam Steels was established in the year 1991 as a
partnership firm and is engaged in the business of trading steel
products. The firm procures flat products such as Hot Rolled & Cold
Rolled Coils and plates from domestic players and sells to local
manufacturers and traders. After a decade in the industry, the firm
setup its own plant at Saravanampatti to manufacture Mild steel and
boiler steel sheets from the purchased HRC coils - as per client
requirements - through CNC Gas cutting and mechanical cutting
machines.


SUPRIYA SPINNING: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR113.27 crore bank facilities of
Supriya Spinning Mills Private Limited (SSMPL) continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund      38.00       [ICRA]B (Stable) ISSUER NOT
   Based/CC                        COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-Fund      16.96       [ICRA]B (Stable) ISSUER NOT
   Based TL                        COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          13.31       [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-Non      45.00       [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Supriya Spinning Mills Private Limited (SSMPL) was incorporated in
May 26, 2005. Based in Guntur district of Andhra Pradesh, SSMPL
started its operation with 14,400 spindles and increased to 16,800
spindles during FY11. Further it added 14,784 spindles in H2 FY12
to reach its current spinning capacity of 31,584 spindles. SSMPL is
also engaged in cotton lint trading and mainly focused on exports.


TECHNOPAK ADVISORS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Technopak Advisors Private Limited
        202, Sona Apartment 3
        Kaushalya Park, Hauz Khas
        New Delhi 110016

Insolvency Commencement Date: August 21, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: February 17, 2020
                               (180 days from commencement)

Insolvency professional: Deepak Maheshwari

Interim Resolution
Professional:            Deepak Maheshwari
                         S-30, 2nd floor
                         Uppals South End
                         Sohna Road, Gurgaon
                         Haryana 122001
                         E-mail: irpdm27@gmail.com
                                 cirp.technopak@gmail.com

Last date for
submission of claims:    September 6, 2019


THREE PLATINUM: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Three Platinum Softech Private Limited
        B-231, Okhla Industrial Area
        Phase-1, New Delhi 110020

Insolvency Commencement Date: August 7, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Rajendra Kumar

Interim Resolution
Professional:            Rajendra Kumar
                         813A Ansal Vikasdeep Building
                         8th Floor, Laxmi Nagar
                         District Center, Delhi 110092
                         E-mail: rajendra.singhania@gmail.com
                                 irp.tpspl@gmail.com

Last date for
submission of claims:    September 11, 2019


TODAY HOMES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Today Homes Noida Private Limited
        UGF 10-11, Pragati Tower
        Rajendra Place
        New Delhi 110008

Insolvency Commencement Date: August 20, 2019

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: February 15, 2020

Insolvency professional: Mr. Rabindra Kumar Mintri

Interim Resolution
Professional:            Mr. Rabindra Kumar Mintri
                         JD-18-B, Near Ashiana Chowk
                         Pitampura, New Delhi 110034
                         E-mail: mintri_ca@rediffmail.com
                                 todayhomes.cirp@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Virender Jit Singh
                         1663 Phase 2 Urban Estate Dugri Road
                         Ludhiana Punjab 141002
                         E-mail: ipvirkvjs@gmail.com

                         Mrs. Shradha Agarwal
                         A-2/122, 1st Floor
                         Safdarjung Enclave, New Delhi
                         National Capital Territory of Delhi
                         110029
                         E-mail: shradha.asia@gmail.com

                         Mr. Rakesh Mishra
                         B-403, Rosewood Apartments
                         Mayur Vihar, Phase-1 Extn
                         Delhi 110091
                         E-mail: rakeshmishranr@hotmail.com

Last date for
submission of claims:    September 3, 2019


UNITED CONCEPTS: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the rating for the INR12.50 crore bank facilities of
United Concepts & Solutions Private Limited (Unicos) continues to
remain under 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   LT-Fund Based/       3.44      [ICRA]D ISSUER NOT COOPERATING;
   TL                             Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   LT-Fund Based/       6.25      [ICRA]D ISSUER NOT COOPERATING;
   CC                             Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   LT-Unallocated       2.06      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category
  
   ST-Non-Fund Based    0.75      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Unicos manufactures modular furniture and provides solutions for
offices, educational institutes and homes. Unicos is promoted by
the Kochhar family and is headed by Mr. M.L. Kochhar with over 57
years of experience in the furniture industry. The company was
incorporated in 1999 after it took over "The United Stores," a
furniture trading entity being run by the same promoters. Unicos is
headquartered in Noida, UP and has marketing offices in Mumbai,
Pune, Bangalore, Kolkata and Lucknow.

VIR ELECTRO: ICRA Maintains B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR24.00 crore bank facilities of Vir
Electro Engineering Private Limited continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B-(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      12.35      [ICRA]B- (Stable) ISSUER NOT
   Based TL                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-Fund       6.92      [ICRA]B- (Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-           4.73      [ICRA]B- (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Established in 1996 by Mr. Shivaji S. Dalvi, Vir Electro
Engineering Private Limited (VEE) is engaged in fabrication,
galvanizing, spray painting and metalizing of steel structures for
engineering companies like Crompton Greaves, ABB Ltd. and Siemens.
The company is specialized in surface preparation and protection
work as specified by customer and manufacturer of fabrication
items. The company's manufacturing plants are located at Ambad and
Gonde at Nashik. VEE has set up their manufacturing plant at Gonde,
Nashik in January 2013. The total installed capacity of 2,600 MT
per month for fabrication and galvanization. The company is
certified ISO 9001:2008 since 2001.

WARADE PACK: ICRA Maintains 'B' Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR9.00 crore bank facilities of
Warade Pack Tech Private Limited continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA] A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       5.00      [ICRA]B (Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/Short      0.50      [ICRA]B (Stable)/[ICRA]A4
   Term-Unallocated               ISSUER NOT COOPERATING; Rating
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Short Term-Non       3.50      [ICRA]A4 ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Warade Pack Tech Private Limited (WPTPL), located in Pune, was
incorporated in the year 2003 by Mr. Suresh Warade with the name
'Warade Automation Solutions Private Limited'. Subsequently, its
name was changed to WPTPL to better reflect the end-usage of its
products. The company is engaged in assembly of packaging equipment
and offers End-of-Line packaging solutions like cartooning systems,
Conveyor systems, Checkweigher systems etc. It purchases
standardized parts from other manufacturers of automation equipment
and custom-designs them to meet client requirements. WPTPL caters
to customers across verticals like FMCG, pharmaceutical, textiles
and fertilizers. The company has an assembling unit at Sinhgad
Road, Pune where it employs 100 personnel.




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S I N G A P O R E
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ASTAKA HOLDING: Unit Gets Letters of Demand for SGD125.3MM
----------------------------------------------------------
The Business Times reports that property developer Astaka Holding's
wholly owned indirect subsidiary, Astaka Padu Sdn Bhd (APSB), owes
a late payment of RM125.3 million (S$41.3 million) plus interest to
a construction firm it had hired in August 2015.

Solicitors representing the creditor, China State Construction
Engineering (M) Sdn Bhd (CSCE), had sent three letters of demand to
APSB, with the latest one received on July 11, 2019, according to
the report.

The Business Times relates that Astaka said the group's board was
made aware of the letters of demand only after the release of its
full year results on Aug. 29.

A loan agreement related to the construction agreement was struck
on April 12, 2017, of which APSB still owes RM46.5 million to CSCE
as at June 30, 2019, the report says.

According to the Business Times, the interest-free loan was to be
paid by June 30, 2017, and was secured against Malaysian land
parcels owned by Bukit Pelali Properties Sdn Bhd, a joint venture
of APSB.

It included an option to grant APSB a final three-month extension
with a late interest charge of 8.5 per cent per annum on the
outstanding loan amount, which APSB did not take up.

APSB is currently negotiating with CSCE to extend the loan
repayment deadline, the Business Times relates.

The Business Times says the group had not accounted for the late
interest payment in Astaka's financial year ended June 30, 2018,
which amounts to about RM4 million.

A prior year adjustment would need to be made to the audited
consolidated results of the group, it said.

Astaka's board was only informed of the oversight - which requires
a prior year adjustment - on Aug 29, 2019, after it had provided
its in-principle approval to the results announcement, Astaka said,
the Business Times relays.

The Business Times relates that after consulting its sponsor,
PrimePartners Corporate Finance Pte Ltd, the company's board
intends to appoint Ernst & Young Advisory Pte Ltd as an independent
reviewer for what led to the oversight, including any lapses in
internal controls.

Astaka Holdings Ltd is a Singapore-based property developer. The
Company is engaged in the business of property development in
Malaysia. Its projects include One Bukit Senyum and Bukit Pelali at
Pengerang. One Bukit Senyum project includes two residential
towers, a five-star hotel, branded residences, serviced apartments,
a shopping mall and an office tower. One Bukit Senyum has a total
gross floor area of approximately six million square feet. Bukit
Pelali at Pengeran is an approximately 360 acre strata township.
Bukit Pelali at Pengeran comprises residential units, shop offices,
a clubhouse, hotel, private hospital, mart, school, mosque, food
and beverage hub and petrol station. The Bukit Pelali at Pengeran
project is located five kilometers away from the Pengerang
Integrated Petroleum Complex in southern Johor.



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

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

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

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