TCRAP_Public/190911.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, September 11, 2019, Vol. 22, No. 182

                           Headlines



A U S T R A L I A

BESTEEL HOMES: First Creditors' Meeting Set for Sept. 18
ENDEAVOUR HOSPITALITY: Second Creditors' Meeting Set for Sept. 17
FINANCIAL OPTIONS: ASIC Suspends AFS License Thru February 2020
GEBRO CONTRACTING: First Creditors' Meeting Set for Sept. 18
KONCEPT DEVELOPMENTS: Second Creditors' Meeting Set for Sept. 17

LATITUDE AUSTRALIA 2019-1: DBRS Assigns Prov. BB Rating on E Notes
MELIOR AUSTRALIA: First Creditors' Meeting Set for Sept. 17
NETWORX PEOPLE: First Creditors' Meeting Set for Sept. 18
PARKWEST FABRICATIONS: Second Creditors' Meeting Set for Sept. 18
Z5 VENTURE CAPITAL: Second Creditors' Meeting Set for Sept. 18



C H I N A

CHINA: Producer Prices Sink Signaling Worsening Economic Slowdown


I N D I A

ACCORD COMMUNICATIONS: CARE Keeps D Rating in Not Cooperating
AKBAR TRAVELS: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
AMBIKA REALCON: Ind-Ra Raises Issuer Rating to BB, Outlook Stable
ANNAPURNA MALLEABLES: Insolvency Resolution Process Case Summary
ASIAN TEA: Ind-Ra Affirms 'BB+' Long Term Issuer Rating

AUTOMOTIVE COACHES: Insolvency Resolution Process Case Summary
BABA BHUBANESWAR: CARE Reaffirms B Rating on INR6.66cr Loan
BIGMOON BUILDCON: NCLT Starts Insolvency Process vs. Firm
CELITE TYRE: CARE Lowers Rating on INR12cr LT Loan to 'D'
CVS INFRASTRUCTURE: Ind-Ra Migrates BB- Rating to Non-Cooperating

GARG GRANITE: CARE Maintains B+ Rating in Not Cooperating
GEORGE DISTRIBUTORS: Insolvency Resolution Process Case Summary
GROVER ZAMPA: CRISIL Hikes Rating on INR15.5cr Loan to B+
GURDASPUR OVERSEAS: Insolvency Resolution Process Case Summary
HINDUSTAN ORGANIC: CRISIL Hikes Rating on INR50cr Loan to B+

HITECH PRINT: Ind-Ra Lowers Long Term Issuer Rating to 'D'
INDIGO COLLECTIONS: CARE Keeps D Rating in Not Cooperating
INDIRAPURAM HABITAT: NCLT Appoints Pawan Kumar Goyal as IRP
INFOPLUS TECHNOLOGIES: CRISIL Assigns B+ Rating to INR2.5cr Loan
KAMAL BUILDERS: CRISIL Lowers Rating on INR8cr Loan to 'B'

KAVITA INDUSTRIES: CRISIL Assigns 'B' Ratings to INR17.5cr Loan
KIRAN GLOBAL: Insolvency Resolution Process Case Summary
KSK ENERGY: NCLT Admits Insolvency Petition Against Company
LACMA PANEL: CRISIL Hikes Rating on INR7.35cr Term Loan to B+
LMJ INTERNATIONAL: Ind-Ra Affirms 'D' Long Term Issuer Rating

MEGHALAYA INFRATECH: Insolvency Resolution Process Case Summary
MIRA GREEN: Insolvency Resolution Process Case Summary
MOREVISAS IMMIGRATION: Insolvency Resolution Process Case Summary
MYTRAH AKSHAYA: Ind-Ra Lowers Term Loan Rating to 'BB+'
NAND ENTERPRISES: CARE Lowers Rating on INR8.75cr Loan to 'B'

NOBLE ISPAT: Insolvency Resolution Process Case Summary
NOVEL SUGAR: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
OMSHANKAR MILKFOOD: CRISIL Assigns B+ Rating to INR15cr Loan
OSWAL OVERSEAS: CARE Lowers Rating on INR9.95cr LT Loan to C
PANTEL TECHNOLOGIES: CARE Keeps D on INR24cr Debt to NonCooperating

PREMIER STEELS: Ind-Ra Affirms 'B' Issuer Rating, Outlook Stable
PRIYADARSINI LIMITED: Insolvency Resolution Process Case Summary
REDTOPAZ REAL: Insolvency Resolution Process Case Summary
REGALIA JEWELS: CARE Lowers Rating on INR6.50cr LT Loan to B-
RS STONES: Commences Corporate Insolvency Resolution Process

SBS TRANSPOLE: Insolvency Resolution Process Case Summary
SHARMA SURGICAL: CRISIL Moves B+ on INR4.6cr Debt to NonCooperating
SHIRPUR GOLD: CRISIL Lowers Rating on INR188.5cr Loan to 'D'
SHIV SHANKAR: Insolvency Resolution Process Case Summary
SHIVANGI METAL: CARE Moves B+ on INR2cr Loans to Not Cooperating

SHRI SHYAM: Insolvency Resolution Process Case Summary
SHYAM DIGITAL: Insolvency Resolution Process Case Summary
SIP INDUSTRIES LIMITED: Insolvency Resolution Process Case Summary
SPACE MATRIX: Insolvency Resolution Process Case Summary
SPACEAGE SWITCHGEARS: Ind-Ra Affirms 'BB-' Long Term Issuer Rating

SRI SRI SATYA: CRISIL Assigns B+ Rating to INR1.5cr New Loan
SRS MODERN: Ind-Ra Affirms 'D' Long Term Issuer Rating
STOLT RAIL: CRISIL Moves B+ on INR8.75cr Loan to Not Cooperating
THAKKARSONS ROLL: Ind-Ra Lowers Long Term Issuer Rating to 'D'
THEME EXPORT: Insolvency Resolution Process Case Summary

UNIQUE CHEMOPLANT: CRISIL Lowers Rating on INR3.5cr Loan to 'B'
V S EDUCATION: CARE Lowers Rating on INR7.50cr LT Loan to 'C'
WEB TECH: Insolvency Resolution Process Case Summary
WILWORTH EARTH: Insolvency Resolution Process Case Summary


J A P A N

DALTON CAPITAL: To Shut Japan Office Citing Brexit, Demand Slump


N E W   Z E A L A N D

STANLEY GROUP: John Tamihere Tells Director to 'Stand down'


S I N G A P O R E

KRISENERGY LTD: Gets 3-Month Debt Moratorium

                           - - - - -


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

BESTEEL HOMES: First Creditors' Meeting Set for Sept. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Besteel
Homes Pty Limited will be held on Sept. 18, 2019, at 10:30 a.m. at
One Wharf Lane, Level 20, at 171 Sussex Street, in Sydney, NSW.

Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Besteel Homes on Sept. 6, 2019.


ENDEAVOUR HOSPITALITY: Second Creditors' Meeting Set for Sept. 17
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Endeavour
Hospitality Pty Ltd has been set for Sept. 17, 2019, at 10:30 a.m.
at the offices of Jirsch Sutherland & Co, Level 27, at 259 George
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. 16, 2019, at 4:00 p.m.

Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Endeavour Hospitality on June
7, 2019.


FINANCIAL OPTIONS: ASIC Suspends AFS License Thru February 2020
---------------------------------------------------------------
Australian Securities and Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of
Queensland-based financial services provider Financial Options Pty
Ltd until Feb. 26, 2020.

The licence was suspended because ASIC was concerned that Financial
Options was not meeting its obligations as an AFS licensee.

Financial Options did not lodge its accounts and audit report for
the year ending June 30, 2018, failed to have a dispute resolution
system in place, and did not maintain organisational competence or
the resources required to provide the financial services covered by
its licence. Upon receiving a notice of hearing from ASIC,
Financial Options applied for membership with the Australian
Financial Complaints Authority (AFCA) scheme, which took effect
from May 31, 2019.

The suspension period will allow Financial Options to lodge its
outstanding financial reports and do all things necessary to
address ASIC's outstanding concerns in relation to financial
reporting obligations, organisational competence, human resources
and compliance requirements. ASIC will consider cancelling the
licence if Financial Options cannot demonstrate that it is able to
comply with the obligations at the end of the suspension period.

ASIC expects AFS licensees to do all things necessary to meet their
obligations under financial services law, comply with their licence
conditions and ensure that they are able to provide financial
services efficiently, honestly and fairly.

The suspension of Financial Option's AFS licence is part of ASIC's
ongoing efforts to improve standards across the financial services
industry.

Financial Options may apply to the Administrative Appeals Tribunal
for a review of ASIC's decision.

Financial Options has held AFS licence no. 246287 since March 1,
2004.


GEBRO CONTRACTING: First Creditors' Meeting Set for Sept. 18
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Gebro
Contracting Pty Ltd will be held on Sept. 18, 2019, at 2:00 p.m. at
the offices of Auxilium Partners, Level 2, at 949 Wellington
Street, in West Perth, WA.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Gebro Contracting on Sept. 6, 2019.



KONCEPT DEVELOPMENTS: Second Creditors' Meeting Set for Sept. 17
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Koncept
Developments Pty Ltd has been set for Sept. 17, 2019, at 10:30 a.m.
at the offices of Jirsch Sutherland & Co, Level 12, at 460 Lonsdale
street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 16, 2019, at 4:00 p.m.

Sule Arnautovic of Jirsch Sutherland was appointed as administrator
of Koncept Developments on Aug. 14, 2019.


LATITUDE AUSTRALIA 2019-1: DBRS Assigns Prov. BB Rating on E Notes
------------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the Series
2019-1 Notes (the Notes) to be issued by Latitude Australia Credit
Card Loan Note Trust (the Issuer) as follows:

-- Series 2019-1 Class A1 Notes at AAA (sf)
-- Series 2019-1 Class A2 Notes at AAA (sf)
-- Series 2019-1 Class B Notes at AA (sf)
-- Series 2019-1 Class C Notes at A (sf)
-- Series 2019-1 Class D Notes at BBB (sf)
-- Series 2019-1 Class E Notes at BB (sf)

The ratings of the Notes address the timely payment of interest and
ultimate repayment of principal by the legal maturity date.

The ratings will be finalized upon receipt of an execution version
of the governing transaction documents. To the extent that the
documents and information provided to DBRS as of this date differ
from the executed version of the governing transaction documents,
DBRS may assign different final ratings to the Notes.

The transaction represents the issuance of notes backed by credit
card receivables related to credit agreements originated or
acquired by Latitude Finance Australia (Latitude) to customers in
Australia and assigned to the Latitude Australia Credit Card Master
Trust. DBRS previously assigned ratings to the Issuer's Series
2017-1 Notes in April 2017, Series 2017-2 Notes in September 2017
and 2018-1 Notes in March 2018.

The majority of credit card accounts within the portfolio were
originated by GE Capital Australia prior to its acquisition by a
consortium comprising Deutsche Bank AG and funds managed by Värde
Management L.P. and KKR & Co. L.P. in November 2015. After the
acquisition, the business was renamed Latitude and accounts were
subsequently originated by Latitude.

With respect to the Series 2019-1 Notes, the Class A1 Notes benefit
from a minimum credit support of 32.5%, which includes
subordination of the Class A2 Notes, the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Notes (collectively 28.0%)
and the series-specific Originator VFN (4.5%). Upon closing, part
of the initial balance of the Series Originator VFN subordination,
equal to 1.0% of the rated notes, will be used to fund a specific
ledger that provides liquidity support to the transaction. This
liquidity support would only be available as credit enhancement if
not utilized for liquidity purposes.

The ratings are based on DBRS's review of the following
considerations:

-- The transaction capital structure including the form and
sufficiency of available credit enhancement.

-- Credit enhancement levels are sufficient to support DBRS's
expected charge-off, payment and yield rates under various stress
scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repays the Notes.

-- The transaction parties' capabilities with respect to
origination, underwriting, servicing, and cash management.

-- The credit quality of the collateral and Latitude's ability to
perform collection activities on the collateral.

-- The sovereign rating of the Commonwealth of Australia,
currently rated AAA with a Stable trend by DBRS.

-- The consistency of the legal structure with DBRS's "Legal
Criteria for European Structured Finance" methodology and presence
of legal opinions expected to address the assignment of the assets
to the Issuer.

The transaction cash flow structure was analyzed in DBRS's
proprietary tool.

DBRS considers the Australian credit card market to share a similar
consumer credit protection framework to European jurisdictions.
Furthermore, the performance and operation of Latitude's portfolio
are deemed comparable with other originators where DBRS has
previously assigned structured finance ratings. Subsequently, DBRS
has elected to continue to reference its "Rating European Consumer
and Commercial Asset-Backed Securitizations" methodology when
assessing the transaction.

Notes: All figures are in Australian dollars unless otherwise
noted.


MELIOR AUSTRALIA: First Creditors' Meeting Set for Sept. 17
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Melior
Australia Pty Ltd will be held on Sept. 17, 2019, at 10:15 a.m. at
the offices of Pitcher Partners, Level 38, at 345 Queen Street, in
Brisbane, Queensland.

Bryan Kevin Hughes and Daniel Bredenkamp of Pitcher Partners were
appointed as administrators of Melior Australia on Sept. 8, 2019.


NETWORX PEOPLE: First Creditors' Meeting Set for Sept. 18
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Networx
People Pty Ltd will be held on Sept. 18, 2019, at 2:00 p.m. at the
offices of PKF, Level 8, at 1 O'Connell Street, in Sydney, NSW.  

Bradley John Tonks of PKF was appointed as administrators of
Networx People on Sept. 6, 2019.


PARKWEST FABRICATIONS: Second Creditors' Meeting Set for Sept. 18
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Parkwest
Fabrications Pty Ltd (formerly Impressa House Pty Ltd) has been set
for Sept. 18, 2019, at 2:00 p.m. at the offices of KPMG Tower 2,
Collins Square, at 727 Collins Street, in Docklands, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 17, 2019, at 4:00 p.m.

John Ross Lindholm of KPMG was appointed as administrators of
Parkwest Fabrications on Aug. 14, 2019.


Z5 VENTURE CAPITAL: Second Creditors' Meeting Set for Sept. 18
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Z5 Venture
Capital Pty Ltd has been set for Sept.  18, 2019, at 11:00 a.m. at
the offices of BR Ferrier (NSW) Pty Ltd, Level 30, Australia
Square, at 264 George 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. 17, 2019, at 4:00 p.m.

Geoffrey Peter Granger and Brian Raymond Silvia of BRI Ferrier
(NSW) Pty Ltd were appointed as administrators of Z5 Venture on
Aug. 14, 2019.




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

CHINA: Producer Prices Sink Signaling Worsening Economic Slowdown
-----------------------------------------------------------------
Bloomberg News reports that China's producer price index fell
further into contraction, signaling a worsening economic slowdown
that threatens to add deflationary pressures to the global
economy.

Factory prices fell 0.8% in August from a year earlier, compared
with a decline of 0.9% in the median estimate of economists in a
Bloomberg survey.

The consumer price index rose 2.8% year-on-year, faster than the
median estimate of 2.7%, according to Bloomberg.

Bloomberg says the contraction in factory prices hurts
manufacturers' pricing power and threatens disinflation to the rest
of the global economy via exports. The central bank announced fresh
easing measures last week including cuts to the amount of cash
banks' hold as reserves, but economists said more stimulus is
needed to boost demand, the report discloses.

"The confluence of positive CPI and negative PPI will be especially
felt by both firms and workers in some of the export-intensive
sectors such as machinery and IT equipment," Bloomberg quotes
Victor Shih, a professor at the University of California in San
Diego who studies China's politics and finance, as saying. "At a
time when the trade war lessens these firms' pricing power, they
are also under pressure to pay their workers more due to increasing
food prices. This will lead to financial difficulties among some
firms facing these pressures."

"Price pressures in China are weak overall, even with pockets of
strength in food inflation on soaring pork prices. To us, the main
risk is deflation, or at least dis-inflation -- not rising
inflation. This spells more pressure on the People's Bank of China
to ease monetary policy."

A gauge of inflation excluding food and energy slipped to 1.5%,
Bloomberg adds.




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

ACCORD COMMUNICATIONS: CARE Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Accord
Communications Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.24       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      2.00       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018 placed the
rating of Accord Communications Limited under the 'issuer
non-cooperating' category as Accord Communications Limited had
failed to provide information for monitoring of the rating. Accord
Communications Limited continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls June 21, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The rating takes into account the ongoing delays in the servicing
of interest obligations due to stressed liquidity position.

ACL was incorporated in 1990 by Mr P.K. Mohta, Mr A.K. Mohta, Mrs
Sushma Mohta and Mrs Shailly Mohta who have an experience of over
two decades in the manufacturing of EPABX system industry. ACL is
engaged in designing, manufacturing and marketing of Electronic
Private Automatic Branch Exchange (EPABX) systems. Apart from
manufacturing, the company is also engaged into the trading of
EPABX systems, intercom, phone and phone accessories. The
manufacturing facility of ACL is located in Meerut, UP, with an
installed capacity of 20,000 units as on March 31, 2015, for EPABX
systems. The manufacturing process of ACL is ISO 9001 certified.
The main customers of ACL are government agencies like CRPF, BSF,
Northern Command, etc. The raw material includes IC (Integrated
circuit), PCB (Printed circuit board), transformers, capacitors,
resistance, etc, which is procured from Delhi, Haryana, and
Bangalore etc. CLD Electronics & Communication and Digital
Electronics & Telecom are associate concern of ACL which are
engaged in the manufacturing spare parts for mobile phone.


AKBAR TRAVELS: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Akbar Travels of
India Private Limited's Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-' and simultaneously migrated the rating to the
non-cooperating category. The Outlook was Stable. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR1,817.5 bil. Fund-based working capital limit downgraded
     and migrated to non-cooperating category with IND BB+ (ISSUER

     NOT COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR400.0 mil. Non-fund-based working capital limit downgraded
     and  migrated to non-cooperating category with IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR22.6 mil. Term loan due on February 2020 downgraded and  
     migrated to non-cooperating category with IND BB+ (ISSUER NOT

     COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects instances of overutilization of the
fund-based limits by ATIPL in June 2019 and availing of temporary
overdraft facility in June and August 2019 due to its tight
liquidity position, the details of which are unavailable.

RATING SENSITIVITIES

Positive: Improvement in liquidity position could lead to a
positive rating action.

Negative: Any further stretch in liquidity position could lead to a
negative rating action.

COMPANY PROFILE

ATIPL is promoted by Mr. K.V. Abdul Nazar and family, which
commenced commercial operations as a proprietary concern in 1978
and was converted into a private limited company in 2001. It is
engaged in the business of airline ticketing, visa/passport
services and documentation, insurance services, forex services, car
rental services, hotel booking, cruise booking, and euro rail
passes, Haj and Umrah tours, etc.


AMBIKA REALCON: Ind-Ra Raises Issuer Rating to BB, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Ambika Realcon
Private Limited's (ARPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR400 mil. Term loan due on March 2023 upgraded with IND
     BB/Stable rating.

KEY RATING DRIVERS

The upgrade reflects substantial progress of ARPL's ongoing
residential projects Florence Park phase I, II and III. The phase I
achieved breakeven in FY19 while booking and sales of the three
ongoing projects increased to 42.1% as on July 31, 2019 (April
2018: 13.3%), reflecting steady cash flow generation. The company
has incurred INR1,492.49 million of INR4,495.45 million until June
2019. The possession for phase I will begin from March 2020.

However, the ratings are constrained by the company's stretched
liquidity position owing to high dependence on customer advances of
around 82% of the total project cost. ARPL has assumed a minimum
debt service coverage ratio of 3.73x for 4QFY21. However, Ind-Ra
expects the company to register a minimum debt service coverage
ratio of 1.09x in 4QFY22, which would improve further as the
interest obligations reduce due to repayment of the term loan and
the receipt of cash inflows from the customers.

The ratings remain constrained by the company's lack of operational
track record, the initial stage of construction of its projects and
lack of established brand name. The ratings also factor in the time
and cost overrun risks associated with its ongoing residential
projects.

The ratings, however, are supported by ARPL's promoters' experience
in executing more than 40 real estate projects.

RATING SENSITIVITIES

Negative: Time and cost overruns or weaker sales/realization,
resulting in cash flows below INR600 million and the consequent
stress on the cash flows, could lead to a negative rating action.

Positive: An improvement in sales and timely receipt of advances
from customers, leading to strong cash flow generation, could lead
to a positive rating action.

COMPANY PROFILE

Incorporated in 2006, ARPL is a real estate developer. The ongoing
residential project, located in Mullanpur (New Chandigarh) has a
total built-up area of 1.32 million sf. Post the launch of phase
III, ARPL's total built-up area will be 1.57million sf.


ANNAPURNA MALLEABLES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Annapurna Malleables Private Limited
        19 Industrial Arera Sarora Ring Road
        No. 2 Raipur 493221, C.G.

Insolvency Commencement Date: September 4, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Bhavesh Rathod

Interim Resolution
Professional:            Mr. Bhavesh Rathod
                         A/101, Shelter CHSL, CSC Road
                         Opp. Shakti Nagar
                         Dahisar (E), Mumbai 400068
                         E-mail: bhavesh76@gmail.com
                                 ipbhaveshrathod@trcconsulting.org

                            - and -

                         502, Marathon Icon
                         Off Ganpatrao Kadam Marg
                         Mumbai 400013

Last date for
submission of claims:    September 19, 2019


ASIAN TEA: Ind-Ra Affirms 'BB+' Long Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Asian Tea & Exports Limited's (ATEL) Long-Term Issuer Rating at
'IND BB+ (ISSUER NOT COOPERATING)' and has simultaneously withdrawn
it.

The instrument-wise rating action is:    

-- The 'IND BB+' rating on the INR70 mil. Fund-based limits*
     affirmed and withdrawn.

Affirmed at 'IND BB+ (ISSUER NOT COOPERATING)' / 'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no objection certificate from the rated facilities'
lenders. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017, for credit rating
agencies.

KEY RATING DRIVERS

The affirmation reflects ATEL's modest credit metrics. Its net
financial leverage (total adjusted net debt/operating EBITDAR)
improved but remained high at 14.85x in FY19 and interest coverage
(operating EBITDA/gross interest expense) to 1.25x owing to
improvement in absolute EBITDA level. The company turned EBITDA
positive in FY19 with an EBITDA profit of INR26.79 million as
against a loss of INR1.84 million in FY18. The improvement in
EBITDA was attributed to an increase in sales volume, leading to
better absorption of fixed costs.

The affirmation factors in ATEL's modest EBITDA margin of 1.77% in
FY19 as against operating losses incurred in FY18 Return on capital
employed was 5.30% in FY19.

The rating also factors in the company's medium scale of operations
as indicated by revenue of INR1,512.09 million in FY19 (FY18:
INR105.88 million).

ATEL did not participate in the surveillance exercise and has not
provided information about bank utilization, future plans, and
performance of its group companies, among others.

COMPANY PROFILE

Incorporated in 1987, ATEL trades logs, garments, coal, tea, and
iron and steel products.


AUTOMOTIVE COACHES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Automotive Coaches And Components Limited
        C1 & D6, SIPCOT Industrial Complex
        Gummudipoondi, Thiruvallur
        TN 601201
        India

Insolvency Commencement Date: August 30, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Dr. M.S. Sankar

Interim Resolution
Professional:            Dr. M.S. Sankar
                         A 1206, S&S Sarvam
                         200 Feet Pallavaram
                         Thuraipakkam Radial Road
                         Pallikaranai
                         Chennai 600100
                         E-mail: m.s.sankar@outlook.com
                                 acclirp@gmail.com

Last date for
submission of claims:    September 18, 2019


BABA BHUBANESWAR: CARE Reaffirms B Rating on INR6.66cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Baba Bhubaneswar Cold Storage Private Limited (BCS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          6.66        CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Baba Bhubaneswar Cold
Storage Private Limited is constrained by its small scale of
business along with short track record of operations, regulated
nature of business, dependence on vagaries of nature and
seasonality of business, risk of delinquency in loans extended to
the farmers, presence in a highly fragmented industry leading to
intense competition and working capital intensive nature of
operation and high leverage ratios. However, the aforesaid
constraints are partially offset by its experienced promoters and
proximity to potato growing areas.

Going forward, ability to increase its scale of operation, improve
profitability margins and ability to manage working capital
effectively would remain as the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of business with short track record of operation: Baba
Bhubaneswar Cold Storage Private Limited (BCS) is a small player in
cold storage business. The total operating income (TOI) increased
by 6.23% during FY19 prov. vis-à-vis FY18 and the same stood at
INR2.90 crore in FY19 prov. Total capital employed was INR9.62
crore as on Mar.31, 2019. The PBILDT margin has improved by 37bps
on the back of lower operating costs. PAT margin moved in-line with
PBILDT margin. Furthermore, GCA of the company declined during FY19
over FY18 and remained at INR0.77 crore in FY19 (prov.).

Regulated nature of business: In West Bengal, the basic rental rate
for cold storage operations is regulated by the state government
through West Bengal State Marketing Board. The rent of these cold
storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

Dependence on vagaries of nature and seasonality of business: BCS's
operation is seasonal in nature as potato is a winter season crop
with its harvesting period commencing in March. The loading of
potatoes in cold storages begins by the end of February and lasts
till March. Additionally, with potatoes having a preserveable life
of around eight months in the cold storage, farmers liquidate their
stock from the cold storage by end of season i.e., generally in the
month of November. Furthermore, lower agricultural output may have
an adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

Presence in a highly fragmented industry leading to intense
competition: Despite being capital intensive, the entry barrier for
new cold storage is low, backed by capital subsidy schemes of the
government. As a result, the potato storage business in the region
has become competitive, forcing cold storage owners to lure farmers
by providing them interest bearing advances against stored potatoes
which augments the business risk profile of the companies involved
in the trade.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, BCS provides advances to farmers.
Before the close of the season in November, the farmers are
required to pay their outstanding dues, including repayment of the
loan taken. In view of this, there exists a risk of delinquency in
loans extended to farmers as significant amount of working capital
remained blocked in advances given to the farmers. In case of
downward correction in potato or other stored goods prices as all
such goods are agro commodities which may affect the financial risk
profile of the company.

Moderate capital structure and debt coverage indicators: The
capital structure of the company, though remained moderately
leveraged, has improved marked by overall gearing of 1.57x as on
March 31, 2019. The same has improved on the back of repayment of
term loan and accretion of profits to reserve. However, interest
coverage ratio, although remained comfortable, has declined
marginally to 2.18x in FY19.

Key Rating Strengths

Experienced promoters: The promoter of BCS is Mr. Radha Raman
Mondal, Director, aged about 55 years, having more than two decades
of experience in the cold storage industry. He is being duly
supported by the other promoter director Mr. Swapan Kumar
Ghosh, Mr. Basudeb Majhi and Mr. Manas Kumar Dhara having
experience of around 22 years, 17 years and 14 years respectively
in similar line of business. The promoters are actively involved in
the strategic planning and running the day to day operations of the
company along with a team of experienced personnel.

Proximity to potato growing areas: BCS's storing facility is
situated in the Burdwan district of West Bengal which is one of the
major potato growing regions of the state. The favourable location
of the storage unit, in close proximity to the leading potato
growing areas provides it with a wide catchment and making it
suitable for the farmers in terms of transportation and
connectivity.

Liquidity
The liquidity position of the company was weak as on March 31,
2019. Cash and Bank Balance was INR1.46 crore and current ratio of
the company was at 1.05x as on March 31, 2019. This apart, quick
ratio was also at 1.05x as on March 31, 2019. During FY19, GCA was
INR0.77 crore.

Baba Bhubaneswar Cold Storage Private Limited (BCS), incorporated
in the year 2014, is a Kolkata (West Bengal) based company,
promoted by Mr. Radha Raman Mondal, Mr. Swapan Kumar Ghosh, Mr.
Basudeb Majhi and Mr. Manas Kumar Dhara. BCS is engaged in the
business of providing cold storage services to potato growing
farmers and potato traders, having an installed storage capacity of
19,500 MT in Burdwan district of West Bengal, which is divided into
two chambers. Mr. Radha Raman Mondal having more than two decades
of experience in the cold storage industry looks after the overall
management of the company along with the other directors Mr. Swapan
Kumar Ghosh, Mr. Basudeb Majhi and Mr. Manas Kumar Dhara and
supported by the team of experienced professionals.


BIGMOON BUILDCON: NCLT Starts Insolvency Process vs. Firm
---------------------------------------------------------
ETRealty reports that the National Company Law Tribunal (NCLT) has
initiated corporate insolvency resolution process against
Delhi-based Bigmoon Buildcon under Section 7 of the Insolvency and
Bankruptcy Code 2016.

ETRealty relates that the court has appointed Ajay Goyal as the
interim resolution professional (IRP) for the case. It directed the
IRP to make a public announcement within three days of the order.

According to the plea filed by the financial creditor, Bigmoon
Buildcon's promoter approached him to arrange for INR6 crore for
which he was to receive INR11 lakh as service charge. This service
charge was later turned into investment through a memorandum of
understanding between both parties. The applicant now claims
INR35.87 lakh due amount which the builder has not paid, ETRealty
relays.

ETRealty says the court ordered a stay on all ongoing/pending suits
or proceedings against Bigmoon Buildcon. It has also prohibited the
company from transferring, encumbering or disposing of its assets.
Any foreclosure of company's assets or recovery of any property by
an owner or lessor where such property is occupied by or in the
possession of the company has also been prohibited.

The directors, promoters and management of the company have been
ordered to extend their co-operation to the IRP.

The financial creditor has been ordered to deposit INR2 lakh to the
IRP to meet the expenses to perform his function within three days
of the order, add ETRealty.

Bigmoon Buildcon Private Limited is engaged in real estate and
renting business.


CELITE TYRE: CARE Lowers Rating on INR12cr LT Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Celite Tyre Corporation (CTC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      12.00       CARE D; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE BB; Stable on the basis
                                   of best available information

   Short term Bank     12.75       CARE D; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE A4; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 3, 2018, placed the
rating(s) of CTC under the 'Issuer Non Co-operating' category as
the firm had failed to provide information for monitoring of the
ratings and had also not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CTC continues to be
non-cooperative despite requests for submission of information
through e-mail communication dated May 7, 2019, August 1, 2019,
August 8, 2019 and numerous phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in the ratings assigned to the bank facilities of CTC
takes into account the feedback received from lender informing
continuous overdrawal in its fund based working capital limits
exceeding 30 days.

Detailed description of the key rating drivers

At the time of last rating on April 3, 2018, following were the
rating weaknesses (updated based on the feedback received from
lender):

Key Rating Weaknesses

Overdrawing in fund based working capital limits: As informed by
CTC's lender, there has been continuous overdrawal in its fund
based working capital limits for more than 30 days.

Established in 1996, CTC is a Vadodara-based (Gujarat)
proprietorship firm established by Mr. Kamlesh Mehta. CTC is the
authorized distributor for various tyres such as Off the Road (OTR)
tyres, commercial vehicle tyres and passenger vehicle radial tyres.
CTC operates from its warehousing facility located at Vadodara and
has distribution network as well as stocking points spread across
India. Mr. Kamlesh Mehta is also associated with another group
entity, Celite Tyre Private Limited, which trades in premium
branded tyres.


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

The instrument-wise rating actions are:

-- INR160 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING) /
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 1995, CVS Infrastructure is engaged in the trading
of chemicals, petrochemical products, and agro commodities.


GARG GRANITE: CARE Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Garg
Granite Private Limited (GGPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       7.50      CARE B+; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale, Key Rating Drivers

CARE had, vide its press release dated January 18, 2019, placed the
rating(s) of GGPL under the 'issuer non-cooperating' category as
GGPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. GGPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 1, 2019, August 5, 2019 and August 7, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 18, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weakness

Financial risk profile marked by modest scale of operations with
moderate profitability: The scale of operations of the company
stood at a modest level with Total Operating Income (TOI) of
INR14.25 crore and PAT of INR0.01 crore in FY17 (provisional) along
with low net worth base of INR4.52 crore as on March 31, 2017. The
profitability of the company stood moderate with PBILDT and PAT
margin of 11.39% and 0.06% respectively in FY17. PBILDT margin of
the company has marginally declined by 8 bps in FY17 over FY16
mainly on account of increase in administration and selling cost.
Further, PAT margin has also declined in FY17 over FY16 mainly due
to increase in depreciation cost. Till July 31, 2017, the company
has achieved a turnover of INR4.00 crore.

Leveraged solvency position and stressed liquidation position: The
capital structure of the company stood leveraged with an overall
gearing of 1.72 times as on March 31, 2017, improved from 6.32
times as on March 31, 2016 on account of decrease in total debt and
considering of unsecured loans from promoters and relatives as a
quasi-equity. Further, the debt service coverage indicators stood
weak with interest coverage ratio of 1.32 times in FY17 and total
debt to GCA stood at 23 times as on March 31, 2017. The liquidity
position of the company stood working capital intensive with 95%
utilization of its working capital bank borrowings during last 12
months ended July 2017. Further, the operating cycle stood
elongated at 297 days in FY17 mainly due to high inventory holding
period and collection period, which offset to an extent by increase
in creditor period. GGPL maintains higher inventory level partly
due to nature of the product necessitating storage of minimum level
of stocks of different types/shades and partly due to dependence on
bulky imported goods requirement to cater demand on prompt and
regular basis. Liquidity ratio stood moderate marked by current
ratio of 1.48 times and quick ratio of 0.64 times as on March 31,
2017.

Risk associated with availability of raw material and foreign
exchange fluctuation: The quality of raw material (i.e. granite
block, sandstone, lime stone, marble etc.) has a high degree of
heterogeneity since it is a natural resource extracted from mines.
The inherent risk associated with this industry is that it is very
difficult to procure the same quality of stones from the mines on a
consistent basis. The company procures raw material based on the
requirement of the order from various places, viz. local suppliers
in Rajasthan and through imports mainly from Italy, Turkey and
Egypt. The availability of the appropriate quality and quantity of
the raw material depends upon the mining operations as marbles and
stones are natural products with limited reserves. Further, the
GGPL's profitability margins are susceptible to fluctuation in
foreign exchange fluctuations, since the company import more than
50% of raw material requirement and it does not have any active
hedging policy.

Presence in a highly competitive marble industry and linkage to
cyclical real estate sector: Currently size of the Indian Marble
Industry is INR20,000 crore and it is considered to be highly
fragmented with presence of large number of organized and
unorganized player. The industry is concentrated in Rajasthan and
Gujarat and majority of the processing units are clustered around
the mining area. The entry barriers to the industry are very low
and the operating margin is susceptible to new capacity additions
in the industry. The industry is primarily dependent upon demand
from real estate and construction sector across the globe. The real
estate industry is cyclical in nature and is exposed to various
external factors like the disposable income, interest rate
scenario, etc. Any adverse movement in the macro-economic factors
may affect the real estate industry and in turn business operations
of GGPL.

Key Rating Strengths

Experienced promoters with established track record of operations
in the marble industry: Overall operations of GGPL are managed by
Mr. Sanjay Garg and Ms. Rachna Garg. Mr Sanjay Garg, director, who
have around three decades of experience in the marble industry. He
looks after finance and sales & marketing function of the company.
He gets assistance from Mr Aditya Garg who is post graduate by
qualification and executive director in the company. He has around
four years of experience with the company. Ms Rachna Garg,
director, looks after administrative function of the company and
has more than two decades of experience in the marble industry. She
is also proprietor of EAC. Further, the company has qualified
tier-II management to support the promoters.

Location advantage with ease of availability of raw material and
labour: GGPL's processing facility of marbles is situated in
Rajasthan which has the largest reserve of marbles in India with
estimated reserves of 1,100 million tons accounting of more than
91% of the total marble reserves of the country. There are many
units located in the cities of Rajasthan mainly in Udaipur,
Chittorgarh and Kishangarh which are engaged in the business of
mining and processing of marbles. Further, skilled labour is also
easily available by virtue of it being situated in the marble belt
of India. Further, the company has import license. The company
procures marble blocks from domestic market as well as imports the
same from Italy, Egypt and Turkey for processing.

Kishangarh (Rajasthan) based Garg Granites Private Limited (GGPL)
was incorporated in 1993 by Mr Sanjay Garg along with his family
members. GGPL is engaged in the business of processing of marble
blocks as well as trading of finished marble slabs and tiles. The
processing plant of the company is located at Kishangarh and has an
installed capacity to process 3.00 Lakh Cubic Feet Per Annum
(LCFPA) of marble slabs and tiles. The company procures majority of
raw material from Italy, Egypt and Turkey.


GEORGE DISTRIBUTORS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. George Distributors Pvt. Ltd.
        Balaji Spinning
        College Sqaure P.O. Nuagam
        Aska District, Ganjam
        Orissa 761111
        India

Insolvency Commencement Date: September 5, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Hiralal Prasad

Interim Resolution
Professional:            Hiralal Prasad
                         CK-104, Sector-2
                         Salt Lake, Kolkata
                         West Bengal 700091
                         Tel.: +913323340941
                         E-mail: hrl_prasad@yahoo.com
                                 rp.georgedist@gmail.com

Last date for
submission of claims:    September 21, 2019


GROVER ZAMPA: CRISIL Hikes Rating on INR15.5cr Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Grover Zampa Vineyards Limited (GZVL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming the short term rating at
'CRISIL A4'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          3        CRISIL A4 (Reaffirmed)

   Cash Credit            15.5      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Short Term Loan         1.5      CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in financial risk profile backed
by infusion of equity to fund both the acquisitions and capital
expenditure (CAPEX) which has led to improvement in networth from a
negative networth as on 31st March 2018 to INR61 crores as on 31st
March 2019. The gearing stood at 1.05 times as on 31st March FY19.
CRISIL expects ramp-up in revenues & improvement in profitability
post the acquisition CAPEX leading to improvement in business risk
profile of the company. Consequently, the financial risk profile is
expected to improve.

The ratings continue to reflect GZVL's exposure to intense
competition and government regulation in the wine-making industry.
The rating also factors in high working capital intensity on
account of large debtor cycle and inventory requirements. These
weaknesses are partially offset by the extensive experience and
track record of the promoters in the industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to high government regulation in
wine-making industry and intense competition: The wine industry's
profitability is sensitive to changes in climate and government
policies. The structure of duties and taxes levied on the wine
industry in India are complex and differ from state to state.
Further, GZVL faces intense competition from various indigenous and
foreign players, which restricts its pricing power. The company has
taken measures to expand its reach through various acquisitions and
business tie-ups in the last two years. However, the contribution
from these expansion plans will remain a key monitorable factor.

* Working capital-intensive operations: Working capital
requirements are high as reflected in estimated gross current
assets of 386 days as on March 31, 2019, mainly on account of large
inventory of over 170 days and high credit allowed to customers.
However, working capital requirement was partly funded by large
funding support from creditors.

Strength:

* Promoters' extensive experience and track record in the industry
and established brand image: GVZL has been formed with merger of
Grover Vineyard Limited (GVL) and Vallee de Vin (VDV) and its
promoters have vast experience in manufacturing of wine. GZVL owns
reputed brands Grover and Zampa, both are well-recognized and
premium wines in India. This helped the company to be the second
largest indigenous wine maker in India. The promoters have also
taken steps in last two years to expand the visibility of the brand
through various tie-ups and business acquisitions.

Liquidity
Liquidity is marked by moderate bank line utilization with average
at 44.5% for the last twelve months ending June 2019. Further, the
net cash accruals are expected to be more than INR5 crores against
no repayment obligation. Further, there are no major debt funded
capital expenditure plans.

Outlook: Stable

CRISIL believes GZVL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if sales and margins improve significantly
leading to better cash generation, along with better working
capital management. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens because of stretch in working capital cycle, low cash
generation or any unanticipated large debt-funded capital
expenditure.

GZVL was formed by the merger of Vallee de Vin (VDV) with Grover
Vineyards Ltd (GVL) in April 2013. The company manufactures wines
and its vineyards are located in Nandi hills near Bengaluru and
Nashik (Maharashtra).

GVL was established in 1988 by Mr. Kanwal Grover and sells its
wines under the Grover brand.

VDV was set up in 2006 by Mr. Ravi Jain and sells its wines under
the Zampa brand.


GURDASPUR OVERSEAS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Gurdaspur Overseas Ltd.

        Registered office:
        7-Adarsh Nagar, Mandi
        Gurdaspur, Punjab 143521

        Also at:
        B.S.F. Road
        Gurdaspur, Punjab 143521

Insolvency Commencement Date: September 5, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: March 2, 2020
                               (180 days from commencement)

Insolvency professional: Mahesh Bansal

Interim Resolution
Professional:            Mahesh Bansal
                         M/s. Mahesh Bansal & Associates
                         SCF 24, First Floor, Bhadaur House
                         Ludhiana 141008 (Punjab)
                         E-mail: emmbee.consulting@gmail.com
                                 ip.gurdaspuroverseas@gmail.com

Last date for
submission of claims:    September 19, 2019


HINDUSTAN ORGANIC: CRISIL Hikes Rating on INR50cr Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the proposed long-term bank
facilities of Hindustan Organic Chemicals Limited (HOCL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' and reaffirmed the 'CRISIL A4'
rating on the company's short-term facility.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Fund-          50       CRISIL B+/Stable (Upgraded
   Based Bank Limits                from 'CRISIL B/Stable')

   Proposed Non Fund
   based limits            50       CRISIL A4 (Reaffirmed)

The upgrade reflects the improvement in HOCL's business risk
profile driven by sustained increase in revenue and profitability.
The company reported revenue of INR481 crore and operating margin
of 8.1% for fiscal 2019. Better capacity utilisation at the plant
in Kochi, Kerala, and closure of the unit in Rasayani, Maharashtra,
has boosted realisations, resulting in higher operating margin. The
financial risk profile is expected to improve over the medium term,
backed by repayment of loans from the government through proceeds
from the ongoing sale of land. The company has been utilising the
sales proceeds to pay creditors, salary arrears, retirement
compensation, and statutory dues. As a result, total outside
liabilities to adjusted networth (TOLANW) ratio improved to 13.42
times as on March 31, 2019, from 30.47 times a year earlier. The
financial risk profile is likely to improve after completion of the
sale of land as the sales proceed will be used to repay government
loans. Sustenance of operating performance will remain a
monitorable.

The ratings continue to reflect the company's weak financial risk
profile driven by high TOLANW ratio, and susceptibility of its
performance to fluctuations in raw material and product prices, to
government regulations regarding import, and to competition. These
weaknesses are partially offset by the company's established
presence in the chemicals industry and improving operating
performance with increased capacity utilisation.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile because of high TOLANW ratio: The
company had high TOLANW ratio of 13.42 times as on March 31, 2019,
and weak debt protection metrics (interest coverage of 0.71 time
and net cash accrual to adjusted debt ratio of 0.07 time for fiscal
2019). Networth was healthy at INR105 crore as on
March 31, 2019.

* Susceptibility to price fluctuations, regulations related to
import, and competition: The company's operating performance is
susceptible to fluctuations in the prices of final products (both
international and domestic) and key raw materials (benzene,
liquefied petroleum gas, and hydrogen) the prices of which are
linked to crude oil prices. The company faces competition from
import and operations are susceptible to changes in government
regulations regarding import duties. Sustained improvement in
operating performance, especially given the operating loss after
plant shutdown in the first quarter of fiscal 2020 for maintenance,
remains a key monitorable.

Strengths

* Established presence in the chemicals business and improving
operating performance: The Government of India set up HOCL in 1960
for achieving self-sufficiency in basic organic chemicals. The
company has been manufacturing organic chemicals such as phenol and
acetone for over four decades, and has established a prominent
position in the industry. Capacity utilisation increased from 60%
in fiscal 2018 to 80% in fiscal 2019, which is expected to sustain
over the medium term.

Liquidity
HOCL has poor liquidity and is relying on proceeds from sale of
land for meeting obligation on government bridge loans and
incremental working capital requirement. It had cash and cash
equivalent of INR29.9 crore as on March 31, 2019. CRISIL believes
HOCL will have sufficient funds to meet incremental working capital
requirement and debt obligation over the medium term, backed by the
proceeds from the sale of land.

Outlook: Stable

CRISIL believes HOCL will benefit over the medium term from its
established position and ongoing implementation of its revival
plan. The outlook may be revised to 'Positive' if the company
sustains revenue growth and operating profit while improving its
financial risk profile. The outlook may be revised to 'Negative' if
more-than-anticipated decline in revenue results in lower cash
accrual, or if large working capital requirement or substantial
debt-funded capital expenditure weakens the financial risk profile
and liquidity.

Set up in 1960, HOCL manufactures organic chemicals, primarily
phenol, acetone, and hydrogen peroxide. It is a Government of India
enterprise (the government holds 58.78% equity stake) under the
administrative control of Department of Chemicals and
Petrochemicals, Ministry of Chemicals and Fertilizers. The company
has a manufacturing facility at Kochi.


HITECH PRINT: Ind-Ra Lowers Long Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Hitech Print
Systems Limited's (HPSL) Long-Term Issuer Rating to 'IND D' from
'IND BB- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR111.80 mil. (increased from  INR92.10 mil.) Term loan (long

     term) due on November 2024 downgraded with IND D rating;

-- INR140 mil. (increased from INR105 mil.) Fund-based working
     capital limits (long term) downgraded with IND D rating; and

-- INR55 mil. (increased from INR45 mil.) Non-fund-based working
     capital limits(short term) downgraded with an IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Hitech Print
Systems Limited during the months of May, June and July 2019 due to
tight liquidity.

RATING SENSITIVITIES

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

COMPANY PROFILE

Hitech Print Systems, a wholly-owned subsidiary of Anjani Vishnu
Holding Limited (formerly Anjani Projects & Construction Limited),
is primarily engaged in the printing business. It has five
marketing offices in Bengaluru, Chennai, Bhopal, Mumbai and New
Delhi.


INDIGO COLLECTIONS: CARE Keeps D Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indigo
Collections Private Limited (ICPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       4.50      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

   Short-term Bank      5.50      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from ICPL to monitor the
ratings vide e-mail communications dated August 13, 2019, August 7,
2019, August 6, 2019, August 5, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings of ICPL's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The ratings take into account the ongoing delays in the servicing
of interest obligations due to stressed liquidity position.

Delhi based, Indigo Collections Private Limited (ICPL) was
incorporated on February 2, 2005. The company started its
commercial operations in April, 2008. ICPL is currently being
managed by Mrs. Upma Chandra, Mr. Manish K. Kochar, Mr. Ravinder
Singh and Mrs. Seema Ghai. It is a manufacturer and exporter of
readymade garments for ladies and children such as tops, blouses,
pants, shirts etc. The manufacturing facility is located in
Gurgaon, Haryana.


INDIRAPURAM HABITAT: NCLT Appoints Pawan Kumar Goyal as IRP
-----------------------------------------------------------
The Times of India reports that the National Company Law Tribunal
(NCLT) has appointed an insolvency resolution professional to
initiate insolvency proceedings against the Indirapuram Habitat
Centre, a shopping centre in Ahimsa Khand.

The announcement to appoint Pawan Kumar Goyal as the IRP came
through an order dated August 22, the report says.

The IHC, which is the corporate debtor in the case, was
incorporated in 2002 and the property sold to around 2,000
allottees. Of them, around 300 were handed over shops and
commercial spaces.

According to the report, the NCLT order came after Dimand Trimax, a
real estate investor, raised an insolvency bid against IHC under
the Insolvency and Bankruptcy Code (2016) for non-payment of a loan
worth INR32 crore.

TOI adds that the insolvency proceedings against the company have
been initiated from August 26.


INFOPLUS TECHNOLOGIES: CRISIL Assigns B+ Rating to INR2.5cr Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Infoplus Technologies Private Limited (ITPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2.5       CRISIL B+/Stable (Assigned)

The rating reflects its modest scale of operations in the intensely
competitive software development industry and large working capital
requirement. These weaknesses are partially offset by the extensive
experience of its promoters and established relationship with
reputed clients and above average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the intensely competitive software
development industry: ITPL's business risk profile is constrained
on account of its modest scale of operations in the highly
competitive IT services industry. Revenues are estimated at INR29
crores for fiscal 2019 and is likely to remain subdued as it faces
stiff competition from several small and mid-sized players.
Moreover, the tender-based operations is likely to constrain
profitability over the medium term.

* Large working capital requirement: Gross current assets were 446
days as on March 31, 2019 mainly because of stretched receivables.
Majority of the company's customers are government institutions
wherein billing is done post installation of software and payments
are approved and cleared only after successful functioning of the
software as per the client requirement. This leads to delays in the
receivables. Further receivables also include dues of over 6
months. The working capital requirements are likely to remain high
over the medium term.

Strengths
* Extensive experience of promoters and established relationship
with reputed clients: Industry presence of over 20 years has
enabled the promoters to understand market dynamics and establish
healthy relationship with suppliers and customers. The company's
clientele includes reputed companies like Tata group, Vendanta ,
state and central government and  other overseas clients who
provide repeat orders on a regular basis.

* Above average financial risk profile: Total outside liabilities
to adjusted networth ratio is comfortable at 0.07 time for fiscal
2019. Debt protection metrics were robust, with interest coverage
and net cash accrual to total debt ratios of 8.44 times and 0.92
time, respectively, in fiscal 2019. Networth is moderate estimated
at INR14.49 as on March 31, 2019.

Liquidity
Bank limits of INR2.5 crore was utilized on an average of 97% for
the 12 months ended June 30, 2019. Cash accrual is expected to be
over INR2 crore against nil term debt obligation over the medium
term. Also, promoters are likely to extend funding support to meet
working capital requirement and debt obligation. The unsecured
loans are estimated at INR1 crore as on March 31, 2019.

Outlook: Stable

CRISIL believes ITPL will continue to benefit from the extensive
experience of its promoters and established relationship with
clients. The outlook may be revised to 'Positive' if improvement in
revenues and profitability or better working capital management
strengthens business profile while the financial risk profile
continues to be healthy.  The outlook may be revised to 'Negative'
if decline in revenue or profitability, stretch in working capital
cycle, or large, debt-funded capital expenditure weakens the
financial risk profile.

Incorporated in 2005 in Chennai and promoted by Mr Srikanth
Settipalli and Ms Sakunthaladevi Settipalli, ITPL provides IT
solutions through three main verticals - system integration
(e-learning); software development and application support; and
enterprise resource planning and infrastructure support.


KAMAL BUILDERS: CRISIL Lowers Rating on INR8cr Loan to 'B'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kamal Builders (KB) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'
while reaffirming the short-term rating at 'CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          5         CRISIL A4 (Reaffirmed)

   Cash Credit             2         CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      8         CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan               2         CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects deterioration in KB's business risk profile,
as drop in order inflow weakened the operating performance. Revenue
fell to INR11.91 crore in fiscal 2019, from INR34.10 crore in
fiscal 2018. Gross current assets (GCAs) were also high at 467
days, as on March 31, 2019, as receivables stretched to of 260 days
from 110 days in the previous fiscal. Given the slowdown in order
inflow, revenue may remain modest and lead to lower cash accrual,
which will not suffice to cover the maturing debt. Liquidity will
also be constrained by the continuous capital withdrawal by the
partners.

The ratings continue to reflect the firm's large working capital
requirement, small scale of operations, volatility in operating
margin, and exposure to intense competition and risks inherent in a
tender-based business. These weaknesses are partially offset by the
extensive experience of the partners, and the comfortable financial
risk profile.

Analytical Approach

Unsecured loans (outstanding at INR0.96 crore as on March 31,
2019), extended by the partners and their family members, have been
treated as debt, as these loans have been withdrawn in the past.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: Operations are highly working
capital intensive, as reflected in GCAs of 467 days as on March 31,
2019, led by large receivables of 260 days and security deposits
and earnest money. The firm has to deposit 1% of project cost to be
eligible for bidding and 10% performance guarantee after the
project is awarded, which is released post completion. Security
deposit of 5-10% needs to be deposited during the project tenure,
and is released after one year of completion. KB raises bills with
credit of one month, which get stretched further by 1 to 3 months.

* Small scale of operations and volatile operating margin:
Revenue has declined to INR11.91 crore in fiscal 2019, from
INR34.10 crore in fiscal 2018, and may improve to INR15 crore in
fiscal 2020. Small scale of operations and networth limit KB's
ability to acquire tenders and thus, cause fluctuation in topline.

Operating margin ranged between 10.1% and 18.7% over the five
fiscals through 2019. Profitability is volatile and partly
constrained by the firm's inability to pass on any increase in
cost, because of fixed-price orders. However, increase in average
order size and use of own construction equipment should help the
margin remain stable in the medium term.

* Exposure to intense competition and risks inherent in a
tender-based business: Limited investment and complexity of
operations have attracted innumerable small entities, leading to
significant fragmentation. Intense competition from several
unorganised players, limits the pricing and bargaining power of
players. Threat from large integrated players, in the form of
capacity additions, also limits growth.

Since bulk of the business is tender-based, revenue depends on the
firm's ability to bid successfully. Any delay in floating of
tenders, finalisation of contractors, or unsuccessful bidding,
could constrain business risk profile. Moreover, the firm is
exposed to high geographical and customer concentration in
revenue.

Strengths:

* Extensive experience of the partners: The three-decade-long
experience of KB's partners in the construction industry, has
helped the firm build a strong customer base in Uttar Pradesh,
Madhya Pradesh, Rajasthan, and Delhi. Healthy relationships with
customers, has ensured an inflow of multiple projects.

* Comfortable financial risk profile: Capital structure is healthy,
marked by a moderate networth of around INR14.35 crore as on March
31, 2019, and low a gearing and total outside liabilities to
adjusted networth (TOL/ANW) ratio of 0.29 and 0.42 time,
respectively. Gearing and TOL/ANW ratio may remain low, aided by
term debt repayment and absence of any major capital expenditure
plans. Debt protection metrics are marked by net cash accruals to
adjusted debt ratio of 0.06 time and interest coverage ratio of
2.97 times, for fiscal 2019.

Liquidity: Stretched

Liquidity remains constrained by low cash accrual and cash
equivalents, moderate bank limit utilisation and continuous capital
withdrawal by the partners. Cash and cash equivalents stood at
INR0.85 crore as on March 31, 2019. Expected cash accrual of
INR0.15-0.20 crore will not suffice to cover the maturing debt in
the medium term. Bank limit utilisation averaged 73% over the 12
months ended March 31, 2019. The partners withdrew capital of
INR1.11 crore in fiscal 2019, for their personal use, but have also
extended unsecured loan to support liquidity.

Outlook: Stable

CRISIL believes KB will continue to benefit from the extensive
experience of its partners in the construction industry, and the
improving order pipeline.

Rating Sensitivities Factors

Upward factors

* Improvement in operating income of over INR30.0 crore
  combined with improvement in working capital position.

* Improvement in order-book status

* Improvement in operating profitability resulting higher
  cash accruals.

Downward factors

* Delays in execution of orders leading to GCA days
  increasing over 500 days and stretch in receivables.

* Higher capital withdrawal by partners

* Debt funded capital expenditure leading to significant
  deterioration in debt protection metrics.

KB was set up in 1984, by the late Mr S S Jalan and his sons. It is
owned and managed by his sons, Mr Kamal Kumar Jalan and Mr Hari
Kishan Jalan. KB operates in the road and civil construction
industry, mainly in Madhya Pradesh and Uttar Pradesh. The firm is a
registered contractor with urban municipal bodies.


KAVITA INDUSTRIES: CRISIL Assigns 'B' Ratings to INR17.5cr Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kavita Industries - Jalna (KI).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Warehouse Receipts     12         CRISIL B/Stable (Assigned)

   Cash Credit             2.5       CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      3.0       CRISIL B/Stable (Assigned)

The rating reflects the firm's small scale of operations and
moderate operating margin, average financial risk profile, and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of the proprietor in the
agro-commodity business.

Analytical Approach

Unsecured loans extended by KI's proprietor (outstanding at INR0.14
crore as on March 31, 2019) has been treated as debt, as the funds
have been withdrawn in the past.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations with moderate operating margin: Scale
of operations were modest, marked by revenue of INR8.41 crore in
fiscal 2019. Operating margin and return on capital employed were
also moderate at 10.41% and 5.02 %, respectively, in fiscal 2019.
The small scale restricts the bargaining power with suppliers and
customers. Revenue of over INR40 crore is likely to be reported in
the coming fiscals.

*Average financial risk profile: Financial risk profile is marked
by a modest networth of INR6.35 crore as on March 31, 2019. Gearing
and total outside liabilities to adjusted networth ratios stood at
2.89 times and 4.60 times, respectively, as on the same date,  due
to high reliance on external debt. Interest coverage ratio was also
weak at 1.37 times in fiscal 2019. However, with expected growth in
scale of operations and accrual, capital structure and debt
protection metrics are expected to improve in the medium term.

* Large working capital requirement: Operations are highly working
capital intensive, led by large inventory of cotton seeds,
available on a seasonal basis. Gross current assets stood at 1,357
days as on March 31, 2019, marked by inventory of 1,399 days.
Receivables are realised within 10-15 days. The firm mainly makes
purchases against cash, or avails maximum credit of 7 days.

Strength

* Extensive experience of the proprietor: The decade-long
experience of the proprietor, Mr Alkesh Petty, in the agro
business, has helped him build healthy relationships with
suppliers, and understand market dynamics. His longstanding
presence has enabled the other group company to integrate
operations, resulting in a diversified product portfolio,
comprising cotton seed oil, de-oiled cake, and cotton linters.

Liquidity: Stretched

Liquidity is stretched, on account of large working capital
requirement. Cash accrual is likely to remain modest in fiscal
2020, against no maturing term debt. Cash and cash equivalents
stood at INR0.11 crore as on March 31, 2019. Bank limit utilisation
averaged 50% over the 12 months ended March 2019. Current ratio was
1.08 times in fiscal 2019. However, liquidity is partly aided by
funding support from the partners, via unsecured loan. In the
absence of any large capital expenditure accrual and cash
equivalents could be used to meet the incremental working capital
requirement in the medium term.

Outlook: Stable

CRISIL believes KI will continue to benefit from the extensive
experience of its proprietor.

Rating sensitivity factors

Upward factors

* Improvement in operating income of over INR45.0 crore
  combined with improvement in working capital position.

* Sustainability in operating profitability resulting
  higher cash accruals.

Downward factors

* Decline in operating income by more than 10% in comparison
  to fiscal 2019

* Stretch in working capital cycle

* Higher capital withdrawal by proprietor and higher investment
  in other group companies.

* Debt funded capital expenditure leading to significant
  deterioration in debt protection metrics.

KI was incorporated in 2000, as a proprietorship firm of by Mr
Alkesh Petty. The Jalna, Maharashtra-based firm offers warehousing
services for agricultural products, primarily cotton seeds, and
subsequently sells the stored products. It is also engaged in oil
extraction.


KIRAN GLOBAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Kiran Global Chem Ltd
        R.S. No. 37, Nagore Road
        T.R. Pattinam
        Karaikal PY 611002

Insolvency Commencement Date: September 5, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Nagalingam Muthiah

Interim Resolution
Professional:            Nagalingam Muthiah
                         Room No. 708, 7th Floor
                         Shivalaya Buildings, A Block
                         Ethiraj Road, Egmore
                         Chennai 600008
                         E-mail: mnaga2050@gmail.com

Last date for
submission of claims:    September 21, 2019


KSK ENERGY: NCLT Admits Insolvency Petition Against Company
-----------------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Tribunal, Hyderabad, has admitted the Insolvency Petition against
KSK Energy Ventures Limited and appointed an Insolvency
Professional.

IFCI had filed a petition for Corporate Insolvency Resolution
Process before the NCLT-Hyderabad under Section 7 of the Insolvency
and Bankruptcy Code 2016, BusinessLine says.

The petition was admitted and KS Ramesh was appointed as Insolvency
Professional.

BusinessLine relates that the board has been suspended and the
power to manage the company affairs now is vested with the
Insolvency Professional.

Since the case has been admitted for insolvency resolution, the
NCLT Bench prohibits the institution of suits or proceedings
against the corporate debtor including execution of any judgement,
decree or order.

The petitioner IFCI moved the Tribunal stating that KSK Energy's
loans were due and that it had defaulted on payments.

The creditor had moved the Debt Recovery Tribunal and there have
been moves under the Sarfaesi Act.

Judicial member Ratakonda Murali and Technical Member Narender
Kumar Bhola heard the petitioner and the financial creditor and
based on the documents of loans in their order admitted the
petition to proceed under IBC.

The Adjudicating Authority, while admitting the petition, declared
a moratorium as it has been taken up under the Code for
resolution.

KSK Energy Ventures is a BSE- and NSE-listed developer of power
projects and has been running several projects across different
locations.


LACMA PANEL: CRISIL Hikes Rating on INR7.35cr Term Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Lacma Panel Industries LLP (LPIL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming the short-term rating at
'CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             4         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Non Fund
   based limits            1.25      CRISIL A4 (Reaffirmed)

   Term Loan               7.35      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The upgrade factors in a belief that LPIL's business risk profile
will continue to improve, driven by the steady revenue flow and
moderate profitability on account of healthy ramp up of
manufacturing activity. Backed by partners' experience and
established relations with the customers and suppliers, revenue has
increased to INR21.5 crore in fiscal 2019, from INR3.5 crore in the
previous fiscal. Liquidity position is also expected to improve, as
the cash accrual expected for the medium term are likely to remain
sufficient to meet the yearly maturing debt as well as the
incremental working capital requirement.

The ratings continue to reflect the improving-yet-small scale of
LPIL's operations amid intense competition, average financial risk
profile, and large working capital requirement. These weaknesses
are partially offset by the experience of the partners.

Analytical Approach

Unsecured loans (outstanding at INR1.9 crore as on March 31, 2019)
extended to LPIL by the partners have been treated as neither debt
nor equity. That is because these non-interest-bearing loans are
expected to remain in the business over the medium term.
Key Rating Drivers & Detailed Description

Weaknesses

* Improving-yet-small scale of operations amid intense competition:
LPIL is yet in the initial stage of operations. Further, intense
competition may continue to constrain scalability, pricing power,
and profitability. Scale of operations is improving, yet expected
to remain modest over the medium term, as reflected in revenue of
INR21.0 crore in fiscal 2019. The scale is expected to grow
further, yet remain modest with revenue in INR24-26 crore range.

* Average financial risk profile: Financial risk profile may remain
constrained by the term loan availed of in fiscal 2017 and the
large working capital requirement. The total outside liabilities to
adjusted networth ratio is likely to moderate-yet-remain high at
1.8-2.3 times over the medium term from 2.4 times as on March 31,
2019; the adjusted debt to networth ratio was also high at 2.13
times. Debt protection metrics were average as well, with interest
coverage and net cash accrual to total debt ratios of 2.60 times
and 0.19 times, respectively, in fiscal 2019.

* Large working capital requirement: Operations are likely to
remain working capital intensive over the medium term. Gross
current assets were 206 days as on March 31, 2019, driven by high
debtors and inventory holding period.

Strength

* Experience of the partners: Benefits from the partners'
experience of over a decade, their strong understanding of local
market dynamics, and healthy relations with customers and suppliers
should continue to support the business. Thus, the operating margin
increased to 16% in fiscal 2019 from 14% in the previous fiscal.

Liquidity
Liquidity should remain comfortable. Cash accrual is projected at
INR2.0-2.5 crore per annum over the medium term, adequate to meet
the yearly maturing debt of INR0.5 crore. Of the total fund-based
facility (cash credit) worth INR4 crore, INR3.8 crore was utlised
as on July 2019.  Utilization averaged about 90% during the 12
months through June 2019. Current ratio was moderate at 1.2 times
as on March 31, 2019.

Outlook: Stable

CRISIL believes LPIL will continue to benefit from the experience
of the partners. The outlook may be revised to 'Positive' if a
substantial and sustainable increase in revenue and profitability
strengthens the financial risk profile. Conversely, the outlook may
be revised to 'Negative' if a steep decline in profitability, a
further stretch in the working capital cycle, or any large,
debt-funded capital expenditure deteriorates the financial risk
profile and liquidity.

LPIL was set up in 2016 as a limited-liability partnership between
Mr Mansukh Panchotiya and his family members. This Gujarat-based
firm manufactures wood-based particle boards.


LMJ INTERNATIONAL: Ind-Ra Affirms 'D' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed LMJ International
Limited's (LMJ) Long Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR1.84 bil. Fund-based limits (Long-/Short-term) with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR3.60 bil. Non-fund-based limits (Short-term) affirmed with
     IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by LMJ
the details of which are unavailable.

RATING SENSITIVITIES

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

COMPANY PROFILE

LMJ trades agricultural and non-agricultural commodities in
domestic and international markets.


MEGHALAYA INFRATECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Meghalaya Infratech Limited
        Khanapara Khanapara ML 793101
        India

Insolvency Commencement Date: August 28, 2019

Court: National Company Law Tribunal, Guwahati Bench

Estimated date of closure of
insolvency resolution process: February 24, 2019
                               (180 days from commencement)

Insolvency professional: Amit Pareek

Interim Resolution
Professional:            Amit Pareek
                         C/o Amit Pareek & Associates
                         4th Floor, Ram Prasad Complex
                         Chatribari, Guwahati 781001
                         E-mail: amitpareek99@yahoo.com
                                 meghalayainfrairp@gmail.com

Last date for
submission of claims:    September 12, 2019


MIRA GREEN: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Mira Green Tech Private Limited
        B-267A, First Floor
        Greater Kailash Part-1
        New Delhi 48

Insolvency Commencement Date: August 31, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Sanjiv Kumar Arora

Interim Resolution
Professional:            Sanjiv Kumar Arora
                         D-3/3465, Vasant Kunj, South West
                         National Capital Territory of Delhi
                         110070
                         E-mail: mrask4@yahoo.co.in
                                 cirp.miragreen@gmail.com

Last date for
submission of claims:    September 13, 2019


MOREVISAS IMMIGRATION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: M/s. Morevisas Immigration Services Private Limited
        H.No.8-2-293/82/A/1259
        Road No. 36, Jubilee Hills
        Hyderabad 500033
        Telangana

Insolvency Commencement Date: August 27, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Vinay Totla

Interim Resolution
Professional:            Vinay Totla
                         102, Vijaya Durga Mansion
                         Opp. Aditya Imperial Heights
                         Hafeezpet, Hyderabad 500049
                         E-mail: vtotla@gmail.com

Last date for
submission of claims:    September 18, 2019


MYTRAH AKSHAYA: Ind-Ra Lowers Term Loan Rating to 'BB+'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mytrah Akshaya
Energy Private Limited's (MAEPL) term loan to 'IND BB+' from 'IND
BBB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR628.6 mil. (INR 558.7 mil. outstanding on August 1, 2019)
     Term loan due on March 31, 2035, downgraded with IND
     BB+/Stable rating.

KEY RATING DRIVERS

The downgrade reflects elevated stress on MAEPL's liquidity,
emanating from continued high receivable days significant
underperformance in plant load factor (PLF) compared to P90
estimates and the continued absence of the entire mandated debt
service reserve (DSR) for six months. The off-takers [Gulbarga
Electricity Supply Company (GESCOM)] payment delays remained high
at 140 days during the month of August 2019, leading to thin
coverage ratios.

The higher leverage and weakened liquidity at the sponsor level
have aggravated concerns related to timely support for the
project.

MAEPL has created INR10 million from the project cash flows and
placed it in the debt service reserve account. However, the lender
has undisbursed DSRA equivalent to one quarter (INR24 million).
Thus, the reserve created by MAEPL would be sufficient for
servicing debt obligations for little more than four months
(including the pre-funded and undisbursed three months reserve) as
against the original expectations of two quarters (INR47 million).
As on September 5, 2019, MAEPL had INR20.39 million in the trust
and retention account (TRA); the management has requested the
lender that the amounts realized into the TRA account be liened to
fixed deposits for pending DSRA creation. Creation of pending DSRA
from the project cash flows and maintenance of the same remains a
key rating sensitivity.

The rating reflects MAEPL's continued underperformance with respect
to the PLF, with its operational performance at 19.30% compared to
the P90 estimate of 22.2% during the 12 months ended June 2019. The
underperformance was attributable to the continued non-installation
of the trackers by MAEPL beyond the original estimates of June
2019. However, as indicated by management, all 68 trackers had been
commissioned as on August 28, 2019; hence, an improvement in PLF
levels remains a key rating sensitivity.

Mytrah Energy (India) Private Limited) (MEIPL; 'IND A-'/RWN), the
sponsor, has supported MAEPL in the past to meet debt servicing
(about INR11.6 million until August 2019). Given the weakened
liquidity profile of the sponsor, the promptness of the support for
the project would be a key monitorable.  

The rating continues to be constrained by lower tariff realization,
precipitated by the delays in project commissioning. MAEPL has been
receiving a tariff of INR4.36/kWh instead of the original PPA
tariff of INR5.50/kWh, based on the Karnataka Electricity
Regulatory Commission order dated April 12, 2017, which Ind-Ra has
considered in its analysis. MAEPL has approached the commission for
the recognition of reasons for the delays as force majeure.

The rating continues to take comfort from the 25-year fixed-price
power purchase agreement (PPA) with GESCOM for the entire 15MW.

The rating is also supported by the must-run status awarded to
renewable projects.

RATING SENSITIVITIES

Negative: Lower PLFs than base-case assumptions, inordinate delays
in the receipt of revenue from the off-taker, non-maintenance of
six months of DSR, absence of timely sponsor support, significant
deterioration in the credit profile of sponsor, and debt service
coverage ratios below 1.05x could lead to a rating downgrade.

Positive: Regular revenue receipts, revision of tariff to the
original PPA rate, PLF levels at P90 level and minimum debt service
coverage ratio higher than 1.1x could lead to a rating upgrade.

COMPANY PROFILE

MAEPL's portfolio consists of 1X15MW projects, located in Raibagh,
Karnataka. MAEPL is a subsidiary of MEIPL which is a subsidiary of
Mytrah Energy Limited.


NAND ENTERPRISES: CARE Lowers Rating on INR8.75cr Loan to 'B'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nand Enterprises, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      8.75        CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Nand Enterprises to
monitor the ratings vide e-mail communications dated August 16,
2019, August 13, 2019, July 30, 2019, July 19, 2019, July 16, 2019
and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided No Default Statement for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings on Nand Enterprises's bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

The ratings have been revised by taking into account no
due-diligence conducted due to non-cooperation by Nand Enterprises
with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a
key factor in its assessment of credit risk.


NOBLE ISPAT: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. Noble Ispat & Energies Limited
        Behind Monsanto India Ltd.
        Moka Road, Sirivar Bellary
        Karnataka 583103

Insolvency Commencement Date: September 5, 2019

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Shri. R.P. Tak

Interim Resolution
Professional:            Shri. R.P. Tak
                         K.G. Somani & Co.
                         Chartered Accountants
                         3/15, 4th Floor Asaf Ali Road
                         New Delhi, Delhi 110002
                         E-mail: rptak@kgsomani.com
                                 kgsnobleispat@gmail.com

Last date for
submission of claims:    September 19, 2019


NOVEL SUGAR: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Novel Sugar
Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING)' in the non-cooperating category and simultaneously
withdrawn it.

The instrument-wise rating action is:

-- The 'IND BB+' rating on the INR170 mil. Fund-based working
     capital limit maintained to non-cooperating category and
     withdrawn.

Fund-based limits maintained to IND BB+ (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) before being withdrawn.

KEY RATING DRIVERS

The ratings have been maintained to the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra has simultaneously withdrawn the ratings as it has received
no-objection certificates from the lenders. This is consistent with
the Securities and Exchange Board of India's circular dated March
31, 2017, for credit rating agencies.

COMPANY PROFILE

Established in 2003, Novel Sugar manufactures khandsari sugar. The
company's manufacturing facility, located in Pilibhit, Uttar
Pradesh, has a daily sugar crushing capacity of 1,500 tons.


OMSHANKAR MILKFOOD: CRISIL Assigns B+ Rating to INR15cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facility of Omshankar Milkfood Industries Private Limited
(OMIPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Proposed Cash        15        CRISIL B+/Stable (Assigned)   
   Credit Limit          

The rating reflects the company's exposure to risk related to
timely stabilisation of operations and demand, and its weak
financial risk profile. These weaknesses are partially offset by
the extensive experience of OMIPL's promoters in the dairy
industry.
Key Rating Drivers & Detailed Description

Weakness:

* Exposure to stabilisation and demand risk: As operations started
only from December 2018, they are still at a nascent stage. Hence,
the company remains vulnerable to risks related to timely
stabilisation of operations and demand. Revenue and profitability,
and working capital management, will be the key monitorables.

* Weak financial risk profile: Financial risk profile is
constrained by a weak capital structure, marked by estimated
gearing of 1.95 times as on March 31, 2019. Debt protection metrics
were also weak in fiscal 2019, due to the low operating margins.

Strengths:

* Extensive experience of the promoters, and funding support
provided by them: Experience of over two decades in the dairy
industry, and the need-based funding support, they are likely to
extend, will support the business risk profile.

Liquidity: Poor
Poor liquidity marked by insufficient accruals against maturing
debt of around INR1 crore per fiscal, in the medium term. Cash
accrual remain modest on account of limit track record of
operations. However, the promoters are expected to extend unsecured
loans to cover any shortfall. The company has no sanctioned working
capital limit.

Outlook: Stable

CRISIL believes OMIPL will continue to benefit from the extensive
experience of its promoters.

Rating Sensitivity factor

Upward Factors

* Timely stabilization of operations and healthy demand

* Growth in revenue to INR20 crores and operating
  profitability of more than 5% coupled with efficient
  working capital management

Downward Factors:

* Poor demand leading to subdued revenue growth and
  weak operating margins

* Delays in stabilization of operations

* Large working capital requirement marked by GCA of
  over 200 days

OMIPL is engaged in manufacturing of ghee and skimmed milk powder
(SMP). The company is promoted by Mr. Ankur Agarwal, Mr. Ankur
Jain, Ms. Manju Agarwal, Mr. Ramesh Chand Jain. The company started
its operations in December 2018.


OSWAL OVERSEAS: CARE Lowers Rating on INR9.95cr LT Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Oswal Overseas Limited (OOL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      9.95       CARE C; Stable; Issuer Not
   Facilities                     Cooperating; Revised from
                                  CARE B-; Stable on the basis
                                  of best available information

   Long-term/Short-    0.78       CARE C; Stable/CARE A4;
   term Bank                      Issuer Not Cooperating;
   Facilities                     Revised from CARE B-;
                                  Stable/CARE A4 on the basis
                                  of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking No Default Statement from OOL to monitor the
ratings vide e-mail communications dated August 13, 2019, August 1,
2019, July 15, 2019, June 29, 2019, June 3, 2019, May 15, 2019,
April 30, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided no default
statement for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on OOL's
bank facilities will now be denoted as CARE C; Stable/ A Four;
ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of no default statement and deterioration in the overall financial
risk profile characterized by operational losses, deterioration in
capital structure and coverage indicators. The ratings further
continue to remain constrained on account of its modest scale of
operations, working capital intensive operations and regulated
nature of sugar business. The ratings, however, continue to draw
comfort from experienced
management. Going forward; ability of the company to profitably
increase its scale of operations while registering improvement in
its capital structure and working capital management shall be the
key rating sensitivity.

Detailed description of key rating drivers

Key rating weakness

Deterioration in the overall financial risk profile: The company
has incurred operational losses in Q1FY20. During 3MFY20 the
company reported PBILDT and net loss of INR-4.05 crore and INR5.64
crore respectively. The capital structure of the company
deteriorated and stood leveraged marked by overall gearing of
14.16x as on March 31, 2019 as against 5069x as on March 31, 2018.
The debt service coverage indicators stood weak marked by interest
coverage ratio and total debt/GCA 1.03x and 31.09x respectively in
FY19 on account of thin profits and weak GCA levels.

Modest scale of operations: The scale of operations of OOL broadly
marked by total operating income (TOI) of around INR76.00 crores
for the last two financial years i.e.FY18-FY19 (refers to the
period April 1 to March 31). Further the company had gross cash
accruals of INR2.11 crores in FY19. During 3MFY20 the company
achived a TOI of around INR50.84 crores and reported net losses
resulting into negative GCA (refers to the period April 1 to
June 30; based on unaudited results). The modest scale limits the
company's financial flexibility in times of stress and deprives it
from scale benefits.

Working capital intensive operations and stretched liquidity: Sugar
industry being seasonal in nature has high working capital
requirements during the peak season which is from November to
March. The companies have high working capital requirements during
the peak season to procure their primary raw material, i.e.,
sugarcane and manufacture sugar during this period. The company
generally maintains inventory of around 2 months however the same
elongated to 355 days in FY19. The collection period of the company
stood at 5 days in FY19. Further, the creditor days in FY19
elongated and stood at 411 days as compared to 245 days in FY18 on
account of high liquidity crunch on account of no sales
realization.

Regulated nature of sugar business: The industry is cyclical by
nature and is vulnerable to the government policies for various
reasons like its importance in the Wholesale Price Index (WPI) as
it classifies as an essential commodity. The government on its part
resorts to various regulations like fixing the raw material prices
in the form of State Advised Prices (SAP) and Fair & Remunerative
Prices (FRP). All these factors impact the cultivation patterns of
sugarcane in the country and thus affect the profitability of the
sugar companies.

Key rating strengths

Experienced Management: OOL is a Public Limited company (closely
held) originally incorporated in 1984 by Mr. Paramjeet Singh. He is
a graduate by qualification, having an experience of around three
decades in various business segments including one and half decades
in sugar industry. He is well supported by other directors, Mr.
Harihar Nath Sharma, who is also a graduate by qualification and
having experience of around two and half decades of experience in
accounts and finance including one and half decades in the sugar
industry through his association with OOL. Mr. Anoop Kumar
Shrivastav is a commerce graduate having an experience of around
one decade in IT Management and around 3 years in sugar industry
through his association with OOL. Mr. Rajinder Pal Singh is a
graduate by qualification and has an experience of around half a
decade in the sugar industry though his association with OOL.


PANTEL TECHNOLOGIES: CARE Keeps D on INR24cr Debt to NonCooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pantel
Technologies Private Limited (PTP) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      14.00      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

   Short-term Bank     10.00      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 6, 2018 placed the
rating of PTP under the 'issuer non-cooperating' category as Pantel
Technologies Private Limited had failed to provide information for
monitoring of the rating. Pantel Technologies Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls August 2,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The rating takes into account the ongoing delays in the servicing
of interest obligations due to stressed liquidity position.

Uttar Pradesh-based, PTP was incorporated in 2010 and is currently
being managed by Mr Vijender Singh and Mr Sudesh Kumar. The company
is engaged in manufacturing of information technology (I.T.)
products such as tablets, mobile etc. PTP's has cumulative
installed capacity of 1.83 lakh pieces per annum for tablets,
mobiles and other accessories as on March 31, 2015, at its
manufacturing units located in Noida, Uttar Pradesh. The company
imports more than 90% of its raw material requirement from China.
PTP exclusively sales its product under the brand name “PENTA”.
The manufactured products are sold to traders as well as through
online sales portal. Prerna Services Private Limited (PSP) is an
associate concern of PTP engaged in a similar business.

PREMIER STEELS: Ind-Ra Affirms 'B' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Premier Steels'
(PS) Long-Term Issuer Rating at 'IND B'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR100.00 mil. Fund-based working capital limits affirmed with

     IND B/Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects PS's modest margins of 3.98% in FY19
(FY18: 4.85%) due to low operating income. The return on capital
employed was 6% in FY19 (FY18: 6%). The ratings remain constrained
by the company's weak credit metrics with interest coverage
(operating EBITDA/gross interest expense) of 1.15x in FY19 (FY18:
1.19x) and net leverage (adjusted net debt/operating EBITDAR) of
9.52x (8.21x). The deterioration in credit metrics in FY19 was due
to low EBITDA and increased debt level.

The ratings also reflect the company's continued small scale of
operations even though revenue grew 25.44% YoY to INR299.65 million
on increased orders. With total revenue of INR83.00 million
achieved in 1QFY20, Ind-Ra expects the annual revenue to improve in
the coming year. Also, the company has an outstanding order book
worth INR5.0 million to be delivered by September 2019.

Liquidity Indicator – Stretched: PS's average maximum utilization
of fund-based limits was 94.44% for the 12 months ended July 2019.
The cash from operations turned negative in FY19 at INR9.22 million
(FY18: INR14.59 million) on increased working capital requirement.
Cash and cash equivalents remained low at INR0.85 million in FY19
(FY18: INR0.52 million).

The ratings, however, continue to benefit from over
three-decade-long experience of PS's partners in the trading
business.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue and profitability
leading to an improvement in the interest coverage above 1.5x along
with an improvement in the liquidity will be positive for the
ratings.

Negative: A significant decline in the revenue and profitability
along with liquidity deterioration will be negative for the
ratings.

COMPANY PROFILE

PS was incorporated in 1983 and trades steel products. It has a
stockyard in Ernakulum. PS is managed by V.A. Mohammed Ashraf.
Waheed Mohammed Ashraf, T.P. Ismail, and Zakir Mohammed Ashraf are
the partners of the firm.


PRIYADARSINI LIMITED: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Priyadarsini Limited

        Registered office:
        Survey No. 726 and 744
        N.H. 9 Sadasivpet
        Mandal 502291
        Telangana

        Corporate office:
        H.No. 362/3RT, MN Reddy Classic Building
        Opposite Himalaya Book Depot
        SR Nagar Hyderabad 500038

Insolvency Commencement Date: September 3, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Manivannan. J

Interim Resolution
Professional:            Manivannan. J
                         Plot No. 53B, 8/330
                         Vishalakshi Nagar
                         Fourth Cross Street
                         Santhosapuram
                         Chennai, Tamil Nadu 600073
                         E-mail: equitablelegal@gmail.com

Last date for
submission of claims:    September 20, 2019


REDTOPAZ REAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Redtopaz Real Estate Private Limited
        Khasra No. 300, Gopi Ram Building
        Sultanpur Village, New Delhi 110030

Insolvency Commencement Date: August 23, 2019

Court: National Company Law Tribunal, Ghaziabad Bench

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

Insolvency professional: CS Vekas Kumar Garg

Interim Resolution
Professional:            CS Vekas Kumar Garg
                         D-4 B First Floor Ramprastha
                         Near Raghunath Temple Ghaziabad
                         Uttar Pradesh 201011
                         Ghaziabad
                         E-mail: vikasgarg_k@rediffmail.com

                            - and -

                         1/17 1B First Floor, Paras Chamber
                         Lalita Park, Laxmi Nagar
                         Delhi 110092
                         E-mail: irp.redtopaz@gmail.com  

Classes of creditors:    Real Estate Allottees whose dues are
                         outstanding towards the Corporate Debtor
                         as a Financial Creditor on CIRP
                         commencement date i.e. 23rd August, 2019

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Alok Kumar Kuchhal
                         Mr. Jitendra Arora
                         Mr. Rajendra Kumar Joshi

Last date for
submission of claims:    September 11, 2019


REGALIA JEWELS: CARE Lowers Rating on INR6.50cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Regalia Jewels Private Limited (RJP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      6.50        CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 3, 2019, placed the
ratings of RJP under the 'issuer non-cooperating' category as
Regalia Jewels Private Limited had failed to provide information
for monitoring of the rating. Exclusive Overseas Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 16, 2019, August 12, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The rating has been revised by taking into account no due-diligence
conducted due to non-cooperation by Regalia Jewels Private Limited
with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk. The rating is constrained
on account of small scale of operations with low net worth base,
low profitability margins, leveraged capital structure and weak
coverage indicators and elongated inventory holding period. The
rating is further constrained on account of vulnerability of
margins to gold price fluctuations and competition from various
organized or unorganized players and unfavorable supply outlook.
The rating, however, derives strength from experienced promoters
and long track record of operations couple favorable location of
showroom.

Detailed description of the key rating drivers

At the time of last rating on January 3, 2019 the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

Small scale of operations with low net worth base: The scale of
operations has remained low marked by a total operating income and
gross cash accruals of INR2.40 crore and INR0.08 crore,
respectively, during FY18. Furthermore, the company's net worth
base was relatively small at INR1.61 crore as on March 31, 2018.
The small scale limits the company's financial flexibility in times
of stress and deprives it from scale benefits. Further, the TOI has
declined significantly from INR33.48 crore in FY16 to INR10.47 in
FY17 and again to INR2.40 crore in FY18.

Low profitability margins, leveraged capital structure and weak
coverage indicators: The profitability margins have been
historically on the lower side owing to intense market competition
given the highly fragmented nature of the industry. The
profitability margins of the company have been fluctuating during
the past three financial years (FY16-FY18) on account of change in
product mix. Further, the capital structure of the company stood
leveraged marked by overall gearing of 1.09x as on March 31, 2018
due to low net worth base and high dependence on external
borrowings to meet working capital borrowings. The debt protection
metrics remained weak for the past three financial years owing to
low profitability as against debt levels. The Interest coverage and
total debt to GCA stood at 1.48x and 22.74x in FY18 (Provisional).

Elongated inventory holding period: Being a jewelry retailer, it is
critical for the company to provide a wide range designs to its
customers and cater the immediate demand. This results in
significant finished goods inventory leading to elongated inventory
holding to carry business operations smoothly (inventory days of
644 days in FY18). Being in a retailing business, the company sells
mainly on cash basis however few customers given credit period of
around a week. Furthermore, the company purchases gold on cash or
on advance basis, however gems and diamonds are generally bought on
credit and credit period stood at 293 days during FY18.

Vulnerability of margins to gold price fluctuations: The prices of
gold have experienced high volatility in the past one year.
Therefore, any adverse change in prices of the same is likely to
have a significant impact on margins of the players in the G&J
industry. However, the vast experience of the promoters of RJP
coupled with their policy of inventory replenishment model helps it
in managing this risk to some extent. Further, the high price gold
can also have an adverse impact on the demand for jewellery,
thereby exposing the company to risk of decline in sales volume.

Competition from various organized or unorganized players and
unfavorable supply outlook: The company operates in the Gems &
Jewelry (G&J) industry, which is a fragmented industry with a high
level of competition from both the organized and unorganized
sector.

Key Rating Strengths

Experienced promoters and long track record of operations: The
directors are actively involved in day-to-day operations of the
business. Mrs. Poonam Verma, Mr. Sumit Verma and Mr. Shobhit Verma
have their experience in the field of gems and jewelley industry
though the company has its associate concerns. Due to their
longstanding industry presence, the directors have been able to
establish their own reputation.

Favorable location of showroom: RJP has its showroom located in
Karol Bagh (Central Delhi) and Gurgaon (Gold Sukh Building) the
market is known for jewellery in New Delhi and Gurgaon
respectively). The store is located in prime area which ensures the
higher probability of footfall in its showroom, thereby, ensuring a
good customer base for the company.

Regalia Jewels Private Limited (RJP) was incorporated in 2005. The
company is currently being managed by the Mrs. Pushpalata Verma,
Mr. Sumit Verma and Mr. Shobhit Verma. The company is engaged in
retailing of gold jewellery and diamond studded gold jewellery
(necklaces, earrings, rings, pendants and bangles).

RS STONES: Commences Corporate Insolvency Resolution Process
------------------------------------------------------------
Ankit Sharma at ETRealty reports that the National Company Law
Tribunal (NCLT) has initiated corporate insolvency resolution
process against RS Stones under Section 7 of the Insolvency and
Bankruptcy Code 2016.

According to ETRealty, the court has appointed Deepak Kumar Agarwal
as the interim resolution professional (IRP) for the case. It
directed the IRP to make a public announcement.

ETRealty, citing the petition, says three home buyers had bought
flats in company's Fort View Residency project situated in Alwar in
2015 for about INR38 lakh. The construction of the flats was to be
completed within 24 months from the date of agreement i.e. by 2018.
However the project is yet to be delivered.

Since no response was filed by the builder within the time frame,
the right to reply was closed, the report states.

NCLT however noted that under Section 18 of RERA, if the promoter
fails to complete the project, he must return the amount received
along with an interest. However in this case neither the possession
has been given neither the money has been refunded. Hence, the CIRP
has been initiated, the report notes.

According to ETRealty, the buyers have been ordered to deposit INR2
lakh to the IRP to meet the expenses to perform his function within
three days of the order.

The court has ordered a stay on all ongoing/pending suits or
proceedings against RS Stones, the report notes. It has also
prohibited the company from transferring, encumbering or disposing
of its assets. Any foreclosure of company's assets or recovery of
any property by an owner or lessor where such property is occupied
by or in the possession of the company has also been prohibited.

ETRealty adds that the directors, promoters and management of the
company have been ordered to extend their co-operation to the IRP.

RS Stones Private Limited is a New Delhi-based construction
company.


SBS TRANSPOLE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: SBS Transpole Logistics Private Limited

        Registered office:
        A-173, 1st Floor, Road No. 4
        Street No. 10 Mahipalpur Extn.
        New Delhi 110037

        Corporate office:
        Plot No. 217, Phase-1
        Udog Vihar
        Gurgaon 122016
        Haryana  

Insolvency Commencement Date: September 4, 2019

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

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

Insolvency professional: Mr. Mohan Lal Jain

Interim Resolution
Professional:            Mr. Mohan Lal Jain
                         F-2/28, Sector-15, Rohini
                         New Delhi 110089
                         E-mail: ml_jain@sumedhamanagement.com

                            - and -

                         C/o Sumedha Management Solutions Pvt.
                             Ltd.
                         B-1/12, 2nd Floor, Safdarjung Enclave
                         New Delhi 110029
                         E-mail: cirp.sbstranspole@gmail.com

Last date for
submission of claims:    September 18, 2019


SHARMA SURGICAL: CRISIL Moves B+ on INR4.6cr Debt to NonCooperating
-------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with the Securities
and Exchange Board of India guidelines, had migrated its ratings on
the bank facilities of Sharma Surgical and Engineering Private
Limited (SSEPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'. However, the management has subsequently started
sharing the requisite information for carrying out a comprehensive
rating review. Consequently, CRISIL is migrating its ratings from
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3         CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

   Inland/Import          1.35      CRISIL A4 (Migrated from
   Letter of Credit                 'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Term Loan              4.60      CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

The ratings continue to reflect SSEPL's modest scale of operations,
susceptibility to volatility in steel prices, and working
capital-intensive operations. These weaknesses are partially offset
by the extensive experience of its promoters and a moderate
financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: In fiscal
  2019, revenue was modest, estimated at INR6.70 crore. This
  will continue to constrain scalability, pricing power, and
  profitability amid intense competition.

* Susceptibility to volatility in steel prices: Volatility in
  the prices of raw materials such as stainless steel and
  titanium can impact operating margin.

Strengths

* Experience of promoters: Industry presence of over a decade
  has enabled the promoters to understand market dynamics
  and establish healthy relationship with customers and
  suppliers.

* Moderate financial risk profile: Adjusted gearing was
  estimated to be strong at 0.84 time as on March 31, 2019.

Liquidity

Cash accrual is expected to be around INR1.90 crore annually
against yearly debt obligation of INR0.60-1.20 crore, over the
medium term; the surplus will enhance financial flexibility.
Average utilisation of fund-based limit of INR3 crore was 95-99%
during the six months ended July 2019. This trend is likely to
continue over the medium term.

Outlook: Stable

CRISIL believes SSEPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if early stabilisation of operations and higher revenue
from new unit, and healthy operating margin lead to sizeable cash
accrual. The outlook may be revised to 'Negative' if financial risk
profile weakens on account of low cash accrual, stretch in working
capital cycle, or any large capital expenditure.

Incorporated in 1994 in Vadodara and promoted by Mr Anand Sharma
and his family, SSEPL manufactures medical products, primarily
orthopaedic implants and its allied equipment.


SHIRPUR GOLD: CRISIL Lowers Rating on INR188.5cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shirpur
Gold Refinery Limited (SGRL; a part of the Shirpur group) to
'CRISIL D/CRISIL D' from 'CRISIL BB+/Stable/CRISIL A4+',

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

   Non-Fund Based       338.0       CRISIL D (Downgraded from
   Limit                            'CRISIL A4+')

   Proposed Long Term   188.5       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB+/Stable')

   Term Loan             65         CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

   Working Capital       70         CRISIL D (Downgraded from
   Facility                         'CRISIL BB+/Stable')

The downgrade is on account of delay in debt servicing by SGRL.
Bank Guarantees invoked in mid-July 2019 continues to be overdue
beyond 30 days. The downgrade also factors in weak liquidity
profile of the company on account of stretch in receivables amidst
increased gold prices and higher import duty rates.

The ratings continue to reflect the susceptibility of the business
to changes in government regulations, large working capital
requirement, and thin profitability. These weaknesses are partially
offset by Shirpur group's established position in the bullion
trading business.

Analytical Approach

To arrive at the ratings, CRISIL has consolidated the business and
financial risk profiles of SGRL and its wholly owned subsidiaries:
Shirpur Gold Mining Co Pvt Ltd (SGC) and Zee Gold Dubai DMCC (ZGD).
These entities are collectively referred to as the Shirpur group.

Of the unsecured loans of INR44.9 crore extended by Jay Properties
(an Essel group entity), 75% has been treated as equity and the
remaining as debt. That is because the loans do not bear any
interest, are subordinated to bank debt, and may be retained in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in working capital limits beyond 30 days: SGRL failed to
settle the dues towards Bank Guarantees invoked in mid July 2019
and the same continues to be overdue beyond 30 days. The delay is
on account of weak liquidity profile due to stretch in receivables
amidst increased gold prices and higher import duty rates.

* Susceptibility to changes in government regulations: Any further
unfavorable revision in the duty structure and other regulations
could continue to adversely impact the revenue and profitability.
In fiscal 2017 and during the first quarter of fiscal 2018, the
group was exposed to unfair competition: discounted gold was
circulated due to lacunae in the free trade agreement with several
countries. The overall viability of refining operations in India
continues to be subdued owing to stringent regulatory norms, and
low premium on refining in relation to import of gold.

* Large working capital requirement and thin profitability:
Operations are working capital intensive, with gross current assets
of 41 days as on March 31, 2019. Receivables have been in the 28-51
days range in the three years ended March 31, 2019. Hence, the
group relies significantly on working capital debt. Furthermore,
operating margin has been very thin at 0.7'1.4% over the three
fiscals through 2019.

Strengths:

* Established presence in the gold refining and trading business
The Shirpur group's gold-refining facilities are ISO- and Bureau of
Indian Standards-certified, and are accredited by the National
Accreditation Board for Testing and Calibration Laboratories. The
group also trades in bullion, manufactures and sells Zee-branded
gold bars and gold jewellery in the domestic and international
markets.

Liquidity: Poor

Revenue and profitability declined significantly in first quarter
of fiscal 2020 leading to decline in net cash accruals. Net cash
accruals declined to INR2.38 crores in the first quarter of current
fiscal compared to INR6.04 crores during the same period in the
previous year. Decline in business performance coupled with stretch
in receivables has led to poor liquidity profile resulting in delay
in debt servicing. The company also has significant repayment
obligations of around INR7.8 crores per annum over the medium term.
Liquidity is expected to remain poor over the medium term.

Rating Sensitivities Factors

Upward factors

* Track record of timely debt servicing for at least
  over 90 days

* Improvement in receivable days resulting in better
  liquidity profile.

                         About the Group

The Shirpur group is a part of the Essel group since December 2008,
post-takeover of assets from the ARCIL auction. The group refines
gold at an installed capacity of 217 tonne per annum. It trades in
bullion, and manufactures and sells Zee-branded gold bars and coins
in India, and gold jewellery in the domestic and overseas markets.
The refinery is in Shirpur, Maharashtra. The group recently
acquired 70% stake in Metalli Exploration and Mining in Mali for a
consideration of around INR50 crore, partly funded through term
debt of INR35 crore.

SGRL set up two wholly owned subsidiaries in 2013-SGC and ZGD-to
facilitate procurement of raw material for the bullion business.


SHIV SHANKAR: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Shiv Shankar Solvent Extractions Pvt. Ltd.
        R-2, Vishal Nagar
        Green Paradise Raipur
        Chhattisgarh 492001

Insolvency Commencement Date: September 4, 2019

Court: National Company Law Tribunal, Cuttack Bench

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

Insolvency professional: Pankaj Khetan

Interim Resolution
Professional:            Pankaj Khetan
                         H-38, LGF, Jangpura Extension
                         Near Eros Complex
                         New Delhi 110014
                         E-mail: pankaj.khetan@yahoo.com

                            - and -

                         K-37/A, Basement Kailash Colony
                         Near Kailash Colony Metro
                         New Delhi 110048
                         E-mail: cirpshivshankarsolvent@gmail.com

Last date for
submission of claims:    September 18, 2019


SHIVANGI METAL: CARE Moves B+ on INR2cr Loans to Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivangi
Metal Industries Private Limited (SMIPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       2.00      CARE B+; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

   Short-term Bank     21.50      CARE A4; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SMIPL to monitor the
rating(s) vide e-mail communications/letters dated July 21, 2019
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Shivangi
Metal Industries Private Limited's bank facilities will now be
denoted as CARE B+; Stable/ A4; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Shivangi Metal
Industries Private Limited (SMIPL) are constrained by modest small
scale of operations coupled with low net worth base. The rating is
further constrained by below average financial risk profile,
working capital intensive nature of operations, susceptibility to
fluctuation in exchange rate, exposure to raw material price
volatility and highly fragmented nature of industry. The ratings,
however, continue to draw comfort from experienced promoters and
long track record of operations.

Detailed description of the key rating drivers
At the time of last rating on March 20, 2018, the following were
the rating weaknesses and strengths.

Key rating weaknesses

Modest scale of operations coupled with low net worth base: Despite
being operational for around two decades, the scale of operations
has remained modest. Further, the net worth base of the firm also
remained low. The small scale limits the company's financial
flexibility in times of stress and deprivesit from scale benefits.

Below average financial risk profile: The firm's profitability
margins have been historically on the lower side owing to trading
nature of business and intense market competition given the highly
fragmented nature of the industry. The capital structure of the
company continues to remain leveraged due to high dependence on
external borrowing to meet the working capital requirements against
relatively lower net worth base. The debt service coverage
indicators of the company remained weak on account of higher debt
level coupled with low profitability.

Working capital intensive nature of operations: Operations of the
company continue to remain working capital intensive. The company
has to hold adequate inventory in form of raw material for the
smooth running of business process and finished goods to meet the
immediate demand from its customers. The company allows a
collection period of around 2-3 months to its customers and
receives a payable period of around 10-15 days from its suppliers.

Susceptibility to fluctuation in exchange rate: The company is
mainly importing material from USA and middle-east. With initial
cash outlay for procurement in foreign currency and significant
chunk of sales realization in domestic currency, the company is
exposed to the fluctuation in exchange rates. The company hedges
around 40% of its risk through natural hedging as well as entering
into forward contracts. While the company tries to pass on the
price and currency volatility to the end users, any adverse
fluctuations in the currency markets may put pressure on the
profitability of the company which already has quite low PAT
margins.

Exposure to raw material price volatility: The main raw material of
the company is ferrous and non- ferrous metals scrap. Raw material
costs have always been a major contributor to total operating cost
in past three financial years. The company is exposed to the raw
material price volatility risk due to volatility experienced in the
prices of various ferrous
and non-ferrous metals. Being a small player in the market the
company is not able to pass on the increase in input cost
to its customers at a large extent.

Highly fragmented and competitive nature of the industry: The
spectrum of the iron and steel industry in which the company
operates is highly fragmented and competitive marked by the
presence of numerous players in India. The trading of ferrous and
non-ferrous raw materials industry is highly fragmented and
competitive with large number of players being unorganized. Hence,
the players in the industry do not have any pricing power. This
apart, its product being intermediary iron and steel products is
subjected to the risks associated with the industry like
cyclicality and price volatility.
Key Rating Strengths

Experienced promoters and long track record of operations: Mr Murli
Dhar Agarwal, one of the directors has a vast experience of around
five decades in the field of ferrous and nonferrous metals through
his association with Ankit Commodity Pvt. Ltd which dealt in non-
ferrous metals and SMIPL. Mrs Prachi Agarwal has around one and a
half decades of experience in the same line of business through her
association with SMIPL. Apart from the two directors, Mr Arvind
Agarwal who is currently the CEO of the company has around two and
a half decades of experience in this industry through his
association with Ankit Commodity Pvt. Ltd and SMIPL. Mr Raj Kumar
and Mr Anoop Agarwal have around three decades and two decades of
experience respectively in the same line of business through their
association with the same two companies.  All the directors
collectively look after the 'operations of the company. The company
has a considerable track record of around two decade in
manufacturing and trading of ferrous and nonferrous metal articles
which has resulted in long term relationship with suppliers and
customers.

Shivangi Metal Industries Private Limited (SMIPL) was incorporated
in 1996 and is currently being managed by Mr Murli Dhar Agarwal,
Mrs Prachi Agarwal, Mr Arvind Agarwal, Mr Raj Kumar Agarwal and Mr
Anoop Kumar Agarwal. SMIPL is engaged in trading and manufacturing
of ferrous and non-ferrous products such as ore, scrap, remelted
ingots, ash, drosses, residues and powder of various non- ferrous
metal and ferrous scrap, billets and blooms. The company procures
its raw material i.e.ferrous and non- ferrous metal scraps mainly
from overseas market i.e. Unites States of America (U.S.A) and
Middle-East. The company mainly sells its products in the domestic
market in the regions of Haryana, Uttar Pradesh and Delhi. It also
does high seas sales and sales on consignment basis. The company
generates 30% of its revenue from trading and rest is through
manufacturing. SMIPL has two manufacturing units situated at
Mathura and Udhampur (Jammu & Kashmir).


SHRI SHYAM: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Shri Shyam Madhav Polybags Private Limited
        104, Building No. 1
        Landmark Treasure Town
        Badgaon, Udaipur
        Rajasthan 313001

Insolvency Commencement Date: August 30, 2019

Court: National Company Law Tribunal, Jaipur Bench

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

Insolvency professional: Arvind Kaushik

Interim Resolution
Professional:            Arvind Kaushik
                         P-4, Tilak Marg, C-Scheme
                         Jaipur 302005
                         E-mail: ca73588@gmail.com

Last date for
submission of claims:    September 13, 2019


SHYAM DIGITAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shyam Digital Communication Private Limited
        A-60 Naraina Industrial Area Phase-I
        New Delhi 110028
        India

        Principal office:
        B-1/E-3 Mohan Corporative Industrial Estate
        Mathura Road, New Delhi 110044

        And at:
        Plot No. 21-22, Udhyog Vihar-IV
        Gurugram 122015

Insolvency Commencement Date: September 3, 2019

Court: National Company Law Tribunal, New Delhi Bench III

Estimated date of closure of
insolvency resolution process: July 30, 2020

Insolvency professional: Mohd Nazim Khan

Interim Resolution
Professional:            Mohd Nazim Khan
                         G-41, Ground Floor
                         West Patel Nagar
                         Delhi 110008
                         E-mail: nazim@mnkassociates.com
                                 shyamdigital.cirp@gmail.com

Last date for
submission of claims:    September 19, 2019


SIP INDUSTRIES LIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: M/s. SIP Industries Limited
        Registered office:
        Old No. 17, New no. 35, First Main Road
        Raja Annamalaipuram, Chennai
        Tamilnadu 600028

Insolvency Commencement Date: August 26, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Mr. G. Porselvam

Interim Resolution
Professional:            Mr. G. Porselvam
                         LPF Building, II Floor
                         25(10), Thiyagaraja Street
                         North Usman Road, T. Nagar
                         Chennai 600017
                         Tel.: 044-28142945
                         Mobile: 9841016465
                         E-mail: gporselvam@gmail.com

Last date for
submission of claims:    September 17, 2019


SPACE MATRIX: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Space Matrix Private Limited
        11, Clive Row
        3rd Floor, Room No. 15
        Kolkata, WB 700001

Insolvency Commencement Date: August 28, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Sanjai Kumar Gupta

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

                            - and -

                         A6 Charulata, BE-8 Rabindra Pally
                         P.O. Prafulla Kanan
                         Kolkata 700101
                         E-mail: cirp.space@gmail.com

Last date for
submission of claims:    September 11, 2019


SPACEAGE SWITCHGEARS: Ind-Ra Affirms 'BB-' Long Term Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Spaceage
Switchgears Limited's (SSL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limits affirmed with
     IND BB- /Stable/IND A4+ rating; and

-- INR80 mil. Non-fund-based working capital limits affirmed with

     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SSL's continued small scale of operations,
as indicated by revenues of INR129.10 million in FY19 (unaudited
numbers) (FY18: INR159.41 million). The revenue fell continuously
over FY18 and FY19 on account of a decrease in government orders.
As of July 2019, SSL had an order book of around INR45 million,
providing low revenue visibility of 0.35x; the orders are scheduled
to be executed in FY20.

The ratings reflect SSL's modest EBITDA margins due to intense
competition in the market. The margin increased to 9.45% in FY19
(FY18: 9.23%) on account of a fall in raw material prices. The ROCE
stood at 4.38% in FY19 (FY18: 5.5%).

The rating factor in SSL's adequate liquidity profile, as evidenced
by nil utilization of fund-based limits for the 12 months ended
July 2018 and the absence of any term loan. As on March 31, 2019,
the company had fund-based limits of INR60 million, non-fund based
limits of INR80 million and no other external commercial
borrowings. The cash flow from operations turned negative at
INR18.12 million in FY19 (INR: INR61.13 million), as working
capital cycle stretched to 404 days (243 days) due to an increase
in inventory days to 239 days (169 days). The ratings also take
support from SSL's adequate liquidity profile.

SSL's credit metrics continued to be strong due to the absence of
interest costs and a decrease in total debt to INR11.6 million in
FY19 (FY18: INR42.29 million; FY17: INR42.29 million).

Additionally, the ratings take comfort from SSL's promoters'
experience of over two decades in the same industry and the
company's operational history of more than 13 years.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margin, leading to deterioration
in the credit metrics, will be negative for the ratings.

Positive: A significant improvement in the scale of operations and
the EBITDA margin staying at the existing level will be positive
for the ratings.

COMPANY PROFILE

SSL was incorporated in October 1998 and is engaged in manufacture,
trading and contracting for high mast lighting projects within
India and foreign countries. It is engaged in the manufacture of
LT, Air Circuit Breakers, MCCBs, Fuse Bases, LT Switchgear Panels,
HT & LT Bus Duct and Bus Trunkings, GAC, Industrial Lighting
Systems, Architectural & Urban Lighting Systems, etc.


SRI SRI SATYA: CRISIL Assigns B+ Rating to INR1.5cr New Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Sri Sri Satya Lakshmi Rice Mill - West Godavari
(SSLRM).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Cash
   Credit Limit           1.5       CRISIL B+/Stable (Assigned)

   Bank Guarantee         4         CRISIL A4 (Assigned)

   Overdraft              2         CRISIL A4 (Assigned)

The rating reflects the modest scale of operations, working capital
intensive operations, and susceptibility to climatic conditions and
volatility in raw material prices. These weaknesses are partially
offset by the extensive experience of partners, and the firm's
healthy capital structure.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to climatic conditions and volatility in raw
material prices: Crop yield of paddy depends on adequate and timely
monsoon. Thus, SSLRM remains vulnerable to shortage of paddy, in
case of a weak monsoon. Moreover the profitability remains
susceptible to volatility in paddy prices.

* Modest scale of operations: Intense competition in the rice
milling industry restricts scalability and bargaining power with
customers and suppliers.Net worth was modest at INR3.7 crores as on
March 31, 2019

* Working capital intensive operations: Gross current assets (GCAs)
have ranged between 111 and 223 days over the three fiscals ended
March 31, 2019. GCAs were higher at 223 days as on March 31, 2019
owing to high inventory stocking.

Strengths

* Extensive experience of the partners: The extensive experience of
the partners, in the agro-commodities industry, their strong
understanding of local market dynamics, and established
relationships with suppliers and customers, will continue to
support the business risk profile.

* Healthy capital structure: Capital structure was comfortable,
marked by low total outside liabilities to tangible networth ratio
of 0.98 times as on March 31, 2019, aided by lower reliance on
external debt.

Liquidity: Stretched

Liquidity remains stretched, with annual cash accrual of over INR70
lakh expected in the medium term, as against maturing debt of INR40
lakh per annum. Bank limit utilisation averaged 85% over the 12
months through March 31, 2019. Current ratio was 1.5 times as on
March 31, 2019. Modest net worth of INR3.72 crores as on March 31,
2019 constrains financial flexibility.

Outlook: Stable

CRISIL believe SSLRM will continue to benefit from the extensive
experience of its partners, and established relationships with
clients.

Rating Sensitivity Factors

Upward factors
* Sustenance of TOLTNW at less than 1.5 times
* Significant increase in scale of operations
  and sustenance of profitability
* Improvement in net worth

Downward factors
* Decline in revenues
* Decline in operating margin below 10%
* Debt funded capital expenditure or higher
  GCA weakening the financial risk profile.

SSLRM was formed as a partnership firm in 2015, in Vishakhapatnam
(Andhra Pradesh). Operations are managed by the partners, Mr
Kurisety Srirama Murthy and Mr K Naga Rama Krishna Murthy. The firm
is engaged in rice milling with a capacity of 64 quintals/hour.


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

The instrument-wise rating action is:

-- INR750 mil. Fund-based working capital limits (Long-
     term/Short-term) affirmed with an IND D rating.

KEY RATING DRIVERS

The affirmation reflects National Company Law Tribunal's order to
commence the liquidation of SRS Modern Sales.

RATING SENSITIVITIES

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

COMPANY PROFILE

SRS Modern Sales, a part of the SRS Group, is engaged in the
trading of construction materials such as cement,
thermo-mechanically treated bars and glasses. The company has
presence primarily in Delhi, National Capital Region.

The SRS group operates in various businesses such as retail,
wholesale trading of FMCG products, jewelry, real estate, and
financing.


STOLT RAIL: CRISIL Moves B+ on INR8.75cr Loan to Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Stolt Rail Logistic Systems
Limited (SRLSL) to 'CRISIL B+/Stable/CRISIL A4/Issuer not
cooperating'.  CRISIL has withdrawn its rating on bank facility of
SRLSL following a request from the company and on receipt of a 'no
dues certificate' from the banker. Consequently, CRISIL is
migrating the ratings on bank facilities of SRLSL from 'CRISIL
B+/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL
B+/Stable/CRISIL A4'.  

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        2        CRISIL A4 (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Cash Credit           1        CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Long Term Loan        6.5      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Proposed Long Term    8.75     CRISIL B+/Stable (Migrated from
   Bank Loan Facility             'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

The rating action is in line with CRISIL's policy on withdrawal of
bank loan ratings.

SRLSL, incorporated in 2001, is a third-party rail logistics
provider for liquid cargo movement and storage. It owns liquid tank
containers and storage terminals. The company commenced commercial
operations in February 2013 and its storage tanks are at Butibori
in Nagpur and Daund in Pune (Maharashtra).


THAKKARSONS ROLL: Ind-Ra Lowers Long Term Issuer Rating to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Thakkarsons Roll
Forming Private Limited's (TRF) Long-Term Issuer Rating to 'IND D
(ISSUER NOT COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR79 mil. Long-term loan downgraded with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR140 mil. Fund-based facilities (Long-term/Short-term
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR110 mil. Non-fund-based facilities (Short-term) Downgraded
     with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The ratings have been downgraded following a confirmation from the
lenders of TRF that the company has been categorized as a
non-performing asset.

RATING SENSITIVITIES

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

COMPANY PROFILE

TRF manufactures metal crash barriers (guard rails), module
mounting structures for solar panels, and other steel structures.


THEME EXPORT: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Theme Export Pvt. Ltd.
        F-25/1 Okhla Industrial Area, Phase-II
        New Delhi 110020

Insolvency Commencement Date: August 29, 2019

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

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

Insolvency professional: Mr. Vikram Bajaj

Interim Resolution
Professional:            Mr. Vikram Bajaj
                         308, 3rd Floor
                         Pearls Business Park
                         Netaji Subhash Place
                         Pitampura, New Delhi 110034
                         E-mail: bajaj.vikram@gmail.com
                                 ip.themeexport@gmail.com

Last date for
submission of claims:    September 20, 2019


UNIQUE CHEMOPLANT: CRISIL Lowers Rating on INR3.5cr Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Unique
Chemoplant Equipments (UCE) to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         10        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit             3.5      CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects increased pressure on liquidity due to
significant increase in working capital requirement in fiscals 2018
and 2019. The significant stretch in the working capital cycle was
mainly driven by delays in realization of debtors and also increase
in inventory due to high work in progress. Despite the modest
revenue growth in fiscal 2019, working capital requirement
(particularly inventory and debtors) rose sharply by almost INR10
crore, resulting in increased reliance on external debt. Further
financial risk profile also weakened marked by high Total outside
Liability to Adjusted Net Worth (TOL/ANW) of 8.86 times as on March
31, 2019.  The bank limit remained almost fully utilised during the
twelve months through March 2019. Timely realisation of receivables
from counter-parties and efficiency in working capital management
will be key rating sensitivity factors.

The ratings continue to reflect large working capital requirement
and susceptibility of the operating margin to volatility in raw
material prices. The rating also factors in weak financial risk
profile marked by small networth and high TOL/ANW. These rating are
weakness are offset by established market position in machine and
equipment manufacturing industry.


Analytical Approach

CRISIL has not combined the business and financial risk profiles of
UCE and Dipesh Engineering Works (DEW) for arriving at the ratings
as done at the time of last review. The entities will remain
separate and there is no financial fungibility.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: Firm has large working capital
requirement indicated by gross current assets were high at 661
days, primarily because of large receivables and inventory of 186
days and 460 days, respectively, as on March 31, 2019. Operations
are likely to remain working capital intensive over the medium term
because the tender-based business results in significant funding
requirement towards security deposits and margin money for bank
guarantees.

* Susceptibility of the operating margin to volatility in raw
material prices: The prices of raw material are volatile in nature
and thus, expose the operating profitability to volatility in the
prices of the same.

* Weak financial risk profile:  Small networth and high TOLANW
(INR3.99 cr and 8.86 times respectively as on March 31, 2019) along
with average debt protection metrics marked by, interest coverage
and net cash accrual to total debt ratios of 1.52 times and -0.01
time, respectively, for fiscal 2019 reflects weak financial risk
profile of the firm.

Strengths
* Established market position: The promoters have an experience of
over three decades in the machine and equipment manufacturing
industry. This has resulted in a strong clientele and healthy
orders of INR40 cr as on July 31, 2019 providing revenue
visibility.

Liquidity

Liquidity is poor. Cash accrual expected at over INR0.65 crore,
will support liquidity in the absence of nil term debt obligation.
Bank limit utilization was 97% over the 12 months through March
2019 and is expected to remain highly utilized on account of
stretched working capital management. The firm had unencumbered
cash and bank balances of INR0.01 crore as on
March 31, 2019. Timely realisation of receivables from
counter-parties and efficiency in working capital management will
be key rating sensitivity factors.

Outlook: Stable

CRISIL believes UCE will continue to benefit from the extensive
experience of the promoters. The outlook may be revised to
'Positive' if an increase in revenue, or improvement in working
capital cycle and capital structure strengthen key credit metrics.
The outlook may be revised to 'Negative' if lower than expected
cash accruals, any further stretched working capital cycle, or
large, debt-funded capital expenditure weakens the financial risk
profile.

Set up in 1995, UCE is a proprietorship firm by Mr Ketan Patel. The
firm manufactures machinery and equipment used in the chemical,
petrochemical, pharmaceutical, pesticide, refinery, dye, and dye
intermediates industries. Its manufacturing unit is in Ambarnath,
Maharashtra.


V S EDUCATION: CARE Lowers Rating on INR7.50cr LT Loan to 'C'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
V S Education Foundation, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      7.50        CARE C; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from V S Education
Foundation to monitor the ratings vide e-mail communications dated
August 16, 2019, August 5, 2019, July 30, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided No Default Statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on V S Education Foundation's bank facilities will now be
denoted as CARE C; Stable; ISSUER NOT COOPERATING.

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

The ratings have been revised by taking into account no
due-diligence conducted due to non-cooperation by V S Education
Foundation with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk.


WEB TECH: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Web Tech Packagings (India) Private Limited
        House No. 163, IIIrd Floor
        Kailash Hills
        New Delhi 110065

Insolvency Commencement Date: September 2, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 29, 2020

Insolvency professional: Ashu Gupta

Interim Resolution
Professional:            Ashu Gupta
                         204 A, 2nd Floor
                         23, SBI Building
                         Najafgarh Road Indl Area
                         Shivaji Marg, Opp DLF Tower
                         New Delhi 110015
                         E-mail: ashugupta.cs@gmail.com
                                 irpwebtech@gmail.com

Last date for
submission of claims:    September 16, 2019


WILWORTH EARTH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Wilworth Earth Movers Private Limited
        No. 14, Bull Temple Road
        Basavanagudi
        Bengaluru 560004

Insolvency Commencement Date: August 23, 2019

Court: National Company Law Tribunal, Bangalore Bench

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

Insolvency professional: Mr. V S Varun

Interim Resolution
Professional:            Mr. V S Varun
                         Flat No. 1B-108
                         The Tree by Provident
                         2nd Main Road, Herohalli
                         Off Magadi Road
                         Bangalore 560091
                         E-mail: vsvarun@yahoo.com

Last date for
submission of claims:    September 18, 2019




=========
J A P A N
=========

DALTON CAPITAL: To Shut Japan Office Citing Brexit, Demand Slump
----------------------------------------------------------------
Toshiro Hasegawa and Min Jeong Lee at Bloomberg News report that
Dalton Capital Japan, a subsidiary of Dalton Strategic Partnership
LLP, said it will shut its Tokyo office, citing Brexit and
shrinking demand from European investors.

"As we expect the business environment to toughen due to Brexit and
given dwindling appetite in Japanese equities from European
investors, operations will be consolidated with Dalton Strategic
Partnership in London," the asset manager said in an emailed
statement, Bloomberg relays.

Operations at its Japan unit will end as of Sept. 17 and the office
will later be dissolved, the statement, as cited by Bloomberg,
said. Dalton, a London-based boutique investment firm, started
managing Japanese equities in 2003 and set up a Japan office in
2013, according to the company.

The Topix is up 3.8% so far this year and is one of the worst
performing benchmarks among 24 developed-market peers tracked by
Bloomberg.




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

STANLEY GROUP: John Tamihere Tells Director to 'Stand down'
-----------------------------------------------------------
Rob Stock a Stuff.co.nz reports that political fallout from the
collapse of the Stanley construction group has begun with Auckland
mayoral candidate John Tamihere calling for Martin Udale to "stand
down immediately" from his role as a director of Auckland
Council-owned Panuku Development.

Ten companies associated with Waikato-based Stanley Group and
Auckland's Tallwood were liquidated on September 5 after a
shareholder vote leaving sub-contractors on its projects, including
some for Housing New Zealand (HNZ) in Auckland, Hamilton and
Whakātane, facing losses that could add up to around NZ$5 million,
Stuff discloses.

Numerous subbies, including plumbers, sparkies and labor hire
companies, who say they are individually owed hundreds of thousands
of dollars, have spoken to Stuff about their fury at the collapse,
and how they have not been paid for several months.

Mr. Udale is a director of Tallwood, and Mr. Tamihere believed he
should no longer be on the board of Panuku, which is
council-controlled organisation tasked with urban regeneration, the
report relays.

According to Stuff, Auckland Council spokeswoman Joanna Glasswell
said Mr. Udale's future at Panuku was under discussion.

"The Panuku chair is in discussion with Mr. Udale about the
voluntary liquidation of Tallwoods on any impact on his role as a
director at Panuku," Stuff quotes Ms. Glasswell as saying.

Mr. Udale was also a director on the Tamaki Redevelopment Company
(TRC), which co-owned by Auckland Council and the Crown, Stuff
discloses.

Stuff adds that subcontractors of Stanley Group said the
Government, and its agencies like HNZ, have a moral duty to look at
how it is possible for them to face losses they could not protect
themselves from on HNZ projects, losses which impact their mental
health, relationships and could, in some cases, cost them their
homes and businesses.

Stuff relates that Mr. Tamihere said it was unacceptable that
subbies were once again faced with losses and heartache.

"They are the ones who suffer most and are then ones who can least
afford it when a major developer goes into liquidation," the quotes
Mr. Tamihere as saying.  "They lose their houses. They lose their
relationships. The big guy never does."

"When I am given the mandate by the people of Auckland, I will also
be championing a new piece of legislation that will protect sub
contractors," Mr. Tamihere said, who believes the Auckland mayor
should champion law changes as the representative of a fourth of
the country's population, and its only globally significant city,
Stuff relays.

Auckland and Waikato building company Stanley Group and related
company Tallwood were placed into liquidation on Aug. 29, 2019.




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

KRISENERGY LTD: Gets 3-Month Debt Moratorium
--------------------------------------------
The Business Times reports that KrisEnergy Ltd will receive three
months of court protection from creditors' legal action, until Nov.
14, while it restructures its debt totalling US$476.8 million, the
mainboard-listed company said on Sept. 10.

The company also convened an informal investor meeting organised by
the Securities Investors Association (Singapore) (SIAS) on Sept. 10
for its noteholders and ordinary shareholders, the report says.

According to the report, the High Court of Singapore granted the
debt moratorium during a hearing on Sept. 9, which was less than
the six-month stay that KrisEnergy had sought. Keppel Corporation,
a creditor and shareholder of KrisEnergy, had publicly come out to
support the application and KrisEnergy's management in formulating
a restructuring plan, the report says.

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

On Sept. 10, KrisEnergy said the debt moratorium applies to its
creditors in Singapore: DBS Bank and Madison Pacific Trust (MPT),
the security trustee for the RCF; Keppel Shipyard; HSBC; SCB; DBS
Trustee as trustee for the holders of the zero-coupon notes, and
MPT, the security trustee for those notes; the holders of the
zero-coupon notes; The Bank of New York Mellon, Singapore Branch as
trustee for holders of the due-2022 and due-2023 notes; the holders
of the due-2022 and due-2023 notes; and Rubicon Vantage
International, which had sent a letter of demand in mid-August to
KrisEnergy for the repayment of US$2.6 million arising from a UK
court judgment, The Business Times discloses.

KrisEnergy had said in August that while its restructuring is
ongoing, it will temporarily stop repaying the principal as well as
interest payable under the HSBC and SCB term loans, amounting to
US$4.6 million due on Aug. 21, The Business Times recalls. The
company received a letter from HSBC on Aug. 21 for the acceleration
of their term facility agreement.

The Business Times says KrisEnergy also temporarily stopped the
repayment of interest under the due-2023 notes, amounting to SGD4.1
million due on Aug. 22.

The report adds that the debt moratorium also applies to foreign
creditors with sufficient connection to and/or subject to
Singapore's jurisdiction, including Nora Limited, the holders of
the due-2022 and due-2023 notes and the holders of the zero-coupon
notes.

On Aug. 30, KrisEnergy said it had been actively engaging with SIAS
to facilitate engagement with its stakeholder groups. The informal
investor meeting on Sept. 10 was meant for holders of the due-2022,
due-2023, and due-2024 zero-coupon notes, as well as KrisEnergy's
ordinary shareholders.

According to The Business Times, KrisEnergy said on Sept. 10 that
it will submit to the Court a report on the valuation of its
significant assets, together with the affidavit in support of the
intended application for the valuation to be conducted on a
liquidation basis.

It will also submit to the Court its periodic financial reports at
the end of each financial quarter after they are announced in
filings to the Singapore Exchange, the report relays.

KrisEnergy advised its shareholders, noteholders and potential
investors to exercise caution when dealing in its securities.

The company explores for as well as develops and produces oil and
gas in Southeast Asia. It holds working interests in three
producing oil and/or gas fields, two in the Gulf of Thailand and
one onshore Bangladesh.

Shares of KrisEnergy have been suspended since Aug. 14, when it
announced its application for the debt moratorium, the report
notes.

                     About KrisEnergy Limited

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

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***