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

                     A S I A   P A C I F I C

          Friday, September 13, 2019, Vol. 22, No. 184

                           Headlines



A U S T R A L I A

BRANCOURTS MANUFACTURING: 1st Creditors' Meeting Set for Sept. 19
DART CONTRACTING: First Creditors' Meeting Set for Sept. 20
MASONROY PTY: Placed in Creditors' Voluntary Liquidation
N. SEYMOUR & SONS: Second Creditors' Meeting Set for Sept. 19
NATIONAL COFFEETEK: Clifton Hall Appointed as Liquidators

PACIFIC BLUE: Second Creditors' Meeting Set for Sept. 20
REVOLUTION BUILD: Second Creditors' Meeting Set for Sept. 20
TFBOW PTY: Second Creditors' Meeting Set for Sept. 22


C H I N A

CHINA TAISAN: To Wind Up; BDO Appointed as Liquidators


I N D I A

ALPEX SOLAR: CRISIL Withdraws D Ratings on INR43.5cr Loans
BHARUCH JILLA: CRISIL Keeps D on INR8.7cr Loan in Not Cooperating
EXPRESS INFRATECH: CRISIL Moves B+ Debt Rating to Not Cooperating
FLOOR GARDENS: CRISIL Reaffirms B+ Rating on INR6cr Loan
GAJRA DIFFERENTIAL: CRISIL Withdraws C Rating on INR10.1cr Loan

HINDUSTAN ORGANIC: CRISIL Hikes Rating on INR50cr Loan to B+
IL&FS: Receives Binding Bids of INR13,000cr for 10 Road Assets
K.P.R. AGROCHEM: CRISIL Lowers Rating on INR224cr Cash Loan to D
KAMAL BUILDERS: CRISIL Lowers Rating on New INR8cr LT Loan to B
KAVITA INDUSTRIES: CRISIL Assigns 'B' Ratings to INR17.5cr Loans

KSK ENERGY VENTURES: Insolvency Resolution Process Case Summary
LACMA PANEL: CRISIL Hikes Rating on INR7.35cr Term Loan to B+
LAKSHMI ENERGY: Insolvency Resolution Process Case Summary
MAA DURGA RICE PROCESSING: Insolvency Resolution Case Summary
MAA DURGA RICE PRODUCTS: Insolvency Resolution Case Summary

MALHOTRA CONSTRUCTIONS: CRISIL Keeps B+ Rating in Not Cooperating
MEGACITY APARTMENTS: Insolvency Resolution Process Case Summary
MUSLIM EDUCATIONAL: CRISIL Reaffirms B Rating on INR19.48cr Loan
OMSHANKAR MILKFOOD: CRISIL Assigns B+ Rating to INR15cr Loan
PAYYANUR MEDICAL: CRISIL Moves D Debt Rating to Not Cooperating

RASANDIK AUTO: CRISIL Moves D Debt Rating to Not Cooperating
RDH TECHNOLOGIES: Insolvency Resolution Process Case Summary
ROAR CERAMIC: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan
SADASHIB COLD: CRISIL Reaffirms 'B+' Rating on INR7.5cr Loans
SHIRPUR GOLD: CRISIL Lowers Rating on INR338cr Loan to 'D'

SHREE TIRUPATI: CRISIL Moves B on INR10cr Loan to Not Cooperating
SOORYA EXPORTERS: CRISIL Moves B+ Debt Rating to Not Cooperating
SRC LABORATORIES: CRISIL Moves B- Rating to Not Cooperating
SRISURYA KNIT: CRISIL Moves D Debt Ratings to Not Cooperating
SUNGROWTH SHARE: Insolvency Resolution Process Case Summary

VIBHU COAL: CRISIL Moves B+ on INR8.5cr Loans to Not Cooperating


N E W   Z E A L A N D

CALIBRE CONTRACTING: Shuts Operations in Auckland
ROCKROLL: Innovative Toilet Paper Business Collapses
[*] NZ: Subcontractors Need to be Protected when Companies Fail


S I N G A P O R E

HOE LEONG: Faces Malaysian Civil Suit for Alleged Deceit

                           - - - - -


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

BRANCOURTS MANUFACTURING: 1st Creditors' Meeting Set for Sept. 19
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   -- Brancourts Manufacturing and Processing Pty Ltd
   -- Brancourt Dairy Pty Ltd
   -- Brancourts Staff Pty Ltd

will be held on Sept. 19, 2019, at 11:00 a.m. at Lower Ground
Floor, Wesley Conference Centre, at 220 Pitt Street, in Sydney,
NSW.

Bradley John Tonks, Mark Roufeil and Simon Thorn of PKF were
appointed as administrators of Brancourts Manufacturing on Sept. 9,
2019.



DART CONTRACTING: First Creditors' Meeting Set for Sept. 20
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Dart
Contracting Pty Ltd will be held on Sept. 20, 2019, at 10:00 a.m.
at the offices of Morton's Solvency Accountants, Level 11, at 410
Queen Street, in Brisbane, Queensland

Gavin Charles Morton of Morton's Solvency Accountants was appointed
as administrators of Dart Contracting on Sept. 10, 2019.


MASONROY PTY: Placed in Creditors' Voluntary Liquidation
--------------------------------------------------------
Daniel Lopresti of Clifton Hall was appointed as liquidator of
Masonroy Pty Ltd (formerly trading as Australian Paving Centre
Salisbury - Playford) on Sept. 6, 2019.


N. SEYMOUR & SONS: Second Creditors' Meeting Set for Sept. 19
-------------------------------------------------------------
A second meeting of creditors in the proceedings of N. Seymour &
Sons Pty. Ltd. has been set for Sept. 19, 2019, at 11:00 a.m. at
the offices of SV Partners, at 22 Market Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 18, 2019, at 4:00 p.m.

Terrence John Rose of SV Partners was appointed as administrator of
N. Seymour on Aug. 15, 2019.


NATIONAL COFFEETEK: Clifton Hall Appointed as Liquidators
---------------------------------------------------------
Daniel Lopresti of Clifton Hall was appointed as liquidator of
National Coffeetek Pty Ltd on Sept. 10, 2019.

Initial information was posted to creditors on Sept. 11, 2019.  

The information sent to creditors includes voting forms in respect
of proposals requiring creditor approval.  Completed forms must be
returned by 5:00 p.m. on Oct. 4, 2019 for the vote to be counted.


PACIFIC BLUE: Second Creditors' Meeting Set for Sept. 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of Pacific Blue
Cruisecat Pty Ltd has been set for Sept. 20, 2019, at 10:30 a.m. at
Level 9, at 123 Eagle Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 19, 2019, at 4:30 p.m.

Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of Pacific Blue on June 15, 2019.


REVOLUTION BUILD: Second Creditors' Meeting Set for Sept. 20
------------------------------------------------------------
A second meeting of creditors in the proceedings of Revolution
Build Pty Ltd, trading as VSL Joinery, has been set for Sept. 20,
2019, at 4:30 p.m. at Wizard Corporate Training, Level 1, at 15
Moore Street, in Canberra, ACT.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 19, 2019, at 5:00 p.m.

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



TFBOW PTY: Second Creditors' Meeting Set for Sept. 22
-----------------------------------------------------
A second meeting of creditors in the proceedings of TFBow Pty. Ltd.
has been set for Sept. 22, 2019, at 10:00 a.m. at the offices of SV
Partners, at 22 Market Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 18, 2019, at 4:00 p.m.

David Michael Stimpson of SV Partners was appointed as
administrator of TFBow Pty on
Aug. 8, 2019.




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

CHINA TAISAN: To Wind Up; BDO Appointed as Liquidators
------------------------------------------------------
Rachel Mui at The Business Times reports that the High Court of
Singapore has granted that mainboard-listed China Taisan Technology
Group Holdings be wound up, with Leow Quek Shiong --
quekshiong@bdo.com.sg -- and Gary Loh -- garyloh@bdo.com.sg -- of
BDO appointed as the joint and several liquidators, the fabric
marker announced in a regulatory filing on Sept. 11.  

Hearing of the group's winding up application was held on Sept. 6,
after it filed for the application on Aug. 14.

At the hearing, the High Court granted that upon making the winding
up order against the company, the judicial management order is
discharged, and the judicial managers are released from their
appointment, The Business Times relates.

According to the report, China Taisan has been on the Singapore
Exchange's watch list since June 5, 2017, and its shares have been
suspended from trading since June 2018.

The company has been under judicial management since August 2018,
the report notes.

In an Aug. 8, 2019 filing announcing that it would file for winding
up, China Taisan said: "Notwithstanding several rounds of
discussions with potential investors, the company has not been able
to secure an investment into the company from any of these
potential investors," The Business Times relays.

On Aug. 16, it was granted an extension of judicial management, to
either the making of a winding-up order against the company, or to
Oct. 18, 2019, whichever is earlier, The Business Times adds.

China Taisan Technology Group Holdings Limited is a Singapore-based
investment holding company. The Company is a producer of knitted
performance fabrics in the People's Republic of China. It is
engaged in the knitting, dyeing and finishing of fabrics under its
own Lianjie brand, as well as the provision of fabric-processing
services. The Company is a supplier of performance fabrics used in
the manufacture of sportswear and casual wear for international and
domestic brands. The Company's subsidiary, Jinjang Lianjie Textile
& Printing Dyeing Industrial Co., Ltd, is engaged in the
manufacture of knitted textile, printing and dyeing of fabrics, and
engaged in the knitting and weaving of fabrics. The Company's
production facility is located in Jinjiang City, Fujian Province.




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

ALPEX SOLAR: CRISIL Withdraws D Ratings on INR43.5cr Loans
----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Alpex
Solar Private Limited (ASPL, formerly known as Alpex Exports Pvt
Ltd) on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         2        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit           15        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Letter of Credit      26.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with ASPL for obtaining
information through letters and emails dated June 30, 2017, July
20, 2017 and May 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ASPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for ASPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has Continues the ratings on the bank facilities of ASPL to 'CRISIL
D/CRISIL D Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of ASPL on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.
ASPL is into manufacturing solar panels since 2008-09. Since
incorporation, AEPL was also engaged into trading of knitting
needles. Now the revenue contribution through solar segment has
increased comparatively.


BHARUCH JILLA: CRISIL Keeps D on INR8.7cr Loan in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bharuch Jilla Kaival
Kelavani Mandal (BJKKM) continues to be 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            8.74       CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with BJKKM for obtaining
information through letters and emails dated August 9, 2019 and
August 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

BJKKM is an Kheda, Gujarat based trust which is establishing a
non-granted school named 'My Shannen School' and is promoted by Mr.
Kaushik Somabhai Patel, Mr. Shirish Naginbhai Patel, Mr. Dharmesh
Jashubhai Patel, Mr. Bhupendrabhai Patel, Mr. Mahendrabhai
Maganbhai Patel, Mrs. Lataben Naginbhai Patel and Mrs. Ushabahen
Patel with the capacity of approximately 3138 students in both
English and Gujarati Medium in the general and science stream from
K.G. to Std. 12.


EXPRESS INFRATECH: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Express
Infratech Private Limited (EIPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          14.2       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with EIPL for obtaining
information through letters and emails dated June 28, 2019, August
9, 2019 and August 13, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

EIPL is engaged in mining activities in the iron ore belt of Odisha
and stone belt of Jharkhand.


FLOOR GARDENS: CRISIL Reaffirms B+ Rating on INR6cr Loan
--------------------------------------------------------
CRISIL has reaffirmed its rating on bank facilities of Floor
Gardens (FG) at 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------        -----------    -------
   Export Packing
   Credit                  6        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        3        CRISIL A4 (Reaffirmed)

The ratings reflect the firm's small scale of operations in the
competitive and fragmented mattress industry, high gearing and
large working capital requirements. These weaknesses are partially
offset by the promoter's extensive experience in the home
furnishings segment and comfortable debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in the competitive and fragmented
mattress industry
FG has small scale with revenue of INR28.8 crore in fiscal 2019,
thus restricting bargaining power with customers and suppliers. The
home furnishings industry is fragmented, and has a large number of
players.

* Large working capital requirements: FG's operations are working
capital intensive as reflected in its gross current days of 159
days as on March 31, 2019 mainly due to high inventory holding to
168 days. Low credit from suppliers leads to high utilisation of
bank lines.

* Average capital structure: Networth is small at INR3.92 crore and
high gearing and total outside liability to adjusted networth of
2.46 times and 2.8 times as on March 31, 2019. This is due to low
accretion to reserve and high reliance on outside borrowings.

Strength

* Promoter's extensive industry experience and established customer
base: The promoter's experience of over 40 years has resulted in a
healthy relationship with customers in various countries such as
Russia, the US, France, and Belgium, and the Middle East., and has
established a wide network of suppliers/dealers for rubber and
coir-based home furnishings in these markets.  This has led to
revenue growth to INR28.8 crore in fiscal 2019 from INR16.07 crore
in fiscal 2016.

* Adequate debt protection metrics: Debt protection metrics were
adequate with net cash accrual to total debt at 9% and interest
coverage of 4.22 times, for fiscal 2019.

Liquidity: Stretched

FG has stretched liquidity marked by expected cash accruals of more
than INR1.1-1.3 crores per annum in fiscal 2020 and fiscal 2021,
against repayment obligations of INR0.22 crore annually. Cash and
cash equivalents of INR0.06 crores as on March 31, 2019. FG also
has access to fund based limits of INR8.5 crores, utilized to the
tune of 98% on an average over the 12 months ended July 2019. The
ability of the entity to meet its repayments depends on an increase
in accruals or access to incremental fund based limits.

Outlook: Stable
CRISIL believes FG will continue to benefit from its promoter's
extensive industry experience.

Rating sensitivity factors

Upward  
* Revenues improves to INR40 crores and above
* Improvement in capital structure

Downward

* Revenue declines to INR20 crores and below
* Significant increase in gearing and weakening
  of debt protection metrics

Set up in 2007, FG manufactures coir-based home furnishings. The
firm is based in Allepey, Kerala. Daily operations are managed by
Mr K A Sugathan.


GAJRA DIFFERENTIAL: CRISIL Withdraws C Rating on INR10.1cr Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the long-term bank facility of
Gajra Differential Gears Limited (GDGL) following a request from
the company. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility       10.1     CRISIL C (Withdrawn)

Established in 1991, GDGL is engaged in manufacturing of wide range
of differential gears which includes crown wheel and pinions, bevel
gears, bevel pinions, spider kit assemblies and differential cages
for commercial vehicles. The company is a part of Gajra group
which, apart from GDGL, consists of Elve Corporation, set up in
1950, which is an exporter of diesel engines, spares and automotive
transmission gears and differential gears and Gajra Gears Private
Limited, set up in 1962, which manufactures automotive transmission
gears such as engine gears, gear box assemblies, and castings. GDGL
is promoted by Mrs. Rita Gajra who is a whole time director of the
company and looks after its day to day operations supported by a
team of experienced and qualified professionals from relevant
fields.


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-
   Based Bank Limits        50        CRISIL B+/Stable (Upgraded
                                      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.


IL&FS: Receives Binding Bids of INR13,000cr for 10 Road Assets
--------------------------------------------------------------
Infrastructure Leasing and Financial Service (IL&FS) said it has
received binding financial offers aggregating close to INR13,000
crore for ten Domestic Road Assets.

These bids were opened on September 9, 2019.

"In addition to the above, IL&FS Group entities continue to hold
rights to receive claims with Gross Value exceeding Rs 1,900 crore,
filed with various concession authorities in respect of these
assets," the company said.

"The combined value of bids and these claims will help address the
cumulative financial debt of INR17,700 crore, as of October 2018,
in these assets.

"The IL&FS Board is evaluating these offers in consultation with
its advisors.

"This development represents yet another important milestone in the
overall resolution process for IL&FS Group being undertaken by the
New Board.

"The New Board has initiated monetization of number of other assets
- including Education, Waste Management, Technology, Real Estate
and key International Assets. Binding financial bids for the assets
are expected soon," the company added.

                           About IL&FS

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

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


K.P.R. AGROCHEM: CRISIL Lowers Rating on INR224cr Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of K.P.R.
Agrochem Limited (KPR) to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.  The downgrade reflects delays in debt
servicing by KPR on account of weak liquidity.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee           1.5       CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Cash Credit            224.0       CRISIL D (Downgraded from
                                      'CRISIL BB+/Stable')

   Corporate Loan          75.0       CRISIL D (Downgraded from
                                      'CRISIL BB+/Stable')

   Inland/Import
   Letter of Credit       150.0       CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Long Term Loan         43.85       CRISIL D (Downgraded from
                                      'CRISIL BB+/Stable')

   Proposed Long Term
  Bank Loan Facility       5.65       CRISIL D (Downgraded from
                                      'CRISIL BB+/Stable')

The ratings reflect the company's working capital-intensive
operations and susceptibility to volatility in raw material prices
and government regulations. These weaknesses are partially offset
by extensive experience of promoter.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KPR and Sri Sai Swarupa Seeds Pvt Ltd
(SSPL). This is because SSSPL is a wholly owned subsidiary of KPR.


Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Gross current assets were
high at 335 days as on March 31, 2018, due to stretched receivables
of 160 days following credit extended to dealers and farmers and
delay in receiving subsidy from government. Also, inventory was
sizeable at 200 days due to the need to maintain adequate stock to
meet seasonality issues and also because of high lead time in
procuring rock phosphate from Jordan and Egypt.

* Susceptibility to volatility in raw material prices and
government regulations: Operating margin is susceptible to changes
in agrochemical prices that players are unable to fully pass on to
customers. Scale of operations and profitability also remain
exposed to any change in government regulations and monsoon.

Strengths
* Extensive experience of promoter: Presence of more than three
decades in the poultry, rice, and fertilizer industries has enabled
the promoter to record revenue of about INR600 crore in fiscal
2018, expand product portfolio, and establish strong dealership
network, particularly in South India.

Liquidity: Poor

Weak liquidity has resulted in delays in debt servicing. The
company has working capital intensive operations and hence is
highly dependent on external debt.

Rating Sensitivities Factors
Upward factors
* Track record of timely debt servicing for at least over 90 days.
* Improvement in working capital position and liquidity profile.

KPR (formerly, KPR Fertilisers Ltd) was set up as a private limited
company on January 2, 2007, in Rayavaram, Andhra Pradesh. KPR is
the flagship entity of KPR Group, which is promoted by Mr Kovvuri
Papa Reddy. The company manufactures fertilisers, pesticides, micro
nutrients, and seeds. Its wholly owned subsidiary, SSPL, processes
seeds.


KAMAL BUILDERS: CRISIL Lowers Rating on New INR8cr LT 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
   Bank Loan Facility       8        CRISIL B/Stable (Downgraded
                                     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 Loans
----------------------------------------------------------------
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.


KSK ENERGY VENTURES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: KSK Energy Ventures Limited
        8-2-293/82/A/431/A, Road No. 22
        Jubilee Hills, Hyderabad 500033
        Telangana, India

Insolvency Commencement Date: September 4, 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: Sai Ramesh Kanuparthi

Interim Resolution
Professional:            Sai Ramesh Kanuparthi
                         Plot 6-B, Beside TDP Office
                         Road No. 2, Banjara Hills
                         Hyderabad 500034
                         E-mail: info@ksrfms.com
                                 ksrirp@gmail.com

Last date for
submission of claims:    September 18, 2019


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.


LAKSHMI ENERGY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Lakshmi Energy and Foods Limited
        Registered office:
        SCO No. 19, Sector 7-C
        Chandigarh 160019

        Principal Office/Works:
        Lakshmi Energy and Foods Limited
        VPO-Khamanon District
        Fatehgarh Sahib 140801 PB

Insolvency Commencement Date: September 3, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Ravinder Agarwal

Interim Resolution
Professional:            Mr. Ravinder Agarwal
                         315, Paras Trade Centre
                         Faridabad Road
                         Gurugram Haryana 122002
                         E-mail: ravinder06@gmail.com

                            - and -

                         Ernst & Young Office – 1st Floor
                         SCO: 166-167, Sector 9-C
                         Madhya Marg, Chandigarh
                         (addressed to the IRP/CD)
                         E-mail: claims.lakshmi@in.ey.com

Last date for
submission of claims:    September 17, 2019


MAA DURGA RICE PROCESSING: Insolvency Resolution Case Summary
-------------------------------------------------------------
Debtor: Maa Durga Rice Processing & Exports Pvt. Ltd.
        Registered office:
        Khairapari Kotashi, Tangi
        Cuttack 754022

Insolvency Commencement Date: September 4, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Kamalesh Kumar Singhania

Interim Resolution
Professional:            Mr. Kamalesh Kumar Singhania
                         AV Insolvency Professional Pvt. Ltd.
                         Bajarang Kunj, Room No. 412 & 413
                         2B Grant Lane, 4th Floor
                         Kolkata 700012
                         E-mail: info@avigroup.co.in
                                 cirp.mdrice@gmail.com
  
Last date for
submission of claims:    September 18, 2019


MAA DURGA RICE PRODUCTS: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Maa Durga Rice Products Private Limited
        Kairapari, Kotashi
        Tangi, Cuttack 754022

Insolvency Commencement Date: September 4, 2019

Court: National Company Law Tribunal, Bhubaneswar Bench

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

Insolvency professional: Surya Kanta Satapathy

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

                            - and -

                         Satapathy & Co.
                         A/353, Ground Floor
                         Saheed Nagar, ZICA Building
                         Bhubaneswar 751007
                         E-mail: cirp.mdrppl@gmail.com

Last date for
submission of claims:    September 17, 2019


MALHOTRA CONSTRUCTIONS: CRISIL Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Malhotra
Constructions Pvt. Ltd. (MCPL) continues to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        11        CRISIL A4 (ISSUER NOT
                                   COOPERATING)

   Cash Credit            3        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with MCPL for obtaining
information through letters and emails dated August 9, 2019 and
August 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MCPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in 1989 and promoted by Mr. Rajesh Malhotra MCPL is
engaged in civil construction.


MEGACITY APARTMENTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Megacity Apartments Private Limited
        70 Lake East 6th Road Ground Floor
        Santoshpur Kolkata WB 700075
        India

Insolvency Commencement Date: August 30, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Uday Narayan Mitra

Interim Resolution
Professional:            Mr. Uday Narayan Mitra
                         72/1, Dawnagazi Road, Bally
                         Kolkata, West Bengal 711201
                         Mobile: 94335-37994
                                 8582806221
                         E-mail: cirp.megacity@gmail.com
                                 udaynarayanmitra@yahoo.co.uk

Last date for
submission of claims:    September 13, 2019


MUSLIM EDUCATIONAL: CRISIL Reaffirms B Rating on INR19.48cr Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
bank facilities of The Muslim Educational Society (Regd.) Calicut
(MES).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       5.35       CRISIL A4 (Reaffirmed)

   Long Term Loan      19.48       CRISIL B/Stable (Reaffirmed)

   Overdraft            5          CRISIL A4 (Reaffirmed)

   Term Loan           15.67       CRISIL B/Stable (Reaffirmed)

The ratings reflect exposure to intense competition, risks related
to the regulated nature of the education sector and low return on
capital employed (RoCE). These rating weaknesses are partially
offset by MES' established position and the wide and expanding
range of course offerings.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition in the education sector:  MES
faces intense competition from a large number of institutes in
Kerala. Sustained inflow of students will largely depend on the
society's ability to offer quality education, through continuous
infrastructure development, and retention and recruitment of the
best faculty.

* Vulnerability to regulatory environment governing the educational
sector: MES has to comply with specific operational and
infrastructure norms set by governmental and quasi-governmental
agencies. Instances of non-compliance could affect the society's
affiliation to various boards.

* Low return on capital employed (RoCE): The RoCE was low at around
4 to 5 per cent over past two fiscal ending March 2019. The RoCE
expected to increase with improved revenue and profitability.

Strength:
* Established position in the education sector, and wide course
offerings: Longstanding presence of over five decades, has helped
MES build a strong position in Kerala's education sector. Over the
years, the society has diversified its range of offerings across
various disciplines, through 160 institutes.

Liquidity: Stretched
Liquidity is stretched, marked by highly utilised bank lines.
Fund-based limit of INR5 crore has been fully utilised. Cash
accruals are adequate for repayment obligations, however continuous
capex is incurred, leading to intermittent cash flow mismatches.
Outlook: Stable

CRISIL believes MES will continue to benefit from its established
position in the education sector.

Rating Sensitivity factor
Upward factor
* Improvement in RoCE to above 10%
* Improvement in liquidity profile with higher cushion in bank
lines

Downward factor
*Large debt funded capital expenditure leading to weakening
financial risk profile
* Deterioration of liquidity with overutilization of bank limits
and cushion between accruals to repayments declining to over 1.2
times.

MES was established in 1964, by the late Dr P K Abdul Gafoor in
Calicut (Kerala). The society operates 160 institutions, including
professional colleges, schools, hostels, hospitals, orphanages, and
technical institutes, mostly in Kerala.


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
   Credit Limit         15        CRISIL B+/Stable (Assigned)

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.


PAYYANUR MEDICAL: CRISIL Moves D Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Payyanur
Medical Service and Research Centre Private Limited (PMCL) to
'CRISIL D Issuer not cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term        1.5       CRISIL D (ISSUER NOT
   Bank Loan Facility                  COOPERATING; Rating
                                       Migrated)

   Term Loan                18         CRISIL D (ISSUER NOT
                                       COOPERATING; Rating
                                       Migrated)

CRISIL has been consistently following up with PMCL for obtaining
information through letters and emails dated August 7, 2019 and
August 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

PMCL, incorporated in 2011, has a multispeciality hospital,
Anaamaya Medical Institute, at Payyannur in Kannur, Kerala. It
started commercial operations in April 2016.


RASANDIK AUTO: CRISIL Moves D Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rasandik Auto
Components Private Limited (RACPL) to 'CRISIL D/CRISIL D Issuer not
cooperating.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         1        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            5        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit       1        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     3        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             19.93     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RACPL for obtaining
information through letters and emails dated May 29, 2019, August
09, 2019 and August 13, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2005, RACPL is primarily a manufacturer of motor
cycle frames used in TVS Motor Company Limited's (TVS') motor cycle
model, Apache. The company also manufactures other motor cycle
parts for Apache, Vevo and Jupiter models of TVS, apart from
four-wheeler components for Ashok Leyland.


RDH TECHNOLOGIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: RDH Technologies Pvt Ltd
        Registered office:
        Plot No. F1, Block-GP Sector V
        Salt Lake, Kolkata 700091
        West Bengal

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: Ajay Kumar Agarwal

Interim Resolution
Professional:            Ajay Kumar Agarwal
                         9 Mangoe Lane, 2nd Floor, Room No. 12
                         Kolkata, West Bengal 700001
                         E-mail: cs.aaa.2014@gmail.com
                                 irp.rdh@gmail.com

Last date for
submission of claims:    September 11, 2019


ROAR CERAMIC: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Roar Ceramic LLP (RCL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         1        CRISIL A4 (Reaffirmed)

   Cash Credit            4        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2        CRISIL B+/Stable (Reaffirmed)

   Term Loan              5        CRISIL B+/Stable (Reaffirmed)

The ratings reflect RCL's small scale of scale of operations and
large working capital requirement. These rating weaknesses are
partially offset by the extensive experience of its partners in the
ceramics industry.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations: Revenue was modest-at an estimated
INR5.8 crore-in fiscal 2019 as RCL commenced operations only in
October 2018. Capacity utilisation remains low, despite the focus
on stabilising operations. Revenue is expected to remain moderate
over the medium term, and to improve gradually as capacity
utilisation increases.

* Working capital intensity in operation: Operations are working
capital intensive, with gross current assets estimated to be
sizeable at 150-180 days as of March 2019. This is on account of
substantial credit extended to win customers, and the moderate
inventory maintained. Pressure on working capital is expected to
persist, despite the credit support received from suppliers.

Strengths:

* Extensive experience of the partners: Benefits from the partners'
experience of more than a decade in manufacturing ceramics-through
firms such as Rockland Ceramic LLP-should continue to support RCL.

Liquidity
No cash accrual is expected in fiscal 2020. However, in fiscals
2021 and 2022, accrual is expected to exceed INR1.22 crore and
INR1.4 crore, respectively. Maturing term debt, expected around
INR0.08 crore in fiscal 2020, and INR0.99 crore each in fiscals
2021 and 2022, may be serviced from funds the partners provide if
necessary. Bank limit utilisation was a low 6% in the five months
through April 2019, but should increase hereafter on account of
large working capital requirement.

Outlook: Stable

CRISIL believes RCL will continue to benefit from the experience of
the partners. The outlook may be revised to 'Positive' if there is
a healthy ramp-up in scale of operations and profitability. The
outlook may be revised to 'Negative' if low cash accrual or a
stretched working capital cycle weakens liquidity.

Set up in Gujarat in November 2017, RCL manufactures wall tiles.
Operations commenced in October 2018. Mr Alpesh Chovatiya, Mr
Anandkumar Kasundra, Mr Virat Moradiya and Mr Rohan Kundariya are
the partners.


SADASHIB COLD: CRISIL Reaffirms 'B+' Rating on INR7.5cr Loans
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Sadashib Cold Storage Private Limited
(SCSPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2        CRISIL B+/Stable (Reaffirmed)

   Working Capital Loan    0.5      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect SCSPL's vulnerability to intense
competition, stringent regulations, delays in payments by farmers,
and weak networth. These weaknesses are partially offset by the
extensive experience of the promoters in the cold storage business
and above-average debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to regulatory risks and intense competition: The potato
cold storage industry in WB is regulated by the West Bengal Cold
Storage Association, and rental rates are fixed by the Department
of Agricultural Marketing. The fixed rental limits the ability of
individual players to earn profits based on their respective
strengths and geographical advantages. This curbs their bargaining
power, and forces them to offer discounts to ensure healthy
utilisation of their storage capacity. Competition is also intense
among players.

* Vulnerability to delays in payments by farmers: SCPL provides
loans to farmers against stored products. In the event of adverse
market trends, farmers do not find it profitable to pay the rental
and interest charges along with loan obligations, and hence, do not
retrieve potatoes from the cold storages.

* Weak networth: Networth was modest, at an estimated INR3.5 crore
as on March 31, 2019, but should improve with better accretion to
reserve.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' experience of around five decades in the cold storage
business, and their established relationships with farmers and
traders, will continue to support the business risk profile.

* Above-average debt protection metrics: Robust profit has led to
comfortable debt protection metrics with interest coverage at
around 6 times and net cash accrual to total debt at 0.10 time for
fiscal 2019. The metrics likely to remain comfortable over the
medium term in the absence of large capital expenditure.

Liquidity: Poor

Liquidity will, likely, remain adequate. Cash accrual is expected
around INR40 lakh annually, and may be used as working capital, in
the absence of maturing debt. Bank limit utilisation remains high
around year-end, as March and April are the peak seasons for the
cold storage business. Current ratio is estimated at 1.25 times as
on March 31, 2019.

Outlook: Stable

CRISIL believes SCSPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of improvement in cash accrual and working
capital management. The outlook may be revised to 'Negative' if low
cash accrual, or significant capital expenditure, weakens the
financial risk profile, especially liquidity.

Rating Sensitivity Factor

Upward

* Upward revision of rental rates with optimum capacity
  utilisation thereby increasing the scale of operation of
  the company along with sustenance of operating margin to
  more than 20%
* Improvement in the liquidity profile supported by increase
  in cash accrual to more than INR55 lakhs against nil
  repayment obligation

Downward

* Downward revision of rental rates along with lowering of
  capacity utilization which will deteriorate the business
  risk profile of the company
* Delays in payment from the farmer
* Debt funded capital expenditure leading to significant
  deterioration in financial and liquidity risk profile

SCSPL, set up in 2009 by Mr Dilip Kumar Pratihar, Mr Hari Sadan
Nadan, Mr Chittaranjan Kundu, and Mr Sujoy Kumar Khan, extends cold
storage facilities for potato farmers. The facility at Mednipur
West (West Bengal), has an installed capacity of 148,980 quintals
per annum.


SHIRPUR GOLD: CRISIL Lowers Rating on INR338cr 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         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.

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.


SHREE TIRUPATI: CRISIL Moves B on INR10cr Loan to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree Tirupati
Jee Filling Station (STJFS) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            10       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with STJFS for obtaining
information through letters and emails dated May 30, 2019, August
9, 2019 and August 13, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

STJFS, a Haryana-based firm established in 1999, operates an IOCL
fuel-filling station on NH-8 in Rewari (Haryana). The firm is
promoted by Mr Ram Kishan Gupta.


SOORYA EXPORTERS: CRISIL Moves B+ Debt Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Soorya
Exporters and Importers (Soorya) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Bank
   Guarantee             0.4       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash
   Credit Limit          5         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Soorya for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2012 as a proprietorship firm by Mr Sadasivam, Soorya
undertakes civil construction works in Tamil Nadu.


SRC LABORATORIES: CRISIL Moves B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of SRC
Laboratories Private Limited (SLPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          3.44       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   2.40       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan            6.31       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SLPL for obtaining
information through letters and emails dated May 30, 2019,
August 9, 2019 and August 13, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

SLPL was established by Dr. R C Reddy Yeluri in 2009 with a
research and development facility in Hyderabad. It was engaged in
manufacturing of fine and specialty chemicals until 2015. The
company stopped manufacture of fine chemicals during 2014-15 and
has set up an API manufacturing unit, which has commenced
commercial production from February 2016.


SRISURYA KNIT: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Srisurya Knit
Wearss (SKW) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           0.7      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Export Packing
   Credit                5.0      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan        1.18     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Working
   Capital Facility      1.12     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SKW for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2008, Tirupur-based partnership firm, SKW is involved in
manufacture and export of ready-made garments. The firm has its
manufacturing facility in Tirupur and the operations are managed by
the partners, Mr PS Selvaraju, and his sons, Mr S Surya, and Mr
Siddharth.


SUNGROWTH SHARE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sungrowth Share & Stocks Limited
        14, N.S. Road, 2nd Floor
        Kolkata 700001

Insolvency Commencement Date: September 4, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 1, 2020

Insolvency professional: Kamal Nayan Jain

Interim Resolution
Professional:            Kamal Nayan Jain
                         Todi Chambers, 2 Lal Bazaar Street
                         2nd Floor, Room No. 204 & 205
                         Kolkata 700001
                         West Bengal
                         E-mail: knjain@knjainco.com
                                 ip.knjain@gmail.com

Last date for
submission of claims:    September 18, 2019


VIBHU COAL: CRISIL Moves B+ on INR8.5cr Loans to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vibhu Coal
Private Limited (VCPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          6.25       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   2.25       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VCPL for obtaining
information through letters and emails dated May 30, 2019,
August 9, 2019 and August 13, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

VCPL was incorporated in 2012 by Mr. Vivek Satpal Jain and Mr.
Ashish Pritam Jain. Business was initially started as a partnership
firm by the brothers Mr. Satpal Jain and Mr. Pritam Jain. Later,
their sons took over the business and converted the partnership
into a company. VCPL trades in coal and steel-sponge iron in
Maharashtra.




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

CALIBRE CONTRACTING: Shuts Operations in Auckland
-------------------------------------------------
Otago Daily Times reports that Auckland engineering company Calibre
Contracting Equipment, majority owned by GL Smolenski Investments,
has ceased operations with the loss of three jobs.

Its Brisbane-based operation was placed in liquidation in May, the
report discloses.

ODT relates that Queenstown businessman Graham Smolenski on
Sept. 11 confirmed the closures, saying the Australian company had
been the result of "the failure of a third-party supplier
relationship resulting in us withdrawing product from the market."

However, a source close to the business accused Mr. Smolenski of
creating an excessively "top heavy" structure.

"At one stage, Mr. Smolenski's brother and his two daughters all
worked for the company and he was taking a lot out of the business
in his personal capacity," he said, ODT relays.

According to the report, Calibre, formed in 2009 through the merger
of JB Attachments and Smolenski-owned BAS Contracting, had recently
sold full ownership of its Sure-Grip, Heli-Tilt, and Ram-Tilt
Coupler brands to engineering firm Attach2 Equipment.

ODT relates that Attach2 said it had also employed the core Calibre
team in Brisbane to support its transtasman clients.

Mr. Smolenski, 68, is a co-founder of Millbrook Resort, as well as
a former shareholder and director of companies including NZSki,
Queenstown Airport and Gibbston Wines.

He confirmed on Sept. 11 that he had resigned all of his
directorships and was involved in a "significant downsizing and
change in lifestyle".

According to the report, a source said that downsizing had included
the sale of luxury vehicles and an apartment in Queensland,
Australia.

It was also understood he had a tax liability with Inland Revenue
and other creditors, ODT says.

Calibre's closure came eight years after the collapse of Mr.
Smolenski's insurance company Western Pacific.


ROCKROLL: Innovative Toilet Paper Business Collapses
----------------------------------------------------
Stuff.co.nz reports that buyers waiting for delivery of innovative
eco-products invented by a Nelson man have been told the enterprise
has collapsed.

Stuff relates that Nelson man Mohi Healey attracted national
attention earlier this year when he introduced his concept of an
eco-friendly, stone-based alternative to traditional toilet paper
which dissolved completely within 60 seconds of flushing.

According to Stuff, Mr. Healey raised more than NZ$70,000 in crowd
funding in four weeks with 910 backers who are now out of pocket.

A number of people contacted Stuff this week when they did not hear
back from Mr. Healey in the past three weeks after asking about the
delivery of their orders.

Numerous attempts by Stuff to contact Mr. Healey since Sept. 9 have
gone unanswered.

In a long email sent to purchasers on Sept. 5, Mr. Healey announced
the RockRoll business was no more, Stuff reports.

"In a nutshell, to answer your questions of where the RockRoll
project is currently at - the entire operation is teetering on the
brink of complete failure," the report quotes Mr. Healey as saying
in the email.  "When I prototyped the material that would become
RockRoll toilet paper, I made the mistake of assuming that if I had
made the prototype sheets, I could easily expand the method into a
commercial scale of production."

Mr. Healey cited a combination of mental health issues, business
inexperience and being overwhelmed by the time and resources
required as factors in the failure, Stuff relates.

RockRoll was incorporated under the NZ Companies register on August
5, with Mr. Healey listed as the sole director.


[*] NZ: Subcontractors Need to be Protected when Companies Fail
---------------------------------------------------------------
Site Safe NZ said when large building companies fail, many smaller
companies and operators often bear the brunt of the collapse.

The chief executive of construction safety organisation Site Safe,
Brett Murray, says companies of 5 or under make up half of its
6000+ membership. Many of these are subcontractors who take a huge
hit when they lose income and work which has happened with last
week's failure of the Stanley Group construction company.

He says plumbers, electricians painters and many other
subcontractors can be tens or hundreds of thousands of dollars out
of pocket when sites are closed. They no longer have access to
goods they could credit back to their suppliers, and sometimes even
the tools they need for their livelihoods are locked up on-site.

"There are huge pressures on smaller contractors. In an industry
sector where mental health is already a major concern and a current
focus, these failures put a significant burden on small business
owners, their staff and families.

"They have little influence on the supply chain but are the ones
who are hardest hit when the supply chain fails.

"There are many mum and dad businesses who have to feed their
families and pay the wages of their staff. These are hard-working
people who are mired in a debt not of their making."

He believes there is a need for more financial protection of
subcontractors to reduce the stress on them in what is always a
stressful business.

"As an organisation with a key interest in the well-being of people
in the industry, Site Safe wants to see action on the Construction
Sector Accord," Mr. Murray says.

"The Accord explicitly states a priority is creating a sector that
supports the well-being of workers. The widely recognised supply
chain issues that plague the sector are compounding and the
sub-contractors down the list get hit the hardest and yet have
little or no influence in effecting positive change.

"In the meantime Site Safe will continue to support and advocate on
behalf of our members."

The collapse of the Auckland and Waikato-based Stanley Group, which
was working on Housing New Zealand homes, has seen subcontractors
looking at creating a fighting fund to investigate the collapse.

Plumber Mat Alexander told media that he wanted to see a law change
that included treating all debts to subbies of a failed company as
secured against building materials and products the subcontractors
had on site.

Mr. Murray says in this case it is particularly tough that workers
who have been working on government housing projects are now out of
pocket through no fault of their own and it is time that the
government began moving towards reinstating legislative
protections.




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

HOE LEONG: Faces Malaysian Civil Suit for Alleged Deceit
--------------------------------------------------------
Ng Ren Jye at The Business Times reports that Hoe Leong Corporation
has been served, on Sept. 9, a writ and statement of claim taken
out by solicitors of Halim Saad against the company and five other
defendants, the company said in a bourse filing on Sept. 5.

They were issued by the High Court of Malaya at Kuala Lumpur,
Malaysia, the report says.

According to the report, Mr. Halim's claim in the civil suit is for
alleged deceit and/or fraudulent misrepresentation by Hoe Leong and
an alleged conspiracy by the defendants which caused him to suffer
loss and damage.

He is seeking general damages against the defendants, the report
notes.

The Business Times says Hoe Leong has engaged solicitors in
Malaysia to represent it in the suit, and has been advised to file
an application to strike out the civil suit for, among other
reasons, abuse of court process.

This follows other legal trouble for the machinery parts firm,
which last week received a statutory demand under the Companies Act
from a law firm acting on behalf of United Overseas Bank, the
report adds.

It is seeking payment of about SGD5.7 million from Hoe Leong within
21 days from Aug 29, 2019, the date of receipt of the statutory
demand.

Singapore-based Hoe Leong Corporation Ltd. --
https://www.hoeleong.com/ -- provides vessel-chartering services
for the oil and gas industry. The Company also manufactures, trades
and distributes spare parts for heavy equipment and industrial
machinery.



                           *********


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
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