TCRAP_Public/190919.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, September 19, 2019, Vol. 22, No. 188

                           Headlines



A U S T R A L I A

BLACKBURN TRAILERS: First Creditors' Meeting Set for Sept. 26
HARMONY AGRICULTURE: Chinese-backed Exporter Goes Into Liquidation
HOLDINGS (MRS): Parent Co. in Advance Talks to Refinance Debt
IKCSHEDS PTY: Second Creditors' Meeting Set for Sept. 26
OBJECT ASSETS: Second Creditors' Meeting Set for Sept. 25

OBJECT CONSULTING: Second Creditors' Meeting Set for Sept. 25
POCKET CASTLE: First Creditors' Meeting Set for Sept. 26
POLARIS (AUST): First Creditors' Meeting Set for Sept. 26
SOFTWARE PRODUCTION: Second Creditors' Meeting Set for Sept. 25


C H I N A

CHANGSHENG BIO-TECHNOLOGY: Faces Delisting in Shenzhen Exchange
GOLDEN WHEEL: Fitch Affirms 'B' LT IDR, Alters Outlook to Negative
YANCHENG ORIENTAL: Fitch Rates Proposed USD Notes 'BB-(EXP)'


I N D I A

AE INFRA: CARE Lowers Rating on INR10cr Loans to 'D'
AMBICO EXPORTS: CARE Assigns 'D' Rating to INR22cr Bank Loan
ANTONOVA TILES: CARE Lowers Rating on INR16.50cr Loan to 'D'
ARCHID POULTRY: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
BATTULAL RADHEY: CARE Cuts INR4cr LT Loan Rating to 'C', Not Coop.

BHAGWATI STONE: CARE Maintains B+ Rating in Not Cooperating
BULAND CONSTRUCTION: CARE Cuts INR5.25cr Loan Rating to D/Not Coop.
CADCHEM LABORATORIES: Ind-Ra Lowers Long Term Issuer Rating to 'D'
CAPITAL AUTO: Insolvency Resolution Process Case Summary
CHAYA HEALTH CARE: Insolvency Resolution Process Case Summary

DEWAN HOUSING: Debt Resolution Plan Hits Roadblock
DEWAN HOUSING: Defaults on INR104-cr Payments on NCDs
ESVEE ENTERPRISES: CARE Maintains 'B' Rating in Not Cooperating
GCX LIMITED: Case Summary & 30 Largest Unsecured Creditors
GCX LIMITED: Files for Chapter 11 with Prepackaged Plan

GCX LIMITED: Has $54.5MM of DIP Financing from Noteholders
GLENMARK PHARMACEUTICALS: S&P Affirms BB- ICR, Outlook Now Negative
GULATI RETAIL: Insolvency Resolution Process Case Summary
JANTA GLASS: Insolvency Resolution Process Case Summary
KERALA INFRASTRUCTURE: Fitch Affirms 'BB' LT IDRs, Outlook Stable

KOCHAS POWER: CARE Lowers Rating on INR20cr LT Loan to D
MAG FILTERS: Insolvency Resolution Process Case Summary
MANGLA OVERSEAS: CARE Assigns 'B' Rating to INR7.0cr LT Loan
MANJU J HOMES: Insolvency Resolution Process Case Summary
MARS HOSPITALITY: Insolvency Resolution Process Case Summary

MUNDRA INVESTMENTS: CARE Maintains B Rating in Not Cooperating
NOBLE ISPAT: Insolvency Resolution Process Case Summary
OMEGA INFRAENGINEERS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
ONGOLE AROGYA: CARE Keeps 'D' Rating in Not Cooperating Category
P.K. INDUSTRIES: CARE Maintains 'D' Rating in Not Cooperating

PARSVNATH HOTELS: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
PRATIBHA KRUSHI: Insolvency Resolution Process Case Summary
PRIKNIT RETAILS: Insolvency Resolution Process Case Summary
RANK CRANES: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
ROYAL KITCHEN: Insolvency Resolution Process Case Summary

RSAL STEEL: Insolvency Resolution Process Case Summary
SATKAR TERMINALS: Insolvency Resolution Process Case Summary
SHREE GANESH: CARE Cuts INR6.12cr LT Loan Rating to 'D', Not Coop.
SHRI DATTAPRABHU: CARE Lowers Rating on INR11.62cr LT Loan to D
SINTEX-BAPL LIMITED: CARE Cuts INR200cr Loan Rating to D, Not Coop.

SRI RAGHURAMACHANDRA: CARE Reaffirms B+ Rating on INR6.65cr Loan
SRI RANGANATHA: CARE Keeps 'D' Rating in Not Cooperating Category
SRI SAI DURGA: CARE Maintains 'D' Rating in Not Cooperating
SRINIVASA STEEL: CARE Maintains 'D' Rating in Not Cooperating
SUGANTHI EDUCATIONAL: CARE Cuts INR63cr Loan Rating to D, Not Coop.

SUPER SPINTEX: Ind-Ra Corrects August 16 Rating Release
SWASTIK FRUITS: Insolvency Resolution Process Case Summary
TRISTAR GLOBAL: Insolvency Resolution Process Case Summary
UNIWORLD SUGARS: CARE Maintains 'D' Rating in Not Cooperating
UNNATI FORTUNE: Insolvency Resolution Process Case Summary

VINOD COTTON: Insolvency Resolution Process Case Summary


N E W   Z E A L A N D

ROSE BUILT: Owes NZ$1.4 Million to Creditors, Liquidators Reveal


S R I   L A N K A

DFCC BANK: S&P Affirms 'B/B' Issuer Credit Ratings, Outlook Stable


V I E T N A M

VIETNAM ELECTRICITY: Fitch Affirms 'BB' LT IDR, Outlook Positive

                           - - - - -


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A U S T R A L I A
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BLACKBURN TRAILERS: First Creditors' Meeting Set for Sept. 26
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Blackburn
Trailers Pty Ltd will be held on Sept. 26, 2019, at 12:00 p.m. at
the offices of Mackay Goodwin, Level 2, at 1 Southbank Boulevard,
in Melbourne, Victoria.  

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Blackburn Trailers on
Sept. 16, 2019.

HARMONY AGRICULTURE: Chinese-backed Exporter Goes Into Liquidation
------------------------------------------------------------------
Andrew Marshall at Farm Weekly reports that enterprising
Chinese-backed Western Australian beef and live export business
Harmony Agriculture and Food Company is in liquidation following
court action initiated by a New South Wales' feedlot preparing its
Wagyu-cross cattle for market.

Documents lodged in the Federal Court in Victoria in mid-July
claimed Harmony had AUD5.4 million in outstanding debts owed to JHW
Paterson, which operates the Hell's Gate Feedlot at Balranald, in
the State's South West, Farm Weekly relates.

Farm Weekly says the Federal Court issued a notice late month
ordering the company be wound-up.

At the same time, the National Australia Bank, a secured creditor
to Harmony, has also appointed a receiver to take charge of the
company's assets, the report notes.

According to the report, the Harmony group blamed its Chinese
backers, Dalian Hesheng Holdings, for being slow to provide equity
funding and causing a breach of contract with Hell's Gate Feedlot.

Accountants, Andrew Yeo and Giuseppe Rambaldi, with Melbourne-based
private business, auditing and financial advisory firm, have been
appointed liquidators, Farm Weekly discloses.

Farm Weekly says the two are still establishing Harmony's full
asset base and ownership structure and who its creditors were.

Farm Weekly relates that Mr. Yeo said the liquidators were
conducting enquiries into the company and its operations in WA, NSW
and Victoria.

"We will be working with creditors, the business and staff to
provide as much certainty as possible while liquidation process is
underway," Farm Weekly quotes Mr. Yeo as saying.

According to the report, NAB's appointed receiver has not been
named, but is expected to keep Harmony trading while an independent
assessment is undertaken regarding the company's future.

Creditors have been urged to contact the liquidators if they have
questions regarding the process or believe they are owed money by
the company, the report says.

A creditors meeting was expected soon, but a date had not been set,
Farm Weekly notes.

Established in Australia in 2015, Harmony has its own feedlots in
WA at Kalanie in the Dalwallinu shire and the Victorian Wimmera at
Dimboola.

HOLDINGS (MRS): Parent Co. in Advance Talks to Refinance Debt
-------------------------------------------------------------
Eric Cunha at Alliance News reports that Management Resource
Solutions PLC on Sept. 16 said it is in advanced talks to refinance
debt incurred by its principle subsidiaries.

Alliance News relates that the maintenance, fabrication and
earthworks company, which is in discussions with investment firm
Remagen Capital Partners Pty Ltd, said it expects the refinancing
transaction to occur in the "next few days".

Once the refinancing is successful, the company will agree to a
Deed of Company Arrangement with voluntary administrators under
Australian law, says.

If this does occur, control of the company's five Australian
subsidiaries which are in administration will be returned to
Management Resource following a vote at a second creditors meeting,
according to Alliance News. This typically takes place three to
four weeks after the first, which was held on Sept. 16, the company
said.

Alliance News adds that Management Resource said: "At the first
meeting of creditors of the subsidiaries, held today [Sept. 16],
the voluntary administrators provided a general update and
confirmed that the group is trading and it is business as usual.
They confirmed that they have called for recapitalisation
proposals."

Prior to the appointment of administratiors, Management Resource
said: "The company has received an e-mail, after business hours in
Australia and from an Australian firm providing insolvency
solutions, stating that certain of their officers have been
appointed as voluntary administrators of five of the company's
operating subsidiaries pursuant to Section 436C of the Corporations
Act 2001," Alliance News relays.

Sule Arnautovic, Bradd William Morelli and Trent Andrew Devine of
Jirsch Sutherland were appointed as administrators of Holdings
(MRS) Pty Ltd, MRS Services Group Pty Ltd, Bachmann Plant Hire Pty
Ltd, MRS Property No 1 Pty Ltd and Management Resource Solutions
Pty Ltd on Sept. 4, 2019.

IKCSHEDS PTY: Second Creditors' Meeting Set for Sept. 26
--------------------------------------------------------
A second meeting of creditors in the proceedings of IKCSheds Pty
Ltd has been set for Sept. 26, 2019, at 11:00 a.m. at the offices
of Boardroom of BRI Ferrier, Level 4, at 12 Pirie Street, in
Adelaide, SA.

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. 25, 2019, at 5:00 p.m.

Stuart Otway and Alan Scott of BRI Ferrier were appointed as
administrators of IKCSheds Pty on Aug. 22, 2019.

OBJECT ASSETS: Second Creditors' Meeting Set for Sept. 25
---------------------------------------------------------
A second meeting of creditors in the proceedings of Object Assets
Pty Limited has been set for Sept. 25, 2019, at 9:00 a.m. at the
offices of Object Consulting, Level 23, at 100 Miller Street, in
North Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 23, 2019, at 4:00 p.m.

Joseph Hayes and Andrew McCabe of Wexted Advisors were appointed as
administrators of Object Assets on Aug. 21, 2019.

OBJECT CONSULTING: Second Creditors' Meeting Set for Sept. 25
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Object
Consulting Pty Limited has been set for Sept. 25, 2019, at 10:00
a.m. at the offices of Object Consulting, Level 23, at 100 Miller
Street, in North Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 23, 2019, at 4:00 p.m.

Joseph Hayes and Andrew McCabe of Wexted Advisors were appointed as
administrators of Object Consulting on Aug. 21, 2019.

POCKET CASTLE: First Creditors' Meeting Set for Sept. 26
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Pocket
Castle Hill Pty Ltd, trading as Crooked Tailor, will be held on
Sept. 26, 2019, at 11:00 a.m. at the offices of BRI Ferrier Level
30, Australia Square, at 264 George Street, in Sydney, NSW.

Peter Paul Krejci of BRI Ferrier was appointed as administrator of
Pocket Castle on Sept. 16, 2019.

POLARIS (AUST): First Creditors' Meeting Set for Sept. 26
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Polaris
(AUST) Group Pty Ltd will be held on Sept. 26, 2019, at 11:00 p.m.
at Level 18, 101 Collins Street, in Melbourne, Victoria.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Polaris (AUST) on Sept.
16, 2019.

SOFTWARE PRODUCTION: Second Creditors' Meeting Set for Sept. 25
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Software
Production Company Pty Limited has been set for Sept. 25, 2019, at
9:15 a.m. at the offices of Object Consulting, Level 23, at 100
Miller Street, in North Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 23, 2019, at 4:00 p.m.

Joseph Hayes and Andrew McCabe of Wexted Advisors were appointed as
administrators of Software Production on Aug. 21, 2019.



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CHANGSHENG BIO-TECHNOLOGY: Faces Delisting in Shenzhen Exchange
---------------------------------------------------------------
Di Ning and Denise Jia at Caixin Global report that Changsheng
Bio-technology Co. Ltd., the troubled drugmaker embroiled in
China's worst vaccine scandal last summer, is one step away from
delisting and may not be able pay a CNY9.1 billion ($1.3 billion)
regulatory fine.

Trading in the Shenzhen-listed stock of Changsheng Bio-technology,
which was found to have fabricated data for its vaccines for
infants, has been suspended for six months since March 15, Caixin
discloses.

As the suspension period has expired, the Shenzhen Stock Exchange
will decide on final delisting within 15 trading sessions, the
company said on Sept. 15 in a statement. Although the final
decision is up to the Shenzhen exchange, a forced delisting is
"almost surely" coming, several financial industry participants
told Caixin.

In a spot check last July at Changsheng's facilities following a
tip-off from a former employee, China's drug regulator found that
the company fabricated production and inspection data for its
rabies vaccines and sold nearly 500,000 substandard doses of
vaccines to inoculate children against diphtheria, whooping cough
and tetanus, Caixin discloses. Last October, China's Food and Drug
Administration revoked Changsheng's pharmaceutical production
license and imposed the fine of more than CNY9.1 billion.

Delisting wouldn't mean the conclusion of the company's vaccine
scandal, the report says. Changsheng still hasn't paid the fine.
Two courts in Beijing and Changhun, a city in in the northeastern
province of Jilin where the company is based, have ordered
enforcement of a payment order against Changsheng, according to
Caixin.

Changsheng Chairman Gao Junfang's son Zhang Minghao, vice chairman
of the company, told Caixin that all funds are frozen and the
company has no control over the money. He said no decision has been
made on how to pay the fine.

Changsheng may not be able to pay the fine as it has entered
bankruptcy liquidation procedures, Caixin reports citing lawyers.
The Guangdong Provincial Center for Disease Control and Prevention
filed for bankruptcy liquidation of Changsheng, and a court in
Changchun has accepted the case, the company said in a statement in
June, report Caixin.

Filing an application for bankruptcy doesn't mean the company will
eventually declare bankruptcy, said Tang Ming, partner at Beijing
Zhongwen Law Firm.

From the time the court accepted the bankruptcy application to the
declaration of bankruptcy still requires a lengthy process, during
which debtors and investors may file for restructuring or
settlement, Mr. Tang said, Caixin relays.

Administrative or judicial fines can't be regarded as claims in
bankruptcy, Mr. Tang said. Theoretically, after the bankrupted
company pays off debts, if there's still money left, it should go
toward paying the fine.

"But in reality, after bankruptcy liquidation, if the company is
insolvent, it won't even be able to pay normal debt claims, let
alone the fine," the report quotes Mr. Tang as saying.

Changsheng's Zhang told Caixin that he is not clear about
developments in the company's bankruptcy procedures.

GOLDEN WHEEL: Fitch Affirms 'B' LT IDR, Alters Outlook to Negative
------------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on China-based
homebuilder Golden Wheel Tiandi Holdings Company Limited to
Negative from Stable, and affirmed the Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'B'. Fitch has also
affirmed GWTH's senior unsecured rating at 'B' with a Recovery
Rating of 'RR4'.

The revision in the Outlook reflects deterioration in the company's
available cash-to-short-term debt ratio to 28% by end-June 2019 and
26% at end-2018, from 97% at end-2017. GWTH has a large asset base
for disposal and its management is seeking proactively to refinance
its short-term maturities, but Fitch thinks there are execution
risks amid a challenging funding environment, especially for
smaller-scaled homebuilders. The Outlook will be revised to Stable
if the cash-to-short-term debt ratio improves and is sustained
above 80%, potentially through asset sales, debt refinancing or an
enhanced debt-maturity profile.

The rating affirmation is premised on GWTH's good quality
metro-linked property-development portfolio compared with its 'B'
rated peers and healthy margins, as well as a steady income from
its non-property development segment, which could generate healthy
EBITDA interest coverage of around 0.5x. The ratings, however, are
constrained by GWTH's small sales scale and its moderately higher
leverage mainly due to acceleration in land replenishment in the
past two years.

KEY RATING DRIVERS

Tighter Liquidity: GWTH had available cash of CNY795 million at
end-1H19, sufficient to cover only 28% of short-term debt of CNY2.8
billion (26% at end-2018) compared with 97% at end-2017. Its
undrawn banking facilities of CNY803 million at end-1H19 can
alleviate only some of the pressure. Its liquidity position is
weaker than most Fitch 'B' rated peers.

Management has however expressed its intention to improve its
liquidity position through the sale of its Nanjing and Hong Kong
projects, which are in prime locations. It also provided a detailed
refinancing plan for a USD150 million bond due November 2019. Fitch
believes GWTH has multiple options for liquidity improvement but
the execution of the plans may be uncertain. Fitch thinks the tight
liquidity will pressure GWTH's rating until management can improve
its debt-maturity profile or raise its cash-to-short-term debt
ratio to 80% on a sustained basis, which would lead to an Outlook
revision to Stable.

Leverage Peaked: Fitch expects GWTH's leverage to improve to
40%-45% from a peak of 47.7% at end-June 2019 in the next 12-18
months after the company cuts back on land acquisition from 2H19.
Leverage, measured by net debt/adjusted inventory on a
proportionately consolidated basis, rose to 35% in 2017 and 44% in
2018 from 23% in 2016 after GWTH spent around 150% and 120% of its
sales receipts in 2017 and 2018 (2016: 7%), respectively, to expand
its scale and sustain its attributable sales growth.

Fitch expects a slower acquisition pace in 2H19 as the company has
restored its land-bank life to about five years of sales from the
recent purchases, and will spend 20%-30% of contracted sales on
land acquisitions in 2019 and 2020.

Larger Scale After Expansion: Fitch expects GWTH to maintain an
attributable sales scale of above CNY3 billion from 2019 (2018:
CNY1.7 billion) after it boosted its land bank to around 1 million
sq m in 1H19. This is double the 0.5 million sq m at end-2016 after
two years of rapid land acquisition. Its land bank quality is high,
mainly spread over five core second- and third-tier cities in the
mainland Chinese provinces of Jiangsu and Hunan - Nanjing,
Yangzhou, Wuxi, Changsha and Zhuzhou - where the company has a long
record and demand remains resilient.

This is strengthened by the company's prime locations for its
projects under a core strategy of developing small commercial and
residential projects near metro stations or transportation hubs.
Its projects usually fetch higher average selling prices because of
their convenient locations and better foot traffic for the
commercial-property components. GWTH's consolidated sales rose 47%
yoy to CNY1 billion in 1H19. It has CNY5.5 billion in saleable
resources for 2H19, with more than 70% in residential products,
which will support its full-year target of CNY3.2 billion on a
consolidated basis.

Margins to Stay Healthy: Fitch expects GWTH's EBITDA margin,
excluding capitalised interest from cost of goods sold, to stay
high at around 30%-35% in 2019-2020, supported by existing
integrated projects connected to metro stations, which have gross
margins of around 35%-40%. The company's EBITDA margin stayed high
at 47% in 1H19 and 44% in 2018. GWTH's rich experience in
developing metro-linked complex projects provides it with an
advantage in acquiring land at a relatively low cost. Its average
land bank cost was CNY3,600 per sq m at end-June 2019, or around
25% of its average selling price, supporting its profitability
outlook.

Expanding Non-Development Businesses: Fitch expects GWTH's
non-property development divisions to expand steadily over the
medium term, with new investment properties and hotels coming into
operation each year and an increase in the leasing of retail space
in metro stations. These divisions provide a non-property
development EBITDA/interest ratio of 0.5x, higher than for 'B'
rated peers with average coverage of 0.1x-0.2x, and mitigate cash
flow volatility in the property-development business.

GWTH had completed investment properties with a total leasable area
of around 116,000 sq m with an average occupancy rate of around 87%
at end-June 2019 and three operating hotels. Its
investment-property portfolio was valued at CNY6.2 billion with
CNY150 million in annual rental income, giving it a 'B' category
business profile. Fitch expects the leasable gross floor area to
rise to over 130,000 sq m and the hotels to increase to five in the
next two to three years, supporting the improvement in GWTH's
non-development EBITDA/interest ratio to 0.7x and its ratings.

DERIVATION SUMMARY

GWTH's attributable contracted sales of CNY1.7 billion in 2018 were
below those of most 'B' category peers, such as Modern Land (China)
Co., Limited (B/Stable), which generate around CNY10.0 billion in
contracted sales annually. GWTH's land bank of 1 million sq m for
development is also smaller than that of peers. Its moderate
leverage of 40%-45% constrains it rating. However, its healthy
margins and substantial interest coverage from recurring income
support its ratings at 'B'.

LVGEM (China) Real Estate Investment Company Limited (B/Stable) is
GWTH's most comparable peer. Both are regional players and have
limited scale and land bank size for their property-development
business. LVGEM has higher profitability of 50%-55% than GWTH's
35%-45%, benefitting from higher-margin urban-redevelopment
projects in Shenzhen, which however result in a lower churn rate of
0.2x (GWTH: 0.6x) and higher leverage of 50%-55% than GWTH (below
45%). Both LVGEM and GWTH have steady recurring income from their
non-development property segments with recurring EBITDA/gross
interest of 0.4x-0.5x. LVGEM's investment-property segment is more
sizeable than GWTH's and it has a business profile in the 'BB'
category, which is stronger than GWTH's 'B' category
investment-property portfolio.

GWTH's tight liquidity position of 0.3x is weaker than Beijing
Hongkun Weiye Real Estate Development Co., Ltd.'s (B/Negative)
0.5x, whose Negative Outlook is also due to worsening liquidity,
but stronger than that of Guorui Properties Limited (B-/Stable).
Guorui is subject to higher liquidity risk, illustrated by its much
lower cash-to-short-term debt ratio of 0.1x at end-2018 compared
with GWTH's 0.3x. This explains the rating of Guorui one notch
below GWTH and Hongkun.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Attributable contracted sales of around CNY3 billion per year
in 2019-2020

  - On average 20%-30% of sales receipts to be spent on land
acquisitions in 2019-2020

  - EBITDA margin, excluding capitalised interest from the cost of

goods sold, at 30%-35% in 2019-2020

  - Cash collection ratio of 80% in 2019-2020 (2018: 86%)

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Net debt/adjusted inventory rising above 45% for a sustained
period (1H19: 47.7%; 2018: 44.4%)

  - Deviation from the current focus on metro-linked projects

  - EBITDA margin falling below 25% for a sustained period (1H19:
32.6%; 2018: 44.1%)

  - Available cash-to-short-term debt ratio sustained below 1x
(end-1H19 and 2018: 0.3x)

  - Continued deterioration of liquidity

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - The Outlook may be revised to Stable if liquidity (available
cash to short-term debt) is sustained above 80%

LIQUIDITY

Liquidity Remains Tight: GWTH had available cash of CNY795 million
as of end-1H19, only sufficient to cover 28% of short-term debt of
CNY2.8 billion (26% at end-2018). The tight liquidity will pressure
GWTH's rating if management cannot improve its debt-maturity
profile or enhance its cash-to-short-term debt ratio.

FULL LIST OF RATING ACTIONS

Golden Wheel Tiandi Holdings Company Limited

  - Long-Term Foreign-Currency IDR affirmed at 'B'; Outlook revised
to Negative from Stable

  - Long-Term Local-Currency IDR affirmed at 'B'; Outlook revised
to Negative from Stable

  - Senior unsecured rating affirmed at 'B' and Recovery Rating at
'RR4'

  - USD150 million 8.25% senior unsecured notes due 2019 affirmed
at 'B' and Recovery Rating at 'RR4'

  - USD360 million 7% senior unsecured notes due 2021 affirmed at
'B' and Recovery Rating at 'RR4'

YANCHENG ORIENTAL: Fitch Rates Proposed USD Notes 'BB-(EXP)'
------------------------------------------------------------
Fitch Ratings has assigned Yancheng Oriental Investment &
Development Group Co., Ltd's (BB-/Stable) proposed senior unsecured
US dollar notes an expected rating of 'BB-(EXP)'. The proposed
notes will be issued by Oriental Capital Company Limited, a wholly
owned subsidiary of Yancheng Oriental.

Yancheng Oriental will provide an unconditional and irrevocable
guarantee to the proposed bond. Net proceeds will be used for
refinancing and general corporate purposes.

The final rating on the proposed bonds is subject to the receipt of
final documentation conforming to information already received.

KEY RATING DRIVERS

The proposed notes are rated at the same level as Yancheng
Oriental's Issuer Default Rating (IDR) as they rank at least pari
passu with Yancheng Oriental's all other present and future
unsecured and unsubordinated obligations.

RATING SENSITIVITIES

Any change in Yancheng Oriental's IDR will result in a similar
change in the rating of the proposed notes.



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AE INFRA: CARE Lowers Rating on INR10cr Loans to 'D'
----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
AE Infra Projects Private Limited (AEIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.00       CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE B+; Stable;
                                   Issuer Not Cooperating

   Short-term Bank      5.00       CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE A4; Stable;
                                   Issuer Not Cooperating

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
AEIPL take into account the delays in debt servicing marked by
ongoing delays in interest repayment with continuous overdrawal in
the Cash Credit facility for more than 30 days. The rating is
further constrained by small and fluctuating scale of operations,
moderate profit margins with susceptibility to fluctuation in input
prices, stretched liquidity position and presence in competitive
and fragmented industry and exposure to tender driven nature of
business. The ratings, however, derive strength from moderate track
record and experienced promoters in the civil construction industry
and comfortable capital structure and moderate debt coverage
indicators. The ability of the company to regularize its debt
servicing track record by timely servicing of debt repayment
obligations will be critical from the credit perspective.

Detailed description of the key rating drivers

Key rating Weakness

Ongoing delays in debt servicing: As per the banker due diligence,
the company has defaulted in repayment of interest against the cash
credit facility for the period from June 30, 2019 to till date.
Further, as per the bank statements, the continuous overdrawals for
the period of 57 days starting from April 31, 2019 till June 25,
2019 were observed. Moreover, the account has been classified as
SMA-1 by the bank.

M/s AE Infra Projects Private Limited (AEIPL) was established in
the year 2009 as a private limited company by Mr. Rajesh Barot and
Mr. Mukesh Barot and is engaged into construction of civil
engineering projects such as in the field of Water supply,
Sewerage, Housing, BRTS and allied infrastructure works. AEIPL is a
Class I registered organization with Govt. of Maharashtra and Govt.
of Gujarat executing large turnkey projects in Water Supply, Waste
Water, Mass Housing with Cement Concrete Roads (CC road) etc. for
Govt. of Maharashtra & Govt. of Gujarat and Municipal corporations
and Govt. departments on EPC basis.

AMBICO EXPORTS: CARE Assigns 'D' Rating to INR22cr Bank Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ambico
Exports and Imports Private Limited (Ambico), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term/Short
   term Bank
   Facilities          22.00       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Ambico takes into
consideration the ongoing delays in servicing of debt obligations
due to stretched liquidity position. The rating however, derives
strength from experienced promoters.

Ability of Ambico to establish clear track of timely servicing of
its debt obligations with improvement in liquidity position are the
key rating sensitivities.

Detailed description of Key rating drivers

Key rating Weakness

Ongoing delay in debt servicing: As per due diligence with banker
there has been delays in servicing of debt obligation by the
company, marked by continuous overdrawn in cash credit account and
also as on date overall limit is overdrawn by INR 0.91 Crore and
also the account is classified under SMA2 category.

Key rating Strengths

Experienced promoters Ambico is promoted by patel family who has an
average experience in gems & jewellery industry for more than two
decades and has developed strong business relations with customers.
Further, the promoter is also supported by experienced and
professionally qualified second line of management.

Ambico Exports and Imports Private Limited (Ambico) is a Private
Limited Company which was incorporated in the year 2004 by patel
family. Ambico is engaged in processing & trading of rough &
polished diamond. The company has its registered office located at
Malad and Factory located at Dahisar, Mumbai.

ANTONOVA TILES: CARE Lowers Rating on INR16.50cr Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Antonova Tiles (India) Private Limited (ATIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities          16.50       CARE D Revised from CARE BB-;
                                   Stable

   Short-term Bank
   Facilities           2.05       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
ATIPL is primarily due to irregularity in servicing of its debt
obligation.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of debt obligation: ATIPL has exhibited delays
in servicing of its debt obligation for its installment due for the
month of August, 2019 by around more than 20 days, as against its
stipulated timeline for the payment of its term loan installment
obligation.

Morbi (Gujarat) based ATIPL was incorporated during March, 2014 as
a private limited company by four promoters, Mr. Satishbhai
Bopaliya, Mr. Ashvinkumar Gami, Mr. Harikrushna Jakashania, Mr.
Chirag Dadhaniya, to undertake a green field project for
manufacturing of Ceramic Digital Wall Tiles. ATIPL has completed
its greenfield project of setting-up a plant in Morbi (Gujarat) for
the manufacturing of ceramic Digital Wall tiles with an installed
capacity of 45,570 Metric Tonnes Per Annum (MTPA) and a total cost
of INR21.69 crore via debt equity mix of 1.54 times, while the
commercial operations commenced from August, 2018 onwards.

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


The instrument-wise rating actions are:

-- INR11.3 mil. Fund-based limit migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) rating; and

-- INR52.0 mil. Term loans due on March 2025 migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 10, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, Archid Poultry Products Pvt Ltd (erstwhile
Archid infrastructures Pvt Ltd ) is primarily engaged in the
production of eggs and allied agro products. The farm has a total
production capacity of 2,83,35,360 eggs and 1,54,656 birds per
annum. It is managed by Mr. Mohanty and family.


BATTULAL RADHEY: CARE Cuts INR4cr LT Loan Rating to 'C', Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Battulal Radhey Shyam and Sons (BLRSS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       4.00       CARE C; Stable; Issuer not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable on the basis
                                   of best available information

   Short term Bank      2.00       CARE A4; Issuer not cooperating
   Facilities                      on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from BLRSS to monitor
the ratings vide e-mail communications dated August 19, 2019,
August 12, 2019, August 7, 2019, August 5, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided no default statement for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings of Battulal Radhey Shyam and Sons's bank facilities will
now be denoted as CARE C; Stable; ISSUER NOT COOPERATING.

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

The revision in the rating assigned to the bank facilities of
Battulal Radhey Shyam and Sons (BLRSS) considers the regular
overdrawl in the working capital limits. CARE views information
availability risk as a key factor in its assessment of credit risk.
Further, the ratings of the firm continue to be restricted Small
scale of operations with low net-worth base, Weak financial risk
profile and Elongated operating cycle. The ratings are further
constrained on account of Proprietorship nature of constitution and
Competition from players in the organized and unorganized sector.
The ratings, however, continue to draw comfort from Experienced
proprietor in the gems & jewelry industry and long track record of
operations and Moderate profitability margins.

BHAGWATI STONE: CARE Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhagwati
Stone Industries (BSI) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       12.00      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BSI to monitor the ratings
vide e-mail communications/ letters dated August 13, 2019, August
12, 2019, May 28, 2019, May 13, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on BSI's bank facilities will now be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on July 10, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

Small and fluctuating scale of operations with low net worth base:
The scale of operations remained small marked by total operating
income and gross cash accruals of INR13.79 crore and INR1.07 crore
respectively during FY17 (FY refers to the period April 1 to March
31). Further, the scale of operation stood fluctuating for the
period FY15-FY17, it increased from INR17.23 crore to INR18.03
crore; thereafter registered significant decline to INR13.79 crore
on account of lower quantity sold. Moreover, the company's net
worth was relatively small at INR3.35 crore as on March 31, 2017.
The small scale limits the company's financial flexibility in times
of stress and deprives it from scale benefits.  The company has
achieved TOI of INR16.59 crore during FY18 (refers to the period
April 1 to March 31, based on provisional results).

Elongated Inventory holding period: The inventory holding period of
BSI remained elongated at 122 days for FY17. The firm crushes and
processes river bed material (RBD), boulders into stone chips,
stone grits and sand stone for which the procurement is done from
October to May resulting into higher inventory holding as on
balance sheet date. The firm allows an average credit period of
around 5-10 days to its customers and receives an average payable
period of around a month from its suppliers. The firm has average
working capital utilization of around 50% for last 12 months period
ended February, 2018. However, during the peak time i.e. October to
May, the average utilization remains around 90%.

Regulatory risk pertaining to environmental issues: The firm is
engaged in crushing and processing of river bed material (RBD),
boulders which are procured from local suppliers. The raw material
is extracted from river bed and banks. Such activities involve
environmental concerns resulting in regulatory issues. Any delays
faced by the suppliers in getting approvals from the concerned
government authority will lead to delay in raw material procurement
by BSI; hence, affecting revenue generation of the firm.

Highly fragmented and competitive nature of the industry: Stone
crushing business in India is highly fragmented due to presence of
large number of unorganized players in the lower end of the bulk
segment and presence of large and established players in the high
end of market. Due to high degree of fragmentation, small players
hold very low bargaining power against both its customers as well
as its suppliers.

Key Rating Strengths

Experienced management: The overall operations of the company are
being managed by Mr. Vinay Kumar Agrawal and Mr. Akshay Bansal.
Both the partners are graduates by qualification and have around a
decade of experience in stone crushing business through their
association with BSI.

Moderate Profitability margin: The Profitability margins marked by
PBILDT margin and PAT margin stood moderate at around 9.50% and
4.00% respectively for the last three financial years (FY15-FY17).
Further, the overall gearing ratio stood at 1.31x as on March 31,
2017 as against 2.69x as on March 31, 2016 on account of lower
utilization of working capital limits as on balance sheet date
coupled with retention of profits to reserves.

Uttarakhand based Bhagwati Stone Industries (BSI) was established
in 2009 as a partnership firm. The partners of the firm are Mr.
Vinay Kumar Mittal, Mr. Akshay Bansal, Mr. Prerit Bansal, Mr.
Rachit Bansal, sharing profit and losses equally. The firm is
currently being managed by Vinay Kumar Agarwal, Mr. Akshay Bansal.
The firm crushes and processes river bed material (RBD), boulders
into stone chips, stone grits and sand stone that find usage in the
construction industry. The primary raw materials like boulders, and
river bed materials are procured through local suppliers.

BULAND CONSTRUCTION: CARE Cuts INR5.25cr Loan Rating to D/Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Buland construction (BC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.25       CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE BB-; Stable;
                                   on the basis of best available
                                   information

   Short-term Bank      6.75       CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE A4; Stable;
                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BC to monitor the rating
vide e-mail communications/letters dated August 14, 2019, August
13, 2019, August 12, 2019, May 13, 2019 etc. and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Buland Construction's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

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

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

Detailed description of the key rating drivers

Key rating weaknesses

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

Ghaziabad (Uttar Pradesh) based Buland construction (BC) was
incorporated in 2011 as a partnership firm Mr. Sandeep Sharma and
Mr. Rakesh Sharma. They manage the overall business operations of
the firm. BC is engaged in execution of civil construction projects
such as construction of roads and bridges mainly for PWD (Public
Works Department) in Haryana, and Uttar Pradesh. The raw material
for the firm consists mainly of sand, cement, steel bars etc. which
it procures from various dealers and distributors in the domestic
market.

CADCHEM LABORATORIES: Ind-Ra Lowers Long Term Issuer Rating to 'D'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Cadchem
Laboratories Ltd.'s (CLL) Long-Term Issuer Rating to 'IND D' from
'IND BB- (ISSUER NOT COOPERATING)'.

The rating actions on CLL's bank loans are:

-- INR80 mil. (increased from 72.5 mil.) Fund-based working
     capital limits Long-term downgraded with IND D rating;

-- INR31.28 mil. (increased from 25.57 mil.) Term loan (Long
     term) due on March 2026 downgraded with IND D rating; and

-- INR32.50 mil. Non-fund-based working capital limits (Short-
     term) downgraded with IND D rating.

KEY RATING DRIVERS

The ratings reflect CLL's continuous delay in debt serving of term
loan principal and interest for the last three months.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1985, Cadchem Laboratories manufactures active
pharmaceutical ingredients at its 120mtpa unit in Chandigarh.

CAPITAL AUTO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Capital Auto Rubber Products Private Limited

        Registered office:
        8482 Jaina Building
        Roshanara Road
        North Delhi 110007

Insolvency Commencement Date: September 6, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Kumud Shekhar

Interim Resolution
Professional:            Kumud Shekhar

                         Not for communication:
                         House No. D-54, Road No. 6
                         Street No. 4, Shyam Vihar Phase 1
                         New Delhi 110043
                         E-mail: kumud.shekhar@gmail.com

                         For communication:
                         1203-1205, Vijaya Building
                         17, Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: ip.capitalauto@gmail.com

Last date for
submission of claims:    September 23, 2019


CHAYA HEALTH CARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Chaya Health Care Private Limited
        No. 6c335 6th A Cross4th
        A Main O.m.b.r. Layout (bhuvanagiri)
        Bangalore KA 000000
        IN

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ms. Hiral Miten Shah

Interim Resolution
Professional:            Ms. Hiral Miten Shah
                         1204, Maker Chamber 5
                         Nariman Point, Mumbai City
                         Maharashtra 400021
                         E-mail: 18hiral@gmail.com
                                 ip.chaya@gmail.com

Last date for
submission of claims:    September 22, 2019


DEWAN HOUSING: Debt Resolution Plan Hits Roadblock
--------------------------------------------------
Reuters reports that a plan to rescue Dewan Housing Finance
Corporation Ltd (DHFL) has hit a major roadblock as only a small
segment of bondholders has agreed to be on board the proposed
resolution, according to a custodian of DHFL bonds.

The process has been further complicated as certain bondholders
have also initiated a process to take DHFL to bankruptcy court, the
custodian added, Reuters says.

Out of the 87,000 debenture holders who had been asked to be party
to the resolution plan being deliberated upon by banks, only 24,400
debenture holders, or less than 30%, had responded before the due
date earlier this month, the report discloses.

According to Reuters, the banks have signed an inter-creditor
agreement (ICA) to come up with a plan to restructure nearly INR1
trillion ($14 billion) of DHFL's debt. They had been trying to get
bondholders on board as well for the plan to succeed.

Under new central bank rules for resolving bad debts, it is
mandatory for 75% of lenders by value and 60% by number to sign the
ICA to execute a revival plan which in DHFL's case can be achieved
only with the support of bondholders, the report states.

Reuters says banks, with an exposure of just about INR360 billion,
will need support from insurance companies, pension funds and other
institutional investors to approve the resolution plan, the
deadline for which ends on Sept. 25.

                         About Dewan Housing

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

As reported in the Troubled Company Reporter-Asia Pacific on June
21, 2019, ICRA downgraded the rating on the INR850-crore commercial
paper programme of Dewan Housing Finance Corporation Limited (DHFL)
to [ICRA]D from [ICRA]A4. The rating has been removed from Watch
with Negative Implications.

DEWAN HOUSING: Defaults on INR104-cr Payments on NCDs
-----------------------------------------------------
The Hindu BusinessLine reports that Dewan Housing Finance
Corporation Ltd (DHFL) has defaulted on principal and interest
payments on NCDs aggregating INR104.54 crore. These NCDs were
issued to a single investor. DHFL, in a stock exchange notice, said
the gross principal amount on which the above-mentioned default
occurred is INR100 crore, the report says. These 10-year secured
NCDs carry a coupon of 10.05 per cent.

Also, the housing finance company defaulted on interest amount of
INR9.43 crore on another NCD series issued to a single investor,
BusinessLine relates. The gross principal amount on which this
default occurred is INR100 crore. These 10-year secured NCDs carry
a coupon of 9.40 per cent.  Further, DHFL defaulted on interest
payments aggregating INR43 lakh on NCDs carrying four unique
international securities identification numbers (ISINs), which were
issued to 3,404 investors via a public issue, BusinessLine adds.

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

As reported in the Troubled Company Reporter-Asia Pacific on June
21, 2019, ICRA downgraded the rating on the INR850-crore commercial
paper programme of Dewan Housing Finance Corporation Limited (DHFL)
to [ICRA]D from [ICRA]A4. The rating has been removed from Watch
with Negative Implications.

ESVEE ENTERPRISES: CARE Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Esvee
Enterprises continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       15.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 5, 2018, placed the
rating(s) of Esvee Enterprises under the 'issuer not cooperating'
category as Esvee Enterprises had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. Esvee
Enterprises continues to be noncooperative despite repeated
requests for submission of information through phone calls and
e-mails dated July 18, 2019, July 19, 2019, July 22, 2019, July 23,
2019 and July 24, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on December 5, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Commodity price risk associated with the trading industry and
intense competition: Volatility in the prices of rice and jute due
to various factors such as- weather, minimum support price set by
the government, seasonal cycles and returns from competing crops
tend to strongly influence the profits realized by the firm.
Moreover, the presence of several players in similar line of
business and high fragmentation may restrict the profitability of
the firm.

Small scale of operations and geographical concentration: Esvee has
more than three decades of track record. However, its scale of
operations remained small as compared to its peers in the market.
In FY16, the firm had a total operating income of INR38.61 crore
and a total net worth of INR2.67 crore. The factors that
contributed to the small scale of operations were geographic
concentration of customers i.e. within Karnataka, negligible value
addition in business and lean profitability margins.

Leveraged capital structure and weak debt coverage indicators:
Despite of the increased amount of net worth of the firm y-o-y,
overall gearing ratio of the firm stood high at 3.29x as on March
31, 2016 at the back of high utilization of working capital
facilities. The debt coverage indictors marked by interest coverage
and TD/GCA have been also weak which deteriorated from 2.18x and
8.51x respectively in FY14 to 1.97x and 9.12x respectively in FY16
mainly due to fluctuating profit levels and increasing financial
expenses. The debt profile of the firm comprises of 9% vehicle loan
and 91% working capital bank borrowings.

Working capital intensive nature of operations: The firm has a
working capital intensive nature of business. In FY16, the firm had
a moderate working capital cycle of 74 days. The average inventory
period of the Esvee was around 50-70 days during review period
essentially contributed by its trading operations while the
distribution segment followed a cash and carry policy where FMCG
products were sold from the warehouse and invoices were settled on
spot by the customers. The firm received the payments from its
customers in trading business within 5-10 days depending on the
customer relationship. Also, the firm made 100% advance payments to
its FMCG creditors and for the rice and jute suppliers, payment was
made within a week. The average utilization of the cash credit
facility during the review period was around 90%.

Key Rating Strengths

Experienced promoter: Mr. S.V. Kishore, the proprietor of the firm
has more than three decades of experience in trading and
distribution business. Due to long term presence in the market, he
has gained a fine reputation in the industry and established good
relations with customers located in Karnataka and suppliers from
across India.

Authorized wholesaler for reputed FMCG companies: Esvee Enterprises
is an authorized wholesaler for Britannia Industries Limited. It
entered an agreement with Britannia Industries Limited on June 27,
2009. The agreement is being adhered to on mutual consent by both
the parties till date.

Esvee also distributes products of Mondelez International
Incorporation and Wrigley India Private Limited in Kolar District,
Karnataka. Esvee's main assets are its sales force, transportation
and storage facilities. It has an experienced team of salesmen
associated with the firm for more than a decade. The firm uses road
transport as its major means of transportation given the
geographical concentration of its supplier and customers. It has 5
warehouses in Bangarpet, Kolar District with an aggregate area of
66,000 square feet.

Increase in total operating income and moderate profitability
margins during review period albeit fluctuating: The total
operating income of the firm increased steadily y-o-y at a CAGR of
15.39% i.e., from INR25.13 crore in FY14 to INR38.61 crore in FY16
on account of combined result of growth in sales of FMCG products
and efficient trading of rice and jute. Esvee procures rice in
abundant quantities when the prices are low and sells the same when
the prices increase. The efficient stock management gives the firm
a natural hedge. Due to the above mentioned fact, the PBILDT margin
fluctuated between 4.19% and 5.06% in FY14-16. Despite increase in
interest cost, the PAT margin of the firm increased from 1.97% in
FY15 to 2.50% in FY16 due to increase in PBILDT in absolute terms.

Liquidity Analysis: Liquidity position of the firm stood moderate
marked by current ratio of 1.28x times and quick ratio of 0.28x
times respectively in FY16.The firms cash and bank balance stood at
0.50 crore as of FY16.

Bangalore based, Esvee Enterprises (Esvee) was established in the
year 1983 as a proprietorship concern by Mr. S.V. Kishore. The firm
is engaged in trading and distribution line of business. The firm
trades rice and jute twine in the domestic market after procuring
the same from its regular suppliers established across India. The
rice is procured from local dealers and supplied to domestic rice
mills. The jute twines traded by the firm are purchased by
customers who use them for all kinds of agricultural and packing
purposes.

Esvee also engages in distribution of FMCG products in Kolar
District. It has been recognized as an authorized distributor for
the Kolar District by Britannia Industries Limited. The firm earns
50% of its revenue from its trading line of business and the
remaining 50% from distribution business.

GCX LIMITED: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: GCX Limited
             3190 S. Vaughn Way, Suite 550
             Aurora CO 80014

Business Description: The Debtors, together with their non-Debtor
                      affiliates are a leading global data
                      communications service provider, operating
                      one of the world's largest fiber networks.
                      The Company provides its services through a
                      global network of subsea cables, landing
                      stations, terrestrial networks, IP network,
                      and managed network platforms controlled by
                      a fully global network operating center.
                      The GCX Global Network connects to most of
                      the major telecommunications hubs across the
                      globe, from the developed markets in the
                      U.S. and Europe to key emerging markets in
                      the Middle East and Asia, including India
                      and China.  The GCX Global Network consists
                      of, among other things, five owned subsea
                      systems with over 66,000 route kilometers of
                      cable, landing at 46 landing stations in 27
                      countries.  The Company supports its
                      operations with principal offices in Mumbai,
                      Hong Kong, and London and has a workforce of
                      924 full-time individuals across 18
                      countries.  

                 On the web: https://www.globalcloudxchange.com/

Chapter 11 Petition Date: September 15, 2019

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Sixteen affiliates that filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code on Sept. 15, 2019:

    Debtor                                        Case No.
    ------                                        --------
    GCX Limited (Lead Case)                       19-12031
    Vanco US, LLC                                 19-12029
    FLAG Telecom Network USA Limited              19-12030
    FLAG Telecom Development Limited              19-12032
    FLAG Telecom Group Services Limited           19-12033
    FLAG Telecom Ireland Network DAC              19-12034
    FLAG Telecom Network Services DAC             19-12035
    Reliance FLAG Atlantic France SAS             19-12036
    Reliance FLAG Telecom Ireland DAC             19-12037
    Reliance Globalcom Limited                    19-12038
    Reliance Vanco Group Limited                  19-12039
    Vanco Australasia Pty Limited                 19-12040
    Vanco GmbH                                    19-12041
    Vanco SAS                                     19-12042
    Vanco UK Limited                              19-12043
    VNO Direct Limited                            19-12044

Judge: Hon. Christopher S. Sontchi

Debtors' Local
Bankruptcy
Counsel:          Jaime Luton Chapman, Esq.
                  M. Blake Cleary, Esq.
                  Matthew B. Lunn, Esq.
                  Jared W. Kochenash, Esq.
                  YOUNG CONAWAY STARGATT & TAYLOR, LLP
                  Rodney Square
                  1000 North King Street
                  Wilmington, Delaware 19801
                  Tel: (302) 571-6600
                  Fax: (302) 571-1253
                  Email: jchapman@ycst.com
                         mbcleary@ycst.com
                         mlunn@ycst.com
                         jkochenash@ycst.com

Debtors'
General
Bankruptcy
Counsel:          Chris L. Dickerson, Esq.
                  Brendan M. Gage, Esq.
                  Robert A. Dixon Jr., Esq.
                  PAUL HASTINGS LLP
                  71 South Wacker Drive, Suite 4500
                  Chicago, Illinois 60606
                  Tel: (312) 499-6000
                  Fax: (312) 499-6100
                  Email: chrisdickerson@paulhastings.com
                         brendangage@paulhastings.com
                         robertdixon@paulhastings.com


                     - and -

                  Todd M. Schwartz, Esq.
                  PAUL HASTINGS LLP
                  1117 S. California Avenue
                  Palo Alto, California 94304
                  Tel: (650) 320-1800
                  Fax: (650) 320-1900
                  Email: toddschwartz@paulhastings.com

Debtors'
Financial
Advisor:          FTI CONSULTING, INC.

Debtors'
Investment
Banker:           LAZARD & CO., LIMITED

Debtors'
Notice,
Claims Agent &
Administrative
Advisor:          PRIME CLERK LLC
                  https://cases.primeclerk.com/gcx/Home-DocketInfo

Estimated Assets: $1 billion to $10 billion

Estimated Liabilities: $1 billion to $10 billion

The petitions were signed by Michael Katzenstein, chief
restructuring officer.

A full-text copy of GCX Limited's petition is available for free
at:

           http://bankrupt.com/misc/nysb19-12031.pdf

List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
1. Telecom Egypt Company                Trade         $15,989,612
Attn: Hisham Ali
B7, Smart Village K28
Cairo-Alexandria Desert Ro
Cairo 12577
Egypt
Tel: 20 2 3131 5819
Fax: 20 2 3131 6115
Email: hisham.Ali@telecomegypt.com

2. Alcatel Submarine                    Trade           $6,006,374
Networks SASU
Attn: Grace Lou
Ctr De Villarceaux
Nozay 91625
France
Tel: 33 1 60407103
Fax: 33 1 30776808
Email: grace.louw@alcatel-lucent.com

3. E-Marine PJSC                        Trade           $5,523,549
Attn: President or General Counsel
Etisalat Business Center
Bank Street
Dubai 282727
United Arab Emirates
Tel: 971 4 881 4433
Fax: 971 4 881 4422
Email: emarine@emarine.ae

4. Emirates Telecommunication Group     Trade           $3,685,695
Company PJSC
Attn: Pavan Bhavanasi
Rashid Bin Saeed Al Maktoum St
PO Box 3838
Dubai 502666
United Arab Emirates
Tel: 971-2-628-3333
Fax: 971-2-631-7000
Email: Pavan.Bhavanasi@du.ae

5. China Mobile Limited                 Trade           $3,100,000
Attn: President or General Counsel
51 Kwai Cheong Road
Tower 1, Kowloon Commerce
Level30
Kwai Chung
Hong Kong
Tel: (852) 3121 8888
Fax: (852) 3188 1660

6. Verizon Communications Inc.          Trade           $1,844,240
Attn: Priti Panchal
600 Hidden Ridge Drive
Irving, TX 75038
Attn: Priti Panchal
Tel: (972) 444-5516
Fax: (972) 444-5178
Email: priti.panchal@verizon.com

7. Ciena Communications Int'l LLC       Trade           $1,954,323
Attn: President or General Counsel
7035 Ridge Road
Hanover, MD 21076
Tel: (932) 005-4232
Fax: (410) 694-5750
Email: ggoyal@ciena.com

8. Reliance BPO Private Limited         Trade           $1,714,618
Attn: President or General Counsel
A Block Dhirubhai
Ambani Knowledge City
Navi Mumbai 400710
India
Tel: 91 022 30388005
Email: mca.rocfiling@relianceada.com

9. Telecom Italia Sparkle S.p.A         Trade           $1,551,597
Attn: President or General Counsel
Via Cristoforo Columbo 142
Rome 00147
Italy
Tel: +39 06 52741
Fax +39 06 52745347
Email: adminpec@tisparkle.telecompost.it

10. Telecommunications                  Trade           $1,425,000
Infrastructure Company
Attn: President or General Counsel
TIC Central Bld, Shariati St
Seied Khandan Overpass
Tehran 1631713711
Iran
Tel: +98 21 88405463
Fax: +98 21 88468517
Email: FINANCE@TIC.IR

11. Tata Communications                 Trade           $1,083,236
International PTE LTD
Attn: President or General Counsel
35 Tai Seng Street #06-01
Singapore 534103
Singapore
Tel: +65-66326700
Fax: +65 66348570
Email: Billing-Data@tatacommunications.com

12. Telekom Malaysia Berhad             Trade           $1,178,392
Attn: President or General Counsel
North Wine Menara TM, Level 51
Jalan Pantai Baharu
Kuala Lumpur 50672
Malaysia
Tel: 603 2240 6066
Fax: 603 2283 2415
Email: cic@tm.com.my

13. Earthlink                           Trade           $1,175,000
Attn: President or General Counsel
Arasat st
Earthlink building
Baghdad
Iraq
Tel: 964 771 7713662
Email: sales@earthlinktele.com

14. NEECO s.r.o. Company                Trade           $1,043,429
Attn: Alena Hornikova
Reckova 1652/4
Phase 3
Zizkov 13000
Czech Republic
Tel: 44 20 7193 6308
Email: alena.hornikova@neeco.com

15. Vodofone Mobile                     Trade             $937,500
Services Limited
Attn: Vikas Srivastava
C-48
Okhla Industrial Area Phase 2
New Dehli 110076
India
Tel: 1171718000
Fax: +91 011 26940154
Email: vikas.srivastava@vodafone.com

16. Fuze Inc.                           Trade             $922,086
Attn: President or General Counsel
2 Copeley Place, Floor 7
Boston, MA 02116
Tel: (342) 507-8827
Email: merrigo@fuze.com

17. PrimeTel PLC                        Trade             $865,763
Attn: President or General Counsel
The Martitime Center
141 Omonia Avenue
Limassol 3045
Cyprus
Tel: (357) 2210 2210
Fax: (357) 25 568131
Email: info@prime-tel.com

18. Zayo Group LLC                      Trade             $856,232
Attn: President or General Counsel
400 Centennial Parkway, Suite 200
Louisville, CO 80027
Tel: (303) 381-4683
Email: customerservice@zayo.com

19. Du Emirates Integrated              Trade             $801,604
Telecommunications Corporation
Attn: Pavan Bhavanasi
Al Salam Tower
PO Box 502666
Dubai
United Arab Emirates
Tel: 971-2-628-3333
Email: Pavan.Bhavanasi@du.ae

20. British Telecommunications PLC      Trade             $632,035
Attn: President or General Counsel
81 Newgate Street
London EC1A 7AJ
United Kingdom
Tel: +44 0800 616094
Fax: +44 1904 657225
Email: gwbilling03@bt.com

21. Integrated Telecom Company          Trade             $580,814
Attn: President or General Counsel
21 PO Box 8732
Riyadh 11492
Saudi Arabia
Tel: 966-11-406-2222
Fax: 966-11-406-2221
Email: info@itc.net.sa

22. Milbank LLP                     Professional          $555,932
Attn: President or General Counsel
55 Hudson Yards
New York, NY 10001-2163
Tel: (212) 530-5000
Fax: (212) 530-5219
Email: JDeCarvalho@milbank.com

23. Shabakat Alardh                     Trade             $544,351
Attn: President or General Counsel
Arasat st
Earthlink building
Baghdad
Iraq
Tel: 9647717713662
Email: sales@earthlinktele.com

24. Infinera Corporation                Trade             $486,405
Attn: President or General Counsel
140 Caspian Court
Sunnyvale, CA 94089
Tel: (408) 572-5200
Fax: (408) 572-5343
Email: tdaniels@infinera.com

25. KT Corporation                      Trade             $456,159
Attn: President or General Counsel
39 Saesulmak gil
7/F Smart Tower
Gwacheon 13807
South Korea
Tel: 031-727-0114
Email: misoon.leem@kt.com

26. State Oceanic Administration      Regulatory          $392,780
Attn: President or General Counsel
No.1, Fuxingmenwai Ave
Beijing 100860
China
Tel: +86-10-68036469
Fax: +86-10-68012776
Email: chinare@263.net.cn

27. Jordan Telecom Group                 Trade            $325,000
Attn: President or General Counsel
City Center Building
Amman 1689
Jordan
Tel: 962 6 4606666
Fax: 962 6 460611

28. Equinix France SAS                   Trade            $319,087
Attn: President or General Counsel
Friedrich-Ebert-Allee 140
Bonn 53113
Germany
Tel: 49-61-515-8
Email: info_nonvoice@telekom.de

29. Lanka Bell Services Limited          Trade            $307,564
Attn: President or General Counsel
Central House
Beckwith Knowle
Harrogate HG3 1UG
United Kingdom
Tel: 01423 850000
Email: credit.control@redcentricplc.com

30. RT America Inc.                      Trade            $300,000
Attn: Muneeb Mahood
12353 Sunrise Valley Dr.
Reston, VA 20191
Tel: 964-7504-383835
Email: mahmood.muneeb@newroztelecom.com

GCX LIMITED: Files for Chapter 11 with Prepackaged Plan
-------------------------------------------------------
Global Cloud Xchange filed for Chapter 11 bankruptcy protection
Sept. 15, 2019, after reaching a deal with lenders that will cut
debt by $150 million and hand ownership of the telecommunications
company to its senior bondholders.

Global Cloud Xchange also unveiled a pre-packaged Plan of
Reorganization that will support its long-term growth and
development by reducing bond debt by $150 million, providing a
permanent capital structure that includes working capital facility,
and transitioning the business to new ownership.

The Company continues to serve its customers as usual.  Upon
emergence from Chapter 11, the Company expects to be
well-positioned to aggressively pursue its business plan
independent of the overhang caused by its corporate parent's
challenges.

More than 75% of the Company's lenders have already committed their
support for the Plan, which outlines the terms for a transaction
through which GCX's senior secured noteholders would become owners
of the Company and provide new loans to support and grow the
business.  To ensure GCX maximizes value for its stakeholders in
this process, the Company also will use the protections and
framework of Chapter 11 to undertake a sale process that welcomes
additional prospective buyers.

GCX expects to complete the Chapter 11 process and emerge as a
stronger company within the fourth quarter of 2019, subject to all
required regulatory approvals.

Customers, suppliers and employees should expect to work with all
GCX entities as usual throughout the Chapter 11 process, the
Company said.  The Plan does not contemplate any changes in
business arrangements or activities for any GCX subsidiary, and
according to the terms of the Plan, all trade/vendor claims will be
paid in full.  

GCX filed the customary motions as part of its Chapter 11 case to
compensate employees as usual, maintain its usual programs for
customers and partners, and otherwise operate its business as
usual.

"We appreciate the strong collaboration with our lenders, which has
resulted in a Plan of Reorganization that allows us to honor our
commitments to employees, customers and suppliers while also
securing a financially strong future for our business," said Bill
Barney, Chairman and CEO of GCX.  "We are a fundamentally strong
company, providing mission-critical, expertly managed network
solutions for telecommunications, global enterprise and OTT
customers. The steps we are announcing today will allow us to
continue to build on our strengths and emerge as an even stronger
employer and business partner."

Entities included in the Chapter 11 process are borrowers or
guarantors under the Company's senior secured notes.

The Company's total revenue declined between fiscal years 2017 and
2018, but increased in fiscal 2019, as a result of a large capacity
sale to a tier 1 technology company.  For the fiscal years ended
March 31, 2017, 2018, and 2019, the Company's revenue was $403.1
million, $361.9 million, and $368.1 million, respectively.

As of the Petition Date, the Debtors employ 165 employees in the
aggregate, which includes three fulltime contractors.  Including
non-debtors, GCX supports its operations with principal offices in
Mumbai, Hong Kong, and London and has a workforce of approximately
924 full-time employees across 18 countries, comprised of 309 sales
and sales support staff and 615 engineering and operational support
staff.

                  Prepetition Capital Structure

As of June 30, 2019, the Company had approximately $1.14 billion in
assets on account of (1) $174,753,445 in current assets comprised
of (a) trade and other receivables and (b) cash and cash
equivalents, and (2) $961,269,284 in non-current assets

As of June 30, 2019, the Company's liabilities totaled
approximately $1.09 billion on account of (a) $648.96 million in
current liabilities comprised of (i) $360.2 million of 7.00% senior
secured notes due 2020, (ii) $143.5 million of current trade and
other payables, (iii) $138.0 million of current deferred revenue,
and (iv) $7.253 million of current tax liabilities, and (b) $439.39
million in non-current liability.

The Bank of New York Mellon is the Trustee and Collateral Agent for
the Senior Secured Notes.

                             Milestones

The Company has agreed to certain chapter 11 milestones,
memorialized in the Restructuring Support Agreement and the
debtor-in-possession credit agreement:

   * File Bidding Procedures Motion: Sept. 17, 2019
   * File Required Regulatory Applications or Other Filings to
Effectuate the Restructuring Transaction: Oct. 6, 2019
   * Entry of Bidding Procedures Order: Oct. 10, 2019
   * Entry of the Final DIP Order: Oct. 20, 2019
   * Auction (if necessary): Oct. 27, 2019
   * Entry of Order Confirming Plan: Nov. 29, 2019
   * Occurrence of Plan Effective Date: Dec. 31, 2019

                    About Global Cloud Xchange

Global Cloud Xchange (GCX), a subsidiary of Reliance
Communications, offers a comprehensive portfolio of solutions
customized for carriers, enterprises and new media companies. GCX
-- http://www.globalcloudxchange.com/-- owns the world's largest
private undersea cable system spanning more than 68,000 route kms
which, seamlessly integrated with Reliance Communications' 200,000
route kms of domestic optic fiber backbone, provides a robust
Global Service Delivery Platform.  With connections to 40 key
business markets worldwide spanning Asia, North America, Europe and
the Middle East, GCX delivers leading edge next generation
Enterprise solutions to more than 160 countries globally across its
Cloud Delivery Network.

GCX Limited and 15 subsidiaries filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 19-12031) on Sept. 15,
2019, to seek confirmation of a pre-packaged Plan of
Reorganization.

The Restructuring Support Agreement, and the Plan implementing the
same, contemplates (a) a debt-to-equity recapitalization
transaction, whereby the Senior Secured Noteholders will receive a
pro rata share of (i) 100% of the new equity interests of
reorganized GCX and (ii) second lien term loans in an aggregate
principal amount of $200 million and (b) a simultaneous "go-shop"
process in which the Debtors will solicit bids for the potential
sale of all or a portion of their business pursuant to the Plan.

The Debtors are estimated to have $1 billion to $10 billion in
assets and liabilities, according to the petitions signed by CRO
Michael Katzenstein.

The Hon. Christopher S. Sontchi is the case judge.

The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP as local
bankruptcy counsel; PAUL HASTINGS LLP as general bankruptcy
counsel; FTI CONSULTING, INC. as financial advisor; and LAZARD &
CO., LIMITED, as investment banker.  PRIME CLERK LLC is the claims
agent.

GCX LIMITED: Has $54.5MM of DIP Financing from Noteholders
----------------------------------------------------------
In further support of GCX Limited, et al.'s restructuring, the Ad
hoc group of senior secured noteholders holding in excess of 76% of
the senior secured notes has committed to provide the Debtors with
$54.5 million of debtor-in-possession financing, which should be
sufficient to finance the Debtors through February 28, 2020.

It is critical that the Debtors have access to the DIP Financing so
that they will have the necessary liquidity to continue operating
their business in the ordinary course to maximize value. The DIP
Financing has a maturity date that coincides with the timeline
contemplated by the plan of reorganization and RSA, with additional
time built in to account for any necessary and advisable regulatory
approvals.

The Company and its advisors undertook an extensive marketing
effort to ensure that the DIP Financing was the best available
postpetition financing option under the circumstances. They first
analyzed the Company's liquidity needs in a chapter 11 scenario,
and then Lazard, as the Company's investment banker, contacted
numerous potential third-party financing sources -- both
traditional bank lenders and alternative financing lenders -- to
solicit offers for postpetition financing that would adequately
satisfy the Company's liquidity needs.  Due to the Company's
financial position and existing capital structure, the Company and
Lazard did not receive any actionable alternative financing
proposals. The Company has received one non-binding proposal from
HPS Investment Partners, LLC ("HPS"); however, further loan due
diligence inhibited HPS's ability to underwrite the full amount
necessary to refinance the maturing senior secured notes.

                $54.5 Million of DIP Financing

Pursuant to the DIP Financing Motion, the Debtors request, among
other things: (1) authority to enter into a superpriority secured
debtor in possession credit facility in an aggregate principal
amount of up to $54.5 million, with interim authority to draw up to
$23.1 million, and authority to pay fees related thereto.

The Debtors propose to grant a first priority perfected lien on all
prepetition and postpetition assets (excluding certain avoidance
actions) of the Debtors to the DIP Lenders.

The salient terms of the DIP facility are:

   * Borrower: GCX Limited DIP Credit

   * Guarantors: Each of the other Debtors

   * DIP Lenders: Certain of the prepetition Senior Secured
Noteholders.

   * Administrative Agent: Wilmington Trust National Association

   * Term: "Maturity Date" means earliest to occur of:

           (a) 5:00 p.m. (prevailing NY time) on Dec. 31, 2019,

           (b) the date of the closing of a sale transaction,

           (c) the effective date of an Acceptable Plan, and

           (d) the date of acceleration of the Loans or termination
of the commitment by the Required Lenders or the Administrative
Agent (at the direction of the Required Lenders) following an Event
of Default;

           The definition of Maturity Date will be automatically
extended to 5:00 p.m. (prevailing New York time) on Feb. 28, 2020
if all conditions to the effective date of an Acceptable Plan have
been satisfied (or waived in the sole discretion of the Required
Lenders) in accordance with the terms thereof other than any such
condition that the Debtors will have obtained all approvals
required by any Governmental Authority.

   * Commitment: Commitment means $54,500,000, as the same may be
reduced from time to time or terminated.

   * Interest Rate: All obligations of the DIP Borrower under the
DIP Facility will bear interest at a rate per annum equal to 8.50%,
payable in cash on a monthly basis in arrears.  After the
occurrence and during the continuance of an Event of Default, the
DIP Loans will bear interest at an additional 2.00% per annum.

   * Expenses and Fees: (A) The Borrower shall pay a commitment fee
equal to 3.25% of the aggregate amount of the Commitment of each
Lender provided on the Closing Date, which will be earned and paid
in-kind on the Closing Date to the Administrative Agent for the
account of each Lender (based on each Lender's pro rata share of
the Commitment).  (B) The Borrower will pay an exit fee equal to
3.00% of the aggregate outstanding Loans repaid as of the effective
date of an Acceptable Plan or the consummation date of the Sale
Transaction to the Administrative Agent for the account of each
Lender.  (C) The Borrower will pay to the Administrative Agent for
its own account fees in the amounts and at the times specified in
the Fee Letter.

                         Cash Collateral

The Debtors are also seeking authority to use their cash
collateral, as set forth in the DIP Financing Motion.  On the
Petition Date, the Company had approximately $13.37 million in
cash, of which approximately $3.87 million is the Debtors' cash.

The Debtors seek relief under the DIP Financing Orders to utilize
the Debtors' cash together with postpetition receipts from
operations to prosecute these chapter 11 cases and operate their
businesses on a postpetition basis.

The Debtors will use cash collateral to fund all operating expenses
associated with Debtors' businesses, consistent with an agreed to
budget.

The Debtors have agreed to an adequate protection package that
generally includes replacement and adequate protection liens and
superpriority administrative claims for any diminution in value of
the secured lenders' collateral, payment of the professional fees
and expenses, and certain reporting and budgeting obligations.

The DIP Agent:

         Jeffery Rose, Vice President
         Wilmington Trust, National Association
         50 South Sixth Street, Suite 1290
         Minneapolis, MN 55402
         E-mail: jrose@wilmingtontrust.com

The DIP Agent's attorneys:

         Christopher M. Winter, Esq.
         Duane Morris LLP
         222 Delaware Avenue, Suite 1600
         Wilmington, DE 19801
         E-mail: cmwinter@duanemorris.com

Ad Hoc Group of Secured Noteholders / DIP Lenders' attorneys:

         Brian Pfeiffer, Esq.
         White & Case LLP
         200 S. Biscayne Blvd. Suite 4900
         Miami, Florida 33131
         E-mail: brian.pfeiffer@whitecase.com

            - and -

         Andrew T. Zatz, Esq.
         White & Case LLP
         1221 Avenue of the Americas
         New York, NY 10020-1095
         E-mail: brian.pfeiffer@whitecase.com
                 azatz@whitecase.com

            - and -

         William A. Guerrieri, Esq.
         White & Case LLP
         111 South Wacker Drive, Suite 5100
         Chicago, IL 60606
         E-mail: william.guerrieri@whitecase.com

                    About Global Cloud Xchange

Global Cloud Xchange (GCX), a subsidiary of Reliance
Communications, offers a comprehensive portfolio of solutions
customized for carriers, enterprises and new media companies. GCX
-- http://www.globalcloudxchange.com/-- owns the world's largest
private undersea cable system spanning more than 68,000 route kms
which, seamlessly integrated with Reliance Communications' 200,000
route kms of domestic optic fiber backbone, provides a robust
Global Service Delivery Platform.  With connections to 40 key
business markets worldwide spanning Asia, North America, Europe and
the Middle East, GCX delivers leading edge next generation
Enterprise solutions to more than 160 countries globally across its
Cloud Delivery Network.

GCX Limited and 15 subsidiaries filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 19-12031) on Sept. 15,
2019, to seek confirmation of a pre-packaged Plan of
Reorganization.

The Restructuring Support Agreement, and the Plan implementing the
same, contemplates (a) a debt-to-equity recapitalization
transaction, whereby the Senior Secured Noteholders will receive a
pro rata share of (i) 100% of the new equity interests of
reorganized GCX and (ii) second lien term loans in an aggregate
principal amount of $200 million and (b) a simultaneous "go-shop"
process in which the Debtors will solicit bids for the potential
sale of all or a portion of their business pursuant to the Plan.

The Debtors are estimated to have $1 billion to $10 billion in
assets and liabilities, according to the petitions signed by CRO
Michael Katzenstein.

The Hon. Christopher S. Sontchi is the case judge.

The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP as local
bankruptcy counsel; PAUL HASTINGS LLP as general bankruptcy
counsel; FTI CONSULTING, INC. as financial advisor; and LAZARD &
CO., LIMITED, as investment banker.  PRIME CLERK LLC is the claims
agent.

GLENMARK PHARMACEUTICALS: S&P Affirms BB- ICR, Outlook Now Negative
-------------------------------------------------------------------
On Sept. 17, 2019, S&P Global Ratings revised its outlook on
India-based generic drugmaker Glenmark Pharmaceuticals Ltd. to
negative from stable. S&P also affirmed its 'BB-' issuer and issue
credit ratings on the company.

S&P said, "We revised the outlook on Glenmark Pharmaceuticals Ltd.
to negative to reflect a one-in-three chance that its leverage may
not recover in line with our expectations over the next six to nine
months. The negative outlook also indicates the refinancing risks
of Glenmark's 2021 senior unsecured notes within the next two
years.

"In our view, the rating on Glenmark will have low financial
headroom over the next 12 months. The company's revenue growth in
fiscal 2019 (the year ending March 31, 2019) was in line with our
expectation of 8%-10%, but its EBITDA margins slipped to 16.7%,
compared with our estimates of 18%-20%. This resulted in a ratio of
funds from operations (FFO) to debt of 19.9%, just below our
downgrade trigger of 20%."

Glenmark's operating performance for the first quarter of fiscal
2020 remains weak, with profit slipping further by about 90 basis
points, compared with fiscal 2019. Its revenue growth of 7.3% was
also slightly below our 8%-10% estimate for fiscal 2020. This was
attributable to the absence of major product launches, subdued
sales for its generic Mupirocin cream, continued pressure on
dermatology products in the U.S., and the volatile performance of
Latin American markets.

The company's operations may not be able to deleverage meaningfully
over the next 12 months. S&P expects Glenmark to generate less than
Indian rupee (INR) 2.0 billion of free operating cash flow (FOCF)
in fiscal 2020, compared with negative FOCF of INR2.6 billion in
fiscal 2019. The improvement is largely owing to management's lower
capital expenditure (capex) guidance of INR8.0 billion, compared
with INR12.2 billion spent in fiscal 2019. Glenmark's capex for the
first quarter of fiscal 2020 was INR1.9 billion, in line with its
guidance.

At the same time, the company's management expects leverage to
reduce by INR8.0 billion-INR9.0 billion or about 20% of its fiscal
2019 reported debt. S&P said, "We believe that given its soft
operating performance, Glenmark will have to implement strategic
measures--such as the monetization of its active pharmaceutical
ingredient (API) business or the NCE portfolio--to substantially
bring down its leverage. In our view, such measures are subject to
favorable market conditions and are therefore not part of our
base-case assumptions."

A reduction in Glenmark's leverage over the next 12 months would
also be crucial in managing refinancing risks. Glenmark's 2021
senior unsecured notes are due on Aug. 6, 2021. To maintain the
existing rating levels, S&P expects Glenmark to build up sufficient
cash or have firm refinancing plans at least 12 months ahead of the
maturity.

S&P said, "In our view, the company's partial buyback of its
foreign currency convertible bonds due on June 18, 2022 using a
five-year external commercial borrowing was a step in the right
direction. It reflected the company's commitment to proactive
refinancing, though significant refinancing requirements within a
two-year horizon pose a risk to the rating. Glenmark has already
received a board approval for raising up to US$200 million, which
also suggests company's proactive refinancing plans.

"We believe Glenmark's operations are stabilizing, with an
increasing share of its revenues generated in regions other than
the U.S. and India." Reduced dependence on the U.S. market lowers
the overall risk of higher competition and price erosion.
Glenmark's U.S. revenues have stagnated at about INR30 billion over
the past two years.

Glenmark is also looking to consolidate its product portfolio in
the three main therapeutic areas of dermatology, respiratory, and
oncology. This should help improve its market position in the core
therapeutic areas, increase productivity, and eventually reduce
operating costs. The potential sale of non-core products could also
help free up essential capital to support its research and
development (R&D) efforts.

S&P thinks Glenmark has a good pipeline, which should support
decent growth over the next 12-24 months. Further, potential quick
approval of its key products such as nasal spray Ryaltris by the
U.S. Food and Drug Administration (FDA) represents meaningful
upside to our estimates. The company also has a reasonable
compliance record with the FDA and is looking to address issues
that were raised during recent observations at some of its
facilities.

Glenmark's foray into new chemical entity (NCE) development--with
products across phase II and phase I trials--reflects a high-risk,
high-reward strategy. In S&P's view, the pressure from the U.S.
generic market has pushed many Indian pharmaceutical exporters
toward specialty and NCE product-led models.

S&P said, "We believe NCE-related R&D is capital intensive, with a
long gestation time frame. Glenmark has been investing 7%-8% of its
revenues annually in such R&D for the past few years; it spends an
additional 5% of its revenues on its generics portfolio. We believe
the company will have to continue investing for at least another
two years before any of these products are launched. We think the
company recognizes the investment requirements of the NCE business
and its growth potential. Therefore, it has hived off its NCE R&D
business into a separate U.S.-based subsidiary to raise capital,
including tie-ups with other pharmaceutical companies. If
successful, this might help the company reduce pressure on its cash
flows and deleverage over the next 12-24 months.

"The negative outlook reflects a one-in-three chance that
Glenmark's leverage might slip further below our downgrade trigger
of 20% FFO-to-debt ratio over the next six to nine months."

The negative outlook also reflects the refinancing risks from the
maturity of its 2021 senior unsecured notes within the next two
years.

S&P said, "We will downgrade Glenmark by one notch if we expect the
FFO-to-debt ratio to remain below 20% over the next six to nine
months. This could be because of further deterioration in its U.S.
operations, including unforeseen regulatory constraints on
manufacturing practices or new product approvals, or a slowdown in
other key markets such as India, Europe, or Latin America.

"We may also downgrade Glenmark if it is unable to build sufficient
cash on its balance sheet or tie up sufficient capital to manage
refinancing of its 2021 senior unsecured notes at least 12 months
ahead of their maturity.

"We may revise the outlook to stable if Glenmark proactively
manages its refinancing risks and performs in line with our
expectations such that its FFO-to-debt ratio moves materially above
20%."

This could happen if: (1) there is meaningful growth in the U.S.
market with faster launches of new products and reduced price
erosion, and (2) the company sticks to its capital spending
guidance of below INR8.0 billion and improves leverage
sustainably.

In S&P's view, refinancing risks could be alleviated if the company
builds sufficient cash buffer through inorganic measures such as
monetization of the API business, or proactively tying up capital
for the NCE R&D business, or longer-term refinancing at least 12
months ahead of maturity.


GULATI RETAIL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Gulati Retail India Limited
        F-66, Rajouri Garden
        New Delhi 110027

Insolvency Commencement Date: July 30, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Arun Chadha

Interim Resolution
Professional:            Arun Chadha
                         727, Brahmpuri
                         Meerut City
                         U.P. 250002
                         E-mail: chadharun@yahoo.com

                            - and -

                         E-95/2, Naraina Vihar
                         New Delhi 110028

Last date for
submission of claims:    September 21, 2019


JANTA GLASS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Janta Glass Limited
        Parekh Market, 2nd Floor
        M G Rd Ghatkopar East
        Mumbai 400077

Insolvency Commencement Date: August 28, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 24, 2020
                               (180 days from commencement)

Insolvency professional: Rajat Mukherjee

Interim Resolution
Professional:            Rajat Mukherjee
                         302 Daga Complex II
                         103/5, B.K. Street
                         Uttarpara, Hooghly
                         West Bengal 712258
                         E-mail: rm1707@gmail.com

                            - and -

                         Office No. 30, 2nd Floor
                         Lawyer Chamber
                         Picket Road, Marine Lines
                         Mumbai 400002
                         E-mail: irp.jantaglass@gmail.com

Last date for
submission of claims:    September 24, 2019


KERALA INFRASTRUCTURE: Fitch Affirms 'BB' LT IDRs, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Kerala Infrastructure Investment Fund
Board's Long-Term Foreign- and Local-Currency Issuer Default
Ratings at 'BB'. The Outlook is Stable.

Concurrently, Fitch has affirmed KIIFB's INR50.0 billion
medium-term note (MTN) programme and INR21.5 billion 9.723% senior
secured notes due 2024 under the programme at 'BB'. The notes are
issued by KIIFB directly and unconditionally and irrevocably
guaranteed by the government of Kerala in India, acting through the
Finance Department of Kerala.

KIIFB was founded under the Kerala Infrastructure Investment Fund
Act 1999 as a statutory body to manage the Kerala Infrastructure
Investment Fund. The act was comprehensively amended in 2016 to
comply with the local government's plan of accelerating the state's
infrastructure investment, empowering KIIFB to raise money through
financial instruments to fuel infrastructure development in
Kerala.

KEY RATING DRIVERS

Ratings Equalised with Kerala: Fitch has deemed KIIFB a
government-related entity (GRE) and have therefore equalised its
ratings with that of the State of Kerala (BB/Stable). The rating
equalisation primarily reflects KIIFB's special legal status and
the local government's unconditional and irrevocable guarantee on
the company's payment obligations, as well as the financial impact
on Kerala's creditworthiness if KIIFB defaults.

Kerala's Creditworthiness: Kerala's ratings are underpinned by the
state's strong political and fiscal hierarchy, consistent policy
execution and sound socio-economic development in India's national
context. On the other hand, the state's ratings are partially
undermined by its limited fiscal flexibility, reflected in a high
level of committed expenditure and reliance on debt-funded
operating and capital expenditure.

'Very Strong' Status, Ownership, Control: KIIFB has a special legal
status whereby its liabilities are automatically transferred to the
state in a default. Government control means KIIFB has to strictly
follow the state's plan to finance and implement various
infrastructure projects. Its board consists of government officers
and independent experts. In addition, a fund trustee and advisory
commission acts as KIIFB's trustee to ensure there is no diversion
of funds.

'Very Strong' Support Record, Expectations: The state government is
statutorily mandated to guarantee the payment of principal and
interest of any fund that KIIFB proposes to raise. In addition, the
state government has created a dedicated ring-fenced fund to help
KIIFB's debt servicing, which draws on the entire petroleum cess
and a progressive step-up share (up to 50%) of the motor-vehicle
tax collected in the state. KIIFB has received INR20 billion in
motor-vehicle taxes, INR13.7 billion in petroleum cess and INR24.9
billion in seed capital since 2016.

'Strong' Socio-Political Default Implications: Fitch's assessment
mainly reflects KIIFB's designated role as an exclusive financing
vehicle for critical infrastructure-development projects. The
projects span various public sectors, including transportation,
industrial parks, energy, water resources and social
infrastructure. The development of these sectors remains crucial to
the state's living-standard improvement and sustainable economic
growth.

'Very Strong' Financial Default Implications: KIIFB is a proxy
financing platform for large-scale and capital-intensive projects
in the state with a total planned project outlay of INR500 billion
by 2024. KIIFB's creditworthiness is directly linked to that of the
state in view of the legal guarantee provided by the state
government. Any default by KIIFB would lead to direct repercussions
on the credibility of the state.

RATING SENSITIVITIES

Links with the State: An upgrade of Fitch's assessment of the
creditworthiness of Kerala may trigger a positive rating action on
KIIFB. A significant weakening of KIIFB's strategic importance to
the state, dilution of the provincial government's shareholding
and/or reduced state government support, may result in a downgrade.
A downgrade may also stem from weaker fiscal performance or
increased indebtedness of the state, leading to a deterioration in
its creditworthiness.

Any rating action on KIIFB's IDRs would result in a similar action
on the ratings of the MTN programme and the drawdowns.

KOCHAS POWER: CARE Lowers Rating on INR20cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kochas Power Private Limited (KPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      20.00       CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE BB-; Stable;
                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KPPL to monitor the rating
vide e-mail communications/letters dated August 13, 2019, August
12, 2019, August 8, 2019, May 13, 2019, etc. and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on KPPL's bank facilities will now be denoted as
CARE D; ISSUERNOT COOPERATING.

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

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

Detailed description of the key rating drivers

Key rating weaknesses

Ongoing delay in debt servicing due to tight liquidity position
As per the banker feedback, there have been ongoing delays in
servicing of the term debt obligation due to tight liquidity
position as marked by current and quick ratio of 0.99x and 0.39
respectively for FY18.

Kochas Power Private Limited (KPPL) was incorporated in 2013 and
commenced its commercial operations from September 2016. KPPL is
engaged in milling and processing of basmati and non-basmati rice
with an installed capacity of 16 tonne per hour (TPH) at its
manufacturing facility located at Bhojpur, Bihar. The company
procures its raw material i.e. paddy from local grain markets
(mandis) located in vicinity and nearby region. The company sells
the products to wholesalers located in Delhi, Haryana and Uttar
Pradesh. The company also exports its products to Nepal and
Bangladesh.

MAG FILTERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Mag Filters & Equipments Pvt Ltd
        53B/78, Punjabi Bagh (West)
        New Delhi 110026

Insolvency Commencement Date: August 23, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Hans Raj Chugh

Interim Resolution
Professional:            Hans Raj Chugh
                         E-24, (basement)
                         Lajpat Nagar-III, New Delhi
                         National Capital Territory of Delhi
                         110024
                         E-mail: hansrajchugh@ashm.in
                                 irpmagfiltersequipmentspvtltd@
                                 gmail.com

Last date for
submission of claims:    September 11, 2019


MANGLA OVERSEAS: CARE Assigns 'B' Rating to INR7.0cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Mangla
Overseas, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.00       CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of Mangla Overseas is
constrained by its small though growing scale of operations, weak
financial risk profile and weak liquidity position. The rating is
further constrained on account of Mangla Overseas's presence in
highly competitive and fragmented industry. The rating, however,
draws comfort from experienced management and long track record of
operations.

Going forward, ability of firm to increase its scale coupled with
improvement in profitability margin, capital structure, coverage
indicators and liquidity indicators shall be the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Small, though growing scale of operations with low capital base:
The scale of operations stood small marked by total operating
income and gross cash accruals of INR39.32 crore and INR0.25 crore
respectively during FY19 (Based on provisional result FY19; refer
to period from April 1 to March 31) as against INR35.08 crore and
INR0.25 crore respectively in FY18. Furthermore, the capital base
is relatively small at INR1.29 crore as on March 31, 2019. The
small scale limits the firm financial flexibility in times of
stress and deprives it from scale benefits. Though, the risk is
partially mitigated by the fact that the scale of operation is
growing continuously owing to addition of new customers coupled
with increase in quantity sold to existing customers.

Weak financial risk profile: The financial risk profile of the firm
stood weak as marked by moderate profitability, weak capital
structure and debt coverage indicators.  The profitability margins
stood moderate marked by PBILDT Margin of 3.06% and 0.58% PAT in
FY19 as against 2.84% and 0.62% respectively in FY18. The PAT
remained stressed due to high financial cost owing to high external
borrowing. The debtequity ratio and overall gearing ratio stood
weak at 1.15x and 4.28x respectively as on the balance sheet date
of March 31, 2019. Further, due to moderate profitability levels,
the coverage indicators stood weak as marked by total debt to GCA
and interest coverage of 21.91x and 1.26x respectively for FY18.

Highly competitive and fragmented industry: Mangla Overseas
operates in a highly fragmented industry marked by the presence of
a large number of players in the unorganized sector. The industry
is characterized by low entry barriers due to low technological
inputs. This further leads to high competition among the various
players and low bargaining power with suppliers.

Weak Liquidity indicators: Working capital stood 90% utilized for
the past twelve months ending June 30, 2019. Liquidity indicators
stood weak marked by current ratio and quick ratio of 1.19x and
0.37x respectively in FY19.
Key Rating Strengths

Experienced proprietor with long track record of operations: The
firm is currently being managed by Mr. Atul Mangla who is a
graduate and is been associated with the entity since past two and
half decade. Mangla Overseas has been operating since 1991 which
aided in establishing healthy relationship with both customers and
suppliers.

Delhi based Mangla Overseas was incorporated in the year 1991 and
currently it is managed by Mr. Atul Mangla who is a graduate by
qualification and has an experience of two and half decades in
import and wholesale trading of spices and dry fruits. The firm
imports spice and dry fruits of various kinds from countries like
China, Dubai, Indonesia, Vietnam, Sri Lanka, Iran, etc. and sells
pan India.


MANJU J HOMES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Manju J Homes India Limited

        Registered office:
        House No. 398, KH No. 93/1/2
        First Floor BLK-A
        Baba Colony Village, Burari
        Landmark: Near Swaraj Mandir
        Delhi 110084
        India

Insolvency Commencement Date: September 2, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Harish Goyal

Interim Resolution
Professional:            Harish Goyal
                         431, Kanungo Apartments
                         Plot No. 71, I.P. Extension
                         Delhi 110092
                         E-mail: harish_goyal77@hotmail.com

                            - and -

                         826, Vikas Deep Building
                         District Centre, Laxmi Nagar
                         New Delhi 110092
                         E-mail: cirp.manjujhomes@gmail.com

Classes of creditors:    Home Buyers (Real Estate Investors)

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Anil Tayal
                         201, Sagar Plaza
                         District Centre, Laxmi Nagar
                         Delhi 110092
                         E-mail: caaniltayal@gmail.com
                         Mobile: 7982747748

                         Mr. Anurag Nirbhaya
                         204, Sagar Plaza, Plot No. 19
                         District Centre, Laxmi Nagar
                         New Delhi 110092
                         E-mail: anurag@canirbhaya.com
                         Mobile: 9810382513

                         Mr. Sanjeev Gupta
                         307, Laxmideep Building, Plot No. 9
                         District Centre, Laxmi Nagar
                         Delhi 110092
                         E-mail: fcasanjeev@gmail.com
                         Mobile: 9810034027

Last date for
submission of claims:    September 24, 2019


MARS HOSPITALITY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Mars Hospitality and Retail Private Limited
        Showroom No. 3, Ground Floor
        Madhya Marg, Sector-7
        Chandigarh 160018

Insolvency Commencement Date: September 3, 2019

Court: National Company Law Tribunal, Ludhiana Bench

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

Insolvency professional: Madan Gopal Jindal

Interim Resolution
Professional:            Madan Gopal Jindal
                         M.G. Jindal & Associates
                         SCO: 7-8, 4th Floor
                         Jandu Tower
                         G.T. Road, Miller Ganj
                         Ludhiana (Punjab) 141003
                         E-mail: mgjindal@gmail.com

Last date for
submission of claims:    September 17, 2019


MUNDRA INVESTMENTS: CARE Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mundra
Investments Private Limited (MIPL) continues to remain in the
'Issuer Not Cooperating' category.


                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.50       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

   Long-term/Short-
   term Bank
   Facilities           5.50       CARE B/CARE A4; ISSUER NOT
                                   COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 15, 2018, placed the
ratings of from MIPL under the 'issuer non-cooperating' category as
MIPL had failed to provide information for monitoring of the
ratings as agreed to in its Rating Agreement. MIPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated April 24, 2019,
April 25, 2019, June 21, 2019 and August 19, 2019 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the ratings on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 15, 2018, the following were the
rating strengths and weaknesses (updated for the information
available from client):

Key Rating Weaknesses

Leveraged capital structure and moderate debt coverage indicators:
Capital structure of the company remained leveraged marked by
overall gearing of 2.54 times as on March 31, 2019 (Provisional) as
against 3.21 times as on March 31, 2018. Debt coverage indicators
of the company remained moderate marked by total debt to gross cash
accrual (TDGCA) of 6.36 years as on March 31, 2019 (Provisional) as
against 36.05 years for as on March 31, 2018. Interest coverage of
the company remained moderate at 2.50 times during FY19
(Provisional) as against 1.18 times during FY18 (A).

Volatile raw material prices along with oligopolistic raw material
supply market: Plastic polymers are the main raw material for
manufacturing Polypropylene (PP) woven sacks. The prices of
polymers are volatile in nature due to their linkages with crude
oil, and hence adverse price variation may affect MIPL's profit
margin. Furthermore, the domestic polymer supply industry is
oligopolistic in nature with the presence of a few players led by
Reliance Industries Ltd (RIL) against which it has limited
bargaining power in terms of price as well as credit period.

Competitive and fragmented industry with low entry barriers: PP
woven sacks is a highly fragmented industry with the presence of a
large number of unorganized regional manufacturers and rising
imports. The intense competition is also driven by low entry
barriers in terms of capital and technology requirements and
limited product differentiation.

Key Rating Strengths

Experienced promoters: The promoters of MIPL have over two decades
of business experience. The group has diverse business interests
like residential construction, hospitality sector, manufacturing
and distribution of building materials, PP woven sacks and trading
of cement and steel.

Significant increase in scale of operations with moderate
profitability: The company has recorded total operating income of
INR72.72 crore during FY19 (Provisional) as against INR57.04 crore
during FY18 (A). The company has recorded PBILDT of INR5.58 crore
during FY19 (Provisional) as against INR1.58 crore during FY18 (A).
PAT of the company remained at INR1.68 crore during FY19
(Provisional) as against net loss INR1.27 crore during FY18 (A).
PBILDT margin of the company remained moderate at 7.67% during FY19
(Provisional) as against 2.77% during FY18 (A).

Liquidity position: Moderate

Current ratio of the company remained moderate at 1.22 times as on
March 31, 2019 (Provisional) as against 1.02 times as on March 31,
2018. Operating cycle of the company remained moderate at 52 days
during FY19 (Provisional) as against 45 days during FY18 (A). Cash
and Bank balance remained at INR0.31 as on March 31, 2019
(Provisional) while cash generated from operations remained at
INR2.04 crore as on March 31, 2019 (Provisional).

MIPL; incorporated in 1992 and promoted by Mr Alok Mundra and Mr
Vikas Mundra is currently engaged in trading of cement steel,
asbestos cement (AC) sheets and fibre-reinforced plastic (FRP)
sheets. MIPL is also setting up a manufacturing facility of poly-
propylene (PP) woven sacks at Sanjan village of Valsad district
with a manufacturing capacity of 4,600 metric tonnes per annum
(MTPA).

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

Insolvency Commencement Date: September 5, 2019

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Shri. R.P. Tak

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

Last date for
submission of claims:    September 19, 2019


OMEGA INFRAENGINEERS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Omega
Infraengineers Private Limited (OIPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR22.50 mil. Fund-based working capital facility assigned
     with IND BB+/Stable/IND A4+ rating;

-- INR42.50 mil. Non-fund-based working capital facility assigned

     with IND A4+ rating; and

-- INR 45.22 mil. Term loan due on November 2025 assigned with
     IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect OIPL's modest scale of operations as indicated
by revenue of INR176.35 million in FY19 (FY18: INR145.86 million).
Revenue grew on increase in orders from customers and addition of
new customers. FY19 financials are provisional in nature.

The ratings also factor in OIPL's modest EBITDA margin of 15.07% in
FY19 (FY18: 16.73%). The margin contracted on slight increase in
raw material and manufacturing cost. Return on capital employed was
10.8% in FY19 (FY18: 7.5%).

The ratings are also constrained by OIPL's modest credit metrics.
In FY19, net financial leverage (total adjusted net debt/operating
EBITDAR) improved to 2.18x (FY18: 2.48x) due to improvement in cash
and cash equivalent on account to improved realization from
debtors.

Interest coverage (operating EBITDA/gross interest expense),
however, remained flat at 2.80x (FY18: 2.80x) as higher EBITDA was
offset by higher interest coverage.

Liquidity Indicator – Adequate: The company's cash flow from
operations turned positive to INR30.29 million in FY19 (FY18:
negative INR6.57 million) due to improvement in debtor days to 153
days in FY19 (FY18: 224 days). Cash and cash equivalent increased
to INR6.65 million at FYE19 (FYE18: INR1.18 million). Further, the
company's fund-based working capital limit was utilized at an
average of 94% over the 12 months ended July 2019. Its working
capital cycle, however, elongated to 64 days in FY19 (FY18: 48
days) due to increase in inventory days to 55 (FY18: 27 days).

The ratings are, however, are supported by the founders' two decade
of experience in the infra business.

RATING SENSITIVITIES

Negative: Decline in the scale of operations leading to
deterioration in credit metrics along with stretched liquidity
could be negative for the ratings.

Positive: Significant improvement in revenue or EBITDA margin
leading to an improvement in the credit metrics will be positive
for the rating.

COMPANY PROFILE

Omega Infarengineers Private Limited, incorporated in 2009,
undertakes government contracts for design, fabrication, erection
and commissioning of structural steel work of mega power projects,
refineries and railways.

ONGOLE AROGYA: CARE Keeps 'D' Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ongole
Arogya Hospitals Private Limited (OAHPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       38.00      CARE D; ISSUER NOT COOPERATING;

   Facilities                      Based on best available
                                   Information

CARE had, vide its press release dated June 22, 2018, placed the
rating of OAHPL under the 'issuer non-cooperating' category as firm
had failed to provide information for monitoring of the rating.
OAHPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 19, 2019, July 22, 2019, July 23, 2019, July 24 2019 and
July 26 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 22, 2018, the following were the
rating strengths and weakness.

Key Rating Weakness

Delay in debt servicing: The company is into stretched liquidity
position which resulted in delays in servicing of debt obligations
owing to the company.

Key Rating Strengths

Experienced promoter: The main promoter of OAHPL; Dr. M. Anjaneyulu
(Managing Director) is a qualified doctor (MBBS) and has experience
of 17 years in Ophthalmology. He has been associated with several
hospitals in the past; Cambell Hospital, Y.S. Raja Reddy Hospital,
L.V. Prasad Eye Hospital (Hyderabad), Aravind Eye Hospital
(Madurai), etc. Further, he commenced a 30 bed eye hospital in name
of 'Aravind Eye Hospital' in Ongole in the year 2000. The MD is
member of Indian Medical Association, All India Ophthalmic Society,
Andhra Pradesh Ophthalmic Society, Delhi Ophthalmic Society and AP
Private Nursing Home Associations.

Ongole Arogya Hospitals Private Limited (OAHPL), incorporated as a
Private Limited company in July 2012, was promoted by Mr. M.
Anjaneyulu (Managing Director) and Ms. Manne Madhavi Latha
(Director, W/o Managing Director). The Ongole-based company has set
up a 300-beded super multi-specialty hospital named 'Arogya
Hospitals' at Ongole in Prakasam district of Andhra Pradesh
(A.P.)The aggregate project cost of INR70.68 crore has been funded
by term loan from banks of INR38.00 crore and balance equity
contribution and unsecured loans bought in by promoters.

P.K. INDUSTRIES: CARE Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.K.
Industries (PKI) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       4.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

   Short-term Bank      6.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key rating Drivers

CARE had, vide its press release dated January 8,2019 placed the
rating of PKI under the 'issuer non-cooperating' category as had
failed to provide information for monitoring of the rating and had
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. PCPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter dated August 22, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 8, 2019, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Delay in the debt servicing: There was delay in Debt servicing in
past.

Bhopal (Madhya Pradesh) based P. K. Industries (PKI) was formed in
2000 as a proprietorship firm by Mr. Prashant K Gupta. The firm is
ISO 9001: 2008 certified entity and it is engaged into the business
of manufacturing of power and distribution transformers. PKI
manufactures transformers from capacity of 5 Kilo Volt Ampere (KVA)
to 5 Mega Volt Ampere (MVA) and supplies the same to State
Electricity Boards (SEB's) in Madhya Pradesh and Rajasthan and
other private customers who take contract from government
departments.

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

The instrument-wise rating action is:

-- INR116.25 mil. Term loan (long-term) due on March 2022
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 14, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in November 2007, Parsvnath Hotels, a wholly-owned
subsidiary of Parsvnath Developers Limited, is constructing a
three-star hotel in Shirdi, Maharashtra.

PRATIBHA KRUSHI: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Pratibha Krushi Prakriya Limited
        Office No. 110, West Wing
        Aurora Towers, Camp
        Pune 411001

Insolvency Commencement Date: September 4, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ms. Jovita Reena Mathias

Interim Resolution
Professional:            Ms. Jovita Reena Mathias
                         506, Inizio Building
                         Cardinal Gracious Road
                         Chakala, Andheri East
                         Mumbai 400099
                         E-mail: ip.reemajm@gmail.com
                                 ip.pratibhakrushi@chavangroup.com

Last date for
submission of claims:    September 18, 2019


PRIKNIT RETAILS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Priknit Retails Limited

        Registered office as available at MCA website:
        B XXV 539 A 10
        Jalandhar Bye Pass Road
        Ludhiana (Punjab)

Insolvency Commencement Date: September 11, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: March 8, 2020

Insolvency professional: Mr. Sanjay Kumar Aggarwal

Interim Resolution
Professional:            Mr. Sanjay Kumar Aggarwal
                         #14, New Punjab Mata Nagar
                         Main Street, Pakhowal Road
                         Ludhiana 141013 (Pb)
                         E-mail: sanjayaggarwal.fcs@gmail.com

                            - and -

                         1136, Sector 42-B
                         Chandigarh 160036

Last date for
submission of claims:    September 25, 2019


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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR50 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 17, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RCPL was incorporated in 1983 by Mr. N Ramesh Babu and Mr. SA
Narasimha Raju. It manufactures and assembles industrial cranes and
other material handling equipment that are used in various
industries such as engineering, cement, coal, steel and power. Its
facility is in Bollaram (Telangana).

ROYAL KITCHEN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Royal Kitchen Appliances Pvt. Ltd.
        C-50 NDSE I, New Delhi
        South Delhi 110048
        India

Insolvency Commencement Date: August 19, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: February 15, 2020
                               (180 days from commencement)

Insolvency professional: CA Sandeep Jain

Interim Resolution
Professional:            CA Sandeep Jain
                         C-5/527, Milan Vihar Apartments
                         Plot No. 72, I.P. Extension
                         Patparganj, Near Max Hospital
                         Delhi 110092
                         E-mail: sandeep@spjca.in

                            - and -

                         C/o S S P J & Co., Chartered Accountants
                         105, First Floor, Roots Tower
                         Laxmi Nagar District Center
                         Delhi 110092

Last date for
submission of claims:    September 5, 2019


RSAL STEEL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: RSAL Steel Private Limited

        Registered office address:
        611, Tulsiani Chambers
        Nariman Point, Mumbai
        Maharashtra 400021
        India

        Principal office:
        301, 3rd Floor, The Horizon Building
        11/5 South Tukoganj
        Nath Mandir Road, Indore
        Madhya Pradesh 452001
        India

Insolvency Commencement Date: September 9, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 7, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Rajender Kumar Girdhar

Interim Resolution
Professional:            Mr. Rajender Kumar Girdhar
                         Oshiwara Mahada Complex
                         Building No. 5
                         Aster Coop. Housing Society
                         Flat No. 205 2nd Floor
                         New Link Road, Oshiwara Andheri (W)
                         Mumbai, Maharashtra 400053
                         E-mail: rkgirdhar1@yahoo.co.in

                             - and -

                         Sumedha Managaement Solutions Private
                         Limited
                         C703, Marathon Innova
                         Off Ganapatrao Kadam Marg
                         Lower Parel West
                         Mumbai, Maharashtra 400013
                         E-mail: rspl@sumedhamanagement.com

Last date for
submission of claims:    September 23, 2019


SATKAR TERMINALS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Satkar Terminals Limited

        Registered office:
        B-72, 2nd Floor, Rohit House
        Vishwakarma Colony
        Tughlakabad, M.B. Road
        New Delhi 110044

Insolvency Commencement Date: September 3, 2019

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

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

Insolvency professional: Gyaneshwar Sahai

Interim Resolution
Professional:            Gyaneshwar Sahai
                         OS-2, 2nd Floor, The Next Door
                         Sector 76, Faridabad
                         Haryana 121004
                         E-mail: gyaneshwar.sahai@gmail.com
                                 irp.satkar@gmail.com

Last date for
submission of claims:    September 20, 2019


SHREE GANESH: CARE Cuts INR6.12cr LT Loan Rating to 'D', Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Ganesh Poly Plast Private Limited (SGP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.12       CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE BB-; on the
                                   Basis of best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 11, 2018, placed the
rating of SGP under the 'issuer non-cooperating' category as SGP
had failed to provide information for monitoring of the rating. SGP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated August 19, 2019, August 14, 2019, August 13, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The revision in the rating assigned to the bank facilities of Shree
Ganesh Poly Plast Private Limited takes into account ongoing delays
in the servicing of the debt obligations.

Key Rating Weaknesses

Delay in debt servicing: There are ongoing delays in servicing of
the debt obligation.

Shree Ganesh Poly Plast Private Limited (SGP) was incorporated in
May, 2006 and is being managed by Mr Divender Mehta and Mr Ankur
Mehta. SGP is engaged in the manufacturing of corrugated boxes and
plastic sheets used for packaging. The company has its
manufacturing facility located at Sirmour, Himachal Pradesh with
total installed capacity of manufacturing 3600 tonne of corrugated
boxes per annum and 300 tonne of plastic sheets per annum as on
March 31, 2015. The company sells its products to manufacturers and
to various wholesalers located in Himachal Pradesh and Uttar
Pradesh. Ruby Koan Manufacturing Company is a group associate and
engaged in manufacturing of corrugated boxes since 2006.

SHRI DATTAPRABHU: CARE Lowers Rating on INR11.62cr LT Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shri Dattaprabhu Agro Industries Private Limited (SDAIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      11.62       CARE D Revised from CARE B+;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
SDAIPL factors in ongoing delays in repayment of debt obligation.
The ability of the company to regularize its payments is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Delays in servicing of debt obligations: As per the interaction
with the banker, there are ongoing delays in interest servicing of
term loan and the account has been classified as SMA-0.

SDAIPL was incorporated in the year 2016 and is promoted by Patil
and Deore family of Shirpur. The company has recently commenced its
commercial operations of jaggery manufacturing unit at Shirpur in
November 2018 with an installed capacity of crushing 300 tonnes of
sugarcane per day (TPD).

SINTEX-BAPL LIMITED: CARE Cuts INR200cr Loan Rating to D, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sintex-BAPL Limited (Sintex-BAPL), as:

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Non-Convertible      200.00     CARE D; Issuer not cooperating;
   Debentures (NCD)                Revised from CARE C; ISSUER NOT
                                   COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 10, 2019, placed the
ratings of Sintex-BAPL under the 'issuer not-cooperating' category
as Sintex-BAPL had failed to provide information for monitoring of
the ratings. CARE had further reviewed the ratings on the above
Non-Convertible Debenture (NCD) issue of Sintex-BAPL under the
'issuer notcooperating' category vide its press release dated June
17, 2019. Sintex-BAPL continues to be non-cooperative despite
repeated requests for submission of information. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which, however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The revision in rating of the NCD issue of Sintex-BAPL is on
account of default in debt servicing of interest payments arising
out of its stressed liquidity. As per the stock exchange filing by
Sintex-BAPL on August 28, 2019, the company has mentioned that
there is default in payment of interest amount of INR4.71 crore due
on NCD issue. Further, debenture trustee has also confirmed through
e-mail dated August 28, 2019 that there is default in interest
payments.  Furthermore, CARE has outstanding rating of 'CARE D;
Issuer not cooperating' on the bank facilities of Sintex-BAPL vide
our press release dated August 19, 2019.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing obligation on NCD: As per the stock
exchange filling dated August 28, 2019, the company has declared
that there is default in payment of interest amount of INR4.71
crore due on its NCD issue. Further, debenture trustee has also
confirmed through its email dated August 28, 2019 that Sintex-BAPL
has defaulted in interest payments due on NCD.

Liquidity analysis: The liquidity of the company is weak as
reflected by instances of delays in debt servicing on some of its
bank facilities and instruments. Further, Sintex-BAPL has incurred
losses during Q1FY20 which has resulted into reduction in working
capital leading to curtailment of its operations. Also,
Sintex-BAPL's large debt repayment obligations are expected to be
disproportionately higher compared to the envisaged cash accruals
which may also exert further pressure on its liquidity. CARE has
reviewed the rating on the basis of the best available information,
including instance of delays in debt servicing
on certain bank facilities and instruments.

Originally incorporated in December 2007 as Bright Autoplast
Private Limited, the name of the company was changed to Sintex-BAPL
in September 2015. Subsequent to incorporation, Sintex-BAPL
acquired automotive business of Bright Brothers Limited which was
engaged in automotive business since 1975. Sintex-BAPL was earlier
a wholly owned subsidiary of Sintex Industries Limited (SIL; CARE
D; Issuer not cooperating). However, under the composite scheme of
arrangement amongst various Sintex group companies, SIL divested
its 100% ownership to Sintex Plastics Technology Limited (SPTL).

Sintex-BAPL is engaged in manufacturing of various engineering
plastic components for automobile Original Equipment Manufacturers
(OEMs), tier-I auto ancillaries and electrical goods manufacturers
in the domestic market. Moreover, subsequent to the transfer of
custom moulding business (both domestic and overseas), the product
portfolio of SintexBAPL has expanded significantly. Presently,
Sintex-BAPL's portfolio includes various kinds of moulded plastic
based products like water tanks, sheet-moulding casting (SMC),
industrial products, doors, section and interiors, power
transmission & distribution accessories, FRP storage tanks and
automobile and electrical components. The company has its
manufacturing facilities located at 12 places across India with an
aggregate installed capacity of 84,800 Metric Tons Per Annum (MTPA)
as on March 31, 2018.

The Board of Directors of SPTL, parent company of Sintex-BAPL, vide
its board meeting dated May 21, 2019, has considered and approved
the sale of auto division of Sintex-BAPL with an objective to
deleverage its balance sheet, subject to receipt of necessary
approvals.

SRI RAGHURAMACHANDRA: CARE Reaffirms B+ Rating on INR6.65cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sri Raghuramachandra Rice Industries (SRRI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           6.65       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SRRI continues to be
tempered by small scale of operations along with low net worth base
and thin profitability, leveraged capital structure and moderate
debt coverage indicators, seasonal availability of paddy resulting
in working capital intensive nature of operations and constitution
of entity as a proprietorship firm with inherent risk of withdrawal
of capital.

The ratings continue to derive strength from moderate track record
and experience of proprietor in the rice milling industry and
fluctuating PBILDT margins and healthy demand outlook of rice.

Going forward, ability of the firm to increase its scale of
operations and improve its profitability margins in competitive
environment, ability of the firm to improve its capital structure
and manage the working capital requirements effectively would be
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations along with low net worth base and thin
profitability: SRRI has a track record of around eight years in the
milling and rice processing industry. The total operating income of
the firm stood at INR25.67 crore in FY19 with low net worth of
around INR2 crore as on March 31, 2019 as compared to other peers
in the industry. However the entity has shown an improvement and
TOI has increased by 4.06% and net worth has improved by 12.5% in
FY19 over FY18. The firm has moderately comfortable PBILDT margins
during review period. The PBILDT margin of the firm has decreased
from 6.67% in FY18 to 6.06% in FY19 due to increase in power & fuel
cost and selling expenses. The PAT margins of the entity has
increased during the review period from 1.62% in FY18 to 1.67% in
FY19 on account of decrease in depreciation, interest and finance
charges, however still remained thin.

Leveraged capital structure and moderate debt coverage indicators:
The capital structure of the firm remained leveraged as on
March 31, 2019 marked by overall gearing ratio of 4.05x on account
of higher utilization of working capital borrowing as on balance
sheet date. However the debt equity and overall gearing has
improved from 1.75x and 4.05x respectively as on March 31, 2018 to
1.13x and 2.64x respectively as on March 31, 2019. The debt
coverage indicators of the firm remained moderate in FY19 marked by
total debt/GCA and interest coverage at 7.82x and 2.00x
respectively as on March 31, 2019 due to low total debt levels and
low PBILDT margins.

Seasonal availability of paddy resulting in working capital
intensive nature of operations: The paddy is procured from the
farmers generally against cash payments or with a minimal credit
period of one week while the millers have to extend credit to the
wholesalers and distributors around 20-30 days. Furthermore the
entity need to stock its raw material (paddy) in a bulk quantity
because of the seasonal availability resulting in high inventory
holding days of 99 days, which leads to high working capital
utilization reflecting working capital intensity of business. The
average utilization of fund based working capital limits of the
firm was utilized 73% during the last 12 months period ended
July 31, 2019.

Constitution of entity as a proprietorship firm with inherent risk
of withdrawal of capital: With the entity being proprietorship
firm, there is an inherent risk of instances of capital withdrawals
by the proprietor resulting in lesser of entity's net worth.

Liquidity position: The current ratio and quick ratio stood at
1.61x and 0.33x as on March 31, 2019. Further, the firm has cash
and cash equivalents of INR 0.06 crores. The firm has utilized
working capital facilities (CC limit) 73% as on July 31, 2019.

Key rating strengths

Moderate track record and experience of proprietor in the rice
milling industry: SRRI was established in 2011 by Mr. Raghuram
Ambati. He is a qualified MBA and has around six years of
experience in the rice milling and processing industry. The firm is
also managed by Mr. Vamshi Krishna.

Healthy demand outlook of rice: Rice is consumed in large quantity
in India which provides favorable opportunity for the rice millers
and thus the demand is expected to remain healthy over medium to
long term. India is the second largest producer of rice in the
world after China and the largest producer and exporter of basmati
rice in the world. The rice industry in India is broadly divided
into two segments – basmati (drier and long grained) and
non-basmati (sticky and short grained). Demand of Indian basmati
rice has traditionally been export oriented where the South India
caters about one-fourth share of India's exports. However, with a
growing consumer class and increasing disposable incomes, demand
for premium rice products is on the rise in the domestic
market. Demand for non-basmati segment is primarily domestic market
driven in India. Initiatives taken by government to
increase paddy acreage and better monsoon conditions will be the
key factors which will boost the supply of rice to the rice
processing units. Rice being the staple food for almost 65% of the
population in India has a stable domestic demand outlook. On the
export front, global demand and supply of rice, government
regulations on export and buffer stock to be maintained by
government will determine the outlook for rice exports.

Karnataka based, Sri Raghuramachandra Rice Industries (SRRI) was
established in 2011 as proprietorship firm by Mr. Raghuram Ambati.
SRRI is engaged in milling and processing of rice. The rice milling
unit of the firm is located at Raichur, Karnataka. Apart from rice
processing, the firm is also engaged in selling off its by-products
such as broken rice, bran and husk. The main raw material paddy is
directly procured from local farmers located in and around Raichur,
Karnataka and sells its finished products of rice and other
by-products in the open market Karnataka, Tamil Nadu and Andhra
Pradesh. Currently the firm is processing around 3 tons of rice in
an hour.

SRI RANGANATHA: CARE Keeps 'D' Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Ranganatha Gold and Silver (SRGS) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      7.50        CARE D; ISSUER NOT COOPERATING;

   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 1, 2018, placed the
rating(s) of SRGS under the 'issuer not cooperating' category as
SRGS had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. SRGS continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and e-mails dated August 19, 2019,
August 20, 2019, August 21, 2019, August 22, 2019 and August 23,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 1, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delays in meeting of debt obligations: The firm has delays
in servicing of debt obligations owing to the stretched liquidity
position of the firm.

Key Rating Strengths

Experienced promoter with an experience of more than two decades in
the chemical industry: Mr. K. Rangachari is the managing partner
and has an experience of around 25years in the Gold and silver
industry. He also has a proprietary concern by name "Sri
Ranganathaswamy Jewellary" which is also involved in similar line
of business.

Sri Ranganatha Gold and Silver (RGS) is a partnership firm
incorporated on April 5, 2012 by Mr. K. Rangachari, Mr. K.
Venkateshachari, Mr. K. Rathnachari and Mr. K. Ramakrishnachari who
share equal profits. The major operation of the firm is in the
business of wholesale trading and retailing of gold and silver
ornaments. It also has facility of designing and making gold and
silver ornaments as per the customer request. The showroom is
situated at Challakere, Karnataka. Mr. K. Rangachari is the
managing partner and has an experience of around 25years in the
Gold and silver industry. He also has a proprietary concern by name
"Sri Ranganatha Swamy Jewellary" which is also involved in similar
line of business.

SRI SAI DURGA: CARE Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Sai
Durga Infratech India Private Limited (SSDIPL) continues to remain
in the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term/short      23.00      CARE D; ISSUER NOT COOPERATING;
   Term Bank                       Based on best available
   Facilities                      information

   Long term Bank        5.00      CARE D; ISSUER NOT COOPERATING;

   Facilities                      Based on best available
                                   Information

   Short term Bank       5.00      CARE D; ISSUER NOT COOPERATING;

   Facilities                      Based on best available
                                   Information

CARE had, vide its press release dated June 25, 2018, placed the
rating of SSDIPL under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. SSDIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated July 19, 2019, July 22, 2019, July 23, 2019, July
24, 2019 and July 26, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 25, 2018, the following were the
rating strengths and weakness.

Key Rating Weakness

Stressed liquidity position: Due to stressed liquidity position,
there have been delays in honoring the debt service obligations on
time.

Sri Sai Durga Infratech India Private Limited (SSDIL) was
incorporated in September 2010 to take over the business of Sri Sai
Durga Constructions, a partnership firm started in 2008 by Mr.
Chandra Rangarao and Mrs. Chandra Satvika. The company is engaged
in the civil construction segment with work orders spanning across
construction of building works, water supply works, electrical
works and irrigation works etc.

SRINIVASA STEEL: CARE Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srinivasa
Steel Products (SSP) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       9.25       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 19, 2018, placed the
rating(s) of SSP under the 'issuer non-cooperating' category as SSP
had failed to provide information for monitoring of the rating. SSP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated August 08, 2019, August 12, 2019, August 14, 2019 and August
19, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 19, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weakness

Delays in debt servicing: The firm has been facing stretched
liquidity position with cash flow mismatch resulting in delays in
servicing of debt obligations.

Key Rating Strengths

Experienced promoters with track record of more than a decade in
the iron and steel industry: Mr S Ashok Kumar, Managing Partner has
an experience of more than three decades in the iron and steel
industry. The other partners, Mr S Sravan Kumar and Mr Bharat
Kumar, have an experience of around 5 years each in a similar line
of business. All the three partners are actively involved in the
day-to-day activities of the firm.

SSP was established in the year 2007 by Mr S Ashok Kumar (Managing
Partner), Mr Bharat Kumar among other partners. SSP is engaged in
the manufacturing of hot rolled steel stripes, Electric Resistance
Welded (ERW) pipes and other steel structural products. SSP is
specialized in manufacturing of iron and steel structural products
which are used in furniture, racks and hoardings, etc. SSP sells
ERW pipes and structural products to distributors across India. Raw
material comprises steel and iron which are procured from local
suppliers and hot rolled steel stripes manufactured are used in
manufacturing of ERW pipes and structural products.

SUGANTHI EDUCATIONAL: CARE Cuts INR63cr Loan Rating to D, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Suganthi Educational Trust (SET), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       63.00      CARE D; ISSUER NOT COOPERATING;

   Facilities                      Revised from CARE BB+; Stable
                                   on the basis of best available
                                   information

   Short-term Bank       5.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE A4+ on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 3, 2019, placed the
ratings of SET under the 'issuer non-cooperating' category as SET
had failed to provide information for monitoring the rating as
agreed to in its Rating Agreement. SET continues to be
non-cooperative. Further, the trust has also not submitted
No-Default statement.  In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings have been revised on account of delays in debt
servicing by the trust ascertained by CARE as part of its due
diligence exercise.

SUPER SPINTEX: Ind-Ra Corrects August 16 Rating Release
-------------------------------------------------------
India Ratings and Research issued an announcement rectifying the
version published on August 16, 2019 to update the term loan debt
instrument amount for Super Spintex Private Limited (SSPL). The
amended version is as follows:

India Ratings and Research (Ind-Ra) has assigned Super Spintex
Private Limited (SSPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR821.8 mil. Term loan due on September 2024 assigned with
     IND BB/Stable rating;

-- INR220.0 mil. Fund-based limit assigned with IND BB/Stable/
     IND A4+ rating; and

-- INR50.0 mil. Non-fund-based limit assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect SSPL's limited track record of operations, and
modest EBITDA margins as well as credit metrics on volatile raw
material prices and the fragmented and competitive nature of the
industry it operates in. In FY19, the company's first full year of
operations, EBITDA margins came in at 11.1% (FY18: 8.1%)
benefitting from increased realization on an increase in cotton
yarn prices. Return on capital employed turned positive at 4% in
FY19. The company's gross interest coverage (operating EBITDA/gross
interest expense) was 3.3x in FY19 (FY18: 4.4x) and net leverage
(adjusted net debt/operating EBITDA) was 5.4x (21.5x). The
improvement in the net leverage was supported by a rise in
operating EBITDA to INR241.0 million from INR65.2 million.

Liquidity is tight as reflected in the company's long net working
capital cycle of 61 days in FY19 (FY18: 84 days). The working
capital utilization was high at 95% over the 12 months ended July
2019. However, the cash flow from operations turned positive at
INR100 million in FY19 due to an improvement in operating EBITDA to
INR241.0 million (FY18: INR65.2 million)The fund flow from
operation was INR218.0 million in FY19 (FY18: INR60.0 million). The
company has principle repayment obligations of INR211.25 million
for FY20 and FY21 each. The company has also availed INR225.0
million as unsecured, non-interest bearing loans from the
promoters.

The ratings are supported by a substantial improvement in revenue
to INR2,162.0 million in FY19 (FY18: INR810 million), led by an
increase in the number of orders. SSPL has a running order book of
INR209 million to be executed by end-August 2019. The company
recorded revenue of INR504.0 million in 1QFY20. The ratings also
benefit from SSPL's promoters having an extensive experience of
around three decades in the manufacturing sector.

RATING SENSITIVITIES

Positive: An improvement in the revenue and EBITDA margins, leading
to an improvement in the overall credit metrics, with the net
leverage (excluding unsecured loans) improving below 3.5x, on a
sustained basis, would lead to a positive rating action.

Negative: Any decline in the revenue and EBITDA margins, leading to
deterioration in the credit metrics, with the net leverage
(excluding unsecured loans) staying above 4.5x, on a sustained
basis, will lead to a negative rating action.

COMPANY PROFILE

Jamnagar-based SSPL was incorporated in January 2016 by Suresh G.
Kachadia and Atul G. Kachadia. SSPL has setup a greenfield project
for a spinning unit to manufacture cotton yarn of various counts.
The project was completed in August 2017 and commenced its
commercial operations from September 2017. Its manufacturing
facilities are located at Jamnagar with 51,072 spindles having an
installed capacity to manufacture 11,577 metric ton per annum.

SWASTIK FRUITS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Swastik Fruits Products Limited

        Registered office:
        Plot No. F-64/37, Ground Floor
        L/P Village, Katwaria Sarai
        New Delhi 110016

        Corporate office:
        Swastik House
        Gandhi Chowk, Upper Bazar
        Ranchi 834001
        Jharkhand

        Branch office:
        14, Palam Marg
        2nd Floor, Vasant Vihar
        New Delhi 110057

Insolvency Commencement Date: September 6, 2019

Court: National Company Law Tribunal, New Delhi Bench III

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

Insolvency professional: Pooja Bahry

Interim Resolution
Professional:            Pooja Bahry
                         59/27, Prabhat Road
                         New Rohtak Road
                         New Delhi 110005
                         E-mail: pujabahry@yahoo.com
                                 rp.swastikfruits@gmail.com

Last date for
submission of claims:    September 20, 2019


TRISTAR GLOBAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Tristar Global Infrastructure Private Limited

        Registered office:
        C-207, Sarvodya Enclave
        New Delhi 110017

Insolvency Commencement Date: August 28, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Arvind Garg

Interim Resolution
Professional:            Arvind Garg
                         302-A, Palmohan Plaza
                         Deshbandhu Gupta Road
                         Karol Bagh, New Delhi 110005
                         E-mail: arvindgarg31@gmail.com
                                 tristar.arvind@gmail.com

Last date for
submission of claims:    September 18, 2019


UNIWORLD SUGARS: CARE Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Uniworld
Sugars Private Limited (USPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       60.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from USPL Limited to monitor the
rating vide email communication dated August 20, 2019, August 19,
2019, August 14, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating Uniworld
Sugars Private Limited's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on March 5, 2018 the following were the
rating weaknesses

Key Rating Weaknesses

The rating assigned to the bank facilities of USPL takes into
account the weak financial risk profile of the company
characterized by cash losses and past delays, regulated nature of
the business and inherent cyclicality of the sugar industry.

Delays in servicing of debt obligations: On account of stretched
liquidity position, USPL has delayed in servicing of its debt
obligations due to the Banks Further, in the past also the auditor
in their report (FY15) have qualified that the company has
defaulted in repayment of dues to certain banks, financial
institutions on account of sugar industry crisis leading to cash
losses and increasing accumulated loss.

Weak financial risk profile: The financial risk profile of the
company remains weak characterised by cash losses. In FY18 (refers
to the period April 1 to March 31) company has booked total Income
for INR272.67 crore with a net loss of INR13.98 crore as against
total income of INR449.86 crore in FY17 with a net loss of INR45.09
crore. In the past the losses were largely funded through extended
credit period from suppliers and support from promoters in the form
of compulsorily convertible debentures. On Account of net loss the
net worth depleted from INR28.94 crore in FY17 to INR7.81 crore in
FY18.

Liquidity Analysis
The liquidity profile remained weak as indicated by less than unity
current ratio (0.36x during FY18).The inventory holding period
decreased from 82 in FY17 to 77 in FY18 and the creditors days
increased from 74 in FY17 to 151 in FY18, while the average
collection period increased from 0 in FY17 to 58 in FY18.

USPL is an equal joint venture between ED & F Man Sugar Netherlands
BV (EDF), one of the largest commodity traders in the world markets
and Simbhaoli Sugars Limited (SSL), having one of the largest sugar
refineries in India. USPL is engaged in refinery operations which
processes raw sugar into white refined sugar though ION exchange
process and sells its product under the brand name "Tiger". SSL and
EDF formed a joint venture to set up a manufacturing facility at
the port of Kandla, Gujarat with a capacity to refine 1000 metric
tonnes of raw sugar per day into white refined sugar.

UNNATI FORTUNE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Unnati Fortune Holdings Limited

        Registered office:
        560 G.T. Road, 1st Floor Shahdara
        Opposite UCO Bank Delhi
        East Delhi DL 110032
        IN

        Corporate office:
        B-117 Sector-67
        Noida 201301 UP

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 20, 2020

Insolvency professional: Mr. Sanjay Gupta

Interim Resolution
Professional:            Mr. Sanjay Gupta
                         E-10A, Kailash Colony
                         Greater Kailash-1, New Delhi
                         Delhi 110048
                         E-mail: sanjaygupta@aaainsolvency.com
                                 unnati.fortune@aaainsolvency.com

Classes of creditors:    Home Buyers (Real Estate Investors)

Insolvency
Professionals
Representative of
Creditors in a class:    Ghanshyam Kaushik
                         Pawan Kumar Garg
                         Praveen Kumar Garg

Last date for
submission of claims:    September 18, 2019


VINOD COTTON: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Vinod Cotton Corp. Private Ltd.
        153, IInd Floor Katra Nawab
        Chandni Chowk
        Delhi DL 110006
        IN

           - and -

        14, New Shakti Nagar
        Bhatinda 151005 PB

Insolvency Commencement Date: August 23, 2019

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

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

Insolvency professional: Neeraj Bhatia

Interim Resolution
Professional:            Neeraj Bhatia
                         P-27, First Floor, Malviya Nagar
                         New Delhi 110017
                         E-mail: nbtrace1@yahoo.com
                                 vinodcottoncirp@gmail.com

Last date for
submission of claims:    September 25, 2019




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

ROSE BUILT: Owes NZ$1.4 Million to Creditors, Liquidators Reveal
----------------------------------------------------------------
Jennifer Eder at Stuff.co.nz reports that a Blenheim construction
company that went into liquidation this month owed more on two
fleet vehicles, after buying them on hire purchase, than they were
worth brand new.

According to Stuff, the financial woes of Rose Built Homes have
been revealed in the liquidator's first report, showing an
estimated NZ$1.4 million owed to 51 creditors, mostly Marlburians.

Rose Built Homes appeared to have been "under-pricing jobs" while
racking up debt with suppliers, leaving several homes half-built
around Marlborough by the time its bank accounts ran dry,
liquidator Brenton Hunt said in his first report, Stuff relays.

"Investigations so far indicate that the accounting records of the
company are in a very bad state," the report said.

Rose Built Homes, registered as RBH Limited, started trading in
Marlborough in November 2017, establishing a showroom and office on
Stuart St. They later relocated to a smaller office on Arthur St.

The company's bank accounts were in overdraft at the time of
liquidation, Stuff says.

Three leased vehicles would have to be returned, alongside the two
on hire purchase.

Stuff says seven secured creditors had security interests in
company assets to ensure debt repayment, including a Toyota Hilux,
a Ford Ranger, a photocopier lease, and goods.

But the remaining 44 creditors, owed NZ$1.2 million, were
unsecured, and it was too early to say whether enough assets would
be recovered for repayment, Mr. Hunt, as cited by Stuff, said in
his report.

He asked anyone aware of other assets owned by the company which
could be used to repay creditors to contact him with details and
evidence.

Outstanding staff holiday pay had yet to be calculated, and GST
returns had not been filed since January. The company was estimated
to owe NZ$200,000 in unpaid taxes.

Creditors have until September 27 to make claims, Stuff notes.

Shortly after the liquidation process started, the company's
holding company Noa Development Group Limited was removed from the
Companies Register. It had the same directors as Rose Built Homes;
Kyle Payne and Ryan Butler, reports Stuff.



=================
S R I   L A N K A
=================

DFCC BANK: S&P Affirms 'B/B' Issuer Credit Ratings, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B' long-term and
'B' short-term issuer credit ratings on DFCC Bank. The outlook
remains stable.

S&P said, "We affirmed the ratings because we expect DFCC's
strengthening funding base to continue. However, there is a
heightened risk of deterioration in the bank's asset quality over
the next 12 months.

"We view DFCC's high amount of lumpy, stage 2 loans as a source of
volatility in its gross nonperforming loans and capitalization.
DFCC's role as a development bank and its exposure to large
infrastructure projects lead to a lumpy loan portfolio. Many of
these projects are from the government. The resumption of payments
from such projects has decreased DFCC's stage 2 loans over the
first half of 2019. However, the share of such loans in DFCC's loan
book remains high compared to peers'.

"Similar to the trend in the Sri Lankan banking system, we expect
DFCC's asset quality to continue to face pressure over the next 12
months due to sluggishness in the economy.

"We believe DFCC's funding profile will strengthen over the next
12-24 months. The bank continued to lower its loan-to-deposit ratio
over the past few years, with deposit growth outpacing lending.
Low-cost current and saving accounts (CASA) have also increased as
a proportion of total deposits in the past few years. We regard
such accounts as sticky and supportive of funding stability. In our
view, DFCC can further improve these metrics and converge them with
the industry average and with those of its peers.

"We view DFCC's business stability, diversification, management,
and strategy as similar to those of emerging market peers. The bank
focuses on corporates and small to midsize enterprises (SMEs), but
is trying to improve its retail franchise. We expect our
risk-adjusted capital (RAC) ratio for DFCC to remain at 3.0%-3.5%
over the next 12 months. The quality of the bank's capital should
stay high, supported by common equity and retained earnings. DFCC
has also dealt well with material one-off impacts from a change in
accounting standards. Meanwhile, we believe the bank's
profitability will improve in the face of cyclical asset-quality
headwinds.

"As DFCC nears Sri Lanka rupee (LKR) 500 billion in assets, we
expect it to need to raise additional capital to remain well above
the higher capital requirements associated with becoming a domestic
systemically important bank (D-SIB).

"We believe DFCC's liquidity coverage remains sufficient for the
bank to survive stress for six months with little reliance on the
central bank.

"Our stable outlook on DFCC Bank reflects our view that the bank
will maintain its credit profile despite tough operating conditions
in Sri Lanka over the next 12 months.

"We may lower the rating on DFCC if the bank's risk-adjusted
capital ratio falls below 3%. This could be due to lower
profitability, increase in provisioning, or stronger loan growth
than we expect.

"We may also lower the rating if ongoing improvements in funding
metrics, such as the loan-to-deposit ratio, reverse such that the
ratio deteriorates relative to peers'.

"We are unlikely to raise the rating on DFCC over the next 12
months because we do not rate Sri Lankan banks above the sovereign
rating of Sri Lanka (B/Stable/B).

"However, we may raise or assessment of DFCC's stand-alone
creditworthiness if the bank's asset quality substantially
improves."




=============
V I E T N A M
=============

VIETNAM ELECTRICITY: Fitch Affirms 'BB' LT IDR, Outlook Positive
----------------------------------------------------------------
Fitch Ratings has affirmed Vietnam Electricity's (EVN) Long-Term
Foreign-Currency Issuer Default Rating at 'BB' with a Positive
Outlook. The Outlook reflects the agency's Outlook on Vietnam
(BB/Positive), which was revised to Positive from Stable on 9 May
2019. Fitch has also affirmed EVN's senior unsecured rating of
'BB'. EVN's Standalone Credit Profile (SCP) is assessed at 'bb'.

EVN's ratings are equalised with those of the sovereign under
Fitch's Government-Related Entities Rating Criteria due to Fitch's
assessment of a strong likelihood of state support in light of the
group's strategic importance to the power sector in Vietnam. EVN's
SCP reflects its position as the owner and operator of Vietnam's
electricity transmission and distribution network, and its near 58%
share of Vietnam's power generation capacity. Fitch expects EVN's
financial profile to be much stronger than the one that is
commensurate for its SCP assessment. However, an upward revision of
EVN's standalone profile is contingent on consistent application of
electricity regulatory reforms, including a longer record of tariff
adjustments that reflect cost changes, while FFO adjusted net
leverage is sustained below 5.0x.

KEY RATING DRIVERS

Strong State Linkages: Fitch sees EVN's status, ownership and
control by the Vietnam sovereign as 'Very Strong'. The state fully
owns EVN, appoints its board and senior management, directs
investments and approves tariff hikes in excess of 5%. The support
track record and its expectations of state support for EVN are
'Strong' as the company has received guarantees, step-down loans,
loans from state-owned banks at preferential rates, subsidies for
strategically important projects and tax incentives. Fitch expects
support to be available if needed, even though the government
intends to lower direct support for state-owned enterprises and
contain sovereign debt levels.

Strong State Inventive to Support: Fitch believes the
socio-political implications of a potential EVN default are
'Strong' as a default by EVN would lead to service disruption in
light of the company's entrenched position across the
electricity-sector value chain. It would also be difficult to fund
new power investments. Fitch sees the financial implications of a
potential default by EVN as 'Very Strong' as this would
significantly affect the availability and cost of domestic and
foreign financing options for the state and government-related
entities because EVN is one of Vietnam's key borrowers.

Entrenched Market Position: EVN is a monopoly in Vietnam's
electricity transmission and distribution sector. The company owns
and operates about 58% of the country's total installed generation
capacity, including large strategic hydropower assets, which the
government uses to generate electricity, control floods and for
irrigation. EVN also operates the national power-dispatch system,
selling electricity to more than 25 million customers across the
country. The group has steadily augmented its generation capacity
and cut transmission and distribution losses over the previous few
years.

Strong Demand, Solid Collections: Fitch expects electricity demand
in Vietnam to continue increasing at an average rate of 9.5% per
annum, driven by rising industrialisation, urbanisation and
affluence. Vietnam has a solid national electrification ratio of
about 99%, with the ratio reaching almost 100% in urban areas.
Management has said all electricity consumers are billed regularly
and collection rates are between 99% and 100% across EVN's five
power-distribution companies.

Hydrology, Currency and Demand Risks: Hydropower accounts for about
42% of Vietnam's power-generation capacity. Years with productive
hydropower generation lift EVN's profit margin, but times of lower
rainfall force the company to rely excessively on expensive coal.
About 65% of EVN's borrowings are denominated in foreign currency,
exposing the company to substantial currency risk. Lower gains in
electricity sales volume also subject EVN to financial stress due
to the company's high capex plans. However, Fitch expects EVN to
adjust its investments if there is a structural decline in demand.
Fitch believes EVN's financial profile can deteriorate rapidly in
the absence of regular tariff increases.

Restrictive Tariff Increase Allowance: EVN can increase electricity
tariffs every six months, in line with rising production costs, in
accordance with the regulatory framework that was introduced in
August 2017. However, automatic adjustments are limited to 5%;
price increases between 5% and 10% require approval from the
Ministry of Industry and Trade and larger increases require
approval from the prime minister.

In March 2019, the government increased the average electricity
tariff by 8.36% to VND1,864/kWh. According to management, the
increase took into account the higher cost of power supply in 2018
and the company's expected operation and investment plan in 2019.
Fitch expects the higher tariffs to support EVN's financial
profile, which is stronger than that commensurate for its SCP.
However, the increase in March was the first since a 6.1% jump in
December 2017. Fitch expects delays in implementing tariff
increases to continue due to the effect on inflation and economic
growth.

Capex to Increase: Fitch expects EVN to incur significant capex to
address continuing increases in power demand, tackle a shortage of
power plants in the country's southern region and the low
transmission capacity from north to south, and improve supply
services. Fitch estimates group capex will rise to around VND120
trillion a year after delays in starting the construction of a
number of projects drove capex to a lower-than-anticipated VND64
trillion in 2018 (2017: VND119 trillion). Fitch expects Vietnam's
installed capacity to increase to about 58 gigawatts (GW) by
end-2020 (2018: 49GW).

The share of coal-fired capacity has increased steadily over the
previous few years and Fitch expects this to account for the
majority of Vietnam's capacity addition in the near term. The
increase in coal capacity coupled with development of domestic gas
fields and liquefied natural gas import terminals will address
hydrological risks to an extent in the medium term. The country
turned into a net importer of coal in 2015 and Fitch believes its
reliance on imported coal will continue rising as most of Vietnam's
hydro potential has been utilised.

Standalone Credit Profile: Fitch assesses EVN's SCP at 'bb'. Fitch
expects the company to generate more than VND90 trillion in
operational cash flows each year through 2021. However, it is
likely to face negative free cash flow due to its high capex plans
and will require external funding to manage its capex targets,
which Fitch believes it can secure due to its close links to the
sovereign. Fitch estimates EVN's FFO adjusted net leverage to
increase to about 4.0x by 2021 (2018: 3.1x).

DERIVATION SUMMARY

Tenaga Nasional Berhad (A-/Stable) and PT Perusahaan Listrik Negara
(Persero) (PLN, BBB/Stable) are similar to EVN as they are monopoly
plays in their respective countries' electricity transmission and
distribution sectors, and own and operate the majority of the
installed power-generation capacity. Tenaga's and PLN's IDRs are
also equalised with that of their respective sovereigns - Malaysia
(A-/Stable) and Indonesia (BBB/Stable) - per Fitch's
Government-Related Entities Rating Criteria. Tenaga's status,
ownership and control factor is assessed as 'Moderate'. However,
its support track record and expectations, along with the state's
incentive to support, are assessed as 'Strong'. PLN's linkages with
the state as well as the state's incentive to support are assessed
as 'Very Strong'. EVN's status, ownership and control, and the
financial implications of a default are assessed as 'Very Strong'
while its support record and expectations along with the
socio-political impact of a default are assessed as 'Strong'.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Installed generation capacity in Vietnam to increase to 58GW by
end-2020 from 49GW in 2018

  - Aggregate system plant load factors of around 52%

  - System losses to decline from 9.4% in 2018 to 9% by 2020

  - Electricity sales volume to increase by 10% in 2019, 9.5% in
2020 and 9.0% thereafter

  - Electricity tariff to increase by 5% in 2020

  - Increase in fuel cost in line with management guidance

  - Average capex of USD5.5 billion per year

  - Minimal dividend payouts

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Positive rating action on the sovereign, provided the
likelihood of state support does not deteriorate significantly

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Negative rating action on the sovereign

  - Significant weakening of the likelihood of support. Fitch sees
this as a remote prospect in the medium term.

For the sovereign rating of Vietnam, the following sensitivities
were outlined by Fitch in its rating action commentary of 9 May
2019:

The main factors that could, individually or collectively, lead to
an upgrade are:

  - An improvement in public finances, which will be reflected in a
decline in the general government debt ratio or contingent
liabilities.

  - A material reduction in risks posed to the sovereign balance
sheet from weaknesses in the banking sector.

  - Continued commitment to macroeconomic stability and a further
build-up of external buffers.

The main factors that, individually or collectively, could trigger
negative rating action are:

  - A shift in the macroeconomic policy mix that results in
macroeconomic instability or an increase in macroeconomic
imbalances

  - Depletion of foreign-exchange reserves on a scale sufficient to
destabilise the economy or deter foreign investment.

  - Crystallisation of contingent liabilities on the sovereign's
balance sheet.

LIQUIDITY AND DEBT STRUCTURE

Reasonable Liquidity: EVN had VND90 trillion of cash and cash
equivalents at end-December 2018, against current debt maturities
of about VND45 trillion. Fitch estimates EVN will generate more
than VND90 trillion of operational cash flows per year. Fitch
expects EVN's internal cash generation to be sufficient to manage
its debt maturities, which currently do not exceed VND45 trillion a
year for the next three to four years. EVN would require external
funds to manage its annual capex targets. Fitch believes the
company can secure adequate funding given its position as an entity
closely linked to the sovereign. Fitch forecasts EVN will require
about VND60 trillion of additional borrowings per annum over the
next few years to meet its funding shortfalls.


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
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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Information contained herein is obtained from sources believed
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