TCRAP_Public/191004.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

          Friday, October 4, 2019, Vol. 22, No. 199

                           Headlines



A U S T R A L I A

BDB CORPORATE: Clifton Hall Appointed as Liquidators
GEBRO CONTRACTING: Second Creditors' Meeting Set for Oct. 14
HL HOLDINGS1: First Creditors' Meeting Set for Oct. 14
KPG CONSTRUCTIONS: Second Creditors' Meeting Set for Oct. 14
NETWORX PEOPLE: Second Creditors' Meeting Set for Oct. 14

PRIME OUTDOOR: First Creditors' Meeting Set for Oct. 11
SEVILLE OPTIMISED: First Creditors' Meeting Set for Oct. 15
SINCLAIR RECRUITMENT: First Creditors' Meeting Set for Oct. 15
SMHL SECURITISATION 2019-1: S&P Assigns BB(sf) Rating to E Notes
VGROUP DEVELOPMENTS: First Creditors' Meeting Set for Oct. 14

YUENDUMU MINING: Second Creditors' Meeting Set for Oct. 14


C H I N A

CITIC RESOURCES: Moody's Upgrades CFR to Ba2, Outlook Stable


I N D I A

ABAN OFFSHORE: Central Bank Withdraws Insolvency Application
ABHISHEK STEEL: ICRA Cuts INR10cr Loan Rating to B+, Not Coop.
ADITYA AUTOMOBILE: ICRA Cuts INR10cr LT Loan Rating to B+/Not Coop.
AGRI POWER: ICRA Cuts INR119cr NCD Rating to B-, Put on Watch Neg.
AKANKSHA AUTOMOBILES: ICRA Lowers Rating on INR21.53cr Loan to B+

BONZA VITRIFIED: ICRA Maintains B Rating in Not Cooperating
COLOSSUS TRADE: ICRA Moves B+ Rating to Not Cooperating Category
CONSORT BUILDERS: ICRA Cuts INR20.25cr Loan Rating to B+, Not Coop.
CREATIVE TANNERY: ICRA Cuts INR10cr LT Loan Rating to B+, Not Coop.
D S KULKARNI: NCLT Initiates Insolvency Process vs. Firm

DIACH CHEMICALS: ICRA Cuts INR12cr Loan Rating to B+, Not Coop.
DIVYA CONSTRUCTION: ICRA Maintains B- Rating in Not Cooperating
GREAT AID MARKETING: Insolvency Resolution Process Case Summary
GREAT AID TECHNICAL: Insolvency Resolution Process Case Summary
GUPTA SYNTHETICS: Insolvency Resolution Process Case Summary

HINDUSTAN FLOUR: ICRA Maintains B Rating in Not Cooperating
INDIAN ACRYLICS: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
INDIAN ACRYLICS: Ind-Ra Corrects May 23 Rating Release
J D INDUSTRIES: ICRA Moves B- Rating to Not Cooperating Category
JAI DURGA: ICRA Cuts INR10.75cr LT Loan Rating to B+, Not Coop.

KANYAKA CORPORATION: ICRA Moves B Rating to Not Cooperating
KOHINOOR PAPER: Insolvency Resolution Process Case Summary
KVK NILACHAL POWER: Insolvency Resolution Process Case Summary
LENZ CERAMIC: ICRA Maintains 'B' Rating in Not Cooperating
MEC SHOT: Insolvency Resolution Process Case Summary

NAVKAR BUILDCON: ICRA Maintains 'B-' Rating in Not Cooperating
NECO HEAVY: ICRA Maintains B+ Rating in Not Cooperating
NINETYNINE BREWERIES: Insolvency Resolution Process Case Summary
NOMAX ELECTRICAL: ICRA Maintains C Rating in Not Cooperating
OM ASSOCIATES: ICRA Cuts INR20cr Loan Rating to B+, Not Coop.

OM TRADING: ICRA Maintains B- Rating in Not Cooperating
PASUPATI SPINNING: ICRA Maintains D Rating in Not Cooperating
PAYNE REALTORS: ICRA Maintains D Rating in Not Cooperating
PRIUS COMMERCIAL: ICRA Cuts INR424cr Loan Rating to D, Not Coop.
R BALARAMI: ICRA Moves B+ Rating to Not Cooperating Category

RAJ RATAN: ICRA Maintains C+/A4 Rating in Not Cooperating
RAJARAM FLOUR: ICRA Maintains 'D' Rating in Not Cooperating
RAJASTHAN LAND: Insolvency Resolution Process Case Summary
RAJKRISHNA ADITYA: ICRA Lowers Rating on INR2.95cr LT Loan to B+
RAMAKRISHNA HOUSING: ICRA Cuts INR315cr Loan Rating to D, Not Coop.

SHRI BALAJI: Insolvency Resolution Process Case Summary
SIDDHI INDUSTRIES: ICRA Maintains B+ Rating in Not Cooperating
STATUS CLOTHING: ICRA Maintains D Rating in Not Cooperating
TIRUPATI BASMATI: Insolvency Resolution Process Case Summary
TRIVENI SMELTERS: ICRA Cuts INR10.34cr Loan Rating to B+, Not Coop.



M A L A Y S I A

CHASWOOD RESOURCES: Gets Eight-Week Moratorium Extension


N E W   Z E A L A N D

FINANCIAL PLANNING: Kloogh-Connected Firms Part of "Ponzi Scheme"


S I N G A P O R E

AVATION PLC: S&P Raises ICR to 'BB-' on Disciplined Growth

                           - - - - -


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

BDB CORPORATE: Clifton Hall Appointed as Liquidators
----------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Liquidator of BDB
Corporate Pty. Ltd. on Oct. 2, 2019, by Order of the Federal Court
of Australia.

GEBRO CONTRACTING: Second Creditors' Meeting Set for Oct. 14
------------------------------------------------------------
A second meeting of creditors in the proceedings of Gebro
Contracting Pty Ltd has been set for Oct. 14, 2019, at 2:00 p.m. at
the offices of Auxilium Partners, Level 2, at 949 Wellington
Street, in West Perth, WA.

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 Oct. 11, 2019, at 4:00 p.m.

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

HL HOLDINGS1: First Creditors' Meeting Set for Oct. 14
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

  * HL Holdings1 Pty Ltd (formerly Healthy Life Holdings Pty
    Limited);
  * HL1 Pty Ltd (formerly Healthy Life Group Pty Ltd); and
  * HLR2 Pty Ltd (formerly Healthy Life Resources Pty Limited)

will be held on Oct. 14, 2019, at 11:00 a.m. at the offices of
Wesley Conference Centre, Smith Room, at 220 Pitt Street, in
Sydney, NSW.

Henry McKenna and Louisa Sijabat of Vincents were appointed as
administrators of HL Holdings1 on Oct. 1, 2019.

KPG CONSTRUCTIONS: Second Creditors' Meeting Set for Oct. 14
------------------------------------------------------------
A second meeting of creditors in the proceedings of KPG
Constructions (NSW) Pty Limited has been set for Oct. 14, 2019, at
10:00 a.m. at the offices of Rapsey Griffiths Turnaround +
Insolvency, Level 5, at 55-57 Hunter Street, in Newcastle, 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 Oct. 11, 2019, at 4:00 p.m.

Chad Rapsey of Rapsey Griffiths was appointed as administrator of
KPG Constructions on Sept. 6, 2019.

NETWORX PEOPLE: Second Creditors' Meeting Set for Oct. 14
---------------------------------------------------------
A second meeting of creditors in the proceedings of Networx People
Pty Ltd has been set for Oct. 14, 2019, at 2:00 p.m. at the offices
of PKF, Level 8, at 1 O'Connell Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 11, 2019, at 4:00 p.m.

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

PRIME OUTDOOR: First Creditors' Meeting Set for Oct. 11
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Prime
Outdoor Consultants Pty. Ltd will be held on Oct. 11, 2019, at 4:00
p.m. at the offices of Rodgers Reidy, Level 3, at 326 William
Street, in Melbourne, Victoria.

Brent Leigh Morgan and Geoffrey Niels Handberg of Rodgers Reidy
were appointed as administrators of Prime Outdoor on Oct. 1, 2019.

SEVILLE OPTIMISED: First Creditors' Meeting Set for Oct. 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Seville
Optimised Solutions Pty Ltd will be held on Oct. 15, 2019, at 11:00
a.m. at the offices of O'Brien Palmer, Level 9, at 66 Clarence
Street, in Sydney, NSW.

Liam Bailey of O'Brien Palmer was appointed as administrator of
Seville Optimised on Oct. 2, 2019.

SINCLAIR RECRUITMENT: First Creditors' Meeting Set for Oct. 15
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Sinclair
Recruitment (SA) Pty Ltd will be held on Oct. 15, 2019, at 10:30
a.m. at the offices of Building 11 Unit A, at Lakes Vista Park, 2
Flinders Parade, in North Lakes, Queensland.

Lee Crosthwaite of Worrells was appointed as administrator of
Sinclair Recruitment on Oct. 3, 2019.

SMHL SECURITISATION 2019-1: S&P Assigns BB(sf) Rating to E Notes
----------------------------------------------------------------
S&P Global Ratings raised its rating on the class B1 notes issued
by SMHL Securitisation Fund 2012-2 and lowered its ratings on the
class B2 notes issued by SMHL Series Securitisation Fund 2013-1 and
SMHL Series Securitisation Fund 2014-1.

At the same time, S&P removed the ratings from CreditWatch, where
it had placed them with negative implications on July 30, 2019. S&P
also affirmed its ratings on 15 other classes of notes issued by
the four transactions including SMHL Series Securitisation Fund
2019-1. The transactions are backed by residential mortgage loans
originated and serviced by Members Equity Bank Ltd.

The rating downgrades are driven by the lowering of S&P's ratings
to 'A' from 'A+' on QBE Lenders' Mortgage Insurance Ltd. (QBE) and
Genworth Financial Mortgage Insurance Pty Ltd. (Genworth). QBE and
Genworth are the lenders' mortgage insurers to the majority of
loans in each of these transactions (with the exception of SMHL
Series Securitisation Fund 2019-1 where 36% of the loans are
insured) and forms credit support to the notes.

S&P's opinion is that an insurer's capacity to pay is lower for an
'A' rated insurer than an 'A+' rated insurer, and results in it
assigning less credit to lenders' mortgage insurance (LMI) for RMBS
ratings higher than 'A'. As a result, the minimum credit support
for the notes rated 'A+' and above is now higher, after considering
lenders' mortgage insurance.

The rating actions on the class B2 notes in the SMHL Series
Securitisation Fund 2013-1 and SMHL Series Securitisation Fund
2014-1 transactions reflect that, in our view, there would be
insufficient excess spread available to cover losses at their
current rating level. There is no hard credit support in the form
of note subordination provided to these class B2 notes; instead,
credit support consists of LMI and excess spread.

The rating action on the class B1 notes issued by SMHL
Securitisation Fund 2012-2 reflects sufficient credit support
provided by the class B2 notes at an 'AA' rating level, as well as
the ability of the excess revenue reserve to cover losses (as well
as liquidity and principal draws) in this transaction. This feature
also supports our affirmation of the rating on the class B2 notes
in this transaction despite the absence of hard credit support in
the form of subordination.

The rating affirmations reflect sufficient credit support provided
to the notes at their respective rating levels, after taking into
account the rating downgrades on QBE and Genworth. The notes also
pass our cash-flow modeling stresses commensurate with the ratings
on the notes. Credit support for these notes is provided by note
subordination, LMI, and excess spread.

  Ratings Raised

                 From      To

  SMHL Securitisation Fund 2012-2
  Class B1       AA-(sf)   AA(sf)

  Ratings Lowered

                 From      To

  SMHL Series Securitisation Fund 2013-1
  Class B2       A+(sf)    A(sf)

  SMHL Series Securitisation Fund 2014-1
  Class B2       A+(sf)    A(sf)

  Ratings Affirmed

  SMHL Securitisation Fund 2012-2
  Class A2-R     AAA(sf)
  Class AB       AAA(sf)
  Class B2       AA-(sf)

  SMHL Series Securitisation Fund 2013-1
  Class A        AAA(sf)
  Class AB       AAA(sf)
  Class B1       AA(sf)

  SMHL Series Securitisation Fund 2014-1
  Class A        AAA(sf)
  Class AB       AAA(sf)
  Class B1       AA(sf)

  SMHL Series Securitisation Fund 2019-1
  Class A        AAA(sf)
  Class AB       AAA(sf)
  Class B        AA(sf)
  Class C        A+(sf)
  Class D        BBB+(sf)
  Class E        BB(sf)


VGROUP DEVELOPMENTS: First Creditors' Meeting Set for Oct. 14
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of VGroup
Developments Pty. Ltd. will be held on Oct. 14, 2019, at 11:00 a.m.
at the offices of Hall Chadwick Chartered Accountants, Level 40, at
2 Park Street, in Sydney, NSW.

Brent Kijurina and Richard Albarran of Hall Chadwick were appointed
as administrators of VGroup Developments on Oct. 1, 2019.

YUENDUMU MINING: Second Creditors' Meeting Set for Oct. 14
----------------------------------------------------------
A second meeting of creditors in the proceedings of Yuendumu Mining
Company No Liability has been set for Oct. 14, 2019, at 3:30 p.m.
at the offices of Meertens Chartered Accountants, Suite 4, Raffles
Plaza, at 1 Buffalo Court, in Darwin, NT.

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 Oct. 11, 2019, at 4:00 p.m.

James S Mcpherson and Austin R M Taylor of Meertens were appointed
as administrators of Yuendumu Mining on Sept. 9, 2019.



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

CITIC RESOURCES: Moody's Upgrades CFR to Ba2, Outlook Stable
------------------------------------------------------------
Moody's Investors Service upgraded CITIC Resources Holdings Limited
corporate family rating to Ba2 from Ba3.

The outlook on the rating is stable.

RATINGS RATIONALE

"The rating upgrade reflects our expectation that CITIC Resources'
improved credit metrics will be sustained over the next 12-18
months," says Chenyi Lu, a Moody's Vice President and Senior Credit
Officer, and also Moody's International Lead Analyst for CITIC
Resources.

CITIC Resources' debt leverage -- as measured by adjusted
debt/EBITDA -- fell to 3.8x for the 12 months to June 30, 2019, a
level which is materially lower than the 5.8x recorded at the end
of 2017. Positive free cashflow enabled the company to reduce its
reported debt by around 19% to HKD5.7 billion at the end of June
2019 from HKD7.0 billion at the end of 2017.

The positive free cash flow was in turn underpinned by the recovery
in oil prices during the period, as well as by reduced operating
costs and the company's prudent management of capital spending and
investments.

Moody's expects the company's adjusted debt/EBITDA will remain
around 4.0x-4.5x over the next 12-18 months. This expectation
incorporates Moody's forecast of global medium Brent oil prices of
around $65 per barrel, and the expectation that the company will
gradually ramp up production in the Yuedong oilfield from 2020.
Such levels of debt leverage support the company's standalone
credit profile.

"The rating upgrade also reflects CITIC Resources' good liquidity
position and improved debt profile," says Cindy Yang, a Moody's
Vice President and Senior Analyst, and also Moody's Local Market
Analyst for CITIC Resources.

The company's cash balance of around HKD2 billion at the end of
June 2019 together with expected annual operating cash flow of
HKD0.9-1.0 billion are sufficient to cover its short-term debt of
HKD1.7 billion, planned maintenance capital spending, and dividend
payouts over the next 12 months.

Moreover, the company has received regular support from its parent,
CITIC Group Corporation (CITIC Group, A3 stable), including a $500
million shareholder loan due 2022 that accounted for 69% of the
company's reported debt at the end of June 2019. This stable
funding structure makes the company more resilient than its rated
oil and gas peers to potential downturns in the cyclical oil and
gas industry.

CITIC Resources' Ba2 CFR reflects the company's standalone credit
profile and a three-notch uplift based on Moody's assessment of a
high likelihood of extraordinary support from its parent CITIC
Group in times of financial distress.

Moody's support assessment considers (1) CITIC Resources' important
role within CITIC Group as the overseas platform for natural
resource acquisitions and development; (2) the high reputational
risk for CITIC Group if CITIC Resources were to default; and (3)
the track record of parental support, as demonstrated by the $500
million shareholder loan granted to the company in 2017.

CITIC Resources' standalone credit profile also reflects the
company's (1) established production track record at its
Karazhanbas oilfield; (2) moderately diversified portfolio of
resources, including oil, coal and other metals; and (3) improved
financial management and liquidity position.

On the other hand, its standalone credit profile is constrained by
(1) its small scale in the oil exploration and production (E&P)
sectors; (2) the fluctuations in its revenues owing to volatility
in oil, coal and metal prices; and (3) its modest credit metrics.

In terms of environmental, social and governance (ESG) factors,
CITIC Resources' main oil and gas E&P operations are exposed to
elevated carbon transition risk over the long term. However, such
risk is partly mitigated by China's large-scale economy, with
sustained demand for oil and gas.

In addition, the company's sound track record of operating in the
oil and gas E&P sector has kept accidents and environmental hazards
to manageable levels.

CITIC Resources demonstrates reasonable transparency in information
disclosure and has an seven-member board of directors with three
independent non-executive directors, in accordance with the listing
requirements of the Hong Kong Stock Exchange. Moreover, the company
is supervised by its state-owned parent, which sits under the State
Council of China through the Ministry of Finance.

The stable outlook reflects Moody's expectation that CITIC
Resources' will (1) continue to generate positive operating cash
flow and maintain its improved debt leverage through disciplined
capital spending; (2) maintain its good liquidity position; and (3)
continue to receive financial support from its parent, CITIC Group,
when needed.

Upward pressure on the rating could emerge if the company (1)
successfully ramps up its production scale, while maintaining
production efficiency and operating costs; and (2) reduces its debt
leverage, such that E&P debt/average daily oil production drops
below $23,000 per barrel of oil equivalent (boe) or adjusted
debt/EBITDA falls below 3.0-3.5x on a sustained basis.

On the other hand, downward rating pressure could emerge if (1)
Moody's assesses that parental support for the company has
weakened; or (2) its credit profile deteriorates due to large
debt-funded acquisitions or capital spending.

Credit metrics indicative of downward pressure include E&P
debt/average daily production rising above $30,000 per boe or
adjusted debt/EBITDA exceeding 5.5x for a prolonged period.

The principal methodology used in this rating was Independent
Exploration and Production Industry published in May 2017.

CITIC Resources Holdings Limited is an energy and natural resources
investment holding company, with interests in aluminum smelting;
coal; import and the export of commodities; manganese; and bauxite
mining and alumina refining. It also has interests in the
exploration, development and production of oil. The company serves
as the principal natural resources and energy arm of its parent,
CITIC Group.



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

ABAN OFFSHORE: Central Bank Withdraws Insolvency Application
------------------------------------------------------------
Business Standard reports that Central Bank of India, one of the
lenders of offshore drilling contractor Aban Offshore, has
withdrawn their insolvency application against the company. The
National Company Law Tribunal (NCLT) has dismissed the application,
giving liberty for the lender to approach it later, the report
says.

According to Business Standard, the application for Corporate
Insolvency Resolution Process against the company was filed by
Central Bank of India, alleging that the company has defaulted
around INR155 crore. The principal amount is around INR127 crore,
while the rest is interest and others, said sources, Business
Standard relays.

Business Standard relates that the company informed the exchange,
"An application filed against the Company by one of the financial
creditors under Section 7 of Insolvency & Bankruptcy Code stands
withdrawn."

When the matter came up for hearing on Oct. 1 at the NCLT, Chennai
Bench, both parties said that they are settling the dispute. The
company is expected to repay the debts in 5-6 months. Some of the
other lender banks were also present for hearing.

Business Standard adds that sources said the company is working on
various options to reduce the debt and has appointed a consultant
to look at the options.

The company in its Annual Report for 2018-19 said that the company
will be able to pay its debts as and when they fall due, as
on-going discussions with lenders for re-negotiation, obtain
replacement financing or through any fund raising exercise or any
such proposal can be concluded, Business Standard reports.

Aban Offshore Ltd provides offshore drilling services to oil
companies.

ABHISHEK STEEL: ICRA Cuts INR10cr Loan Rating to B+, Not Coop.
--------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Abhishek Steel Industries Limited (ASIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based          10.00       [ICRA]B+(Stable) ISSUER NOT
   Limits                          COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable) and
                                   continues under 'Issuer Not
                                   Cooperating' category

   Non-Fund Based      10.00       [ICRA]A4 ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   under 'Issuer Not Cooperating'
                                   category

   Untied Limits        2.00       [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB(Stable) and
                                   continues under 'Issuer Not
                                   Cooperating' category;
                                   [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   under 'Issuer Not Cooperating'
                                   category

Rationale

The rating downgrade is because of lack of adequate information
regarding Abhishek Steel Industries Limited's performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

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

Abhishek Steel Industries Limited (ASIL) was incorporated in 2002
by the Raipur-based Mahamaya Group. Located in Raipur
(Chhattisgarh), ASIL has production facilities for billets/ blooms
and structural steel products with annual production capacities of
100,000 MT and 42,000 MT, respectively. The company produces light
structural steel products such as a variety of beams, channels and
girders, which are primarily used for construction activity. The
products of the company are sold under the brand name "MAHAMAYA".

ADITYA AUTOMOBILE: ICRA Cuts INR10cr LT Loan Rating to B+/Not Coop.
-------------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Aditya Automobile Spares Private Limited (AASPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         10.00      [ICRA]B+ (Stable) ISSUER NOT
   Fund-based                    COOPERATING; Rating downgraded
                                 from [ICRA]BB- (Stable); Rating
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

The rating downgrade is because of lack of adequate information
regarding AASPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

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

AASPL was incorporated in the year 1971 under the name 'Alagendra
Auto Parts' and was renamed in 2003 as Aditya Automobile Spares
Private Limited. The company is engaged in trading of automobile
spares of OEMs (Original Equipment Manufacturers) of two wheelers
and three wheelers. The company is an authorized stockist for
spares of OEMs like Yamaha, Royal Enfield and Bajaj. Spare parts of
other OEMs are procured from wholesale vendors. The company also
sells batteries and lubricants. At present, the company has five
retail outlets spread across various parts of Coimbatore. The main
outlet is in Coimbatore and is spread over an area of 25,000 square
feet in a six-storey building.

AGRI POWER: ICRA Cuts INR119cr NCD Rating to B-, Put on Watch Neg.
------------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Agri Power and Engineering Solutions Private Limited (APESPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible     119.00      [ICRA]B-* downgraded from
   Debenture                       [ICRA]B+ (Stable); placed on
   Programme                       watch with negative
                                   Implications

* Under rating watch with negative implications

Material event
Agri Power and Engineering Solutions Private Limited (APESPL), in
its announcement to stock exchange dated September 13, 2019, stated
that it would redeem its NCD, along with coupon payment, on October
1, 2019. Moreover, it liquidated its investment in Indian Energy
Exchange (IEX) on September 13, 2019, the proceeds of which would
be used for early NCD redemption, as informed in its announcement
to stock exchange dated September 18, 2019.

Impact of material event
The agreed IRR on NCD issue is 30%, and the proceeds from sale of
IEX investment are insufficient to meet the committed IRR.

Rationale
ICRA's rating revision factors in the expected shortfall in meeting
the agreed IRR of 30% on the NCD redemption and its dependence on
promoter's support for meeting the same.

Key rating drivers

Credit challenges
Dependence on promoter's support to meet NCD obligations - The
company was completely dependent on IEX investment monetisation to
meet the NCD obligation and redemption payments. As the sale
proceeds are insufficient to meet the same, it now has to be
dependent on promoter's support to meet the same.

Liquidity position: Stretched
The company's liquidity position is stretched as the IEX proceeds
would be insufficient to meet its agreed IRR on the NCD, which is
to be redeemed on October 1, 2019.

Rating sensitivities

Positive triggers - The rating upgrade is unlikely as APESPL has
huge obligation in the near term. However, the rating upgrade could
arise if the promoter infuses funds to support timely repayment and
meets the shortfall in agreed IRR of 30% on the NCD redemption.

Negative triggers - Negative pressure on APESPL's rating could
arise if timely refinancing of NCD redemption is not done before
the due date, for meeting the committed IRR returns, as there is
deficit from the sale proceeds from IEX investment.

AKANKSHA AUTOMOBILES: ICRA Lowers Rating on INR21.53cr Loan to B+
-----------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Akanksha Automobiles (P) Ltd (AAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–          21.53       [ICRA]B+(Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating downgraded
   Limits                          from [ICRA]BB (Stable) and
                                   Continues to the 'Issuer Not
                                   Cooperating' category

   Short-term–          6.00       [ICRA]A4; ISSUER NOT
   Unallocated                     COOPERATING; Continues to
   Limits                          remain under the 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding AAPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

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

AAPL is an authorised dealer of Maruti Suzuki India Limited (MSIL)
and is engaged in the sale of new cars, servicing of vehicles,
sales of spare parts, and sales and purchase of pre-owned cars. The
dealer has sales outlets in Moradabad, Thakurdwara, Rampur,
Sambhal, Chandausi, Kath, Amroha, Bilaspur and Gajaurala in Uttar
Pradesh.

BONZA VITRIFIED: ICRA Maintains B Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR39.00 crore bank facilities of
Bonza Vitrified Pvt. Ltd. (BVPL) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         10.00       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund based-         25.00       [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non-fund based       4.00       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

BVPL was incorporated in January 2016 as a private limited company
to manufacture glazed vitrified tiles with its plant situated at
Morbi (district: Rajkot, Gujarat), with an installed capacity of
87,700 MT per annum. The company started commercial production from
April 2017. The promoters have extensive experience in the ceramic
industry vide their association with entities like Big Tile
([ICRA]B+(Stable)/A4; February 2018) and Racy Sanitary Wares
([ICRA]B+(Stable)/A4; April 2018) which have been in operation
since 2010 and 2014, respectively. It manufactures four different
sizes of glazed vitrified tiles i.e. 600mm×600mm, 1000mmx1000mm,
800mmx800mm and 800mm×1200mm used for residential as well as
industrial purpose.

COLOSSUS TRADE: ICRA Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Colossus Trade Links Ltd to 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         25.00       [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

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

CTLL was incorporated in 2004 by Mr. Namit Gulati and his family.
The company is engaged in trading of scrap metal procured from the
domestic automobile sector. It derives its revenues from supplying
scrap metal to foundries, steel plants, traders and electronic
original equipment manufacturers (OEMs). CTLL, which is
headquartered in Delhi, has seven warehouses (three owned and four
rented) across northern India, with a combined area of over 15,000
square yards and combined storage capacity of over 8,000 tonnes.

CONSORT BUILDERS: ICRA Cuts INR20.25cr Loan Rating to B+, Not Coop.
-------------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Consort Builders Private Limited (CBPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based           8.75      [ICRA]B+(Stable) ISSUER NOT
                                  COOPERATING; Rating downgraded
                                  from [ICRA]BB+(Stable) and
                                  continues under 'Issuer Not
                                  Cooperating' category

   Non-fund based      20.25      [ICRA]B+(Stable) ISSUER NOT
                                  COOPERATING; Rating downgraded
                                  from [ICRA]BB+(Stable) and
                                  continues under 'Issuer Not
                                  Cooperating' category

   Non-fund based       1.00      [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating downgraded
                                  from [ICRA]A4+ and continues
                                  under 'Issuer Not Cooperating'
                                  category

Rationale

The rating downgrade is because of lack of adequate information
regarding Consort Builders Private Limited's performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

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

CBPL was incorporated in 2004 by Mr. Darshan Lal. The company is
engaged in construction activities including civil structures,
plumbing and electrical works with prime focus on execution of
industrial and commercial projects. The company operates in Punjab,
Himachal and Delhi for easier administration and optimum use of
capital and infrastructure base.

CREATIVE TANNERY: ICRA Cuts INR10cr LT Loan Rating to B+, Not Coop.
-------------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Creative Tannery Limited, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term:         10.00      [ICRA]B+ (Stable) ISSUER NOT  
   Fund Based-                   COOPERATING; Rating downgraded
   Cash credit                   from [ICRA]BB (Stable) and
                                 moved to the 'Issuer Not
                                 Cooperating' category

   Short term:         4.00      [ICRA]A4 ISSUER NOT COOPERATING;
   Non-fund based                Rating downgraded from [ICRA]A4+
                                 and moved to the 'Issuer Not
                                 Cooperating' category

   Long term and       1.00      [ICRA]B+ (Stable) ISSUER NOT
   Short term:                   COOPERATING/[ICRA]A4 ISSUER NOT
   Unallocated                   COOPERATING; Rating downgraded
                                 from [ICRA]BB (Stable)/[ICRA]A4+
                                 and moved to the 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding Creative Tannery Limited's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

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

Incorporated in 2008, Creative Tannery Limited was promoted by Mr
Tridip Kumar Dugar as a result of demerger from Creative Limited
which has presence in leather industry for almost three decades.
CTL is involved in the business of leather tannery and has a
tannery unit located at Kodungaiyur, Chennai, with a production
capacity of six lakh sq ft per month. CTL also manufactures other
leather products like wallets and belts through job workers.

The promoter also owns Intan Exim Private Limited (Intan) which is
involved in manufacturing of finished leather products, ladies bag
and gent's wallet, from its manufacturing unit in Kolkata, with a
capacity to manufacture 25000 bags and 50000 wallets every month
and caters to the export markets.

D S KULKARNI: NCLT Initiates Insolvency Process vs. Firm
--------------------------------------------------------
The Times of India reports that the Mumbai bench of the National
Company Law Tribunal (NCLT) has initiated a corporate insolvency
resolution process against D S Kulkarni Developers Limited (DSKDL),
the sole public limited company of jailed developer D S Kulkarni,
alias DSK, after admitting a petition for the same by the Bank of
Maharashtra (BoM) over a default of INR119.48crore debt by the
firm.

The IBC, which came into force in 2016, is India's bankruptcy law
that seeks to consolidate the existing framework by creating a
single law for insolvency and bankruptcy, TOI discloses. Among
other things, it provides for a time-bound resolution of insolvency
and bankruptcy proceeding involving corporates and individuals.

According to TOI, in an order on September 26, a two-member NCLT
bench of judicial member V P Singh and technical member Rajesh
Singh placed the corporate debtor, i.e. the DSKDL, under a
moratorium by prohibiting institution of any suits or continuation
of pending suits against the company before any court, tribunal or
adjudicating authority.

TOI relates that the bench also restrained the firm from
transferring, alienating or disposing of any of its assets till
"the completion of the insolvency process or until the bench
approves a resolution plan under IBC or an order for liquidation of
the corporate debtor".

"The insolvency process is civil in nature, aimed at prioritising
settlement of claims by financial creditors, FD holders and home
buyers to the extent of DSKDL. It is independent of the ongoing
criminal proceeding against DSK and others under the MPID Act
before a Pune court," special public prosecutor Pravin Chavan told
TOI.

However, Chinmay Inamdar, one of the lawyers representing DSK in
the Pune court, said, "An insolvency process under the IBC will
have an over-riding effect on everything else, including
proceedings under the MPID Act, as far as assets belonging to the
DSKDL is concerned. The immediate impact will be on the auction of
DSKDL vehicles which was recently cleared by the Pune court. Even
the criminal proceeding, at some point in time ahead, will land
before the special court for Prevention of Money Laundering Act
(PMLA)," TOI relays.

On February 14, the Mumbai zonal office of the Enforcement
Directorate provisionally attached DSK and his group’s immovable
and movable properties totally worth INR904.45crore, TOI recalls.
An adjudicating authority under the PMLA in New Delhi confirmed the
attachment on August 5, paving the way for the ED to file a
charge-sheet against DSK and others before the special PMLA court
in Mumbai, the report says. "Once this happens, the prosecutor
there will move a plea for clubbing all cases pending elsewhere
before the PMLA court," TOI quotes Inamdar as saying.

Bank of Maharashtra sought insolvency process under the IBC against
DSKDL on the grounds that the company defaulted on July 29, 2017,
in paying debt worth INR119.48 crore, including unapplied interest,
sanctioned on February 24, 2016, according to TOI.

On July 24, 2017, the bank classified DSKDL as a non-performing
asset and issued a notice initiating recovery process under the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002, TOI notes.

On December 15, 2018, the Debts Recovery Tribunal (DRT) bench in
Pune directed DSDKL to pay an aggregate sum of INR74.07Cr to the
bank, TOI discloses.

TOI says the NCLT held that the bank established the default on the
part of the DSKDL and the DRT. Pune’s order further establishes
the same.

D.S. Kulkarni Developers Ltd. is a construction company. The
Company is involved in the construction of residential buildings,
including apartment blocks.

DIACH CHEMICALS: ICRA Cuts INR12cr Loan Rating to B+, Not Coop.
---------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Diach Chemicals and Pigments Private Limited (DCPPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Fund      12.00      [ICRA]B+(Stable) ISSUER NOT
   Based Cash                     COOPERATING, Rating downgraded
   Credit                         from [ICRA]BB-(Stable) and
                                  Continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Short term-Non       2.00      [ICRA]A4 ISSUER NOT
   Fund Based                     COOPERATING Continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

Rationale

The ratings for the INR14.00 crore bank facilities of DCPPL
continues to remain under 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B+ (stable)/A4 ISSUER NOT
COOPERATING".

The rating downgrade is because of lack of adequate information
regarding Diach Chemicals & Pigments Pvt Ltd's performance and
hence the uncertainty around its credit risk. ICRA assesses whether
the information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

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

Diach Chemicals and Pigments Private Limited (DCPPL) was
incorporated in 2005 by Mr. Diach Gosh and his son to set up a
manufacturing unit of lead-based products such as red lead, refined
lead, antimonial lead and grey oxide. The manufacturing facility is
located at Dhulagarh, West Bengal and it commenced operations in
2009. The products find applications in battery industry, paint
industry and glass and ceramic industry.

DIVYA CONSTRUCTION: ICRA Maintains B- Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR20.00 crore bank facilities of
Divya Construction Company (DCC) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B- (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based          6.00       [ICRA]B- (Stable) ISSUER NOT
   Limits Cash                    COOPERATING; Rating continues
   Credit                         to remain under the 'Issuer Not
                                  Cooperating' category

   Non-Fund           14.00       [ICRA]B- (Stable)/[ICRA]A4
   Based limits                   ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under the 'Issuer Not
                                  Cooperating' category

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

Divya Construction Company (DCC) was formed in 1970 as a
partnership firm and is registered as a class AA contractor. The
firm was started by Mr. Kirit Shah who has 60% share in the firm.
The remaining 40% is owned by Smt. Ratikanta Kirit Shah. The firm
is currently being managed by Mr. Kirit Shah and his son Mr. Nehal
Shah. The firm has executed civil works for government and
semi-government departments in Mumbai. In the past, DCC has
executed civil contracts for Public Works Department, Municipal
Corporation of Greater Mumbai and Mumbai Metropolitan Region
Development Authority.

GREAT AID MARKETING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Great Aid Marketing Private Limited
        301-302 Anand Chambers
        25/34 East Patel Nagar
        New Delhi 110008

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Sameer Rastogi

Interim Resolution
Professional:            Sameer Rastogi
                         F-116, Lajpat Nagar-I
                         New Delhi 110024
                         E-mail: srastogi@indiajuris.com
                                 rpsrastogi@gmail.com

Last date for
submission of claims:    October 8, 2019


GREAT AID TECHNICAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Great Aid Technical Services Private Limited
        301-302 Anand Chambers
        25/34 East Patel Nagar
        New Delhi 110008

Insolvency Commencement Date: September 24, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 22, 2020
                               (180 days from commencement)

Insolvency professional: Sameer Rastogi

Interim Resolution
Professional:            Sameer Rastogi
                         F-116, Lajpat Nagar-I
                         New Delhi 110024
                         E-mail: srastogi@indiajuris.com
                                 rpsrastogi@gmail.com

Last date for
submission of claims:    October 7, 2019


GUPTA SYNTHETICS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Gupta Synthetics Limited
        326 Sardar Ghru Bldg, 3rd Floor
        198 Lok Manya Tilak Road
        Mumbai 400002

Insolvency Commencement Date: September 17, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 14, 2020

Insolvency professional: Ms. Jovita Reema Mathias

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

Last date for
submission of claims:    October 11, 2019


HINDUSTAN FLOUR: ICRA Maintains B Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR10.00-crore bank facilities of
Hindustan Flour Mills continue to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable)
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-         10.00        [ICRA]B (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Hindustan Flour Mills (HFM) was established in 1979 and was taken
over by Mr. G. Balasubramanian and three other partners in 2000.
HFM manufactures wheat products which primarily includes maida,
atta and sooji. The manufacturing facility is located in Coimbatore
with an installed capacity to grind 120 MT of wheat per day. The
firm markets its products under the brand name 'Five Star'.
Besides, the firm is also involved in trading of wheat and sale of
by-products including bran, bran flakes and dust.

INDIAN ACRYLICS: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Indian Acrylics
Limited's (IAL) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR1,086.3 bil. Long-term loan due on March 2026 affirmed with

     IND BB/Stable rating;

-- INR300 mil. Fund-based limits affirmed with IND BB/Stable
     rating; and

-- INR2,113.7 bil. Non-fund-based limits affirmed with IND A4+
     rating.

KEY RATING DRIVERS

Liquidity Indicator – Stretched: The affirmation reflects IAL's
continued stretched liquidity despite a marginal improvement in its
average utilization of fund-based limits to 96.94% for the 12
months ended August 2019 (FY19: 109.87%). Even though the liquidity
was comfortable over April 2019-June 2019 due to improved working
capital management, the company's working capital utilization was
almost full in July and August 2019. The cash flow from operations
turned positive in FY19 at INR546.00 million (FY18: negative INR265
million) mainly due to the increased non-operative income from the
capital gain on land acquired by government.

The affirmation reflects the company's continued volatile and
modest EBITDA margin of 4.72% in FY19 (FY18: 8.33%; FY17: 10.25%;
FY16: 8.65%) with return on capital employed of 5.05% (9.77%;
17.65%; 27.6%). The margin declined in FY19 due to an increase in
raw material prices. The cyclicality in the acrylic fiber industry
is due to crude price volatility, a continuous threat of acrylic
fiber dumping in India by overseas manufacturers and IAL's seasonal
product life cycle. In 1QFY20, the margin improved to 9.07% due to
favorable raw material prices and Ind-Ra expects this trend to
continue in the near term.

The ratings further reflect IAL's continued modest credit metrics
with net financial leverage (adjusted net debt/operating EBITDA) of
6.07x in FY19 (FY18: 4.88x) and gross interest coverage of 1.21x
(2.16x). The deterioration in the credit metrics in FY19 was mainly
on account of a fall in absolute EBITDA, coupled with an increase
in interest expenses and high unsecured borrowings to support the
company's ongoing capex. However, Ind-Ra expects the credit metrics
to improve in FY20 on account of an improvement in the EBITDA,
backed by the normalization of raw material prices.

The ratings, however, supported by the near completion stage of the
company's ongoing capex of INR560 million for adding 10,000
spindles in its existing premises. The ratings also benefit from
the company's continued large scale of operations with a 40% yoy
rise in revenue to INR7,314 million in FY19, driven by an
improvement in the utilization of acrylic worsted yarn and an
increase in the realization from yarn. However, its export sale is
geographically concentrated with 69% revenue coming from Iran. The
ratings continue to be supported by IAL's over 33 years of track
record in the acrylic fiber business.

RATING SENSITIVITIES

Negative: Any decline in the revenue or profitability, leading to
deterioration in the credit metrics and/or further deterioration in
the liquidity will be negative for ratings.

Positive: Any improvement in the liquidity and the timely
completion of the ongoing capex along with the geographical
diversification of export sales, will be positive for ratings.

COMPANY PROFILE

Incorporated in 1986, IAL manufactures acrylic fiber at its 45000
metric ton per annum facility in Sangur, Punjab. The company has
the largest acrylic fiber manufacturing facility in India. It has
installed 43,992 spindles for manufacturing worsted and modified
cotton. IAL sells acrylic fiber to all major spinning mills engaged
in acrylic yarn manufacturing in India and also exports too many
countries.

INDIAN ACRYLICS: Ind-Ra Corrects May 23 Rating Release
------------------------------------------------------
This announcement corrects the version published on May 23, 2019 to
correctly state the financials. An amended version is:

India Ratings and Research (Ind-Ra) has assigned Indian Acrylics
Limited (IAL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR300 mil. Fund-based working capital limits assigned with
     IND BB/Stable rating;

-- INR1,086.3 bil. Long-term loan due on March 2026 assigned with
    
     IND BB/Stable rating; and

-- INR2,113.7 bil. Non-fund-based limit assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect cyclicality in the acrylic fiber industry due
to crude price volatility, a continuous threat of acrylic fiber
dumping in India by overseas manufacturers and IAL's seasonal
product cycle. Fluctuations in raw material and product prices led
to a volatile EBITDA margin of 4.7%-10.2% over FY16-FY19. The
margin fell to 4.7% in FY19 from 8.3% in FY18. The decline in the
margin was on account of an increase in raw material price.
However, the margin has been resilient in view of the reasonable
access of IAL to the international market and value-added products
in the portfolio. Moreover, IAL's ROCE was 5.1% in FY19 (FY18:
9.8%).

The ratings also reflect the modest credit metrics of IAL. The
company's net financial leverage (adjusted net debt/operating
EBITDA) deteriorated to 6.07x in FY19 from 4.88x in FY18 and gross
interest coverage (operating EBITDA/gross interest expense) to 1.2x
from 2.2x, on account of significant deterioration in the absolute
EBITDA.

The ratings further reflect the tight liquidity position of IAL,
indicated by an average working capital utilization of over 100%
for the 12 months ended April 2019. However, IAL's CFO turned
positive to INR546 million in FY19 from negative INR265 million in
FY18 on account of efficient working capital management.

The ratings, however, are supported by 40.0% yoy revenue growth to
INR7,314 million in FY19, driven by an improvement in the
utilization of acrylic worsted yarn and an increase in the
realization from yarn. The scale of operations is large. In April
2019, the company booked a turnover of INR770 million. IAL sells
acrylic fiber to all major spinning mills engaged in acrylic yarn
manufacturing in India and also exports too many countries. Export
sales accounted for about 31.57% of the overall revenue in FY19
(FY18: 30.51%), with Iran and China representing about 80% of the
overall exports.

The ratings are also supported by IAL's over 33-year track record
in the acrylic fiber business.

RATING SENSITIVITIES

Negative: Any decline in the revenue or profitability, leading to
any deterioration in the credit metrics and pressure on the
liquidity, will be negative for the ratings.

Positive: Any improvement in the liquidity, along with the
geographical diversification of export sales, will be positive for
ratings.

COMPANY PROFILE

Incorporated in 1986, IAL manufactures acrylic fiber at its
45,000-metric-ton-per-annum facility in Sangrur, Punjab. The
company has the largest acrylic fiber manufacturing facility in
India. It has installed 43,992 spindles for manufacturing worsted
and modified cotton.

J D INDUSTRIES: ICRA Moves B- Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA said the ratings for the 14.00 crore bank facilities of J D
Industries (JDI) was moved to Issuer non -cooperating category. The
longterm rating is denoted as [ICRA]B- ISSUER NOT COOPERATING with
a Stable outlook, while the short-term rating is denoted as
[ICRA]A4 ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based–         1.16       [ICRA]B-(Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

   Fund based–         6.50       [ICRA]B-(Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

   Non-Fund Based      4.00       [ICRA]A4 ISSUER NOT
   Bank Gaurantee                 COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

   Untied Limits       2.34       [ICRA]B-(Stable)/A4 ISSUER NOT
                                  COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

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

Established in 2007 as a proprietorship firm, JD Industries (JDI)
has a rice-milling unit with an annual milling capacity of 72,000
MT of paddy and a processing facility for silky sortex rice with an
installed capacity of 48,000 MT. The manufacturing facility of the
firm is situated at Tilda in Raipur district, Chhattisgarh. The
firm is also involved in the milling of paddy on job-work basis for
the Food Corporation of India (FCI).

JAI DURGA: ICRA Cuts INR10.75cr LT Loan Rating to B+, Not Coop.
---------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Jai Durga Oil Extraction Private Limited (JDOEPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-         3.57      [ICRA]B+(Stable) ISSUER NOT
   Term Loan                    COOPERATING; Rating downgraded
                                from [ICRA]BB (Stable) and
                                moved to the 'Issuer Not
                                Cooperating' category

   Long Term-        10.75      [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                  COOPERATING; Rating downgraded
                                from [ICRA]BB (Stable) and
                                moved to the 'Issuer Not
                                Cooperating' category

   Long Term-         0.68      [ICRA]B+(Stable) ISSUER NOT
   Unallocated                  COOPERATING; Rating downgraded
                                from [ICRA]BB (Stable) and
                                moved to the 'Issuer Not
                                Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding Jai Durga Oil Extraction Private Limited's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

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

Jai Durga Oil Extraction Private Limited (JDOEPL) was incorporated
in 2004 and has its registered office at Bilaspur, Chhattisgarh.
The company is involved in extraction and refining of oil from rice
bran. The plant is located in 'Sirgitti'.


KANYAKA CORPORATION: ICRA Moves B Rating to Not Cooperating
-----------------------------------------------------------
ICRA has moved the long term ratings and short term ratings for the
bank facilities of Kanyaka Corporation (KC) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable)/A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-           4.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Long Term-           1.15       [ICRA]B (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Long Term/           4.85       [ICRA]B (Stable)/A4 ISSUER  
   Short Term-                     NOT COOPERATING; Rating moved
   Unallocated                     to the 'Issuer Not
                                   Cooperating' category

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

Kanyaka Corporation is a proprietorship firm established in 2009 by
Mr. Subhrahmanyam. The firm trades in chemicals and solvents, used
mainly in pharmaceutical, printing and packaging, agro, and textile
industries. The firm sells its products in Telangana and Andhra
Pradesh with its head office in Hyderabad, and a branch office in
Visakhapatnam. The firm is an authorised dealer for Grasim
Industries Limited.

KOHINOOR PAPER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Kohinoor Paper and Newsprint Private Limited
        11 Allenby Road
        Kolkata WB 700020

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Uday Narayan Mitra

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

                            - and -

                         C/o Manish Mahavir & Co.
                         2B, Grant Lane
                         Room No. 303, 3rd floor
                         Bajarang Kunj
                         Kolkata 700012
                         E-mail: cirp.kohinoor@gmail.com
                         Mobile: 94335-37994
                                 8582806221

Last date for
submission of claims:    October 9, 2019


KVK NILACHAL POWER: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: KVK Nilachal Power Private Limited
        4th Plot No. 484
        Jubleehills Road no. 36
        Hyderabad, TG 500033
        IN

Insolvency Commencement Date: September 23, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 21, 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
                                 kvknilachalkgs2019@gmail.com

Last date for
submission of claims:    October 7, 2019


LENZ CERAMIC: ICRA Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR15.50 crore bank facilities of Lenz
Ceramic Pvt. Ltd. remains under the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

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

   Fun-based–          8.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund Based–     2.50        [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in February 2010, Lenz Ceramic Pvt. Ltd. (LCPL) is a
vitrified tiles manufacturer with its plant in Morbi, Gujarat. LCPL
commenced its operations in April 2011. It manufactures vitrified
tiles of two sizes 600" X 600" and 600" X 1200", which find wide
application in commercial as well as residential buildings. The
company is managed and promoted by Mr. Ashokbhai Patel, Mr. Babulal
Nayakpara, Mr. Jayendrabhai Sanja and Mr. Jitendrabhai Nayakpara.
It has an installed capacity to manufacture 1440000 boxes of
vitrified tiles per annum.

MEC SHOT: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: M/s Mec Shot Blasting Equipments Private Limited

        Registered office:
        E-279, Marudhar Industrial Area
        Phase II, Jodhpur 342005
        (Rajasthan)

Insolvency Commencement Date: September 18, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: March 16, 2020

Insolvency professional: Anoop Kumar Goyal

Interim Resolution
Professional:            Anoop Kumar Goyal
                         Flat No. 403
                         B-20 Shiv Enclave
                         Shiv Marg, Bani Park
                         Jaipur 302016
                         (Rajasthan)
                         E-mail: doctor.anoop@gmail.com
                                 cirp.mecshot@gmail.com

Last date for
submission of claims:    October 2, 2019


NAVKAR BUILDCON: ICRA Maintains 'B-' Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR15.00 crore bank facilities of
Navkar Buildcon (NB) continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B- (Stable)
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         15.00       [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Incorporated in 2011, Navkar Buildcon (NB) is a partnership firm
engaged in development of a residential cum commercial real estate
project – Navkar Plaza in Ratnagiri, Maharashtra. The firm is a
joint venture between the Ratnagiri based Padmavatee Group and
Panvel based Neel Group. The Padmavatee Group, being managed Mr.
Mahendra Jain and his two sons, Mr. Abhay Jain and Mr. Pravin Jain.
The Neel Group, being managed by Mr. Vilas Kothari was formed in
1985 as LPG cylinder distributors in Panvel and then the Group
diversified into the real estate sector.

NECO HEAVY: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------
ICRA said the ratings for the INR17.50 crore bank facilities of
Neco Heavy Engineering And Castings Limited (NHECL) continues to
remain under the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         12.50       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category
       
   Non-Fund             5.00       [ICRA]A4 ISSUER NOT
   based–Bank                      COOPERATING; Rating continues
   Guarantee                       to remain under the 'Issuer
                                   Not Cooperating' category

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

Neco Heavy Engineering and Castings Limited (NHECL) was established
in 1987, as Neco Castings Limited (NCL), manufacturing variety of
grey and ductile castings. During FY2009, the name was changed to
Neco Heavy Engineering and Castings Limited as the company ventured
into fabrication business, catering to various engineering
industries. Ashutosh Castings Limited (ACL), a group company was
merged with NHECL with effect from April 2006. The company has
accounted for the amalgamation during the FY2008. NHECL caters to
the needs of diverse industries including integrated steel plants,
mini steel plants, engineering and material handling. The company
has an installed melting capacity of 20,500 Tonnes per annum (TPA)
and has facilities to undertake machining activities for a maximum
of 25 Tonne, single piece.

NINETYNINE BREWERIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s. NinetyNine Breweries Private Limited
        Plot No. 281/2, H.No. 8-2-293/82/A/281
        Jubilee Hills, Venkatagiri
        Hyderabad TG 500033

Insolvency Commencement Date: September 12, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 10, 2020

Insolvency professional: Ganapati Ram Appana

Interim Resolution
Professional:            Ganapati Ram Appana
                         # 1-1-711/1, Gandhi Nagar
                         Hyderabad 500080
                         E-mail: ganapati.ram1@gmail.com

                            - and -

                         # 301, B-Block
                         Vishnu Residency
                         Gandhi Nagar
                         Hyderabad 500080

Last date for
submission of claims:    October 2, 2019


NOMAX ELECTRICAL: ICRA Maintains C Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR17.79 crore bank facilities of
Nomax Electrical Steel Pvt Ltd (NESPL) continue to remain under
Issuer Not Cooperating category. The long-term rating is denoted as
[ICRA]C ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based–         17.33      [ICRA]C ISSUER NOT
COOPERATING;
   Cash Credit                    Rating Continues to remain
                                  under the 'Issuer Not
                                  Cooperating' category

   Fund Based–          0.46      [ICRA]C ISSUER NOT
COOPERATING;
   Untied Limits                  Rating Continues to remain
                                  under the 'Issuer Not
                                  Cooperating' category

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

Promoted by Md. Moinuddin Mondal, the company was initially
established in 1981 as a proprietorship firm in the name of
'Eastern Electricals'. It was converted into a private limited
company in 2007 and was renamed Nomax Electrical Steel Private
Limited. The company manufactures Cold Rolled Grain Oriented (CRGO)
steel laminations, which are primarily used in making transformers,
stabilisers, etc. The company carries out its operations from its
two units located at Dakhin Hathiara, Kolkata.

OM ASSOCIATES: ICRA Cuts INR20cr Loan Rating to B+, Not Coop.
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Om Associates, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based          20.00       [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding Om Associates' performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by the rated entity". The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

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

Established in 2002, Om Associates is the sole authorised
distributor of Procter & Gamble Hygiene & Health Care Limited
(P&G), Reliance Jio Infocomm Limited (Reliance Jio), InFocus
Corporation (InFocus), and S. C. Johnson Products Private Limited
(S. C. Johnson) in Odisha. The firm sells P&G's and S. C. Johnson's
fast-moving consumer goods, Reliance Jio's mobile handsets,
devices, SIM cards and recharge vouchers, and InFocus' mobile
handsets. The firm is promoted by the Bhubaneswar-based Hans
family, which have experience of more than 15 years in the
distribution business.

OM TRADING: ICRA Maintains B- Rating in Not Cooperating
-------------------------------------------------------
ICRA said the ratings for the INR4.95 crore bank facilities of OM
Trading Company continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B- (Stable)
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         4.95        [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category
    
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Om Trading Company was incorporated in 2012 by the Nagpur based
Wadhwani family for trading of different commodities mainly betel
nut. The product profile of the firm consists of betel nut, almond,
turmeric powder, white poppy seeds, chilli powder etc. The Wadhwani
group has been in the business of chilli trading & spice processing
since 1942. Apart from this, it also provides services as chilli
commission agent and operates cold storage units specifically for
storing chillies at major chilli trading centres like Nagpur,
Guntur and Warangal.

PASUPATI SPINNING: ICRA Maintains D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has continued the long-term and short-term ratings for the
bank facilities of Pasupati Spinning & Weaving Mills Limited (PSWM)
to remain under the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D ISSUER NOT COOPERATING".


                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   15% Partially      11.77       [ICRA]D ISSUER NOT COOPERATING;
   Convertible                    Rating continues to remain
   Debentures                     under 'Issuer Not Cooperating'
                                  category

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

Incorporated in 1979, PSWM is promoted by Mr. Ramesh Kumar Jain and
manufactures cotton yarn, polyester grey and dyed sewing thread, as
well as knitted fabric. The company has two manufacturing units,
one sewing thread manufacturing facility in Kala Amb and one
polyester viscose and cotton yarn manufacturing unit in Dharuhera
(Haryana).

PAYNE REALTORS: ICRA Maintains D Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for bank facilities of Payne Realtors Private
Limited (PRPL) continues to be in 'Issuer Not Cooperating (INC)'
category. The rating was earlier placed in INC category due to
non-receipt of 'No Default Statement' and will now be in the same
category due to non-receipt of requisite information also.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loans        27.50      [ICRA]D ISSUER NOT COOPERATING;
                                rating continues to remain in
                                'Issuer Not Cooperating' category

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

Payne Realtors Private Limited (PRPL), incorporated in February
2008, is a 100% subsidiary of Prius Commercial Projects Private
Limited (previously known as GYS Real Estates Private Limited).
PCPPL was incorporated on December 8, 2006. 84% stake in the
company is held by Ms. Shabnam Dhillon and 16% stake is held by Mr.
Yuvraj Narain Gorwaney. Prius group is based out of New Delhi and
it owns and manages multiple real estate assets in India. PRPL's
commercial building is operational since 2009 and has total
leasable area of 74,500 sq ft. PCPPL has five subsidiaries, each of
which owns and manages commercial properties in various locations.
Total saleable area across the six companies (PCPPL and its five
subsidiaries) is 1.15 million sq ft.

PRIUS COMMERCIAL: ICRA Cuts INR424cr Loan Rating to D, Not Coop.
----------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Prius Commercial Projects Private Limited, as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Term Loans        424.00      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating downgraded from
                                 [ICRA] B (SO) (negative) and
                                 continues to be in Issuer not
                                 cooperating Category

In line with the SEBI guidelines, ICRA has discontinued the use of
the (SO) suffix alongside rating symbols for denoting the ratings
of instruments backed by structural features (such as Escrow and
DSRA). Thus, the revised rating does not carry the (SO) suffix.

Rationale

The ratings for bank facilities of Prius Commercial Projects
Private Limited (PCPPL) continues to be in 'Issuer Not Cooperating
(INC)' category. The rating was earlier placed in INC category due
to non-receipt of 'No Default Statement' and will now be in the
same category due to non-receipt of requisite information also.
Further, the rating has been downgraded to [ICRA]D as insolvency
proceedings have been initiated against the company and loans have
been recalled by the lenders.

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

Prius Commercial Projects Private Limited (previously known as GYS
Real Estates Private Limited) was incorporated on December 8, 2006.
84% stake in the company is held by Ms. Shabnam Dhillon and 16%
stake is held by Mr. Yuvraj Narain Gorwaney. The company is based
out of New Delhi and it owns and manages a commercial property in
Saket in New Delhi. The commercial building is operational since
2009 and has total leasable area of 2,56,641 sq ft. GYS has five
subsidiaries, each of which owns and manages commercial properties
in various locations. Total saleable area across the six companies
(GYS and its five subsidiaries) is 1.15 million sq ft.

R BALARAMI: ICRA Moves B+ Rating to Not Cooperating Category
------------------------------------------------------------
ICRA has moved the long term ratings and short term ratings for the
bank facilities of R Balarami Reddy And Company (RBRC) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B+(Stable)/A4 ISSUER NOT COOPERATING".

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

   Short Term-Non       7.00       [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Long Term/Short      4.00       [ICRA]B+(Stable)/A4 ISSUER NOT
   Term-Unallocated                COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

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

R Balarami Reddy And Company is an engineering and contracting firm
engaged in construction of dams, earthworks, site grading,
excavation & digging activities, and construction of embankments.
It was established in the 1960s by its founder Mr. Balarami Reddy.
Presently, the firm is owned and managed by R. Sreenivasula Reddy
and B. Sreenivas Reddy. The firm executes civil contracts which are
directly acquired from government departments as well as sub
contracts from another contractor. RBR has executed projects in
various areas like irrigation, power, mining and transportation. In
FY2017, the company reported a net profit of INR3.2 crore on an
operating income of INR88.8 crore, as compared to a net profit of
INR1.6 crore on an operating income of INR49.5 crore in the
previous year (FY2016).

RAJ RATAN: ICRA Maintains C+/A4 Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR18.50-crore bank facilities of Raj
Ratan Smelter Limited continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]C+/[ICRA]A42 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/          18.50       [ICRA]C+/[ICRA]A4; ISSUER NOT
   Short Term                      COOPERATING; Continues to
   Fund based/                     remain Under the 'Issuer Not
   Non-Fund                        Cooperating' category  
   Based               


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

Raj Ratan Smelter Limited was incorporated by the Khatri family in
2007 and is involved in the manufacture and sale of mild steel
bars. Its plant, located in Kanpur (UP), has a capacity of 36,000
metric tonnes (MT) per annum.

RAJARAM FLOUR: ICRA Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR12.00-crore bank facilities of
Rajaram Flour Mills Private Limited continue to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term-        12.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Rajaram Flour Mills Private Limited was established in 1980 by Mr.
G Balasubramanian. The manufacturing facility of RFMPL is in
Madurai and has an installed capacity to grind 70 MT of wheat per
day. RFMPL manufactures various wheat products including maida,
wheat flour (atta) and sooji, among others. The products are sold
under the brand name 'Annalakshmi'. Besides, the company also
engages in trading of wheat and sale of by-products including bran,
bran flakes and dust.

RAJASTHAN LAND: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Rajasthan Land Holdings Limited

        Registered office address:
        1st Floor, LIC Jeevan Nidhi Building Ambedkar Cirle
        Bhawani Singh Road, Jaipur
        Rajasthan 302005

Insolvency Commencement Date: September 24, 2019

Court: National Company Law Tribunal, Jaipur Bench

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

Insolvency professional: Mrs. Anuradha Gupta

Interim Resolution
Professional:            Mrs. Anuradha Gupta
                         E-194, Amba Bari
                         Jaipur 302039
                         Rajasthan
                         E-mail: anuradhagupta70@gmail.com
                                 rlhlcirp@gmail.com

Last date for
submission of claims:    October 8, 2019


RAJKRISHNA ADITYA: ICRA Lowers Rating on INR2.95cr LT Loan to B+
----------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Rajkrishna Aditya Auto Store Private Limited (RAASPL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term-          2.95       [ICRA]B+ (Stable) ISSUER NOT
   Fund-based                     COOPERATING; Rating downgraded
                                  from [ICRA]BB- (Stable); Rating
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Short-term-         3.05       [ICRA]A4 ISSUER NOT
   Non-fund based                 COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding Rajkrishna Aditya Auto Store Private Limited's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by the rated entity". The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

RAASPL was established in 1993 as an authorized stockist for Maruti
Udyog Limited to market and distribute Maruti Suzuki's genuine
spare parts in Tamil Nadu and Pondicherry. The company has
warehouses in Coimbatore (12,000 square feet), Trichy (8,000 square
feet), Hosur, Salem and Pondicherry (2,000 square feet each). It
caters to around 23 districts in Tamil Nadu and Pondicherry. Apart
from spare parts, the company also sells lubricants. The customer
base for the company includes Maruti authorized service centers,
Maruti dealers and individual mechanics.

RAMAKRISHNA HOUSING: ICRA Cuts INR315cr Loan Rating to D, Not Coop.
-------------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Ramakrishna Housing Private Limited, as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       315.00     [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating downgraded from
                                [ICRA]BB(Stable); rating
                                continues to remain in non
                                cooperating category

Rationale

The rating downgrade factors in the delay in debt-servicing of the
term loan, as confirmed by the banker. The rating is based on
limited information on the entity's performance since the time it
was last rated in June 2018. The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

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

Ramakrishna Housing Private Limited was incorporated in January
2014 and is promoted by Mr. K.P.V. Anjani Kumar and his wife Mrs.
K.C.V. Durga Devi. The promoters have earlier developed several
residential projects under different group entities namely,
Ramakrishna Townships & Projects, and Ramakrishna Housing
(partnership firm). Ramakrishna Group has acquired 53 acres to
construct and develop a township in Kaza, Mangalagiri Mandal of
Guntur District. The company is constructing 25 high-rise
apartments ranging from 24 to 31 floors in a phased manner in the
name of – 'Ramakrishna Venuzia'. Phase-I, consists of 8 towers;
Phase II, consists of 9 towers; and Phase III, consists of 8
towers. Initially, under Phase I, the company is constructing 6 out
of 8 towers, namely, Tower No. 2, 6, 8 and 3, 4, 5 with a total
saleable area of 21.50 lakh sft. The Total Project Cost (TPC) of
INR645.71 crore is proposed to be funded through INR100 crore (15%
of TPC) of equity, INR205 crore (32%) of project loan, INR16 crore
(2%) of equipment finance loan and remaining INR324.71 crore (50%)
by way of customer advances. The construction activity has
commenced during Q1FY2017. Till December 2017, RHPL incurred
INR276.20 crore which is funded through INR68.66 crore promoters'
contribution, INR115.80 crore debt and INR91.74 crore customer
advances.

The company is also, currently, developing a commercial project
named 'Ramakrishna TechnoTowerz' adjacent to the Venuzia project.
The project involves construction of the two identical towers, each
having 22 floors with an aggregate saleable area of 11.14 lakh sft.
The project has received all approvals and the company proposes to
complete the project by December 2018. The total project cost is
INR305.28 crore which is expected to be funded by INR30.28 crore
equity (10%) and INR275 crore (90%) customer advances. Till January
2018, RHPL incurred INR64.26 crore towards this project which is
funded through INR15.58 crore promoters' contribution and the
remaining INR48.68 crore customer advances.

SHRI BALAJI: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Shri Balaji Infradevelopers Private Limited
        11/102 East End Apartments
        Mayur Vihar Phase-1 Extension
        Delhi 110096

Insolvency Commencement Date: September 20, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Pawan Kumar Goyal

Interim Resolution
Professional:            Pawan Kumar Goyal
                         P K Goyal & Associates
                         304, D.R. Chambers, 12/56
                         D.B. Gupta Road, Karol Bagh
                         New Delhi 110005
                         E-mail: ca.pawangoyal@gmail.com
                                 irpsbipl@gmail.com

Last date for
submission of claims:    October 11, 2019


SIDDHI INDUSTRIES: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR9.50 crore bank facilities of
Siddhi Industries remain under the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based–          6.00       [ICRA]B+ (Stable) ISSUER NOT
   Working                         COOPERATING; Rating continues
   Capital Limit                   to remain under 'Issuer Not
                                   Cooperating' category

   Fun-based–           0.26       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund             2.50       [ICRA]A4 ISSUER NOT
   Based–                          COOPERATING; Rating continues
   Warehousing                     to remain under 'Issuer Not
   Limit/Demand                    Cooperating' category
   Loan                 
                  
   Proposed             0.74       [ICRA]B+ (Stable)/[ICRA]A4
   Unallocated                     ISSUER NOT COOPERATING; Rating
   Limits                          continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

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

Siddhi Industries (SI) was established as a proprietorship concern
in 2007. Later, in 2011, the firm was reconstituted as a
partnership firm. The firm gins raw cotton and crushes cottonseeds
to produce cotton bales, cottonseeds oil, and cottonseeds oil
cakes. It also trades in raw cotton and castor seeds. The firm
commenced operations in 2008. Its manufacturing facility is located
at Harij in the Patan district of Gujarat.

STATUS CLOTHING: ICRA Maintains D Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR14.50 crore bank facilities of
Status Clothing Company Limited (SCCL) continues to remain under
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based          9.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits Cash                    Rating continues to remain   
   Credit                         under the 'Issuer Not
                                  Cooperating' category

   Fund based          5.50       [ICRA]D ISSUER NOT COOPERATING;
   limits-                        Rating continues to remain
   Term Loan                      under the 'Issuer Not
                                  Cooperating' category

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

Status Clothing Company Limited was set up in 1996 as a partnership
firm. In July, 2011, the firm was converted into a private limited
company and the name was changed to its current name. It is engaged
in manufacturing and trading of greige fabric i.e. fabric for
shirting and suiting. The registered office and manufacturing plant
of the company is located in Tarapur, Thane. The manufacturing
plant is spread over an area of 45,000 square feet with installed
capacity of 5.60 lakh meters per month.

TIRUPATI BASMATI: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Tirupati Basmati Exports Private Limited

        Registered office:
        Chopri Road, Village Kurak
        Taraori, District Karnal
        Haryana 132116   

        Corporate office:
        House No. 326-B, Ward No. 5
        Geeta Colony
        Taraori 132116
        Tehsil Nilokheri, District Karnal
        Haryana

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: March 26, 2020

Insolvency professional: Amit Agrawal

Interim Resolution
Professional:            Amit Agrawal
                         H-63, Vijay Chowk
                         Laxmi Nagar
                         Delhi 110092
                         E-mail: amitagcs@gmail.com
                                 tirupati.amitagcs@gmail.com

Last date for
submission of claims:    October 14, 2019


TRIVENI SMELTERS: ICRA Cuts INR10.34cr Loan Rating to B+, Not Coop.
-------------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Triveni Smelters Private Limited (TSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         10.34       [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   continues under 'Issuer Not
                                   Cooperating' category

   Non-Fund Based-      3.50       [ICRA]A4 ISSUER NOT
   Letter of credit                COOPERATING; Rating continues
                                   under 'Issuer Not Cooperating'
                                   category

Rationale

The rating downgrade is because of lack of adequate information
regarding Triveni Smelters Private Limited's performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

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

Incorporated in 2011, Triveni Smelters Private Limited (TSPL)
manufactures mild steel (MS) billets. The manufacturing facility is
located in Patna, Bihar, with an installed capacity of 59,400
metric tonnes per annum (MTPA). The company is promoted by the
Patna-based Mr. Binay Kumar Singh, Mr. Basudeo Prasad and Mr.
Ramesh Kumar Saraf, who have more than two decades of experience in
the steel industry.



===============
M A L A Y S I A
===============

CHASWOOD RESOURCES: Gets Eight-Week Moratorium Extension
--------------------------------------------------------
Janice Heng at The Business Times reports that Catalist-listed
Chaswood Resources, whose shares have been suspended from trading
since June 18, 2018, has been granted an eight-week extension for a
moratorium that expired on Oct. 1.

The firm is in the midst of a restructuring exercise, which
includes working out a scheme of arrangement for creditors, the
report says.

BT relates that the High Court on Oct. 2 granted the eight-week
extension, while ordering that "the costs of and occasioned by the
moratorium extension application be paid out of the assets of the
company".

Chaswood said further announcements will be made as and when there
are material developments on the matter, adds BT.

ChasWood Resources Holdings Ltd. owns, operates and franchises
restaurants. The Company operates bars and Italian, Japanese and
American casual restaurants in Malaysia and Singapore.



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

FINANCIAL PLANNING: Kloogh-Connected Firms Part of "Ponzi Scheme"
-----------------------------------------------------------------
Stuff.co.nz reports that companies connected to a financial adviser
being investigated by the Serious Fraud Office (SFO) were part of a
"Ponzi scheme" that lost up to NZ$14 million of client funds, a
liquidator's report says.

According to Stuff, a report into 56-year-old Barry Kloogh's
company, Financial Planning and Impact Enterprises Ltd, has offered
a glimpse into the Dunedin man's financial woes as authorities work
to track down the missing millions.

Both companies were placed into liquidation in the High Court at
Dunedin on August 29, after an application from the Financial
Markets Authority and following an investigation from the SFO,
Stuff discloses.

"The evidence shows that the companies have operated as a Ponzi
scheme controlled by Mr Kloogh," the first report from liquidator
New Zealand Insolvency and Trustee Service, released on Oct. 3,
said, Stuff relays.

Stuff says the schemes were categorised by the use of new funds
paying interest or repaying capital to earlier investors.

"Such schemes generally collapse when the operator can no longer
find sufficient new funds to satisfy the existing investors."

Stuff adds that investigators were now tasked with going through
hundreds--possibly thousands--of transactions by investors, with
those transactions dating back to 2012.

Any statement held by investors was unlikely to be a true
reflection of their investment.

The report noted the liquidator was investigating claims against
Mr. Kloogh, the sole director and shareholder, who has not been
charged, according to Stuff.

Assets against the companies included furniture and fixtures, and
commissions due from mortgage and KiwSaver providers.

Mr. Kloogh, who had a penchant for late model European cars, had
already had a Citroen seized, Stuff says.  Another vehicle, a blue
C43 Mercedes Benz, was seized from him outside his home but was
connected to the company.  It is understood a red BMW has also been
seized.

Last month Stuff revealed he was hiding in plain sight--in a rented
home in the Dunedin suburb of Fairfield, where he declined to front
up for an interview.

Days later a removal truck was spotted at the house, where Mr.
Kloogh is understood to have been keeping a low profile.

Mr. Kloogh is listed as a current director of 25 companies and is
connected with six properties, mainly in the lower South Island,
including Mosgiel, Waihola, Christchurch and Central Otago.

Some of investors, which included friends and family--had invested
upwards to NZ$1 million, Stuff notes.

Mr. Kloogh remained a registered financial adviser until that was
terminated on September 6.

Stuff adds that the liquidator's report noted his business traded
as Breathe Financial and some client funds had moved into the
accounts of Impact Enterprises Ltd, despite that company not being
a registered financial service provider.

An earlier High Court judgment concerning Mr. Kloogh's Financial
Planning Ltd showed clients invested nearly NZ$15.7 million in his
companies between May 2012 and April 2019, Stuff discloses.

According to Stuff, Associate Judge Lester said while a full
analysis had yet to be completed on funds not deposited into his
companies, it appeared "substantial funds have been used for
personal expenditure by Mr Kloogh".

The latest report puts the amount owed at between NZ$12 million and
NZ$14 million, Stuff adds.



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

AVATION PLC: S&P Raises ICR to 'BB-' on Disciplined Growth
----------------------------------------------------------
On Oct. 2, 2019, S&P Global Ratings raised its long-term issuer
credit rating on Avation PLC to 'BB-' from 'B+'. S&P also raised
the long-term issue rating on the Singapore-based aircraft lessor's
guaranteed medium-term notes and the US$350 million senior
unsecured notes under it to 'BB-' from 'B+'. The recovery rating on
the notes remains '4'.

S&P said, "The upgrade reflects our view that Avation PLC will
continue to expand its aircraft fleet while maintaining good
profitability and stable credit metrics. We expect that the company
will continue to build on recent efforts to prudently grow and
diversify its earnings concentration. While we expect continued
aircraft additions will limit deleveraging, financial strength will
be stable."

Avation has diversified its fleet and customer base. S&P expects
the fleet to have over 50 aircraft by the end of the fiscal year,
compared to 35 at the end of fiscal 2017. This was done while
maintaining a young fleet, with the current average age of 3.4
years. The fleet mix has also broadened, with additions of
wide-body aircraft representing 18% of the asset value and
narrow-body jets accounting for 45% of the fleet value. This
compares to fiscal 2017 when narrow-body jets accounted for 59% of
the fleet value with no wide-body aircraft, and the remaining 41%
comprising regional aircraft.

The company has also diversified its counterparties as it has grown
the fleet. The top three customers account for 44% of revenue, down
from 72% in fiscal 2017. The exposure to its largest customer,
Virgin Australia, has also declined to 19% from 34% in fiscal
2017.

S&P believes Avation's financial performance will be steady over
the next 12 months, supported by remaining lease contracts with an
average of 7.5 years. Additionally, although the company will
continue to receive orders for ATR72-600 turbo props and
opportunistically acquire aircraft, S&P expects capital
expenditures will be manageable at US$60 million-US$100 million.
The financials should also be supported by continued airline
passenger growth, especially in Asia-Pacific where Avation has a
strong presence.

Avation's cash flow is relatively predictable stemming from its
fixed-rate leases. S&P said, "While the addition of new aircraft
will limit deleveraging, we expect debt levels will remain at
US$1,000 million to US$1,100 million over the next few years. This
represents relative stability after large additions to the fleet in
fiscal 2018 and fiscal 2019. We expect EBIT interest coverage to
remain in the 1.5x-1.7x range with funds from operations (FFO) to
debt of 6%-9%."

S&P said, "The stable outlook on Avation reflects our expectation
for a generally favorable environment for aircraft leasing based on
continued passenger traffic growth and relatively stable lease
rates over the next 12 months. We expect the FFO to debt and EBIT
interest coverage ratios to remain at about 7.5% and 1.5x
respectively.

"We would lower the rating on Avation over the next year if
aircraft lease rates deteriorate and customer defaults cause the
company's EBIT interest coverage to fall below 1.3x for a sustained
period.

"Although unlikely, we would raise the rating if Avation is able to
improve its credit metrics and meaningfully broaden its asset base.
This could happen if the company's fleet continues to add highly
liquid assets, and the EBIT interest coverage improves toward the
mid-2x area with FFO to debt above 13%."

Avation and its subsidiaries lease commercial passenger aircraft to
airlines worldwide. As of September 2019, the company managed a
fleet of 52 aircraft. It is also involved in the financing
business. The company was founded as a narrow-body aircraft lessor
in 2006 and is headquartered in Singapore.



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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
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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