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

                     A S I A   P A C I F I C

          Monday, October 21, 2019, Vol. 22, No. 210

                           Headlines



A U S T R A L I A

BUSICOM TRADE: First Creditors' Meeting Set for Oct. 28
CAAAMS PTY: First Creditors' Meeting Set for Oct. 28
CRIDAKO PTY: First Creditors' Meeting Set for Oct. 28
GROWTH PLUS: Ex-Financial Adviser Get 12-Year Jail Sentence
NORTHERN TERRITORY: Second Creditors' Meeting Set for Oct. 28

SAMSON OIL: Incurs $7.14 Million Net Loss in Fiscal Year 2019
SAMSON OIL: Janna Blanter Resigns as Chief Financial Officer
TEMPO HOLIDAYS: Second Creditors' Meeting Set for Oct. 28


C H I N A

HNA GROUP: Stymied in Attempt to Sell Stake in $8.5BB Plane Lessor
[*] CHINA: Banks Build Up Asset Recovery Teams as Bad Debts Mount


I N D I A

ADVANCE HOME: Insolvency Resolution Process Case Summary
ADVANCE MULTISYSTEM: Insolvency Resolution Process Case Summary
AMALTAS EDUCATIONAL: Ind-Ra Maintains B Rating in Non-Cooperating
AMITECH TEXTILES: Insolvency Resolution Process Case Summary
ANSAL HOUSING: Ind-Ra Affirms 'D' Long Term Issuer Rating

APARNA POLYFLEX: Insolvency Resolution Process Case Summary
AXIOM ESTATES: Insolvency Resolution Process Case Summary
B.T. AND F.C. PRIVATE: Insolvency Resolution Process Case Summary
C & C TOWERS: Insolvency Resolution Process Case Summary
DEWAN HOUSING: Bondholders Take Shadow Bank to Bankruptcy Court

FIRESTAR DIAMOND: Insolvency Resolution Process Case Summary
GADHINGLAJ AGRO: Insolvency Resolution Process Case Summary
GANGAKHED SUGAR: Insolvency Resolution Process Case Summary
GSS PROCON PRIVATE: Insolvency Resolution Process Case Summary
IL&FS: Completes Wind Power Units Sale to Orix for INR4,800 Crore

JET AIRWAYS: 1st Indian Co to Undergo Cross Border Insolvency Proc.
LARSON CERAMIC: CRISIL Reaffirms B+ Rating on INR5.50cr Loan
MAA ANANDAMOYEE: Insolvency Resolution Process Case Summary
MANSAROVAR PEARLS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
MSM STEELS: Insolvency Resolution Process Case Summary

ORITO POLYFAB: CRISIL Maintains 'B' Rating in Not Cooperating
OXINA CARS: CRISIL Maintains 'B' Rating in Not Cooperating
P.R. ACOUSTICAL: CRISIL Maintains B Rating in Not Cooperating
PADMAVATI JEWELLERS: CRISIL Maintains B Rating in Not Cooperating
PATWARI PLASTICS: CRISIL Cuts INR6cr Loan Rating to B+, Not Coop.

PERTH CERAMIC: CRISIL Maintains 'B+' Rating in Not Cooperating
POPULAR FUNCTION: CRISIL Maintains B+ Rating in Not Cooperating
PRECISION POLYPLAST: CRISIL Keeps B+ Rating in Not Cooperating
PREMIER ENGINEERS: CRISIL Maintains B Rating in Not Cooperating
R. C. GEMS: CRISIL Cuts INR1cr Cash Loan Rating to B+, Not. Coop.

RADHADEVI INDUSTRIES: CRISIL Keeps 'D' Rating in Not Cooperating
RAJSHREE IMPEX: CRISIL Cuts INR4cr Loan Rating to B+, Not Coop.
RAMA RICE: CRISIL Maintains B+ Rating in Not Cooperating Category
RCC ECO-BUILD: CRISIL Withdraws D Rating on INR20cr Cash Loan
RCC INFRA: CRISIL Withdraws D Rating on INR115cr Bank Loan

REVIVE CONSTRUCTION: Ind-Ra Cuts Rating to D, Moves to Non-Coop.
SADARAM GINNING: CRISIL Maintains 'B' Rating in Not Cooperating
SCHOLARS INTERNATIONAL: Ind-Ra Keeps 'D' Rating in Non-Cooperating
SGP SOFTWARE SOLUTIONS: Insolvency Resolution Process Case Summary
SHREE SIDDHIVINAYAKA: CRISIL Keeps C Rating in Not Cooperating

SIPL TEXTILES: CRISIL Maintains 'D' Rating in Not Cooperating
SREE SREE SITARAM: CRISIL Keeps 'B' Rating in Not Cooperating
SRI S. SUBBIAH: CRISIL Maintains B+ Rating in Not Cooperating
SRI SAI LAKSHMI: CRISIL Maintains 'B' Rating in Not Cooperating
SRI SAKTHI: CRISIL Maintains 'B' Rating in Not Cooperating

SRI VARALAKSHMI: CRISIL Maintains B+ Rating in Not Cooperating
SVAM POWER: CRISIL Maintains 'B' Rating in Not Cooperating
UB VENTURES: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
UNIQUE ROOF: Insolvency Resolution Process Case Summary
UTS INFRATEL: Insolvency Resolution Process Case Summary

ZAVERI CONSTRUCTIONS: Insolvency Resolution Process Case Summary


I N D O N E S I A

DELTA MERLIN: S&P Withdraws 'D' Long-Term Issuer Credit Rating
MERPATI NUSANTARA: Garuda, 9 SOEs Join Hands to Restore Carrier


S I N G A P O R E

HONESTBEE PTE: Announces Changes to Management Team
INTERNATIONAL CEMENT: Gets 6-mo. Extension to Exit SGX Watch List


V I E T N A M

VIETNAM: S&P Affirms BB/B Sovereign Credit Ratings, Outlook Stable

                           - - - - -


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A U S T R A L I A
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BUSICOM TRADE: First Creditors' Meeting Set for Oct. 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Busicom
Trade Resources Pty Ltd will be held on Oct. 28, 2019, at 11:00
a.m. at the offices of Veritas Advisory, Level 5, at 123 Pitt
Street, in Sydney, NSW.

Vincent Pirina and Steve Naidenov of Veritas Advisory were
appointed as administrators of Busicom Trade on Oct. 16, 2019.

CAAAMS PTY: First Creditors' Meeting Set for Oct. 28
----------------------------------------------------
A first meeting of the creditors in the proceedings of CAAAMS Pty
Ltd, trading as South Coast Hospitality NSW, will be held on Oct.
28, 2019, at 10:00 a.m. at the offices of Chartered Accountants
Australian And New Zealand, Level 10, at 60 Marcus Clarke Street,
in Canberra, ACT.

Ezio Senatore of Eddie Senatore Advisory was appointed as
administrator of CAAAMS Pty on Oct. 16, 2019.


CRIDAKO PTY: First Creditors' Meeting Set for Oct. 28
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Cridako Pty
Ltd, Formerly trading as Chris Sinko Ford, Chris Sinko Isuzu Ute,
Chris Sinko Suzuki and Chris Sinko Motor Group, will be held on
Oct.  28, 2019, at 11:00 a.m. at the offices of BRI Ferrier, Level
4, at 12 Pirie Street, in Adelaide, SA.

Stuart Otway of BRI Ferrier was appointed as administrator of
Cridako Pty Ltd on Oct. 16, 2019.

GROWTH PLUS: Ex-Financial Adviser Get 12-Year Jail Sentence
-----------------------------------------------------------
Following an Australian Securities and Investments Commission
(ASIC) investigation a three-week trial, former financial adviser
Ben Jayaweera, of Mount Gravatt East, Queensland, has been found
guilty of six charges of dishonestly causing detriment to clients,
involving approximately AUD5.9 million. Mr Jayaweera has been
sentenced to 12 years imprisonment, with a minimum period of six
years to be served before becoming eligible for parole.

ASIC alleged that between September 2013 to October 2015, Mr.
Jayaweera, through his company Growth Plus Financial Group Pty Ltd
(in Liquidation), induced various investors to transfer funds,
including funds from their self-managed superannuation fund (SMSF),
for investment into an unregistered managed investment scheme,
known as the Australian Diversified Sector Income Fund (ADSIF).
ASIC also alleged Mr. Jayaweera invested some clients'
superannuation funds into ADSIF without the clients' knowledge or
permission.

Mr. Jayaweera claimed ADSIF was a diversified fund investing in
cash, property, shares, aquaculture and agriculture when, in fact,
the only investment was a single project, an abalone farm in South
Australia operated by entities under his control.

'The majority of Mr. Jayaweera's clients were near or at retirement
age and suffered significant financial harm from Mr Jayaweera's
actions. Financial advisors are entrusted with other people's
money. ASIC takes breaches of trust very seriously,' said ASIC
Commissioner Danielle Press.

The abalone farm was subsequently wound up by receivers and the
liquidators of Growth Plus advised there will be no returns
available for ADSIF investors from Growth Plus.

In Court, Her Honour Justice Richards stated, 'It was a calculated
and callous scheme of dishonesty'. In sentencing Mr. Jayaweera, Her
Honour considered that the offending involved a high level of
planning, sophistication and persistence, observing that the
investors had been robbed of their retirement and Mr Jayaweera had
committed a gross breach of trust.

The jury found Mr. Jayaweera guilty of each of the six counts of
dishonestly causing a detriment to various clients who invested
approximately AUD5.9 million, which were directed to company bank
accounts to make payments to the abalone farm and other third
parties.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions after a referral from ASIC.

ASIC's investigation found that between September 2013 to October
2015, Mr. Jayaweera met with various clients based in Queensland.
Mr. Jayaweera, a financial adviser, through his company Growth Plus
Financial Group Pty Ltd, told his clients he would be able to
provide them with an investment opportunity to build their wealth
towards retirement.

In October 2016, ASIC commenced civil proceedings in the Supreme
Court of Queensland against Growth Plus and Mr. Jayaweera. The
civil proceedings have been adjourned until a date to be fixed.

In May 2018, Mr. Jayaweera was charged with the six counts of fraud
involving approximately AUD5.9 million.

ASIC also provided the liquidator of Growth Plus with funding from
the Assetless Administration Fund (AAF) to prepare a supplementary
report that was used to assist with the investigation.

Growth Plus was wound up on March 11, 2016. The liquidator is
pursuing the former auditor of Growth Plus. If investors in the
failed ADSIF scheme have enquiries in relation to the liquidation,
they can contact Ms Kylie Lagerroth at Cor Cordis on (07) 3613 3600
or brisbaneinsol@corcordis.com.au.

NORTHERN TERRITORY: Second Creditors' Meeting Set for Oct. 28
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Northern
Territory Project Group Pty. Ltd. has been set for Oct. 28, 2019,
at 11:00 a.m. at The Ambassador Room, Hilton Darwin, at 32 Mitchell
Street, 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. 25, 2019, at 5:00 p.m.

S G Reid of Rodgers Reidy was appointed as administrator of
Northern Territory on Sept. 23, 2019.

SAMSON OIL: Incurs $7.14 Million Net Loss in Fiscal Year 2019
-------------------------------------------------------------
Samson Oil & Gas Limited filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$7.14 million on $12.66 million of total oil and gas income for the
fiscal year ended June 30, 2019, compared to a net loss of $6.03
million on $10.05 million of total oil and gas income for the
fiscal year ended June 30, 2018.

As of June 30, 2019, Samson Oil had $36.85 million in total assets,
$46.68 million in total liabilities, and a total stockholders'
deficit of $9.83 million.

Moss Adams LLP, in Denver, Colorado, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Oct. 15, 2019, citing that the Company is in violation of its debt
covenants, incurred a net loss from operations, has cash outflows
from operations, and its current liabilities exceed its current
assets as of and for the year ended June 30, 2019. These conditions
raise substantial doubt about its ability to continue as a going
concern.

                  Liquidity and Capital Resources

Samson Oil said, "We do not generate adequate revenue to satisfy
our current operations, we have negative cash flows from
operations, and we have incurred significant net operating losses
during the years ended June 30, 2019, and 2018, which raise
substantial doubt about our ability to continue as a going concern.
Because of this our financial statements have been prepared on the
going concern basis, which contemplates the continuity of normal
business activities and the realization of assets and settlement of
liabilities in the normal course of business. We are in breach of
several of our covenants related to the Credit Agreement resulting
in our borrowings payable of $33.5 million being classified in
current liabilities.

"Our ability to continue as a going concern is dependent on the
re-negotiation of the Credit Agreement, the sale of assets and/or
raising further capital. These factors raise substantial doubt
over our ability to continue as a going concern and therefore
whether we will realize our assets and extinguish our liabilities
in the normal course of business and at the amounts stated in the
financial statements.

"We believe that we can negotiate a waiver with our Lender and
increase our cash flows from operations through the successful
development of the Foreman Butte project and reducing our operating
and general and administrative costs. In addition, we are
negotiating with a prospective party a transaction to divest all of
our oil and gas assets, which we believe, if successful, will
result in proceeds not less than our obligations under the Credit
Agreement and to our vendors.

"However, there can be no assurances that we will successfully
obtain a waiver, successfully divest our assets or increase our
cash flows from operations. Given our current financial situation
we may be forced to accept terms on these transactions that are
less favorable than would be otherwise available.

"We used $5.4 million of cash flow from our operations during the
fiscal year ended June 30, 2019, compared to $0.7 million of cash
provided by operations during the same period in the prior year, a
change of $6.1 million. Our loss can be primarily attributed to
higher LOE costs, which included $2.9 million of workover expenses
and higher interest expenses related to our Credit Agreement,
which, aggregated with LOE costs, equaled $14.7 million compared to
$8.6 million in the prior year. These costs were offset by $1.0
million of other income related to the forfeiture of the
non-refundable deposit from the purchase and sale transaction with
Eagle Energy Partners I, LLC."

Cash flows used in investing activities during the fiscal year
ended June 30, 2019, was $1.5 million compared to $0.4 million in
the prior year. During fiscal year ended June 30, 2019, the
Company incurred $1.6 million of capital costs, primarily related
to drilling the first Gonzalez location in its Home Run field. The
Company also sold two oil and gas properties that had been fully
depleted for proceeds of $120,000.

The Company realized cash flows from financing activities of $2.8
million and $1.4 million for the years ended June 30, 2019, and
2018, respectively. On April 9, 2019, the Company entered into a
new debt facility. The Company received $33.5 million of proceeds
from borrowings under the new agreement and used the proceeds to
retire the previous credit facility of $23.9 million. The Company
also paid $1.4 million in deferred borrowing costs.

A full-text copy of the Form 10-K is available for free at:

                       https://is.gd/JFAoAl

                          About Samson Oil

Samson Oil & Gas Limited -- http://www.samsonoilandgas.com/--  
is an independent energy company primarily engaged in the
acquisition, exploration, exploitation and development of oil and
natural gas properties. The Company's principal business is the
exploration and development of oil and natural gas properties in
the United States. The Company is headquartered in Perth, Western
Australia.

SAMSON OIL: Janna Blanter Resigns as Chief Financial Officer
------------------------------------------------------------
Janna Blanter resigned as the chief financial officer of Samson Oil
& Gas Limited, and Samson Oil and Gas USA, Inc., a wholly-owned
subsidiary of the Company, on Sept. 30, 2019.

On Oct. 1, 2019, Mr. Tristan Farel, 49, was appointed to the
position of chief financial officer of the Company and Samson USA.
Mr. Farel has 18 years of accounting and reporting experience,
holding various executive and senior management positions with both
public and private companies in the United States, Canada, and
Australia.  Mr. Farel has experience in the areas of financial
analysis, SEC reporting, International Financial Reporting
Standards (IFRS) reporting, due diligence and integration in
connection with mergers and acquisitions and consolidations,
purchase accounting, scheduling and organizing external audits, tax
scheduling, and developing capital and operating budgets.  Mr.
Farel also worked for five years in public accounting as an
auditor.  Mr. Farel has held the positions of chief financial
officer of PetroShale, Inc. from 2013 to 2014, chief financial
officer of New Frontier Energy, Inc. from 2010 to 2016, and chief
financial officer of Arete Industries, Inc. from 2015 to 2019.  Mr.
Farel has also held the positions of Financial Reporting Manager
for Resolute Energy Corporation (2006-2010) and Audit Manager for
Hein & Associates (2001-2006).

Mr. Farel has a Bachelor of Science in Business Administration,
with an emphasis in Accounting, from the University of Colorado at
Boulder, and has been active in the Council of Petroleum
Accountants Society, the Colorado Society of Certified Public
Accountants and the American Institute of Certified Public
Accountants.

Effective Oct. 1, 2019, the Company entered into an Employment
Agreement with Mr. Farel and LTN Ergy, LLC.  Pursuant to the
Employment Agreement, Mr. Farel will serve in his position as chief
financial officer of the Company for an initial period of twelve
months, and will continue to serve in such position indefinitely
thereafter until either party terminates the Employment Agreement.
Mr. Farel will be paid $240,000 per year for his service as chief
financial officer of the Company.

                          About Samson Oil

Samson Oil & Gas Limited -- http://www.samsonoilandgas.com/--  
is an independent energy company primarily engaged in the
acquisition, exploration, exploitation and development of oil and
natural gas properties. The Company's principal business is the
exploration and development of oil and natural gas properties in
the United States. The Company is headquartered in Perth, Western
Australia.

TEMPO HOLIDAYS: Second Creditors' Meeting Set for Oct. 28
---------------------------------------------------------
A second meeting of creditors in the proceedings of Tempo Holidays
Pty Ltd has been set for Oct. 28, 2019, at 3:00 p.m. at
InterContinental Melbourne, at 495 Collins Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 25, 2019, at 4:00 p.m.

Michael Humphris and Laurie Fitzgerald of William Buck were
appointed as administrators of Tempo Holidays on Sept. 20, 2019.



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HNA GROUP: Stymied in Attempt to Sell Stake in $8.5BB Plane Lessor
------------------------------------------------------------------
Bloomberg News reports that HNA Group Co. has been stymied in an
attempt to sell its stake in plane lessor Avolon Holdings Ltd.,
people with knowledge of the matter said. Such a divestment would
be one of the indebted Chinese conglomerate's biggest as it unwinds
a global buying spree.

HNA reached out to Orix Corp. in the past few months to gauge the
Japanese financial group's interest in buying its remaining 70%
stake in Avolon, according to the people cited by Bloomberg. Orix,
which already holds 30% of Dublin-based Avolon, decided it wasn't
interested in pursuing a deal, the people said, asking not to be
identified because the information is private, Bloomberg relays.

The Chinese group has been seeking a valuation of about $8.5
billion for Avolon, representing about 1.1 times book value, the
people, as cited by Bloomberg, said. Orix paid $2.2 billion last
year for its stake.

Selling out of Avolon would have been HNA's biggest disposal since
it unloaded a $6 billion stake in Hilton Worldwide Holdings Inc. in
2018, according to Bloomberg. The attempt highlights how HNA's
liquidity challenges persist more than a year after soaring debts
forced the company to begin dumping tens of billions of dollars in
assets, the report says.

Pursuing such a large acquisition could have put pressure on Orix's
credit rating, Bloomberg notes.  While HNA isn't currently in any
active sale talks, it could still decide to approach other buyers
for the business or make another attempt to engage with Orix, the
people said, Bloomberg relays.

Orix didn't discuss raising its stake in Avolon, nor is it
considering doing so, said Yuka Kanaoka, a Tokyo-based spokeswoman
for Orix, according to Bloomberg.

"We are very happy with the current 30% investment," Bloomberg
quotes Ms. Kanaoka as saying.

HNA, once the biggest shareholder of the likes of Deutsche Bank AG
and Hilton, continues pursuing asset sales, Bloomberg notes.
According to the report, the group is said to be in talks to sell a
$4 billion stake in technology firm Ingram Micro Inc. HNA is also
considering reviving the sale of its container leasing business
Seaco, people familiar with the matter said last month.

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2018, the Financial Times related that HNA Group defaulted on a
CNY300 million (US$44 million) loan raised through Hunan Trust.

According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China Development
Bank, following a liquidity crunch in the final quarter of 2017.
The default came despite an estimated $18 billion in asset sales by
HNA in 2018 that have done little to address its ability to meet
its domestic debts, the FT noted.

[*] CHINA: Banks Build Up Asset Recovery Teams as Bad Debts Mount
-----------------------------------------------------------------
The Financial Times reports that Chinese banks are bolstering their
offshore loan recovery teams as they face a wave of bad debts
linked to struggling overseas businesses and acquisitions.

ICBC, Bank of China and China Construction Bank, along with several
other large Chinese financial institutions, have rapidly expanded
recovery and restructuring operations at their offshore units in
Hong Kong over the past three years, the FT relates citing three
people familiar with the matter.

The FT says while global banks have supported recovery teams for
several years, in-house distressed debt teams is a new area of
business for many of the Chinese banks in Hong Kong.

The hiring spree, aimed at building out formidable teams, has seen
Chinese lenders poach restructuring specialists from global banks,
one of the people said, the FT relays.


According to the FT, Chinese banks have strong loan-recovery teams
within China but such operations outside of the country were deemed
unnecessary until recent years, when the institutions began rapidly
expanding their corporate finance businesses in Hong Kong.

Now, in the wake of an overseas deal binge by Chinese groups,
followed by a number of defaults and failed buyouts, China's banks
are seeking to better manage how they recover and restructure their
loans outside the country, according to the FT.

"This comes from an increasing recognition of the need to focus on
how best to manage their balance sheets as loan defaults continue
to increase," the FT quotes Ian Chapman, a partner at Allen &
Overy's restructuring and recovery group in Hong Kong, as saying.

"We foresee a return to a bank-managed restructuring and recovery
process and, because of this, the major Chinese banks have started
to build out their workout functions," he added. "We've been
focused on the Chinese banks for the past few years anticipating
this trend."

The FT relates that one person close to the matter said the
building of restructuring teams in Hong Kong was a sign that the
offshore businesses of the Chinese banks have grown more
sophisticated, mirroring how global banks have operated in the
region.

Chinese companies became net sellers of global assets for the first
time last month, selling off about $40 billion in overseas assets
as of mid-September while acquiring just $35 billion of overseas
assets this year, the FT discloses citing data from Dealogic.

A number of asset sales by Chinese companies have been connected to
defaults both in China and on offshore loans, the FT notes.

The FT relates that one company, Zhonghong Zhuoye, has been forced
to sell several foreign companies it bought in recent years after a
default in China. Sanpower, a conglomerate facing a heavy debt load
in China, sold off UK department store House of Fraser last year
after purchasing it in 2014.

According to the FT, Chinese companies have been linked to several
big restructuring efforts in the region in recent years.

China-backed commodities trader Noble Group, for example, required
a $3.5 billion restructuring that dragged on for several years, the
FT says.



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ADVANCE HOME: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Advance Home And Personal Care Limited
        511/2/1, Village Rajokari
        New Delhi 110038

Insolvency Commencement Date: September 5, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Vivek Parti

Interim Resolution
Professional:            Vivek Parti
                         A-166, 2nd Floor, Defence Colony
                         New Delhi 110024
                         Delhi
                         E-mail: v_parti@yahoo.com

Last date for
submission of claims:    October 23, 2019


ADVANCE MULTISYSTEM: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Advance Multisystem Broadband Communications Limited

        Registered office:
        Bankim Kanan
        Chinsurah Station Road
        Near Radio Centre
        P.O. Chinsurah
        Chinsurah Hooghly 712102
        West Bengal

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 28, 2020

Insolvency professional: Mr. Kuldeep Verma

Interim Resolution
Professional:            Mr. Kuldeep Verma
                         46, B.B. Ganguly Street
                         Unit 501
                         Kolkata 700012
                         E-mail: kuverma@gmail.com
                                 cirp.ambcl@gmail.com

Last date for
submission of claims:    October 23, 2019


AMALTAS EDUCATIONAL: Ind-Ra Maintains B Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Amaltas
Educational Welfare Society's
bank facilities' ratings in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the ratings. The ratings will continue to appear as
'IND B (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR370 mil. Term loan maintained in non-cooperating category
     with IND B (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Bank guarantee maintained in non-cooperating
     category with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 26, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Amaltas Educational Welfare Society has been registered as a
society under the Society Registration Act, 1860. It was
established on December 18, 2013 and has a registered office in
Manoramaganj, Indore. It provides medical services through its
hospital and education via its medical school. Both facilities are
in the Bangar village, Madhya Pradesh.

AMITECH TEXTILES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Amitech Textiles Limited
        Arazi No. 153, Amitech Industries Complex
        Vill: Khanchandrapur
        Tehsil: Akbarpur
        Post: Rania
        Kanpur Dehat 209304
        UP

Insolvency Commencement Date: October 3, 2019

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: March 31, 2020

Insolvency professional: Mr. Aditya Agrawal

Interim Resolution
Professional:            Mr. Aditya Agrawal
                         3A/105 Azad Nagar
                         Kanpur 208002
                         E-mail: caaditya65@gmail.com
                                 Caaditya1965@gmail.com

Last date for
submission of claims:    October 18, 2019


ANSAL HOUSING: Ind-Ra Affirms 'D' Long Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ansal Housing
Limited's (formerly Ansal Housing & Construction Limited; AHL)
Long-Term Issuer Rating at 'IND D (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Thus, the ratings
are on the basis of best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

The instrument-wise rating actions are:

-- INR750 mil. Secured overdraft limits (Long-term) affirmed with

     IND D (ISSUER NOT COOPERATING) rating;

-- INR716.3 mil. Non-fund-based limits (Short-term) affirmed with

     IND D (ISSUER NOT COOPERATING) rating; and

-- INR1.40 bil. Fixed deposit programme (Long-term) affirmed with

     IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by AHL as stated
by the statutory auditor in the FY19 audited report. The details of
subsequent delays in debt servicing are unavailable.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.

COMPANY PROFILE

Incorporated in 1983, AHL operates a real estate business with a
key focus on northern India. The company is listed on BSE Ltd and
National Stock Exchange Limited. The company primarily operates in
Delhi National Capital Region, Mumbai, and Tier II and Tier III
towns and commands a premium of 10%-15% over its local peers.

APARNA POLYFLEX: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Aparna Polyflex Private Limited
        155, Lenin Sarani
        4th Floor, Room No. 402
        Kolkata 700013

Insolvency Commencement Date: October 1, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Animesh Mukhopadhyay

Interim Resolution
Professional:            Animesh Mukhopadhyay
                         Syndicon Enclave
                         25/1A/1 Naktala Road
                         Kolkata 700047
                         E-mail: animesh_fca@yahoo.co.in

                            - and -   

                         251/A/6 NSC Bose Road
                         Ground Floor
                         Kolkata 700047
                         E-mail: cirpaparna@gmail.com

Last date for
submission of claims:    October 15, 2019


AXIOM ESTATES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Axiom Estates Advisory Services Private Limited
        PTI Building
        7th Floor, DP-9
        Kolkata 700091

Insolvency Commencement Date: October 1, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Shashi Agarwal

Interim Resolution
Professional:            Shashi Agarwal
                         Subarna Appartment
                         (Opp: Udayan Club)
                         21N, Block-A, New Alipore
                         Kolkata 700053
                         E-mail: axm6750@rediffmail.com

Last date for
submission of claims:    October 25, 2019


B.T. AND F.C. PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: B.T. And F.C. Private Limited
        15 1st Phase Peenya
        Bangalore KA 560081
        IN

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Pankaj Srivastava

Interim Resolution
Professional:            Pankaj Srivastava
                         Pai & Srivastava LLP
                         G02, Kundur Park
                         Amruthalli Jakkur Main Road
                         Jakkur, Bangalore 560064
                         E-mail: rpal@paisri.com
                                 psri@live.com

Last date for
submission of claims:    October 25, 2019


C & C TOWERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: C & C Towers Limited

        Registered office:
        Plot No. 70
        Sector-32, Gurgaon
        Haryana 122001

        Project office:
        ISBT Cum Comercial Complex
        Opposite Verka Milk Plant
        Phase-VI, Mohali 160055
        Punjab

Insolvency Commencement Date: October 10, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: April 7, 2020

Insolvency professional: Amit Gupta

Interim Resolution
Professional:            Amit Gupta
                         B-12, Basement, Murli Bhawan
                         10-A, Ashok Marg
                         Lucknow 226001
                         E-mail: amitguptacs@gmail.com

                            - and -

                         D-38, First Floor
                         South Extension-I
                         New Delhi 110049
                         E-mail: cctinsolvency@gmail.com
                         Tel.: 011-40622286

Classes of creditors:    Real Estate Allottees

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Sanjiv Agarwal
                         A-226, Shivanand Marg
                         Malviya Nagar, Jaipur
                         Rajasthan 302017
                         E-mail: sanjivservicetax@gmail.com

                         Mr. Bhoopesh Gupta
                         645a/533b Janki Vihar Colony
                         Sector I, Prabhat Chauraha
                         Jankipuram, Lucknow
                         Uttar Pradesh 226031
                         E-mail: cabhoopesh@rediffmail.com

                         Mr. Yogesh Kumar Gupta
                         C-17B, Basement, Kalkaji
                         New Delhi 110019
                         E-mail: ykgupta64@yahoo.co.in

Last date for
submission of claims:    October 24, 2019


DEWAN HOUSING: Bondholders Take Shadow Bank to Bankruptcy Court
---------------------------------------------------------------
Reuters reports that the resolution plans of debt-laden shadow
lender Dewan Housing Finance Corporation Ltd (DHFL) have hit a
roadblock after the custodian of DHFL bonds said on Oct. 17 it is
taking the firm to bankruptcy court on behalf of certain debenture
holders.

The application was filed on Oct. 16 in the Mumbai Debts Recovery
Tribunal to claim INR268.61 billion ($3.8 billion), it said.

The claim is: "for recovery of the amount of debentures
outstanding, along with interest, for and on behalf of all
debenture holders under all the three public issues," the custodian
said, Reuters relays.

Apart from banks, DHFL also owes money to about 87,000 bondholders.
The lenders are currently working on a resolution plan but the
majority of its bondholders declined last month to be a party to
that plan.

The proposed plan involves the conversion of debt into equity for
lenders and also includes giving them a 51% stake in the company.

On Oct. 17, DHFL also filed delayed audited results for the quarter
ended June 30 which showed it posted a net loss of 2.06 billion
rupees in the quarter compared with a profit of 4.35 billion rupees
in the same period a year earlier.

The company's new auditor, KK Mankeshwar & Co, also raised concerns
about the company's future.

"All these developments raise a significant doubt on the ability of
the Company to continue as a going concern and therefore it may be
unable to realize its assets and discharge its liabilities
including potential liabilities in the normal course of business,"
the auditor said.

The auditors also said that they could not get sufficient evidence
to support the value of certain loans and added that they were
unable to comment if certain loans had been properly secured.

"These loans may have been granted including terms and conditions,
in a manner that is prejudicial to the interest of the company or
its members," the auditors added.

Similar concerns had also been raised by Deloitte Haskin & Sells
and Mumbai-based Chaturvedi & Shah, DHFL's two previous auditors at
the time of the declaration of the March quarter results.

                        About Dewan Housing

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

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2019, The Hindu BusinessLine said Dewan Housing Finance
Corporation Ltd (DHFL) has defaulted on principal and interest
payments on NCDs aggregating INR104.54 crore. These NCDs were
issued to a single investor. DHFL, in a stock exchange notice, said
the gross principal amount on which the above-mentioned default
occurred is INR100 crore. These 10-year secured NCDs carry a coupon
of 10.05 per cent.  Also, the housing finance company defaulted on
interest amount of INR9.43 crore on another NCD series issued to a
single investor, BusinessLine relates. The gross principal amount
on which this default occurred is INR100 crore. These 10-year
secured NCDs carry a coupon of 9.40 per cent.  Further, DHFL
defaulted on interest payments aggregating INR43 lakh on NCDs
carrying four unique international securities identification
numbers (ISINs), which were issued to 3,404 investors via a public
issue.

FIRESTAR DIAMOND: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Firestar Diamond International Private Limited

        Registered office:
        Unit No. 23, 3rd Floor
        Tower-II, Wing B
        Kohinoor City, Kirol Road
        Off LBS Marg, Kurla (W)
        Mumbai 400070

        Corporate office:
        2nd Floor, Trade Point Building
        Kamala Mills Compound
        Lower Parel, Mumbai 400013

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ram Ratan Kanoongo

Interim Resolution
Professional:            Ram Ratan Kanoongo
                         1006, Raheja Centre
                         Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail: rrkanoongo@gmail.com

                            - and -   

                         Headway Resolution and Insolvency
                         Services Pvt. Ltd.
                         708, Raheja Centre
                         Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail: cirpfdi@gmail.com

Last date for
submission of claims:    October 24, 2019


GADHINGLAJ AGRO: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Gadhinglaj Agro Alcochem Limited

        Registered office:
        Survey No. 990(1) Beradwadi at Post Bhadgaon
        Taluka Gadhinglaj, Gadhinglaj
        Maharashtra 416502

        Principal office:
        17A/1, WEA, Ajmal Khan Road
        Karol Bagh, Delhi 110005

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: February 5, 2020
                               (180 days from commencement)

Insolvency professional: Gulshan Kumar Gupta

Interim Resolution
Professional:            Gulshan Kumar Gupta
                         202, Kumar House
                         Central Market
                         Prashant Vihar
                         Delhi 110085
                         E-mail: ipgulshan@gmail.com
                                 irp.gaal@gmail.com

Last date for
submission of claims:    October 26, 2019


GANGAKHED SUGAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Gangakhed Sugar & Energy Limited
        B-43/169, Shalom
        Sunder Nagar, Sunder Nagar Lane
        Kalina, Santacruz (East)
        Mumbai 400098

           - and -

        Vijay Nagar, Kodri Road
        Makhani Gangakhed 431514
        Maharashtra, India

Insolvency Commencement Date: October 10, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 9, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Ankur Kumar

Interim Resolution
Professional:            Mr. Ankur Kumar
                         Office No. 18, 10th Floor
                         Pinnacle Corporate Park
                         G-Block, Bandra Kurla Complex
                         Bandra (E), Mumbai 400051
                         E-mail: ankur.srivastava@ezylaws.com
                                 gangakhed-cirp@ezylaws.com

Last date for
submission of claims:    October 26, 2019


GSS PROCON PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s GSS Procon Private Limited
        Unit No. 102, First Floor
        Pearls Business Park
        Netaji Subhash Place
        Pitampura
        New Delhi 110034

Insolvency Commencement Date: October 10, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Sunil Kumar Agrawal

Interim Resolution
Professional:            Mr. Sunil Kumar Agrawal
                         E-29, South Extension-II
                         New Delhi 110049
                         E-mail: aggarwalsk21@yahoo.com

                            - and -

                         904, GF, Sector-7C
                         Faridabad 121006
                         E-mail: irpgssprocon2019@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Ajay Kumar Siwach
                         Flat No. 504
                         Rama Krishna Society
                         Sector-2, Faridabad
                         Haryana 121004
                         E-mail: siwachajay@gmail.com

                         Mr. Arvind Kumar
                         B-321, Second Floor
                         Nehru Ground
                         NIT, Faridabad
                         Haryana 121001
                         E-mail: caarvindchauhan@gmail.com

                         Mr. Gyaneshwar Sahai
                         Second Floor, OS-2
                         The Next Door
                         Sector-76, Faridabad
                         Haryana 121004
                         E-mail: gyaneshwar.sahai@gmail.com

Last date for
submission of claims:    October 24, 2019


IL&FS: Completes Wind Power Units Sale to Orix for INR4,800 Crore
-----------------------------------------------------------------
BloombergQuint reports that IL&FS completed the sale of its 51
percent stake in seven wind power special purpose vehicles to Orix
Corporation of Japan for INR4,800 crore.

With this, Orix, which previously owned 49 percent in each of these
seven projects, now has 100 percent ownership, the company said in
a statement, BloombergQuint relays.

BloombergQuint says the seven wind power plants, held through seven
special purpose vehicles through IL&FS Wind Energy, are spread
across 12 states with a total generation capacity of 874 mw and
have a combined debt of around INR3,700 crore.

"With the order of the NCLT Mumbai, Orix has transferred the money
into an escrow account--around INR590 crore towards equity value
and an additional INR216 crore towards full repayment of debt
advanced by IL&FS Energy Development Company to these SPVs," IL&FS,
as cited by BloombergQuint, said.

BloombergQuint relates that the entire debt of around INR3,700
crore held in the seven SPVs will now be with Orix thereby
resulting in no haircuts for the lenders. External lenders to the
wind SPVs are Power Finance Corporation, Bank of Baroda and India
Infradebt, BloombergQuint says.

The SPVs are Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy,
Ratedi Wind Power, Wind Urja India, Tadas Wind Energy and Kaze
Energy, BloombergQuint discloses.

                            About IL&FS

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

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


JET AIRWAYS: 1st Indian Co to Undergo Cross Border Insolvency Proc.
-------------------------------------------------------------------
Livemint.com reports that in a major breakthrough for India's
insolvency mechanism which is still in its evolving stage, Jet
Airways would be the first Indian company to undergo insolvency
proceedings under the Cross Border Insolvency Protocol along with
the Insolvency and Bankruptcy Code (IBC) of India.

According to Livemint.com, the National Company Law Appellate
Tribunal (NCLAT) had allowed the Dutch court administrator of Jet
Airways to attend the meetings of the bankrupt airline's Committee
of Creditors (CoC). The resolution professional and the Dutch
administrator, however, filed an application seeking an amendment
in the September 26 order providing approval to the Dutch
administrator, which the appellate tribunal accepted on Oct. 17.

Livemint.com relates that the NCLAT's September 26 order had said:
"Joint 'Corporate Insolvency Resolution Process' will continue in
accordance with 'Insolvency and Bankruptcy Code, 2016'."

Livemint.com says the appeal wanted the order to clarify that the
resolution process would be carried on in accordance with
'Insolvency and Bankruptcy Code, 2016' and the 'Cross Border
Insolvency Protocol', seeking the inclusion of 'Cross Border
Insolvency Protocol' in the paragraph, along with 'Insolvency and
Bankruptcy Code, 2016', which the bench accepted.

"We make it clear that the Dutch Trustee (Administrator) will work
in cooperation with the 'Resolution Professional of India' and, if
any, suggestion is required to be given, he may give it to the
'Resolution Professional'. The draft of 'Cross Border Insolvency
Protocol' clause is made final as above," the order, as cited by
Livemint.com, had said.

"It should be treated as a direction of this appellate tribunal and
it would be mandatory to comply with the order of this Appellate
Tribunal subject to the other procedures which are to be followed
in terms of the 'Insolvency and Bankruptcy Code, 2016'."

According to the report, the debt-ridden Jet Airways is facing
insolvency proceedings in The Netherlands too. It was declared
bankrupt there after it had failed to pay two European creditors.
The Dutch court subsequently appointed a bankruptcy administrator,
the report notes.

The Mumbai bench of the National Company Law Tribunal (NCLT) had
rejected the Dutch administrator's plea to recognise their
proceedings, following which the administrator approached the
NCLAT, Livemint.com notes.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- was one of India's top airlines
founded by Naresh Goyal.  It provided passenger and cargo air
transportation services as well aircraft leasing services. It
operated flights to 66 destinations in India and international
countries.  

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

Jet Airways on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

LARSON CERAMIC: CRISIL Reaffirms B+ Rating on INR5.50cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of Larson Ceramic (LC).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit         5.50        CRISIL B+/Stable (Reaffirmed)
   Term Loan           5.25        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations and large working capital requirement. These weaknesses
are partly offset by the extensive experience of the partners in
the ceramic industry

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition
Scale of operations is modest: revenue was INR22.09 crore in fiscal
2019 compared to INR27.42 crore the previous fiscal. Intense
competition continues to constrain scalability, pricing power, and
profitability. Ban on coal-fired plants has played a significant
role in fall in the revenue, as the firm remained non-operational
in March 2019.

* Large working capital requirement
Operations are working capital-intensive: gross current assets were
227 days as on March 31, 2019, driven by receivables and inventory
of 98 and 107 days, respectively. The high inventory was on account
of pileup of raw materials as the firm remained non-operational in
March 2019. The working capital requirement was partially met
through the credit period received from the suppliers (176 days as
on March 31, 2019). Though the working capital cycle is likely to
improve over the medium term, it should remain high, leading to
large working capital debt.

Strength
* Extensive experience of the partners
Benefits from the decade-long experience of the partners, their
strong understanding of the local market dynamics, and healthy
relations with customers and suppliers should continue to support
the business.

Liquidity: Poor
Liquidity is poor, with marginal cash and cash equivalents of
INR0.30 crore as on March 31, 2019. Accrual, expected over Rs1.6
crore per annum from fiscals 2020 to 2022, is tightly matched
against yearly maturing term INR1.35crore. Utilisation of
fund-based limit of INR5.50 crore averaged 95% over the 12 months
through August 31, 2019. The ability of the entity to meet its debt
obligations depends on increase in accrual or access to incremental
fund-based limit.

Outlook: Stable

CRISIL believes LC will continue to benefit from the partners'
experience.

Rating sensitivity factors

Upward factor
* Higher-than-anticipated net cash accrual on account of
significant growth in revenue or profitability, leading to improved
cushion (net cash accrual/debt obligation) of over 2 times
* Improved working capital management or significant reduction in
reliance on external borrowing, leading to better capital
structure

Downward factor
* Lower-than-anticipated accrual leading to deterioration in
liquidity, with cushion (net cash accrual/debt obligation) of less
than 1.2 times
* Deterioration in the capital structure on account of significant
capital withdrawals by the partners or debt-funded capital
expenditure

Established in 2016 as a partnership firm, Morbi (Gujarat)-based LC
manufactures wall tiles. Operations commenced in October 2016. Mr
Jagdish Patoilya, Mr Detroja, Mr Diwij Gami, and their family
members are the partners.

MAA ANANDAMOYEE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Maa Anandamoyee Himghar Private Limited
        Vill.: Lakshmanpur (Ansh)
        P.O.: Lakshmanpur (Ansh)
        Dist. Hooghly West Bengal
        PIN 712404

Insolvency Commencement Date: October 3, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 31, 2020

Insolvency professional: Mr. Asutosh Debata

Interim Resolution
Professional:            Mr. Asutosh Debata
                         Plot No. N-4/232, IRC Village
                         Id Market, Nayapalli
                         Bhubneshwar 751015
                         Odisha
                         E-mail: cma.asutosh@gmail.com

Last date for
submission of claims:    October 17, 2019


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

The instrument-wise rating actions are:

-- INR350 mil. Fund-based working capital limits (Long-term/
     Short-term) downgraded with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR150 mil. Proposed fund-based working capital limits (Long-
     term/ Short-term) downgraded with Provisional IND D (ISSUER
     NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects Mansarovar Pearls India's continuous
over-utilization of fund-based limit for 85 days between April 30,
2019 and July 24, 2019.

RATING SENSITIVITIES

Positive: A positive rating action may result from regular and
timely debt-service for three consecutive months.

COMPANY PROFILE

Mansarovar Pearls India is engaged in the manufacturing, designing
and wholesale trading of pearls, uncut diamonds and gold jewelry.

MSM STEELS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: MSM Steels Private Limited
        Shop No. 1, Malang Complex
        Nandi Stop, Old Ausa Road
        Latur 413531
        Maharashtra

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: Mr. Mayank Jain

Interim Resolution
Professional:            Mr. Mayank Jain
                         A 1001, Samarpan
                         Near Spectra Motors
                         Western Express Highway
                         Borivali (West), Mumbai City
                         Maharashtra 400066
                         E-mail: jainmayankr@gmail.com

                            - and -

                         Kanchansobha Debt Resolution Advisors LLP
                         1507-Wing, One BKC
                         Plot No. C-66
                         G Block, Bandra Kurla Complex
                         Bandra East, Mumbai 400051
                         E-mail: msmsteels@kanchansobha.com

Last date for
submission of claims:    Ocotber 20, 2019


ORITO POLYFAB: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Orito Polyfab Private
Limited (OPPL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1          CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           3.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan            16.65       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with OPPL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2013 and promoted by the Patel family, OPPL manufactures
cotton yarn of counts ranging from 28's to 40's. Its plant, which
has 12,000 spindles, is located in Sabarkanth (Gujarat). It
commenced operations from August 2014.

OXINA CARS: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Oxina Cars Private
Limited (OCPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.1       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              9.9       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with OCPL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2016, OCPL is a dealer of Hyundai in
Tiruchirappalli, Tamil Nadu. The company is promoted by Mr K
Karunanithi. It commenced operations in March 2017.

P.R. ACOUSTICAL: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of P.R. Acoustical and
Engineering Works Private Limited (PRAE) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            3.25      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Working       2.25      CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING)

CRISIL has been consistently following up with PRAE for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 1996, PRAE manufactures noise control systems such
as boiler silencers and acoustic enclosures primarily used in the
engineering, procurement and construction industry. The operations
are managed by the promoter Mr. Govindaraj.

PADMAVATI JEWELLERS: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilitie of Padmavati Jewellers
Private Limited (PJPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash          1.5       CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

CRISIL has been consistently following up with PJPL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Incorporated in April 2010, PJPL manufactures and trades in all
types of gold jewellery. The Mumbai-based company is promoted by
Mr. Kiran Ramani and Mrs. Rashila Ramani.

PATWARI PLASTICS: CRISIL Cuts INR6cr Loan Rating to B+, Not Coop.
-----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Patwari
Plastics Private Limited (PPPL) to 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         0.92      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     2.08      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')
   
CRISIL has been consistently following up with PPPL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of PPPL Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.


PPPL was incorporated in 1995 as private limited company which
manufactures polypropylene/high-density polyethylene bags and
fabrics. The company is promoted by Mr Madan Lal Agarwal and is
located in Industrial Area, Shamshabad village, Hyderabad.

PERTH CERAMIC: CRISIL Maintains 'B+' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Perth Ceramic Private
Limited (PCPL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Letter Of Guarantee     6        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         33        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      1        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with PCPL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2014, Perth Ceramic Private Limited (PCPL), is a Morbi,
Gujarat based partnership firm which engaged in manufacturing of
vitrified tiles. The firm is promoted by Mr. Rupesh Kumar Manganlal
Kotadiya, Mr. Dilipkumar Jivrajbhai Barasara and Mr. Parshotam
Kachrabhai Patel. The company started commercial operation in June
2015.

POPULAR FUNCTION: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Popular Function
Organisers (PFO) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        14.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      .5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)  

CRISIL has been consistently following up with PFO for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 1990 as a proprietorship firm, Popular Function
Organisers (PFO) is in the hospitality business and operates a
convention centers in Hyderabad (Telanagana). It is presently
setting up a convention centre with a total project cost of Rs.35.5
crores in Hyderabad.  The firm is promoted and managed by Mr.
Jagdish Agarwal.

PRECISION POLYPLAST: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Precision Polyplast
Private Limited (PPPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Foreign Exchange       0.2       CRISIL A4 (ISSUER NOT
   Forward                          COOPERATING)

   Letter of Credit       5         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Overdraft              4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Packing Credit         6         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Post Shipment          2         CRISIL A4 (ISSUER NOT
   Credit                           COOPERATING)

CRISIL has been consistently following up with PPPL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

PPPL was established in 1994, promoted by the Agrawal family. The
Kolkata-based company recycles imported plastic scrap into plastic
flour and agglomerates, primarily used in manufacturing industrial
plastic products such as low-grade sheets and drums.

PREMIER ENGINEERS: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Premier Engineers
(PE) continue to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              2.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PE for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

PE was set up as a partnership firm in 1998 by Mr. Rajesh Sanghavi
and his wife, Mrs. Vandana Sanghavi. The firm manufactures
sheet-metal components that are used in the automobile and domestic
appliance industries. Its manufacturing facility is in Aurangabad,
Maharashtra.

R. C. GEMS: CRISIL Cuts INR1cr Cash Loan Rating to B+, Not. Coop.
-----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of R. C. Gems
(RCG) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating' from
'CRISIL BB-/Stable/CRISIL A4+ Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Post Shipment         16.5       CRISIL A4 CRISIL A4 (ISSUER
   Credit                           NOT COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Long Term       .5      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with RCG for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of RCG revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer not
cooperating'.

RCG, established as a proprietorship firm in 1985, was
reconstituted as a partnership firm in 2000. The firm cuts and
polishes diamonds. It has diamond processing facilities at Navsari
and Morbi in Gujarat. The firm has four partners: Mr Raghavjibhai
Gadara, Mr Chandubhai J Gadara, Mr Amitbhai R Gadara, and Ms
Prabhaben K Gadara.

RADHADEVI INDUSTRIES: CRISIL Keeps 'D' Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Radhadevi Industries
(RDI) continue to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        1.2        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    6.3        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with RDI for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

RDI was set up in 2005 by Mr. Bosukunda Radhakrishna and his family
members. The firm manufactures forged components for the automobile
industry. It is based in Kakinada, Andhra Pradesh.

RAJSHREE IMPEX: CRISIL Cuts INR4cr Loan Rating to B+, Not Coop.
---------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Rajshree Impex
Private Limited (RIPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2          CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit           4          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan        3.53       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     .47       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with RIPL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of RIPL revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer not
cooperating'.

Incorporated in April 2014, RIPL is engaged into manufacturing of
women ready-made garments for brands. RIPL is promoted by Mr.
Chandakh and Mr.Laxman. Its manufacturing facility is located at
Jaipur, Rajasthan.

RAMA RICE: CRISIL Maintains B+ Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rama Rice Mills (RRM)
continue to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RRM for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established as a partnership firm in 1990 by Gambhir and family,
RRM mills and processes basmati and non-basmati rice at its
facilities in Barara, Haryana.

RCC ECO-BUILD: CRISIL Withdraws D Rating on INR20cr Cash Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of RCC
Eco-Build Systems Limited (REBS) at the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        15        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit           20        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan              6        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with REBS for information
through letters and emails dated May 10, 2019 and May 16, 2019
among others, apart from telephone calls. However, the issuer has
remained non-cooperative.

'Investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'issuer not cooperating'. Such ratings lack a forward
looking component as they are arrived at without any management
interaction, and are based on best available, limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of REBS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on REBS is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'. The rating on bank
facilities of KCPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of REBS and RCC Infra Ventures Ltd (RIVL).
The two companies, together referred to as the RCC group, are in
the same line of business, have operational and financial linkages,
and have the same owners and management.

REBS was set up by Mr Ravi Jain and family as a partnership firm,
Radha Construction Co, in 1983 in Agra, Uttar Pradesh, and was
reconstituted as a public limited company with the current name in
October 2013. It provides Pre-engineered buildings (PEBs), and
undertakes civil and industrial construction.

RIVL, incorporated in 2011 and promoted by Mr Ravi Jain, is a
super-special-class contractor for Military Engineer Services
(MES), for which it constructs group housing projects and aircraft
hangers.

RCC INFRA: CRISIL Withdraws D Rating on INR115cr Bank Loan
----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of RCC
Infra Ventures Limited (RIVL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        115       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit            66       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Overdraft               4       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with RIVL for information
through letters and emails dated May 10, 2019 and May 16, 2019
among others, apart from telephone calls. However, the issuer has
remained non-cooperative.

'Investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'issuer not cooperating'. Such ratings lack a forward
looking component as they are arrived at without any management
interaction, and are based on best available, limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RIVL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RIVL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'. the rating on bank
facilities of KCPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RCC Eco-Build Systems Ltd (REBS) and
RIVL. The two companies, together referred to as the RCC group, are
in the same line of business, have operational and financial
linkages, and have the same owners and management.

REBS was set up by Mr Ravi Jain and family as a partnership firm,
Radha Construction Co, in 1983 in Agra, Uttar Pradesh, and was
reconstituted as a public limited company with the current name in
October 2013. It provides Pre-engineered buildings (PEBs), and
undertakes civil and industrial construction.

RIVL, incorporated in 2011 and promoted by Mr Ravi Jain, is a
super-special-class contractor for Military Engineer Services
(MES), for which it constructs group housing projects and aircraft
hangers.

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

The instrument-wise rating actions are:

-- INR350 mil. Fund-based facilities (Long-/short-term)
     downgraded and migrated to non-cooperating category with IND
     D rating;

-- INR200 mil. Non-fund based facilities (short-term) downgraded
     and migrated to non-cooperating category with IND D rating;

-- INR300 mil. Proposed fund-based facilities (Long-/short-term)
     downgraded and migrated to non-cooperating category with
     Provisional IND D rating; and

-- INR650 mil. Proposed non-fund based facilities (short-term)
     downgraded and migrated to non-cooperating category with
     Provisional IND D rating.

The rating is provisional and shall be confirmed upon the sanction
and execution of loan/transaction documents for the above
instrument to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by RCCIPL for more
than 30 days owing to tight liquidity.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2009, RCCIPL is mainly engaged in the execution of
roads, bridges and tunnels projects in Kerala and Maharashtra.

SADARAM GINNING: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sadaram Ginning And
Pressing Industries (SGPI) continue to be 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)
   Long Term Loan         3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SGPI for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SGPI was set up in 2014 by Mr. Dashrath Bhatiya. The firm is
engaged in ginning and pressing of raw cotton. Its ginning unit is
based in Patan (Gujarat).

SCHOLARS INTERNATIONAL: Ind-Ra Keeps 'D' Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Scholars
International Educational Foundation's bank loan ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the ratings. The ratings will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR97.61 mil. Term loan (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR12.5 mil. Working capital facility (long-term) maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Scholars International Educational Foundation is regulated under
the Societies Registration Act, 1861. It offers undergraduate and
postgraduate courses in engineering, management, teaching and
polytechnic.

SGP SOFTWARE SOLUTIONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: SGP Software Solutions Private Limted
        No. 0277, 2nd Main Road
        18th Cross, Sankey Road
        Malleshwaram
        Bangalore 560003

Insolvency Commencement Date: September 24, 2019

Court: National Company Law Tribunal, Bangalore Bench

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

Insolvency professional: Motappa Thimmarayaswamy

Interim Resolution
Professional:            Motappa Thimmarayaswamy
                         228, 5th Main, 5th Cross
                         Shiva Krupa K.G. Nagar
                         Bengaluru 560019
                         E-mail: swamymotappa@gmail.com
                                 sgpcirp@gmail.com

Last date for
submission of claims:    October 23, 2019


SHREE SIDDHIVINAYAKA: CRISIL Keeps C Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Siddhivinayaka
Agro Extractions Private Limited (SSAEPL) continue to be 'CRISIL C
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL C (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    5.0        CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING)


CRISIL has been consistently following up with SSAEPL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SSAEPL was established in 1988 as a private limited company by Mr.
Purshottam Pallod and his family members. The company is engaged in
processing of soya bean seeds to produce soya-bean oil, and
soya-bean de-oiled cakes. The company's plant is located in
Zaheerabad, Andhra Pradesh.

SIPL TEXTILES: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of SIPL Textiles Private
Limited (SIPL; earlier Saurer Embroidery Systems India Pvt Ltd)
continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.1        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           3.75       CRISIL D (ISSUER NOT
                                    COOPERATING)
   Proposed Long Term
   Bank Loan Facility    3.59       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             4.06       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SIPL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 1997, SIPL embroiders fabric. It was the sole
marketing and servicing agent for Switzerland-based Oerlikon Saurer
(manufacturer of shuttle embroidery machines) products in India.
However, this business was discontinued in fiscal 2016. SIPL's
manufacturing plant is in Gurgaon, Haryana.

SREE SREE SITARAM: CRISIL Keeps 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sree Sree Sitaram
Cold Storage Private Limited (SCSPL) continue to be 'CRISIL
B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.78       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility    3.22       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Working Capital
   Demand Loan           1.00       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SCSPL for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 1978, SCSPL provides a cold storage facility to
potato farmers and traders in Hooghly, West Bengal. The company has
a capacity of 192,000 tonnes. The company is promoted by the West
Bengal-based Kundu family, which has been in the cold storage
business for over three decades. Operations are managed by Mr.
Amitava Kundu.

SRI S. SUBBIAH: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri S. Subbiah and
Company (SSC) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           20         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Standby Line           2         CRISIL B+/Stable (ISSUER NOT
   of Credit                        COOPERATING)

CRISIL has been consistently following up with SSC for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SSC, set up in 2003, executes civil construction work for the Tamil
Nadu Public Works Department and the National Highways Authority of
India (rated 'CRISIL AAA/Stable') in Tamil Nadu. The firm's
operations are managed by Mr. S Subbiah.

SRI SAI LAKSHMI: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Sai Lakshmi Rice
Mill (SSLRM) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.65       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Working      5.15       CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING)

   Term Loan             1.70       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SSLRM for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2008, SSLRM mills and processes paddy. The operations are
managed by the managing partner, Mr. Jyothula Bhimudu.

SRI SAKTHI: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Sakthi Vinayaga
Ginning Mills (SSV) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Negotiation       5         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            4.75      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Overdraft               .25      CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Working
   Capital Facility        .25      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              1.25      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SSV for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up as a partnership concern in 2009, SSV is engaged in ginning
and pressing of raw cotton and sells cotton lint and cotton seeds.
Promoted by Mr. M. Sekar and Mr. Jambulingam, the firm is based in
Krishnagiri District, Tamil Nadu.

SRI VARALAKSHMI: CRISIL Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Varalakshmi
Hitech Rice Industries (SVRI) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       .12         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit          1.5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   8.38        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with SVRI for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Set up in 2002 as a partnership firm, SVRI is engaged in milling
and processing of paddy into rice, rice bran, broken rice and husk.
It has an installed paddy milling capacity of 4 tons per hour. Its
rice mill is located in Chigurupadu, Naidupeta (Andhra Pradesh).
The firm is promoted by Mr. G Sudhakar.

SVAM POWER: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Svam Power Plants
Private Limited (Svam) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           3.0        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   10.0        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Vendor Financing      5.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Svam for obtaining
information through letters and emails dated March 30, 2019 and
September 17, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 1981, Svam is an authorised dealer and service
centre for Cummins's diesel engines, diesel generator sets, and
other electrical equipment such as alternators; it also trades in
oil for Valvoline Cummins Ltd. Svam purchases generators from
original equipment manufacturers appointed by Cummins. It provides
servicing through annual maintenance contracts. Svam currently is a
dealer for Cummins in Gurgaon, Faridabad, Rohtak, Sonepat, and
Rewari (all in Haryana), and is expected to start dealing in
fire-fighting systems and solutions.

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

The instrument-wise rating action is:

-- INR70 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 23, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in August 2007, UB Ventures, located in Surajpur
district of Chhattisgarh, manufactures thermos-mechanically treated
bars under the brand name KDS 500+.

UNIQUE ROOF: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Unique Roof Private Limited
        SF No. 240/1, Irugur Road
        Chinniyampalayam
        Coimbatore 641062

Insolvency Commencement Date: October 4, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Muthuiah Thevar Rajapandian

Interim Resolution
Professional:            Muthuiah Thevar Rajapandian
                         3/158, Bharathiyar Street
                         Indian Bank Colony
                         Narayanapuram
                         Madurai 625014
                         E-mail: rajapandianm1955@gmail.com

Last date for
submission of claims:    October 24, 2019


UTS INFRATEL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: UTS Infratel Private Limited
        5th floor, Krishna Mall
        Ashok Nagar Road No. 1
        Ranchi, Jharkhand 834002

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Savita Agarwal

Interim Resolution
Professional:            Savita Agarwal
                         R. Kothari & Company
                         16A, Shakespeare Sarani
                         5th Floor
                         Kolkata 700071
                         E-mail: savita_22@hotmail.com
                                 uts.cirp@gmail.com

Last date for
submission of claims:    October 23, 2019


ZAVERI CONSTRUCTIONS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Zaveri Constructions Private Limited
        Shop No. 11, Majithia Apartment
        S V Road, Irla
        Vile Parle (West)
        Mumbai 400056

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Pankaj Sham Joshi

Interim Resolution
Professional:            Pankaj Sham Joshi
                         C/o Omega Business Solutions Pvt. Ltd.
                         Unit 12, Kakad Industrial Estate
                         Lady Jamshedji Cross Road No. 3
                         Mahim (West) Mumbai 400016
                         E-mail: pjoshi.ip@gmail.com

Classes of creditors:    Allottee/Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rajendra M Ganatra
                         Mr. Awadhesh Kumar Dixit
                         Mr. Vithal M Dahake

Last date for
submission of claims:    October 25, 2019




=================
I N D O N E S I A
=================

DELTA MERLIN: S&P Withdraws 'D' Long-Term Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings said that it withdrew its 'D' long-term issuer
credit rating on PT Delta Merlin Dunia Textile and the 'D' rating
on the company's US$300 million senior unsecured note. The ratings
were withdrawn at the issuer's request.


MERPATI NUSANTARA: Garuda, 9 SOEs Join Hands to Restore Carrier
---------------------------------------------------------------
Riza Roidila Mufti at The Jakarta Post reports that national flag
carrier Garuda Indonesia is working hand-in-hand with nine other
state-owned enterprises (SOEs) to bring PT Merpati Nusantara
Airlines back to life after the latter ceased operations in 2014
due to financial problems.

Under a cooperation agreement signed on Oct. 16, Merpati and the
SOEs will work together in the cargo, ground handling, maintenance
repair and overhaul (MRO) and training center businesses, the
Jakarta Post relates.

The 10 SOEs are Garuda Indonesia, cement maker Semen Indonesia,
energy giant Pertamina, logistics agency Bulog, trade company
Perusahaan Perdagangan Indonesia, electricity giant PLN and banks
Bank Tabungan Negara (BTN), Mandiri, Bank Negara Indonesia (BNI)
and Bank Rakyat Indonesia (BRI), the report discloses.

"We will collaborate to bring Merpati back in business while at the
same time it [the cooperation] will benefit us too," the report
quotes Garuda Indonesia president director Ari Askhara as saying.
"We hope this cooperation can be an opportunity for Merpati to
restart operations and bring in cash flow to pay installments to
its creditors."

Under the agreement signed on Oct. 16, Merpati will operate an air
cargo business for domestic and international routes using Garuda's
fleet, the Jakarta Post discloses. Bulog, Perusahaan Perdagangan
Indonesia, Semen Indonesia and Perikanan Nusantara will use its
services.  

In the MRO business, Merpati will act as a marketing agent and
provide turbine maintenance services for Pertamina and PLN, the
report says.  

In addition, Garuda Indonesia will help manage Merpati Nusantara's
training center so that it can become a source of income for the
company, the Jakarta Post notes.

"We are thankful for this collaboration. This will assist Merpati
to utilize its resources and capabilities to fulfill the
requirements of the company's restructuring process," the report
quotes Merpati president director Asep Ekanugara as saying.

He said the cooperation did mean Merpati could fly again but would
assist it to eventually return to full operations, the Jakarta Post
relays.

                      About Merpati Nusantra

PT Merpati Nusantara Indonesia was a state-owned carrier that
services predominantly international routes.

Merpati ceased operations in 2014 when the state-owned airline was
strangled by mounting loans to several parties including several
state-owned enterprises (SOEs), according to the Jakarta Post.  

In 2018, the court decided that Merpati was not bankrupt and
ordered it to pay debts amounting to IDR10.9 trillion (US$773.17
million).

In November 2018, Merpati's creditors gave the airline the
opportunity to run businesses to pay back its loans, the Jakarta
Post notes.



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

HONESTBEE PTE: Announces Changes to Management Team
---------------------------------------------------
Choo Yun Ting at The Strait Times reports that distressed start-up
Honestbee has introduced a host of changes to its management team,
as the company continues its restructuring efforts.

The appointments were effective as of Oct. 1, 2019, Honestbee said
in a statement on Oct. 18, the Post relates.

In an interview with The Straits Times earlier this month,
Honestbee chief executive Ong Lay Ann, 46, who took over the reins
in mid-July, said that appointing a new finance head and
restructuring the management team were among the firm's
priorities.

According to the report, one of the key changes announced on Oct.
18 was the appointment of a new chief operating officer, Mr. Varian
Lim, 40.

Mr. Lim, who joined the firm in 2015, was previously its chief of
staff.

He is in charge of implementing better business practices and
securing the functionality of Honestbee's business for sustainable
growth, the firm said, the Post relays.

Mr. Lim Yiak Tiam, 43, a chartered accountant, was appointed
vice-president for finance, the report discloses. He joined the
company in September as interim chief financial officer before his
recent appointment, where he is responsible for several functions
including audit and accounting.

The Post relates that Mr. Ong had said earlier: "Part of the issues
we had previously was that internal processes weren't done well.
When you build a company to a certain scale, if you don't actually
have your proper processes and systems, you're just going to
collapse like a house of cards."

He noted that processes like inventory management systems and
checks and balances were integral to the grocery business, and that
these were measures he was looking to have in place with a
refreshed management team, the Post relays.

He also said that Honestbee was looking externally to hire in areas
where it did not have the right talent, and identified the finance
department as one such area, according to the Post.

Other additions to the team included vice-presidents for corporate
strategy, regional growth, and Honestbee's physical retail store
Habitat, adds the Post.

                          About honestbee

Headquartered in Singapore, Honestbee Pte. Ltd. --
https://honestbee.sg/ -- is an online grocery and food delivery
service as its core business, a concierge service, and also a
parcel delivery service for its B2B clients.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
7, 2019, Inside Retail Asia said that sinking in debts of around
US$180 million, Honestbee is seeking court protection from
creditors to allow it to restructure.   The company has applied to
the High Court to commence a process which reportedly would give it
six months protection from creditors lodging winding up procedures
or other legal attempts to recover what they are owed.

Honestbee has received demands from creditors claiming SGD6
million, and owes about US$209 million to its largest creditors,
the embattled grocery startup revealed in an affidavit filed at a
Singapore High Court pre-trial conference on August 6, according to
The Business Times.

INTERNATIONAL CEMENT: Gets 6-mo. Extension to Exit SGX Watch List
-----------------------------------------------------------------
Vivienne Tay at The Business Times reports that the Singapore
Exchange has granted International Cement Group a six-month
extension to Dec. 4, 2020, to exit from its watch list under the
minimum trading price (MTP) entry criteria.

In its quarterly update in August, the cement producer said it
would explore various options to meet the minimum trading price
exit criteria and would report any progress as and when it
happens.

It added that it already meets the requirement of an average daily
market capitalisation of S$40 million or more over the last six
months, BT relates.

According to the report, International Cement Group, formerly known
as Compact Metal Industries, had its mainboard listing transferred
from Compact Metals following a scheme of arrangement earlier this
year, relisting on March 8.

Compact Metals was included in the watch list under the MTP entry
criteria with effect from March 3, 2016, and had to take active
steps to meet listing requirements within 36 months of June 5,
2017, BT notes.

In July this year, BT reported that SGX RegCo plans to seek public
feedback on a proposal to scrap the MTP requirement for
mainboard-listed companies.

A public consultation will set the stage for an eventual reversal
of the SGX's decision three years ago to impose the share price
hurdle, the report states. It could also avoid the prospect of the
exchange having to delist up to 54 companies in June 2020 because
they could not raise their share prices in time.

International Cement Group Ltd. owns and operates the cement plant
in the Khatlon Region in Tajikistan in Central Asia. The Company's
core business includes production, sale, and distribution of
cement, as well as manufacturing and marketing aluminium extrusion
used for the construction industry.



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

VIETNAM: S&P Affirms BB/B Sovereign Credit Ratings, Outlook Stable
------------------------------------------------------------------
On Oct. 17, 2019, S&P Global Ratings affirmed its 'BB' long-term
and 'B' short-term sovereign credit ratings on Vietnam. The outlook
is stable. The transfer and convertibility assessment remains
unchanged at 'BB'.

Outlook

S&P said, "The stable outlook reflects our expectation that
Vietnam's economy will continue to expand rapidly, exemplifying
gradual improvements in its policymaking settings and underpinning
credit metrics.

"We may raise our rating if Vietnam's strong economy translates
into fiscal outcomes better than we had expected, and its banking
systemic risks recede further."

S&P may lower the rating if:

-- Evidence emerges that recent administrative developments
indicate more systemic shortcomings, potentially undermining future
timeliness of payment on debt obligations;

-- The economy slows significantly and unexpectedly. Potential
causes for such a slowdown could include a material downturn in the
global economy, or the emergence of considerable banking system
stress domestically; or

-- Fiscal performance deteriorates markedly, leading to a higher
annual change in net general government debt relative to GDP.
Rationale

Vietnam's Ministry of Finance on Oct. 10, 2019, announced a delay
in payment on a government-guaranteed debt obligation, which, at
that point, the government had already repaid. S&P understands that
the government had not received an official request from the
creditors at the time of its repayment on the obligation. Based on
the information currently available, these events have entailed no
or negligible impact to creditors.

S&P said, "In our view, the administrative time gap does not
indicate financial resource stress on the part of Vietnam's
government. Nevertheless, we believe the circumstances represent
potential shortcomings in coordination among government ministries.
S&P Global Ratings will endeavor to review in full this event,
along with the public sector's coordination and administrative
protocols, and potential actions that may be taken to prevent
similar future events. Decision-making in Vietnam remains highly
centralized under its one-party system, and transparency is
impaired, in our opinion. These considerations are factored into
our broader assessment of Vietnam's institutional settings, along
with our overall ratings.

"Our sovereign credit ratings on Vietnam remain underpinned by the
country's consistently strong economic growth and development
outcomes, along with supportive external settings powered by robust
foreign direct investment inflows. Vietnam's economy continues to
achieve real GDP growth that is well above the average of its
regional and global peers, despite less favorable external
conditions, and we believe this indicates the sustainability of its
development model. These characteristics are weighed against
Vietnam's lower-middle income economy, legacy banking sector
weaknesses, and elevated debt stock.

"Although we forecast roughly stable debt levels relative to GDP at
the general government level, we believe the progress in structural
fiscal reform has been limited. Fiscal deficits are unlikely to
recede further, and the government may not find it easy to maintain
budgetary support from its equitization program (sale of shares in
state-owned enterprises) beyond 2020, in our view. Nevertheless,
the government retains ample financial resources to meet payments
on its debt obligations, including both direct government debt and
outstanding guaranteed instruments.

"Vietnam's external metrics are generally sound and stable, as
measured by the country's external debt stock position and external
liquidity needs. In our view, the State Bank of Vietnam has a
limited ability to support sustainable economic growth while
attenuating economic or financial shocks. This reflects chiefly its
limited independence, which weakens its ability to calibrate
monetary policies with fiscal, economic, and development policies;
and weaknesses in its monetary policy transmission mechanism. That
said, we believe the central bank's record in maintaining low
inflation has strengthened in recent years."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed

  Vietnam
   Sovereign Credit Rating          BB/Stable/B
   Transfer & Convertibility Assessment
   Local Currency                   BB

  Vietnam
   Senior Unsecured                 BB



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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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.



                *** End of Transmission ***