/raid1/www/Hosts/bankrupt/TCRAP_Public/191030.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, October 30, 2019, Vol. 22, No. 217

                           Headlines



A U S T R A L I A

AUSTRALIAN INDUSTRIAL: First Creditors' Meeting Set for Nov. 5
DIGITAL FOX: First Creditors' Meeting Set for Nov. 7
GROCON CONSTRUCTORS: First Creditors' Meeting Set for Nov. 7
HK CORPORATE: First Creditors' Meeting Set for Nov. 7
HL HOLDINGS1: Second Creditors' Meeting Set for Nov. 5

INTERNET SERVICES: First Creditors' Meeting Set for Nov. 5
LIBERTY SERIES 2017-2: Moody's Upgrades Cl. F Debt to Ba3(sf)
OAK HOTEL: First Creditors' Meeting Set for Nov. 6
SLEEPY BEDROOM: First Creditors' Meeting Set for Nov. 6


C H I N A

AIRNET TECHNOLOGY: Conor Yang Resigns as Independent Director
AIRNET TECHNOLOGY: Dan Shao Has 18.4% Stake as of Oct. 23
ANBANG INSURANCE: Dajia Sells Stake in China Merchants Bank
CIFI HOLDINGS: S&P Rates US-Dollar Senior Unsecured Notes 'BB-'
GUANGDONG HELENBERGH: Fitch Affirms Then Withdraws B+ LT IDR

SUNAC CHINA: S&P Assigns 'B+' Rating to New US-Dollar Unsec. Notes
TENCENT MUSIC: Gordon Hits Share Price Drop
XIWANG GROUP: Defaults on CNY1 Billion in Debt


I N D I A

3B BINANI: CARE Reaffirms & Withdraws D Ratings on Bank Facilities
3B FIBREGLASS: CARE Withdraws D Rating on Bank Facilities
AMBAL MODERN: CARE Cuts INR18.75cr LT Loan Rating to B+, Not Coop.
ANANDESHWAR RICE: CARE Keeps 'B' Rating in Not Cooperating
ANIL KUMAR: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable

ARUNA ENTERPRISE: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
ARYABHATTA TUTORIALS: CARE Cuts Rating on INR6cr LT Loan to D
BIHAR STATE: Insolvency Resolution Process Case Summary
CAPTAIN SPORTS: CRISIL Migrates B+ Rating to Not Cooperating
CLAVECON PRIVATE: Ind-Ra Lowers Long Term Issuer Rating to 'B+'

DILIP POLYFAB: Insolvency Resolution Process Case Summary
INFO-DRIVE SOFTWARE: Insolvency Resolution Process Case Summary
INTEX TECHNOLOGIES: Avalon Sports' Insolvency Bid Dismissal Upheld
J D ENGINEER: Insolvency Resolution Process Case Summary
J.C. FENASIA: CARE Assigns 'B' Rating to INR7cr LT Loan

JAIN IRRIGATION: CARE Lowers Rating on INR2,220cr Loan to 'D'
JAYARAM TEXTILES: CARE Reaffirms D Rating on INR13.36cr LT Loan
JEPPIAAR CEMENTS: Insolvency Resolution Process Case Summary
K L SOLVEX: CARE Assigns B+ Rating to INR2.50cr LT Loan
KRISH RAIPUR: Insolvency Resolution Process Case Summary

MOJJ ENGINEERING: CARE Lowers Rating on INR7.38cr Loan to B
NEELACHAL ISPAT: CARE Reaffirms 'D' Rating on INR644.64cr LT Loan
P.M.R. CONSTRUCTIONS: CARE Cuts Rating on INR20cr ST Loan to D
PVS MEMORIAL HOSPITAL: Insolvency Resolution Process Case Summary
RAJASTHAN WOOD: Insolvency Resolution Process Case Summary

RAMNIK POWER: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
RELIANCE BROADCAST: CARE Cuts Rating on INR65cr NCD-4 to D
ROYALE MANOR: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
SHREE GANESH: CARE Maintains 'D' Rating in Not Cooperating
SONA DIAMOND: CARE Maintains 'B' Rating in Not Cooperating

SUTLEJ HOUSING: Insolvency Resolution Process Case Summary
TDRL TRADING: CARE Reaffirms B+ Rating on INR4.0cr LT Loan
VERTEX CONSTRUCTION: CARE Maintains B Rating in Not Cooperating
WEARIT GLOBAL: Insolvency Resolution Process Case Summary
YASHODA COTTON: CARE Keeps D Rating in Not Cooperating Category

[*] INDIA: No. of Insolvency Cases Up in Sept. Qtr.


M A L A Y S I A

MALAYSIA AIRLINES: JAL Named Finalist to Sponsor Turnaround


S I N G A P O R E

YANLORD LAND: Moody's Reviews Ba2 CFR for Downgrade

                           - - - - -


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

AUSTRALIAN INDUSTRIAL: First Creditors' Meeting Set for Nov. 5
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Industrial Minerals Limited and Australian Abrasive Minerals Pty
Ltd will be held on Nov. 5, 2019, at 11:30 a.m. at the offices of
KordaMentha, Level 5 Chifley Tower, at 2 Chifley Square, in Sydney,
NSW.

Rahul Goyal, John Bumbak and Richard Tucker of KordaMentha were
appointed as administrators of Australian Industrial on Oct. 24,
2019.

DIGITAL FOX: First Creditors' Meeting Set for Nov. 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of Digital Fox
Pty Ltd, trading as Central Queensland Business Solutions, will be
held on Nov. 7, 2019, at 10:30 a.m. at the offices of Worrells
Solvency & Forensic Accountants, Suite 5A, Level 5, at 34 East
Street, in Rockhampton, Queensland.

Morgan Gerard James Lane of Worrells Solvency & Forensic
Accountants was appointed as administrator of Digital Fox on Oct.
28, 2019.

GROCON CONSTRUCTORS: First Creditors' Meeting Set for Nov. 7
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Grocon
Constructors (VIC) Pty Ltd will be held on Nov. 7, 2019, at 1:00
p.m. at the offices of FTI Consulting, Bourke Place, Level 21, at
600 Bourke Street, in Melbourne, Victoria.

John Park and Kelly Trenfield of FTI Consulting were appointed as
administrators of Grocon Constructors on Oct. 25, 2019.

HK CORPORATE: First Creditors' Meeting Set for Nov. 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of HK Corporate
Pty Ltd will be held on Nov. 7, 2019, at 11:00 a.m. at the offices
of SV Partners, at 22 Market Street, in Brisbane, Queensland.

Terrence John Rose & Anne Meagher of SV Partners were appointed as
administrators of HK Corporate on Oct. 28, 2019.

HL HOLDINGS1: Second Creditors' Meeting Set for Nov. 5
------------------------------------------------------
A second meeting of creditors in the proceedings of:

   - HL Holdings1 Pty Ltd (formerly Healthy Life Holdings Pty
     Limited)

   - HL1 Pty Ltd (formerly Healthy Life Group Pty Ltd)

   - HLR2 Pty Ltd (formerly Healthy Life Resources Pty Limited)

has been set for Nov. 5, 2019, at 10:00 a.m. at Wesley Conference
Centre, Smith Room, at 220 Pitt Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 4, 2019, at 3:00 p.m.

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

INTERNET SERVICES: First Creditors' Meeting Set for Nov. 5
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Internet
Services Australia 3 Pty Limited will be held on Nov. 5, 2019, at
11:30 a.m. at the offices of KPMG, Tower Three, International
Towers Sydney, Level 38, at 300 Barangaroo Avenue, in Sydney, NSW.


Morgan John Kelly, Gayle Dickerson and Phil Quinlan of KPMG were
appointed as administrators of Internet Services on Oct. 28, 2019.

LIBERTY SERIES 2017-2: Moody's Upgrades Cl. F Debt to Ba3(sf)
-------------------------------------------------------------
Moody's Investors Service upgraded the ratings for four classes of
notes issued by Liberty Series 2017-2 Trust.

The affected ratings are as follows:

Issuer: Liberty Series 2017-2 Trust

Class C, Upgraded to Aa1 (sf); previously on Jan 16, 2019 Upgraded
to Aa3 (sf)

Class D, Upgraded to Aa3 (sf); previously on Jan 16, 2019 Upgraded
to A3 (sf)

Class E, Upgraded to Baa2 (sf); previously on Jan 16, 2019 Upgraded
to Ba1 (sf)

Class F, Upgraded to Ba3 (sf); previously on Jan 16, 2019 Upgraded
to B1 (sf)

RATINGS RATIONALE

The upgrade was prompted by an increase in note subordination
available for the affected notes and good performance of the
underlying portfolio.

The transaction has been making pro-rata principal repayments among
all the rated notes since September 2018. The unrated notes will
not be repaid until all classes of notes senior to them have been
fully repaid. As such, note subordination continues to build up
gradually.

Following the August 2019 payment date, note subordination
available for the Class C, Class D, Class E and Class F notes has
increased to 11.2%, 8.8%, 6.0% and 4.5% respectively, from 9.7%,
7.6%, 5.0% and 3.7% considered in the last action in in January
2019.

As of August 2019, 2.4% of the outstanding pool was 30-plus day
delinquent and 1.8% was 90-plus day delinquent. The deal has
incurred losses of 0.01% to date, which have been reimbursed by
excess spread.

Based on the observed performance and outlook, Moody's has revised
its expected loss assumption to 2.15% of the outstanding pool by
projecting the future defaults based on a roll rate analysis on
delinquent and defaulted loans.

Moody's has lowered its MILAN CE assumption to 11.7% from 12.0%
since the last rating action, based on the current portfolio
characteristics.

The MILAN CE and expected loss assumption are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the cash-flow model.

The transaction is an Australian RMBS secured by a portfolio of
residential mortgage loans. A portion of the portfolio consists of
loans extended to borrowers with impaired credit histories or made
on a limited documentation basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) decrease in the notes' available credit
enhancement, and (3) deterioration in the credit quality of the
transaction counterparties.

OAK HOTEL: First Creditors' Meeting Set for Nov. 6
--------------------------------------------------
A first meeting of the creditors in the proceedings of The Oak
Hotel Cessnock Pty Limited, trading as Royal Oak Hotel Cessnock,
will be held on Nov. 6, 2019, at 10:30 a.m. at  Suite 601B, Level
6, at 91 Phillip Street, in Parramatta, NSW.

Aaron Kevin Lucan of Worrells was appointed as administrator of Oak
Hotel Cessnock on Oct. 28, 2019.

SLEEPY BEDROOM: First Creditors' Meeting Set for Nov. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Sleepy
Bedroom Pty Ltd will be held on Nov. 6, 2019, at 2:30 p.m. at the
offices of SV Partners, at 22 Market Street, in Brisbane,
Queensland.

Anne Meagher & Adam Kersey of SV Partners were appointed as
administrators of Sleepy Bedroom on Oct. 25, 2019.



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C H I N A
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AIRNET TECHNOLOGY: Conor Yang Resigns as Independent Director
-------------------------------------------------------------
Conor Chiahung Yang has resigned as an independent director of
Airnet Technology Inc., effective from Oct. 23, 2019, due to
personal reasons. Airnet Technology is grateful for Mr. Yang's
valuable contribution during his tenure with the Company. Mr. Yang
will serve as consultant to the Company until Oct. 23, 2020.

                      About AirNet Technology

Incorporated in 2007 and headquartered in Beijing, China, and
formerly known as AirMedia Group Inc, AirNet (Nasdaq: AMCN)
provides in-flight solutions to connectivity, entertainment and
digital multimedia in China. AirNet -- http://ir.ihangmei.com/--
empowers Chinese airlines with seamlessly immersive Internet
connections through a network of satellites and land-based beacons,
provides airline travelers with interactive entertainment and a
coverage of breaking news, and furnishes corporate clients with
advertisements tailored to the perceptions of the travelers.

Marcum Bernstein & Pinchuk LLP, in New York, issued a "going
concern" qualification in its report dated April 30, 2019, on the
Company's consolidated financial statements for the year ended Dec.
31, 2018, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

AirMedia incurred a net loss of US$93.41 million in 2018 following
a net loss of US$179.2 million in 2017. As of Dec. 31, 2018,
AirMedia had US$129.8 million in total assets, $115.41 million in
total liabilities, and US$14.39 million in total equity.

AIRNET TECHNOLOGY: Dan Shao Has 18.4% Stake as of Oct. 23
---------------------------------------------------------
In a Schedule 13D/A filed with the U.S. Securities and Exchange
Commission, these entities and individuals reported beneficial
ownership of ordinary shares of AirNet Technology Inc. as of Oct.
23, 2019:

                                      Shares      Percent
                                   Beneficially     of
   Name                                Owned       Class
   ----                            ------------   --------
Herman Man Guo                      22,955,824      18.0%
Wealthy Environment Limited         20,955,824      16.7%
Dan Shao                            23,166,454      18.4%
Global Earning Pacific Limited      22,582,240      18.0%
Qing Xu                              1,600,000       1.3%
Mambo Fiesta Limited                 1,000,000       0.8%

From Sept. 11, 2019 to Oct. 23, 2019, Ms. Dan Shao, through Global
Earning Pacific Limited, a company incorporated in the British
Virgin Islands which is wholly owned and controlled by Ms. Dan
Shao, purchased an aggregate amount of 1,309,670 Shares represented
by ADSs of the Company with her personal fund pursuant to the US$5
million share purchase plan which plan was announced by the Company
on March 28, 2018, and was further updated on Sept. 28, 2018, Dec.
17, 2018 and Dec. 28, 2018, respectively.  From Dec. 7, 2018 to
Oct. 23, 2019, Mr, Herman Man Guo and Ms. Dan Shao purchased an
aggregate amount of 6,032,084 Shares represented by ADSs of the
Company with their personal fund pursuant to the US$5 Million Share
Repurchase Plan.

The 22,955,824 Shares beneficially owned by Mr. Guo comprise (i)
16,105,980 Shares beneficially owned by Wealthy Environment
Limited, a British Virgin Islands company solely owned and
controlled by Mr. Guo, (ii) 4,849,844 Shares represented by ADSs
held by Wealthy Environment Limited, and (iii) 2,000,000 Shares
that Mr. Guo has the right to acquire upon exercise of options
within 60 days after Oct. 23, 2019.  Mr. Guo is married to Ms.
Shao.  Mr. Guo disclaims beneficial ownership of the Shares held by
Ms. Shao or Global Earning.

The 23,166,454 Shares beneficially owned by Ms. Shao comprise (i)
22,582,240 Shares beneficially owned by Global Earning Pacific
Limited, a British Virgin Islands company solely owned and
controlled by Ms. Shao and (ii) 584,214 Shares represented by ADSs
that Ms. Shao purchased in one or more open-market transactions.
Ms. Shao is married to Mr. Guo.  Ms. Shao disclaims beneficial
ownership of the Shares held by Mr. Guo or Wealthy Environment
Limited.

The 1,600,000 Shares beneficially owned by Mr. Xu comprise (i)
1,000,000 Shares directly held by Mambo Fiesta Limited, a British
Virgin Islands company wholly owned and controlled by Mr. Xu, and
(ii) 600,000 Shares that Mr. Xu has the right to acquire upon
exercise of options within 60 days after Oct. 23, 2019.

The percentage of the class of securities is based on 125,664,777
Shares outstanding (excluding 2,032,278 Shares and Shares
represented by ADSs reserved for settlement upon exercise of the
Company's incentive share awards) as of March 31, 2019 as disclosed
in the Company's annual report on Form 20-F filed with the SEC on
April 30, 2019.

A full-text copy of the regulatory filing is available for free
at:

                        https://is.gd/K20F15

                      About AirNet Technology

Incorporated in 2007 and headquartered in Beijing, China, and
formerly known as AirMedia Group Inc, AirNet (Nasdaq: AMCN)
provides in-flight solutions to connectivity, entertainment and
digital multimedia in China. AirNet -- http://ir.ihangmei.com/--
empowers Chinese airlines with seamlessly immersive Internet
connections through a network of satellites and land-based beacons,
provides airline travelers with interactive entertainment and a
coverage of breaking news, and furnishes corporate clients with
advertisements tailored to the perceptions of the travelers.

Marcum Bernstein & Pinchuk LLP, in New York, issued a "going
concern" qualification in its report dated April 30, 2019, on the
Company's consolidated financial statements for the year ended Dec.
31, 2018, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

AirMedia incurred a net loss of US$93.41 million in 2018 following
a net loss of US$179.2 million in 2017. As of Dec. 31, 2018,
AirMedia had US$129.8 million in total assets, $115.41 million in
total liabilities, and US$14.39 million in total equity.

ANBANG INSURANCE: Dajia Sells Stake in China Merchants Bank
-----------------------------------------------------------
Guo Yingzhe at Caixin Global reports that the state-owned company
created to take over scandal-plagued Anbang Insurance Group Co.
Ltd. has continued to dispose of the latter's assets with the sale
of CNY14.7 billion ($2.1 billion) of its stake in a major Chinese
bank.

Over the past two months, Dajia Insurance Group has sold off Anbang
Property & Casualty Insurance Co. Ltd.'s entire stake in Shanghai-
and Hong Kong-listed China Merchants Bank Co. Ltd., Caixin
discloses citing a statement the bank released on Oct. 25. Based on
the bank's average Shanghai share price from Aug. 28 to Oct.
25--CNY35.3--the Anbang subsidiary's 1.65% stake would be worth
CNY14.7 billion. Dajia retains control of several other Anbang
units.

Another Anbang subsidiary still holds a 4.99% stake in China
Merchants Bank, according to the statement cited by Caixin.

Many of Anbang's assets have been disposed of since the country's
insurance regulator took over the acquisitive company in February
2018 as it struggled to repay its policyholders, many of whom were
buyers of an unconventional insurance policy that was an investment
product masquerading as life insurance. Its founder Wu Xiaohui has
been sentenced to 18 years in prison for fundraising fraud and
embezzlement.

                       About Anbang Insurance

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
26, 2018, The Strait Times related the Chinese government had
seized control of Anbang Insurance, the troubled Chinese company
that owns the Waldorf Astoria hotel in New York and other marquee
properties around the world, and charged its former chairman with
economic crimes. The Strait Times noted that the move is Beijing's
biggest effort yet to rein in a new kind of Chinese company, in
this case, one that spent billions of dollars around the world over
the past three years buying up hotels and other high-profile
properties.  The rise of these companies illustrates China's
growing economic might, but Chinese officials have grown
increasingly concerned that they were piling up debt to make
frivolous purchases. In a statement posted on its website on Feb.
23, the China Insurance Regulatory Commission said the government
was taking over to ensure the "normal and stable operation" of the
company. "Illegal operations at Anbang may have seriously
endangered the company's solvency, prompting the government to take
control," the statement read.

The Strait Times noted the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.

Mr. Wu Xiaohui was later sentenced to 18 years in prison for fraud
and embezzlement, according to Reuters.

CIFI HOLDINGS: S&P Rates US-Dollar Senior Unsecured Notes 'BB-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to the
U.S.-dollar-denominated senior unsecured notes that CIFI Holdings
(Group) Co. Ltd. (BB/Stable/--) proposes to issue. The China-based
property developer intends to primarily use the proceeds to
refinance its existing debt. The issue rating is subject to its
review of the final issuance documentation.

S&P said, "We rate the notes one notch below the issuer credit
rating on CIFI to reflect subordination risk. As of the end of June
2019, CIFI has about Chinese renminbi (RMB) 42.9 billion in secured
borrowings and RMB25.3 billion in unsecured debt and guarantees at
the subsidiary level, which together account for around 62% of
total debt. We consider this amount as priority debt and is over
our notching threshold of 50%.

"In our view, the new issuance will have a minimal impact on CIFI's
credit profile, given its primary usage is for refinancing. Our
stable outlook on CIFI reflects our expectation that the company
will continue to expand its scale of sales with controllable
leverage. Its see-through debt-to-EBITDA ratio (after
proportionally consolidating joint ventures) will remain within a
range of 5.0x-5.5x."

GUANGDONG HELENBERGH: Fitch Affirms Then Withdraws B+ LT IDR
------------------------------------------------------------
Fitch Ratings affirmed the 'B+' Long-Term Foreign-Currency Issuer
Default Rating of Guangdong Helenbergh Real Estate Group Co., Ltd.
The Outlook is Stable. Fitch has chosen to withdraw the ratings for
commercial reasons.

KEY RATING DRIVERS

DERIVATION SUMMARY

Not applicable.

KEY ASSUMPTIONS

Not applicable.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant as the ratings have
been withdrawn

LIQUIDITY

Not applicable.

SUNAC CHINA: S&P Assigns 'B+' Rating to New US-Dollar Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes by
Sunac China Holdings Ltd. (BB-/Stable/--). The China-based
developer intends to use the net proceeds primarily to refinance
its existing debt.

S&P said, "We rate the notes one notch below the issuer credit
rating on Sunac to reflect structural subordination risk. As of
June 30, 2019, Sunac's capital structure consists of about Chinese
renminbi (RMB) 274 billion in secured debt and RMB65 billion in
unsecured debt (including about RMB36.5 billion in guarantees for
certain joint ventures and associates). As such, the company's
secured debt ratio is around 81%, which is significantly above our
notching-down threshold of 50% for issues. The issue rating is
subject to our review of the final issuance documentation.

"We do not expect the new issuance to significantly affect Sunac's
credit profile. In our view, the company will maintain strong sales
execution and sustainable profitability while continuing to
gradually improve its financial leverage through cash collection
and more controlled spending. This is reflected in the stable
rating outlook on the company."

TENCENT MUSIC: Gordon Hits Share Price Drop
-------------------------------------------
Theresa Gordon, individually and on behalf of all others similarly
situated, Plaintiff, v. Tencent Music Entertainment Group, Cussion
Kar Shun Pang and Min Hu, Defendants, Case No. 19-cv-18230 (D.
N.J., September 23, 2019), seeks to recover compensable damages
caused by violations of federal securities laws.

Tencent Music operates online music entertainment platforms that
provide music streaming, online karaoke and live streaming services
in the People's Republic of China. Tencent Music's American
Depository Shares (ADS) trade on the New York Stock Exchange under
the ticker symbol which sold for $13.00 per ADS during its December
2018 IPO.

Defendants failed to disclose that Tencent Music's exclusive
licensing arrangements with major record labels were
anticompetitive and were unreasonably expensive and resulted in
regulatory scrutiny. On this news, Tencent Music ADSs fell $0.92
per share or 6.8% to close at $12.57 per share on August 27, 2019,
damaging investors including Gordon. [BN]

Plaintiff is represented by:
      Laurence M. Rosen, Esq.
      Phillip Kim, Esq.
      THE ROSEN LAW FIRM, P.A.
      355 South Grand Avenue, Suite 2450
      Los Angeles, CA 90071
      Telephone: (213) 785-2610
      Facsimile: (213) 226-4684
      Email: lrosen@rosenlegal.com
             pkim@rosenlegal.com


XIWANG GROUP: Defaults on CNY1 Billion in Debt
----------------------------------------------
Liang Hong and Liu Jiefei at Caixin Global reports that the failure
of a corn and steel processing giant in East China's Shandong
province to pay a debt has triggered cascading defaults of CNY2.3
billion ($330 million), as concerns mount about the future of the
troubled company.

Xiwang Group Co. Ltd. announced a default on CNY1 billion in
short-term commercial paper due on Oct. 24, the company said in a
filing to the National Interbank Funding Center, according to
Caixin. The debt, issued on Oct. 23, 2018, with an interest rate of
7.7%, was to fund Xiwang's business operations and pay other debts,
the report says.

The default didn't come as a surprise to many given Xiwang Group
had been negotiating with investors to extend the due date to Nov.
27, Caixin relates citing another filing. The main underwriter for
the paper, China Zheshang Bank Co. Ltd., summoned investors for a
meeting on Oct. 24 to vote on the extension proposal, but only two
of 11 attending institutions agreed, representing only 4.46% of
entire debt held by attendees. That was less than the two-thirds of
all voting rights required to validate a proposal, the filing, as
cited by Caixin, showed.

According to Caixin, Xiwang Group's failure to pay the commercial
paper triggered cross defaults of four other securities totaling
CNY2.3 billion, including one short-term commercial paper issuance
set to mature in December and three super-short term commercial
paper issuances.

Altogether the company has total outstanding bonds of CNY9 billion,
of which CNY2.5 billion will mature within the year.

In July, three state-owned investment companies in Shandong planned
to establish a CNY3 billion fund in aid of Xiwang Group. However,
people familiar with the firm's debt situation told Caixin it was
unclear whether the CNY3 billionn had been given to the group and
whether the group could use the money to pay for its debt. How
exactly that money is used will largely depend on the government,
they told Caixin.

Xiwang Group was once a star private sector company. That was until
the bankruptcy of Qixing Group Co. Ltd., a private aluminum smelter
whose debts Xiwang Group had backed to the tune of nearly CNY3
billion.

Founded in 1986, Xiwang Group is the parent company of
Shenzhen-listed Xiwang Foodstuffs Co. Ltd. and two Hong Kong-listed
companies, Xiwang Special Steel Co. Ltd. and Xiwang Property
Holdings Co. Ltd.  

Xiwang Group booked revenue of CNY19 billion for the first half of
2019, up 4.2% year-on-year, and CNY139.1 million in net profit
attributed to parent shareholders, compared with a CNY70.4 million
net loss for the same period last year, Caixin discloses citing the
company's half-year earnings report.



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I N D I A
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3B BINANI: CARE Reaffirms & Withdraws D Ratings on Bank Facilities
------------------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
D' assigned to the bank facilities of 3B Binani Glassfibre SARL
with immediate effect.

The above action has been taken at the request of 3B Binani
Glassfibre SARL and 'No Objection Certificate' received from the
banks that have extended the facilities rated by CARE.  3B Binani
Glassfibre Sarl (3B Binani SARL), headquartered in Battice, Belgium
and a part of Braj Binani group, is one of the leading manufacturer
of fiberglass in Europe for reinforcement of thermoplastics and
thermoset polymer applications and is a preferred supplier mainly
to automotive and wind energy sectors. 3B Binani SARL is a holding
company. The group has three manufacturing facilities:

a) At Battice (Belgium)
b) At Birkeland (Norway)
c) At Goa (India)

3B Binani's product portfolio comprises of dry use chopped strands,
continuous filament mats, direct rovings, speciality wet-use
shopped strands, milled fibres and tartarised yarns. The company's
products offer qualities such as high strength to weight ratio as
well as chemical resistance and electrical insulation that render
them perfectly suited to a wide range of applications and
competitive alternative to traditional materials such as metal and
more expensive alternatives.

3B FIBREGLASS: CARE Withdraws D Rating on Bank Facilities
---------------------------------------------------------
CARE revised the rating of long term bank facilities of 3B
Fibreglass Norway AS from CARE BB; Stable to CARE D, and has
withdrawn the rating.

The revision in rating of long term bank facilities from CARE BB;
Stable to CARE D is on account of delays in servicing the term loan
as per banker feedback. CARE has withdrawn the rating of 'CARE D'
assigned to the bank facilities of 3B Fibreglass Norway AS with
immediate effect. Withdrawal action has been taken at the request
of 3B Fibreglass Norway AS and 'No Objection Certificate' received
from the bank that has extended the facilities rated by CARE.  

Headquartered in Battice, Belgium, 3B Fibreglass Norway AS is a
subsidiary of 3B Binani Glassfibre SARL (3B Binani), which is a
part of Braj Binani group. 3B Binani is Europe's leading
manufacturer of fibreglass for reinforcement of thermoplastics and
thermoset polymer applications and is a preferred supplier for
companies in the automotive and wind energy sectors.

Over 90% of 3B Binani's customers are based in Europe. 3B Binani is
a holding company. The group has three manufacturing facilities:

a) At Battice (Belgium) - in the books of 3B Fibreglass SPRL
b) At Birkeland (Norway) - housed in the books of 3B Fibreglass
Norway
c) At Goa (India) - in the books of Goa Glass Fibre Ltd.; acquired
in 2013

3B Binani's product portfolio comprises dry use chopped strands,
continuous filament mats, direct rovings, speciality wetuse shopped
strands, milled fibres and yarns.

AMBAL MODERN: CARE Cuts INR18.75cr LT Loan Rating to B+, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ambal Modern Rice Mill (AMRM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       18.75      CARE B+; Stable ISSUER NOT
   Facilities                      COOPERATING Revised from
                                   CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AMRM to monitor the rating
vide e-mail communications/letters dated May 13, 2019, June 11,
2019, June 2l0, 2019 and July 17, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of best available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
Ambal Modern Rice Mill's bank facilities will now be denoted as
CARE B+;Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers
At the time of last rating on May 25, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations with declining profitability margins
during review period
The total operating income stood moderate at INR84.72 crore in FY17
with low net worth base of INR7.45 crore as on March 31, 2017 when
compared to other peers in the industry. Hence, it has small scale
of operations. The profitability margins of the firm are seen
declining during the review period. The PBILDT margins of the firm
declined from 3.15% in FY16 to 2.99% in FY17 due to increase in
wages and other manufacturing expenses. The firm has thin PAT
margin during review period. The PAT margin of the firm stood at
0.18% in FY17 due to high interest costs and decline in PBILDT in
absolute terms.

Moderate capital structure and weak debt coverage indicators
The capital structure of the firm remained moderate during review
period. The debt equity ratio of the firm has been improving
year-on-year and remained below unity for the last three balance
sheet date ended March 31, 2017, due to repayment of term loan
coupled with increase in tangible net worth. The overall gearing
ratio of the firm marginally deteriorated from 2.45x in FY15 to
2.55x in FY17 due to increase in working capital bank borrowing
limits of the firm as on March 31, 2017. The debt coverage
indicators of the firm remained at weak and marked by total
debt/GCA which deteriorated from 20.24x in FY15 to 25.70x in FY17
due to increase in total debt level (unsecured loans & working
capital bank borrowings). Furthermore, the PBILDT interest coverage
ratio, deteriorated from 1.57x in FY15 to 1.47x in FY17 due to
increase in interest cost (enhanced facilities of working capital
bank borrowings) and decline in PBILDT level.

Proprietorship nature of constitution with inherent risk of
withdrawal of capital
Constitution as a proprietorship has the inherent risk and
possibility of withdrawal of capital at a time of personal
contingency which can adversely affect the capital structure of the
firm. Furthermore, proprietorships have restricted access to
external borrowings as credit worthiness of the proprietor would be
a key factor affecting the credit decision of lenders.

Seasonal nature of availability of paddy resulting in working
capital intensive nature of operations
Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi (November
to April). The millers have to stock enough paddy by the end of the
each season as the price and quality ofpaddy is better during the
harvesting season. During this time, the working capital
requirements of the rice millers are generally on the higher side.
Majority of the firm's funds are blocked in inventory and with
customers. Moreover, the paddy is procured from the farmers
generally against cash payments or with a minimal credit period of
2-3 days while the millers have to extend credit to the wholesalers
and distributors around 30-35 days resulting in high working
capital utilization reflecting working capital intensity of
business. The average utilization of fund based working capital
limits of the firm was utilized (90%) during the last 12 months
period ended April 30, 2018. The firm reported satisfactory
liquidity position marked by its current ratio and quick ratio at
1.29x and 0.50xas on March 31, 2017, which is almost stable compare
to previous year (1.28x and 0.55x during FY16). Further the firm
had cash and bank balances to the tune of INR 0.36 Crore as of
March 31, 2017.

Key Rating Strengths

Long track record and experience of promoter for more than two
decades in rice business
AMRM was established in the year 2000, hence it has a established
track record and the firm is promoted by Ms. Wahida (Proprietor).
The business operations of the firm are supported by the spouse of
Ms Wahida. She is having around 20 years of experience in rice
processing business. Through their experience in the rice
processing, they have established healthy relationship with key
suppliers, customers, local farmers, dealers and also with the
brokers facilitating the rice business within the state and also
the other states.

Growth in total operating income during review period
The total operating income of the firm has increased at a
Compounded Annual Growth Rate (CAGR) of 5.52% from INR 72.10 crore
in FY15 to INR84.72 crore in FY17 due to continuous demand from
existing customers along with addition of new customers.

Locational advantage with presence in cluster and easy availability
of paddy
The rice milling unit of AMRM is located at Sivagangai district
which is the top district for producing paddy in Tamil Nadu. The
manufacturing unit is located near the rice producing region, which
ensures easy raw material access and smooth supply of raw materials
at competitive prices and lower logistic expenditure.

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

Ambal Modern Rice Mill (AMRM) was established in 2000 as a
proprietorship firm. AMRM is engaged in milling and processing of
rice. The rice milling unit of the firm is located at Puduvayal,
Tamil Nadu. Apart from rice processing, the firm is also engaged in
selling off bi-products such as broken rice, husk and bran. The
main raw material, paddy, is directly procured from local farmers
located in and around Puduvayal District and the firm sells rice
and other bi-products in the states of Tamil Nadu, Karnataka,
Andhra Pradesh and Manipur.

ANANDESHWAR RICE: CARE Keeps 'B' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anandeshwar
Rice Industries (ARI) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.00       CARE B; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 10, 2019, placed the
ratings of ARI under the 'issuer non-cooperating' category as ARI
had failed to provide information for monitoring of the rating. ARI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated October 3, 2019, September 30, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on January 10, 2019, the following were
the rating weaknesses and strengths.

Key Rating Weaknesses

Modest scale of operation, leveraged capital structure and stressed
liquidity position
The scale of operations of the firm continues to remain small
marked by TOI of INR36.56 crore in FY17 (refers to the period April
1 to March 31). Furthermore, the firm's partner base also stood
modest at INR1.72 crore as on March 31, 2017. The small scale
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits. Further, during FY18 (based on
unaudited results), the firm has achieved sales amounting to
INR16.67 crore witnessing a growth of 32%. The capital structure of
the firm stood highly leveraged marked with an overall gearing of
4.25 times as on March 31, 2017. The debt service coverage
indicators of the firm stood weak with total debt to GCA at 11.87
times and interest coverage ratio at 2.40 times for FY17. The
business of the firm is working capital intensive nature of
operations marked by high utilization level. Due to higher
creditors, current ratio and quick ratio stood at 0.88 times and
0.28 times respectively as on March 31, 2017.

Seasonality associated with agro commodities and Presence in highly
fragmented and government regulated industry
As the firm is engaged in the business of trading and processing of
agriculture commodities, the prices of agricultural commodities
remained fluctuating and depend on production yield, demand of the
commodities and vagaries of weather. Hence, profitability of the
firm is exposed to vulnerability in prices of agriculture
commodities. The rice milling industry is characterized by limited
value addition, highly fragmented and competitive in nature as
evident by the presence of numerous unorganized and few organized
players. Further, the industry is characterized by high degree of
government control both in procurement and sales for rice.
Government of India (GoI) decides the Minimum Support Price (MSP)
payable to farmers and also procures rice under the levy route from
rice mills.

Key Rating Strengths

Experienced partner in agro industry as well as group support
Mr. Anand Kumar, Mr. Chandra Prakash Gupta and Mr. Ritesh Kumar,
Partners has more than two decades of experience in agro industry
and looks after purchase, production and marketing affairs
respectively of the firm. Mr. Salil Kumar Gupta has more a decade
of experience in the agro industry and looks after accounts &
finance affairs of the firm. The partners of the firm are also
promoting Anandeshwar Trading Company, Prakash Udyog, Jagdamba
Trading Company and Hanuman Rice Mill, which are engaged in the
same line of business. With the long-standing presence of the
partners in the industry, the partners have established
relationship with customers as well as suppliers.

Fatehpur (Uttar Pradesh) based Anandeshwar Rice Industries (ARI)
was formed in February 2016. The commercial operations started from
February 2016. The firm is engaged in the processing of paddy.

ANIL KUMAR: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Anil Kumar &
Company (AKCO) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit assigned with IND
     BB/Stable rating; and

-- INR409.8 mil. Non-fund-based working capital limit assigned
     with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect AKCO's small scale of operations as indicated
by revenue of INR634.86 million in FY19 (FY18: INR319.09 million).
The growth in revenue was primarily due to execution of higher
number of work orders. FY19 financials are provisional in nature.
The firm reported revenue of INR115 million during 5MFY20. As of
August 2019, AKCO had an order book of INR1,722.40 million (2.71x
of FY19 total revenue) to be executed by September 2020.

The ratings also factor in the firm's modest EBITDA margin of 11.0%
in FY19 (FY18: 17.0%) with a return on capital employed of 11% in
FY19 (FY18: 8%). The decline in margin was attributed to its
presence in a highly fragmented construction industry and
fluctuating raw material prices.

The ratings also reflect AKCO's modest credit metrics as indicated
by gross interest coverage (operating EBITDA/gross interest
expense) of 1.8x in FY19 (FY18: 1.2x) and net financial leverage
(total adjusted net debt/operating EBITDAR) of 2.0x (4.7x). The
improvement was driven by a rise in absolute EBITDA and a decline
in debt, resulting from lower utilization in the working capital
limit, and the consequent reduction in interest expense.

The ratings are further constrained by AKCO's high geographical and
customer concentration risks, as 97% of its pending orders are from
Uttar Pradesh for construction of building projects for U.P.
Rajkiya Nirman Nigam Ltd. The ratings also factor in the
partnership nature of the business.

Liquidity Indicator - Adequate: The firm's average maximum use of
its fund-based limits was around 42% during the 12 months ended
September 2019. The cash flow from operations turned positive to
INR150.82 million in FY19 from negative INR99.76 million in FY18 on
account of favorable changes in working capital. The net working
capital days improved, although remained elongated, at 80 days in
FY19 (FY18: 255 days) on account of lower receivable and inventory
days.

The ratings are also supported by the partners' experience of
around three decades in the civil construction business.

RATING SENSITIVITIES

Positive: An increase in the revenue along with an improvement in
the liquidity profile and interest coverage increasing above 2.5x ,
all on a sustained basis, will lead to a positive rating action.

Negative: A decline in the revenue and overall credit metrics, all
on a sustained basis, will be negative for the ratings.

COMPANY PROFILE

Established in 1986 as a partnership concern, Uttar Pradesh-based
AKCO primarily undertakes electrical and civil contracts for state
government entities in Uttar Pradesh. The scope of work includes
construction of road, buildings, water supply, drainage, sewerage
lines and water treatment facilities. Mr. Anil Kumar Gupta and Mr.
Gyan Prakash Goel are the promoters.


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

The instrument-wise rating action is:

-- INR93.7 mil. Term loan due on July 2020 - December 2021
     migrated to non-cooperating category with IND BB- (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 9, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2014, Aruna Enterprise is a partnership firm that
manufactures patterns for industrial valve casting. In addition, it
provides logistics and warehousing services.

ARYABHATTA TUTORIALS: CARE Cuts Rating on INR6cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aryabhatta Tutorials Private Limited (ATP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.00       CARE D Revised from CARE B;
                                   Stable

Detailed Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of ATP
takes into account ongoing delays in the servicing of the debt
obligation. The rating is further constrained by its small scale of
operations along with losses at net level, leveraged capital
structure and weak debt coverage indicators, high competition in
the education sector and regulatory risk. The rating, however,
derives strength from experienced promoters with qualified teaching
staff. Going forward, the ability of the company to repay its debt
obligations in a timely manner would remain the key rating
sensitivity. Furthermore, the ability of the company to increase
its scale of operations profitably and improve its overall solvency
position would also remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Ongoing delays in debt servicing owing to weak liquidity
There are on-going delays in the servicing of debt obligation. The
delays are on account of weak liquidity position as the company is
unable to generate sufficient funds on timely manner leading to
cash flow mismatches.

Small scale of operations along with losses at net level
The total operating income of the company declined from INR6.17
crore in FY18 to INR5.94 crore in FY19 due to enrolment of lower
number of students in FY19. The scale of operations however,
continues to remain small. The net worth base of the company eroded
to INR0.81 crore as on March 31, 2019 owing to losses at the net
level. Further, the PBILDT margin stood low at 5.97% in FY19.
PBILDT margin declined from 20.97% in FY18 due to increase in
employee benefit expenses of the company. The company reported
losses at the net level as well as at the cash level in FY19.

Leveraged capital structure and weak debt coverage indicators
The capital structure of the company deteriorated from 7.14x as on
March 31, 2018 to 19.68x as on March 31, 2019 on account of erosion
of networth due to losses at the net level. The debt coverage
indicators also remained weak owing to higher interest expenses
incurred and losses at the cash level in FY19.

High competition in the education sector and regulatory risk
The informal education sector primarily coaching is dependent on
the core education system. Any structural change in the core
education system such as changes in competitive exam structures can
affect the coaching industry. Furthermore, the coaching segment has
both organised and unorganised players which leads to high
fragmentation and intense competition and an increase in coaching
institutes over the past few years have resulted into intense
competition.

Key Rating Strengths

Experienced promoters with qualified teaching staff
ATP has been providing education services since 2008 in Ludhiana,
Punjab. The company is currently being managed by Mr Ram Krishan
Goyal who has a work experience of around three decades and Mr
Deepak Goyal & Mrs Amita Rani Goyal who have work experience of
around a decade. Furthermore, ATP has employed experienced and
qualified teaching staff to support the academic requirements of
the coaching institute.

Analytical Approach: Standalone

Incorporated in 2008, Ludhiana based Aryabhatta Tutorials Private
Limited (ATP) is engaged in the business of providing coaching for
various medical and non-medical entrance examinations like Joint
Entrance Examination (JEE), the All-India Institute of Medical
Science (AIIMS) entrance exam and All India Engineering Entrance
Examination (AIEEE). Mr. Ram Krishan Goyal, Mr. Deepak Goyal and
Mrs. Amita Rani Goyal are the directors of ATP. The company
provides coaching under brand name "EduSquare", at its two coaching
centers located in Ludhiana, Punjab and one coaching center located
in Ferozpur, Punjab. ATP offers class room based coaching through
study material developed by in-house faculty.

BIHAR STATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Bihar State Construction Corporation Limited
        Khwaja Imali Anishabad Patna
        BR 800002
        IN

Insolvency Commencement Date: October 16, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 12, 2020
                               (180 days from commencement)

Insolvency professional: CA Nitesh Kumar More

Interim Resolution
Professional:            CA Nitesh Kumar More
                         31 Ganesh Chandra Avenue
                         6th Floor
                         Kolkata 700013
                         West Bengal
                         E-mail: nmore2091@gmail.com

                            - and -

                         18 Rabindra Sarani
                         Gate No. 1, 7th Floor, Room No. 701
                         Kolkata 700001

Last date for
submission of claims:    October 30, 2019


CAPTAIN SPORTS: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Captain Sports
(CS) to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Proposed Long Term     4         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CS for obtaining
information through letters and emails dated July 9, 2019,
September 23, 2019 and September 27, 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 CS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CS is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

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

Set up in 1999 as a proprietorship concern by Mr Rajkumar and his
wife, Ms Kalpana Devi Rajkumar, CS trades in sports fabrics, such
as super PP, plain polyesters, dot knit polyester, and jack pro
polyester. It has five outlets, one each in Tiruppur, Chennai,
Palakkad, Madurai, and Hyderabad.

CLAVECON PRIVATE: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Clavecon (India)
Private Limited's (CIPL) Long-Term Issuer Rating to 'IND B+' from
'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR44.47 mil. (reduced from INR79.57 mil.) Term loan due on
     August 2022 downgraded with IND B+/Stable rating;

-- INR35 mil. Fund-based working capital limits downgraded with  
     IND B+/Stable/IND A4 rating; and

-- INR5 mil. (reduced from INR10 mil.) Non-fund-based working
     capital limits downgraded with IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects a sharp decline in CIPL's operating
profitability in FY19 owing to adverse market conditions, leading
to a significant deterioration in its credit metrics.

In FY19, the company's EBITDA margin was modest and deteriorated to
2.48% in (FY18: 12.58%), leading to deterioration in gross interest
coverage (operating EBITDAR/gross interest expense + rents) to
0.80x (2.50x) and net leverage (total adjusted net debt/operating
EBITDAR) to 13.09x (3.22x). However, the EBITDA margin improved to
9.89% in 1HFY20 (unaudited) on account of a decline in the
manufacturing cost. Consequently, the interest coverage improved to
around 3.27x in 1HFY20.

The ratings continue to be constrained by the company's small scale
of operations despite a marginal increase in revenue to INR366.42
million in FY19 (FY18: INR 335.28 million). The rise in revenue is
attributed to the increase in the demand from the existing
customer. During 1HFY20, the company posted revenue of around
INR169 million.

Liquidity Indicator - Stretched: CIPL's average use of its cash
credit limits was around 86% during the 12 months ended September
2019. Cash flow from operations declined to INR18.79 million in
FY19 (FY18: INR22.60 million) on account of a fall in EBITDA to
INR9.07 million (INR42.18 million). Cash and cash equivalents stood
at around INR0.45 million at FYE19 (FYE18: INR1.14 million).

The ratings, however, are supported by the company's promoters more
than four decades of experience in the manufacturing of concrete
blocks, leading to longstanding relationships with its customers
and suppliers.

RATING SENSITIVITIES

Negative: Any decline in the operating profitability leading to a
decline in the credit metrics or deterioration in the liquidity
position will be negative for the ratings.

Positive: Any significant increase in the revenue and operating
profitability leading to the interest remaining above 2x, could
lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2013, CIPL manufactures autoclaved aerated concrete
and concrete blocks. It has an installed capacity of 15,000 cubic
meters per month.

DILIP POLYFAB: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Dilip Polyfab Private Limited
        Unit No. 3, Ground Floor 32A
        Ramakrishna Samadhi Road
        Kolkata WB 700054
        IN

Insolvency Commencement Date: October 14, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 11, 2020

Insolvency professional: Sanjai Kumar Gupta

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

                            - and -

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

Last date for
submission of claims:    October 28, 2019


INFO-DRIVE SOFTWARE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Info-Drive Software Limited
        Crown Court, 6th Floor
        Office No. 3, 128
        Cathedral Road
        Chennai 600086

Insolvency Commencement Date: October 15, 2019

Court: National Company Law Tribunal, Division Bench, Chennai

Estimated date of closure of
insolvency resolution process: April 12, 2020
                               (180 days from commencement)

Insolvency professional: Nurani Subramanian Suryanarayanan

Interim Resolution
Professional:            Nurani Subramanian Suryanarayanan
                         Flat V-II, Silver Palm Apartments
                         340/1, Bajanai Koil Street
                         Padi, Chennai 600050
                         E-mail: suri_nar@hotmail.com
                                 irpinfodrive@gmail.com

Last date for
submission of claims:    October 30, 2019


INTEX TECHNOLOGIES: Avalon Sports' Insolvency Bid Dismissal Upheld
------------------------------------------------------------------
Business Standard reports that the National Company Law Appellate
Tribunal (NCLAT) has dismissed a plea to initiate insolvency
proceedings against smartphone and mobile accessories maker Intex
Technologies India Ltd by one of its creditors.

A three-member NCLAT bench headed by Chairperson Justice S J
Mukhopadhaya upheld the order of the National Company Law Tribunal
(NCLT) Delhi, which had dismissed the plea of the operational
creditor after observing a pre-existence of dispute over the
claims, Business Standard.

Earlier, on Sept. 1, 2019, the NCLT Delhi had rejected the
application filed by Avalon Sports and Media on the same ground,
following which it was challenged before the NCLAT by the firm, the
report recalls.

"We find no merit in this Appeal and the same is accordingly
dismissed," said the NCLAT, Business Standard relays.

According to Business Standard, the appellate tribunal observed
that there was a pre-existing dispute between the firm and Intex
Technologies, and the NCLT has rightly rejected it.

"For the said reason, if documents have been placed showing that
there is a 'pre-existence of dispute' with regard to the alleged
claim, the Adjudicating Authority (NCLT) without going into the
merit of the case, had rightly rejected the application under
Section 9 on the ground that there is 'pre-existence of dispute',"
the NCLAT, as cited by Business Standard, said.

Business Standard relates that the NCLT had noticed that the
e-mails were exchanged between the parties before filing of
application under Section 9 of the Insolvency and Bankruptcy Code,
2016 by the operational creditor for initiation of insolvency
resolution process against Intex Technologies over a claim of
INR23.23 lakh.

In the e-mail dated Dec. 3, 2018, Intex disputed the claim on the
ground that the payment of the commission is in line with the
'terms & conditions' of the agreement reached between them.

The dispute was related to advertising of IPL team Gujarat Lion,
which was owned by Intex Technologies, the report notes.

Mobile wallet company Oxigen Services was brought as an sponsor by
Avalon Sports and Media, which had entered into an brand promotion
services commission agreement in April 2016, Business Standard
notes.

Intex Technologies (India) Ltd. manufactures and distributes
electronic products. The Company wholesales mobiles, smart watch,
refrigerator, air conditioners, power bank, speakers, washing
machines, cabinets, webcam, computer peripheral equipment, air
coolers, and computer software. Intex Technologies serves customers
in India.

J D ENGINEER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: J D Engineer Surveyors Private Limited
        Shop No. 10, Arjun CHS
        Shiv Mandir Road
        Ramnagar, Dombivili West
        Thane 421201

Insolvency Commencement Date: October 18, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 15, 2020

Insolvency professional: Rakesh Kumar Tulsyan

Interim Resolution
Professional:            Rakesh Kumar Tulsyan
                         B-4, Vinay Tower
                         Kranti Nagar, Lokhandwala
                         Kandivali East
                         Mumbai 400101
                         E-mail: tulsyanrk@gmail.com

                            - and -

                         Office No. 3, Sukh Sagar CHS
                         Akurli Cross Road No. 1
                         Kandivali East, Mumbai 400101
                         E-mail: rp.jdengineersurveyors@gmail.com

Last date for
submission of claims:    November 1, 2019


J.C. FENASIA: CARE Assigns 'B' Rating to INR7cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of J.C.
Fenasia Exports Pvt. Ltd. (JCFE), as:

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

   Short-term Bank
   Facilities           0.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of JCFE are primarily
constrained by its small scale of operations with net loss from
operation, exposure to volatility in raw material prices, revenue
concentration from European countries with intensely competitive
industry and leveraged capital structure and weak debt coverage
indicators. The rating, however, derives strength from its
experienced promoters and long track record of operations and
strategic location of the plant.

Going forward, the ability of the company to improve its scale of
operation along with profitability margins and efficient management
of working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small scale of operations with net loss from operation: The scale
of operations of the company remained small marked by total
operating income of INR 34.66 crore (INR37.94 crore in FY18) and
net loss of INR0.02 crore (loss of INR0.17 crore in FY18) in FY19
(Prov.). Further the total capital employed was also moderate at
INR10.24 crore as on March 31, 2019. The small size restricts the
financial flexibility of the company in times of stress and it
suffers on account of lack of economies of scale.

Exposure to volatility in raw material prices: During FY19, raw
material cost remained the major cost driver for JCFEPL of the
total cost sales. JCFEPL does not have any tannery unit for
manufacturing of finished leather, its basic raw material for
manufacturing of leather goods like bags, wallet etc. Thus, in the
absence of backward integration of its basic raw material, it has
to depend upon local suppliers for purchase of finished leather.
Accordingly, any adverse movement in prices of raw materials with
no corresponding change in final goods prices can have an adverse
impact on the profit margins of the entity.

Revenue concentration from European countries with intensely
competitive industry: Exports are made to various countries like
Spain, Egypt, UAE, Hong Kong etc., the major being to the European
countries. Uncertainty associated with economic environment in
European Union will impact the financial risk profile of its key
customers which will in turn affect the business of JCFEPL. The
leather industry is highly fragmented with a large number of small
to medium scale organized and unorganized players owing to low
entry barriers with no visible differentiators in product profile.
High competition in the operating spectrum and small size of the
entity limits the scope for margin expansion. Though government
policies towards the industry have been supportive both for
small-scale sector development as well export promotion, the
industry is caught up with socio political issues relating to
slaughtering of animals. With the production clustered in 4-5
locations, distribution network becomes the key to success. Many
companies in the leather products have a strong distribution
network and enter into brand building exercise to improve the sales
and market share. Hence the players in the industry do not have
pricing power and are exposed to competition induced pressures on
profitability.

Leveraged capital structure and weak debt coverage indicators:
Capital structure of the company remained leveraged owing to its
working capital intensive nature of operations resulting in higher
dependence on bank borrowings marked by overall gearing ratio of
2.07x as on March 31, 2019. Moreover, the debt coverage indicators
remained weak marked by interest coverage of 1.57x in FY19 and
total debt to gross cash accrual ratio of 40.38x in FY19
(provisional).

Key Rating Strengths

Experienced promoters and long track record of operations: JCFEPL
is into manufacturing and exporting of leather goods and trading of
finished leathers and leather chemicals since 2005 and thus has
long track record of operations. Mr. Naresh Kumar Juneja (aged, 65
years) has around two decades of experience in the same line of
business looks after the day to day operations of the company. He
is supported by his wife Mrs. Minnie Juneja, son Mr. Nirvik Juneja
and a team of experienced professional.

Strategic location of the plant: The manufacturing facility of
JCFEPL is located at Kasba Industrial Estate which is in close
proximity to the various tanneries situated at Calcutta Leather
Complex for sourcing of finished leather, the main raw material for
manufacturing of fashion leather products. Accordingly, the
availability of raw materials is not an issue. Further the
manufacturing plant has ample supply of cheap labour. Moreover, the
company exports major part of its products to overseas market
through vessels from Kolkata port. Thus, the company gets the
benefit of its location.

Liquidity
The liquidity position of the company was moderate as on March 31,
2019. Cash and Bank Balance was INR 0.05 crore and current ratio of
the company was at 1.64x as on March 31, 2019. This apart, quick
ratio was at 1.41x as on March 31, 2019. During FY19, GCA was
INR0.17 crore.

West Bengal based J.C. Fenasia Exports Pvt. Ltd. (JCFEPL)
incorporated in February 2005, was promoted by Mr. Naresh Kumar
Juneja, Mrs. Minnie Juneja and Mr. Nirvik Juneja. Since its
inception, JCFEPL has been engaged in manufacturing and exporting
of leather goods and trading of finished leathers and leather
chemicals. The manufacturing facility of the company is located at
Kasba, West Bengal with an installed capacity of 10000 pieces per
month (leather bags) and 25000 pieces per month (wallets). The
company earns major revenue from trading activities accounting for
around 70% of total operating income in FY19 (prov.) and remaining
from manufacturing and license sales. The manufacturing facility of
the company has an ISO 9001:2008 certification which enables wide
acceptance of its products in the market. The company procures its
entire raw materials from domestic market whereas it sells its
products both in the domestic as well as international market. The
major export destinations of the company are various European
Countries and gulf countries. J.C. Fenasia Exports Pvt. Ltd. has an
associate concern 'Fenasia Limited.' which is engaged in
manufacturing of leather chemicals.

Mr. Naresh Kumar Juneja has more than two decades of experience in
the same line of business, looks after the day to day operations of
the company supported by his wife Mrs. Minnie Juneja, son Mr.
Nirvik Juneja and a team of experienced professional.

JAIN IRRIGATION: CARE Lowers Rating on INR2,220cr Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jain Irrigation Systems Limited (JISL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        783.20      CARE D Revised from
   Facilities–                       CARE B+; Stable
   Term loan            
                                     
   Long term bank      1,650.00      CARE D Revised from
   facilities–                       CARE B+; Stable  
   Working capital    
                                     
   Short-term Bank     2,220.00      CARE D Revised from
   Facilities                        CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of JISL
is on account of ongoing delays in its debt servicing due to delay
in collection of receivables, leading to cash flow issues in the
company.

Detailed Rationale& Key Rating Drivers

Key Rating Weakness

Ongoing delays in debt servicing
As a part of CARE's due diligence process, CARE had interacted with
JISL's bankers and had also obtained 'Default if any' statement
from the company which mentioned delays in debt servicing on the
working capital and term loan availed by the company. As per the
management, the delays in debt servicing is on account of slowdown
in collection of receivables leading to cash flow issues in the
company. Further, the lenders of JISL have also signed an
Inter-Creditor agreement due to the ongoing stress in the account.
CARE also notes that JISL is in discussion with banks for increase
in working capital limits to address their immediate liquidity
concerns which are yet to be sanctioned by banks.

Established in the year 1986, JISL operates in diverse segments of
the agri-business and also offers products in renewable energy
segment. The micro-irrigation systems (MIS) (drip and sprinkler) is
the flagship product of the company wherein JISL offers
end‐to‐end water solution projects. The company also
manufactures polyethylene (PE) pipes, polyvinyl chloride (PVC)
pipes and plastic sheets. Other business segment of the company
incudes, agro-processing (dehydrated onions & vegetables, processed
fruits, mango pulp and Bio Gas), tissue culture and solar systems
(solar water heating systems, solar panels and solar water pumps).
The company (including subsidiaries) has 33 manufacturing bases
with 11 manufacturing facilities and 5 demo and research
development farms in India and 17 plants located across four
continents.

JAYARAM TEXTILES: CARE Reaffirms D Rating on INR13.36cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jayaram Textiles (JT), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          13.36       CARE D Reaffirmed

   Short-term Bank
   Facilities           0.18       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of JT continue to be
constrained by ongoing delays in servicing its debt obligations due
to stressed liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in servicing the debt obligations
The banker has confirmed that there are on-going delays in
servicing the principal and interest commitments in the term
loan.

Small scale operations
The firm has been operational for more than three decades, the
scale of operations remained small marked by total operating income
INR37.40 crore in FY19 and net worth base of INR25.47 crore as on
March 31, 2019.

Declining profitability margins
The PBILDT margin of the firm has been consistently declining
year-on-year and further declined significantly by 419 bps to
11.16% in FY19 compared to 15.35% in FY18 due to increase in cost
of sales on back of increase in employee cost, power and fuel
costs. Furthermore, the PAT margin of the firm declined by 348 bps
to 1.13% in FY19 compared to 4.61% in FY18 due to decrease in
PBILDT levels resulting in under absorption of financial expenses
and depreciation provisions.

Deterioration in debt protection metrics
The debt coverage parameters deteriorated marked by interest
coverage ratio stood at 1.85x in FY19 as compared to 2.03x in
FY18 on account of decrease in interest and finance charges. TD/GCA
of the firm stood weak at 10.26x in FY19 as against
9.35x in FY18 due to decrease in cash accruals.

Working capital intensive nature of operation
The operating cycle remained elongated although improved to 194
days in FY19 from 231 days in FY18. The inventory period stood
elongated on account of high stock of raw materials. The firm
extends its creditors period to suppliers upto 1-10 days while the
firm allows the creditor period to its customers upto 15-25 days.

Intense competition in a highly fragmented industry structure
The textile industry in India is highly fragmented and dominated by
a large number of independent and small unorganized players leading
to high competition among industry players. Thus JT is exposed to
significant competition in the market.

Key Rating Strengths

Vast experience of promoters for more than three decades in weaving
business
The promoters of Jayaram Textiles have more than thirty years of
experience in the textile industry. All the promoters are actively
involved in managing the day-to-day operations of the firm. Mr.
P.M.Thirumoorthy looks after the operations of yarn manufacturing
and suzler looms while Mr. P.M.Balasubramaniam and Mr.
P.M.Ganeshmoorthy look after operations of power looms.

Increase in total operating income
The total operating income of the firm has improved during review
period from INR32.73 crore in FY18 to INR37.40 crore in FY19 on
account of increase in number of orders executed.

Comfortable capital structure
The capital structure of the firm improved and stood comfortable
marked by overall gearing at 0.72x in FY19 as compared to 0.77x in
FY18 on account of decrease in total debt and increase in networth
with accretion of profits. The debt equity of the firm also
improved and stood at 0.21x in FY19 as against 0.29x in FY18.

Jayaram Textiles (JT) was established as a partnership firm in 1985
by Mr. P.M.Thirumoorthy, Mr. P.M.Balasubramaniam and Mr.
P.M.Ganeshmoorthy (brothers). The firm was started as a fabric
manufacturing unit with an initial capacity of 78 power looms in
Tirupur, Tamil Nadu. Since then, the firm has expanded its weaving
operations to the current levels. The firm procures raw materials
from Tamil Nadu, Andhra Pradesh, Telangana and Karnataka. The
present installed capacity is 12,000 spindles, 150 power looms and
32 suzler looms. The firm produces yarn in counts of 32's, 40's and
60's which is used for its own fabric production. The fabric
produced by JT finds application in linen, curtains etc. The firm
sells the fabric to a number of distributors and agents in the
markets like Tirupur, Jaipur, Ahmedabad, Mumbai, Kolkata and New
Delhi, who in turn sells the fabric to linen and garment
manufacturing units.

JEPPIAAR CEMENTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Jeppiaar Cements Private Limited

        Registered office:
        2/117, Thittakudi Road
        Keelamathur
        Perambalur TN 621713
        IN

Insolvency Commencement Date: October 10, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Umesh Garg

Interim Resolution
Professional:            Umesh Garg
                         2nd Floor, 3-Scindia House
                         Janpath, Connaught Place
                         New Delhi 110001
                         E-mail: umeshg60@gmail.com

                            - and -

                         Almondz Insolvency Resolution Services
                         Pvt. Ltd.
                         F33/3, Okhla Industrial Area
                         Phase II, New Delhi 110020
                         E-mail: cirpjpcement@gmail.com

Last date for
submission of claims:    October 24, 2019


K L SOLVEX: CARE Assigns B+ Rating to INR2.50cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of K L
Solvex (KLS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           2.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities          12.50       CARE A4 Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of KLS is constrained by
limited track record and small scale of operations, leveraged
capital structure and weak total debt to GCA ratio. The rating is
further constrained by raw material price fluctuation risk,
partnership nature of constitution and highly competitive and
fragmented nature of industry. The rating, however, derives
strength from experienced partners, location advantage and positive
outlook of the industry.

Going forward, the ability of the firm to scale up its operations
while improving its profitability margins and overall solvency
position and ability of the firm to efficiently manage its working
capital requirements shall remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Limited track record and small scale of operations along with low
profitability margins
Owing to first year of operations, the scale of operations of the
firm remained small marked by total operating income (TOI) of
INR36.48 crore in FY19. The GCA of the firm also remained low at
INR0.39 crore in FY19. The small scale of operations limits the
financial flexibility of the firm in times of stress and deprives
it of scale benefits. Further, the firm achieved sales of INR18.12
crore till September 25, 2019 (Prov.) Further, the PBILDT margin of
the firm stood low at 1.89% in FY19. The PAT margin also stood low
at 0.93% in FY19 mainly on account of high interest costs.

Leveraged capital structure and weak total debt to GCA ratio
As on March 31, 2019, the total debt of the firm comprised of
unsecured loans from related parties to the tune of INR2.55 crore
and working capital borrowings of INR8.95 crore as against net
worth base of INR4.27 crore. The capital structure of the firm
stood leveraged marked by overall gearing ratio of 2.69x as on
March 31, 2019 mainly on account of high reliance upon external
borrowings to finance the operations of the firm. Further, the
total debt to GCA ratio also stood weak at 14.68x for FY19 mainly
due to low GCA levels of the firm in FY19. However, the interest
coverage ratio stood moderate at 4.32x in FY19.

Raw material price fluctuation risk
The entities in edible oil industry are susceptible to fluctuations
in raw material prices. Price of rice is governed by the
demand-supply dynamics prevalent in major rice growing nations,
weather conditions and prices of substitute. Domestic production of
rice, in turn, is dependent on area under cultivation, vagaries of
monsoon, prices of other crops, Minimum Support Price (MSP) and
incentives offered by Government of India (GoI). Any increase in
the rice bran prices without a corresponding increase in edible
crude oil prices will adversely impact the profitability margins of
the entities in this business.

Partnership nature of constitution
K L Solvex, being a partnership firm, is exposed to inherent risk
of the partner's capital being withdrawn at time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of the partners.

High degree of competition resulting from fragmented nature of the
edible oil industry
Low barriers to entry have resulted in highly fragmented nature of
the edible oil industry. Furthermore, most of the manufacturers
offer similar products with little difference which competes with
each other resulting in lower margins for most of the players.
Furthermore, rice bran oil industry faces tough competition because
of the presence of a number of close substitute products in market.
Olive oil, mustard oil and peanut oil are slotted as main
substitute of rice bran oil and they have a variety of products
under their category for which they poses serious threat to the
profit margin of the players operating in rice bran oil segment.

Key Rating Strengths

Experienced partners
The firm is current being looked after by Mr. Raghubir Bakshi, Mr.
Saurabh Shibe, Mrs. Nirmal Kumar, Mrs. Palvi Shibe and Mrs. Sonia
Shibe as partners. The partners have a collective work experience
ranging up to two decades which they have gained through other
entities engaged in similar business. The partners have adequate
acumen about various aspects of business which is likely to benefit
KLS in the long run.

Location advantage leading to easy availability of raw material
The plant of the company is located in Sangrur, Punjab, which is
surrounded by various rice millers and processors. KLS uses rice
bran as its main raw material which is a by-product of rice
milling. Punjab being a major paddy hub of the country, there are
lot of rice millers around the vicinity of the plant which gives
easy access to the company for availability of rice bran at
competitive rates and also at reduced freight costs.

Positive demand outlook
The consumption of edible oil in India has been rising during the
past few years which can be attributed mainly to rising population
and economic growth resulting in better standard of living and
growth in demand for fried processed food products. Furthermore,
the per capita consumption of edible oil in India stands much lower
than the global average. Thus, the underpenetrated market coupled
with positive macro and demographic fundamentals give the favorable
demand growth outlook over the medium to long term.

Stretched liquidity position
The current ratio stood moderate at 1.46x as on March 31, 2019,
however, the quick ratio stood weak at 0.22x as on March 31, 2019.
The firm had free cash and bank balance of INR0.34 crore as on
March 31, 2019.

K L Solvex (KLS), based in Sangrur, Punjab was established as a
partnership firm in October 2018. It is being managed by Mrs.
Nirmal Sharma, Mrs. Sonia Shibe, Mrs. Palvi Shibe, Mr. Raghubir
Singh and Mr. Saurav Shibe as partners. The firm is engaged in the
extraction of rice bran oil at its processing facility located in
Sangrur, Punjab with a total installed solvent extraction capacity
of 52500 tonne of rice bran oil per annum as on June 30, 2019.

KRISH RAIPUR: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Krish (Raipur) Hotels Private Limited
        Perfect Chambers 36
        Ganesh Chandra Avenue
        Kolkata 700013 (WB)

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 28, 2020
                               (180 days from commencement)

Insolvency professional: Amit Chandrashekhar Poddar

Interim Resolution
Professional:            Amit Chandrashekhar Poddar
                         'AKSHAT', 7, Vijay Nagar
                         Katol Road, Opp. NCC Office
                         Nagpur 440013
                         E-mail: amitpoddar.ca@gmail.com

                            - and -

                         Meera Apartments, 3rd Floor
                         Above Durva Restaurant
                         Opp. Yeshwant Stadium
                         Dhantoli, Nagpur 440012
                         E-mail: cirp.krish@gmail.com

Last date for
submission of claims:    October 14, 2019


MOJJ ENGINEERING: CARE Lowers Rating on INR7.38cr Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Mojj
Engineering Systems Limited (MESL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.38       CARE B; Stable Revised from
   Facilities                      CARE BB; Stable

   Short-term Bank
   Facilities          18.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of MESL
takes into account the delay in the repayment of its fixed tenure
working capital loan (not rated by CARE) availed during FY19. The
same was mainly on account of liquidity mismatch due to delay in
realization of debtors. The ratings further continue to remain
constrained on account of the moderate scale of operations,
moderate profitability margins, moderate solvency position and
susceptibility of the margins to underlying volatility in raw
material prices.

The above weaknesses are partially underpinned by extensive
experience of the promoters with demonstrated track record of
operations, healthy and growing order book position.

The ability of the company to repay its debt obligation and further
manage its growing working capital requirements efficiently remains
the key rating sensitivities. Further, timely execution of the
outstanding orders and timely receipts from customers will be
critical for the ratings.

Detailed description of the key rating drivers

Key Rating Weakness

Delays in servicing of debt obligation:
As per audit report of FY19 and banker interaction, the MESL has
delayed the repayment of said fixed tenure working capital loan
(Not rated by CARE) on account of liquidity mismatch caused by
delay in realization of debtors.

Moderate scale of operations and net worth base:
Despite being operational for over three decades, the scale of
operations of the company remained modest with a TOI of INR195.38
crore in FY19 (Audited) as against INR110.41 crore in FY18
(Audited). The tangible net worth also improved with accretion of
the profit to reserves and infusion of equity during FY19. The
tangible net-worth stood moderate at INR45.21 crore as on March 31,
2019 which confines the financial flexibility of the company.
Despite the improvement, the scale remained moderate.

Moderate profitability indicators:
The PBILDT and PAT margins of the company stood moderate at 8.81%
and 5.39% in FY19 as against 5.46% and 2.16% in FY18. Despite the
improvement, the same remains modest and susceptible to the
volatile raw materials prices, in the absence of any long term
contract with suppliers. Volatility in the raw material prices has
a direct bearing on the profitability of the company.

Moderate solvency position
The capital structure of MESL deteriorated during the year due to
overall increase in debt profile on account of the fixed tenure
working capital loan availed during FY19. The overall gearing stood
at 0.43x as on March 31, 2019 as against 0.22x as on March 31,
2018. The debt coverage indicators continue to remain modest,
despite the deterioration in the gearing levels.

Key Rating Strengths
Long and established track record of the company with experienced
promoters: Established in October 1986, MESL has a long operational
track record of around three decades in the manufacturing of
dryers, evaporators, industrial sprays, distilleries etc. The
promoters of MESL, Mr. Madhusudan Gupta and Mr. Dhirendra Oke have
more than three decades of industry experience owing to which the
company has established long-term relationship with the customers
and suppliers. Furthermore, the company has a team of
well-qualified and experienced management and has well-classified
divisions for smooth execution of the projects.

Healthy order book position:
MESL has an outstanding order book position of INR215 crore for
execution on August 31, 2019, resulting in order book to sales
(FY19-Audited) ratio of 1.10x. The order book provides the revenue
visibility for the short term. Further, the ability of the company
to complete the said orders, keeping the liquidity scenario under
control, will remain crucial for the overall financial risk profile
of the company.

Liquidity Indicators: Stretched

The liquidity position of MESL is stretched, characterized by
tightly matched accruals as against repayment obligations,
stretched operating cycle with major funds blocked in inventory and
receivables. Further, the utilization of working capital bank
borrowings stood on higher side during the year leaving the minimum
headroom to meet additional working capital requirements. The same
has resulted in a delay in debt servicing for its fixed tenure
working capital loan (Not rated by CARE) availed during FY19.

Mojj Engineering Systems Limited (MESL), headquartered at Pune, was
incorporated as a private limited company in 1986 and subsequently
converted into public limited company in 1994. MESL is a project
engineering company which designs and delivers, on turnkey basis,
custom built plants, systems & equipment such as dryers,
evaporators, industrial sprays and distilleries.

NEELACHAL ISPAT: CARE Reaffirms 'D' Rating on INR644.64cr LT Loan
-----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Neelachal Ispat Nigam Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      644.64      CARE D Reaffirmed
   Facilities          

   Short-term Bank     252.05      CARE D Reaffirmed
   Facilities          

   Long-term Bank      646.52      CARE A- (CE) (Under credit
   Facilities                      watch with developing
   (Term Loans)#                   implications) Revised from
                                   CARE A (CE); Stable

   Short-term Bank       5.00      CARE A2+(CE) (Under credit
   Facilities                      watch with developing
   (LC/BG)#                        implications) Revised from
                                   CARE A1

   Long-term Bank       39.00      CARE C (CE) (Under credit
   Facilities                      watch with developing
   (Term Loan)^                    implications) Assigned

   Non-Convertible     100.00      CARE A- (CE) (Under credit
   Debentures-I#                   watch with developing
                                   implications) Revised from
                                   CARE A (CE); Stable

   Non-Convertible     200.00      CARE A- (CE) (Under credit
   DebenturesII #                  watch with developing
                                   implications) Revised from
                                   CARE A (CE); Stable

#the said facilities are backed by unconditional and irrevocable
corporate guarantee provided by MMTC Ltd. (rated CARE A-/CARE A2+
(under credit watch with developing implications) revised in
October 2019).

^the said facility is backed by partial corporate guarantee from
MMTC Limited.

Detailed Rationale & Key Rating Drivers (CE rating)

The reaffirmation of the ratings assigned to the bank facilities
(S.no. (i) & (ii)) of Neelachal Ispat Nigam Limited factors in
stretched liquidity position of the company and resultant delays in
debt servicing. The ratings assigned to the bank facilities (S.no.
(iii) & (iv)) and to the non-convertible debentures (S.no. (vi) &
(vii)) of Neelachal Ispat Nigam Limited take into account the
credit enhancement in the form of unconditional and irrevocable
corporate guarantee extended by MMTC Limited (rated CARE A-/ CARE
A2+ (under credit watch with developing  implications)) while the
rating assigned to bank facility with S.no. (vi) takes in to
account the credit enhancement in the form of unconditional and
irrevocable partial corporate guarantee extended by MMTC Limited.

The credit profile of MMTC takes into account the increasing
exposure towards its associate company, Neelachal Ispat Nigam
Limited (NINL) in FY19 (refers to the period from April 1 to March
31) in the form of continuous fund based support through
investments and loans & advances and also continued corporate
guarantees towards NINL's loans and bonds. NINL's liquidity
position has further deteriorated in FY19 & it continues to remain
stretched and MMTC being the 'Managing Promoter' of NINL, as per
the shareholders agreement, is responsible to provide continued
financial and operational support to NINL. With the financial
support that MMTC has already provided to NINL & in view of the
continued support that MMTC is expected to give in the medium term,
the financial profile of MMTC (after considering the group
exposure) remains susceptible to the weakness in the liquidity
profile of NINL.

The ratings of MMTC, however continue to derive strength from its
position as the largest international trading house in India,
predominant ownership by the Government of India (GoI) as well as
long and established track record of trading in diverse commodities
and strong internal control mechanism. Going ahead, the ability of
MMTC to enhance its overall financial profile while efficiently
managing its working capital requirements, timely completion of its
divestment in NINL along with recovery of its investment and
advances post divestment shall be key rating sensitivities.

The ratings have further been placed on credit watch with
developing implications on account of the announcement by the
company to divest its equity holding in NINL. MMTC holds 49.78% in
NINL as on March 31, 2019. CARE will continue to monitor the
developments in this regard and will take a view on the ratings
once the exact implications of the above on the credit risk profile
of the company are clear.Going ahead, the ability of MMTC to
improve profitability while efficiently managing its working
capital requirements and the extent of support provided to NINL and
other subsidiary / associates, its impact on MMTC's financial risk
profile and timely recovery of advances shall be the key rating
sensitivities.

Detailed Rationale & Key Rating Drivers (Standalone ratings)
The ratings assigned to the bank facilities of Neelachal Ispat
Nigam Limited are constrained by weak operational performance
and financial risk profile, delays in debt servicing and
cyclicality of the steel industry.

Detailed description of the key rating drivers (CE rating)

Key Rating Strengths

MMTC's position as the largest International trading house in
India
MMTC is the largest international trading company of India and the
first Public Sector Enterprise to be accorded the status of "FIVE
STAR EXPORT HOUSE" by the GOI for long-standing contribution to
exports. It is the largest non-oil importer of the nation. MMTC has
been awarded the 'Mini Ratna' status and stands as a leading
international trading house in India. It has consistently won
various prestigious awards for export performance.

MMTC was established in 1963 and is one of the major global trading
players. It has six major divisions' viz., Precious metals,
Minerals & ores, Metals and industrial raw materials, Agro
products, Fertilizers & Chemicals and Hydrocarbons Established
track record of trading in diverse commodities MMTC is involved in
diverse trading activities in exports, imports and domestic trading
of goods. It is the largest exporter of minerals from India, single
largest importer/supplier of bullion and non-ferrous metals viz.
copper, aluminum, zinc, lead, tin and nickel in the country.

The company has a wholly-owned international subsidiary in
Singapore to support its international trade. MMTC has formed
Joint Ventures with various entities in order to diversify and
increase its area of operations. The precious metals segment
include trading of gold (under export or under open general
license), silver and retail sale. Despite high volatility in prices
of bullion as well as Indian Rupee - US Dollar exchange rates,
precious metals segment contributed a gross turnover of INR 12,788
crore contributing to almost 44% of total turnover achieved by the
company in FY19.  The fertilizers segment is the second highest
contributor to the overall revenues in FY19. MMTC imports Urea on
behalf of department of fertilizers, Ministry of Chemicals and
Fertilizers. During the FY19, MMTC's urea import have accounted for
approximately 81% of country's import requirement.

Internal control and risk management systems
MMTC is engaged in both imports as well as exports of diverse
commodities. The company manages the price volatility risks by
entering into back-to-back transactions. MMTC manages foreign
currency risk, by taking adequate forward cover. Counterparty risks
are mitigated to an extent as MMTC takes earnest money deposits
from its clients in advance (Bank guarantee of 120% in case of gold
imports and EMD of 10-25% in other goods to cover the price
fluctuation). Nevertheless, it remains exposed to any volatile
movement in commodity prices which can escalate counterparty risks
as well as extreme fluctuation in forex rates.

In order to streamline the process, manuals and corporate risk
management policy has been put in place to take care of internal
control mechanisms, risk assessment on the business proposals and
systematic SOP for undertaking various trades. MMTC has constituted
a financial management committee of directors (FMCOD) comprising of
3-4 directors including CMD for approval of all trade transactions
above INR2 crore. The trade on behalf of government accounts for
40% of the total volume while the balance 60% is for the private
players. In case of contract with private players there is always a
back to back contract and each leg of the trade is backed with a
letter of credit to secure the payment.

Industry Prospects
MMTC plays a vital role in association with the government of India
in policy formulation to support Gems & Jewellery industry in India
and development of jewelery sector on Pan-India basis. The
government of India launched Gold monetization scheme with a view
to promote circulation of domestic gold within the domestic economy
to curb bullion imports and save forex outgo. Further the precious
metals group of MMTC marketed Indian Gold Coins (IGC) and achieved
a turnover of INR 25 crore in FY19. The demand for gold is expected
to remain firm owing to its traditional and religious importance.
Further MMTC continues to enjoy a premium position in the country.
Outlook for silver in coming years is an upward trend in prices due
to expectations on solid fundamentals, as mine supply is likely to
contract while industrial and jewelry demand is like to increase.

The outlook for fertilizers in FY20 will depend on the monsoon and
government policy. The global economy continues to face challenges
with food inflation being felt by countries across the globe
including India. The focus especially for the developing nations
would be on increasing productivity in agriculture. However, the
global supply position of all the major fertilizers is expected to
remain comfortable with new addition of capacities mainly in Urea,
DAP, and MOP.

Key Rating Weaknesses

High group exposure & increased fund based support to NINL leading
to moderation in the financial & liquidity profile of MMTC
MMTC's total operating income witnessed a significant growth of 76%
in FY19 to reach INR 28,991.37 crore vis-à-vis INR 15,505.85 crore
in FY18 on the back of significant growth in fertilizers, metals
and precious metals segment. The PBILDT margin improved from 0.50%
in FY18 to 0.67% in FY19 on account of relatively higher
profitability from precious metals segment. The profitability has
however remained range bound owing to trading nature of the
business. The PAT margin slightly moderated to 0.28% in FY19 (PY:
0.30%) The overall gearing of the company stood at 0.62x as on
March 31, 2019. However the off-balance sheet exposure of the
company continues to remain high which includes corporate guarantee
of INR 1345.82 crore in favour of the lenders of NINL as on March
31, 2019.

MMTC being the 'Managing Promoter' for NINL extends short term
credit facility to NINL upto a limit of INR 1425.00 crore for its
day to day operational activities on continuing basis and a trade
related financial facility to the extent of INR 1187.00 crore which
are in the form of loans and advances. The loans and advances to
NINL stood at INR 2594.57 crore as on March 31, 2019 (PY:
INR1786.70 crore). The overall gearing after considering the
corporate guarantee and deducting advances to related parties from
net-worth of MMTC Ltd, turns negative.

As per the management of the company, Ministry of Commerce directed
further to infuse an additional equity of INR149.34 crore in NINL
against which MMTC infused INR 79.42 crore in April 2019 and the
balance was infused by other shareholders. Further, as per the
announcement by the Ministry, all shareholders of NINL will have to
continue to infuse capital proportionate to their stakes to keep
the company running until its disinvestment. This shall further
increase the exposure of MMTC in NINL.

Liquidity: Adequate
The liquidity profile of MMTC is adequate at a standalone level
with current ratio of 1.31x as on March 31, 2019 (PY: 1.21x).
Against the significant cash accruals of MMTC of INR 91 crores in
FY19 there is no significant debt repayment. Further, MMTC had cash
and cash equivalents of INR 55.21 crore as on March 31, 2019 (Rs.
39.34 cr as free cash balance). The operating cycle reduced
significantly in FY19 to 3 days on account of low inventory period
of 12 days vis-à-vis 45 days in FY18. Further, the average working
capital utilization for the 12-month ended August 2019 was 68.08%.
The liquidity profile of MMTC is however moderate after considering
the guaranteed debt repayments of NINL. Repayment due in FY20 is of
INR 326 crore (including bond repayment of INR 50 crore).

Analytical approach: Credit enhancement in the form of
unconditional and irrevocable corporate guarantee provided by
MMTC Limited.

MMTC, a public sector undertaking, was incorporated on September
26, 1963, to facilitate foreign trade in India and canalize the
export and import of essential minerals and metals. It is under the
administrative control of the Ministry of Commerce & Industry, and
Government of India (GOI) held 89.93% stake in the company as on
June 30, 2019. MMTC deals in multiple products and markets. The
business operations of the company span across six major divisions
i.e. minerals, metals, precious metals, agro products, fertilisers
& chemicals and coal & hydrocarbons. MMTC has also set up a 15-MW
wind energy mill in Karnataka. MMTC is one of the few agencies,
apart from banks, permitted by the GOI for import of bullion in the
country.

P.M.R. CONSTRUCTIONS: CARE Cuts Rating on INR20cr ST Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
P.M.R. Constructions India Private Limited (PMR), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long -term Bank       7.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE B+; Stable;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

   Short-term Bank      20.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE A4;
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

Detailed Rationale& Key Rating Drivers

CARE had, vide its press release dated June 4, 2019, placed the
rating(s) of PMR under the 'Issuer non-cooperating' category as PMR
had failed to provide information for monitoring of the rating. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The revision in the ratings assigned to the bank facilities of
P.M.R. Constructions India Private Limited (PCIPL) takes into
account ongoing delays in debt servicing by the company.

Key rating Weaknesses

Ongoing delays in debt servicing
P.M.R. Constructions India Private Limited has been facing
liquidity issues from past few months, due to which the company is
unable to service the interest obligation on working capital
facility.

Key Rating Strengths

Established track record and experienced promoters for more than a
decade in civil and electrical works Although the company, PMR, has
a short track record of operations, however, it is partially offset
by the fact that the commercial operations were started post the
take-over of M/s Palem Maheswara Reddy, a proprietorship concern of
the Managing Director- Mr. P. Maheswara Reddy, which was
established in the year 2000. The company is also promoted by Mrs.
P Lakshmi Prasanna, w/o Mr. P Maheswara reddy, who has more than a
decade of experience in civil and electrical works. Further, the
company has established good relationship with suppliers and
customers due to the long term presence of the promoters in the
business, which is also likely to benefit the company in future
Andhra Pradesh based, PMR Constructions India Private Limited
(PMR), was incorporated in the year 2015 with its registered office
at Pulivendula, Cuddapah. The promoters of the company are Mr. P
Maheswara reddy (Managing Director) and Mrs. P Lakshmi Prasanna
(Director).

PMR started its business operations after taking over an existing
proprietorship concern i.e. M/s Palem Maheswara Reddy (established
in the year 2000). Currently, PMR is engaged in civil construction
works such as construction of buildings, sub stations and
transmission lines of all voltage levels. The company procures its
work orders from government (Andhra Pradesh and Telangana), by
participating in online tenders, and also from private authorities.
As on May 31 2018, the company has an order book worth INR 55.14
crore and the same is likely to be completed by March 2019.

PVS MEMORIAL HOSPITAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: PVS Memorial Hospital Private Limited
        No. XXIV/1484, Kaloor
        Cochin Ernakulam
        Kerala 682017

Insolvency Commencement Date: October 16, 2019

Court: National Company Law Tribunal, Thiruvananthapuram Bench

Estimated date of closure of
insolvency resolution process: April 12, 2020

Insolvency professional: Mr. Bijoy Prabhakaran Pulipra

Interim Resolution
Professional:            Mr. Bijoy Prabhakaran Pulipra
                         TC 28/878, Ground Floor
                         Near Women & Child Hospital
                         Thycaud P O
                         Kerala 695014
                         E-mail: bijoy@artismc.com
                                 bijoy.pvs@artismc.com

Last date for
submission of claims:    October 30, 2019


RAJASTHAN WOOD: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Rajasthan Wood Products Private Limited
        SP 90, RIICO Industrial Area
        Bassi Jaipur
        Jaipur RJ 303301
        IN

Insolvency Commencement Date: October 11, 2019

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: April 8, 2020
                               (180 days from commencement)

Insolvency professional: Babu Lal Sharma

Interim Resolution
Professional:            Babu Lal Sharma
                         306, 3rd Floor, Durga Business Centre
                         (DBC), Near Pink City Petrol Pump
                         M.I. Road, Jaipur
                         E-mail: tejgati@yahoo.com

Last date for
submission of claims:    October 25, 2019


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

The instrument-wise rating actions are:

-- INR65 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR62.7 mil. Term loan due on May 2025 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 15, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RPAPL, which is promoted by Vyomesh R Trivedi, manufactures silico
manganese and ferro manganese at its 10,000-metric-tonne-per-annum
facility in Madhya Pradesh. Also, it has a captive 6MW biomass
power plant.

RELIANCE BROADCAST: CARE Cuts Rating on INR65cr NCD-4 to D
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Reliance Broadcast Network Limited (RBNL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities          83.69       CARE C; Stable Reaffirmed

   Non-Convertible
   Debenture issue
   (NCD)-1            100.00       CARE C; Stable Reaffirmed

   Non-Convertible
   Debenture issue  
   (NCD)-2             66.80       CARE C; Stable Reaffirmed

   Non-Convertible
   Debenture issue
   (NCD)-3             50.00       CARE C; Stable Reaffirmed

   Non-Convertible
   Debenture issue
   (NCD)-4             65.00       CARE D Revised from
                                   CARE C; Stable

   Non-Convertible
   Debenture issue
   (NCD)-5             50.00       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the Non-Convertible
Debenture issue (NCD)-4 factors in non-payment of the principal of
the NCD (ISIN INE445K07155), maturing on October 8, 2019. The
ratings assigned to the bank facilities, NCD2 and NCD-3 continue to
be tempered by the weak financial performance of RBNL apart from
its weak capital structure and debt coverage indicators and
stretched liquidity position. The ratings also factor in the long
track record of operations of the company, proposed acquisition of
RBNL by Music Broadcast Ltd. (MBL) and positive outlook for the
radio industry. Improvement in the performance of the company with
reduction in losses, and acquisition by MBL will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing
NCD-4 comprises of two ISINs INE445K07155 and INE445K07163 of INR30
crore and INR35 crore respectively. Vide e-mail dated October 10,
2019, the Debenture Trustee (DT) informed CARE that RBNL had not
repaid principal due on ISIN INE445K07155 on the due date of
October 8, 2019. Further, the DT has confirmed that interest on
both the ISINs was duly serviced.

Weak financial performance
The company reported a total operating income of INR313.91 crore in
FY19 as compared to INR318.27 crore in FY18. The PBILDT level
reduced by 7.64% in FY19 on account of lower operating income and
increase in the expenditure. RBNL's interest cost increased to
INR164.65 crore in FY19 mostly on account of increased borrowings.

RBNL incurred loss at both the PBT as well as PAT levels in FY19.
However, the net loss reduced from INR132.43 crore in FY18 to
INR108.63 crore in FY19 mostly on account of extraordinary expense
of INR22.45 crore incurred in FY18 as against extraordinary income
of INR1.94 crore in FY19. Further, the company has been incurring
cash losses for the last few years with cash loss of INR74.09 crore
in FY19 as against cash loss of INR89.36 crore in FY18. In Q1FY20
RBNL incurred net loss of INR26.45 crore over the total operating
revenue of INR64.00 crore. For radio industry H1 is generally a
lean period and H2 is peak period.

Weak capital structure and debt coverage indicators
RBNL reported continuous losses over the past few years have eroded
the networth of the company. RBNL reported a negative networth over
the past few years resulting in negative networth of INR1116.27
crore as on March 31, 2019. Accordingly, the overall gearing and
total debt to GCA ratios are not meaningful. The interest coverage
ratio of the company deteriorated to 0.54x as compared to 0.59x on
account of increase in interest cost and continues to be weak. It
may be noted that license fees has not been considered as a part of
the tangible networth of the company as the details of same is not
available with CARE.

Stretched liquidity position
RBNL's collection period deteriorated from 64 days in FY18 to 128
days to FY19. RBNL recorded its highest revenue in the last three
years in Q4FY19 resulting in significant build-up of receivables at
the end of the year. Further, the creditor's period also
deteriorated from 46 days in FY18 to 90 days in FY19, which
resulted in the deterioration of the working capital cycle from 20
days in FY18 to 42 days in FY19. The average utilization of the
cash credit facility was around 73% for the 12 months ended July
2019 with peak utilization of 92% in July 2019.

Key Rating Strengths

Long track record of operations
RBNL, incorporated on December 27, 2005, is a part of the Anil
Ambani -led Reliance Group. The company is in the business of radio
broadcasting (92.7 BIG FM). RCL and Reliance Land Ltd. (RLL) are
the major shareholders in RBNL. The company is into the radio
business for over a decade. Proposed acquisition of RBNL by Music
Broadcast Ltd. (MBL) The promoters of RBNL are in the process of
divesting its entire stake to Jagran Prakashan Ltd. owned Music
Broadcast Ltd. for a total consideration of INR1050 crore. As per
the deal, MBL will acquire 40 stations out of 58 stations of RBNL.
The remaining 18 stations have an overlap with the MBL's stations,
and hence are not included in the deal. RBNL will sell the
remaining 18 stations to other buyers at an estimated value of
INR150 crore. The deal is yet to be finalized. MBL will initially
acquire 24% equity stake of RBNL through preferential allotment for
a total consideration of INR202 crore.

Positive outlook of radio industry
Radio industry is on growth trajectory. Going ahead the industry
may witness an uptick in M&A Activity with large media groups
looking to acquire regional/small radio networks, with lock-in on
license migrated under the Phase-III regime expired. Moreover, any
relaxation in the FDI limit, from the current 49% will result in
further investment by global strategic players in Indian radio
market. Radio will enable more growth through brand leverage,
across concerts, branded content and delivery, events and
activations, podcasts, etc. The industry would drive up to 20% of
topline from non-FCT revenues by 2021.

Liquidity Analysis: RBNL's collection period deteriorated from 64
days in FY18 to 128 days to FY19. RBNL recorded its highest revenue
in the last three years in Q4FY19 resulting in significant build-up
of receivables at the end of the year. Further, the creditor's
period also deteriorated from 46 days in FY18 to 90 days in FY19,
which resulted in the deterioration of the working capital cycle
from 20 days in FY18 to 42 days in FY19. The average utilization of
the cash credit facility was around 73% for the 12 months ended
July 2019 with peak utilization of 92% in July 2019.

Analytical approach

(I) For the bank facilities, NCD-2, NCD-3, NCD-4 and NCD-5 above:
Standalone
(II) For the rating based on credit enhancement (i.e. NCD-1 above):
The rating of NCD-1 is based on the credit enhancement in the form
of structure based on loan against pledge of shares (LAS) of
Reliance Nippon Asset Management Ltd. (RNAM) and share purchase
agreement entered into between the lenders, Nippon Life Insurance
Company (NLIC), RCL and Indusind Bank, whereby the transaction was
expected to conclude on September 13, 2019 for ISINs INE445K07122
and INE445K07130. The earlier ratings factored in the comfortable
security cover against the loan extended, market risk mitigated by
the locked-in share price and volume for RNAM shares. However, RCL
guarantee continues to be in force although the same has not been
considered in the analytical approach.

RBNL, incorporated on December 27, 2005, is a part of the Anil
Ambani-led Reliance Group. The company is in the business of radio
broadcasting (BIG FM). On May 29, 2019 the RCL and Reliance Land
Pvt. Ltd. (RLPL) announced divestment their entire equity stake in
RBNL to Music Broadcast Ltd., which is owned by Jagran Prakashan
Ltd., for a total consideration of INR1050 crore. As per RBNL's
management, the entire transaction is expected to close in April
2020.

ROYALE MANOR: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Royale Manor
Hotels and Industries Limited's (Royale Manor) Long-Term Issuer
Rating at 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. (increased from INR74.38 mil.) Fund-based working
     capital limit affirmed with IND BB+/Stable/IND A4+ rating;
     and

-- INR1.94 mil. Term loan due on September 2018 withdrawn (paid
     in full) and the rating is withdrawn.

KEY RATING DRIVERS

The affirmation reflects Royale Manor's continued small scale of
operations, as indicated by revenue of INR232 million in FY19
(FY18: INR220 million). The revenue rose on a yoy basis because of
an increase in the room occupancy rate. However, the occupancy rate
remained modest at 62% in FY19 (FY18: 61%).

The ratings take into consideration the modest EBITDA margins due
to the small scale of operations. The margin stood at 23.55% in
FY19 (FY18: 23.83%). The return on capital employed was 9% in FY19
(FY18: 9%).

Liquidity Indicator – Poor: Royal Manor witnessed multiple
instances of overutilization of fund-based limits during the 12
months ended August 2019. The cash flow from operations increased
to INR47 million (FY18: INR22 million) due to a fall in interest
expenses.

The ratings reflect the moderate credit metrics due to the modest
EBITDA margins. The interest coverage ratio (operating EBITDAR /
gross interest expense + rents) improved to 5.43x  in FY19 (FY18:
3.76x) towing to a fall in interest expenses. The net leverage
ratio (total adjusted net debt/operating EBITDAR) deteriorated
marginally to 1.39x (1.21x) due to increased utilization of bank
facilities.

The ratings, however, continue to be supported by the company's
operational track record of more than two decades.

RATING SENSITIVITIES

Negative: Any deterioration in the scale of operations, absolute
EBITDA and liquidity position due to the high utilization of bank
limits, on a sustained basis, could be negative for the ratings.

Positive: An improvement in the scale of operations, absolute
EBITDA and liquidity position, indicated by presence of adequate
unencumbered cash or sustained cushion in bank limit utilization of
around 10%, while maintaining EBITDA margins at current levels, on
a sustained basis, would lead to a positive rating action.

COMPANY PROFILE

Royale Manor is listed on the Bombay Stock Exchange. It operates a
91-room five-star hotel in Ahmedabad (The Ummed Ahmedabad) and is
primarily engaged in the hospitality business.

SHREE GANESH: CARE Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Ganesh Cold Storage (SGCS) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      6.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SGCS to monitor the ratings
vide e-mail communications/letters dated June 5, 2019, September 9,
2019, September 18, 2019, October 1, 2019, October 2, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The ratings on SGCS's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on July 12, 2018 following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Ongoing delay in debt servicing: There are on-going delays in debt
servicing. There was irregularity in interest payment for overdraft
facility.

Established in 1999 as a partnership firm, SGCS is engaged into
providing cold storage facility to farmers for storing potatoes on
a rental basis. The firm has controlled atmosphere cold storage
facility located at Deesa; Gujarat having a capacity to store 8,250
Metric Tonne (MT)/ 1,65,000 bags of potatoes as on March 31, 2018.
The firm is managed by Mr. Popatlal Chamanaji Kachhawa, Mr. Kalidas
Chamanaji Kachhawa and Mr. Lalabhai Chamanaji Kachhawa. Besides
providing cold storage facility, the firm also provides interest
bearing advances to farmers for potato farming purposes against the
stock of potato stored.

SONA DIAMOND: CARE Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sona
Diamond and Exporters Private Limited (SDEPL) continues to remain
in the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.00       CARE B ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2018, placed the
rating(s) of SDEPL under the 'issuer non-cooperating' category as
SDEPL had failed to provide information for monitoring of the
rating. SDEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated August 12, 2019, August 13, 2019, August 14, 2019,
and October 3, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The ratings assigned to the bank facilities of Sona Diamond and
Exporters Private Limited (SDEPL) continue to remained constrained
by working capital intensive nature of operations volatile nature
of industry. The rating also takes into account improvement in
PBILDT margin although there was decrease in total operating income
resulting in net loss for FY18 (refers to the period April
01-March31) Furthermore, the rating also takes into account the
elongation in inventory and collection period.

Key Rating Weakness

Small and declining scale of operations coupled with Net-loss in
FY18
The scale of operation of SDEPL remained small marked by total
operating income of Rs 4.00 crore in FY18 and tangible networth of
Rs 3.12 crore . The TOI of the company has declined to INR 4.00
crore in FY18 from Rs 21.62 crore in FY17. The profitability of
SDGE is majorly dependent on the general gold price movements. The
PBILDT margin improved by 93 bps marked by 5.05% in FY18 as against
4.12% in FY17. The company reported net loss of Rs 0.20 crore in
FY18 as against net profit of 0.04 crore in FY17.

Working capital intensive nature of operations
The Gem and Jewellery industry is working-capital intensive in
nature characterized by higher debtors' realization and inventory
holding period. The company's working capital cycle elongated to
559 days in FY18 as compared to 183 days in FY17 due to stretched
inventory and debtor days. The current ratio and quick ratio stood
at 3.64x and 2.78x as of March 31, 2018.

Key Rating Strengths

Comfortable capital structure
The overall gearing ratio of the company has improved to 0.23x as
on March 31, 2018 comparing to the prior year.

SDGE was incorporated in December 2008 by Mr Mohanan Kallat
eVelayudhan and his family members based in Thrissur, Kerala. Since
inception, the company is engaged in manufacturing and wholesaling
of gold & silver jewellery studded with precious and semi-precious
stones and plain gold & silver jewellery. SDGE had one processing
unit located in Thrissur, Kerala.

It is a 100% export-oriented unit (EOU) with entire sales made to
Gulf countries based clients to whom it supplies on
madeto-order-basis. In FY13 (refers to the period April 1 to March
31), with increased restriction by the government on gold import,
high custom duty and delay in getting duty drawbacks and VAT
refunds, the operation turned unviable and resultantly, the company
scaled down its operations in the Thrissur plant. In August 2013,
the company in order to avail the benefit of government policies
under Cochin Special Economic Zone the company has setup a new
manufacturing unit at Kakkanad Kochi, wherein it enjoys various
fiscal as well as duty benefits provided by the government. The
unit was setup at a cost of INR1.25 crore funded through unsecured
loans from the promoters. The unit commenced operations from May
2014. SDGE has capacity of producing 60-70 kgs of ornaments per
month in one shift. The actual capacity production till FY15 was to
the extent of average 15 kgs of ornaments per month in one shift.
Since April 2015, the company has started utilizing its capacity
better and producing average of 25 kgs per month in one shift.The
promoters had also promoted the company "Sona Gold &Jewellery Co.
Ltd. (SGL)", which is engaged in manufacturing, retailing and
wholesaling of gold and diamond jewellery with 7-8 showrooms
throughout Saudi Arabia. The main office is located at Saudi
Arabia.

SUTLEJ HOUSING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sutlej Housing Private Limited
        Narang Manor, Plot No. 96-B
        Gr Floor, 15th Road
        Bandra (West)
        Mumbai 400050

Insolvency Commencement Date: September 25, 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: Pradeep Vithal Samant

Interim Resolution
Professional:            Pradeep Vithal Samant
                         2nd Floor, 65, Old Oriental Building
                         Hutatma Chowk, Mumbai 400023
                         E-mail: samantpradeep86@yahoo.com

Last date for
submission of claims:    October 29, 2019


TDRL TRADING: CARE Reaffirms B+ Rating on INR4.0cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of TDRL
Trading Co., as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           4.00       CARE B+; Stable Reaffirmed

   Short term Bank
   Facilities           5.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of TDRL Trading Co.
continues to remain constrained on account of small and fluctuating
scale of operations with low net worth base, leveraged capital
structure and weak debt coverage indicators and low profitability
margins. Further, the ratings continue to remain constrained on
account of weak liquidity position, presence in a competitive and
fragmented industry, foreign exchange fluctuation risk and
proprietorship nature of constitution. The rating however draws
comfort from established track record of operations along with
experienced promoter and moderate operating cycle. Going forward,
the ability of TDRL Trading Co. to increase the scale of operations
while improving its profitability margins and the ability of the
company to manage its working capital requirement shall be the key
rating sensitivities.

Detailed description of key rating drivers

Key rating weaknesses
Small and fluctuating scale of operations with low net worth base
The scale of operation of the firm remained small and fluctuating
during past years with total operating income (TOI) ranging around
INR ~30.00 crore. The firm recorded total operating income and
gross cash accruals of INR 30.81 crore and INR 0.12 crore
respectively in FY19 based on provisional results as against INR
23.87 crore and INR 0.10 crore respectively in FY18. Further, the
tangible net worth of the firm remained small at INR 2.03 crore as
on March 31, 2019 (provisional basis). The small scale limits the
firm's financial flexibility in times of stress and deprives it
from scale benefits. TDRLTC has recorded total operating income of
INR ~15 crore in 6MFY20 ending September 30, 2019 on provisional
basis.

Leveraged capital structure and weak debt coverage indicators
The capital structure of the firm stood leveraged as marked by
overall gearing of 2.49x as on March 31, 2019 (provisional basis)
as against 2.17x as on March 31, 2018 (Audited basis). The
deterioration was on account of increase in working capital
borrowings coupled with higher amount of LC backed creditors. As
per the sanction letter unsecured loans are subject to
subordination.  Further, debt coverage indicators also stood weak
as marked by interest coverage and total debt to GCA of 1.57x and
16.46x respectively in FY19 (based on provisional results).

Low profitability margins
TDRLTC being engaged in import and trading of EVA and PVC, the
profitability margins tend to remain at lower level. TDRLTC's
profit margin has remained low owing to trading nature of business
during past three years ending FY18 (audited results) and FY19
(provisional basis). During FY19 based on provisional results,
operating margin of the entity stood low at 1.03% as against 1.64%
in FY18. Further PAT margin declined slightly, and stood below
unity at 0.33% in FY19 (provisional basis) despite decline in
interest cost in line with reduced PBILDT margin.

Liquidity: Stretched
Liquidity is marked by tightly matched accruals to repayment
obligations, highly utilized bank limits and modest cash balance.

Presence in competitive and fragmented industry
The firm operates in a highly competitive industry marked by the
presence of a large number of players in the organized and
unorganized sector owing to lack of barriers. There are number of
small and large players and also catering to the same market which
has limited the bargaining power of the firm and has exerted
pressure on its margins. Hence, the players in the industry have
limited pricing power and are exposed to competition induced
pressures on profitability.

Foreign exchange fluctuation risk
TDRLTC is exposed to foreign exchange fluctuation risk, given the
imports of EVA and PVC resin contributing to 72% of the total
purchases in FY19 (provisional basis) from various countries viz.
Thailand, Saudi Arabia and South Korea,Taiwan, South Korea and
China. The final products dealt by the firm are sold in the
domestic market, with initial cash out flow occurring in foreign
currency and the realization taking place in domestic currency
further, company doesn't hedge for any foreign currency transaction
thus, exposing firm's profitability margins to foreign currency
fluctuation risk.

Proprietorship nature of constitution
Being a proprietorship firm, TDRLTC has inherent risk of withdrawal
of capital at the time of personal contingency. Furthermore, it has
restricted access to external borrowings where net worth as well as
creditworthiness of the proprietor are the key factors affecting
credit decision of the lenders. Hence, limited funding avenues
along with limited financial flexibility have resulted in small
scale of operations for the firm.

Key Rating Strengths

Established track record of operation along with experienced
promoter
TDRLTC is in operation since half a decade in import and trading of
EVA and PVC. The firm is managed by Mr. Gaurav Aggarwal, B.Com
Graduate, who has fifteen years of experience in polymer industry
through his association as a partner in Gaurav Trading Co. since
2007 along with his association with TDRLTC since its
establishment. The firm has established relationship with reputed
import suppliers and customers over the period of time thereby
enabling continuous and repeated orders from the clients.

The extensive experience of the proprietor enables the firm to
establish strong marketing connects and operational process
excellence for TDRLTC. The proprietor is supported by experienced
second line of management who is technically qualified and having
considerable experience in the same field.

Moderate operating cycle
The operating cycle of TDRLTC stood moderate on account of parity
between collection and payment period. The collection period
deteriorated marginally and stood at 39 days in FY19 (provisional
basis) due to slight delay in payment from the customers. However,
the firm provides liberal credit period of 30 to 60 days to its
customers. Further, the firm receives moderate credit period of 2
months from its suppliers. The creditor's period improved and stood
at 54 days in FY19 (provisional basis) as against 74 days in FY18
(audited basis) on account of timely payments made. Average
inventory days stood at 27 days in FY19 (based on provisional
results) as the firm stores moderate inventory to cater to the
demands of the customers. Hence, the average utilization of the
working capital limit stood comfortable at ~50% during past 12
months ended September 2019.

TDRL trading Co. (TTC) was established in the year 2013 as a
proprietorship concern by Mr. Gaurav Aggarwal. The firm is engaged
in the business of import and trading of EVA (Ethylene Vinyl
Acetate) and PVC (Poly Vinyl Chloride) resin, wherein EVA is used
basically in footwear and PVC resin is used in electrical pipes,
sewerage pipes, foaming boards, wire coating, etc. The firm imports
EVA from Thailand, Saudi Arabia and South Korea and PVC resin from
Taiwan, South Korea and China (where imports contribute to 70% of
the total purchases and the rest accounts for local purchases from
Delhi). The firm caters to domestic market and sells EVA and PVC
domestically in regions viz. Uttarakhand, Uttar Pradesh, Delhi and
Haryana.

VERTEX CONSTRUCTION: CARE Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vertex
Construction Company (VCC) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       0.50       CARE B; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Long-term/short      3.20       CARE B; Stable/CARE A4
   term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short-term Bank      1.30       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 8, 2019, placed the
ratings of VCC under the 'issuer non-cooperating' category as VCC
had failed to provide information for monitoring of the rating. VCC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated October 3, 2019, September 30, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on January 3, 2019, the following were
the rating weaknesses and strengths.

Key Rating Weaknesses

Small and declining scale of operations
The scale of operations remained small as marked by total operating
income (TOI) and gross cash accruals of INR3.03 crore and INR0.52
crore respectively during FY17 (FY refers to the period April 1 to
March 31). Moreover, the total operating income has been declining
on y-o-y basis for the past three financial years (FY15-17) owing
to tender driven nature of business and the lowest bidder gets the
order. Since the firm did not get tenders in FY16 & FY17, there was
a substantial decline in the revenue booking on y-o-y basis.
Further, partners' capital base of the firm also stood low at
INR0.66 crore as on March 31, 2017. Small scale of operations
restricts the ability of the firm to scale up and bid for larger
sized contracts having better operating margins. Further, small
scale limits the firm's financial flexibility in times of stress
and deprives it from scale benefits.

Elongated collection period
VCC has elongated collection period as evident from 144 days for
FY17. The collection period remains elongated since the main
customers for the firm is semi- government and private companies
who are engaged in real estate industry wherein the firm raises
bills on the completion of certain percentage of work and thereon
which gets acknowledge by clients after inspection of work done and
further sale of the flats. Further, the realization happens in
stages after completion of order/contract. However, at times due to
procedural delays, there is usually a delay in recovery of debtors.
Entailing all lead to high collection period.

Concentrated order book
The unexecuted order book of the firm as on October 31, 2017 stood
at Rs 28.35 crore, thereby giving medium term revenue visibility.
The tenor of the orders undertaken by the firm is normally up to 18
months. However, the order book is concentrated with single order
and hence effective and timely execution of the order has a direct
bearing on the margins attained. CARE cannot comment on it due to
non-cooperation by the client.

Highly competitive industry with presence of several organized and
unorganized players and business risk associated with tender-based
orders
VCC faces direct competition from various organized and unorganized
players in the market. There are number of small and regional
players and catering to the same market which has limited the
bargaining power of the firm and has exerted pressure on its
margins. Further, the award of contracts are tender driven and
lowest bidder gets the work. Hence, going forward, due to
increasing level of competition and aggressive bidding, the profits
margins are likely to be under pressure in the medium term. The
firm majorly undertakes semi-government and private projects, which
are awarded through the tender-based system. The firm is exposed to
the risk associated with the tender-based business, which is
characterized by intense competition. The growth of the business
depends on its ability to successfully bid for the tenders and
emerge as the lowest bidder.

Constitution as partnership
VCC's constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partners' capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
firms have restricted access to external borrowing which limits
their growth opportunities to some extent.

Key Rating Strengths

Experienced partners
VCC is currently being managed by Mr. Rajendra Kumar Aggarwal, who
has a vast experience of over four decades in the construction
business and trading industry through his association with VCC and
in his individual capacity. He looks after the overall functions of
the firm. He is further assisted by his son Mr. Akshay Aggarwal,
who assists him in managing the overall operation of the firm.

Moderate profitability margins and capital structure
The profitability margin of the firm largely depends upon nature of
project undertaken. Despite y-o-y decline in scale of operations;
profitability margins have been improving on y-o-y basis in the
last 3 years financial years i.e. FY15-FY17 as the firm has
executed better margin contracts. Further, the capital structure of
the firm remained moderate owing to lower utilization of bank
borrowings on the balance sheet date. Overall gearing stood at
0.74x as on March 31, 2017. The capital structure is expected to
deteriorate further on account of additional debts that the firm is
will avail to finance the orders in hand.

Delhi based, Vertex Construction Firm (VCC) was established in June
2011 as a partnership firm with the partners Mr. Rajendra Kumar
Aggarwal and Mr. Akshay Aggarwal sharing the profits and losses
equally. The firm is engaged in construction works which involve
construction of roads and civil construction (buildings).

WEARIT GLOBAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Wearit Global Limited
        Crescent Tower, 5th Floor
        229 A.J.C. Bose Road
        Kolkata WB 700020
        IN

Insolvency Commencement Date: October 16, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 12, 2020

Insolvency professional: Uma Kothari

Interim Resolution
Professional:            Uma Kothari
                         20A, Charu Chandra Place (East)
                         Kolkata 700033
                         E-mail: caumakothari@gmail.com

Last date for
submission of claims:    October 31, 2019


YASHODA COTTON: CARE Keeps D Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yashoda
Cotton & General Mills Private Limited (YCG) continues to remain in
the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.06       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale, Key Rating Drivers

CARE had, vide its press release dated August 27, 2018, placed the
rating(s) of YCG under the 'issuer non-cooperating' category as YCG
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. YCG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 18, 2019, September 20, 2019 and September 23, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on August 22, 2018 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

On-going delays in debt servicing
There were ongoing delays in servicing the debt obligations. The
delays were on account of weak liquidity as the company is unable
to generate sufficient funds on timely manner.

Yashoda Cotton & General Mills Private Limited (YCG) was
incorporated in 2008 by Mr. Narinder Kumar and Mr. Harish Kumar
along with family members Mrs. Sarita Jindal and Mrs. Satya Devi.
YCG is primarily engaged in the processing of raw cotton to produce
cotton lint at its processing facility located in Barnala, Punjab,
having an installed capacity of processing 16,329 quintals of raw
cotton per year as on June 30, 2018. YCG is also engaged in the
trading of cotton seeds.

[*] INDIA: No. of Insolvency Cases Up in Sept. Qtr.
---------------------------------------------------
Business Standard reports that the number of insolvency cases
admitted by the bankruptcy court continued to stay elevated, with
369 companies alone admitted in the September quarter.

The March quarter of FY19 had seen the highest number (374) taken
by the Benches of the National Company Law Tribunal (NCLT),
Business Standard discloses citing data by the Insolvency and
Bankruptcy Board of India (IBBI). The number of firms to go for
liquidation in Q2FY20 stood at 96.

Business Standard relates that operational creditors have triggered
48.5 per cent of the corporate insolvency resolution processes
(CIRPs) so far, followed by 43 per cent by financial creditors.

Business Standard says the Insolvency and bankruptcy code (IBC),
under which cases are referred to the NCLT, is almost three years
old now, during which the experience has been disappointing. Of the
total number of cases admitted by the NCLT (2,542), only 6 per cent
have yielded resolution, the report discloses. While
23 per cent have wound up in liquidation, close to 4 per cent have
been withdrawn under Section 12A of the IBC. Almost 59 per cent are
still under the resolution process, the report states.

Of the 1,497 cases still under CIRP, 35 per cent have exceeded the
time prescribed under the IBC to wrap up the resolution process
(270 days), Business Standard adds.



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

MALAYSIA AIRLINES: JAL Named Finalist to Sponsor Turnaround
-----------------------------------------------------------
Nikkei Asian Review reports that Japan Airlines, which only
recently crawled out from bankruptcy protection, has emerged as one
of four finalists to sponsor the turnaround of Malaysia Airlines.

If selected, JAL will lend capital support and expertise to help
the Southeast Asian airline turn profitable, the report says.
Malaysian Prime Minister Mahathir Mohamad's administration will
choose the sponsor by early next year.

According to the Nikkei, the finalists also include Qatar Airways,
local news reports said. Reuters quoted a local news source in
citing China Southern Airlines as well, the Nikkei says. Foreign
airlines are ideal candidates, as they are well positioned to
assist in cost-saving measures such as joint aircraft purchasing.

Malaysia Airlines lost two planes in 2014--one vanished after
departing Kuala Lumpur while the other was shot down over Ukraine,
the Nikkei recalls. The disasters exacerbated the carrier's
financial hardships, which led to a government takeover the same
year.

The Nikkei notes that despite the bailout funds and the
introduction of new management, Malaysia Airlines continued to
bleed losses amid competition from budget carriers.

Mahathir's government opted to base the turnaround on an outside
infusion of capital as well as operational support, the Nikkei
says. The state hired a brokerage as an adviser to help select
sponsors.

The capital structure of Malaysia Airlines after a sponsor is
chosen will be a subject of interest, though the government is
expected to retain a stake, the Nikkei adds.

                      About Malaysia Airlines

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
--
http://www.malaysiaairlines.com/-- engages in the business of air
transportation and the provision of related services.

As reported in the Troubled Company Reporter-Asia Pacific on March
8, 2019, New Straits Times said Malaysia Airlines' days as a
national carrier may be numbered as it has failed to meet its
three-year target to be profitable, but is instead bleeding since
it was taken private in 2014, aviation analysts said.  The analysts
said the best deal for the airline is to completely shut down its
operations or sell it to interested parties or spin off its
business divisions, NST related.

Khazanah is the sole shareholder of MAS after taking the airline
private in 2014. The sovereign wealth fund injected MYR6 billion
into the airline to keep it afloat, NST noted.

From its delisting from Bursa Malaysia from 2015 to 2017, MAS had
registered a loss of MYR2.3 billion due to the ringgit's weakness
and higher jet fuel costs, NST disclosed.



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

YANLORD LAND: Moody's Reviews Ba2 CFR for Downgrade
---------------------------------------------------
Moody's Investors Service placed on review for downgrade the Ba2
corporate family rating of Yanlord Land Group Limited.

In addition, Moody's has placed on review for downgrade the Ba3
backed senior unsecured rating on the bonds issued by Yanlord Land
(HK) Co., Limited, a wholly-owned subsidiary of Yanlord and
guaranteed by Yanlord.

All outlooks are changed to rating under review from stable.

RATINGS RATIONALE

"The review for downgrade reflects our concerns that Yanlord's
credit metrics could significantly weaken following its proposed
acquisition of United Engineers Limited (UEL)," says Cedric Lai, a
Moody's Vice President and Senior Analyst.

On October 25, 2019, Yanlord announced that it has through its
wholly-owned subsidiary acquired the remaining 51% stake in Yanlord
Investment (Singapore) Pte. Ltd. from Perennial UW Pte. Ltd. and
Heng Yue Holdings Limited. Prior to the acquisition, Yanlord owned
an indirect interest of 49% stake in YIS.

The acquisition will trigger a mandatory general offer for UEL, in
which YIS currently holds a 35.27% stake. The exact amount of
shares in UEL that Yanlord can acquire will remain uncertain until
the completion of the deal.

United Engineers Limited is listed on the Singapore Stock Exchange,
and specializes in property rental and hospitality, property
development, engineering, distribution, manufacturing, and
corporate services & others. It operates across Singapore,
Malaysia, China, and USA.

Moody's estimates that Yanlord's debt leverage — as measured by
revenue/adjusted debt — would materially weaken over the next
12-18 months from 54% in 2018, if Yanlord substantially increases
its stake in UEL via the general offer -- given that the
acquisition would be substantially debt-funded and Yanlord would
assume all or substantial parts of UEL's liabilities.

Moody's review will focus on assessing the impact of the
acquisition on the company's credit metrics and liquidity upon
further clarity on (1) the outcome of the mandatory general offer
and (2) the final financing structure of the transaction, including
the amount of debt raised for the acquisition.

In terms of environmental, social and governance (ESG) factors,
Moody's has taken into account the concentrated ownership by
Yanlord's key shareholder, Mr. Zhong Sheng Jian, who held an
approximate 70.11% stake (direct and indirect) in Yanlord as of
March 13, 2019.

Moody's has also considered (1) the presence of four independent
non-executive directors on Yanlord's eight-member board of
directors, who also chair the audit, nominating, remuneration and
risk management committees; (2) the company's moderate 15%-20%
dividend payout ratio over the past three years; and (3) the
presence of other internal governance structures and standards, as
required under the Corporate Governance Code for companies listed
on the Singapore Stock Exchange.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Yanlord Land Group Limited is a major property developer in China.
The company operates across major Chinese cities including:
Shanghai, Nanjing, Suzhou, Hangzhou, Nantong, Shenzhen, Tianjin,
Zhuhai, Chengdu, Tangshan, Jinan, Zhongshan, Haikou, Sanya and
Wuhan.

Yanlord Land Group Limited listed on the Singapore Stock Exchange
in 2006. The company had a total land bank of 8.54 million square
meters by gross floor area at June 30, 2019.


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

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

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