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

                     A S I A   P A C I F I C

          Friday, November 1, 2019, Vol. 22, No. 219

                           Headlines



A U S T R A L I A

AFG 2019-2 TRUST: S&P Assigns BB (sf) Rating to Class E Notes
BALLEM CIVIL: Second Creditors' Meeting Set for Nov. 7
CIRELLI INVESTMENTS: First Creditors' Meeting Set for Nov. 12
FLEXI ABS 2019-2: Moody's Rates AUD4.17MM Cl. E-G Notes (P)Ba1
INTERNET SERVICES: Zanui Administrators Look for Buyers

JB FINANCIAL: Wexted Advisors Appointed as Receivers
PERSONALISED VENDING: Second Creditors' Meeting Set for Nov. 8
RNR DARWIN: First Creditors' Meeting Set for Nov. 11
SABO MACH: First Creditors' Meeting Set for Nov. 8
SEVILLE OPTIMISED: Second Creditors' Meeting Set for Nov. 7

VIGILANT GROUP: First Creditors' Meeting Set for Nov. 8


C H I N A

FORTUNE STAR: Moody's Rates Proposed EUR Notes Ba2
HENGFENG BANK: CBIRC Okays Bid to Hike Capital to CNY11.2BB
MAOYE INTERNATIONAL: Moody's Withdraws B2 CFR for Business Reasons
XINJIANG ZHONGTAI: Fitch Affirms BB+ LT IDR, Outlook Stable
ZHENRO PROPERTIES: Moody's Rates Proposed Sr. Unsec. Notes B2



H O N G   K O N G

HONG KONG: Falls Into First Recession in 10 Years


I N D I A

A.S. JUTE: Ind-Ra Assigns 'B-' LT Issuer Rating, Outlook Stable
AMBIENCE LTD: NCLAT Sets Aside Insolvency Proceeding vs. Firm
AQUASHIELD CHEMTECH: Insolvency Resolution Process Case Summary
BEE KAY: CARE Lowers Rating on INR8cr LT Loan to D, Not Cooperating
C.A. VEGE: CARE Maintains 'D' Rating in Not Cooperating

COX & KINGS: NCLT Admits Insolvency Application Against Firm
H. SAKHIYA FASHIONS: Insolvency Resolution Process Case Summary
HARSO STEELS: CARE Maintains 'D' Rating in Not Cooperating
INFUTEC HEALTHCARE: CARE Reaffirms D Rating on INR49.27cr LT Loan
JAS INFRASTRUCTURE: Insolvency Resolution Process Case Summary

KANNU ADITYA: CARE Maintains 'D' Rating in Not Cooperating
LANCO HOSKOTE: Insolvency Resolution Process Case Summary
LIBRA AUTO: CARE Maintains 'D' Rating in Not Cooperating
M.S.M. ENERGY LIMITED: Insolvency Resolution Process Case Summary
MAHAPRABHU RAM: CARE Keeps 'D' Rating in Not Cooperating

MASTANA FOODS: CARE Maintains 'D' Rating in Not Cooperating
METRO AGRI: CARE Maintains 'D' Rating in Not Cooperating
MOHAN JUTE: Insolvency Resolution Process Case Summary
NAKSHATRA DISTILLERIES: Insolvency Resolution Process Case Summary
PD ADVISORY SERVICES: Insolvency Resolution Process Case Summary

PLATINUM AAC: CARE Cuts INR10.75cr Loan Rating to D/Not Cooperating
PRABHAT TELECOMS: Insolvency Resolution Process Case Summary
PROMINENT METAL: CARE Keeps 'D' Rating in Not Cooperating
PUNJAB BIOMASS: Insolvency Resolution Process Case Summary
ROLTA INDIA: Ind-Ra Affirms 'D' Issuer Rating, Moved to Not Coop.

S. K. RICE: CARE Maintains D Rating in Not Cooperating Category
SEYA INDUSTRIES: CARE Lowers Rating on INR509.95cr Loan to D
SHANTI AGRO: CARE Maintains 'D' Rating in Not Cooperating
SHRI AMBICA: Insolvency Resolution Process Case Summary
SHRIDHAR CASTINGS: Insolvency Resolution Process Case Summary

SRI BALAJI: Insolvency Resolution Process Case Summary
SRI SPM: CARE Cuts INR15cr LT Loan Rating to 'C', Not Cooperating
SRK FOOD PRODUCTS: Insolvency Resolution Process Case Summary
SUBA PLASTICS: CARE Keeps 'C' Rating in Not Cooperating Category
TRN ENERGY: CARE Lowers Rating on INR3,056.57cr Loan to 'D'

TWO BROTHERS: Insolvency Resolution Process Case Summary
U.P. STATE SPINNING: Insolvency Resolution Process Case Summary
UNITED INFRAVENTURES: CARE Keeps 'D' Rating in Not Cooperating
UNITRIVENI OVERSEAS: CARE Cuts INR17cr Loan Rating to D, Not Coop.
VCRM PETROCHEMICALS: Insolvency Resolution Process Case Summary

VENTA REALTECH: CARE Keeps 'D' Rating in Not Cooperating
VHV BEVERAGES: CARE Maintains 'D' Rating in Not Cooperating
WEST COAST FROZEN: CARE Cuts Bank Loan Ratings to 'D', Not Coop.


M A L A Y S I A

1MDB: Jho Low Will Give Up as Much as $900MM in Assets in Scandal


N E W   Z E A L A N D

WAIWERA GROUP: Russian-owned Company Placed in Liquidation

                           - - - - -


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

AFG 2019-2 TRUST: S&P Assigns BB (sf) Rating to Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to six of the seven classes
of prime residential mortgage-backed securities (RMBS) issued by
Perpetual Corporate Trust Ltd. as trustee for AFG 2019-2 Trust in
respect of Series 2019-2.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination, excess spread and
lenders' mortgage insurance on 19.4% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.0% of the aggregate outstanding amount of the notes,
subject to a floor of A$500,000, and the principal draw function
are sufficient to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.

-- The counterparty exposure to National Australia Bank Ltd. as
liquidity facility provider and Australia and New Zealand Banking
Group Ltd. as bank account provider. The transaction documents for
the liquidity facility and bank account include downgrade language
consistent with S&P Global Ratings' counterparty criteria.

  RATINGS ASSIGNED

  AFG 2019-2 Trust in respect of Series 2019-2

  Class      Rating          Amount (mil. A$)
  A          AAA (sf)        450.00
  AB         AAA (sf)         29.25
  B          AA (sf)           8.00
  C          A (sf)            6.25
  D          BBB (sf)          3.15
  E          BB (sf)           1.70
  F          NR                1.65

  NR--Not rated


BALLEM CIVIL: Second Creditors' Meeting Set for Nov. 7
------------------------------------------------------
A second meeting of creditors in the proceedings of:

   - Ballem Civil Contracting Pty Ltd ATF the Christopher Ballem
     Family Trust

   - Ballem Holdings Pty Ltd ATF the Scott Ballem Family Trust

has been set for Nov. 7, 2019, at 11:00 a.m. at the offices of
Avior Consulting, Level 1, at 1160 Hay Street, in West Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 6, 2019, at 5:00 p.m.

Dermott Joseph McVeigh of Avior Consulting was appointed as
administrator of Ballem Civil on Oct. 3, 2019.

CIRELLI INVESTMENTS: First Creditors' Meeting Set for Nov. 12
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Cirelli Investments Pty Ltd
     - Residential Steller Pty Ltd
     - Pitard Property Group 2 Pty Ltd

will be held on Nov. 12, 2019, at 3:00 p.m. at the offices of
Chartered Accountants Australia and New Zealand, Level 18, at 600
Bourke St, in Melbourne, Victoria.  

Robert Scott Ditrich and Martin Francis Ford of
PricewaterhouseCoopers were appointed as administrators of Cirelli
Investments on Oct. 30, 2019.


FLEXI ABS 2019-2: Moody's Rates AUD4.17MM Cl. E-G Notes (P)Ba1
--------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to the notes
to be issued by Perpetual Corporate Trust Limited in its capacity
as the trustee of the Flexi ABS Trust 2019-2.

Issuer: Flexi ABS Trust 2019-2

AUD137.69 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD44.10 million Class A1-G Notes, Assigned (P)Aaa (sf)

AUD19.84 million Class B-G Notes, Assigned (P)Aa2 (sf)

AUD16.91 million Class C-G Notes, Assigned (P)A2 (sf)

AUD10.04 million Class D-G Notes, Assigned (P)Baa2 (sf)

AUD4.17 million Class E-G Notes, Assigned (P)Ba1 (sf)

The AUD12.25 million Class F Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
unsecured, retail, Buy Now Pay Later receivables originated under
the brand 'humm' by Certegy Ezi-Pay Pty Ltd, a subsidiary of
FlexiGroup Limited.

This is flexigroup's tenth term-securitisation of the originator's
assets.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, the
evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure, the
availability of excess spread over the life of the transaction, the
liquidity facility in the amount of 1.00% of the rated note
balance, the interest rate swaps provided by Commonwealth Bank of
Australia ("CBA", Aa3/P-1/Aa2(cr)/P-1(cr)) and National Australia
Bank Limited ("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)), the experience of
Flexirent Capital Pty Limited as servicer, and the back-up
servicing arrangements with illion Australia Pty Ltd.

Initially, the Class A Notes (which include Class A1 and A1-G
Notes), Class B-G, Class C-G, Class D-G and Class E-G Notes benefit
from 25.8%, 17.7%, 10.8%, 6.7% and 5.0% of note subordination,
respectively.

The transaction features a sequential/pro rata paydown structure.
The notes will be repaid on a sequential basis until the pro rata
paydown conditions are satisfied, principal will be distributed pro
rata among all Notes. Following the call date or if the pro rata
conditions are otherwise not satisfied, the principal collections
will be distributed sequentially starting with Class A Notes.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 3.50%,
coefficient of variation of 59.0%, a recovery rate of 0.0%, and a
Aaa portfolio credit enhancement of 32.5%.

Moody's assumed mean default rate is stressed compared to the
historical levels of 2.82%. The expected default captures its
expectations of performance considering the current economic
outlook, while the PCE captures the loss Moody's expects the
portfolio to suffer in the event of a severe recession scenario.

Expected defaults and PCE are parameters used by Moody's to
calibrate its lognormal portfolio default distribution curve and to
associate a probability with each potential future default scenario
in its ABSROM cash flow model.

The stress Moody's has applied in determining its mean default rate
reflects the lack of economic stress in Australia during the
historical data period (2008-2019).

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in March
2019.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

INTERNET SERVICES: Zanui Administrators Look for Buyers
-------------------------------------------------------
Inside Retail reports that online homewares and furniture
marketplace Zanui has entered voluntary administration, according
to documents filed with the Australian Securities & Investments
Commission.

The business on October 28 appointed KPMG as administrator, with
partners Gayle Dickerson, Phil Quinlan and Morgan Kelly heading up
the operation, Inside Retail discloses.

"It's early days in the administration process but I confidently
anticipate that we will be seeking urgent expressions of interest
from parties to acquire the business," the report quotes Ms.
Dickerson as saying in a statement.

This is the second online retailer to enter voluntary
administration in less than a week, following Stylerunner,
suggesting it's not just bricks-and-mortar retailers that are
struggling to cope with the decline in consumer spending, the
report notes.

Inside Retail contacted Zanui for comment, but had not received a
reply at the time of publication.

In a recent interview, however, Zanui's managing director Yosuke
Hall said the homewares sector in Australia was becoming more and
more competitive, as new designers and brands entered the space
while larger players like Kmart are "upping the ante".

"I think this ultimately results in better quality products for
customers," Inside Retail quotes Mr. Hall as saying.

"The downturn in housing prices is making headlines at the moment,
and is naturally a concern to business operating in our sector. We
know that this will lead to an overall softening of the furniture
and homewares market in the next year or two."

According to the report, Mr. Hall said while the online market for
homewares in Australia is growing it still pales in comparison to
what is seen internationally, with only about 3 to 4 per cent of
homewares spend occurring online locally compared to 10 per cent in
the US and UK.

Morgan John Kelly, Gayle Dickerson and Phil Quinlan of KPMG were
appointed as administrators of Internet Services Australia 3 Pty
Limited, trading as Zanui, on Oct. 28, 2019.

JB FINANCIAL: Wexted Advisors Appointed as Receivers
----------------------------------------------------
David Simmons at Business News Australia reports that the company
that holds the majority of Benjamin Hornigold's assets has fallen
into receivership, and the embattled company is anxious for
repayment.

JB Financial Group (JBFG) fell into receivership on Oct. 29, with
Wexted Advisors being appointed as the group's receivers and
managers by Partners For Growth (PFG) under its security over JBFG,
the report relates.

JBFG is the sole shareholder of King's Currency, the group which
currently holds a AUD7.4 million loan repayable to Benjamin
Hornigold under an order made earlier this year by the Takeover
Panel, according to Business News Australia.

In addition to the loan held by King's Currency, which Benjamin
Hornigold insists is held under a trust agreement, the majority of
BHD's assets are loans and services agreements with JBFG.

These include a AUD2.6 million JBFG convertible loan, a AUD900,000
unsecured loan (repayable 31 October), and a AUD1.1 million John
Bridgeman loan. John Bridgeman's primary investments are directly
and indirectly in JBFG, Business News Australia discloses.

"As disclosed in our announcement on 23rd October, the JBFG
convertible loan and JBL loan are in default and the company
believes that they are immediately repayable in full," Benjamin
Hornigold said, the report relays.  

"PFG maintains that it holds a fixed charge over the King's
Currency foreign currency notes. The company disputes PFG's
characterisation and maintains that the King's Currency foreign
currency notes are held on trust for the company.

"The company intends to defend its rights to the return of its
property and the enforcement of its rights under the loans and
service agreements with JBFG and its subsidiaries."

Business News Australia says the repayment of the King's Currency
loan was ordered following an unsuccessful takeover of Benjamin
Hornigold by NSX-listed investment management group John
Bridgeman.

John Bridgeman failed twice to take over Benjamin Hornigold, both
times because the Takeovers Panel determined the investment manager
was implementing lock-up devices and reducing competitiveness, the
report notes.

PERSONALISED VENDING: Second Creditors' Meeting Set for Nov. 8
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Personalised
Vending (Qld) Pty Ltd has been set for Nov. 8, 2019, at 11:00 a.m.
at the offices of SV Partners, at 22 Market Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 7, 2019, at 4:00 p.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Personalised Vending on May 30, 2019.

RNR DARWIN: First Creditors' Meeting Set for Nov. 11
----------------------------------------------------
A first meeting of the creditors in the proceedings of RNR Darwin
Pty Ltd, trading as RNR Serviced Apartments Darwin, will be held on
Nov. 11, 2019, at 2:30 p.m. at the offices of Clifton Hall, Level
3, at 431 King William Street, in Adelaide, SA.

Daniel Lopresti and Timothy Clifton of Clifton Hall were appointed
as administrators of RNR Darwin on Oct. 30, 2019.

SABO MACH: First Creditors' Meeting Set for Nov. 8
--------------------------------------------------
A first meeting of the creditors in the proceedings of Sabo Mach B
Pty Ltd will be held on Nov. 8, 2019, at 10:00 a.m. at the offices
of Jones Partners, Level 13, at 189 Kent Street, in Sydney, NSW.

Bruce Gleeson of Jones Partners was appointed as administrators of
Sabo Mach on Oct. 29, 2019.


SEVILLE OPTIMISED: Second Creditors' Meeting Set for Nov. 7
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Seville
Optimised Solutions Pty Limited has been set for Nov. 7, 2019, at
11:00 a.m. at the offices of O'Brien Palmer, Level 9, at 66
Clarence 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 Nov. 6, 2019, at 4:00 p.m.

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

VIGILANT GROUP: First Creditors' Meeting Set for Nov. 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Vigilant
Group Pty Ltd will be held on Nov. 8, 2019, at 9:45 a.m. at the
offices of MaC Insolvency, Level 7, at 91 Phillip St, in
Parramatta, NSW.

Trent McMillen of MaC Insolvency was appointed as administrator of
Vigilant Group on Oct. 30, 2019.



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

FORTUNE STAR: Moody's Rates Proposed EUR Notes Ba2
--------------------------------------------------
Moody's Investors Service assigned a Ba2 senior unsecured rating to
the Eurodollar notes to be issued by Fortune Star Limited, and
unconditionally and irrevocably guaranteed by Fosun International
Limited (Fosun, Ba2 stable).

The rating outlook is stable.

Fosun plans to use the proceeds of the proposed notes to refinance
existing debt and for working capital and general corporate
purposes.

RATINGS RATIONALE

"The proposed notes will not materially affect Fosun's financial
profile," says Lina Choi, a Moody's Senior Vice President and
Moody's International Lead Analyst for Fosun.

Moody's expects Fosun's market value-based debt leverage (MVL) will
reach 40% over the next 12-18 months, and adjusted (funds from
operations [FFO] + interest)/interest coverage below 0.2x over the
same period.

Moody's expects the company will be cautious in its investments
over the next 12-18 months, given the uncertain global economic
environment. Such a slowdown in the company's investments would
however also help reduce its debt leverage.

The Ba2 rating on the proposed notes incorporates Moody's view that
despite Fosun's status as a holding company, with the majority of
the group's claims at the operating subsidiary level, the group's
diversified business profile--with cash flow generation across a
large number of operating subsidiaries and investees in its
investment portfolio with a global presence--mitigates structural
subordination risks.

Fosun's Ba2 corporate family rating reflects its (1) large and
diversified investment portfolio; (2) proven investment track
record; and (3) holdings of substantial amount of marketable
securities.

However, the rating is constrained by Fosun's (1) high investment
appetite, and (2) weak interest coverage at the holding company
(holdco) level.

Fosun's liquidity is weak at the holding company level. Its
dividends and income are inadequate to cover interest and operating
expense and its high amount of short-term debt. However, this
liquidity risk is somewhat mitigated by the holding company's
investment portfolio that provides a partial buffer to refinance
short-term debt.

In terms of environmental, social and governance (ESG) factors,
Fosun's key businesses--insurance, consumer, pharmaceuticals and
fashion--are exposed to social risks arising from potential changes
in customer relations, and demographic and societal trends.

In response to these risks, Fosun established a ESG Committee in
March 2019. The committee is supported by six departments and the
Board Secretary to oversee the implementation of the company's ESG
vision, strategies and policies.

In addition, the company's ownership is concentrated in its
chairman, Mr. Guangchang Guo, who owned 60.3% of the company at the
end of June 2019. Moreover, while the company has a complex and
evolving investment portfolio, limited transparency exists around
its investments for public investors.

These risks are partially mitigated by the company's listing on the
Hong Kong Stock Exchange, and by the presence on its 12-member
board of directors of five independent non-executive directors.
Furthermore, the company has provided regular training to its
directors, and has an audit committee, renumeration committee and
nomination committee in place to support the functioning of the
board.

The stable rating outlook reflects Moody's expectation that the
company will (1) pursue its stated business strategies; (2) refrain
from aggressive debt-funded acquisitions; and (3) maintain its good
access to the debt capital markets to refinance maturing debt.

The rating could be upgraded if (1) the company's business profile
improves, with more stable core businesses; (2) [dividends +
interest income]/[interest + operating expenses coverage] rises
above 1.5x at the holding company level; and (3) its liquidity
position strengthens.

On the other hand, downward rating pressure could arise if (1) its
financial profile deteriorates, with its adjusted MVL rising above
40%-45% or its consolidated adjusted debt/capital staying rising
above 55%-60% for a prolonged period; (2) the quality of its
investment portfolio deteriorates or contagion risk from its
investees rises; or (3) the company increases its reliance on
short-term funding.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Investment
Holding Companies and Conglomerates published in July 2018.

COMPANY PROFILE

Fosun Group was founded in 1992. Fosun International Limited, the
holding company of Fosun Group, is headquartered in Shanghai and
listed on the Hong Kong Stock Exchange in 2007.

Fosun has diversified businesses spanning three broad categories:
(1) integrated finance (Wealth); (2) tourism, leisure, consumer
(Happiness); (3) and Pharmaceuticals, medical services, health
products (Health).

The estimated market value of Fosun's investment portfolio totaled
around RMB 229 billion at the end of 2018. The consolidated group's
revenue totaled RMB109 billion in 2018.

HENGFENG BANK: CBIRC Okays Bid to Hike Capital to CNY11.2BB
-----------------------------------------------------------
Wu Hongyuran and Liu Jiefei at Caixin Global report that China's
banking regulator has signed off on Hengfeng Bank Co. Ltd.'s
request to increase its registered capital, according to an
official statement, paving the way for the troubled lender's
restructuring.

The China Banking and Insurance Regulatory Commission (CBIRC) has
given Hengfeng Bank approval to increase its registered capital to
CNY11.2 billion ($1.58 billion) from CNY1.7 billion in 2008, Caixin
relates citing a release that the CBIRC published earlier this
month.

The increase in registered capital is a bookkeeping measure to
officially recognize the capital that Hengfeng Bank has received
over the last 10 years, the report notes.

It does not account for a new investment that the bank recently
received approval for, according to a person close to Hengfeng
Bank's top executives, Caixin relays.

Caixin revealed in August that Hengfeng Bank received official
approval for a restructuring plan that involves a CNY30 billion
investment from an entity controlled by the provincial government
of Shandong, where it is based. Also, Central Huijin Investment
Ltd., a domestic arm of China's sovereign wealth fund China
Investment Corp., will become a strategic investor in the bank.

Hengfeng Bank ran into trouble in 2016 when several news
publications said they received reports from an unnamed
whistleblower accusing top executives of embezzlement, Caixin
recalls. The whistleblower alleged Cai Guohua, chairman of the bank
between 2013 and 2017, and others misappropriated millions of yuan,
a charge later reiterated by the bank's former president, Luan
Yongtai.

Cai, who became chairman of the bank at the end of 2013, fell under
investigation in November 2017 due to "severe violations of
(Communist Party) discipline and law," according to Shandong
authorities, Caixin relays.

In July 2018, prosecutors accused Cai's predecessor, Jiang Xiyun,
of embezzling CNY750 million of the bank's shares while he was its
chairman from 2008 to 2013. A verdict in the case has not yet been
announced.

Hengfeng Bank had CNY1.2 trillion in total assets at the end of
2016, Caixin discloses citing the bank's annual report for that
year, the most recent one it released.

MAOYE INTERNATIONAL: Moody's Withdraws B2 CFR for Business Reasons
------------------------------------------------------------------
Moody's Investors Service withdrawn Maoye International Holdings
Ltd.'s B2 corporate family rating with a stable outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Maoye International Holdings Ltd. is a leading department store
operator in China (A1 stable).

Headquartered in Shenzhen, Guangdong Province, the company has
built a strong position in its home market, while strategically
expanding elsewhere in the country. The company had 57 stores in 19
cities across China's four main regions at the end of 2018.

XINJIANG ZHONGTAI: Fitch Affirms BB+ LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings affirmed China-based Xinjiang Zhongtai (Group) Co.,
Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings
at 'BB+'. The Outlook is Stable.

Fitch has also affirmed the 'BB+' rating on XJZT's USD380 million
7.0% senior unsecured notes due 2022. The bond was issued directly
by XJZT and hence rated at the same level as the company's IDR.

XJZT was established in 2012 and is wholly owned by the Xinjiang
Uygur Autonomous Region. It is positioned as a strategic
investment-holding company, with the key mission of optimising the
value of state-owned assets and promoting Xinjiang's main policy
objectives of economic development and employment.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: Fitch believes the
Xinjiang government's direct ownership, via the region's
State-owned Assets Supervision and Administration Commission
(SASAC), and oversight should reinforce its incentive to provide
extraordinary support to the company. The local government has
ultimate control over the appointment of XJZT's board members and
senior management. The Xinjiang SASAC supervises XJZT's operational
and financial management, while all major decisions require
government approval.

'Moderate' Support Track Record and Expectations: The government
has provided support mostly through injecting the assets of
significant state-owned enterprises into the company, which
receives dividend payments. The asset injections are in line with
the company's role as an asset manager of crucial state-owned
assets. The irregularity of the injections and the non-material
recurring support were the main constraints against an attribute
strength higher than 'Moderate'.

'Moderate' Socio-Political Implications of Default: Fitch expects
XJZT's policy role to gradually expand as the government is likely
to inject other significant state-owned assets, increasing its
importance to Xinjiang. A XJZT default could also potentially
change its controlling stake in Zhongtai Chemical, a strategic
asset and a large employer in the province. Nevertheless, XJZT's
policy role can be substituted by the province's other state-owned
asset manager, which caps the attribute strength at 'Moderate'.

'Moderate' Financial Implications of Default: XJZT remained the
largest government-related entity (GRE) under the direct control of
Xinjiang SASAC by consolidated revenue and assets as of end-2018,
which means a default could potentially affect the financing of the
province's smaller GREs. However, the company may not be regarded
by investors as a proxy funding vehicle for the province due to its
smaller parent-level debt relative to the province.

'b-' Standalone Profile: Fitch has assessed XJZT's parent-level
Standalone Credit Profile (SCP) based on its role as a
strategic-holding company. XJZT has a weak financial profile due to
limited dividend income relative to its debt level, with a
parent-level net debt to adjusted EBITDA (including dividends) of
close to 150x at end-2018. Fitch does not expect any material
improvement to the SCP over the next three years in the absence of
capital injections.

XJZT's revenue defensibility was assessed at 'Weaker', considering
its high investment concentration in the chemical industry and the
volatility of its dividend income. The operating risk was assessed
at 'Midrange' as the parent-level operations have limited costs
other than financial expenses.

DERIVATION SUMMARY

XJZT's IDRs are derived from its assessment of the four factors
under Fitch's GRE rating criteria, reflecting the government's
ownership and control, as well as the company's policy role.

XJZT's SCP was assessed under its Public Sector, Revenue-Supported
Entities Rating Criteria.

RATING SENSITIVITIES

XJZT's ratings would be affected by a change in Fitch's perception
of Xinjiang's ability to provide support.

Any changes in the province's strength of linkage or incentive to
provide support, including changes to shareholding and control and
the company's policy role, could result in a revision in the
attributes under the GRE criteria.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

ZHENRO PROPERTIES: Moody's Rates Proposed Sr. Unsec. Notes B2
-------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Zhenro Properties
Group Limited's (B1 stable) proposed senior unsecured USD notes.

Zhenro plans to use the proceeds from the proposed notes to
refinance existing debt.

RATINGS RATIONALE

"The proposed bond issuance will lengthen Zhenro's debt maturity
profile and will not have a material impact on its credit metrics,
because it will mainly use the proceeds to refinance existing
debt," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

Moody's expects that Zhenro's debt leverage--as measured by
revenue/adjusted debt--will trend towards 60% over the next 12-18
months from around 40% for the 12 months ended June 30, 2019. Its
interest coverage--as measured by adjusted EBIT/interest--should
also improve to around 2.3x from 1.8x over the same period.

Zhenro's B1 corporate family rating (CFR) reflects the company's
(1) quality and geographically diversified land bank, which lowers
its exposure to volatility in local economies and the risk of
regulatory changes by local governments; (2) ability to generate
strong contracted sales growth, as reflected by its rapid annual
contracted sales growth in the past three years; and (3) good
liquidity and improved access to funding, especially in the debt
capital markets.

On the other hand, the CFR is constrained by Zhenro's improving but
still-moderate financial metrics as a result of its rapid
debt-funded growth. The rating also reflects Zhenro's high exposure
to joint-venture (JV) businesses, which lowers the transparency of
its credit metrics. However, this risk is partly mitigated by the
company's reputable JV partners.

Zhenro's liquidity is good. Moody's expects that the company's cash
holdings and cash flow from operating activities will be sufficient
to cover its maturing debt and committed land payments over the
next 12 months. The company's cash and cash equivalents/short-term
debt registered 121% at the end of June 30, 2019.

The B2 senior unsecured debt rating is one notch lower than the CFR
due to structural subordination risk. This risk reflects the fact
that the majority of Zhenro's claims are at its operating
subsidiaries and have priority over claims at the holding company
in a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination.
Consequently, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance factors, Moody's
has considered the company's concentrated ownership by the owner
family, who held a 64.56% stake in the company at July 30, 2019.

Moody's has also considered (1) the fact that independent directors
chair the audit and remuneration committees; (2) the low level of
related-party transactions and dividend payouts, and (3) the
presence of other internal governance structures and standards as
required by the Hong Kong Exchange.

The stable rating outlook reflects Moody's expectation that over
the next 12-18 months Zhenro will be able to execute its sales
plan, demonstrate its prudent financial management with sufficient
liquidity.

Moody's could upgrade Zhenro's ratings if the company (1)
demonstrates sustained growth in its contracted sales and revenue
through the economic cycles without sacrificing its profitability;
(2) remains prudent in its land acquisitions and financial
management; (3) improves its credit metrics, such that
EBIT/interest registers at least 3.0x and revenue/adjusted debt
rises to 75%-80% or above on a sustained basis; and (4) maintains
adequate liquidity.

On the other hand, the company's ratings could come under downward
pressure if Zhenro: (1) generates weak contracted sales; (2)
suffers from a material decline in its profit margins; (3)
experiences an impairment of its liquidity position, such that
cash/short-term debt falls below 1.0x; and/or (4) materially
increases its debt leverage.

Credit metrics indicative of a downgrade include EBIT/interest
coverage falling below 2.0x and/or adjusted revenue/debt falling
below 50%-55% on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Zhenro Properties Group Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2018. At June 30, 2019, Zhenro had 167 projects in 29
cities across China. Its key operating cities include Shanghai,
Nanjing, Fuzhou, Suzhou, Tianjin and Nanchang.

The company was founded by Mr. Ou Zongrong, who indirectly owned
54.6% of Zhenro Properties at July 30, 2019. His sons, Mr. Ou
Guowei and Mr. Ou Guoqiang, together owned 9.96% of the company as
of the same date.



=================
H O N G   K O N G
=================

HONG KONG: Falls Into First Recession in 10 Years
-------------------------------------------------
Channel News Asia reports that Hong Kong slid into recession for
the first time since the global financial crisis in the third
quarter, advance estimates showed on Oct. 31, weighed down by
increasingly violent protests and the protracted US-China trade
war.

Five months of protests have battered the Chinese-ruled city's
retail and tourism sector, and there is no sign of the
demonstrations abating, CNA says. Police tightened security on Oct.
31 ahead of more potential clashes.

The economy shrank 3.2 per cent in July-September from the
preceding period, contracting for a second straight quarter and
meeting the technical definition of a recession, CNA discloses
citing preliminary government data.

From a year earlier, the economy contracted 2.9 per cent. The
readings were the weakest for the Asian financial hub since
2008/2009, the report states.

According to CNA, the government also revised down second-quarter
GDP data to 0.4 per cent year-on-year, from 0.6 per cent, and a
contraction of 0.5 per cent quarter-on-quarter, versus 0.3 per cent
previously.

"Domestic demand worsened significantly," the government, as cited
by CNA, said in a statement.  "As the weakening economic conditions
dampened consumer sentiment and large-scale demonstrations cause
severe disruptions to the retail, catering and other
consumer-related sectors, private consumption expenditure recorded
its first year-on-year decline in more than 10 years."

CNA relates that the government said with no sign of protests
abating, private consumption and investment sentiment would
continue to be affected.

Some Hong Kong businesses have asked employees to take unpaid leave
as tourists steer clear of sometimes violent running battles
between protesters and police in key shopping areas and malls, the
report says.

According to the report, Capital Economics said in a research note
that while GDP would probably continue to contract in the fourth
quarter, the pace of contraction should ease somewhat barring a
further escalation in the demonstrations.

"Any recovery will be constrained by weak business investment,
however, as the city's political crisis has done lasting damage to
its reputation as a stable and autonomous financial hub," it said
in a note to clients, CNA relays.

CNA says the protests and escalating violence have plunged the
former British colony into its biggest political crisis in decades
and unnerved many in the business and financial communities.

CNA relates that protesters are angry at what they see as Beijing's
increasing interference in the Chinese-ruled city. China denies
meddling and has accused foreign governments, including the United
States and Britain, of stirring up trouble, the report says.

CNA adds that the city's leader Carrie Lam warned on Oct. 29 that
full-year growth could contract. Retail sales and tourism have
plummeted.

Almost all growth engines in the Asian financial hub stalled over
the summer as shops shut to avoid clashes between riot police and
protesters, while the Sino-US trade war intensified. Hong Kong is
one of the world's most popular tourism destinations and a bustling
container port, according to CNA.

CNA notes that retail sales fell the most on record year-on-year in
August, while tourist arrivals dropped the most since Severe Acute
Respiratory Syndrome (SARS) struck Hong Kong in 2003.

Last week, the government announced relief measures of HK$2 billion
(US$255 million) to support the economy, particularly in its
transport, tourism and retail industries, and more is expected,
says CNA. It has also urged landlords to cut rents for struggling
businesses.

But there is no guarantee Beijing will come to Hong Kong's rescue
as it has done during previous downturns, at times relaxing
mainland visitor restrictions to boost tourism.

"There is no liquidity bail-out for Hong Kong, ever. This is it.
It's not coming back," CNA quotes Andy Xie, a Shanghai-based
independent economist formerly at Morgan Stanley, as saying.



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

A.S. JUTE: Ind-Ra Assigns 'B-' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned A.S. Jute Product
Private Limited (ASJPPL) a Long-Term Issuer Rating of 'IND B-'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR100 mil. Fund-based facilities assigned with IND B-/Stable/

     IND A4 rating.

KEY RATING DRIVERS

The ratings reflect ASJPPL's small scale of operations, as
indicated by revenue of INR410 million in FY19 (FY18: INR416
million). Revenue fell due to decline in orders. The company had
booked gross sales of INR134.50 million till July 2019. FY19
financials are provisional in nature.

Furthermore, ASJPPL incurred EBITDA loss in FY19 (FY18: INR1.42
million), mainly because of an increase in raw material prices.
The return on capital employed remained negative in FY19.

The ratings reflect ASJPPL's weak credit metrics. The metrics
deteriorated in FY19 due to the incurring of EBITDA loss (FY18 -
interest coverage (operating EBITDAR/gross interest expense):
0.06x; net leverage (total adjusted net debt/operating EBITDAR):
188.11x).

Liquidity Indicator-Poor: ASJPPL recorded full utilization of
fund-based facilities over the 12 months ended September 2019. The
cash from operations turned positive at INR45 million in FY19
(FY18: negative INR12 million) on account of an improvement in the
working capital cycle to 12 days (44 days). The cash and cash
equivalents amounted to INR19 million in FY19 (FY18: INR0.35
million).

The ratings, however, are supported by the promoter's experience of
more than a decade in the jute industry.

RATING SENSITIVITIES

Negative: A substantial decline in the revenue or the EBITDA margin
and sustained deterioration in the overall credit metrics will lead
to a negative rating action.

Positive: A significant rise in the revenue and the EBITDA margin,
leading to an improvement in the overall credit metrics will lead
to a positive rating action.

COMPANY PROFILE

A.S. Jute Product Private Limited was incorporated in 2010 at
Vishakapatnam, Andhra Pradesh. It commenced commercial production
in 2012. It is engaged in the manufacturing of jute products such
as jute gunny bags and jute yarns, which is processed from raw
jute.

AMBIENCE LTD: NCLAT Sets Aside Insolvency Proceeding vs. Firm
-------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) has set aside an NCLT order to initiate insolvency
proceedings against Ambience Ltd over the plea of Vistra ITCL India
(formerly known as IL&FS Trust Company). A three-member NCLAT bench
headed by Chairperson Justice S J Mukhopadhaya has remitted the
matter back to the National Company Law Tribunal (NCLT), directing
it to decide afresh as the order was passed by a single member
only, the report says.

Vistra ITCL India's plea to initiate insolvency was heard by a NCLT
bench comprising--Member (Judicial) and Member(Technical)--and the
order was reserved on April 22, 2019 for judgement, according to
the report.

However, Member (Technical) retired on July 9, 2019 and the order
to initiate insolvency proceeding was passed on August 27, 2019 by
Member (Judicial) only. This was challenged by Ambience Director
Raj Singh Gehlot before the NCLAT, contending that final order
cannot be passed by Member (Judicial) alone as it was being heard
by a bench of two-members, ET relates.

"We accordingly, set aside the impugned order dated August 27, 2019
without extending any opinion on merit of the claim and counter
claim of the parties.

"The matter is remitted back to the NCLT Bench III, New Delhi
should be heard by Divisional Bench of Member Judicial and
Technical as per the provisions of the Act and after notice and
hearing, the Adjudicating Authority pass appropriate order in
accordance with Law uninfluenced by an impugned order dated August
27, 2019," the NCLAT, as cited by ET, said.

It has asked both the parties--Ambience and Vistra ITCL India--to
appear before NCLT President on November 6, 2019 and bring this
order to his notice, the report notes.

"It is expected that the application will be taken up and disposed
of on early date preferably within three weeks from the date of
appearance of the parties," the NCLAT said.

During the proceedings, counsel appearing for the real estate
development company cited provisions of the Companies Act and NCLT
Rules, 2016 in support of its claim, which was also accepted by the
counsel of financial creditor Vistra ITCL.

"We are also of the opinion that the matter may be remitted back
for fresh hearing on merit relating to admission of application
Under Section 7 of the 'I&B' Code after giving liberty to the
parties," the appellate tribunal said, ET relays.

Vistra ITCL India, which has invested into Ambience Projects and
Infrastructure Ltd of the corporate debtor, acting as a trustee of
Indiareit Fund Scheme V, had represented a total amount of
INR234.69 crore in default as on Oct. 31, 2018, the report
discloses.

Incorporated in 1986, Ambience (formerly Ambience Projects &
Infrastructure Ltd), the flagship company of the Ambience group, is
a real estate development company.  The company is promoted by Raj
Singh Gehlot, who initially started the development of plotted
residential projects in South Delhi and later entered into the
large-size real estate development.

AQUASHIELD CHEMTECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Aquashield Chemtech Private Limited
        Khasra No. 51/21/02
        Village Tikri Kalan
        Nangloi, New Delhi 110041
        India

        Also at:
        Khasra No. 93/9
        Mundaka Industrial Area
        Village Mundaka, New Delhi 110041
        India

Insolvency Commencement Date: October 1, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Adarsh Sharma

Interim Resolution
Professional:            Adarsh Sharma
                         J-6A, Kailash Colony
                         New Delhi 110048
                         E-mail: adarsh@adarshca.com
                                 ip.aquashield@gmail.com

Last date for
submission of claims:    November 6, 2019


BEE KAY: CARE Lowers Rating on INR8cr LT Loan to D, Not Cooperating
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Bee
Kay Precision (India) Private Limited (BKP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      8.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B; Stable
                                   on the basis on best available
                                   information

   Short term Bank     1.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE A4; Stable
                                   on the basis on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 12, 2018, placed
the ratings of BKP under the 'issuer non-cooperating' category as
BKP had failed to provide information for monitoring of the rating.
BKP continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 3, 2019 and 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.

The ratings of the company have been revised on account of stressed
liquidity position leading to delay in interest servicing of debt
obligation.

Detailed description of the key rating drivers

Key Rating Weakness

Stressed Liquidity Position: The company is undergoing stressed
liquidity position, leading to delay in interest servicing of debt
obligation and has been sent to National Company Law Tribunal
(NCLT) for further proceedings.

Kanpur-based (Uttar Pradesh), Bee kay Precision India Private
Limited (BKP) was incorporated in 2006 by Mr Ram Chandra Sharma and
Mr Neeraj Sharma. The company has succeeded an erstwhile
proprietorship BK Enterprises, the proprietorship concern of Mr Ram
Chandra Sharma. BKP is engaged in manufacturing of sheet metal
components for two wheelers and four wheelers. Also company is
engaged in manufacturing of machinery parts for loom machines.
Further the company manufactures military shirts and parts of arms
and ammunitions for Small Arms Factory.

C.A. VEGE: CARE Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of C.A. Vege
Fruit Stores (CAVS) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      8.29        CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 18, 2019, placed the
rating(s) of CAVS under the 'issuer non-cooperating' category as
CAVS 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. CAVS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
September 26, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on January 18, 2019, there was delay in
servicing the debt obligations.

Key Rating Weakness

Delays in debt servicing
There were delays in servicing the debt obligations in past. The
delays were on account of weak liquidity as the firm is unable to
generate sufficient funds on timely manner.

Mohali-based (Punjab), C.A. Vegefruit Stores (CAVS), is a
proprietorship concern established in June, 2010 by Mr. Rajiv
Malhotra. However, the firm commenced its commercial operations in
January, 2015 by letting the cold storage unit on rental basis.
Currently, the firm is running an integrated cold chain storage
facility by engaging in procurement, cold storage and distribution
of fruits and vegetables at its warehouse located in Mohali,
Punjab. The warehouse of the firm consists of 31 rooms of which 28
are controlled automated rooms having installed storage capacity of
5,300 metric tonnes per annum as on March 31, 2017. The firm caters
to various traders of fruits and vegetables located in nearby
region of Mohali, Punjab. CAVS provides cold storage facility for
agricultural products like cabbage, lemon, pomegranate, apples etc.
For this, the firm purchases the fruits and vegetables directly
from the farmers wherein apples are procured from Himachal Pradesh
& Jammu & Kashmir, pomegranate from Maharashtra, lemon, carrot and
ginger from Andhra Pradesh, Uttar Pradesh and Karnataka
respectively.

COX & KINGS: NCLT Admits Insolvency Application Against Firm
------------------------------------------------------------
BloombergQuint reports that the Mumbai bench of the National
Company Law Tribunal (NCLT) admitted an insolvency application
against Cox & Kings Ltd. after the tour operator defaulted on its
debt obligations.

According to BloombergQuint, the travel firm's financial
creditor--Ratan India Finance Pvt. Ltd.--had dragged it to the
tribunal after a default on repayment of the loan extended to it
under a credit facility.

Noting that Cox & Kings had accepted the liability and default, the
tribunal allowed the insolvency application and appointed Alok
Kumar Agarwal as the interim resolution professional for the
insolvency resolution process of the company, BloombergQuint
relates.

BloombergQuint notes that the tour operator has been facing
financial headwinds since the beginning of this year. It had
defaulted on payment of commercial papers worth INR150 crore in
June due to cash-flow mismatch issues. It had also entered into an
inter-creditor agreement for a standstill period of 180 days with
lenders which held around 90 percent of its debt.

Ratan India had approved loans to the tune of INR70 crore to Cox &
Kings in May and June this year, the report recalls. Out of this,
INR30 crore was disbursed by the financial creditor at an interest
of 13.5 percent per annum with a maturity date of Aug. 31. The
loans were secured by guarantee deeds extended by the tour operator
towards the financial creditor, the report says.

BloombergQuint says Ratan India had recalled its loan facility as
Cox & Kings defaulted on repaying an instalment on the loan
amounting to INR2.50 crore, which was due for repayment in June.
The financial creditor filed an application under Section 7 of the
Insolvency and Bankruptcy Code to recover the amount lent to the
tour and travel company.

BloombergQuint notes that the tribunal, while allowing the
application, has imposed a moratorium on institution of suits or
continuation of pending suits against Cox & Kings with effect from
Oct. 22. It has directed the interim resolution professional to
make a public announcement of the corporate insolvency resolution
process against the company, BloombergQuint adds.

H. SAKHIYA FASHIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: H. Sakhiya Fashions Private Limited
        U-55, Diamond World
        Mini Bazar, Varachha Road
        Surat GJ 395006
        IN

Insolvency Commencement Date: October 17, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: April 13, 2020

Insolvency professional: Saaurabh Jhaveri

Interim Resolution
Professional:            Saaurabh Jhaveri
                         620 Jolly, Plaza, 6th Floor
                         Opp. Athwagate Circle
                         Athwagate, Surat 395001
                         E-mail: sjhaveri333@gmail.com

Last date for
submission of claims:    November 7, 2019


HARSO STEELS: CARE Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Harso
Steels Private Limited (HSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      14.82       CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

   Short term Bank     11.18       CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 12, 2018, placed
the ratings of HSPL under the 'issuer non-cooperating' category as
HSPL had failed to provide information for monitoring of the
rating. HSPL 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 December 12, 2018, the following were
the rating weakness. (updated for the information available from
Registrar of Companies)

Key Rating Weaknesses

Ongoing delay in debt servicing
There have been delays in the debt servicing due to stressed
liquidity position.

Analytical approach: Standalone

Harso Steels Private Limited (HSPL) was incorporated in 1986 and
started its commercial operation in 1993. The company is currently
being managed by Mr. Rakesh Kumar Bansal, Mr. Vikas Bansal and Mr.
Adesh Tyagi. The company is engaged in manufacturing of steel
tubes. PVC pipes, steel structure and bottom lid. The main raw
material is steel which the company procures solely from Steel
Authority of India Limited (SAIL). HSPL sells its products
domestically to wholesalers and construction companies. The company
has an associate concern named Rama Steel Tubes Limited which is
engaged in manufacturing and exporting of steel pipes, steel tubes,
steel pipes fittings, steel tubes fittings, PVC pipes, PVC tubes,
steel pipes etc.

INFUTEC HEALTHCARE: CARE Reaffirms D Rating on INR49.27cr LT Loan
-----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Infutec Healthcare Limited (IHL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           49.27      CARE D Reaffirmed

   Long-term/Short-
   term Bank
   Facilities           14.50      CARE D/CARE D Reaffirmed

Detailed Rationale and Key Rating Drivers

The ratings assigned to the bank facilities of IHL continue to
factor in the on-going delays in debt servicing on the back of its
poor liquidity. Establishing a track record of timely debt
servicing would be the key rating sensitivity for IHL.

Detailed description of the key rating drivers

Key Rating Weakness

On-going delays in servicing of debt obligation: There have been
delays in debt service obligations due to IHL's poor liquidity
followed by weak financial performance.

Liquidity: Poor

Due to accumulated losses, the liquidity of the company remains
weak leading to full utilisation of fund based working capital
limits apart from instances of over drawing. The company has been
incurring net losses over past four years ended FY18 (refers to
period April 1 to March 31). Further, the financial performance of
the company improved during FY19 where the company reported a net
profit. Despite improvement in profitability, the liquidity of the
company remains poor leading to delays in debt servicing.

IHL (erstwhile Goa Formulations Ltd) was a wholly-owned subsidiary
of Indore-based Parental Drugs India Limited (PDIL). IHL is engaged
in manufacturing of pharmaceutical products mainly into intravenous
fluids at its plant located at hoshiarpur, Punjab. As on June 10,
2018, one of investor i.e. Mahaganpati Investment Private Limited
converts its preference share to equity share leads to dilution of
shareholding of PDIL.

JAS INFRASTRUCTURE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Jas Infrastructure and Power Limited
        FE-83, Sector-III Salt Lake City
        Ground Floor
        Kolkata WB 700106
        IN

Insolvency Commencement Date: October 16, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 13, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Animesh Mukhopadhyay

Interim Resolution
Professional:            Mr. Animesh Mukhopadhyay
                         Syndicon Enclave
                         2nd Floor, 25/1A/1
                         Naktala Road
                         Kolkata 700047
                         West Bengal
                         E-mail: animesh_fca@yahoo.co.in

                            - and -

                         Sagar Trade Cube
                         2nd Floor, Unit No. 203
                         104, S.P. Mukherjee Road
                         Kolkata, West Bengal 700026
                         E-mail: cirp.jipl@gmail.com

Last date for
submission of claims:    October 30, 2019


KANNU ADITYA: CARE Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kannu
Aditya India Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank    200.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

   Short term         75.00        CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 12, 2018, continued to
place the ratings of Kannu Aditya India Limited under the 'Issuer
Not Cooperating' category as the company had failed to provide the
information required for monitoring of the ratings as agreed to in
its rating agreement. Kannu Aditya India Limited continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter/email communication
dated September 26, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
Information which however, in CARE'S opinion is not sufficient to
arrive at a fair rating. The rating of bank facilities of Kannu
Aditya India Limited will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers
CARE couldn't contact the banker and no other information is
available. However, at the time of last review, the rating took
into account the delays in debt servicing by the company.

Lal Mahal Group (SLMG) was established in year 1907. The two main
companies of the group are SLML and KAIL. SLML also has a
wholly-owned subsidiary Lal Mahal Retail Limited. The group is
primarily engaged in milling, processing and selling of rice
primarily basmati rice with four processing plants under SLML, one
each in Delhi, Gujarat, Haryana and Andhra Pradesh with aggregate
installed capacity of 40MT/hr and one rice processing mill under
KAIL located at Kundli (Haryana) of 10 MTPH. It also engages in
trading (both export and domestic) of various agro and non-agro
commodities and also has wind power generation capacity of 12.5 MW
and a gold jewellery manufacturing unit under SLML. SLML and KAIL
are closely-held public limited companies and were incorporated in
May 1997 and March 1999, respectively, by Mr Harnarain Aggarwal.

LANCO HOSKOTE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Lanco Hoskote Highway Limited

        Registered office:
        Plot No. 4
        Software Units Layout
        HiTech City
        Madhapur, Hyderabad
        TG 500081

        Principal office:
        Toll Plaza Admin Building
        Amani Doddakere Village
        Kasaba Hobli, NH-4
        Hosko Hoskote 562114
        KA

Insolvency Commencement Date: October 17, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: April 13, 2020

Insolvency professional: Raghu Babu Gunturu

Interim Resolution
Professional:            Raghu Babu Gunturu
                         EzResolve LLP
                         402B, 4th Floor
                         Technopolis
                         Chikoti Gardens, Begumpet
                         Hyderabad 500016
                         E-mail: raghu@EzResolve.in
                                 lancohoskotehighway@ezresolve.in

Last date for
submission of claims:    October 30, 2019


LIBRA AUTO: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Libra Auto
Car Company Limited (LACL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     10.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 5, 2018, placed the
rating(s) of LACL under the 'Issuer not Cooperating' category as
LACL 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. LACL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an letter/email dated
October 11, 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 July 5, 2018, the following were the
rating strengths and weaknesses

Key Rating Weaknesses

Small and declining scale of operations with low net worth base
During FY16, Total Operating Income (TOI) of the company stood at
INR35.24 crore, deteriorated by 29.91% from INR44.67 crore in FY15.
Also, the net-worth of the company stood low at INR0.58 crore as on
March 31, 2016.

Weak solvency position
The capital structure of the company stood leveraged marked by
overall gearing of 17.65 times as on March 31, 2016, improved
significantly from 56.08 times as on March 31, 2015 mainly on
account of increase in net worth and decrease in total debt during
the same. Further, the debt coverage indicators of the company
stood low at 12.59 times as on March 31, 2016 improved
significantly from 55.84 times as on March 31, 2015 mainly on
account of more increase in gross cash accruals. The interest
coverage ratio of the company stood moderate at 1.61 times as on
March 31, 2016.

Working capital intensive nature of operations
The operating cycle of the company stood moderate at 57 days in
March 31, 2016, marginally increased from 54 days as on March 31,
2015 owing to high inventory period and collection period. The
current ratio and the quick ratio of the company stood below unity
at 0.83 times and 0.57 times respectively as on March 31, 2016.

Intense competition in the auto dealership industry
Indian automobile industry is highly competitive in nature as there
are a large number of players operating in the passenger car market
like Maruti Suzuki, Hyundai, Honda, Tata Motors, etc. OEMs are
encouraging more dealerships to improve penetration and sales,
thereby increasing competition amongst dealers. Due to very high
competition in the industry, dealers are also forced to pass on
discounts and exchange schemes to attract customers which restrict
their margins.

Key rating strengths

Moderate profitability margins
The PBILDT and PAT margins of the company stood moderate at 5.71
times and 1.03 times as on March 31, 2016.

LACL was incorporated in 2005 and promoted by Mr Pavit Pal Singh,
Mr Kesar Singh and Mr Gurinderjit Singh. LACL is an authorized
dealer of entire range of passenger vehicles (PV) of Maruti Suzuki
India Limited (MSIL). LACL operates a 3S facility (Sales, Spares,
Service) coupled with sale and purchase of pre-owned cars (True
Value) and has its showroom located on Jalandhar Bypass, Ludhiana,
Punjab.

M.S.M. ENERGY LIMITED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: M.S.M. Energy Limited
        Plot No. 53, Flat No. 102
        Ashwini Homes
        Behind Andhra Jyoti
        Journalist Colony
        Road No. 70, Jubilee Hills
        Hyderabad 500033

Insolvency Commencement Date: October 15, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Kalvakolanu Murali Krishna Prasad

Interim Resolution
Professional:            Kalvakolanu Murali Krishna Prasad
                         H.No. 8-27, Plot No. 106
                         Mythripuram Colony
                         Jillelguda, Vyshalinagar PO
                         Hyderabad 500079
                         E-mail: kmk123ip@gmail.com
                                 msmenergy506@gmail.com

Last date for
submission of claims:    November 4, 2019


MAHAPRABHU RAM: CARE Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of of
Mahaprabhu Ram Mulkh Hi Tech Education Society (MRMH) continues to
remain in the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       2.55       CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information


   Short term Bank      4.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale, Key Rating Drivers

CARE had, vide its press release dated August 14, 2018, placed the
rating(s) of MRMH under the 'issuer non-cooperating' category as
MRMH 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 10, 2018 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

On-going delays in debt servicing
There were ongoing delays in the repayment of the term loan
obligation and there are instances of oer utilization of overdraft
limit for more than one month.

Mahaprabhu Ram Mulkh Hi-Tech Educational Society (MRMH) got
registered under the Society Registration Act- 1860 in 2005 and is
currently being managed by Mr Roshan Lal Jindal, Mrs Ritu Jindal,
Mr Mukesh Jindal, Mrs. Tamanna Jindal, Mrs Saroj Garg, Mr Rajneesh
Jindal and Mr Rohit Sharma as the trustees. The society was formed
with an objective to provide higher education in the field of
engineering, computer science and management. The society has
established five separate colleges, namely, Shree Ram Mulkh
Institute of Management and Technology, Shree Ram Mulkh Institute
of Engineering and Technology, Shree Ram Mulkh College of Technical
Education, Shree Ram Mulkh College of Education and Shree Birkha
Ram College of Education. All the colleges of MRMH are in Village
Kohra-Bhura (Bhurewala), Haryana. The different courses offered are
duly approved by AICTE (All India Council of Technical Education).
MRMH is also affiliated to Kurukshetra University, Kurukshetra
(KUK).

MASTANA FOODS: CARE Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mastana
Foods Private Limited (MFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank    158.28        CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

   Short term          1.00        CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 12, 2018, continued to
place the ratings of MFPL under the 'Issuer Not Cooperating'
category as the company had failed to provide information for
monitoring of the ratings as agreed to in its rating agreement.
Mastana Foods Private Limited continues to be non-cooperative
despite repeated requests for submission of information through
phone calls and a letter/email dated September 26, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available Information which however, in
CARE'S opinion is not sufficient to arrive at a fair rating. The
rating of bank facilities of Mastana Foods Private Limited will now
be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

CARE couldn't contact the banker and no other information is
available. However, at the time of last review, the rating took
into account the delays in debt servicing by the company.

Mastana Foods Private Limited (MFPL) was incorporated in 1999 and
is promoted by Dr. Krishan Mohan Mendiratta and Mr. Anil Khurana,
who have experience of more than three decades in manufacturing of
rice from paddy. MFPL is primarily engaged in milling, processing
and selling of rice in the domestic market as well as exports
markets. The company has manufacturing units located in Kaithal,
Haryana with annualized capacities of milling and sorting at 38MT
and 42MT respectively along with Polishing/Fine cleaning at 48 MT
silky as on March 31, 2016.

METRO AGRI: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Metro Agri
Industries Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     13.84        CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

   Long term/Short     2.66        CARE D; ISSUER NOT COOPERATING;
   Term Bank                       based on best available
   Facilities                      information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 11, 2018, continued to
place the ratings of Metro Agri Industries Limited under the
'Issuer Not Cooperating' category as the company had failed to
provide the information required for monitoring of the ratings as
agreed to in its rating agreement. Metro Agri Industries Limited
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and a letter/email
dated September 26, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
Information which however, in CARE'S opinion is not sufficient to
arrive at a fair rating. The rating of bank facilities of Metro
Agri Industries Limited will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

CARE couldn't contact the banker and no other information is
available. However, at the time of last review, the rating took
into account the delays in debt servicing by the company.

Metro Agri-Industries Limited (MAIL) was incorporated in 2011 by
Mr. Vijay Garg, Mr. Himank Garg and Mrs. Ankita Garg as a limited
company. The company started its production in November 2013 and is
engaged in the business of basmati rice milling and processing of
rice which is sold in the export and domestic markets. The
processing facility is at Tehsil Israna Karnal district in Panipat
(Haryana) with an installed capacity of ~28,800 metric tonnes per
annum (MTPA) as on March 31, 2015.

MOHAN JUTE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Mohan Jute Mills Limited

        Registered office:
        1 Kyd Street, 2nd Floor
        Room no. 16A, Palace Court
        Kolkata 700016

        Works:
        Mouza-Banjipali
        P.H.No. 13, Raigarh
        Chhatisgarh  

Insolvency Commencement Date: October 21, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Arun Kumar Gupta

Interim Resolution
Professional:            Arun Kumar Gupta
                         P15, Bentinck Street
                         3rd Floor
                         Kolkata 700001
                         E-mail: guptaarunkumar2001@yahoo.com
                                 cirp.mohanjutemills@gmail.com

Last date for
submission of claims:    November 4, 2019


NAKSHATRA DISTILLERIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Nakshatra Distilleries & Brewaries Limited

        Registered office:
        At/Pot-Angar, Taluka: Mohol
        District Solapur
        Maharashtra 413214

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: Mr. Uday Shreeram Sakrikar

Interim Resolution
Professional:            Mr. Uday Shreeram Sakrikar
                         303, Rahul Bihar A
                         Lane 8 Dahanukar Colony
                         Kothrud, Pune
                         Maharashtra 411038
                         E-mail: ipudaysakrikar@gmail.com
                                 ip.ndpl@gmail.com

Last date for
submission of claims:    November 1, 2019


PD ADVISORY SERVICES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: PD Advisory Services LLP
        Green Desks 404
        Vishal Bhawan
        95 Nehru Place
        Delhi 110019

Insolvency Commencement Date: October 21, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 18, 2020

Insolvency professional: Maya Gupta

Interim Resolution
Professional:            Maya Gupta
                         3685/7, Narang Colony
                         Tri Nagar, Delhi 110035
                         E-mail: fcsmayagupta@gmail.com

                            - and -

                         701, Vikrant Tower
                         Rajendra Place
                         New Delhi 110008
                         E-mail: cirp.pdadvisory@gmail.com

Last date for
submission of claims:    November 4, 2019


PLATINUM AAC: CARE Cuts INR10.75cr Loan Rating to D/Not Cooperating
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Platinum AAC Blocks Private Limited (PABPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      10.75      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B+; Stable
                                  on the basis on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PABPL to monitor the rating
vide e-mail communications/letters dated May 27, 2019, June 4,
2019, June 19, 2019, July 2, 2019, August 30, 2019, September 4,
2019, September 12, 2019, September 25, 2019 and October 3, 2019,
October 11, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring 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. The rating of PABPL's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating has been revised on account of on-going delays in debt
repayments owing to poor liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing
There are ongoing delays in servicing debt obligation due to poor
liquidity position of PABPL.

Platinum AAC Block Private Limited (PABPL) was incorporated in
September 2012 to take up the business of manufacturing Aerated
Autoclaved Concrete (AAC) blocks. PABPL was initially promoted and
managed by Mr. Jitendra Jalawadia, Mr. Dilip Kadivar, Mr. Sanjay
Bhut Bhanubhai, Mr. Hasmukh Patel, Mr. Pragji Van and Mr. Vinay
Gandhi. Since May, 2017, four new promoters joined as directors
named Mr. Denis Kadivar, Mr. Ghanshyam Polar, Mr. Parth Gandhi &
Mr. Khimji Bhappa and Mr. Vinay Gandhi retired as a director during
November 2017 but continue to operate and manage day to day
operations of the company. PABPL is operating with its plant
location based in Village-Kherdi (Dadara and Nagar Haveli, Gujarat)
having total capacity of 1,50,000 cubic meters per annum as on
March 31, 2018. PABPL has commenced its operations from November
2017 after successful completion of its project.

PRABHAT TELECOMS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Prabhat Telecoms (India) Limited
        Unit No. 402, Western Edge I
        Kanakia Spaces
        Western Express Highway
        Borivali (East)
        Mumbai

Insolvency Commencement Date: October 10, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 6, 2020

Insolvency professional: Rajendra K. Bhuta

Interim Resolution
Professional:            Rajendra K. Bhuta
                         1207, Yogi Paradise
                         Yogi Nagar, Borivali (West)
                         Mumbai 400092
                         E-mail: rkbhuta@gmail.com

                            - and -

                         303, Raghuveer Tower
                         Chamunda Circle
                         Borivali (West)
                         Mumbai 400092
                         E-mail: prabhatelecom.ip@gmail.com

Last date for
submission of claims:    November 4, 2019


PROMINENT METAL: CARE Keeps 'D' Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prominent
Metal Private Limited (PMPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     15.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 30, 2018, placed the
rating(s) of PMPL under the 'issuer non-cooperating' category as
Prominent Metal Private Limited had failed to provide information
for monitoring of the rating. PMPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated October 7, 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).

The ratings of the bank facilities of PMPL continue to take into
account delays in debt servicing by the company, Modest scale of
operations with low net worth base, Weak financial risk profile and
Presence in highly competitive industry.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of debt obligation: The account has been NPA
from November 30, 2018 Modest scale of operations with low net
worth base: The scale of operations of the company has remained
modest marked by total operating income of INR72.24 crore during
FY18 (PY: INR66.54 cr) (FY refers to the period April 1 to March
31). The company reported negative GCA of INR1.67 crore (PY:
INR0.22 crore) and net worth base has deteriorated to INR1.53 crore
as on March 31, 2018 (PY: INR3.20 cr).

Weak financial risk profile: Despite growth in scale of operations;
the PBILDT margin has been declining on yo-y basis, PBILDT margin
declined 1.12% (PY: 3.82%). The capital structure of the company
deteriorated marked by overall gearing of 19.88x as on March 31,
2018 (PY: 8.22x) also PBILDT coverage stood at 0.33x
(PY:1.14).

Presence in highly competitive industry: PMPL is engaged in the
trading of aluminium components which are used in different
industries for commercial purpose. The metal industry in India is
highly competitive in nature with low entry barriers as reflected
by a large number of independent and small scale unorganized
players which exert pressures on operating margins of the players
in the industry. Smaller companies like PMPL in general are
vulnerable to intense competition and have limited pricing
flexibility, which constrains their profitability and pricing power
considering their scale of operations.

Liquidity: Poor – During FY18, PMPL reported negative GCA of
INR1.67 cr (PY: INR0.22 cr), the current ratio of the company
decreased to 1.21x (PY: 1.55x) whereas total debt increased to
INR30.52 cr (PY: INR26.29 cr)

Incorporated in Feb, 2014 by Mr. Prem Chand Gupta, Prominent Metal
Private Limited (PMPL) is engaged in trading of aluminium ingots,
aluminium wire rods & all types of aluminium products & scraps
which finds its application in various industries including cables,
aluminium extrusion, automobiles etc. The company procures the
traded goods from Bharat Aluminium Company Ltd (BALCO), Sesa
Sterlite Limited, Hindustan Aluminium Company (HINDALCO), National
Aluminium Company Limited etc. and the company market the products
in different state across India with major presence in northern
India, viz Delhi, Haryana, Punjab, Ghaziabad and Jammu & Kashmir.
The company sell its products directly to manufacturers & dealers
and its consignment agents.

PUNJAB BIOMASS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Punjab Biomass Power Limtited

        Registered office:
        D-73/1, TTC Industrial Area
        MIDC Turbe
        Navi Mumbai 40070

Insolvency Commencement Date: October 14, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 10, 2020
                               (180 days from commencement)

Insolvency professional: Om Prakash Kanoongo

Interim Resolution
Professional:            Om Prakash Kanoongo
                         3, Manhar Apartment
                         Poddar Park
                         Malad East, Mumbai
                         Maharashtra 400097
                         E-mail: opkanoongo@gmail.com

                            - and -

                         K S P M & Associates
                         10, 1st Floor, Sujata Niketan
                         Next to Railway Station
                         Rani Sati Road, Malad (E)
                         Mumbai 400097
                         E-mail: cirp.pbpl@gmail.com

Last date for
submission of claims:    November 2, 2019


ROLTA INDIA: Ind-Ra Affirms 'D' Issuer Rating, Moved to Not Coop.
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rolta India
Limited's Long-Term Issuer Rating at 'IND D' and has simultaneously
migrated it to the non-cooperating category. The issuer did not
participate in the surveillance exercise despite continuous
requests and follow ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR8.293 bil. Stand-by letter of credit (short-term) affirmed
     and migrated to non-cooperating category with IND D (ISSUER  

     NOT COOPERATING) rating;

-- INR4.0 bil. Fund-based working capital limits (long-term)
     affirmed and migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR3.0 bil. Non-fund-based working capital limits (short-term)

     affirmed and migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR12.539 bil. External commercial borrowings (long-term) due
     on FY20 affirmed and migrated to non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The ratings reflect continued delays in debt servicing by Rolta
India, owing to a tight liquidity position, resulting from
declining revenues and weakening profitability.

RATING SENSITIVITIES

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

COMPANY PROFILE

India-based Rolta India is a technology company with operations in
40 locations across India, North America, Europe, the Middle East
and Australia. It provides IT solutions to various federal, state
and local governments; defence and security agencies; utilities;
financial services, manufacturing, retail and healthcare companies;
and others.

S. K. RICE: CARE Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. K. Rice
Industries (SKRI) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      10.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information


Detailed Rationale & Key Rating Drivers

CARE has been seeking information SKRI to monitor the rating vide
e-mail communications/ letters dated May 02, 2019, May 24, 2019,
June 18, 2019, September 19, 2019 and September 20, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for monitoring
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 S. K. Rice Industries bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed Rationale& Key Rating Drivers

At the time of last rating October 31, 2018 the following were the
rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

Overdrawals in the working capital facility
There are overdrawals in the working capital facility due to
stressed liquidity position.

Key Rating Strengths

Reasonable track record of the firm and experience of Partners for
more than two decades in rice milling industry
SKRI was established in the year 2008 by Mr. Syed Altaf Ahamed
(Managing Partner), Mr. Syed Israr Ahamed (Partner) and Mrs. Syeda
Rehana (Partner). Mr. K. Syed Altaf Ahmed has over 20 years of
experience in rice milling industry as he was in the same business
with his father, prior to establishing SKRI. Through their
experience in the rice processing, the partners have established
healthy relationship with key suppliers, customers, local farmers,
dealers and also with the brokers facilitating the rice business
within the state and other neighboring states.

S.K. Rice Industries was Established in the year 2008 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. SKR is promoted by Mr. Syed Altaf Ahamead
(partner), Mr. Syed Israr Ahamead (Partner) and Mrs. Syed Rehana
(Partner). Mr. K. Syed Altaf Ahamead has over 20 years of prior
experience in rice milling industry as he was in the same business
with his father. The rice mill is located at Davangere district,
Karnataka. The installed capacity of the plant is 4 TPH (tons per
hour). Present Installation capacity of the firm 4 Tonnes per Hour.

SEYA INDUSTRIES: CARE Lowers Rating on INR509.95cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Seya
Industries Limited (SIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities         509.95       CARE D Revised from CARE BBB+;
                                   Stable

   Short-term Bank
   Facilities           6.00       CARE D Revised from CARE A3+

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of SIL
takes into account the on-going delays in servicing of its debt
obligations on the back of poor liquidity. Establishing a track
record of timely servicing of debt obligations would be a key
rating sensitivity.

Detailed description of the key rating drivers Key

Key rating weaknesses

Ongoing delays in debt servicing
The debt servicing of SIL is irregular in recent past as indicated
by overutilization of its working capital limits for over 30 days
and delays in payment of debt servicing obligations towards its
term loans.

Liquidity – Poor
Significantly high working capital utilization indicating poor
liquidity position for SIL.

Incorporated in 1990 as Sriman Organic Chemical Industries Private
Limited, Seya Industries Limited (SIL) is engaged in manufacturing
of benzene based organic chemicals, viz., mono chloro benzene
(MCB), para nitro chloro benzene (PNCB), ortho nitro chloro benzene
(ONCB), 3,3 di chlorobenzidine (3,3 DCB), 2,4 di nitro chloro
benzene (2,4 DNCB) and para nitro aniline (PNA) and by-products
like sulphuric and hydrochloric acid which find application in
pharmaceutical, dyes, agrochemical , fertilizer and rubber
industries. The manufacturing facility is located at Tarapur,
Boisar (Maharashtra).

SHANTI AGRO: CARE Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shanti Agro
Foods Private Limited (SAF) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      29.42       CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 3, 2018, placed the
rating(s) of SAF under the 'issuer non-cooperating' category as SAF
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. SAF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
September 26, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on July 2, 2018, there was delay in
servicing the debt obligations.

Key Rating Weakness

Delays in debt servicing
There were instances of overutilization of the cash credit limit
for more than 30 days. The delays were on account of weak liquidity
position as the company is unable to generate sufficient funds on
timely manner.

Shanti Agro Food Private Limited (SAF) was established as a
proprietorship firm in November, 2008 by Mr Sahil Verma under the
name of M/S Shanti Foods. In 2013, the business operations were
taken-over by Shanti Agro Food Private Limited with Mr Sahil Verma
and Mr Bishambar Lal as its directors. The company is engaged in
processing of paddy at its manufacturing facility located at
Karnal, Haryana having an installed capacity of 10,800 metric ton
per annum (MTPA) as on March 31, 2016. SAF is also engaged in
trading of rice. SAF procures paddy directly from the local grain
markets through commission agents located in Haryana. Furthermore,
the company sells its products (basmati and non- basmati rice)
under the brand name of 'Satya', '444' and 'Shanti' in the states
of Punjab, Haryana, Rajasthan and Delhi through a network of
commission agents. The group concerns of the company include 'Hans
Raj Bishambar Lal' and 'Sahil Traders' which are engaged in the
businesses of trading of paddy and trading of eggs respectively.

SHRI AMBICA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Shri Ambica International Food Company Pvt. Ltd.

        Registered office:
        1008 D Mall, Plot No. A1
        Netaji Subhash Place
        Wazirpur District Centre
        Pitampura, Delhi 110034

        Work:
        Nadana Road Taraori
        Karnal, Haryana 132116

Insolvency Commencement Date: October 16, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 13, 2020
                               (180 days from commencement)

Insolvency professional: Mahesh Bansal

Interim Resolution
Professional:            Mahesh Bansal
                         M/s. Mahesh Bansal & Associates
                         Chartered Accountants
                         SCF 24, First Floor
                         Bhadaur House
                         Ludhiana 141008
                         (Punjab)
                         E-mail: emmbee.consulting@gmail.com
                                 ip.shriambicainternational@
                                 gmail.com

Last date for
submission of claims:    November 4, 2019


SHRIDHAR CASTINGS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Shridhar Castings Private Limited

        Registered office as per MCA Records:
        23 Pushpa Kunj, Comercial Complex
        Central Bazar Road, Ramdaspeth
        Nagpur 440012

Insolvency Commencement Date: October 17, 2019

Court: National Company Law Tribunal, Nagpur Bench

Estimated date of closure of
insolvency resolution process: April 14, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Ajay Murarilal Agrawal

Interim Resolution
Professional:            Mr. Ajay Murarilal Agrawal
                         Shop No. 2 First Floor
                         Matoshree Apartment
                         Satnami Nagar
                         Nagpur 440008
                         E-mail: ajayagrawal86@yahoo.co.in
                                 ip.shridhar@gmail.com

Last date for
submission of claims:    November 2, 2019


SRI BALAJI: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Sri Balaji Forest Products Private Limited
        67/22 Strand Road
        Kolkata 700006
        West Bengal, India

Insolvency Commencement Date: October 18, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Aditya Kumar Tibrewal

Interim Resolution
Professional:            Aditya Kumar Tibrewal
                         7C, Kiran Shankar Roy Road
                         Hasting Chamber, Basement
                         Kolkata 700001
                         E-mail: adityatibre@gmail.com
                                 cirp.sbfp@gmail.com

Last date for
submission of claims:    November 2, 2019


SRI SPM: CARE Cuts INR15cr LT Loan Rating to 'C', Not Cooperating
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
SPM Weaving Mills (SPM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       15.00      CARE C; Stable: ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable on the
                                   Basis of best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SPM to monitor the rating
vide e-mail communications/letters dated May 13, 2019 , July 3,
2019, July 9, 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
Sri SPM Weaving Mills bank facilities will now be denoted as CARE
C; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The revision in rating assigned to the bank facilities of Sri SPM
Weaving Mills (SPM) takes into account small scale of operations,
short track record of business, moderate capital structure, raw
material price volatility, Intense competition from several other
players, working capital intensive nature of operations and
partnership nature of constitution with inherent risk of withdrawal
of capital. The rating, however, derives its strengths from
experience of the managing partners for more than two decades in
Textile Industry, satisfactory profitability margins, comfortable
debt coverage indicators, location advantage with presence in
cluster and easy availability of yarn with stable outlook for
textile industry.

Key Rating Weakness

Small Scale of operations and short track record of business
The firm's scale of operations was small in nature as marked by a
TOI of INR26.23 crore in FY18 (CA certified Prov). Furthermore, the
firm had short track record of business operations, which is
partially offset by the more than two decades experience of the
partners in textile industry.

Moderate capital structure
The capital structure of the firm remained moderate. The debt
equity and overall gearing ratio of the firm was marked at 0.99x
and 1.46x respectively as on March 31st, 2018 (CA Certified Prov.).
The debt profile of the firm comprises of ~68% term loan, ~20%
interest free unsecured loans from friends and relatives and ~12%
working capital bank borrowings.

Intense competition from several other players and material price
volatility
SPM faces stiff competition in the textile business from large
number of established and unorganized players in the market.
Competition gets strong with the presence of unorganized players
leading to pricing pressures. Further, the profitability
margins of the firm are susceptible due to fluctuation in yarn
prices.

Partnership nature of constitution with inherent risk of withdrawal
of capital
The firm being a partnership firm is exposed to inherent risk of
capital withdrawal by partners due its nature of constitution. Any
substantial withdrawals from capital account would impact the net
worth and thereby the gearing levels.

Working capital intensive operations
The firm operates in working capital intensive nature of
operations. However, the operating cycle of the firm remained
moderate. The firm collects the payments from its customers
generally within 60 days from the date of billing and in some cases
it will extend further 30 days i.e. up to 90 days. The firm majorly
purchases on cash basis and occasionally it avails a credit period
of 15-30 days from the suppliers. Further the firm's inventory
holding period is 30-40 days due to easy availability of raw
material the firm places the order as and when required. The
current ratio of the firm stood at moderate at 2.66 times as of
March 31, 2018(CA Certified Prov.) and quick ratio at 2.27 times as
on March 31, 2018(CA Certified Prov.). Subsequently, the cash and
cash equivalent of the firm stood at INR0.03 crore as of March 31,
2018 (CA Certified Prov.).
The average utilization of working capital facility stood at 78%
for the last 12 months ended June 30, 2018.

Ongoing project implementation and stabilization risk
Out of the total project cost of INR13.08 crore, SPM has incurred
INR1.50 crore as on July 18, 2018. The expected date of commercial
operation date (COD) is November, 2018. The ability of the firm to
execute the ongoing project in timely manner and stabilize the
operations thereon would be critical from credit perspective.

Key rating Strengths

Experience of the managing partners for more than two decades in
textile industry
SPM was established in 2015, by Mr. E. Palanisamy (Managing
Partner-MP) and Mr. M. Kandasamy (Managing Partner-MP) along with
their family members. Mr.E. Palanisamy (MP) and Mr. M.
Kandasamy(MP) are having more than two decades of experience in
textile business through “Erode Sri Palanimurgan Spinning Mills
Private Limited, Sree Palanimurgan Cones and Sri Muthu Kumaran
silks. The established regional presence of the Partners and their
long standing industry experience has enabled SPM to establish
healthy relationship with suppliers and customers.

Satisfactory profitability margins
The profitability margins of the firm were satisfactory in FY18 (CA
certified Prov.). The PBILDT and PAT margins of the firm are at
13.67% and 4.05% in FY18 (CA certified Prov.) due to better sales
realization. The firm started its first year of commercial
operations from April 2017.

Comfortable debt coverage indicators
The debt coverage indicators of the firm remained comfortable. The
debt coverage indictors marked by interest coverage and TD/GCA have
been comfortable marked at 4.59x and 5.56x respectively in FY18 (CA
certified Prov.) due to satisfactory PBILDT and cash accruals
coupled with low interest cost.

Location advantage with easy availability of yarn
SPM is located in one of the major yarn supplying areas of Tamil
Nadu. The firm procures raw material (warp yarn and weft yarn) from
the spinning millers located in and around Erode District resulting
in lower transportation cost and easy availability of raw
material.

Stable outlook for textile Industry
The future for the Indian textile industry looks promising, buoyed
by both strong domestic consumption as well as export demand. With
consumerism and disposable income on the rise, the retail sector
has experienced a rapid growth. The Government of India has started
promotion of its 'India Handloom' initiative on social media like
Facebook, Twitter and Instagram with a view to connect with
customers, especially youth, in order to promote high quality
handloom products.

Tamil Nadu based, Sri SPM Weaving Mills (SPM) was established in
the year 2015 as a partnership firm. SPM has its registered office
and plant located at M.S. Mangalam (Village), Erode, Tamilnadu with
the area covering 3.75 acres. The firm is engaged in manufacturing
of grey fabric.

SRK FOOD PRODUCTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s SRK Food Products Private Limited
        H.No. 17-1-391/T/250
        Saraswati Nagar, Saidabad
        Hyderabad 500059

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 23, 2020

Insolvency professional: Prabhakar Rao Kammula

Interim Resolution
Professional:            Prabhakar Rao Kammula
                         39-4-1, S5 Koduru Enclave
                         Picchaiah Street
                         Labbipet, Vijayawada 520010
                         Krishna District
                         Andhra Pradesh
                         E-mail: ip.srkfoods@gmail.com
                         Mobile: 9848124608

                            - and -

                         301, 3rd Floor, Bhavya's Fantastika
                         D.No. 82-684/A, Road No. 12
                         Banjara Hills
                         Hyderabad 500034
                         Telangana State
                         E-mail: ip.srkfoods@gmail.com

Last date for
submission of claims:    October 9, 2019


SUBA PLASTICS: CARE Keeps 'C' Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Suba
Plastics Private Limited (SPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      6.00        CARE C; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 1, 2019, placed the
rating(s) SPPL under the 'issuer non-cooperating' category as SPPL
had failed to provide information for monitoring of the rating.
SPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated August 8, 2019, August 12, 2019, August 13, 2019 and August
14, 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 rating assigned to the bank facilities of Suba Plastics Private
Limited (SPPL) continues to be tempered by Small size of operation
and Working capital intensive nature of operations. The rating also
factors in with increase in TOI and PBILDT margin in FY18 and net
loss incurred in FY18 along with leveraged capital structure and
weak debt coverage indicators. The rating however, continues to
derive strength from experience of the promoters with long track
record of operations.

Key Rating Weakness

Small size of operation
the company's size of operation stood small marked by low net worth
base of INR5.45 crore as of March 31, 2018 declined as against
INR6.21 crore as of march 31, 2017.

Net loss incurred in FY18
The company had incurred a net loss of INR0.67crore in FY18.

Leveraged capital structure and debt coverage indicators
The capital structure of the company deteriorated marked by debt
equity ratio of 2.92x as of March 31, 2018 as compared to 2.31x as
of March 31, 2017. The overall gearing ratio further deteriorated
from 3.28x as of March 31, 2017 to 4.32x as of March 31, 2018 and
remained leveraged. Further, the debt coverage ratio marked by
TD/GCA though marginally improved to 10.36x in FY18 when compared
to 11.65x in FY17 but continued to remain weak. Furthermore, the
interest coverage ratio deteriorated from 2.12x in FY17 to 1.90x in
FY18.

Working capital intensive nature of operations
The operating cycle of the company though marginally improved from
75 days in FY17 to 66 days in FY18 but continued to remain
elongated.

Key rating strengths

Experience of the promoters with long track record of operations
SPPL started its operation of manufacturing of plastic injection
molded components in 1983 and therefore, SPPL has more than three
decades of operational track record in this industry. The promoters
of the company also have more than three decades of experience in
the same industry.  

Increase in total operating income and PBILDT margin in FY18
The total operating income of the company grew marginally by 21.03
% and stood at INR39.30 crore in FY18 as against Rs.32.47 crore in
FY17. The PBILDT margin of the company increased by 180 bps at
12.21% in FY18 as compared to 10.41% in FY17.

Coimbatore based Suba Plastics Private Ltd (SPPL), incorporated on
July 13, 2005 was promoted by Mr. V.Baskaran, Mrs. Geetha Baskaran
(Spouse of Mr. Baskaran) and Mr. V. Sudhakaran (Brother of Mr.
Baskaran). Initially, the company was established as a
proprietorship concern in the name of Suba Plastics in 1983.
Subsequently, it was reconstituted as a private limited company in
2006 with its name changed to SPPL. Since its inception, the
company has been engaged in manufacturing of plastic injection
moulded components which finds application in automotive and
textile industries.

TRN ENERGY: CARE Lowers Rating on INR3,056.57cr Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of TRN
Energy Private Limited (TRN), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank    3,056.57      CARE D Revised from
   Facilities                      CARE BBB+ (CE); Stable;
   Term loan                       Outlook: Stable@

   Long/short          225.00      CARE D/CARE D Revised
   term Bank                       from CARE BBB+(CE) Stable/
   Facilities                      CARE A3+(CE); Outlook: Stable@
   (Non-Fund based)    

   Long/short          205.00      CARE D/CARE D Revised   
   term Bank                       from CARE BBB+(CE) Stable/
   Facilities                      CARE A3+(CE); Outlook: Stable@
   (Fund/Non-
   Fund based)              
        
@ACB India Ltd., the ultimate parent company of TRN, has supported
the facilities of TRN by way of letter of comfort (LoC) and
corporate guarantee till the final decision with respect to change
in law petitions granted.

Detailed Rationale & Key Rating Drivers

CARE has revised the ratings of TRN to 'CARE D/CARE D'. Instruments
with this rating are in default or are expected to be in default
soon. The revision in the ratings takes into account the unforeseen
deterioration in the liquidity profile of TRN on account of subdued
operational performance owing to shortage of coal coupled with
delay in realization of receivables from its off takers resulting
in delays in debt servicing by the company. The revision in ratings
also factor in the inability of the sponsor ACB India Limited
(ACBIL), the credit enhancement provider to support TRN in a timely
manner to meets its obligations.

Rating Sensitivity
Positive Factors:

* Timely servicing of debt obligations for three consecutive
months.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of debt obligations
TRN has faced issues related to coal supply from SECL as a result
of heavy rainfall leading to flooding in the nearby mines from
where the coal was sourced. As a result of coal shortage TRN
reported subdued operational performance which coupled with delay
in realization from UP DISCOMs resulted in unforeseen stretch in
the liquidity position of the company leading to delays in
servicing of debt obligations due in end of September 2019.
Further, the envisaged support from the sponsor ACBIL to service
the debt obligation of TRN by way of Letter of Comfort (LOC) was
not received in a timely manner. The sponsor has earlier supported
TRN largely by way of ICDs to tide over the cash for mismatches of
TRN.

Subdued operational performance in H1FY19
The operational performance of the company remained subdued during
H1FY19 due to shortage of coal supplies from SECL. The shortage was
largely on account of heavy rainfall witnessed in the coal mines
leading to its flooding.

Weak credit profile of power off-takers of TRN: The power generated
by TRN Energy is sold by PTC to UP DISCOMs which face higher level
of Aggregate Transmission and Commercial (AT&C) losses and have a
weak financial profile thereby exposing TRN to counterparty credit
risk. TRN has faced sluggish realization of receivables from UP
DISCOMs, to which the company supplies power for 65% of its
installed capacity. The company had received a favourable order
from CERC regarding change in law petition in June 2019 and
subsequently raised arrears aggregating Rs 445 crore to the UP
DISCOMs in Sept 2019. The said arrears along with regular
receivables are yet to be realized which led to stretched liquidity
position of TRN.

Liquidity: Poor
The company has poor liquidity marked by delay in receipt of
receivables, high working capital utilization and low cash and bank
balance.

Key Rating Strengths

Experienced and established track record of the promoter: ACBIL has
extensive management and operational experience in the coal and
power sector. ACBIL is the largest player in the non-coking coal
beneficiation industry in India. ACBIL has track record of
successfully constructing and operating coal beneficiation plants
across the major coal producing states of Chhattisgarh, Orissa,
Maharashtra and Andhra Pradesh.

Power off-take arrangement for TRN Energy: TRN has entered into a
PPA with CSPTradeco for 5% of the power which has to be sold to the
state of Chhattisgarh at variable tariff. The company also has PPA
with PTC for supply of 390 MW (65%) for a period of 25 years.
Subsequently, PTC has signed back to back PPA with UP DISCOMs -
Paschimanchal Vidyut Vitran Nigam Ltd, Purvanchal Vidyut Vitran
Nigam Ltd., Madhyanchal Vidyut Vitran Nigam Ltd. and Dakshinanchal
Vidyut Vitran Nigam Ltd for sale of power at a levelized tariff of
INR4.88/unit. Balance power (~100MW) after meeting above
requirement and accounting for auxiliary consumption and
transmission loss, will be sold on merchant basis.

TRN was incorporated on November 27, 2006. The company was
originally promoted by Mr. Anil Kumar Jain and Mr. Sanjay Jain. In
May 2009, the company was acquired by ACB India Limited (ACBIL) by
purchasing a controlling equity stake of 51%. Subsequently the
entire stake of ACBIL in TRN was transferred to its subsidiary, ACB
(India) Power Limited (ACBPL). ACBPL further increased its stake in
TRN to 74% in FY13. TRN is 600MW (2 x 300MW) thermal power plant in
Raigarh district, Chhattisgarh. The project has achieved COD on May
01, 2017 (Unit-I was commissioned in August, 2016 and Unit-II in
May, 2017). The company has long term Power Purchase Agreement
(PPA) for power off-take for 70% capacity. The company has also
signed a Fuel Supply Agreement with South Eastern Coalfields
Limited (SECL) for 2.6MTPA of coal.

TWO BROTHERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Two Brothers Private Limited

        Registered address:
        G-5, Ground Floor, Khizrabad 27-B
        New Friends Colony
        (Near Lions Hospital)
        New Delhi 110025

Insolvency Commencement Date: October 22, 2019

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

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

Insolvency professional: Shailendra Singh

Interim Resolution
Professional:            Shailendra Singh
                         H-29, 1st Floor
                         Jangpura Extension
                         New Delhi 110014
                         E-mail: shailendralaw@gmail.com
                                 twobrothers.cirp@gmail.com

Last date for
submission of claims:    November 5, 2019


U.P. STATE SPINNING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: U.P. State Spinning Company Limited
        Vastra Bhawan Sharda
        Nagar Kanpur Nagar
        Uttar Pradesh
        Kanpur UP 208025

Insolvency Commencement Date: October 22, 2019

Court: National Company Law Tribunal, Kanpur Bench

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

Insolvency professional: Anupam Tiwari

Interim Resolution
Professional:            Anupam Tiwari
                         W-37, M.I.G.
                         Keshav Nagar
                         Juhi Gaushala
                         Kanpur 208014
                         (U.P.)
                         E-mail: tiwari.anupam23@gmail.com
                                 cirpupstate@gmail.com

Last date for
submission of claims:    November 5, 2019


UNITED INFRAVENTURES: CARE Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of United
Infraventures Limited (UIL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      8.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

   Short term Bank     1.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

   Proposed Long       1.05        CARE D; ISSUER NOT COOPERATING;
   Term Bank                       based on best available
   Facilities                      information
             
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 21, 2018, placed the
rating(s) of UIL under the 'issuer non-cooperating' category as
United Infraventures Limited had failed to provide information for
monitoring of the rating. United Infraventures Limited continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated October
09, 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

Key rating weaknesses:
As per banker interaction, there have been delays in debt servicing
and account has been classified as NPA.

United Infraventures Limited (UIL) was incorporated on August 18,
2012 to take over the business of United Construction Company (UCC)
which is, since 1963, engaged in civil construction works mainly
involved in sewage pipeline laying & repairs, repairs of
structures, road construction & repairs etc. The company carters to
Municipal Corporation of Greater Mumbai (MCGM), with major
operations in Mumbai, Maharashtra. UIL secures all its contracts
through its strong relationships with its clients and has been
consistently receiving repeat orders from them. The company is
registered as Class AA (AA to D) civil contractor with MCGM.  

UNITRIVENI OVERSEAS: CARE Cuts INR17cr Loan Rating to D, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Unitriveni Overseas (UTO), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     17.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE BB; Stable

   Short term Bank     3.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of UTO
takes into account the ongoing delay in debt servicing of the
firm.

Rating Sensitivities

Positive Factors
The ability of the firm to serve its debt obligations on time with
delay/default free track record of debt servicing for more than 90
days.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in debt
servicing of the firm. The export packing credit account remained
overdrawn for more than 30 days as on October 18, 2019.

Liquidity Indicator

Liquidity: Poor - Poor liquidity marked by over-utilisation of bank
limits for more than 30 days and low cash balance. This could
constrain the ability of the firm to repay is debt obligations on a
timely basis. The cash and cash equivalent stood at INR0.09 crore
as on March 31, 2019 provisional.

Unitriveni Overseas (UTO) was constituted as a partnership firm on
May 06, 2008 by Bhattacharya family of Kolkata, West Bengal. The
firm is engaged in processing and export of sea food, primarily
Vannami and black tiger prawns. UTO has its processing facilities
on lease rental basis at Kolkata, West Bengal (owned by Sunshine
Packaging Industries). The facility has an aggregate processing
capacity of 28 metric tonnes per day (MTPD) of seafood. The firm
has One Star Export House status from the Government of India. The
firm exports its products mainly to USA, France, Vietnam, etc. UTO
procures prawn from the open market from farmers and agents for
processing and export. The plant is appropriately located in
proximity to several aquaculture farms in West Bengal which reduces
the risk of raw material availability and also keeps the inward
freight costs under control.

VCRM PETROCHEMICALS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: VCRM Petrochemicals Private Limited
        C-16/4, Shivaji Park
        Punjabi Bagh
        New Delhi 110026

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 25, 2020

Insolvency professional: Mr. Deepak Bansal

Interim Resolution
Professional:            Mr. Deepak Bansal
                         E-102/2 DDA Flats
                         Naraina Vihar
                         New Delhi 110028
                         E-mail: csdeepakbansal@gmail.com
                                 deepakbansal.irp@gmail.com

Last date for
submission of claims:    November 6, 2019


VENTA REALTECH: CARE Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Venta
Realtech Pvt. Ltd. [earlier known as Krish Realtynirman Pvt. Ltd.
(KRPL)] continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      90.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated May 31, 2018, placed the
rating of Venta Realtech under the 'issuer non-cooperating'
category as Venta Realtech Pvt. Ltd. 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. Venta Realtech Pvt. Ltd. continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a email dated
September 9, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on May 31, 2018, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing
There have been on-going delays by KRPL in servicing of its debt
obligations. This could be attributed to the tight liquidity
position of the company owning to slowdown in real estate market
leading to slow sales and collection from customers.

Limited experience of Promoters in the Industry
KRPL is promoted by Mr Amit Katyal and his family members. The
group is present in liquor business for over three decades and it
entered the real estate business in 2011 by launching its first
ultra-luxury project in Gurgaon. Though, the promoter group has
been involved in the development of more than 5
residential/commercial projects in and around Delhi/NCR. However,
the experience of the promoters in real estate development has been
limited with the absence of any real estate project completed so
far.

Subdued Real Estate Scenario
As per market sentiments the India Real Estate Market may not
witness a sharp reversal in FY17 (refers to the period April 1 to
March 31) but in long term the growth prospects remain strong.
While the sector continues to remain troubled with issues of high
unsold inventory, delayed delivery of projects and financial stress
on developers, the only segment that showed some signs of a rebound
was the affordable housing category in the peripheries of the major
markets. The broader market opinion is that while the long-term
story for residential market remains strong; the short term is
expected to be sluggish.

Key Rating Strengths

Locational Advantage
The project under KRPL enjoys location advantage on account of
being situated in prominent location of Gurgaon having easy
accessibility and good connectivity MDP is located on
Gurgaon-Faridabad Expressway with proximity to South Delhi. Apart
from proximity to Delhi, the project has favourable location in
terms of close proximity from the International Airport, being in
the neighbourhood of established areas like DLF phase I & V and
also well-connected through road and metro network.

Incorporated in June 05, 2010, Krrish Realtynirman Pvt Ltd (KRPL)
was engaged in the development of residential/group housing project
in Gurgaon (Haryana). During surveillance exercise conducted on
March 30, 2015, KRPL was engaged in the construction and
development of the project viz. Monde De Provence (MDP). The
project is a residential (group housing) project on a land area
measuring 12.36 acres situated at Sector 2, Gwal Pahari, Gurgaon,
Haryana and comprises of 174 residential units. Effective from
March 8, 2018, the name of the company has been changed to Venta
Realtech Private Limited.

VHV BEVERAGES: CARE Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of VHV
Beverages Private Limited (VHV) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      16.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 8, 2019, placed the
ratings of VHV under the 'issuer non-cooperating' category as VHV
had failed to provide information for monitoring of the rating. VHV
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 8, 2019, the following were
the rating weakness. (Updated for the information available from
Registrar of Companies).

Key Rating Weaknesses

Ongoing delay in debt servicing
There have been delays in the debt servicing due to stressed
liquidity position.

Haryana-based VHV was incorporated in 2012 and currently being
managed by Mr Vinod Sehwag, Mrs Homi and Mrs Pooja Malhotra. The
company is engaged in the manufacturing of fruit beverages, soda
and mineral water. The main raw materials, ie, fruit pulp, along
with others like plastic caps, bottles, carbon dioxide are procured
from manufacturers based in Haryana region. The company is
currently selling the product pan India covering regions namely
Haryana, Rajasthan, Punjab, Uttar Pradesh and Delhi, Kerala,
Maharashtra, Gujarat and West Bengal through a dealer network under
the brand name "XALTA".

WEST COAST FROZEN: CARE Cuts Bank Loan Ratings to 'D', Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of West
Coast Frozen Foods Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           5.75       CARE D; ISSUER NOT COOPERATING;
                                   Revised from CARE BBB-; Stable
   Short term Bank
   Facilities         106.25       CARE D; ISSUER NOT COOPERATING;
                                   Revised from CARE A3

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from West Coast Frozen Foods
Private Limited to monitor the rating(s) vide e-mail communications
dated October 14, October 1, 2019, September 9, 2019 and September
3, 2019. However, despite CARE's   repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on the company's long term and short term bank
facilities will now both be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings have been revised due to delay in debt servicing by the
company due to weak liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing
The weak liquidity position has constrained the company's ability
to service its debt in a timely manner and there have been
continuing delays in servicing of debt obligations to the lenders.

Analytical approach: Combined

CARE has combined the business and financial risk profile of West
Coast Frozen Foods Pvt. Ltd. and West Coast Fine Foods (India) Pvt.
Ltd. on account of common management and financial linkages amongst
the entities. The above companies combined are referred to as West
Coast Group (WCG).

West Coast Group (WCG) promoted by Mr. Kamlesh Gupta, is an
integrated aquaculture enterprise operating in the West Coast of
India and in the Gulf of Cambay in Gujarat State. The Group is
engaged in the business of prawn hatching, farming, processing,
freezing, trading and exporting of prawns, distribution of frozen
food products, trading/distribution of aquatic feed and feed
supplement products and running quick service restaurants to serve
seafood products. West Coast Fine Foods is into the supply of farm
bred shrimps and prawns in the domestic market. The trading,
distribution and Quick Service Restaurants (under the brand name
Fisheteria) are operated through this entity. In the
trading/distribution business, the company is the sole dealer of
aquatic feed and feed supplement products of CP Aqua (a part of
Charoen Pokphand Group, Thailand - one of the leading conglomerates
of the seafood and aquaculture industry in the world), for the
states of Gujarat and Maharashtra.



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

1MDB: Jho Low Will Give Up as Much as $900MM in Assets in Scandal
-----------------------------------------------------------------
Matthew Goldstein at The New York Times reports that the mysterious
Malaysian financier at the center of an international money
laundering scandal that toppled a prime minister and rocked Goldman
Sachs has given up his claim to hundreds of millions of dollars in
luxury apartments, yachts, jets and artwork that prosecutors say
were bought with stolen money.

In a deal with federal prosecutors, the fugitive financier, Jho
Low, has agreed to stop fighting for assets valued at $650 million
to $900 million that were seized starting in 2016, the Times
relates citing court documents and two people familiar with the
matter. It is one of the largest civil asset forfeiture recoveries
by the United States government.

The Times relates that Mr. Low is believed to be living in China,
and he has not appeared in criminal court in the United States or
Malaysia, where he is also charged. Nevertheless, he released a
statement through a spokesman that noted the agreement did not
contain an admission of wrongdoing on his part.

"We believe all parties consider this resolution, which is subject
to final court approval, to be a successful and satisfactory
result," the report quotes Mr. Low as saying.

According to the report, the agreement did not include any
provisions offering Mr. Low special treatment in the criminal case
pending against him, but prosecutors did agree to allow some of the
seized assets to be used for $15 million in fees billed by Mr.
Low's legal team. The lawyers included the former Gov. Chris
Christie of New Jersey, Robin Rathmell of the law firm Kobre & Kim
and the law firm Lowenstein Sandler.

Federal prosecutors in Los Angeles and at the Justice Department's
money laundering division in Washington have overseen dozens of
asset forfeiture actions in the case. The actions resolved on Oct.
30 centered on Mr. Low, a number of trusts and others associated
with him, including members of his family who may have benefited
from his actions. Other forfeiture actions are still pending, the
Times says.

"Thanks to this settlement, one of the men allegedly at the center
of this massive scheme will lose all access to hundreds of millions
of dollars," the report quotes Nicola T. Hanna, the United States
attorney for the Central District of California, as saying. "The
message in this case is simple: The United States is not a safe
haven for pilfered funds."

In all, federal authorities said, Mr. Low and his associates, who
include the former prime minister of Malaysia, bought more than
$1.7 billion in real estate, yachts, jets, jewelry and even
financed a Hollywood movie with money looted from a sovereign
wealth fund called 1Malaysia Development Berhad, or 1MDB, the Times
relays.

"This is a successful outcome for everyone involved," said Mr.
Rathmell, one of Mr. Low's lawyers, the Times relays. "Now that
we've resolved all the existing forfeiture cases involving our
clients we're looking forward to continuing the resolution
process."

According to the Times, prosecutors in Brooklyn are leading the
criminal case against Mr. Low and two former Goldman Sachs bankers.
One of the bankers, Tim Leissner, a former top partner at the firm,
pleaded guilty in August 2018 to bribery and money laundering. The
other, Roger Ng, has pleaded not guilty and could go on trial next
spring, the report relates.

The Times notes that the forfeiture actions were the opening salvo
in the long-running investigation by federal authorities and
prosecutors in Malaysia into a series of bond deals put together by
Goldman Sachs that raised roughly $6.5 billion for 1MDB.

The report says the fund was supposed to finance infrastructure and
other development projects to benefit the Malaysian public.
Instead, according to prosecutors in the United States and
Malaysia, it became a font of corruption for people close to the
prime minister at the time, Najib Razak.

Authorities have said at least $2.7 billion was looted from the
fund, fueling an enormous spending spree, the Times relays. The
purchases included diamonds, Birkin bags from Hermès and paintings
by Pablo Picasso and Claude Monet. Money from the fund also helped
finance the Hollywood film "The Wolf of Wall Street."

The bond deals generated $600 million in fees for Goldman Sachs but
have caused nothing but headaches for the firm since, the report
notes.

According to the report, the guilty plea by Mr. Leissner--once a
highly valued senior partner at the firm--raised the possibility
that Goldman itself could be forced to make up billions of dollars
in losses at the fund. Officials in Malaysia have also brought
criminal charges against the firm and more than a dozen other
Goldman employees.

Mr. Leissner is out on bail as he awaits a sentencing hearing
scheduled for December, the report notes. Prosecutors have not
disclosed his whereabouts. The New York Times has asked a judge to
unseal the bail package for Mr. Leissner, who is married to the
model and fashion designer Kimora Lee Simmons.

The report says the asset deal with Mr. Low will allow prosecutors
in the United States to turn their attention to a settlement with
Goldman, which is cooperating with the investigation and has said
it expects to pay a significant penalty. The Federal Reserve and
New York state financial regulators also are investigating.

Negotiations between federal prosecutors and Goldman stalled
earlier this year but recently restarted, according to the report.
The bank has repeatedly denied wrongdoing in connection with the
bond offerings and has claimed Mr. Leissner's conduct was not
sanctioned or approved by his bosses, the Times adds.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
overnment agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on the
economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that it
had frozen half a dozen bank accounts following a media report that
nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank accounts
in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear Power
Corp. for MYR9.83 billion (US$2.3 billion) as the state investment
company moved one step closer to winding down operations after its
mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April 2016,
that the company defaulted on a $1.75 billion bond issue, riggering
cross defaults on two other Islamic notes totaling MYR7.4 billion
($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled state
investment fund.



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

WAIWERA GROUP: Russian-owned Company Placed in Liquidation
----------------------------------------------------------
Anuja Nadkarni at Stuff.co.nz reports that Waiwera Group, which ran
the Waiwera bottling company and water park north of Auckland, has
been placed into liquidation.

Stuff relates that the company, owned by bankrupt Russian
businessman Mikhail Khimich, made all employees of Waiwera Thermal
Resort redundant ahead of refurbishments in February last year, but
never re-opened.

Liquidator Tony Maginness of Baker Tilly Staples Rodway was
appointed on Oct. 29 by the Official Assignee as part of Khimich's
bankruptcy, Stuff notes.

Mr. Khimich was the company's sole shareholder and director, the
report discloses.

He was declared bankrupt on October 8, by the High Court at
Wellington.

According to Stuff, Companies Office records show Waiwera Thermal
Resort went into liquidation in February 2019.

Stuff, citing the first liquidators report by Staples Rodway,
published in March this year, discloses that Waiwera Thermal Resort
owed Waiwera Group Limited NZ$2.1 million, Inland Revenue
NZ$584,481 and unsecured creditors NZ$1.1 million.

In May, the Wellington High Court ordered Mr. Khimich to pay
Kiwibank NZ$1.29 million in outstanding principal and interest
under three loan agreements, which were guaranteed by him.

Interest will continue to accrue on the NZ$1,292,982 unpaid loans,
the court ordered, Stuff relays.

Originally from Moscow, Mr. Khimich gained New Zealand residency in
2013.

Stuff relates that Land Information New Zealand records showed Mr.
Khimich was granted permission under the Overseas Investment Act to
buy 10 hectares of land from the Waiwera Valley Properties Ltd in
2010.


                           *********


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

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

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

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

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



                *** End of Transmission ***