/raid1/www/Hosts/bankrupt/TCRAP_Public/190306.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, March 6, 2019, Vol. 22, No. 47

                           Headlines



A U S T R A L I A

APPSTER: May Have Traded While Insolvent, Liquidator Claims
AULAK PTY: First Creditors' Meeting Set for March 13
AVE BICYCLE: First Creditors' Meeting Set for March 12
CAP COAST: Ex-Director & Advisers Charged With Breach of Duties
COOLGARDIE MINERALS: First Creditors' Meeting Set for March 13

JEMROK PTY: BDO Appointed as Liquidators; Aus Tin Affected
JONGUE KU: Second Creditors' Meeting Set for March 13
OPEN DOOR: First Creditors' Meeting Set for March 13
PARCEL ENTERPRISES: Second Creditors' Meeting Set for March 13


C H I N A

CHINA JINJIANG: Moody's Lowers CFR to Ba3 & USD Bond Rating to B1
CHINA UNITED SME: S&P Affirms 'BB+' ICR Then Withdraws Rating
MIE HOLDINGS: Fitch Lowers IDR to 'C' Amid Distressed Debt Exchange


I N D I A

AGRI-BEST INDIA: Insolvency Resolution Process Case Summary
AKUND BUILDCON: Insolvency Resolution Process Case Summary
AL AMMAR: CRISIL Moves D on INR9.5cr Loan to Non-Cooperating
ANANDTEX INTERNATIONAL: Insolvency Resolution Process Case Summary
ANKUR IRON: CRISIL Moves D Ratings to Non-Cooperating

BASANTDEVI CHARITABLE: ICRA Moves D Rating to Non-Cooperating
BENARJEE POULTRY: CRISIL Assigns 'B' Rating to INR10cr Loans
BHAGYODAYA TROKHOS: CRISIL Lowers Rating on INR20cr Loans to D
BLUE PINK: CRISIL Moves D on INR5.67 Loans to Non Cooperating
BOULEVARD PROJECTS: Insolvency Resolution Process Case Summary

BREMELS RUBBER: CRISIL Migrates 'D' Ratings to Not Cooperating
BRYS INTERNATIONAL: Insolvency Resolution Process Case Summary
CONTROLS AND SCHEMATICS: ICRA Reaffirms B- Rating INR4cr Loan
DELHI CONTROL: Insolvency Resolution Process Case Summary
DMS BUILDERS: CRISIL Withdraws B+ Rating on INR5.5cr Proposed Loan

EARTH MINERAL: Insolvency Resolution Process Case Summary
HARITHA FERTILISERS: CRISIL Assigns D Rating to INR31cr Loan
IDV TECHNOLOGY: Insolvency Resolution Process Case Summary
JAI KARNI: CRISIL Assigns B+ Rating to INR8cr Cash Loan
JAIN MFG: Insolvency Resolution Process Case Summary

JALARAM COTTON: ICRA Reaffirms B Rating on INR7cr FB Loan
JAWAHAR EDUCATION: CRISIL Keeps D on INR31cr Loan on NonCooperating
K.K.R. INTERNATIONAL: CRISIL Cuts Ratings on INR7.5cr Loans to D
KATARIA PACKAGING: Insolvency Resolution Process Case Summary
KHED ECONOMIC: ICRA Lowers Ratings on INR611cr Loans to D

MANDAKINI HOSPITALITY: Insolvency Resolution Process Case Summary
MAXOUT INFRASTRUCTURES: Insolvency Resolution Process Case Summary
METRO MAS: Insolvency Resolution Process Case Summary
MOHIJULI TEA: CRISIL Reaffirms B+ Ratings on INR9.98cr Loans
MORPHEUS DEVELOPERS: Insolvency Resolution Process Case Summary

MOTHERS PRIDE: Insolvency Resolution Process Case Summary
MRO-TEK REALTY: ICRA Lowers Rating on INR20cr Loans to B
MUNJANI BROTHERS: CRISIL Lowers Rating on INR21cr Loan to D
MY CAR: CRISIL Migrates 'D' Ratings to Not Cooperating Category
MY FONE: CRISIL Moves D on INR5cr Loan to Non-Cooperating

NAV JYOTI: Insolvency Resolution Process Case Summary
NEO INFRASTRUCTURE: Insolvency Resolution Process Case Summary
NEW PHALTAN: Insolvency Resolution Process Case Summary
NOIDA SOFTWARE: Insolvency Resolution Process Case Summary
NSL TEXTILES: ICRA Reaffirms 'B' Ratings on INR12cr Loans

OM PRINTING: Insolvency Resolution Process Case Summary
OMWAY BUILDSTATE: Insolvency Resolution Process Case Summary
ONE CAPITALL: ICRA Lowers Rating on INR90cr Bank Lines to D
ORRA PRINTPACK: CRISIL Assigns B+ Rating to INR10cr Loans
PHOTON ENERGY: Insolvency Resolution Process Case Summary

PSL LIMITED: Insolvency Resolution Process Case Summary
RAHI ELECTRONICS: Insolvency Resolution Process Case Summary
RAIPUR BOTTLING: ICRA Withdraws B+ Rating on INR10cr Loan
RAJDA SALES: ICRA Reaffirms B+ Rating on INR4cr Loan
RATNA COT: CRISIL Withdraws B+ Ratings on INR5.8cr Loans

RENAATUS PROCON: CRISIL Withdraws B Rating on INR15cr Loans
SANTOSH OVERSEAS: Insolvency Resolution Process Case Summary
SELVARANI IMPEX: CRISIL Moves B on INR10cr Loans to Non Cooperating
SHREEPATI JEWELS: ICRA Withdraws D Rating on INR100cr LT Loans
SNEHDAXA INFRASTRUCTURE: Insolvency Resolution Case Summary

SRI GANESH: Insolvency Resolution Process Case Summary
TARAPUR TRANSFORMERS: CRISIL Reaffirms D Rating on INR49.25cr Loans
TEZALPATTY TEA: CRISIL Hikes Ratings on INR6.37cr Loans to B-
THIRUCHY STEELS: CRISIL Reaffirms B+ Rating on INR8cr Cash Loan
TMR DEVELOPERS: CRISIL Lowers Rating on INR18cr Term Loan to D

TRIMAX IT: Insolvency Resolution Process Case Summary
UNIVERSAL CONSTRUCTION: CRISIL Cuts Ratings on INR42cr Loans to D
UNIVERSAL CONSTRUCTIONS: CRISIL Withdraws D Rating on INR12cr Loan
USHA MULTIPACK: Insolvency Resolution Process Case Summary
VYOM INFRASTRUCTURES: Insolvency Resolution Process Case Summary

YAG MAG: Insolvency Resolution Process Case Summary
ZILLION INFRAPROJECTS: Insolvency Resolution Process Case Summary


M A L A Y S I A

BRAHIM'S HOLDINGS: Plans to Exit PN17 Status Early


S I N G A P O R E

HYFLUX LTD: PUB Issues Default Notice to Tuaspring

                           - - - - -


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A U S T R A L I A
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APPSTER: May Have Traded While Insolvent, Liquidator Claims
-----------------------------------------------------------
Matthew Elmas at SmartCompany reports that the liquidator for
collapsed app-development business Appster is rallying creditors to
pursue legal action against founders Mark McDonald and Josiah
Humphrey, alleging they traded while insolvent.

Releasing an anticipated statutory report into the affairs of
Appster on March 5, liquidator Paul Vartelas revealed the
once-upon-a-time market darling's financial position had been
worsening for several years prior to its collapse last December,
SmartCompany relates.

"It is my view that the company traded whilst insolvent prior to my
appointment since the 31st of March 2018 and quite possibly since
the 31st of March 2017," Mr. Vartelas wrote in his report,
SmartCompany relays.

According to SmartCompany, creditors are now being asked to fund
legal proceedings against the directors, due to the limited
resources left after winding up the company's assets.

SmartCompany relates that Mr. Vartelas is also in talks with the
federal government and will meet with the Department of Jobs &
Small Business in March to discuss the possibility of taxpayer
funding for litigation.

Appster -- a company which developed mobile applications for
businesses -- shocked many in the industry when it collapsed,
having once been hailed as the "next Apple" by commentators after
growing revenue to AUD19 million in a few short years.

In a statement, Mr. Humphrey denied trading the company while
insolvent, SmartCompany reports.

"We had clear directions from both our finance team and CFO and
local Australian accountant/advisor that oversaw our compliance and
never once were we advised by either party that we were trading
insolvent, nor would we knowingly trade whilst insolvent,"
SmartCompany quotes Mr. Humphrey as saying.

"We will strongly defend any allegation of insolvent trading and we
firmly deny that we had any intentions of trading insolvent or
knowingly traded whilst insolvent."

According to SmartCompany, the report details allegations KPMG
refused to sign off on Appster's accounts for the year ended March
31, 2017, expressing concern about the "worsening" financial
position of the company and an unpaid invoice for their services.

SmartCompany relates that Mr. Vartelas also alleged Appster had
entered into arrangements with the Australian Taxation Office (ATO)
which were not complied with. He said the ATO was preparing to
pursue the founders but held off when the business fell into
liquidation.

Appster booked a AUD154,000 loss on AUD11.9 million in trading
income for the year ended March 31, 2017, and maintained a
liquidity ratio of less than one, which indicates a dependency on
selling assets or borrowing funds to meet short-term debt.


AULAK PTY: First Creditors' Meeting Set for March 13
----------------------------------------------------
A first meeting of the creditors in the proceedings of Aulak Pty
Ltd, trading as Toukley Waters Village, will be held on March 13,
2019, at 10:00 a.m. at the offices of SV Partners, at Suite 3,
Level 3, 426 King Street, in Newcastle, WA.

Joshua Lee Robb and Daniel Jon Quinn of SV Partners were appointed
as administrators of Aulak Pty on March 1, 2019.


AVE BICYCLE: First Creditors' Meeting Set for March 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of AVE Bicycle
Company Pty Ltd will be held on March 12, 2019, at 2:00 p.m. at the
offices of Regus, at 22/F Northbank Plaza, 69 Ann Street, in
Brisbane, Queensland.

Clifford John Sanderson of Dissolve Pty was appointed as
administrator of AVE Bicycle on Feb. 28, 2019.


CAP COAST: Ex-Director & Advisers Charged With Breach of Duties
---------------------------------------------------------------
A former company director and two pre-insolvency advisers have been
charged with breaching director duties and money laundering in the
affairs of Cap Coast Telecoms Pty Ltd.

The charges follow an ASIC investigation into the affairs of Cap
Coast Telecoms and its former director, Richard Ludwig.

Richard Ludwig of Broadbeach Waters Queensland; Stephen O'Neill of
Port Melbourne, Victoria; and John Narramore, of Main Beach
Queensland, have appeared in the Brisbane Magistrates Court on
charges that include breaching director duties and dealing in the
proceeds of crime.

It is alleged that Mr. Ludwig sought advice from Messrs. O'Neill
and  Narramore of pre-insolvency firm SME's R Us, following a
dispute he was having with a creditor of the company. It is alleged
that Messrs. O'Neill and Narramore facilitated Mr. Ludwig to
illegally remove a total of AUD743,050 of company money between
October 2014 and January 2015 to accounts in their control. It is
alleged that the three men acted jointly to remove the money before
the company was wound up in liquidation.

Following the removal of the company money, it is alleged that a
large portion of the money was redirected back to Mr. Ludwig and
that Messrs. O'Neill and Narramore retained a portion of the
money.

Mr. Ludwig has been charged with ten counts of breaching his
director duties and one count of dealing in the proceeds of crime
worth AUD100,000 or more, while Mr. O'Neill and Mr. Narramore have
been charged with one count each of dealing in the proceeds of
crime worth AUD100,000 or more.

The matter was heard on March 1, 2019. All three men were bailed to
return to the Brisbane Magistrates Court on May 3, 2019.

The matter was referred to ASIC by Mark Hutchins of Cor Cordis who
is the liquidator of Cap Coast Telecoms Pty Ltd.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


COOLGARDIE MINERALS: First Creditors' Meeting Set for March 13
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Coolgardie
Minerals Limited will be held on March 13, 2019, at 11:00 a.m. at
the offices of Pitcher Partners, at Level 11, 12-14 The Esplanade,
in Perth, WA.

Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitcher
Partners were appointed as administrators of Coolgardie Minerals on
Feb. 28, 2019.


JEMROK PTY: BDO Appointed as Liquidators; Aus Tin Affected
----------------------------------------------------------
Sean Ford at The Advocate reports that Jemrok Pty Ltd, a
North-West-based mining services and civil engineering firm which
also operates on the mainland, will be liquidated.

According to the Advocate, the Australian Securities and
Investments Commission said members of the Jemrok company agreed on
March 5 that it be wound up and that liquidators be appointed.

It was not clear how many jobs would go, the report says.

The Advocate says one source estimated the company's employment at
between 60 and 70.

The Advocate says developing West Coast miner Aus Tin Mining
Limited told the ASX Jemrok's problems had affected its Granville
tin project.  Jemrok was chosen as the civil and mining contractor
at Granville.

"The recent months have been challenging for Jemrok, which,
unfortunately, impacted the Granville tin project, including delays
with finalising the construction of the tailings storage facility
and the requirement for the company to procure certain services
directly," the report quotes Aus Tin as saying.

"It is understood the collapse of Jemrok had its origins with their
mining operations on the Australian mainland and not the operations
at the Granville tin project."

The Advocate relates that Aus Tin said it was told on March 4
(accountancy and advisory company) BDO had been appointed as
Jemrok's liquidator.

"Under the terms of the contract between the company and Jemrok,
the company may elect to engage other persons to perform the mining
services, but, in the interim, the company will seek to work with
BDO to retain mining and ore haulage equipment at the Granville
East Mine," Aus Tin, as cited by The Advocate, said.

"Separately, the company has opened discussions with other
contracting groups for the provision of mining equipment, should
such arrangements be necessary."

Jemrok was founded by North-West pair David and Kylie Kenworthy in
2011.  Its website said it had operational sites in Tasmania, New
South Wales and Victoria, with a head office at Wynyard, and worked
in civil engineering, mining services and vehicle maintenance.

According to the Advocate, Jemrok's projects included:

  -- Soil remediation;
  -- mine rehabilitation at MMG Rosebery;
  -- mine rehabilitation at Mount Lyell; and
  -- constructing a sewer ocean outfall for TasWater at Orford,   

  -- using horizontal underground drilling.


JONGUE KU: Second Creditors' Meeting Set for March 13
-----------------------------------------------------
A second meeting of creditors in the proceedings of Jongue Ku Pty
Ltd, trading as Transit Lounge Café, has been set for March 13,
2019, at 10:00 a.m. at the offices of Hall Chadwick Chartered
Accountants, at Paspalis Centrepoint, Level 1, 48-50 Smith Street,
in Darwin, NT.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 12, 2019, at 5:00 p.m.

Blair Pleash and Kathleen Vouris of Hall Chadwick were appointed as
administrators of Jongue Ku on Feb. 6, 2018.


OPEN DOOR: First Creditors' Meeting Set for March 13
----------------------------------------------------
A first meeting of the creditors in the proceedings of Open Door
Hospitality Pty Ltd will be held on March 13, 2019, at 2:00 p.m. at
the offices of Auxilium Partners, at Level 2, 949 Wellington
Street, in West Perth, WA.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Open Door on Feb. 28, 2019.


PARCEL ENTERPRISES: Second Creditors' Meeting Set for March 13
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Parcel
Enterprises Australia Pty Ltd Formerly known as Farrugia
Enterprises Australia has been set for March 13, 2019, at 10:30
a.m. at Level 27, 259 George 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 March 12, 2019, at 4:00 p.m.

Daniel Jean Civil of Jirsch Sutherland was appointed as
administrator of Parcel Enterprises on Feb. 6, 2019.




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CHINA JINJIANG: Moody's Lowers CFR to Ba3 & USD Bond Rating to B1
-----------------------------------------------------------------
Moody's Investors Service has downgraded China Jinjiang Environment
Holding Co. Ltd.'s (CJE) corporate family rating (CFR) to Ba3 from
Ba2 and the senior unsecured rating on its USD bond to B1 from Ba3.
This concludes the review for downgrade that was initiated on
December 3, 2018.

The ratings outlook is negative.

RATINGS RATIONALE

"The ratings downgrade reflects  CJE's weakened credit profile due
to 1) challenges related to the outage of certain existing
capacity, 2) its strained liquidity, 3) its increased overseas
expansion which raise the level of financial leverage in the near
term, and 4) uncertainty surrounding the credit profile of its
ultimate parent company, namely Hangzhou Jinjiang Group" says
Qingqing Guo, a Moody's Assistant Vice President and Analyst.

"Because of these challenges, the credit profile of CJE is no
longer consistent with the previous ratings", Guo adds.

The outage of facilities, which occurred around the time when CJE
was ramping up its overseas expansion, has raised the level of
credit risk for the company. Moody's notes that CJE has been making
progress in completing its upgrade program, and this has reduced
further downside risk.

Moody's expects CJE's credit metrics for FY2019 to be weaker than
its original expectation, with the ratio of Retained Cash Flow
(RCF)/Adjusted Debt projected to be at or around 9%- 12%, depending
on the dividend payout.

At the same time, CJE has a challenging liquidity position and
refinancing task. Over the next 12 months, Moody's expects that
available liquidity sources, including cash-on-hand, operating cash
flow, and available committed facilities will not be sufficient to
meet the high amount of maturing debt as well as capex requirement
related to its various projects.

Moody's also notes the presence of restrictive covenants in CJE's
certain loan agreement, and the associated risk that further
ratings downgrade will trigger accelerated debt repayment
obligations.

"Furthermore, Moody's sees continued uncertainty related to the
credit profile of the ultimate parent company, Hangzhou Jinjiang
Group, reflecting the volatile aluminum and raw material prices,
tightened environmental regulations, and the stricter lending
policies applicable to the oversupplied industry", Guo adds.

Moody's notes the limited financial related party transactions, and
CJE's Board composition, which reduce the extent to which the
parent's credit profile could impact CJE's ratings.

CJE has been developing overseas projects in countries such as
Brazil, India, Indonesia and recently Singapore. While such
overseas projects provide a degree of cash flow diversity over
time, they require incremental debt to develop, thereby further
straining the company's financial metrics.

The negative outlook reflects continued challenges relating to
CJE's tight liquidity position and refinancing risk. The potential
for further overseas expansion, which may elevate financial
leverage further, also weighs on CJE's overall credit profile.

The senior unsecured rating on the USD bond is one notch lower than
the CFR, reflecting the company's substantial debts, mainly on
secured basis, at its operating subsidiaries level, which
complicates the expected recovery of the bond in the event of
default.

Upward rating trend is unlikely, given the negative outlook on the
ratings.

The rating outlook could be changed to stable if (1) CJE terms out
its maturing debt in a timely manner and (2) the overseas expansion
does not materially elevate business risk and financial leverage,
and 3) CJE maintains financial metrics that are consistent with
current ratings, including RCF/Debt at around 9-12%, depending on
the dividend payout.

The rating could be downgraded if 1) there is limited progress on
refinancing and liquidity remains tight and 2) CJE's credit metrics
and business risk worsen materially due to additional debt-funded
overseas projects.

Financial metrics for a rating downgrade include RCF/Debt dropping
below 8% and FFO interest cover declining below 2.25x on a
consistent basis.

Continued uncertainty or a material weakness over the credit
profile of the parent company could also pressure CJE's ratings.

Heavy connected-party transactions or unfavorable regulatory
changes that materially jeopardize the operational and financial
health of the company could also result in negative rating
pressure.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

China Jinjiang Environment Holding Co. Ltd. (CJE) is a
Singapore-listed waste-to-energy (WTE) operator in China. The
company's ultimate parent, Hangzhou Jinjiang Group (HZJJ), owned
39.2% of CJE as of December 2018.

CJE operates along the whole value chain in the WTE sector, from
planning and construction to the operation and management of WTE
facilities.

At the end of 2018, CJE had 20 operating WTE facilities and 4
resource recycling projects with a total waste treatment capacity
of 29,240 tons/day and electricity generation capacity of 574MW
covering 12 provinces in China.


CHINA UNITED SME: S&P Affirms 'BB+' ICR Then Withdraws Rating
-------------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB+' long-term
insurer financial strength and issuer credit ratings on China
United SME Guarantee Corp. (Sino Guarantee). S&P then withdrew the
ratings on the bond insurer at the company's request. The outlook
was negative at the time of the withdrawal.

S&P said, "We affirmed ratings prior to the withdrawal because we
expected Sino Guarantee to maintain its very strong competitive
position and established access to external liquidity and capital
that would help mitigate investment risks, and its more vulnerable
capitalization than in the past.

"In our view, Sino Guarantee's good local market know-how,
especially its collateral management capability, provides it with a
sustainable competitive advantage over its domestic peers to reduce
losses." The bond insurer's business portfolio, which comprises
local government funding vehicles (LGFVs), also has lower risk when
compared with other bond insurers who tend to focus on businesses
related to small and midsize enterprises (SMEs).

Sino Guarantee's regulatory capital buffer has diluted following
the China Bank and Insurance Regulatory Commission's introduction
of a new regulatory framework in April 2018. This reflects the
substantive increase in risk weight applied to the LGFV business to
100% from 33% earlier. This revised framework follows China's
broader government initiatives to ensure ongoing support to the
funding and liquidity needs of SMEs. However, S&P expects limited
regulatory intervention to be administered to Sino Guarantee, given
the transition phase of previous regulations and the bond insurer's
proactive management of its portfolio. The bond insurer is also
likely to restore its capital buffers over the medium term, given
its gradually maturing LGFV exposure across 2019-2020, and a
deliberate downsizing of the portfolio, and reduced allocation to
risky assets.

MIE HOLDINGS: Fitch Lowers IDR to 'C' Amid Distressed Debt Exchange
-------------------------------------------------------------------
Fitch Ratings has downgraded MIE Holdings Corporation's Long-Term
Issuer Default Rating (IDR) to 'C' from 'CC'. The rating on MIE's
USD316 million 7.5% senior unsecured bonds due April 25, 2019 (2019
notes) has been affirmed at 'C' with a Recovery Rating of 'RR6'.

The downgrade of the Long-Term IDR and the affirmation of 2019
notes are driven by MIE's exchange offer for its 2019 bonds, which
Fitch considers to be a distressed debt exchange (DDE) under its
DDE criteria. The Recovery Rating of 'RR6' for the 2019 notes
reflects a cash recovery value of 10% or below for the 2019 notes
being exchanged.

MIE has offered cash payments of USD100 and USD900 for the new
13.75% notes due March 2022 for each USD1,000 of existing notes
tendered before 15 March 2019. For notes tendered after that date
but before the 22 March 2019 deadline, the offer encompasses cash
payments of USD20 and USD980 of new notes for each USD1,000 of
existing notes.

The exchange offer is subjected to no less than 90% participation
in terms of the aggregate outstanding principal amount. Fitch will
reassess MIE's IDR after completion of the exchange offer.

KEY RATING DRIVERS

Offer to Avoid Payment Default: Fitch considers the exchange offer
for the 2019 notes a necessary move by MIE to avoid payment default
by April 25, 2019, given its tight liquidity. MIE had CNY83.6
million in unrestricted cash as at end-June 2018, but Fitch expects
its cash balance to have fallen by end-2018, in light of high
interest-servicing obligations.

Material Reduction in Terms: Fitch views the three-year extension
of the maturity date (to March 2022 from April 2019) and the
significantly lower-than-expected amount that bondholders were
supposed to receive for the original securities on the maturity
date as a material reduction in terms.

External Funding Required for Offer: MIE needs to secure external
funding to fulfil the cash requirement for the exchange offer.
Fitch estimates that MIE still needs to fund up to USD60 million
for the exchange offer, assuming 90% acceptance before the early
participation deadline and remaining 10% untendered US dollar notes
redeemable on April 25, 2019. Financing access for MIE remains weak
given its limited unencumbered asset base and untenable capital
structure (FFO adjusted net leverage at end-June 2018: 12x).

Weak Interest Coverage and Cash Generation: Fitch expects MIE's
high interest obligation to further increase as the proposed 2022
notes carry an annual interest cost of 13.75%, which is
substantially higher than its existing 7.50% notes. Fitch forecasts
that MIE's EBITDA of around CNY366 million in 2019 - generated
mainly from its Daan oilfield and excluding the disposal of its
equity interest in Maple Marathon - barely covers its interest
obligations, based on its oil-price deck assumption. Unless MIE is
able to rebalance its capital structure substantially through asset
disposals, Fitch estimates MIE's EBITDA interest cover to be below
1x, even if the exchange offer is successful.

DERIVATION SUMMARY

The ratings on MIE and its bonds are driven by the announced DDE,
based on Fitch's relevant criteria.

KEY ASSUMPTIONS

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

  - Limited access to new funding

  - Flat to low single-digit decline in oilfield production in
China

  - Fitch oil price assumptions for Brent: USD65.0 a barrel (bbl)
in 2019 and USD62.5/bbl in 2020

RATING SENSITIVITIES

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

  - There are no upgrade sensitivities at this time; Fitch will
reassess MIE's capital structure and cash flow after the completion
of the exchange offer to determine its IDR and senior unsecured
ratings.

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

  - Fitch will downgrade MIE's IDR to 'RD' if the exchange offer is
completed.

LIQUIDITY

Imminent Default Risk: MIE's liquidity remains stretched, even
under the assumption of a successful exchange offer. The next major
debt redemption falls in August and September 2019, involving
HKD382 million and USD100 million secured loans, respectively. The
proceeds from the Maple Marathon disposal, which is valued at
USD250 million and has yet to close, is vital to avoid non-payment
by August 2019. Thereafter, MIE will still have about CNY1.8
billion in debt due in 2020.




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AGRI-BEST INDIA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Agri-Best India Limited

        Registered address:
        SCF 166, IInd Floor, Sector-9
        Faridabad 121006
        Haryana

        Principal office:
        Plant Village Sachaan, NH-10
        Tehsil & District Sirsa 125005
        Haryana

Insolvency Commencement Date: February 20, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: August 18, 2019

Insolvency professional: Mr. Jitendra Bakshi

Interim Resolution
Professional:            Mr. Jitendra Bakshi
                         D-175, Jhilmil Colony
                         New Delhi 110095
                         E-mail: jitedra.bakshi@gmail.com

                            - and -

                         Chamber #185, New Lawyers Chamber
                         Block-2, High Court of Delhi
                         New Delhi 110001
                         E-mail: cirp.agribest@gmail.com

Last date for
submission of claims:    March 8, 2019


AKUND BUILDCON: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Akund Buildcon Private Limited
        SKM Fabrics Andheri Premises, Plot No. 115
        R.K. Paramhans Marg, Andheri (East)
        Mumbai 400069

Insolvency Commencement Date: February 19, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 18, 2019

Insolvency professional: Ravi Prakash Ganti

Interim Resolution
Professional:            Ravi Prakash Ganti
                         Flat No. 2, Ashiana CHS Ltd
                         Plot No. 60-A, Sector 21
                         Kharghar, Navi Mumbai 410210
                         E-mail: gantirp@gmail.com

                            - and -

                         401, Vashi Infotech Park
                         Plot No. 395, Sector 30A
                         Vashi, Navi Mumbai 400703

Last date for
submission of claims:    March 8, 2019


AL AMMAR: CRISIL Moves D on INR9.5cr Loan to Non-Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Al Ammar
Frozen Foods Exports Pvt. Ltd (AAFFEPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan            9.5      CRISIL D (ISSUER NOT COOPERATING;

                                 Rating Migrated)

CRISIL has been consistently following up with AAFFEPL for
obtaining information through letters and emails dated December 17,
2018, January 23, 2019 and January 29, 2019 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AAFFEPL to 'CRISIL D Issuer not cooperating'.

AAFFEPL was incorporated in June 2014 to manufacture and export
frozen meat and meat products. The company is yet to commence
production at its unit in Aligarh (Uttar Pradesh). Its promoters
are Mr Mohammad Atif and Mr Atif Qureshi.


ANANDTEX INTERNATIONAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Anandtex International Private Limited
        Plot No. 281, Sector-29
        Part-II, Huda Panipat
        Haryana 132103  

Insolvency Commencement Date: February 20, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: August 19, 2019
                               (180 days from commencement)

Insolvency professional: Alok Kaushik

Interim Resolution
Professional:            Alok Kaushik
                         Flat No. G-105, Sai Baba Apartments
                         Rohini, Sector-9
                         Delhi 110085
                         E-mail: alok_kaush@yahoo.com
                                 alok_top@yahoo.in

                            - and -

                         308, 3rd Floor, Pearls Business Park
                         Netaji Subhash Place
                         New Delhi 110034
                         E-mail: cirp.anandtexintl@gmail.com

Last date for
submission of claims:    March 6, 2019


ANKUR IRON: CRISIL Moves D Ratings to Non-Cooperating
-----------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ankur Iron
India Private Limited (AIPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          9        CRISIL D (ISSUER NOT COOPERATING;

                                 Rating Migrated)

   Letter of Credit     5        CRISIL D (ISSUER NOT COOPERATING;

                                 Rating Migrated)

   Proposed Long Term   2.12     CRISIL D (ISSUER NOT
   Bank Loan Facility            COOPERATING; Rating Migrated)

   Term Loan             .38     CRISIL D (ISSUER NOT COOPERATING;

                                 Rating Migrated)

CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated November 26,2018 and
December 20,2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

AIPL was set up as a proprietorship concern named Ankur Steel
Corporation in 1982 by Mr. Kiran Mehta; it was reconstituted as a
private limited company with its current name in 2011. AIPL trades
in steel and steel products such as cold-rolled sheets, galvanized
sheets, hot-rolled sheets and plates.


BASANTDEVI CHARITABLE: ICRA Moves D Rating to Non-Cooperating
-------------------------------------------------------------
ICRA said the rating for the bank facilities of Basantdevi
Charitable Trust (BCT) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       15.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to be under
                                'Issuer Not Cooperating'
                                category

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

Formed in 1991, Basantdevi Charitable Trust runs 6 educational
institutions under the flagship brand name 'MITS Group' in Rayagada
and Bhubaneswar in Odisha. The trust established its first college
named 'Majhighariani Institute of Technology & Science (MITS)' in
1991. Over the years the trust has added various courses under the
same college and also five other colleges/institutions.


BENARJEE POULTRY: CRISIL Assigns 'B' Rating to INR10cr Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Benarjee Poultry Farms (BPF).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan             5.2       CRISIL B/Stable (Assigned)

   Cash Credit           4.0       CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    0.8       CRISIL B/Stable (Assigned)

The ratings factored in modest scale of operations and weak
financial risk profile of the firm. These ratings weaknesses are
partially offset by extensive experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: With revenue of INR15.5 Cr in fiscal
2018, scale remains modest in the intensely competitive poultry
industry, which is driven by regional demand and supply factors due
to transportation constraints and perishable nature of the product.
Limited brand recall also increases the impact of competition from
the unorganized segment.

* Weak financial risk profile: Financial risk profile of the firm
is marked by small networth, leveraged capital structure and weak
debt protection metrics.

Networth remains small at INR2.78 Cr as on March 31, 2018. Gearing
was high at 3.97 times as on March 31, 2018. Debt protection
metrics remains weak with interest coverage of 1.4 times for FY18.

Strengths:

* Extensive experience of proprietor: The firm is managed by Mr.
Sandeep, spouse of Proprietor. He has more than 10 years of
experience in the industry. His experience is expected to support
the business over the medium term.

Liquidity

Liquidity profile of the firm is marked by insufficient accruals
against repayment obligations. However, repayments are expected to
be supported by funding support from Proprietor in the form of
unsecured loans. Bank limit utilization remains high at above 95%.
Current ratio remains healthy at 1.6 times as on March 31, 2018.

Outlook: Stable

CRISIL believes BPF will continue to benefit over the medium term
from proprietors' experience in the poultry industry. The outlook
may be revised to 'Positive' if substantial increase in scale of
operations while sustaining healthy profitability; or
higher-than-expected cash accrual improves liquidity profile. The
outlook may be revised to 'Negative' if profitability is lower than
expected, or if capital structure weakens further because of
more-than-expected debt contracted to fund capital structure or
incremental working capital requirement.

Established in 2009 in Krishna district in Andhra Pradesh, as a
firm by Ms. Prathiba Bharathi. BPF is engaged in the poultry
business. Operations are managed by Mr. Sandeep (spouse of
Proprietor).


BHAGYODAYA TROKHOS: CRISIL Lowers Rating on INR20cr Loans to D
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
bank facilities of Bhagyodaya Trokhos Private Limited (BTPL) to
'CRISIL B/Stable/CRISIL A4; Issuer not cooperating' through its
rationale dated December 24, 2018. However, the management has
subsequently started sharing the requisite information for carrying
out a comprehensive review of the rating. Consequently, CRISIL has
downgraded the rating from 'CRISIL B/Stable/CRISIL A4; Issuer not
cooperating' to 'CRISIL D/CRISIL D.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit           13      CRISIL D (Downgraded from
                                 'CRISIL B/Stable ISSUER NOT
                                 COOPERATING')

   Channel Financing      3      CRISIL D (Downgraded from
                                 'CRISIL A4 ISSUER NOT
                                 COOPERATING')

   Proposed Long Term     2.25   CRISIL D (Downgraded from
   Bank Loan Facility            'CRISIL B/Stable ISSUER NOT
                                 COOPERATING')

   Standby Line of
   Credit                 1.75   CRISIL D (Downgraded from
                                 'CRISIL B/Stable ISSUER NOT
                                 COOPERATING')

The rating action follows instances of overdrawals in the bank
facilities and delay in interest payment due to BTPL's weak
liquidity. The same is on account of inadequate accruals due to
significant drop in scale of operations.

Analytical Approach

CRISIL is not combining the business and financial risk profile of
Bhagyodaya Motors Pvt Ltd (BMPL) and BTPL, because of no evidence
of cash flow fungibility between the two entities in case financial
stress.

CRISIL in its previous rating review had combined the business and
financial risk profiles of Bhagyodaya Motors Pvt Ltd (BMPL) and
BTPL This was because the two companies, together referred to as
the Bhagyodaya group, are in similar line of business and are under
the same management.

Key Rating Drivers & Detailed Description

Weakness:

* Below-average financial risk profile: The BTPL's financial risk
profile is weak, marked by a high total outside liabilities to
tangible net worth (TOLTNW) ratio and weak debt protection metrics.
CRISIL believes that the company's financial risk profile is
expected to remain weak due to its working capital intensive
operations and high reliance on external bank debt.

Strengths:

* Established position in automobile dealership market for TML in
North Karnataka: The promoters of the BTPL have over a decade of
experience in the automobile dealership business. Over these years,
the company has been able to build a strong brand image among its
customers in North Karnataka. It is the exclusive dealer for TML's
passenger cars and LCVs in three districts of North Karnataka.
CRISIL believes that the BTPL will benefit from its established
position as TML's dealer in the North Karnataka region, over the
medium term.

Liquidity
BTPL has stretched liquidity marked by expected cash accruals of
INR -2.34 crores in fiscal 2019 which are insufficient for meeting
its debt repayment obligations of around INR0.79 crores in fiscal
2019. Average utilization of bank limit were 64 per cent utilized
of limit for the past seven months ended 30th November 2018.
Further, BTPL don't have plan for debt funded capex over the medium
term. CRISIL believes that BTPL will continue to stretched
liquidity owing to support from members despite significant debt
obligations over the medium term.

BTPL was incorporated in 2006. The company is the exclusive
authorized dealer for TML's light commercial vehicles (LCVs) in
Bellary, Koppal, and Raichur.


BLUE PINK: CRISIL Moves D on INR5.67 Loans to Non Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Blue Pink
Apparels Private Limited (BPAPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          4       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Long Term Loan      1.67     CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with Blue Pink Apparels
Private Limited (BPAPL) for obtaining information through letters
and emails dated November 26, 2018 and December 20,2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of BPAPL to 'CRISIL D Issuer not cooperating'.

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

Based out of Chennai and established in 2012 by Mr.Fakhrudeen Ali
Ahmed, BPAPL is engaged into manufacturing and export of RMG
primarily men shirts, trousers and kids wear.


BOULEVARD PROJECTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s. Boulevard Projects Private Limited

        Registered office:
        C-23, Greater Kailash Enclave
        Part-I, New Delhi 110048

        Corporate office:
        Tech Boulevard Projects Private Limited
        Central Block, Plot No. 6
        Sector-127, Noida
        Uttar Pradesh 201301

Insolvency Commencement Date: February 8, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 12, 2019

Insolvency professional: Amit Agrawal

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

Classes of creditors:    Allotees under a Real Estate Project
                         under setion 5(8)(f) of the Insolvency
                         And Bankruptcy Code, 2016

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Anuj Maheshwari
                         201, Harsh Bhawan
                         65, 64, Nehru Place
                         New Delhi 110019
                         E-mail: delhioneresidents@gmail.com

                         Mr. Sudhanshu Gupta
                         311, Agarwal Chamber-2
                         Plot No. 30, 31
                         Veer Savarkar Block
                         Opp. Metro Pillar No. 58
                         Shakarpur, East Delhi 110092
                         E-mail: sg_1973@rediffmail.com

                         Mr. Manish Aggarwal
                         SCO 64, 2nd Floor
                         Sector 20-C, Dakshin Marg
                         Chandigarh 160020
                         E-mail: manishkaggarwal06@gmail.com

Last date for
submission of claims:    February 27, 2019


BREMELS RUBBER: CRISIL Migrates 'D' Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bremels Rubber
Industries Private Limited (Bremels) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Bank Guarantee        2       CRISIL D (ISSUER NOT COOPERATING;

                                 Rating Migrated)

   Bill Discounting      3       CRISIL D (ISSUER NOT COOPERATING;

                                 Rating Migrated)

   Cash Credit           7       CRISIL D (ISSUER NOT COOPERATING;

                                 Rating Migrated)

   Letter of Credit      2       CRISIL D (ISSUER NOT COOPERATING;

                                 Rating Migrated)

   Term Loan            15       CRISIL D (ISSUER NOT COOPERATING;

                                 Rating Migrated)

CRISIL has been consistently following up with Bremels for
obtaining information through letters and emails dated
November 26,2018 and December 20,2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Bremels, set up in 1971, manufactures tyre retreads used for
retreading worn-out tyres of heavy vehicles. It sells its products
under the Bremels brand. The company also manufactures solid tyres
for forklifts. It is setting up a solid tyre manufacturing unit at
the Padubidri special economic zone in Udupi (Karnataka). The capex
will add capacity of 0.15 million tyres per year.


BRYS INTERNATIONAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Brys International Pvt. Ltd.
        Building No. 989, Block-A, Palam Extension
        Behind Max Fort School, Sector-7
        Dwarka, South West Delhi DL 110077 IN

Insolvency Commencement Date: January 31, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 31, 2019

Insolvency professional: Dinesh Sood

Interim Resolution
Professional:            Dinesh Sood
                         C-3 Gujranwala Appts
                         J Block Vikaspuri
                         New Delhi, Delhi 110018
                         E-mail: dk.sood@yahoo.com

                            - and -

                   c/o Yogakshem Insolvency Professionals LLP
                         1/15 Tilak Nagar
                         New Delhi 110018
                         Tel.: 011-49147524/25999574
                         Mob.: +91-9650485731
                         E-mail: cirpbrys@gmail.com

Classes of creditors:    Allotees

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Vinay Kumar Jairath
                         916/GH-13, Pachim Vihar
                         New Delhi 110087

                         Mr. Romesh Chander Sawhney
                         850/GH-13, Pachim Vihar
                         New Delhi 110087

                         Mr. Gyaneshwar Sahai
                         A-1404, The Resort Sector-75
                         Faridabad, Haryana 121004   

Last date for
submission of claims:    February 20, 2019


CONTROLS AND SCHEMATICS: ICRA Reaffirms B- Rating INR4cr Loan
-------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Controls and Schematics Private Limited's (CSPL), as:

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Fund          4.00      [ICRA]B-(Stable); Reaffirmed
   Based-Cash Credit       

   Long-term/Short-       12.00      [ICRA]B-(Stable)/[ICRA]A4;
   term Non-fund                     Reaffirmed
   Based Limit             

   Long-term/Short-        1.00      [ICRA]B-(Stable)/[ICRA]A4;
   term Unallocated                  Reaffirmed
   Limit                    

Rationale

The ratings reaffirmation takes into account CSPL's weak financial
profile, as reflected by its operating losses over the last two
fiscals, muted debt coverage indicators and high working capital
position on account of stretched receivables and a high inventory
holding period. The ratings remain constrained by the company's
heavy dependence on a single customer for most of its revenues.
Intense competition from larger established players and
vulnerability of profitability to fluctuations in raw material
prices, given the fixed price nature of its contracts, are the
other rating concerns.

The ratings, however, favorably factor in the extensive experience
of the company's promoters in manufacturing control equipment, its
reputed client profile along with the pre-qualification status
obtained from various public sector undertakings (PSUs) and private
companies. The ratings also consider the healthy unexecuted order
book position of 5.19 times the FY2018 revenues, as of October
2018, providing near-term revenue visibility.

Outlook: Stable

ICRA believes CSPL will continue to benefit from the extensive
experience of its promoters and the established relationships with
its major customers. The outlook may be revised to Positive if
there is a substantial growth in revenue and profitability, and
better working capital management, thereby strengthening the
financial risk profile. The outlook may be revised to Negative if
cash accrual is lower than expected, or if any major capital
expenditure or a stretch in the working capital cycle weakens
liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters; CSPL's track record in
electronics and electrical industry: CSPL's operations are overseen
by its Managing Director, Mr. P. P. Reddy, who has been in the
power industry for the last 40 years. He has worked on various
turnkey orders including design, engineering, manufacturing,
supply, erection and commissioning.

Reputed client profile: The company has a long track record in
supplying low tension (LT) switchgear products to various state
electricity boards, oil refining companies, thermal power stations,
and leading engineering, procurement and construction (EPC)
contractors. This has helped CSPL build up a strong
pre-qualification status over the last three decades. Bharat Heavy
Electricals Ltd. (BHEL) is the company's largest customer,
accounting for 80% of the total revenues in FY2018 (71% in
FY2017).

Healthy order book position: CSPL's order book position remained
healthy with outstanding orders of INR51.73 crore (5.19 times the
FY2018 revenues), as on October 31, 2018, to be executed over the
next 4-24 months. BHEL remains CSPL's key customer and constitutes
nearly 42% of the total outstanding order book.

Credit challenges

Weak financial profile characterised by modest scale, operating
losses and muted debt coverage indicators: The company's operating
revenues registered a de-growth of 42.80% to INR8.38 crore in
FY2018 from INR14.66 crore in FY2017 due to weak order inflows. It
reported an operating loss of INR0.66 crore in FY2018 compared to
operating loss of INR0.11 crore in FY2017 due to higher operating
expenses. The net profit margin remained positive in FY2017 at
0.39% supported by non-operating income of INR1.11 crore. However,
CSPL reported a net loss margin of 14.12% in FY2018 due to a
decline in operating revenues and higher fixed costs.

The coverage indicators deteriorated significantly in FY2018, as
reflected by interest coverage of -1.12 times (-0.16 times in
FY2017), NCA/Total Debt of -17.55% (4.97% in FY2017) and Total
Debt/OPBDITA of (8.75) times ((45.17) times in FY2017). As per
provisional estimates, the company reported revenues of INR10.21
crore in 9M FY2019 while the operating profit margin was 0.41%.
However, a likely write-off of receivables of INR0.73 crore from
one of its dissolved customers may impact the overall profitability
levels.

High working capital intensity of operations: CSPL's working
capital intensity increased to ~86% as on March 31, 2018 from ~51%
as on March 31, 2017 due to a stretched receivables position and a
high inventory holding period. The outstanding receivables
increased due to stretched payments from BHEL (up to 120-180 days),
while the company offers a credit period of 90-120 days to other
customers. Also, INR0.73 crore is stuck in a beleaguered power
project of Lanco Infratech, which has led to a high debtor
position. CSPL plans to write off this amount in FY2019, as a bad
debt, as no further payment is expected. The increase in the
company's inventory includes a build-up in the raw material
inventory and work-in-progress for the supply of finished
components for the existing orders in hand. CSPL sources almost all
its input materials from the local markets where it enjoys a credit
period of ~90 days.

High customer concentration: CSPL supplies products to various
state electricity boards, oil refining companies, thermal power
stations and leading EPC contractors. However, it has focused more
on clients in the power sector. Overall sales were concentrated
among the top two clients, accounting for ~80% of total sales over
the years. The customer concentration risk remains high for the
company with the top five customers accounting for over 96% of the
total sales in FY2018 against 88% in FY2017, with BHEL alone
contributing ~80% to the total sales in FY2018.

Intense competition from established peers: The larger players in
the industry enjoy a competitive advantage over CSPL on account of
their backward integration into the manufacturing of critical
equipment and the procurement of basic raw materials at a
discounted price. The company also faces stiff competition from
local panel manufacturing companies, which have a pre-qualification
status with BHEL. Additionally, BHEL adopts a reverse auctioning
process, wherein the least price (L1) bidder is disclosed online to
all the participating bidders and the option is given to the others
to match the L1 bidder's price. This intensifies competition and
constrains CSPL's profitability margins. Given CSPL's modest size
and the intense competition in the industry, increasing the order
inflow would continue to be challenging.

Profitability exposed to adverse fluctuations in raw material
prices owing to fixed price contracts: CSPL mostly bags fixed price
contracts, in which the unit price rates for the raw materials as
well as the bought-out components are mentioned upfront in the
contract bid submission. The lead time involved in the finalisation
of the requirement and supply of material to the customers is about
two-three months. With raw materials purchased on the spot, CSPL
remains exposed to fluctuations in the prices of basic raw
materials, such as steel plates and copper. Thus, given the raw
material intensive operations and the fixed price nature of the
business, CSPL's ability to keep the actual costs of the bought-out
components and basic raw materials within the bid levels remains
crucial for maintaining the profit margins.

Liquidity position
The company does not have any significant repayment obligations in
the near term as it does not have any term debt on its books. CSPL
has an unsecured loan from the shareholders and an inter-corporate
loan of INR1.79 crore, bearing an interest rate of 10% per annum.
However, the interest coverage remains low and the fund flow from
operations remains negative due to the low operating profit and
high working capital requirement. Hence, CSPL's liquidity remains
stretched.

Controls and Schematics Private Limited, incorporated in 1971 as a
limited company, was converted to a private limited company in May
2016. The company undertakes total turnkey orders of LT switchgear
projects comprising the supply of equipment like motor control
centres (MCCs), power control centres (PCCs), bus ducts,
distribution boards and push button stations for process industries
and their erection and commissioning. The company maintains a focus
on customers in the power, refinery and petrochemical sectors. At
present, it has a manufacturing facility in Hyderabad.

CSPL reported a net loss of INR1.18 crore on an operating income
(OI) of INR8.38 crore in FY2018 compared to a profit after tax
(PAT) of INR0.06 crore on an OI of INR14.66 crore in FY2017. As per
provisional estimates, the company reported a net loss of INR0.26
crore on an OI of INR10.21 crore in 9M FY2019.


DELHI CONTROL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Delhi Control Devices Pvt. Ltd.
        K-185/2, Surya Plaza
        New Friends Colony
        Delhi 110065

Insolvency Commencement Date: February 20, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: August 14, 2019
                               (180 days from commencement)

Insolvency professional: Ashok Kumar Gupta

Interim Resolution
Professional:            Ashok Kumar Gupta
                         LD-46, Pitampura
                         Delhi 110034
                         E-mail: cmaashokgupt@gmail.com

                            - and -  

                         304, D.R. Chambers
                         12/56, DB Gupta Road
                         Opp PP jwellers, Karolbagh
                         New Delhi 110005
                         E-mail: irpdcdpl@gmail.com

Last date for
submission of claims:    March 6, 2019


DMS BUILDERS: CRISIL Withdraws B+ Rating on INR5.5cr Proposed Loan
------------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of DMS
Builders and Developers (DMS) on the request of the company. The
rating action is in line with CRISIL's policy on withdrawal of its
ratings on bank loans.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Term Loan      5.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with DMS for obtaining
information through letters and emails dated June 28, 2018,
July 31, 2018, August 7, 2018 and August 13, 2018, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DMS. This restricts CRISIL's
ability to take a forward DMS is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of DMS
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2012, DMS is a partnership firm of Mr Jitendra Nagal
and his wife. It undertakes residential real estate project
development, mainly in Ratlam.


EARTH MINERAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Earth Mineral Industries Private Limited
        1401/1402, Shivshankar Plaza-1
        Sector-8 Near HDFC Bank
        Airoli Mh 400708

Insolvency Commencement Date: February 19, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 18, 2019

Insolvency professional: Raj Kumar Dad

Interim Resolution
Professional:            Raj Kumar Dad
                         L-302, Sankeshwar Nagar Society
                         Ashok Van, Gokul Anand Hotel
                         Dahisar East, Mumbai 400068
                         E-mail: rajkdad@gmail.com

                            - and -

                         410, Bluerose Industrial Estate
                         Next to Metro Mall
                         Near Western Express highway
                         Borivali East, Mumbai 400066
                         E-mail: cirp.emipl@gmail.com

Last date for
submission of claims:    March 5, 2019


HARITHA FERTILISERS: CRISIL Assigns D Rating to INR31cr Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Haritha Fertilisers Limited (HFL) and has assigned
its 'CRISIL D' rating to the long-term bank loan facility.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          31       CRISIL D (Assigned; Suspension
                                 Revoked)

CRISIL had suspended the ratings on December 9, 2016, on account of
non-cooperation by HFL with CRISIL's efforts to undertake a review
of the ratings. The company has now shared the requisite
information, enabling CRISIL to assign its rating.

The rating reflects instances of delays in servicing its debt
obligation due to a stretched working capital cycle. The rating
also reflects the company's weak liquidity to serve timely
repayment of debt, dependency on climatic factors such as monsoon,
intense competition and stretched working capital cycle. These
weaknesses are offset extensive experience of the promoters in the
fertiliser industry and established sales and distribution network
with presence of over 500 dealers in Telangana.

Key Rating Drivers & Detailed Description

Weakness

* Stressed liquidity position: The Company's liquidity position
remains stretched owing to the working capital intensive nature of
operations due to the high inventory holding.

* Weak capital structure: The Company's capital structure and
coverage indicators remained stressed due to the high working
capital requirements.

* Vulnerability to fluctuations in raw material prices and intense
competition: The key raw material for the company are Urea, Muriate
of Potash (MOP), Diammonium Phosphate (DAP) and Single Super
Phosphate (SSP) which are procured from the large fertiliser
manufacturing companies. Since the purchases are not backed by
orders, the company's profitability remain vulnerable to the
fluctuations in raw material prices .The Company is involved in the
manufacturing of NPK mixture fertilisers which is relatively low
value additive thus resulting in intense competition in the
segment.

Strengths

* Extensive experience of the promoters in the fertiliser industry:
The Company is promoted by Mrs. P Aruna Kumari, Mr. N. Gani Reddy
and Mr. V Rami Reddy, who have more than two decades of experience
in the fertiliser industry.

Liquidity

The Company's liquidity position remains stretched owing to the
working capital intensive nature of operations due to the high
inventory holding.

Incorporated in 2006, HFL is involved in the manufacturing of
nitrogen-phosphorous-potassium (NPK) fertilisers. The company has
two manufacturing facilities with installed capacity of 1.50 lakh
metric tonne per annum each. The unit-I is located at
Ankireddypalli village in Ranga Reddy district and unit-II is
located at Damaracherla village in Nalgonda district of Telangana.
The company sells products under own brand 'Nandi' in Telangana.


IDV TECHNOLOGY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: IDV Technology Solutions Private Limited
        Regional office:
        C 121 Rajdhani Park
        Nangloi Delhi
        New Delhi 110041

Insolvency Commencement Date: February 15, 2019

Court: National Company Law Tribunal, Principal Bench Delhi

Estimated date of closure of
insolvency resolution process: August 14, 2019
                               (180 days from commencement)

Insolvency professional: Tarun Jain

Interim Resolution
Professional:            Tarun Jain
                         805, Padma Tower-I
                         5, Rajendra Place
                         New Delhi 110008
                         E-mail: info@jainandpartners.com
                                 idvtechno@gmail.com

Last date for
submission of claims:    March 3, 2019


JAI KARNI: CRISIL Assigns B+ Rating to INR8cr Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Jai Karni Tradings Private Limited (JKTPL).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit           8       CRISIL B+/Stable (Assigned)

The rating reflects the company's weak financial risk profile. The
weakness is partially offset by the extensive experience of the
promoters in the betel nut trading business and prudent working
capital management.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Networth was small at INR4.03 crore
and gearing was high at 4.68 times as on March 31, 2018. Large debt
and moderate profitability resulted in modest debt protection
metrics, reflected in interest coverage and net cash accrual to
total debt ratio of 1.4 times and 0.1 time, respectively, for
fiscal 2018.

Strengths

* Promoters' extensive experience in the business: The promoters
have been in the business for over 10 years and have developed deep
understanding of the dynamics of the local market, which helps
anticipate price trends and calibrate purchasing and stocking
decisions. Their experience will help the company build business
relationships. The promoters are also likely to provide financial
support.

* Prudent working capital management: Working capital management is
prudent, reflected in gross current assets of 81 days as on March
31, 2018, due to low inventory of 9 days and moderate receivables
of 67 days.

Liquidity

Average bank limit utilisation was around 79% during the 12 months
June 2018, and is expected to remain low over the medium term on
account efficient working capital management. Cash accrual is free
for working capital management. The current ratio was healthy at
2.32 times as on March 31, 2018.

Outlook: Stable

CRISIL believes JKTPL will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
higher revenue growth and sustained profitability lead to better
cash accrual. The outlook may be revised to 'Negative' if the
financial risk profile, particularly capital structure, and
liquidity weaken considerably due to lower-than-expected sales or
profitably leading to low cash accrual, or stretch in working
capital cycle.

JKTPL, incorporated in September 2016, is promoted Mr Anandmal
Sethia and Mr Arun Kumar Sethia. The company trades in betel nuts.


JAIN MFG: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: M/s. Jain Mfg. (India) Private Limited
        Registered office:
        111/168, Harsh Nagar
        Near A N D College Lane
        Kanpur UP 208012 IN

Insolvency Commencement Date: February 22, 2019

Court: National Company Law Tribunal, Kanpur Bench

Estimated date of closure of
insolvency resolution process: August 20, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Manoj Kumar Singh

Interim Resolution
Professional:            Mr. Manoj Kumar Singh
                         Mars & Associated, Cost Accountants
                         203, 2nd Floor, 10 Sikka Complex
                         Community Centre, Preet Vihar
                         New Delhi, Delhi 110092
                         E-mail: cma.msingh@gmail.com

Last date for
submission of claims:    March 8, 2019


JALARAM COTTON: ICRA Reaffirms B Rating on INR7cr FB Loan
---------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Jalaram Cotton Ginning and Pressing Factory (JCGPF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based          7.00        [ICRA]B (Stable) reaffirmed;
   Limits                          Removed from "Issuer Not
                                   Cooperating" category

Rationale

The rating reaffirmation continues to remain constrained by the
firm's weak financial risk profile, characterised by low profit
margins, stretched capital structure and weak coverage indicators.
The rating also continues to factor in the vulnerability of the
firm's profitability to adverse fluctuations in raw material prices
(raw cotton), considering the inherently low value-added ginning
business and the stiff industry competition. Further, operations
remain exposed to regulatory risks with regard to the minimum
support price (MSP) set by the Government. ICRA also notes the
partnership constitution of JCGPF, wherein any significant
withdrawal from the capital account could adversely impact its net
worth and thereby impacting its credit profile.

The rating reaffirmation, however, continues to favourably factor
in the extensive experience of the promoters in the cotton ginning
industry and the proximity of the firm's manufacturing unit to raw
material sources.

Outlook: Stable

ICRA believes that JCGPF will continue to benefit from the past
experience of its promoters in the cotton ginning industry. The
outlook may be revised to Positive if substantial growth in revenue
and profitability leads to higher-than-expected net cash accruals,
which coupled with capital infusion, strengthens the financial risk
profile. Conversely, the outlook may be revised to Negative if
substantial decline in sales and profitability leads to
lower-than-expected cash accruals; or any major capital withdrawal
or any debt-funded capital expenditure or stretch in the working
capital cycle which weakens the capital structure and the overall
liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in cotton ginning industry: The
promoters of JCGPF have more than two decades of experience in the
cotton ginning industry by virtue of their association with the
firm since 1993, resulting in established relationship with
customers.

Location-specific advantages: The firm is based in the Vadodara
region (Gujarat), located near an area of high cotton acreage and
quality cotton crop. Hence, the firm benefits in terms of easy
access to quality raw material because of its proximity to raw
material suppliers.

Credit challenges

Weak financial risk profile: The company's reported a growth of 14%
in operating income to INR21.83 crore in FY2018 from INR19.17 crore
in FY2017 followed by increase in sales volume, though the size
continued to remain small. The profitability continues to remain
low due to low value-added cotton ginning operations and the stiff
competition. The operating profitability stood in line with the
past fiscal at 2.30% in FY2018. The net margin increased to 0.51%
in FY2018 from 0.38% in FY2017 with increase in non-operating
income, though it continued to remain low. The capital structure
continued to remain leveraged, with gearing of 7.76 times as on
March 31, 2018 due to low net worth base. Low profitability and
high debt level resulted in weak debt protection metrics, with
interest coverage ratio of 1.12 times, Total Debt/OPBDITA of 13.17
times and NCA/Debt of 2% in FY2018 end. The working capital
intensity improved with NWC/OI at 11% in FY2018 compared to 26% in
FY2017, due to no inventory holding.

Profitability remains vulnerable to fluctuations in raw material
prices and regulatory changes: The profit margins are exposed to
fluctuations in raw cotton prices, which depend on various factors
such as seasonality, climatic conditions, global demand and supply
situation, and export policy. Further, it is also exposed to the
regulatory risks with regard to the MSP set by the Government.

Intense competition and fragmented industry structure: The cotton
ginning industry is highly fragmented with presence of numerous
small to mid-sized players. Thus, the firm faces stiff competition,
which limits its bargaining power and exerts pressure on its
margins.

Risks associated with partnership concern: As witnessed in the
past, any capital withdrawal, given the partnership nature of the
constitution, could adversely impact the capital structure of the
firm.

Liquidity position
JCGPF's fund flow from operations (FFO) remained positive in FY2018
due to modest working capital requirement. The overall liquidity
position of the company remained adequate, with average utilisation
of 44% of the working capital limits during the 15-month period
from October 2017 to December 2018.

Established in 1993, Jalaram Cotton Ginning and Pressing Factory
(JCGPF) is involved in cotton ginning and pressing business and is
owned and managed by Mr. Hitesh Thakkar and Mr Nilesh Patel. The
firm's manufacturing facility is located in Vadodara, Gujarat and
is currently equipped with 25 ginning machines and one fully
automatic pressing machine, with a capacity to manufacture 180
bales per day (24 hours operations).

In FY2018, the firm reported a net profit of INR0.11 crore on an
operating income (OI) of INR21.83 crore as against a net profit of
INR0.07 crore on an OI of INR19.17 crore in FY2017.


JAWAHAR EDUCATION: CRISIL Keeps D on INR31cr Loan on NonCooperating
-------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jawahar Education
Society (JES) continues to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Rupee Term Loan     31      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with JES for obtaining
information through letters and emails dated July 31, 2018 and
January 15, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

JES was founded in 1991 by Mr. Annasaheb Patil. It runs two
colleges and one school in Maharashtra, which are A C Patil College
of Engineering and Technology, Jawahar Institute of Technology,
Management and Research and North Point School. The trust is
managed by Mr. Vinay Patil and Mr. Kamal Patil.


K.K.R. INTERNATIONAL: CRISIL Cuts Ratings on INR7.5cr Loans to D
----------------------------------------------------------------
CRISIL has downgraded the rating of K.K.R. International (KKR) to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' due to delays in debt
servicing.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit         5.0      CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

   Packing Credit      2.5      CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL A4 ISSUER
                                NOT COOPERATING')

CRISIL has been consistently following up with KKR for obtaining
information through letters and emails dated September 7, 2018 and
October 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the publicly available information, CRISIL has downgraded
the rating of KRR to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' due to
delays in debt servicing.

KKR, set up as a proprietorship firm in 2010, manufactures and
trades in men's garments and knitted fabric. Mr Sunil Kumar Arora
and Mr Amit Kumar Arora are the proprietors.


KATARIA PACKAGING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kataria Packaging Private Limited
        Registered office:
        68-A Industrial Area Ratlam
        Madhya Pradesh 401209

Insolvency Commencement Date: February 25, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 24, 2019
                               (180 days from commencement)

Insolvency professional: Shri Arvind Gaudana

Interim Resolution
Professional:            Shri Arvind Gaudana
                         307, Ashirwad Paras
                         Corporate Road
                         Nr. Prahladnagar Garden, Satellite
                         Ahmedabad 380015
                         Gujarat
                         E-mail: arvindg_cs@yahoo.com
                                 arvindgaudana.ip@gmail.com
                         Phone: 079-40324567/68

Last date for
submission of claims:    March 11, 2019


KHED ECONOMIC: ICRA Lowers Ratings on INR611cr Loans to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Khed Economic Infrastructure Private Limited (KEIPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term loans    430.00      [ICRA]D; downgraded from
                                  [ICRA]BB(Stable)

   Long-term          181.00      [ICRA]D; downgraded from
   unallocated                    [ICRA]BB(Stable)

Rationale

The rating downgrade factors in the recent delay in interest
payment on term loans by KEIPL. ICRA has also placed the rating
under review due to non-submission of NDS for the month of January
2019. The rating remains constrained by the significant marketing
risk given sizeable residual saleable/leasable area yet to be tied
up.

ICRA, nonetheless, takes note of the favourable location in the
close proximity to Chakan industrial zone and the advanced stages
of discussion with prospective customers for sale of land parcels,
which can result in improvement of the liquidity profile.

Key rating drivers

Credit strengths

Strategic location near Pune's industrial hub, Chakan Industrial
belt and Port Trust: KEIPL city is in close proximity to existing
industrial zones around Pune, like Chakan, Pimpri Chinchwad,
Talegaon and Ranjangaon. It is also well connected to other parts
of the country and overseas locations through the Jawaharlal Nehru
Port Trust (160 km) and Lohegaon airport in Pune.

Timely completion of Phase 1 within the stipulated timeline lends
comfort and limits risks of cost escalation- KEIPL completed the
development of about 525 hectares of land in December 2017. The
company has completed the basic infrastructure in line with the
project plan, at a total cost of INR1,145 crore funded through debt
of INR575 crore, equity of INR459 crore and rest through internal
accruals.

Credit challenges

Recent delays in debt servicing: The company has a weak liquidity
position and has high dependence on incremental sales for servicing
debt obligations. There has been a recent instance in servicing of
debt obligations owing to cashflow mismatch due to delay in
conclusion of certain sale transactions.

Significant marketing risk given sizeable residual leasable area
and competition in the vicinity: Significant marketing risk exists
due to large area (1,300 acres) to be sold/leased. As on November
2018 only 216 acres of the area was sold/leased. Further, existence
of another large multi-product SEZ project in the vicinity (Navi
Mumbai SEZ, India Bulls SEZ in Nashik) along with other sector
specific SEZs in Pune increases the marketing risk.

Liquidity Position:
Liquidity position is weak owing to weak incremental sales/leases
as against the scheduled debt repayments.

Khed Economic Infrastructure Private Limited (KEIPL), a Special
Purpose Vehicle (SPV) jointly promoted by Kalyani Group (KG) and
Maharashtra Industrial Development Corporation (MIDC), is
undertaking to implement a sector specific SEZ, DTA and IIA over an
area of 1705 Ha in Khed Taluka near Pune District in the State of
Maharashtra. KEIPL had signed lease agreement with MIDC for 1,200
Ha land on December 18, 2009 and for 505.62 Ha land on June 30,
2010. The above lease is for an initial period of 95 years,
extendable for a further period of 95 years. Earlier, company was
planning to setup multiproduct SEZ in 1,000 Ha however the plan is
now revised to setup 100Ha SEZ and develop remaining 900Ha area as
Integrated Industrial Area (IIA) under Maharashtra Industrial
Policy, 2013 and / or as Domestic Tariff Area. KEIPL has received
final approval for partial de-notification for 257 Ha in April
2017.


MANDAKINI HOSPITALITY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Mandakini Hospitality Private Limited
        Raaj Chambers, R.K. Paramhans Marg
        Andheri (East) Mumbai 400069

Insolvency Commencement Date: February 19, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 18, 2019

Insolvency professional: Ravi Prakash Ganti

Interim Resolution
Professional:            Ravi Prakash Ganti
                         Flat No. 2, Ashiana CHS Ltd
                         Plot No. 60-A, Sector 21
                         Kharghar, Navi Mumbai 410210
                         E-mail: gantirp@gmail.com

                            - and -

                         401, Vashi Infotech Park
                         Plot No. 395, Sector 30A
                         Vashi, Navi Mumbai 400703

Last date for
submission of claims:    March 8, 2019


MAXOUT INFRASTRUCTURES: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: M/s Maxout Infrastructures Pvt. Ltd.
        715, Navrang House
        K.G. Marg Cannaught Place
        Delhi 110001

Insolvency Commencement Date: February 1, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 31, 2019

Insolvency professional: Mr. Anup Kumar

Interim Resolution
Professional:            Mr. Anup Kumar
                         Ch. No. 734, Lawyers Chamber Block
                         Western Wing, Tis Hazari Court
                         Delhi 110054
                         E-mail: Sachanlawanalyst@gmail.com
                                 irp.maxout@gmail.com

Last date for
submission of claims:    February 22, 2019


METRO MAS: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s Metro Mas Hospital Private Limited
        21, Community Centre, Preet Vihar
        Delhi 110092

Insolvency Commencement Date: February 11, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: August 10, 2019

Insolvency professional: Sanjay Kumar JHA

Interim Resolution
Professional:            Sanjay Kumar JHA
                         123/8, Gali No. 15, T-Point
                         Main Market, Sant Nagar, Burari
                         New Delhi 110084
                         E-mail: Sanjayjhafcs@gmail.com

                            - and -

                         308-309, Vardhman Fortune Mall
                         G.T. Karnal Road, Opp. Hans Cinema
                         Azadpur, New Delhi 110033

Last date for
submission of claims:    February 25, 2019


MOHIJULI TEA: CRISIL Reaffirms B+ Ratings on INR9.98cr Loans
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Mohijuli Tea Co Private Limited
(MTCPL).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit        6.72       CRISIL B+/Stable (Reaffirmed)
   Term Loan          3.26       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a below-average financial risk
profile, a modest scale of operations, and susceptibility to the
seasonal nature of production. These weaknesses are partially
offset by the extensive experience of the promoters in the tea
industry.

Analytical Approach

Unsecured loans from the promoters of INR1.59 crore (as on
March 31, 2018) have been treated as neither debt nor equity as the
interest rate is less than bank rate and the loans are expected to
remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The networth was low at
INR5.35 crore as on March 31, 2018, on account of modest accretion
to reserve. Debt protection metrics were weak, with interest
coverage and net cash accrual to total debt ratios at 1.46 times
and 0.06 time, respectively, in fiscal 2018. The ratios are
expected to remain weak over the medium term.

* Modest scale of operations and vulnerability to the seasonal
nature of production: Revenue has been modest at less than INR20
crore per fiscal in fiscals 2017 and 2018. Further, tea is a
seasonal product and its yield depends on the monsoon. Tea
plantations have high fixed costs. The major cost components are
labour and fixed manufacturing expenses, which account for 60-65%
of the total cost. In case of less-than-normal production, tea
estates may face significant decline in profitability, or even
operating losses.

Strength

* Extensive industry experience of the promoters: The promoters'
experience of more than three decades in the tea industry should
continue to support the business risk profile.

Liquidity

Liquidity is currently stretched driven by barely sufficient cash
accrual of INR80 lakh to meet term loan repayment obligation of
INR65 lakh in fiscal 2019. Also average utilisation of the working
capital limit was high at about 96% during the 12 months through
December 2018. However, liquidity is supported by unsecured loans
from the promoters.

Outlook: Stable

CRISIL believes MTCPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised to
'Positive' in case of improvement in revenue and net cash accrual,
leading to a better financial risk profile. The outlook may be
revised to 'Negative' if less-than-anticipated cash accrual, a
stretch in the working capital cycle, or larger-than-expected
debt-funded capital expenditure weakens the financial risk profile,
particularly liquidity.

Incorporated in 1991, MTCPL is promoted by Mr Adilur Rahman, Mr
Atikur Rahman, Mrs Nilofar Rahman, and Mrs Rumena Rahman. It plants
and processes organic Assam tea. The company also manufactures tea
from its own and other tea estates. It has invested regularly in
replantation. Processed tea is sold through auction houses, and
brokers and agents.


MORPHEUS DEVELOPERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Morpheus Developers Private Limited
        No. 1, Main Road, Maujpur
        New Delhi 110053

Insolvency Commencement Date: February 12, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: August 11, 2019
                               (180 days from commencement)

Insolvency professional: Ashutosh Jain

Interim Resolution
Professional:            Ashutosh Jain
                         A-210, Lower Ground Floor
                         'Shivlik', Malviya Nagar
                         New Delhi 110017
                         E-mail: aj@ajtax.in
                                 cirp.morpheus@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Navjit Singh
                         Prateek Mittal
                         Reetesh Kumar Agarwal

Last date for
submission of claims:    March 1, 2019


MOTHERS PRIDE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Mothers Pride Dairy India Pvt. Ltd.
        Flat No. 444, Ground Floor, Sun View Apartments
        Pocket-IV, Sector-11, Dwarka
        South West Delhi 110075

Insolvency Commencement Date: February 12, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 20, 2019
                               (180 days from commencement)

Insolvency professional: Renu Joshi

Interim Resolution
Professional:            Renu Joshi
                         F-207, Aditya Trade Tower
                         Plot No. 4, Local Shopping Complex
                         Pocket O&P, Dilshad Garden
                         Delhi 110095
                         E-mail: ip.ca.rjoshi2017@gmail.com

Last date for
submission of claims:    March 7, 2019


MRO-TEK REALTY: ICRA Lowers Rating on INR20cr Loans to B
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
MRO-TEK Realty Limited (MRO-TEK), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Cash      10.00      [ICRA]B (Stable); Downgraded
   Credit                         from [ICRA]B+ (Stable)

   Long Term-          10.00      [ICRA]B (Stable); Downgraded
   Proposed                       from [ICRA]B+ (Stable)

   Short Term-Letter    4.00      [ICRA]A4; Reaffirmed
   of Credit/Bank
   Guarantee             

   Short Term-         6.00      [ICRA]A4; Reaffirmed
   Proposed             

Material Event

MRO-TEK has announced its quarterly results on February 7, 2019.
The company reported operating income of INR5.9 crore with
operating loss (OBITDA) of INR2.0 crore and net loss (PAT) of
INR2.6 crore in Q3 FY2019 against operating income of INR4.3 crore
with operating loss (OBITDA) of INR2.0 crore and net loss of (PAT)
of INR3.0 crore in Q3 FY2018.

The company reported operating income of INR21.6 crore with
operating loss (OBITDA) of INR4.4 crore and net loss (PAT) of
INR6.9 crore in 9M FY2019 against operating income of INR16.9 crore
with operating loss (OBITDA) of INR2.0 crore and net loss of (PAT)
of INR3.8 crore in 9M FY2018.

Rationale
The revision in the rating takes into account the company's weak
operational performance with MRO-TEK recording a net loss of INR6.9
crore on an operating income of INR21.6 crore in 9 months-FY2019.
The company reported losses primarily owing to weak order inflow
from its customers under its access and networking segment and
significant increase in employee expenses, which has also resulted
in the erosion of the company's net-worth. Further its newly
started Electronic Manufacturing Services (EMS) segments also
reported weak performance against estimates resulting in lower
revenues and profitability. The ratings continue to be constrained
by company's modest scale of operations, limiting economies of
scale and impacting its competitive positioning and pricing
flexibility. The ratings also factor in the intense competition in
the access and networking equipment industry and the high
concentration of revenue on telecom majors with whom the company
has limited bargaining power. ICRA also takes note of the ongoing
consolidation in the telecom sector resulting in subdued order
inflow.

The ratings, however, continue to derive comfort from MRO-TEK's
long track record in the access and networking equipment business
and its long-term relationship with reputed clients like Vodafone
India Ltd., Bharti Airtel Ltd. and Tata Communications. The ratings
favourably factor in the company's foray into the real estate
business and the EMS and Solutions segment, to diversify its
revenue stream and growth prospects, however, the scalability and
profitability of the new segments are yet to be seen.

Outlook: Stable

ICRA believes MRO-TEK will continue to benefit from the long
presence of the company in manufacturing of 'access and networking'
equipment and its established customer base. With the telecom
industry performance expected to remain weak in the near term
coupled with suppressed capital expenditure plans and continued
intense competition, the revenue growth outlook for MRO-TEK's
'access and networking segment' remains bleak. Under its EMS and
Solutions segments, the company has acquired several new customers
over last two years which is likely to support its revenue growth.
The company has also started supplying networking products to
Railways, which is expected to support its revenues over the near
to medium term. The outlook may be revised to 'Positive' if the
company reports significant increase in revenues driven by higher
order inflow from its EMS and Solutions segments, resulting in
better absorption of fixed expenses and improved profitability
levels. Conversely, the outlook may be revised to 'Negative' if
company continues to report significant losses at the operating and
net levels, or if any delay in execution of orders in hand or
stretch in the working capital cycle weakens the liquidity.

Key rating drivers

Credit strengths

Established track record of more than three decades in telecom and
networking equipment business: The Company has an established track
record of more than three decades in manufacturing of access and
networking equipment. The company has strong presence in products
like convertors, modems, multiplexers, modems, ethernet switches
etc. During FY2018, the company derived 53.7% of its revenues from
'access and networking' division under which the company has an
established presence.

Moderately diversified product profile: The company has a
moderately diversified product profile consisting of networking and
access equipment under its 'access and networking segment'. The
company has also added Electronic Manufacturing Services and
Solutions division as additional business segments in order to
diversify its revenues. Besides, the company is also expected to
generate revenue from FY2021 onwards from the commercial property
being developed by its group company, wherein MRO-TEK is the
landowner.

Reputed domestic and international customer base: The Company has
long established relationship with reputed clients like Vodafone
India Ltd., Bharti Airtel Ltd. and Tata Communications in telecom
sector resulting in repeat business. Under its EMS segment, the
company has acquired several new customers like Schneider Electric
India Pvt Ltd, Bharat Electronics Limited, Terumo Penpol Pvt Ltd,
and Elmeasure India Pvt Ltd.

Credit challenges

Modest scale of operations limits financial flexibility to an
extent; cash loss in 9M-FY2019: The operating income of the company
remained modest at INR21.6 crore in 9M-FY2019. This constrains the
company's ability to benefit from economies of scale and limits its
competitive positioning and pricing flexibility vis-Ă -vis the
larger entities. The company reported a cash loss of INR6.2 crore
in 9M-FY2019 owing to weak order inflow and significant increase in
employee expenses.

Going forward, the company is expected to continue to incur losses
at operating and net levels owing to bleak revenue visibility over
the near term with expected increase in fixed overheads in order to
scale up production in the new segments.

High customer concentration: The company's customer concentration
remained high with the top-five customers accounting for 58% of the
total revenues in FY2018, rendering the revenues vulnerable to
variations in demand from these customers. However, the company has
acquired several new customers under its EMS and Solutions segments
which is likely to reduce the concentration going forward and
support revenue growth to an extent.

Susceptibility to volatile raw material prices and forex rates: The
operating profitability of the company remains vulnerable to
volatility in raw material prices since it has limited ability to
pass on the increase in prices to its customers. Further, as the
company imports significant portion of the raw materials and
components (including traded goods), its margin remains susceptible
to adverse movement in forex rates in absence of any hedging
policy.

Stiff competition in the 'access and networking' and EMS industry:
The 'access and networking' and EMS industry is
intensely competitive with the presence of several established
companies limiting the company's pricing flexibility.

Liquidity position

MRO-TEK's liquidity position remains stretched with reducing
turnover and increasing overheads, resulting in cash losses.
However, it is supported by regular infusion of funds by the
promoters as unsecured loans for servicing its debt obligations and
meeting its working capital requirements.


MUNJANI BROTHERS: CRISIL Lowers Rating on INR21cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Munjani
Brothers (MB) to 'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/CRISIL
A4+'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Export Packing
   Credit              21        CRISIL D (Downgraded from
                                 'CRISIL BB/Stable')

   Post Shipment
   Credit              36.5      CRISIL D (Downgraded from
                                 'CRISIL A4+')

The rating downgrade reflects instance of trade bill financed under
post shipment facility falling over 30 days overdue. This was on
account of delayed realization from one of its overseas customers,
leading to strained liquidity.

The ratings also reflect large working capital requirement and
exposure to risks arising from price volatility and industry
competition. These rating strengths are partially offset by the
established presence in the diamond industry, along with the
extensive experience of its promoters and established relationships
with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Irregularity in bank limit: There has been instance of a trade
bill overdue for more than 30 days, due to delayed payments by
overseas customer. Furthermore, there are also 2 more trade bills
which are overdue for over 20 days as on date.  The delayed
payments by overseas customers have led to instances of overdue
bills.

* Exposure to risks related to intense competition and price
volatility: Intense competition in the diamond industry limits the
pricing power, and any sharp fluctuations in diamond prices can
have an adverse effect on profitability, given that inventory of
90-180 days is maintained.   

* Working capital-intensive operations: Operations are highly
working capital intensive, with gross current assets ranging
between 180 and 310 days over the past three fiscals (305 days as
on March 31, 2018). This is mainly because of the large inventory
of around 181 days and debtors of 104 days. Working capital
requirement is met through credit from suppliers and internal cash
accrual, and any shortfall is met via bank debt.

Strengths

* Established presence in the diamond industry and reputed
clientele: The two decade-long experience of the partners in the
diamond industry, and the firm's established presence in the
domestic and overseas markets, will continue to support the
business risk profile. Longstanding presence of the partners has
helped them develop strong insights on consumer buying patterns,
identify industry trends and establish a strong market presence.

Liquidity

Liquidity remains weak driven by delays in payments from overseas
customers leading to instances of overdue bills.

MB was set up in 1986. The firm manufactures cut and polished
diamonds and specialises in small diamonds, such as star and
melees, ranging from 0.01 carat (ct) to 2.00 ct.


MY CAR: CRISIL Migrates 'D' Ratings to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of MY Car
(Bhopal) Private Limited (MCBPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit          35      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Inventory Funding    25      CRISIL D (ISSUER NOT COOPERATING;
   Facility                     Rating Migrated)

   Proposed Long Term   10      CRISIL D (ISSUER NOT COOPERATING;
   Bank Loan Facility           Rating Migrated)

CRISIL has been consistently following up with MCBPL for obtaining
information through letters and emails dated November 26,2018 and
December 20,2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MCBPL to 'CRISIL D Issuer not cooperating'.

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

MCBPL was set up in 2003 by Mr. Saurabh Garg. The company, an
authorised dealer of MSIL, operates four showrooms in MP of which
two are in Bhopal. MCBPL also deals in MSIL's spare parts.


MY FONE: CRISIL Moves D on INR5cr Loan to Non-Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of MY Fone
Teleservices Private Limited (MFTPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit           5      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with MFTPL for obtaining
information through letters and emails dated November 26,2018 and
December 20,2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MFTPL to 'CRISIL D Issuer not cooperating'.

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

MFTPL, founded in Bhopal (Madhya Pradesh) in 2008, by Mr. Saurabh
Garg and his family members, distributes mobile handsets and
accessories; and computers and laptops of various brands in Bhopal
(Madhya Pradesh).


NAV JYOTI: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Nav Jyoti Agro Foods Private Limited
        Registered and Works office:
        3 Km Mile Stone
        Karnal Kaithal
        Road Nissing
        Hr 132024

Insolvency Commencement Date: February 12, 2019

Court: National Company Law Tribunal, Karnal Bench

Estimated date of closure of
insolvency resolution process: August 10, 2019
                               (180 days from commencement)

Insolvency professional: Tarun Batra

Interim Resolution
Professional:            Tarun Batra
                         1085, Sector-6, Karnal
                         Haryana 132001
                         E-mail: batratarun@gmail.com
                         Mobile: 9416202010

                            - and -

                         SCO-11, Nehru Place
                         Karnal 132001
                         E-mail: irp.navjyoti@gmail.com
                         Mobile: 9416202010

Last date for
submission of claims:    February 26, 2019


NEO INFRASTRUCTURE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Neo Infrastructure Private Limited
        85, Ground Floor, World Trade Centre
        Barakhamba Lane New Delhi
        DL 110001 IN

Insolvency Commencement Date: February 1, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 1, 2019

Insolvency professional: Dinesh Sood

Interim Resolution
Professional:            Dinesh Sood
                         C-3 Gujrawala Apartments
                         J Block, Vikaspuri
                         New Delhi 110018
                         E-mail: dk.sood@yahoo.com

                            - and -

                         C/o Yogakshem Insolvency Professionals
                             LLP
                         1/15 Tilak Nagar
                         New Delhi 110018
                         Tel.: 011-49147524/25999574
                         Mob.: +91-9650485731
                         E-mail: cirpneo@gmail.com

Classes of creditors:    Allotees

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Vinay Kumar Jairath
                         916/GH-13, Pachim Vihar
                         New Delhi 110087

                         Mr. Romesh Chander Sawhney
                         850/GH-13, Pachim Vihar
                         New Delhi 110087

                         Mr. Gyaneshwar Sahai
                         A-1404, The Resort Sector-75
                         Faridabad, Haryana 121004   

Last date for
submission of claims:    February 20, 2019


NEW PHALTAN: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: New Phaltan Sugar Works Ltd.
        Registered office:
        At & Post Sakharwadital
        Phaltan, Sakharwadi
        Satara 415522
        Maharashtra

Insolvency Commencement Date: February 20, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 19, 2019
                               (180 days from commencement)

Insolvency professional: Vishram Narayan Panchpor

Interim Resolution
Professional:            Vishram Narayan Panchpor
                         B 506, 5th Floor, Building No. 83
                         Chembur Sindhoo CHS
                         Tilak Nagar, Chembur
                         Mumbai 400089
                         E-mail: vishramp@gmail.com

Last date for
submission of claims:    March 6, 2019


NOIDA SOFTWARE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Noida Software Technology Park Limited
        Scinda Villa Sarojini Nagar
        Sarojini Nagar, New Delhi 110023

Insolvency Commencement Date: Februry 8, 2019

Court: National Company Law Tribunal, Noida Bench

Estimated date of closure of
insolvency resolution process: August 6, 2019

Insolvency professional: Mr. Alok Kumar Agarwal

Interim Resolution
Professional:            Mr. Alok Kumar Agarwal
                         605, Suncity Business Tower
                         Golf Course Road
                         Sector 54, Gurgaon
                         Haryana 122002
                         E-mail: alok@insolvencyservices.in

                            - and -

                         C-100, Sector-2
                         Noida Uttar Pradesh 201301
                         E-mail: nstpl@ascgroup.in

Last date for
submission of claims:    February 21, 2019


NSL TEXTILES: ICRA Reaffirms 'B' Ratings on INR12cr Loans
---------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
NSL Textiles Limited (NSLTL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash credit           3.00       [ICRA]B(Stable) reaffirmed
   Unallocated limits    9.00       [ICRA]B(Stable) reaffirmed

Rationale

The rating is constrained by the company's weak financial profile
characterized by net losses, high gearing, weak coverage
indicators, and constrained liquidity position, which is supported
by extended creditors from the parent company, NSL. The rating
considers SATPL's small scale of operations in a highly fragmented
domestic cotton spinning industry characterized by intense
competition and low product differentiation which restricts its
pricing flexibility and profitability. However, the rating
positively factors in the long track record of more than three
decades of the promoters in the spinning industry and established
relationship with its diversified customer base resulting in repeat
orders.

Outlook: Stable

ICRA believes SATPL will continue to benefit from the extensive
experience of its promoters in the cotton spinning industry. The
outlook may be revised to 'Positive' if substantial growth in
revenue and improved profitability leads to higher accruals and
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if margins decline significantly, or if any major
debt-funded capital expenditure, or continued PAT losses weakens
its financial profile and liquidity further.

Key rating drivers

Credit strengths

Experienced promoters with over 30 years of experience in the
spinning industry: SATPL is a subsidiary of NSL Textiles Limited,
which is part of the NSL Group. The parent company, NSLTL, has
presence across ginning, spinning, weaving, processing and
garmenting business resulting in integrated operations for the
company. The promoters have experience of over 30 years in the
cotton spinning industry leading to established relationship with
customers and suppliers.

Increasing yarn realisation and stable outlook of the Indian yarn
industry: SATPL's yarn realisation has increased to INR279/kg in 9m
FY2019 from INR255/kg in FY2018 due to strong export demand and
higher raw material prices.

Credit challenges Weak financial profile characterized by net
losses, high gearing, and weak coverage indicators: SATPL has been
incurring net losses over the past three financial years on account
of increase in raw material prices. SATPL's gearing stood at 3.2
times as on March 31, 2018 and at 4.1 times as on
December 31, 2018 due to erosion of net worth worsening the capital
structure of the company. The coverage indicators were weak with
interest coverage of 0.41 times, Total Debt/OPBIDTA of 20.94 times,
NCA/Total Debt of 0% and TOL/TNW at 6.2 in FY2018.

Modest scale of operations: SATPL has moderate scale of operations
with installed capacity of 32256 spindles. The operating income
increased by 11% in FY2018 and 9% in 9M on the back of increased
yarn prices and higher proportion of higher count yarn (above 60's)
sales.

Highly competitive industry: The spinning industry is highly
fragmented and competitive with the presence of large number of
organised and unorganised players. Intense competition in the
industry and commoditised nature of the product limits SATPL's
pricing flexibility.

Liquidity Position:
The company's liquidity position is stretched with average
utilisation of 79% of sanctioned limits in the last 12 months ended
December 2018. As on December 31, 2018, the company has undrawn
cash credit limits of INR0.31 crore. The fund flow from operations
continued to be negative in 9m FY2019 on account of lower
operational profits further contributed by high interest expenses.

Incorporated in 1982, Sree Ananthalakshmi Textiles (P) Ltd. (SATPL)
was promoted by the promoters of The Andhra Sugars Ltd for
manufacture of cotton yarn. Subsequently, SATPL was acquired by NSL
Textiles Ltd in January 2012. SATPL had commenced its operations in
1985 with 4,560 spindles and gradually expanded the capacity to
32,256 spindles. The manufacturing facility is located in Vadluru,
West Godavari, Andhra Pradesh over an area of 23.88 acre.


OM PRINTING: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Om Printing And Flexible Packaging Private Limited

        Registered office:
        Gat No. 34, Nampur Road
        Nilgavan Phata, Tal. Malegaon
        Nashik 423203

        Corporate office:
        14-15, 1st Floor, Mahavir Center
        Sector-17, Vashi
        Navi Mumbai 400703

Insolvency Commencement Date: February 20, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 19, 2019
                               (180 days from commencement)

Insolvency professional: CA Pawan Kumar Ramdhanagarwal

Interim Resolution
Professional:            CA Pawan Kumar Ramdhanagarwal
                         42, Gopal Bhawan
                         199 Princess Street
                         Mumbai 400002
                         E-mail: arbitratorpr@gmail.com

Last date for
submission of claims:    March 8, 2019


OMWAY BUILDSTATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Omway Buildstate Private Limited
        1513, Janta Flat, GTB Enclave
        GTB Enclave, Nand Nangri
        East Delhi 110093

Insolvency Commencement Date: February 12, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 10, 2019

Insolvency professional: Lekhraj Bajaj

Interim Resolution
Professional:            Lekhraj Bajaj
                         107, Agarwal Prestige Mall
                         Adjoining to M2K Pitampura
                         Delhi 110034
                         E-mail: lekhrajbajaj@rediffmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Pardeep Kathuria
                         401, Prabhat Kiran
                         Building 17, Rajendra Place
                         New Delhi 110008
                         E-mail: pkathuria28@gmail.com

                         Mr. Ravi Sharma
                         D63, JFF Complex
                         Jhandewalan
                         New Delhi 110055
                         E-mail: ip.ravisharma@gmail.com

                         Mr. Ravinder Singh Kathuria
                         A-215/55, Chawla Complex
                         Vikas Marg, Shakarpur
                         New Delhi
                         E-mail: rsk04069@rediffmail.com

Last date for
submission of claims:    February 25, 2019


ONE CAPITALL: ICRA Lowers Rating on INR90cr Bank Lines to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
One Capitall Ltd., as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Bank lines          90.00      [ICRA]D; rating downgraded
                                  from [ICRA]BB (Stable)

Rationale

The rating revision takes into account the delay in repayment of
term loan instalment owing to stretched liquidity position of the
company. ICRA takes note of the significant deterioration in asset
quality and subsequent deterioration in financial profile of the
company.

Credit challenges

Stretched liquidity position resulted in delay in debt servicing:
There is a delay in repayment of term loan instalment owing to the
stretched liquidity position of the company.

One Capitall Ltd. was formed by Mr. Areef Patel to primarily enter
the business of investments and financing corporate, firms,
individuals. The company is a part of the Group – House of
Patels, the flagship company of which is Patel Integrated Logistics
Limited (PILL). The Group had earlier ventured into financial
services with Wall Street Finance Limited, and subsequently sold
its stake in the company. One Capitall Limited was incorporated on
April 11, 2008 as One Capital Private Limited. The name of the
company was changed to One Capitall Private Limited on July 1,
2009. It was converted into a public limited company on June 9,
2010. The company primarily focuses on corporate lending, with
portfolio mainly consisting of loan against property to small
builders and developers, asset-backed loans to small and medium
enterprises and unsecured loan to individuals known to the
promoter. As on September 30, 2018 the company had a portfolio of
INR55.63 crore.


ORRA PRINTPACK: CRISIL Assigns B+ Rating to INR10cr Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable rating to the long-term
bank loan facilities of Orra Printpack LLP (OPL).

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit        2.75      CRISIL B+/Stable (Assigned)
   Term Loan          7.25      CRISIL B+/Stable (Assigned)

The rating reflects the firm's exposure to risks arising from
project implementation, timely stabilisation and commensurate
ramp-up in sales during the initial stages. The rating also factors
in expectation of a moderate financial risk profile, considering
the debt-funded project. These weaknesses are partly offset by
extensive experience of the partners, their funding support, and
strategic location of the plant, ensuring easy access to raw
material and labour.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to project implementation and timely
stabilisation: The firm is likely to start manufacturing corrugate
boxes from May 2019. Timely implementation, stabilisation and
commensurate ramp-up in sales, during the initial phase of
operations, remain critical, and hence will be monitored closely.

* Average financial risk profile: Financial risk profile may remain
constrained by the debt-funded capital expenditure, as a result of
which project gearing is likely to be around 2.5 times.

Strengths:

* Extensive experience of partners: Benefits from the decade-long
experience of the partners, also associated with Orazone Paper Pvt
Ltd and Ozon Vitrified Pvt Ltd, should support the business risk
profile and help the firm ramp up the scale in the initial stages.

* Funding support from the partners, and the favorable repayment
structure:  Equity and unsecured loans from the partners, and the
ballooning repayment structure for the long-tenure loan, will
support liquidity during the initial years of operations.

Liquidity

Cash accrual of INR1-2 crore expected per annum over the medium
term, will be tightly matched against maturing debt of INR1-1.35
crore. However, unsecured loans likely to be provided by the
partners, as and when required, should support liquidity.

Outlook: Stable

CRISIL believes OPL will benefit from the extensive experience of,
and funding support provided by, its partners, along with the
strategic location of its plant. The outlook may be revised to
'Positive' if timely implementation and stabilisation of the
project leads to anticipated revenue, profitability and cash
accrual. The outlook may be revised to 'Negative' if delay in the
implementation or stabilisation of the project leads to lower
revenue,  or if a stretch in working capital cycle weakens
financial risk profile, especially liquidity.

OPL was formed as a partnership between Mr Bipin Vadsola, Mr Sharad
Vadsola and Mr Kaushik Vachhani in August 2018. The firm is setting
up a green field project for manufacturing corrugated boxes.


PHOTON ENERGY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Photon Energy Systems Limited
        Plot No. 775-K, Road No. 45
        Jubilee Hills, Hyderabad
        TG 500033 IN

Insolvency Commencement Date: February 21, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 19, 2019

Insolvency professional: Sunit Jagdishchandra Shah

Interim Resolution
Professional:            Sunit Jagdishchandra Shah
                         303, 3rd Floor, Abhijeet-1
                         Opp. Bhuj Mercantile Bank
                         Mithakhali Six Roads, Navrangpura
                         Ahmedabad 6
                         E-mail: sunit78@gmail.com
                                 cirp.pesl@gmail.com

Last date for
submission of claims:    March 6, 2019


PSL LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: PSL Limited

        Registered office:
        Kachigam Daman
        Union Territory of Daman & Diu 396210

        Factories/Offices Locations:

        1. Varsana

            (i) Survey no. 35, 37, 41, 301/1 &
                308/1&2 Anjar & Bhachau
                Kutch Gujarat
           (ii) Survey no. 38/1, 38/2, 39, 40 & 42
                Varsana, Anjar, Kutch, Gujarat

        2. Andhra Pradesh
    
            (i) Survey no. 207, Industrial Development
                Area, Gurrampalem, Pendurthi
                Vishakhapatnam, Andhra Pradesh
           (ii) Plot no. 2A, APIIC, Layout Phase II
                Peddapuram 533437, Kakinada Dist.
                East Godavari, Andhra Pradesh

        3. Daman
           Kachigam, Daman
           Union Territory of Daman & Diu 396210

        4. Chennai
           No. 22, Vaiyavoor
           Maduranthakam Taluka, Kancheepuram Dist.

        5. Jaipur
           Khasra no. 46, 48, 73, 82, Village Gaduda
           Tehsil Phagi, Jaipur, Rajasthan

        6. Sharjah, UAE
           Plot No. HJ02, Inner Harbour
           Hamriyah Free Trade Zone
           Sharjah, UAE

        7. Corporate Office
           PSL Ltd, PSL Towers
           615 Makwana Road, Marol
           Andheri (E), Mumbai 59

        8. Secretariat office
           Legal & Secretarial Department, 3rd Floor
           'Punj House' M-13 A, Connaught Circus
           New Delhi 110001

Insolvency Commencement Date: February 15, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 14, 2019
                               (180 days from commencement)

Insolvency professional: Nilesh Sharma

Interim Resolution
Professional:            Nilesh Sharma
                         Witworth Insolvency Professional Pvt.
                         Ltd.
                         C-124, Ground Floor, Lajpat Nagar-I
                         New Delhi 110024
                         E-mail: ip.psllimited@gmail.com

Last date for
submission of claims:    March 7, 2019


RAHI ELECTRONICS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Rahi Electronics Private Limited
        C-1, Devraj Building
        S.V. Road, Goregaon (West)
        Mumbai MH 400062 IN

Insolvency Commencement Date: February 19, 2019

Court: National Company Law Tribunal, Thane Bench

Estimated date of closure of
insolvency resolution process: August 18, 2019

Insolvency professional: Mr. Vimal Kumar Agrawal

Interim Resolution
Professional:            Mr. Vimal Kumar Agrawal
                         Office No. 11-12, Krishna Kunj
                         Above HDFC Bank Ltd.
                         Near East-West Flyover
                         Bhayander West
                         Thane 401101
                         Maharashtra
                         E-mail: vimalpagarwal@rediffmail.com

Last date for
submission of claims:    March 5, 2019


RAIPUR BOTTLING: ICRA Withdraws B+ Rating on INR10cr Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with a Stable
outlook assigned to the INR10.00 crore bank facilities of Raipur
Bottling Co. (RBC).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based          10.00      [ICRA]B+ (Stable) ISSUER NOT
   Limit–Cash                     COOPERATING; Withdrawn
   Credit               
                                  
Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the entity.

Key rating drivers

The key rating drivers have not been captured as the rating is
being withdrawn.

Raipur Bottling Co. (RBC) was set up in 1998 by Mr. Sucha Singh Rai
as a proprietorship firm. The entity is involved in the processing
and bottling of Indian-made foreign liquor (IMFL) at its plant
located in Raipur, Chhattisgarh. RBC carries out bottling for its
own brand as well as other reputed IMFL brands.


RAJDA SALES: ICRA Reaffirms B+ Rating on INR4cr Loan
----------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Rajda Sales (Calcutta) Pvt. Ltd.'s (RSCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based
   Limit–Cash
   Credit               1.50       [ICRA]B+ (Stable); Reaffirmed

   Non-fund based
   Limit-Bank
   Guarantee            4.00       [ICRA]B+ (Stable); Reaffirmed

   Fund-based Limit-
   Bills Discounting    9.00       [ICRA]A4; Reaffirmed

   Unallocated Limits   4.00       [ICRA]B+ (Stable)/[ICRA]A4;
                                   Reaffirmed

Rationale

The reaffirmation of the ratings takes into account RSCPL modest
scale of current operations, its weak financial profile as
reflected by low cash accruals, an aggressive capital structure and
subdued level of coverage indicators, and high working capital
intensity of the business that exert pressure on the liquidity
position of the company. Moreover, the intensely competitive nature
of the industry, characterised by the presence of a large number of
players, keeps RSCPL's profitability under check. ICRA notes the
company's high exposure to counterparty credit risk since credit
risk is transferred by Reliance Industries Limited (RIL) to RSCPL
in its del credere agent (DCA) business. However, an adequate risk
management framework put in by the company, as also reflected by
the fact that 89% of the receivables had an ageing of less than 30
days as of March 2018, provides some comfort.

The ratings, however, derive comfort from the long experience of
the promoters in the polymer business as a DCA of RIL, and the
company's established relationships with its clients, which help it
secure repeat orders. The demand prospects for the polymers are
favourable, given the growing demand of the end-user industries.

In ICRA's opinion, the ability of the company to scale up
operations while improving its capital structure and coverage
indicators would remain key rating sensitivities, going forward.
Any significant increase in the working capital intensity of
operations, which could adversely impact the liquidity position of
the company, would remain a credit concern, going forward.

Outlook: Stable

ICRA expects that RSCPL will continue to benefit from the long
experience of the promoters. The outlook may be revised to Positive
if the company is able to scale up operations while improving its
capital structure and coverage indicators. The outlook may be
revised to Negative if there is any increase in the working capital
requirement, which could adversely impact the liquidity position of
the company.

Key rating drivers

Credit strengths

Long experience of promoters: The company is a DCA of RIL for
polymer products since 1978 and for rubber products since 2015. It
is also an indenting agent for various companies for selling
polymers, chemicals, and plastic processing machines. Further, the
company is involved in direct trading of chemicals.

Established relationship with clients: The company has a
diversified client base, with its top five customers contributing
30-35% to the total sales in the past few years. Additionally, the
company has been supplying polymers to its top customers for over
25 years and has established relationship with them, which helps
the company in securing repeat orders.

Favourable demand outlook for polymers: The demand prospects for
polymers are favourable given the growing demand from the end-user
industries.

Credit challenges

Modest scale of current operations: The company's scale of
operations continued to remain modest, notwithstanding a marginal
increase witnessed in the top-line to INR9.99 crore in FY2018 from
INR9.78 crore in FY2017, depicting a growth of ~2%.

Weak financial profile characterised by low cash accrual, an
aggressive capital structure and subdued level of coverage
indicators: Historically, the cash accrual of the company has
remained low, given the modest scale of operations. The capital
structure remained aggressive as depicted by TOL/TNW of 5.14 times
(4.92 times as on March 31, 2017) as on March 31, 2018. High debt
levels coupled with low profits kept the debt coverage indicators
depressed.

High working capital intensity of business exerts pressure on
liquidity: The company makes payments to RIL within a day and
allows its customers a credit period of around 7-15 days but
charges an interest on it. For trading business, the company gets a
credit period of 30-60 days from the suppliers and allows the same
to its customers. Accordingly, the working capital requirements
remain high.

Exposure to counterparty risk: RSCPL sells polymers on behalf of
RIL by placing the customers' orders with RIL and co-ordinating
sale, dispatch and transportation of materials. Although the
ownership of the goods is not transferred to RSCPL, the company
guarantees payment to RIL on behalf of its customers. RSCPL makes
payment for any polymer purchase immediately and collects the sales
proceeds from the customers over a relatively longer period, which
exposes the company to counterparty credit risk.

Intense competition amid presence of a large number of organised
and unorganised players in the market: The company faces stiff
competition from a large number of players supplying polymers,
which limits its pricing flexibility and bargaining power with
customers, putting pressure on its revenues and margins.

Liquidity position

The working capital intensity of business continues to remain high
on account of high receivables. Moreover, the cash accruals from
the business has also remained low given the modest scale of
operations, which exert pressure on its cash flows. However, the
company's liquidity profile is aided by low utilisation of
fund-based limits and absence of any major debt repayment
obligations.

RSCPL was established in 1961 as a partnership firm and was
converted into a private limited company in March 1974. The company
is involved in the business of indenting, consignment sales, stock
and trade of various organic and inorganic chemicals, solvents and
intermediates. The company has been a DCA of RIL in the eastern
region of India (West Bengal, Odisha, Bihar, Jharkhand and seven
North East states) for distribution of polymer granules since 1978
and for rubber products since October 2015. In addition, the
company is an indenting agent for Transpek - Silox Industry Pvt.
Ltd., Anupam Colours and Chemicals Industries, Anupam Colours and
Chemicals Industries Pvt. Ltd. etc. The company is also involved in
direct trading of polymers and chemicals in the domestic market.


RATNA COT: CRISIL Withdraws B+ Ratings on INR5.8cr Loans
--------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Ratna
Cot Fibers (RCF) on the request of the company and receipt of a no
objection certificate from its bank. The rating action is in line
with CRISIL's policy on withdrawal of its ratings on bank loans.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         4        CRISIL B+/Stable (ISSUER NOT
                                COOPERATING; Rating Withdrawn)

   Long Term Loan      1.8      CRISIL B+/Stable (ISSUER NOT
                                COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with RCF for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RCF. This restricts CRISIL's
ability to take a forward RCF is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of RCF
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

RCF was set up as a partnership firm in June 2014 by Mr. Om Prakash
Agarwal, Mr. Shivam Shyam Sunder Agarwal, and Mr. Ajay Agarwal. It
gins and presses raw cotton. Its unit at Sendhwa, Madhya Pradesh,
has capacity of 200 bales per day and commenced operations from
February 2015.


RENAATUS PROCON: CRISIL Withdraws B Rating on INR15cr Loans
-----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Renaatus
Procon Private Limited (RPPL) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its ratings
on bank loans.

                     Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          2.84       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Long Term Loan       9.8        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term   2.36       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with RPPL for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RPPL. This restricts CRISIL's
ability to take a forward RPPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of RPPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2011, RPPL manufactures aerated autoclaved concrete
(AAC) blocks. The company is based in Erode (Tamil Nadu) and its
daily operations are managed by Mr Selvasundaram and his family
members.


SANTOSH OVERSEAS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Santosh Overseas Limited

        Registered office:
        Unit No. DPT 501 DLF Prime Towers
        Okhla Phase I, New Delhi 110020

Insolvency Commencement Date: February 8, 2019

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

Estimated date of closure of
insolvency resolution process: August 8, 2019
                               (180 days from commencement)

Insolvency professional: Rohit Sehgal

Interim Resolution
Professional:            Rohit Sehgal
                         A-604, Sujjan Vihar
                         Sector-43, Gurgaon
                         Haryana 122002
                         E-mail: iamrs101@gmail.com

                            - and -

                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony
                         Greater Kailash-I
                         New Delhi 110048
                         E-mail: santosh.overseas@
                                 aaainsolvency.com
                                 rohit.sehgal@aaainsolvency.com
                         Landline: 011-46664600

Last date for
submission of claims:    February 22, 2019


SELVARANI IMPEX: CRISIL Moves B on INR10cr Loans to Non Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Selvarani
Impex (SI) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)   Ratings
   ----------      -----------   -------
   Cash Credit           9       CRISIL D (ISSUER NOT COOPERATING;

                                 Rating Migrated)

   Proposed Long Term    1       CRISIL D (ISSUER NOT COOPERATING;
   Bank Loan Facility            Rating Migrated)

CRISIL has been consistently following up with SI for obtaining
information through letters and emails dated November 26,2018 and
December 20,2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SI to 'CRISIL D Issuer not cooperating'.

Established in 2013 as a partnership firm SI derives 85 % of its
revenues from trading of pulses. It also mills and processes paddy
into rice, rice bran, broken rice, and husk. The operations are
managed by Mr. S Siva and Mr. S Surulivel.


SHREEPATI JEWELS: ICRA Withdraws D Rating on INR100cr LT Loans
--------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]D ISSUER NOT
COOPERATING assigned to the INR100.00-crore fund-based facilities
of Shreepati Jewels.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term, Fund     100.00      [ICRA]D ISSUER NOT
   Based-Term Loan                 CO-OPERATING withdrawn
   Limits           

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, as desired by the company and based on
the no objection certificate provided by its banker.

Shreepati Jewels was established in 2003 for the construction of a
residential project in Girgaum, Mumbai. The Shreepati Group is
promoted by Mr. Rajendra Chaturvedi and is engaged in the
redevelopment of residential real estate projects, primarily in
South Mumbai.


SNEHDAXA INFRASTRUCTURE: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Snehdaxa Infrastructure Private Limited
        206, Janki Residency
        Near Canal Naroda Ahmedabad
        Ahmedabad GJ 382330 IN

Insolvency Commencement Date: February 6, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 13, 2019
                               (180 days from commencement)

Insolvency professional: Parag Sheth

Interim Resolution
Professional:            Parag Sheth
                         404, Sachet II
                         Opp. GLS University
                         Maradia Plaza Lane, C.G. Road
                         Ahmedabad 380006
                         E-mail: pksheth@hotmail.com
                                 irp.sipl@gmail.com

Last date for
submission of claims:    February 28, 2019


SRI GANESH: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Sri Ganesh Sponge Iron Pvt. Ltd.
        PO Joda Dist Keonjhar
        Orissa 758034
        India

Insolvency Commencement Date: February 18, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 18, 2019
                               (180 days from commencement)

Insolvency professional: Avishek Gupta

Interim Resolution
Professional:            Avishek Gupta
                         CK-104, Salt Lake City
                         Sector-2, Kolkata 700091
                         E-mail: ho@optimumresolution.net
                                 rp.shriganeshsponge@gmail.com
                         Contact: +91 033 23340941

Last date for
submission of claims:    March 7, 2019


TARAPUR TRANSFORMERS: CRISIL Reaffirms D Rating on INR49.25cr Loans
-------------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Tarapur
Transformers Limited (Tarapur) at 'CRISIL D/CRISIL D'. The ratings
continue to reflect delays by Tarapur in meeting its debt
obligations. The ratings are based only on publicly available
information.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        13         CRISIL D (Reaffirmed)
   Cash Credit           12         CRISIL D (Reaffirmed)
   Letter of Credit       5         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    14.25      CRISIL D (Reaffirmed)
   Rupee Term Loan        5         CRISIL D (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* The company has delayed in making interest payments: Delays in
repayment of term debt obligations on account of weak liquidity
insufficient cash accrual against term debt obligations. The
bankers have confirmed the same and the company has been classified
as NPA.

* Exposure to weak counter parties: State electricity boards
Tarapur derives majority of its revenues from state electricity
utilities. The financial health of most utilities is weak which
delays Tarapur's receivables collection period. CRISIL believes
that Tarapur will remain exposed to counterparty risk, as the
credit risk profiles of state electricity utilities are not
expected to improve meaningfully over the medium term.

Strength

* Extensive experience of promoters: The ratings factors the
promoters' extensive experience of over three decades in the power
and distribution transformers industry.

Liquidity

Tarapur has poor liquidity as a result of large receivables days
from its customers and high inventory holding period. This was
marked by lack of internal accruals and modest unencumbered cash
balances. The company has defaulted on its interest obligations
since fiscal 14.

Tarapur, incorporated in 1988, repairs and manufactures power and
distribution transformers. The company was a loss-making entity
when Bilpower Ltd (rated 'CRISIL D/CRISIL D Issuer Not
Cooperating'') acquired 70 per cent of its equity shares in 2006,
after which it started making profits. Tarapur made its initial
public offering in April 2010, following which, Bilpower Ltd's
equity stake in it reduced to 41.46 per cent. Bilpower Ltd
continues to have a controlling stake in Tarapur. Tarapur's unit in
Boisar (Maharashtra) undertakes repairs, while its second unit in
Wada (Maharashtra), which commenced operations in 2008-09,
manufactures transformers. The company has developed facilities (at
an outlay of INR43 crore) to manufacture transformers ranging from
1 kilovolt ampere (kVA) to 5000 kVA.


TEZALPATTY TEA: CRISIL Hikes Ratings on INR6.37cr Loans to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Tezalpatty Tea Private Limited (TTPL) to 'CRISIL B-/Stable' from
'CRISIL D'.   

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         2.97      CRISIL B-/Stable (Upgraded
                                 from 'CRISIL D')

   Term Loan           3.40      CRISIL B-/Stable (Upgraded
                                 from 'CRISIL D')

The upgrade reflects timely repayment of term loans over the four
months through January 2019 funded by fresh unsecured loans
extended by the promoters. Cash accrual, however, remains modest
and barely sufficient o meet debt repayment.

The rating continues to reflect a below-average financial risk
profile, a modest scale of operations, and susceptibility to the
seasonal nature of production. These weaknesses are partially
offset by the extensive experience of the promoters in the tea
industry.

Analytical Approach

Unsecured loans from promoters of INR2.21 crore (as on March 31,
2018) have been treated as neither debt nor equity as the interest
rate is less than bank rate and the loans are expected to remain in
the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The networth was small at
INR4.35 crore as on March 31, 2018, on account of modest accretion
to reserves. Debt protection metrics were weak, with interest
coverage ratio at 1.61 times and net cash accrual to total debt
ratio at 0.09 time in fiscal 2018. The ratios are expected to
remain at similar levels over the medium term.

* Modest scale of operations and vulnerability to the seasonal
nature of production: Revenue has been modest at less than INR11
crore per fiscal in fiscals 2017 and 2018. Further, tea is a
seasonal product and its yield depends on the monsoon. Tea
plantations have high fixed costs. The major cost components are
labour and fixed manufacturing expenses, which account for 60-65%
of the total cost. In case of less-than-normal production, tea
estates may face significant decline in profitability, or even
operating losses.

Strength
* Extensive industry experience of the promoters: The promoters, Mr
Adilur Rahman, Mr Atikur Rahman, Ms Nilufar Rahman, and Ms Rumena
Rahman, have experience of more than three decades in the tea
industry. The company manufactures tea from its own, and also from
other estates. It has invested regularly in replantation. The
processed tea is sold through auction houses and through brokers
and agents.

Liquidity

Liquidity is currently stretched as cash accrual is barely
sufficient to meet term loan repayment obligation in fiscal 2019.
Also, the working capital limit remained highly utilised at an
average of over 90% during the six months through December 2018.
However, liquidity is supported by unsecured from the promoters.

Outlook: Stable

CRISIL believes TTPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised to
'Positive' in case of improvement in revenue and net cash accrual,
leading to a better financial risk profile. The outlook may be
revised to 'Negative' if less-than-anticipated cash accrual, a
stretch in the working capital cycle, or larger-than-expected
debt-funded capital expenditure weakens the financial risk profile,
particularly liquidity.

Incorporated in 1994, TTPL is promoted by Mr Adilur Rahman, Mr
Atikur Rahman, Ms Nilufar Rahman, and Ms Rumena Rahman. The company
plants and processes organic Assam tea. It also manufactures
conventional tea by purchasing leaves from other tea estates.


THIRUCHY STEELS: CRISIL Reaffirms B+ Rating on INR8cr Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Thiruchy Steels (TS) at 'CRISIL B+/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          8        CRISIL B+/Stable (Reaffirmed)

The rating reflects modest scale of operations in an intensely
competitive industry and the below average financial risk profile.
These weaknesses are partly mitigated by the extensive experience
of the promoter in the industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in fragmented industry: Revenue in
fiscal 2018 was close to INR80 crore, which reflects modest scale
in the steel products trading industry, which is marked by the
presence of numerous mid-sized traders due to low entry barriers
resulting in intense competition.

* Below-average financial risk profile: The financial risk profile
has been below average owing to high total outside liabilities to
tangible networth ratio, at over 4 times as on March 31, 2018 and
weak debt protection metrics marked by estimated net cash accrual
to total debt and estimated interest cover ratios were 0.05 time
and 1.81 times, respectively, in fiscal 2018.

Strengths
* Promoters' experience and strong customer base: The promoters
have been operating in the steel products trading business for over
25 years. Over the years, they established a strong clientele,
comprising both dealers and local ingot manufacturers.

Liquidity

TS has modest liquidity marked by high utilisation of the bank
limits and moderate cash accrual, to repay the debt obligations.
The working capital bank limits of INR8 crore, have been highly
utilised at over 95 percent over the last twelve months through
December 2018. Cash accrual of close to INR0.8 crore is expected to
be generated over the medium term, against repayment obligations of
INR0.2 crore. The liquidity is also supported by funding support in
the form of unsecured loans, which were at INR3.14 crore as on
March 31st 2018.

Outlook: Stable

CRISIL believes TS will benefit over the medium term from the
promoter's extensive experience. The outlook may be revised to
'Positive' if high profitability leads to sizeable cash accrual.
Conversely, the outlook may be revised to 'Negative' if the firm
report lower than expected cash accrual or undertakes larger than
expected capital expenditure programme or liquidity weakens
substantially because of large working capital requirement.

Chennai-based TS, set up in 1989 by the proprietor Mr B Rajagopal,
trades in iron and steel products like coils, sheets, structural
items etc.


TMR DEVELOPERS: CRISIL Lowers Rating on INR18cr Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of TMR
Developers Private Limited. (TMR) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' due to
instances of delay in meeting interest payments on term loan.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Term Loan           18       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with TMR for obtaining
information through letters and emails dated September 7, 2018 and
October 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in August 2012, TMR is engaged in residential real
estate construction business in Bangalore, Karnataka. The company
has two on-going projects under the name 'Tulips Blossoms and
Tulips Orchids. The company is promoted by Mr. T. Madhava Rao and
Ms.T.V.Venkata Sirisha who are the directors. The day to day
operations are managed by Mr. T. Madhava Rao.


TRIMAX IT: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Trimax IT Infrastructure & Services Limited
        Registered & Principal office:
        Unit 101, First Floor, L.D. Building
        Mehra Estate, L.B.S. Marg
        Vikhroli West, Mumbai 400079

Insolvency Commencement Date: February 21, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 20, 2019
                               (180 days from commencement)

Insolvency professional: Krishna Chamadia

Interim Resolution
Professional:            Krishna Chamadia
                         B-1804 Raheja Heights
                         Off General AK, Vaidaya Marg
                         Dindoshi, Malad East
                         Mumbai 400097
                         E-mail: krishna@sphereadvisory.com
                                 claims.trimax@in.ey.com

Last date for
submission of claims:    March 7, 2019


UNIVERSAL CONSTRUCTION: CRISIL Cuts Ratings on INR42cr Loans to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Universal Construction Machinery and Equipment Limited (UCEML) to
'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee       3       CRISIL D (Downgraded from
                                'CRISIL A4')

   Cash Credit         22       CRISIL D (Downgraded from
                                'CRISIL B-/Stable')

   Letter of Credit     5       CRISIL D (Downgraded from
   Bill Discounting             'CRISIL A4')

   Proposed Working    12       CRISIL D (Downgraded from
   Capital Facility             'CRISIL B-/Stable')

The downgrade reflects delays by UCEML in servicing interest due to
weak liquidity. Further, the account has been classified SMA-1 by
the bank in November 2018 owing to continuous overdrawals.

The ratings also factor in UCEML's large working capital
requirement. These weaknesses are partially offset by the extensive
experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing interest and over utilized bank lines: CC
limit has been over utilized due to interest run at month end. Due
to continuous overdrawals, the bank has classified the account as
SMA-1 in November 2018.

* Large working capital requirement: Gross current assets were
around 306 days as on March 31, 2018, due to high debtors of 157
days. Consequently, bank lines remain fully utilised during the 12
months through November 2018.

Strength

* Experience of the promoter: Benefits from the promoter's
experience of over four decades, his strong understanding of local
market dynamics, and healthy relations with customers and suppliers
should continue to support the business.

Liquidity

Liquidity is likely to remain stretched over the medium term due to
stress in the business and limited funding support from the
promoter. Bank limit utilisation averaged 101% for 12 months
through November 2018.

UCEML was set up in 1974 as a proprietorship firm by Mr Rohidas
More. Later, it was reconstituted as a private-limited company and
since 2005, it has become a closely held public limited company. A
flagship company of the 'Universal' group, UCMEL manufactures a
wide range of construction equipment.


UNIVERSAL CONSTRUCTIONS: CRISIL Withdraws D Rating on INR12cr Loan
------------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Universal Constructions (UC)
to 'CRISIL D/Issuer not cooperating'. CRISIL has withdrawn its
rating on bank facility of UC following a request from the company
and on receipt of a 'no dues certificate' from the banker.
Consequently, CRISIL is migrating the rating on bank facilities of
UC from 'CRISIL D/Issuer Not Cooperating to 'CRISIL D' The rating
action is in line with CRISIL's policy on withdrawal of bank loan
ratings.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan           12        CRISIL D/Issuer Not Cooperating
                                 (Migrated from 'CRISIL D ISSUER
                                 NOT COOPERATING'; Rating
                                 Withdrawn)

UC was set up in August 2010 as a partnership firm between Mr
Devanand Kotgire, his wife Ms Anita Kotgire (promoters of the
Aurangabad-based Disha group), and Motiwala Square (a partnership
firm of Mr Ashfaque Motiwala and his son, Mr Atique Motiwala). UC
develops and sells real estate projects. Currently, it is
undertaking a residential-cum-commercial project, Disha -
Silverwoods, in Aurangabad, comprising 196 flats and 39 shops.


USHA MULTIPACK: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Usha Multipack Private Limited
        Survey No. 164, Plot No. 1-2, S.I.D.C. Road
        Veraval (Shapar), Tal. Kotda
        Sangani Kotda, Sangani
        Rajkot 360027

Insolvency Commencement Date: February 6, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 21, 2019

Insolvency professional: Mr. Pinakin Surendra Shah

Interim Resolution
Professional:            Mr. Pinakin Surendra Shah
                         A/201 Siddhi Vinayak Towers
                         B/h DCP Office
                         Next to Kataria House
                         Off S.G. Highway, Makaraba
                         Ahmedabad 380051, Gujarat
                         E-mail: pinakincs@yahoo.com

Last date for
submission of claims:    March 9, 2019


VYOM INFRASTRUCTURES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Vyom Infrastructures and Projects Private Limited
        No. 1, Main Road, Maujpur
        New Delhi 110053

Insolvency Commencement Date: February 12, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: August 11, 2019
                               (180 days from commencement)

Insolvency professional: Ashutosh Jain

Interim Resolution
Professional:            Ashutosh Jain
                         A-210, Lower Ground Floor
                         'Shivlik', Malviya Nagar
                         New Delhi 110017
                         E-mail: aj@ajtax.in
                                 cirp.vyom@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Navjit Singh
                         Prateek Mittal
                         Reetesh Kumar Agarwal

Last date for
submission of claims:    March 1, 2019


YAG MAG: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Yag Mag Labs Pvt. Ltd.
        Plot No. 7, Flat No. 301, Veera Place
        Beside Andhra Bank
        Sunder Nagar ESI, Hyderabad
        Telangana 500038, India
        Tel.: 40-23703380
        Maganti Soma Raju: MD: 9849045999, 8143651466
        E-mail: purchase@yagmaglabs.net

Insolvency Commencement Date: February 18, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 17, 2019
                               (180 days from commencement)

Insolvency professional: Ram Murthy Kommera

Interim Resolution
Professional:            Ram Murthy Kommera
                         Plot No. 143, HNo: 8-19
                         Metro City Mega Town Ship; Bonguloor
                         Village & Post: M.P. Patelguda
                         Mandal: Ibrahimpatnam
                         Ranga Reddy Dist.
                         Hyderabad 501510, Telangana State
                         E-mail: rammurthyadvocate@gmail.com
                         Mobile: 9866500627

Last date for
submission of claims:    March 6, 2019


ZILLION INFRAPROJECTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Zillion Infraprojects Private Limited
        5th Floor, Anushka Shopping Mall
        Plot No. 2, Garg Trade Centre
        Sector-11, Rohini
        New Delhi 110085 IN

Insolvency Commencement Date: February 5, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 3, 2019
                               (180 days from commencement)

Insolvency professional: Harish Taneja

Interim Resolution
Professional:            Harish Taneja
                         236-L, Model Town
                         Near Mukhija Hospital
                         Sonipat 131001
                         E-mail: harishtaneja78@gmail.com
                                 Cirp.zillion@gmail.com

Last date for
submission of claims:    February 19, 2019




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

BRAHIM'S HOLDINGS: Plans to Exit PN17 Status Early
--------------------------------------------------
The Sun Daily reports that in-flight caterer Brahim's Holdings Bhd
(BHB) plans to exit Practice Note 17 (PN17) status as soon as
possible, after lapsing into it last week.

According to the report, executive chairman Datuk Seri Ibrahim
Ahmad said the company would come up with a comprehensive plan,
which would include strategic discussions with partners to review
its capital and business structure, with the view of complying with
Bursa Malaysia's listing requirements.

"We are not planning to get delisted and are determined to recover
from the PN17 status.

"We are in the right business and as a major global halal player,
we want to assure all shareholders, customers, suppliers,
joint-venture partners and employees, that business at the
operations level is unaffected by this status," he told a press
conference on March 5, the Sun Daily relays.

The Sun Daily relates that Mr. Ibrahim said the company would be
consulting prospective principal advisers to formulate and submit
the regularisation plan within the next three months and make the
necessary announcements in due course.

"We are looking at all possible options while working towards
improving cost management in other non-trade material operations,
including reviewing procurement contracts of suppliers, maintenance
and repair," he said, adding that the company has no plan to
liquidate its assets and reduce its staff, the Sun Daily relays.

Brahim's Holdings Berhad is a holding company. The Company's core
business is airport-centric, focusing on the provision of in-flight
catering and restaurant operations. Brahim through its subsidiary
holds a concession with Malaysia Airlines System Berhad (MAS) for
the provision of in-flight catering and related services.

Brahim's Holdings Berhad slipped into PN17 (Practice Note 17)
status in February 2019 as it has triggered the Prescribed Criteria
under Paragraph 2.1 (a) of PN17. Based on the unaudited interim
financial results of BHB for the fourth quarter ended December 31,
2018, the shareholders' equity of BHB on a consolidated basis of
less than MYR40.0 million represented 25% or less of its issued
capital.




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

HYFLUX LTD: PUB Issues Default Notice to Tuaspring
--------------------------------------------------
Grace Leong at The Straits Times reports that the PUB has issued a
default notice to Hyflux Ltd.'s Tuaspring, an integrated water and
power plant, to remedy defaults arising under the water purchase
agreement between them.

It said on March 5 that it will exercise its right to terminate the
agreement and "take control of the plant" if the defaults are not
resolved within the notice period, the Straits Times relates.

Tuaspring Pte Ltd (TPL) is a wholly owned subsidiary of Hyflux, the
troubled water treatment company that has spent the last 10 months
trying to reorganise to keep itself going, the report discloses.

The Tuaspring Integrated Water and Power Plant is Hyflux's single
largest asset.

According to the Straits Times, the PUB said in a statement that
TPL has been unable to fulfil various contractual obligations under
the water purchase agreement, in particular by failing to keep the
plant reliably operational as required.

In addition, TPL has not been able to produce financial evidence to
demonstrate its ability to keep the plant running for the next six
months, it said, the report relays.

In 2011, the PUB signed a 25-year agreement with TPL for
Singapore's second and largest desalination plant, which is one of
the three desalination plants currently in the Republic.

Desalinated water is one of Singapore's four national taps to
ensure a diversified and sustainable water supply. "Singapore's
desalination plants are integral to our water security," said the
PUB, according to the Straits Times.

It noted that under the water purchase agreement, TPL has to
deliver up to 70 million gallons of desalinated water per day to
the PUB for a 25-year period from 2013 to 2038.

"PUB has provided sufficient time for TPL to resolve its
operational and financial defaults," it said.

"Given TPL's current financial position, TPL's inability to fulfil
its contractual obligations is unlikely to change in the immediate
to longer term. PUB is taking steps to ensure that our water
security is safeguarded."

It added that "with the issuance of the default notice, PUB
requires TPL to fully resolve all defaults within the default
notice period, failing which, upon the expiry of the default notice
period, PUB will exercise its right to terminate the WPA (water
purchase agreement) and take control of the plant."

The statement did not say when the default notice period ends, the
Straits Times notes.

According to the report, Hyflux has taken a SGD916 million
impairment for the nine months ended Sept 30, to adjust for a fall
in carrying value of the Tuaspring water and power plant and other
write-downs.

This figure was released on March 2 after Hyflux submitted its
latest statement of financial position to the High Court.

The Straits Times says the impairment has put the Hyflux group in a
net liability position of SGD136 million, indicating that the group
is insolvent.

This comes after the company set out a restructuring plan last
month, which will see heavy losses for its investors, and the bulk
of Hyflux's share capital, about 60 per cent, going to SM
Investments, a consortium of Indonesian conglomerate Salim Group
and energy giant Medco Group, the report states.

Its fortunes today are a far cry from what they were in 2001, when
it became the first water treatment company to be listed in
Singapore, the Straits Times says. Its profile in the global water
industry grew, winning it contracts in China, India and the Middle
East, and its founder Olivia Lum was feted.

But analysts say Hyflux took on too many capital-intensive projects
with long lead times, borrowed too much and was too optimistic with
its projections. Its debts reached a tipping point when it was
unable to divest Tuaspring and another plant in Tianjin, the
Straits Times notes.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux
Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.



                           *********


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 ***