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

                     A S I A   P A C I F I C

          Thursday, August 22, 2019, Vol. 22, No. 168

                           Headlines



A U S T R A L I A

AJW INTERIORS: Second Creditors' Meeting Set for Aug. 28
AUTOMATED RETAIL: First Creditors' Meeting Set for Aug. 30
FLEXTANK INTERNATIONAL: Second Creditors' Meeting Set for Aug. 28
HOPELAND HOMES: First Creditors' Meeting Set for Aug. 29
IMAGE PAVING: First Creditors' Meeting Set for Aug. 29

PUMPFREE ENERGY: Second Creditors' Meeting Set for Aug. 28


C H I N A

HNA GROUP: Repays Dollar Bond After Missing Yuan Note Payment


I N D I A

BHALKESHWAR SUGARS: ICRA Removes D Rating From Not Cooperating
CRIYAGEN AGRI: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
EAGLE COTTON: Insolvency Resolution Process Case Summary
FORTUNA BUILDCON: Insolvency Resolution Process Case Summary
FORTUNA PROJECTS: Insolvency Resolution Process Case Summary

FORTUNA URBANSCAPE: Insolvency Resolution Process Case Summary
GAYATRI COTTON: CRISIL Lowers Ratings on INR10cr Loans to D
HOUSING DEVELOPMENT: NCLT Admits Insolvency Application
J.B. GOLD PRIVATE: Insolvency Resolution Process Case Summary
JET AIRWAYS: Creditors' Claims Rise to Over INR30,000cr

JET AIRWAYS: Lenders Asked If They Would Work With Dutch Admin
MILANO PAPERS: ICRA Withdraws B+ Rating on INR15cr Cash Loan
MPL CARS PRIVATE: Insolvency Resolution Process Case Summary
NIMP HEALTHCARE: Ind-Ra Affirms 'D' Long Term Issuer Rating
PADMA POLYMERS: ICRA Removes Rating from 'Issuer Not Cooperating'

PEEKAY MEDIEQUIP: Insolvency Resolution Process Case Summary
PPS ENVIRO POWER: Insolvency Resolution Process Case Summary
PURAV COTTON: ICRA Withdraws B+ Rating on INR14.40cr Loan
R. SHELADIA: Ind-Ra Migrates 'B+' Issuer Rating to Non-Cooperating
RAGHAV COTSPIN: CRISIL Lowers Ratings on INR30cr Loans to 'D'

RELIANCE POWER: ICRA Reaffirms D Rating on INR1200cr LT Loans
SANKAR COTTON: CRISIL Lowers Rating on INR13cr Cash Loan to D
SATYAMITRA STOCK: Insolvency Resolution Process Case Summary
SCAN ENERGY: CRISIL Keeps D Ratings on Non-Cooperating
SEITZ INDIA: Insolvency Resolution Process Case Summary

SERAMPORE BELTING: Insolvency Resolution Process Case Summary
SHIV GRAMOUDYOG: CRISIL Assigns B Rating to INR11cr Cash Loan
SHREE YAMUNA: ICRA Reaffirms B+ Ratings on INR6.40cr Loans
SKYRISE OVERSEAS: Insolvency Resolution Process Case Summary
SOMESWARA ENTERPRISES: CRISIL Keeps B Rating on Non-Cooperating

SOUTHERN HEALTH: CRISIL Lowers Ratings on INR20cr Loan to B+
SRI RAMALINGESWARA: ICRA Reaffirms B+ Rating on INR6cr Loan
SRI SUNFLOWER: CRISIL Keeps D Loan Rating on Non-Cooperating
SRI VENKAT: Insolvency Resolution Process Case Summary
SRI VENKATESWARA: ICRA Reaffirms B+ Rating on INR12cr Loan

STAR AQUA: CRISIL Maintains D Ratings in Not Cooperating Category
STEFINA CERAMIC: ICRA Withdraws B- Rating on INR4.12cr Term Loan
SUMANGAL PETROCHEMICALS: CRISIL Cuts Rating on INR5cr Loan to B+
TEXLA PLASTICS: CRISIL Lowers Rating on INR3.45cr Loan to B+
TIRVANI RICE: CRISIL Keeps B on INR8cr Debt on Non-Cooperating

TRINITY EYE: CRISIL Maintains B+ Rating in Not Cooperating
UNISHIRE HOUSING: Insolvency Resolution Process Case Summary
VIJAYA KRISHNA: ICRA Withdraws D Rating on INR10.50cr Loans
VSP UDYOG PRIVATE: Insolvency Resolution Process Case Summary


M A L A Y S I A

ICON OFFSHORE: Makes Cash Call and Converts Debt Into Equity


N E W   Z E A L A N D

FREIGHT BROKERS: Placed in Liquidation; Owes Almost NZ$1.5MM


S I N G A P O R E

NK INGREDIENTS: Placed Under Judicial Management
SBI OFFSHORE: PwC Serves Summons for Reimbursement of SGD114,187

                           - - - - -


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

AJW INTERIORS: Second Creditors' Meeting Set for Aug. 28
--------------------------------------------------------
A second meeting of creditors in the proceedings of AJW Interiors
and Construction Pty Ltd has been set for Aug. 28, 2019, at 2:00
p.m. at York Events 'Phillip Room', Level 2, at 95-99 York 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 Aug. 27, 2019, at 4:00 p.m.

Steve Naidenov and Vincent Pirina of Veritas Advisory were
appointed as administrators of AJW Interiors on March 5, 2019.


AUTOMATED RETAIL: First Creditors' Meeting Set for Aug. 30
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Automated
Retail Operations Pty Ltd will be held on Aug. 30, 2019, at 11:00
a.m. at the offices of Sparke Helmore Lawyers, Level 40, at 600
Bourke Street, in Melbourne, Victoria.

Brendan Copeland and Michael Hogan of Hogan Sprowles were appointed
as administrators of Automated Retail on Aug. 20, 2019.


FLEXTANK INTERNATIONAL: Second Creditors' Meeting Set for Aug. 28
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Flextank
International Ltd has been set for Aug. 28, 2019, at 2:30 p.m. at
Level 15, Meeting Room 4, at 350 Collins Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 27, 2019, at 4:00 p.m.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of Flextank International on July 24,
2019.


HOPELAND HOMES: First Creditors' Meeting Set for Aug. 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Hopeland
Homes Pty Ltd will be held on Aug. 29, 2019, at 3:00 p.m. at the
offices of Cor Cordis, One Wharf Lane, Level 20, at 171 Sussex
Street, in Sydney, NSW.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Hopeland Homes on Aug. 19, 2019.


IMAGE PAVING: First Creditors' Meeting Set for Aug. 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of Image Paving
(Mornington) Pty Ltd will be held on Aug. 29, 2019, at 9:30 a.m. at
the offices of Hamilton Murphy, Level 1, at 255 Mary Street, in
Richmond, Victoria.

Richard Rohrt and Leigh Dudman of Hamilton Murphy were appointed as
administrators of Image Paving on Aug. 19, 2019.


PUMPFREE ENERGY: Second Creditors' Meeting Set for Aug. 28
----------------------------------------------------------
A second meeting of creditors in the proceedings of PumpFree Energy
Pty Ltd has been set for Aug. 28, 2019, at 10:00 a.m. at Level 27,
at 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 Aug. 27, 2019, at 4:00 p.m.

Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of PumpFree Energy on July 24,
2019.




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

HNA GROUP: Repays Dollar Bond After Missing Yuan Note Payment
-------------------------------------------------------------
Ina Zhou at Bloomberg News reports that HNA Group Co. repaid a
dollar-denominated bond on Aug. 19 amid a report China's provincial
government offered to help the debt-laden conglomerate meet
payments to its offshore creditors.

HNA Group International, a unit of HNA Group, repaid a $300 million
bond due Aug. 18, a company spokesperson told Bloomberg, saying "we
remain committed to meeting our financial obligations." REDD
reported last week that the Hainan government would provide CNY1
billion (US$142 million) to HNA Group to help it repay that bond.
Its $200 million bond due 2020 rose to a three-week high in Hong
Kong.

"It is noteworthy that distressed conglomerates like HNA continue
to honor their offshore USD debt," Bloomberg quotes Owen Gallimore,
Singapore-based head of credit strategy at Australia & New Zealand
Banking Group Ltd, as saying. "Given the deluge of other problems
to deal with, a major conglomerate offshore bond default appears to
be something the government is keen to avoid at present."

Bloomberg says the troubled conglomerate has faced an uphill
struggle to fix its bloated debt load despite agreeing to sell more
than $25 billion in assets since the start of 2018. In April,
creditors of the firm took the extraordinary step of seizing golf
courses and other assets after a unit reneged on a loan payment.
Then it failed last month to repay a CNY1.5 billion bond, the
report notes.

New onshore company bond defaults in China have reached CNY76.7
billion so far this year, while offshore defaults amounted to $1.77
billion, according to data compiled by Bloomberg.

HNA Group has CNY17.2 billion of onshore bonds outstanding,
Bloomberg-compiled data show. It has also has $700 million of
dollar bonds sold by its unit HNA Group International Co.

The conglomerate remains in a "liquidity crisis," according to
Everbright Securities Co. in a note. "2019 is another year when HNA
faces a peak in debt maturities, which leaves it limited room for
negotiation," said Zhang Xu, a fixed-income analyst at Everbright,
Bloomberg adds.

                         About HNA Group

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

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

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




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

BHALKESHWAR SUGARS: ICRA Removes D Rating From Not Cooperating
--------------------------------------------------------------
ICRA has removed its earlier rating of [ICRA]D from the 'ISSUER NOT
COOPERATING' category as Bhalkeshwar Sugar Limited (BSL) has now
submitted its 'No Default Statement' ("NDS") which validates that
the company is not regular in meeting its debt servicing
obligations. The company's rating was moved to the 'ISSUER NOT
COOPERATING' category in June 2019.

The current rating factors in the delay in debt servicing owing to
the company's stretched liquidity position. Moreover, there were
continuous overdrawls in the working capital limits over the last
12 months. BSL's profitability was adversely impacted due to high
cane cost coupled with low recovery rate, which resulted in modest
contribution margin from sugar division in FY2018. BSL's financial
profile is weak in FY2018 as reflected by net losses, weak capital
structure and coverage metrics. Further, there are large debt
repayments in FY2020 and FY2021 and the ability to meet these
obligations hinges on the stabilisation of the recently
commissioned distillery unit, given the pressure on sugar
realisations in the near term owing to domestic sugar surplus
scenario. The ratings are also constrained by the risks associated
with inherent cyclicality in the sugar business; the agro-climactic
conditions related to cane production; the Government policies on
import duties and the pricing and offtake of cogeneration power and
ethanol.

However, ICRA takes note of the extensive experience of the
promoter in the sugar industry and BSL's forward integration into
cogeneration and distillery businesses, which provide cushion
against cyclicality in the sugar business.


CRIYAGEN AGRI: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Criyagen Agri &
Biotech Private Limited (Criyagen) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR70 mil. Working capital limits assigned with IND BB-
     /Stable/IND A4+ rating; and

-- INR68.4 mil. Term loan due on November 2020 assigned with IND
     BB-/Stable rating.

KEY RATING DRIVERS

The ratings also reflect Criyagen's small scale of operations as
reflected by revenue of INR340 million in FY19 (FY18: INR319
million). The growth in revenue was due to an increase in the
number of orders from new and existing customers. During 1QFY20,
the company achieved revenue of around INR197 million. As of July
2019, the company had an order book of INR600 million, to be
executed by FYE20. FY19 financials are provisional in nature.

The ratings also factor in the company's modest EBITDA margin of
7.9% in FY19 (FY18: 10.8%) with a return on capital employed of 9%
(6%).

The ratings also reflect Criyagen's modest credit metrics as
indicated by net leverage (total Ind-Ra adjusted net debt /
operating EBITDAR) of 5.0x in FY19 (FY18: 4.3x) and gross interest
cover (operating EBITDA/gross interest expense) of 1.7x (2.0x).
The deterioration in credit metrics was due to a decline in
absolute EBITDA to INR27 million in FY19 (FY18: INR34 million) on
account an increase in raw material prices.

The ratings also factor in Criyagen's modest liquidity position as
reflected by 88% use of its working capital limits during the 12
months ended June 2019. The company has an outstanding term loan of
INR 68.4 million, which will be repaid in FY21. It had a cash
balance of INR9 million at FYE19 (FYE18: INR26 million). The cash
flow from operations improved to INR43 million in FY19 (FY18: INR30
million) on account of lower working capital requirement, due to
high credit period received from suppliers owing to the company's
longstanding relationships with them. Criyagen's net cash
conversion cycle improved to 54 days in FY19 (FY18: 100 days)
attributed to the increase in creditor period (FY19: 295 days,
FY18: 213 days). The inventory holding period was 139 days in FY19
(FY18: 131 days) and debtor collection period was 210 days (182
days).

However, the ratings continue to benefit from the promoters' a
decade-long experience in the manufacturing of fertilizers.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue and an improvement
in the EBITDA margin, leading to an improvement in the credit
metrics will be positive for the ratings

Negative: A decline in the revenue or EBITDA margin, leading to
sustained deterioration in the credit metrics or stretch in the
liquidity position will be negative for the ratings.

COMPANY PROFILE

Criyagen, managed by Mr. Basavaraj, manufactures bio-chemical
fertilizers, bio fertilizers, and biocontrol agents.


EAGLE COTTON: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Eagle Cotton Private Limited
        Registered office as per MCA Records:
        Office No. 13, Sarathi Complex
        Opp. Diamond Market
        Liliya Road, Amreli 365601
        Gujarat, India

Insolvency Commencement Date: July 19, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Chandra Prakash Jain

Interim Resolution
Professional:            Mr. Chandra Prakash Jain
                         D-501, Ganesh Meridian
                         Opposite Gujarat High Court
                         S.G. Road, Ahmedabad 380060
                         E-mail: jain_cp@yahoo.com

Last date for
submission of claims:    August 30, 2019


FORTUNA BUILDCON: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Fortuna Buildcon India Private Limited
        Registered office address:
        No. 390, New No. 7
        13th Cross, Sadashivanagar
        Bangalore 560080

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: Feruary 4, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Shivadutt Bannanje

Interim Resolution
Professional:            Mr. Shivadutt Bannanje
                         Manipal Centre, S-709
                         South Block, 47, Dickenson Road
                         Bangalore 560042
                         Mobile: +91 9845286251
                         E-mail: ip.shivaduttb@gmail.com
          
Last date for
submission of claims:    August 28, 2019


FORTUNA PROJECTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Fortuna Projects (India) Private Limited
        Registered office address:
        #212, 4th Floor
        Above Hero Honda Showroom
        Bellary Road, Sadashivanagar
        Bangalore 560080

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: February 4, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Shivadutt Bannanje

Interim Resolution
Professional:            Mr. Shivadutt Bannanje
                         Manipal Centre, S-709
                         South Block, 47, Dickenson Road
                         Bangalore 560042
                         Mobile: +91 9845286251
                         E-mail: ip.shivaduttb@gmail.com

Last date for
submission of claims:    August 28, 2019


FORTUNA URBANSCAPE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s. Fortuna Urbanscape Private Limited
        Registered office address:
        No. 7, Old No. 390
        13th Cross, Sadashivnagar
        Bangalore 560080

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: February 4, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Shivadutt Bannanje

Interim Resolution
Professional:            Mr. Shivadutt Bannanje
                         Manipal Centre, S-709
                         South Block, 47, Dickenson Road
                         Bangalore 560042
                         Mobile: +91 9845286251
                         E-mail: ip.shivaduttb@gmail.com

Last date for
submission of claims:    August 28, 2019


GAYATRI COTTON: CRISIL Lowers Ratings on INR10cr Loans to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Gayatri
Cotton Mills (GCM) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.  The downgrade reflects
delays in debt servicing for more than 30 days, because of its
stretched liquidity position.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            8       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long Term     2       CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Downgraded from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with GCM for obtaining
information through letters and emails dated March 30, 2019,
June 10, 2019 and June 14, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'Investors, lenders, and all other market participants should
exercise due caution while using ratings 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 entity'.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of GSM. This restricts CRISIL's ability to take a
forward-looking view on the credit quality of the entity. CRISIL
has downgraded its ratings on the bank facilities of GCM to 'CRISIL
D Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

The downgrade reflects delays in debt servicing for more than 30
days, because of its stretched liquidity position.

Set up in 2012 as a partnership firm by Mr. Innamuri Bassavaiah and
Mr. Innamuri Subrahmanyam, GCM gins raw cotton at its facility in
Guntur, Andhra Pradesh.


HOUSING DEVELOPMENT: NCLT Admits Insolvency Application
-------------------------------------------------------
BloombergQuint reports that the National Company Law Tribunal on
Aug. 20 admitted an application filed by Bank of India to initiate
insolvency proceedings against debt-ridden realty firm Housing
Development and Infrastructure Ltd (HDIL).

In a regulatory filing, Housing Development and Infrastructure Ltd.
informed that it has been "admitted under the provisions of The
Insolvency Bankruptcy Code, 2016" as per the order passed by the
NCLT, Special Bench, dated Aug. 20 pursuant to an application filed
by the Bank of India under Section 7 of IBC, BloombergQuint
relates.

"Further, the company is under the process to file an appeal to
National Company Law Appellate Tribunal against the order passed by
the NCLT," HDIL said in the filing.

Insolvency proceedings have been initiated against many real estate
developers, including Jaypee Infratech, mainly because of default
in loan repayment to banks as well delivery of flats to home
buyers, BloombergQuint says.

Housing Development & Infrastructure Limited is real estate
development company. The Company's services include residential,
commercial, and retail real estate development.


J.B. GOLD PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: J.B. Gold Private Limited
        150/79, Block-D
        Municipal No. XIV/11163-2
        New Rohtak Road
        New Delhi 110005

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: February 5, 2020

Insolvency professional: Mahesh Taneja

Interim Resolution
Professional:            Mahesh Taneja
                         AE-173, Shalimar Bagh
                         Delhi 110088
                         E-mail: maheshtaneja111@yahoo.in

                            - and -

                         Almondz Insolvency Resolutions Services
                         Pvt. Ltd.
                         F-33/3, Okhla Industrial Area, Phase-II
                         New Delhi 110020
                         E-mail: cirpjbgold@gmail.com

Last date for
submission of claims:    August 23, 2019


JET AIRWAYS: Creditors' Claims Rise to Over INR30,000cr
-------------------------------------------------------
BusinessToday.in reports that all hopes seems to have diminished
for the revival of Jet Airways as creditors' claims have now shot
up to INR30,558 crore from INR24,887 crore.

This comes after Eithad Airways, which owns 24 per cent stake in
Jet, did not submit Expression of Interest (EOIs) for the stake
sale in the bankrupt airline, the report cites.

Jet Airways has received only two EOIs -- one from Panama-based
Avantulo Group and the other from Russian fund Treasury RA Creator,
BusinessToday.in notes. Anil Agarwal-led Volcan Investments, which
showed an intent to invest in the beleaguered airline, had
withdrawn its support in less than 24 hours.

As per earlier claims, Jet Airways had liabilities of over
INR26,000 crore. However, now its total liabilities have shot up to
INR30,558 crore, BusinessToday.in says citing a Business Standard
report. Of the total claims, Resolution Professional Ashish
Chhawcharia has admitted INR12,555 crore worth of claims and
rejected claims worth over INR11,996 crore. These include INR10,224
crore (with interest) worth of lenders' dues; INR17,922 crore of
operational creditors (excluding employees); INR545 crore of
employees and workmen; INR789 crore of representatives of workmen
and employees; and INR1,108 crore of other creditors.

In his July estimates, the RP had said it received 16,643 claims
worth INR24,887 crore, including INR8,462 crore by financial
creditors, against the company, says BusinessToday.in. Jet workers
and employees had submitted claims worth INR443 crore, of which
over INR237 crore of worth claims had been accepted by the RP. The
NCLT had told the RP to discuss the matter with the Committee of
Creditors so the interim funding could be arranged to pay off
salaries to the employees, BusinessToday.in relays.

The list of financial creditors, whose claims have been admitted,
include 14 domestic banks and financial institutions, 12 foreign
banks, and eight lessors, the report notes.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provided passenger and cargo air
transportation services.  It also provided aircraft leasing
services. It operated flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on June
24, 2019, Reuters said the National Company Law Tribunal (NCLT), on
June 20 accepted an insolvency petition against Jet Airways Ltd
filed by its creditors as they attempt to recover some
of their dues.  The insolvency process will allow lenders to sell
the company as a whole or in parts, laying out a fixed timeline for
a resolution around its future. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

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

The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint disclosed.


JET AIRWAYS: Lenders Asked If They Would Work With Dutch Admin
--------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal on Aug. 21 asked lenders of Jet Airways (India) Ltd.
whether they would cooperate with the Dutch court administrator who
is also pursuing insolvency proceedings against the debt-ridden
carrier.

A three-member NCLAT bench headed by Chairman Justice SJ
Mukhopadhyay asked the Committee of Creditors of Jet Airways to
file an affidavit within a week in this regard, the report says.

BloombergQuint relates that the appellate tribunal has also asked
the CoC to inform whether they are ready to pay fees and bear costs
incurred by the Dutch administrator.

The NCLAT has asked to list the matter on Sept. 4 for further
hearing, the report adds.

According to BloombergQuint, the appellate tribunal's direction
came while hearing a petition filed by the Dutch court
administrator against the order of the Mumbai bench of the National
Company Law Tribunal, which had declared overseas bankruptcy
proceedings null and void in the Jet Airways insolvency case.

The NCLAT on July 12 had stayed its orders on the plea filed by the
Dutch court administrator and agreed to hear it, BloombergQuint
relates.

BloombergQuint says the appellate tribunal had said that it will
clarify the law on action to be taken when there are two insolvency
petitions filed against the same company in two different
countries.

The Dutch administrator has also agreed before the NCLAT not to
sell the confiscated assets of the debt-ridden Jet Airways.

In April, H Esser Finance Company and Wallenborn Transports had
filed a petition citing unpaid claims worth around INR280 crore,
BloombergQuint recalls.

Following this, a trustee in charge was appointed by the Dutch
court and it had approached its Indian counterpart for access to
the financials as well as assets of the airline, says
BloombergQuint.

One of the Jet Airways aircraft, parked in the Schiphol Airport in
Amsterdam, has already been seized.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provided passenger and cargo air
transportation services.  It also provided aircraft leasing
services. It operated flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on June
24, 2019, Reuters said the National Company Law Tribunal (NCLT), on
June 20 accepted an insolvency petition against Jet Airways Ltd
filed by its creditors as they attempt to recover some of their
dues.  The insolvency process will allow lenders to sell the
company as a whole or in parts, laying out a fixed timeline for a
resolution around its future. Law firm Cyril Amarchand Mangaldas
will represent the interests of the lenders' consortium, Reuters
said. Indian financial newspaper Mint on June 19 reported that
lenders had named Ashish Chhawchharia of Grant Thornton India as
the resolution professional, Reuters added.

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

The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint disclosed.

MILANO PAPERS: ICRA Withdraws B+ Rating on INR15cr Cash Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ ISSUER NOT
COOPERATING with a Stable outlook and short-term rating of [ICRA]A4
ISSUER NOT COOPERATING assigned to the INR22.51 crore bank
facilities of Milano Papers Pvt. Ltd.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          6.31       [ICRA]B+(Stable) ISSUER NOT
   Term Loan                       COOPERATING; Withdrawn

   Fund-based-         15.00       [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

   Non-Fund Based-      1.20       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Withdrawn

Rationale

The ratings assigned to Milano Papers Pvt. Ltd. have been withdrawn
at its request based on the no objection certificate provided by
its banker.

Incorporated in 2011, Milano Papers Private Limited manufactures
duplex paper with varying grammage specifications ranging from 200
Grams per square metre (GSM) to 450 GSM and 14-15 and burst factor
(BF) specifications. The company is promoted by Mr. Bachubhai
Agola, along with his relatives and friends. The company's
manufacturing facility is located in Morbi, Gujarat, and has a
total installed production capacity of 36,000 Metric Tonnes Per
Annum (MTPA).

Duplex paper manufactured by the company is further used to produce
duplex paper boards, which find applications in packaging of
pharmaceuticals, cosmetics, toiletries, cigarettes, liquor, fast
moving consumer goods, export goods, etc. Apart from this, MPPL is
also involved in trading of various other varieties of paper. It
mainly trades in Kraft paper used for writing and printing
purpose.


MPL CARS PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: MPL Cars Private Limited
        F1, Abul Regency
        1st Floor, No. 6
        South Mada Street
        Srinagar Colony, Saidapet
        Chennai 600015
        Tamil Nadu

Insolvency Commencement Date: August 14, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: July 9, 2020

Insolvency professional: Priya S. Anand

Interim Resolution
Professional:            Priya S. Anand
                         C2, Sea brooke Apartments
                         4th Seaward Road
                         Valmikinagar, Thiruvanmiyur
                         Chennai 41
                         E-mail: priyaanand@yahoo.co.in

                            - and -

                         A8, First Floor, No. 14
                         Khader Nawaz Khan Road
                         Nungambakkam, Chennai 600006
                         Tamil Nadu
                         E-mail: mplcarsirp@gmail.com

Last date for
submission of claims:    August 28, 2019


NIMP HEALTHCARE: Ind-Ra Affirms 'D' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed NIMP Healthcare
Private Limited's (NIMP) Long-Term Issuer Rating at 'IND D (ISSUER
NOT COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR44.5 mil. Term loan (long-term) affirmed with IND D (ISSUER

     NOT COOPERATING) rating; and

-- INR22.50 mil. Fund-based working capital facility (long-
     term/short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by NIMP; the
details of the same are unavailable.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months could
result in a rating upgrade.

COMPANY PROFILE

Incorporated in 2012, NIMP manufactures bulk drugs and fine
chemicals.


PADMA POLYMERS: ICRA Removes Rating from 'Issuer Not Cooperating'
-----------------------------------------------------------------
ICRA has removed its earlier rating of [ICRA]B+ (Stable)/[ICRA]A4
from the 'ISSUER NOT COOPERATING' category as Padma Polymers has
now submitted its 'No Default Statement' ("NDS") which validates
that the company is regular in meeting its debt servicing
obligations. The company's rating was moved to the 'ISSUER NOT
COOPERATING' category in July 2019.

The current rating takes into account the established experience of
the promoters for over a decade in the industry, which has enabled
it to build a strong network with large petrochemical and polymer
suppliers along with its diversified customer profile with a
moderate customer concentration. The ratings also factor in the
steady growth in revenues over the period under study and revenue
visibility supported by a healthy demand forecast for all types of
polymers and chemicals in India. The increase in demand is mainly
due to its diverse applications and the growing demand from key
end-user industries like automobiles, FMCG etc.

The ratings are, however, constrained by PP's leveraged capital
structure with most of the debt constituted by letter of credit
borrowings and its modest net-worth base, which is further
vulnerable to the capital withdrawal risks associated with its
partnership constitution. The firm has, over the past four fiscals,
reported thin profitability margins due to the low value-added
nature of business and limited bargaining power in the highly
fragmented nature of the polymer trading business characterised by
intense competition leading to modest coverage indicators and cash
accruals. ICRA also takes note of the exposure of its margins to
volatility in commodity prices and forex and to the regulatory risk
arising from any adverse change in the import duties on polymers
and imposition of anti-dumping duty on imports.


PEEKAY MEDIEQUIP: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Peekay Mediequip Limited
        131, Sengipatti Village
        Trichy-Tanjore Main Road
        Thirumalaisamudram Post
        Tanjore 613402
        Thanjavur TN 613402
        IN

Insolvency Commencement Date: August 13, 2019

Court: National Company Law Tribunal, Coimbatore, Tamilnadu Bench

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

Insolvency professional: R. Raghavendran

Interim Resolution
Professional:            R. Raghavendran
                         Flat No. 3, Dhruvatara Apartments
                         241, Dr. Rajendraprasad Road
                         Tatabad, Coimbatore 641012
                         E-mail: ragavca@gmail.com
                                 ragavcarppk@gmail.com

Last date for
submission of claims:    August 28, 2019


PPS ENVIRO POWER: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: PPS Enviro Power Private Limited
        97/A, Road No. 18
        Phase-I, IDA, Jeedimetla
        Hyderabad 500055

Insolvency Commencement Date: August 13, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 9, 2020

Insolvency professional: Anurag Kumar Sinha

Interim Resolution
Professional:            Anurag Kumar Sinha
                         83, Mittal Court
                         Wing A, Nariman Point
                         Mumbai 400021
                         E-mail: aksinhaip3@gmail.com

                            - and -  

                         C/o Quest Profin Advisor Pvt. Ltd.
                         75/76, Mittal Court
                         Wing C, Nariman Point
                         Mumbai 400021

Last date for
submission of claims:    August 27, 2019


PURAV COTTON: ICRA Withdraws B+ Rating on INR14.40cr Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ ISSUER NOT
COOPERATING with a Stable outlook assigned to the INR24.17 crore
bank facilities of Purav Cotton Industries.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          0.29       [ICRA]B+(Stable) ISSUER NOT
   Term Loan                       COOPERATING; Withdrawn

   Fund-based-         14.40       [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Withdrawn

   Unallocated Limits   9.48       [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; Withdrawn

Rationale

The ratings assigned to Purav Cotton Industries have been withdrawn
at its request based on the no objection certificate provided by
its banker.

Established in 1999 as a proprietorship firm of Mrs. Nisha Virat
Shah, Purav Cotton Industries is involved in raw cotton ginning and
pressing. Its manufacturing facility in Muli, Surendranagar,
Gujarat, is equipped with 50 ginning machines and a pressing
machine with a manufacturing capacity of 400 cotton bales per day.
At present, the firm is managed by Mr. Virat Shah, who has
extensive experience in the cotton industry.


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

The instrument-wise rating action is:

-- INR100 mil. Term loan due on September 2020 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

R. Sheladia Developers is a partnership firm engaged in the
construction of residential and commercial real estate projects in
Ahmedabad, Gujarat. The firm is managed by Akshay R Sheladia and
Ramniklal M Sheladia.


RAGHAV COTSPIN: CRISIL Lowers Ratings on INR30cr Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Raghav
Cotspin Private Limited (RCPL) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable Issuer Not Cooperating'.  The downgrade
reflects delay by RCPL in servicing term debt repayment
obligations.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            8       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

   Term Loan             22       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with RCPL for obtaining
information through letters and emails dated February 28, 2018 and
August 31, 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 has
not received any information on either the financial performance or
strategic intent of RCPL. This restricts CRISIL's ability to take a
forward-looking view on the credit quality of the entity. CRISIL
has downgraded its ratings on the bank facilities of RCPL to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'.

The downgrade reflects delay by RCPL in servicing term debt
repayment obligations.

Incorporated in 2013, RCPL is promoted by the Gondal
(Gujarat)-based Gajera family. The company is setting up a unit to
spin cotton yarn of 30s count, which was expected to commence
operations in April 2016.


RELIANCE POWER: ICRA Reaffirms D Rating on INR1200cr LT Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of Reliance Power Limited
at [ICRA]D. The rating continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING". ICRA has also reaffirmed the short-term rating of
Reliance Power Limited at [ICRA]D. The rating continues to remain
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING". ICRA has also withdrawn the
short-term rating of [ICRA]D Issuer Not Cooperating on the
Commercial Paper programme of the company.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Non-        795      [ICRA]D ISSUER NOT COOPERATING*
   Convertible                    reaffirmed
   debentures (NCD)      
                                  
   Non-Fund Based        245      [ICRA]D/[ICRA]D ISSUER NOT
   Limit (B/G                     COOPERATING* reaffirmed
   and L/C)                    
                                  
   Long Term Loans      1200^     [ICRA]D ISSUER NOT COOPERATING*
                                  Reaffirmed

   Long Term-Fund         49      [ICRA]D ISSUER NOT COOPERATING*
   Based Limits                   Reaffirmed

^includes ECB of US$ 13 mn; *issuer not cooperating for submission
of information and monthly no default statement

Rationale:
The rating has been reaffirmed at [ICRA]D owing to delays in debt
servicing as evidenced from the signing of the Inter-Creditor
Agreement (ICA) on July 6, 2019 by all the six lenders of Reliance
Power Limited. The liquidity profile of the company along with its
subsidiaries continues to remain stretched as evident from
considerable decline in the net cash accruals in FY 2018-19 and
net-worth erosion due to significant impairment of assets.

Key rating drivers:

Credit challenges
Delays in debt servicing evident from signing of ICA by the lenders
- On July 6, 2019, all the six lenders of Reliance Power Limited
signed ICA, basis which the company has achieved standstill for 180
days and expects the implementation of the resolution plan during
the same period. The liquidity profile of the company along with
its subsidiaries continues to remain stretched as evident from
considerable decline in the net cash accruals in FY 2018-19 and
net-worth erosion due to significant impairment of assets amounting
to ~INR4170 crore as on March 31, 2019.

High leveraging level at standalone level, associated refinancing
risk - The leveraging levels for the company continue to remain
high. This has resulted in increase in interest expenses and
associated refinancing risk. The term loans have been primarily
deployed in the Special Purpose Vehicles (SPVs) to meet the
cash-flow mismatches.

Deterioration in the financial performance of Rosa Power and
Vidarbha Industries: In case of Rosa Power Project, the cash flow
position has been impacted on account of the tariff order issued by
the Uttar Pradesh Electricity Regulatory Commission (UPERC) and the
subsequent order issued by UPERC recently following the review
petition filed by the company. As per the tariff order, the tariffs
allowed are lower than what the company had asked for because of
the disallowance of un-discharged liability, marginal tightening of
efficiency norms and sharing of gains during the control period of
FY2015–FY2019. UPERC also asked the company to file separate
petition for additional capital expenditure amounting to INR470
crore. Subsequently, the company filed a review petition with the
UPERC against the tariff order, in respect to which, UPERC issued
an order wherein they have rejected the claims made by the company
regarding undischarged liability, secondary oil consumption and
truing up of interest on working capital. Also, the allowance of
additional capital expenditure of the tune of ~INR470 crore remains
pending. Hon'ble Supreme Court, vide its Judgment dated April 19,
2018 in a similar matter has held that regulations override the
Power Purchase Agreement (PPA) unless a carve out within the
Regulation enables the applicability of the PPA.

For VIPL, cash flow position of the company has been impacted owing
to significant increase in receivables due to the disallowance of
certain part of the fuel cost as per the tariff order approved by
the Maharashtra Electricity Regulatory Commission (MERC). While the
company appealed against the MERC's order to the Appellate Tribunal
for Electricity (APTEL), which in turn issued an order in favour of
the company in November 2016, the MERC subsequently filed an appeal
against the APTEL order in the Supreme Court in January 2017.
Subsequently, VIPL has filed an application before MERC for grant
of relief and compensation under Change in Law due to non-signing
of FSA for Unit 1. Consequently, upon the petitions filed by VIPL,
MERC, vide its Order dated September 14, 2018 directed VIPL to file
a revised Mid Term Review Petition (MTR). With reference to the
said MTR petition, MERC has held a public hearing on January 8,
2019, and has reserved the order. The company is expecting a
favourable order from MERC in the near term which is expected to
mitigate the issue relating to the disallowance of certain part of
the fuel cost.

Status as mainly a holding company with limited asset base and
revenue streams - The ratings assigned to R-Power remains
constrained by the fact that it is mainly a holding company with
limited asset base and revenue streams (except the 45-MW wind
project). As a result, debt servicing by the company remains
dependent on the timely ploughing back of funds from the project
SPVs.

Significant uncertainty with regards to the non-operational
Samalkot project - As the Samalkot project is at present
non-operational, debt servicing for the project (which commenced in
April 2015) has been met through support from R-Power. The company
is in discussion with the lender to restructure the debt whereby
outstanding principal would be repaid in three equal annual
instalments starting from June 2020. However, given the concerns
related to gas availability in India, the company is now planning
to deploy the unused equipment of 750-MW capacity to Bangladesh,
out of the total planned capacity of 2,250 MW at Samalkot. Reliance
Bangladesh LNG & Power Limited (RBLPL), the wholly owned subsidiary
of R-Power is developing the Bangladesh power project. RBLPL has
initialed all project agreements such as Power Purchase Agreement,
Gas supply agreement, Project Implementation Agreement and Land
Lease Agreement. RBLPL has also finalised the EPC contractor for
the power project and have received approval for financing of the
project from Asian Development Bank (ADB). With relocation of this
project to Bangladesh, R-Power would remain exposed to project
execution risk.

Exposure to counterparty credit risks associated with sale of power
to state-owned distribution utilities; however, adequate payment
security mechanisms partially mitigate the risk: The projects
remain exposed to counterparty credit risks associated with sale of
power to state-owned distribution utilities as well as fuel-supply
risks, both for coal and gas. ICRA, however, notes that the
counterparty credit risks are mitigated partially through adequate
payment security mechanisms, availability of fuel under FSA and the
fact that fuel cost is a pass-through in a cost plus-based PPA,
which in turn mitigates price risk for its thermal power projects
(Rosa and Butibori).

Liquidity position
The company's liquidity position continues to remain stretched as
evident from weak cash accruals during FY 2019.

R-Power, a part of the Reliance Group, promoted by Mr. Anil D
Ambani, is the primary vehicle for investments in the power
generation sector. The company came out with an IPO in February
2008 and raised INR11,560 crore for funding the equity contribution
for some of the identified projects. As on date, the company's
generation capacity stood at 5945 MW, including 5,760 MW of thermal
capacity and 185 MW of renewable energy-based capacity. Its
operational projects include Rosa Project at Shahajahnapur, Uttar
Pradesh (1,200 MW); Butibori Project at Nagpur, Maharashtra (600
MW), UMPP at Sasan (3,960 MW); solar PV Project at Dhursar,
Rajasthan (40 MW), concentrated solar power project at Pokhran,
Rajasthan (100 MW) and wind project at Vashpet, Maharashtra (45
MW).


SANKAR COTTON: CRISIL Lowers Rating on INR13cr Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sankar
Cotton Traders- Guntur (SCT) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating '.

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

CRISIL has been consistently following up with SCT for obtaining
information through letters and emails dated March 30, 2019,
July 8, 2019 and July 12, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

Investors, lenders, and all other market participants should
exercise due caution while using ratings 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 entity.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of SCT. This restricts CRISIL's ability to take a
forward-looking view on the credit quality of the entity. CRISIL
has downgraded its ratings on the bank facilities of SCT to 'CRISIL
D Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating '.

The downgrade reflects delays in debt servicing for more than 30
days, because of its stretched liquidity position.

SCT, established in 2014 as a partnership firm, is promoted by Mr
Innamuri Bassavaiah and Ms. Innamuri Dhana Lakshmi. The firm, based
in Guntur, Andhra Pradesh, trades in cotton.


SATYAMITRA STOCK: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Satyamitra Stock Consultants Private Limited
        6-A-10, Mahaveer Nagar Extension Kota
        Rajasthan 324005

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: February 5, 2020

Insolvency professional: Vinod Tarachand Agrawal

Interim Resolution
Professional:            Vinod Tarachand Agrawal
                         204, Wall Street-1
                         Near Gujarat College
                         Elis bridge, Ahmedabad 380006
                         E-mail: ca.vinod@gmail.com
                                 cirp.sscpl@gmail.com

Last date for
submission of claims:    August 23, 2019


SCAN ENERGY: CRISIL Keeps D Ratings on Non-Cooperating
------------------------------------------------------
CRISIL said the ratings on bank facilities of Scan Energy and Power
Limited (SEPL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           59       CRISIL D (ISSUER NOT
                                  COOPERATING)

   Letter of Credit       7       CRISIL D (ISSUER NOT
                                  COOPERATING)

   Long Term Loan        80.83    CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with SEPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 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 SEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SEPL 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 SEPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SEPL, part of the Scan group promoted by Mr G S Agarwal and his
family, was incorporated in 2007. The company has set up a steel
billet and thermo-mechanically treated bar manufacturing unit with
capacities of 450 tonne per day (tpd) and 500 tpd, respectively in
the Mahboobnagar district of Telangana, around 60 kilometre from
Hyderabad.


SEITZ INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Seitz India Private Limited

        Registered office:
        147, New Manglapuri
        M G Road, New Delhi 110030

        Godown:
        Godown No. 6, Raolal Singh Market
        Opp. Munjal Showa
        Sarhaul, Sector-18
        Gurgaon 122001

Insolvency Commencement Date: August 8, 2019

Court: National Company Law Tribunal, Bench-IV, New Delhi

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

Insolvency professional: Atul Kumar Kansal

Interim Resolution
Professional:            Atul Kumar Kansal
                         SCO-61, 3rd Floor
                         Above Kotak Mahindra Bank Limited
                         Old Judicial Complex
                         Sector-15, Civil Lines
                         Gurgaon 122001
                         E-mail: cakansal@yahoo.com
                                 cirp.seitz@gmail.com

Last date for
submission of claims:    August 28, 2019


SERAMPORE BELTING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Serampore Belting Works Pvt. Ltd.
        52, J.N. Lahiri Road
        Serampore, Hooghly 712201

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Cuttack Bench

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

Insolvency professional: Joydev Sengupta

Interim Resolution
Professional:            Joydev Sengupta
                         UPL-040904, Upohar
                         2052, Chak Garia
                         Kolkata 700094
                         E-mail: joydevsengupta@jsglegal.in
                                 sbeltingcirp@gmail.com

Last date for
submission of claims:    August 23, 2019


SHIV GRAMOUDYOG: CRISIL Assigns B Rating to INR11cr Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Shiv Gramoudyog Sansthan (SGS) and has assigned its
'CRISIL B/Stable' rating to the bank facility of SGS. CRISIL had
suspended the ratings on October 23, 2013, on account of
non-cooperation by SGS with CRISIL's efforts to undertake a review
of the ratings. The company has now shared the requisite
information, enabling CRISIL to assign its ratings.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           11       CRISIL B/Stable (Assigned;
                                  Suspension Revoked)

The rating reflects the society's susceptibility to volatile
commodity prices, intense competitive pressure, modest scale,
working capital intensity in operations, and weak financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to volatile commodity prices and intense
competitive pressure: Volatility in raw material prices continues
to impact profitability, especially since raw material cost
accounts for 65-75% of revenue. However, volatile operating margin,
may impact the customer's buying decisions, given the competitive
and price-sensitive nature of the industry.  

* Working capital intensive operations: Sizeable gross current
assets'of 370-465 days in the past four fiscals, and 430 days as of
March 31 2019'due to long credit extended and substantial
work-in-progress inventory maintained, respectively.

* Weak financial risk profile: Financial risk profile is expected
to remain weak over the medium term. Total outside liabilities to
tangible networth (TOL/TNW) ratio was a high 7-8 times in the past
three fiscals. Debt protection measures have been weak, too,
because of large working capital borrowings and low accretion to
reserve. Interest coverage and net cash accrual to total debt
ratios are 1.2 times and 0.02 time, respectively, in fiscal 2019.

Strength
* Extensive experience of the promoters: The promoters have
experience of over 3 decades in fast-moving consumer goods
industry, keen grasp of market dynamics, and healthy relationships
with suppliers and customers. These benefits should continue to
support the society's operations.

Liquidity
Liquidity is stretched marked by high bank limit utilization owing
to pressure on working capital: the limit was almost entirely
utilised in the 12 months through June 2019. Cash accrual is
expected to exceed INR0.3 crore per annum, against nil maturing
debt, over the medium term. Unsecured loans - estimated around
INR3.3 crore as of March 2019'may continue to be extended by the
promoters whenever necessary as in the past, thus undergirding
liquidity in the event of an exigency.

Outlook: Stable

CRISIL believe SGS will continue to benefit from the extensive
experience of its promoters, and their established relationships
with clients. The outlook may be revised to 'Positive' if ramp-up
in scale of operations and stable profitability strengthen
financial risk profile. The outlook may be revised to 'Negative' if
a decline in profitability, stretch in working capital cycle, or
any large capital expenditure weakens the financial metrics,
including capital structure.

Set up in 1987. SGS manufactures detergent powder, detergent cakes,
and laundry soap (oil based) under the brand, 'More'. The
manufacturing unit is at Chaubepur Kalan, Kanpur. Mr Prakash
Gangwani is the current president of the society.


SHREE YAMUNA: ICRA Reaffirms B+ Ratings on INR6.40cr Loans
----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Shree Yamuna Ginning and Pressing Factory, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Cash Credit          5.00       [ICRA]B+(Stable); Reaffirmed

   Unallocated
   Limits               1.40       [ICRA]B+(Stable); Reaffirmed

Rationale

The rating reaffirmation remains constrained by the firm's weak
financial risk profile characterised by its relatively small scale
of operations, low profitability, weak coverage indicators and high
working capital intensity. The rating continues to factor in the
vulnerability of its profitability to adverse fluctuations in raw
material prices (raw cotton), considering the inherently low
value-added ginning business and the intense competition in the
industry. Further, its operations remain exposed to regulatory
risks with regard to the minimum support price (MSP), which is set
by the Government. ICRA also notes the potential adverse impact on
the firm's net worth and gearing level in case of any substantial
withdrawal from the capital accounts, given its constitution as a
partnership concern.
The rating, however, continues to favourably factor in the
extensive experience of the partners in the cotton industry, the
proximity of the firm's manufacturing plant to raw material sources
and forward integration towards crushing activities, which will
support the operations going forward.

Outlook: Stable

ICRA expects Shree Yamuna Ginning and Pressing Factory to continue
to benefit from the extensive experience of its partners in the
cotton industry. The outlook may be revised to Positive if
substantial growth in revenue and profitability leads to
higher-than-expected cash accruals, and better working capital
management strengthens the financial risk profile. The outlook may
be revised to Negative if a substantial decline in scale and
profitability leads to lower-than-expected cash accruals, or if any
major debt-funded capital expenditure, or capital withdrawal, or a
stretch in the working capital cycle, weakens the firm's capital
structure and liquidity.

Key rating drivers

Credit strengths

Extensive experience of partners in cotton industry – Established
in 2012, Shree Yamuna Ginning and Pressing Factory is managed by
six partners, who have extensive experience in the cotton ginning
and pressing business through their earlier association with other
entities involved in the cotton industry. The firm is also
diversifying into crushing activities, which will support the
revenues and margins going forward.

Location-specific advantage – The firm benefits in terms of low
transportation cost and easy access to raw cotton due to the
strategic location of its plant in the Saurashtra region of
Gujarat, an area of high cotton acreage and quality cotton crop.

Credit challenges

Weak financial risk profile characterised by relatively small scale
of operations and low profitability – The firm's operating income
(OI) moderated by ~16% to INR37.64 crore in FY2019 (on a
provisional basis) from INR44.65 crore in FY2018 due to a decline
in sales volume of cotton bales. The operating margins remained low
and moderated to 0.69% in FY2019 from 1.88% in FY2018, owing to an
increase in input costs and low value-added operations. The net
profit margin, however, increased to 0.95% in FY2019 from 0.68% in
FY2018, supported by the receipt of VAT subsidy income in FY2019.
The total debt moderated in FY2019 to INR6.99 crore against INR7.53
crore in FY2018 with the repayment of the entire term loan. The
capital structure, thereby, improved with a gearing of 2.32 times
as on FY2019-end against 2.76 times as on FY2018-end. The debt
protection metrics, however, remained weak with interest coverage
of 0.91 times (against 2.31 times in FY2018) and Total Debt/OPBDITA
of 26.83 times (against 8.98 times in FY2018) in FY2019 due to
moderation in the operating profitability. The working capital
intensity remained high with NWC/OI at 21% in FY2019 with high
inventory levels as on FY2019-end.

Vulnerability of profitability to adverse fluctuations in raw
material prices and regulatory changes – The firm's profitability
remains exposed to fluctuations in raw material (raw cotton)
prices, which depends on various factors such as seasonality,
climatic conditions, international demand and supply situations,
and export policy. Further, it is exposed to regulatory risks with
regards to the MSP set by the Government.

Intense competition and fragmented industry structure – The firm
faces intense competition from other small and unorganised players
in the industry, given commoditisation and low entry barriers. This
limits its pricing flexibility and bargaining power with customers,
and puts pressure on its revenues and margins.

Risk associated with partnership constitution – Shree Yamuna
Ginning and Pressing Factory, being a partnership firm, is exposed
to adverse capital structure risk, wherein any substantial capital
withdrawal could negatively impact its net worth and capital
structure.

Liquidity position
The fund flow from operations turned negative in FY2019 due to
moderation in operating profitability and high working capital
requirements. The average utilisation of the working capital limits
remained moderately high at ~57% from April 2018 to June 2019. The
liquidity is expected to remain stretched, given the high working
capital requirements and low cash accruals. However, the same will
be supported by cushion in cash credit limits and no impending debt
repayments.

Established in 2012 as a partnership firm, Shree Yamuna Ginning and
Pressing Factory is involved in ginning and pressing of raw cotton
to produce cotton bales and cotton seeds. The firm is venturing
into crushing activities to manufacture cotton oil and cotton cake.
Its manufacturing facility, located in Jamnagar (Gujarat), is
equipped with 18 ginning machines and a pressing machine with a
capacity of 200 bales per day. The firm is managed by six partners,
who have extensive experience in the cotton industry.

In FY2019, the firm reported a net profit of INR0.36 crore on an OI
of INR37.64 crore compared to a net profit of INR0.30 crore on an
OI of INR44.65 crore in the previous year.


SKYRISE OVERSEAS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Skyrise Overseas Private Limited
        C/o Debabrata Pal
        North Subhas Pally
        Dankuni, Hooghly
        West Bengal 712311

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 4, 2020
                               (180 days from commencement)

Insolvency professional: Vikaram Kumar

Interim Resolution
Professional:            Vikaram Kumar
                         J 6A, Kailash Colony
                         New Delhi 110048
                         E-mail: vikramau@gmail.com
                                 ip.skyrise@gmail.com

Last date for
submission of claims:    September 2, 2019


SOMESWARA ENTERPRISES: CRISIL Keeps B Rating on Non-Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Someswara Enterprises
(SE) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Warehouse Receipts       10      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SE for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 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 SE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SE 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 SE continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established in 2015 as a proprietorship firm by Mr. K Someswara
Rao, SE trades in several products such as jute bags, wastepaper,
and pulses.


SOUTHERN HEALTH: CRISIL Lowers Ratings on INR20cr Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Southern
Health Foods Private Limited (SHFPL) to 'CRISIL B+/Stable Issuer
not cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            14      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Term Loan               6      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with SHFPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 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 SHFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SHFPL 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 SHFPL Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB-/Stable Issuer not cooperating'.

SHFPL was established in 2005 as a partnership firm, Southern Food
Specialties, by brothers Mr Syed Sajan and Mr Nazar. The firm was
reconstituted as a private limited company with the current name in
2012. It manufactures a wide variety of ready-to-cook health foods,
baby products, anti-diabetic products, and breakfast cereals, which
it markets under the brand Manna.


SRI RAMALINGESWARA: ICRA Reaffirms B+ Rating on INR6cr Loan
-----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Sri Ramalingeswara Aqua Feeds (SRAF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based
   limits               6.00       [ICRA]B+(Stable); reaffirmed

Rationale

The rating reaffirmation is constrained by SRAF low profit margins
of 1.06% in FY2019 and modest scale of operations with revenues of
INR30.34 crore in FY2019 in the shrimp feed trading business. The
rating is also constrained by SRAF's weak financial risk profile
with interest coverage of 2.27 times, NCA/TD of 5.34% and Total
Debt/OPBDITA at 10.45 times for FY2019. Besides, the aquaculture
industry is exposed to its inherent vulnerability of demand,
revenues and margins. The rating further considers the risks
inherent to the partnership nature of the business.

The rating, however, positively factors in the extensive experience
of the promoters in the shrimp feed industry. Long relationship
with suppliers like CPF (India) Private Limited (CPFIPL) and Avanti
Feeds Limited (AFL) ensures continuous supply of feed for trading.
SRAF has a low customer concentration risk, with the firm supplying
the feed to a large number of farmers located in East and West
Godavari districts of Andhra Pradesh.

Going forward, the firm's ability to improve its revenues and
operating margins, while managing its working capital requirements,
will be the key credit rating sensitivities.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that SRAF will
continue to benefit from the extensive experience of the promoters
in the aqua-culture industry and the long-term association of the
firm with its customers and suppliers. The outlook may be revised
to Positive if a significant growth in revenue and profitability,
and better working capital management strengthen the financial risk
profile. The outlook may be revised to Negative if
lower-than-expected cash accruals, or if any major capital
expenditure, or a stretch in the working capital cycle, weakens the
firm's liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoter in shrimp feed trading - The
Managing Partner, Mr. S Krishna Reddy, has more than two decades of
experience in the shrimp feed trading industry. The long experience
of the promoters and established relationships with its customers
and suppliers supported its revenues over the years. The firm
trades in feed of CPFIPL and AFL

Presence in a major aquaculture belt of Andhra Pradesh - The firm
is based out of East Godavari district of Andhra Pradesh, a major
aquaculture belt, resulting in continuous demand of shrimp feeds.
Proximity to aquaculture belt also helps in saving freight costs.

Credit challenges

Modest scale of operations with thin profitability margins - The
firm's scale of operations was modest with an operating income of
INR30.34 crore in FY2019, which declined from INR34.63 crore in
FY2018 due to lower sales volume. Dip in shrimp exports in FY2019
led to a subdued demand of shrimp feed from farmers. With the
firm's geographical reach limited to the region of East Godavari
and West Godavari districts of Andhra Pradesh, the scale of
operations would continue to be modest. Further, owing to the
trading nature of operations, the operating profitability would
also continue to be low. The operating profit margin declined to
1.06% in FY2019 from 2.24% in FY2018 owing to higher discounts
offered.

Weak financial risk profile - The financial risk profile of the
firm is weak, as reflected by an interest coverage of 2.27 times,
NCA/TD at 5.34% and total Debt/OPBDITA at 10.45 times for FY2019.
The debt is primarily working capital in nature. The business is
working capital intensive owing to high debtor days as the farmers
usually pay after the harvesting of shrimps, which takes around
three months.

Vulnerability of demand, revenues and margins inherent in
aquaculture industry - The risk of adverse climatic conditions and
disease outbreaks are inherent concerns in shrimp farming. Adverse
climate can result in higher mortality rates and affect the quality
of shrimp farmed. The aquaculture industry and auxiliary industries
like feed manufacturing also remain vulnerable to disease
outbreaks.

Risk related to partnership nature of the firm - SRAF is exposed to
the risks inherent to the partnership nature of the firm, including
the capital withdrawal risk. However, no capital withdrawals were
observed in the past five years.

Liquidity position
SRAF does not have any external term loans on its books as on March
31, 2019. SRAF has moderate cushion available in the form of
undrawn working capital limits with 23% of average limit
utilisation between April 2018 and June 2019. ICRA does not foresee
any major concerns over liquidity in the absence of capacity
expansion plans and absence of term loan repayments, besides
minimal requirement of incremental working capital funding.

Reddy, who has been involved in the aqua-feed industry for around
two decades. The firm operates several branches within the East
Godavari district of Andhra Pradesh.


SRI SUNFLOWER: CRISIL Keeps D Loan Rating on Non-Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Sunflower
Educational Society (SSES) continue to be 'CRISIL D Issuer not
cooperating'.


                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Loan         12      CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with SSES for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 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 SSES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSES 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 SSES continues to be 'CRISIL D Issuer not
cooperating'.

SSES was set up in 2003 by Mr. M D V S R Punnam Raju and his family
members. It operates an engineering college in Krishna (Andhra
Pradesh).


SRI VENKAT: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s Sri Venkat Ram Spinners Private Limited
        109/1, Koonakulam Road
        Cholapuram, Virudhunagar District
        TN 626139

Insolvency Commencement Date: August 9, 2019

Court: National Company Law Tribunal, Coimbatore Bench

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

Insolvency professional: CA. Mahalingam Suresh Kumar

Interim Resolution
Professional:            CA. Mahalingam Suresh Kumar
                         M/s SPP&Co, Chartered Accountants
                         No. 27/9, Nivedh Vikas
                         Pankaja Mill Road, Puliyakulam
                         Coimbatore 641045
                         E-mail: msureshkumar@icai.org

Last date for
submission of claims:    August 28, 2019


SRI VENKATESWARA: ICRA Reaffirms B+ Rating on INR12cr Loan
----------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Sri Venkateswara Aqua Culture's (SVAC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based  
   Limits              12.00       [ICRA]B+(Stable); reaffirmed

Rationale

The rating reaffirmation is constrained by SVAC low profit margins
of 1.39% in FY2019 and moderate scale of operations with revenues
of INR48.86 crore in FY2019 in the shrimp feed trading business.
The rating is also constrained by SVAC's weak financial risk
profile with interest coverage of 1.56 times, NCA/TD of 3.38% and
Total Debt/OPBDITA of 10.64 times for FY2019. Besides, the industry
is exposed to its inherent vulnerability of demand, revenues and
margins. The rating further considers the risks inherent to the
partnership nature of the business.

The rating, however, positively factors in the extensive experience
of the promoters in the shrimp feed industry. Long relationship
with suppliers like CPF (India) Private Limited (CPFIPL) and Avanti
Feeds Limited (AFL) ensures continuous supply of feed for trading.
SVAC has a low customer concentration risk, with the firm supplying
the feed to a large number of farmers located in East and West
Godavari districts of Andhra Pradesh.
Going forward, the firm's ability to improve its revenues and
operating margins, while managing its working capital requirements,
will be the key credit rating sensitivities.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that SVAC will
continue to benefit from the extensive experience of the promoters
in the aqua-culture industry and the long-term association of the
firm with its customers and suppliers. The outlook may be revised
to Positive if a significant growth in revenue and profitability,
and better working capital management strengthen the financial risk
profile. The outlook may be revised to Negative if
lower-than-expected cash accruals, or if any major capital
expenditure, or a stretch in the working capital cycle, weakens the
firm's liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoter in shrimp feed trading - The
Managing Partner, Mr. S Krishna Reddy, has more than two decades of
experience in the shrimp feed trading industry. The long experience
of the promoters and established relationships with its customers
and suppliers supported its revenues over the years. The firm
trades in feed of CPFIPL and AFL.

Presence in a major aquaculture belt of Andhra Pradesh - The firm
is based out of East Godavari district of Andhra Pradesh, a major
aquaculture belt, resulting in continuous demand of shrimp feeds.
Proximity to aquaculture belt also helps in saving freight costs.

Credit challenges

Moderate scale of operations with thin profitability margins - The
firm's scale of operations was modest with an operating income of
INR48.86 crore in FY2019, which declined from INR51.73 crore in
FY2018 due to lower sales volume. Dip in shrimp exports in FY2019
led to a subdued demand of shrimp feed from farmers. As the firm's
geographical reach is limited to the regions of East Godavari and
West Godavari districts of Andhra Pradesh, the scale of operations
would continue to be modest. Owing to the trading nature of
operations, the operating profitability would also continue to be
low. The operating profit margin declined to 1.39% in FY2019 from
3.18% in FY2018 because of higher discounts offered.

Weak financial risk profile - The financial risk profile of the
firm is weak, as reflected by an interest coverage of 1.56 times,
NCA/TD at 3.38% and total Debt/OPBDITA at 10.64 times for FY2019.
The debt is primarily working capital in nature. The business is
working capital intensive owing to high debtor days as farmers
usually pay after the harvesting of shrimps, which takes around
three months.

Vulnerability of demand, revenues and margins inherent in
aquaculture industry - The risk of adverse climatic conditions and
disease outbreaks are inherent concerns in shrimp farming. Adverse
climate can result in higher mortality rates and affect the quality
of shrimp farmed. The aquaculture industry and auxiliary industries
like feed manufacturing also remain vulnerable to disease
outbreaks.

Risk related to partnership nature of firm - SVAC is exposed to the
risks inherent to the partnership nature of the firm, including the
capital withdrawal risk. However, no capital withdrawals were
observed in the past five years.

Liquidity position
SVAC does not have any external term loans on its books as on March
31, 2019. SVAC has moderate cushion available in the form of
undrawn working capital limits with 34% of average limit
utilisation between April 2018 and June 2019. ICRA does not foresee
any major concerns over liquidity in the absence of capacity
expansion plans and absence of term loan repayments, besides
minimal requirement of incremental working capital funding.

Founded in 2000 as a partnership firm, SVAC trades in shrimp feed
from CPFIPL and AFL in Andhra Pradesh. The registered office is
located at Penuguduru village of East Godavari district in Andhra
Pradesh. The firm's operations are overseen by the Managing
Partner, Mr. S. Krishna Reddy, who has been involved in the
aqua-feed industry for around two decades. The firm operates
several branches within the East Godavari district of Andhra
Pradesh.


STAR AQUA: CRISIL Maintains D Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Star Aqua
International Private Limited (SAIPL) continue to be 'CRISIL D
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          10        CRISIL D (ISSUER NOT
                                  COOPERATING)

   Long Term Loan        8.27     CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with SAIPL for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 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 SAIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SAIPL 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 SAIPL continues to be 'CRISIL D Issuer not
cooperating'.

Set up in 2006 by Mr.Shaik Abdul Aziz, involved in end-to-end
activities for shrimp exports from Nellore (Andhra Pradesh).


STEFINA CERAMIC: ICRA Withdraws B- Rating on INR4.12cr Term Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Stefina Ceramic Pvt. Ltd., as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Cash Credit          3.00       [ICRA]B- (Stable); Withdrawn

   Fund based-
   Term Loan            4.12       [ICRA]B- (Stable); Withdrawn

   Fund based-
   Unallocated Limit    1.24       [ICRA]B- (Stable); Withdrawn

   Non-fund based-
   Bank Guarantee       1.25       [ICRA]A4; withdrawn

Rationale

The long-term rating assigned to Stefina Ceramic Pvt. Ltd. has been
withdrawn, based on the no-objection certificate provided by its
banker.

Incorporated in 2013, SCPL manufactures digital ceramic wall tiles
of two sizes - 10"x15" and 12"x18''. SCPL's manufacturing facility,
located at Wankaner, Rajkot (Gujarat), has a manufacturing capacity
of ~8,000 boxes of ceramic wall tiles per day. It markets and sells
ceramic tiles under the brand name of 'Stefina'. The company was
promoted by the Vilpara family, with the key promoters Mr.
Manojbhai Vilpara and Mr. Hiteshbhai Vilpara, having extensive
experience in the ceramic industry, by virtue of their earlier
association with another tile-manufacturing company, Fenix Ceramic
Pvt. Ltd.


SUMANGAL PETROCHEMICALS: CRISIL Cuts Rating on INR5cr Loan to B+
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Sumangal
Petrochemicals Private Limited (KVSL) to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            5       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB/Stable ISSUER NOT
                                  COOPERATING')

   Letter of Credit      10       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL A4+ ISSUER NOT
                                  COOPERATING')

   Proposed Long Term     1       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Revised from
                                  'CRISIL BB/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with KVSL for obtaining
information through letters and emails dated February 26, 2019 and
July 30, 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 KVSL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KVSL 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 KVSL revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer not
cooperating'.

SPPL was incorporated on June 8, 2005, promoted by Parekh Family.
The company is engaged in trading and distribution of polymers. It
operates as a del credere agent for HPL. In addition, it imports
polymers from the US, the Middle East, France, and other
countries.


TEXLA PLASTICS: CRISIL Lowers Rating on INR3.45cr Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Texla Plastics
and Metals Private Limited (Texla) Revised to 'CRISIL B+/Stable
Issuer not cooperating' from 'CRISIL BB/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           2.50     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Revised from
                                  'CRISIL BB/Stable ISSUER NOT
                                  COOPERATING')

   Term Loan             3.45     CRISIL B+/Stable (ISSUER NOT    
                                  COOPERATING; Revised from
                                  'CRISIL BB/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with Texla for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 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 Texla, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Texla 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 Texla Revised to be 'CRISIL B+/Stable Issuer not
cooperating' from 'CRISIL BB/Stable Issuer not cooperating'.

Texla was incorporated in 1990 by Mr Kanwaljit Singh and his wife
Ms Praveen Kaur. The company manufactures plastic moulded
components and dies for consumer appliances, automobiles, and
gardening equipment. Its manufacturing facility is in Ludhiana,
Punjab, and has capacity of 4000 tonne per annum.


TIRVANI RICE: CRISIL Keeps B on INR8cr Debt on Non-Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Tirvani Rice Industry
(TRI) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit            8       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with TRI for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 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 TRI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TRI 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 TRI continues to be 'CRISIL B/Stable Issuer not
cooperating'.

TRI was set up in 1998 as a partnership firm by four friends -
Charan Das, Gopal Aggarwal, Rahul Bansal and Din Dayal. The firm
has a rice milling and sorting unit with capacity of 10 tons per
day in Faridkot. In 2016, the firm has set up a new unit of rice
bran oil extraction which has commenced operations in November
2016.


TRINITY EYE: CRISIL Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Trinity Eye Hospital
(TEH) continue to be 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Loan         12      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

   Overdraft               1.5    CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

   Proposed Long Term     31.5    CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING)

CRISIL has been consistently following up with TEH for obtaining
information through letters and emails dated January 23, 2019 and
July 11, 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 TEH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TEH 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 TEH continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

For arriving at the rating, CRISIL has consolidated the financial
and business risk profiles of TEH with Trinity Eye Centre ' Alathur
and Trinity Eye Centre ' Mannarkad. This is because the three
firms, together referred to as the Trinity group, have common
promoters, senior management. Moreover the group plans to merge
these entities in to a private limited company going forward.

Established in 1999, the Trinity group has 1 specialty hospital and
4 sub-centres in Kerala. The operations of the group are managed by
Dr. Sunil Sreedhar.


UNISHIRE HOUSING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Unishire Housing LLP
        No. 42, Castle Street
        Ashok Nagar, Bangalore
        Banglaore KA 560025
        IN

Insolvency Commencement Date: Juy 31, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: January 27, 2020

Insolvency professional: Gonugunta Murali

Interim Resolution
Professional:            Gonugunta Murali
                         H.No. 16-11-19/4
                         G-1, Sri Laxmi Nilayam
                         Saleem Nagar Colony, Malakpet
                         Hyderabad, Telangana 500036
                         E-mail: gmurali34@gmail.com

Classes of creditors:    Allottees under Housing Project
                         (Home buyers)

Insolvency
Professionals
Representative of
Creditors in a class:    Surender Davasani
                         Ramamoorthi Srinivasan
                         R S Doddabyregowda

Last date for
submission of claims:    August 28, 2019


VIJAYA KRISHNA: ICRA Withdraws D Rating on INR10.50cr Loans
-----------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]D ISSUER NOT COOPERATING
assigned to the INR10.50 crore bank facilities of Vijaya Krishna
Agro Food Processing Private Limited.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Term loan           7.50       [ICRA]D ISSUER NOT COOPERATING;
                                  Withdrawn

   Cash Credit         3.00       [ICRA]D ISSUER NOT COOPERATING;
                                  Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension at the request from the entity based on
no objection certificate provided by its lenders.

Vijaya Krishna Agro Food Processing Private Limited (VKAFPPL) was
incorporated in 2014 and is promoted by Mr. G. Vijay Kumar & his
family members. The company has a 7 MTPH (metric ton per hour)
fruit processing plant in Vijaywada, Andhra Pradesh for processing
of mango and guava.


VSP UDYOG PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: VSP Udyog Priavte Limited
        Registered office:
        Centre Point, 21 Hemanta Basu Sarani
        4th Floor, Suite No. 437
        Kolkata 700001

Insolvency Commencement Date: August 7, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 3, 2020

Insolvency professional: Mr. Sudipta Ghosh

Interim Resolution
Professional:            Mr. Sudipta Ghosh
                         8, N N Mukherjee 3rd Lane
                         Uttarpara, Hooghly 712258
                         E-mail: sudipta_ghosh08@yahoo.com
                                 cirp.vsp@gmail.com

Last date for
submission of claims:    August 21, 2019




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

ICON OFFSHORE: Makes Cash Call and Converts Debt Into Equity
------------------------------------------------------------
Emir Zainul at theedgemarkets.com reports that Icon Offshore Bhd is
making a cash call to raise up to MYR250 million fresh capital and
to restructure MYR370.66 million of debt, partly by issue of new
shares.

Its single largest shareholder Ekuinas Nasional Bhd, which holds
its 42.3% stake through Hallmark Odyssey Sdn Bhd, is committed to
subscribe up to MYR183 million of the proposed rights issue that is
sweetened by free warrants, Icon Offshore said in a statement. The
commitment of MYR183 million is equivalent to 73.2% of MYR250
million intended to be raised, the report says.

Its second shareholder is Urusharta Jamaah Sdn Bhd, a wholly-owned
unit of Ministry of Finance, holding an 8.8% stake.

theedgemarkets.com, citing company's filing filing with Bursa
Malaysia on Aug.19, relates that to pave way for the rights issue,
Icon Offshore, which share price is trading below 10 sen, will also
undertake a share consolidation exercise.

Additionally, Icon said it is also restructuring its debt by
executing supplemental agreements with its various lenders. Both
corporate exercises are part of its debt restructuring plan under
the Corporate Debt Restructuring Committee (CDRC) scheme, according
to the report.

Icon Offshore was admitted into the CDRC on March 29, 2018. Since
then, it has proposed the debt restructuring which included,
amongst others, extending the repayment period of certain
borrowings and converting certain borrowings into equity
instruments to financiers, theedgemarkets.com discloses.

The proposed debt restructuring exercises is expected to reduce the
group’s gearing ratio to 1.14 times, from 9.16 times, the report
notes.

As at end-March, Icon Offshore had short-term liabilities of
MYR601.08 million and long-term borrowings of MYR47.63 million
respectively, against cash equivalents of MYR47.37 million, the
report says. Its non-current assets stood at MYR618.79 million,
while it suffered from an accumulated losses of MYR854.43 million,
as the company has been in the red for four consecutive years,
theedgemarkets.com discloses.

According to theedgemarkets.com, Icon Offshore's acting chief
executive officer Captain Hassan Ali said in a statement on Aug. 19
the exercises are part of the group's ongoing efforts to strengthen
the balance sheet and position it on stronger financial footing,
moving forward.

"The debt restructuring and rights issue are intended to reduce the
company’s borrowings and better align its cash flow from
operations to its debt obligation, which will in turn bring
positive impact to the company’s financials in the long run," the
report quotes Ali as saying.

"We look forward to the completion of the whole exercise by the end
of the year, as it represents a major milestone for Icon in paring
down our debt and weathering the market slowdown, whilst continuing
to remain competitive in the offshore oil and gas industry," he
said.

Icon Offshore Berhad is a Malaysia-based investment holding
company. The Company operates in integrated business operations,
which consists of the vessel owning/leasing activities and
provision of vessel chartering and ship management services to oil
and gas and related industries. It provides offshore support
vessels (OSVs) in Southeast Asia. It provides logistical support
services across offshore oil and gas life cycle, from exploration
and appraisal, field development, operation and maintenance, to
decommissioning activities. The Company's vessels are used for
providing a range of services, including seismic survey, drilling
operations support, towing, anchor handling and mooring of barges,
repair and maintenance support, accommodation facilities for
personnel and transportation of personnel and supplies to
platforms. It also provides ship management services to third-party
vessel owners. Its subsidiaries include Icon Ship Management Sdn.
Bhd. and Icon Fleet Sdn. Bhd.




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

FREIGHT BROKERS: Placed in Liquidation; Owes Almost NZ$1.5MM
------------------------------------------------------------
Al Williams at Stuff.co.nz reports that Freight Brokers, a Timaru
freight and storage company, has been placed in liquidation owing
almost NZ$1.5 million and the liquidator has warned unsecured
creditors there may not be enough money to pay them.

Freight Brokers was placed in liquidation and ceased trading on
August 13, the report says.

A report prepared by Andrew Oorschot of liquidator Ashton Wheelans
Chartered Accountants shows secured creditors are owed NZ$738,000,
preferential creditors NZ$110,000 and unsecured creditors
NZ$617,000 for a total of NZ$1.465 million, according to Stuff.

The report lists 72 creditors, including 20 from Timaru and two
from Geraldine, with the rest scattered across New Zealand from
Auckland to Invercargill.

Grant Davie, of Timaru, is listed as the sole director of the
company and Scott Davie as a shareholder, the report notes.

A summary of preferential creditors showed the company owes staff
NZ$22,000 in wages and holiday pay and owes the IRD GST and PAYE of
approximately NZ$88,000, Stuff relays.

Stuff relates that secured creditors included a NZ$250,000 debt
factoring facility in place with Scottish Pacific Business Finance.
The company also financed certain plant and equipment by the way of
hire purchase facilities - the company's records indicated there
was NZ$488,000 owing under that at the date of liquidation,
although the liquidators are yet to confirm the balances.

An August 13 statement of affairs also reveals trade creditors are
owed NZ$547,000 and related parties owed NZ$70,000.

In his report, Mr. Oorschot said the deadline for creditors to
lodge claims was August 30, 2019.

"However it is uncertain whether there will be any funds available
for distribution to unsecured creditors. Therefore we do not
require unsecured creditors to lodge claims at this stage," Stuff
quotes Mr. Oorschot as saying.  "If the position changes over time,
a claim form will be sent to creditors for completion."

Mr. Oorschot estimated the liquidation would be completed within
three to six months, subject to no legal action being required to
recover any monies owing to the company, Stuff adds.




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

NK INGREDIENTS: Placed Under Judicial Management
------------------------------------------------
Janice Heng at The Business Times reports that Soilbuild Business
Space Reit tenant NK Ingredients, which owes almost SGD3.4 million
to the real estate investment trust, has been put under judicial
management, said the Reit's manager in a filing on Aug. 20.

The property in question is located at 2, Pioneer Sector 1. As at
Aug. 20, NK Ingredients owes SGD3,390,262.14 to Soilbuild Reit,
including August 2019 rental charges, property tax and land rent.
This has exceeded the security deposit by SGD834,923.64, Soilbuild
Reit said, BT relates.

On Aug. 20, another creditor's application for the appointment of a
judicial manager over NK Ingredients was heard in court, BT says.

According to BT, Soilbuild Reit said it supported the application
"as it was of the view that a judicial management of NK Ingredients
could potentially facilitate a better realisation of NK
Ingredient's assets as compared to a liquidation of NK
Ingredients".

In support of the application, Soilbuild Reit indicated that if a
judicial manager was appointed, it was prepared to defer payment of
NK Ingredients' rent for a period of two months subject to certain
conditions being met, to assist the management of NK Ingredients'
cashflow, BT relays.

The judicial management application was granted, with Yit Chee Wah
-- steven.yit@fticonsulting.com -- of FTI Consulting (Singapore)
appointed as judicial manager, BT discloses.


SBI OFFSHORE: PwC Serves Summons for Reimbursement of SGD114,187
----------------------------------------------------------------
Janice Heng at The Business Times reports that Catalist-listed SBI
Offshore has received an originating summons filed against it by
PricewaterhouseCoopers Advisory Services, for the reimbursement of
SGD114,187.93 and legal costs, an Aug. 20 filing shows.

In 2016, SBI Offshore appointed PwC to review the facts and
circumstances of certain issues surrounding the acquisition and
disposal of Jiangyin Neptune Marine Appliance Co, which was then an
associate of the company, BT recalls.

Following the issuance of PwC's findings, former executive director
and chief executive officer Tan Woo Thian started legal proceedings
against PwC, the report says.

BT relates that under the terms of engagement between SBI Offshore
and PwC, SBI Offshore would be liable for any costs incurred by PwC
and other relevant persons if third parties started proceedings
against them, in relation to the services rendered.

In the originating summons, SBI Offshore has been ordered to
reimburse PwC the sum of SGD114,187.93 - the legal costs and
disbursements incurred by PwC from March 22, 2017 to Sept. 25,
2017, in relation to the suit filed by Mr. Tan against PwC - as
well as all legal costs and disbursements incurred by PwC in
respect to the originating summons itself, according to BT.

SBI Offshore noted that as at Dec. 31, 2018, it made a provision of
US$110,000 based on invoices received from PwC, in relation to
costs incurred by PwC in defending itself in the suit. The claimed
amount forms part of the provision, it added, the report relays.

"The company is seeking legal advice in respect of the originating
summons and will make further announcements on any material
developments as and when necessary," SBI Offshore said.

                        About SBI Offshore

Based in Singapore, SBI Offshore Limited (5PL.SI) --
http://sbioffshore.com/-- an investment holding company, markets
and distributes drilling and related equipment in Singapore, the
People's Republic of China, and the United States. The company also
provides integrated engineering and equipment solutions; and
manufactures offshore rig equipment. In addition, it designs,
engineers, develops, constructs, owns, operates, maintains, and
stores solar photovoltaic energy systems and plants.

SBI Offshore posted three consecutive net losses of SGD4.53
million, SGD4.67 million and SGD1.39 million for the years ended
Dec. 31, 2016, 2017, and 2018, respectively.



                           *********


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 ***