/raid1/www/Hosts/bankrupt/TCRAP_Public/190926.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, September 26, 2019, Vol. 22, No. 193

                           Headlines



A U S T R A L I A

ANTHONY H: First Creditors' Meeting Set for Oct. 8
CAPITAL FORM: First Creditors' Meeting Set for Oct. 7
ITAL VISION: First Creditors' Meeting Set for Oct. 4
OCEAN & MERCHANT: First Creditors' Meeting Set for Oct. 3
QUATRO CONSULTING: Second Creditors' Meeting Set for Oct. 2

RDM PROJECTS: Second Creditors' Meeting Set for Oct. 3
SPARTAN SPECIALISED: Second Creditors' Meeting Set for Oct. 2


C H I N A

FANYA METAL: To Auction Cobalt Stocks on October 5
HAIKOU MEILAN: Defaults on US$200 Million Bond Payment


I N D I A

AADARSH EXTRUSION: ICRA Lowers Rating on INR3.5cr Loan to 'D'
ACHARIYA TECHNO: Insolvency Resolution Process Case Summary
AMBOJINI PROPERTY: Insolvency Resolution Process Case Summary
ANDREW YULE: ICRA Withdraws D Rating on INR69.57cr LT Loan
ARADHYA STEEL: Insolvency Resolution Process Case Summary

BENGALURU METROPOLITAN: ICRA Cuts Rating on INR965cr Loan to D
CLAVECON PRIVATE: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
COGENT ENGINEERS: Insolvency Resolution Process Case Summary
DREAM HOME: ICRA Reaffirms 'B+' Rating on INR13cr Loan
EAGLE ELECTRICALS: ICRA Withdraws B+ Rating on INR7cr Loan

ENERGEX SYSTEMS: Insolvency Resolution Process Case Summary
ESSEL GROUP: Lenders Agree to Extend Payment Timeline
GAURAV WORLDWIDE: ICRA Maintains B Rating in Not Cooperating
GOPINATH DAIRY: ICRA Maintains 'D' Rating in Not Cooperating
HAWK LEATHRERS: Insolvency Resolution Process Case Summary

INNOVATE VENTURES: Insolvency Resolution Process Case Summary
JANARDAN NIRMAN: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
JEYENKAY PETROGELS: ICRA Withdraws C+ Rating on INR3.45cr Loan
KSL AND INDUSTRIES: Insolvency Resolution Process Case Summary
KUNDLI MANESAR: Ind-Ra Cuts Bank Loan Rating to 'BB-', Keeps RWN

LANCO AMARKANTAK: Insolvency Resolution Process Case Summary
MAGNASOFT CONSULTING: ICRA Cuts Rating on INR13cr Loan to B+
MAHESH LUMBER: ICRA Maintains 'D' Rating in Not Cooperating
NEOKRAFT GLOBAL: Ind-Ra Cuts LT Issuer Rating to 'BB+', Not Coop.
PAL INFRASTRUCTURE: Insolvency Resolution Process Case Summary

S R TRANZCARS: ICRA Assigns 'D' Rating to INR33.00cr ST Loan
S.K. HEIGHTS: ICRA Withdraws 'D' Rating on INR15cr Term Loan
SABER PAPERS: Insolvency Resolution Process Case Summary
SAMBHAJI RAJE: ICRA Cuts Rating on INR5cr LT Loan to D, Not Coop.
SANT FOODS: ICRA Maintains 'B' Rating in Not Cooperating

SIZZLING BEVERAGES: ICRA Withdraws 'D' Issuer Rating
SRI KUMARAN: Insolvency Resolution Process Case Summary
SRI SARVARAYA: ICRA Hikes Rating on INR93.70cr Loan to 'B'
TADAS WIND: ICRA Lowers Rating on INR925cr Term Loans to B+
TIM WORLD: ICRA Assigns B+ Rating to INR3.0cr LT Loan

TRANS-FAB POWER: Insolvency Resolution Process Case Summary
UBITECH PRIVATE: Insolvency Resolution Process Case Summary
UTM PACKAGING: Insolvency Resolution Process Case Summary
VAMSI PHARMA: ICRA Lowers Rating on INR11.25cr LT Loan to D
VANYA DESIGNER: ICRA Withdraws 'B' Rating on INR7.50cr Loan

VIRINCHI HEALTHCARE: Ind-Ra Cuts Loan Rating to D, Not Cooperating
WANDERLAND REAL: ICRA Downgrades Issuer Rating to 'B'
WIND URJA: ICRA Lowers Rating on INR133.09cr Loan to B-


J A P A N

FOREVER 21: To Close All Stores, Online Shop in Japan End of Oct.
MITSUBISHI UFJ: To Cut 50% of Jobs in Securities Biz in HK and SG


M A L A Y S I A

KINSTEEL BHD: Proposes Capital Reduction, To Raise Up to MYR46.6MM


N E W   Z E A L A N D

STANLEY GROUP: Directors Apologize to Angry Crowd of Creditors


S I N G A P O R E

PACIFIC RADIANCE: Seeks Further Extension of Debt Moratorium

                           - - - - -


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

ANTHONY H: First Creditors' Meeting Set for Oct. 8
--------------------------------------------------
A first meeting of the creditors in the proceedings of Anthony H
Motorcycles Wollongong Pty Ltd will be held on Oct. 8, 2019, at
11:00 a.m. at the offices of O'Brien Palmer, Level 9, at 66
Clarence Street, in Sydney, NSW.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
Anthony H Motorcycles on Sept. 25, 2019.

CAPITAL FORM: First Creditors' Meeting Set for Oct. 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Capital Form
Plant Hire Pty Ltd will be held on Oct. 7, 2019, at 11:00 a.m. at
the offices of Hamilton Murphy, Level 1, at 255 Mary Street, in
Richmond, Victoria.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of Capital Form on Sept. 24, 2019.

ITAL VISION: First Creditors' Meeting Set for Oct. 4
----------------------------------------------------
A first meeting of the creditors in the proceedings of Ital Vision
Pty Ltd will be held on Oct. 4, 2019, at 11:00 a.m. at the offices
of SMB Advisory, Level 8, at 22 William Street, in Melbourne,
Victoria.

Justin Howlett of SMB Advisory was appointed as administrator of
Ital Vision on Sept. 23, 2019.

OCEAN & MERCHANT: First Creditors' Meeting Set for Oct. 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Ocean &
Merchant Pty. Limited will be held on Oct. 3, 2019, at 10:00 a.m.
at the offices of Woodgate & Co., Level 8, at 6-10 O'Connell
Street, in Sydney, NSW.

Giles Geoffrey Woodgate of Woodgate & Co was appointed as
administrator of Ocean & Merchant on Sept. 24, 2019.

QUATRO CONSULTING: Second Creditors' Meeting Set for Oct. 2
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Quatro
Consulting Pty Limited has been set for Oct. 2, 2019, at 11:00 a.m.
at the offices of Jamieson Louttit & Associates, Penfold House,
Suite 72, Level 15, at 88 Pitt Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 1, 2019, at 4:00 p.m.

Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Quatro Consulting on Aug. 28, 2019.

RDM PROJECTS: Second Creditors' Meeting Set for Oct. 3
------------------------------------------------------
A second meeting of creditors in the proceedings of RDM Projects
Pty Ltd has been set for Oct. 3, 2019, at 10:00 a.m. at the offices
of Morton's Solvency Accountants, Level 11, at 410 Queen Street, in
Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 2, 2019, at 4:00 p.m.

Gavin Charles Morton of Morton's Solvency Accountants was appointed
as administrators of RDM Projects on Aug. 29, 2019.

SPARTAN SPECIALISED: Second Creditors' Meeting Set for Oct. 2
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Spartan
Specialised Labour and Equipment Pty Limited has been set for Oct.
2, 2019, at 11:00 a.m. at the offices of Jamieson Louttit &
Associates, Penfold House, Suite 72, Level 15, at 88 Pitt Street,
in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 1, 2019, at 4:00 p.m.

Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Spartan Specialised on Aug. 28, 2019.



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

FANYA METAL: To Auction Cobalt Stocks on October 5
--------------------------------------------------
Argus News reports that China's Yunnan provincial government will
auction 21t of cobalt metal stocks from the bankrupt Fanya metal
exchange (FME) on October 5, following on from a string of auctions
of rare earths, antimony and tungsten.

The intermediate court of Kunming, the capital of Yunnan province,
posted the auction on China's largest e-commerce platform Alibaba,
Argus News says.

The report says the starting price is CNY3.92MM (US$550,000), which
is equivalent to CNY186.50/kg with the 13pc value-added tax unpaid.
The auction will start at 10:00 Beijing time (02:00 GMT) on October
5 and end at 10:00 Beijing time on October 6.

According to Argus News, many producers and trading companies have
shown interest in the auction because of lower inventories in the
spot market. But it is expected to have limited impact on the
market as the volume is small. China produces 50,000 t/yr of cobalt
metal.

Prices for 99.8pc grade cobalt metal were assessed at CNY275-290/kg
on Sept. 24, up by CNY5/kg at the high end from Sept. 19 because of
low supplies since mid-July. Producers have raised offer prices and
increased production to meet higher demand.

The Yunnan superior court on July 26 upheld an earlier verdict by
its subordinate Kunming court, which in March handed out fines of
CNY1 billion to FME and CNY500 million, CNY50 million and CNY5
million to four related companies for illegal fund raising and
embezzlement, Argus News recalls. The final court decision
signalled that all stocks held in FME will be auctioned.

Argus News relates that the Kunming court auctioned FME's tungsten
APT stocks on Sept. 17, with domestic producer China Molybdenum
securing the material by paying a higher settlement price. This has
since shored up confidence in the spot market and pushed prices up
sharply.

China Minmetals also in August bought 18,611t of antimony,
148,750kg of dysprosium oxide and 4,050kg of terbium oxide stocks
from the FME in two auctions held by the Kunming court, Argus News
notes.

Chalco could buy gallium and germanium stocks from FME, which would
relieve concerns about a sudden release of the stocks that could
cause prices to collapse, says Argus News.

The FME held 197t of gallium and 92t of germanium stocks before it
collapsed in 2015, the report notes. The exchange's stocks also
include 19,228t of bismuth, 338t of selenium, 170t of tellurium,
35t of vanadium pentoxide and 3,629t of indium.

The Fanya Metal Exchange was a state-backed exchange that claimed
to be the world's largest trading platform of rare metals, located
in Kunming, Yunnan Province.

HAIKOU MEILAN: Defaults on US$200 Million Bond Payment
------------------------------------------------------
Frances Yoon and Stella Yifan Xie at The Wall Street Journal report
that in a departure from HNA Group Co.'s record of paying back
international bondholders despite its financial constraints, an
airport partly owned by units of the Chinese conglomerate has
failed to repay holders of its dollar bonds on time.

The Journal relates that the default comes about a month after HNA
Group redeemed a $300 million bond as planned. That earlier
repayment had helped bolster confidence that holders of other
offshore HNA bonds would be made whole, the report says.

However, Haikou Meilan International Airport didn't repay a $200
million bond due Sept. 6, a debtholder said. This bondholder said
the trustee for these securities sent a notice on Sept. 17
notifying investors that Haikou Meilan had failed to make the
required payment. The airport is 28.6% owned by HNA-related
companies, the Journal reports citing an onshore bond prospectus
issued in March.

Haikou Meilan's nonpayment was earlier reported by Debtwire, the
Journal notes.

According to the Journal, Haikou Meilan's bond is the eighth Asian
dollar bond to default this year, an ANZ report said, adding that
two or three more such defaults could come in the fourth quarter.

The borrower operates one of two airports on Hainan, the island off
mainland China's south coast that HNA has helped develop into a
center for domestic tourism, the Journal discloses. Haikou Meilan
airport serves the provincial capital, Haikou. The company has no
single controlling shareholder but, in total, state entities hold
about 55% of its shares.

Haikou Meilan International Airport Co Ltd is the largest airport
in Hainan Province, in China.  The airport is operated by HNA
Infrastructure.



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

AADARSH EXTRUSION: ICRA Lowers Rating on INR3.5cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Aadarsh Extrusion Pvt. Ltd., as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          3.50       [ICRA]D; Downgraded from
                                   [ICRA]B(Stable)

   Term Loan            1.95       [ICRA]D; Downgraded from
                                   [ICRA]B(Stable)

   Unallocated
   Limits               1.50       [ICRA]D; Downgraded from
                                   [ICRA]B(Stable)/A4


Rationale
The ratings downgrade follows the delays in debt servicing by
Aadarsh Extrusion to the lender(s), as confirmed by them to ICRA.

Key rating drivers and their description

Credit strengths

Experience of promoters in aluminium extrusion industry - AEPL was
incorporated in 2012 by Mr. Himmatlal Jain and his family with the
promoters have past experience in the aluminium extrusion industry
by virtue of their association with other entities engaged in
similar business.

Credit challenges

Recent delays in debt servicing - There has been delays in debt
servicing by Aadarsh Extrusion Pvt. Ltd. in the recent past.

Small scale of operations, average financial risk profile and high
working capital intensity – The company's scale of operations
with revenue of INR14.95 crore in FY2018 (provisional financials).
The financial risk profile remains average as reflected by gearing
of 3.48 times and TOL/TNW of 4.36 times as on FY2018-end. The
working capital intensity remained high at 45% as on FY2018-end due
to high inventory days of 147 days.

Margins susceptible to volatility in raw material prices - The
company's margins are significantly affected by the raw material
(aluminium) price fluctuation, which also affects its sales
realisations. Thus, its cash flows and profitability remain exposed
to any fluctuations in the raw materials prices. The margins and
cash flows are also susceptible to the demand from the end-user
industries, i.e., real estate and construction, furniture, etc.

Liquidity position: Poor

Aadarsh Extrusion Pvt. Ltd.'s liquidity remains poor as reflected
in delays in the term loan repayment by the entity.

Rating sensitivities

Positive triggers - Regularisation of debt servicing on a sustained
basis (more than three months).

Incorporated in 2012, AEPL manufactures Aluminium profiles and
sections. Its manufacturing unit is located at Manjusar (Gujarat)
and has a total installed capacity of ~12 metric tonnes per day
(MTPD). The product portfolio of the company comprises window
frames and sections, rectangular tubes, handles, inter locks, door
top, door bottom, square bars, grill F section, etc.

ACHARIYA TECHNO: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Achariya Techno Solutions (India) Pvt. Ltd.
        TC-26/1340(1), Latha Bhawan
        Panavila Road
        General Post Office
        Thiruvanathapuram
        Kerala 695001

Insolvency Commencement Date: September 13, 2019

Court: National Company Law Tribunal, Cheruthana Bench

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

Insolvency professional: Aravindakshan Nair R

Interim Resolution
Professional:            Aravindakshan Nair R
                         Ashadha (Kuttara)
                         Cheruthana P.O.
                         Karthikappally Taluk
                         Alleppey Dist Pin 690517
                         E-mail: kuttara@yahoo.co.in

Last date for
submission of claims:    September 27, 2019


AMBOJINI PROPERTY: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ambojini Property Developers Private Limited
        No. 17-1, Poes Road
        IInd Street, Teynampet
        Chennai 600018

Insolvency Commencement Date: September 10, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Dr. L. Natrajan

Interim Resolution
Professional:            Dr. L. Natrajan
                         No. 21, Jambulingam Street
                         Nungambakkam
                         Chennai 600034
                         E-mail: natrajanl@yahoo.com

Last date for
submission of claims:    September 24, 2019


ANDREW YULE: ICRA Withdraws D Rating on INR69.57cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]D ISSUER NOT COOPERATING due
to non submission of No Default Statement for INR128.0 crore line
of credit of Andrew Yule & Company Limited. The ratings are
withdrawn in accordance with ICRA's Policy on Withdrawal and
Suspension of Credit Ratings, at the request of the entity and on
receipt of No Objection Certificate from the bankers. ICRA does not
have information to suggest that the credit risk has changed since
the time the rating was last reviewed.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long-Term         69.57       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Withdrawn
   Facilities-
   Cash Credit       
                                 
   Unallocated       17.67       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Withdrawn

   Short-Term        40.76       [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based                Withdrawn
   Facilities        
                                 
Key rating drivers and their description

The key rating drivers have not been captured as the rated
instruments are being withdrawn.

AYCL, incorporated in 1919, is the flagship company of the Andrew
Yule Group and has operations in the field of tea, electrical and
engineering equipment, which account for 59%, 34% and 7% of the
company's total revenues, respectively in FY2018. The Central
Government holds a 89.25% stake in the company. AYCL has 15 tea
gardens located across Assam and West Bengal. The electrical
division manufactures distribution transformers, HT & LT
switchgears, voltage regulators in its manufacturing facilities
located in Kolkata and Chennai. The engineering division
manufactures industrial fans, air and water pollution control
equipment in its plant located at Kalyani, West Bengal.

During FY2019, AYCL reported an operating income (OI) of INR311.2
crore and profit after tax (PAT) of INR8.7 crore against an
operating income of INR356.25 crore and PAT of INR17.12 during
FY2018.

ARADHYA STEEL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Aradhya Steel Private Limited
        No. 308, Embassy Center
        11, Crescent Road
        Kumar Park Bengaluru
        Bangalore 560001

Insolvency Commencement Date: August 29, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: February 24, 2020

Insolvency professional: Mr. V S Varun

Interim Resolution
Professional:            Mr. V S Varun
                         Flat No. 1B-108
                         The Tree by Provident
                         2nd Main Road, Herohalli
                         Off Magadi Road
                         Bangalore 560091
                         E-mail: vsvarun@yahoo.com

Last date for
submission of claims:    September 30, 2019


BENGALURU METROPOLITAN: ICRA Cuts Rating on INR965cr Loan to D
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Bengaluru Metropolitan Transport Corporation (BMTC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based          335.00      [ICRA]D; downgraded from
   Term Loans                      [ICRA]B (Stable)

   Proposed Term       965.00      [ICRA]D; downgraded from
   Loans                           [ICRA]B (Stable)

Rationale

The rating downgrade reflects the delays and irregularities in
servicing of long-term loans, based on the feedback received from
the banker. BMTC's financial performance remained weak in FY2019,
characterised by continued losses and the consequent strained
liquidity position and inadequate coverage indicators. The stressed
cash flows resulted in delays in debt servicing, despite the
support received from the Government of Karnataka (GoK). The losses
from operations over the past few years were primarily owing to the
lack of tariff revision amidst rising operating costs and reduced
passenger load factor. The cash losses incurred increased the
BMTC's dependence on grants from the GoK and external borrowings
for funding its fleet expansion programme and rising operating
expenses. The ongoing capital expenditure towards strengthening its
fleet is likely to limit the improvement in the leverage ratios and
liquidity position of the BMTC in FY2020. The timely receipt of
funding support from the GoK and the turnaround in operational
performance, with the addition of new buses and schedules, will be
critical for an improvement in its overall financial profile and
would remain the key rating sensitivities, going forward.

Key rating drivers

Credit strengths

Strategic importance to the GoK and financial flexibility derived
being a state-owned entity – The BMTC is wholly-owned by the GoK
and is strategically important to the state government, with the
corporation playing a critical role in providing transport services
in the capital city of the state. The BMTC receives support from
the GoK in the form of revenue and capital grants to meet its
funding requirements.

Credit challenges

Delays in debt servicing - There has been a delay in debt servicing
by BMTC in the payment of its long-term loans.

Continued weak operating performance - The BMTC's operating
performance continued to remain weak in FY2019, primarily owing to
the firm fuel costs against the lack of fare revision and rising
employee expenses. Further, the number of profit-making schedules
reduced sharply during FY2019, resulting in an operating loss of
INR4.32 per km during FY2019 as compared to an operating loss of
INR1.06 per km during FY2018.

Modest financial profile - BMTC's capitalisation ratios
deteriorated in FY2019, owing to the high losses incurred and the
ongoing debt-funded expansion programme. Further, lack of adequate
support from the GoK to meet its operating and capital expenditure
requirements resulted in its increasing dependence on external
funding to support its cash flows. The expected losses in FY2020,
coupled with the scheduled expenditure towards fleet addition is
likely to further increase its debt levels and limit improvement in
capitalisation ratios in the near term.

High repayment obligations in the near term - The BMTC has
significantly high repayment obligations for the next couple of
years, which will continue to impact its liquidity position.
Although ICRA notes that some of the loans sourced from the
Karnataka Urban Infrastructure Development Authority, would be
repaid by the Government of Karnataka.

Liquidity position: Poor

The company has substantial annual debt repayments amounting to
INR224.42 crore, during FY2020 and FY2021. Its liquidity position
remains poor as reflected in its delays in the repayment of
long-term loans during the current fiscal.

Rating Sensitivities

Positive triggers - Regularisation of debt servicing on a sustained
basis (more than three months)

Negative triggers - Not applicable

BMTC was established in August 1997 under the provisions of the
Road Transport Corporation (RTC) Act, 1950, to provide passenger
road transport services in and around the capital of Karnataka,
Bengaluru. The BMTC was carved out from the Karnataka State Road
Transport Corporation (KSRTC) by combining two divisions of the
Bangalore Transport Service (BTS), effective from August 1997. The
operational jurisdiction of the BMTC extends to around 25 km across
all directions from the Bruhut Bengaluru Mahanagara Palike (BBMP)
boundaries. As on March 31, 2019, with a fleet strength of 6521,
the BMTC is one of the largest among the urban state road transport
undertakings (SRTUs) in the country. It operates close to 6,200
schedules daily through 45 depots, two central workshops and 33,878
personnel.

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

The instrument-wise rating actions are:

-- INR79.57 mil. Term loan due on August 2022 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR10 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR35 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 20, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

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

COGENT ENGINEERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Cogent Engineers Private Limited
        GAT No. 823/824 Sanaswadital Shirur
        Pune MH 422208
        IN

Insolvency Commencement Date: September 16, 2019

Court: National Company Law Tribunal, Pune Bench

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

Insolvency professional: Kairav Anil Trivedi

Interim Resolution
Professional:            Kairav Anil Trivedi
                         23A 5th floor Jyoti Bidg
                         Barquatali Dargah Margh
                         Wadala (E), Mumbai 400037
                         E-mail: kairavtrivedi2002@yahoo.co.in

Last date for
submission of claims:    September 29, 2019


DREAM HOME: ICRA Reaffirms 'B+' Rating on INR13cr Loan
------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Dream Home Carpet Private Limited (DHCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Packing Credit      13.00       [ICRA]B+(Stable); reaffirmed

   Fund-based-
   Foreign Bill
   Purchase            10.00       [ICRA]A4; reaffirmed

Rationale

The rating takes into account DHCPL's healthy growth of 21% in
operating income (OI) in FY2019, supported by increased demand from
overseas market, particularly Australia and the US. The rating also
continues to favorably factor in the extensive experience of
DHCPL's promoters in the carpet export business and the company's
established relationship with its key customers and suppliers.

However, the ratings continue to be constrained by the company's
weak financial profile as evident from high gearing, low net worth
base and elevated Debt/OPBDITA level. The ratings also take into
consideration the working capital-intensive nature of operations
due to high inventory levels maintained by DHCPL throughout the
year. This led to high utilisation of fund-based limits and
dependence on ad hoc limits during the year. ICRA also notes that
since most of its revenues are derived from exports, DHCPL's profit
margins remain vulnerable to volatility in foreign exchange rates.
Further, the profit margins are susceptible to any regulatory
changes related to exports and changes in export incentives.

Key rating drivers and their description

Credit strengths

Significant experience of promoters in carpet manufacturing
industry - The company's promoters have more than three decades of
experience in the carpet business. They have established relations
with customers and suppliers, which help in managing the business
efficiently.

Well-established clientele and strong relations with suppliers -
DHCPL has established relationships with customers in the overseas
market, which ensures repeat orders. The company also has strong
relationships with raw material suppliers in the domestic markets,
which ensures seamless supply of quality raw materials.

Credit challenges

High dependence on creditors' funding and working capital
borrowings - DHCPL's operations are highly working capital
intensive with large inventory holding requirements resulting in
stretched liquidity position. High dependence on creditors' funding
and working capital borrowings have resulted in high total outside
liabilities/net worth of 15.69 times as on March 31, 2019. The
carpet manufacturing business is working capital intensive due to
the long lead time of the manufacturing process. A hand-tufted
carpet usually takes three to four months to complete. This has led
to high inventory days for the company.

Weak financial profile - DHCPL has a modest scale of operations as
reflected by an OI of INR83 crore in FY2019. The company has a weak
financial profile due to high debt, low net worth and elevated
Debt/OPBDITA level. The gearing levels, although improved from the
previous fiscal, stood at 8.65 times in FY2019. The debt coverage
indicators also weakened due to low profitability.

Vulnerability of profitability to adverse fluctuation in foreign
currency exchange rate - Exports constitute a major part of DHCPL's
total sales and the entity does not have any formal hedging policy
for its forex risk. Hence, it remains exposed to the risk of
adverse movement in forex rates. However, DHCPL avails bill
discounting facilities for its exports and receives the payment in
Indian rupee, which mitigates the forex risk to an extent.

Stiff competition and fragmented industry puts pressure on
profitability - Carpet manufacturing is a low value-added business
and faces stiff competition from numerous players operating in the
industry. The fragmented and competitive nature of the industry
limits the pricing flexibility of participants and keeps margins
under pressure.

Liquidity position: Stretched

DCPL exhibits a Stretched liquidity position as signified by
current ratio of 0.99 as per the provisional statements of FY2019.
This is mainly due to the working capital-intensive business
operations with high inventory levels throughout the year, leading
to high utilisation of the working capital limits. Limited cushion
is available to the company in the form of undrawn working capital
limits as the average working capital utilisation level stood at
~95% during the last 12-month period. However, comfort could be
derived from the liquid capital available to the company in the
form of fixed deposits, as per the provisional statements of
FY2019. Also, the company was able to get short-term temporary
overdraft facilities from the bank, as and when needed, based on
its good relationship.

Rating sensitivities

Positive trigger: ICRA could upgrade the rating if DHCPL is able to
scale up its operations while demonstrating a sustained improvement
in its operating profit margin, leading to an improvement in net
cash accruals. Moreover, optimum management of the working capital
facilities remains a key observable.
Negative trigger: ICRA could downgrade the rating if there is
further decline in operating margins of DHCPL, leading to
deterioration in total outside liability/net worth (TOL/TNW). Also,
any further advances to Group companies could exert downward
pressure on the ratings.

DHCPL was incorporated in 2013 by Mr. Mohit Jain and Mr. Vinay
Jain. The company manufactures handwoven and hand-tufted carpets,
rugs (leather and fabric), bathmats, floor cushion, bean bags, etc.
However, most of the revenues come from carpet sales, primarily to
overseas buyers.

EAGLE ELECTRICALS: ICRA Withdraws B+ Rating on INR7cr Loan
----------------------------------------------------------
ICRA has withdrawn the long-term/Short-term rating of
"[ICRA]B+(Stable)/A4" outstanding on the INR14.00 crore bank limits
of Eagle Electricals.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-
   Fund Based
   (Cash Credit)       7.00       [ICRA]B+(Stable); Withdrawn


   Short Term-
   Non Fund Based      7.00       [ICRA]A4; Withdrawn

Rationale

The ratings have been withdrawn in accordance with ICRA's policy on
withdrawal and suspension, at the request received from the company
and based on no-objection certificate provided by its lenders.

Key rating drivers

Key Rating drivers has not been captured as the rated instrument(s)
are being withdrawn.

Eagle Electricals started its operations as a proprietorship firm
in 1970. It was converted into a partnership firm with effect from
April 1, 2016 with Mr. Laxman Shetty, Mr. Subodhchandra Shetty and
Mrs. Supritha Shetty as partners. The firm provides services
including designing, supply, erection, testing and commissioning of
electrical projects for electricity transmission and supply
companies in Karnataka (KPTCL and other ESCOMs).

ENERGEX SYSTEMS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Energex Systems India Private Limited
        No. 30, Sipcot Industrial Complex
        Phase II, Hosur
        TN 635109

Insolvency Commencement Date: September 10, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 8, 2020

Insolvency professional: Rajalakshmi Vardarajan

Interim Resolution
Professional:            Rajalakshmi Vardarajan
                         351-18, 2nd Floor
                         Ishwarya Flats, 36th Street
                         I Block, Anna Nagar
                         Chennai 600040
                         E-mail: cma.rajalakshmi@gmail.com
                                 cirp.energexsystems@gmail.com

Last date for
submission of claims:    September 25, 2019


ESSEL GROUP: Lenders Agree to Extend Payment Timeline
-----------------------------------------------------
Moneycontrol reports that Essel Group said its lenders have
unanimously agreed to extend the timeline for making pending
payments. The extension, it added, will enable the group to
optimise the value output from sale of its assets.

"The timeline was requested purely in the interest of deriving the
right value of the precious assets of the Group," it said in a
statement on September 25, adding that Essel Group remains
confident on further divestments, including its non-media assets,
the report relays.

Sources told Moneycontrol that Essel Group has received a six
months extension to repay dues from Aditya Birla Asset Management
Company, HDFC AMC, Franklin Templeton AMC, and three others.

On September 20, the group had said it was in a steady and
progressive dialogue with all lenders. It had also asked its
lenders to extend its September 30 deadline for repayment of debt
of around INR7,500 crore owed to few mutual funds and non-banking
institutions, Moneycontrol relates.

According to the report, the statement comes in the backdrop of
speculation that Kotak Mutual Fund, ICICI Prudential Mutual Fund
and SBI Mutual Fund had sold 7.25 million shares of Zee
Entertainment Enterprises (ZEE) that were pledged by its promoters.
The sales were executed for over INR200 crore on September 23 as
per data available on the National Stock Exchange (NSE).

As of June 30, the promoters held over 35 percent stake in the
company. Of this, around 210 million shares were pledged, the
report notes.

Reports suggest that lenders to Zee have recovered nearly 50
percent of their outstanding dues, according to Moneycontrol.

As of December 2018, the promoters have obligations of around
INR13,000 crore to lenders, with borrowings by its businesses
around INR16,237 crore. Subhash Chandra, Chairman of Essel Group,
met Finance Minister Nirmala Sitharaman on September 23, the report
adds.

                         About Essel Group

Essel Group, a business conglomerate, operates in media,
entertainment, packaging, infrastructure, education, precious
metals, lifestyle and wellness, and technology sectors. The
company's activities include operating news and entertainment
television channels; DNA, an English-language broadsheet; amusement
parks and lifestyle malls; operating a chain of commercial
complexes, housing complexes, construction business, and multiplex
cinema-cum-family activity centers; digital screens; a food and
lifestyle television channel; and a chain of K-12 schools and
pre-schools. The company also provides direct-to-home entertainment
services and information technology infrastructure outsourcing
services.

GAURAV WORLDWIDE: ICRA Maintains B Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR50.00 crore bank facilities of
Gaurav Worldwide Trading Private Limited continue to remain under
Issuer Not Cooperating category. The long-term rating is denoted as
[ICRA]B ISSUER NOT COOPERATING with a Stable outlook, while the
short-term rating is denoted as [ICRA}A4 ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term fund      50.00       [ICRA]B(Stable) ISSUER NOT
   based limit                     COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Short-term non     (50.00)      [ICRA]A4 ISSUER NOT
   fund-based limit                COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

Rationale

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

Gaurav Worldwide Trading Private Limited was incorporated in 2004
with the objective of ship breaking, factory dismantling and
trading in metals. The company started its operations in FY2016,
wherein it traded majorly in shredded scrap imported from the USA;
the sales were mainly spread across the markets of Maharashtra and
Gujarat. GWTPL has its registered office located in Mumbai and has
a rented a warehousing facility in Navi Mumbai. The company is
managed by its promoter, Mr. Gaurav Jhaveri, along with his son,
Mr. Utsav Jhaveri.

GOPINATH DAIRY: ICRA Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR26.00-crore bank facilities of
Gopinath Dairy Products Private Limited (GDPPL) continue to remain
under 'Issuer Not Cooperating' category'. The ratings are denoted
as [ICRA]D ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based         0.50       [ICRA]D ISSUER NOT COOPERATING;
   Limit Cash                    Continues to remain under the
   Credit                        'Issuer Not Cooperating'
                                 Category

   Term Loan         11.50       [ICRA]D ISSUER NOT COOPERATING;
                                 Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated       14.00       [ICRA]D ISSUER NOT COOPERATING;
   limit                         Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 1994, GDPPL was operating as an industrial
warehouse in Navi Mumbai till 2009. Between 1994 and 2009, the
company was operating as a repacking cum warehousing for Kodak
India Private Limited (for cameras and camera rolls), Saregama
India Limited (for CDs and cassettes) and Voltas Limited (for
chemicals). The unit measures about 1,268 square meters and is
taken on 99 years sub lease from Maharashtra Industrial Development
Corporation (MIDC) by the promoters. In 2011, the promoters entered
into a ten-year job-work agreement with Reliance Dairy Foods
Limited (RDFL), which is a step-down subsidiary of the financially
strong Reliance Industries Limited, for processing raw milk into
pasteurized milk and milk products such as cottage cheese, curd and
clarified butter to be sold under the brand name Reliance Dairy
Life.

HAWK LEATHRERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Hawk Leathrers Pvt Limited
        23, Leather Complex Jalandhar
        Punjab, PIN 144001

Insolvency Commencement Date: September 16, 2019

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: Mast Ram

Interim Resolution
Professional:            Mast Ram
                         M R Chechi & Associates
                         Company Secretaries
                         SCO: 23-25, IInd Floor, Sector-34A
                         Chandigarh, PIN 160022
                         E-mail: mrchechi@gmail.com

                            - and -

                         M R Chechi & Associates
                         Company Secretaries
                         SCO: 35, First Floor, Sector-20C
                         Chandigarh, PIN 160020
                         E-mail: mrchechi.ip@gmail.com

Last date for
submission of claims:    September 30, 2019


INNOVATE VENTURES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Innovate Ventures (India) Private Limited

        Registered office:
        Durgabari, Western Compound Agartala
        Tripura, Agartala
        West Tripura 799001

        Principal office:
        4-Mantri Bari Road
        2nd Floor, P.O. Agartala H.O.
        P.S. - West Agartala
        Agartala 799001
        Tripura

Insolvency Commencement Date: September 16, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 14, 2020

Insolvency professional: Shashi Agarwal

Interim Resolution
Professional:            Shashi Agarwal
                         Subarna Appartment
                         (Opp.: Udayan Club)
                         21N, Block-A, New Alipore
                         Kolkata 700053
                         E-mail: shashiagg@rediffmail.com
                                 inno6750@rediffmail.com

Last date for
submission of claims:    September 30, 2019

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


The instrument-wise rating actions are:

-- INR40 mil. Fund-based limit migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 26, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008, Janardan Nirman executes civil construction
projects as well as piling work for government and private
counterparties.       

JEYENKAY PETROGELS: ICRA Withdraws C+ Rating on INR3.45cr Loan
--------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]C+ and the
short-term rating of [ICRA]A4 assigned to the INR18.00 crore bank
limits of Jeyenkay Petrogels Private Limited (JPPL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term fund
   based limit          3.45       [ICRA]C+; Withdrawn

   Short-term non-
   fund based limit    11.00       [ICRA]A4; Withdrawn

   Unallocated limit    3.55       [ICRA]C+/[ICRA]A4 Withdrawn

Rationale

The ratings assigned for the bank facilities of the company have
been withdrawn at the request of the company and based on the No
Objection for withdrawal received from its banker. However, ICRA
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed.

Key rating drivers
Key rating drivers have not been captured as the rated
instrument(s) are being withdrawn.

Rating sensitivities
Rating sensitivities have not been captured. The rating is being
withdrawn.

Liquidity Position
Liquidity position has not been captured. The rating is being
withdrawn.

Established in 1996 as a partnership firm, Jeyenkay Petrogels
Private Limited manufactures petrogels and specialty grade oils.
The entity was converted into a private limited company in August
2011. JPPL's products are used as lubricating oils, rust preventive
oils, industrial oils, shock absorbers in pharmaceuticals,
cosmetics, automotive, telecom, defense, perfumery, plastics,
refrigeration, foundry, switch gears, turbines, etc. The principal
raw materials consist of base oils, crystal wax, slack wax,
paraffin wax, etc., which are primarily imported from Singapore,
Netherlands, and the UAE. JPPL's corporate office is in Mumbai and
its manufacturing facility in Silvassa (Union Territory of Dadra
and Nagar Haveli).

KSL AND INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: KSL and Industries Ltd.
        69A, Dhanu Udyog Industrial Area
        Piperia, Silvassa (U.T.)
        Daman & Diu 396230

Insolvency Commencement Date: September 6, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 4, 2020

Insolvency professional: Mr. Anil Kumar

Interim Resolution
Professional:            Mr. Anil Kumar
                         303, Chandra GHS Limited
                         Golf Course Road
                         Plot no. 64, Sector 55
                         Gurgaon, Haryana 122011
                         Phone: 9999458899
                                9873121883
                         E-mail: anil2566@gmail.com

                            - and -

                         C-311, Nestle Apartment
                         Bombay Dyeing Mill Compound
                         PB Marg, Worli
                         Mumbai 400013
                         E-mail: ksl.cirp@gmail.com

Last date for
submission of claims:    October 1, 2019


KUNDLI MANESAR: Ind-Ra Cuts Bank Loan Rating to 'BB-', Keeps RWN
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kundli Manesar
Expressway Limited's (KMEL) bank loan rating to 'IND BB-' from 'IND
BBB-' while maintaining it on Rating Watch Negative (RWN) as
follows:

-- INR13.0 bil. Term loans due on February 2032 downgraded;
     maintains RWN with IND BB-/ RWN rating.

The rating downgrade and maintaining of RWN reflect the significant
delay in the receipt of the first annuity payment from the
concession authority against the scheduled date of August 24,
2019. Additionally, the management's expectations regarding the
completion of punch-list items within 120 days from the provisional
commercial operations date (PCOD) have slipped considerably. Given
the delays in completion, further annuity deductions cannot be
ruled out. Due to the deterioration in its creditworthiness, the
sponsor, Essel Infraprojects Limited (EIL) could not bring the
residual equity worth INR72 million for project completion until
mid-September 2019. Given that the sponsor's profile is weak,
Ind-Ra believes the likelihood of timely funds injection, either to
meet the debt service or provide funds to complete the project, is
low.

KEY RATING DRIVERS

The project has failed to complete the punch list items, resulting
in protracted delays in the receipt of annuity. The interest
payment obligations for the first six months from the scheduled
project completion date (February 24, 2019) were part of the
project cost. In the absence of the annuity receipt, the project is
reliant on external support, including sponsor support. The weak
profile of the sponsors also erases any chance of support from that
quarter.

The interest per month is approximately INR110 million and is
scheduled to be paid on the last working day of every month. EIL
has extended explicit undertakings and corporate guarantee to KMEL
to meet any cost overruns, maintain a debt service coverage ratio
of 1.1x, and fund any shortfall in debt servicing.

According to the last chartered accountant certificate dated March
7, 2019, EIL has injected INR6,082.5 million of the required equity
of INR6,154.7 million (99% of the overall promoter's contribution)
into the project and a senior debt of approximately INR12,500
million has been drawn down. Although equity risk is reasonably low
and is limited to 1% of the committed equity, the residual equity
has not yet been brought into the project since March 2019 till
date to aid its completion.

The project does not have any liquidity to meet any contingencies.
With the weakening of EIL's creditworthiness, it has not been able
to bring in the remaining equity of INR72 million to support
project completion. Additionally, there have been deviations from
the original assumptions with respect to annuity receipts, leading
to uncertainty regarding timely servicing of debt.

The terrain of the project stretch is plain, and hence, Ind-Ra
believes the operations and maintenance (O&M) risk is minimal.
However, the credit profile of the O&M operator is a key
consideration. Although the PCOD was achieved on December 4, 2018,
there is still lack of clarity on the O&M contractor. The ratings
will be further impacted if a sponsor entity is appointed as the
O&M contractor, given its tight liquidity position.

Additionally, there could be stress in the project due to the
non-creation of a major maintenance reserve and regular maintenance
of the road stretch, leading to possible deductions in the annuity
payments. However, the project has sufficient cash flows to take
care of O&M and major maintenance expenses in the agency's base
case scenario, subject to timely receipt of semi-annual annuities.

KMEL is scheduled to receive availability payments from HSIIDC in
the form of fixed, pre-agreed 29 semi-annual annuities (in August
and February each year) of INR1,575 million each. As per the
concession agreement, HSIIDC was expected to provide an irrevocable
revolving letter of credit (LOC) for an amount equal to one annuity
within 30 days from PCOD. The LOC is still under process and had
not been provided to KMEL as of mid-September. Moreover, the
annuity payments are subject to deductions for lane
non-availability and any deficiencies in maintenance requirements.

Financial risks take the form of an annual variable interest rate,
which is linked to the marginal cost of lending rate/base rate of
the banker. Loans shall be repaid in 24 unequal semi-annual
installments after a moratorium period of six months from the COD
and first repayment date is expected on February 29, 2020. The
first such reset is on COD.

The creation of a debt service reserve account equivalent to six
months' debt service obligations is pending. It shall be created
either from operational cash flows within one year from the COD or
from the timely receipt of bonus annuity, which is expected to be
received on the first annuity payment date.

Additionally, KMEL is required to make mandatory prepayments of the
project debt from any proceeds received above INR20 million,
including the first annuity payment, after meeting the expenses,
and any project cash flows over and above the minimum debt service
coverage ratio requirement of 1.10x.

RATING SENSITIVITIES

The RWN indicates that rating may be either affirmed or downgraded.
The RWN will be resolved after obtaining clarity on the final
project completion (including expected completion of remaining
punch list items and balance debt-equity injection plan), and
visibility on the first annuity payment.

COMPANY PROFILE

KMEL is a special purpose vehicle promoted by EIL. It was set up
for the execution of a project envisaging the development of
greenfield access controlled six-lane Kundli-Manesar expressway
from 0-83.320km in Haryana through a public private partnership on
the design, build, finance, operate and transfer annuity basis. The
estimated total project cost is INR19,154.7 million, proposed to be
financed by promoters' contribution of INR6,154.7 million and debt.

LANCO AMARKANTAK: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Lanco Amarkantak Power Limited

        Registered office:
        Plot No. 4, Software Units Layout
        Hitec City, Madhapur
        Hyderabad 500081
        India

        Corporate office:
        Plot No. 397
        Udyog Vihar, Phase-3
        Gurgaon 122016
        India

Insolvency Commencement Date: September 5, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Saurabh Kumar Tikmani

Interim Resolution
Professional:            Saurabh Kumar Tikmani
                         KPMG Restructuring Services LLP
                         1st Floor, Lodha Excelus
                         Apollo Mills Compound
                         N M Joshi Marg, Mahalaxmi
                         Mumbai 400011
                         India
                         E-mail: saurabhtikmani@kpmg.com

                            - and -

                         KPMG Restructuring Services LLP
                         8th Floor, Building No. 10, Tower C
                         DLF Cyber City, Phase II
                         Gurgaon 122002
                         India
                         E-mail: irpamarkantak@kpmg.com

Last date for
submission of claims:    September 27, 2019


MAGNASOFT CONSULTING: ICRA Cuts Rating on INR13cr Loan to B+
------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Magnasoft Consulting India Private Limited (MCPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       13.00      [ICRA]B+(Negative) ISSUER NOT
   Cash Credit                  COOPERATING; downgraded from
                                [ICRA]BB+(SO)(Negative) and
                                moved to the 'Issuer Not
                                Cooperating' category

   Fund based-        2.00      ICRA]B+(Negative) ISSUER NOT
   Term Loan                    COOPERATING; downgraded from
                                [ICRA]BB+(SO)(Negative) and
                                moved to the 'Issuer Not
                                Cooperating' category

Material event

Ratings of Coffee Day Enterprises Limited (CDEL), the holding
company of Coffee Day group, was downgraded to [ICRA]D from
[ICRA]BB+ (Negative), following delay in debt servicing by Coffee
Day Global Limited (CDGL), the flagship subsidiary of CDEL.
Further, Sical group of companies, which are part of Coffee Day
group, have also witnessed delays in debt servicing.

Impact of the material event

The deterioration in the credit profile of the Coffee Day Group, is
likely to impact the financial flexibility of MCPL. As part of its
process and in accordance with its rating agreement with Magnasoft
Consulting India Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Rationale

The rating downgrade is because of lack of adequate information
regarding MCPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by the rated entity".
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

Coffee Day Trading Limited (CDTL), the parent of Magnasoft
Consulting India Private Limited (MCPL), has provided an
unconditional and irrevocable guarantee along with an undertaking
to ensure that MCPL's debt obligations are serviced on or prior to
the due date, irrespective of the invocation of the guarantee by
the beneficiary. However, given the weakened liquidity position of
the group, the ability of the guarantor to provide support to its
subsidiaries and group companies stand constrained.

The Negative outlook reflects the increased uncertainties at the
group level post the demise of the promoter Mr. V G Siddhartha,
which includes constrained financial flexibility, and increased
refinancing risk for the group, following steep erosion in share
prices of CDEL and group entities.

                     About Magnasoft Consulting

Incorporated in 2000, Magnasoft Consulting Private Limited (MCPL)
is a small-sized Information Technology (IT) company offering
Geographic Information System (GIS) based solutions across service
and product offerings such as laser scanning, and 3D modelling,
spatial solutions development, digital photogrammetry, spatial data
management and engineering services primarily to aid engineering &
consultancy firms in aerial & land survey, GIS mapping, etc. (which
in turn cater to end customers such as Government, oil & gas,
telecom and mining companies). The company primarily caters to
clients based in Americas, Europe, Africa and Middle East among
others across vertical sectors such as energy, transportation and
water & land administration. The company also has its presence in
product lines: NorthStar - which is an integrated school bus &
child safety system that uses a hybrid of technologies including
GPS, GPRS, RFID, webcam and CCTV that works on cloud computing
platform, and Toggr – which is a wearable child wrist watch
currently in POC phase.

Headquartered in Bangalore, the company has two wholly owned
subsidiaries in USA and London. The company was founded by Mr.
Bobbie H Kalra and is a subsidiary of Coffee Day Trading Limited
(erstwhile Global Technology Ventures Limited), a Bangalore-based
venture investment company, which is part of the Coffee Day Group
that operates the coffee retail chain under the brand name "Café
Coffee Day". CDTL holds 77.88% stake in Magnasoft Consulting India
Private Limited.

MAHESH LUMBER: ICRA Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
ICRA has continued the long-term and short-term ratings for the
bank facilities of Mahesh Lumber Private Limited to remain under
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based        10.00      [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Non-fund          20.00      [ICRA]D ISSUER NOT COOPERATING;
   Based Limits                 Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Mahesh Lumber Private Limited (MLPL) is a privately owned company
that was incorporated in September 2014. The company is managed by
Mr. Ashok Mittal and is a part of the Mahesh Group, which has been
trading timber since 1952. The company trades particularly in
German Pine Timber. The timber is procured either directly from
Germany or from various third party importers in India.

NEOKRAFT GLOBAL: Ind-Ra Cuts LT Issuer Rating to 'BB+', Not Coop.
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Neokraft Global
Private Limited's (NGPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR97.9 mil. Term loan due on March 2022 downgraded with IND
     BB+/Stable rating;

-- INR175 mil. Fund-based working capital limits downgraded with
     IND BB+/Stable/IND A4+ rating; and

-- INR125 mil. Non-fund-based limits downgraded with IND A4+
     rating.

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
take a consolidated view of Neokraft Global Private Limited (NGPL)
and, Neolite ZKW Lightings Private Limited (NZKWL) jointly referred
to as the Neolite group, in view of the management, legal,
financial and operational linkages between the entities.

KEY RATING DRIVERS

The downgrade reflects weakness in the internal control of the
management of the Neolite Group. The valuation of the stock and
debtors of NGPL has shown a variation from the stock statements
that the company submitted to the bank and the provisional
financials shared with Ind-Ra. The rating also factors in Ind-Ra's
expectations of a decline in the group's revenue and margins in
FY20 due to the slowdown in the auto industry and lower offtake
from Ikea.

The revenue of the Neolite Group grew only by a tepid 4.6% yoy to
INR3,542.3 million in FY19, as NGPL's income declined owing to
lower offtake from Ikea. The group's revenue is likely to decline
in FY20 due to the slowdown in the auto industry and continued fall
in offtake from Ikea.

The EBITDA margin of the group hovered in the range of 9-11% over
FY16-FY19. The margin of the group was stable at a modest 9.70% in
FY19 at (FY18: 9.72%), with return on capital employed of 8.5%.
However, considering the high fixed cost nature of the operations
(the company has to incur fixed direct costs like dyes and moulds)
and the expected decline in the revenue, the operating margins are
likely to deteriorate in FY20.

Liquidity Indicator- Stretched: The Neolite group's average maximum
working capital utilization was 89.3%during the 12 months ended
July 2019. The group's cash flow from operations (CFO) was positive
over FY17–FY19 due to improved operating profits and moderate
working capital requirements. However, free cash flow remained
negative during FY16-FY19 (except in FY18) as the company has been
incurring capex regularly for the development of moulds. The group
had a cash balance of INR30.2 million at the end of FY19 (FY18:
INR63.44 million).

The Neolite group's credit metrics remained moderate in FY19. The
Neolite group's net financial leverage (total adjusted net debt/
operating EBITDAR) was stable at 3.1x in FY19 (FY18: 3.2x; FY17:
3.5x) due to stable EBITDA margins and total adjusted net debt. The
interest coverage (operating EBITDAR/ gross interest expense)
improved to 3.5x in FY19 (FY18: 2.9x; FY17: 2.6x) on account of an
improvement in the absolute EBITDA to INR343.5 million (INR329.4
million) and a decline in gross interest expenses to INR98.3
million (INR114.5 million). The absolute EBITDA increased due to
the overall increase in the group's revenue, driven by higher
contribution from existing customers and addition of new customers
in NZKWL.

The Neolite group is planning a capex of about INR1,110 million
over FY20-FY22 to establish a manufacturing plant in Chennai for
NZKWL and set up an aluminum and zinc die cast unit at the existing
facility of NGPL. The group plans to cater to the PSA Group and
several other clients based in South India from the new facility
once it becomes operational.

The Neolite group supplies household lighting systems to Ikea and
automobile lighting systems to reputed original equipment
manufacturers (OEMs) such as Volkswagen, Honda Cars, Skoda, General
Motors, Tata Motors, Mahindra's, MAN, Volvo- Eicher.  The
commercial vehicle segment has the largest share in the OEM
business. The share of the OEM Business is approximately 70%; the
balance is contributed by the Indian aftermarket and exports.

The Neolite group has a track record of more than two decades in
the auto lighting industry. It also has a strong market position in
household lighting systems.

The promoters have over two-decade-long experience in manufacturing
automotive lighting, leading to established relationships with its
customers and suppliers. The company has collaborated with ZKW
Group and Hella India Lightings, which provided technology for
developing products. The ZKW group, which holds 26% stake in NZKWL,
was acquired by the LG Group in FY19.

The revenue from standalone operations decreased to INR1,024.7
million in FY19 (FY18: INR1277.3 million) and the margins decreased
to 9.8% (10.1%). The net debt/EBITDA was 3.6x in FY19  (FY18: 3.8x)
and interest coverage was 2.9x (3.1x).

RATING SENSITIVITIES

Negative: Further weakening in the internal controls or EBITDA
margins, leading to an overall deterioration in the credit metrics,
will be negative for the ratings.

Positive: Improvement in internal controls along with an increase
in the scale of operations and net adjusted leverage falling below
3x, on a sustained basis, along with a diversified customer
portfolio at a consolidated level, will be positive for the
ratings.

COMPANY PROFILE

Incorporated in October 1992 (Established in 1952), NZWKL is a
leading manufacturer of automotive lighting systems. The company
has its head office as well as a plant in Bahadurgarh (Haryana).
This plant is dedicated to manufacturing supplies for its large
original equipment manufacturer (OEM) customer segment. In 2012,
the home lightings, home furnishing articles and commercial
lightings unit demerged as Neokraft Global Private Limited. The
group has a combined workforce of 2,000 employees.

PAL INFRASTRUCTURE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: PAL Infrastructure and Developers Pvt. Ltd.

        Registered office:
        B-45, Shakti Apartments Sector 9
        Rohini New Delhi 110085

        Principal office:
        104, PAL Tower
        M.G. Road, Sikanderpur
        Gurgaon, Haryana 122002

Insolvency Commencement Date: September 5, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Dilip Kumar Niranjan

Interim Resolution
Professional:            Dilip Kumar Niranjan
                         RZP-237, Rajnagar-II
                         Gali No. IV, Palam Colony
                         Dwarka Sector 8
                         New Delhi 110077
                         E-mail: dilip.niranjan@gmail.com

                            - and -

                         136, First Floor, Rajendra Bhawan
                         Rajendra Place, New Delhi 110008
                         E-mail: palinfra@dknip.in

Classes of creditors:    Allottees under Real Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Alok Chandra Singh
                         G-10, Express Appartment
                         Sector 4, Vaishali
                         Ghaziabad
                         E-mail: alok@alokchandra.com

                         Nitesh Kumar Sinha
                         8A UG CS, Ansal Plaza
                         Vaishali, Sector 1
                         Ghaziabad
                         E-mail: info@csnitesh.com

                         Mukul Kumar
                         D-3/1304, The Legend
                         Sushant lok, Phase 3
                         Sector 57, Gurgoan
                         Haryana 122011
                         E-mail: adv.mksingh@gmail.com

Last date for
submission of claims:    September 25, 2019


S R TRANZCARS: ICRA Assigns 'D' Rating to INR33.00cr ST Loan
------------------------------------------------------------
ICRA has assigned rating to the bank facilities of S R Tranzcars
Private Limited (SRTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-
   Fund based           3.50       [ICRA]D; Assigned

   Short-term-
   Fund based          33.00       [ICRA]D; Assigned

   Long-term-
   Fund based–
   Unallocated          0.50       [ICRA]D; Assigned

Rationale

The assigned rating factors in the delays in timely servicing of
some of the debt obligations by the company in the last six months.
The financial profile of the company is characterised by a
stretched capital structure and weak coverage indicators because of
subdued profitability and high debt levels in the recent past. ICRA
also notes the subdued demand outlook in the passenger vehicle
segment in the near term, which may further impact the company's
profitability and debt protection metrics in FY2020. ICRA, however,
notes that SRTPL is an authorised dealer of Tata Motors Limited's
(TML) passenger vehicles in Tamil Nadu and has dealership of brands
like Fiat and Jeep, which helped the company to scale up its
operations in a short time. Going forward, the company's ability to
service the debt obligations in a timely manner on a sustained
basis, by managing its working capital requirement efficiently and
improving the profitability, would be a key rating sensitivity.

Key rating drivers and their description

Credit strengths

Authorised dealer of TML passenger vehicles - SRTPL is an
authorised dealer of passenger vehicles of TML in Tamil Nadu. It
offers sales and services of TML passenger cars in Coimbatore,
Tirupur and Nilgiris. It has a one-stop facility for all auto sales
and servicing needs. SRTPL also sells Jeep, Fiat and Abarth cars
and does their repair services.

Credit challenges

Delays in servicing of debt obligations in the recent past - The
company, in the past six months, had delayed payment in some of the
debt obligations because of stretched working capital position.
Losses incurred in the recent past and higher working capital
requirement resulted in stretched borrowing levels. Further, in the
near term, subdued demand outlook in the industry may affect the
company's revenue growth and profitability. The company has
considerable debt servicing obligations in the near to medium term,
which are likely to keep its cash flows under pressure.

Liquidity position - Poor

Liquidity profile of SRTPL would continue to remain stretched on
the back of high working capital requirements and debt repayments.
The average utilization of cash credit and dealer finance facility
in the past 18 months ending June 2019 stood at around 82%. The
liquidity profile of the company has been poor because of continued
losses incurred by the company, which has been primarily funded by
increased bank borrowings.

Rating sensitivities

Positive Trigger - Regularisation of delays/ overdraws in the
external borrowing on a sustained basis may lead to a rating
upgrade.

SRTPL was incorporated in May 2014 by S. Sakthivel and his wife, C.
Ramya. SRTPL offers a wide range of sales and services of TML
passenger cars in Coimbatore, Tirupur and Nilgiris. It has a
one-stop facility for all auto sales and servicing needs. SRTPL
also sells Jeep, Fiat and Abarth cars and provides their repair
services.

S.K. HEIGHTS: ICRA Withdraws 'D' Rating on INR15cr Term Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]D ISSUER NOT
COOPERATING assigned to the INR15.00-crore bank facilities of S.K.
Heights Private Limited. The rating is withdrawn in accordance with
ICRA's policy on withdrawal and suspension, at the request of the
company, and on the basis of the no objection for withdrawal
received from its banker.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term-        15.00     [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                   Rating Withdrawn

Incorporated in December 2009, SKH is a Mumbai-based developer
currently undertaking the construction of a residential project at
Dahisar East, Mumbai called "Imperial Heights". The promoters Mr.
Karim J. Maredia and Mr. Amirali J. Maredia have more than 25
years' experience in the construction business and have interest in
the real estate and the hospitality sector and are partners and
directors at various retail showrooms like Nike, and hotels like
Comfort Inn Heritage Hotel, Hotel Fariyas, Hotel Sahil etc.

SABER PAPERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Saber Papers Limited
        V.P.O. Jugiana
        G.T. Road, Ludhiana
        Punjab 141011

Insolvency Commencement Date: September 18, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: March 16, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Vikram Bajaj

Interim Resolution
Professional:            Mr. Vikram Bajaj
                         308, 3rd Floor
                         Pearls Business Park
                         Netaji Subhash Place
                         Pitampura, New Delhi 110034
                         E-mail: bajaj.vikram@gmail.com
                                 ip.saberpapers@gmail.com

Last date for
submission of claims:    October 2, 2019


SAMBHAJI RAJE: ICRA Cuts Rating on INR5cr LT Loan to D, Not Coop.
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Sambhaji Raje Cold Storage (SRCS), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-Term,         1.98       [ICRA]D ISSUER NOT COOPERATING;
   Fund based-                   Rating downgraded from [ICRA]B-
   Term Loan                     (Stable) ISSUER NOT COOPERATING
                                 and continues to remain in the
                                 'Issuer Not Cooperating'
                                 Category

   Long-Term,         5.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund based-                   Rating downgraded from [ICRA]B-
   Cash Credit                   (Stable) ISSUER NOT COOPERATING
                                 and continues to remain in the
                                 'Issuer Not Cooperating'
                                 Category
Rationale

The rating downgrade follows the delay in debt servicing by SRCS to
the lender, as confirmed by them to ICRA.As confirmed by the
client, the delays were due to the lag in receivables which
pressurized its liquidity resulting in overdrawal in its fund based
working capital limits (cash credit/produce market loan) in the
recent past.

ICRA has limited information on the entity's performance since the
time it was last rated in December 2016. As part of its process and
in accordance with its rating agreement with SRCSL, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Credit challenges

Recent delays in debt servicing: The company witnessed delayed
receipt of payments from its customers which impacted its liquidity
and resulted in overdrawals in fund based working capital facility
(Cash credit / Produce market loan) in the recent past.

Liquidity Position: Poor

SRCS's liquidity profile is poor as reflected by recent
irregularities in debt servicing by company.

Rating sensitivities
Positive triggers - Regularisation of debt servicing on a sustained
basis (more than three months).

Incorporated in FY'2013, the Sangli based Sambhaji Raje Cold
storage is promoted by Mr.Sambhaji Patil. The proprietorship firm
has established a cold storage of capacity 1850 MT mainly for
storage of raisins. Abhijeet Traders is the flagship company of the
group promoted by Mr. Sambhaji Patil. The firm is involved in
trading of raisins. The other group firms involved in raisin
trading and related agricultural products trading include Abhijeet
Traders, Saraswati Traders, Abhijeet Krushipurak Udyog among
others).

SANT FOODS: ICRA Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------
ICRA said the long-term ratings for the bank facilities of Sant
Foods Private Limited continue to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "ICRA]B(Stable)
ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          15.00       [ICRA]B(Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Sant Foods Private Limited (SFPL) was established in 2008. The
company mills rice at an installed capacity of 6 tons per hour. The
company has two sortex machines with the capacity of 5 tons/hour
and 2 tons/hour. The company is managed by Mr. Pradeep Wadhwa.

SIZZLING BEVERAGES: ICRA Withdraws 'D' Issuer Rating
----------------------------------------------------
ICRA has withdrawn [ICRA]D issuer rating assigned to Sizzling
Beverages Private Limited (SBPL) at the request of the company, and
in accordance with ICRA's policy on withdrawal and suspension. ICRA
does not have requisite information to suggest any change in the
company's credit risk since the time the rating was last reviewed.

SBPL bottles various soft drinks, fruit based drinks, and packaged
drinking water under its own brand "Jingle", with the major ones
being Jingle Cola, Jingle Lemon, Jingle Orange, Jingle Brite,
Jingle Mango Drink etc. The products are sold in polyethylene
terephthalate (PET) bottles of sizes between 250 millilitres and 2
litres. The PET bottles are made in house.  SBPL has its
manufacturing unit at Meerut spanning an area of 15,000 square
feet.

SRI KUMARAN: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sri Kumaran Steels India Private Limited
        338/3 Sanaganur Road Ganapathy
        Coimbatore 641006

Insolvency Commencement Date: September 6, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 4, 2020

Insolvency professional: Gopalsamy Ganesh Babu

Interim Resolution
Professional:            Gopalsamy Ganesh Babu
                         986, H Block
                         24th Street, Anna Nagar West
                         Chennai 600040
                         Mobile: 8248346152
                         E-mail: babu@finrespro.com

                            - and -

                         41/16A, Nelson Manickam Road
                         Choolaimedu, Chennai 600094

Last date for
submission of claims:    October 3, 2019


SRI SARVARAYA: ICRA Hikes Rating on INR93.70cr Loan to 'B'
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Sri Sarvaraya Sugars Limited (SSSL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based           93.70      [ICRA]B(Stable); Upgraded from
   Working Capital                 [ICRA]D
   Facilities           
                                   
   Fund-based           59.48      [ICRA]B(Stable); Upgraded from
   Term Loan                       [ICRA]D

   Unallocated          69.16      [ICRA]B(Stable); Upgraded from
   Limits                          [ICRA]D

   Fixed Deposit        10.00       MB(Stable); Upgraded from MD
   Programme            

Rationale

The rating action factors in the curing of past delays by SSSL
owing to timely funding support from the beverage division to repay
the loans of the sugar division. The company had earlier delayed
the repayment of its debt obligations as low cane availability in
the command area weakened the performance of the sugar division in
the past two years. ICRA thus notes that the timely funding support
from the beverages division to the sugar division would remain a
key rating sensitivity. The ratings further continue to remain
constrained by the company's relatively stretched liquidity profile
because of [a] high working capital requirements of the sugar
division and [b] relatively high funding requirements of the
bottling division. The bottling division incurs a significant cost
to maintain its returnable glass bottles (RGB) and coolers; this
along with sustained capex requirements limits the fund flow. ICRA
further notes that the company's plans to expand its Kinley unit's
capacity from 120 BPM to 400 BPM at a cost of INR45 crore, proposed
to be funded by a debt-to-equity ratio of 70:30. Furthermore, while
the sugar operation of the company remains exposed to agro-climatic
risks, the bottling unit remains vulnerable to the seasonality
associated with the sales and to regulatory risks from changes in
government policies. The ratings, however, continue to positively
factor in the stable business model of the bottling unit, which is
supported by the exclusive franchise agreement with Coca-Cola India
Private Limited for three districts of Andhra Pradesh/Telangana.

Key rating drivers and their description

Credit strengths

Experience of promoters in sugars and beverages industry -
Incorporated in 1965 as a sugar cane crushing unit, SSSL has over
six decades of track record in the sugar industry. The promoters
have a rich experience in the sugar and bottling segments, which
has aided the company to establish long-term relationship with
customers and suppliers.

Association with Coca-Cola India Private Limited as franchise
bottler - SSSL's association with the established market leader,
Coca Cola India Private Limited, and its sole distribution rights
over three major districts in Andhra Pradesh (East Godavari and
West Godavari) and Telangana (Khammam District) results in a stable
revenue in-flow for the company.

Diversified operational profile - SSSL's sugar operations are fully
forward integrated with a cogeneration unit of 12.65 MW and a
distillery unit of 52 KLPD, providing cushion to profitability
during sugar downturn.

Credit challenges Stretched liquidity position due to high funding
requirements in sugar and bottling divisions - High maintenance
capital expenditure requirements in the bottling division coupled
with the high working capital requirements in the sugar division
has resulted in a stretched liquidity position for the company as
evident from the high working capital utilisation levels.

Sugar operations exposed to raw material availability risks – The
company's sugar unit is exposed to raw material availability risks,
given that cane availability remains vulnerable to agroclimatic
conditions as well as the crop-profile in the region. The company
has been facing constraints with cane sourcing in the last two
years as the farmers in Andhra Pradesh have shifted to cultivation
of other commercial crops. The company delayed the payments of its
debt obligations from February 2018-March 2019 due to the subdued
performance of the sugar division.

Beverages sales remain exposed to seasonality and regulatory
policies – SSSL's bottle sales are at its peak during the summer
months of March to June. This exposes the division's revenues to a
certain amount of seasonality in addition to the mandatory
inventory holding. Furthermore, the beverage sales also remain
exposed to regulatory risks from changes in government policies.

Liquidity Position: Weak

The liquidity position of the company remains weak in the sugar
division as reflected by the high utilisation of working capital
limits. Furthermore, the regular maintenance capex as well as the
expansion plans in the bottling division could limit fund-flow
between the divisions. The company has free cash and bank balance
of INR0.88 crore as on March 31, 2019.

Rating sensitivities

Positive triggers - ICRA could upgrade SSSL's rating if the company
demonstrates timely debt servicing of debt repayment obligations
owing to [a] improved performance of the sugar division and [b]
timely funding support from the beverages division to the sugar
division on a sustained basis.

Negative triggers - Negative pressure on SSSL's rating could arise
if high capex requirements in the bottling division limit fund-flow
to the sugar division in case of a requirement. Furthermore, any
regulatory impact on the bottling division due to change in
Government policies, which in turn, would affect the performance of
the bottling division would remain a major trigger.


Sri Sarvaraya Sugars Limited(SSSL) was incorporated in 1956 by Mr.
SBPBK Satyanarayana Rao. The company operates an integrated sugar
plant with a crushing unit of 4000 TCD capacity located in the
Chelluru district of Andhra Pradesh. The company also operates a
bottling division with units at four locations namely Vemagiri,
Gopalapuram, Kesavaram and Sathupally in Andhra Pradesh/Telangana
and is a franchisee bottler for Coca Cola India Private Limited.
SSSL also operates a distillery, with an installed capacity of 52
KLPD. The company supplies mainly to oil companies such as BPCL,
HPCL and IOCL (70% of the total sales). Apart from these entities,
the company also sells to pharmaceutical companies such as
Aurobindo, and Hetero Drugs. The company has a co-generation plant,
with a capacity of 12.65 MW, which was commissioned in 2008.

TADAS WIND: ICRA Lowers Rating on INR925cr Term Loans to B+
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Tadas Wind Energy Private Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based           30        [ICRA]B+ (Negative); downgraded
   Limits                         from [ICRA]BB+ (Negative)

   Term Loans           925       [ICRA]B+ (Negative); downgraded
                                  from [ICRA]BB+ (Negative) Total

Rationale

The rating downgrade takes into account the weakening of the
liquidity position of the company due to the continuing delays in
payments from the off-takers i.e. state-owned distribution
utilities in Gujarat (GUVNL) and Andhra Pradesh (APCPDCL). Further,
the company has not been able to liquidate its entire renewable
energy certificate (REC) inventory due to the pending procedural
issue for re-registration requirement as highlighted by the
National Load Dispatch Centre (NLDC) in FY2018-19 for change in the
name of the entity done in the past.

ICRA further takes a note of NCLT3 approval on ORIX Corporation's
('ORIX') bid to acquire remaining 51% stake in the seven IL&FS wind
SPVs4 subject to payment by ORIX of a) INR592. 87 crore to IL&FS
Wind Energy Limited towards share purchase and b) INR211.57 crore
(to be updated to the actual amount on date of transaction) to
IL&FS Energy Development Corporation Limited towards outstanding
promoter loans (including accrued interest). The company is now in
the process of receiving NOC & approval from its lenders for the
change in shareholding. ICRA will continue to monitor this
development & take a further rating action as & when the
transaction is concluded.

The rating continues to remain constrained by the risk of
variability in wind speed, and grid availability issues, which can
adversely affect the plant load factor (PLF) levels of the
company's entire capacity. In FY2019, the PLF levels of the
company's entire capacity improved from that of FY2018 and exceeded
the P90 levels, except in the company's 100 MW capacity in
Karnataka. The rating is further constrained by the high
counterparty credit risk arising out of its exposure to the
state-owned distribution utilities with weak financial position
(Karnataka and Andhra Pradesh discoms). Although, receivable
position of the company with HESCOM has improved during the period
April 2019 to July 2019, payment delays of close to three months
from the due date of invoice, w.r.t. wind asset capacity of 100-MW
in Karnataka (i.e. about 40% of company's wind asset capacity)
still persist. Recently, the company is also facing payment delays
from GUVNL, with receivables overdue of more than seven months as
on date. ICRA also takes a note of the reference of operations and
maintenance (O&M) service provider i.e. Wind World India Limited
(WWIL) for the entire capacity of the company under insolvency &
bankruptcy code (IBC). The ability of the company to manage the O&M
activities and maintain the desired plant availability thus remains
crucial from a credit perspective.

Further, the company's operations remain exposed to regulatory
challenges associated with the implementation of scheduling and
forecasting framework as applicable to inter-state wind projects,
given the limited experience of the industry players in India in
scheduling and forecasting and the highly variable nature of wind
energy generation.

The rating continues to favourably factor in the geographical
diversification of the company's wind assets with operational track
record of more than five years at three out of the four locations;
and also, the fact that the company's wind portfolio is tied-up
through long-term PPAs with the state-owned distribution utilities,
both under the renewable energy certificate route (150 MW) and the
feed-in tariff route (105 MW). The rating also factors in the
benefits, by virtue of its eligibility under the generation-based
incentive (GBI) for the entire capacity.

ICRA believes that the timely collection of payments from the
company's off-takers and the ability of the company to timely trade
its pending REC inventory will remain crucial for TWEPL's overall
credit profile in the near term.

Key rating drivers and their description:

Credit strengths

Demand risk mitigated by execution of power purchase agreements
(PPAs) at all locations with respective state distribution entities
(discoms) - TWEPL has PPAs in place for the entire 256-MW capacity
with the respective state discoms. While the PPA with GUVNL for the
projects in Gujarat is based on long-term feed-in tariff, the
company has signed PPAs at the average power purchase rate under
the REC mechanism for the projects in Karnataka and Andhra Pradesh
with HESCOM and APCPDCL, respectively. The average PPA tariff for
capacity in Gujarat is INR3.86/ unit for a tenure of 25 years from
the commencement of commercial operation. In case of the REC-based
capacity, the average power purchase cost (APPC) in FY2019 in
Andhra Pradesh and Karnataka has been recorded at INR3.74/unit and
INR3.64/unit, respectively.

Diverse portfolio - TWEPL has a well-diversified portfolio of four
assets, having an aggregate operating capacity of 256 MW. The
company's assets are spread across the states of Gujarat (105.6
MW), Andhra Pradesh (50 MW) and Karnataka (100 MW).

Credit challenges

Counterparty credit risk associated with exposure to stretched
financial profile of state distribution utilities - In the past ten
months, overdue receivable from GUVNL has increased to more than
seven months due to the suspension of payments by the discom. In
addition, the weak financial strength of other state distribution
entities remains a key credit weakness, particularly in the case of
HESCOM, where although the receivable position has improved during
the period May 2019 to July 2019, payment delays of close to three
months from the due date of invoice still persist. Further, the
liquidity position of the company is also stretched due to an
increased delay of more than ten months in payment from the due
date of invoice from APCPDCL.

Pending REC inventory - Although, in June 2019, the company was
able to trade its partial REC inventory, its ability to trade the
pending inventory post timely solution of registration related
issues with the exchange will impact its liquidity profile. The
company is also exposed to regulatory risk associated with the
pending clarification from regulatory bodies on applicable floor
price for non-solar RECs issued till March 2017, due to removal of
vintage multiplier by CERC.

Vulnerability of cash flows to variation in weather conditions - As
tariffs are one part in nature, the company may book less revenue
in the event of non-generation of power due to variation in weather
conditions. This in turn would affect the cash flows and
debt-servicing ability of the company.

Unsatisfactory PLF levels for Karnataka-based assets - While the
PLF levels for wind assets located in Gujarat and Andhra Pradesh
remain satisfactory, the same has not been the case for the 100-MW
capacity installed in Karnataka, which reported significantly lower
PLFs, as against the P-90 levels. This shortfall continues to
adversely impact the company's revenue level and cash flows.

Weak financial position of WWIL - WWIL is the O&M services provider
for the company's entire 256 MW capacity. At present, WWIL is
referred under IBC and the company is ensuring payments related to
O&M (especially the salaries of staff and necessary spares) through
a joint signatory account so that O&M services remain unaffected.
Going forward, the company's ability to manage the risk and have
the desired plant availability remains crucial from the credit
perspective.

Limited experience in forecasting and scheduling regulations- The
regulatory challenges regarding the proposed implementation of
scheduling and forecasting framework for wind projects pose a risk,
given the limited experience of the Indian industry players in
scheduling and forecasting and the variable nature of wind energy
generation.

Exposure to interest rate risk: The project remains exposed to
interest rate risk, given the single-part fixed tariff.

Liquidity position: Stretched

TWEPL's liquidity profile is Stretched with significant payment
delays for ~60% of the entire wind power capacity with overall
receivable position of about 8 months as on August 2019, and almost
full utilisation of the available INR30 crore working capital
limits. As on September 04, 2019, the company had cash balance
position of INR3.27 crore and cash DSRA of Rs 16 crore.

Rating sensitivities

Positive triggers - A change in outlook to Stable & subsequent
upward movement in rating could happen in case of (1) timely
payments from off-takers in a sustained manner, supported by
generation levels in line with P-90 expectations; a (2) resumption
of trading of pending REC inventory, (3) build-up of DSRA and
adequate working capital limits and (4) a favourable change in
shareholding pattern.

Negative triggers - We could downgrade TWEPL's rating if (1) the
liquidity position further weakens due to increased delays in
payment from the off-takers and (2) the company is unable to trade
its pending REC inventory in the near to medium term.

Incorporated in July 2011, TWEPL commissioned wind farms in Andhra
Pradesh, Karnataka and Gujarat with capacities of 50.4 MW, 100 MW
and 50.4 MW, respectively, in September 2012. Further, in July
2015, the company commissioned an additional capacity of 55.2 MW in
Gujarat. With effect from March 17, 2016, Orix Corporation, Japan,
picked up 49% stake in TWEPL, while the rest continues to be held
by the IL&FS Group. The EPC (Engineering, Procurement and
Construction) and O&M for all the four sites were awarded to
Enercon India Limited (WWIL; now known as "Wind World India
Limited").

TIM WORLD: ICRA Assigns B+ Rating to INR3.0cr LT Loan
-----------------------------------------------------
ICRA has assigned rating to the bank facilities of Tim World
Enterprises (TWE), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Unallocated Long-
   term Fund based         3.00     [ICRA]B+ (Stable); Assigned

   Unallocated-Short
   term/Long term          0.40     [ICRA]B+ (Stable)/[ICRA]A4;
                                    Assigned

   Unallocated
   Short-term
   Non-fund based          6.60     [ICRA]A4; Assigned

Rationale

The assigned ratings are constrained by the firm's small scale of
operations, which limits its financial and operational flexibility.
Further, the ratings are impacted by the highly fragmented industry
structure, characterised by intense competition from many organised
and unorganised players, resulting in low profitability. Also, the
firm's capital structure is stretched as illustrated by TOL/TNW of
14.3 times as on March 31, 2019. The assigned ratings, nonetheless,
positively factor in the long track record of TWE's promoters in
the timber industry and its established relationship with the
suppliers. Also, the ratings consider the location-specific
advantage of having a factory at Dindigul, Tamil Nadu, a timber
hub.
The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that TWE will continue to benefit from extensive experience of its
promoters in the timber trading industry.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters in timber trading industry - The
promoters have been present in the timber business for over two
decades and has established long relationship with other
stakeholders as well. Previously, the firm was managing the
business from its own funds. With the proposed banking tie-up, the
firm plans to import directly and increase its scale of operations,
going forward.

Location specific advantage of having its factory near Dindigul -
Dindigul, Tamil Nadu is a timber hub of South India. Most timber
merchants have their operations in Dindigul for timber processing
and distribution, given its proximity to the Tuticorin port. The
firm has its factory on NH 7, Express Highway Road, near Dindigul.

Credit challenges

High dependence on creditors' funding and working capital
borrowings - TWE's continued dependence on high creditors' funding
resulted in high TOL/TNW of 14.3 times as on March 31,2019. While
the firm has unsecured loan of INR2.4 crore as on March 31, 2019,
its net worth position was small at INR0.5 crore.

Stiff competition and fragmented industry put pressure on
profitability - Timber processing is a low value-added business and
faces stiff competition from numerous players operating in the
industry. The fragmented and competitive nature of the industry
limits pricing flexibility of participants and keeps margins under
pressure. The pricing flexibility is limited because of intense
competition in the industry.

Liquidity position: Adequate

The firm has no term loans and hence there are no debt repayments.
Also, it has no plans of availing term loans in the absence of
capex plans in the near term. The liquidity profile is likely to
remain adequate given the moderate working capital requirements.
The company is expected to fund any additional working capital
requirement (on account of change in procurement policy) by
additional bank lines in the form of fund and non-fund based
facilities. ICRA does not foresee any serious concern on liquidity
given the absence of capacity expansion plans and no burden of term
debt repayments.

Rating sensitivities

Positive triggers - ICRA may upgrade TWE's rating if the company
demonstrates a sustained improvement in its scale of operations.
The specific credit metrics that could lead to an upgrade mainly
include, but do not necessarily limited to, TOL/TNW below 5 times
on a sustained basis.

Negative triggers - Negative pressure on TWE's rating may arise if,
going forward, the firm's liquidity profile deteriorates on account
of a stretched working capital cycle or withdrawal of partner's
capital.

Incorporated in 2016, Tim World Enterprises is a partnership firm
run by Mr. Dilip Hari Bhai Patel (son of Promoter Mr. Harilal
Dhanjibhai Patel) and his younger brother Mr. Bharat Harilal Patel.
The company buys pine wood, hardwood and softwood logs from
domestic traders, which import from countries like Malaysia, New
Zealand and Africa. It processes and distributes timber from its
offices in Dindigul and Tuticorin, Tamil Nadu. Timber sold by the
company finds application in furniture, construction work and
packaging industry.

TRANS-FAB POWER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Trans-Fab Power India Private Limited
        Flat No. 3, Shriniwas Palace
        40/30 Bhonde Colony
        Karve Road, Pune 411004

Insolvency Commencement Date: August 30, 2019

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: February 26, 2020
                               (180 days from commencement)

Insolvency professional: Laxman Digambar Pawar

Interim Resolution
Professional:            Laxman Digambar Pawar
                         Flat No. 16, First Floor
                         Bhakti Complex
                         Behind Dr. Ambedkar Statue
                         Pimpri, Pune 411018
                         Mobile: 9921516368
                                 9422327957
                         E-mail: cmapawar1@gmail.com

Last date for
submission of claims:    September 30, 2019


UBITECH PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Ubitech Private Limited

        Registered office:
        1D/10B P, Nit Faridabad
        Haryana, Pin 121001

Insolvency Commencement Date: September 13, 2019

Court: National Company Law Tribunal, Amritsar Bench

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

Insolvency professional: Pooja Trikha

Interim Resolution
Professional:            Pooja Trikha
                         1059/XIII, Old Jail Road
                         Beauty Avenue
                         Opposite Trillium Mall
                         Amritsar 143008
                         E-mail: irp.ubitech@gmail.com
                                 pooja_trikha@hotmail.com

Last date for
submission of claims:    September 27, 2019


UTM PACKAGING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: UTM Packaging (India) Private Limited
        532/2, First Floor Lahori Gate
        Naya Bazar, New Delhi 110006

Insolvency Commencement Date: August 28, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 24, 2020

Insolvency professional: Rajan Das Gupta

Interim Resolution
Professional:            Rajan Das Gupta
                         N-103 LGF, Greater Kailash-I
                         New Delhi 110048
                         E-mail: rajandgupta@gmail.com
                         Mobile: +91-9810404086

Last date for
submission of claims:    September 27, 2019


VAMSI PHARMA: ICRA Lowers Rating on INR11.25cr LT Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Vamsi Pharma Private Limited (VPPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term, Fund     11.25      [ICRA]D ISSUER NOT COOPERATING;
   Based-Term Loan                Rating downgraded from [ICRA]B+
                                  (Stable) and continues to
                                  remain in the 'Issuer Not
                                  Cooperating' category

   Long-Term, Fund      2.80      [ICRA]D ISSUER NOT COOPERATING;
   Based-Cash Credit              Rating downgraded from [ICRA]B+
                                  (Stable) and continues to
                                  remain in the 'Issuer Not
                                  Cooperating' category

Rationale

The rating downgrade follows the delay in debt servicing by VPPL to
the lender, as confirmed by them to ICRA due to delay in receipt of
export receivables.

ICRA has limited information on the entity's performance since the
time it was last rated in March 2017.

As part of its process and in accordance with its rating agreement
with VPPL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Vamsi Pharma Private Limited is a private limited company
incorporated on July 16, 2015. The registered office is located in
Banjara Hills, Hyderabad. The company is looking at an annual
production capacity of 28,200 kg in manufacturing antiasthmatics,
corticosteroids and pre-mixes. It is promoted by Mr. Kesava Reddy,
who has a 29% shareholding in VPPL, Mr. Pratap Reddy, Mr.
Madhusudhan Reddy and Dr. Ravindra Purohit. The promoters are
currently involved in manufacturing active pharmaceutical
ingredients (API) through Vamsi Labs Ltd. (VLL) Solapur
(Maharashtra).

VANYA DESIGNER: ICRA Withdraws 'B' Rating on INR7.50cr Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating assigned to Vanya Designer
(VD/the firm) at the request of the company, based on the
no-objection certificate provided by its banker. ICRA is
withdrawing the rating and that it does not have information to
suggest that the credit risk has changed since the time the rating
was last reviewed. ICRA has withdrawn the Stable outlook on the
long-term rating.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          7.50       [ICRA]B (Stable); Withdrawn

VD was established in June 2012 by Mr. Rajesh Kedia and Mr. Jitesh
Chhajed. It manufactures sarees, salwar suits and lehangas.
Initially VD started with manufacturing of sarees and subsequently
expanded its product portfolio to include salwar suit and lehangas.
In FY2018, it added kurtis into its product portfolio. VD sales its
products under a single brand name "Heart & Soul". VD outsources
the key activities such as pre-treatments, dyeing-printing and
embroidery work to various textile processing mills. The remaining
activities such as cutting, and packaging are performed in house.
The company operates from Surat, Gujarat.

VIRINCHI HEALTHCARE: Ind-Ra Cuts Loan Rating to D, Not Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Virinchi
Healthcare Private Limited's (VHPL) term loans' rating to 'IND D'
from 'IND B' while simultaneously migrating it to the
non-cooperating category. The Outlook was Stable. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR640.21 mil. Term loans (Long-term) due on November 2025 d
     downgraded and migrated to non-cooperating category with IND
     D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The rating action reflects 10-30 days of delay in debt servicing by
VHPL over the six months ended August 2019 due to its tight
liquidity position, resulting from delay in receivables from public
sector units.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2013, VHPL operates a multi-specialty hospital in
Banjara Hills, Hyderabad, which was commissioned in August 2016.

WANDERLAND REAL: ICRA Downgrades Issuer Rating to 'B'
-----------------------------------------------------
ICRA has downgraded the Issuer Rating assigned to Wanderland Real
Estates Pvt. Ltd. (WREPL) from [ICRA]B+ (Stable) to [ICRA]B
(Stable).

Rationale

The rating downgrade factors in weak real estate demand and
resultant slow sales velocity for the ongoing project 'Treasure
Fantasy' of Wanderland Real Estates Pvt. Ltd. (WREPL). The
committed cash flows of the company are modest at INR13.8 crore
while ~INR172 crore cost is yet to be incurred. Slowdown in real
estate market has been putting pressure on new sales. In FY2019,
WREPL has started trading of flexible bulk intermediate containers
(FIBC), BOPP woven bags manufactured by a group company Flexituff
Ventures International Limited (FVIL) (Rated [ICRA]D/[ICRA]D in Aug
2019) in FY2019. The rating revision also factors in the high
quantum of loans and advances extended by WREPL to weaker group
companies. The company has extended loans and advances of ~INR136
crore as on March 31, 2019. The company has high debt repayments
over the next two years and sizeable pending cost for the real
estate project, hence it is critically dependent on fund infusion
by promoters or timely recovery of loans and advances for meeting
its obligations.

The rating, however, takes into account the reduction in project
execution risk with ~70% of the project cost already incurred. The
rating also factors in the healthy collection efficiency of ~97%.
ICRA notes that the group has long track record of real estate
development in Indore.

Key rating drivers and their description

Credit strengths

Demonstrated track record in real estate development in Indore,
Madhya Pradesh – WREPL is an SPV of Kalani Group. Kalani Group
has diversified interests in real estate development, wind energy
generation and trading/manufacturing of construction inputs, etc.
The Group has wide experience in construction and development of
residential projects in Indore and has built and sold ~33 lakh sq.
ft. area till date.

Limited project execution risk - The company has incurred 71% of
total budgeted project cost as on March 31, 2019. With scheduled
completion date in March 2022, the project execution risk remains
limited.

Healthy collection efficiency - Out of the total cumulative sales
of ~INR426 crore as on March 31, 2019, the company has collected
~INR412 crore. Overall, the collection efficiency remains healthy
at ~97%.

Credit challenges

Exposed to sales risk due to weak demand - As on March 31, 2019,
the company sold 74% of the total saleable area out of ~42 lakh sq.
ft. With ~11 lakh sq. ft. area yet to be sold, in the context of
weak demand environment and expected slow sales velocity, the
project is exposed to price risk and demand risk.

High quantum of loans and advances to weak group companies –
WREPL has extended INR~136 crore of loans and advances to group
companies and large part of the same is towards weaker entities.
Therefore, financial flexibility of the company has reduced
considerably.

Funding risk for the pending cost as well as debt repayment – The
company has pending cost of ~INR172 crore as on March 31, 2019
while the committed collections stand modest at INR13.8 crore. The
company also has sizeable debt repayments of INR32 crore in the
rest of the fiscal FY2020 (after Aug 2019) and INR28 crore in
FY2021. Considering expected weak collections from the real estate
business, the company is critically dependent on fund infusion by
the promoters or timely recovery of advances extended to group
companies.

Liquidity position: Poor

ICRA expects the company to generate operational deficit during
FY2020 due to weak collections from the real estate business and
modest profitability of the trading business. Additionally, the
company has INR32 crore of debt repayments in FY2020, which will
result in high quantum of net deficit. The company has cash and
bank balances of INR3 crore as on March 31, 2019 while there are no
undrawn lines of credit available. Therefore, the liquidity
position of the company remains poor.

Rating sensitivities

Positive triggers - The outlook may be revised to Positive if sales
and collections of the real estate business picks up at a
significantly higher than expected pace, thus, improving the
operational cash flows of the company. Material and timely recovery
of advances extended to group companies may also be a positive
trigger depending on sustainability of such recovery.

Negative triggers - The rating may be further downgraded if the
company fails to bring in funds, either through promoter infusion
or recovery of advances extended to group companies for servicing
its operational and financial obligations. Any additional support
to group companies or considerable delays in sales and collections
from the real estate business will be negative triggers for the
rating.

Incorporated in 2006, WREPL, is part of Kalani Group and is
currently developing an integrated township named 'Treasure
Fantasy' located at Car-Rau road, Rangwasa, Indore. Spread over 190
acres of land, the project comprises plots, commercial,
residential/villas and flats with total saleable area of ~42 lakh
sqft. The project construction started in April 2010 and is
expected to be completed by March 2022. WREPL started trading
business in September 2018. It is export oriented and involves
trade of flexible bulk intermediate containers (FIBC), BOPP woven
bags sourced from the group company, Flexituff Ventures
International Limited.

WIND URJA: ICRA Lowers Rating on INR133.09cr Loan to B-
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Wind Urja India Private Limited (WUIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   LT-Term Loan       133.09      [ICRA]B- (Negative); downgraded
                                  from [ICRA]B+ (Negative)

Rationale

The rating downgrade for WUIPL notes the weakening of the company's
liquidity position due to continuing significant delays in payments
from the Tamil Nadu state-owned distribution utility—TANGEDCO1
and incremental delays in payments from Rajasthan state
distribution utilities. The rating revision also factors in the
delays in the creation of the Debt Service Reserve Account (DSRA),
equivalent to six months of principal and interest obligations,
which was earlier expected to be funded as per the terms of debt
refinancing.

ICRA further takes a note of NCLT2 approval on ORIX Corporation's
('ORIX') bid to acquire remaining 51% stake in the seven IL&FS wind
SPVs3 subject to payment by ORIX of a) INR592. 87 crore to IL&FS
Wind Energy Limited towards share purchase and b) INR211.57 crore
(to be updated to the actual amount on date of transaction) to
IL&FS Energy Development Corporation Limited towards outstanding
promoter loans (including accrued interest). The company is now in
the process of receiving NOC & approval from its lenders for the
change in shareholding. ICRA will continue to monitor this
development & take a further rating action as & when the
transaction is concluded.

The rating remains constrained by the risk of variability in wind
speed and grid availability issues, as evident from the subdued
plant load factor (PLF) levels of the company's capacity in
Rajasthan, which amounts 76% of the company's total installed
capacity. Also, the locational diversity of the company's wind
asset profile remains limited. The rating is further constrained by
the counterparty credit risk associated with the exposure to
TANGEDCO and the Rajasthan state-owned distribution utilities,
namely Jaipur Vidyut Vitran Nigam Limited (JVVNL) and Ajmer Vidyut
Vitran Nigam Limited (AVVNL), pertaining to delay in cash
collections. In case of Rajasthan, the company is facing
incremental payment delays of close to three to four months from
the state distribution utilities. Any further deterioration in the
collection cycle or grid back-down from utilities remains a key
rating sensitivity, given that PPAs do not have any termination
liability clause and the fact that the feed-in tariff in PPAs with
the utilities in Rajasthan remains relatively higher than the
average power purchase cost of the utilities in the respective
states as well as the competitively bid wind energy tariffs. ICRA
also takes a note of the operations and maintenance (O&M) service
provider's reference on the entire capacity i.e. Wind World India
Limited (WWIL) under insolvency and bankruptcy code (IBC). The
ability of the company to manage the O&M activities and maintain
the desired plant availability thus remains crucial from a credit
perspective. WUIPL is also exposed to the interest rate risk, given
the single-part fixed tariff.
Further, the company's operations are exposed to regulatory
challenges associated with the implementation of scheduling and
forecasting framework as applicable for inter-state wind projects,
given the limited experience in scheduling and forecasting for the
industry players in India and the highly variable nature of wind
energy generation.

The rating, however, favorably factors the eight-year long
operational track record of the company's wind assets at two
locations. The rating also takes note of the long-term power
purchase agreements (PPAs) at feed-in tariffs with the state-owned
distribution utilities along with the generation-based incentive
(GBI) eligibility.

ICRA believes that the timely collection of payments from the
company's off-takers and the creation of DSRA will remain crucial
for WUIPL's overall credit profile in the near term.

Key rating drivers and their description:

Credit strengths

Demand risk mitigated by PPAs for entire capacity with respective
state-owned distribution utilities - WUIL has PPAs for its entire
50.4 MW capacity with the respective state-owned distribution
utilities and is based on the long-term feed-in tariff mechanism.
The average PPA tariff for capacity tied up with distribution
utilities in Tamil Nadu and Rajasthan stands at INR3.39/ unit and
INR4.26/ unit, respectively. Both PPAs have been signed for a
tenure of 20 years.

Credit challenges

Counter-party credit risks associated with state-owned distribution
utilities - The weak financial condition of the state distribution
entities remains a key credit negative for WUIPL, particularly in
case of Tamil Nadu where the company is facing delays in payments
close to twenty months as on date. In case of Rajasthan, the
company is facing incremental payment delays of close to three to
four months from the state distribution utilities.

Liquidity constraints because of absence of DSRA - WUIPL was
expected to create a DSRA equivalent to six months of principal and
interest obligation from the debt funding availed for refinancing
but it is still pending. The delay in creation of DSRA remains a
credit negative and its creation without further delay remains
crucial from the credit perspective.

Low PLF levels (than P-90 estimate) of wind assets in Rajasthan -
While the PLF levels for wind assets located in Tamil Nadu have
exceeded the P-90 levels, the same has not been the case for the
38.4-MW capacity installed in Rajasthan, which reported
significantly lower PLFs, as against the P-90 levels. This
shortfall continues to adversely impact the company's revenue level
and cash flows.

Liquidity constraints in WWIL - WWIL is the O&M services provider
for the company's entire 50.4 MW capacity. At present, WWIL is
referred under IBC and the company is ensuring payments related to
O&M (especially the salaries of staff and necessary spares) through
a joint signatory account so that O&M services remain unaffected.
Going forward, the company's ability to manage the risk and have
the desired plant availability remains crucial from the credit
perspective.

Limited experience in forecasting and scheduling regulations - The
regulatory challenges regarding the proposed implementation of
scheduling and forecasting framework for wind projects pose a risk,
given the limited experience of the Indian industry players in
scheduling and forecasting and the variable nature of wind energy
generation.

Exposure to interest rate risk: The project remains exposed to
interest rate risk, given the single-part fixed tariff.

Liquidity position: Poor

WUIPL's liquidity profile is Poor with significant payment delays
for its entire wind power capacity with overall receivable position
of about 8 months, and unavailability of the working capital
facility. As on September 04, 2019, the company has cash balance
position of INR2.67 crore. As per terms of refinancing, the DSRA
equivalent to six months of principal and interest obligations is
yet to be created out of debt funding availed in refinancing.

Rating sensitivities

Positive triggers - A change in outlook to Stable & subsequent
upward movement in rating could happen in case of (1) timely
payments from off-takers in a sustained manner, supported by
generation levels in line with P-90 expectations; (2) creation of
DSRA equivalent to six months of principal and interest obligations
out of debt funding availed in refinancing and adequate working
capital limits and (3) a favourable change in shareholding
pattern.

Negative triggers - ICRA could downgrade WUIPL's rating if (1) the
liquidity position further weakens due to increased delays in
payment from the off-takers and (2) the company is unable to create
DSRA as per the terms of refinancing in the near to medium term.

Incorporated in August 2012, WUIPL is a special purpose vehicle
(SPV) formed by IL&FS Energy Development Company Limited (IEDCL)
for development and operation of wind farms. The company has
developed wind farms of 50.4 MW aggregate capacity in Rajasthan and
Tamil Nadu, with capacities of 38.4 MW and 12 MW, respectively.
With effect from March 2016, Orix Corporation, Japan, picked up 49%
stake in WUIPL, while the rest continues to be held by the IL&FS
Group. The EPC (Engineering, Procurement and Construction) and O&M
for both the sites was awarded to Enercon India Limited (WWIL; now
known as "Wind World India Limited").



=========
J A P A N
=========

FOREVER 21: To Close All Stores, Online Shop in Japan End of Oct.
-----------------------------------------------------------------
Japan Today reports that the Japan unit of U.S. fast fashion
retailer Forever 21 Inc said on Sept. 25 it will close all 14
stores in the country and its online shop by the end of October
amid intensifying competition with other online apparel retailers.

Japan Today says the company did not explain the reason for
withdrawing from the Japan market. The announcement followed U.S.
media reports in August that the Los Angeles-based company has been
considering filing for Chapter 11 bankruptcy protection, Japan
Today relates.

Forever 21 opened its first outlet in Japan in the trend-setting
Harajuku district in Tokyo in 2009, and currently operates stores
in Yokohama, Osaka and other major cities across the country.

MITSUBISHI UFJ: To Cut 50% of Jobs in Securities Biz in HK and SG
-----------------------------------------------------------------
Bloomberg News reports that Mitsubishi UFJ Financial Group Inc. is
planning to cut about half of its 150-strong workforce at its
securities business in Hong Kong, Singapore and Sydney, people with
knowledge of the matter said.

Bloomberg relates that Japan's biggest bank will focus the
reductions on sales and trading, the people said, asking not to be
identified because the deliberations are private. A final decision
may come as soon as Sept. 25, they said.

MUFG follows firms including Nomura Holdings Inc. and Deutsche Bank
AG in paring trading jobs, the report says. Chief Executive Officer
Kanetsugu Mike said in May that the bank's global sales and trading
business has been struggling and needs reviewing.

"We constantly review our business in all markets in which we have
a presence to ensure we remain competitive and relevant to
clients," Bloomberg quotes a Tokyo-based MUFG representative as
saying. "We do not comment on individual cases." The Financial
Times reported the impending cuts at the Asian securities operation
last week, Bloomberg says.

According to Bloomberg, MUFG moved its Hong Kong rates trading desk
functions to London earlier this year, saying it wasn't
cost-efficient to operate in the Asian city while trading the same
products in Tokyo. The bank is also paring jobs in London, however,
saying in July that it plans to cut 50 managerial positions in the
city.

In Japan, Tokyo-based MUFG conducts its securities business through
joint ventures with Morgan Stanley.

Bloomberg says Japanese banks have been facing pressure on profits
stemming from the nation's rock-bottom interest rates and shrinking
population. While that has forced cost cuts, it has also prompted
the lenders to expand in areas with greater growth prospects
abroad.

MUFG this year completed the purchase of PT Bank Danamon Indonesia,
and it has also bought stakes in lenders in Thailand, Vietnam and
the Philippines in recent years. This year it agreed to buy German
lender DZ Bank's aviation finance division including a loan
portfolio of EUR5.6 billion ($6.2 billion), Bloomberg notes.



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

KINSTEEL BHD: Proposes Capital Reduction, To Raise Up to MYR46.6MM
------------------------------------------------------------------
The Sun Daily reports that Kinsteel Bhd has announced a slew of
corporate exercises for its regularisation plan, including a
capital reduction and fundraising of up to MYR46.6 million.

According to the report, the Practice Note 17 (PN 17) company told
Bursa Malaysia that it proposes a share capital reduction of 70%
from MYR83 million to MYR24.9 million and the consolidation of
every three shares into one share.

The credit from the proposed capital reduction of MYR58.1 million
will be used to offset its accumulated losses, which stood at
MYR865 million as at June 30, 2019, the report discloses.

The Sun Daily relates that there will be a proposed fundraising of
up to MYR46.6 million via a special issue of new Kinsteel shares
with free warrants (RM35 million) to selected placees including
managing director Tan Sri Pheng Yin Huah and Kin Kee Holdings Sdn
Bhd; as well as a rights issue of new Kinsteel shares with free
warrants (RM11.6 million) to existing shareholders.

The report says the rights issue will entail the issuance of 115.73
million rights shares together with 57.87 million free warrants on
the basis of one rights share for every three Kinsteel shares held
together with one warrant for every two rights shares subscribed.

Kinsteel also proposes the disposal of five parcels of industrial
land with buildings by its subsidiary Perfect Channel Sdn Bhd
(PCSB) to SDM Specialty Chemicals Sdn Bhd and Konsortia Etiqa Sdn
Bhd for MYR140 million, The Sun Daily relays.

In addition, Kinsteel and PCSB propose to undertake a debt
settlement arrangement for the inter-company debt owed by PCSB to
Kinsteel amounting to MYR159.7 million as at June 30, 2019.

The Sun Daily notes that under the debt settlement arrangement,
PCSB will pay MYR47.5 million to Kinsteel from the disposal
proceeds and the transfer by PCSB of its 99.99% stake in Kinsteel
and Perfect Wiremakers Sdn Bhd to Kinsteel for MYR10 million, to be
offset against the inter-company debt owed by PCSB to Kinsteel.

Upon the settlement, there will be a debt waiver of the remaining
balance of MYR102.2 million. Kinsteel also proposes a scheme of
arrangement and compromise with its creditors involving total
liabilities of MYR1.68 billion as at June 30, 2017.

                       About Kinsteel Berhad

Malaysia-based Kinsteel Berhad (KLSE:KINSTEL)--
http://www.kinsteel.com.my/home/home.php-- is an integrated steel
manufacturer and steel millers in Malaysia. The Company
manufactures a range of long steel products used in the
manufacturing, construction and infrastructure industries. The
Company, with a product portfolio encompassing upstream, midstream
and downstream steel products, fully integrated and streamlined
manufacturing processes, serves the need for steel in the region.
It produces mild steel round bars, high tensile deformed bars,
angle bars and flat bars servicing, in particular, the construction
and infrastructure industries. There steel bars and sections
manufactured by the Company are also known as long products. The
Company has eight production lines with a total steel bars
production capacity of 800,000 metric tonnes per annum. The types
of steel bars produced are round and deformed bars, angle bars,
U-channel, wire rods and flat bars.

In October 2016, Kinsteel triggered the criteria pursuant to
Practice Note 17 (PN17) of the Main Market listing requirements of
Bursa Malaysia Securities Bhd. The company was considered a PN17
company pursuant to paragraph 2.1(d) of PN17 as the company's
auditors have expressed a disclaimer opinion in the Kinsteel's
latest audited financial statements for the financial year ended
June 30, 2016.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
28, 2018, The Edge Financial Daily said Kinsteel Bhd, whose shares
have been suspended from trading on Bursa Malaysia, has appointed
Messrs Ernst & Young as its liquidator after being served a notice
to do so on Feb. 20, 2018.

On Jan. 22, 2018, the High Court in Kuantan made a winding-up order
pursuant to the Section 218 of the Companies Act 1965 against
Kinsteel and Kin Kee Marketing Sdn Bhd.



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

STANLEY GROUP: Directors Apologize to Angry Crowd of Creditors
--------------------------------------------------------------
Sharnae Hope at Stuff.co.nz reports that the bosses of bust
building firm Stanley Group have fronted up to apologize to
subcontractors left out of pocket when the company collapsed.

But the brief words of contrition from directors Kevin Stanley and
Craig Davison did little to soothe dozens of angry creditors.

Even before they finished their speech at a creditors meeting in
Stanley's hometown of Matamata on Sept. 25, one woman bellowed out
from the crowd "what are you expecting us to get from this
apology," Stuff relays.

Stuff relates that the outburst caused an uproar in the crowd of
about 100 at the Matamata Racing Club hoping liquidators could give
them a clearer picture on how much, if anything, they could expect
to recoup for their work on the group's building projects.

Ten companies associated with Waikato-based Stanley Group and
Auckland's Tallwood were liquidated on September 5 after a
shareholder vote.

The companies had about 100 direct staff and owed about NZ$10
million, with most of that owed to sub-contractors who were not
paid in August and trade debts stretching back many months, Stuff
discloses.

According to Stuff, Stanley Group's directors Kevin Stanley and
Craig Davison appeared at the meeting to apologize for the harm
they had caused for "contractors, staff, families and Matamata".

There was also an evident distrust for liquidator Damien Grant, of
Waterstone Insolvancy, who was contacted by Stanley directors for
advice on the liquidation, the report says.

Stuff says the audience regularly interrupted him, questioning his
credentials and whether he was actually going to fight for what was
owed. The meeting was also to vote on a final liquidator.

In protest to the claims that he was siding with Stanley Group, Mr.
Grant said he was asked to meet with the directors because they
wanted advice on what to do. "I told them that if they didn't have
the NZ$5 million they should liquidate."

Stuff relates that Mr. Grant confirmed subcontractors' fears that
Stanley Group companies did not hold their retention money in
trust.

Retentions are funds subcontractors pay to the companies they work
for, which the main contractor releases after their work is proved
sound, and there are no faults to fix, the report discloses.

According to Stuff, Mr. Grant said that the retention money was not
held in segregated accounts, but directors believed the retentions
were covered by a NZ$1.2 million project completion bond they
deposited with Housing New Zealand.

However, Mr. Grant said the bond does not meet the requirement of
liquidated funds and are for Housing New Zealand builds, not to be
used paying creditors.

"There's an issue here that there is a discrepancy between the
retentions that Stanley were holding on the balance sheet and the
retentions that Housing New Zealand were obligated to under the
Housing New Zealand contracts," the report quotes Mr. Grant as
saying.  "The legislation says that retention money does not need
to be paid into a separate trust account."

Dave Burt from Team Cabling, however, asked why Stanley directors
emailed telling them the money was held in separate accounts.

"I can't answer that, because I'm not them, so I'm not responsible
for the emails that were sent prior to my appointment," Mr. Grant,
as cited by Stuff, said.  "And I will investigate that. This is
what I do."

The other areas of concern for the creditors was the lack of
understanding on who the creditors were and how much they were
owned by Stanley Group companies, Stuff relays.

While there was a pressure to vote many felt that they couldn't
because there wasn't enough information on the table.

"How can we make a vote on a liquidator when we don't know who all
the creditors are because there's no list, because some haven't
been notified," one creditor asked, adds Stuff.

Auckland and Waikato building company Stanley Group and related
company Tallwood were placed into liquidation on Aug. 29, 2019.



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

PACIFIC RADIANCE: Seeks Further Extension of Debt Moratorium
------------------------------------------------------------
Ng Ren Jye at The Business Times reports that Pacific Radiance and
its two units have applied to Singapore's High Court to extend a
debt moratorium that expires on Oct. 17, 2019, the company said in
a bourse filing on Sept. 25.

BT relates that the companies have also filed applications to
convene meetings with their respective creditors regarding schemes
of arrangement they have made with the creditors. They have also
proposed that KPMG Services Pte Ltd's Bob Yap Cheng Ghee or Toh Ai
Ling be appointed chairman of the meetings, the report relays.

According to BT, the applications to extend the debt moratorium and
to convene the meetings will be heard together on Oct. 7, 2019 at
3:00 p.m. Their last moratorium extension was from Sept. 5, 2019 to
Oct. 17.

Pacific Radiance and its indirect wholly owned subsidiary CSI
Offshore Pte Ltd filed the application to meet with creditors on
Sept. 23, while its other unit Pacific Crest Pte Ltd filed on Sept.
24, the report notes.

In Pacific Radiance's previous bourse filing on Sept. 3, it said
that the three firms would apply for leave to meet with creditors
by Sept. 23, BT relays.

Pacific Radiance in August had said it is in "advanced discussions"
with debt funders for at least US$180 million of debt funding.

Trading of Pacific Radiance's shares has been voluntarily suspended
since Feb. 28 last year, BT notes.

                      About Pacific Radiance

Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three divisions:
Offshore Support Services, Subsea Business, and Complementary
Businesses. The company operates a fleet of 139 offshore vessels
comprising subsea vessels, anchor handling tugs, platform supply
vessels, ocean tugs and supply vessels, offshore barges,
accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.

Pacific Radiance applied for debt restructuring with a Singaporean
court in May 2018 and has been granted several moratorium.  The
company has been undergoing restructuring talks and is carrying
debt of more than $500 million.


                           *********


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 ***