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

                     A S I A   P A C I F I C

          Thursday, October 3, 2019, Vol. 22, No. 198

                           Headlines



A U S T R A L I A

BL REALTY: Second Creditors' Meeting Set for Oct. 10
INDUSERVE PTY: First Creditors' Meeting Set for Oct. 10
LIBERTY FUNDING 2019-1: Moody's Rates AUD8MM Class F Notes (P)B1
MILE HIGH: Second Creditors' Meeting Set for Oct. 10
MONTESSORI AUSTRALIA: Traded While Insolvent, Auditors Reveal

NEW START: First Creditors' Meeting Set for Oct. 14
NOW TRUST 2019-1: Moody's Gives B2 Rating to AUD4.6MM Cl. F Notes
PAINTER MKM: First Creditors' Meeting Set for Oct. 11
QUEENSLAND NICKEL: Traded While Insolvent Before Collapse
RESIMAC TRIOMPHE 2018-2: S&P Affirms B(sf) Rating on Class F Notes

SAPPHIRE XXII 2019-2: Moody's Rates AUD3.6MM Class F Notes B2


C H I N A

GANSU HIGHWAY: S&P Lowers Stand-Alone Credit Profile to 'bb-'
OCEANWIDE HOLDINGS: S&P Affirms 'CCC+' LT ICR, Outlook Negative


I N D I A

ADDINATH RUBBERS: Insolvency Resolution Process Case Summary
AIFAZ COTTON: CARE Maintains B+ Rating in Not Cooperating
AMAR ALLOYS: CARE Maintains B+ Rating in Not Cooperating
ANTRIKSH INFRATECH: Insolvency Resolution Process Case Summary
BALAJI GINNING: CARE Lowers Rating on INR9cr LT Loan to 'B'

BHARTI AIRTEL: S&P Rates Proposed U$1BB Perpetual Notes 'BB'
D.S. KULKARNI: Insolvency Resolution Process Case Summary
DEKSON CASTINGS: CARE Maintains 'B' Rating in Not Cooperating
DEV AUTOMATES: CARE Assigns B+ Rating to INR6.50cr LT Loan
DHANVANTARI MILK: Insolvency Resolution Process Case Summary

DHROOV RESORTS: CARE Maintains 'D' Rating in Not Cooperating
DILIP CHHABRIA: Insolvency Resolution Process Case Summary
ENESTEE ENGINEERING: Insolvency Resolution Process Case Summary
GANESH SAW: CARE Maintains B/A4 Rating in Not Cooperating
GANPAT RAI: CARE Reaffirms B+ Rating on INR12cr LT Loan

IL&FS: Aims to Resolve Half its Debt by March 2020
IMPEL HEALTH: Insolvency Resolution Process Case Summary
KHARKIA STEELS: Insolvency Resolution Process Case Summary
LIQUINOX GASES: CARE Reaffirms B Rating on INR27.41cr LT Loan
M.D. HYGIENE: CARE Reaffirms B+ Rating on INR5.33cr LT Loan

MANGE RAM: CARE Reaffirms B+ Rating on INR15cr LT Loan
MAYNAGURI AGRO: CARE Assigns B+ Rating to INR14.17cr LT Loan
MAYURPANK FINE: Insolvency Resolution Process Case Summary
MODERN DAIRIES: CARE Maintains 'D' Rating in Not Cooperating
NIKKAMAL JEWELLERS: CARE Lowers Rating on INR18cr Loan to 'B'

OCEAN HEALTHCARE: CARE Maintains 'D' Rating in Not Cooperating
PANVELKAR INFRASTRUCTURE: CARE Rates INR15.75cr LT Loan 'B+'
PAWAR ELECTRO: Insolvency Resolution Process Case Summary
POLYGENTA TECHNOLOGIES: CARE Puts B Rating Under Watch Developing
PREVAIL AGRO: CARE Assigns B+ Rating to INR10cr LT Loan

RAHIL COLD: CARE Cuts INR3.25cr LT Loan Rating to 'C', Not Coop.
RELIANCE COMMERCIAL: CARE Lowers Rating on INR2,300cr Loan to D
RELIANCE GROUP: Anil Ambani Faces Investors, Vows to Cut Debt
SALASAR STEEL: Insolvency Resolution Process Case Summary
SHRI SHIVJOT: CARE Cuts Rating on INR9.50cr LT Loan Rating to B-

SMARTRON INDIA: Insolvency Resolution Process Case Summary
SONI TRADERS: CARE Maintains 'D' Rating in Not Cooperating
SUNBEAM DEALERS: CARE Cuts INR10cr LT Loan Rating to 'B', Not Coop.
VISHWANATH PAPER: CARE Maintains 'D' Rating in Not Cooperating


I N D O N E S I A

SRIWIJAYA AIR: Wins Garuda Support as it Struggles to Stay Afloat


N E W   Z E A L A N D

MAKETU PIES: Receivers Hoping for Quick Sale Next Week


S I N G A P O R E

EZION HOLDINGS: Debt Conversion Deal with White Knight Lapses

                           - - - - -


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

BL REALTY: Second Creditors' Meeting Set for Oct. 10
----------------------------------------------------
A second meeting of creditors in the proceedings of BL Realty Pty
Ltd has been set for Oct. 10, 2019, at 9:30 a.m. at the offices of
SV Partners Toowoomba, at 610 Ruthven Street, in Toowoomba,
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. 9, 2019, at 4:00 p.m.

Anne Meagher of SV Partners was appointed as administrator of BL
Realty on July 4, 2019.

INDUSERVE PTY: First Creditors' Meeting Set for Oct. 10
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Induserve
Pty Ltd will be held on Oct. 10, 2019, at 10:00 a.m. at Level 11,
at 77 St Georges Terrace, in Perth, WA.

Richard Albarran, Cameron Shaw and Carl Huxtable of Hall Chadwick
were appointed as administrators of Induserve Pty on Sept. 27,
2019.

LIBERTY FUNDING 2019-1: Moody's Rates AUD8MM Class F Notes (P)B1
----------------------------------------------------------------
Moody's Investors Service assigned the following provisional long
term ratings to the notes to be issued by Liberty Funding Pty Ltd
in respect of the Liberty Series 2019-1 SME. The transaction is a
securitisation of loans to self-managed superfunds, small-to-medium
enterprises and individuals, originated by Liberty Financial Pty
Limited (unrated).


Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2019-1 SME

AUD260.0 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD72.0 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD20.0 million Class B Notes, Assigned (P)Aa1 (sf)

AUD12.0 million Class C Notes, Assigned (P)Aa2 (sf)

AUD10.8 million Class D Notes, Assigned (P)A2 (sf)

AUD10.0 million Class E Notes, Assigned (P)Baa3 (sf)

AUD8.0 million Class F Notes, Assigned (P)B1 (sf)

The AUD7.2 million Class G Notes are not rated by Moody's.

The portfolio underlying this transaction is comprised of
first-ranking mortgage loans to SMSFs (77.5%), companies (12.8%)
and individuals (9.7%). The loans are secured by residential
(70.1%), commercial (28.5%), or both (1.5%) properties in Australia
and denominated in Australian dollars. A portion of the portfolio
consists of loans extended to borrowers with impaired credit
histories (1.2%) or made on an alternative (4.8%), or no
documentation (5.1%) basis.

RATINGS RATIONALE

The ratings take into account, among other factors, an evaluation
of the underlying receivables, the capital structure and credit
enhancement provided to the notes, the guarantee fee reserve
account, the availability of excess spread over the life of the
transaction, the liquidity facility, the legal structure, and the
credit strength and experience of Liberty as servicer.

Due to the mixed nature of the pool, to perform its analysis
Moody's categorised the portfolio into separate residential loan
and SME sub-pools. Moody's Portfolio Credit Enhancement for the
overall portfolio, i.e. the loss Moody's expects the portfolio to
suffer in the event of a severe recession scenario, is 14.2%.
Moody's expected loss for this transaction is 2.2%.

The key transactional are as follows:

  - The guarantee fee reserve account, which will be funded at
AUD2,000,000 at closing. The reserve will be available to cover
losses and liquidity shortfalls. Reserve draws will be replenished
through future excess spread up to its initial funded amount.

  - The servicer is required to set interest rates on the mortgage
loans on a weighted average basis at a minimum level above BBSW or
higher if the trust's income is insufficient to cover the required
payments under the transaction documents. The level of the required
margin generates a strong level of excess spread available to cover
loss in the pool.

  - The notes will initially be repaid sequentially. On or after
the payment date in October 2020, and prior to the call option
date, all notes (other than the Class G Notes) will receive their
pro-rata share of principal payments, provided there are no
charge-offs on any of the notes, or average arrears greater than or
equal to 60 days do not exceed 4%. The Class G Notes do not step
down and will only receive principal payments once all other notes
have been repaid.

  - The principal pay-down switches back to sequential if the
payment date falls on or after the call option date, i.e. once the
aggregate loan amount falls below 20.0% of the aggregate loan
amount at closing, or following the fourth anniversary of the
closing date.

  - The liquidity facility provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)), with a limit equal to 2.0% of the
aggregate invested amount of the Class A1 to Class F Notes, and the
stated amount of the Class G Notes. The facility is subject to a
floor of AUD750,000.

Other pool features are as follows:

  - The weighted average scheduled loan to value (LTV) ratio of the
pool is 61.9%, with 1.6% of the loans with scheduled LTV above
80.0% .

  - Around 5.1% of loans in the portfolio are bullets, i.e.
non-amortising, and rely on either refinancing or sale of the
underlying property to repay the loan at maturity.

  - In addition to bullet loans, the portfolio contains 13.2% of
loans with an initial interest only (IO) period of up to five
years, at the end of which they convert to principal and interest.

  - The portfolio exhibits concentration in Victoria, with around
36.2% of loans secured by properties in that state.

Methodology Underlying the Rating Action:

The principal methodology used in assigning these ratings was
"Moody's Approach to Rating RMBS Using the MILAN Framework"
published in July 2019. In addition, Moody's used "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
July 2019 for a proportion of the portfolio.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian
macroeconomic conditions and the housing market are primary drivers
of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.

Moody's Parameter Sensitivities

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process — here the PCE and
expected loss — differed. The analysis assumes that the deal has
not aged. Parameter Sensitivities only reflect the ratings impact
of each scenario from a quantitative/model-indicated standpoint.

Based on the current structure, if the PCE was to increase to 25%
from 19.2%, and EL was to increase to 3.6% from 2.8%, the
model-indicated rating for the Class A2 Notes would drop one notch
to Aa1 (sf). The Class A1 Notes are not sensitive to any rating
migration using these same assumptions.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at its absolute discretion. The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction. A definitive rating may differ from a
provisional rating.

MILE HIGH: Second Creditors' Meeting Set for Oct. 10
----------------------------------------------------
A second meeting of creditors in the proceedings of Mile High
Contracting Pty Ltd has been set for Oct. 10, 2019, at 2:30 p.m. at
the offices of Hamilton Murphy, Level 1, at 255 Mary Street, in
Richmond, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 9, 2019, at 4:00 p.m.

Stephen Dixon of Hamilton Murphy was appointed as administrator of
Mile High on Aug. 6, 2019.

MONTESSORI AUSTRALIA: Traded While Insolvent, Auditors Reveal
-------------------------------------------------------------
EducationHQ reports that the two businesses behind Montessori
Australia had allegedly been trading while insolvent to the tune of
AUD400,000 and AUD320,000, before an organisational restructure was
launched, an auditor's preliminary report has found.

Montessori Australia is starting a new chapter after its
predecessor companies went into voluntary administration this July.
However, the investigation into the "historical affairs of the
companies is ongoing", according to the firm appointed to liquidate
Montessori Australia Foundation Limited and Maryden Pty Ltd which
traded as the Australian Centre for Montessori Studies (ACMS),
EducationHQ relates.

According to EducationHQ, one of the administrators appointed--John
McInerney, from auditing firm Grant Thornton--said the findings
would be summarised in a statutory report expected to be sent to
creditors in December.

EducationHQ notes that the auditor's preliminary investigations
showed the businesses had allegedly been trading while insolvent to
the tune of AUD400,000 and AUD320,000 for the two companies
respectively.

The auditor's preliminary report said that from April 2016 to
January last year, both companies "struggled to pay their tax
debts," EducationHQ relays.

They tried to turn around the business from January this year, but
by July had approached the voluntary administrators to come on
board.  

EducationHQ relates that the companies were in the black most
recently in 2017 (with only AUD14,136 in the bank) and the last
time the foundation's accounts were reconciled was November last
year.

According to EducationHQ, the auditor's preliminary report said
staffing expenses jumped AUD72,712 in 2017 to AUD610,987 in 2018.
This was due to overdue superannuation and taxes in the previous
years due to "historical inadequacies in MAF's governance and
financial management".

In August, Hani Ghali, CEO of A2 Montessori in Queensland, fought
off six other bidders to buy the assets of the two companies, the
name Montessori Australia Foundation and other registered business
names. His was the highest offer, EducationHQ notes.

EducationHQ adds that the auditors' report said Mr. Ghali
"expressed a strong desire to preserve the not-for-profit
Montessori Australia Foundation for the benefit of the Montessorian
community".

Montessori Australia offered educational, community, training and
resource services.  ACMS was incorporated 21 years ago, while the
foundation was formed in May 2003 as a non-profit organisation.
They operated in Sydney and the ACT.

All Montessori schools and centres are independently owned and
operated in Australia.

NEW START: First Creditors' Meeting Set for Oct. 14
---------------------------------------------------
A first meeting of the creditors in the proceedings of New Start
Australia Pty Ltd will be held on Oct. 14, 2019, at 11:00 a.m. at
the offices of O'Brien Palmer, Level 9, at 66 Clarence Street, in
Sydney, NSW.

Liam Bailey of O'Brien Palmer was appointed as administrator of New
Start on Sept. 30, 2019.

NOW TRUST 2019-1: Moody's Gives B2 Rating to AUD4.6MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by Perpetual Corporate Trust Limited, as trustee of
NOW Trust 2019-1.

Issuer: NOW Trust 2019-1

AUD143.0 million Class A Notes, Assigned Aaa (sf)

AUD16.6 million Class B Notes, Assigned Aa2 (sf)

AUD12.8 million Class C Notes, Assigned A2 (sf)

AUD5.2 million Class D Notes, Assigned Baa2 (sf)

AUD13.8 million Class E Notes, Assigned Ba2 (sf)

AUD4.6 million Class F Notes, Assigned B2 (sf)

The AUD4.0 million Class G Notes are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian unsecured and secured personal loans originated by
Wingate Consumer Finance Pty Ltd (unrated). This is WCF's first
personal loan ABS transaction.

WCF is an Australian non-bank lender in the personal loan market.
WCF began originating personal loans in 2013 and has settled in
excess of AUD470 million of new loans to approximately 22,500
customers as at June 30, 2019.

NOW Trust 2019-1 is WCF's first personal loan ABS transaction.
Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes will benefit from 28.5%, 20.2%, 13.8%, 11.2%, 4.3%
and 2.0% of note subordination, respectively. The notes will be
repaid on a sequential basis until the credit enhancement of the
Class A Notes is at least 38.5%, and as long as cumulative gross
principal losses remain below 7.5%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs on the notes, unreimbursed principal
draws, if 60+ day arrears exceed 4.0%, or if the first call option
date has passed. At all other times, the structure will follow a
pro-rata repayment profile (assuming pro-rata conditions are
satisfied).

Moody's analysis also accounts for the risk of the transaction
being over or under-hedged. This risk arises because the notional
amount in the swap agreement is based on the repayment profile of
the pool, assuming a certain level of prepayments. If prepayments
deviate from this assumption, the transaction is exposed to the
risk of being over or under-hedged. To account for this risk,
Moody's ran a number of faster and slower prepayment scenarios in
combination with associated upward and downward movements in bank
bill swap rates.

As of the June 30, 2019 cut-off date, the securitised pool
consisted of 10,596 personal loans. The total outstanding balance
of the receivables was AUD199,992,784 comprising 81.2% unsecured
and 18.8% secured loans. The average account balance was AUD18,874
with a weighted average interest rate of 14.7% and a weighted
average seasoning of 15.4 months.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

  - The limited amount of historical data. WCF was established in
2013, with significant origination growth beginning in 2017. The
static loss data used for Moody's extrapolation analysis reflects
WCF's short origination history, was limited to the origination
vintages between Q4 2013 and Q3 2018, and does not cover the full
life cycle for any one vintage.

  - The high degree of dependency on WCF. WCF acts as the sponsor,
originator, servicer and trust manager. This dependency is
mitigated by the inclusion of AMAL Asset Management Limited (AMAL,
unrated) as a backup servicer, as well as by various replacement
and notification triggers. AMAL is an experienced third-party
servicer in the Australian Market.

  - The interest rate swap provided by National Australia Bank
Limited (Aa3/P-1/Aa2(cr)/P-1(cr)) and the fact that the notional
balance of the swap is based on a schedule.

  - The minimum credit enhancement levels set for each class of
notes.

  - The availability of a significant amount of excess spread over
the life of the transaction.

  - The liquidity facility in the amount of 1.5% of the note
balance subject to a floor of AUD500,000.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 8.0%,
coefficient of variation of 41.5%, a recovery rate of 7.5% and a
portfolio credit enhancement of 38.0%. Moody's assumed default
rate, CoV and recovery rate are stressed compared to the historical
levels of 5.7%, 28.0% and 13.4% respectively.

The difference between the actual and assumed default rate, CoV and
recovery rate is in part explained by the addition of several
stressed curves (for example, average default rate multiplied by
three) to address the lack of a stressed economic environment in
recent years.

To address the limited historical loss data on WCF's portfolio,
Moody's has overlaid additional stresses into its default and CoV
assumptions.

Methodology Underlying the Rating Action

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

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

Factor that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.

PAINTER MKM: First Creditors' Meeting Set for Oct. 11
-----------------------------------------------------
A first meeting of the creditors in the proceedings of The Painter
MKM Pty. Ltd. will be held on Oct. 11, 2019, at 12:00 p.m. at the
offices of Mackay Goodwin, Level 2, at 10 Bridge Street, in Sydney,
NSW.

Domenico Alessandro Calabretta, Thyge Trafford-Jones and Mackay
Goodwin were appointed as administrators of Painter MKM on Sept.
30, 2019.

QUEENSLAND NICKEL: Traded While Insolvent Before Collapse
---------------------------------------------------------
The Australian reports that Clive Palmer's failed Queensland Nickel
refinery traded insolvently before administrators were called in to
help save the cash-strapped Townsville operation, a court has
heard.

According to The Australian, insolvency expert Peter Gothard told
the Supreme Court in Brisbane on Sept. 30 that it was likely the
now-collapsed refinery had been insolvent as early as October 9,
2015, and remained so until the billionaire businessman and his
team called in administrators on January 13, 2016.

"From my observations, QN was continuing to incur significant
trading losses during that period (and) had projected cashflow
deficiencies continuing out through until May or June 2016," Mr.
Gothard said from the witness box, The Australian relays.

The Australian relates that Judge Debra Mullins said proving if
Queensland Nickel was insolvent on January 13 was now the main
purpose of the long-running trial, which has seen Mr. Palmer settle
more than half of the AUD200 million worth of claims against him by
the refinery's liquidators.

Mr. Gothard said despite extensive but ultimately unsuccessful
efforts to raise funds to inject into the ailing refinery,
Queensland Nickel's working capital continued to deteriorate in
2015, The Australian relays.

The Australian adds that the company also didn't have any
substantial property or plant and equipment or surplus assets that
could have been sold and used to pay creditors.

"QN's related parties and shareholders hadn't contributed
sufficient funds to support the company and maintain its solvency,"
the report quotes Mr. Gothard as saying.

It also failed to win over major creditors and gain delayed payment
plans for its debts, Mr. Gothard said.

The trial continued on Oct. 1, The Australian notes.

                      About Queensland Nickel

Queensland Nickel was engaged in the production and marketing of
nickel and cobalt.  It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd and
QNI Metals Pty Ltd, with the directorship going to Palmer's nephew
Clive Theodore Mesnick.

On Jan. 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield and
Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that the
Company "incurred debts of AUD771 million after going insolvent in
November [2015]."

On April 22, 2016, the Companies' creditors voted for liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.

RESIMAC TRIOMPHE 2018-2: S&P Affirms B(sf) Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its ratings on nine classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2018-2. At the same time,
S&P removed the class AB and class B notes from CreditWatch, where
it had placed them with negative implications on July 30, 2019.

S&P said, "The rating affirmation follows our review of the
transaction, after taking into account our lowering of the ratings
on QBE Lenders' Mortgage Insurance Ltd. (QBE) and Genworth
Financial Mortgage Insurance Pty Ltd. (Genworth) to 'A' from 'A+'.
Both QBE and Genworth are lenders' mortgage insurers for about
14.7% of the loans in the portfolio, which forms credit support to
the notes.

"Under our methodology, the credit given to an insurer's capacity
to pay is lower for a 'A' rated insurer than a 'A+' rated insurer
when assigning credit to lenders' mortgage insurance (LMI) for
residential mortgage-backed securities (RMBS) ratings higher than
'A (sf)'. As a result, the minimum credit support is higher under a
'A' rated LMI provider than a 'A+' rated LMI provider.

The rating affirmation on the nine classes of notes and the removal
of the class AB and class B notes from CreditWatch today reflect
the following factors:

-- The proportion of LMI-insured loans in this portfolio is
limited to 14.7%, which somewhat limits the impact of negative
rating migration of the LMI providers on the notes;

-- Since the transaction close, the level of credit support
provided by note subordination to each of the rated notes has
increased even as the transaction continues to amortize;

-- For class AB and class B notes, when these notes were initially
issued, the level of credit support provided by note subordination
was higher than the minimum required to support the assigned
ratings on those notes. After taking into account the lowering of
the ratings on the LMI providers and the increase in level of
credit support provided by note subordination since transaction
close, the current level of credit support available to class AB
and class C notes through note subordination is commensurate with
the 'AAA (sf)' and 'AA (sf)' ratings assigned; and

-- The notes pass S&P's cash-flow modelling stresses commensurate
with the ratings on the notes.

  RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH NEGATIVE

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-2

  Class     Rating To      Rating From
  AB        AAA (sf)       AAA (sf)/Watch Neg
  B         AA (sf)        AA (sf)/Watch Neg


  RATINGS AFFIRMED

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-2

  Class     Rating
  A1a       AAA (sf)
  A1b       AAA (sf)
  A2        AAA (sf)
  C         A (sf)
  D         BBB (sf)
  E         BB (sf)
  F         B (sf)


SAPPHIRE XXII 2019-2: Moody's Rates AUD3.6MM Class F Notes B2
-------------------------------------------------------------
Moody's Investors Service assigned the following definitive ratings
to the notes issued by Permanent Custodians Limited as trustee of
Sapphire XXII Series 2019-2 Trust.

Issuer: Sapphire XXII Series 2019-2 Trust

AUD90.00 million Class A1S Notes, Assigned Aaa (sf)

AUD225.00 million Class A1L Notes, Assigned Aaa (sf)

AUD74.25 million Class A2 Notes, Assigned Aaa (sf)

AUD31.50 million Class B Notes, Assigned Aa2 (sf)

AUD6.75 million Class C Notes, Assigned A2 (sf)

AUD7.65 million Class D Notes, Assigned Baa2 (sf)

AUD6.30 million Class E Notes, Assigned Ba2 (sf)

AUD3.60 million Class F Notes, Assigned B2 (sf)

The AUD2.25 million Class G1 Notes and the AUD2.70 million Class G2
Notes are not rated by Moody's.

The transaction is an Australian residential mortgage-backed
securities transaction secured by a portfolio of residential
mortgage loans. All receivables were originated by Bluestone Group
Pty Limited or Bluestone Mortgages Pty Limited and are serviced by
Bluestone Servicing Pty Limited.

Bluestone is an experienced securitiser in the Australian RMBS
market, having completed 28 term RMBS transactions since 2000.
Bluestone also has extensive securitisation experience through its
various warehouse funding arrangements. This is Bluestone's second
transaction for 2019.

RATINGS RATIONALE

The definitive ratings take into account, among other factors, the
evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 2.0% of the note balance, the legal structure, and
the credit strength and experience of Bluestone Servicing as the
servicer.

  - Moody's MILAN CE -- representing the loss that Moody's expects
the portfolio to suffer in the event of a severe recession scenario
-- is 13.5%. Moody's expected loss for this transaction is 2.2%.

Key transactional features are as follows:

  - Whilst the Class A1L and Class A2 Notes rank sequentially in
relation to interest and charge-offs, they rank pari passu in
relation to principal throughout the life of the transaction.
Principal repayments will be allocated pro-rata, based on the
stated amount of the notes. This feature reduces the absolute
amount of credit enhancement available to the Class A1L Notes.

  - The servicer is required to maintain the weighted-average
interest rate on the mortgage loans of at least 3.90% above
one-month BBSW, which is within the current portfolio yield of
5.65%. This generates a high level of excess spread available to
cover losses in the pool.

  - The yield enhancement reserve is available to meet senior
expenses and the required payments for Class A Notes only, while
any Class A Notes are outstanding and before the call option
trigger date. The reserve account is funded by trapping excess
spread at an annual rate of 0.3% of the outstanding principal
balance of the portfolio up to a maximum amount of AUD900,000.
After the Class A Notes have fully amortised, the yield enhancement
reserve will be released to repay principal on the outstanding
classes of notes from Class F to Class B (until the stated amount
of each class of notes is reduced to zero).

  - A retention mechanism will be used to divert excess available
income towards the repayment of the most junior class of the rated
notes outstanding. The retention amount will be up to 0.3% of the
current outstanding pool balance, and up to a total captured amount
of AUD900,000. At the same time, the trustee will issue Class RM
Notes, equivalent to the retention amount allocated, leaving
subordination levels unchanged.

  - The Class A1L to Class F Notes will start receiving their
pro-rata share of principal if step-down conditions are met.

  - Permitted further advances can be funded within the trust,
which could lead to a deterioration in the credit quality of the
pool. Further advances are subject to certain conditions. Further
advances will be funded through principal collections.

Key pool features are as follows:

  - The pool has a weighted-average scheduled loan-to-value (LTV)
ratio of 68.4% and there are no loans in the pool with a scheduled
LTV ratio over 85.0%.

  - The portfolio has a low level of weighted-average seasoning of
4.4 months.

  - Investment and interest-only loans represent 26.1% and 6.1% of
the pool, respectively.

  - Based on Moody's classifications, the portfolio contains 16.8%
exposure to borrowers with prior credit impairment histories
(default, judgment or bankruptcy). Moody's assesses these borrowers
as having a significantly higher default probability.

  - Based on Moody's classifications, the portfolio contains 47.0%
of loans granted on the basis of alternative income documentation,
with a further 1.0% granted on the basis of low-income
documentation.

  - Around 51.2% of the loans in the portfolio were extended to
self-employed borrowers.

Methodology Underlying the Rating Action:

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

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian jobs
market and housing market are primary drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.



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

GANSU HIGHWAY: S&P Lowers Stand-Alone Credit Profile to 'bb-'
-------------------------------------------------------------
On Sept. 30, 2019, S&P Global Ratings revised its stand-alone
credit profile (SACP) on the China-based highway operator and
developer, Gansu Highway, to 'bb-' from 'bb+'.

S&P said, "We also affirmed the 'BBB' long-term issuer credit
rating on Gansu Highway because we continue to assess the company's
likelihood of receiving extraordinary support from the Gansu
provincial government as almost certain. At the same time, we
affirmed our long-term 'BBB' issue rating on the company's senior
unsecured notes.

"We affirmed the 'BBB' rating on Gansu Provincial Highway Aviation
Tourism Investment Group Co. Ltd. (Gansu Highway) because we
continue to see an almost certain likelihood that the company will
obtain timely extraordinary support from its sole owner, the Gansu
provincial government, in the event of financial distress. Our
rating on Gansu Highway is highly linked to the credit quality of
the Gansu government.

"However, Gansu Highway's business fundamentals have weakened amid
shifting regulations, slowing macroeconomic conditions, and
increasing financial leverage. We believe this outweighs its
strength as the near-monopolistic toll road developer for Gansu
province. We therefore lowered the SACP to 'bb-' from 'bb+'.

"In our view, Gansu Highway provides an essential non-profit public
service that cannot be easily replaced by the private sector. It is
the sole investor, developer, and operator for government toll
roads in the province, most of which belong to the national
expressway network. Gansu Highway's toll road revenues are part of
the government's fiscal budget, though the associated debt is not
part of it. Given the Gansu provincial government's direct whole
ownership and control as well as its role in the company's business
strategy and operations, we assess Gansu Highway as having an
integral link with the provincial government.

"We consider Gansu provincial government's credit quality as
investment-grade. Our view is underpinned by the government's
exceptional liquidity and satisfactory financial management.
Another key factor is the supportive fiscal regime between central
and provincial governments in China, which helps the Gansu
provincial government balance its expenditure and revenue as well
as service its debts."

However, Gansu's creditworthiness is constrained by its low GDP per
capita given its weak infrastructure and industrial base. The
province has a thin tax revenue base and relies on transfers from
the central government to balance the budget. Gansu has a high debt
burden with substantial contingent liability risk--a result of its
large state-owned enterprise (SOE) sector focused on commodities.

Despite Gansu Highway's strong policy function and extraordinary
government support, the SACP has continued to deteriorate owing to
sustained high capital expenditure (capex) and weak toll revenue
generation. At the same time, the company's funds from operations
(FFO) and operating cash flows have been persistently negative. Its
debt-to-EBITDA ratio rose sharply to 42.7x in 2018 (from just above
30x in 2017) and will likely exceed 65x in 2020. S&P said, "This is
because we expect capex-led growth in debt to outpace earnings
accretion by a wide margin. We estimate the company's net debt will
continue to grow at a mid-teens percentage rate annually and reach
above Chinese renminbi (RMB) 310 billion by 2020."

S&P expects Gansu Highway's toll revenues to continue to decline in
2019-2021, given deteriorating business fundamentals. Economic
weakness in Gansu and nearby provinces owing to lackluster
commodities and mining sectors also limit the upside potential of
overall traffic growth. Given lower toll-eligible traffic volumes,
Gansu Highway's annual EBITDA in 2019-2021 could decline to an
average of RMB5 billion, 15% lower than the previous two-year
average.

The company's expressway operations have also been hurt by
alternative modes of transportation and sluggish economic
conditions. In addition, while class II highways were made
toll-free by the provincial government in June 2017, details of
compensation are yet to be revealed. This has weighed on Gansu
Highway's toll traffic and toll revenues, which fell 16.8% and
18.9% in 2018; the first half of 2019 also saw a year-on-year
decline. Passenger volumes will also be affected by new high-speed
railways connecting Gansu with nearby provinces over the coming
years. At the same time, the company's increasing concentration in
economically sensitive heavy-duty vehicles further subjects it to
traffic risks.

S&P said, "Despite rising leverage, we expect Gansu Highway to
manage its current capital structure and refinancing risk over the
next 12-18 months. We attribute this to the company's practice of
prefunding debt maturities (despite negative carry) at least six
months in advance as well as its good credit availability given its
strong government association. This allows the company to arrange
for back-up funding on a timely basis in the event of market
disruptions. As of June 30, 2019, Gansu Highway's cash balance was
RMB57.8 billion (including just RMB0.69 billion in restricted
cash), 2.4x its debt maturities.

"The stable outlook on Gansu Highway over the next 12-18 months
reflects the stable credit profile of the Gansu government. We
expect the supportive fiscal regime between central and provincial
governments in China to continue to mitigate Gansu's very weak
economic profile, improve its expenditure and revenue balancing,
and expand its debt-servicing capacity. At the same time, we expect
Gansu to maintain its exceptional liquidity and strong access to
onshore bond markets.

"The stable outlook also reflects our expectation that the
likelihood of extraordinary government support for Gansu Highway
will remain almost certain over the next 12-18 months. This is
despite the company's very high leverage, which will continue to
increase to support toll road investments.

"We could lower the rating on Gansu Highway if the credit profile
of the Gansu government weakens in our view. This could happen if
the government's fiscal stance materially deteriorates because of a
large spending increase, which results in a significantly larger
deficit compared with our baseline forecast."

S&P could also lower the rating by more than one notch if it
believes the likelihood of extraordinary government support has
weakened. Signals of weakening likelihood include:

-- Gansu Highway's strong government association does not
translate to adequate funding support, in particular bank credit.

-- Indications include the company's unrestricted cash falling
meaningfully short of current debt servicing, suggesting weakened
defense to external shocks; increasing reliance on short-term
funding or costly debt; and significant reduction of facilities by
major Chinese banks.

-- S&P view sthe provincial government as having inadequate
administrative capacity to respond to potential distress of the
wider state-owned sector in a timely manner. This could be
indicated by loosening oversight or lack of acknowledgement by the
government of its necessity to take prompt action to support
liquidity, if needed.

-- The company's role as Gansu province's sole toll road investor
and operator is materially diluted. For example, the provincial
government's toll road special purpose bonds may emerge as a
material alternative financing of government toll road
development.

-- The provincial government ceases to retain full ownership of
the company and the government's control over management
diminishes.

S&P said, "We could lower the SACP if the provincial government
does not support regulations to improve Gansu Highway's operating
results in our view.

"We could raise the rating on Gansu Highway if the credit profile
of the Gansu government improves in our view." This could happen
if: (1) Gansu's tax-supported debt growth is more contained than
our baseline expectation, or (2) Gansu's growth prospects improve
materially, which in turn mitigate the municipality's revenue and
expenditure imbalance on a systemic basis.

The upside to the SACP is limited, given the company's mounting
debt and heavy reliance on external funding to sustain existing
operations.


OCEANWIDE HOLDINGS: S&P Affirms 'CCC+' LT ICR, Outlook Negative
---------------------------------------------------------------
On Sept. 30, 2019, S&P Global Ratings affirmed its 'CCC+' long-term
issuer credit rating on Oceanwide Holdings Co. Ltd. and the 'CCC'
long-term issue rating on the company's outstanding senior
unsecured notes.

S&P said, "Our outlook on Oceanwide remains negative because we
expect the company's liquidity to stay very tight with persistently
high refinancing pressure. The company will have around Chinese
renminbi (RMB) 34 billion in debt maturing in the next 12 months to
September 2020, including notably the US$280 million puttable in
April and US$400 million senior notes due in July. It also has a
RMB4 billion onshore private bond puttable in September 2020. We
believe the company's internal sources of funding are very limited,
and that it will largely rely on external refinancing and asset
sales to provide liquidity. Such external transactions come with
uncertainties and risks of execution slippages.

"In our opinion, refinancing is becoming increasingly challenging
for the company under the current adverse credit conditions. We
believe Oceanwide may be able to roll over a large portion of its
existing bank loans and nonstandard borrowings from trust and asset
management companies, based on their secured nature. These lines
are generally pledged with its investment properties, equity
securities, and land assets in Wuhan. But the company may find it
difficult to obtain incremental credit lines from financial
institutions or establish new funding channels. We expect the
company to develop increasing reliance on its related entity, China
Minsheng Bank, which could form over 50% of the company's aggregate
bank lines. Currently, both the domestic and offshore debt capital
markets have weaker investor appetite, so issuances are likely to
be opportunistic.

"We affirmed the current 'CCC+' issuer credit rating on Oceanwide
as we see a reasonable likelihood that the company will be able to
successfully dispose of a number of assets in the next three to six
months. This would be essential to shore up its liquidity and
achieve bullet debt repayment, especially its U.S.-dollar senior
notes. The company is currently in the process of sourcing buyers
for large scale overseas real estate projects and other peripheral
assets to recoup capital offshore. In aggregate, the asset sales
could potentially amount to around RMB10 billion, but hinge on
execution timing.

"We believe the company's internal operating cash flow remains
weak, given room for ramping up income from property sales and
financial services is quite limited in the next two years." The
substantial annual interest burden is draining Oceanwide's
operating cash flow. The company is also attempting to improve its
capital structure by seeking strategic investors for its Wuhan
Central Business District project as well as financial services
businesses, but progress in these efforts is unpredictable.

The negative outlook reflects Oceanwide's persistent strained
liquidity with weak operating cash flow for debt servicing. The
company's refinancing pressure remains substantial under the
current adverse funding conditions. Any potential debt reduction is
dependent on the successful execution of asset sales and equity
raising, which can be subject to execution slippage.

S&P said, "We could lower the rating if the execution of the
company's fundraising and refinancing plans falter; in particular,
if asset sales fail to materialize within 2019, such that the
company's liquidity becomes depleted and a default scenario appears
probable within a 12-month horizon. In addition, we could also
downgrade the company if bank and financial institutions start to
show unwillingness to extend or renew the company's existing
borrowings.

"We may revise the outlook to stable if Oceanwide's refinancing and
debt reduction plans progress smoothly and its liquidity pressure
is significantly alleviated. This would include successful
execution of asset sales or other forms of fundraising such that
its liquidity sources can be around 1x its liquidity uses on a
sustained basis."




=========
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=========

ADDINATH RUBBERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Addinath Rubbers Private Limited
        Village Nangal Kalan
        Tehsil Haroli, Una
        HP 174301

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, SAS Nagar Mohali Bench

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

Insolvency professional: Vigyan Prakash Arora

Interim Resolution
Professional:            Vigyan Prakash Arora
                         Sco-808, 1st Floor NAC
                         Manimajra Chandigarh
                         Chandigarh 160101
                         E-mail: vigyan@vigyanarora.com

                            - and -

                         Plot No. D-190
                         Mohali Business Tower
                         303, 3rd Floor, Industrial Area
                         Phase 8B, Sector 74
                         SAS Nagar Mohali Punjab 160074
                         E-mail: irpaddinath@gmail.com
                         Mobile: 9710000485
                         Tel.: 172-4089990

Last date for
submission of claims:    October 9, 2019


AIFAZ COTTON: CARE Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aifaz
Cotton Processors (ACP) continues to remain in the 'Issuer Not
Cooperating' category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term bank     12.00       CARE B+; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide its press release dated April 4, 2018, placed the
rating of ACP under the 'issuer noncooperating' category as ACP had
failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. ACP continues to be
non-cooperative despite repeated requests for submission of
information through email letter dated July 30, 2019 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on April 4, 2018 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Modest scale of operations with low profitability: The scale of
operations of ACP remained modest with fluctuating income and cash
accruals during last four years ending FY17. Net worth base
remained low owing to low profitability margin and limited value
addition nature of business and presence of ACP in highly
fragmented industry thus limiting financial flexibility of the
entity.

Weak debt coverage indicators: The debt coverage indicators of ACP
remained weak, owing to high reliance on external borrowings to
support its business operations.

Leveraged capital structure: The capital structure of the firm
remained leveraged on account of higher reliance on external
borrowings to support its increased scale of operations.

Working Capital intensive nature of operations: The operations of
ACP remained working capital intensive in nature with funds being
blocked in inventory and debtors. The working capital requirements
of the company are met by the cash credit facility, the average
utilization of which remains high during peak season.

Susceptibility of margins to raw material price fluctuation: The
price of raw cotton in India is regulated through function of MSP
by the government. Furthermore, the price of raw cotton is highly
volatile in nature and depends upon factors like area under
production, yield for the year, international demand-supply
scenario, export quota decided by government and inventory carried
forward from previous year. Hence, any adverse change in government
policy that is higher quota for any particular year, ban on the
cotton or cotton yarn export may negatively impact the prices of
raw cotton in domestic market and could result in lower
realizations and profit for ACP.

Presence in seasonal and fragmented industry: Operation of cotton
business is highly seasonal in nature, as the sowing season is from
March to July and the harvesting season is spread from November to
February. Furthermore, the cotton industry is highly fragmented
with large number (approx 80%) of players operating in the
unorganized sector. Hence, ACP faces stiff competition from other
players operating in the same industry, which further result in its
low bargaining power against its customers.

Key Rating Strengths

Long experience of promoters and established track record of
operations of the company: ACP was incorporated in 2008 and is
promoted by Mr. Arif Abdul Kadar Govery. Over the years, ACP has
established longstanding relations with its customers and
suppliers. Furthermore, the proprietor has an average experience of
one decade in cotton ginning & pressing business which aids in
smooth operations of the company.

Location advantage emanating from proximity to raw material: The
presence of ACP in cotton processing region fetches it a location
advantage owing to lower logistics expenditure and easy
availability of customers and suppliers. Moreover, there is robust
demand of cotton bales and cotton seeds in region due to presence
of spinning and oil mills.

ACP was incorporated as a proprietorship firm in the year 2008. The
firm is engaged in the business of cotton ginning & pressing and
trading of cotton, seeds, oil process at Wane, Yavatmal District.

AMAR ALLOYS: CARE Maintains B+ Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amar Alloys
Private Limited (AAP) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       10.00     CARE B+; ISSUER NOT COOPERATING,
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AAP to monitor the ratings
vide letter dated September 3, 2019 and e mail communications dated
September 3, 2019, August 19, 2019, July 19, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Amar Alloys Private Limited's bank facilities
will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on August 02, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations with low net worth base and PAT margin
The company's scale of operations has remained small marked by
total operating income (TOI) of INR60.02 crore in FY18 (refers to
the period April 1 to March 31) and tangible net worth of INR2.80
crore as on March 31, 2018. The small scale limits the company's
financial flexibility in times of stress and deprives it from scale
benefits. The PBILDT margin stood moderate at 7.39% in FY18.
However, PAT margin stood at below unity level during last four
financial years owing to high interest and depreciation costs.

Weak solvency position
The capital structure of the AAP stood weak with overall gearing
ratio of 12.08x as on March 31, 2018 mainly on account of company's
high reliance on bank borrowings to fund various requirements of
business. Further, the debt coverage indicators of the company
stood weak marked by interest coverage ratio of 1.25x in FY18 and
total debt to GCA of 42.29x for FY18.

Volatility in the raw material prices
The main raw material for production of wheat flour is wheat.
Prices of wheat are subject to government intervention since it is
an agricultural produce and staple food. The price of wheat is also
influenced by the supply scenario which is susceptible to the
agro-climatic conditions. Thus, any volatility in wheat prices can
have direct impact on the profitability margins of the company.

Fragmented and competitive nature of industry
The commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation. In addition, launch
of innovative strategy (such as competitive pricing, aggressive
advertisement campaign, celebrity endorsements, etc.) by large
multinationals to gain market share has increased the competition
intensity as well. This results in limited flexibility over product
pricing for the players in the industry.

Key Rating Strengths

Experienced promoters and long track record of operations
The company is managed by Mr. Rakesh Kumar and Mr. Brij Bhushan
collectively. Both the promoters have around two decades of
experience in processing of wheat. Besides this, they are also
associated with group concerns (Amar Food Plaza and Goyal Trading
Company). The promoters have adequate acumen about various aspects
of business which is likely to benefit AAP in the long run. The
long track record has aided the company in establishment of strong
relationships with suppliers as well as customers.

Favorable location of plant
AAP is engaged in processing of wheat which is easily available in
the areas of Haryana in proximity to company's location. Hence,
AAP's presence in this region results in benefit derived from easy
availability of commodities with lower transportation cost. Thus,
AAP's presence in the wheat growing region ensures regular supply
of goods at low transportation cost.

Amar Alloys Private Limited (AAP) was incorporated as a private
limited company in August 1989 and was engaged in the manufacturing
of TMT bars. However, in 1997, the company changed its nature of
business. AAP is currently being managed by Mr. Rakesh Kumar and
Mr. Brij Bhushan as its directors namely. From 1997 onwards, the
company is engaged in the processing of wheat and sale of its
byproducts under the name of "Amar Roller Flour Mills" at its
manufacturing facility located in Panchkula, Haryana with an
installed capacity of processing 54000 metric tonne of wheat per
annum as on June 30, 2018. The major products include wheat flour,
maida flour, semolina flour and wheat bran. Besides AAP, the
directors are also associated with another group concern namely
Amar Food Plaza and Goyal Trading Company.

ANTRIKSH INFRATECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Antriksh Infratech Private Limited
        302, Agarwal Mall
        Sector 5, Dwarka
        New Delhi South West Delhi
        DL 110075

Insolvency Commencement Date: September 17, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 15, 2020
                               (180 days from commencement)

Insolvency professional: Yogesh Kumar Gupta

Interim Resolution
Professional:            Yogesh Kumar Gupta
                         C-17-B, Basement Kalkaji
                         New Delhi 110019
                         E-mail: ykgupta64@yahoo.co.in
                                 cirp.antrikshinfra@gmail.com

Classes of creditors:    Allottees under real estate project

Insolvency
Professionals
Representative of
Creditors in a class:    Sh Subhash Chand Aggarwal
                         Sh Rohit Aggarwal
                         Sh S Prabhkar

Last date for
submission of claims:    October 11, 2019


BALAJI GINNING: CARE Lowers Rating on INR9cr LT Loan to 'B'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Balaji Ginning and Pressing (BGP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       9.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable on the
                                   basis of best available
                                   information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers
CARE had, vide its press release dated April 4, 2018, placed the
rating of BGP under the 'issuer non-cooperating' category as BGP
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. BGP continues to be
non-cooperative despite repeated requests for submission of
information through email letter dated July 29, 2019 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The revision in the rating assigned to the bank facilities of BGP
takes into account no due-diligence conducted and nonavailability
of information due to non-cooperation by BGP with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.

Detailed description of the key rating drivers

At the time of last rating on April 4, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weakness

Modest scale of operations: The scale of operations of the company
remained small with low net-worth base in FY16 (refers to the
period April 1 to March 31), thus depriving it of scale benefits
and limiting its financial flexibility.

Leveraged capital structure and debt coverage indicators: The
capital structure of the entity remained leveraged with overall
gearing ratio of 2.24x as on March 31, 2016. Moreover, due to low
profitability and high gearing level, the debt coverage indicators
remained weak.

Working capital intensive nature of operations of company:
Although, the operating cycle of BGP improved in FY16 it continued
to remain elongated. BGP offers collection period of one and half
month to its customers and receives credit period of around one
week from its suppliers. The entity has to maintain an inventory
period of around five months, so as to meet the immediate demand of
its customers.

Risk associated with seasonality and fragmented nature of industry:
Operations of cotton business is highly seasonal in nature, as the
sowing season is from March to July and the harvesting season is
spread from November to February. Hence, the working capital
utilization is high.

Susceptibility to government policies related to price and export
of cotton: The price of raw cotton in India is regulated through
function of MSP by the government. Furthermore, the price of raw
cotton is highly volatile in nature and depends upon factors like
area under production, yield for the year, international
demand-supply scenario, export quota decided by government and
inventory carry forward from previous year.

Partnership nature of constitution: Being partnership nature of
constitution, the firm is exposed to the risk of withdrawal of
capital by partners due to personal exigencies, dissolution of firm
due to retirement or death of any partner, withdrawal of capital
and restricted financial flexibility due to inability to explore
cheaper sources of finance leading to limited growth potential.

Key Rating Strengths

Experienced management personnel with long track record of
operations of entity: BGP, established in 2001, is promoted by four
partners Mr Ashok Nilwar, Mr Sainath Motewar, Mr Swapnil Nilawar
and Ms Shilabai Chintawar. The partners have an average experience
of more than a decade in cotton ginning & pressing along with oil
extraction. Being in the industry for more than a decade has helped
the promoter to gain adequate acumen about the business which will
aid in smooth operations of BGP.

Location advantage emanating from close proximity of entity to raw
material source: The manufacturing facility of BGP is located at
Parbhani in the Vidarbha region of Maharashtra. Out of the total
production of Maharashtra, 65% is contributed by Vidarbha region.
Hence, raw material is available in adequate quantity. Furthermore,
the presence of BGP in cottonproducing region also fetches a
location advantage of lower logistics expenditure.

BGP was established as a partnership concern in the year 2001. The
firm is engaged in ginning and pressing of cotton and extraction of
oil from cotton seed along with trading of cotton bales and cotton
seeds. The ginning and pressing unit and oil extraction unit is
located at Yavatmal, Maharashtra.

BHARTI AIRTEL: S&P Rates Proposed U$1BB Perpetual Notes 'BB'
------------------------------------------------------------
On Oct. 1, 2019, S&P Global Ratings affirmed its 'BBB-' long-term
issuer credit rating on Bharti Airtel and the 'BBB-' issue rating
on the company's senior unsecured notes. S&P also assigned its 'BB'
issue rating to the proposed US$1 billion subordinated perpetual
securities (PERPS).

S&P said, "We affirmed the rating on Bharti because we expect the
company's leverage to remain elevated over the next six to nine
months, but improve gradually due to reduced capital spending and
increasing stability in its India mobile operations.

"We rate Network i2i Ltd.'s proposed PERPS two notches below the
issuer ratings on Bharti. This reflects the subordinated nature of
the issuance and the optional deferability of its coupon payments.
Bharti plans to use the proceeds to refinance its existing debt and
fund its capital spending.

"We consider the PERPS to have intermediate equity content up to
the first reset date because they meet our criteria in terms of
subordination, permanence, and deferability at the company's
discretion during that period."

The PERPS will effectively rank senior only to Bharti's equity.
They will have five-year resettable coupons with step-ups of 25
basis points after the initial term of 10 years, and 75 basis
points after 25 years. The PERPS allow indefinite deferral of
coupons on a cash cumulative basis, subject to restrictions on
shareholder distributions.

Although the PERPS have an indefinite tenor, Bharti can redeem them
between the first call date (which falls in five years from
issuance) and the first reset date, and every six months
thereafter. If any of these events occur, the group intends to
replace the proposed instruments, although it is not obliged to do
so.

S&P said, "In our view, the moderate coupon step-ups and redemption
provision creates an incentive to redeem the PERPS after 25 years.
Consequently, we do not consider the PERPS to have intermediate
equity content beyond the first reset date. This is because the
remaining period until its economic maturity would by then be less
than 20 years.

"Given the intermediate equity content, we will classify 50% of the
principal as debt and 50% of the distributions as interest expense
in our calculation of Bharti's financial ratios.

"We now expect Bharti's leverage (ratio of funds from operation
[FFO]-to-debt) to nudge just above 20% in fiscal 2020 (year ending
March 31, 2020). We believe the proposed PERPS improve the
company's leverage by about 50 basis points. The leverage was 14.8%
in fiscal 2019, significantly below our 20% threshold for a
downgrade."

Bharti's rights issuance of Indian rupee (INR) 250 billion,
proceeds of about US$680 million from the IPO of its subsidiary
Airtel Africa Ltd., savings on capital expenditure of INR100
billion, and overall operating improvements in fiscal 2020 should
help it to restore its financial position over the next six to nine
months.

In S&P's view, the improvement in Bharti's leverage will sustain
only if the company's India mobile business starts improving and
free operating cash flows turn positive over the next six to 12
months. Bharti's performance in the first quarter of fiscal 2020
raises prospects of a sustained improvement in its metrics. The
company's revenues have grown in the past five quarters in a row,
albeit at a slow pace.

The top three India mobile players remain neck-to-neck in terms of
revenue market share (Bharti-31.6%, Vodafone-Idea Ltd.-27.8% and
Reliance Jio Infocomm Ltd. [Jio]-31.5%) as of June 30, 2019. S&P
has not seen any major price action from Jio or Bharti in recent
months. Meanwhile, Bharti and Vodafone-Idea have been weeding out
non-paying customers and pushing up minimum tariffs. The average
revenue per user (ARPU) for Bharti's India operations in the first
quarter of fiscal 2020 was INR129, the highest among the top three
contenders.

Bharti's Africa operations should continue to support the company's
credit profile with sustained revenue growth and healthy
profitability (reported EBITDA margins) of about 47%. S&P expects
Bharti's India mobile services' network deployment to be largely
complete and result in an estimated annual savings of INR100
billion starting fiscal 2020.

The debt reduction using the proceeds from rights issuance and
African IPO should also lower the annual interest outflow by INR20
billion-INR25 billion. S&P believes the reduction in capital
spending and interest cost should help Bharti's free operating cash
flows to turn positive over the next 12 months.

S&P said, "We believe Bharti's management is committed to
maintaining the current rating. We expect the company will continue
to strengthen its financial position as it continues to monetize
its stake in Bharti Infratel Ltd. (Infratel)--following Infratel's
merger with Indus Towers Ltd.--and also potentially monetize its
fiber network. We do not factor these transactions in our base
case, given the uncertainty of their timing and extent.

"We also believe the Infratel merger and subsequent stake-sale can
generate significant upfront cash to allow external debt reduction,
but it will simultaneously create significant lease-related
obligations on the company's balance sheet. We think the divestment
could somewhat diminish Bharti's business position too.

"Our negative outlook on Bharti reflects a one-in-three possibility
that we may downgrade the company over the next six to nine months
if its business performance does not improve in line with our
expectations and its FFO-to-debt ratio remains below 20%.

"We may lower the rating if we do not expect Bharti's FFO-to-debt
ratio to recover to above 20% over the next 12 months. Indicators
of such a situation would include reported EBITDA margin slipping
below 40% owing to: (1) further weakening of the company's India
business; (2) an unexpected deterioration of its Africa business;
or (3) the company's capital spending remaining above INR200
billion.

"We may revise the outlook to stable if Bharti arrests the decline
in its India mobile business such that the FFO-to-debt ratio
strengthens and stays well above 20%. This could be due to
moderating competition resulting in modest growth in revenue and
margins, and capital spending staying below INR180 billion."


D.S. KULKARNI: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: D.S. Kulkarni Developers Limited
        DSK House, 1187/60
        J.M. Road, Shivajinagar
        Pune 411005
        Maharashtra, India

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Manoj Kumar Agarwal

Interim Resolution
Professional:            Manoj Kumar Agarwal
                         Malkani Chambers, 3rd Floor
                         Off Nehru Road, Vile Parle (East)
                         Near Domestic Airport
                         Opp. Airlink Hotel
                         Mumbai 400099
                         E-mail: ipmanoj.agarwal@gmail.com

                            - and -

                         107, Sterling Centre
                         Opp. Aurora Towers
                         M.G. Road
                         Pune 411001
                         E-mail: ip.dskdl@gmail.com

Classes of creditors:    Fixed Deposit Holders
                         Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Fixed Deposit Holders:
                         Mr. Rajendra R. Agrawal
                         Mr. Pankaj Singhi
                         Mr. Jitendrakumar Budhalal Shah

                         Home Buyers:
                         Mr. Kedar Muley
                         Mr. Girish Juneja
                         Mr. Prabhanjan Maheshwari

Last date for
submission of claims:    October 9, 2019


DEKSON CASTINGS: CARE Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dekson
Castings Limited (DCL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term bank     12.62       CARE B; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide its press release dated April 4, 2018, placed the
rating of DCL under the 'issuer non-cooperating' category as DCL
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. DCL continues to be
non-cooperative despite repeated requests for submission of
information through email letter dated August 1, 2019 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 4, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from registrar of companies.

Key Rating Weaknesses

Small scale of operations: Despite into operations for over two
decades the size of operations of the company continues to remain
small as marked by a total operating income of INR46.96 crore in
FY18 and a tangible net-worth of INR6.07 crore as on March 31,
2018. The small size restricts financial flexibility and deprives
it of benefits of economies of scale.

High customer concentration risk: The revenue stream of the company
is dominated with the top customer constituting more than 90% of
the total income during last three years ending FY16 resulting in
high concentration.

Leveraged capital structure and modest debt coverage indicators:
The high debt profile of the company as against the low net worth
base resulted in a leveraged capital structure as marked by an
overall gearing ratio of 3.91x as on March 31, 2018. Moreover, the
debt coverage indicators of the company deteriorated and continue
to remain modest.

Working capital intensive nature of operations: The operations of
the entity continues to remain working capital intensive with funds
being mainly blocked in inventory and debtors as reflected by high
gross current asset days of over 134 days during last three years
ending FY18. The same resulted in high utilization of its working
capital limits.

Key Rating Strengths

Long track record of operations and experience of the promoters:
The Company has an established track record of operations and is
promoted by Mr Vikram Dekate and Mr Chetan Dekate, having an
experience of over two decades in the industry. Furthermore, the
entity deals with reputed players in the industry and has been able
to get regular orders from them.

Location advantage: The manufacturing unit of the company is
located at Aurangabad, in close proximity to its key customer
resulting in lower logistic cost.

Moderate profitability margins: Profit margins of the company
continue to remain at moderate level with PBILDT margin in the
range of 11%-13% and have been improving in the last three years
ended FY18 (refers to the period April 1 to March 31).

However, the same remained susceptible to fluctuation in input
prices in light of high inventory holding. PAT margin remain
stagnant at 1.77% over the last three years ended in FY18.

Dekson Castings Limited (DCL) was established in the year 1993 as a
proprietorship concern and was later reconstituted as a private
limited company in the year 2005 and later as a public limited
company in February, 2014. DCL is engaged in the manufacturing of
aluminium sand castings and gravity die castings (GDC) components
and caters mainly to the two-wheeler segment in the auto industry
as well as non-auto applications, viz, electrical energy. The
manufacturing unit of the company is located in Aurangabad with an
installed capacity of 1,290 Metric Tonne Per Annum (MTPA).

DEV AUTOMATES: CARE Assigns B+ Rating to INR6.50cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Dev
Automates Private Limited (DAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.50       CARE B+; Stable Assigned

Detailed Rationale & Key Rating drivers

The rating assigned to the bank facilities of DAPL are constrained
by small scale of operations with low profitability margins, weak
solvency position and elongated operating cycle. The rating is
further constrained by susceptibility of margins to fluctuations in
raw material prices and company's presence in highly competitive
auto component industry. The rating, however, takes comfort from
the experience management and association with reputed customer
base.

Going forward, the ability of DAPL to increase its scale of
operations while maintaining its profitability and improving its
overall solvency position while efficiently managing its working
capital requirements shall remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small, though increasing scale of operations with low profitability
margins
The scale of operations of the company stood small marked by a
total operating income of 22.73 crores in FY19 (Prov.). Though, the
TOI of the firm increased at a compounded annual growth rate (CAGR)
of ~14% in FY16-FY19 period due to higher quantity sold owing to
higher orders received from its customers, the same however,
continued to remain small. The profitability margins of the company
stood low marked by PBILDT and PAT margins of 5.11% and 1.62%,
respectively, in FY19 (Prov.).

Weak overall solvency position
The capital structure of the company remained leveraged with
overall gearing ratio of 1.99x, as on March 31, 2019. Additionally,
the debt coverage indicators of the company also remained weak with
the interest coverage ratio of 1.59x in FY19 (Prov.) and total debt
to GCA ratio of 20.39x for FY19 (Prov.).

Raw material price fluctuation risk
Raw material costs has always been a major contributor to total
cost constituting around 80% of cost of production in past three
financial years (FY17-FY19). The company is exposed to the raw
material price volatility risk due to volatility experienced in the
prices of raw material like steel and iron. The company sources its
raw material requirements on the spot basis, and is thereby exposed
to the risks associated with raw material price fluctuations. Being
a small player in the market the company is not able to pass on the
increase in input cost to its customers at a large extent.

Presence in the highly competitive auto component industry
DAPL operates in a highly competitive industry wherein there is
presence of a large number of players in the unorganized and
organized sectors. Furthermore, the auto component industry is
largely unorganized in structure. The unorganized segment mainly
caters to the replacement market and to tier II and tier III
suppliers. The organized segment majorly caters to the OEM segment.
The high competition restricts the pricing flexibility and
bargaining power of the company.

Key Rating Strengths

Experienced management along with established track record of
operations
Mr. Jaivir Dhankhar manages the overall operations of DAPL since
2006. He is a graduate by qualification and has around two decades
of experience in the automobile industry through his association
with DAPL and other family businesses. He is well supported by a
team of managers and technicians who have requisite experience in
their respective fields.

Association with reputed customer base
The company is engaged in manufacturing of auto-components of two
wheelers like brakes, gear boxes, axles, road wheels, suspension
shock absorbers, radiators, silencers, exhaust pipes, steering
wheels, steering columns and steering boxes etc. which DAPL sells
to reputed original equipment manufacturers.

Stretched liquidity position
The operating cycle of the company stood elongated at 190 days for
FY19 (Prov.). The liquidity position of the company stood weak
marked by current ratio and quick ratio stood at 1.37x and 0.86x
respectively as on March 31, 2019. The company had low level of
free cash and bank balance of INR0.15 crore as on March 31, 2019.
The average utilization of the working capital limit stood at 95%
for the last 12 months period ended June, 2019.

Haryana based, Dev Automates Private Limited (DAPL) was
incorporated on July 25, 2006 and is currently being managed by
Jaivir Dhankar. The company is engaged in manufacturing of
auto-components for two wheelers which DAPL sells to original
equipment manufacturers. Besides DAPL, the director is also engaged
in another group concern namely, Dev Turner Private Limited, which
is a private limited company based in Rajasthan and is engaged in
similar line of business.

DHANVANTARI MILK: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Dhanvantari Milk Products Private Limited
        606/1, Chaitanya Sankul
        1st Lane, Shahupuri
        Kolhapur 416001

Insolvency Commencement Date: September 16, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Ms. Jovita Reema Mathias

Interim Resolution
Professional:            Ms. Jovita Reema Mathias
                         506, Inizio Building
                         Cardinal Gracious Road
                         Chakala, Andheri East
                         Mumbai 400099
                         E-mail: ip.reemajm@gmail.com
                                 ip.dhanvantarimilk@gmail.com

Last date for
submission of claims:    October 4, 2019


DHROOV RESORTS: CARE Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhroov
Resorts continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       11.00      CARE D; ISSUER NOT COOPERATING,
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 6, 2018, placed the
rating of Dhroov Resorts under the 'issuer non-cooperating'
category as Dhroov Resorts had failed to provide information for
monitoring of the rating. Dhroov Resorts continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated August 26,
2019, Augut 22, 2019, August 21, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating takes into account the continued delays in debt
servicing due to weak liquidity position of the firm.

Detailed description of the key rating drivers

At the time of last rating on July 06, 2018 the following were the
rating weaknesses.

On-going delays in debt servicing
There are ongoing delays in the servicing of the interest payment
and principal repayments mainly on account of delays in the start
of commercial operations.

M/s Dhroov Resorts, a sole proprietary concern of Mr. Balbir Singh
Verma, is constructing a 4- star hotel project by the name of
"Dhroov Resorts" in Shimla, H.P. Mr. Verma is a MLA (Member of
Legislative Assembly) from the Chopalarea (in Shimla district) and
is also a certified builder and civil contractor in the region.

DILIP CHHABRIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Dilip Chhabria Design Private Limited
        Kantuo Industrial Estate
        Road No. 5, Kondvita Village Road
        Andheri Kurla Road, Andheri (East)
        Mumbai 400047

Insolvency Commencement Date: September 17, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 15, 2020
                               (180 days from commencement)

Insolvency professional: Jitendrakumar Rambaran Yadav

Interim Resolution
Professional:            Jitendrakumar Rambaran Yadav
                         11, Singh House
                         2nd Floor, 23 Ambalal Doshi Marg
                         Besides BSE Building, Fort
                         Mumbai 400001
                         E-mail: jitendra.yadav0712@gmail.com

Last date for
submission of claims:    October 4, 2019


ENESTEE ENGINEERING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Enestee Engineering Limited

        Registered address:
        KH No. 18 A/1 & 18 A/3
        Chinchbhawan, Kalmeshwar
        Nagpur 441501

        Principal office:
        1st Floor, Royal Orchid
        38, Nagpur Syndicate Layout
        Behind School of Scholars
        Near University Campus
        Amravati Road
        Nagpur 440033

Insolvency Commencement Date: September 17, 2019

Court: National Company Law Tribunal, Nagpur Bench

Estimated date of closure of
insolvency resolution process: March 15, 2020
                               (180 days from commencement)

Insolvency professional: Atul Rajwadkar

Interim Resolution
Professional:            Atul Rajwadkar
                         47, Hindusthan Colony
                         Wardha Road, Nagpur 440015
                         E-mail: vervecapital@gmail.com
                                 enestee.insolvecny@gmail.com

Last date for
submission of claims:    October 12, 2019


GANESH SAW: CARE Maintains B/A4 Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ganesh Saw
Mills Private Limited (GSMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long/Short-          2.50       CARE B; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short–term           5.00       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; based on
                                   best available information

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide its press release dated April 4, 2018, placed the
rating of GSMPL under the 'issuer non-cooperating' category as
GSMPL had failed to provide information for monitoring of the
ratings as agreed to in its Rating Agreement. GSMPL continues to be
non-cooperative despite repeated requests for submission of
information through email letter dated July 30, 2019 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 4, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from registrar of companies):

Key Rating Weaknesses

Small scale of operations with low capitalization and highly
fluctuating profitability: The scale of operations of the entity
remained small with total operating income (TOI) and net-worth base
of INR5.41 crore and INR3.67 crore as on March 31, 2018. The small
scale of operations limits the financial flexibility of the
company. Furthermore, the total operating income and profit margins
remained highly volatile in the past three years ended FY18 (refers
to a period from April to March) owing to fluctuation in prices of
traded goods.

Elongated working capital cycle: The operations of the entity
continues to remain working capital intensive with funds being
mainly blocked in debtors as reflected by high gross current asset
days of 285 days during the year ending March 2018. The same
resulted in delayed payments to the suppliers.

Presence in highly fragmented and competitive industry with limited
value addition nature of business: The business activity of GSMPL
involves importing timber and supplying them domestically to
various wholesalers and retailers. There is limited value addition
involved in the business leading to low profitability margins.
Furthermore, due to limited value edition involved in the process
the industry is subject to low entry barriers. Thus, the nature of
business has attracted a number of importers in the timber
business, putting downward pressure on the margins and creating
huge competition in the otherwise fragmented sector.

Vulnerability to fluctuation in prices of timber logs and currency
rates: GSMPL imports timber from Singapore, Dubai, Burma, and Ghana
etc. This exposes the firm to adverse changes in the government
policies in these countries with respect to timber exports and
timber prices. Moreover, GSMPL does not employ any hedging
mechanism for the purchases made in foreign currency; hence, the
margins remained susceptible to volatility in the prices of timber
and exchange rate fluctuation.

Key Rating Strengths

Experienced promoters and established track record of operations:
GSMPL was established by Mr. Ratansi Patel and succeeded by Mr.
Khetalal Ratansi Patel and Mr. Nitesh Khetalal Patel respectively.
The Patel family is involved in the trading of timber logs business
from more than four decades. The promoters have a considerable
track record in the timber sector which has resulted in long term
relationships with the key suppliers and customers.

Comfortable capital structure and moderate debt service coverage
indicators: The capital structure of the company though
deteriorated continues to remain comfortable as marked by an
overall gearing ratio of 0.23x as on March 31, 2018. Moreover, with
comfortable gearing levels and low cash accruals, the debt coverage
indicators of the company stood moderate.

Incorporated in 1997 GSMPL is engaged in the business of importing
and trading of timber logs with its office located in Latur,
Maharashtra. GSMPL is promoted by Mr. Khetalal Patel, Mr. Nitesh
Patel and Mr. Ratansi Patel. The promoters areexperienced and are
involved in the trading of timber since more than four decades.

GANPAT RAI: CARE Reaffirms B+ Rating on INR12cr LT Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ganpat Rai Shri Ram & Company (GRS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          12.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GRS continues to be
constrained by its modest scale of operations, low profitability
margins, weak overall solvency position and elongated operating
cycle. The ratings are further constrained by fim's presence in a
highly competitive and fragmented nature of industry and
proprietorship nature of constitution. The ratings, however,
derives strength from the experienced proprietor in the trading
industry along with long track record of operations.

Going forward, the ability of the firm to increase its scale of
operations profitably while improving its overall solvency position
and managing its working capital requirements shall remain the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations along with low profitability margins The
total operating income of GRS increased from INR50.66 crore in FY18
(refers to the period April 1 to March 31) to INR56.73 crore in
FY19 at an annual growth rate of 11.98% mainly on account of
increased sales volume due to higher demand received from existing
customers and better sales realization. The same, however, remained
modest. The modest scale of operations limits the firm's financial
flexibility in times of stress and deprives it from scale benefits.
Furthermore, the firm reported total operating income of INR15.00
crore in 5MFY20 (Provisional).

The profitability margins of the firm stood low marked by PBILDT
margin of 4.55% and PAT margin of 0.50% in FY19 due to trading
nature of business and firm's presence in a highly competitive and
fragmented industry. The PBILDT margin improved from 3.34% in FY18
to 4.55% in FY19 on account of better absorption of fixed costs and
improved sales realization. However, the PAT margins remained
almost at the level year's level (0.50% in FY19 as compared to
0.58% in FY18).

Weak overall solvency position
The overall gearing ratio of the firm stood leveraged at 5.72x as
on March 31, 2019 on account of firm's high reliance on external
borrowings to fund various requirements of business. The same
improved from 7.52x as on March 31, 2018 owing to repayment of
unsecured loans in FY19. The debt coverage indicators of the firm
stood weak marked by interest coverage ratio of 1.17x in FY19 (PY:
1.24x) and total debt to GCA of 71.52x for FY19. The total debt to
GCA ratio improved from 103.55x for FY18 due to decline in debt
levels of the firm. Further, the interest coverage ratio declined
from 1.24x in FY18 to 1.17x in FY19 owing to increase in interest
expenses of the firm.

Highly fragmented and competitive nature of industry
Trading industry is highly unorganized & fragmented in nature as
low entry barriers, leads to presence of many players. This leads
to high level of competition in the industry and players work on
wafer-thin margins. The cost of goods purchased is the major cost
component for the players in the industry. Availability of goods is
not an issue for the industry but procuring these goods at
competitive prices poses a challenge to maintain margins.

Proprietorship nature of constitution
GRS's constitution as a proprietorship firm has the inherent risk
of possibility of withdrawal of the proprietor's capital at the
time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover, proprietorship
firms have restricted access to external borrowing as credit
worthiness of proprietor would be the key factor affecting credit
decision of the lenders. However, proprietor has infused additional
funds amounting to INR0.87 crore in FY17-19 period in the form of
capital to fund various business requirements of the firm.

Key Rating Strengths

Experienced proprietor in the trading industry along with long
track record of operations
GRS was established in 1998 and is currently being managed by Mr.
Ram Jiwan Garg. Mr. Ram Jiwan Garg has an industry experience of
two and half decades, gained through his association with GRS,
group concern (SVI) and other regional entities engaged in similar
business operations. The proprietor has adequate acumen about
various aspects of business which is likely to benefit GRS in the
long run. Moreover, the proprietor is supported by qualified and
experienced staff members to manage day to day operations.
Furthermore, the long track record has aided the firm in having
established relationship with customers and suppliers.

Stretched liquidity position
The operations of the firm are working capital intensive marked by
an average operating cycle of 121 days for FY19. [PY: 94 days]. The
average utilization of cash credit limit remained at 98% for the
last 12 months period ended August, 2019. The firm has free cash
and balances of INR0.21 crore as on March 31, 2019.

The liquidity position of the firm stood moderate marked by current
ratio of 2.05x and quick ratio of 1.40x as on March 31, 2019. The
firm has a debt repayment obligation of INR0.09 crore in FY20
(Gross Cash Accruals of INR0.36 in FY19).

The entity was established in April, 1998 as a proprietorship
concern, under the name of Ganpat Rai Shri Ram (GSR). Later on, in
April, 2008, the name was changed to the present one and the firm
is currently being managed by Mr. Ram Jiwan Garg as its proprietor.
GRS is engaged in trading of polyester knitted fabric at its
facility in Rohtak, Haryana. The goods are under the brand name of
"Elegance". Besides GRS, the proprietor is engaged in another group
concern namely Siddhi Vinayak Importers.

IL&FS: Aims to Resolve Half its Debt by March 2020
--------------------------------------------------
Reuters reports that Infrastructure Leasing & Financial Services
(IL&FS) said on Oct. 1 it aims to resolve 50% of its debt by March
2020 and had identified resolution plans for all of its 302
entities.

Reuters relates that the indebted conglomerate's non-executive
chairman Uday Kotak made the comment a year after the government
replaced IL&FS management with a team he leads, following a series
of defaults that triggered concerns of a bad debt crisis in India's
shadow banking sector.

IL&FS has a total debt of close to a trillion rupees and the
Kotak-led management has put several of its group companies up for
sale to raise funds to pay off creditors, Reuters notes.

The group plans to resolve a "significant quantum of addressable
debt" by March 2020, it said in a progress report filed to the
exchanges, Reuters relays.

"We are quite confident that we should cross the 50% mark (debt)
based on our best estimate and judgment as we sit," Kotak, Asia's
richest banker, told reporters, Reuters relays.

So far, the company has found ways to resolve 364 billion rupees of
its debt, it said.

According to Reuters, the group said it is considering options
including infrastructure investment trusts (InvITs) to resolve the
debts of nine of its 14 domestic transportation assets.

"For the roads, where we have felt that either the bids are lower
than what we would like and the roads for which we have not
received any bids, but which are completed roads, this is the first
time we are making this announcement--we are seriously considering
InvITs," said Kotak, whose term as non-executive chairman of IL&FS
was extended on Oct. 1 by New Delhi for a year to Oct. 2, 2020.

The group added that discussions with creditors on restructuring
ITPCL--its Tamil Nadu-based thermal energy company laden with a
debt of 80 billion rupees--is at an "advanced stage," adds Reuters.


                           About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- is an infrastructure development and
finance company based in India. It focuses on the development and
commercialization of infrastructure projects, and creation of value
added financial services. The company operates in Financial
Services, Infrastructure Services, and Others segments.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
3, 2018, the Indian Express said that the Indian government on Oct.
1, 2018, stepped in to take control of crisis-ridden IL&FS by
moving the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a series
of its debt payments. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency of
the infrastructure financing and development group.

IMPEL HEALTH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Impel Health Care Private Limited
        Plot No. 54, TNHB, Nolambur
        HIG Phase II Scheme
        3rd Main Road
        Nolambur, Ambattur Taluk
        Chennai 600095
        IN

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 24, 2020
                               (180 days from commencement)

Insolvency professional: Chandramouli Ramasubramaniam

Interim Resolution
Professional:            Chandramouli Ramasubramaniam
                         'RAJI' 3B1, 3rd floor, Gaiety Palace
                         No. 1L, Blackers Road
                         Mount Road, Chennai
                         Tamil Nadu 600002
                         E-mail: fcs.rms@gmail.com

Last date for
submission of claims:    October 10, 2019


KHARKIA STEELS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Kharkia Steels Pvt. Ltd.
        3A Hare Street
        Kolkata
        WB 700001
        IN

Insolvency Commencement Date: September 23, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 21, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Uday Narayan Mitra

Interim Resolution
Professional:            Mr. Uday Narayan Mitra
                         72/1, Dawnagazi Road
                         Bally, Kolkata
                         West Bengal 711201
                         E-mail: udaynarayanmitra@yahoo.co.uk

                            - and -

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

Last date for
submission of claims:    October 7, 2019


LIQUINOX GASES: CARE Reaffirms B Rating on INR27.41cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Liquinox Gases Private Limited (LGPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          27.41       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of LGPL are continues
to be constrained by the Project implementation and stabilization
risk, Profitability margins are subject to electricity, water and
other manufacturing maintenance cost and Presence in a fragmented
industry resulting in high competition from established players.
However, the ratings are underpinned by the experienced promoters;
financial closure achieved for the project Locational advantage of
the plant and pipeline, encouraging government policies for
manufacture of liquefied natural gas and stable outlook of
Liquefied Natural Gases Industry.

Going forward, ability of the company to complete the project
without any cost and time overrun and ability of the company to
stabilize the operations and generate the revenue and profit levels
as envisaged would be the key rating senilities.

Detailed description of the key rating drivers

Key Rating Weakness

Project implementation and stabilization risk
Out of the total project cost of INR41.98 crore, LGPL has incurred
INR20.38 crore as on September 17, 2019. The commercial operation
is expected to commence from October 2019. The ability of the
company to execute the project in timely manner and stabilize the
operations, without any cost over-runs thereon would be critical
from credit perspective. Profitability margins are subjected to
electricity, water and other manufacturing maintenance cost.

LGPL is engaged in the manufacturing of natural liquefied gases and
the profitability margins of the company will effect on the prices
of electricity, water and other manufacturing maintenance cost.

Presence in a fragmented industry resulted in high competition from
established players
LGPL faces stiff competition in the liquefied gases industry from
large number of established and unorganized players in the market.
Competition gets strong with the presence of unorganized players
leading to pricing pressures. However, improved demand scenario for
liquefied natural gases in the country enables well for the
company.

Key Rating Strengths

Experienced promoters

Liquinox Gases Private Limited (LGPL) was incorporated in December
2016 as a Private Limited with Ms. Himanbindu Pamulapati and Ms.
Sarojini Pamulapati as directors. All the promoters of the company
are well qualified and have experience across different fields. Ms.
Himabindu Pamulapati, the Managing Director, is a graduate by
qualification and currently serving the following positions:

  * Director for Group Company INCAP Limited in Vijayawada

  * Serving as the Managing Director at a renewable solar energy
    company, namely SS Indus Solar Energy Pvt.Ltd

  * Serving as the Managing Director at Liquinox Gases Pvt. Ltd.
    Company since December 2016. Whereas, Ms. Sarojini Pamulapati,

    the Director is a graduate by qualification is a Director at
    SS Indus Solar Energy Pvt. Ltd since 2014 and a director at
    Liquinox Gases Pvt. Ltd. company since December 2016.

Financial closure achieved for the project
LGPL has achieved financial closure for the project. The estimated
total project cost for setting up the unit is INR41.98 crore which
is to be financed through a term loan (sanctioned on August 2018)
of INR25.41 crore and the balance INR16.57 crore through promoter's
own contribution. Of the total project cost, the company has
incurred INR20.38 towards the machinery advances, land and building
development which is funded through promoters own funds and term
loan.

Stable Outlook of Liquefied Natural Gases Industry
India is already reeling under the weight of growing consumption of
Crude Oil and Coal and their associated pollution levels, India
proposed to maintain the balance in energy consumption pattern with
the help of doubling the percentage of natural gas to 15% in the
energy mix by 2022. Historically, India's natural gas consumption
pattern has been on an upward trend since last 6-7 years. With
limited natural gas reserves in India, the imports of natural gas
which stood at 12.89 BCM in FY11 has increased by more than two
times to 26.33 BCM in FY18 despite having less number of LNG
terminals. India may see a 6 times growth in the Indian gas market
by 2030 from the current levels, with LNG to be the largest
contributor. As per MoPNG, LNG import terminal capacity to double
to 47.5 MTs by 2022. The Government plans to launch the auction of
60 oil and gas fields being offered in the second round of bidding
for Discovered Small Field (DSF) on August 9, 2018. Use of LNG as a
transport fuel is on the priority list of the government and is
working in line for setting required infrastructure. Petro net is
setting up 20 LNG stations at petrol pumps on highways along the
west coast that connects Delhi with Thiruvananthapuram covering a
total distance of 4500 kms via Mumbai and Bengaluru. Automotive
sector in India foresees a demand of 8-9 MTs of LNG annually by
2022. India opens biggest city gas licensing round likely to
attract investment of INR70,000 Crore. Government targeting to
raise the share of natural gas in the primary energy basket to 15
percent from current 6 percent, in the next few years.

Vijayawada (Andhra Pradesh) based M/s. Liquinox Gases Private
Limited (LGPL) was incorporated in December 2016 and promoted by
the directors of Incap Limited and SS Indus Solar Energy Private
Limited which was started in 1992 and 2006 respectively. LGPL is a
wholly owned subsidiary of SS Indus Solar Energy Private Limited.
LGPL was incorporated with an objective of manufacturing industrial
and medical gases like Liquid Oxygen, Liquid Nitrogen, Liquid
Argon, Compressed Oxygen, Compressed Nitrogen, Compressed Argon and
Medical Oxygen at its own cryogenic manufacturing unit located at
Pydibheemavaram Industrial area near Srikakulam, situated around
where more than 250 reputed Pharmaceutical Companies are having
their manufacturing Plants. LGPL will build a pipeline network
within the Pharma City for supply of Nitrogen & Oxygen gas to these
companies. The estimated total project cost for setting up the unit
is INR41.98 crore which is to be financed through a term loan
(sanctioned on August 2018) of INR25.41 crore and the balance
INR16.57 crore through promoter's own contribution. Of the total
project cost, the company has incurred INR20.38 crore towards the
machinery advances, land and building development. The company is
expected to commence the commercial operations from October 2019.

M.D. HYGIENE: CARE Reaffirms B+ Rating on INR5.33cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
M.D. Hygiene Private Limited (MDH), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.33       CARE B+; Stable Reaffirmed

   Long-term/
   Short-term
   Bank Facilities      6.00       CARE B+; Stable/CARE A4
                                   Reaffirmed

   Short-term
   Bank Facilities      0.81       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MDH continue to
remain constrained on account of its short track record of
operations with moderate profitability, leveraged capital
structure, moderate debt coverage indicators and modest liquidity
position with elongated operating cycle during FY19 (refers to the
period April 1 to March 31). The ratings, further, continue to
remain constrained on account of its presence in highly competitive
industry along with competition from large international players.
The ratings, however, continue to derive strength from experienced
promoters, MDH's strong marketing setup along with support from the
government in form of various subsidies and incentives.

MDH's ability to increase its scale of operations and improvement
in profitability, solvency position and debt coverage indicators
with efficient management of working capital are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record of operations with moderate profitability
MDH had commenced its commercial operations from September, 2017.
During FY19, MDH's scale of operations as marked by total operating
income (TOI) remained moderate at INR22.98 crore as against INR5.54
crore for its seven months of operations during FY18, owing to
gradual stabilization of operations and resultant increase in sales
volume of its products in FY19. The company reported moderate
operating profits marked by PBILDT of 12.88% (Rs.2.96 crore) during
FY19 as against 31.89% (Rs.1.77 crore) for its seven months of
operations during FY18. Further, PAT remained thin at INR0.02 crore
for FY19 as against INR0.01 crore during FY18 owing to higher
proportionate fixed costs incurred (depreciation and interest
costs) during the preliminary year of operations.

Leveraged capital structure and moderate debt coverage indicators
The capital structure of the company continued to remain leveraged
marked by overall gearing of 2.82 times as on March 31, 2019 as
against 2.79 times respectively as on March 31, 2018 owing to
moderate increase in the total debt level led by increase in
unsecured loans from related parties as on balance sheet date. The
debt coverage indicators of MDH improved and remained moderate as
marked by the total debt to gross cash accruals (TDGCA) of 12.86
years as on March 31, 2019 against 15.45 years as on March 31, 2018
(annualized). Interest coverage ratio of MDH remained moderate at
1.65 times for FY19 against 1.58 times for FY19.

Presence in the highly competitive industry with competition from
large international players
The sanitary products industry in India is extremely competitive
with dominance of large Multi-national companies with majority of
the market share. Further, these companies have competitive
advantage and introduce premium products in regular intervals to
grab the market share. Further, the industry is dominated by
imports & local repackaging of sanitary products by various
players.

Key Rating Strengths

Experienced promoters
Key promoter Mr. Naresh Gonadaliya, who is Textile Engineer, has
experience of around a decade in the field of textile industry.
Another promoters include Mr. Naresh Talaviya, has an experience of
more than a decade into construction line and Mr Chirag Timbadiya
has an experience of around two decades in the similar business
line.
Strong marketing set-up
MDH has registered its brand name viz. '24 CARE' and '7 SOFT' for
selling sanitary napkins. '24 CARE' is a premium brand while '7
SOFT' is a regular brand primarily targeted for rural area. It has
also appointed chain of female marketing personnel for selling at
'Anganwadi' in rural area as well as door to door selling.
Currently, the company is participating in various state
governments' tenders along with proposal of expansion its
operations in foreign countries.

Government support/incentives to textile industry
For the benefit of the textile industry the central government has
launched ATUFs (Amended Technology Up-gradation Fund) RR-TUFs
(Revised Restructured Technology Up- gradation Fund) Scheme under
which it provides subsidy on specified machinery required by the
manufacturer of baby diapers, sanitary napkins, adult diapers etc.

Liquidity Analysis
The liquidity position of MDH continued to remain modest marked by
low current ratio of 1.19 times as on March 31, 2019 as against
1.10 times as on March 31, 2018. The net cash flow generated from
operations remained moderate at INR2.22 crore during FY19 from
negative cash flow of INR3.61 crore during FY18 owing to moderate
profitability of MDH during FY19 coupled with release of funds
blocked in receivables as on balance sheet date. The cash and bank
balance remained low at INR0.81 crore as on March 31, 2019.

Further, operating cycle of the company though improved remained
elongated at 102 days during FY19 as against 135 days during FY18
on account of improvement in inventory holding period days of
company. Average utilization of working capital bank borrowing for
the past 12 months period ended August 31, 2019 remained high at
~95%.

Surat-based (Gujarat) M.D. Hygiene Private Limited (MDH) was
incorporated as a Private Limited Company on March 18, 2016,
promoted by Mr Chirag Timbadiya, Mr Naresh Gondaliya and Mr Naresh
Talaviya. The company is engaged into manufacturing of hygiene
products i.e. sanitary napkins under the brand name '7 Soft' and
'24 Care'. The manufacturing facilities of the company is located
at Mandvi (Surat) in Gujarat with an installed capacity of 36 crore
pieces per annum as on March 31, 2019. The company started
commercial operations from September, 2017.

MANGE RAM: CARE Reaffirms B+ Rating on INR15cr LT Loan
------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Mange Ram Enterprises Private Limited (MREPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           15.00      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MREPL continues to
remain constrained by its modest and fluctuating scale of
operations, low PAT margin, leveraged capital structure, weak debt
coverage indicators and weak liquidity indicators. The rating is
further constrained by risk associated with its working capital
intensive nature of operations, fortunes of the company linked with
growth plans of the manufacturer and competitive nature of the auto
industry.

The rating, however, continues to draw comfort from experienced
promoters coupled with long track record of operations in the
automobile industry and association with reputed brand name.

Going forward; ability of the company to profitably increase its
scale of operations while improvement in its capital structure
shall be the key rating sensitivities. Further, efficient
management of its working capital requirements shall be another key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest and fluctuating scale of operations: MREPL's scale of
operations continue to remain modest as evident from total
operating income and gross cash accruals of INR68.64 crore and
INR1.16 crore respectively, during FY19 (refers to the period April
1 to March 31; based on provisional results). Moreover, MREPL's
scale of operations remained fluctuating for the period FY17-FY19
(refers to the period April 1 to March 31). TOI declined in FY18 as
against FY17 and thereafter registered increase in FY19 on account
of higher quantity sold. Further, the net worth base also stood
small at INR5.56 crore as on March 31, 2019. The small scale of
operations limits the company's financial flexibility in times of
stress and deprives it of scale benefits. Furthermore, during
5MFY20 (refers to the period April 1 to August 31; based on
provisional results); the company has achieved the total operating
income of ~Rs.32.00 crore.

Low PAT margin, leveraged capital structure and weak debt coverage
indicators: An automotive dealer's revenues are primarily driven by
volumes, while the profits are driven by the sale of spares and
service income, as the latter fetches higher profit margins. The
company has limited negotiating power with manufacturers and has no
control over the selling price as the same is fixed by the
manufacturers. Further, high interest expense restricts the net
profitability of the company. Thus, PAT margin stood below 0.60%
for the past three financial years (FY17-FY19).

The capital structure of the company stood leveraged as marked by
overall gearing ratio which stood above 4.70x as on past three
balance sheet dates ending March 31, '17- '19, owing to high
reliance of external borrowings to meet working capital requirement
coupled with low net worth base. Moreover, the debt coverage
indicators of the company as marked by interest coverage ratio and
total debt to GCA continue to remain weak at 1.70x and 23.02x
respectively during FY19.

Weak liquidity indicators: The liquidity indicators of the company
continue to remain weak as marked by current and quick ratio of
0.88x and 0.29x respectively as on March 31, 2019; elongated
inventory holding period and almost full utilization of its working
capital borrowings indicates the weak liquidity position of the
company. The cash and bank balances stood at INR0.21 crore as on
March 31, 2019.

Working capital intensive nature of operations: The operations of
the company continue to remain working capital intensive in nature
marked by operating cycle of 119 days in FY19 mainly on account of
high inventory days. The company needs to stock different models of
vehicles and spares in the showrooms in orders to ensure ample
availability and visibility, which leads to inventory holding days
of around 3 months. Though, the sales to customers are made on
"Cash and Carry" basis however, around 70%-80% of the vehicles are
bought on vehicle financing basis through banks and NBFCs, thereby
resulting in average collection period of around 45 days in FY19.
The company procures passenger cars from Hyundai Motor India
Limited (HMIL) by making full advance payment and for spare parts
it gets a credit period of around a month. The average working
capital borrowings of the company remained almost fully utilized
for the past 12 month's period ending August, 2019.

Fortunes of the company linked with growth plans of the
manufacturer: The company procures its product directly from its
principal; Hyundai Motor India Limited (HMIL). Thus, the fortunes
of the company are directly linked to its supplier which exposes
the company's revenue growth and profitability to its supplier's
future growth prospects. Any impact on business and financial
profile of the manufacturer will also have an impact on the growth
prospects of the company.

Competitive nature of the auto industry: MREPL is exposed to
competition from the products of other OEM's and dealers operating
in the same region. Accordingly, MREPL has to resort to offering
better buying terms like allowing discounts to capture the market
share which, in turn, creates margin pressure and negatively impact
the earning capacity of the company. Furthermore, the auto industry
is inherently vulnerable to the economic cycles and is highly
sensitive to the interest rates and fuel prices. The company thus
faces significant risks associated with such cyclical nature of the
auto industry.

Key Rating Strengths

Experienced promoters coupled with long track record of operations
in the automobile industry: Mr. Pushpendra Rawat and Mrs. Renuka
Rawat are the directors of the company and they collectively look
after the overall operations of the company. Mr. Pushpendra Rawat
has accumulated experience of around a decade in dealership
business through his association with this entity.

Association with reputed brand name: MREPL is an authorized dealer
of Hyundai Motor India Limited (HMIL) which is one of the largest
automobile manufacturers in passenger cars. In the domestic
passenger car market, HMIL has established market position
underpinned by the strong position of its healthy presence in the
Hatch back, Sedan, SUV and MUV segment in domestic market.

Delhi based Mange Ram Enterprises Private Limited (MREPL) (CIN No.
U51909DL2007PTC167336) was incorporated in August, 2007 and started
its commercial operations from August, 2008. The company is
currently managed by Mr. Pushpendra Rawat & Mrs. Renuka Rawat.
MREPL is an authorized distributor of Hyundai Motor India Limited
(HMIL) vehicles. The company operates through its 3S (Sales, Spares
and Services) facility and is engaged in the sale of passenger
cars, servicing of vehicles and sale of its spare parts. The
company has three showrooms located in Ghaziabad, Vaishali &
Baraut. The company has two associate concerns namely; "M.R.
Preview" and "M.R. Homes" engaged in real estate business.

MAYNAGURI AGRO: CARE Assigns B+ Rating to INR14.17cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Maynaguri Agro Tea Private Limited (MATPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          14.17       CARE B+; Stable Assigned

   Short-term Bank
   Facilities           0.59       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of MATPL are
constrained by its small scale of operations with low profitability
margins, regulation by government in term of minimum support price
(MSP), leveraged capital structures with moderate debt coverage
indicators and seasonal nature of availability of raw material and
exposure to vagaries of nature. The rating, however, derives
strength from its experienced promoters and close proximity to raw
material sources and favorable industry scenario.

Going forward, the ability of the company to grow its scale of
operations along with improvement in profitability margins,
and effective management of working capital will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margins: The total
operating income of MATPL witnessed continuous growth with a
compounded annual growth rate of during last three years (i.e. FY16
–FY18) on account of higher demands of the products. Moreover,
the overall scale of operations of the company remained small
marked by total operating income of INR37.29 crore, PAT of INR0.35
crore and GCA of INR2.76 crore in FY18. During FY19, Provisional,
the company has reported turnover of INR32.91 crore with a PBT of
INR1.69 crore. The small size restricts the financial flexibility
of the company in times of stress and deprives it from benefits of
economies of scale. During 5MFY20, the company has booked turnover
of INR10.49 crore as maintained by the management. The
profitability margins of the company improved in FY18 due to better
management of cost of operations but the same remained low marked
by PBILDT margins of 13.25% and PAT margin of 0.95% in FY18.

Regulation by Government in terms of minimum support price (MSP):
The Government of India (GoI), every year decides a minimum support
price (MSP) to be paid to paddy growers which limits the bargaining
power of rice millers over the farmers. The MSP of paddy increased
during the crop year 2018-19 to INR1750/quintal from
INR1550/quintal in crop year 2017-18. Given the market determined
prices for finished product vis-à-vis fixed acquisition cost for
paddy, the profitability margins are highly volatile. Such a
situation does not augur well for the firm, especially in times of
high paddy cultivation.

Leveraged capital structure with moderate debt coverage indicators:
The capital structure of the company deteriorated mainly due to
higher utilization of working capital limits and the same remained
leveraged marked by overall gearing ratio of 4.68x (FY17:4.44x)
during FY18. Further, the debt coverage indicators remained
moderate marked by interest coverage ratio of 2.27x and total debt
to gross cash accrual of 6.63x as on March 31, 2018. However,
interest coverage ratio improved during FY18 on account of increase
in PBILDT level. Furthermore, the total debt to GCA also improved
on account of higher cash accruals during FY18.

Seasonal nature of availability of raw material and exposure to
vagaries of nature: MATPL is engaged in the processing of rice
products in its rice mills. Paddy is mainly a 'kharif' crop and is
cultivated from June-July to September-October and the peak arrival
of crop at major trading centers begins in October. The cultivation
of paddy is highly dependent on the monsoon. Unpredictable weather
conditions could affect the output of paddy and result in
volatility in price of paddy. In view of seasonal availability of
paddy, working capital requirements remain high at season time
owing to the requirement for stocking of paddy in large quantity.
Also, agro products cultivation is highly dependent on monsoons,
thus exposing the fate of the firm's operation to vagaries of
nature.


Key Rating Strengths

Experienced promoters: The key promoter Mr. Pawan Kumar Khoria has
around a decade of experience in agro industry; looks after the day
to day operation of the company supported by Mr. Sunil Khoria along
with a team of experienced professional. Due to long experience of
the promoters in the agro industry, they have established
satisfactory relationship with the customers and suppliers which
have resulted in the continuous growth in its scale of operations
of the company during past few years.

Close proximity to raw material sources and favorable industry
scenario: MATPL's plant is located at Maynaguri, Jalpaiguri; West
Bengal which is in the midst of paddy growing state. The entire raw
material requirement is met locally from the farmers (or local
agents) which helps the entity to save on substantial amount of
transportation cost and also procure raw materials at effective
prices. Further, rice being a staple food grain with India's
position as one of the largest producer and consumer, demand
prospects for the industry is expected to remain good in near to
medium term.

Maynaguri Agro Tea Private Limited (MATPL) was incorporated on
November 20, 2012 and currently, the company is being managed by
Mr. Pawan Kumar Khoria and Mr. Sunil Khoria. Since its inception,
the company has been engaged in milling and processing of rice.
Later on the year 2016, the company has also started manufacturing
of CTC tea. The manufacturing facility of the company is located at
Maynaguri, Jalpaiguri, West Bengal and operates with an installed
capacity of 64 metric tons per day for rice and 6 lakh kgs per year
for tea. The company procures its raw materials i.e. paddy and
green tea leaves from local farmers and tea gardens respectively.
MATPL derives major revenue from rice milling business which
accounted for around 71% of total revenue in FY19, Provisional.

MAYURPANK FINE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Mayurpankh Fine Builders Private Limited

        Registered office address:
        5, Floor-1, Plot No. 7
        Sharda Sadan, Swami Gyanjivandas Marg
        Dadar Rly. Stn, Dadar-East
        Mumbai 400014

        Principal office:
        Sunshine Plaza, 6th Floor
        Naigaum Cross Road
        Dadar-East
        Mumbai 400014

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 23, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Arundeep Singh Pathania

Interim Resolution
Professional:            Mr. Arundeep Singh Pathania
                         76-B, 32, Brindavan Society
                         Thane, Maharashtra 400601
                         E-mail: pathanias@perchadvisors.com

                            - and -

                         505, Rajhans Annex
                         Above Rajmal Lakhichand Jewellers
                         Goandevi Road, Thane 400602
                         E-mail: mpfbplcirp@gmail.com

Last date for
submission of claims:    October 9, 2019


MODERN DAIRIES: CARE Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Modern
Dairies Limited (MDL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      121.25     CARE D; ISSUER NOT COOPERATING,
   Facilities                     Based on best available
                                  Information

   Long term Bank        4.10     CARE D; ISSUER NOT COOPERATING,
   Facilities                     Based on best available
                                  Information

Detailed description of the key rating drivers

CARE had, vide its press release dated April 6, 2018, placed the
rating of MDL under the 'issuer non-cooperating' category as MDL
had failed to provide information for monitoring of the ratings.  

MDL continues to be non-cooperative despite repeated requests for
submission of information through emails, phone calls and a letter
dated July 5, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the ratings on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 6, 2018; the following were the
rating weaknesses:

Key Rating Weakness

Ongoing delays in the debt servicing: Some of the company's bank
accounts continue to be classified as a Non-Performing Asset (NPA)
because of the stressed liquidity position of the company.

MDL was setup by Mr. Krishan Kumar Goyal in 1992 with an initial
milk processing capacity of 3.25 lakh litre of milk per day (LLPD).
For liquid milk, the company has a tie-up with Mother Dairy for
complete off-take of 2 LLPD. Ghee is sold through the company's own
retail channel and through bulk sales under the brand name of
'SHWETA' and 'MODERN DAIRIES'. The company supplies products like
skimmed milk powder and other milk products like whole milk powder,
mozzarella cheese, casein to various institutional buyers while its
current focus is on sale of Fresh dairy products, cheese, ghee etc.

NIKKAMAL JEWELLERS: CARE Lowers Rating on INR18cr Loan to 'B'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nikkamal Jewellers Private Limited (NJPL), as:


                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      18.00      CARE B; Stable ISSUER NOT
   Facilities                     COOPERATING Issuer not
                                  cooperating; revised from
                                  CARE BB-; Stable; Issuer not
                                  Cooperating on the basis of
                                  Best available information

Detailed description of the key rating drivers

CARE had, vide its press release dated April 6, 2018, placed the
rating of NJPL under the 'issuer non-cooperating' category as NJPL
had failed to provide information for monitoring of the rating.
NJPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a email
dated June 28, 2019; July 1, 2019; July 4, 2019 and July 5, 2019.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The revision in the rating takes into account geographical
concentration risk, small and declining scale of operations,
elongating operating cycle and deterioration in overall solvency
position in FY18. The rating also takes into account susceptibility
of margins to fluctuations in the prices of gold and highly
competitive & fragmented nature of the industry. The rating
however, derives strength from the experienced promoters,
long track record of operations and established brand image in the
Ludhiana market.

Detailed description of the key rating drivers

Key Rating Weakness

Modest & declining scale, weak solvency position and elongated
operating cycle: The scale of operations of the company continued
to remain at a small level and declined by ~31% in FY18 on a
year-on-year (y-o-y) basis. The capital structure of the company
remained leveraged as marked by its debt to equity and overall
gearing ratios which deteriorated on a y-o-y basis on account of
increased unsecured loans and working capital borrowings
outstanding at the end of the year in FY18. The total debt to GCA
ratio also remained at a weak level and deteriorated on a y-o-y
basis to 47.48x, as on March 31, 2018 (PY: 19x) and interest
coverage ratio remained at a moderate level of 1.44x in FY18. The
operating cycle of the company further elongated to 182 days as on
March 31, 2018 (PY: 104 days) on account of elongation in average
inventory days.

Geographical concentration risk: The operations are highly
concentrated to the Ludhiana market which increases the business
risk of NJPL and limits its scale of operations too.

Susceptibility of margins to fluctuations in prices of gold: The
prices of gold have experienced high volatility in the past.
Therefore, any adverse change in prices of the same is likely to
have a significant impact on NJPL's margins. With NJPL's high level
of inventory in hand, it is exposed to adverse price movements in
gold, which can consequently have a bearing on the margin and the
overall financial risk profile of the company.

Highly competitive and fragmented nature of the industry: The
Indian gems and jewellery industry is highly fragmented as majority
of the market share is spread across a large number of unorganized
players. Increasing prices of gold and aggressive strategy of the
modern retail players to increase their market share would further
intensify the competition in the industry.

Key Rating Strengths

Experienced promoters with long track record of operations and
established brand image in the Ludhiana market: Both the directors
of the company (Mr Chanderkant Jain and his brother Mr Manak Chand
Jain) are involved in the day-to-day operations of the company and
have an experience of more than three decades in the industry.
Further, NJPL belongs to the Ludhiana based 'Nikkamal' group which
started its operations in Ludhiana in the year 1870 with a
partnership concern- Nikkamal Jewellers.

Liquidity Position

The current ratio of the company remained satisfactory at 1.52x as
on March 31, 2018 (PY: 1.60x). However, the quick ratio remained
low at 0.03x, as on March 31, 2018 (PY: 0.09x) on account of the
need to maintain a wide range of jewellery displayed at the company
showroom. The operating cycle of the company remained elongated at
182 days, as on March 31, 2018 (PY: 104 days). The cash and bank
balance also remained at a low level of ~Rs. 0.80 cr., as on March
31, 2018. Further, CARE does not have adequate information to
comment on the other liquidity parameters (including working
capital limit utilization level, capex plans, debt repayment
obligation, etc.) of the company, since the review has been done on
the basis of limited information available.

Nikkamal Jewellers Private Limited (NJPL), incorporated in year
1991, is engaged in the business of manufacturing and trading of
gold jewellery, diamond/precious stones, gold bars/coins etc. The
company sells jewellery and precious stones to retail customers at
its showroom located in Ludhiana under the brand name-'Nikkamal
Jewellers'.

NJPL started its operations in 1991 with a showroom in New Delhi.
However, in the year 2010, the company shifted its operations to
Ludhiana.

OCEAN HEALTHCARE: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ocean
Healthcare Private Limited (OHPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank      13.10       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2018, placed the
rating(s) of OHPL under the 'issuer non-cooperating' category as
OHPL had failed to provide information for monitoring of the
rating. OHPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated August 8, 2019, August 22, 2019, August 26, 2019
and August 27, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of Ocean Healthcare
Private Limited (OHPL) continues to be tempered by delay in
debt servicing, highly regulated and competitive industry,
stabilization of operations. The rating also factors in with net
losses in FY18, leveraged capital structure and debt coverage
indicators. The rating, however, continues to derive strength from
experienced promoters in Pharmaceuticals industry, Demonstrated
promoters companies support, Increase in total operating income and
Positive outlook of Indian Pharmaceutical industry.

Key Rating Weakness

Delay in Debt servicing
Ocean Healthcare Private Limited has been facing liquidity issues
due to which the company is unable to service the interest and
principal obligation on term loan facility. There are ongoing
delays in serving the debt obligation in term loan facility.

Net Loss in FY18
The net losses increased from INR4.23 crore in FY17 to INR5.53
crore in FY18. Hence the PAT margins stood negative during FY17-
FY18.

Leveraged capital structure and weak debt coverage indicators
The capital structure of the company marginally improved as on
March 31, 2018 marked by overall gearing ratio of 2.91x as against
3.64x as of March 31, 2017 and continued to remained leveraged
during the FY17-FY18. The debt equity ratio marginally improved to
2.18x as of March 31, 2018 as against 2.38x as of March 31, 2017.
The total debt/GCA continued to remain negative on account of cash
losses incurred during FY18.

Key rating strengths

Increase in total operating income
The total operating income of the company has increased from
INR7.28 crore in FY17 to INR10.62 crore in FY18

Experienced promoters in Pharmaceuticals industry
Mr Siddharth Baid and Mr Venkateesh Veera are currently managing
the business operations of OHPL. Mr Siddharth Baid is a Master of
Business Administration (MBA) by qualification and has an
experience of around two decade through his employment with various
companies such as Tamil Nadu Pharmaceuticals (P) Ltd, Sun
Pharmaceuticals Industries Ltd etc. He held various
responsibilities during his tenure with these companies which
included activities related to production, marketing of bulk drugs
and pharmaceutical intermediaries, formulations and others in India
and aboard.

Mr Venkateesh Veera is a Bachelor of Medicine and Bachelor of
Surgery (MBBS) and has an experience of around a decade in the
pharmaceutical industry through his association with various
entities such as "Johnson & Johnson Medical". He has been a
consultant with Mayo Clinic, Rochester, USA and has been involved
in liaising with various government authorities.

Demonstrated promoters companies support
The promoter company of OHPL includes Medinomics Healthcare Private
Limited and Hayat Pharmaceutical Industries Co. Plc. Medinomics
Healthcare Private Limited (MHP) started its operations in 1996 and
has a commercial presence in more than 30 countries across the
world. Hayat Pharmaceuticals Industries Co. Plc. (HPI) was
established in 1994 and is based in Amman, Jordan. OHPL has
received demonstrated support from its group companies in terms of
financial assistance, and product off take. The corporate promoters
will provide the product formula for development of the products as
well as aid in research and development activities of OHPL. These
promoter companies would also aid the company in stabilization of
operations through majority product off-take and will get the
product sold in African and Middle East countries through their
marketing network.

Positive outlook of Indian Pharmaceutical industry
With export-oriented Indian pharma companies facing stiff
competition from China and a close scrutiny of foreign regulatory
agencies, the commerce ministry and the Exim Bank of India will
soon unveil a financing model compatible with the sector's special
needs: Longer-term loan with an extended moratorium period. Exim
Bank, sources said, has begun extending term finance to pharma
companies with a maximum repayment period of 10 years and with a
moratorium of up to 36 months (meaning, principal repayment can be
deferred by three years and only the interest needs to be paid
during the moratorium period). The longer-term loan is to help
export-focused pharma firms set up high-quality facilities
(including for R&D) that meet global standards, so as to obtain
approvals from regulators including the US Food and Drug
Administration (FDA). The loans can also be used to help Indian
pharma companies (including through joint ventures overseas)
acquire companies, tangible assets and brands abroad.

Ocean Healthcare Private Limited (OHP) was incorporated in 2013 and
is currently being managed by Mr.Siddharth Baid and Mr. Venkateesh
Veera. The company started trial productions in December 2015 with
commercial productions from April 2016. OHP is engaged in
manufacturing of pharmaceutical formulations which are available in
multiple dosage forms including tablets, capsules, gels and dry
powder.

PANVELKAR INFRASTRUCTURE: CARE Rates INR15.75cr LT Loan 'B+'
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Panvelkar Infrastructure Private Limited (PIPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities          15.75      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PIPL is constrained
by moderate project funding and execution risk, marketing risk
inherent to high dependence on customer advances coupled with low
booking status as on June 30, 2019 and presence in cyclical nature
of the real estate industry. The rating, however, derives strength
from the experienced promoter with over a decade of experience and
site being located at well-established residential location.

Going forward, the ability of the company to timely completion of
the project without any cost and time overrun and achieving the
envisaged sales at the determined rates and timely repay its debt
obligation are the key rating sensitivities.

Detailed description of Key rating drivers

Key rating Weakness

Project funding and execution risk: PIPL has 4 ongoing projects
namely Standford R1, Greenford, Oxford and Swaraj whose total
combined project cost stood at INR244.85 crore out of which as on
30th June 2019, INR71.07 crore has incurred primarily towards
procurement of land and partly construction work and the same was
funded through customer advances amounting to INR7.98 crore,
INR16.70 crore through term loan and INR46.39 crore through
promoter's fund. Thus going forwards for balance construction PIPL
is dependent on term loan which is partly tied up and balance
through customer advances. Nevertheless comfort can be drawn from
the fact that PIPL has booked 196 flats and customer advances
amounting to INR32.57 crore is to be received. Thus the company's
ability to complete the project in the timely manner would be
critical from credit perspective.

Marketing risk: Out of total saleable area of 9,47,916 sq. ft.,
1,15,944 (12.23%) sq. ft. has been booked as on June 30, 2019. (196
flats sold/booked out of 1763). Furthermore, PIPL has received
customer advances amounting to INR7.98 crore as on June 30, 2019
and INR32.53 crore is still receivable .Further the company faces
competition from Pranjee Garden, Mohan Group, Godrej properties,
Arhiant Group, Raj Group and other players developing the
properties in the nearby locality. PIPL debt repayment is expected
to be done through its successful sale of flats. Hence PIPL ability
to achieve timely sale at envisaged rates will be crucial to avoid
any cash flow mismatch.

Cyclical nature of the real estate industry coupled with
sensitivities to government policies, interest rates and prices of
key raw materials: Cement and steel are the two major raw materials
consumed by the real estate industry. Any variation in the prices
of key raw materials during the construction period has a direct
impact on total cost of the project. Moreover, any adverse movement
in interest rate affects the real estate players in both ways; by
hampering the demand as well as increasing the cost of
construction. The sector is directly affected by changes in
government regulations related to Floor Space Index (FSI) and any
changes in the approvals required for the projects from various
government bodies, usually at the state level.
Key rating Strengths

Experienced promoter in real estate industry: PIPL is promoted by
Mr. Vijay Ramchand Panvelkar and Mr. Rahul Vijay Panvelkar, who has
more than thirty years of experience in real estate development and
construction business through execution of real estate projects in
Badlapur, Karjat and Ambernath (Maharashtra) under various group
entities of PIPL. The group has established goodwill in Badlapur
and Ambernath area. Location advantage: PIPL's projects are located
in Badlapur and Karjat, both being well established residential
location and are well connected through railways and roadways with
proximity to schools, colleges, markets, leisure places and other
day to day necessities Nonetheless, its ability to monetize in
timely manner amidst the cyclical nature of industry and avoid cash
flow mismatches shall be critical from credit perspective.

Incorporated in 2010 by Panvelkar Family, Panvelkar Infrastructures
Private Limited (PIPL) is into developing of real estate
properties. The company is engaged in real estate development and
currently the company is executing four residential projects namely
"Panvelkar Estate- Stanford-R1", "Panvelkar Estate- Greenford" and
"Panvelkar Estate- oxford" and "Panvelkar Swaraj" at Ambernath,
Maharashtra with total saleable area of 9,47,916 square feet. PIPL
is part of Panvelkar group which is promoted by Mr. Vijay
RamchandPanvelkar and Mr. Rahul Vijay Panvelkar. The Panvelkar
group of companies is actively involved in construction of
residential projects since 2001 under various companies. The group
has developed over 45.32 lakh square feet (lsf) of residential
property in Pune, Badlapur, Ambernath and nearby area.

PAWAR ELECTRO: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Pawar Electro Systems Private Limited

        Registered office:
        Shop No. 1, Ground Floor
        Rajguru Apartments
        Baburao Parulekar Road
        Dadar West Mumbai 400025

Insolvency Commencement Date: September 6, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 21, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Girish Siriram Juneja

Interim Resolution
Professional:            Mr. Girish Siriram Juneja
                         22 Dignity Apartments
                         Bon Bon Lane, 7 Bungalows
                         Versova, Andheri (West)
                         Mumbai 400053
                         E-mail junejagirish31@gmail.com

                            - and -

                         1221 Maker Chamber V
                         Jamnalal Bajaj Road
                         Nariman Point
                         Mumbai 400021
                         E-mail: ip.pespl@gmail.com

Last date for
submission of claims:    October 7, 2019


POLYGENTA TECHNOLOGIES: CARE Puts B Rating Under Watch Developing
-----------------------------------------------------------------
CARE has placed the rating assigned to Polygenta Technologies
Limited (PTL) under "Credit Watch with Developing Implications'
owing to a temporary plant shutdown from September, 2019 to
mid-October 2019 as notified in its exchange filling. CARE is in
the process of understanding the implication of this plant shutdown
on the company's credit profile. CARE will remove the ratings from
watch, and would take a final view on the ratings once clarity
emerges on these issues.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       6.06       CARE B (Under Credit Watch With
   Facilities                      Developing Implications) Rating

                                   put under credit watch

The ratings assigned to the bank facilities of PTL continues to
factor continuing operational losses on account of sub-optimality
of operations, weak debt coverage indicators, stressed liquidity
position and cash losses with complete erosion of net-worth. The
ratings continue to factor in financial support from the holding
company. The ability of PTL to turnaround the business operations,
successfully execute and complete its ongoing project remains the
key rating sensitivities.

Detailed description of the key rating drivers

Weak financial risk profile
The company continues to post operating losses because of
sub-optimal capacity utilization of its manufacturing facilities.
In FY19, PTL has incurred loss of INR24.05 crores compared to loss
of INR55.03 crores in FY18. Consequently, the interest coverage
ratio continues to be negative and net-worth of the company has
been eroded.

Availability of substitute product
The quality of the polyester products produced by alternate method
of using virgin petrochemical feed-stocks derived from crude oil is
relatively better than those produced by recycled PET bottles.
Since the average closing price of crude oil remains at moderate
levels $65/barrel (in FY19), the low price advantage available to
recycled polyester yarn industry are being set off.

Stressed Liquidity Position
The company's liquidity position is poor as it is dependent on its
parent PerPETual Global Technologies (PGTL) for funding the losses.
The company's working capital utilization for last 12 months
trailing March, 2019, continues to remain high, thereby further
constraining company's liquidity position. The company's cash
balance stood at INR0.15 crore as on March 31, 2019.

Project Risk
PTL started expanding its recycling capacity (backward integration)
to 75 TPD [current 30 TPD] at a capital outlay of INR125 crore in
order to increase the product offerings and optimize the cost
structure of its integrated plant at Nashik. The company plans to
set up new winders for making fully drawn yarn (FDY) at an
estimated cost of INR20 crore which would be fully financed by
ECB's from the parent company.

Key Rating Strengths

Experienced promoters
In 2008, Aloe Environment Fund II (AEF) and Green Investment Asia
Sustainability Fund I (GIASF) (both managed by the Aloe Group which
manages a number of environment funds to invest in companies that
seek to make a positive contribution to society) committed
investment in Polygenta technologies limited(PTL) by forming
PerPETual Global Technologies (PGTL) in Mauritius. The Aloe group
has proven track record in environmental sector and is a pioneer in
social and environmental corporate responsibility.

Regular Infusion of funds from holding company
The promoters have regularly infused funds to support the company's
operations. During FY18, the holding company has infused external
commercial borrowing (ECB) to the tune of 10 million Euro. The
parent group has also waived off the interest payments on
sanctioned amount of USD 20 million and EUR 4.5 million from
September 2016 to September 30, 2019.

Liquidity
PTL's liquidity profile continues to be poor as the company's
working capital utilization for last 12 months trailing March 2019,
continues to remain high. PTL's operating cycle stood at 50 days
with cash and bank balance of INR0.15 crore as on March 31, 2019.

Incorporated in 1981, Polygenta Technologies Limited is engaged in
the business of manufacturing sustainable polyester filament yarn
(SPFY) by recycling post-consumer polyethylene terephthalate (PET)
flakes using recycling technology, which is the ReNEW process. The
Company is principally engaged in the manufacturing of synthetic or
artificial yarns, tenacity yarns whether or not texturized,
including high tenacity yarn. The Company sells its polyester yarn
products for various applications in the fields of apparel, denim,
home furnishings, floor coverings and industrial applications. The
Company has an integrated plant near Nashik in the state of
Maharashtra. The Company uses PET bottles as feedstock for
manufacturing of SPFY. The plant's processing capacity is 1.5
million plastic bottles a day.

PREVAIL AGRO: CARE Assigns B+ Rating to INR10cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Prevail
Agro Packers (PAP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          10.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PAP are primarily
tempered by limited track record of the entity in the tobacco
business, volatility of tobacco business to government regulations,
proprietorship nature of constitution with inherent risk of
withdrawal of capital, presence in a highly fragmented industry
resulting in high competition from established players. However,
the ratings derive comfort from reasonable experience of promoter
in tobacco industry and stable demand outlook for tobacco
industry.

Going forward, the firm's ability to stabilise the business
operations and achieve the profitability margins amidst tough
competition as envisaged and ability of the firm to enhance its
geographical reach are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Limited track record of the entity in the tobacco business
The firm has limited track record in the trading of tobacco. PAP
started its commercial operations in April 2019 and has earned
revenue of INR3.00 crore in 5MFY20 (Prov.).

Volatility of tobacco business to government regulations
Tobacco products form a major source of revenue in the form of
taxes to both central as well as state government and hence there
are regular modifications in taxation laws/tax rates with respect
to the same. Due to the harmful nature of the product, the various
state governments have banned manufacture and sale of various
tobacco products under the Food Safety and Standards (Prohibition
and Restrictions on Sales) Regulations, 2011. Hence, the
profitability margins of the firm are vulnerable to government
regulations on tobacco products and availability of tobacco.

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

Presence in a highly fragmented industry resulting in high
competition from established players
The firm is into a fragmented business segment and competitive
industry. The market consists of several small to mediumsized firms
that compete with each other along with several large enterprises.
There are several small sized firms in and around Guntur area in
Andhra Pradesh which compete with PAP.

Geographical concentration risk
The geographic presence of the customers of PAP is restricted to
Andhra Pradesh reflecting geographical concentration risk.

Key Rating Strengths

Reasonable experience of promoter in tobacco industry
Prevail Agro Packers (PAP) was established in the year April, 2019
as a proprietorship firm by Mrs. Rayapati Meghana, a qualified
post-graduate (B.Tech) and has around 2 years of experience in
tobacco industry with Prevail Agro Products (Proprietor).

Stable demand outlook of tobacco industry
Cigarettes currently represent one of the most popular forms of
tobacco, accounting for nearly 90% of the global tobacco sales
value. The global cigarette market today represents a multi-billion
dollar market and according to IMARC group, its total revenues
reached values worth US$ 816 Billion in 2018, representing a CAGR
of around 7% during 2013-2018. Despite falling volumes in developed
markets as a result of an increasing awareness on the harmful
effects of cigarette smoking, manufacturers have been able to
increase value growth. Factors driving the cigarette market include
a continuous increase in the prices of cigarettes and an increasing
popularity of premium products. Another major factor driving the
growth is the rising consumption of cigarettes in developing
countries. Owing to the aforementioned reasons, the outlook for
tobacco industry looks stable for the medium term.

Andhra Pradesh based, Prevail Agro Packers (PAP) was established in
December, 2018 as a proprietorship concern by Mrs. Rayapati
Meghana. The firm has purchased an existing company 'Gogeneni
Tobaccos Limited' for a purchase consideration of INR14.50 crore
which was funded through proprietor's capital. The firm conducts
its operations from the owned premises at Siddhartha Nagar, KLP
School Road, Guntur (Andhra Pradesh). PAP is engaged in the
business of trading of tobacco and allied job works. Prior to the
establishemnt of Prevail Agro Packers, Mrs. Rayapati Meghana, the
proprietor, worked in the same industry as proprietor of Prevail
Agro Products for around 2 years. Furthermore, the commercial
operations of PAP were started from April 2019.

RAHIL COLD: CARE Cuts INR3.25cr LT Loan Rating to 'C', Not Coop.
----------------------------------------------------------------
CARE has revised the rating on Rahil Cold Storage LLP (RCSL) from
CARE B; Issuer Not Cooperating to CARE C; Issuer Not Cooperating
based on best available Information.  However, despite CARE's
request via email dated September 9, 2019, September 11, 2019 and
numerous phone calls, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the ratings. In the line, with the extant SEBI
guidelines, CARE's  RCSL will now be denoted as CARE C; ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       3.25       CARE C; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information Revised from
                                   CARE B; ISSUER NOT
                                   COOPERATING

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

The revision in rating assigned to the bank facilities of RCSL is
on account of its poor liquidity position. The rating, further,
continues to remain constrained on account of implementation and
stabilization risk associated with ongoing debt funded project and
presence into fragmented and competitive nature of cold storage
industry.

The rating, however, continues to derive comfort from the
experience of the partners in the agriculture industry, location
advantage having presence into raw material procurement region and
availability of various fiscal benefits from the government.

Detailed description of the key rating drivers

At the time of last rating on March 1, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Project implementation and stabilization risk
RCSL is implementing green field project to provide cold storage
facilities with proposed installed capacity of 3,500 metric tons
per annum (MTPA). The project is at very nascent stage and total
capital cost is INR32.04 crore with project debt/equity ratio of
2.55 times.

Fragmented nature of industry coupled with competitive nature of
business
The entity operates in the cold storage services industry which is
highly fragmented with presence of numerous independent small-scale
enterprises owing to low entry barriers leading to high level of
competition in the segment. Furthermore, RCSL requires storing
fruits and vegetables in the season itself for future off-season
sale which allow RCSL to keep the profit margin moderately high.
However, higher profit margin attracts new players to enter in the
industry and thereby competition is bound to increase in future.

Key Rating Strengths

Experienced promoters in different industries albeit no relevant
experience in the storage service industry
RCSL is promoted by Shukla family led by Mr Kaushikbhai Shukla and
his son Mr Rahil Shukla. Mr. Kaushikbhai Shukla, also director at
Rahil Builders Private Limited, is actively involved in
Agricultural activities. Mr. Rahil Shukla will look after sales
and other financial matters at RCSL. Although, promoter possesses
long experience in the other industrial segments, they do not have
any relevant experience in cold storage facilities.

Location advantage
RCSL has a locational advantage as its manufacturing facilities are
strategically located near to the entry point of Gujarat and
Maharashtra. Also there is abundant water availability from Narmada
Canal and transportation is available at negligible cost along with
skilled and low cost labour availability. There is also major
plantation in the area of lemon, Potato, Banana, Tomato, Carrots
and Pomegranates which will be collected directly from the farm.

Capital subsidy from the government and deduction under section
35AD of Income Tax Act, 1961 RCSL is eligible for capital subsidy
under National Horticulture Board (NHB) under the scheme name
'Capital Investment Subsidy for Construction / Modernization /
Expansion of Cold Storage and Storages for Horticulture Produce'.
RCSL is also eligible for deduction of 150% of capital expenditure
incurred to set up cold storage facility under section 35AD of
Income Tax Act, 1961.

Liquidity Analysis
The liquidity position of the RCSL remained poor as there have been
on-going delays exhibited by RCSL in servicing of its debt
obligation for term loan installment. However, there have not been
any instances of overdrawals for more than 30 days in the fund
based working capital facility. The utilization of working capital
bank borrowings remained almost full during past 12 months ended
August 31, 2019.

RCSL was incorporated in July 2013 by Mr. Kaushikbhai Shukla and
Mr. Rahilbhai Shukla. RCSL was incorporated with main objective to
preserve fruits and food for longer duration at its cold storage
facilities, Bagodra with total installed capacity of 3,500 metric
tonne per annum (MTPA).

RELIANCE COMMERCIAL: CARE Lowers Rating on INR2,300cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Reliance Commercial Finance Limited (RCFL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible     2,300       CARE D Revised from CARE C;
   Debentures                      Stable

   Subordinated Debt     500       CARE D Revised from CARE C;
                                   Stable

   Market Linked         200       CARE PP-MLD D Revised from
   Debentures                      CARE PP-MLD C; Stable

   Proposed Non-       1,000       CARE D Revised from CARE C;
   Convertible                     Stable
   Debentures          
                                   
   Long term debt      1,000       CARE D Revised from CARE C;
   Programme                       Stable

Detailed Rationale & Key Rating Drivers of RCFL

The rating revision takes into account the recent instance of delay
in servicing of interest payment on one of the nonconvertible
debentures by the company. The company has informed on the stock
exchanges that the lenders of the company have entered into an
Inter-Creditor Agreement (ICA) for arriving at a debt resolution
plan in accordance with the RBI guidelines. The Company has been
directed by the lenders led by the lead banker not to service any
debt obligation pending clarity from the all lenders under ICA. The
liquidity profile of the group continues to be under stress on
account of delay in raising funds from the asset monetization plan
and impending debt payments.

Detailed description of the key rating drivers RCFL

Key Rating Weaknesses

Delay in servicing of debt obligations
RCFL's Non-Convertible Debentures (NCDs) were due for interest
payment on September 20, 2019. The Debenture Trustee for this NCD
issued by RCFL has informed CARE (via its email dated September 23,
2019) that RCFL has defaulted on the payment of the interest. RCFL
has informed the stock exchanges that its lenders have entered into
an Inter-Creditor Agreement (ICA) for arriving at a debt resolution
plan in accordance with the RBI guidelines.  Further, CARE has
already downgraded its ratings of RCFL's Bank Facilities and other
NCDs to 'CARE D'.

Liquidity profile
As per the ALM statement as on February 28, 2019, there are no
negative cumulative mismatches till 1 year time bucket. Cash and
Bank balance stood at INR121 crore as on March 18, 2019 and cash
credit facility stands fully utilized. However the company has not
shared more current estimates for the month of April 2019 as
against the earlier estimates.

Analytical approach: CARE had earlier factored in linkages between
RCFL and its parent RCL. Moderation in RCL's profile has led to
weakening of these linkages as the parent is not in a position to
extend adequate support to its subsidiaries. Hence RCFL has been
analyzed on standalone basis with weakening of linkages with Parent
RCL.

The commercial finance business of RCL has been demerged into its
wholly owned subsidiary viz. RCFL w.e.f. April 1, 2016.  RCFL is
involved in financing of SME loans, structured finance,
construction equipment loans, loan against property, MFI loans,
infrastructure finance, construction finance, commercial vehicles
and supply chain finance. The company operates under the brand name
'Reliance Money'. The company's AUM stood at INR16475 crore
(including securitized portfolio of INR2801 crore) as on March 31,
2018. The company's portfolio is spread across 16 states.

RELIANCE GROUP: Anil Ambani Faces Investors, Vows to Cut Debt
-------------------------------------------------------------
P R Sanjai and Rahul Satija at Bloomberg News report that four
years into one of the biggest, longest unwindings in India's
corporate history, tycoon Anil Ambani found himself in a familiar
place on Sept. 30: Presenting shareholders with another plan to
sell off assets and pay debt.

His Reliance Group is planning to pay creditors INR150 billion
($2.1 billion) more by March, the embattled executive told
investors on Sept. 30 in Mumbai, Bloomberg relays. Financial unit
Reliance Capital Ltd., whose credit rating was downgraded to
default by local firms this month, will exit its lending business,
he said.

Mr. Ambani, 60, is struggling to save the remnants of his
telecommunications-to-infrastructure empire from collapse after his
wireless carrier, Reliance Communications Ltd., slipped into
insolvency earlier this year, according to Bloomberg. Once a
billionaire, his personal fortune has dwindled over the years as
his businesses sank under the weight of debt. As of July, four of
the biggest group firms, excluding the phone company, had about
INR939 billion of debt, Bloomberg discloses.

According to Bloomberg, Mr. Ambani is planning further disposals
just as some of India's biggest conglomerates are doing the same
and lenders are pulling back on loans to strengthen their own
balance sheets. Bigger rivals like brother Mukesh Ambani's Reliance
Industries Ltd., the Shapoorji Pallonji Group and billionaire
Subhash Chandra's Essel Group have all announced plans to sell off
parts of their groups to pare debt, Bloomberg says.

Earlier this month, Reliance Capital called off a sale of its
general insurance unit to Hero Fincorp after the buyer struggled to
raise funds, people familiar with the matter said at the time,
Bloomberg recalls.

As it abandons lending, Reliance Capital will be a financial
shareholder in its Reliance Commercial Finance and Reliance Home
Finance businesses, while the parent will rely on its insurance
business as a "long-term value creator," Anil Ambani, as cited by
Bloomberg, said on Sept. 30.

Reliance Capital's home and commercial finance businesses are
working with lenders on a "resolution" plan it expects to be
completed by December, he said.

After the Reliance Capital meeting, Mr. Ambani and his
representatives faced shareholders at annual general meetings for
Reliance Infrastructure Ltd., Reliance Power Ltd. and Reliance Home
Finance Ltd, Bloomberg relates.  An independent professional
assigned to handle bankruptcy proceedings oversaw Reliance
Communications Ltd, the report notes.

Since 2015, Anil Ambani, heir to half of his late father's
conglomerate, has been seeking to revive his group's
creditworthiness, only to see asset sales fail and creditors close
in, further restricting his options for raising cash, Bloomberg
states.

As of this year, Anil Ambani has shown some progress in paring
debt, the report says.

In June, Reliance Group said it repaid INR350 billion in the
previous 14 months through asset disposals, excluding Reliance
Communications, Bloomberg notes.

Reliance Group provides telecom, financial services, construction,
entertainment, power, health care, manufacturing, defence,
aviation, and transportation services.

SALASAR STEEL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Salasar Steel and Power Limited
        1st Floor, Bhatia Complex
        Opposite RKC, G.E. Road
        Raipur, C.G. CT 492001

Insolvency Commencement Date: September 27, 2019

Court: National Company Law Tribunal, Raipur Bench

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

Insolvency professional: Mr. Rajesh Jhunjhunwala

Interim Resolution
Professional:            Mr. Rajesh Jhunjhunwala
                         A51, Aashit Chs, Azad Road
                         H B Gawde Marg, Stanburg Estate
                         Juhu Koliwada, Mumbai City
                         Maharashtra 400049
                         E-mail: jhunjhunwala.rajesh@gmail.com

                             - and -

                         Pricewaterhouse Coopers Pvt Ltd
                         Plot No. Y-14, Block EP Sector V
                         Salt Lake Electronics Complex
                         Bidhan Nagar Kolkata
                         West Bengal 700091
                         India
                         E-mail: claim.r.sspl@in.pwc.com

Last date for
submission of claims:    October 11, 2019


SHRI SHIVJOT: CARE Cuts Rating on INR9.50cr LT Loan Rating to B-
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shri Shivjot Developers and Builders Limited (SDB), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      9.50      CARE B-; ISSUER NOT COOPERATING;
   Facilities                    Revised from CARE B; Issuer Not
                                 Cooperating on the basis of best
                                 Available information

Detailed Rationale and key rating drivers

CARE had, vide its press release dated July 5, 2018, placed the
ratings of SDB under the 'issuer non-cooperating' category as SDB
had failed to provide information for monitoring of the rating. SDB
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated September 13, 2019, September 12, 2019 and September 11,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

The rating has been revised on account of small and declining scale
of operations along woith net losses in FY18, leveraged capital
structure, weak debt coverage indicators, marketability risk and
market competition and cyclicality associated with real estate
industry and exposure to local demand supply dynamic.

Key Rating Weaknesses:

Small and declining scale of operations in FY18 with losses at net
level
The company's scale of operations has remained small marked by TOI
of INR1.52 crore for FY18 (declined from INR6.87 crore in FY17) and
tangible net worth of INR1.92 crore as on March 31, 2018. The
company incurred net losses of INR0.77 crore in FY18.

Leveraged capital structure
The capital structure of SDB remained leveraged as indicated by
overall gearing ratio of 3.53x, as on March 31, 2018.

Weak debt coverage indicators
The debt coverage indicators of the company also remained weak, as
on March 31, 2018.

Marketability risk and market competition
For the commercial project launched, the company had not booked any
of the total salable area. Therefore, the risk of marketing and
selling of the shops still exists as per the current booking status
of the project. Moreover, the Indian real estate industry is highly
fragmented in nature with the presence of a large number of
organized and unorganized players spread across various regions.

Cyclicality associated with real estate industry and exposure to
local demand-supply dynamic
The company is exposed to the cyclicality associated with real
estate sector which has direct linkage with the general
macroeconomic scenario, interest rates and level of disposable
income available with individuals. In case of real estate
companies, the profitability is highly dependent on property
markets. A high interest rate scenario could discourage the
consumers from borrowing to finance the real estate purchases and
may depress the real estate market.

Key Rating Strengths:

Experienced promoters
Mr. Baljit Nain, Mr. Jaswinder Singh and Mr. Darshan Singh have an
experience of two decades in real estate sector through their
association with SDB, M/s Shivjot Developers and Builders and M/s
Shivjot DMAG Apartments whereas Ms. Sunita Nain, Mr. Puneet Tayal,
Ms. Jasveer Kaur and Ms. Jagjeet Kaur have experience of around a
decade in the real estate sector.

Liquidity position
The current ratio and quick ratio stood comfortable at 4.85x and
1.06x as on March 31, 2018. The company had a low level of cash and
bank balance of INR0.11 crore, as on March 31, 2018. Further, CARE
does not have adequate information to comment on the capex plans
and debt repayment obligation of the company for FY20, since the
review has been done on the basis of limited information.

Shri Shivjot Developers & Builder Limited (SDB) was incorporated in
2005, by Mr. Baljit Nain, Mr. Jaswinder Singh and Mr. Darshan
Singh. The company is engaged in the real estate business since
2005 and is currently undertaking a commercial project namely
'Shivjot Green Project' at Kharar, Mohali, Punjab on 2.74 acres of
land. Further, the company is developing a residential project
namely "Shivjot Apartments". Besides SDB, the group has Shivjot
Developers and Builders (established in 2005) and M/s Shivjot Dmag
Apartments (established in 2008), as the group concerns, engaged in
the real estate business.

SMARTRON INDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Smartron India Private Limited
        5th Floor, Corporate Court
        Plot No. 115/1
        115/29 Financial District
        Nanakramguda Hyderabad
        TG 500032

Insolvency Commencement Date: September 9, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 6, 2020
                               (180 days from commencement)

Insolvency professional: Ganapati Ram Appana

Interim Resolution
Professional:            Ganapati Ram Appana
                         # 1-1-711/1, Gandhi Nagar
                         Hyderabad 500080
                         E-mail: ganapati.ram1@gmail.com

                            - and -

                         # 301, B-Block
                         Vishnu Residency
                         Gandhi Nagar, Hyderabad

Last date for
submission of claims:    October 9, 2019


SONI TRADERS: CARE Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Soni
Traders continues to remain in the 'Issuer Not Cooperating'
category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term bank     60.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 4, 2018, placed the
ratings of Soni Traders under the 'Issuer Not Cooperating' category
as Soni Traders had failed to provide information for monitoring of
the ratings as agreed to in Its rating agreement. Soni Traders
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and a letter/email
dated September 12, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
Information which however, in CARE'S opinion is not sufficient to
arrive at a fair rating. The rating of bank facilities of Soni
Traders will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

CARE couldn't contact the banker and no other information is
available. However, at the time of last review, the rating took
into account the continuous overdrawl in the working capital
facilities leading to delay in interest servicing.

Soni Traders was constituted as a sole proprietorship firm in 2004
and later in October 2015 was reconstituted as a partnership firm
with Mr. P.L. Soni and Mrs. Munni Devi Soni as partners. The firm
is engaged in the business of trading of Bitumen products such as
Industrial Bitumen, Bitumen 80/100, Black Bitumen, Industrial
Cutback bitumen etc. The Managing Partner of the firm Mr. P.L. Soni
has more than 20 years of experience and deep understanding of the
construction industry through his firm Soni Traders.

SUNBEAM DEALERS: CARE Cuts INR10cr LT Loan Rating to 'B', Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sunbeam Dealers Private Limited (SDPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      10.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable; ISSUER
                                   NOT COOPERATING on the
                                   Basis of best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SDPL to monitor the rating
vide e-mail communications/letters dated July 31, 2019, August 2,
2019, August 14, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
SDPL's bank facilities will now be denoted as CARE B; Stable;
ISSUER NOT COOPERATING. Further, banker could not be contacted.

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

The rating takes into account its small scale of operation with
thin profitability margin, susceptibility to fluctuation in traded
products price, working capital intensive nature of operations,
leveraged capital structure and debt coverage indicators and
intensely competitive industry. The rating, however, derives
strength from its experienced promoter with =satisfactory track
record of operations.

Detailed description of the key rating drivers

At the time of last rating in January 30, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations with thin profitability margins: The
scale of operations of SDPL remained small marked by total
operating income of INR40.64 crore (Rs.22.05 crore in FY16) with a
PAT of INR0.08 crore (PAT of INR0.07 crore in FY16) in FY17.
Further, the net worth base and total capital employed was low at
INR3.20 crore and INR13.08 crore, respectively, as on March 31,
2017. The company has achieved revenue of around INR22.52 crore
during 9MFY18. The profitability margins of the company remained
low mainly due to its trading nature of operations marked by PBILDT
margin of 2.37% and PAT margin of 0.19% in FY17. Moreover, the
company has reported GCA of INR0.11 crore in FY17.

Susceptibility to fluctuation in traded products price: The prices
of traded goods (i.e. Cotton, Synthetic and Grey Fabrics) are
highly volatile. The cost of traded goods constitutes major cost
driver for the company which accounts for around 98% of the total
cost of sales. Accordingly, any volatility in the prices of the
traded goods is likely to have an impact on the profitability of
the company.

Working capital intensive nature of operation: The operations of
the company remained working capital intensive in nature marked by
its high inventory period. Accordingly the average utilization of
working capital limit was on the higher side at 95% during last 12
months ending on December 31, 2017.

Leveraged capital structure and debt coverage indicators: The
capital structure of the company remained leveraged owing to its
working capital intensive nature of operations marked by the
overall gearing of 3.09x as on March 31, 2017. The debt protection
metrics of the company remained weak marked by interest coverage of
1.20x and total debt to GCA of 87.72x in FY17.

Intensely competitive industry: Trading industry is a very
fragmented and competitive space with presence of huge small
players operating in the same region due to low capital
requirement. In such a competitive scenario smaller companies like
SDPL in general are more vulnerable on account of its limited
pricing flexibility.

Key Rating Strengths

Experienced promoters with satisfactory track record of operations:
SDPL started its operations from 2013. Thus, it has satisfactory
operational track record. Furthermore, the promoters Mr. Amit
Sarawgi (aged about 34 years), having around a decade of experience
in this line of business, looks after the day to day operations of
the company. He is supported by other director Ms. Swati Sarawgi
along with a team of experienced professional.

Liquidity

The liquidity position of the company was moderate as on March 31,
2017. Cash and Bank Balance was INR0.07 crore and current ratio of
the company was at 1.26x as on March 31, 2017. This apart, quick
ratio was at 0.39x as on March 31, 2017. During FY19, GCA was
INR0.11 crore.

Ranchi based Sunbeam Dealers Private Limited (SDPL) was
incorporated in August 2013 by the Sarawgi family to initiate a
trading business of fabrics. Since its inception, the company has
been engaged in trading of cotton, synthetic and grey fabrics.

Mr. Amit Sarawgi (aged about 34 years), having around a decade of
experience in this line of business, looks after the day to day
operations of the company. He is supported by other director Ms.
Swati Sarawgi along with a team of experienced professional.

VISHWANATH PAPER: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vishwanath
Paper and Boards Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank     47.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 2, 2018, placed the
ratings of Vishwanath Paper and Boards Limited under the 'Issuer
not cooperating' category as Vishwanath Paper and Boards Limited
had failed to provide information for monitoring of the ratings as
agreed to in its rating agreement. Vishwanath Paper and Boards
Limited continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated July 31, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating of bank
facilities of Vishwanath Paper and Boards Limited will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

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

Vishwanath Paper and Boards Ltd (VPBL) was incorporated in May 2007
and is engaged in the business of manufacturing of Kraft Paper,
Duplex Board and other kinds of paper by using imported waste paper
as the raw material. The company's manufacturing unit is located in
Uttarakhand with an Installed capacity of 60000 MT per annum as on
March 31, 2017.



=================
I N D O N E S I A
=================

SRIWIJAYA AIR: Wins Garuda Support as it Struggles to Stay Afloat
-----------------------------------------------------------------
The Jakarta Post reports that state flag carrier Garuda Indonesia
Group will support Sriwijaya Air Group, as problems ranging from
safety to finances mount, forcing Sriwijaya to stop operations for
more than half of its fleets.

According to the report, the decision to resume management
partnership was made in a process that the State-Owned Enterprises
Ministry facilitated, said Juliandra Nurtjahjo, the president
director of Citilink Indonesia, the low-cost carrier arm of Garuda
Indonesia. It resolved a recent management partnership dispute
between the two airline groups.

"Hopefully with this good commitment and momentum this could be a
turning point for us to be recommitted and for both parties to
prioritize safety, airplane airworthiness, customers, and this is
part of rescuing the country's assets to support the state of
Sriwijaya [. . .]," Juliandra told a press briefing on Oct. 1, the
Jakarta Post relays.



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

MAKETU PIES: Receivers Hoping for Quick Sale Next Week
------------------------------------------------------
Otago Daily Times reports that the receivers of famous Bay of
Plenty pie brand Maketu Pies hope the company will be sold next
week.

Maketu Pies has been operating for 36 years but on Sept. 27
appointed receivers Tom Rodewald and Kenneth Brown.

Their pies are stocked in most major supermarkets including
Countdown, Pak'n Save, New World and Four Square stores.

ODT relates that the business is still operating and staff have
continued to work, Mr. Rodewald said, during investigations the
past few days into how its finances had reached this point.

"The financial position was quite critical in the point of the view
of the company continuing to trade in the short term," the report
quotes Mr. Rodewald as saying.  "There were a number of creditors
about to cut their dealings with the company."

In the meantime, he said there had already been interest in the
business both locally and from out of town.

"The business has been advertised for sale as a going concern.
There are a number of parties that are seeking information and in
fact a number of parties who have already arranged to meet my team
on site."

There had already been people there looking at the business, he
said.

"The business has been trading for 36 years, it's a well known
brand and so there's a lot of interest in it. I'd be very surprised
if someone didn't buy it," Mr. Rodewald, as cited by ODT, said.  "I
would hope that there's a sale in place next week."



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

EZION HOLDINGS: Debt Conversion Deal with White Knight Lapses
-------------------------------------------------------------
Janice Heng at The Business Times reports that Ezion Holdings'
conditional debt conversion agreement and conditional option
agreement with would-be white knight Yinson Holdings have lapsed,
the offshore and marine group announced on Oct. 1.

BT notes that under the conditional debt conversion agreement,
Malaysia-listed Yinson was to have wiped out some US$916 million of
Ezion's debt and in turn received new Ezion shares at 5.5 Singapore
cents apiece.

However, the proposed subscription and grant of options were
subject to the satisfaction of certain conditions as set out in the
conditional debt conversion agreement and conditional option
agreement, within six months of said agreements, the report says.

These conditions had not been fulfilled or waived by this long-stop
date, said Ezion. On Oct. 1, Ezion and Yinson decided not to extend
the deadline, BT discloses. Accordingly, the conditional debt
conversion agreement and the conditional option agreement have
lapsed and will cease to have further effect.

"Notwithstanding, the company remains in discussions with the
subscriber, as well as the designated lenders, to explore possible
ways to move forward," said Ezion, adding that it will keep
shareholders informed of any further developments and make the
necessary announcements, BT relays.

Although its shares are under voluntary suspension, Ezion advised
shareholders to refrain from taking action in respect to their
securities which may be prejudicial to their interests and to
exercise caution when dealing in the company's shares.

                       About Ezion Holdings

Singapore-based Ezion Holdings Limited --
http://www.ezionholdings.com/--  
engages in investment  holding and provision of management
services. The Company, along with its subsidiaries, specializes in
the development, ownership and chartering of offshore assets to
support the offshore energy markets. Its segments include
Production and maintenance support, which is engaged in owning,
chartering and management of rigs and vessels involved in the
production and maintenance phase of the oil and gas industry;
Exploration and development support, which is engaged in owning,
chartering and management of rigs and vessels involved in the
exploration and development phase of the oil and gas industry, and
Others, which includes assets or investments involved in renewable
energy and other oil and gas related industry. The Company owns a
fleet of multipurpose self-propelled service rigs. It owns a fleet
of service rigs in Southeast Asia for use in offshore oil and gas
industry, and offshore wind farm industry.


                           *********


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
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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
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