/raid1/www/Hosts/bankrupt/TCRAP_Public/191009.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, October 9, 2019, Vol. 22, No. 202

                           Headlines



A U S T R A L I A

ABI (WA): Second Creditors' Meeting Set for Oct. 17
ALITA RESOURCES: Administrators Seek Bids for Sale or DOCA
CANBERRA CONSULTING: Second Creditors' Meeting Set for Oct. 16
DART CONTRACTING: Second Creditors' Meeting Set for Oct. 16
LA QUINTA: Second Creditors' Meeting Set for Oct. 15

PUMPFREE ENERGY: Second Creditors' Meeting Set for Oct. 16
SBL SOLUTIONS: Second Creditors' Meeting Set for Oct. 15


C H I N A

E-HOUSE (CHINA): S&P Puts 'BB' Rating to New US$ Sr. Unsec. Notes
UCF HOLDINGS: Confirms Chinese Tycoon Zhang Zhenxin is Dead


I N D I A

ACCORD INDUSTRIES: Insolvency Resolution Process Case Summary
ARMAAN FLEXIPACK: CARE Reaffirms B+ Rating on INR3.16cr LT Loan
ASHAPURA MINECHEM: NCLAT Sets Aside Insolvency Plea
ASHIMA PAPER: CARE Maintains B Rating in Not Cooperating Category
BANSAL SEEDS: CARE Cuts INR26cr LT Loan Rating to B+, Not Coop.

CHEMLINKER TRADEX: Insolvency Resolution Process Case Summary
DUGGAL AUTOMOBILES: CARE Assigns B+ Rating to INR7.0cr LT Loan
EAST HOOGHLY: CARE Hikes Rating on INR9.81cr LT Loan to BB-
ESSIX BIOSCIENCES: CARE Reaffirms B Rating on INR13cr LT Loan
GEOSYS INDIA: CARE Maintains B+ Rating in Not Cooperating

GLOBETECH MEDICARE: CARE Keeps B Rating in Not Cooperating
GOYAL ENTERPRISES: CARE Maintains B+ Rating in Not Cooperating
HEMALI INVESTMENT: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
IL&FS ENGINEERING: Defaults on Redemption of Preference Shares
INTERJEWEL PRIVATE: CARE Maintains D Rating in Not Cooperating

J.D. TALC: CARE Maintains B Rating in Not Cooperating Category
JUPITER BROADCAST: Insolvency Resolution Process Case Summary
K B A INFRASTRUCTURE: Ind-Ra Affirms B+ LT Rating, Outlook Stable
KASATA HOMETECH: NCLT Initiates Insolvency Process Against Builder
LORDS MARK: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating

MAJESTIC EXPORTS: Ind-Ra Hikes LT Rating to 'BB+', Outlook Stable
MANTHAN BROADBAND: Insolvency Resolution Process Case Summary
MARG LTD: Creditors' Panel Accepts Promoter's Settlement Offer
MICRO DYNAMICS: Insolvency Resolution Process Case Summary
MIGHTY AUTO: CARE Maintains B Rating in Not Cooperating Category

MIL INDUSTRIES: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
P. LAKSHMI: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
PIYUSH COLONISERS: NCLT Starts Insolvency Process Against Firm
S.K. CREATIONS: CARE Cuts INR8.50cr Loan Rating to B, Not Coop.
SANGAM HANDICRAFT: Insolvency Resolution Process Case Summary

SARASWATI TIMBER: CARE Keeps B Rating in Not Cooperating Category
SARVOTTAM POULTRY: CARE Keeps 'B' Rating in Not Cooperating
SHRI RAMSWAROOP: Ind-Ra Withdraws BB- Bank Loan Ratings
SIDHANT CREATIONS: CARE Lowers Rating on INR15cr Loan to D
SRI MAANASA: CARE Cuts INR11.60cr LT Loan Rating to B+, Not Coop.

SRI PARAMESWARA: Insolvency Resolution Process Case Summary
TIRUPATI EXPORT: CARE Cuts INR9cr LT Loan Rating to B-, Not Coop.
V.R. INDUSTRIES: CARE Maintains B+ Rating in Not Cooperating
VISHWAKARMA AUTO: CARE Maintains B+ Rating in Not Cooperating
[*] INDIA: Bankruptcies Double at Developers on Mini-Lehman Moment

[*] INDIA: Credit Raters Keep Missing Big Company Defaults


N E W   Z E A L A N D

EBERT CONSTRUCTION: New Group of Victims Emerge, Report Shows


S I N G A P O R E

PARKSON RETAIL: Independent Auditor Raises Going Concern Doubts


X X X X X X X X

[*] Quentin Olde Joins Ankura as Senior Managing Director

                           - - - - -


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

ABI (WA): Second Creditors' Meeting Set for Oct. 17
---------------------------------------------------
A second meeting of creditors in the proceedings of ABI (WA) Pty
Ltd has been set for Oct. 17, 2019, at 10:30 a.m. at the offices of
Worrells Solvency & Forensic Accountants, Level 4, at 15 Ogilvie
Road, in Mount Pleasant, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 16, 2019, at 4:00 p.m.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
was appointed as administrator of ABI (WA) on Sept. 11, 2019.

ALITA RESOURCES: Administrators Seek Bids for Sale or DOCA
----------------------------------------------------------
MiningNews.net reports that the administrators of Alita Resources,
KordaMentha, have formally kicked off the recapitalisation process,
and disclosed on Oct. 8 that it was seeking urgent expressions of
interest from interested parties for a sale or a recapitalisation.

According to MiningNews.net, KordaMentha was granted last week
additional time by the Supreme Court of Western Australia to hold
the next meeting of creditors.  It comes after administrators
reported 11 unsolicited proposals to acquire the Bald Hill mine in
the Goldfields.

Major shareholder and creditor Galaxy Resources is supporting the
process, the report says.

"Any transaction will require the support of the secured party to
proceed; or alternatively the secured creditor will need to be
repaid in full," KordaMentha, MiningNews.net, said.

MiningNews.net says KordaMentha is seeking proposals for a sale or
deed of company arrangement by November 7 and will select preferred
proponents by November 8.

It aims to negotiate final proposals for consideration by creditors
by November 18 ahead of a report to creditors to be issued on
November 21, the report notes.

Creditors will vote on the proposals on November 28, with
administrators aiming to execute a DOCA by December 5,
MiningNews.net says.

Operations at Ball Hill were put on care and maintenance last
month, the report adds.

                       About Alita Resources

Alita Resources Limited (ASX:A40) operates as a mineral exploration
and excavation company. The Company explores and produces lithium
and tantalum concentrates. Alita Resources offers its services in
Australia.

The Company went into voluntary administration on Aug. 28, 2019
after restructuring talks with potential investors failed.  Richard
Tucker and John Bumbak of Kordamentha were appointed as
administrators to the Company on Aug. 28.

CANBERRA CONSULTING: Second Creditors' Meeting Set for Oct. 16
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Canberra
Consulting Resources Pty Ltd has been set for Oct. 16, 2019, at
10:00 a.m. at the offices of Slaven Torline, Ground Floor, at 243
Northbourne Avenue, in Lyneham, ACT.

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. 15, 2019, at 4:00 p.m.

Michael Slaven of Slaven Torbine was appointed as administrator of
Canberra Consulting on Sept. 12, 2019.

DART CONTRACTING: Second Creditors' Meeting Set for Oct. 16
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Dart
Contracting Pty Ltd has been set for Oct. 16, 2019, at 10:00 a.m.
at the offices of Morton's Solvency Accountants, Level 11, at 410
Queen Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 15, 2019, at 4:00 p.m.

Gavin Charles Morton of Morton's Solvency Accountants was appointed
as administrator of Dart Contracting on Sept. 10, 2019.

LA QUINTA: Second Creditors' Meeting Set for Oct. 15
----------------------------------------------------
A second meeting of creditors in the proceedings of La Quinta Pty
Ltd has been set for Oct. 15, 2019, at 10:00 a.m. at the offices of
SV Partners, at 22 Market Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 14, 2019, at 4:00 p.m.

David Michael Stimpson of SV Partners was appointed as
administrator of La Quinta on Aug. 13, 2019.

PUMPFREE ENERGY: Second Creditors' Meeting Set for Oct. 16
----------------------------------------------------------
A second meeting of creditors in the proceedings of PumpFree Energy
Pty Ltd has been set for Oct. 16, 2019, at 11:00 a.m. at the
offices of Jirsch Sutherland, Level 27, at 259 George Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 15, 2019, at 4:00 p.m.

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

SBL SOLUTIONS: Second Creditors' Meeting Set for Oct. 15
--------------------------------------------------------
A second meeting of creditors in the proceedings of SBL Solutions
Pty Ltd has been set for Oct. 15, 2019, at 12:00 p.m. at the
offices of Veritas Advisory, Level 5, at 123 Pitt Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 14, 2019, at 4:00 p.m.

Steve Naidenov and Vincent Pirina of Veritas Advisory were
appointed as administrators of SBL Solutions on July 8, 2019.



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C H I N A
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E-HOUSE (CHINA): S&P Puts 'BB' Rating to New US$ Sr. Unsec. Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to
E-House (China) Enterprise Holdings Ltd.'s proposed
U.S.-dollar-denominated senior unsecured notes. The China-based
real estate service agency company (BB/Stable/--) will use the
proceeds for refinancing its existing debt and for general
corporate purposes. The issue rating is subject to S&P's review of
the final issuance documentation.

S&P said, "We equalize the issue rating with the issuer credit
rating on E-House because the proposed notes are not significantly
subordinated to other debt in the company's capital structure. As
of June 30, 2019, E-House's capital structure consisted of about
Chinese renminbi (RMB) 1.3 billion in secured bank loans and other
bank loans at the subsidiary level. This amount--considered as
priority debt--accounts for only 39% of total debt as of June 2019.
Further senior note issuance will lower the company's priority debt
ratio well below our notching-down threshold of 50%.

"We expect E-House's rating buffer to thin following the proposed
issuance. We estimate E-House's leverage--as measured by debt to
EBITDA--to increase to 1.9x-2.0x by 2019, up from 1.6x-1.7x before
the issuance. This will be close to our downside trigger of 2.0x,
assuming a final issuance of US$200 million and half that amount
for debt repayment. As such, we believe our rating on E-House will
be subject to more downside pressure if the issuance amount
increases significantly above US$200 million with no plans for more
debt repayment.

"Our stable outlook on E-House indicates that the company will
maintain healthy growth and sound profitability as well as improve
its working capital such that its operating cash flow will be
positive for full-year 2019."


UCF HOLDINGS: Confirms Chinese Tycoon Zhang Zhenxin is Dead
-----------------------------------------------------------
Caixin Global reports that Zhang Zhenxin, the low-profile tycoon
behind debt-ridden Chinese financial conglomerate UCF Holdings
Group Ltd., died last month in London, the company announced on
Oct. 5.

The 48-year-old businessman suffered multiple organ failure linked
to acute pancreatitis and alcohol dependence and died at the
Chelsea and Westminster Hospital on Sept. 18, Caixin relates citing
a statement posted on UCF Holdings' official account on the WeChat
social media platform. Explaining the delay in making the
announcement, the company said it acted prudently by waiting for
official notification of Mr. Zhang's cause of death which was given
in a formal death certificate issued by the hospital on Sept. 26.

According to Caixin, Mr. Zhang's death adds to the turmoil that's
engulfed UCF Holdings, along with its affiliates and subsidiaries,
including Hong Kong-listed Chong Sing Holdings FinTech Group Ltd.
Founded in 2003, the conglomerate runs a wide range of businesses
including online payment, wealth management, peer-to-peer (P2P)
lending, health care and investment. But it's been hit hard by the
crisis in China's online lending industry and the crackdown on
financial leverage, Caixin says.

Caixin adds that in a separate notice that did not refer to Mr.
Zhang's death, UCF Holdings said it had set up a temporary crisis
management committee led by its chief executive, Zhang Liqun, which
would continue to try and defuse risks and resolve the crisis at
the group through measures including the disposal of assets. Caixin
relates that the committee said it hoped the group's creditors,
investors and partners would show some understanding and tolerance
for its situation and that the company would strive to pay off its
debts and reduce the losses investors and creditors were facing.

Caixin notes that UCF Holdings started life offering guarantees and
small loans but in an ambitious expansion strategy obtained
licenses to provide a range of financial activities including
banking, securities, fund management, wealth management, micro
lending, insurance broking, and third-party payments. It also built
up a fintech business around Beijing-based affiliate NCF Group
which gained a backdoor listing in the U.S. through a merger with
Nasdaq-listed Hunter Maritime Acquisition Corp., although the
company was later relegated to the over-the-counter market.

But the group sank deep into debt in the second half of 2018
following a regulatory crackdown on online and P2P lending that
started in late 2016 and triggered a meltdown in the sector, along
with a series of misfortunes, bad risk management and poor
investment decisions including an unsuccessful foray into
cryptocurrencies, Caixin relates.

UCF Pay, a third-party payment subsidiary of Hong Kong-listed Chong
Sing Holdings was caught embezzling client funds, with sources
familiar with the matter telling Caixin the fraud had led to a
shortfall of CNY240 million. UCF Pay's operations have been
suspended and trading in Chong Sing Holdings' shares has been
halted since July 8, Caixin notes.

In May, financial regulators took the rare step of installing
officials in the offices of N-Securities Co. Ltd., a troubled
regional brokerage controlled by a UCF Holdings affiliate, to
oversee its operations after an investigation into its business
found it had failed to meet regulatory requirements on at least
four risk-control indicators--including its capital leverage ratio
and net stable funding ratio, which assess a company's ability to
meet its financial obligations, Caixin recalls.



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I N D I A
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ACCORD INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Accord Industries Limited
        Alindra Plot No. 15, Alindra GIDC
        Manjusar, Savali
        Vadorada 391775

Insolvency Commencement Date: July 26, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: January 21, 2020

Insolvency professional: Mr. Ravi Kapoor

Interim Resolution
Professional:            Mr. Ravi Kapoor
                         402, Shaival Plaza
                         Near Gujarat College
                         Ellisbridge
                         Ahmedabad 380006
                         E-mail: ravi@ravics.com
                                 ipaccord@ravics.com

Last date for
submission of claims:    September 23, 2019


ARMAAN FLEXIPACK: CARE Reaffirms B+ Rating on INR3.16cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Armaan Flexipack Private Limited (AFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           3.16       CARE B+; Stable Reaffirmed

   Long/Short-
   term Bank
   Facilities           8.84       CARE B+; Stable/CARE A4
                                   Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of AFPL continued to be
constrained on account of project stabilization risk regarding
operations, volatility in prices of raw material and presence in
highly competitive industry.  The ratings however, draw comfort
from experienced promoters and satisfactory completion of the
project within the estimated cost.

Going forward, the ability of the company to achieve its envisaged
revenue and profitability margins shall be key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Stabilization risk regarding operations
The company has set up its manufacturing unit of printed laminated
rolls and pouches with a total project cost of INR13.02crores which
was funded through term loan of INR4.00 crore, promoter's
contribution of INR2.04 crores and balance through unsecured loans.
The company has completed the project within the estimated cost
however with delay of one year. The Project has commenced its
commercial operations from September 2019. During the initial
phases of operations, the capital structure of the company is
expected to remain leveraged characterized by debt funded capex and
low capital base. Considering the initial stages of operation, the
ability of the company to achieve the envisaged revenue and
profitability is a key rating sensitivity.

Volatility in prices of raw material
The key raw material, i.e. plastic granules, polypropylene etc. are
procured from local distributors. PP granules are a crude oil
derivative. Its price is dependent on crude oil prices which are
highly volatile. Therefore, the operating margin of AFPL remains
susceptible to any sharp movement in the raw material prices.
Furthermore, the limited suppliers of these raw materials make it a
seller's market with limited bargaining power for buyers.

Competitive nature of industry
AFPL operates in a highly competitive industry marked by the
presence of a large number of players in the unorganized sector.
Further, with presence of various players, the same limits
bargaining power which exerts pressure on its margins.

Key Rating Strengths

Experienced promoters
Mr. Rajesh Khushwani and his wife, Mrs. Shweta Khushwani are the
directors of AFPL and they collectively look after the business
operations of the company. Mr. Rajesh Khushwani and Mrs. Shweta
Khushwani, are both graduates by qualification and have an
experience of more than two decades in the manufacturing industry
through their association with associate concern - M/s Khushwani
Print Pack Private Limited engaged in similar line of business.

Liquidity
Due to the delay in the project implementation, the liquidity
remains stretched. As the repayment for the term loan has commenced
from Oct'18 and the same has been funded through unsecured loan
being infused by the promoters.

Uttar Pradesh based, AFPL was incorporated in May, 2009. Initially,
the name of the company was Enhance Exim Private Limited, which was
later changed to AFPL in July, 2017. The company has been
incorporated with an aim to set up a manufacturing unit of printed
laminated rolls and pouches with an installed capacity of 3000 MT
per annum at its manufacturing location in Kanpur, Uttar Pradesh on
a plot area of 31,018 square meters. The commercial operations
commenced from mid of September, 2019.

ASHAPURA MINECHEM: NCLAT Sets Aside Insolvency Plea
---------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Appellate Tribunal (NCLAT) has set aside an order of the Mumbai
NCLT admitting a plea filed by Ashapura Minechem Ltd for initiation
of insolvency proceedings.

The report says the appellate tribunal observed that the plea to
initiate insolvency against it was filed by Ashapura Minechem under
Section 10 of the Insolvency and Bankruptcy Code (IBC) without any
prior approval of the annual general meeting (AGM) or extraordinary
general meeting (EGM) of the company.

Setting aside the order of the Mumbai bench of NCLT, which had on
March 15, 2019 admitted the company's plea and had directed to
initiate insolvency proceedings, NCLAT said it was against the law
and asked to close the proceedings, the Hindu BusinessLine
relates.

Ashapura Minechem Limited is engaged in the business of mining,
processing and trading minerals and ores, namely: Bentonite, a
versatile clay having applications in foundries, iron ore
pellatization, oil well drilling and civil engineering; Bauxite,
the principal ore used for manufacturing alumina which is in turn
used to produce Aluminum metal; Barytes, a clay with high specific
gravity and is mainly used in oil well drilling; Iron ore, the
principal ore for manufacturing steel.

Ashapura is also engaged in the manufacturing of value added
Bentonite for advanced applications for usage in paper, cosmetic
and edible oil industries.  The company also offers to arrange for
logistical support for transportation and shipping of minerals
which it sells to its customers.

ASHIMA PAPER: CARE Maintains B Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashima
Paper Products (APP) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term           6.16        CARE B; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 8, 2019 placed the
rating of APP under the 'issuer non-cooperating' category as APP
had failed to provide information for monitoring of the rating. APP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls
September 13, 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 rating has been taken into account non-availability of
requisite information and no due-diligence conducted with banker
due to non-cooperation by Ashima Paper Products 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 January 8, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations
Despite being operational for more than two decades the scale of
operations remained small as evident from total operating income
and gross cash accruals of INR15.47 crore and INR0.36 crore,
respectively in FY18 (FY refers to the period April 1 to March
31).The small scale of operations limits the firm's financial
flexibility in times of stress and deprives it from scale
benefits.

Leveraged capital structure
The capital structure of the firm stood leveraged owing to high
dependence on external borrowings as marked by overall gearing of
around 4 times as on balance sheet dates of last three financial
years i.e. FY16-FY18.

Working capital intensive nature of operations and
APP's operations are working capital intensive nature as reflected
by high utilization of its sanctioned working capital limits. Being
in a competitive industry, APP offers a credit period of around 3-4
months to its customers which resulted in an average collection
period of 94 days in FY18. Further, APP maintains inventory in the
form of raw material for smooth production process and finished
goods to meet the immediate demand of its customer resulting in an
average inventory holding of 80 days for FY18. The firm meets its
working capital requirements through a credit period of around 2
months from its suppliers and utilization of sanctioned working
capital limits .

Weak liquidity indicators:
The liquidity indicators stood weak as marked by current ratio and
quick ratio of 0.87x and 0.54x respectively in FY18.  The cash and
bank balance stood at INR 0.01 crores as on March 31, 2018.

Highly competitive industry along with susceptibility to volatility
in prices of raw material
APP operates in competitive segments of the industry wherein the
presence of large number of entities limits the bargaining power
with customers. Moreover, raw material cost constitutes
approximately 70-80% of the total cost of production for the past
three financial years i.e. FY16 - FY18. Thus, margins are
vulnerable to fluctuation in raw material cost. Hence the
profitability of the firm is based on the ability of the firm to
absorb the increase in raw material prices which will have an
impact on the profitability margins and sales realization.

Key Rating Strengths

Experienced management in paper industry
The operations of APP are currently being managed by Mr. Shalender
Goyal and Mrs. Manju Goyal. They are both port graduates and have
an experience of more than a decade in the paper industry through
their association with APP. They both look after the overall
operations of the firm.

Moderate profitability margins
The profitability margins of the firm stood moderate owing to long
track record of the entity due to which the firm has a better
bargaining power as marked by PBILDT margin of more than 6.50% and
PAT margin of more than 0.80% for the past three financial years,
i.e. FY16-FYF18.

Gurgaon based, Ashima Papers Products (APP) was established on June
24, 2005 as a partnership firm and is currently being managed by
Mr. Shalender Goyal and Mrs. Manju Goyal who are sharing profits
and losses equally. The firm is engaged in manufacturing of
disposable paper cups at its manufacturing facility located in
Gurgaon having an installed capacity of 3 crore pieces per month as
on August 31, 2017. The products manufactured by APP are sold to
companies such as Café Coffee Day, KFC and PVR Cinemas. The main
raw material for the firm is kraft paper and the same is procured
from traders located across India.

BANSAL SEEDS: CARE Cuts INR26cr LT Loan Rating to B+, Not Coop.
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bansal Seeds Private Limited (BSPL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term          26.00       CARE B+; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE BB- on the
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 18, 2018, placed
the ratings of BSPL under the 'issuer non-cooperating' category as
BSPL had failed to provide information for monitoring of the
rating. BSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated September 9, 2019 and September 3, 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.

The rating has been revised by taking into account no due-diligence
conducted due to non-cooperation by BSPL 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. The rating has been revised by taking into account
weak profitability margins, capital structure and coverage
indicators. Further, the ratings takes into account its small scale
of operations with low net worth base and presence in intensely
competitive nature of the industry characterized by a number of
small players. The ratings, however, draw comfort from experienced
promoters and long track record of operations in agro-based
business, moderate operating cycle and its presence of the company
in agro cluster.

Detailed description of the key rating drivers

At the time of last rating on September 18, 2018 the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

Small scale of operations
The scale of operations of the company has remained small marked by
a total operating income and gross cash accruals of INR36.51 crore
and INR0.15 crore respectively during FY18. The small scale limits
the company's financial flexibility in times of stress and deprives
it from scale benefits.

Deterioration in the profitability margins, capital structure and
coverage indicators
The profitability margins of the company deteriorated as marked by
PBILDT margin of 7.92% in FY18 as against 8.26% in FY17. The
capital structure of the company deteriorated and stood 6.07x as on
March 31, 2018 as against 4.18 as on March 31, 2017. Furthermore,
coverage indicators marked by the interest coverage ratio and Total
debt/GCA deteriorated and stood at 1.16x and 126.53x in FY18 as
against 1.18x and 31.20x, respectively in FY17.

Intensely competitive nature of the industry characterized by a
number of small players
The company operates in an industry characterized by high
competition with presence of few established players and a large
number of unorganized players in view of low investment and
technological requirements. Intense competition has a negative
impact on margins of the seed processors like BSPL.

Key Rating Strengths

Experienced promoters and long track record of operations
BSPL was promoted by Mr Mukesh Kumar Agarwal (acting as a Managing
Director) in 1999 and is engaged in this business since inception
with track record of around 2 decades. He manages the entire
operations of BSPL. Before setting up of this company, Mr Mukesh
Kumar Agarwal was engaged with other group associates.

Moderate operating cycle
BSPL had moderate operating cycle in FY18. The company procures
seeds on cash basis from agricultural universities and provides the
same to farmers for germination on job contract basis. Further, the
company procures raw material such as packing material and
chemicals for a credit period of around a week. Moreover, the
company makes sales to wholesalers and retailers on short credit
period of 1-2 months. The company keeps inventory of packing
material and chemicals leading to inventory period of 4-5 days
resulting into comfortable operating cycle of 49 days in FY18.

Presence in agro cluster
BSPL is favorably located in the vicinity of the major wheat
growing areas of the country where the company has easy access to
the raw material and also to farmers who germinate seeds for the
company. Its presence in the region gives additional advantage over
the competitors in term of easy availability of the raw material as
well as favorable pricing terms. Owing to its location, it is in a
position to save on the freight component of incoming of raw
material and outgoing finished goods.

Liquidity
The liquidity position of the company stood poor as on March 31,
2018. Current ratio and quick ratio were not meaningful as on March
31, 2018.

Kashipur-based (Uttarakhand) BSPL was incorporated in November 1999
by the Agarwal family headed by Mr Mukesh Kumar Agarwal, Managing
Director. The company is engaged in processing and trading of wheat
and paddy seeds. BSPL purchases the breeder seeds (initial level or
raw seeds) of wheat and paddy from the state authorities and
Agriculture Universities and after processing the final seeds are
certified. Post certification, these seeds are sold commercially in
packed form. BSPL sells this certified seeds in the brand name of
'Bansal Seeds' through distributors in Bihar & Uttar Pradesh.

CHEMLINKER TRADEX: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Chemlinker Tradex Private Limited

        Registered office:
        Shop No. G-3, Ground Floor
        Vardhman Bhanof Plaza
        Plot No. 6, Pocket-7
        Sector-12, Dwarka
        New Delhi 110075

Insolvency Commencement Date: September 23, 2019

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

Estimated date of closure of
insolvency resolution process: March 22, 2020
                               (180 days from commencement)

Insolvency professional: Vikas Garg

Interim Resolution
Professional:            Vikas Garg
                         809, 8th Floor
                         Arunachal Building
                         19, Barakhamba Road
                         New Delhi 110001
                         E-mail: vikas@vamindia.in
                                 cirp.chemlinker@gmail.com

Last date for
submission of claims:    October 9, 2019


DUGGAL AUTOMOBILES: CARE Assigns B+ Rating to INR7.0cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Duggal
Automobiles (DAM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.00       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of DAM is constrained by
small and declining scale of operations, leveraged capital
structure and elongated operating cycle. The rating is further
constrained by risk of nonrenewal of dealership agreement,
proprietorship nature of constitution, and intense competition into
auto dealership industry. The rating, however, derives strength
from experienced proprietor and long track record of operations and
authorized dealership of Hero Motocorp Limited.

Going forward, the ability of the firm to scale up its operations
while improving its profitability margins and overall solvency
position shall remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and declining scale of operations with low net worth base and
low PAT margin
The scale of operations of the firm remained small marked by total
operating income of INR25.52 crore in FY19 (Prov.) and net worth
base of INR3.18 crore as on March 31, 2019 (Prov.). Further, the
GCA of the firm also stood low at INR0.50 crore. The TOI of the
firm witnessed a declining trend in FY17-FY19 period as the TOI of
the firm declined from INR32.90 crore in FY17 to INR25.52 crore in
FY19 as earlier the firm was the only authorized dealer of Hero
Motocorp Limited for Pathankot, Gurdaspur and Batala regions thus
having higher market share. However, the company had given its
authorized dealership separately for Pathankot and Batala regions
from 2017 onwards, which led to decline in income of Duggal
Automobiles. The small scale of operations limits the financial
flexibility of the firm in times of stress and deprives it of scale
benefits.

Further, the PBILDT margin of the firm stood moderate at 7.19% in
FY19. It improved from 5.94% in FY18 mainly due to decline in
employee cost and administrative cost due to decline in customer
base. However, PAT margin stood low at 1.97% in FY19 as against
1.60% in FY18.

Weak overall solvency position
The capital structure of the firm stood leveraged marked by overall
gearing ratio of 2.57x as on March 31, 2019 (PY: 2.69x) mainly due
to high dependence on working capital borrowings.

Further, the debt coverage indicators also remained weak marked by
interest coverage ratio of 1.38x in FY19 and total debt to GCA
ratio of 16.30x for FY19. The interest coverage ratio stood at the
same level as per last year, however, total debt to GCA ratio
deteriorated from 11.10x for FY18 to 16.30x for FY19 due to
increase in debt levels coupled with decline in GCA of the firm in
FY19.

Risk of non-renewal of dealership agreement
The firm has entered into a dealership agreement with Hero Motocorp
Limited (Two wheelers). The dealership agreements with the above
companies are subject to renewal from time to time. Furthermore,
the agreements may get terminated at any time on violation of
certain clauses.

Proprietorship nature of constitution
Duggal Automobiles, being a proprietorship firm, is exposed to
inherent risk of the partner's capital being withdrawn at time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of the proprietor.

Intense competition in the auto dealership industry
The automobile industry is very competitive on the back of the
presence of a large number of players dealing with similar
products. Moreover, in order to capture the market share, the auto
dealers offer better buying terms like providing credit period or
allowing discounts on the purchase. Such discounts offered to the
customers create a margin pressure and negatively impact the
earning capacity of the firm. Furthermore, the auto industry is
inherently vulnerable to the economic cycles and is sensitive to
the interest rates and fuel prices. The firm thus faces significant
risks associated with such cyclical nature of the auto industry.

Key Rating Strengths
Experienced proprietor and long track record of operations
The firm commenced operations in 1980. DAM is currently being
managed by Mr. Navneet Kumar Duggal as proprietor. He has a total
work experience of 39 years which he has gained through this firm
only. The proprietor has adequate acumen about various aspects of
business which is likely to benefit DAM in the long run.
Furthermore, the long track record has aided the company in having
established relationship with customers and suppliers.

Authorized dealer of Hero Motorcorp Limited
Duggal Automobiles enjoys the reputation of being an authorized
dealer of Hero Motorcorp Limited for its two wheelers. Currently,
the firm has fully automated workshops with firm trained mechanics.
Apart from this, they also have thirteen sub-dealers in the region.
The entity has been one of market leaders in the region in the two
wheeler segments for decades and has a wide & established
distribution network of sales and service centres, providing it a
competitive advantage over its peers.

Stretched liquidity position
The operating cycle of the firm stood elongated at 127 days for
FY19 (Prov.). The working capital limits remained fully utilized
for the last 12 months period ended August 2019. The liquidity
position of the firm stood weak marked by current ratio and quick
ratio of 1.22x and 0.34x as on March 31, 2019. The firm had free
cash and bank balance of INR0.36 crore as on March 31, 2019.

Duggal Automobiles (DAM), based in Gurdaspur, Punjab, was
established as a proprietorship concern by Mr. Navneet Kumar Duggal
in 1980. DAM is the authorized dealer of Hero Motocorp Limited (Two
wheeler division) with its office located in Gurdaspur, Punjab.
Currently, the firm has fully automated workshops with firm trained
mechanics. Apart from this, they have a network of 13 sub-dealers
in the region.

EAST HOOGHLY: CARE Hikes Rating on INR9.81cr LT Loan to BB-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
East Hooghly Agro Plantation Private Limited (EHAP), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term           9.81       CARE BB-; Stable Revised from
   Bank Facilities                CARE B+; Stable


   Short Term
   Bank Facilities     0.75       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the long-term rating assigned to the bank
facilities of EHAP takes into account the growth in total operating
income, improvement in profit margins, improvement in capital
structure and debt coverage indicators during FY19 (refers the
period from April 1, to March 31).

However, the ratings continue to remain constrained by its small
scale of operations with moderate profit margins, exposure to
volatility in raw material prices, leveraged capital structure with
moderate debt coverage indicators and highly competitive and
fragmented nature of the industry. The ratings, however, continue
to derive strength from experienced promoters and diversified use
and favorable end user industries.

Going forward, the ability of the company to increase its scale of
operations with further improvement in profit margins and effective
working capital management will remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with moderate profit margins: The total
operating income improved year on year during last three years with
a compounded annual growth rate of 135.36% mainly on account of
higher demand of its products in the market. Moreover, the overall
scale of operations of the company remained small as marked by
total operating income to INR46.31 crore (INR35.55 crore in FY18)
and a PAT of INR0.89 crore (net loss of INR0.96 crore in FY18) in
FY19. The company has reported GCA of INR2.80 crore during FY19.
The tangible net worth of the company improved and stood at INR7.96
crore as on March 31, 2019. The profitability margins of the
company improved during FY19 mainly on account of stabilization of
operations and relatively lower capital charges. However, the
profitability margins remained low as marked by PBILDT margin of
7.46% and PAT margin of 1.93% in FY19. However during 5MFY20, the
company has reported a turnover of INR30.13 crore.

Exposure to volatility in raw material prices: The primary raw
materials required by EHAP are HDPE and tarpaulin (constituting
about 92.52% of the cost of sales in FY19), the prices of which are
highly volatile. Further, the company does not have any long term
contracts with the domestic suppliers for the purchase of raw
materials. Hence, the profitability margins of the company could
get adversely affected with any sudden spurt in the raw material
prices.

Moderate capital structure with satisfactory debt coverage
indicators: The capital structure of the company improved as on
March 31, 2019 due to low debt level as on closing date and the
same remained moderate marked by overall gearing ratio of 1.60x and
debt equity ratio of 1.04x as on March 31, 2019. The debt coverage
indicators also improved and the same remained satisfactory marked
by interest coverage of 2.97x (1.39x in FY18) and total debt to GCA
of 4.55x in FY19. The interest coverage ratio improved in FY19 on
account of low interest costs during the year.

Highly competitive and fragmented nature of the industry: The
plastic and polymers industry is highly fragmented with a large
number of small to medium scale organized and unorganized players
owing to low entry barriers with no visible differentiators in
product profile. High competition in the operating spectrum and
small size of the company limits the scope for margin expansion.

Key Rating Strengths

Experienced promoters: EHAP is into manufacturer of high-density
polyethylene (HDPE) tarpaulin since 2017 and thus has around a
short track record of operations. Moreover, the key promoter Mr.
Mainak Mondal has around two decade of experience in the same line
of business looks after the day to day operations of the company.
He is supported by other directors and a team of experienced
professionals.

Diversified use and favorable end user industry: The Polypropylene
(PP) has high tensile strength and plastic woven sacks are much
cleaner both in use and production and resist fungal attack. Air
permeable sacks made from PP are suitable for the packaging of
diversified products like cement, fertiliser, other chemical
products, food grains, oil seeds, sugar, salt etc. Due to numerous
advantages of PP woven sacks over jute sacks, these are finding
more and more applications in packaging of a wide range of products
of various industries.

Adequate Liquidity
Adequate liquidity characterized by sufficient cushion in accruals
vis-à-vis repayment obligations and moderate cash balance of
INR0.09 crore as on March 31, 2019. Its bank limits are on an
average utilized to the extent of 90% during last 12 months ended
on August 31, 2019. The liquidity is supported by its above unity
current ratio at 1.59x as on March 31, 2019.

West Bengal based East Hooghly Agro Plantation Private Limited
(EHAP) incorporated on December 3, 2015, was promoted by Mr.
Krishna Chandra Mondal, Mr. Mainak Mondal, Ms. Anima Mondal, Ms.
Munmun Pal, Ms. Jumpha Mondal and Ms. Mousumu Pal. The company had
started its commercial operation from December 2016 onwards. The
company has been engaged in manufacturing of High Density
Polyethylene (HDPE) fabric and woven sacks, used as covering
products, thereby protecting them from moisture and dust. These
products are available in different thickness and capacities. HDPE
woven fabrics offer strong, durable and economical packaging for
varied range industrial & commercial applications. It is
light-weight and best suited for packing corrugated or wooden
boxes, cloth bales, machinery and many other finished goods for
external safety. Laminated and non-laminated HOPE PP Woven Fabric
used for wrapping of paper rolls, textile fabrics, all type of
rubber tyres, steel coils, galvanized pipes used in pharmaceuticals
industry, polymer industry, fertilizer industry, cement industry
etc. The manufacturing facility of the company is located at
industrial area, Hooghly, West Bengal with an installed capacity of
1500MT per annum (HDPE Tarpaulin/Fabric and bag) and 2400 MT per
annum (Leno Bag).

ESSIX BIOSCIENCES: CARE Reaffirms B Rating on INR13cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Essix Biosciences Limited (EBL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           13.00      CARE B; Stable Reaffirmed

   Short term Bank
   Facilities            7.00      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of EBL, continue to
remain constrained by the weak financial risk profile of the
company characterized by small scale of operations, weak overall
solvency position and stretched liquidity position. The ratings
further remain constrained by the customer concentration risk,
regulatory risk and the susceptibility of the profitability margins
to raw material price volatility & foreign exchange fluctuations.
The ratings, however, derive strength from the experienced
promoters, approved manufacturing facilities and diversified
product profile.

Going forward, the ability of the company to profitably scale-up
its operations, while improving its overall solvency position and
managing its working capital requirements efficiently, will remain
its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Weak overall financial risk profile: In November-2017, EBL merged
with eight of its group concerns which had negligible operations.
The scale of operations continued to remain small with the total
operating income of INR69.20 Crore in FY19 (Provisional) which grew
by a marginal ~3% on account of increased demand from its main
customer and a group concern- Ind-Swift Laboratories Limited (
ISLL; rated 'CARE C; Stable/ CARE A4' '). Further, EBL has achieved
a total operating income of INR17.38 Crores in Q1FY20
(Provisional). The PBILDT margins of the company improved to 7.20%
in FY19 (Provisional; Previous Year: 6.70%). The PAT margins of the
company, however, remained low and deteriorated from 1.29% in FY18
to 0.68% in FY19 (Provisional) on account of increased interest
expenses as well as depreciation cost incurred during the year. The
capital structure of the company remained leveraged marked by the
long term debt to equity ratio and overall gearing ratio of 1.85x
and 2.04x respectively, as on March 31, 2019 (Provisional) as
compared to 1.87x and 2.13x, respectively, as on March 31, 2018.
Though the interest coverage ratio remained moderate in FY19
(Provisional), it deteriorated from previous year's levels owing to
increase in interest expenses during the year. The total debt to
GCA remained weak at 99.66x as on March 31, 2019 (Provisional).

Stretched liquidity position: The overall liquidity position of the
company remained stretched. The operating cycle of the company
remained elongated at ~110 days as on March 31, 2019 (Provisional),
while the average utilization of the working capital limit remained
high at ~98% in the last twelve month period ended August-2019. The
company had a low free cash and bank balance of INR0.16 Crore, as
on March 31, 2019 (Provisional). EBL has a repayment obligation of
INR1.22 Crore for FY20 and the same is proposed to be met through
the internal accruals. The company has no major capex planned for
the near future. The current and quick ratios of EBL stood at a
moderate level of 1.35x and 0.40x as on March 31, 2019
(Provisional).

Customer concentration risk: EBL derives almost its entire income
from the sales to group concerns and job work done for them. ISLL
contributed ~95% of the total income in FY19 (Provisional), while
Ind-Swift Limited (ISL) contributed ~2%, thereby exposing its
revenue stream to customer concentration risk.

Susceptibility to raw material prices fluctuations and foreign
currency fluctuations: The profitability margins of the company are
susceptible to the fluctuations in raw material prices with the raw
material costs constituting around 72% of the total income in FY19
(Provisional). Further, in FY19 (Provisional), the company imported
around 36% of its total raw material requirements. In the absence
of any hedging mechanism, the profitability margins of the company
remain vulnerable to any adverse fluctuation in the foreign
exchange rates.

Susceptibility to regulatory risk in the industry: Pharmaceutical
industry is a closely monitored and regulated industry and as such
there are inherent risks and liabilities associated with the
products and their manufacturing.

Key Rating Strengths

Experienced promoters: EBL has been engaged in the manufacturing of
pharmaceutical products for more than two decades now. The company
is operating with Mr. N.R. Munjal as its Managing Director and Mr.
S.R. Mehta as the Chairman having an overall experience of around
three decades each. The other directors of the company also hold an
experience ranging from 5-30 years in the pharmaceutical industry.

Approved manufacturing facilities and diversified product profile:
EBL is an ISO 9001:2008 certified company. The labs of the company
are also accredited by the National Accreditation Board for Testing
and Calibration Laboratories (NABL) and complying with the GLP
(Good Laboratory Practices) norms. The company manufactures more
than ten APIs (Active Pharmaceutical Ingredients) which find
application in a varied range of therapeutic segments like
antiinflammatory drugs, blood pressure inhibitors, antibiotics,
etc.

Originally incorporated in 1993 as 'Essix Financial Services Ltd',
the company was subsequently rechristened as 'Essix Biosciences
Ltd' (EBL) in 2004. EBL is currently operating with Mr. S.R. Mehta
as the Chairman and Mr. N.R. Munjal as its Managing Director, who
are also the main promoters of the IND-Swift group engaged
primarily in the pharmaceutical industry. Till 2007, EBL derived
all its revenue from research activities done for ISLL. However,
since 2008, the company is engaged in the manufacturing of Active
Pharmaceutical Ingredients (API) Intermediates and APIs, which it
supplies primarily to ISLL and ISL. Other group concerns of the
company engaged in the pharmaceutical industry include Halycon Life
Sciences Private Limited while, other entities of the group include
Fortune India Constructions Limited (FICL), Swift Fundamental
Research & Education Society etc., engaged in diverse industries.

In November-2017, eight entities of the group: NRM Portfolios Pvt
Ltd, GM Portfolios Pvt Ltd, AKJ Portfolios Pvt Ltd, SRM Portfolios
Pvt Ltd, VRM Portfolios Pvt Ltd, VKM Portfolios Pvt Ltd, Integral
Buildcon Pvt Ltd and Consummate Pharmaceuticals Pvt Ltd were merged
with EBL. These companies had negligible operations but had
investments made by the promoter group. The merged entity is
continuing the existing business of manufacturing of Active
Pharmaceutical Ingredients (API) Intermediates and APIs. EBL has
Dashmesh Medicare Private Limited as its subsidiary which is
currently non-operational.

GEOSYS INDIA: CARE Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Geosys
India Infrastructure Private Limited (GIIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term           5.00       CARE B+; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 18, 2018, placed
the ratings of GIIPL under the 'issuer non-cooperating' category as
GIIPL had failed to provide information for monitoring of the
rating. GIIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated September 13, 2019, September 06, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on December 18, 2018, the following were
the rating weaknesses and strengths. (updated for the information
available from Registrar of Companies)

Key Rating Weaknesses

Small scale of operations coupled with low networth base
The scale of operations of the company continues to remain small
marked by a total operating income and gross cash accruals of
INR7.44 crore and INR1.56 crore respectively in FY18 (FY refer to
April 01 to March 31). The networth stood at INR6.87 crores as on
March 31, 2018. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits.

Business risk associated with tender -based-orders
The company is exposed to the risk associated with the tender-based
business, which is characterized by intense competition. The growth
of the business depends on its ability to successfully bid for the
tenders and emerge as the lowest bidder. Furthermore, any changes
in the government policy or government spending on projects are
likely to affect the revenues of the company.

Moderate financial risk profile
The profitability margins of the company continues to remain
moderate during last three financial years (FY16-FY18) as marked by
PBILDT margin and PAT margins of 14.78% and 7.51% respectively for
FY18 as against 12.27% and 6.30% respectively for FY17. The
improvement in profitability margins was due to a decline in the
cost of operations. The capital structure of the company continues
to remain moderate from the last three balance sheet dates. GIIPL's
capital structure stood moderate as marked by debt equity ratio and
overall gearing of 0.02x and 0.40x as on March 31, 2018 as against
0.03x and 0.34x as on March 31, 2017. The coverage indicators
continues to remain moderate as marked by interest coverage ratio
and total debt to GCA of 5.27x and 1.75x respectively for FY18 as
against 8.50x and 1.22x respectively for FY17 owing to moderate
profitability levels.

Weak liquidity position
The liquidity position of the company stood weak as marked by
current and quick ratio of 1.14x and 1.06x respectively as on March
31, 2018. The cash and bank balance stood at INR 0.79 crore as on
March 31, 2018.

Competitive nature of industry
GIIPL faces direct competition from various organized players in
the market due to low entry barriers and lower capital
requirements. There are number of small and regional players and
catering to the same market which can exert pressure on its
margins. The company undertakes sub-contracts from private entities
like L&T Construction and some government departments like Madhya
Pradesh Rural Road Development (MPRRD).

Key Rating Strengths

Experienced management
Mr. Rajeev Agarwal has more than two decades of experience in
geosynthetics & infrastructure business through his association
with GIIPL and his other family businesses. He handles the overall
operations of the company. He is supported by Chanchal Agarwal, who
looks after human resources and administration departments and has
more than half a decade of experience through her association with
GIIPPL.

Moderate order book
GIIPL has an unexecuted order book of around INR 60 crores as on
September 26, 2017 which is equivalent to ~3 times of the TOI in
FY17 (Provisional). The tenor of the contracts to be executed
varies up to 12 months. The moderate order book provides visibility
in the short to medium term for the company. CARE is unable to
comment on its present order book position due to non-cooperation
by the client.

Moderate working capital cycle
The operating cycle of GIIPL stood moderate at 49 days for FY18.
The company has a collection period of around 2-3 months and
receives a credit period of 1-2 months as marked by an average
collection period of 121 days and an average credit period of 84
days for FY18. The company doesn't maintain any inventory in the
form of raw materials or finished products as it has a healthy
relationship with its suppliers and procures raw material as and
when required. The average inventory stood at 12 day for FY18.

Kanpur (Uttar Pradesh) based Geosys India Infrastructures Private
Limited. (GIIPL) was incorporated in 2008 as a private limited and
is currently being managed by Mr. Rajeev Agarwal and Mrs. Chanchal
Agarwal. The company is a Contractor & Engineer for turnkey
projects and is engaged in the construction of roads, flyovers,
reinforced earth walls and bridges. GIIPL executes contracts mainly
for government departments like Madhya Pradesh Rural Road
Department (MPRRD) some private entities such as L&T. The primary
raw material in their projects is technical textile or
geosynthetics which they procure from Maruti Rub Plast Private
Limited.

GLOBETECH MEDICARE: CARE Keeps B Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Globetech
Medicare Private Limited (GMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term           25.70      CARE B; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 27, 2018, placed the
ratings of GMPL under the 'issuer non-cooperating' category as GMPL
had failed to provide information for monitoring of the rating.
GMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated September 6, 2019, September 3, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 27, 2018, the following were the
rating weaknesses and strengths. (updated for the information
available from Registrar of Companies)

Key Rating Weaknesses

Weak Liquidity indicators

The liquidity position of the company stood weak as marked by
current and quick ratio of 0.02x and 0.01x respectively as on
March 31, 2018.

Project execution risk coupled with debt funded capex
The company is setting up a multi-specialty hospital in Varanasi.
The hospital has commenced its operations from April 2017 and FY18
(refers to the period April 1 to March 31) being the first full
year of operations. The project execution is at nascent stage and
execution of the project within envisaged time and cost remains a
risk for the company.

Reputational risk
Healthcare is a highly sensitive sector where any mishandling of a
case or negligence on part of any doctor and/or staff of the unit
can lead to distrust among the masses. Thus, all the healthcare
providers need to monitor each case diligently and maintain
standard of services in order to avoid the occurrence of any
unforeseen incident. They also need to maintain high vigilance to
avoid any malpractice at any pocket.

Competition from existing players
The healthcare industry is highly competitive with a large number
of established organized players and their growing network of
hospitals. The healthcare and specialty hospital sector mainly
comprises of large national players, organized regional players,
government hospitals, charitable trusts and a large number of
nursing home and multi-specialty clinics making it highly
competitive. The competition is expected to intensify with the
expected entry of Public Private Partnerships in this segment.

Key Rating Strengths

Experienced promoters with diversified business experience
The company is promoted by Dr B.K. Singh, Mr Saurabh Bhansali, Mr
Ashish Tulsiyan, Mr Praveen Kumar and Ms Poonam Singh. Dr Singh is
a renowned doctor and an eminent cardiologist of Varanasi having
more than 20 years of medical experience. He would be looking after
the overall operations of GMPL. Mr Ashish Tulsiya, a qualified
chartered accountant and a company secretary having an experience
of nearly half a decade through his association with companies
engaged in the business of coal trading, manufacturing of sponge
iron and education (schools). Mr Saurabh Bhansali, a chartered
accountant looks after the financial and legal matters of the
company. He is having an experience of around a decade through his
association with companies engaged in real estate and manufacturing
of ayurvedic medicines. Mr Praveen Kumar, a MBA from Banaras Hindu
University looks after the marketing and administrative operations
of the company. He is having an experience of around a decade
through his association with companies engaged in the business of
stone crushing, sales of country liquor and transporting. Ms Poonam
Singh, a graduate will be looking after the day to day
administrative activities and human resource related issues after
project the project becomes operational.

Positive outlook & high growth potential for the healthcare sector
As per CARE Research, Indian healthcare sector is expected to grow
at 10-12% CAGR, driven by the hospital industry, which accounts for
70% of the sector. Factors such as rise in per capita spending on
healthcare, change in demographic profile, transition in disease
profiles, increase in health insurance penetration, and fast
growing medical tourism market, are expected to be the growth
drivers of the industry. Increasing rural incomes and generous
insurance schemes of the government have enhanced the affordability
of quality health care in Tier II and III cities. Also, the XIIth
Five Year Plan has allocated an amount of INR 3,000 bn to the
Health Department, an increase of 235% over INR 896 bn spent in the
XIth Five Year Plan.

Kolkata-based (West Bengal) GMPL was incorporated in 2013 and is
currently promoted by Dr. B.K. Singh, Mr Saurabh Bhansali, Mr
Ashish Tulsyan, Mr Praveen Kumar and Ms Poonam Singh. The company
was setup with an objective to construct and operate a
multi-specialty hospital in Varanasi, Uttar Pradesh. The hospital
would provide healthcare services in orthopedics, neurology,
urology, pathology, nephrology, pediatric, cardiology, gynecology,
laproscopy, primary care services, radiology and imaging center
among others. It would also be equipped with modular operation
theatre, Internal Care Unit (ICU) with advance ventilator support.
The hospital will also have an outpatient clinic consisting of
offices/consult rooms with examination rooms, pathology department
etc. The hospital has commenced its operations from April, 2017 and
FY18 being the first full year of operations. The project execution
is at nascent stage and execution of the project within envisaged
time and cost remains a risk for the company.

GOYAL ENTERPRISES: CARE Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goyal
Enterprises, Meerut (GE) continues to remain in the 'Issuer Not
Cooperating' category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term          11.25       CARE B+; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GE to monitor the rating
vide e-mail communications dated September 10, 2019, September 4,
2019 and August 30, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the ratings 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 GE's
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 sing the
above rating.

Detailed description of the key rating drivers

At the time of last rating on August 22, 2018, the following were
the rating weaknesses and strengths.

Credit Risk Assessment

Key Rating Weakness

Small scale of operations
The scale of operations stood small as marked by the total
operating income of INR 23.56 crore in FY18 (refers to period
starting from April 1 to March 31; based on provisional results).
The small scale limits the firm's financial flexibility in times of
stress and deprives it from scale benefits.

Low profitability margins and coverage indicators
The firm is engaged in trading of surgical equipment's, scientific
chemicals where value addition is low. The profitability margins of
the firm stood low owing to its presence in highly competitive
industry. The PBILDT and PAT margin of the firm stood around 3% and
0.75% for the past two financial years i.e. FY17-FY18. Further, the
interest coverage indicators also stood low owing to low
profitability; as marked by interest coverage ratio of 1.39x and
total debt to gross cash accruals of 27.94 times for FY18.

Leveraged capital structure
The capital structure of the firm stood leveraged owing to higher
dependence on external borrowings to meet its working capital
requirement as marked by overall gearing ratio which remained
around 3x for the balance sheet date of the past two financial
years i.e. FY17-FY18.

Weak Liquidity Position
The liquidity position of the firm stood weak as marked by current
and quick ratio of 1.26x and 0.63x as on March 31, 2018 (refers to
the period from April 01 to March 31; based on provisional
results).

Working capital intensive nature of operations
The business operations of Goyal Enterprise are working capital
intensive in nature as reflected by higher utilization of
sanctioned working capital limits. Since Goyal Enterprise operates
in a competitive industry, it has limited bargaining power and is
required to offer high credit period of around 2 months to its
customers. The firm generally purchases on cash or advance basis
resulting with a maximum credit period of 2 days in FY18.Further,
being in the healthcare sector, GE also maintains inventory in the
form of finished goods to meet the immediate needs of its
customers. The working capital limits remained almost fully
utilized for the past 12 months, period ending June 30, 2018.

Competitive nature of industry
Goyal Enterprise faces direct competition from various organized
and unorganized players in the market. There are number of small
and regional players and catering to the same market which can
exert pressure on its margins.

Constitution of the entity being a proprietorship firm
The constitution of Goyal Enterprise is proprietorship firm which
has the inherent risk of possibility of withdrawal of the
proprietor 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
funds as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

Key Rating Strengths

Experienced management
The overall operations of the firm are managed by Mr. Ambuj Goyal.
He is a post graduate by qualification and has a vast experience of
around two decades in trading of lab testing, surgical equipment
and scientific chemicals. He is further supported by a team of
experienced professionals.

Growing scale of operations
Goyal Enterprises has witnessed growth in its TOI over the past
three years (FY16 to FY18) at a compounded annual growth rate
(CAGR) of 20%. During FY18, the firm registered growth of 37.94% in
its total operating income which stood at INR 23.56 crore as
against INR 17.08 crore in FY17. The growth was attributed due to
increase in quantity sold to new and existing customers.
Furthermore, the firm has achieved total operating income of INR
10.69 crores during 3MFY19 (period from April 1 to June 30; based
on provisional results).

Meerut based Goyal Enterprises (GE) was established as
proprietorship firm by Mr. Ambuj Goyal in 2001. GE is engaged in
the wholesale trading of surgical equipment such as sputum
container, urine container, slide box, dropping bottle etc and
various type of scientific chemicals. The firm procures the
products from domestic distributors and sells these products to
pathology laboratory, hospitals and medical colleges across India.

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

The instrument-wise rating action is:

-- INR650 mil. Term loan due on March 2022 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 25, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1981, HIFPL executes commercial and residential
real estate projects.

IL&FS ENGINEERING: Defaults on Redemption of Preference Shares
--------------------------------------------------------------
The Hindu BusinessLine reports that IL&FS Engineering and
Construction Company on Oct. 7 said it has defaulted on redemption
of preference shares worth INR39.5 crore in favor of Vistra ITCL
(India) Ltd.

The due date of redemption was September 30, the report says.

"Due to the present circumstances in relation to the company . . .
the company is unable to redeem the preference shares on the due
date," it said in a filing to stock exchanges, the Hindu
BusinessLine relays.

According to the Hindu BusinessLine, default on the redemption is
with respect of non-convertible redeemable cumulative preference
shares and optionally convertible preference shares.

The Hindu BusinessLine says the debt crisis at the infrastructure
lender IL&FS, which created a turmoil in the Indian financial
market and led to a situation of liquidity tightening in the
system, came into light following a series of defaults by its group
companies beginning September 2018.

IL&FS Engineering and Construction Company Limited, formerly known
as Maytas Infra Limited, is engaged in infrastructure development,
construction and project management.

INTERJEWEL PRIVATE: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of InterJewel
Private Limited continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–Fund      210.00      CARE D; ISSUER NOT
COOPERATING;
   Based Bank                      based on best available
   Facilities                      information

   Short Term-Non        1.60      CARE D; ISSUER NOT COOPERATING;
   Fund Based                      based on best available
   Bank Facilities                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from InterJewel Private Limited
to monitor the rating(s) vide email communications dated Dec. 31,
2017, Nov. 30, 2017, Oct. 31, 2017, Feb. 28, 2018, Jan. 31, 2018,
June 7, 2019, June 13, 2019, June 20, 2019, and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on InterJewel Private Limited's bank facilities
will 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 ratings.

The ratings take into account the ongoing delays in debt
servicing.

Detailed description of the key rating drivers

At the time of last rating on April 6, 2018 the following were the
rating strengths and weaknesses

Key Rating Weaknesses

Ongoing delays in debt servicing
Due to weakening of the liquidity profile of IPL, there are
on-going instances of overdrawals in the working capital bank
facilities.

InterJewelPvt. Ltd (IPL) was established as a partnership firm in
1970, in the name of D. Navinchandra & Co. by Mr Shantibhai Mehta
and Mr Navinbhai Mehta. The partnership firm was converted into a
private limited company in April 2007, and subsequently renamed to
its current name IPL. The group as a part of its restructuring
process carried out a scheme of amalgamation and de-merger exercise
with effect from April 01, 2009. IPL, now promoted by Mr Rupen
Kothari, Mr Shrenik Choksi and Mr Hemal Choksi, is engaged in the
business of importing and processing of rough diamonds and
exporting cut and polished diamonds (CPD) of various sizes and
shapes. The diamond processing activities of IPL are undertaken at
its own manufacturing facilities in Surat. IPL has its sales
offices at Mumbai, Delhi and Ahmedabad. Currently, IPL has a 'Rio
Tinto Select Diamantaire' status. Day to day operations of the
company is managed by Mr Hemal Choksi - CEO.

J.D. TALC: CARE Maintains B Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J.D. Talc
(JDT) continues to remain in the 'Issuer Not Cooperating'
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------     -------
   Long Term           5.16        CARE B; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 8, 2019 placed the
rating of JDT under the 'issuer noncooperating' category as JDT had
failed to provide information for monitoring of the rating. JDT
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls
September 19, 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 rating has been taken into account non-availability of
requisite information and no due-diligence conducted with banker
due to non-cooperation by J.D. Talc 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 January 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations
Despite healthy growth of 32.87% reported during FY17 by the firm
in its TOI, overall scale of operations stood small at INR12.61
crore.

Leveraged capital structure and moderate debt coverage indicators
The capital structure of the firm stood leveraged marked by an
overall gearing ratio of 3.27 times as on March 31, 2017. However,
debt coverage indicators stood moderate marked by TD/GCA of 8.10
times as on March 31, 2017 on account of moderate level of gross
cash accruals against that of its debt level while Interest
coverage stood at 2.02 times during FY17 on account of higher
PBILDT and lower interest expenses.

Moderate Liquidity position
Liquidity position stood moderate marked by current ratio of 1.06
times as on March 31, 2017 while operating cycle stood at 79 days
during FY17.

Susceptibility of profit margins to raw material price volatility
risk and foreign exchange fluctuation risk
JD's main raw material is soap stone lumps and it procures these
raw materials from its associate firm J D Minerals which is engaged
in mining of soap stone lumps and also procures from the domestic
market. Any adverse fluctuation in the material prices is likely to
impact the profit margins of JD. JD is also engaged into export
where they export to South Korea. Exports stood at INR3.30 crore in
FY17 which is 26% of TOI of FY17. In absence of any active hedging
policy, the firm is exposed to foreign exchange rate fluctuation.

Key Rating Strengths

Experienced promoters
Mr. Rajendra Singh Daffoti holds total experience of fourteen years
in chemical industry through his association with J D Minerals as a
Proprietor. Other two partners also hold moderate experience of
four years in same line of business.

Haldwani (Nainital)–based J.D. Talc (JD) is a partnership firm
established in 2013 by Mr. Rajendra Singh Daffoti. JD is engaged
into micronizing and supply of soap lumps and powder and operates
with an installed capacity of 50 Metric Tonnes Per Day (MTPD) from
its ISO 9001:2015 certified facility. These products have
application in making of paper, paints and coating, polyester
putties, pharmaceuticals, plastics and rubber, cosmetics. J D
Minerals is an associate firm which is promoted by Mr. Rajendra
Singh Daffoti in 2004 which is engaged into mining of soap stone
lumps and powder.

JUPITER BROADCAST: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Jupiter Broadcast Private Limited
        Flat No. 309, 3rd Floor
        Kalpatru Plaza
        Chincholi Bunder Road
        Malad West, Mumbai
        Mumbai City Mh 400064

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 22, 2020

Insolvency professional: Partha Sarathy Sarkar

Interim Resolution
Professional:            Partha Sarathy Sarkar
                         Office No. 7, 2nd Floor
                         Vikas Bhawan, 26-A
                         Cawasji Patel Street
                         Fort, Mumbai 400001
                         E-mail: sakarpartho@yahoo.com

Last date for
submission of claims:    October 8, 2019


K B A INFRASTRUCTURE: Ind-Ra Affirms B+ LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed K B A
Infrastructure Private Limited's (KBAIPL) Long-Term Issuer Rating
at 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. (reduced from INR100 mil.) Fund-based facilities
     affirmed with IND B+/Stable/IND A4 rating; and

-- INR50 mil. (reduced from INR61.146 mil.) Non-fund based
     facilities affirmed with IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects KBAIPL's continued small scale of
operations. According to the provisional financials of FY19,
revenue fell to INR174 million (FY18: INR233 million) due to the
fewer number of orders received and executed. The company has an
order book worth INR619.25 million (3.56x of FY19 revenue) to be
executed till FY22.

The ratings are constrained by company's modest EBITDA margins of
9.72% in FY19 (FY18: 10.79%) due to sub-contracting projects.
KBAIPL's modest credit metrics deteriorated in FY19 with interest
coverage (operating EBITDAR/gross interest expense) of 2.37x (FY18:
2.74x) and net leverage (adjusted net debt/operating EBITDAR) of
2.67x (1.42x) owing to a decline in absolute EBITDA to INR17
million (INR25 million). The company's return on capital employed
was 4% in FY19 (FY18: 6%).

Liquidity Indicator - Poor: The company's average use of fund-based
facilities over the 12 months ended August 2019 was 76%. Cash flow
from operations was INR39.40 million in FY19 (FY18: INR5.74
million) due to the changes in working capital requirements. Cash
and cash equivalents were INR0.28 million in FY19 (FY18: INR36.04
million).

The ratings continue to be supported by the promoters' experience
of over two decades in civil construction.

RATING SENSITIVITIES

Negative: A substantial decline in the revenue or profitability and
deterioration in the credit metrics, all on a sustained basis, will
lead to a downgrade.

Positive: A substantial rise in the revenue and the profitability,
leading to an improvement in the credit metrics, all on a sustained
basis, will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2009, KBAIPL is an engineering, procurement, and
construction contractor that executes government projects and
subcontract works in Mumbai, Maharashtra.

KASATA HOMETECH: NCLT Initiates Insolvency Process Against Builder
------------------------------------------------------------------
ETRealty.com reports that the National Company Law Tribunal (NCLT)
Mumbai on Oct. 3 initiated corporate insolvency resolution process
against Kasata Hometech under Section 7 of the Insolvency and
Bankruptcy Code 2016.

The court has appointed Jugraj Bedi as the interim resolution
professional (IRP) for the case, ETRealty.com discloses. The court
directed the IRP to make public announcement.

According to ETRealty.com, the financial creditor said that a
debenture holders' representative agreement dated March 29, 2016
was entered into between Kasata Hometech India, Milestone
Trusteeship Services and Karvy India Realty. The petitioner
subscribed to two sets of non-convertible Debentures (NCDs), issued
under Tranche 1, Series 1 and Series 4.

Under Tranche 1, Series 1, the petitioner subscribed to 30 NCDs,
under Tranche 1, Series 4, the petitioner subscribed to 21 more
NCDs. Hence the total debt due and payable to the petitioner is
INR59.09 lakh.

ETRealty.com relates that the builder in its plea stated that it is
financially sound and commercially solvent. It has an asset value
of more than INR39 crore. It also has an inventory of finished and
unfinished stock off more than INR80 crore. It further said that
action in case of any default can only be initiated after a
decision by the Majority Debenture Holders ("such number of
Debenture Holders holding 75% of the nominal value of the then
outstanding Debentures), ETRealty.com relays.

ETRealty.com adds that Kasata Hometech further stated that they
have constructed and completed two out of three projects in or
around the year 2018. However, due to overall depreciation in the
market conditions of the real estate business, there was drastic
reduction in the sale of the units in the projects. About INR17.52
crore is still receivable from the sold units.

NCLT-Mumbai, however, noted that under IBC, the shift is from
"inability to pay" to "existence of default," ETRealty.com adds.
"Also, the Majority Debenture Holders cannot be countenanced,
because that would amount to defeating the provisions of the IBC.
Until the hearing of the petition, the builder has not settled the
outstanding dues. It clearly shows that they are in default of a
debt due and payable."

Kasata Hometech Pvt Ltd., a Vadodara (Gujarat)-based company, was
incorporated in 2009 by Mr. Ramesh Patel and his brother, Mr.
Naresh Patel. The company constructs residential apartments in
Vadodara.

LORDS MARK: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Lords Mark
Industries Private Limited's (LMIPL) Long-Term Issuer Rating of
'IND BB+ (ISSUER NOT COOPERATING)' and simultaneously withdrawn it.


The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR17 mil. Term loan due on April
     2020 maintained in non-cooperating category and withdrawn;
     and

-- The 'IND BB+' rating on the INR230 mil. Fund-based working
     capital facilities** maintained in non-cooperating category
     and withdrawn.

Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn

Maintained at 'IND BB+ (ISSUER NOT COPPERATING) / IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

KEY RATING DRIVERS

The rating has been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Incorporated in 1998 by Mr. Sachidanand Upadhyay, Lords Mark
Industries has manufacturing facilities in Vasai, Maharashtra, and
Silvasa, Daman and Diu Union Territory.

MAJESTIC EXPORTS: Ind-Ra Hikes LT Rating to 'BB+', Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Majestic Exports'
(ME) Long-Term Issuer Rating to 'IND BB+' from 'IND BB- (ISSUER NOT
COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR160 mil. (increased from INR140 mil.) Fund-based working
     capital limits Long-term upgraded, Short-term affirmed with
     IND BB+/Stable/IND A4+ rating;

-- INR5.5 mil. (increased from INR3.5 mil.) Non-fund-based
     working capital limits affirmed with IND A4+ rating; and

-- INR39.3 mil. (increased from INR29.3 mil.) Term loans due on
     March 2022 upgraded with IND BB+/Stable rating.

The upgrade reflects a significant and sustained growth in ME's
revenue and operating EBITDA, and the resultant improvement in
credit metrics, over FY16-FY19.

KEY RATING DRIVERS

ME's revenue grew 47% yoy to INR1,875 million in FY19 (FY18:
INR1,276 million, FY17: INR931 million; FY16: INR890 million),
primarily on account of increase in orders. However, the company's
scale of operations continued to be medium. ME have an outstanding
order book of INR844.4 million, scheduled to be executed by the end
of January 2020.  The absolute EBITDA rose to INR270 million in
FY19 (FY18: INR204 million; FY17: INR148 million; FY16: INR105
million) on the back of revenue growth. The company's EBITDA margin
remained healthy but fell to 14.4% in FY19 (FY18: 16%) owing to an
increase in the cost of dyes imported from China and a rise in yarn
prices. The return on capital employed was 45% in FY19 (FY18:
52%).

The company's credit metrics were comfortable in FY19, with
interest coverage (operating EBITDA/gross interest expense) of
21.2x in FY19 (FY18: 19.6x, FY17: 14.2x, FY16: 9.5x) and net
leverage (adjusted net debt/operating EBITDA) of 0.7x (FY18: 0.4x,
FY17: 0.4x, FY16: 1.04x).  The interest coverage improved because
of the growth in the absolute EBITDA. The net leverage deteriorated
slightly on account of an increase in debt.

The ratings are constrained by the intense competition in the
industry. However, this risk is mitigated to some extent by ME's
strong relationships with its existing customers.

The ratings also reflect the high customer concentration risk, with
Ralph Lauren contributing around 70% to ME's total revenue. The top
10 customers contributed 91.3% to the total revenue in FY19. Any
issue with these customers could impact the revenue visibility of
the firm.

In addition, the ratings are constrained by the partnership nature
of the business.

Liquidity Indicator: Adequate – Majestic's liquidity position
remained comfortable, with average maximum utilization of
fund-based facilities of around 82.7% for the 12 months ended
August 2019. The cash flow from operations fell to INR32 million in
FY19 (FY18:INR95 million) owing to an increase in working capital
requirements. However, the cash flow from operations was positive
over FY16-FY19.  Ind-Ra expects ME's liquidity to be sufficient to
meet the repayment obligations over the medium term.

The ratings continue to be supported by the promoters' operating
experience of over two decades in the textile industry.

RATING SENSITIVITIES

Negative: Any decline in the revenue or profitability, along with a
further rise in customer concentration, resulting in deterioration
in the credit metrics, on a sustained basis, will be negative for
the ratings.

Positive: A sustained improvement in the revenue and profitability,
along with reduction in customer concentration, while maintaining
the credit metrics will be positive for the ratings.

COMPANY PROFILE

Established in 1987, Majestic Exports is a Tamil Nadu-based
partnership firm involved in manufacturing and export of knitted
garments. The company has its own facilities for knitting, sewing,
embroidery and printing in Tirupur. The firm derives 99% of its
revenue from the export markets.

MANTHAN BROADBAND: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Manthan Broadband Services Private Limited
        6, G C Avenue
        3rd Floor
        Kolkata 700013

Insolvency Commencement Date: September 18, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 16, 2020

Insolvency professional: Shashi Agarwal

Interim Resolution
Professional:            Shashi Agarwal
                         Subarna Appartment
                         (Opp.: Udayan Club)
                         21N, Block-A, New Alipore
                         Kolkata 700053
                         E-mail: shashiagg@rediffmail.com
                                 mant6750@rediffmail.com

Last date for
submission of claims:    October 2, 2019


MARG LTD: Creditors' Panel Accepts Promoter's Settlement Offer
--------------------------------------------------------------
The Hindu BusinessLine reports that a Committee of Creditors (CoC)
has approved the settlement offer submitted by GRK Reddy, the
promoter of Chennai-based infrastructure developer Marg Ltd, by a
majority vote, helping the embattled businessman regain control
over his company that was admitted to a bankruptcy court this May.

On May 28, the National Company Law Tribunal (NCLT), Chennai, had
ordered the start of corporate insolvency resolution process (CIRP)
against Marg for defaulting on dues of INR71.69 crore to ICICI
Bank, the report notes. Reddy appealed the ruling at the National
Company Law Appellate Tribunal (NCLAT).

During a hearing on September 30, D Srinivasan, counsel for ICICI
Bank, informed NCLAT that the CoC has accepted the terms of
settlement submitted by Reddy under Section 12A of the Insolvency
and Bankruptcy Code (IBC). "Therefore, ICICI Bank Limited has moved
an application before the adjudicating authority for the withdrawal
of the application filed under Section 7 of the IBC," he told
NCLAT, the Hindu BusinessLine relays.

After hearing the parties, NCLAT allowed ICICI Bank to withdraw the
petition, the report says. "The impugned order dated 28 May 2019
for initiating Corporate Insolvency Resolution Process is set aside
along with consequential steps taken. The application under Section
7 filed by the ICICI Bank is disposed of as withdrawn. The
corporate debtor (Marg) is released from all rigour of law. The
Resolution Professional will hand over the assets and documents to
the corporate debtor through the promoter," NCLAT, as cited by the
Hindu BusinessLine, ruled.

"The corporate debtor is directed to pay the stakeholders/creditors
in terms of settlement reached under Section 12A within the period
as approved by the CoC, failing which it will be open to ICICI Bank
to file an application for the recall of this order and revival of
CIRP against the corporate debtor," said NCLAT.

MARG Limited is an infrastructure development company. The Company
has engineered IT infrastructure development, offering complete
end-to-end turnkey solutions right from locating the property to
providing build-to-suit facilities for IT and ITES Indian and
global companies.

Marg Ltd commenced insolvency proceedings on May 28, 2019.

MICRO DYNAMICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Micro Dynamics Private Limited
        T-178, MIDC Bhosari
        Pune MH 411026
        IN

Insolvency Commencement Date: September 23, 2019

Court: National Company Law Tribunal, Pune Bench

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

Insolvency professional: Anagha Anasingaraju

Interim Resolution
Professional:            Anagha Anasingaraju
                         1-2, Aishwarya Sankul
                         17 G.A. Kulkarni Path
                         Opp. Joshi's Railway Museum
                         Kothrud, Pune 411038
                         E-mail: rp.anagha@kanjcs.com

Last date for
submission of claims:    October 11, 2019


MIGHTY AUTO: CARE Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mighty Auto
Wheels Private Limited (MAWPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term            13.00      CARE B; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 20, 2018, placed the
ratings of MAWPL under the 'issuer non-cooperating' category as
MAWPL had failed to provide information for monitoring of the
rating. MAWPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated September 9, 2019 and September 3, 2019.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 20, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

Short track record and nascent scale of operations
MAWPL commenced operations in April 2017 and has very short track
record of operations in auto dealership business as compared with
other established players. Furthermore, stabilization risk of the
newly setup facilities in terms of achieving the envisaged scale of
business operations in the light of competitive nature of industry
remains crucial for MAWPL.

Low profitability margins and working capital intensive nature of
operations
The profitability margins of an automobile dealership normally
remains low as the company has limited negotiating power with
manufacturers and has no control over the selling price as the same
is fixed by the manufacturers. Furthermore, an automotive dealer's
revenues are driven by volumes, while the profits are driven by the
sale of spares and service income as the latter fetch higher profit
margins. Automobile dealer purchases vehicles from manufacturer by
making full advance payment, resulting in low average creditor
period. Though the sales to customers are made on a cash and carry
basis; however, around 50-60% of the cars are bought on vehicle
financing basis through banks. The said phenomenon results in a
collection period of around 15-20 days. The dealer has to maintain
models of different vehicles with each having various variants to
meet the demand of the customer resulting in moderate inventory
days of around 30-45 days. Entailing all lead to moderate operating
cycle. However, considering the low capital base of the MAWPL at
present and the working capital requirement are likely to be met
though bank borrowing, resulting into the capital structure to be
remained leveraged in the medium term.

Presence in competitive nature of automobile dealership industry
The fortunes of MAWPL are closely linked to those of Mahindra and
Mahindra Limited, being the only supplier for the company. The
sales and distribution of automobiles, especially the passenger
vehicle and LCV is marked by intense competition attributable to
presence of several dealers in the nearby areas. The already
existing competition is further worsened by the major automobile
manufacturers extending similar discounts and promotional schemes
to lure customers for purchases. The profitability margin on
products is set at a particular level by Mahindra and Mahindra
Limited thereby restricting the company to earn incremental income.
Further, with the large dealership network of Mahindra and
Mahindra, the bargaining power of the dealer with the customer is
further reduced. In light of the same, the margins are likely to
remain severely constrained for the dealers and distributors. Also,
in order to capture the market share, the auto dealers have to
offer better buying terms like providing credit period or allowing
discounts on purchases which create margin pressure and negatively
impact the earning capacity of the company.

Key Rating Strengths

Experienced Promoters
The directors; Mr. Parminder Tewatia and Mr. Samresh Kumar Singh
have wide experience in diversified business segments i.e. auto
dealership and real estate through their association with other
associate concerns.

Liquidity Position
The liquidity position of the company stood moderate as on March
31, 2018. Liquidity ratio marked by current ratio and quick ratio
stood at 1.24x and 0.59x. Further, cash profit stood at INR 0.63
crores for FY18.

Incorporated in 2016, Mighty Auto Wheels Private Limited (MAWPL) is
promoted by Mr. Parminder Tewatia and Mr. Samresh Singh. MAWPL is
engaged in the dealership of passenger and commercial vehicle of
Mahindra and Mahindra Limited (M&ML) on Haridwar and provide
provides 3S services (Sales, Spares and Services). The operations
of the company commenced from April 2017. Company also undertakes
servicing of passenger vehicle work. MAWPL is another group of A to
Z Developers Limited and A to Z Auto Wheels Private Limited,
managed by Mr. Parminder Tewatia.

MIL INDUSTRIES: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed MIL Industries
Limited's (MIL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR22 mil. Fund-based facilities affirmed with IND BB+/Stable
     rating; and

-- INR65 mil. Non-fund-based facilities affirmed with IND A4+
     rating.

KEY RATING DRIVERS

The affirmation reflects MIL's continued small scale of operations,
as indicated by revenue of  INR411 million in FY19 (FY18: INR299
million). The revenue increased on a yoy basis due to an increase
in realizations from rubber lining and polytetrafluoroethylene
(PTFE) lining products. The company has recorded revenue of INR156
million in 1QFY20. It has an unexecuted order book of INR140
million, which will be executed by December 2019.

The ratings reflect the volatility in operating profitability over
FY16-FY19 due to the fragmented nature of the industrial lining
industry along with fluctuations in the key raw material prices of
rubber and PTFE resin - a crude derivative. The EBDITA margin
increased to a healthy 16% in FY19 (FY18:7.2%; FY17: 10%; FY16:
17%) on account of a decrease in cost of materials consumed and
decline in employee costs. The margins were also supported by the
high-value projects from Coromandel International Limited ('IND
AA+'/Stable). The return on capital employed was 21% in FY19 (FY18:
5.4%).  

The ratings factor in MIL's moderate liquidity position, with
average utilization of 35% of fund-based facilities and about 58%
of non-fund based limits for the 12 months ended September 2019.
The company's cash flow from operations increased to INR24 million
in FY19 (FY18: INR23 million) owing to an improvement in the
absolute operating EBITDA to INR66 million (INR22 million). As of
March 2019, the company had an unutilized credit line of INR12
million and it did not have any term loan or unsecured loan
outstanding.

The ratings benefit from MIL's comfortable credit metrics due to
lower dependency on external debts. The EBITDA interest coverage
(operating EBITDA/gross interest expense) improved to 18x in FY19
(FY18: 5.3x) because of the increase in the absolute EBITDA. The
company's net debt remained negative due to its lower dependency on
external debts as well as comfortable cash balance of INR11 million
in FY19 (FY18: INR120 million). Ind-Ra expects the credit metrics
to remain comfortable over the medium term due to the absence of
debt-led capex.

The ratings also continue to be supported by the promoters'
experience of more than five decades in the manufacturing of rubber
and polytetrafluoroethylene lining.

RATING SENSITIVITIES

Negative: Any substantial decline in operating profitability,
leading to  deterioration in the liquidity and credit metrics, with
interest coverage falling below 2.5x, will be negative for the
ratings.

Positive: An increase in the scale of operations and a stable
operating profitability resulting in comfortable credit metrics,
all on sustained basis, will be positive for the ratings.

COMPANY PROFILE

MIL manufactures anti-corrosion and anti-abrasion lining and
products, such as rubber and polytetrafluoroethylene lining, for
chemical and tire manufacturing industries.

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

The instrument-wise rating actions are:

-- INR130 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 3, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1996, Tamil Nadu-based PL is a registered class I
civil contractor with the Public Works Department.

PIYUSH COLONISERS: NCLT Starts Insolvency Process Against Firm
--------------------------------------------------------------
ETRealty.com reports that the National Company Law Tribunal (NCLT)
has initiated corporate insolvency resolution process (CIRP)
against Piyush Colonisers Limited under Section 7 of the Insolvency
and Bankruptcy Code 2016.

The CIRP is triggered on the petition filed by Oriental Bank of
Commerce, the report says.

According to ETRealty.com, the court has appointed Umesh Garg as
the interim resolution professional (IRP) for the case. The court
directed the IRP to make public announcement.

Oriental Bank disbursed INR20.77 crore loans between 2015 and 2017
to Piyush Colonisers and total outstanding as of January 14, 2019
is INR28.43 crore. The bank classified the builder's account as
non-performing asset (NPA) on March 31, 2017. It filed an
application before Debts Recovery Tribunal for recovery of dues,
which is still pending, ETRealty.com discloses.

ETRealty.com relates that Piyush Colonisers in its plea said that
the account was never declared NPA as per the guidelines issued by
the Reserve Bank of India (RBI) and the bank has not communicated
the declaration of the account as 'Regular', 'overdue', 'our of
order' or 'NPA'.  ETRealty.com adds that the builder further said
that at the time of sanctioning of loan and credit facilities, bank
had obtained our signatures on a series of papers, unfilled printed
forms, letter-head signed in blank and without understanding the
content thereof.

NCLT, however, dismissed the builder's plea and said that the loan
documents clearly depicts the loan was sanctioned, disbursed and
the agreements were properly executed. The builder's plea that the
signatures were taken on a series of paper is devoid of any
substance, ETRealty.com notes.

In its meeting of board of directors, issue concerning loan
facility granted by the bank was considered and along with other
resolution it was resolved that the project land, having khasra No
114, 115, 116 and 123 of the project to be mortgaged to the bank by
Puneet Goyal, managing director of the company, according to
ETRealty.com.

Oriental Bank of Commerce has been ordered to deposit INR2 lakh to
the IRP to meet the expenses to perform his function within three
days of the order, ETRealty.com notes.

ETRealty.com says the court has ordered a stay on all
ongoing/pending suits or proceedings against Piyush Colonisers. It
has also prohibited the company from transferring, encumbering or
disposing of its assets. Any foreclosure of company's assets or
recovery of any property by an owner or lessor where such property
is occupied by or in the possession of the company has also been
prohibited.

During the CIRP period, the management of the builder shall vest in
the IRP, ETRealty.com states. The ex-management has been directed
to provide all documents in their possession and furnish every
information within a period of one week from the admission of the
petition to the IRP, adds ETRealty.com.

Piyush Colonisers Limited operates as a real estate development
company. The Company develops, constructs, and manages residential
and commercial properties. Piyush Colonisers serves customers in
India.

S.K. CREATIONS: CARE Cuts INR8.50cr Loan Rating to B, Not Coop.
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.K.
Creations (SKC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term          8.50         CARE B; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B+ on the
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from SKC to monitor the
ratings vide e-mail communications dated September 16, 2019,
September 11, 2019, September 9, 2019, September 5, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided no default statement for monitoring
the ratings. 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 ratings of SKC'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.

SANGAM HANDICRAFT: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sangam Handicraft Private Limited
        F-1, Vinay Path
        Bani Park
        Jaipur 302016
        Rajasthan

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, Jaipur Bench

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

Insolvency professional: Mr. Nitin Sethi

Interim Resolution
Professional:            Mr. Nitin Sethi
                         C/o Shah Patni & Co.
                         S.B. - One, Bapu Nagar
                         J.L.N. Marg
                         Jaipur 302015
                         India
                         Tel: +91 141 2703949
                         Fax: +91 141 2719077
                         Mobile: +91-9414078378
                                 +91-9799931119
                         E-mail: nitinsethiip@gmail.com
                                 nitin@spcoindia.com

Last date for
submission of claims:    October 9, 2019


SARASWATI TIMBER: CARE Keeps B Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saraswati
Timber Private Limited (STPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term            7.99       CARE B; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Long Term/           1.63       CARE B/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Based on best
   Facilities                      available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 1, 2018, placed the
ratings of STPL under the 'issuer non-cooperating' category as STPL
had failed to provide information for monitoring of the rating.
STPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 9, 2019 and September 3, 2019. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on August 1, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

Small scale of operations with low profitability margins, leveraged
capital structure and weak coverage indicators
The scale of operations of the company stood small scale which
limits the company's financial flexibility in times of stress and
deprive of scale benefits. The profitability margins of the company
remained on a lower side owing to the trading nature of the
business and highly competitive industry. STPL had leveraged
capital structure on account of low net-worth base. Further owing
to high total debt and lower profitability the coverage indicators
continues to remain weak.

Working capital intensive nature of operations
Being a highly competitive business and the product is being sold
through large dealers and distributors; the payment is being
realized once the products is being sold by the dealer to end
customer, the average collection period remained high at around 3-4
months. The company has a large product portfolio which is required
to maintain adequate inventory of raw material for smooth running
of its production processes and finished goods of all the products
to meet the immediate demand of its customers which resulted into
average inventory holding period of around 2-3 months.

Key Rating Strengths

Experienced promoters and part of ACE Footmark group
The promoters of STPL i.e. Mr. Surendra Kumar, Mr. Akash Kapoor and
Mr. Arjun Puri have about more than a decade of experience each in
the manufacturing and trading of footwear products. Further, being
a part of "ACE" group, STPL enjoys the benefits such as established
marketing and strong brand image. Location advantage and integrated
manufacturing process The manufacturing facility of STPL is located
in footwear park Bahadurgarh, Haryana. It gives the company easy
availability of raw materials and other support items as a large
number of companies engaged in the related business are located in
the footwear park.

Liquidity Position

Liquidity ratios marked by current ratio and quick ratio improved
and stood at 1.21 times and 0.74 times in FY18 as against 1.13x and
0.57x in FY17. Cash profits declined in FY18 to INR 0.35 crores
from INR0.36 crores in FY17. Further, working capital cycle
elongated to 79 day in FY18 as against 31 days in FY17 owing to
increase in collection and inventory holding days.

Incorporated in 1998, STPL is promoted by Mr Surendra Kumar, Mr
Akash Kapoor and Mr Arjun Puri. The company started its commercial
operations in July 2011 and is engaged in the manufacturing of
footwear products like slippers, sandals, flip flops, etc. The
manufacturing facility of the company is located at Bahadurgarh,
Haryana. The company has its own inhouse ethylene vinyl acetate
(EVA) compounding unit and manufactures EVA sheets from EVA
granules. The main raw material of the company is rubber, which is
procured domestically as well as imported from China. STPL sells
its products domestically under the brand name 'Fizik' through a
network of dealers as well as through large retail players. Besides
STPL, other group companies include Ace Footmark Private Limited
(AFPL), Focus Shoes Private Limited and NR Footwear Private Limited
which are engaged in the trading & manufacturing of footwear
products.

SARVOTTAM POULTRY: CARE Keeps 'B' Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sarvottam
Poultry Feed Supply Centre Private Limited (SPF) continues to
remain in the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term           15.30      CARE B; ISSUER NOT COOPERATING;
   Bank Facilities                Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 30, 2018, placed the
ratings of SPF under the 'issuer non-cooperating' category as SPF
had failed to provide information for monitoring of the rating. SPF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated September 13, 2019, September 3, 2019. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 30, 2018, the following were the
rating weaknesses and strengths. (updated for the information
available from Registrar of Companies)

Key Rating Weaknesses

Small scale of operations
The scale of operations of the company continues to remain small
during last three financial years FY16-FY18 (refers to the period
April 1 to March 31). The small scale limits the company's
financial flexibility in times of stress and deprives it from scale
benefits.

Weak financial risk profile
Profitability margins of the company continues to remain low for
the last three financial years i.e. FY16-FY18 (refers to period
April 1 to March 31) owing to the low value addition coupled with
high competition.

The capital structure continues to remain leveraged marked by
overall gearing ratio which stood above 4.50x as on balance sheet
dates of last three financial years i.e. FY16-FY18 on account of
high debt to meet capex and working capital requirements coupled
with low net worth base.

The coverage indicators continues to remain weak marked by interest
coverage ratio which stood below 2x for the last three financial
years i.e. FY16-FY18. The operating cycle of the company continues
to remain elongated and stood at 177 days in FY18.

Weak Liquidity indicators
The liquidity position of the company stood weak as marked by
current and quick ratio of 1.44x and 0.77x respectively as on March
31, 2018.The cash and bank balance stood at INR 0.23 crore as on
march 31, 2018.

Raw material price fluctuation
The major raw material for the company consists of soyameal, bajra,
corn, peanuts which constituted major proportion of the total cost
of sales. The prices of the raw material are highly fluctuating
because of the irregularity of climatic condition to unpredictable
yields. Moreover, soyameal, bajra, prices are regulated by
government policies. The company has low bargaining power towards
increase in final product prices.

Key Rating Strengths

Experienced promoters in poultry feed business
SPF is currently being managed by Mr. Satpal Singh and his son, Mr.
Abhimanyu. Mr. Satpal Singh is a graduate and have an experience of
more than a decade in manufacturing of poultry feed through his
association with group concern "NPF". Mr. Abhimanyu is a graduate
by qualification and has an experience of around half a decade.
They both look after the overall operations of the company.

Positive demand outlook of poultry industry
Poultry products like eggs have large consumption across the
country in the form of bakery products, cakes, biscuits and
different types of food dishes in home and restaurants. The demand
has been driven by the rapidly changing food habits of the average
Indian consumer, dictated by the lifestyle changes in the urban and
semi-urban regions of the country. The potential in poultry sector
is increasing due to a combination of factors - growth in per
capita income, growing urban population and falling real poultry
prices.

Sarvottam Poultry Feed Private Limited (SPF) was incorporated in
2011 by Mr. Satpal Singh and Mr. Abhimanyu. The concern is engaged
in the manufacturing of poultry feed which includes layer feed and
broiler feed and it commenced operations in 2011. The main raw
material required for manufacturing and processing of poultry feed
is soyameal, bajra, corn, peanuts, mustard, maize, etc. The company
procures its raw materials from dealers located in Delhi and nearby
region. The company sells its products under the brand name
"Sarvottam" to poultry farms located in Punjab, Uttar Pradesh and
nearby region. SPF has one associate concern namely Nirmal Poultry
Farm which is also engaged in similar business.

SHRI RAMSWAROOP: Ind-Ra Withdraws BB- Bank Loan Ratings
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Ramswaroop
Memorial Charitable Trust's bank facilities' ratings in the
non-cooperating category and simultaneously withdrawn it.

The detailed rating actions are:

-- The 'IND BB-' rating on the INR466.3 mil. Term loan due on
     February 2022 maintained in non-cooperating category and
     withdrawn; and

-- The 'IND BB-' rating on the INR368 mil. Fund-based working
     capital facilities* maintained in non-cooperating category
     and withdrawn.

Maintained at 'IND BB- (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The rating has been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the rating, as it has
received a no-objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Shri Ramswaroop Memorial Charitable Trust was established by Shri
Ramswaroop Memorial Group in May 2010. Under its aegis, Shri
Ramswaroop Memorial University was established under UP State
Government Act 1 of 2012. The university, located in Uttar Pradesh,
imparts education in the field of science, engineering and
technology, bio and medical sciences, dental science, pharmacy,
management, hotel and hospitality management, law and other
professional courses, and history, culture, commerce, economics,
humanities, philosophy and art.

SIDHANT CREATIONS: CARE Lowers Rating on INR15cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sidhant Creations Private Limited (SCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term/           15.00      CARE D/CARE D Revised from
   Short-term                      CARE BB-; Stable/CARE A4
   Bank Facilities      
                                   
   Long-term             0.56      CARE D Revised from
   Bank Facilities                 CARE BB-;Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of SCPL
is primarily due to irregularity in servicing of its debt
obligations.

Detailed description of key rating drivers

Key Rating Weaknesses

On-going delay in debt servicing: SCPL has been irregular in
servicing its debt obligation due to weak liquidity position of the
company.

Liquidity: Poor

The liquidity position of the company remained poor as marked by
net cash flow from operating activities which remained at negative
INR0.10 crore during FY18 coupled with low cash and bank balance of
INR0.25 crore as on March 31, 2018. Further, Cash credit limit
utilized around 90% over the past twelve months ended September,
2018. Furthermore, SCPL's operating cycle elongated to 231 days in
FY18 from 161 days on the back of increase in collection and
inventory period during the year.

Surat-based (Gujarat) SCPL was incorporated in 2008 as a private
limited company by Dhingra family. SCPL is into the business of
manufacturing of designer sarees and lehengas. SCPL is operating
from its sole manufacturing plant located in Surat (Gujarat) with
an installed capacity of manufacturing 60,000 pieces of designer
saress p.a. and 25,000 pieces of lehengas p.a. as on March 31,
2018. The promoters also run another entity Sidhant Fabrics which
undertakes embroidery related job work for SCPL.

SRI MAANASA: CARE Cuts INR11.60cr LT Loan Rating to B+, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Maanasa Enterprises Private Limited (SMEPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------     -------
   Long Term         11.60        CARE B+; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE BB- on the
                                  best available information


Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 8, 2018, placed the
rating(s) of SMEPL under the 'issuer non-cooperating' category as
SMEPL had failed to provide information for monitoring of the
rating. SMEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated July 19, 2019, July 22, 2019, August 27, 2019,
August 28, 2019 and September 13, 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 revision in the ratings assigned to the bank facilities of Sri
Maanasa Enterprises Private Limited (SMEPL) takes into account
growth in scale of operations and revenue over the years, leveraged
capital structure and weak debt coverage indicators. The ratings
are constrained by Fluctuating profit margins, working capital
intensive nature of operations. The ratings are underpinned by the
extensive experience of the promoters.

Going forward, the company's ability to increase its scale of
operations along with profit margins and improve its capital
structure and debt coverage indicators while improving its working
capital requirements effectively would be the key rating
sensitivities.

Key Rating Weakness

Small scale of operations
The company has operating income of INR 4.44 crore as on march 31,
2018 with low net worth of INR 13.04 crore Leveraged capital
Structure and weak debt coverage indicators The debt equity ratio
and overall gearing ratio of the company remained leveraged due to
carried forward of losses there is erosion in net-worth over the
period from FY16 to FY18.

Working capital Intensive nature of operations
The company operates in a working capital intensive industry and
consequently the operating cycle has been high about 3-4 months.
The operating cycle improved from 221 days in FY16 to 29 days in
FY17 and again deteriorated to 85 days in FY18.

Key rating strengths

Extensive experience of promoters
The company has been promoted by Mr. Krishna Murthy Gollapudy
(Managing Director) along with his relatives, who has been
associated with the SMEPL since its inception (as a partnership
firm) and has been present in the retail industry since the past 15
years. The business operations of SMEPL have benefited from his
long established track record and the vast industry network
developed over the years. He is involved extensively in the
day-to-day operations of the company and looks after the finance
and accounts as well as sales and marketing aspects of the
company.

Growth in scale of operations and revenue over the years
The total operating income (TOI) of the company remained
fluctuating over the period from FY16 to FY18. In FY16 TOI stood at
INR13.44 crore and increased to INR14.79 crore in FY17 and declined
to INR13.39 crore in FY18.

atisfactory profitability margins
Increasing profitability margins during the review period. The
PBILDT margin increased from 5.85 % in FY16 to 11.99 % in FY18 due
to increase in scale of operations. The PAT margin improved and
stood at 0.16% in FY18.

Liquidity Analysis:

The current ratio of the firm stood moderate at 1.45x as on
March 31, 2018 mainly on account of high current assets compared to
the current liabilities.

Sri Maanasa Enterprises Private Ltd. (SMEPL) was incorporated on
August 10, 2012. The company was started as a partnership firm in
2007 under the name of M/s. Sri Maanasa Enterprises at Kakinada
with a single retail outlet before being incorporated as a private
limited concern. In 2011, another retail outlet was started in
Vizag under the name of Sri Maanasa Garments Private Limited and
subsequently, in 2013, both the units got amalgamated into the
present form of Sri Maanasa Enterprises Private Ltd. The company is
engaged in textile trading business dealing in men's, women's and
children's garments, and currently operates four retail outlets;
one each in Vizag and Eluru and two in Kakinada, Andhra Pradesh.The
entire shareholding lies with the promoters and their relatives.
Mr. Krishna Murthy Gollapudy (Managing Director) has around 15
years of experience in the retail industry.

SRI PARAMESWARA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sri Parameswara Poultry Farm Pvt. Ltd.
        18-190/1, Opp Saibaba Temple Shad Nagar
        Farooq Nagar Mahaboob Nagar
        Telangana State 509216
        India

Insolvency Commencement Date: September 17, 2019

Court: National Company Law Tribunal, Pune Bench

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

Insolvency professional: Mr. Satish Kumar Jain

Interim Resolution
Professional:            Mr. Satish Kumar Jain
                         C2/401, Prestine Royal
                         Behind Spicer College
                         Aundh, Pune 411007
                         E-mail: skjain317868@gmail.com

                            - and -

                         Office No. 309, 3rd Floor
                         A Wing, City Point
                         Dhole Patil Road
                         Pune 411001

Last date for
submission of claims:    October 1, 2019


TIRUPATI EXPORT: CARE Cuts INR9cr LT Loan Rating to B-, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tirupati Export and Import Corporation(TEIC), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 08, 2019 placed the
rating of TEIC under the 'issuer non-cooperating' category as TEIC
had failed to provide information for monitoring of the rating.
TEIC continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls September
19, 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 Long-term ratings has been revised by taking into account
non-availability of requisite information and no due diligence
conducted with banker due to non-cooperation by Tirupati Export and
Import Corporation 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. Further, the ratings
continue to remain constrained owing by small though fluctuating
scale of operations, weak financial risk profile, high collection
period and presence in a competitive industry. The ratings,
however, continue to take comfort from Experienced management and
long track of operations.

Detailed description of the key rating drivers

At the time of last rating on January 8, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Small though fluctuating scale of operations
The scale of operations stood small marked by a total operating
income and gross cash accruals of INR32.78 crore and INR0.27 crore,
respectively, in FY17 (refers to the period April  to March 31).
The small scale limits the company's financial flexibility in times
of stress and deprives it from scale benefits. Further company's
total operating income has been fluctuating over the past three
years (FY15-FY17). The total operating income registered a decline
on y-o-y basis in FY16 due to subdued demand and registered a
growth in FY17 on account of higher quantity sold. Further, the
firm achieved total operating income of INR15.00 crore during
8MFY18 (refers to the period April 01 to November 30).

Weak Financial Risk Profile
The profitability margins stood low as marked by PBILDT margin and
PAT margin of 2.60% and 0.65% respectively in FY17 as against 7.26%
and 1.10% respectively in FY16. The decline in the profitability
margins was on account of increase in cost of the traded product
from around 91.66% of total costs in FY16 to around 96.28% of the
total cost in FY17. The capital structure of TEIC stood leveraged
as marked by overall gearing of 5.01x as on March 31, 2017 as
against 4.80x as on March 32, 2016. The deterioration was on
account of higher utilization of sanctioned working capital
borrowing limits as on balance sheet date coupled with infusion in
the form unsecured loans to support growing scale of operations.
Furthermore, the coverage indicators of TEIC stood weak as marked
by interest coverage ratio and total debt to gross cash accruals of
1.46x and 46.77x respectively in FY17.

High collection period
The operating cycle of TEIC stood elongated at 91 days in FY17
emanating from a high collection period. The firm primarily sells
to manufacturers of packing materials and realizes the payment from
its customers once the inventory is sold. Further, being a highly
competitive business, the company has to give extended credit which
resulted into collection period of 112 days in FY17. The company
maintains inventory of around 2-4 weeks to meet the immediate needs
of its customers and receives a credit period of a month. The high
working capital requirements were met largely through bank
orrowings which resulted in almost full utilization of working
capital limits for the past 12 months period ended November 30,
2017.

Weak Liquidity Position:
The current ratio and quick ratio stood 0.85x and 0.80x in FY17(A)
on account of high trade receivables.

Presence in a competitive industry
The trading industry is a competitive industry wherein there is a
presence of a large number of players in the unorganized and
organized sector. There are a number of small and regional players
catering to the same market which limits the bargaining power that
the company exerts pressure on its margins. Smaller companies in
general are more vulnerable to intense competition due to their
limited pricing flexibility, which constrains their profitability
as compared to larger companies who have better efficiencies and
pricing power considering their scale of operations.

Key Rating Strengths

Experienced management and long track of operations
TEIC was established in April, 1999 and has a long track record of
almost two decades in the trading of plastic granules. Mr.
Balmukund Jhunjhunwala is the proprietor of TEIC. He is a graduate
by qualification and has experience of almost three decades in the
trading industry though his association with TEIC and other family
businesses. He looks after the overall operations of the firm.

Delhi based Tirupati Export and Import Corporation (TEIC) was
established in April, 1999 as a proprietorship by Mr. Balmukund
Jhunjhunwala. Mr. Balmukund Jhunjhunwala looks after the overall
operations of the firm. TEIC is primarily engaged in the wholesale
trading of plastic granules which find application in the packaging
industry. The firm procures majority of the plastic granules from
Luxembourg and Singapore and sells them to packaging manufacturers
in Noida, Agra and Varanasi.

V.R. INDUSTRIES: CARE Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of V.R.
Industries Private Limited (VPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 30, 2018, placed the
ratings of VPL under the 'issuer non-cooperating' category as VPL
had failed to provide information for monitoring of the rating. VPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated September 6, 2019, September 3, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 30, 2018, the following were the
rating weaknesses and strengths. (updated for the
information available from Registrar of Companies)

Key Rating Weaknesses

Small scale of operations with low networth base
Despite being operational for two decades, the scale of operations
has continued to remain small marked by total operating income and
gross cash accruals of INR 34.31 crore and INR 1.42 crore
respectively during FY18. Further, the company's networth base was
relatively small at INR 11.25 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.

Weak Liquidity Position
The liquidity position of the company stood weak as marked by
current and quick ratio of 1.10x and 0.83x respectively as on March
31, 2018. The cash and bank balance stood at INR 0.15 crore as on
March 31, 2018.

Customer concentration risk
VPL caters its products mainly to canteen store departments (CSD)
of Indian Armed Forces across India and has its revenue stream
attached to it. Although the company has been catering CSD for more
than two decades, but still the company is exposed towards customer
concentration risk. Any change in the procurement policy of the
customer would have direct and significant impact on the future
prospects of the company as well.

Raw material price fluctuation risk
The raw materials for the company are various agri-based products
such as soya, wheat, rice etc. Agro industry is characterized by
its seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting periods.
The prices of agri-based raw materials also depends upon factors
like area under cultivation, vagaries of the monsoon, prices of
other competing crops, MSP and various other incentives offered by
the Govt. of India. This makes the prices of these raw materials
volatile in nature which in turn could adversely impact VPL's
margins.

Key Rating Strengths

Experienced promoters and long track record of operations
VPL was incorporated in 1994 and has a track record of more than
two decades. The company is promoted by Mr. Rahul Bakshi and Mr.
Vishal Bakshi. Mr. Rahul Bakshi is a graduate and holds two decade
of experience in manufacturing of FMCG products through his
association with VPL since its inception. He looks after the
overall operations of the company. Mr. Vishal Bakshi is also a
graduate and holds one and a half decade of experience with VPL. He
is also engaged in the day to day activities of the company.
Further, the directors of the company are also supported by Major
S.K Bakshi who is an exserviceman in Indian Army. He supports the
company in procuring orders from army canteen stores departments
across India.

Positive outlook for FMCG sector
The Indian FMCG sector is the fourth largest sector in the economy
with a total market size in excess of US$ 13.1 billion.
Availability of key raw materials, cheaper labour costs and
presence across the entire value chain gives India a competitive
advantage. Penetration level as well as per capita consumption in
most product categories in India is low indicating the untapped
market potential. Increasing urbanization, rising disposable
income, larger percentage of younger people, expanding presence of
organized retail chains are some of the reasons for steady growth
in demand in FMCG sector.

Average financial risk profile
The profitability of the company continues to remain moderate
marked by PBILDT margin of above 7% in past three financial years
i.e. FY16-FY18. Further high financial and depreciation expenses
resulted in net losses. The capital structure of the company
continues to remain moderate as marked by overall gearing which
stood below unity as on the balance sheet dates of past three
financial years i.e. FY16-FY18. Owing to moderate profitability
margins, the coverage indicators of the company continues to be
comfortable marked by interest coverage and total debt to GCA of
3.33x and 5.60x respectively for FY18.

VPL was incorporated in 1994 by Mr Rahul Bakshi and Mr Vishal
Bakshi. VPL is engaged in the manufacturing of FMCG products in two
major segments i e household care and packaged food products. The
company manufactures detergents, soaps and toilet cleaners under
household care segment and breakfast cereals, nuts and snacks in
the packaged food segment. The manufacturing facility of the
company is located in Manesar, Gurgaon (Haryana). The main raw
material for the company includes agro food items such as corn,
nuts, soya, rice as well as other chemical products such as sodium
bicarbonate, soda ash etc. for manufacturing of detergents. The
company procures these materials from domestic dealers and
distributors across various states. The company mainly caters to
Canteen Stores Departments (CSD) of Indian Armed Forces located all
over the India. The company sells its products under various brands
such as 'Admiral' for detergents and toiletries; '8 AM' for
breakfast cereals and 'Golden Gate' for nuts and snacks. The
operations of the company are ISO 9001: 2000 certified. The company
has also obtained Hazard Analysis & Critical Control Points (HACCP)
and BSCIC Certifications for the quality processes.

VISHWAKARMA AUTO: CARE Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vishwakarma
Auto Parts Private Limited (VAPPL) continues to remain in the
'Issuer Not Cooperating' category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------     -------
   Long Term         10.63        CARE B+; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from VAPPL to monitor
the ratings vide e-mail communications dated September 16, 2019,
September 11, 2019, September 9, 2019, September 5, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided no default statement for monitoring
the ratings. 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 ratings of VAPPL'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.

Faridabad (Haryana) based Vishwakarma Auto Parts Private Limited
(VAPPL) was incorporated in 2011. The company is engaged in
manufacturing of auto components namely precision turned and
machined components. The manufacturing facility of the company is
located at Faridabad, Haryana with combined installed capacity of
~500,000 pieces per month. The company sells its products under the
brand name of "RSE". Vishwakarma Automotive Private Limited is an
associate concern and engaged into manufacturing of metal casting
used as a raw material for manufacturing of automotive parts.

[*] INDIA: Bankruptcies Double at Developers on Mini-Lehman Moment
------------------------------------------------------------------
Dhwani Pandya and Upmanyu Trivedi at Bloomberg News report that the
number of Indian real estate companies tipped into insolvency has
doubled in less than a year since the collapse of a key shadow
bank, an event often compared to the Lehman crisis that squeezed
American funding markets a decade ago.

As many as 421 developers entered bankruptcy court by the end of
June, up from 209 in September 2018, around the time when the
government seized control of Infrastructure Leasing & Financial
Services Ltd, Bloomberg discloses.  The move triggered a credit
crunch for smaller financiers and property firms, which depend on
funds from shadow lenders, Bloomberg says.

According to Bloomberg, Vivek K. Chandy, joint managing partner at
law firm J. Sagar Associates said the numbers will probably
increase.  Of the 421 cases, 164 have been closed, he said, which
means they were resolved, withdrawn, or the companies faced
liquidation.

Bloomberg notes that the growing number of insolvencies highlight
Indian property developers' inability to complete apartments and
meet their debt obligations amid the funding crisis. The crunch is
feeding into--and worsened by--an economic slowdown that is hitting
Indians' demand for goods and services.

"Banks have become more vigilant. Markets are not too good, money
is tight, compliance has increased," Bloomberg quotes Chandy as
saying. "Home owners have now become financial creditors by
legislation, so they will be able to put more pressure on real
estate companies and can start insolvency proceedings.

[*] INDIA: Credit Raters Keep Missing Big Company Defaults
----------------------------------------------------------
Rahul Satija at Bloomberg News report that mounting debt failures
in India have been catching rating companies off guard,
underscoring continued challenges a year after the landmark failure
of shadow bank IL&FS increased scrutiny of the industry.

Bloomberg says defaults at companies including Dewan Housing
Finance Corp., Cox & Kings Ltd. and Altico Capital India Ltd. have
occurred even as their long-term ratings indicated very low to
moderate risk of non-payment.

"Raters have not been able to detect stress in time," Bloomberg
quotes Ashutosh Khajuria, chief financial officer at Federal Bank
Ltd, as saying. "Cutting credit profiles after the defaults is no
rocket science."

There's a lot at stake as India tries to navigate a shadow-banking
crisis and expand its debt market, Bloomberg notes. The lack of
more forewarning on payment problems has fueled questions about the
quality of ratings, and could keep some investors away from
corporate bonds, hindering market development.

India's major rating firms include Crisil, the Indian unit of S&P
Global; ICRA, the local unit of Moody's Investors Service;
Fitch-owned India Ratings & Research; and Care Ratings, Bloomberg
discloses.

Crisil declined to comment on industry practices, adding that it
didn't rate most of the large credits that defaulted recently.
ICRA, Care and India Ratings & Research didn't immediately comment,
Bloomberg notes.

"Indian rating companies are reluctant to give poor ratings to
companies before the default happens," said independent analyst
Hemindra Hazari, who writes for the Smartkarma platform, Bloomberg
relays. "They fear losing their clients."

According to Bloomberg, the securities market regulator
strengthened disclosure rules earlier this year after rating firms
failed to give ample warning on IL&FS group's defaults from 2018,
which triggered a prolonged cash squeeze in the nation. They now
have to reveal annual default rates among the companies they
evaluate.  The new rules are set to improve the quality of ratings
in the industry over time, said Somasekhar Vemuri, senior director
at Crisil.

Bloomberg says the regulator also started probes on whistle-blower
complaints against two of the raters. Amid those investigations,
ICRA decided to terminate the employment of Naresh Takkar as
managing director in August while Care sent Chief Executive Officer
Rajesh Mokashi on leave in July until further notice, Bloomberg
relates.

Bloomberg adds that rating companies have been looking at ways to
improve the quality of their assessments. For instance, Care's
board said that its interim CEO will not be part of rating
operations to ensure the independence of ratings.

Some observers said the industry's problems, in India and elsewhere
like in the U.S., are more fundamental, Bloomberg states. The norm
of firms charging issuers for ratings has been a target of
criticism since the global financial crisis.

"Ultimately conflict-of-interest remains as long as the issuer pays
for his ratings," Bloomberg quotes J N Gupta, managing director at
Stakeholder Empowerment Services, as saying.



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

EBERT CONSTRUCTION: New Group of Victims Emerge, Report Shows
-------------------------------------------------------------
The New Zealand Herald reports that clients of collapsed Ebert
Construction with defects in new buildings have not held enough
money back in retentions to be able to cover repairs, the latest
receivers' report showed.

NZ Herald relates that in a six-monthly report from PwC's John
Fisk, Lara Bennett and Richard Longman, a new group of victims has
emerged, on top of the creditors claiming more than NZ$45 million.

"A number of Ebert clients contacted us to notify ongoing defects
in respect of the company's construction works. Some of these
customers advised that the cost of remedying the alleged defects
will exceed the value of the retentions held against Ebert and they
do not intend to release any funds. Given the complexities we have
worked through these matters on a project by project basis," the
receivers said, NZ Herald relays.

According to NZ Herald, Ebert was working on 15 projects last July
when directors declared issues, bringing to a halt construction of
the huge Union Green apartments in Auckland--now being finished by
Dominion Constructors--as well as many other projects by the firm
which specialised in apartments and dairy processing plants.

Assets of NZ$30.1 million were identified, based on their book
value. But outstanding debts and liabilities include NZ$24.5
million claimed by trade creditors, NZ$9.3 million in subcontractor
retentions, NZ$6 million owed to the BNZ, NZ$3.5 million claimed by
director Kevin Eric Hale, NZ$349,000 owed to Inland Revenue, NZ$1.2
million owed to employees and unknown further amounts owed to
creditors, NZ Herald discloses.

No money is available to pay, NZ Herald notes.

"Based on the realisations achieved to date, it is unlikely that
there will be any surplus funds available from the recoveries made
during the receivership," the receivers, as cited by NZ Herald,
said.

NZ Herald relates that Ebert's receivers have said the company had
two principal areas of operation: construction of processing
facilities mainly for the dairy sector and general commercial
building including multi-unit or apartment blocks.

The dairy factory work had been performing well for years but Ebert
had "significant actual and anticipated losses relating to a small
number of poorly performing general construction contracts."

That meant its ongoing ability to trade was hit and the directors
called in the receivers on July 31.

On October 3, liquidators from Grant Thornton were appointed but
they were replaced in November by BDO Wellington. The PwC receivers
said they were now working with the BDO liquidators, NZ Herald
notes.

                       About Ebert Construction

New Zealand-based Ebert Construction Limited provided construction
management services. It offered design management, value
engineering, cost planning, programming, construction management,
health and safety management, quality management, and project
reporting services.

Lara Bennett, John Fisk and Richard Longman from PwC were appointed
receivers to Ebert Construction Limited in July 2018 as a result of
a request made by the Ebert Board of Directors to its bank.

At the time of PwC's appointment, the company was involved in 15
active projects, employed 100 staff and was forecasting turnover of
NZ$171 million in the year through March 2019, according to NZ
Herald.

Some NZ$640,000 was owed to staff as preferential creditors, with a
further NZ$1.3 million owed to employees on an unsecured basis, NZ
Herald disclosed citing receivers' first report.

NZ Herald said Ebert co-founder and managing director Kevin Hale is
also a secured creditor, owed NZ$3.5 million, which he loaned to
the business on July 24, 2018, as a short-term measure before new
capital was raised from other shareholders.

Ebert was placed in liquidation in October 2018.



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

PARKSON RETAIL: Independent Auditor Raises Going Concern Doubts
---------------------------------------------------------------
Nisha Ramchandani at The Business Times reports that Parkson Retail
Asia's independent auditor has raised a "material uncertainty"
about the department store operator's ability to remain as a going
concern, the company announced on Oct. 7.

However, Parkson added: "The board wishes to inform that the group
has received undertaking from (ultimate holding company) Parkson
Holdings Berhad to provide continued financial support for a period
of 12 months from the date of the board's approval of the audited
financial statements." It also pointed out that the auditors'
report for the previous financial year ended June 30, 2018
contained a similar emphasis of matter, BT relates.

According to BT, auditor Ernst & Young highlighted that for the
year ended June 30, 2019, Parkson had incurred a net loss of
SGD34.61 million while its current liabilities exceeded its current
assets by SGD61.33 million. BT adds that the company said it will
be issuing its full annual report in "due course", which will
contain the audited financial statements and the independent
auditor's report. Parkson's next annual general meeting will be
held this month.

In a separate filing to the Singapore Exchange (SGX) on Oct. 7,
Parkson flagged that it had racked up consecutive pre-tax losses
for the three most recently completed financial years. In addition,
its latest six-month average daily market cap is SGD17.72 million,
below the SGD40 million threshold, BT discloses.

Parkson Retail Asia Limited is a Singapore-based investment holding
company. The Company operates as a department store retailer. The
Company's segments include Malaysia, Vietnam, Indonesia, Myanmar
and Cambodia. The Company offers a range of merchandise from
fashion apparel to household goods.



===============
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[*] Quentin Olde Joins Ankura as Senior Managing Director
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Ankura, a global leading business advisory and expert services
firm, on Oct. 8, 2019, announced the appointment of Quentin Olde to
Senior Managing Director. Based in Sydney, Australia, Mr. Olde
brings over 25 years of experience as a prominent restructuring
advisory practitioner in the Asia-Pacific region.

Mr. Olde will use his broad industry expertise and extensive client
relationships in Australia to cultivate and develop an
on-the-ground team focused on delivering expert services in the
local Australian restructuring advisory market.  Mr. Olde will also
assist in serving Ankura's global clients with international
mandates, particularly those listed on the Australian Securities
Exchange. In addition, he will be joining Ankura's Europe, Middle
East & Africa (EMEA) and Asia-Pacific (APAC) Management Committee
and will collaborate with Simon Michaels, the newly appointed
Chairman of the EMEA and APAC regions, to expand the firm's global
network.

"We are excited to welcome Quentin to Ankura and are confident he
will be an excellent   addition to our growing international team,"
said Simon Michaels. "With a track record of success and robust
experience serving clients across Asia-Pacific, as well as
throughout Europe, Quentin's expertise and knowledge will be
invaluable as we continue to expand and invest in our capabilities
and strategies to serve clients on a global scale."

"Having worked with Quentin in the past, I can personally attest to
his level of dedication to clients and we are pleased to officially
welcome him to the Ankura team," said Kevin Lavin, Co-President and
Global Head of Turnaround & Restructuring at Ankura. "Quentin is a
recognized leader in the Australian turnaround and restructuring
market and is another key addition as we continue to develop and
strengthen our capabilities on a global basis."

Prior to joining Ankura, Mr. Olde served as a senior managing
director in the Corporate Finance and Restructuring practice at a
global consulting firm, where he assisted clients in private equity
transactions, financial restructurings, strategic workouts, formal
insolvencies, distressed debt-trading transactions, dispute
resolution and operational restructurings. Mr. Olde has led many
significant and notable restructuring and operational turnaround
assignments in the Australian market including in the retail,
property, mining, mining services, technology and hospitality
sectors. Previously, Mr. Olde served as a senior partner at Taylor
Woodings, where he led the firm's Sydney practice and spearheaded
the sale of the company to a multinational consulting firm.

"I am incredibly excited to work with my colleagues to position
Ankura at the forefront of global advisory services," said Mr.
Olde. "The culture of collaboration that exists at the company is a
defining part of the Ankura way. It's what drives the delivery of
creative and innovative solutions for clients, and it is what sets
Ankura apart from its competitors."

Given the recent consolidation activity in the Australian
professional services market, Mr. Olde's hire will complement
Ankura's capabilities in the region as well as strengthen its
global restructuring presence. "To have a quality team in place,
with a proven local track record and the strength of the Ankura
global platform behind us, we will have the ability to employ a
more outcome-focused and collaborative approach to meet the needs
of Ankura clients," continued Mr. Olde.


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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
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