/raid1/www/Hosts/bankrupt/TCRAP_Public/191025.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

          Friday, October 25, 2019, Vol. 22, No. 214

                           Headlines



A U S T R A L I A

ARK MINES: Second Creditors' Meeting Set for Oct. 30
GVPP PTY: Second Creditors' Meeting Set for Oct. 31
IMAGE PAVING: Second Creditors' Meeting Set for Oct. 31
INDUS MINING: First Creditors' Meeting Set for Nov. 1
LYON INFRASTRUCTURE: Solar-Plus-Storage Units Put in Liquidation

P J M FLEET: First Creditors' Meeting Set for Nov. 1
RESIMAC BASTILLE 2019-1NC: S&P Assigns B (sf) Rating to Cl. F Notes
RILSUNG PTY: First Creditors' Meeting Set for Nov. 1
SASI BRANDS: First Creditors' Meeting Set for Nov. 5


C H I N A

BEIJING CAPITAL: Fitch Downgrades LT IDRs to BB, Outlook Stable
YUZHOU PROPERTIES: Moody's Rates Proposed Sr. Unsec. USD Notes B1


I N D I A

AHUJA ROLLER: Insolvency Resolution Process Case Summary
AKS ALLOYS: ICRA Cuts INR14cr LT Loan Rating to D, Not Cooperating
BHARAT IMMUNOLOGICALS: ICRA Cuts Rating on INR40cr Loan to B+
BHARATH COAL: Insolvency Resolution Process Case Summary
CICB-CHEMICON PVT: ICRA Assigns B- Rating to INR4.0cr Loan

DALMIA CEMENT: GuarantCo Moves NCLT to Declare Unit Insolvent
ESSAR STEEL: Operational Creditors Make Their Case
GAURAV EXPORTRADES: ICRA Withdraws D Rating on INR7cr ST Loan
GLOBAL FRAGRANCES: Insolvency Resolution Process Case Summary
GOLDEN FIBRES: ICRA Cuts INR82cr LT Loan Rating to B+, Not Coop.

GURUKRUPA METALS: ICRA Maintains B- Rating in Not Cooperating
H.K. AGRO: ICRA Cuts INR3cr LT Loan Rating to D, Not Cooperating
INDSUR GLOBAL: Insolvency Resolution Process Case Summary
JAI BHARAT: ICRA Cuts INR0.50cr Loan Rating to B+, Not Cooperating
K.P.R. AGROS: ICRA Maintains B+ Rating in Not Cooperating

K.R.S. & JAIN: ICRA Maintains 'B' Rating in Not Cooperating
KDJ HOLIDAYSCAPES: Insolvency Resolution Process Case Summary
LIQUID GLASS: Insolvency Resolution Process Case Summary
MAITHAN ISPAT: ICRA Cuts Rating on INR357.66cr Loan to D, Not Coop.
MOHAN RAO: ICRA Maintains 'B' Rating in Not Cooperating

MULTIPLE HOTELS: Insolvency Resolution Process Case Summary
MUTHOOT FINANCE: Fitch Puts Final BB+ Rating to $450M Sr. Notes
NIKHIL TOBACCOS: ICRA Maintains B+ Rating in Not Cooperating
O-ZONE NETWORKS: Insolvency Resolution Process Case Summary
RADHEY SHAM: Insolvency Resolution Process Case Summary

RAJESH CONSTRUCTION: ICRA Maintains B+ Rating in Not Cooperating
RAMANA SEKHAR: Insolvency Resolution Process Case Summary
ROSA POWER: ICRA Lowers Rating on INR2845cr Term Loans to 'D'
SARASH EXPORTS: Insolvency Resolution Process Case Summary
SHANKAR FERRO: Insolvency Resolution Process Case Summary

SHARANAMMA DIGGAVI: ICRA Keeps 'D' Rating in Not Cooperating
SHREE SANTOSH: Insolvency Resolution Process Case Summary
SIYARAM METAL: ICRA Maintains 'B-' Rating in Not Cooperating
SOKHAL DREAM: Insolvency Resolution Process Case Summary
SUNNY ENTERPRISES: ICRA Assigns B- Rating to INR6.30cr Loan

VANDANA TIMBER: ICRA Withdraws B+ Rating on INR2.0cr Cash Loan
VIDEOCON GROUP: NCLT Extends Status Quo on Sale of Overseas Assets
VIGNESHWARA DEVELOPERS: Insolvency Resolution Process Case Summary
VIJSUN ENGINEERS: Insolvency Resolution Process Case Summary


N E W   Z E A L A N D

MEDIAWORKS NZ: News Boss Hal Crawford to Step Down in February


S I N G A P O R E

EAGLE HOSPITALITY: Seeks Trading Halt; Sponsor May Default on Lease
HYFLUX LTD: Adviser Fees Capped at SGD40MM, Utico Says
HYFLUX LTD: EVP, CFO Lim Suat Wah to Take Sabbatical Leave

                           - - - - -


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

ARK MINES: Second Creditors' Meeting Set for Oct. 30
----------------------------------------------------
A second meeting of creditors in the proceedings of Ark Mines
Limited has been set for Oct. 30, 2019, at 11:00 a.m. at the
offices of KordaMentha, Chifley Tower, Level 5, at 2 Chifley
Square, 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. 29, 2019, at 4:00 p.m.

Richard Tucker and Craig Shepard of KordaMentha were appointed as
administrators of Ark Mines on Sept. 25, 2019.

GVPP PTY: Second Creditors' Meeting Set for Oct. 31
---------------------------------------------------
A second meeting of creditors in the proceedings of GVPP Pty Ltd
has been set for Oct. 31, 2019, at 11:00 a.m. at the offices of
Romanis Cant, 2nd Floor, at 106 Hardware Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 30, 2019, at 5:00 p.m.

Anthony Robert Cant and Renee Di Carlo of Romanis Cant were
appointed as administrators of GVPP Pty on Sept. 26, 2019.

IMAGE PAVING: Second Creditors' Meeting Set for Oct. 31
-------------------------------------------------------
A second meeting of creditors in the proceedings of Image Paving
(Mornington) Pty Ltd has been set for Oct. 31, 2019, at 2:30 p.m.
at the offices of Hamilton Murphy, Level 1, at 255 Mary Street, in
Richmond, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 30, 2019, at 4:00 p.m.

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

INDUS MINING: First Creditors' Meeting Set for Nov. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Indus Mining
Services Pty Ltd (Formerly Indus Civil & Mining Pty Ltd) and Indus
Consolidated Pty Limited (Formerly Indus Holdco Ltd and Indus
Consolidated Ltd) will be held on Nov. 1, 2019, at 10:30 a.m. at
the offices of Institute of Chartered Accountants Australia and New
Zealand, Level 11, at 2 Mill Street, in Perth, WA.

Barry Anthony Taylor and Todd Andrew Gammel of HLB Mann Judd were
appointed as administrators of Indus Mining on Oct. 23, 2019.

LYON INFRASTRUCTURE: Solar-Plus-Storage Units Put in Liquidation
----------------------------------------------------------------
Renewables Now reports that three companies part of Australia's
Lyon Group, a solar and energy storage project developer, have been
put in liquidation and a sale process for their solar-plus-storage
projects has been started.

The three firms are Lyon Infrastructure Investments 1 Pty Ltd and
its two subsidiaries Lyon Solar Pty Ltd and Lyon Battery Storage
Pty Ltd, Renewables Now discloses citing the Australian Securities
and Investments Commission's (ASIC's) insolvency notices. The
liquidators in charge of the companies'  affairs are Richard Hughes
and David Orr from Deloitte.

According to the report, the auditing firm was in May appointed as
voluntary administrator for Lyon Infrastructure Investments 1 Pty
Ltd. The liquidation move came after the company failed to execute
in time the Deeds of Company Arrangement (DOCAs) approved by its
creditors in September, the report notes.

Renewables Now relates that the liquidators will now work on the
sale of the companies' solar-plus-battery projects, called Lyon's
Cape York, Riverland and Nowingi. A call for expressions of
interest for the assets had already been issued in May.

According to Lyon, several "major global energy companies" have
already been shortlisted to buy the three projects and build the
solar-and-battery parks, Renewables Now relays.

The Cape York project is a 55-MW solar park with a 20-MW/80-MWh
integrated battery storage facility near Cooktown, Queensland, the
report notes. The other two schemes are the 253-MW Nowingi
photovoltaic (PV) farm with 80 MW/320 MWh of storage in Victoria,
and the 253-MW Riverland solar park in South Australia that will be
coupled with 100 MW/400 MWh of battery storage.

P J M FLEET: First Creditors' Meeting Set for Nov. 1
----------------------------------------------------
A first meeting of the creditors in the proceedings of P J M Fleet
Management Pty Ltd, trading as Atlas Car & Truck Rentals, and Atlas
C.T.L Pty Ltd, trading as Atlas Ride Share, Atlas Car And Truck
Rental, will be held on Nov. 1, 2019, at 12:00 p.m. at the offices
of Chartered Accountants Australia and New Zealand Level 18, Bourke
Place, at 600 Bourke Street, in Melbourne, Victoria.

Richard Albarran, John Vouris and Richard Lawrence of Hall Chadwick
were appointed as administrators of P J M Fleet on Oct. 22, 2019.

RESIMAC BASTILLE 2019-1NC: S&P Assigns B (sf) Rating to Cl. F Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Bastille Trust - RESIMAC
Series 2019-1NC. RESIMAC Bastille Trust - RESIMAC Series 2019-1NC
is a securitization of nonconforming and prime residential
mortgages originated by RESIMAC Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including that this is a closed portfolio, which means
no further loans will be assigned to the trust after the closing
date.

-- S&P's  view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for the rated notes and lenders' mortgage insurance
to 4.0% of the portfolio. Lenders' mortgage insurance covers 100%
of the principal balance on the insured loans, plus accrued
interest, and reasonable costs of enforcement. In addition, the
transaction includes various mechanisms to utilize excess spread to
provide additional credit support.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.5% of the aggregate invested amount of the
notes on closing, and principal draws, are sufficient under its
stress assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$250,000, funded by
RESIMAC Ltd. before closing, available to meet extraordinary
expenses. The reserve will be topped up via excess spread to extent
available, if drawn.

-- The benefit of a cross-currency swap to hedge the mismatch
between the Australian dollar receipts from the underlying assets
and the U.S. dollar payments on the class A1 notes to be provided
by National Australia Bank Ltd.

  RATINGS ASSIGNED

  RESIMAC Bastille Trust - RESIMAC Series 2019-1NC

  Class      Rating       Amount (mil.)
  A1         AAA (sf)     US$250.00
  A2         AAA (sf)      A$419.70
  AB         AAA (sf)      A$105.00
  B          AA (sf)        A$32.00
  C          A (sf)         A$28.00
  D          BBB (sf)       A$19.00
  E          BB (sf)        A$12.00
  F          B (sf)          A$8.00
  G          NR              A$6.00
  Z          NR              A$0.00

  NR--Not rated


RILSUNG PTY: First Creditors' Meeting Set for Nov. 1
----------------------------------------------------
A first meeting of the creditors in the proceedings of Rilsung Pty.
Limited will be held on Nov. 1, 2019, at 12:00 p.m. at the offices
of DW Advisory, Level 2, at 32 Martin Place, in Sydney, NSW.

Cameron Hamish Gray and Ronald John Dean-Willcocks of DW Advisory
were appointed as administrators of Rilsung Pty on Oct. 22, 2019.

SASI BRANDS: First Creditors' Meeting Set for Nov. 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of Sasi Brands
Pty Ltd will be held on Nov. 5, 2019, at 10:30 a.m. at the offices
of Worrells Solvency and Forensic Accountants, Suite 1, Level 15,
at 9 Castlereagh Street, in NSW.

Christopher Damien Darin of Worrells Solvency & Forensic
Accountants was appointed as administrator of Sasi Brands on Oct.
24, 2019.



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

BEIJING CAPITAL: Fitch Downgrades LT IDRs to BB, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has downgraded Beijing Capital Land Ltd.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings to 'BB' from
'BB+'. The Outlook is Stable.

The downgrade follows a deterioration in the Standalone Credit
Profile (SCP) of BCL's immediate parent, Beijing Capital Group
Company Limited (BCG, BBB/Stable), to 'bb' from 'bb+'. The parent's
SCP, which is derived from its three major business segments, has
weakened due to rising leverage in its property segment, which
includes BCL. Likewise, BCL's standalone credit profile has also
deteriorated to 'b' from 'b+' on high leverage following rapid land
accumulation and weak cash collection amid tight liquidity.

Fitch equalises BCL's IDR to BCG's SCP, as BCL is an integral and
core business segment of BCG. BCL is BCG's largest dividend source
and contributes around 50% of BCG's EBITDA. BCG also provides a
keepwell arrangement on a significant amount of BCL's offshore
debt. BCG's IDR includes a three-notch uplift based on Fitch's
assessment that it is likely to receive support from the Beijing
State-owned Assets Supervision and Administration for its water
utilities and infrastructure businesses. As such, Fitch believes no
government support will flow through to BCL, which is largely
commercially run.

KEY RATING DRIVERS

Ratings Equalised to Parent's SCP: BCL's IDR is equalised to BCG's
SCP, in line with Fitch's Parent and Subsidiary Rating Linkage
criteria. BCL is BCG's only market-driven property-development
platform and makes up 52% of BCG's asset base. BCG holds a 54.47%
stake in BCL after injecting capital of CNY3 billion via share
subscriptions in 2015 and continues to provide tangible support
through project cooperation, direct asset injections and loan
guarantees. There are also strong strategic and operational ties
between the two entities.

High Leverage Constrains Ratings: Fitch expects BCL's leverage to
gradually edge down from its peak of 84.7% in 2018. Management is
determined to deleverage via prudent investment, with slowing 1H19
land replenishment seeing leverage dip to 83.1%. Leverage will be
further lowered after BCL executes its rights issuance. The high
leverage followed a deteriorating cash collection rate due to
tighter mortgage policies in the pan-Beijing area, BCL's core
operating region. In addition, a land acquisition pace of 1.3x
gross floor area (GFA) sold in 2017 and 2018 exceeded that of
previous years.

Low Sales Efficiency: Fitch expects BCL's churn rate to improve
over the medium term after dropping to 0.4x in 2018, form 0.5x in
2017, as the company aims to improve its sales efficiency, cash
collection and project operation.

Quality Land Bank: Fitch believes BCL's land bank as of 1H19 is
sufficient to support growth for more than 3.5 years. Half of its
land bank is in tier one cities and 25% in tier two cities. This
supports an average selling price (ASP) of CNY24,912/square metre,
which is one of the highest among Fitch-rated Chinese homebuilders.
Fitch expects solid demand in BCL's core cities to drive contracted
sales growth. BCL also added land bank in new cities of Suzhou,
Dongguan and Xiamen in 1H19 to lower regional policy risk.

Growth Despite Restrictive Policies: BCL's total contracted sales
rose by 21% yoy in 9M19 following a 9% lift in its ASP. This was
despite stringent government policies that limit home-price
increases. BCL's GFA sold increased by 11% in the same period.
Fitch expects BCL to achieve CNY56 billion in attributable
contracted sales in 2019.

DERIVATION SUMMARY

BCL's business profile is comparable with 'bb' category peers, but
its financial profile is constrained at 'b' because of its high
leverage. BCL also has other business segments in outlet malls and
primary land development that provide recurring income. Its land
bank is mostly exposed to tier one and two cities, which leads to a
defensive business profile.

BCL's land bank quality and contracted sales size are comparable
with that of Beijing Capital Development Holding (Group) Co., Ltd.
(BCDH, BBB-/Positive). However, BCDH has a longer land bank life,
higher EBITDA margin and lower leverage, which explains the
two-notch difference between the companies' Long-Term
Foreign-Currency IDRs.

BCL's attributable contracted sales scale of CNY49 billion is
comparable with that of some 'B+' and 'BB-' peers. Its scale is
smaller than that of Zhongliang Holdings Group Company Limited
(B+/Stable) and Zhenro Properties Group Limited (B+/Stable), but
BCL has a longer land bank life, which provides a buffer for its
land acquisition pace.

BCL's leverage, although higher than that of China Evergrande
Group's (B+/Stable) 43%, does not lead to a significantly weaker
financial profile, as its payables as a percentage of gross
inventory at 13% are far lower than Evergrande's around 40%.

China Overseas Grand Oceans Group Ltd (COGO, BBB/Stable) has strong
strategic ties with its immediate parent, China Overseas Land &
Investment Limited (COLI, A-/Stable), but unlike BCL, whose IDR is
rated at the same level as its' parent's SCP, COGO is rated on a
top-down approach one notch below COLI's SCP. This is due to COGO's
much smaller size compared with COLI, while BCL accounts for more
than half of BCG's EBITDA and assets. Linkage between COGO and COLI
is insufficient to warrant rating equalisation.

KEY ASSUMPTIONS

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

  - Replenish land at 1.1x of GFA sold (2018: 1.3x)

  - ASP increase by 8% in 2019 then at 2% (2018:-1%)

  - GFA sold to increase at an average of 5% a year (2018: 28%)

  - Capex to average at CNY1.8 billion a year (2018: CNY2.1
billion)

  - Construction costs per square metre to increase by 5% a year in
2019-2022 (2018: 5%)

  - Land cost per square metre to increase by 4% a year in
2019-2022 (2018: -13%)

RATING SENSITIVITIES

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

  - Improvement in BCG's SCP, likely driven by the improvement in
the credit profiles of its three core businesses

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

  - Deterioration in BCG's SCP, likely driven by the weakening in
the credit profiles of its three core businesses, or its holding
company level cash income/interest expense ratio remaining below
2.0x for a sustained period

  - Any signs of weakening in linkage with BCG

LIQUIDITY

Sufficient Liquidity: BCL's CNY37 billion in cash on hand as of
1H19 could comfortably cover its short-term debt of CNY25 billion.
The company also had unused bank credit facilities of CNY164
billion to cover other operating needs. Fitch expects the group to
maintain sufficient liquidity to fund development costs, land
premium payments and debt obligations due to its diversified
funding channels from onshore and offshore capital markets,
long-term relationship with onshore and offshore banks and a
flexible land-acquisition strategy.

FULL LIST OF RATING ACTIONS

Beijing Capital Land Ltd.

  - Long-Term Foreign-Currency IDR downgraded to 'BB' from 'BB+';
Outlook Stable

  - Long-Term Local-Currency IDR downgraded to 'BB' from 'BB+';
Outlook Stable

  - Senior unsecured rating downgraded to 'BB' from 'BB+'

Issued by Central Plaza Development Ltd and guaranteed by BCL

  - USD2 billion medium-term note programme downgraded to 'BB' from
'BB+'

YUZHOU PROPERTIES: Moody's Rates Proposed Sr. Unsec. USD Notes B1
-----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Yuzhou Properties
Company Limited's proposed senior unsecured USD notes.

The rating outlook is stable.

Yuzhou intends to use the net proceeds from this offering primarily
for refinancing its existing medium to long term offshore
indebtedness, which will become due within one year.

RATINGS RATIONALE

"The proposed bond issuance will support Yuzhou's liquidity and
lengthen its debt maturity profile," says Celine Yang, a Moody's
Assistant Vice President and Analyst. "The issuance will also not
materially affect its credit metrics, because the company will use
the majority of the proceeds to tender its existing 2021 USD
bonds."

Moody's forecasts that Yuzhou's leverage — as measured by
revenue/adjusted debt and including shares from joint venture
associates — will gradually recover to around 60% towards the end
of 2020 from around 43% for the 12 months ended June 30, 2019,
driven by likely stronger revenue and controlled debt growth in
2019 and 2020.

Moody's points out that Yuzhou's weaker than expected leverage for
the 12 months ended June 30, 2019 was mainly due to its raising of
additional debt to prefund its debt maturities and to fund its land
purchases in 1H 2019.

Moody's expectation of Yuzhou's revenue growth over the next 12-18
months is based on the company's stronger contracted sales in the
last two years. Yuzhou's contracted sales grew notably by 44.3% to
RMB48.9 billion for the first nine months of 2019, after growing
39% to RMB56 billion in 2018.

Yuzhou has maintained a good track record of high profit margins in
the 31%-36% range in the past five years (2013-1H 2019). But
Moody's expects that its gross margin will likely fall to around
28%-30% in the coming 12-18 months, because the price caps
implemented in tier 1 and major tier 2 cities and increasing land
costs will squeeze its margins.

Consequently, Moody's estimates that the company's adjusted
EBIT/interest — including shares from joint ventures and
associates — will improve to a lesser extent than its improvement
in leverage, with adjusted EBIT/interest trending towards 2.7x-3.0x
in 2019-20 from 2.6x for the 12 months ended June 30, 2019.

Yuzhou's Ba3 corporate family rating reflects its (1) track record
of developing and selling residential properties, (2) growing
operating scale and improved geographic diversification, and (3)
strong liquidity.

However, its credit profile is constrained by high debt leverage,
as measured by revenue/debt. The company's leverage is weak for its
Ba3 rating level.

Yuzhou's B1 senior unsecured debt rating is one notch lower than
its corporate family rating, due to structural subordination risk.
This risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Yuzhou's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

The stable outlook on Yuzhou's ratings reflects Moody's expectation
that the company will maintain its contracted sales and revenue
growth, strong liquidity position and measured debt growth.

Upward ratings pressure over the medium term could emerge if Yuzhou
(1) grows in scale, (2) improves its credit metrics, (3) maintains
a strong liquidity position, or (4) establishes a track record of
access to the domestic and offshore debt markets.

Credit metrics indicative of upward ratings pressure include the
company showing (1) EBIT interest coverage in excess of 4.0x, or
(2) revenue/adjusted debt in excess of 90%.

Downward ratings pressure could emerge if Yuzhou shows a weakening
in its (1) contracted sales growth, (2) liquidity position, (3)
profit margins, or (4) credit metrics.

Credit metrics indicative of downward ratings pressure include (1)
cash/short-term debt below 1.5x, (2) EBIT interest coverage below
2.5x-3.0x, and (3) revenue/adjusted debt below 60% on a sustained
basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018



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I N D I A
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AHUJA ROLLER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Ahuja Roller Flour Mill Pvt Ltd
        C-6/9, 10, 11, Lawrence Road
        Industrial Area
        Delhi 110035

Insolvency Commencement Date: September 19, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Kumud Shekhar

Interim Resolution
Professional:            Kumud Shekhar
                         Not for Communication:
                         House No. D-54, Road No. 6
                         Street No. 4, Shyam Vihar Phase 1
                         New Delhi 110043
                         E-mail: kumud.shekhar@gmail.com

                         For Communication:
                         1203-1205, Vijaya Building
                         17, Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: ip.ahujaroller@gmail.com

Last date for
submission of claims:    October 7, 2019


AKS ALLOYS: ICRA Cuts INR14cr LT Loan Rating to D, Not Cooperating
------------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of AKS
Alloys Private Limited (AKS), as:

                  Amount
   Facilities   (INR crore)     Ratings
   ----------   -----------     -------
   Long term         14.0       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                   Rating downgraded from [ICRA]C+
                                and continues to remain in the
                                'Issuer Not Cooperating' category

   Non Fund Based    10.0       [ICRA]D ISSUER NOT COOPERATING;
                                Rating downgraded from [ICRA]A4
                                and continues to remain in the
                                'Issuer Not Cooperating' category

   Fund based       (5.00)      [ICRA]D ISSUER NOT COOPERATING;
   (sublimit)                   Rating downgraded from [ICRA]A4
   Facility                     and continues to remain in the
                                'Issuer Not Cooperating' category

Rationale

The rating downgrade follows the delay in debt servicing by AKS to
the lender, as confirmed by them to ICRA. The ratings for the bank
facilities of AKS Alloys Private Limited continue to be in 'Issuer
Not Cooperating' category and is now denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING".

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

Incorporated in 2000, AKS Alloys Private Limited is engaged in
manufacturing steel ingots and trading steel scrap/ingots. The
Company operates a steel ingot manufacturing facility with a
capacity of 18,000 tonnes per annum (TPA), at Pondicherry.

BHARAT IMMUNOLOGICALS: ICRA Cuts Rating on INR40cr Loan to B+
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Bharat
Immunologicals & Biologicals Corporation Limited (BIBCOL), as:

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based–Cash        40.00      [ICRA]B+(Stable); Rating
   Credit Facilities                 downgraded from [ICRA]BB-
                                     (Negative) and removed
                                     from 'ISSUER NOT
                                     COOPERATING' category;
                                     outlook revised to 'Stable'
                                     from 'Negative'

   Non Fund Based         50.00      [ICRA]A4; Rating reaffirmed
   Facilities                        and removed from 'ISSUER NOT
                                     COOPERATING' category;

   Unallocated            35.00      [ICRA]B+(Stable)/[ICRA]A4;
                                     Long term rating downgraded;
                                     short term rating reaffirmed
                                     and removed from 'ISSUER NOT
                                     COOPERATING' category;
                                     outlook revised to 'Stable'
                                     from 'Negative'

Rationale

The rating revision follows the decline in oral polio vaccine (OPV)
volumes on account of the worldwide cessation plans of OPV by
FY2023 and slow ramp-up across other product segments by BIBCOL,
given that OPV contributed to ~99.9% of the FY2019 revenues. ICRA
takes note of the increasing competition resulting in pricing
pressure and the company's inability to turnaround at OPBITDA
level. This is further exacerbated by the abolishment of price
preference to public sector undertakings (PSUs). Moreover, import
of the bulk vaccine exposes BIBCOL to fluctuations in forex rates.
The same translated to erosion of net worth to INR31.2 crore as on
March 31, 2019 and consequently deterioration in coverage metrics
with negative interest cover and DSCR. ICRA also notes the auditor
expressing concerns on the quality of vaccines and the associated
risk of write-offs amounting to INR6.62 crore on having failed the
sterility test conducted by Central Drug Laboratory. ICRA also
takes note of INR6.45 crore of claims under arbitration, the
proceeds of which remain crucial to support the interim working
capital requirements for BIBCOL.

The ratings, however, continue to take comfort from the ~59.25%
stake held by the Government of India (GoI). ICRA also takes note
of the comfortable cash balances of INR17.4 crore and unencumbered
surplus of INR9.1 crore as on March 31, 2019.

The Stable outlook on the ratings reflects ICRA's opinion that
BIBCOL will continue to support the GoI's OPV demand under the
National Immunisation Programme and healthy market share of BIBCOL
in the OPV segment.

Key rating drivers and their description

Credit strengths

GoI enterprise - BIBCOL is a 100% GoI-owned enterprise with an
experienced management. Also, it has a track record of more than 23
years of operations in the business of manufacturing OPV for the
GoI under the National Immunisation Programme.

Comfortable cash position - The liquidity position of the company
is supported by cash balances of INR17.4 crore (unencumbered
surplus of INR9.1 crore) as on March 31, 2019.

Credit challenges

High revenue concentration in OPV segment operating at EBITDA
losses – The OPV segment accounted for ~99.9% of revenues in
FY2019. Also, increasing competition resulted in pricing pressure
and inability to turnaround at OPBITDA level, further accelerated
by abolishment of price preference to PSUs. Moreover, import of the
bulk vaccine exposes the company to fluctuations in forex rates.

Weak debt-protection metrics - Operating losses by BIBCOL over the
past few years has translated to erosion of net worth to INR31.2
crore as on March 31, 2019 and consequently in deterioration of
coverage metrics with negative interest cover 4.96 times and DSCR
of 2.5 times in FY2019.

Qualifications expressing concerns on quality - BIBCOL's auditors
have expressed concerns of the quality of the OPV vaccines and the
associated risk of write-offs amounting to INR6.62 crore, which
failed sterility test conducted by Central Drug Laboratory.

Risk of receivable write-offs - Claims of INR6.45 crore (currently
classified under the >180-day category) are under arbitration,
the proceeds of which remain crucial to support the interim working
capital requirements for BIBCOL.

Liquidity position: Stretched

BIBCOL's liquidity is stretched on account of operating level
losses of INR9.3 crore and cash losses of INR7.1 crore in FY2019.
However, in the absence of any long-term debt repayments, the
liquidity profile is supported by healthy cash balances of INR17.4
crore (unencumbered surplus of INR9.1 crore) as on March 31, 2019.

Rating sensitivities

Positive triggers - The ability of BIBCOL to scale up its
operations in the OPV segment by way of increasing share in the
tendering business resulting in higher share of revenues from the
GoI, and diversify its revenues across new product segments and
demonstrate turnaround of operations at EBITDA level could be
scenarios for rating upgrade.

Negative triggers - Continued delays in ramping up its new
production lines amid weakening business environment, resulting in
any further deterioration of coverage indicators could lead to
rating downgrade.

Bharat Immunologicals & Biologicals Corporation Limited (BIBCOL) is
a Central public-sector unit, under the Department of Biotechnology
(DBT), Ministry of Science and Technology. The company was
established in 1989 for supply of high quality polio vaccines under
the National Immunisation Programme of the GoI. It started
commercial production from 1996. The facility was upgraded in 2006
to meet the WHO-GMP and revised schedule-M of Drugs and Cosmetics
Act. In 2016, BIBCOL switched over to bivalent oral polio vaccine
(bOPV) from trivalent oral polio vaccine (tOPV) and secured WHO-GMP
certification for bOPV. In addition to bOPV in the vaccine segment,
BIBCOL has been manufacturing and marketing dispersible Zinc
tablets and diarrhoea treatment kits in the pharmaceutical segment.
It has now entered into ready-to-use therapeutic food (RUTF) and
low-calorie sweetener tablets in the food segment. BIBCOL is listed
on the Bombay Stock Exchange and the GoI owns a 59.25% stake in it.

BHARATH COAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Bharath Coal Chemicals Limited
        4th Floor, Sigappi Achi Building
        No. 18/3 Rukmini Lakshmipathi Road
        Egmore, Chennai
        Tamil Nadu 600008

Insolvency Commencement Date: October 10, 2019

Court: National Company Law Tribunal, Division Bench, Chennai

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

Insolvency professional: P. Sriram

Interim Resolution
Professional:            P. Sriram
                         No. 10/17, Anandam Colony
                         South Canal Bank Road
                         Mandaveli, Chennai 600028
                         E-mail: srirampcs@gmail.com

Last date for
submission of claims:    October 24, 2019


CICB-CHEMICON PVT: ICRA Assigns B- Rating to INR4.0cr Loan
----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Cicb-Chemicon
Pvt Ltd (CCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based–
   CC Facilities        4.00       [ICRA]B-(Stable); Assigned

   Non-fund Based       7.00       [ICRA]A4; Assigned


Rationale

The assigned ratings consider CCPL's small scale of operations
limiting its operational and financial flexibilities. The ratings
are further constrained by the company's continuous revenue decline
from FY2015 till FY2019 and net losses incurred in four successive
years till FY2018. However, in FY2019, CCPL reported a net profit
of INR2.0 crore, which was on the back of profit earned on the sale
of land and building. The ratings are constrained by its low net
worth position and its stretched liquidity position. The ratings
are also constrained by the exposure of the company's profitability
to key raw material prices such as steel, tubes and sheets, as the
equipment supply contracts are fixed price in nature. The ratings
note its high working capital cycle owing to stretched receivables
from government entities. The company is also exposed to
competition from other established domestic players restricting its
pricing flexibility.

The ratings, however, take into account the extensive track record
of promoters in manufacturing of heat exchangers, pressure vessels
and CO2 compressor. The ratings favourably factor in the recent
traction in the order book position at INR15.33 crore as on July
31, 2019, which provides revenue visibility over the next six
months. However, timely execution of orders remains critical to
avoid liquidated damages. The ratings consider the healthy demand
prospects mainly from the oil refineries, given the sizeable
refining capacity expansions expected to be undertaken globally.

The Stable outlook on the [ICRA]B- rating reflects ICRA's opinion
that CCPL will continue to benefit from the extensive experience of
the promoters.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters - CCPL was established in 1971 as
Chemical Industries Consulting Bureau to provide consultancy
services to chemical industries. In 1979, it was incorporated as a
private limited company, CICB-Chemicon Pvt Ltd. Its promoters have
more than four decades of experience in manufacturing of heat
exchanger, pressure vessel and CO2 compressor.

Healthy order book position - The company reported a healthy order
book position of INR15.33 crore as on July 31, 2019, which provides
revenue visibility over the next six months. It has a reputed
customer profile and enjoys established relationship with its key
customers, which is expected to aid in securing future orders.

Healthy demand prospects - The demand prospects for heat exchangers
are healthy driven by investments in the end-user industries,
especially the oil and gas sector with the upcoming introduction of
new emission norms, which would require modification or revamp of
heat exchangers, at present, deployed in oil refineries.

Credit challenges

Small scale of operations - The company has a small scale of
operations with revenues of INR0.79 crore in FY2019. The continuous
decline in its revenue from FY2015 till FY2019 and net losses
incurred in four successive years till FY2018 has resulted in
erosion of its net worth. This restricts its operational and
financial flexibility to some extent.

Vulnerable to fluctuation in raw material prices - Raw material
cost forms about 45-55% of operating income (OI) and hence, any
adverse fluctuations in the cost of raw materials would have an
impact the operating profitability, given the equipment supply
contracts are of fixed price in nature.

Timely execution of projects remains critical - Timely execution of
orders remains critical in the company's line of business, given
the presence of liquidated damages (LD) related clause in the
contracts with the customers. The company has incurred LDs in the
past and given the sharp increase in its order book position, the
ability to mobilise resources and execute projects within the
project timelines would remain critical.

High working capital intensity in business - The company has high
working capital intensity due to high debtor and inventory days
given the nature of its operations. CCPL's inventory levels have
been historically high owing to the lengthy order execution cycle.
It has sizeable receivable outstanding for more than six months as
on March 31, 2019.

Strong competition from established domestic players - The award of
orders from the target clientele is through open tendering process.
The process equipment industry is highly fragmented, which exposes
CCPL to intense competition and may induce pricing pressures.

Liquidity position: Stretched CCPL's liquidity is stretched with
its negative cash flow from operations in FY2019 and high
utilisation of working capital limits during April 2018 to June
2019. CCPL has term loan repayment obligation worth INR0.17 crore
in FY2020. The company's unencumbered cash stood at INR0.30 crore
as on March 31, 2019. Nevertheless, it has enhanced its CC limits
from INR2.00 crore to INR4.00 crore to support its higher scale of
operations.

Rating sensitivities

Positive trigger - ICRA may upgrade CCPL's ratings if the entity
improves its order book position resulting in substantial growth in
revenue, profitability and improved liquidity position. Specific
credit metrics that could lead to an upgrade of CCPL's rating
include Total Debt/ OPBITDA below 5 times on a sustained basis.

Negative trigger - Negative pressure on CCPL's rating could arise
if there is a decline in revenues and profitability or
deterioration in its liquidity position.

DALMIA CEMENT: GuarantCo Moves NCLT to Declare Unit Insolvent
-------------------------------------------------------------
Business Standard reports that GuarantCo Ltd has moved the Guwahati
bench of the National Company Law Tribunal (NCLT) to initiate
insolvency proceedings against Calcom Cement, a Dalmia Cement
subsidiary, after it failed to repay the financial creditor dues of
over INR100 crore.

Citing the application filed by Mauritius-based GuarantCo Ltd,
Business Standard relates that Calcom had approached it sometime in
2007, to stand as guarantor for various loan facilities which the
Dalmia arm had availed from Axis Bank and HDFC Bank. The financial
creditor had consented, and an agreement was drawn, in which
conditions were laid under which Calcom would reimburse and
indemnify GuarantCo in respect to payments to be made to the
banks.

Later, Guarantco made good Calcom's loan liability to Axis Bank and
HDFC Bank, upon the Dalmia group firms inability to repay a portion
of its borrowings, Business Standard says.

In its submission to NCLT, GuarantCo has alleged that Calcom had
been trying to delay repaying the amount that the Mauritius-based
firm had made on its behalf, and had also insisted that Guarantco
issue invoices in order to get the money back, according to
Business Standard. This, despite there being no such provision in
the agreement for issuance of invoices, since the payment to be
made by Calcom was as per an RBI approval of the payment of the
guarantee amount made by GuarantCo.

Business Standard adds that the financial creditor further alleged
that the last payments it received were INR4.76 crore each made in
June and July this year.

"However, these payments are insufficient to cover the principal
instalments overdue and also do not include the interest as agreed
between the Financial Creditor and Corporate Debtor pursuant to the
MOU, the Joint Application to RBI and also as directed by RBI," the
application filed in the NCLT read, Business Standard relays.

A Dalmia Cement spokesperson, however, said that Calcom Cement has
not committed any default in making payments to GuarantCo, the
report says.

"It may be noted that 100 per cent of Calcom's outstanding bank
loans of over INR500 crore have also been paid before time. On two
previous occasions, the RBI had rejected GuarantCo' s application.
However after Calcom' s efforts, their third application was
approved after RBI capped the payment that could be made to
GuarantCo," the report quotes the spokesperson as saying. He added
that Guarantco was demanding more payments on different counts
which are neither in consonance with the RBI approval, nor have
been agreed by Calcom. He claimed the financial creditor was using
IBC only to put pressure.

Interestingly, Calcom' s parent, Dalmia Bharat had fought bitterly
with UltraTech over the acquisition of Binani Cement, which it
ultimately lost in the Supreme Court, says Business Standard.

Dalmia Cement (Bharat) Limited manufactures construction materials.
The Company markets cement and other allied products for oil wells,
railway sleepers, air strips, and road construction projects.
Dalmia Cement serves customers in India.

ESSAR STEEL: Operational Creditors Make Their Case
--------------------------------------------------
BloombergQuint reports that operational creditors made their case
for parity with financial creditors and challenged amendments
introduced in the Insolvency and Bankruptcy Code in August on the
fifth day of hearing in the Essar Steel insolvency case.

According to the report, the main challenge mounted on the
amendments relates to a change in Section 30(2) of the IBC Code.
After the amendment, while distributing the claims of creditors in
a resolution plan, the interim resolution professional will have to
ensure the share of operational creditors isn' t less than what
they would have received during liquidation of corporate debtors as
per provisions of Section 53 of the IBC Code.

BloombergQuint relates that Senior Advocate Ranjit Kumar, while
arguing for Ideal Movers Pvt. Ltd., an operational creditor of
Essar Steel, said the distribution mechanism described in Section
53 applies only at the liquidation stage and making it applicable
during distribution of claims in a resolution plan will defeat the
purpose of the IBC Code which is to "balance the interests of all
stakeholders". There is a very distinct separation between two
stages of resolution and liquidation, Kumar said.

The operational creditors said any discrimination between creditors
during insolvency, when the company is functioning as a going
concern, violates Article 14 of the Indian Constitution that
guarantees Right to Equality before law, BloombergQuint relays.
"The IBC Code intends to grant parity to operational creditors at
the resolution stage because of the role operational creditors play
by ensuring the company continues to function as a going concern
even when insolvency proceedings are ongoing," the report quotes
Kumar as saying, adding that because the code emphasises on revival
of the company as a going concern, priorities which apply at the
stage of liquidation will have no relevance.

BloombergQuint relates that Kumar also said that if operational
creditors aren't paid anything, as was part of an earlier
resolution plan considered by the creditor' s committee, it would
lead to more companies heading for bankruptcy--contrary to the
code's objectives.

The operational creditors are also challenging the 330-day limit
being introduced in insolvency proceedings which includes time
consumed during litigation, the report says. On failure of the
resolution process within 330 days, the amendment mandates
compulsory liquidation of the company undergoing insolvency
proceedings.

BloombergQuint notes that the case of the operational creditors on
this amendment is on the ground that the law doesn' t permit asking
Supreme Court to decide cases within a timeline as doing so would
be contrary to the principle of separation of powers and judicial
independence.

Such an amendment will also burden the tribunals hearing these
cases, resulting in genuine disputes not getting addressed and
denying a genuine affected person right to judicial redressal,
Ideal Movers argued, BloombergQuint adds.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar
Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip)
and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore
slurry from the beneficiation plant (located near the iron ore
mines in Dabuna and Kirandul) to the pellet plant (located near the
Paradip and Vizag ports). A large portion of the iron ore pellets
produced are intended for captive consumption by ESIL's steel plant
at Hazira for cost optimization.

The National Company Law Tribunal (NCLT)-Ahmedabad Bench admitted
Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.

GAURAV EXPORTRADES: ICRA Withdraws D Rating on INR7cr ST Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Gaurav
Exportrades Private Limited (GEPL), as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term-        1.00        [ICRA]D ISSUER NOT COOPERATING,
   Fund Based/                   Rating downgrades from
   Cash credit                   [ICRA]B+(Stable) ISSUER NOT
                                 COOPERATING; Withdrawn

   Short Term-       7.00        [ICRA]D ISSUER NOT COOPERATING,
   Fund Based                    Rating downgrades from [ICRA]A4
                                 ISSUER NOT COOPERATING;
                                 Withdrawn

   Short Term–       3.50        [ICRA]D ISSUER NOT COOPERATING,
   Non fund                      Rating downgrades from [ICRA]A4
   Based                         ISSUER NOT COOPERATING;
                                 Withdrawn

Rationale

The ratings are withdrawn as there is no amount outstanding against
the company's ICRA rated bank facilities which was availed from
Lakshmi Vilas Bank. The same is confirmed by no due certificate
provided by the Lakshmi Vilas Bank. Further, the rating downgrade
reflects irregularities in packing credit facilities (not rated by
ICRA) from the company's current bankers, information for which is
available in public domain.

Gaurav Exportrades Private Limited (GEPL) was incorporated in 1991
by Mr. Mahesh Kumar Gupta and the company is closely held by his
family members. It has a manufacturing facility located near
Coimbatore, Tamil Nadu. GEPL is engaged in the manufacture and
exports of knitted garments--men, women and children's wear.

GLOBAL FRAGRANCES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Global Fragrances Private Limited
        C-138, Hari Nagar
        Clock Tower
        New Delhi 110064

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Yogesh Kumar Gupta

Interim Resolution
Professional:            Yogesh Kumar Gupta
                         Yogesh Gupta & Associates
                         Cost Accountant
                         C-17-B, LGF
                         Kalkaji
                         New Delhi 110019
                         E-mail: ykgupta64@yahoo.co.in
                                 cirp.globalfragrances@gmail.com

Last date for
submission of claims:    October 25, 2019


GOLDEN FIBRES: ICRA Cuts INR82cr LT Loan Rating to B+, Not Coop.
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Golden
Fibres LLP, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term fund      82.00       [ICRA]B+ (Stable) ISSUER NOT
   based limits                    COOPERATING; Ratings
                                   downgraded from [ICRA]BB-
                                   (Stable) and continues to
                                   Remain under the Issuer Not
                                   Cooperating category

   Short-term non      10.00       [ICRA]A4 ISSUER NOT
   fund-based limit                COOPERATING; Continues to
                                   remain under the Issuer Not
                                   Cooperating category

Rationale

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

As part of its process and in accordance with its rating agreement
with Golden Fibres LLP, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.
Golden Fibres LLP was established as a Limited Liability
Partnership (LLP) firm in December 2014 with Mr. Anurag Poddar and
Mr. Arvind Biyani as the partners. The firm has set up a unit at
Amravati (Maharashtra) for manufacturing linen yarn with an
installed capacity of 110 tonnes per month. The company started
operations since August 2016. GFL's registered office is in Mumbai.

GURUKRUPA METALS: ICRA Maintains B- Rating in Not Cooperating
-------------------------------------------------------------
ICRA has continued the long-term ratings for the bank facilities of
Gurukrupa Metals to the 'Issuer Not Cooperating' category. The
rating is still denoted as "[ICRA]B- (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         10.00       [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Gurukrupa Metals (GM) is a metal merchant based in Jamnagar,
Gujarat and has been in operations since September 2011. The firm
primarily trades imported non-ferrous metallic scrap, such as brass
scrap, ingots, copper alloys and zinc in and around Jamnagar.

H.K. AGRO: ICRA Cuts INR3cr LT Loan Rating to D, Not Cooperating
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of H.K.
Agro Impex, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-           3.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based-                    Rating downgraded from [ICRA]B
   Cash Credit                    (Stable); and continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

   Long Term-           2.38      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based-                    Rating downgraded from [ICRA]B
   Term Loan                      (Stable); and continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

   Short Term-          1.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                     Rating downgraded from [ICRA]A4
                                  and continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Long Term/           3.62      [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                    COOPERATING; Rating downgraded
   Unallocated                    from [ICRA]B (Stable)/[ICRA]A4
                                  and continues to remain under
                                  'Issuer Not Cooperating'

Rationale

The rating downgrade follows the delays in debt servicing by H.K.
Agro Impex to the lender(s), as confirmed by them to ICRA. ICRA has
limited information on the entity's performance since the time it
was last rated in August 16, 2016 which was based on detailed
information. As part of its process and in accordance with its
rating agreement with H.K. Agro Impex, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Established in 2014, H.K Agro Impex is a proprietorship firm
managed by Mr. Mohammed Ansari. The firm is engaged in processing
cashew kernels from raw cashew nuts. The firm has its processing
unit in Mangalore, Karnataka with an installed capacity of
processing 60 bags of raw cashew nuts per day as on August 2016.

INDSUR GLOBAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Indsur Global Limited
        502, 5th Floor, B Wing
        Pinnacle Corporate Park
        B.K.C., Bandra (East)
        Mumbai 400051

        Plant address:
        Nurpura, Village Baska
        Baska-Halol Road
        Tal-Halol, Panchmahal 389350

Insolvency Commencement Date: September 24, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Manish Sukhani

Interim Resolution
Professional:            Manish Sukhani
                         B 213, Orchard Road Mall
                         Royal Palms, Aarey Colony
                         Goregaon (East)
                         Mumbai, Maharashtra 400065
                         India
                         E-mail: ca.m.sukhani@gmail.com
                                 cirp.igl@gmail.com

Last date for
submission of claims:    October 30, 2019


JAI BHARAT: ICRA Cuts INR0.50cr Loan Rating to B+, Not Cooperating
------------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Jai
Bharat Steel Industries (JBSI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          0.50       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Letter of Credit    18.00       [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Credit Exposure      0.37       [ICRA]A4 ISSUER NOT
   Limit                           COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated limit   10.20       [ICRA]B+ (Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Long term Rating downgraded
                                   from [ICRA]BB-(Stable);
                                   Ratings continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

Rationale

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

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

Jai Bharat Steel Industries (JBSI), a partnership firm incorporated
in 1984 by Mr. Ashok Bansal and Mr. Praveen Bansal, to carry out
rolling mill operations. Later in 1994, it increased its operation
domain through backward integration into shipbreaking activities.
The firm operates a 30m X 45m plot at the Alang shipbreaking yard
and has its rolling mill operations at GIDC Sihor, Bhavnagar. The
rolling mill has a processing capacity of 250 MT/month.

K.P.R. AGROS: ICRA Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR20.00-crore bank facilities of
K.P.R. Agros Poultries Private Limited (KPRAPPL) continue to remain
under 'Issuer Not Cooperating' category'. The ratings are denoted
as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-           13.00      [ICRA]B+(Stable); ISSUER NOT
   Fund Based-                     COOPERATING; Continues to
   Cash Credit                     remain under the 'Issuer Not
                                   Cooperating' category

   Long Term-            1.50      [ICRA]B+(Stable); ISSUER NOT
   Fund Based TL                   COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Long Term-            5.50      [ICRA]B+(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

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

K.P.R. Agro Poultries Private Limited (KPRAPPL) was promoted by Mr.
K. Bhaskar Raghu Rama Reddy in 2008 as a proprietorship firm named
K P R Agro. In 2012, the constitution of the firm was changed to
private limited and name was changed to K.P.R. Agro Poultries
Private Limited. The company is engaged in the business of
commercial layer poultry farming. The company operates through its
unit located at Hagarai Bommanahalli (capacity of 529000 layers),
Bellary district of Karnataka and is involved in sales of table
eggs.

K.R.S. & JAIN: ICRA Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
K.R.S. & Jain Associates (KRS) continue to remain under Issuer Not
Cooperating category. The long-term rating is denoted as [ICRA]B
ISSUER NOT COOPERATING with a Stable outlook, while the short-term
rating is denoted as [ICRA]A4.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Non-fund          5.50       [ICRA]A4 ISSUER NOT COOPERATING;
   Based Limit                  Rating continues to remain under
                                the Issuer Not Cooperating
                                category

   Fund based        3.00       [ICRA]B(Stable) ISSUER NOT
   limit                        COOPERATING; Continues to remain
                                under the 'Issuer Not
                                Cooperating' category

   Unallocated       1.50       [ICRA]B(Stable)/[ICRA]A4 ISSUER
   Limit                        NOT COOPERATING; Continues to
                                remain under the 'Issuer Not
                                Cooperating' category

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

K.R.S. & Jain Associates was established as a proprietorship firm
in 2005. The firm constructs petty roads (such as stone pavements,
cement concrete pavements, paver blocks and asphalt roads), lays
sewerage pipelines and culverts, and repairs gardens, roads and
buildings for Government clients like Municipal Corporation of
Greater Mumbai (MCGM) and Mumbai Metropolitan Region Development
Authority (MMRDA). It is a registered 'AA Class' contractor with
the MCGM. KRS is also involved in job-work, which comprises
sub-contract work and leasing of machinery and labour. The
operations of the firm are managed by its proprietor, Mr. Ritesh
Jain. The registered office of KRS is in Mumbai.

KDJ HOLIDAYSCAPES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: KDJ Holidayscapes and Resorts Ltd
        228/5-B, Akshay Mittal
        Mittal Industrial Estate
        Andheri Kurla Road, Marol
        Andheri (East) Mumbai 400059

Insolvency Commencement Date: September 23, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Pradeep Vithal Samant

Interim Resolution
Professional:            Pradeep Vithal Samant
                         2nd Floor, 65, Old Oriental Building
                         Hutatma Chowk
                         Mumbai 400001
                         E-mail: samantpradeep86@yahoo.com

Last date for
submission of claims:    October 23, 2019


LIQUID GLASS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Liquid Glass Hospitality LLP

        Registered office:
        Flat-Sonnet-403, Plot 11 & 12
        Kesar Harmony
        Khargar, Raigarh
        Maharashtra 410210

Insolvency Commencement Date: October 9, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 6, 2020

Insolvency professional: Mr. Uday Shreeram Sakrikar

Interim Resolution
Professional:            Mr. Uday Shreeram Sakrikar
                         303, Rahul Vihar A
                         Lane 8 Dahanukar Colony
                         Kothrud, Pune
                         Maharashtra 411038
                         E-mail: ipudaysakrikar@gmail.com
                                 irp.liquidglasshospitality@
                                 gmail.com

Last date for
submission of claims:    October 26, 2019


MAITHAN ISPAT: ICRA Cuts Rating on INR357.66cr Loan to D, Not Coop.
-------------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Maithan
Ispat Limited (MIL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Preference       357.66      [ICRA]D ISSUER NOT COOPERATING;
   Shares                       Ratings downgraded from [ICRA]C
                                and continues to remain under
                                the Issuer Not Cooperating
                                category

Rationale

On October 18, 2019 one of the bankers confirmed that MIL delayed
on its debt servicing. ICRA has downgraded the rating assigned to
the INR357.66 crore preference share programme of MIL to [ICRA]D
ISSUER NOT COOPERATING from [ICRA]C ISSUER NOT COOPERATING.

The rating revision takes into account the delays in debt servicing
by MIL. As part of its process and in accordance with its rating
agreement with MIL, ICRA has been trying to seek information from
the entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Maithan Ispat Limited (MIL) was set up in August 2003 by the
promoters of Maithan Group. Subsequently, on March 31, 2015, MESCO
Group took over MIL, and a consortium of bankers restructured the
debt facilities of MIL under the CDR scheme. At present, the
company is a subsidiary of Mideast Integrated Steels Ltd. (MISL,
the flagship company of MESCO Group), and is involved in
manufacturing of sponge iron and billets. The company has a
2*350-TPD sponge iron facility, a 210,000-MTPA billet production
unit and a 30-MW power production unit situated in Jajpur, Odisha.

MOHAN RAO: ICRA Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------
ICRA said the ratings for the INR12.00-crore bank facilities of
Mohan Rao And Company (MRC) continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B(Stable)
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          10.00       [ICRA]B(Stable); ISSUER NOT
   Fund Based/CC                   COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Long Term-           2.00       [ICRA]B(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

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

Mohan Rao & Co. (MRC) was established in 1972 as cotton merchant
and commission agent for cotton bales, seed, and cakes at Bhainsa
in Adilabad district of Andhra Pradesh promoted by Ms.Laxmi Bai,
Mr. Mohan Rao Patel and Mr. Akhilesh Bhosle. The firm operates with
53 double roller gins and one pressing unit located in Bhainsa,
Telangana. The firm's operations have been managed by its partners
Mr.Mohan Rao Patel, Mr.Gopal Rao Bhosle, Mr.Abhinav Bhosle and Ms.
Anasuya Bai Patel.

MULTIPLE HOTELS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Multiple Hotels Private Limited
        6, Milan Pally Deshapriya Nagar
        Belghoria Kolkata Parganas
        North WB 700056

Insolvency Commencement Date: October 4, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 31, 2020

Insolvency professional: Jitendra Lohia

Interim Resolution
Professional:            Jitendra Lohia
                         Klass Insolvency Resolution Professionals
                         Pvt Ltd
                         Todi Chambers
                         2 Lal Bazar Street
                         2nd Floor, Room No. 204 & 205
                         Kolkata 700001
                         West Bengal
                         E-mail: jitulohia@knjainco.com
                                 ip.jitulohia@gmail.com

Last date for
submission of claims:    October 24, 2019


MUTHOOT FINANCE: Fitch Puts Final BB+ Rating to $450M Sr. Notes
---------------------------------------------------------------
Fitch Ratings assigned Muthoot Finance Limited's (MFL, BB+/Stable)
USD450 million 6.125% senior secured notes due 2022, which carry a
fixed-rate coupon payable semi-annually, a final rating of 'BB+'.

The assignment of the final rating follows the receipt of documents
conforming to information previously received. The final rating is
in line with the expected rating assigned on October 22, 2019.

The notes are secured by collateral, which includes all
receivables, but excludes all lien marked fixed deposits, of the
issuer. The notes are also subject to maintenance covenants that
require MFL to meet regulatory capital requirements, and ensure its
security coverage ratio is equal to or greater than 1x at all
times.

The notes fall under the central bank's new external commercial
borrowings framework of January 2019.

KEY RATING DRIVERS

MFL's US dollar-denominated bonds are rated at the same level as
the company's Long-Term Foreign-Currency Issuer Default Rating, in
accordance with Fitch's rating criteria.

Fitch regards the secured notes as an obligation whose non-payment
would best reflect uncured default as most of MFL's debt is
secured. The company can issue unsecured debt in the overseas
market, but such debt is likely to constitute a small portion of
its funding and thus cannot be viewed as its primary financial
obligation.

RATING SENSITIVITIES

The rating on the bond will move in tandem with MFL's Long-Term
Foreign-Currency IDR. MFL's IDR is sensitive to rising leverage (if
debt/equity approaches 4x). Post issue of the notes, MFL's leverage
is not expected by Fitch to increase materially from current levels
(2.7x at end-March 2019).

NIKHIL TOBACCOS: ICRA Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR20.00-crore bank facilities of
Nikhil Tobaccos (NT) continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         18.00       [ICRA]B+(Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated          2.00       [ICRA]B+(Stable); ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Nikhil Tobbacos, established as a proprietorship concern by Mrs.
Gutta Suma in the year 2012, has been engaged in processing and
trading of tobacco leaf. The administrative office cum godown of
the concern is situated at Ongole, Prakasm dist. The godown of the
concern is spread over an area of 1 acre with built up area of
47000 square feet. The storage capacity of the godown is around 800
tonnes.

O-ZONE NETWORKS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: O-zone Networks Private Limited
        91, Springboard E-43/1
        Okhla Industrial Area
        Phase-2 Delhi South
        West Delhi 110020
        IN

Insolvency Commencement Date: September 4, 2019

Court: National Company Law Tribunal, New Delhi Bench III

Estimated date of closure of
insolvency resolution process: March 2, 2020

Insolvency professional: Shyam Arora

Interim Resolution
Professional:            Shyam Arora
                         96, Aravali Apartment
                         Alaknanda, New Delhi
                         Delhi 110019
                         E-mail: arora.shyaam@yahoo.com

Last date for
submission of claims:    October 25, 2019


RADHEY SHAM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Radhey Sham Tandon Manufacturing Private Limtied
        6189, Rst House Ground Floor
        Nawab Road
        Sadar Thana Road
        Delhi Dl 110006

Insolvency Commencement Date: October 10, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 7, 2020
                               (180 days from commencement)

Insolvency professional: Sameer Rastogi

Interim Resolution
Professional:            Sameer Rastogi
                         F-116, Lajpat Nagar-I
                         New Delhi 110024
                         E-mail: srastogi@indiajuris.com
                                 rpsrastogi@gmail.com

Last date for
submission of claims:    October 24, 2019


RAJESH CONSTRUCTION: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Rajesh Construction Company (RCC) continue to remain under Issuer
Not Cooperating category. The long-term rating is denoted as
[ICRA]B+ ISSUER NOT COOPERATING with a Stable outlook, while the
short-term rating is denoted as [ICRA]A4 ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based          2.38        [ICRA]B+(Stable) ISSUER NOT
   limits                          COOPERATING; Rating continues
                                   to remain under the Issuer Not
                                   Cooperating category

   Non fund            5.75        [ICRA]A4 ISSUER NOT
   based limits                    COOPERATING; Continues to
                                   Remain under the 'Issuer Not
                                   Cooperating' category

   Unallocated         1.87        [ICRA]B+(Stable)/[ICRA]A4
   Limit                           ISSUER NOT COOPERATING;
                                   Continues to remain under
                                   the 'Issuer Not Cooperating'
                                   category

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

Rajesh Construction Company was established as a partnership firm
in 1971 and the operations of the firm are managed by Mr. Rajesh
Chandrachud, who is a Civil Engineer with over two decades of
experience in the construction industry. RCC is primarily engaged
in the construction of roads and laying of sewerage pipelines for
government departments. The firm is registered as an 'AA' Class
Contractor with the Mumbai Municipal Corporation and as a 'Class I'
contractor with the Public Works Department in Maharashtra, the
Maharashtra Jeevan Pradhikaran and the Road Construction
Department in Jharkhand.

RAMANA SEKHAR: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Ramana Sekhar Steels Ltd.

        Registered office:
        Off: Ponneri High Road
        Elanthancheri Village
        Manali, New Town
        Chennai 600103

Insolvency Commencement Date: October 3, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 31, 2020

Insolvency professional: Usha Balasubramanian

Interim Resolution
Professional:            Usha Balasubramanian
                         Flat No. 6B, 1st Floor
                         Pushpavanam Apartment
                         No. 43/18, 3rd Main Road
                         Gandhi Nagar, Adyar
                         Chennai 600020
                         E-mail: ubaindia@gmail.com
                                 ip.ramanassl@gmail.com

Last date for
submission of claims:    October 25, 2019


ROSA POWER: ICRA Lowers Rating on INR2845cr Term Loans to 'D'
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Rosa
Power Supply Company Limited (RPSCL), as:

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Term Loans          2845      Ratings downgraded to [ICRA]D
                                 from [ICRA]B-(Negative) and
                                 removed from Issuer Not
                                 Cooperating category

   Working Capital     1400      Ratings downgraded to [ICRA]D/
   Facilities                    [ICRA]D from [ICRA]B-(Negative)/
   (Cash Credit/                 [ICRA]A4 and removed from Issuer
   Working Capital               Not Cooperating category
   Demand Loan)       
                                 
   LER limit            10       Ratings downgraded to [ICRA]D/
                                 [ICRA]D from [ICRA]B-(Negative)/
                                 [ICRA]A4 and removed from Issuer
                                 Not Cooperating category

   Non-fund Based      100       Ratings downgraded to [ICRA]D/
   Limit (Bank                   [ICRA]D from [ICRA]B-(Negative)/
   Guarantee and                 [ICRA]A4 and removed from Issuer
   Letter of credit)             Not Cooperating category

Rationale

The rating revision factors the reported delays in debt servicing
by RPSCL as highlighted in the audit report for FY 2019. The
ratings further remain constrained by RPSCL's high leveraging level
and stretched liquidity position because of under-recovery in fixed
charge of tariff revenue due to pending regulatory approval of
additional capital expenditure of INR470 crore as well as other
regulatory cost items. While the company has filed an appeal with
Appellate Tribunal for Electricity (APTEL) with regards to the
tariff order issued by Uttar Pradesh Electricity Regulatory
Commission (UPERC), the decision is still awaited. In its order
passed by UPERC in August 2017, the tariffs approved were lower
than what the company had asked for because of the disallowance of
additional capital expenditure, true up of interest on working
capital and un-discharged liability, marginal tightening of
efficiency norms and sharing of gains during the control period of
FY2015–FY2019. Furthermore, the ratings continue to remain
constrained on account of the continuing weak credit quality of the
sole off-taker, namely the Uttar Pradesh Power Corporation Limited
(UPPCL) and its high cost of power generation due to locational
disadvantages in sourcing coal. Further, the ratings also factor
the weak financial position of the promoter group and significant
deterioration in its financial flexibility. ICRA also take that
RPSCL has provided inter-corporate deposits of INR3008 crore to its
group entities, which is significant in relation to its reported
net worth of INR4544.91 crore as on March 31, 2019.

The rating, however, considers the company's cost-plus based tariff
in PPA with UPPCL, involving allowed return on equity at 16%,
recovery of fixed capacity charges at plant availability of 85% and
pass-through nature of fuel cost also in case of the sale of power
using alternative sources of coal due to FSA coal shortages, thus
mitigating fuel price risks. The ratings also factor presence of
fuel supply agreement and adequate coal availability for the
company's operations.

Key rating drivers:

Credit strengths

Cost-plus based PPA in place with UPPCL for 100% of its total
capacity -RPSCL has a long-term power purchase agreement (PPA) for
its entire installed capacity (1200 MW) with the UPPCL thus
mitigating its exposure to any volatility in merchant tariffs and
fuel price risks. The PPA with the UPPCL is based on 'cost-plus'
based tariff principles at normative norms, involving allowed
return on equity at 16% and recovery of fixed capacity charges at
plant availability of 85%. Also, fuel cost remains a pass-through
in tariff in case of sale of power using imported coal, thus,
mitigating the adverse impact of the rise in the cost of
generation.

Credit challenges

Reported delays in debt servicing - RPSCL has reported delays in
debt servicing as highlighted in audit report for FY 2019.
Deterioration in the financial risk profile of Reliance Power Group
(Reliance Power rated [ICRA]D/[ICRA]D; issuer not cooperating) -
The financial profile of Reliance Power Limited (company's parent
arm) has deteriorated significantly as evident from considerable
decline in the net cash accruals in FY 2019 and net-worth erosion
due to impairment of assets amounting to ~ INR4170 crore as on
March 31, 2019. Further, on July 6, 2019, all the six lenders of
Reliance Power Limited signed Inter-Creditor Agreement (ICA), basis
which the company has achieved standstill for 180 days and expects
the implementation of the resolution plan during the same period.

Stretched liquidity due to reduction in the approved fixed capacity
charges - Reduction in the approved fixed capacity charges, as per
the final tariff order issued by UPERC for the control period
FY2014-FY2019, has impacted the cash flows for the company. While
the company has filed an appeal with Appellate Tribunal for
Electricity (APTEL) with regards to the tariff order issued by
UPERC, the decision is still awaited. In its order passed by UPERC
in August 2017, the tariffs approved were lower than what the
company had asked for because of the disallowance of additional
capital expenditure, true up of interest on working capital and
un-discharged liability, marginal tightening of efficiency norms
and sharing of gains during the control period of FY2015–FY2019.
The company has also provided the inter-corporate deposits of
INR3008 crore towards the group entities, which is significant in
relation to company's reported net worth of INR4544.91 as on March
31, 2019.

High counterparty credit risks pertaining to UPPCL, though payments
so far have been timely - RPSCL is exposed to counter-party credit
risks pertaining to UPPCL, whose credit quality is weak. The
company, however, benefits from the available payment security
mechanism. Also, overall collection efficiency, since commencement
is more than 95%. However, the sustenance of the same would remain
a key rating sensitivity, though payments so far have been timely.

With hinterland location of the project, cost of power generation
remains high thus adversely affecting the merit order position of
the company: While the average tariff for Rosa stood at INR4.56 per
unit in H1 FY 2020, the average procurement tariff for the state
utilities stands at ~Rs.4.6/ unit. The normative variable cost for
the company remains high, resulting in a weak merit order position
of the company and exposing it to the offtake risk.

Liquidity position: Stretched

RPSCL's liquidity position remains stretched as evidenced by high
utilization of working capital limits and sizeable debt repayments
falling due in the current and next fiscal. The company has
sanctioned working capital limits of ~Rs 1400 crore while its
drawing power remained approximately INR1290 crore for September
2019. Against the same, working capital utilisation stood at
INR1270 crore as on September 30,2019 (~Rs 1250 crore as on March
31,2019), offering limited cushion to its liquidity position. The
company has sizeable debt repayments for next two years of
INR678.13 crore and INR628.13 crore in FY2020 and FY 2021,
respectively. As on September 30,2019, the company had free cash
balance of approximately INR10 crore and encumbered fixed deposits
of INR30 crore.

Rating Sensitivities:

Positive triggers – ICRA could upgrade the ratings of RPSPL, in
case of receipt of the confirmation on timely debt servicing from
all the lenders. Additionally, the favourable resolution from UPERC
and APTEL on the approval of disallowed tariff items and subsequent
implementation by UPPCL remain a positive trigger.

RPSCL, which was incorporated in September 1994, was originally
promoted by the Aditya Birla Group (AB Group). In November 2006,
erstwhile Reliance Energy Ltd. (REL, which is now Reliance
Infrastructure Ltd) acquired RPSCL, and subsequently, it was
transferred to Reliance Power limited (RPL). RPSCL has set up a
1200 MW (300 MW X 4) power plant in two phases of 600 MW (300 MW X
2 = 600 MW) capacity each. Both the phases are coal-based and are
located at Rosa, District Shahajahanpur, Uttar Pradesh. The project
site is located at a distance of 4 km from the Rosa railway
station, which is at a distance of 160 km from Lucknow. While the
Phase I was commissioned in July 2010, the Phase II achieved
commercial operations date in April 2012. The PPA for the project
has been signed with UPPCL under 'cost-plus' based tariff
principles at normative norms.

SARASH EXPORTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Sarash Exports Services Pvt. Ltd.
        M-70, Greater Kailash-1
        New Delhi 110048

Insolvency Commencement Date: September 30, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 28, 2020

Insolvency professional: Rajeev Kumar Raizada

Interim Resolution
Professional:            Rajeev Kumar Raizada
                         Flat No. 402, Property No. B-159
                         Freedom Fighters Enclave
                         IGNOU Road
                         New Delhi 110068
                         E-mail: rajeevraizada@ymail.com

Last date for
submission of claims:    October 25, 2019


SHANKAR FERRO: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shankar Ferro Alloys Private Limited
        Nuagaon, Satkatia
        Chakulia Dhalbhumgarh
        Chakulia Purba Singhbhum
        JH 832301
        IN

Insolvency Commencement Date: October 1, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 28, 2020
                               (180 days from commencement)

Insolvency professional: CA Nitesh Kumar More

Interim Resolution
Professional:            CA Nitesh Kumar More
                         31 Ganesh Chandra Avenue
                         6th Floor
                         Kolkata 700013
                         West Bengal
                         E-mail: nmore2091@gmail.com

                            - and -

                         18 Rabindra Sarani
                         Gate No. 1, 7th Floor
                         Room No. 701
                         Kolkata 700001
                         E-mail: nmore2091@gmail.com

Last date for
submission of claims:    October 24, 2019


SHARANAMMA DIGGAVI: ICRA Keeps 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR8.00 crore bank facilities of
Sharanamma Diggavi Memorial Educational Trust continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term-          6.29       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based TL                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Long Term-          1.71       [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Sharanamma Diggavi Memorial Education Trust (SDME) was formed and
registered as a Trust in the year October, 2006. SDME was
established by the educationist Mr. Basawaraj Diggavi, the Chairman
of SDME. SDME operates three educational institutions comprising of
one primary school, one high school and one pre-university college.

SHREE SANTOSH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shree Santosh Cotton Spin Private Limited
        Shop No. A 174
        New Sandar Marketing Yard
        8-B, Gondal Rajkot National Highway
        Gondal Rajkot Gj 360311
        IN

Insolvency Commencement Date: October 10, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: April 7, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Bhupendra Singh Narayan Singh Rajput

Interim Resolution
Professional:            Mr. Bhupendra Singh Narayan Singh Rajput
                         A-309, ATMA House
                         Opp. Old RBI
                         Ashram Road
                         Ahmedabad 380009
                         E-mail: cabsrajput309@gmail.com

Last date for
submission of claims:    October 29, 2019


SIYARAM METAL: ICRA Maintains 'B-' Rating in Not Cooperating
------------------------------------------------------------
ICRA has continued the long-term ratings for the bank facilities of
Siyaram Metal Udyog Private Limited to the 'Issuer Not Cooperating'
category. The rating is still denoted as "[ICRA]B- (Stable) ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         35.00       [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Siyaram Metal Udyog Private Limited (SMUPL) is a metal merchant
based in Jamnagar, Gujarat and has been in operations for the last
two decades. The company primarily trades non-ferrous metallic
scrap in and around Jamnagar. SMUPL imports non-ferrous scrap. The
product profile includes brass scrap, ingots and other copper
alloys, as well as zinc.

SOKHAL DREAM: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sokhal Dream Builder LLP
        105 Ganpati Enclave Central Spine
        Vidyadhar Nagar
        Jaipur 302039

Insolvency Commencement Date: October 11, 2019

Court: National Company Law Tribunal, Jaipur Bench

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

Insolvency professional: Satyendra Prasad Khorania

Interim Resolution
Professional:            Satyendra Prasad Khorania
                         402, OK Plus DP Metro
                         Opp. Metro Pillar No. 94
                         New Sanganer Road
                         Jaipur 302019
                         E-mail: skhorania@live.com
                                 sokhalcirp@gmail.com

Classes of creditors:    Allottee/Home Buyer

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rajneesh Singhvi
                         Mr. Hari Babu Sharma
                         Mr. Suresh Agrawal

Last date for
submission of claims:    October 28, 2019


SUNNY ENTERPRISES: ICRA Assigns B- Rating to INR6.30cr Loan
-----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Sunny
Enterprises (SE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based–         6.30        [ICRA]B- (Stable); Assigned
   Over Draft          

   Unallocated         5.70        [ICRA]B- (Stable)/[ICRA]A4;
                                   Assigned

Rationale

The assigned rating is constrained by the small scale of operations
of SE with a steep de-growth in turnover, during the past two
years, to INR25.2 crore in FY2019 from INR71.8 crore in FY2018
(INR164.0 crore in FY2017) due to the impact of the Goods and
Service Tax (GST). Further, the firm has a weak financial profile
characterised by low profitability, which has suppressed the
coverage and return indicators as depicted by interest coverage of
1.1 times, TD/OPBDITA of 10.1 times and ROI of 8.8% as on March 31,
2019. Furthermore, the rating is constrained by the capital
withdrawal risks from the business, given its status as a
proprietorship concern with continuous capital withdrawals in the
past. This led to a low net worth base, thereby resulting in a
leveraged capital structure with a gearing of 2.9 times as on March
31, 2019. ICRA notes its weak liquidity profile as depicted by full
limit utilisation of fund-based limits from the bank and minimal
free cash reserves. The rating factors in the vulnerability of its
revenues to intense competition from numerous organised and
unorganised players in the lottery business and agro-commodity
trading business. SE's revenues are also exposed to adverse
fluctuations in key raw material prices and seasonality in the
agro-commodity trading business.

The rating, however, favourably takes into account the extensive
experience of the promoter in the lottery distribution business and
multiple commodity trading businesses. The rating draws comfort
from the firm's foray into agrocommodity trading and footwear
distribution business in FY2019, which is likely to aid revenue
growth in the near term.

The Stable outlook on the [ICRA]B- rating reflects ICRA's opinion
that SE will continue to benefit from its extensive track
record of the promoter in the lottery distribution business.

Key rating drivers and their description

Credit strengths

Extensive experience of promoter in lottery distribution and
multiple goods trading businesses – The firm's promoter has more
than three decades of experience in the lottery distribution and
trading businesses, which enables the firm to have established
relationship with the main lottery distributors and retailers and
venture in new business segments like footwear distribution,
agro-commodity and fabric trading, export and import of chocolates
and biscuits.

Credit challenges

Small scale of operations with steep decline in revenues – The
firm has a small scale of operations and has witnessed a sharp
revenue de-growth in the past two years to INR25.2 crore in FY2019
from INR71.8 crore in FY2018 (INR164.0 crore in FY2017) due to
steep decline in its lottery business, given the moderation of
demand for lottery tickets after implementation of GST. In the
past, the sale of lottery tickets did not attract Value Added Tax
(VAT)/Central Sales Tax (CST). However, it came under the ambit of
GST under 28% bracket (lotteries authorised by state government and
run by private parties). Prior to GST implementation, 90% of the
ticket sales price was distributed as winnings. Post GST, 28% is
paid as GST, thus lowering the winnings to 62%, leading to lower
demand for lottery tickets and thereby affecting sales. However,
the foray into agro-commodity trading and footwear distribution
business in FY2019, which accounted for 8% of the total operating
income, is likely to aid revenue growth in the near term. The
firm's ability to ramp up the scale of operations with the new
segments' support remains to be seen.

Weak financial profile characterised by low profitability,
suppressed coverage and weak return indicators – The firm's
profitability has been low historically. The lottery distribution
has low fixed distributor commission. Other businesses –
agro-commodity trading and footwear distribution have higher
margins; however, they form minor portion of the total revenue of
the firm till FY2019, thereby unable to impact the overall
operating profit margins significantly. Further, high finance costs
resulted in marginal net profitability ranging from 0.1-0.3% in the
past five years.

Low operating profitability and high finance costs resulted in weak
coverage indicators with interest coverage indicator of 1.1 times,
TD/OPBDITA of 10.1 times and RoCE of 8.8% in the FY2019.

Leveraged capital structure due to low net worth and high reliance
on external debt – Due to the proprietorship status of the firm,
it runs the risk of capital withdrawals. Low profitability, along
with continuous capital withdrawal in the past resulted in a low
net worth. Further, high reliance on working capital limits led to
a leveraged capital structure with gearing of 2.9 times and TOL /
TNW of 3.0 times as on March 31, 2019.

Profitability vulnerable to intense competition in lottery and
agro-commodity trading business – The lottery distribution and
agro-products trading industry is highly fragmented with presence
of numerous organised and unorganised players, due to limited entry
barriers with low capital and low technical requirements of the
business. Thus, the intense competition in the industry, coupled
with the low value additive nature of operations exerts pressure on
its profit margins. Moreover, SE's profit margins remain
susceptible to seasonality and crop harvest based on the
agroclimatic conditions.

Vulnerability of profitability to volatile raw material prices in
agro-commodity trading – The firm's profitability remains
vulnerable to the adverse movement in prices of agro-traded
commodities, which are subjected to seasonality and crop harvest
based on the agro-climatic conditions.

Risk of capital withdrawal by proprietor – The firm is exposed to
the risk of capital withdrawals as evident from continuous capital
withdrawals in the past, which can pressurise the capital structure
and in turn limit its financial flexibility.

Liquidity position: Poor

SE's liquidity is poor with negative cash flow from operations of
INR2.1 crore due to high operating costs. Further, full working
capital utilisation levels in the past 12-month period that ended
in August 2019, along with minimal free cash reserves keep the
liquidity of the firm poor.

Rating sensitivities

Positive triggers – ICRA could upgrade SE's rating if the firm
demonstrates a sustained growth in its operating income (OI), along
with improved profitability, thereby strengthening the liquidity
position of the firm.

Negative triggers – Negative pressure on SE's rating could arise
if the revenue declines, coupled with low profitability and high
finance costs or further withdrawals decreasing the net worth. The
firm's inability to maintain interest coverage ratio of above 1.0
times on sustained basis shall trigger a downward revision in the
rating.

Formed in 2003 by Mrs. Sheetal Tanna, Sunny Enterprises is
authorised online lottery distributor of M/s Serenity Trades
Private Limited, which is one of the main distributors for state
government lotteries across India. The firm appoints the lottery
retailers in these states, who in turn sell the lottery tickets to
the final customers. It delivers rolls and charts for the lottery
draw and supplies advertisement material. To diversify its
business, SE is involved as an authorised distributor for Bata
Limited in October 2018, wherein it supplies Bata footwear to the
multi-brand stores across Mumbai, Navi Mumbai, Palghar and Thane in
Maharashtra. The firm also ventured in trading of agricultural
products, namely dry coriander and jaggery. These two segments
accounted for a minor share of the total operating income in
FY2019. However, the firm is focussed to increase this share in the
near to medium term.

In FY2019, on a provisional basis, the firm reported a net profit
of INR0.1 crore on an operating income (OI) of INR25.2 crore
compared to a net profit of INR0.1 crore on an OI of INR71.8 crore
in the previous year.

VANDANA TIMBER: ICRA Withdraws B+ Rating on INR2.0cr Cash Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Vandana Timber Pvt. Ltd. (VTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based–          2.00       [ICRA]B+ (Stable); Withdrawn
   Cash Credit          

   Non-fund Based–
   Letter of Credit    16.00       [ICRA]A4; Withdrawn

   Non-fund Based–
   Forward Contract
   Limit                0.32       [ICRA]A4; Withdrawn

Rationale

The long-term and short-term ratings assigned to VTPL have been
withdrawn at the request of the company, based on the no-objection
certificate provided by its banker. ICRA is withdrawing the rating
and that it does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. ICRA
has withdrawn the Stable outlook on the long-term rating

VTPL was incorporated in 2006 and commenced operations from
October, 2013. The company is involved in trading teakwood-based
timber logs and saw timber. Its head office is located at
Gandhidham, Gujarat, while its branch office is located at Mumbai,
Maharashtra. Its operations are managed by Mr. Sanchit Jethwa, Mrs.
Deepali Jethwa, Mrs. Vandana Jethwa, Mrs. Komal Jethwa and Mr.
Bhumik Jethwa, who have an experience of more than five years in
the timbertrading business.

VIDEOCON GROUP: NCLT Extends Status Quo on Sale of Overseas Assets
------------------------------------------------------------------
BloombergQuint reports that the National Company Law Tribunal on
Oct. 23 extended a status quo on sale of Videocon Group's overseas
oil and gas assets by State Bank of India.

The status quo would be maintained till ownership of the assets is
decided, the Mumbai bench of the tribunal said in its order. It has
asked the parties to respond, and will hear the matter on Nov. 21.

NCLT, while ordering the status quo last month, had said if SBI is
allowed to execute the sale as per the advertised process, the
Videocon Group may suffer an irreparable loss if it was determined
later that the assets belong to the Venugopal Dhoot-led entities.

SBI had invited bids on Aug. 5 for the overseas assets offered as
collateral for loans to Videocon entities. Dhoot then filed a plea
in the NCLT to extend the moratorium on sale of assets belonging to
the group's petroleum unit in Brazil and Indonesia. SBI and Bharat
Petroresources Ltd.--a subsidiary of Bharat Petroleum Corporation
Ltd.--had opposed his plea, citing that the overseas petroleum
assets were outside the scope of the ongoing resolution process and
extension of the moratorium would hamper their position.

                    About Videocon Industries

Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.

Videocon is on the second list of 28 defaulters by the Reserve Bank
of India (RBI) under the Insolvency and Bankruptcy Code.

The State Bank of India (SBI) filed its insolvency petition against
Venugopal Dhoot-controlled Videocon Industries in January 2018
before the NCLT, which admitted the plea on June 6, 2018.

On June 9, the NCLT had also admitted the insolvency petition filed
by SBI against Videocon Telecommunications Ltd.

VIGNESHWARA DEVELOPERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: M/s Vigneshwara Developers Private Limited

        Registered office:
        D-16/C, Bhagwati House
        Hauz Khas, New Delhi
        New Delhi DL 110049

        Other office:
        GF-14, Agustha Point
        Sector-53
        Golf Link Road
        Gurgaon 122002

Insolvency Commencement Date: October 10, 2019

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

Estimated date of closure of
insolvency resolution process: April 11, 2020
                               (180 days from commencement)

Insolvency professional: Sunder Khatri

Interim Resolution
Professional:            Sunder Khatri
                         GF-124 & 113
                         Word Trade Centre
                         Lalit Hotel
                         Babar Road, Connaught Place
                         New Delhi 110001
                         E-mail: sunder_khatri@yahoo.com
                                 vigneshwara.cirp@gmail.com

Classes of creditors:    Real Estate-Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Rakesh Bhatia
                         123, New Lajpat Rai Market
                         New Delhi
                         National Capital Territory of Delhi
                         110006
                         E-mail: iprakeshbhatia@gmail.com

                         Ruchir Batra
                         P-15a, Jangpura Extension
                         New Delhi South
                         National Capital Territory of Delhi
                         110014
                         E-mail: ip.ruchirbatra@gmail.com

                         Sanjeev Malhotra
                         Cla-57a, Janakpuri
                         New Delhi
                         Delhi 110058
                         E-mail: sanjeevmalhotraadv@rediffmail.com

Last date for
submission of claims:    October 28, 2019


VIJSUN ENGINEERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Vijsun Engineers Pvt. Ltd.
        S.No. 320/2K Kokamthan Nagar
        Manmad Highway
        Tal: Kopargaon
        Ahmadnagar 423601
        MH India

Insolvency Commencement Date: October 10, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 7, 2020
                               (180 days from commencement)

Insolvency professional: Charudutt Pandhrinath Marathe

Interim Resolution
Professional:            Charudutt Pandhrinath Marathe
                         Gomed, 915, Khare Town
                         Dharampeth, Nagpur 440010
                         E-mail: charuduttm@yahoo.co.in
                                 charuduttm@angelpro.co.in

Last date for
submission of claims:    October 27, 2019




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

MEDIAWORKS NZ: News Boss Hal Crawford to Step Down in February
--------------------------------------------------------------
Radio New Zealand reports that MediaWorks NZ head of news Hal
Crawford is set to leave the company in February next year.

His resignation comes after the media company announced it would
sell its TV business Three, RNZ says.

Mr. Crawford will be returning to Australia to be with his family,
saying the timing has nothing to do with the sale.

"This newsroom is very dear to me and very dear to New Zealand,"
RNZ quotes Mr. Crawford as saying.  "It's a special place and very
hard to walk away from. I have felt supported by a very fine group
of people from the moment I walked in in 2016, and together we have
achieved a lot and told some very important stories."

According to the report, MediaWorks said a search for Mr.
Crawford's replacement will begin right away.

RNZ says Mr. Crawford joined the company in July 2016, replacing
Mark Jennings, the country's longest-serving senior news boss who
had been with TV3 since the channel was founded in 1989.

He cut his teeth at the West Australian newspaper, before moving
abroad to join Radio Netherlands, and back to Australia with
NineMSN, the online platform of commercial TV channel Nine.

Shortly after joining MediaWorks, he told RNZ's MediaWatch that
social networks provided "laboratories for stories".

"Radio and television offer a certain amount of data about how the
audience is reacting to what you're doing, but it's not detailed.
But on social media, you're getting signals about what people value
and use. That can inform what you do on other platforms," the
report quotes Mr. Crawford as saying.

More recently, he criticised the way television media was set up in
New Zealand, saying it was broken and Newshub was part of a
business "struggling to keep its head above polluted waters".

He said TVNZ inherited its infrastructure and audience from a
public broadcaster and pretended for a few years to be a commercial
enterprise, RNZ relates.

"But when the going got tough, instead of shrinking, they were
allowed to act in a non-commercial way," he wrote, RNZ relays.

"While they are losing this money, they will be taking a
disproportionate amount of government funding from New Zealand On
Air."

MediaWorks NZ Limited -- http://www.mediaworks.co.nz/--  
through its subsidiaries, operates in the television and radio
broadcasting sectors in New Zealand.  It operates the TV3
television network, which primarily offers news, current affairs,
and sports programs, as well as entertainment programs; and C4, a
free-to-air music channel.



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

EAGLE HOSPITALITY: Seeks Trading Halt; Sponsor May Default on Lease
-------------------------------------------------------------------
Fiona Lam at The Business Times reports that Eagle Hospitality
Trust on Oct. 14 requested a trading halt, pending the release of
an announcement.

Earlier in the month, media reports had said the trust's sponsor,
Urban Commons, could be in danger of defaulting on its lease
agreements to run The Queen Mary, a historic former luxury cruise
liner in California that has been converted into an upscale
floating hotel as one of Eagle's key assets, the report says.

According to BT, the city of Long Beach had sent a letter to Urban
Commons chief executive Taylor Woods, claiming that the company had
failed in its lease obligations to make several repairs to the
ship, according to a report by the Long Beach Post.

The Oct 1 letter also asked Urban Commons to respond within 30 days
and provide a plan to address the deficiencies in the repairs, or
the city may find the company in default. That gives Urban Commons
just one more week to respond before the deadline.

Stapled securities of Eagle Hospitality Trust ended at US$0.645 on
Oct. 23, down one US cent, the report notes.

HYFLUX LTD: Adviser Fees Capped at SGD40MM, Utico Says
------------------------------------------------------
Fiona Lam at The Business Times reports that United Arab Emirates
utility firm Utico on Oct. 24 announced that it had agreed in
principle with Hyflux Ltd to cap all advisers fees at SGD40
million.

This will thus resolve a key item under Hyflux's restructuring
agreement, and is a step closer to finalising the rescue deal for
the insolvent water treatment firm, Utico noted in a media
statement, BT relays.

According to the report, the utility firm said that Hyflux adviser
Nicky Tan led the talks with Utico's board of directors. Utico
chairman Rashid Al Balooshi and Mr Tan have said that they will
discuss with all other advisers to recommend they agree to the fee
limit, according to the statement cited by BT.

However, the potential white knight also warned that it will shrink
the SGD300 million equity injection to SGD200 million by early next
week if Hyflux still has not signed the definitive restructuring
agreement by then, the report relates.

"This continuous loss of time has a great impact on the holding
value of Hyflux," Utico said on Oct. 24.

BT notes that the original proposed rescue package involves Utico
taking an 88 per cent stake in Hyflux through a SGD300 million
equity injection for senior unsecured creditors, as well as a
SGD100 million shareholder loan.

In addition, it is offering two possible options to the 34,000
retail perpetual securities and preference (PNP) shareholders
hoping to recover the SGD900 million they invested in Hyflux, BT
says. One option is a payout totalling SGD50 million--based on
small investors (who had invested SGD2,000-3,000) each receiving 50
per cent of their holdings, up to SGD1,500 per investor. The other
option is a SGD100 million payout over four years plus a 4 per cent
stake in the enlarged Utico group.

Excluding the equity injection, the other portions of the package
will remain the same even if the restructuring agreement is not
signed by early next week, Utico said on Oct. 24.

Last week, advisers and a delegation from Hyflux led by chief
executive Olivia Lum visited Dubai to discuss pending issues, BT
recalls.

An agreement on board representation was reached, the utility firm
said in the statement. "Currently, any Hyflux board member can
resign without responsibility. But we want some of them to stay
during and after this (restructuring) process, hence our
flexibility in understanding their situation," a Utico spokesman
told The Business Times on Oct. 24.

Parties will also continue to discuss a trust mechanism structure
for obtaining PNP investors' binding consent for the rescue deal,
Utico said on Oct. 24, BT notes. This follows an Aug 1 informal
town hall where most of the 43 representative PNP attendees had
voted in favour of Utico's offer.

A key item still outstanding is the management oversight regarding
the consent and consultation provisions in the agreement, which
Utico said could be a possible deal breaker, according to the
statement cited by BT.

Utico reiterated its concern over "value leakage" in Hyflux as the
talks drag on, and a possible impact on the bottom lines of both
companies.

It stressed that time is of the essence, seeing as other parties
are eyeing Hyflux's assets. These investors include Mitsubishi for
the TuasOne project, as well as Spain's Valoriza and Europe's
Aqualia and Suez Group for the Algeria project, Utico said. The
minority shareholders of the Qurrayat project in Oman have also
agreed to take over the plant, it added, BT relays.

Hyflux had told the court last month that more than one rescuer
stand ready to invest in the debt-laden firm, even if a deal with
Utico were to fall through.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ --
provides various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.

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

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

HYFLUX LTD: EVP, CFO Lim Suat Wah to Take Sabbatical Leave
----------------------------------------------------------
Tay Peck Gek at The Business Times reports that Hyflux Ltd's group
executive vice-president (EVP) and group chief financial officer
(CFO) is going on sabbatical leave, the water treatment firm
announced on Oct. 23.

Lim Suat Wah, 53, will cease to be Hyflux's group EVP and group CFO
from Nov. 8, because she is taking "sabbatical leave to handle
personal family commitments", Hyflux said in a regulatory filing.

She was appointed to the position in May 2013, BT relates.

As Hyflux is in the thick of restructuring, it has appointed senior
vice-president (finance) Agnes Tan to assume full responsibility
for finance, accounting, tax and treasury matters, according to
BT.

Hyflux, which has been given a debt moratorium until Dec. 2, has
had its shares suspended amid struggles to stay afloat in a sea of
debt, the report states. It is awaiting a white knight to bail it
out, and had earlier updated the court that more than one rescuer
are waiting in the wings, says BT.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ --
provides various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.

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

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


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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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