/raid1/www/Hosts/bankrupt/TCRAP_Public/191114.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, November 14, 2019, Vol. 22, No. 228

                           Headlines



A U S T R A L I A

B SEATED: First Creditors' Meeting Set for Nov. 20
BATTERY MINERAL: First Creditors' Meeting Set for Nov. 21
BUSICOM TRADE: Second Creditors' Meeting Set for Nov. 20
EARTH PURVEYORS: Popular Restaurant Suddenly Shuts Doors
J & N EXPO: Sign Business Goes Into Liquidation

MAREEBA 01: First Creditors' Meeting Set for Nov. 21
NEMSKEEEZE PTY: First Creditors' Meeting Set for Nov. 21
REVELRY ENTERTAINMENT: First Creditors' Meeting Set for Nov. 21
SASI BRANDS: Second Creditors' Meeting Set for Nov. 20
SUNSTATE FOODS: Second Creditors' Meeting Set for Nov. 19



C H I N A

GUANGDONG HELENBERGH: S&P Affirms Then Withdraws 'B' LT ICR


I N D I A

AEON MANUFACTURING: Insolvency Resolution Process Case Summary
ALBANNA ENGINEERING: Insolvency Resolution Process Case Summary
ATLANTIS ALUMINIUM: CARE Reaffirms B+ Rating on INR3.29cr Loan
BHAGWATI STEEL: CARE Cuts INR10cr Loan Rating to B+, Not Coop.
BONY PAUL: Insolvency Resolution Process Case Summary

FALCON STEELS: CARE Cuts INR5.98cr Loan Rating to B+, Not Coop.
FIZZY FOODLABS: Insolvency Resolution Process Case Summary
GLAZE GARMENTS: CARE Maintains D Rating in Not Cooperating
GOYAL BOOKS: Insolvency Resolution Process Case Summary
GURU SHIPPING: Insolvency Resolution Process Case Summary

HAVELI RESTAURANT: CARE Keeps B+ Rating in Not Cooperating
HI TECH: Insolvency Resolution Process Case Summary
HIND INNS: Insolvency Resolution Process Case Summary
HITKARI GRAM: CARE Cuts INR6cr LT Loan Rating to B+, Not Coop.
HOMES CONNECT: Insolvency Resolution Process Case Summary

IL&FS LTD: CoC Approves Sale of Education Business to Career Point
INDIAN YARN: CARE Maintains D Rating in Not Cooperating Category
JAGATJIT INDUSTRIES: CARE Ups Rating on INR90cr Loan to B
JAYPEE INFRATECH: Lenders to Meet on November 18
JHARKHAND STATE: Insolvency Resolution Process Case Summary

JV RESTAURANT PRIVATE: Insolvency Resolution Process Case Summary
KAILA DEVI: CARE Raises Rating on INR12cr LT Loan to B+
KEW PRECISION: Insolvency Resolution Process Case Summary
KOHINOOR INDIA: CARE Maintains 'B' Rating in Not Cooperating
L-COMPS AND IMPEX: CARE Cuts Rating on INR9.50cr Loan to B-

MACROTECH DEVELOPERS: Moody's Downgrades CFR to Caa1, Outlook Neg.
NIRMAN CONSTRUCTION: Ind-Ra Assigns 'D' Long Term Issuer Rating
OSCAR INVESTMENTS: Ind-Ra Maintains 'C' Rating in Non-Cooperating
OSWAL KNITTING: CARE Maintains 'D' Rating in Not Cooperating
PAADM INTERNATIONAL: Insolvency Resolution Process Case Summary

PAL AND PAUL: CARE Reaffirms B+/A4 Rating on INR10cr Loan
PARIJAT OIL: CARE Reaffirms Then Withdraws B Bank Facilities Rating
PIONEER SYNTEX: Ind-Ra Cuts LT Issuer Rating to D, Not Cooperating
PRIYA LIMITED: Ind-Ra Affirms D Ratings, Moves to Non-Cooperating
PURPLE ADVERTISING: Insolvency Resolution Process Case Summary

REAL GROW: CARE Keeps 'D' Rating in Not Cooperating Category
REGENT BEERS: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
RHC HOLDING: Ind-Ra Maintains 'D' Debt Ratings in Non-Cooperating
RIYASAT TOWERS: Insolvency Resolution Process Case Summary
RS STONES: Insolvency Resolution Process Case Summary

S.L.O. INDUSTRIES: Insolvency Resolution Process Case Summary
SARAWGI BUILDERS: Insolvency Resolution Process Case Summary
SHAPRE INFOTECH: Insolvency Resolution Process Case Summary
SHIVA TEXFABS: CARE Maintains D Rating in Not Cooperating Category
SHRI KRISHNA: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable

SHRI KRISHNASHRAY: CARE Keeps C Rating in Not Cooperating Category
SKS KARKALA: CARE Assigns B+ Rating to INR15cr LT Loan
SUPER DRILLING: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
SVASCA INDUSTRIES: Insolvency Resolution Process Case Summary
TATA MOTORS: Moody's Assigns Ba3 Rating to New Sr. Unsec. Notes

TIRUMALA REALCON: Insolvency Resolution Process Case Summary
UJWAL ELECTRICAL: Insolvency Resolution Process Case Summary
VANDEU INTERNATIONAL: Insolvency Resolution Process Case Summary
VASUNDHARA NIRMAN: Insolvency Resolution Process Case Summary
VINISHMA TECHNOLOGIES: CARE Keeps B+ Rating in Not Cooperating

VISHWAKARMA AUTOMOTIVE: CARE Keeps B+ Rating in Not Cooperating


P H I L I P P I N E S

AMA RURAL BANK: Central Bank Shuts Down Rural Bank
AMA RURAL BANK: Questions Central Bank's Order to Shutter Bank
MAXIMUM SAVINGS: Monetary Board Closes Thrift Bank
RURAL BANK OF LEMERY: PDIC to pay Depositors on November 19 to 20


S I N G A P O R E

SEMBCORP MARINE: Q3 Net Loss Widens to SGD52.6 Million

                           - - - - -


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

B SEATED: First Creditors' Meeting Set for Nov. 20
--------------------------------------------------
A first meeting of the creditors in the proceedings of B Seated
Global Pty Ltd will be held on Nov. 20, 2019, at 2:30 p.m. at:

    Location 1: Level 8
                102 Adelaide St
                Brisbane, Queensland

    Location 2: Suite 1
                Level 15
                9 Castlereagh Street,
                Sydney, NSW

Christopher Richard Cook and Simon John Cathro of Worrells Solvency
& Forensic Accountants were appointed as administrators of B Seated
on Nov. 8, 2019.

BATTERY MINERAL: First Creditors' Meeting Set for Nov. 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Battery
Mineral Resources Limited will be held on Nov. 21, 2019, at 8:30
a.m. at Level 7, at 175 Eagle Street, in Brisbane, Queensland.

Anthony Norman Connelly and William James Harris of McGrathNicol
were appointed as administrators of Battery Mineral on Nov. 11,
2019.

BUSICOM TRADE: Second Creditors' Meeting Set for Nov. 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of Busicom Trade
Resources Pty Ltd has been set for Nov. 20, 2019, at 3:00 p.m. at
the offices of Veritas Advisory, Level 5, at 123 Pitt Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 19, 2019, at 4:00 p.m.

Vincent Pirina and Steve Naidenov of Veritas Advisory were
appointed as administrators of Busicom Trade on Oct. 16, 2019.

EARTH PURVEYORS: Popular Restaurant Suddenly Shuts Doors
--------------------------------------------------------
Alexis Carey at news.com.au reports that Earth Purveyors of Fine
Foods, a popular Gold Coast cafe run by high-profile foodie Ant
Ewart, has folded, leaving loyal fans in the lurch.

Earth Purveyors abruptly shut up shop earlier this month, the
report says.

According to news.com.au, the restaurant was opened by Mr. Ewart in
2017, the former head chef of Byron Bay's Raes on Wategos and
Macleay St Bistro in Sydney.

Citing the Gold Coast Bulletin, the report discloses that ASIC
documents show Mr. Ewart had placed the company into voluntary
liquidation.

Customers have taken to social media to express their devastation
at the unexpected closure, news.com.au says.

Steven Kugel from Insolvency Experts was appointed as liquidator
earlier this week, the report discloses.

He told news.com.au the restaurant had already ceased trading over
the weekend before his appointment.

According to the report, Mr. Kugel said his role moving forward
would be to communicate with creditors and affected employees.

"There are very few creditors with small money involved but there's
certainly a tax debt that we're aware of," news.com.au quotes Mr.
Kugel as saying.

"I understand there are some employees with perhaps small unpaid
wages and leave entitlements we'll assist--when a company goes into
liquidation, there's a Fair Entitlements Guarantee scheme that
makes sure employees don't miss out.

"This company has no money whatsoever, so the employees should be
able to make a claim under that brilliant scheme and we'll assist
them."

news.com.au relates that Mr. Kugel said he would also investigate
the reasons behind the failure of the company and prepare a report
within three months.

"I think the tax debt would indicate generally that perhaps this
business wasn't viable--perhaps costs were out of whack with
income, but we just don't know at this stage," he said.

news.com.au adds that Mr. Kugel said he understood the director
faced some health issues which may have impacted the situation.

A creditors' meeting will be held on November 26, the report notes.

J & N EXPO: Sign Business Goes Into Liquidation
-----------------------------------------------
Wide Format Online reports that Gold Coast sign business So Wrapped
Signs has been wound up by order of the Supreme Court in Queensland
and a liquidator is sorting through the company's assets and
creditor list.

J & N Expo Group Pty Ltd, formerly trading as So Wrapped Signs,
went into liquidation by an order of the court on November 8, the
report says. Terry Grant van der Velde of SV Partners in Brisbane
was appointed liquidator, Wide Format Online discloses.

So Wrapped Signs, based at 28 Greg Chappell Drive in Burleigh
Heads, Queensland, offered a range of work including vehicle wraps,
vehicle custom signage and colour, wall graphics, corflute signs,
PVC signs, window graphics and more.

Director Nathan Cutforth had been in business for almost six years,
the report notes.

MAREEBA 01: First Creditors' Meeting Set for Nov. 21
----------------------------------------------------
A first meeting of the creditors in the proceedings of Mareeba 01
Pty Ltd (previously Richmond 23 Pty Ltd and Ozzydevelopments Pty
Ltd) will be held on Nov. 21, 2019, at 10:30 a.m. at the offices of
Worrells Solvency & Forensic Accountants, Level 8, at 102 Adelaide
Street, in Brisbane, Queensland.

Nikhil Khatri and Morgan Gerard Lane of Worrells Solvency &
Forensic Accountants were appointed as administrators of Mareeba 01
on Nov. 11, 2019.


NEMSKEEEZE PTY: First Creditors' Meeting Set for Nov. 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Nemskeeeze
Pty Ltd, trading as Lord Of The Skins Tattoo Studio, will be held
on Nov. 21, 2019, at 9:00 a.m. at the offices of Australian
Institute of Company Directors, Level 1, at 77 St Georges Terrace,
in Perth, WA.  

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of Nemskeeeze Pty on Nov. 11, 2019.

REVELRY ENTERTAINMENT: First Creditors' Meeting Set for Nov. 21
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Revelry
Entertainment Pty Ltd will be held on Nov. 21, 2019, at 10:00 a.m.
at the offices of Morton's Solvency Accountants, Level 11, at 410
Queen Street, in Brisbane, Queensland.

Gavin Charles Morton of Morton's Solvency Accountants was appointed
as administrator of Revelry Entertainment on Nov. 11, 2019.

SASI BRANDS: Second Creditors' Meeting Set for Nov. 20
------------------------------------------------------
A second meeting of creditors in the proceedings of Sasi Brands Pty
Ltd has been set for Nov. 20, 2019, at 10:30 a.m. at the offices of
Worrells Solvency and Forensic Accountants, Suite 1, Level 15, at 9
Castlereagh Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 19, 2019, at 4:00 p.m.

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

SUNSTATE FOODS: Second Creditors' Meeting Set for Nov. 19
---------------------------------------------------------
A second meeting of creditors in the proceedings of Sunstate Foods
Pty Limited, formerly traded as Red Rooster Deception Bay, Red
Rooster Burpengary, Red Rooster Currimundi, Red Rooster Buderim,
Red Rooster - Sunshine Plaza Maroochydore, Red Rooster Noosaville,
Red Rooster Noosa Civic, has been set for Nov. 19, 2019, at 11:00
p.m. at the offices of Robson Cotter Insolvency Group, Unit 1, at
78 Logan Road, in Woolloongabba, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 18, 2019, at 4:00 p.m.

William Roland Robson of Robson Cotter Insolvency Group was
appointed as administrator of Sunstate Foods on Oct. 15, 2019.



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

GUANGDONG HELENBERGH: S&P Affirms Then Withdraws 'B' LT ICR
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Guangdong Helenbergh Real Estate Group Co. Ltd. (Helenbergh).
The rating was then withdrawn at the company's request. The outlook
was negative at the time of withdrawal. Helenbergh is a China-based
property developer.

S&P said, "At the time of withdrawal, the negative outlook reflects
our view of rising refinancing risks given that Helenbergh will
continue to rely on short-term, alternative financing over the next
12 months amid a policy clampdown on such funding channels. As of
February 2019, Helenbergh's alternative financing arrangement with
trust companies and asset management firms accounted for about 60%
of its total debt, making its capital structure vulnerable to
policy changes. Helenbergh's moderate sales growth and cash
collection, as well as sufficient low-cost land reserves partly
mitigate the risks."




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

AEON MANUFACTURING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Aeon Manufacturing Private Limited
        67/22 Strand Road
        Kolkata 700006
        West Bengal

Insolvency Commencement Date: October 30, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Raj Singhania

Interim Resolution
Professional:            Raj Singhania
                         Apex Insolvency Professionals LLP
                         Central Plaza
                         41 B.B. Ganguly Street
                         5th Floor, Room No. 5A
                         Kolkata 700012
                         E-mail: rajsinghania_ca@yahoo.co.in
                                 ampl.cirp@gmail.com

Last date for
submission of claims:    November 13, 2019


ALBANNA ENGINEERING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Albanna Engineering (India) Private Limited
        XIV305 A4(4), 3E Noel Focus
        Seaport Airport Road
        Chittethukara, CSEZ PO
        Kakkanad, Kochi 682037

Insolvency Commencement Date: November 1, 2019

Court: National Company Law Tribunal, Kochi Bench

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

Insolvency professional: Vinod Balachandran

Interim Resolution
Professional:            Vinod Balachandran
                         70/1909, Asoka Road
                         Kaloor, Kochi 682017
                         E-mail: vinod@vinodbalachandran.org
                                 vinodip2019@gmail.com

Last date for
submission of claims:    November 14, 2019


ATLANTIS ALUMINIUM: CARE Reaffirms B+ Rating on INR3.29cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Atlantis Aluminium LLP (AAL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       3.29      CARE B+; Stable Reaffirmed
   Facilities           

   Long-term/Short-     6.50      CARE B+; Stable/CARE A4  
   term Bank                      Reaffirmed   
   Facilities           

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of AAL continue to
remain constrained on account of its overall financial risk profile
marked by moderate scale of operations and net losses booked along
with leveraged capital structure, weak debt coverage indicators and
poor liquidity position during FY19 (refers to the period April 1
to March 31). The ratings, further, continue to remain constrained
on account of AAL's presence in competitive & fragmented aluminium
industry and susceptibility of its profit margins to fluctuation in
raw material prices.  The ratings, however, continue to derive
strength from vast experience of partners in the same line of
business.

Rating Sensitivities

Positive Factors

* Consistent growth of 20-30% in total operating income (TOI) while
reporting PBILDT margins of 3-5% and sufficient cash
profits
* Improvement in capital structure marked by overall gearing of
around 1 to 2 times

Negative Factors

* Decline in total operating income by 10-20%
* Continued net losses with further deterioration in liquidity
indicators

Detailed description of key rating drivers

Key Rating Weaknesses

Moderate scale of operations with net loss booked during FY19:
AAL is into manufacturing of aluminium sections & profiles and
commenced its operations from February 2018; hence FY19 is first
full year of operations. During FY19, the scale of operations of
AAL marked by TOI remained moderate at INR38.95 crore as against
INR3.92 crore reported during its two months of operations in FY18.
Furthermore, during FY19, AAL reported low operating profits of
INR0.36 crore (0.92%) as against operating loss of INR0.11 crore
during FY18. However, AAL booked net loss of INR1.34 crore during
FY19 as against net loss of INR0.80 crore during FY18 led by high
depreciation and interest costs in the initial year of operations.

Leveraged Capital structure and weak debt coverage indicators: The
capital structure of AAL marked by overall gearing remained
leveraged at 3.65 times as on March 31, 2019 as against 1.79 times
as on March 31, 2018 owing to higher working capital utilization as
on balance sheet date along with decrease in tangible net worth
base led by accumulation of net losses to reserves. The debt
coverage indicators marked by Total Debt to Gross Cash Accruals
(TDGCA) remained weak owing to cash losses during FY19. Interest
coverage ratio also remained weak and below unity at 0.50 times
during FY19.

Presence in competitive and fragmented aluminium industry: The
aluminium industry is highly fragmented and unorganized in nature
thereby putting pressure on profitability margins. Further, due to
low entry barriers the competition gets intensified, which might
put pressure on profitability of the existing as well as new
players. Furthermore, due to the fragmented nature of the industry,
bargaining power of AAL with its customers
and suppliers remains restricted.

Susceptibility of profit margins to volatility in raw material
prices: The margins of AAL may fluctuate depending upon the prices
of aluminium in the commodity market. Further, the entity does not
have any long term contracts with the suppliers for the purchase of
the same. Hence, the profitability margins of the entity could get
adversely affected with any sudden spurt in the raw material prices
and its inability to pass-on the same to customers.

Key Rating Strengths

Vast experience of partners in the same line of business: AAL is
promoted and managed by Mr. Chatarlal Jankilal Shah, Mr.
Jitendrakumar Harakchand Chopra, Mr. Suresh Vasudev Patel and Mrs.
Pravinaben Maheshbhai Patel who are having an extensive experience
of around two decades in aluminium industry through various
associate entities. All the partners are actively engaged in the
operations of the firm.

Liquidity Position: Poor

The liquidity position of AAL remained poor marked by marked by
inadequate and negative cash accruals when compared to expected
principal repayment obligations of INR1.07 crore during FY20. The
current ratio also remained below unity at 0.91 times as on March
31, 2019 while the average working capital limits utilization
remained moderate at ~72% during past twelve months period ended
September 30, 2019. Cash and Bank balance remained low at INR0.08
crore as on March 31, 2019, while net cash flow from operations
remained negative at INR1.25 crore during FY19 as against negative
INR0.08 crore during FY18. During FY19, Net working capital to
total capital employed remained at ~42% signifying modest working
capital intensive nature of operations.

Mehsana-based (Gujarat) AAL is a limited liability partnership firm
established in the year 2017. The operation of AAL is jointly
managed by Mr. Chatarlal Jankilal Shah, Mr. Jitendrakumar
Harakchand Chopra, Mr. Suresh Vasudev Patel and Mrs. Pravinaben
Maheshbhai Patel. AAL has completed greenfield project for
manufacturing of aluminium sections & profiles and commenced its
operations from February, 2018 while the installed capacity stood
at 4,800 Metric Tonnes per Annum (MTPA) as on March 31, 2019. The
aluminium sections & profiles manufactured by AAL are primarily
used in construction, automobiles and hardware industries.

BHAGWATI STEEL: CARE Cuts INR10cr Loan Rating to B+, Not Coop.
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhagwati Steel Sales (BSS), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     10.00      CARE B+; ISSUER NOT COOPERATING;
   Facilities                    Revised from CARE BB-; Issuer not

                                 cooperating on the basis of best
                                 available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2018, placed the
rating of BSS under the 'issuer noncooperating' category as BSS had
failed to provide information for monitoring of the rating. BSS
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated October 11, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings have been revised on account of cyclicality inherent in
the steel industry. The rating is also constrained by the weak
capital structure and debt coverage indicators. The rating,
however, derives strength from the long track record of operations
with experienced promoters and association with Tata Steel Limited
(rated CARE AA; Stable/CARE AA-; Stable).

Detailed description of the key rating drivers

Key Rating Weaknesses

Cyclicality inherent in the steel industry: The steel industry is
sensitive to the shifting business cycles, including changes in
the general economy, interest rates and seasonal changes in the
demand and supply conditions in the market.

Financial risk profile: Though the scale of operations of BSS has
increased at a healthy CAGR (Compounded Annual Growth Rate) of
around 19% in the FY13-15 (refers to the period April 1 to
March 31) period, the PBILDT margins of the firm have remained
range bound (3.3%-3.6%) in the past. The PAT margins stood at 1.02%
in FY15 (0.92% in FY14). The solvency position of the firm has
remained weak marked by overall gearing and total debt to GCA
ratios of 3.10x and 17.70x, as on March 31, 2015. This was mainly
on account of high reliance of the firm on the working capital
borrowings. The interest coverage ratio also remained at a weak
level of 1.50x, in FY15.

Key Rating Strengths

Long track record of operation with experienced promoters: The
promoters of BSS have considerable experience in the distribution
of iron & steel products. The business was originally established
by Mr Pawan Kumar Mangla in 1988 and is currently being managed by
Mr Pawan Kumar Mangla & Mr Vikas Mangla. Mr Pawan Kumar Mangla has
been involved in the firm's operations since 1988. The firm is
engaged in the distribution of iron & steel products for the last 3
decades. It has been dealing with Tata Steel Limited (TSL) since
1996 and became an authorized distributor of TSL's HR and CR sheets
in year 2000.

Association with Tata Steel Limited: BSS is an authorized
distributor of Tata Steel Limited (TSL) for "Tata Steelium" branded
cold rolled sheets and coils and "Tata Astrum" branded hot rolled
sheets and coils. The firm became the authorized distributor of
TSL's HR (Hot Rolled) and CR (Cold Rolled) sheets in year 2000.
Since 1996, BSS procures almost all of its material from TSL. The
support from TSL in terms of channel financing, rebates and
marketing initiatives has helped BSS to scale up its operations in
the past.

Bhagwati Steel Sales (BSS) was established as a partnership firm in
1988. The firm has two partners - Mr Pawan Kumar Mangla and Mr
Vikas Mangla with equal share in profit and loss. The firm is
engaged in the business of distribution of iron and steel products,
like CR sheets & strips, HR sheets & strips etc. The firm has
established relationship with Tata Steel Ltd. (TSL) and is an
authorized distributor for the company for Himachal Pradesh,
Punjab, Haryana and Chandigarh areas.

BONY PAUL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Bony Paul Systems Private Limited
        Plot No. 37-P, Sector-6
        Faridabad, Haryana 121006

Insolvency Commencement Date: October 23, 2019

Court: National Company Law Tribunal, Patiala Bench

Estimated date of closure of
insolvency resolution process: April 20, 2020
                               (180 days from commencement)

Insolvency professional: Anil Arora

Interim Resolution
Professional:            Anil Arora
                         SCO 139, 2nd Floor
                         Chotti Bardari, Patiala
                         Punjab 147001
                         E-mail: ca.anil@gmail.com

                            - and -

                         SCO 60, 2nd Floor
                         Above Bikanerwala
                         Sector 26, Madhya Marg
                         Chandigarh 160019
                         E-mail: bonypaulcirp@gmail.com

Last date for
submission of claims:    November 6, 2019


FALCON STEELS: CARE Cuts INR5.98cr Loan Rating to B+, Not Coop.
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Falcon Steels (FCS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.98       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable on the basis
                                   of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from FCS to monitor the rating
vide its letter dated October 18, 2019 and email communications
dated October 15, 2019, October 14, 2019, September 23, 2019,
September 10, 2019, August 28, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information. In line with the
extant SEBI guidelines CARE's rating on Falcon Steels's bank
facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers
The rating has been revised on account of susceptibility to
fluctuation in raw material prices, highly competitive and
fragmented industry and partnership nature of constitution.

Key Rating Weaknesses

Short track record and small scale of operations along with low PAT
margin
Owing to short track record of operations, the scale of operations
stood small marked by total operating income (TOI) and gross cash
accruals of at INR8.54 crore and INR0.62 crore respectively in FY18
(refers to the period April 01 to March 31). The small scale limits
the firm's financial flexibility in times of stress and deprives it
from scale benefits. The firm's PBILDT margin stood moderate at
12.14% in FY18, however, PAT margin stood low at 0.32% in FY18 on
account of high interest and depreciation costs.

Elongated operating cycle
The average operating cycle of the firm stood elongated at 146 days
for FY18 (Provisional).

Susceptibility to fluctuation in raw material prices
The main raw material of the firm is steel sheets and coils. Raw
material cost is a major contributor to total operating cost,
thereby making profitability sensitive to raw material prices
mainly due to the reason that the major raw material is commodity
in nature and witness frequent price fluctuations. Thus, any
adverse change in the prices of the raw material may affect the
profitability margins of the firm.

Highly competitive and fragmented industry
The iron and steel industry in which FCS operates is highly
fragmented and competitive in nature marked by the presence of
various large and small players. The players in the steel industry,
especially the small players, do not have any pricing power and are
exposed to competition induced pressures on profitability. This
apart, its products are subjected to the risks associated with the
industry like cyclicality and price volatility.

Partnership nature of constitution
FCS's constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partners' capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision of the lenders.

Key Rating Strengths

Experienced partners
The firm is promoted by Mr. Akhil Singhal, Mr. Raj Kumar, Mr.
Pardeep Kumar Singhal, Mr. Rahul Singhal and Mr. Sanchit Singhal
collectively. The partners have an industry experience ranging from
1 years to three decades through their association with FCS and
other regional entities. Furthermore, partners are supported by
experienced staff to manage day to day operations.

Moderate capital structure
The overall gearing ratio of the firm stood moderate at 1.40x as on
March 31, 2018, mainly on account of moderate net worth base and
less utilization of working capital limits as on last balance sheet
date. Further, the interest coverage ratio stood moderate at 2.50x
in FY18, however, total debt to GCA stood high at 9.53x for FY18
due to low gross cash accruals.

Falcon Steels (FCS) was established as a partnership firm in
February 2016 and is currently being managed by Mr. Akhil Singhal,
Mr. Raj Kumar, Mr. Pardeep Kumar Singhal, Mr. Rahul Singhal and Mr.
Sanchit Singhal as its partners sharing profit and loss in the
ratio of 4:1:3:1:1 respectively. The commercial operations of the
firm started in April 2017. FCS is engaged in manufacturing of
Stainless steel (SS) products at its facility located in Kaithal,
Haryana with an aggregate installed capacity of manufacturing 12000
metric tonne of Stainless steel products per annum as June 30,
2018. The main products include Stainless steel (SS) tubes, SS
Pipes, SS circles, SS rounds and SS squares.

FIZZY FOODLABS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Fizzy Foodlabs Private Limted
        H.No. 1861/A Ground Floor
        Survey No. 48/3-48/7 Pai
        Village Walshind
        Nashik Highway Bhiwandi
        Thane MH 421302
        IN

Insolvency Commencement Date: September 18, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 18, 2020

Insolvency professional: Mr. Suresh Chandra Jena

Interim Resolution
Professional:            Mr. Suresh Chandra Jena
                         501, Ruby Isle, Royal Palms
                         Aarey Milk Colony
                         Goregaon East
                         Mumbai 400065
                         E-mail: suresh.jena58@gmail.com

Last date for
submission of claims:    October 4, 2019


GLAZE GARMENTS: CARE Maintains D Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Glaze
Garments (India) Limited (GGIL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     21.94        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short term Bank    10.50        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2018, placed the
ratings of GGIL under the 'issuer non-cooperating' category as GGIL
had failed to provide information for monitoring of the rating.
GGIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
October 14, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 25, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations.

Weak financial risk profile: In FY18 (refers to the period from
April 1 to March 31), the total operating income of the company
declined by ~81%. The company reported losses at the PBILDT level
in FY18 as compared to PBILDT margins of 5.09x in FY17. The company
also continued to remain in losses at the net level and cash level
in FY18. The capital structure of the company remained leveraged
with debt to equity ratio of 0.20x (PY: 0.21x as on March 31, 2017)
and the overall gearing ratio of 4.83x, as on March 31, 2018 (PY:
3.75x, as on March 31, 2017). The debt coverage indicators of the
company also remained weak, as on March 31, 2018 owing to the
reported losses at the PBILDT and cash level. The working capital
cycle of the company further elongated to ~902 days as on March 31,
2018 from ~183 days as on March 31, 2017.

Highly fragmented market resulting in intense competition from
unorganized players: The readymade garment industry in India is
highly fragmented and is composed of organized players as well as a
large number of independent and small scale unorganized players
leading to high competition.

Key Rating Strengths

Experienced promoters and established track record of operations:
GGIL is engaged in the business of garment manufacturing and
trading of yarn & fabrics for the last ~15 years. The day-to-day
operations of the company are looked after by Mr. Anil Kumar Jain
who has an industry experience of more than four decades. Mr. Anil
is assisted by his two sons, Mr. Tarun Jain and Mr. Varun Jain, who
have an industry experience of nearly one decade. Ms. Sunita Jain
(wife of Mr. Anil Jain) is also involved in the business for more
than 15 years.

GGIL was incorporated in the year 1998 by Mr Anil Kumar Jain. The
company, based in Ludhiana, Punjab, is engaged in the manufacturing
of garments and trading of yarn & fabrics. The products
manufactured by the company include polo shirts, Tshirts, jogging
suits, sweat shirts, thermal wear, sweaters, etc. GGIL belongs to
the Ludhiana based 'Venus group' which is integrated from knitting
to garment manufacturing and consists of other group companies.

GOYAL BOOKS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Goyal Books Overseas Private Limited

        Registered office:
        B-5/200, Safardajang Enclave
        New Delhi 110029

        Corporate office:
        D-231, Sector-63
        Noida 201301

Insolvency Commencement Date: November 4, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 2, 2020
                               (180 days from commencement)

Insolvency professional: Saurabh Agrawal

Interim Resolution
Professional:            Saurabh Agrawal
                         403, Nirmal Tower
                         26 Barakhamba Road
                         New Delhi 110001
                         E-mail: saurabhfcs@gmail.com
                                 cirp.goyalbooks@gmail.com

Last date for
submission of claims:    November 19, 2019


GURU SHIPPING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Guru Shipping & Clearing Private Limited

        Registere office:
        8, Lyons Range
        Kolkata, PIN 700001
        West Bengal

Insolvency Commencement Date: October 25, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Santanu Bhattacharjee

Interim Resolution
Professional:            Santanu Bhattacharjee
                         Vill. & P.O. - Janai
                         Dist. Hooghly
                         Pin 712304
                         West Bengal
                         E-mail: neeljanai@gmail.com

                            - and -

                         N-527, Diamond Heritage
                         16 Strand Road
                         Kolkata 700001
                         E-mail: ip.santanu@gmail.com

Last date for
submission of claims:    November 18, 2019


HAVELI RESTAURANT: CARE Keeps B+ Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Haveli
Restaurant and Resorts Limited (HRRL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      28.27      CARE B+; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short term Bank      9.50      CARE A4; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

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

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

Detailed description of the key rating drivers

At the time of last rating on June 11, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Small scale of operations: Despite being operational for nearly two
decades, the scale of operations of Haveli Restaurants &
Resorts Limited (HRRL) has remained low reflected by a total
operating income of INR79.06 crore during FY18 (refers to the
period April 1 to March 31).

Weak solvency position: The capital structure of the company
remained leveraged with debt to equity and overall gearing ratios
of 2.16x and 3.04x, respectively as on March 31, 2018 (PY: 2.88x
and 3.42, respectively). The total debt to GCA ratio improved on a
year-on-year basis to 8.57x, as on March 31, 2018 from 9.70x as on
March 31, 2017. The interest coverage ratio stood at almost the
same level in FY18 at 1.95x (PY: 1.96x).

Intense competition from the organised as-well-as unorganised
sector: The nature of hotels and restaurants industry is highly
fragmented with the presence of a number of unorganized players.
HRRL is exposed to intense competition from organised players like
Radisson, Pind Baluchi as-well-as unorganised players, like small
dhabas located on the national highway alongside the Haveli
restaurants. Moreover, opening of fast-food and quick-service
segment restaurants such as McDonalds on the highways would
intensify the competition. However, HRRL has a different ambience
of its restaurants and generates revenue from banquet as well which
reduces competition from other restaurants to a certain extent.

Key Rating Strengths

Experienced promoters and professionally qualified team: Mr Satish
Jain, Mr Ajit Parshad Jain and Mrs Bhavna Jain are the directors of
HRRL. Mr Satish Jain (aged 50 years) is the Managing Director of
the company and has been with the company since its inception. He
looks after the day-to-day operations of the HRRL. Mr Arjit Parshad
Jain (aged 56 years) and Mrs Bhavna Jain (aged 48 years), both have
been with this entity for the past 10 years and they look after the
sales and finance function, respectively. HRRL has a team of
professionally qualified personnel who hold prior experience in the
hospitality industry.

Revenue diversification from multiple properties and favorable
location of restaurants: HRRL generates revenue from three
restaurants and four banquets. Out of which, two restaurants are
located in Jalandhar, Punjab and one in Murthal, Haryana. All four
banquets are located in Jalandhar. All restaurants operate under
the name "Haveli" and are based on modern dhaba concept and the
third restaurant namely "Rangla Punjab" is in the form of heritage
site where different aspects of Punjabi culture are showcased,
including cart rides, puppet shows and folk dance performances.
Moreover, banquets are used for wedding and other family functions.
These restaurants are located on the busiest national highways
which ensure probability of footfall and food and beverages off
take. Moreover, Jalandhar is a manufacturing hub for many
industries and is visited by Non Resident Indians (NRI's).

Incorporated in 1997, HRRL was originally known as Asha Builders
Limited. The company is a closely held public limited company and
is promoted by Mr Satish Jain and other family members. HRRL is in
the hospitality business and is operating three restaurants and
four banquet halls. It operates under the brand name "Haveli",
which has been well recognized in Northern India for nearly 17
years. Two of the restaurants and four of the banquets are located
at Jalandhar, Punjab, and remaining one restaurant is situated at
Murthal, Haryana. The restaurants and banquets have an ambience of
a modern dhaba representing Punjabi heritage. The banquets are used
for family functions and weddings.

HI TECH: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Hi Tech Grain Processing Private Limited
        G-5, Lawrance Road Industrial Area
        Delhi 110035

Insolvency Commencement Date: October 31, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Amar Gopal Gambhir

Interim Resolution
Professional:            Amar Gopal Gambhir
                         21/16, 2nd Floor
                         West Patel Nagar
                         New Delhi 110008
                         E-mail: aggandassociates@gmail.com
                                 irp.hitechgrain@gmail.com

Last date for
submission of claims:    November 14, 2019


HIND INNS: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Hind Inns & Hotels Limited

        Registered office/Works Office:
        Plot No. 15
        Industrial Area Phase 1
        Chandigarh CH 160002
        IN

Insolvency Commencement Date: October 31, 2019

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: Ms. Mandeep Gujral

Interim Resolution
Professional:            Ms. Mandeep Gujral
                         House No. 3073, Sector 46 C
                         Chandigarh 160047
                         Mobile: +98142-28288
                         E-mail: mandeepgujral.ip@gmail.com

                            - and -

                         SCO-818, 1st Floor
                         Above Yes Bank
                         NAC-9, Manimajra
                         Chandigarh 160101
                         Mobile: +9875921490
                         E-mail: hindinns.ip@ductrus.com

Last date for
submission of claims:    November 14, 2019


HITKARI GRAM: CARE Cuts INR6cr LT Loan Rating to B+, Not Coop.
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hitkari Gram Udyog Sangh, as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      6.00       CARE B+; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE BB-; ISSUER
                                  NOT COOPERATING on the basis of
                                  Best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 8, 2019, placed the
rating of Hitkari Gram Udyog Sangh under the 'issuer
non-cooperating' category as Hitkari Gram Udyog Sangh had failed to
provide information for monitoring of the rating. Hitkari Gram
Udyog Sangh continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated October 21, 2019. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted with banker
due to non-cooperation by Hitkari Gram Udyog Sangh with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the rating continues to remain constrained
owing to small and declining scale of operations and working
capital intensive nature of operations. The rating is further
constrained by risk associated with highly competitive industry,
along with susceptibility of margins to volatility in prices of raw
material. The rating, however, draws comfort from experienced
promoters and long track record of operations, moderate
profitability margins, capital structure and coverage indicators.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and declining scale of operations: The scale of operations
has been small and has been declining for the past three financial
years i.e. FY13-FY15. The total operating income declined from
INR32.53 crore in FY13 to INR29.90 crore in FY14 and further to
INR28.65 crore in FY15 on account of decrease in the quantity sold.
In FY16 (unaudited) (refers to the period April 1 2015 to March 31
2016), the society achieved TOI of INR29.00 crore. The small scale
limits the society's financial flexibility in times of stress and
deprives it of scale benefits.

Working capital intensive nature of operations: The operations of
the society are working capital intensive in nature marked by
operating cycle of 121 days for FY15. The average collection period
was around 89 days in FY15 as HGU receives entire payment once its
products are sold by the retailers to the final consumer. The
society normally maintains inventory of 45 days in the form of raw
material for smooth running of its operations. However, in FY15 the
inventory period elongated to 97 days as the society was expecting
an increase in raw material prices leading to stocking up of
inventory. The society gets credit of around two months from its
suppliers on account of the long standing relationship with them
resulting in average payable period of 65 days in FY15. The working
capital limits of the socety were fully utilized during the past 12
months ended May 31, 2016.

Highly competitive industry, along with susceptibility of margins
to volatility in prices of raw material: There is a stiff
competition in the soap and detergent industry due to presence of
many organized and unorganized players. A large marketing spend and
established distribution network of the major FMCG companies and
their dominant positions in Tier-I and Tier-II cities leads to a
stiff competition for SGS. Moreover, the raw material constitutes
more than 90% of cost of sales in the last three financial years
(FY13-FY15). The society is exposed to the raw material price
volatility risk due to the volatility experienced in the prices of
linear alkyl benzene sulphonic acid, which are linked to market
prices. They constitute a major component of the raw material and
hence any volatility in their prices has a direct impact on the
profitability margins of the society.

Key Rating Strengths

Experienced promoters and long track record of operations: HGU, a
society formed in 1990 has a track record of operations of around
two decades in the detergent manufacturing industry. The operations
of HGU are currently managed by Mr. Ajay Kumar, Mr. Nafe Singh
Solanki, Mr. Pawan Gupta, Mr. Rajinder Kumar, Mr. Ravi Kumar, Mr.
Chander Parkash, Mr. Rajiv Juneja. All of them became members of
the society in 1991 and have an experience of around two decades
through their association with HGU. All these members collectively
look after the overall operations of the society.

Moderate profitability margins, capital structure and coverage
indicators: The profitability margins of the society have stood
moderate for the past three years (FY13-FY15). The SBID margin has
been improving on a y-o-y basis from 5.11% in FY13 to 6.10% in FY15
owing decrease in the cost of production. Consequently, surplus
margin has improved from 2.62% in FY13 to 3.14% in FY15.

HGU's capital structure has remained moderate over the past three
years (FY13-FY15). Capital structure as marked by overall gearing
is moderate owing to moderate debt levels as compared to corpus of
the society. Debt coverage indicators of the society have remained
satisfactory for the past three years (FY13-FY15). Interest
coverage has improved from 2.05x in FY14 to 2.14x in FY15 owing to
improvement in SBID levels despite increase in interest cost. Total
debt/GCA stood at 7.09x in FY15 as against 7.74x in FY14. The
marginal deterioration is on account of increase in debt levels.

Haryana-based Hitkari Gram Udyog Sangh (HGU), a society formed in
1991. Currently Mr. Ajay Kumar, Mr. Nafe Singh Solanki, Mr. Pawan
Gupta, Mr. Rajinder Kumar, Mr. Ravi Kumar, Mr. Chander Parkash and
Mr. Rajiv Juneja are its members. They collectively look after the
overall operations of the society. HGU is engaged in manufacturing
of detergent powder which involves detergent cake and dish washing
bar with an installed capacity of 24000 tonnes per annum at its
unit located at Rohtak Haryana. HGU procures the raw material i.e.
linear alkyl benzene sulphonic acid from suppliers like Aaditya
Fine Chem Private Limited, DJ Surfactants etc. located in Udaipur,
Rajasthan. HGU entered into an agreement with Henkel Spic India
Limited (HSIL) in July 2004 to manufacture detergent powder and bar
under the brand names 'Mr. White and Chek'.

HOMES CONNECT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Homes Connect Developers Private Limited
        9/100, Shastri Gali
        Vishwas Nagar, Shahdara
        Delhi, East Delhi 110032
        India

Insolvency Commencement Date: October 25, 2019

Court: National Company Law Tribunal, Ghaziabad Bench

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

Insolvency professional: Ranjeet Kumar Verma

Interim Resolution
Professional:            Ranjeet Kumar Verma
                         CS-53, 1F, Ansal Plaza
                         Sector-1, Vaishali
                         Ghaziabad 201010
                         India
                         E-mail: ranjeet@ranjeetcs.com
                                 irp.ranjeetcs@gmail.com

Last date for
submission of claims:    November 18, 2019


IL&FS LTD: CoC Approves Sale of Education Business to Career Point
------------------------------------------------------------------
The Committee of Creditors (CoC) of IL&FS Ltd. has approved the
sale of the IL&FS's Education business--Schoolnet India Limited
(erstwhile IL&FS Education & Technology Service Ltd.) to Career
Point Publications Private Limited (CPPPL). The CoC of IL&FS
represented all the financial creditors to IL&FS Ltd., the holding
company for the IL&FS Group.

The financial bid of CPPPL was approved by more than 78% of IL&FS
Ltd's creditors (by value) through an e-voting process that
concluded on November 5, 2019. This is as stipulated under the
Resolution Framework for IL&FS Group submitted with Hon. National
Company Law Appellate Tribunal (NCLAT) and the Hon. National
Company Law Tribunal (NCLT), Mumbai Bench.

CPPPL, part of the Career Point Group, had emerged as the highest
bidder for acquiring IL&FS's Education Business. The Career Point
Group, through its flagship company, Career Point Limited
(NSE: CAREERP, BSE: 533260) is a leading education provider in
India with diverse set of offerings.

IL&FS Group holds 73.70% stake in Schoolnet India Limited (SIL);
and Schoolnet India Limited holds 80% stake in IL&FS Skill
Development Corporation (ISDC) and also has two subsidiaries -
IL&FS Cluster Development Initiative Limited (ICDI) and Skill
Training Assessment Management Partners Limited (STAMP).

CPPPL made a binding offer, at an implied enterprise value, whereby
it shall assume responsibility for all the debt of Schoolnet India
Limited (SIL) and IL&FS Skills Development Corporation Limited
(ISDC), in addition to paying a certain amount towards purchase of
SIL's equity.

As part of this transaction, CPPPL will also get ownership of 80%
stake in IL&FS Skills Development Corporation (ISDC) held by SIL.

CPPPL also made a binding offer to purchase the businesses
(including certain business debt) of two other subsidiaries of SIL
i.e. IL&FS Cluster Development Initiative Limited (ICDI) and Skill
Training Assessment Management Partners Limited (STAMP) for an
additional consideration.

The Board of IL&FS Ltd. approved the sale in its meeting held on
November 7, 2019. As next steps under the Resolution Framework,
approval of Justice (Retd.) D.K. Jain will be sought before seeking
the approval of the Hon. NCLT, Mumbai Bench, in line with the
Resolution Framework.

SIL provides Ed-tech services to K-12 schools and students through
proprietary digital content, devices, platforms and solutions. ISDC
offers job linked vocational program to the youth. ICDI provides
advisory and management services to Central Govt, State Govts and
Industries for development of common infrastructure and facilities
in Brownfield and Greenfield industrial clusters. STAMP provides
assessment solutions on a life-cycle approach: students, youth (job
seekers) and working professionals.

"This development represents another key milestone in the overall
resolution for the IL&FS Group under the New Board. As part of the
overall resolution plan to address a significant portion of the
Group's debt, the sale of a number of other Group assets has been
initiated which is currently in various stages of progress," IL&FS
said.

                           About IL&FS

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

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

INDIAN YARN: CARE Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indian Yarn
Limited (IYL) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     67.25        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short term Bank     3.36        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2018, placed the
ratings of IYL under the 'issuer noncooperating' category as IYL
had failed to provide information for monitoring of the rating. IYL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
October 14, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 25, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Ongoing delays in debt servicing: On account of ongoing delays in
the servicing of the debt obligation, IYL's bank account remains
classified as a Non-Performing Asset (NPA). Weak financial risk
profile: The total Income declined by ~63% in FY18 (refers to the
period from April 1 to March 31) while the company continued to
report losses at the net level as well as cash level during the
year. This in turn also led to a weak overall solvency position.

Key rating strengths

Experienced promoters and established group presence: IYL is
currently being promoted by Mr. Akhil Malhotra, who has an industry
experience of more than two and a half decades. The company belongs
to the 'Shiva' group which has an established industry presence.
The group has presence across the entire value chain of the
synthetic textile industry leading to a vast product portfolio,
captive consumption of raw materials and a large client base.

Incorporated in 1992, IYL was taken over by the Shiva Group in FY13
(refers to the period April 1 to March 31). The company is engaged
in the manufacturing of synthetic yarn at its manufacturing
facilities in Ludhiana (Punjab). Group concerns of the company
include Yogindera Worsted Limited (rated, 'CARE D; Issuer Not
cooperating'), K.K. Fibres Limited, Shiva Specialty Yarns Limited
(rated, 'CARE D; Issuer Not cooperating'), Himachal Fibres Limited
(rated, 'CARE D; Issuer Not cooperating'), Shiva Texfabs Limited
(rated, 'CARE D; Issuer Not cooperating'), Shiva Spin N Knit
Limited etc.

JAGATJIT INDUSTRIES: CARE Ups Rating on INR90cr Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jagatjit Industries Ltd. (JIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based–        (90.00)      CARE B; Stable Revised from
   LT–Term Loan                    CARE D; and removed from
   & CC (Proposed)                 issuer not cooperating

   Long-term/         (20.00)      CARE B; Stable/CARE A4 Revised
   Short-term                      from CARE D; and removed from
   Bank Facilities                 issuer not cooperating
   (Proposed)        
                  
Detailed Rationale & Key Rating Drivers

The revision in ratings takes into account JIL being able to meet
its debt obligations via sale of assets and loans from group
companies in order to service the interest and principal
repayments. However, the ratings continue to remain constrained by
declining scale of operations coupled with continuous cash losses
and an adverse capital structure. Presence of JIL in a highly
competitive and regulated industry further weakens the credit
profile.

The ratings derive comfort from experienced promoters and
established brand image of company's brands in Indian market.

The ratings also factors in company's ongoing strategy to shift to
a completely royalty based model in order to drive profitability.

Rating Sensitivities

Positive Factors

* Ability to successfully transform from manufacturing to
profitable royalty based business

* Any significant reduction in debt

Negative Factors

* Continuation of cash losses and inability to raise with funds
through sale of assets and group entities

* Discontinuation/non-renewal of any rental property leases

Detailed description of the key rating drivers

Key Rating Weaknesses

Declining scale of operations with continued business losses: TOI
of the company, continuously decreasing past 3 consecutive FYs, has
decreased by around 30% in FY19 to INR272.82 Cr in comparison to
INR396.45 Cr in FY18. Decline in revenue is mainly due to
operational issues and the shift of the company to royalty model,
due to which it is only recognizing the royalty income.

Reliance on debt with adverse capital structure: JIL has an adverse
capital structure with total debt from banks and NBFCs of INR213.13
crore as of October 15, 2019. Of this INR199.63 crore is in form of
lease rental discounting and being serviced via rental income
received by the company. The net worth stood at negative INR171.25
crore as on March 31, 2019 due to losses accumulated over the
years.  Further, the company has unsecured loans from group
companies which are repayable after 5 years.

High Competitive Intensity: The domestic IMFL industry is
characterized by high competitive intensity, with presence of large
players. This could restrict growth of the company to extent,
although JIL's established brands are a positive for the company
and mitigating competitive risks.

Highly regulated industry: The industry is highly regulated and is
subject to a complex tax structure. From manufacturing through
distribution, pricing and advertising, restrictions prevail. Both
export and import of these products are also tightly controlled by
the respective state government.

Any changes in state government policies towards liquor consumption
or prohibition would significantly impact JIL's revenue.

Key Rating Strengths

Experienced Management with long track record of operations: JIL
was incorporated in August 1944 by Late Mr L P Jaiswal. Company is
presently managed by Mr Ravi Manchanda as Managing director of the
company. Other directors are Ms Kiran Kapur, Ms Anjali Varma and Ms
Sonya Jaiswal.

Mr. Ravi Manchanda aged about 63 years is an engineering graduate
and post graduate in Marketing, having vast experience in the field
of Project Management and Administration. He is also holding
directorship in Grand Regency Hospitalities Pvt. Ltd, Ispace
Developers Pvt. Ltd, Jagatjit Bottlers Pvt. Ltd, Vasu Realcon Pvt.
Ltd, Axis Buildwell Pvt. Ltd, Gaiety Infracon Pvt. Ltd and Fortune
Infratech Pvt. Ltd.

Mrs. Kiran Kapur aged about 68 years is having over three decades
of experience in business administration and management.

Mrs. Anjali Varma aged about 56 years is a Graduate and has around
twenty years of experience in the field of Accounts, Taxation and
Administration. She is also holding directorship in Mata
Construction and Builders Pvt. Ltd and G. Management Services Pvt.
Ltd.

Ms. Sonya Jaiswal is a graduate and has business and administrative
experience of about thirty years. She is well versed with the
nuances of business management, hospitality and marketing. She is
also director of Karnal Distillery Company Limited.

Established Presence in the domestic IMFL market: JIL has an
established presence in the domestic Indian made foreign liquor
market through its Flagship brand, Aristocrat, with operational
track of over five decades. However, the sales volume of its liquor
business has been declining on account of operational issues. But,
still due to the long track record of operations, company has a
strong presence of brands such as ARISTOCRAT, ARISTOCRAT PREMIUM,
AC BLACK, BONNIE SPECIAL, BINNIES and AC SEKC available across the
country. The company has now switched to a royalty based and
contract manufacturing model.

Transformation strategy to improve financial performance of
company: The company has adopted the royalty model in as it was
facing operational issues due to higher cost of manufacturing,
problems in working capital management etc. Under Royalty model,
JIL has given the right to use its brand name to local players in
the respective states and has started charging royalty fee. In
FY19, the company has royalty income of INR14.14 Cr which is
expected to increase in coming FYs. This has also resulted in lower
working capital requirement for the company.

Liquidity: Poor

The company has a closed down its working capital limits with
banks. Despite of the losses incurred by the company in consecutive
FYs, company has taken various steps like disposing off its assets,
refinancing of loans, etc. to maintain sufficient liquidity to meet
its repayment obligations timely. However, because of the
continuing cash losses JIL is highly dependent on timely infusion
of funds (via sale of assets, loan from group companies, etc.).

Jagatjit Industries Ltd. was promoted by Mr. L.P. Jaiswal and
primarily involved in manufacturing and distribution of IMFL under
its flagship brand, Aristocrat, in the domestic market company has
a strong presence of brands such as ARISTOCRAT, ARISTOCRAT PREMIUM,
AC BLACK, BONNIE SPECIAL, BINNIES and AC SEKC available across the
country. The company has shifted to a royalty based and contract
manufacturing model. Company is also engaged in manufacturing of
malted milk foods & dairy products. Moreover, JIL has leased
commercial properties in Gurgaon (Haryana) and New Delhi which
provide rental income of INR24.55 Cr in FY19.

JAYPEE INFRATECH: Lenders to Meet on November 18
------------------------------------------------
First Post reports that lenders of debt-ridden Jaypee Infratech
will meet on November 18 to take forward the process of insolvency
resolution after the Supreme Court directed early this month to
complete the process within 90 days.

Crisis-hit Jaypee group firm Jaypee Infratech went into insolvency
in 2017 after the National Company Law Tribunal (NCLT) admitted an
application by an IDBI Bank-led consortium seeking resolution of
the firm, the report notes.

Jaypee Infratech, a subsidiary of Jaiprakash Associates, has an
outstanding debt of nearly INR9,800 crore.

According to First Post, in the first round of insolvency
proceedings, the INR7,350 crore bid of Lakshdeep, part of Suraksha
Group, was rejected by lenders.

Interim Resolution Professional (IRP) Anuj Jain, in October 2018,
started a fresh initiative to revive Jaypee Infratech on the NCLT's
direction. In the second round, lenders first rejected bid of
Suraksha Realty and then that of state-owned NBCC.

First Post relates that Jaypee Infratech informed exchanges on Nov.
12 that "a meeting of Committee of Creditors (CoC) will be held on
November 18, 2019". The agenda for the meeting was not disclosed,
but sources said the meeting will discuss way forward.

As many as 13 banks and over 23,000 homebuyers have voting rights
in the CoC Committee of Creditors (CoC) of Jaypee Infratech, the
report says.

In a big jolt to the Jaypee Group, the Supreme Court on November 6
directed completion of corporate insolvency resolution process
within 90 days for Jaypee Infratech Ltd and said the revised
resolution plan will be invited only from the NBCC and Suraksha
Realty, according to First Post.

First Post relates that the apex court had said that the pendency
of any other application before the NCLT or NCLAT, including any
interim direction, shall be no impediment for the IRP to receive
and process the revised resolution plan from the two bidders.

"We direct the IRP to complete the CIRP within 90 days from today.
In the first 45 days, it will be open to the IRP to invite revised
resolution plan only from Suraksha Realty and NBCC, respectively,
which were final bidders and had submitted resolution plan on
earlier occasion and place the revised plan(s) before the Committee
of Creditors (CoC), if so required, after negotiations and submit
report to adjudicating authority NCLT within such time," the bench,
as cited by First Post, said.

"In the second phase of 45 days commencing from 21st December 2019,
the margin is provided for removing any difficulty and to pass
appropriate orders thereon by the adjudicating authority," the top
court said.

                      About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development.  The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In September 2017, the Supreme Court of India stayed the insolvency
proceedings initiated against JIL, after various associations of
homebuyers moved a batch of petitions fearing they will lose their
apartments and not get any compensation, according to Livemint. The
stay was later revoked by the court, which directed the resolution
professional to submit an interim resolution plan that takes into
account the interest of homebuyers.

The court also directed the parent company, Jaiprakash Associates
Ltd. (JAL), to deposit INR2,000 crore to protect the interest of
homebuyers.  Out of this, only INR750 crore has been deposited so
far, Livemint relayed.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company, JAL owes
more than INR29,000 crore to various banks, the report added.

JHARKHAND STATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Jharkhand State Mineral Development Corporation Ltd
        Khanij Nigam Bhawan, Doranda
        Near Nepal House, Ranchi
        Jharkhand 834002

Insolvency Commencement Date: October 25, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Rakesh Kumar Agarwal

Interim Resolution
Professional:            Mr. Rakesh Kumar Agarwal
                         20, N.S. Road
                         Room no. 15, Block-A
                         Kolkata 700001
                         E-mail: rakesh202@hotmail.com

Last date for
submission of claims:    November 8, 2019


JV RESTAURANT PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: JV Restaurant Private Limited
  
        Registered office:
        N-63/64 and 64 B, First Floor
        Munshi Lal Building
        Connaught Circus
        New Delhi 110001

Insolvency Commencement Date: October 22, 2019

Court: National Company Law Tribunal, Gurgaon Bench

Estimated date of closure of
insolvency resolution process: April 18, 2020

Insolvency professional: Mr. Punit Handa

Interim Resolution
Professional:            Mr. Punit Handa
                         1005, Sector 31
                         Gurugram
                         Haryana 122001
                         E-mail: punithanda@gmail.com

                            - and -

                         A-62, Lower Ground Floor
                         Defence Colony
                         New Delhi 110024
                         E-mail: irpjvrestaurant@gmail.com

Last date for
submission of claims:    November 13, 2019


KAILA DEVI: CARE Raises Rating on INR12cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kaila Devi Healthcare Services Private Limited (KDHSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       12.00      CARE B+; Stable Revised from
   Facilities                      CARE B; Stable; ISSUER NOT
                                   COOPERATING

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
KDHSPL and in line with the extant SEBI guidelines, CARE revised
the rating of bank facilities of the company to 'CARE B; Stable;
ISSUER NOT COOPERATING'. However, the company has now submitted the
requisite information to CARE. CARE has carried out a full review
of the ratings and the rating stand at 'CARE B+; Stable'.

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of KDHSPL have been
revised taking into account the location advantage, comfortable
operating cycle and positive outlook of indian diagnostic industry.
The ratings continue to remain constrained by limited experience of
the promoters in diagnostic industry, short track record with
modest scale of operations, leveraged capital structure and weak
coverage indicators and stretched liquidity position.

Rating Sensitivities

Positive Factors

* Increase in the total operating income (TOI) of the company on
sustained basis.
* Improvement in profitability margins as marked by PBILDT and PAT
margins as per current levels.

Negative Factor

* Deterioration in liquidity position with diminishing coverage of
liquid assets to debt servicing to less than previous
levels.

* Increase in overall gearing beyond 2.00 times on sustained basis

Detailed description of the key rating drivers

Key Rating Strengths

Location advantage
KDHSPL has established a diagnostic centre located in the locality
of Shivpur situated at Varanasi, a northern Indian state of Uttar
Pradesh. Shivpur is a small Village/hamlet in Pindra Tehsil in
Varanasi District of Uttar Pradesh State, India. It comes under
Marui Panchayath. It belongs to Varanasi Division. It is located 7
KM towards North from District headquarters Varanasi, 17 KM from
Pindra and 303 KM from State capital Lucknow, Shivpur Rail Way
Station, Varanasi Jn Railway Station are the nearby railway
stations to Shivpur. The proposed site is near Varanasi-Lucknow
Highway. Hence procurement and installation of equipment,
consumable and staff recruitment may not be difficult.

Comfortable operating cycle
The operating cycle of the company stood moderate as marked by 19
days for FY19. The collection period increases to 15 days in FY19
owing to adoption of liberal credit policy in order to increase its
scale of operations. The company gets a credit period of around 1
week from its suppliers resulting in an average creditor period of
6 days in FY19. The working capital borrowings of the company
remained 50% utilized during the past 12 months ending September
30, 2019.

Positive outlook of Indian diagnostic industry
The Indian government is promoting the sector through positive
regulations such as the introduction of the Health Bill, which aims
to bring together independent bodies like the Medical Council of
India (MCI), Dental Council of India (DCI), Pharmacy Council of
India (PCI) and the Nursing Council of India (NCI) under one
umbrella. The government is also increasing public expenditure in
healthcare from just over 1% of the GDP to 2.5% of the GDP. It is
also boosting other allied activities such as medical tourism to
increase the revenue in the sector, as well as promoting
private-public partnerships in the area of R & D, thereby making
the overall atmosphere conducive to investments by foreign
companies in the sector. The Indian diagnostics sector has been
witnessing immense progress. Major technological advancements and
higher efficiency systems has taken the sector to new heights.
Advanced cutting-edge technologies are being used to understand
disease prognosis, thereby strengthening the sophistication level
of the participants in the sector. Diagnostic medical imaging is
one of the most rapidly growing fields in the Indian medical
devices market. While nuclear imaging is the fastest growing area
in the Indian imaging market, the diagnostic lab services are also
growing at a fast pace, particularly in the unorganized sector. The
segment's growth is expected to be fuelled by the growing demand
for automated diagnostics. The Indian diagnostics market can be
broadly divided into equipment, reagents and services. The service
sector is largely unorganized, with the majority of players being
clustered in the suburbs and metros. However a clear and structured
format is being established in order to have better regulations and
proper definition for the market. Beside this, in the coming years
there will be likely increase in the number of health insurance
policies. Therefore, more and more health insurance companies will
coordinate with the various diagnostic labs.

Key Rating Weaknesses

Limited experience of the promoters in diagnostic industry
The promoter's Mr. Aditya Agrawal, Mr Anshuman Agrawal, Ms Mini
Jalan, and Ms Pooja Agrawal, has around a decade of collective
experience in trading industry business but has limited experience
in diagnostic industry. The experience is limited to their
association with the sister concern Karauli Healthcare Services
Private Limited, which is a diagnostic centre.

Short track record with modest scale of operations
The scale of operations of the company remained modest marked by
total operating income and gross cash accruals of INR6.92 crore and
INR1.24 crore respectively during FY19 as against INR0.33 crore and
INR-0.29 crore for FY18 on account of increase in the services
rendered to the clients. The modest scale limits the company's
financial flexibility in times of stress and deprives it from scale
benefits. Further, company has achieved TOI of 5.00 crore in
6MFY20.

Leveraged capital structure and weak coverage indicators
As on March 31, 2019 the capital structure of the company comprises
of term loans, unsecured loans and working capital borrowings of
INR12.31 crore, INR1.71 and INR0.20 crore respectively. The capital
structure of the company stood leveraged as marked by debt-equity
ratio and overall gearing ratio which stood at 5.02x and 5.09x as
on March 31, 2019 as against 5.46x and 5.46x in FY18 on account of
high reliance on external borrowings. The coverage indicators of
the company stood weak as marked by interest coverage and total
debt to GCA of 2.32x and 11.44x for FY19 on account of low
profitability and lower gross cash accruals.

Liquidity Position - Stretched
Liquidity is stretched marked by tightly matched accruals to
repayment obligations and lowest cash and bank balance of INR0.09
crore. The current and quick ratio of 0.51x and 0.43x as on 31
March, 2019 as against 0.32x and 0.32x in 31 March, 2018
respectively. Though the bank facilities has been 50% utilized as
on September 2019.

Highly competitive industry:  The private healthcare comprises of
almost 72 per cent of the total healthcare expenditure in India and
merely one percent of diagnostic labs are accredited. As a result,
the unorganized sector is growing at a rapid pace. The $5 billion
diagnostic sector is highly fragmented and unorganized due to the
lack of regulations, directives and unethical manufacturing
practices. This has also harmed the reputation of Indian
pharmaceutical sector in the international markets. Since there are
no established regulations that authorizes minimum standards in
terms of quality, technology, infrastructure and qualification of
personnel for setting up and running a diagnostic lab, the
diagnostics sector is swarmed with a gamut of small labs to bridge
the gap between the supply and demand. As per research, the
unorganized players with varying standards and practices are
dominating 88-90 per cent of the diagnostics industry.

Varanasi based Kaila Devi Healthcare Services Private Limited
(KDHSPL), was incorporated in July, 2017. Its commercial operations
started with effect from April 1, 2018 The company was incorporated
with an aim to operate a diagnostic centre to provide medical
services such as automated MRI, CT scan, Ultrasound, X-ray,
Mamography etc.

KEW PRECISION: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Kew Precision Parts Private Limited
        41DLF Industrial Area
        New Delhi 110015

Insolvency Commencement Date: October 29, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Ashwani Kumar Gupta

Interim Resolution
Professional:            Ashwani Kumar Gupta
                         C-402, Cauvery Sereneity
                         10/1-1, Raghvendra Extension
                         Tumkur Road, Yashwanthpur
                         Bangaluru 560022
                         E-mail: akguptafca@gmail.com

                            - and -

                         Flat No. 116, Pocket-D
                         Sarita Vihar
                         New Delhi 110076
                         E-mail: ip.kewprecision@gmail.com

Last date for
submission of claims:    November 12, 2019


KOHINOOR INDIA: CARE Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kohinoor
India Private Limited (KIPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

   Short term Bank      5.00      CARE A4; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2018, placed the
ratings of KIPL under the 'Issuer Non-Cooperating' category as KIPL
had failed to provide information for monitoring of the rating.
KIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, numerous phone calls and
a letter dated October 14, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 25, 2018, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Low profitability margins: The profitability margins remained low
in FY18 (refers to the period from April 1 to March 31). The PBILDT
margins declined from 4.31% in FY17 to 3.78% in FY18 while the PAT
margins improved from 0.65% in FY17 to 0.87% in FY18. The total
operating income of the company increased by ~7% in FY18.

Weak overall solvency position: The capital structure remained
leveraged as on March 31, 2018 with the overall gearing ratio
deteriorating from previous year's levels. The total debt to GCA
ratio also remained weak at 21.06x as on March 31, 2018 as compared
to 21.09x as on March 31, 2017; while, the interest coverage ratio
remained at 1.76x in FY18 as compared to 1.49x in FY17.

Susceptibility to foreign exchange fluctuations and raw material
price volatility: Competitive nature of the industry limits the
ability of the company to pass on raw material price fluctuations
to the customers. The profitability margins are, therefore,
susceptible to volatility in raw material prices. The company also
engages in export of its products (constituted ~15% of the net
sales in FY15) and import of raw materials (~34% of the total raw
material purchases in FY15). Though a part of the exposure is
hedged, the profitability margins remain exposed to foreign
exchange fluctuation risk for the unhedged portion of the
exposure.

Key Rating Strengths

Long track record of operations: KIPL has been engaged in the
rubber industry since its incorporation in 1989. Mr Surinder Pal
Jain, the current managing director of the company, holds an
industry experience of nearly four and a half decades. The other
director of the company, Mr Nippun Jain also holds a vast industry
experience of nearly one and a half decades.

Established distribution network: KIPL has been engaged in the
manufacturing and trading of rubber products for over two and a
half decades. The company is a part of the 'Kohinoor' group,
operating in the industry for more than four decades. This has led
to well established relationships with the customers as well as the
suppliers. Sales are made under the KIPL's own brand names
'Kohinoor' and 'Dhamaka' in the domestic as well as in the
international market through a well-established network of
dealers.

Incorporated in 1989, KIPL is engaged in the manufacturing and
trading of rubber products like bicycle tyre, auto tubes, rubber
sheets and trading of natural rubber and rubber chemicals. The
company also engages in export of its products. Group concerns of
the company include Eastman Reclamations (rated 'CARE B/CARE A4;
ISSUER NOT COOPERATING') and Kohinoor Reclamations (rated 'CARE
B/CARE A4; ISSUER NOT COOPERATING') also engaged in a similar line
of business.

L-COMPS AND IMPEX: CARE Cuts Rating on INR9.50cr Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
L-Comps and Impex Private Limited (LCIPL), as:

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

   Short term Bank     5.50      CARE A4; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2018 placed the
rating(s) of LCIPL under the 'issuer non-cooperating' category as
LCIPL had failed to provide information for monitoring of the
ratings. LCIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated October 22, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in the ratings is on account of declining and small
scale of operations along with elongation in the operating cycle of
the company. The ratings are further constrained by exposure of
margins to foreign exchange fluctuation risk. These rating
constraints are, however, partially offset by experienced promoters
and long track record of operations of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and declining scale of operations along with elongation in
operating cycle: Despite being in operations for more than a
decade, the scale of operations of the company stood small and
further declined by ~29% on year-on-year basis to INR26.94 crore in
FY18 (PY: INR37.72 crore).The average operating cycle of the
company further elongated to 173 days, as on March 31, 2018 from
137 days as on March 31, 2017 on account of elongation of average
collection period.

Margins susceptible to the fluctuations in exchange rate: LCIPL
imports the food items from various countries (mainly European) and
sells all the items in the domestic market. The company hence faces
the risk of fluctuations in the foreign currency, especially in the
absence of complete hedging.

Key Rating Strengths

Experienced promoters and long track record of operations: LCIPL is
promoted by Mr. Puneet Gupta, who is involved in the business since
the year 1990 and is looking after the overall operations of the
company. The company imports various FMCG products like Juices,
Chocolates, Cookies, Jams, honey, Olive oil, Yoghurt etc. for sale
in the domestic market (through its distributors network all over
India). LCIPL imports its products mainly from Italy and other
European countries.

L-Comps & Impex Pvt. Ltd. (LCIPL), promoted by Mr Puneet Gupta, was
incorporated in 1979. The company is engaged in importing various
FMCG products like Juices, Chocolates, Cookies, Jams, honey, Olive
oil, Yoghurt etc. for sale in the domestic market (through its
distributor network all over India). LCIPL imports its products
mainly from Italy and other European countries.

MACROTECH DEVELOPERS: Moody's Downgrades CFR to Caa1, Outlook Neg.
------------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Macrotech Developers Limited to Caa1 from B3.

At the same time, Moody's has downgraded to Caa1 from B3 the backed
senior unsecured rating of the US dollar-denominated bonds issued
by Lodha Developers International Limited and guaranteed by MDL.

The outlook on all the ratings is negative.

RATINGS RATIONALE

"The downgrade to Caa1 reflects the continued uncertainty with
respect to the refinancing of MDL's upcoming debt maturities," says
Sweta Patodia, a Moody's Analyst.

"While the company has made some progress in its refinancing
efforts, its measures to date do not completely alleviate the
significant refinancing risks," adds Patodia, who is also Moody's
Lead Analyst for MDL.

MDL now has in place an executed loan agreement for USD155 million,
secured against the unsold inventory at Lincoln Square, one of its
London projects. However, drawdowns under this facility remain
subject to receiving the practical completion certificate for all
units at the property, which is expected by December 2019. As per
management estimates, practical completion certificates have been
received for about 75% of the units in the development.

MDL expects to secure another credit facility of around USD195
million against the unsold inventory at Grosvenor Square, its
second London project. However, documentation for this facility is
currently in progress and will likely be completed over the next
few weeks.

These two facilities constitute the company's primary source to
refinance the upcoming bonds. However, given that the facilities
cannot be drawn down immediately, and remain subject to the
fulfilment of certain conditions, liquidity risk remains elevated.

In addition, the company plans to set up an INR-denominated
facility, which will be secured against the inventory at its Indian
operations. It is also in the process of monetizing one of its
commercial assets in India.

The proceeds from these initiatives, if completed as planned, would
provide alternate sources to refinance the balance of the USD bonds
and the debt at its onshore operations.

At the same time, the company also has a USD100 million credit line
secured against the pledge of MDL shares available from a related
party, which can be used to repay a portion of its upcoming
maturities. However, this is the company's last resort and will
only be utilized should any of the measures outlined not
materialize. Moody's does not have visibility on the credit quality
of the related party providing such facility.

MDL's Caa1 CFR is primarily a reflection of its weak liquidity
position.

The rating also considers the company's position as the leading
developer of residential properties in India, the large size of its
land bank, the high quality of its projects under construction, as
well as its strong execution capability.

The CFR is also supported by the diversification of the company's
project portfolio across India and London. In India, its projects
are spread across a wide price spectrum and are in different stages
of construction.

In terms of environmental, social and governance (ESG) factors, the
rating also incorporates governance risks arising from the
company's concentrated ownership structure.

The negative ratings outlook reflects Moody's expectation that
there could be delays with respect to the company's ongoing
initiatives to refinance its upcoming debt maturities.

Moody's would revise the ratings outlook to stable if the company
can put in place definitive funding sources to refinance the bond
in its entirety and is able to draw down on these facilities.
Upward pressure would start building if the company refinances its
upcoming debt maturities within their respective due dates.

On the other hand, Moody's could downgrade the ratings if there is
an increasing likelihood that the company will not be able to
redeem the bonds in full on maturity. Indicators of such rising
risk include (1) a failure to receive the proceeds from the sale of
its commercial property in India, (2) delays in receiving the
practical completion certificate for the units at Lincoln Square
beyond December 2019, which would impact MDL's ability to draw down
on the inventory financing facility; and (3) an inability to
refinance the upcoming debt maturities and arrange for additional
facilities, including the second tranche of the inventory financing
facility, over the next few weeks.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

NIRMAN CONSTRUCTION: Ind-Ra Assigns 'D' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nirman
Construction (NC) a Long-Term Issuer Rating of 'IND D'.

The instrument-wise rating action is:

-- INR60 mil. Fund-based facilities (Long/short-term) assigned
     with IND D rating; and

-- INR45 mil. Non-fund based facilities (Short-term) assigned
     with an IND D rating.

KEY RATING DRIVERS

The rating reflects invocation in NC's bank guarantee, which had
remained outstanding for more than 30 days owing to poor liquidity
in August 2019 and September 2019. The company's average maximum
utilization of fund-based facilities was 135.4% and non-fund based
facilities were 74.2%, in the last 12 months ended September 2019.

The ratings are also constrained by NC's small scale of operations
as indicated by operating revenue of INR392.67 million in FY19
(FY18: INR381.32 million). As of September 30, 2019, NC had
achieved revenue of INR101.31 million.

The ratings also factor in NC's modest EBITDA margins that
contracted to 10.2% in FY19 (FY18: 12.0%) due to an increase in
variable cost during the year.  The return on capital employed was
9% in FY19 (FY18: 11%).

The ratings are further constrained by NC's weak credit metrics
owing to high debt levels. The gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 1.56x in FY19 (FY18:
1.98x) and net leverage (total adjusted net debt/operating EBITDA)
to 6.18x (4.18x). The credit metrics deteriorated owing to a
decline in absolute EBITDA coupled with an increase in total debt.
Absolute EBITDA fell to INR40.01 million in FY19 (FY18: INR45.75
million) due to an increase in variable cost during the year.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the rating.

COMPANY PROFILE

Nirman Construction is engaged in civil construction namely
construction of buildings, bridges, and roads. The proprietorship
firm is headed by Mr. Arun Patil.

OSCAR INVESTMENTS: Ind-Ra Maintains 'C' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Oscar
Investments Limited's (Oscar) debt instrument ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The ratings will
continue to appear as 'IND C (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR1.50 bil. Non-convertible debenture (NCDs)* maintained in
     non-cooperating category with IND C (ISSUER NOT COOPERATING)
     rating; and

-- INR5.0 bil. Long-term bank loan maintained in non-cooperating
     category with IND C (ISSUER NOT COOPERATING) rating.

* Unutilized

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 4, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Oscar is a listed group company of RHC Holding Private Limited
(RHC). RHC, along with Malav Holding and Shivi Holding, holds 69%
of Oscar's equity shares.

OSWAL KNITTING: CARE Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oswal
Knitting and Spinning Industries Limited (OKS) continues to remain
in the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short term Bank      1.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2018 placed the
ratings of OKS under the 'issuer non-cooperating' category as OKS
had failed to provide information for monitoring of the rating. OKS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated October 10, 2019. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 25, 2018 the following were the
rating weaknesses and strengths:

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations.

Weak financial risk profile: The total operating income declined by
about 33% to INR89.14 Cr. in FY16. The company reported a cash loss
of INR0.79 crore in FY16 as compared to cash profit of INR0.18
crore in FY15. The capital structure remained weak, marked by
overall gearing ratio of 9.13x, as on March 31, 2016. The debt
coverage indicators also remained weak, as on March 31, 2016 on
account of low PBILDT and cash losses in FY16.

Susceptibility to raw material price volatility: Primary raw
materials for the company are various types of yarn, prices of
which depend on the prices of crude oil and cotton, both of which
have remained volatile in the past. Presence in a competitive
industry limits the ability of the company to pass on price
fluctuations to the customers.

High competition from organised/unorganised players: The readymade
garment industry in India is characterized by the presence of a
large number of small and big players in the organized sector as
well as unorganised sector which leads to a highly fragmented
industry structure having high level of competition and intense
pricing pressures.

Key Rating Strengths

Experienced management and established track record: OKS is a part
of the Ludhiana-based Malwa Group of Companies having an industry
presence of over three decades while the company itself has been
engaged in the textile industry for over two decades. The main
promoter of the company is Mr Jangi Lal Oswal who has an industry
experience of nearly four decades.

Promoted by Oswal family of Ludhiana, Oswal Knitting and Spinning
Industries Limited (OKS), was incorporated in 1992. OKS is engaged
in the trading of various types of yarn and fabric as well as
manufacturing of hosiery and woolen apparels for men and women at
its manufacturing facility located at Ludhiana, Punjab. The company
sells its readymade garments under the brand name of 'Oswal'
through its exclusive showrooms and through various wholesalers and
retailers.

PAADM INTERNATIONAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Paadm International Hotels Private Limited
        L-7, S/F Rajouri Garden
        New Delhi 110027

Insolvency Commencement Date: November 6, 2019

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

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

Insolvency professional: Rashmi Agarwalla

Interim Resolution
Professional:            Rashmi Agarwalla
                         O-701 Green Valley Apartment
                         Plot No. 18, Sector 22
                         Dwarka, New Delhi 110075
                         E-mail: rashmivika10@yahoo.co.in

                            - and -

                         3rd Floor, 2 Community Centre
                         (Near PVR/McDonald)
                         Naraina, New Delhi 110028
                         E-mail: paadmcirp@gmail.com

Last date for
submission of claims:    November 19, 2019


PAL AND PAUL: CARE Reaffirms B+/A4 Rating on INR10cr Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Pal
and Paul Builders Limited (PPBL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term/Short     10.00       CARE B+; Stable/CARE A4
   term Bank                       Reaffirmed
   Facilities          

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of PPBL continues to
remain constrained by small and fluctuating scale of operations,
leveraged capital structure, slowdown in real estate market and
delay in sale of ready properties and competitive nature of
industry, cyclicality and seasonality associated with real estate
and hospitality industry and exposure to local demand-supply
dynamic and geographical concentration in revenue profile.  The
rating, however, continues to draw comfort from experienced
promoters, moderate profitability margins, regular revenue from
rental properties and availability of ready properties for sale.

Rating sensitivities

Positive Factors

* Increase in scale of operations in the hospitality segment
* Timely sale of available properties and realisation of customer
advances

Negative Factors

* Delay in realisation of sales from the flats.
* Higher vacancy rate of the rental properties.

Detailed description of the key rating drivers

Key rating weaknesses

Small and fluctuating scale of operations: The scale of operations
of the company remained small marked by total operating income
(TOI) and gross cash accruals of INR14.26 crore and INR1.41 crore
respectively during FY19 (refers to the period April 01 to March
31) based on provisional results as against INR5.94 crore and
INR0.66 crore respectively during FY18. The improvement in TOI was
on account of higher number of flats sold along with increase in
sales from its hotel. Further, the net worth base was relatively
modest at INR13.43 crore as on March 31, 2019 (Prov.). The small
scale limits the company's financial flexibility in times of stress
and deprives it from scale benefits. Furthermore, company's total
operating income has been fluctuating over the past three years
i.e. FY17-FY19 on account of fluctuating trend in the real estate
sector.

Leveraged capital structure: As on March 31, 2019(Prov.), the debt
profile of the company comprises of rupee term loans of INR0.74
crore, other long term loans of INR10.18 crore, working capital
borrowings of INR1.68 crore and unsecured loans of INR14.73 crore
respectively as against tangible net worth of INR13.43 crore. The
capital structure of the company stood leveraged on account of
higher net worth base owing to accretion of profits to reserves as
marked by debt equity and overall gearing ratio which stood at
1.91x and 2.03x respectively as on March 31, 2019 (based on
provisional results) as against 1.25x and 1.38x respectively as on
March 31, 2018. The deterioration is on account of higher reliance
on external debt primarily additional loans raised from NBFCs
during FY18-19 for purchase of land.

Slowdown in real estate market and delay in sale of ready
properties: Real estate sector has been experiencing a declining
trend over the past few years. Consequently, due to lower customer
demand for residential properties, the inventories have been
accumulating, lying unsold and thus having a direct bearing on the
business of all the entities engaged in real estate sector. PPBL is
currently developing a new property with four flats in Geetanjali
Enclave, South Delhi, having a total saleable area of 3060 sq. ft.
with a total projected cost of INR19.86 crore out of which INR17.71
crore has been already incurred till September 30, 2019 by way of
promoters' funds of INR3.73 crore, term loan of INR10.20 crore and
overdraft of INR3.78 crore. Due to the slowdown in real estate
industry, the company has been able to sell one flat out of the
four flats, till Oct 25, 2019. Therefore going forward, ability of
the company to timely sell the remaining inventory and realize the
customer advances would be the key rating sensitivity.

Competitive nature of industry: The Indian real estate industry is
highly fragmented in nature with the presence of a large number of
organized and unorganized players spread across various regions.
Many real estate projects emerging in the same area being on the
outskirts of Delhi NCR as the land cost is comparatively lower,
thereby increasing competition. Furthermore, small players are also
coming with projects in these areas due to this advantage.

Cyclicality and seasonality associated with real estate and
hospitality industry and exposure to local demand-supply Dynamic:
The company is exposed to the cyclicality associated with real
estate sector and hospitality industry which has direct linkage
with the general macroeconomic scenario, interest rates and level
of disposable income available with individuals. In case of real
estate companies, the profitability is highly dependent on property
markets. This exposes these companies to the vagaries of property
markets. A high interest rate scenario could discourage the
consumers from borrowing to finance the real estate purchases and
may depress the real estate market. Furthermore, increased
competition has also kept the ARRs and occupancy rates under
pressure and the same are likely to be affected further by a glut
of hotel rooms expected to be added in the medium term across
India, with a substantial addition in the premium hotel segment.

Geographical concentration in revenue profile: PPBL has its ongoing
projects in New Delhi, thus exposing it to geographical
concentration in its revenue profile. CARE believes that PPBL's
business risk profile is constrained by its exposure to
geographical concentration risks, such as any adverse changes in
local laws.

Key Rating Strengths

Experienced promoters: PPBL is currently being promoted by Mr.
Daljit Singh Pal, Mr. Amit Pal Singh Gooller and Ms. Neepa Pal. Mr.
Daljit Pal Singh is a post graduate by qualification and has an
experience of more than 5 decades in real estate industry through
his association with PPBL. Mr. Amit Pal Singh and Ms. Neepa Pal
both are post graduates by qualification and have experience of
more than one and half decades in real estate industry through
their association with PPBL.

Moderate profitability margins: The profitability margins of the
company have remained moderate as marked by PBILDT margin which
stood above 12.00% for the past three financial years i.e.
FY17-FY19 (Prov.). Further due to low interest cost, the PAT margin
stood above 4% for the past two financial years FY18 and FY19
(Prov.).

Regular revenue from rental properties and availability of ready
properties for sale: PPBL is also engaged in providing rental
services in New Delhi; for the same the company has constructed
three buildings with the carpet area of 5602 square feet. This
provides the company with the ability to generate revenue on a
consistent basis. The company has received rental income from such
properties of INR1.84 crore in FY19 (Prov.) as against INR1.74
crore in FY18. Further, the company has an adequate inventory of
properties ready for sale.

High Occupancy Level of the rented area: The company has three
properties in Delhi with a total leasable area of 5602 square feet
and the company has successfully leased out the entire leasable
area of 5602 square feet representing ~100% occupancy rate.

Favorable location and good quality amenities of the hotel: The
hotel enjoys the benefit of advantageous location being located in
New Delhi. This hotel is equipped with 22 rooms and existing
facilities consists of conference room, banquet halls, lawns, mini
bar, laundry facilities etc.

Liquidity: Adequate

Adequate liquidity characterized by sufficient cushion in accruals
vis-à-vis repayment obligations and moderate cash balance of
INR0.10 crore. Its bank limits are utilized to the extent of 70%,
supported by above unity current ratio of 14.57x as on March 31,
2019.
  
New Delhi based, Pal and Paul Builders Limited (PPBL) (Formerly
known as Pal and Paul Builders Private Limited) was incorporated in
September 1980. The company is currently being managed by Mr.
Daljit Singh Pal, Mr. Amit Pal Singh Gooller and Ms. Neepa Pal. The
company is engaged in the real estate development of residential
flats, independent plots, and commercial complexes. The company
also owns a hotel by the name of "Hotel Palm Green" with 22 rooms
in Saket, New Delhi. The service from hotel includes in-house
restaurant, conference hall facility for events and conventions,
laundry services, etc. The company is also engaged in providing
rental services in New Delhi; for the same the company has
constructed three buildings with the carpet area of 5602 square
feet.

PARIJAT OIL: CARE Reaffirms Then Withdraws B Bank Facilities Rating
-------------------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
B; Stable' assigned to the bank facilities of the Parijat Oil and
feeds Private Limited (POF) with immediate effect. The above action
has been taken at the request of POF and 'No Objection Certificate'
received from the bank that has extended the facilities rated by
CARE.

Parijat Oil and Feeds Private Limited (POF), based in Shahjanpur,
Uttar Pradesh was incorporated in September, 2016 as a private
limited company with Mr. Mohinderjit Singh, Mrs. Simran Madan, Mr.
Amanjot Singh, Mr. Sachin Goel and Mrs. Pooja Goel as its
directors. However, the commercial operations of the company
commenced from November 2017. POF is engaged in extraction of rice
bran oil at its manufacturing facility located in Uttar Pradesh.

PIONEER SYNTEX: Ind-Ra Cuts LT Issuer Rating to D, Not Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pioneer Syntex
Private Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based working capital limits(Long-term/
     Short-term) downgraded with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR915.56 mil. Term Loan (Long-term) due on March 2025
     downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR42.5 mil. Non-fund-based working capital limits(Short-term)

     downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR105 mil. Proposed term loan limits(Long-term) downgraded
     with Provisional IND D (ISSUER NOT COOPERATING) rating; and

-- INR150 mil. Proposed fund-based working capital limits(Long-
     term/ Short-term) downgraded with Provisional IND D (ISSUER
     NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects Pioneer Syntex's irregularities in the term
loan repayments during the 12 months ended August 31, 2019, and the
non-payment of these loans since October 1, 2019. The reasons for
the same are unknown to Ind-Ra.

RATING SENSITIVITIES

Positive: A positive rating action may result from regular and
timely debt-service for three consecutive months.

COMPANY PROFILE

Incorporated in 1987, Pioneer Syntex is engaged in dying and
printing on all kinds of fabrics on job-work basis. It is a textile
division in Surat has an installed capacity of 144.2 million meters
per annum. In FY18, the company ventured into the manufacturing of
polyethylene films.

PRIYA LIMITED: Ind-Ra Affirms D Ratings, Moves to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Priya Limited's
(Priya) bank facilities at 'IND D' and simultaneously migrated the
rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR210.00 mil. Fund-based post-shipment export finance credit
     facility (Short-term) affirmed and migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR210.00 mil. Non-fund-based limits (Short-term) affirmed and

     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays by Priya in servicing
short-term debt.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.

COMPANY PROFILE

Set up in 1986, Priya is engaged in the trading and distribution of
electronic products. The company is also involved in customer-based
software development.

PURPLE ADVERTISING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Purple Advertising Services Private Limited
        Century Tower, 2nd Floor
        45 Shakespeare Sarani
        Kolkata WB 700017
        IN

Insolvency Commencement Date: October 29, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 26, 2020

Insolvency professional: Shyamal Kumar Bhattacharjee

Interim Resolution
Professional:            Shyamal Kumar Bhattacharjee
                         27/1 B.T. Road
                         Green View Apartment
                         Fat I-001, Kamarhati
                         Kolkata 700058
                         E-mail: shy_bhatta1990@yahoo.co.in

Last date for
submission of claims:    November 15, 2019


REAL GROW: CARE Keeps 'D' Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Real Grow
Exims Private Limited (REPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      29.80       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short term Bank      2.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 5, 2018, placed the
rating(s) of REPL under the 'issuer non-cooperating' category as
REPL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. REPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter dated October
9, 2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 5, 2018 the following were the
rating weakness

Key Rating Weaknesses
Delays in meeting of debt obligations
The company had strained liquidity position during the year which
resulted in delays in meeting debt obligations.

Liquidity: Poor
Poor liquidity marked by cash loss and free cash & bank balance of
INR10,34,699.

Real Grow Exims Private Limited (RGEPL), incorporated in May 2012,
is promoted by Mr. Goluguri Venkata Reddy, Mr. Karri Venkata
Srinivasa Reddy and Mr. G N V S Satyanarayana Reddy. RGEPL
commenced its operations from June 2014 and is engaged in trading
of aqua feed for fish and prawns feeds in and around West Godavari
district, Andhra Pradesh. The promoters have long established
presence in the fish feed industry through several other group
companies viz. Reddy and Reddy Imports and Exports, Nutrient Marine
Foods Limited, Reddy and Reddy Motors, Reddy and Reddy Automobiles
and Nexus Feeds Ltd. Which are engaged in fish and prawns
feed/shrimp processing business.

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

The instrument-wise rating actions are:

-- INR15.21 mil. Long-term loans due on June 2019 migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating;

-- INR110 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR6 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 13, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RBWL was registered at Registrar of Companies Gwalior on October 7,
1997, and is categorized as a company limited by shares. It
manufactures beer at its 300,000 hectoliters per annum brewery
located in Maksi, Madhya Pradesh.

The company sells its products to the Madhya Pradesh Government. It
ventured into the conversion business with B9 Beverages Pvt Ltd in
FY17.

RHC HOLDING: Ind-Ra Maintains 'D' Debt Ratings in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RHC Holding
Private Limited's (RHC) debt ratings in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR2.0 bil. Secured long-term non-convertible debentures
     (NCDs; Long-term) ISIN INE657K07213 issued on December 27,   
     2013 coupon rate 13.60% due on December 27, 2018 maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR750 mil. Secured long-term bank loans (Long-term)
     maintained in a non-cooperating category with IND D (ISSUER
NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 4, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RHC was incorporated in 2007 as Solaries Finance Pvt. Ltd. It was
renamed in November 2008. RHC is a closely-held investment company,
held by Mr. Malvinder Mohan Singh and Mr. Shivinder Mohan Singh. As
on March 31, 2017, RHC held stakes in several unlisted subsidiaries
and group companies.

RIYASAT TOWERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Riyasat Towers Private Limited
        W4D, 204/5
        Keshav Kunj Cariappa Marg
        Western Avenue, Sainik Farms
        New Delhi South Delhi
        DL 110062
        IN

Insolvency Commencement Date: October 22, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 18, 2020
                               (180 days from commencement)

Insolvency professional: Harish Taneja

Interim Resolution
Professional:            Harish Taneja
                         236-L, Model Town
                         Near Mukhija Hospital
                         Sonipat 131001
                         E-mail: harishtaneja78@gmail.com

                         606, Anushka Tower
                         Garg Trade Centre
                         Sec-11, Rohini
                         New Delhi 110085
                         E-mail: cirp.riyasat@gmail.com

                            - and -

                         Insolvency and Bankruptcy Board of India
                         7th Floor, Mayur Bhawan
                         Sahnkar Market, Connaught Circus
                         New Delhi 110001

                         2nd Floor, Jeevan Vihar Building
                         Parliament Street
                         New Delhi 110001

Classes of creditors:    Allottees under Real Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Mahavir Parshad Jain
                         Mobile: 9643818001
                         E-mail: jain.mp54@gmail.com

                         Mr. Roshan Lal Jain
                         Mobile: 9818398895
                         E-mail: roshanljain@yahoo.co.uk

                         Mr. Subhash Bansal
                         Mobile 9310050849
                         E-mail: cabansalsubhash@gmail.com

Last date for
submission of claims:    November 18, 2019


RS STONES: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: RS Stones Private Limited
        619/19, Chattarpur Main Road
        South West Delhi
        New Delhi 110074

Insolvency Commencement Date: September 2, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 29, 2020

Insolvency professional: Deepak Kumar Agarwal

Interim Resolution
Professional:            Deepak Kumar Agarwal
                         Flat No. 2, Plot No. B-4
                         Paryatan Vihar, Vasundhra Enclave
                         New Delhi 110092
                         E-mail: dkagarwal.ip@gmail.com
                                 ip.rsstone@gmail.com

Classes of creditors:    Allottees/Investors under the real state
                         project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Mohd. Nazim Khan
                         Mr. Kamlesh Kumar Gupta
                         Mr. Mukul Kumar

Last date for
submission of claims:    September 16, 2019


S.L.O. INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: S.L.O. Industries Limited
        447/265, 2nd Floor
        Poonamalle High Road
        Aminjikarai
        Chennnai 600029
        IN

Insolvency Commencement Date: November 4, 2019

Court: National Company Law Tribunal, Division Bench-I, Chennai

Estimated date of closure of
insolvency resolution process: May 2, 2020
                               (180 days from commencement)

Insolvency professional: Chandramouli Ramasubramaniam

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

Last date for
submission of claims:    November 18, 2019


SARAWGI BUILDERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sarawgi Builders & Promoters Private Limited
        1, Old Court House Corner
        Tobacco House 3rd Floor
        Room No. 307 Kolkata
        Kolkata WB 700001
        IN

Insolvency Commencement Date: October 17, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 13, 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

Last date for
submission of claims:    November 11, 2019


SHAPRE INFOTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shapre Infotech India Limited
        G6 Mandra Apartments
        23C North Boag Road
        T. Nagar Chennai
        TN 600017
        IN

Insolvency Commencement Date: October 23, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 20, 2020

Insolvency professional: L V Shyam Sundar

Interim Resolution
Professional:            L V Shyam Sundar
                         3rd Floor, No. 17
                         Gandhi Road, Alwarthirunagar
                         Opp to Vinayagar Temple &
                         Above Samyuktha Scans
                         Chennai, Tamil Nadu 600087
                         E-mail: shyam.ascend@gmail.com
                                 cirp.shapreinfotechindia@
                                 gmail.com
                         Tel.: 044-43535657
                         Mobile: 9884882326 (Office)
Last date for
submission of claims:    November 6, 2019


SHIVA TEXFABS: CARE Maintains D Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiva
Texfabs Limited (STL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank     933.93       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short term Bank     11.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2018, placed the
ratings of STL under the 'issuer noncooperating' category as STL
had failed to provide information for monitoring of the rating. STL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
October 14, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers
At the time of last rating on June 25, 2018 the following were the
rating strengths and weaknesses (updated for the information
available from the Registrar of Companies):

Key Rating Weaknesses:

Ongoing delays in repayments: STL's bank accounts have been
classified as Non-Performing Assets (NPA) in the past. Weak
financial risk profile: The total Income declined by ~8% in FY18
(refers to the period from April 1 to March 31) while the company
continued to report losses at the PBILDT and cash level during the
year. This in turn led to a weak overall solvency position.

Deteriorating working capital cycle: The operating cycle of the
company has been continuously elongating and stood at ~78 days as
on March 31, 2018 (~32 days as on March 31, 2016).

Key Rating Strengths

Experienced promoters and established group presence: STL is
currently being promoted by Mr Akhil Malhotra, who has an industry
experience of more than two and a half decades. The company is a
flagship company of the 'Shiva' group which has an established
industry presence. The group has presence across the entire value
chain of the synthetic textile industry leading to a vast product
portfolio, captive consumption of raw materials and a large client
base.

Fully integrated nature of operations and advantages associated
with uniqueness of business model: STL manufactures fibres through
recycling of p-cPET (post-consumer Polyethylene terephthalate)
bottles. These are further used for manufacturing of yarn and
finally fabric which is sold to garment manufacturers. Dyeing is
also undertaken in-house. The operations of the company are
therefore fully integrated. Further, STL manufactures fibres by
recycling of p-cPET bottles - captively used to manufacture yarn
and finally fabric. This business model leads to a better
competitive position for the company as well as low raw material
costs.

The company was initially incorporated in 1993 as 'Shiva
Fabricators Pvt. Ltd.' and subsequently renamed Shiva Texfabs
Limited (STL). It is the flagship company of the Ludhiana-based
'Shiva Group'. The commercial operations of the company commenced
in 1995. The company is engaged in recycling of p-cPET containers
and bottles to manufacture synthetic fibres, yarns and fabrics. STL
operates from its two manufacturing units, both located in Ludhiana
having a total installed capacity of 38,112 spindles, as on March
31, 2015. The company also has a dyeing capacity of 10,850 MTPA
(metric tonnes per annum) and a recycling capacity of 82,500 MTPA
by weight for p-cPET bottles as on September 30, 2015.

SHRI KRISHNA: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Krishna
Steelage Private Limited's (SKSPL) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR130 mil. Fund-based limits affirmed with IND BB/Stable/IND
     A4+ rating; and

-- INR40 mil. Non-fund-based limits affirmed with an IND A4+
rating.

KEY RATING DRIVERS

The affirmation reflects SKSPL's continued small scale of
operations. Its revenue grew to INR972,61 million in FY19 (FY18:
INR884.81 million) driven by repeat and new orders from their
existing as well as new customers over the year. FY19 financials
are provisional in nature.

The ratings also factor in SKSPL's weak credit metrics. Gross
interest coverage (operating EBITDA/gross interest expense)
improved marginally to 1.38x in FY19 (FY18: 1.33x) owing to a
decrease in gross interest expense in FY19. Net financial leverage
(total adjusted net debt/operating EBITDAR) too improved to 4.34x
in FY19 (FY18: 5.45x) due to lower debt levels during the year.

The ratings are further constrained by the company's average
margins. Operating EBITDA margins declined to 3.65% in FY19 (FY18:
4.09%) due to marginal (1.22%) increase in raw material prices. The
return on capital employed stood at 13%.

The rating factor in SKSPL's presence in a highly fragmented and
intensely competitive steel industry, which is susceptible to the
cyclicality of the steel industry and raw material price
volatility.

The ratings, however, are supported by the promoters' experience of
two decades in the steel industry. Furthermore, the ratings are
also supported by the company's healthy relationship with its
reputed customers and suppliers.

Liquidity Indicator- Stretched: The firm's average maximum use of
its fund-based limits was around 95.21% during the 12 months ended
October 2019. The company's cash flow from operations turned
positive at INR51.41 million (FY18: negative INR4.37 million) due
to a favorable change in the working capital cycle. Its cash and
cash equivalents were INR10.35 million in FY19 (FY18: INR0.11
million).

RATING SENSITIVITIES

Positive:  An improvement in operating profit margins leading to an
improvement in the overall credit metrics with interest coverage
above 2.0x will be positive for the ratings.

Negative: Any deterioration in the profitability margin leading to
deterioration in the credit metrics with interest coverage below
1.2x will lead to negative rating action.

COMPANY PROFILE

Incorporated in 2004, SKSPL, managed by Mr. Vinod Gautam & Mr.
Surender Kumar, is engaged in the manufacturing of heavy gauge
stainless steel (SS) cold patti products derived from stainless
steel flats. The company's manufacturing facility is located at
Sirmour District in Himachal Pradesh and has an annual installed
capacity of 9,000 tons per annum. The bulk of the revenue is
derived from the manufacturing of steel and around 10% from the
trading of stainless steel.

SHRI KRISHNASHRAY: CARE Keeps C Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Krishnashray (India) Private Limited (SKIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      10.09       CARE C; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SKIPL to monitor the
rating(s) vide e-mail communications/letters dated September 13,
2019, August 12, 2019, July 23, 2019, June 28, 2019 and June 7,
2019 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion it
is not sufficient to arrive at a fair rating. The rating on Shri
Krishnashray (India) Private Limited's bank facilities will now be
denoted as CARE C; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on August 3, 2018 the following were the
rating strengths and weaknesses: (updated for the information
available from MCA Website):

Detailed description of Key rating drivers

Key rating Weakness

Modest & fluctuating scale of operations: The scale of operations
of SKIPL has marginally improved and stood modest with total
operating income of INR19.04 crore in FY18(A) {vis-à-vis INR18.11
crore in FY17 (A)} on account of introduction of new product namely
VECTA Modular Switches & accessories and coupled with addition of
new customers. Nevertheless, the scale of operations continues to
remain modest. Given this, coupled with accumulated losses over the
past, the tangible net-worth has eroded.

Low profitability coupled with net losses during last 4 years ended
on FY18: The operating margin of the company has remained
fluctuating in the range of 9% to 25% during last four years ending
FY18 on account of volatile prices of raw materials viz. brass,
poly carbonate (derivative of petroleum), silver, etc., Moreover,
led by higher depreciation & interest costs, given the high capital
intensity coupled with high reliance on external debt, the company
posted a net losses during last four years ended on FY18.

Leveraged capital structure and weak debt coverage indicators:
SKIPL's capital structure is leveraged due to high dependence on
external borrowings to support the operation. Furthermore, company
is highly dependent on its working capital bank borrowings to
support liquidity requirements. The aforementioned reason leads to
high interest costs and subsequently weak debt coverage
indicators.

Working capital intensive nature of operations: SKIPL's operations
are working capital intensive in nature due to funds being blocked
in inventory and receivables. The collection period elongated on
account of delayed payments received primarily from those customers
belonging to the real estate sector, further company is required to
maintain raw materials as well as finished goods stock of varieties
of switches available in its product portfolio, to meet the
anticipated future demand, thereby resulting in elongated operating
cycle. On account of this, the utilization of the working capital
limit remained high. Poor Liquidity: Poor liquidity marked by lower
accruals when compared to repayment obligations, fully utilized
bank limits and modest cash balance. This could constrain the
ability of the company to repay its debt obligations on a timely
basis.

Key rating Strengths

Long track record of the operations: SKS possesses a long track
record of over two decades of operations in the manufacturing
activities of modular switches, step lights and LED lights at its
manufacturing facility located at Bhimpore, Nani Daman. The various
types of modular switches manufactured by it are sold under the
brands 'Jewelite', 'Aryan', 'Jash' and 'Vesta' depending upon the
type and the end-user class catered to.

Highly experienced promoters: The overall operations of SKS are
looked after by Mr Jagat Killawala with his wife Mrs Charu
Killawala. Mr Jagat Killawala possesses a total experience of over
four decades mainly into the manufacturing activities of various
types of switches. On the other hand, Mrs Charu Killawala possesses
a total experience of over 19 years in the same field.

Incorporated in 2001 by Mr Jagat Killawala with his wife Mrs Charu
Killawala, SKIPL (erstwhile Shri Krishnashray, proprietorship
entity established in 1996, later converted into a private limited
company in 2001) is engaged in the manufacturing of modular
switches, step lights and LED lights at its manufacturing facility
located at Bhimpore, Nani Daman, possessing a capacity to
manufacture approx. one crore switches per annum. The modular
switches and LED lights find a wide range of applications in the
residential & commercial real estate sector, whereas the step
lights find application in the theaters and auditoriums. Further
the company procures its raw materials viz. electronic components,
solid brass components, hardware, polymer & plastic granules, etc.,
from the local players mainly based out of Mumbai.

SKS KARKALA: CARE Assigns B+ Rating to INR15cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of SKS
Karkala Infra Projects Private Limited, as:

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

   Short-term Bank
   Facilities          15.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SKS Karkala Infra
Projects Private Limited are tempered by short track record along
with moderate scale of operations (Provisional; FY refers to the
period from April 1 to March 31), modest profitability margins
during review period, short term revenue visibility from order
book, tender based nature of operations, highly fragmented and
competitive civil construction industry, profitability margins are
susceptible to fluctuation in raw material prices. The rating,
however, derives strength from experienced management in
construction industry, comfortable capital structure and
satisfactory debt coverage indicators.

Key rating Sensitivities

Positive Factors

* Consistent increase in the company's scale of operations marked
by total operating income along with sustained
improvement in its profitability margins and capital structure

Negative Factors

* Bidding of fresh orders and delay in execution of the same will
remain crucial for the overall financial risk profile of
the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record along with moderate scale of operation during
review period: SKIPPL has a limited track record, incorporated on
March 2018, the total operating income of SKIPPL remained moderate
during review period marked by TOI of INR41.25 crores in FY19
(Provisional) with a low net worth base of INR1.76 crore as on
March 31, 2019(Prov.). The small scale limits the firm's financial
flexibility in times of stress and deprives it from scale benefits
and limits competitive position and pricing flexibility compared to
larger entities.

Modest profitability margins during the review period: The
profitability margins remained modest during the review period due
to sub contract nature of operations and coupled with high overhead
costs. The PBILDT margin stood at 4.47% in FY19 (Prov.). Further,
the PAT margin stood at 3.06% in FY19.

Short term revenue visibility from order book position: SKIPPL has
outstanding order book of INR62.45 as on August 5, 2019 which will
be executed in next one year. The outstanding order pertains to
construction of office buildings and rehabilitation and development
for Govt. departments and boards like District Urban Development
Cell, PW, P & I.W T Dept. and Davangere Smart City Ltd which
resulting in high client and geographical concentration risk.

Tender based nature of operations: The company bids in tender
orders for civil & construction projects in the state of Karnataka.
All these are tender-based and the revenues are dependent on the
firm's ability to bid successfully for these tenders. Profitability
margins come under pressure because of competitive nature of the
industry. However, the director's satisfactory industry experience
of more than a decade mitigates this risk to some extent.
Nevertheless, there are numerous fragmented & unorganized players
operating in the segment which makes the civil construction space
highly competitive.

Highly fragmented and competitive civil construction industry along
with tender driven nature of business: The company belongs to
intensely competitive construction industry wherein the allotment
of works is the direct function of project execution capability in
terms of bidder's experience along with their financial capability
and quoted bid price. The high competitive intensity on account of
the presence of large number of contractors results into aggressive
bidding which exerts pressure on the margins. Furthermore,
aggressive bidding, interest rate risk and delays in project due to
environmental clearance are other external factors that affect the
credit profile of industry players.

Profitability margins are susceptible to fluctuation in raw
material prices: The basic input materials for execution of
contracts are steel, bitumen and cement, the prices of which are
highly volatile. Moreover, the company does not have any long term
contracts with its suppliers for purchase of aforesaid raw
materials. Hence, the operating margin of the company is exposed to
any sudden spurt in the input material prices along with increase
in labour prices being in labour intensive industry. Furthermore,
the company does not have price variation clause in work agreements
which would impact the profitability.

Key Rating Strengths

Experienced management in construction industry: SKS Karkala Infra
Projects Private Limited (SKIPPL) was incorporated in 2018 by Mr. B
T and Mr. Sujay Kumar Shetty and Ms. Amritha Shetty. The promoters
have experience of more than two decades in Construction business.
Due to long term presence in the market, the promoters have
established relations with customers and suppliers which enable the
company to get repeat orders from existing customer along with
regular addition of new customers.

Comfortable capital structure and satisfactory debt coverage
indicators: The capital structure of the SKIPPL stood comfortable
marked by overall gearing ratio of 0.29x as on FY19 (Prov.) The
debt profile of the company majorly consists of secured term loan
of INR0.51 crore as on March 31, 2019(Prov.) Further the debt
coverage indicators of the company marked by TD/GCA and interest
coverage stood moderately satisfactory at 0.38x and 376.23x
respectively in FY19 (Provisional).

Liquidity Analysis: Stretched

The liquidity profile of the company is stretched. The firm has low
cash and bank balance of INR0.08 crore as on March 31, 2019
(Prov.). The average working capital limit utilization stood at
90-95% for the 12-month period ended July 31, 2019. The current
ratio remained above unity at 1.48x as on March 31, 2019 (Prov.).

Bangalore based, SKS Karkala Infra Projects Private Limited
(SKIPPL) was incorporated in 2018 by Mr. Sujay Kumar Shetty and
Mrs. Amritha Shetty. Both the directors have the experience of more
than two decades in the construction industry. SKIPPL is engaged in
providing the civil construction services like construction of
Residential building, Govt. colleges, schools and Hospitals among
others for Karnataka government. As on April 01, 2019, the company
has takeover M/s Sujay Kumar Shetty which was established in 1994
as proprietorship firm by Mr. Sujay Kumar Shetty.

The company received the major of its work order by way of
sub-contract from M/s. Sujay Kumar Shetty in FY 19 (Provisional).
However, in FY20, the company has gained orders by participating in
government tenders. SKIPPL major clients include KRIES, Ajekar
Padmagopal Education Trust, PWD Mangalore, NADAVAS Group etc.
SKIPPL purchases raw materials like iron and steel, cement,
hardware items from local suppliers located in and around
Karnataka.

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

The instrument-wise rating actions are:

-- INR20.00 mil. Fund-based working capital limit migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR60.00 mil. Non-fund-based limit migrated to non-cooperating

     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 30, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1987, SDPL is undertakes drilling activities such
as destructive drilling, tube well or water well drilling, micro
tunneling, and pipe jacking.

SVASCA INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Svasca Industries (India) Ltd.

        Registered office:
        Road No. 08, House 10 (SF)
        East Punjabi Bagh
        West Delhi, New Delhi 110026

        Unit No. 1 - 48th Mile Stone
        Delhi–Mathura Road
        Village-Prithla
        District Palwal
        Haryana 12102
        India

           - and -

        Unit No. 2 – Plot No. 19
        Sector-6, IIE SIDCUL
        Pant Nagar, Rudrapur
        Uttara Khand 263153

Insolvency Commencement Date: October 22, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 19, 2020

Insolvency professional: Mr. Shashi Sharma

Interim Resolution
Professional:            Mr. Shashi Sharma
                         D-8, Gali No. 7
                         Shiv Ram Park, Nangloi
                         New Delhi 110041
                         E-mail: shashi@firmca.com

                            - and -

                         UG-12, Kirti Shikar Complex
                         District Center, Janakpuri
                         New Delhi 110058
                         E-mail: irp.svasca@gmail.com

Last date for
submission of claims:    November 14, 2019


TATA MOTORS: Moody's Assigns Ba3 Rating to New Sr. Unsec. Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the proposed
senior unsecured notes to be issued by Tata Motors Limited (Ba3
negative).

The rating outlook is negative.

The proposed notes rank pari passu with TML's existing senior
unsecured notes and are therefore rated at the same level as these
notes and TML's Ba3 corporate family rating.

RATINGS RATIONALE

"The Ba3 ratings reflect TML's (1) leading market position in
commercial vehicles (CVs) in India; (2) 100% ownership of the
premium/luxury car manufacturer Jaguar Land Rover Automotive Plc
(JLR, B1 negative); and (3) ownership by Tata Sons, which results
in a one-notch uplift, reflecting our expectation of continued
parental support, when needed," says Kaustubh Chaubal, a Moody's
Vice President and Senior Credit Officer.

On October 25, TML announced that it will make a preferential
allotment of equity shares and convertible warrants to Tata Sons
for a $914 million equity injection, of which $548 million will be
paid immediately, and the balance over a period of 18 months.
Pro-forma the preferential allotment and the conversion of the
warrants, Tata Sons' shareholding in TML will increase to 46.4%
from the current 38.4%.

"We view the preferential allotment as a credit positive because
TML plans to apply the proceeds towards reducing its debt," adds
Chaubal, who is also Moody's Lead Analyst for TML. "The equity
injection also reflects Tata Sons' continued support, and will
somewhat reduce the pressure on TML's balance sheet stemming from
the weak operating performance of its India business, even as JLR
delivers some improvement."

JLR continues to make progress on its cost savings and efficiency
plan with the aim to achieve GBP1.0 billion in cost savings by
March 2020, having delivered GBP0.5 billion up to September 2019.
In addition, JLR has also achieved GBP1.5 billion of its GBP1.7
billion target on capital expenditure and working capital
improvements as of September 2019. Looking ahead, Moody's expects
JLR's adjusted debt/EBITDA to improve from 10.6x at March 2019 to
6.0x over the next 12 months.

However, TML's operations excluding JLR -- in particular CVs and
passenger vehicles (PVs) in India (Baa2 negative) -- face acute
challenges, with sluggish economic growth, weak liquidity, tight
financing norms, and low rural income negatively affecting consumer
sentiment. TML's PV sales volumes declined by 41% in the first half
of the fiscal year ending March 2020, while CV volumes declined by
29.5% over the same period.

On November 7, Moody's changed its outlook on India's sovereign
ratings to negative from stable, reflecting increasing risks that
the country's economic growth will remain materially lower than in
the past. While government measures to support the economy should
help to reduce the depth and duration of India's growth slowdown,
prolonged financial stress among rural households, weak job
creation, and, more recently, a credit crunch among non-bank
financial institutions, have increased the probability of a more
entrenched slowdown.

Therefore, although TML will likely deliver slightly better volumes
in H2 fiscal 2020 as festive demand picks up, Moody's remains
skeptical about the long-term impact of short-term government
stimulus measures for the auto industry.

In particular, low capacity utilization levels for PVs, the
segment's low profitability (reported EBITDA margin of 0.1% in
fiscal 2019 and an EBITDA loss of 21.4% in H1 fiscal 2020), pose a
severe drag and key rating concern.

TML's reported consolidated EBITDA margin of 9.4% mirrored JLR's
9.4% margin during H1 fiscal 2020, mitigating the weak
profitability of its PV and CV operations in India.

TML's Moody's adjusted consolidated EBITA margins will likely
remain in breach of the downgrade trigger of 2.0% (0.6% in fiscal
2019). The company's leverage has also weakened, with consolidated
debt/EBITDA rising to 6.5x as of September 2019 from 5.5x as of
March 2019. Moody's expects a reversal in working capital in H2
fiscal 2020 and the equity injection from Tata Sons to be applied
towards debt reduction causing leverage to stay in the 5.7x - 6.2x
range over the next 12 months.

The negative outlook primarily reflects the challenges faced by
TML's operations excluding JLR, from the Indian auto sector's
slowing sales due to weak demand, over capacity and tightening
liquidity. The negative outlook also reflects the negative outlook
on JLR and the execution risks related to a sustained turnaround in
JLR's financial performance amid a subdued operating environment,
uncertainty around Brexit, and the possibility of US tariffs.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Meeting regional emission requirements, particularly those relating
to CO2, is one of the most pressing and challenging objectives
facing the auto industry over the medium to long term. The
continued tightening of emission standards and regulations across
most major markets, driven by environmental concerns, also require
investments into greater efficiency and electrification to maintain
compliance and avoid fines or additional costs.

Accordingly, environmental considerations are a material
consideration for this rating action, because these trends restrict
the company's -- and in particular JLR's -- ability to reduce
certain investments. The varying pace of adoption for hybrid and
electric vehicles among different consumers presents a challenge
for original equipment manufacturers (OEMs), including JLR and to
some extent also TML.

The modest contribution of TML's alternate fuel vehicle (AFV) units
to its global light vehicle unit sales exposes it to fast-evolving
and stringent regulations on emissions and AFVs in its key markets
of China, the US, and Europe. However, Moody's favorably notes
TML's continuous investments in preparing for the future as well
its stated policy that all new JLR models launched from 2020 will
have hybrid or electric variants. And in India TML will transition
to producing Bharat VI (the equivalent of Euro VI emission norms)
compliant vehicles from April 2020.

Ownership and control are key to Moody's assessment of governance
risk, with concentrated ownership having either a positive or
negative influence on corporate performance. Whereas concentrated
ownership and control can raise potential conflicts of interest
and/or related-party transactions that are not aligned with
creditor interests, the concentrated ownership with Tata Sons has
been benefited TML and its creditors. TML is 38.4% owned by Tata
Sons and various other entities of the Tata Group, and pro-forma
the preferential allotment of shares and conversion of warrants,
the Tata Group will own 46.4% in TML. Consequently, Moody's views
governance risk as moderate with no overall impact on TML's
ratings.

WHAT COULD CHANGE THE RATING DOWN/UP

TML's ratings could be downgraded if (1) JLR's ratings are
downgraded; or (2) the performance of its businesses -- excluding
JLR -- remains weak amid subdued market conditions, input cost
pressures, disappointing new product sales, or a decline in market
share, in turn resulting in weakening earnings and cash flow.

Specific metrics that Moody's would consider for a downgrade
include leverage rising above 6.0x and EBITA margins falling below
2%, both on a sustained basis.

Any change to Moody's assumption of support from Tata Sons could
also prompt a revision to the one-notch uplift incorporated in
TML's ratings.

The rating outlook could return to stable if (1) the outlook on
JLR's B1 ratings returns to stable; and (2) TML's Indian
operations, that have been under pressure for the last 2-3
quarters, improve significantly; both resulting in an improving
trajectory of TML's credit metrics.

Although unlikely over the next 12-18 months, upward rating
pressure could build if (1) JLR's operating performance and
consequently its credit metrics improve; (2) TML arrests the sharp
decline in volumes in its CV and PV businesses in India, and gains
market share; (3) the Indian PV business generates sustainable
positive EBITDA; and (4) the effect of these are reflected in a
sustained improvement in credit metrics.

Specific metrics that Moody's will consider for an upgrade include
TML's leverage falling below 4.5x, EBITA margins rising above 4%,
and positive free cash flow generation, all for sustained periods.

The principal methodology used in these ratings was Automobile
Manufacturer Industry published in June 2017.

Tata Motors Limited, incorporated in 1945, is the largest
manufacturer of commercial vehicles and passenger vehicles in
India. The company's products include light, medium, and heavy
vehicles, such as trucks, pick-ups and buses, utility vehicles and
passenger cars.

TML's acquisition of Jaguar Land Rover Automotive Plc in 2008
diversified the group's profile through JLR's presence
international markets of the UK, Europe, the US, China, Russia and
Brazil, and the introduction of a diversified product range that
includes JLR's product suite across luxury cars.

TML is listed on the Bombay Stock Exchange, the National Stock
Exchange and the New York Stock Exchange. As of September 2019, TML
was 38.4% owned by Tata Sons and other Tata Group companies.
Pro-forma the just announced preferential allotment of shares and
conversion of the warrants, the Tata Group shareholding in TML will
increase to 46.4%.

TIRUMALA REALCON: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Tirumala Realcon Private Limited
        51, Shakespeare Sarani, 2nd Floor
        Kolkata 700017

Insolvency Commencement Date: October 31, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Pradeep Kumar Goenka

Interim Resolution
Professional:            Pradeep Kumar Goenka
                         AV Insolvency Professionals Pvt. Ltd.
                         Bajarang Kunj, Room No. 412 & 413
                         2B, Grant Lane, 4th Floor
                         Kolkata 700012
                         E-mail: goenka.pradeep@gmail.com
                                 cirp.tirumalarealcon@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Animesh Mukhopadhyay
                         Mr. Manish Jain
                         Mr. Sudipta Ghosh

Last date for
submission of claims:    November 14, 2019


UJWAL ELECTRICAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ujwal Electrical Stampings Private Limited
        Plot no. L-31, MIDC
        A/P-Ahmednagar 414111
        Maharashtra

Insolvency Commencement Date: November 4, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: CA Fanendra Harakchand Munot

Interim Resolution
Professional:            CA Fanendra Harakchand Munot
                         Joshi Kale Munot & Associates
                         6th Floor, Mafatlal House Building
                         H T Parekh Marg
                         Backbay Reclamation
                         Mumbai 400020
                         E-mail: fhmunot@gmail.com

                            - and -

                         101, Monoplex Plaza
                         Deep Bungalow Chowk
                         Pune 411016
                         Mobile: 7588325800

Last date for
submission of claims:    November 21, 2019


VANDEU INTERNATIONAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s Vandeu International Pvt Ltd
        Plot No. L-14
        Udyog Nagar Piragarhi
        New Delhi 110063

Insolvency Commencement Date: November 1, 2019

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Devnidhi Arya

Interim Resolution
Professional:            Devnidhi Arya
                         308-310, Agarwal Chamber-2
                         30-31, Veer Savarkar Block
                         Shakarpur, Delhi 10092
                         E-mail: devaryafca@gmail.com
                                 irp.vandeu@gmail.com
                         Tel.: 011-43215950
                         Mobile: +91-9818125950

Last date for
submission of claims:    November 18, 2019


VASUNDHARA NIRMAN: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Vasundhara Nirman Unnayan Private Limited
        BH-155, Sector-11
        Salt Lake City
        Kolkata WB 700091

Insolvency Commencement Date: November 1, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 29, 2020

Insolvency professional: Aditya Kumar Tibrewal

Interim Resolution
Professional:            Aditya Kumar Tibrewal
                         7C, Kiran Shankar Roy Road
                         Hasting Chamber, Basement
                         Kolkata 700001
                         E-mail: adityatibre@gmail.com
                                 cirp.vnu@gmail.com

Classes of creditors:    Homebuyers

Insolvency
Professionals
Representative of
Creditors in a class:    Surendra Kumar Agarwal
                         Bhawani Enclave, 3D
                         99C, Girish Ghosh Road
                         Liluah, Howrah 711204
                         E-mail: surendraca@gmail.com

                         Chandra Kumar Jain
                         18, Rabindra Sarani
                         Poddar Court, Gate No. 1
                         8th Floor, Room No. 816
                         Kolkata 700001
                         E-mail: ckcacs@yahoo.co.in

                         Chhedi Rajbhar
                         40 Strand Road, Model House
                         2nd Floor, Room No. 49
                         Kolkata 700001
                         West Bengal
                         E-mail: crajbharco.ca@gmail.com

Last date for
submission of claims:    November 15, 2019


VINISHMA TECHNOLOGIES: CARE Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vinishma
Technologies Private Limited (VTPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      2.00       CARE B+; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short term Bank    12.50       CARE A4; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VTPL to monitor the ratings
vide e-mail communications/letters dated October 17, 2019, October
7, 2019, September 10, 2019, August 30, 2019, etc. and numerous
phone calls. However, despite CARE's repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on VTPL's bank facilities will now be denoted as
CARE B+; Stable/ CARE A4; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on November 14, 2018 the following were
the rating weaknesses and strengths:
Key rating weaknesses

Modest and fluctuating scale of operations with low net worth base:
The scale of operations of the company stood modest marked by total
operating income and gross cash accrual of INR80.09 crore and
INR0.74 crore respectively for FY18 (FY refers to period April 1 to
March 31). The scale of operation remained fluctuating for the past
three financial years, i.e., FY16 – FY18 owing to the tender
based nature of orders received. The net worth base of the company
stood low at INR6.31 crore as on March 31, 2018. The modest scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits.

Low profitability margins and leveraged capital structure: The
profitability margins of the company have remained on the lower
side owing to the trading nature of the business and intense market
competition given the highly fragmented nature of the industry.
Interest cost has further restricted the net profitability of the
company. PAT stood below unity for the past three financial years
i.e. FY16-FY18. The capital structure of the company marked by
overall gearing remained leveraged at 1.11x as on March 31, 2018.

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

Presence in highly competitive industry: VTPL faces direct
competition from various unorganized players in the market. There
are number of small and regional players and catering to the same
market which has limited the bargaining power of the company and
has exerted pressure on its margins. Further, the award of
contracts are tender driven and lowest bidder gets the work. Hence,
going forward, due to increasing level of competition and
aggressive bidding, the profits margins are likely to be under
pressure in the medium term.

Key rating strengths

Experienced directors: The company is managed by Mr Manish Agarwal
who is a graduate by qualification and has an experience of more
than two decades in the industry through his association with VTPL.
Further, he is also supported by Mr Rajendra Kumar Agarwal in
managing day to day operations of the company.

Moderate operating cycle: The operating cycle of the company stood
moderate at negative 25 days for FY18. The company normally
receives payment in around two months. The average collection
period stood at 59 days for FY18. The company maintains inventory
of around a month to meet immediate demand. The company normally
pays to its suppliers once the amount is realized from the
customers/government departments.

Ghaziabad, Uttar Pradesh based VTPL was incorporated in June, 1995.
The company is currently managed by Mr Manish Agarwal and Rajendra
Kumar Agarwal. The company is engaged in trading of school supplies
such as school uniform, bags, shoes etc.

VISHWAKARMA AUTOMOTIVE: CARE Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vishwakarma
Automotive Private Limited (VAPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      18.00      CARE B+; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VAPL to monitor the rating
vide e-mail communications/letters dated October 18, 2019, October
17, 2019, October 11, 2019 etc. and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Vishwakarma Automotive Private Limiteds' bank facilities will now
be denoted as CARE B+;Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on October 24, 2018 the following were
the rating weaknesses and strengths: (Updated with information from
MCA)

Key Rating Weaknesses

Small scale of operations with relatively low net worth base: The
scale of operations stood small marked by total operating income
and gross cash accruals of INR35.77 crore and INR1.50 crore
respectively during FY18 (period refers to April 1 to March 31;
based on audited results). Further, the company's net worth base
stood relatively small at INR7.76 crore as on March 31, 2018. The
small scale limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

Leveraged capital structure and weak coverage indicators: The
capital structure of the company stood leveraged marked by overall
gearing of above 2.50x as on past three balance sheet date ending
March 31, '16-'18 owing to debt funded capex undertaken in past
coupled with high reliance on borrowed funds to meet working
capital requirements. Owing to high debt levels, the coverage
indicators of the company stood weak marked by interest coverage of
below 2x and total debt to GCA of above 10x for the past three
financial year (i.e. FY16-FY18).

Working capital intensive nature of operations: The company is
required to maintain adequate inventory of raw material and
work-in-progress for smooth running of its production processes and
also in form of finished goods to meet its customers' demand
resulting in average inventory holding period of around 86 days in
FY18. The company extends credit period of around 2-3 month to its
customer's and receives credit period of around 2-3 months from its
suppliers. The same resultant into fully utilization of its working
capital bank borrowings for the past 12 months ended February,
2018.

Highly competitive nature of industry: The spectrum of the steel
industry in which the company operates is highly competitive marked
by the presence of numerous players. Given the fact that the entry
barriers to the industry are low, the players in the industry do
not have pricing power and are exposed to competition induced
pressures on profitability.

Key rating strengths

Experienced and resourceful promoter: The overall operations of
VAPL are being managed by Mr. Ashwani Kumar, Mr. Parveen Kumar and
Mr. Rajinder Kumar who possess experience of more than three
decades in the automotive industry through their association with
this entity and other group associates. They are well supported by
Mr. Keshav Dhamija who looks after the day-to-day operations of the
company. Further long track record aided in establishing
relationships with both suppliers and customers. VAPL sells ~60% of
the final product to its group concern namely Vishwakarma Auto
Parts Private Limited which manufactures auto components for the
established customers The association with reputed customer results
in higher revenue visibility and increased presence in the market
for the Vishwakarma Group.

Moderate profitability margins: The profitability margin marked by
PBILDT margin of the company stood at moderate levels at above 10%
for the past three financial years i.e. FY16-FY18. The decline in
PBILDT margin was on account of volatile nature of raw material
prices and inability of the company to pass on any increase in
prices. High depreciation and financial charges restricted the PAT
margin at 1.12% in FY18 (period refers to April 1 to March 31;
based on Audited results).

Faridabad, Haryana based VAPL was incorporated in 1999 and is
currently being managed by Mr. Ashwani Kumar, Mr. Parveen Kumar,
Mr. Rajinder Kumar and Mr. Keshav Dhamija. The company is engaged
in manufacturing of casting like grey cast iron and ductile iron
machined casting. Vishwakarma Auto Parts Private Limited (VAPPL)
(CARE B+; Stable); incorporated in 2011 is an associate concern of
VAPL. It is engaged in manufacturing of auto components.



=====================
P H I L I P P I N E S
=====================

AMA RURAL BANK: Central Bank Shuts Down Rural Bank
--------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited AMA Rural Bank of Mandaluyong, Inc. from doing business
in the Philippines through MB Resolution No. 1705.D dated November
7, 2019 which also directed the Philippine Deposit Insurance
Corporation (PDIC) as Receiver to proceed with the takeover and
liquidation of AMA Rural Bank of Mandaluyong. PDIC took over the
bank on November 8, 2019.

AMA Rural Bank of Mandaluyong is a 13-unit rural bank with Head
Office located at No. 311, Shaw Blvd., Brgy. Hagdang Bato Libis,
Mandaluyong City. It has 12 branches located in Pasig City; Baguio
City; San Fernando City, La Union; Tuguegarao City, Cagayan;
Baliuag, Bulacan; San Fernando, Pampanga; Bacoor, Cavite; Cainta
and Morong in Rizal; Calamba City and San Pablo City in Laguna; and
Palo, Leyte.

Latest available records show that as of June 30, 2019, AMA Rural
Bank of Mandaluyong has 8,434 deposit accounts with total deposit
liabilities of PHP1.4 billion, of which 92.06% or PHP1.3 billion
are insured deposits.

PDIC assured depositors that all valid deposits and claims shall be
paid up to the maximum deposit insurance coverage of PHP500,000.00.
Individual account holders of valid deposits with balances of
PHP100,000.00 and below do not need to file deposit insurance
claims, provided they have no outstanding obligations or have not
acted as co-makers of obligations with AMA Rural Bank of
Mandaluyong. These individual depositors must ensure that they have
complete and updated addresses with the bank. PDIC representatives
will be distributing Mailing Address Update Forms at the bank
premises and depositors may submit the forms until November 15,
2019.

For business entities and all other depositors who are required to
file claims for deposit insurance, the schedule for filing of
claims will be announced through posters in the bank premises and
in other public places, the PDIC website www.pdic.gov.ph, and
PDIC's official Facebook account.

PDIC also reminded borrowers to continue paying their loan
obligations with the closed AMA Rural Bank of Mandaluyong and to
transact only with designated PDIC representatives at the bank
premises.

For more information on the requirements and procedures for filing
of claims for deposit insurance and settlement of loan obligations,
all depositors and borrowers of the bank are enjoined to attend the
Depositors-Borrowers' Forum on November 21 to 22, 2019. Details
will be posted at the bank premises and in other public places.

Pursuant to Section 13 of R.A. 3591, as amended, PDIC shall
likewise accept Letters of Intent from interested banks and
non-bank institutions for possible Purchase of Assets and
Assumption of Liabilities (P&A) as a mode of liquidating AMA Rural
Bank of Mandaluyong within sixty (60) days from PDIC takeover
subject to compliance with the requirements prescribed under the
Guidelines in Pre-qualifying Proponents and Evaluating the
Proposals for Purchase of Assets and Assumption of Liabilities Mode
of Liquidating Closed Banks posted in the PDIC website.

All stakeholders and interested parties may communicate with PDIC
Public Assistance personnel stationed at the bank premises or call
the PDIC Public Assistance Hotline at (02) 8841-4141 or the Toll
Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro
Manila. Inquiries may also be sent by e-mail to pad@pdic.gov.ph or
via private message to the official PDIC Facebook account at
www.facebook.com/OfficialPDIC.

AMA RURAL BANK: Questions Central Bank's Order to Shutter Bank
--------------------------------------------------------------
Julito G. Rada at Manila Standard reports that the Mandaluyong
City-based AMA Rural Bank said the closure order of the Bangko
Sentral ng Pilipinas last week was "unreasonable," adding the bank
is liquid and fit to operate "in every capacity."

According to the Standard, the bank's management said AMA was the
15th largest rural bank in the country in terms of assets with
resources of PHP2.76 billion as of end September 2019, based on its
latest financial statement filed with the Bangko Sentral ng
Pilipinas.

The bank is also considered the fifth largest in capitalization
with PHP1.04 billion, and a net loan portfolio of P1.90 billion,
consisting mainly of teacher salary loans estimated to be the 13th
largest among rural banks, the Standard relays.

"The bank is liquid with its shareholders' capital injection of an
additional PHP405 million, and a total deposit due from BSP/other
banks amounting to PHP246 million. Given this strength, AMA Bank
assures our clients, employees, and stakeholders that we are fit to
operate in every capacity," AMA said.

"We challenge the closure as unreasonable. Guided by legal
measures, we are exploring all possible courses of actions to
resume our full operations and continue to serve you," it said.

MAXIMUM SAVINGS: Monetary Board Closes Thrift Bank
--------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Maximum Savings Bank, Inc. from doing business in the
Philippines through MB Resolution No. 1704.C dated November 7, 2019
which also directed the Philippine Deposit Insurance Corporation
(PDIC) as Receiver to proceed with the takeover and liquidation of
Maximum Savings Bank. PDIC took over the bank on November 8, 2019.

Maximum Savings Bank is a five-unit thrift bank with Head Office
located at 24 Antonio A Pastor Bldg., P. Burgos St., Barangay 16
(Pob), Batangas. It has four branches located in Muntinlupa City;
Batangas City, Batangas; and Calapan City and Puerto Galera, both
in Oriental Mindoro.

Latest available records show that as of June 30, 2019, Maximum
Savings Bank has 3,487 deposit accounts with total deposit
liabilities of PHP158.0 million, of which 38.34% or PHP60.6 million
are insured deposits.

PDIC assured depositors that all valid deposits and claims shall be
paid up to the maximum deposit insurance coverage of PHP500,000.00.
Individual account holders of valid deposits with balances of
PHP100,000.00 and below do not need to file deposit insurance
claims, provided they have no outstanding obligations or have not
acted as co-makers of obligations with Maximum Savings Bank. These
individual depositors must ensure that they have complete and
updated addresses with the bank. PDIC representatives will be
distributing Mailing Address Update Forms at the bank premises and
depositors may submit the forms until November 15, 2019.

For business entities and all other depositors who are required to
file claims for deposit insurance, the schedule for filing of
claims will be announced through posters in the bank premises and
in other public places, the PDIC website www.pdic.gov.ph, and
PDIC's official Facebook account.

PDIC also reminded borrowers to continue paying their loan
obligations with the closed Maximum Savings Bank and to transact
only with designated PDIC representatives at the bank premises.

For more information on the requirements and procedures for filing
of claims for deposit insurance and settlement of loan obligations,
all depositors and borrowers of the bank are enjoined to attend the
Depositors-Borrowers' Forum on November 21 to 22, 2019. Details
will be posted at the bank premises and in other public places.

Pursuant to Section 13 of R.A. 3591, as amended, PDIC shall
likewise accept Letters of Intent from interested banks and
non-bank institutions for possible Purchase of Assets and
Assumption of Liabilities (P&A) as a mode of liquidating Maximum
Savings Bank within sixty (60) days from PDIC takeover subject to
compliance with the requirements prescribed under the Guidelines in
Pre-qualifying Proponents and Evaluating the Proposals for Purchase
of Assets and Assumption of Liabilities Mode of Liquidating Closed
Banks posted in the PDIC website.

All stakeholders and interested parties may communicate with PDIC
Public Assistance personnel stationed at the bank premises or call
the PDIC Public Assistance Hotline at (02) 8841-4141 or the Toll
Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro
Manila. Inquiries may also be sent by e-mail to pad@pdic.gov.ph or
via private message to the official PDIC Facebook account at
www.facebook.com/OfficialPDIC.

RURAL BANK OF LEMERY: PDIC to pay Depositors on November 19 to 20
-----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) will service
the deposit insurance claims of depositors of the closed Rural Bank
of Lemery, Inc. from November 19 to 20, 2019, 8:00 AM to 5:00 PM,
at the bank's Head Office located at Illustre Ave., Brgy. District
1 (Poblacion) Lemery, Batangas.

Filing of claims is waived for depositors with valid deposit
balances of PHP100,000 and below; who have no obligations with the
bank, have not acted as co-makers of these obligations, are not
spouses of the borrowers, have updated and complete mailing address
in the bank records or through the PDIC-provided Mailing Address
Update Form (MAUF), and have not maintained the account under the
name of business entities. Postal Money Order checks (PMO) will be
sent to said depositors at their respective mailing addresses.

All other depositors, regardless of the type of their account or
account balance, have to file deposit insurance claims. All valid
claims will be paid.

When filing claims for deposit insurance, depositors have to
personally present their Savings Passbook, Certificate of Time
Deposit or other evidence of deposit, and original and photocopy of
one (1) valid photo-bearing ID with their signature. It is
recommended, however, that they bring at least two (2) valid IDs in
case of discrepancy in signature.

Depositors who are below 18 years old should be represented by a
parent. For these depositors, a photocopy of the child's Birth
Certificate issued by the Philippine Statistics Authority (PSA) or
a duly certified copy issued by the Local Civil Registrar is
required. The parent should sign the Claim Form and other
requirements. However, if the claimant is not the signatory in the
bank records, the original copy of a notarized or authenticated
Special Power of Attorney (SPA) of depositor or parent of a minor
depositor is required.

PDIC will not accept claims which are incomplete or lack the
requisite documents. The deposit insurer may also require other
documents in the course of processing of claims. PDIC reminds
depositors to deal only with PDIC authorized officers.

For more information on the payout process and requirements,
depositors may contact the Public Assistance Department at
telephone numbers (02) 8841-4141, or e-mail at pad@pdic.gov.ph.
Depositors outside Metro Manila may call the PDIC Toll Free Hotline
at 1-800-1-888-PDIC (7342). The procedures and requirements for
filing of deposit insurance claims are also posted in the PDIC
website, www.pdic.gov.ph. The Claim Form and format of the SPA may
also be downloaded free of charge from the PDIC website.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
8, 2019, The Monetary Board (MB) of the Bangko Sentral ng Pilipinas
(BSP) prohibited Rural Bank of Lemery, Inc. from doing business in
the Philippines through MB Resolution No. 1660.A dated October 31,
2019 which also directed the Philippine Deposit Insurance
Corporation (PDIC) as Receiver to proceed with the takeover and
liquidation of Rural Bank of Lemery. PDIC took over the bank on
November 4, 2019.

Rural Bank of Lemery is a single-unit rural bank located on
Illustre Ave., Brgy. District I (Pob.), Lemery, Batangas.

Latest available records show that as of June 30, 2019, Rural Bank
of Lemery has 1,096 deposit accounts with total deposit liabilities
of PHP69.56 million, of which 93.29% or PHP64.9 million are insured
deposits.




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

SEMBCORP MARINE: Q3 Net Loss Widens to SGD52.6 Million
------------------------------------------------------
Vivienne Tay at The Business Times reports that Sembcorp Marine
(SembMarine) saw its net loss widen to SGD52.6 million for its
third quarter ended Sept. 30, from a SGD29.8 million net loss a
year ago.

This was mainly due to additional costs for rigs and floaters
projects, as well as continued low overall business volume which
impacted the absorption of overhead costs, offset by margin
recognition from newly secured production floater projects and rig
delivery, BT discloses.

Loss per share stood at 2.52 Singapore cents for the quarter, from
1.42 cents a year ago, BT relates citing the company's results
released on Nov. 13.

Revenue for Q3 fell 38.6 per cent to SGD717.2 million, from SGD1.17
billion a year ago, mainly due to lower revenue recognition from
rigs and floaters projects, adds BT.

Headquartered in Singapore, Sembcorp Marine Ltd --
https://www.sembmarine.com/ -- an investment holding company,
provides offshore and marine engineering solutions worldwide.
Sembcorp Marine Ltd. is a subsidiary of Sembcorp Industries Ltd.


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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

Copyright 2019.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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