/raid1/www/Hosts/bankrupt/TCRAP_Public/200103.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, January 3, 2020, Vol. 23, No. 3

                           Headlines



A U S T R A L I A

ISIGNTHIS: Customer Assets Frozen Amid ASIC Investigation
SPI ENERGY: Signs Agreement to Amend Note Redemption Feature


C H I N A

CHINA LENDING: Changes Name to Roan Holdings Group Co. Ltd.
QINGHAI SALT: Fails to Sell Assets in Online Fire Sale


H O N G   K O N G

CHINA OCEAN: Court Declares Bankruptcy of Nantong Huakai


I N D I A

AB GARMENTS: Insolvency Resolution Process Case Summary
ABG SHIPYARD: Three Directors Face INR8 Lakh Fine by Sebi
ACCORD UDYOG: CARE Reaffirms 'B' Rating on INR8cr LT Loan
AMRIT HOMES: CARE Keeps D on INR25cr Debt in Not Cooperating
ANNADATA RICE: CARE Lowers Rating on INR9.22cr LT Loan to 'D'

BISUI POULTRY: CARE Lowers Rating on INR7.70cr LT Loan to D
BRISTO FOODS: Insolvency Resolution Process Case Summary
DEVANSH INT'L: Insolvency Resolution Process Case Summary
GANESH FOODS: CARE Moves B on INR16cr Debt to Not Cooperating
GANGIDI INDUSTRIES: Insolvency Resolution Process Case Summary

GOPAL SHIVHARE: CARE Keeps 'D' Rating in Not Cooperating
GROWTHWAYS TRADING: Insolvency Resolution Process Case Summary
IL&FS GROUP: Looks to Sell Stake in Gift City, Some Road Assets
ISHWAR CABLES: CARE Lowers Rating on INR7cr Loans to D
ISHWAR METAL: CARE Lowers Rating on INR32cr Loan to 'D'

JASON DEKOR: Insolvency Resolution Process Case Summary
JET AIRWAYS: Induja Brothers Preparing to Bid by Jan. 15
K S INFRA: CARE Lowers Rating on INR6cr LT Loan to 'D'
KAIZEN POWER: Insolvency Resolution Process Case Summary
KAMLA SHIVHARE: CARE Maintains 'D' Debt Ratings in Not Cooperating

LAXMINARAYAN SHIVHARE: CARE Keeps D Debt Ratings in Not Cooperating
LKP INFRA: CARE Reaffirms 'B' Rating on INR4.14cr LT Loan
LUNI POWER: Insolvency Resolution Process Case Summary
MOHINDRA COACHES: CARE Reaffirms B+ Rating on INR2.50cr Loan
MS JEWELLERS: CARE Lowers Rating on INR4.5cr Loan to 'B+'

NARSINGH VINIMAY: Insolvency Resolution Process Case Summary
ORBIS INFINIUM: Insolvency Resolution Process Case Summary
Q INNOVATIONS: Insolvency Resolution Process Case Summary
REENA TINAAZ: CARE Lowers Rating on INR175cr LT Loan to 'D'
SATYESHWAR HIMGHAR: CARE Cuts Rating on INR11.42cr Loan to D

SHREE TATYASAHEB: CARE Lowers Rating on INR248.36cr Loan to B+
SOLO METALS: Insolvency Resolution Process Case Summary
STATE TRADING: CARE Keeps 'D' Debt Ratings in Not Cooperating
STONE INDIA: Insolvency Resolution Process Case Summary
SUN PHARMACEUTICAL: Plans to Demerge Overseas Subsidiary Rejected

TXLENE FORGE: Insolvency Resolution Process Case Summary
V.S. METALLIC: Ind-Ra Cuts LT Issuer Rating to 'D/NonCooperating'
VARDHMAN RICE: Insolvency Resolution Process Case Summary
VINODSAI AGRICOLD: CARE Reaffirms B+ Rating on INR10.67cr Loan


N E W   Z E A L A N D

CLAYMARK LTD: Business to be Put on Sale this Month


T A I W A N

KING CAR: Closing Up to 10 Mr Brown Coffee Stores Across Taiwan

                           - - - - -


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

ISIGNTHIS: Customer Assets Frozen Amid ASIC Investigation
---------------------------------------------------------
Sarah Danckert at The Sydney Morning Herald reports that embattled
tech group iSignthis has copped blow, with the corporate regulator
launching court action to freeze the assets of yet another of the
one-time market darling's customers and a sponsor of the NRL's
South Sydney Rabbitohs.

According to SMH, the Australian Securities and Investments
Commission (ASIC) has successfully obtained interim freezing orders
over the assets held by financial derivatives trading group Maxi
EFX Global AU Pty Ltd, which operates the EuropeFX platform.

EuropeFX is a second-tier sponsor for the Rabbitohs, with the club
naming the platform its "official foreign exchange partner" in
July, the report discloses.

iSignthis, which provides "know your customer" technology to online
trading and gaming businesses, revealed in September 2018, that
EuropeFX was a "contracted merchant" to its business, SMH says.

SMH relates that EuropeFX joins a cavalcade of iSignthis customers
that have run afoul of regulators both in Australia and
internationally amid allegations they are linked to online trading
scams.

According to SMH, iSignthis' shares have been suspended from
trading on the ASX since October amid concerns about the group's
disclosures and the calibre of its clients. Many are subject to
regulatory warnings for not being licensed or for allegedly being
linked to online trading scams, including Australian group AGM
Markets, which in turn counted alleged unlicensed binary options
trading platforms OziFin and OT Markets as clients. The stock is
currently subject to reviews by the ASIC and the ASX, SMH states.

Earlier this month, iSignthis took the unusual step of suing the
ASX in the Federal Court alleging the market operator has unfairly
kept its shares suspended and had leaked confidential information
that was provided by iSignthis in response to an official request
for information by the operator, according to SMH.

In December, the Federal Court made orders against Maxi and another
allegedly related entity, BrightAU Capital Pty Ltd (trading as
TradeFred), SMH relates.

EuropeFX and TradeFred are not prevented from making payments in
the ordinary course of business to customers for creditors, SMH
adds citing the Federal Court orders.

SMH relates that the Federal Court also imposed orders requiring
BrightAU director John Carlton Martin and Maxi director Pedro
Eduardo Sasso to notify the court before they travelled overseas.


There is no allegation that iSignthis is suspected of any alleged
breaches by Maxi or BrightAU, the report notes.

Other iSignthis customers that have also been pinged by regulators
include FCorp and Nona, SMH adds.

Moreover, iSignthis subsidiaries used Danish lender KAB as their
settlement provider. KAB is now under criminal investigation in
Denmark for alleged money laundering breaches and has been taken
over by the government, the report notes.

In December, its chief executive John Karantzis said in a letter to
shareholders the ASX had blocked its recent announcement that
showed the number of high-risk customers the group now had was 6
per cent because it was deemed by the exchange as marketing
material, according to SMH.

Earlier this month, iSignthis downgraded its underlying earnings to
$6.5 million for fiscal 2019, from a November forecast of $10.7
million, blaming, in part, its ASX suspension, SMH adds.


SPI ENERGY: Signs Agreement to Amend Note Redemption Feature
------------------------------------------------------------
SPI Energy Co., Ltd. has amended certain redemption feature of the
Convertible Promissory Note previously made by SPI Energy in favor
of Iliad Research & Trading, L.P. (the "Lender") on May 28, 2019,
with a principal amount of $1,331,500.

Beginning Nov. 28, 2019, the Lender had the right to redeem up to
$200,000 of the Note per calendar month, and the Lender submitted
such an election in December 2019. At the Company's election,
payment of each redemption may be made in cash or by SPI Energy's
ordinary shares. In accordance with the amendment, the parties
agreed that the Lender would cancel the December 2019 redemption
request and would not make a redemption request until January 2020
and that the maximum monthly amount that the Lender may redeem in
January, February and March 2020 will be $300,000 instead of
$200,000. Any portion of the Maximum Monthly Redemption Amount that
is not redeemed in a given month may be redeemed in the following
month or months.

As previously announced, in the event that SPI Energy elects to pay
the redemption amount in shares, the conversion price will the
lesser of (a) the Lender Conversion Price of $10 per share, and (b)
the market price of the ordinary shares, which will be equal to 80%
of the lowest closing trade price during the ten trading days
immediately preceding the applicable measurement date. In the event
that SPI Energy is unable to pay for the redemption with its
ordinary shares, the Company would be required to repay any
redemption in cash.

                         About SPI Energy

SPI Energy Co., Ltd. -- http://www.spisolar.com-- is a global
provider of photovoltaic solutions for business, residential,
government and utility customers and investors. The Company
develops solar PV projects that are either sold to third party
operators or owned and operated by the Company for selling of
electricity to the grid in multiple countries in Asia, North
America and Europe. The Company's subsidiary in Australia primarily
sells solar PV components to retail customers and solar project
developers. The Company has its operating headquarters in Hong Kong
and Santa Clara, California and maintains global operations in
Asia, Europe, North America, and Australia.

SPI Energy reported a net loss attributable to shareholders of the
Company of $12.28 million for the year ended Dec. 31, 2018,
compared to a net loss attributable to shareholders of the Company
of $91.08 million for the year ended Dec. 31, 2017. As of Dec. 31,
2018, SPI Energy had $188.73 million in total assets, $188.65
million in total liabilities, and $70,000 in total equity.

Marcum Bernstein & Pinchuk LLP, in Beijing, China, the Company's
auditor since 2018, issued a "going concern" opinion in its report
dated April 30, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a significant working capital deficiency, has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.




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

CHINA LENDING: Changes Name to Roan Holdings Group Co. Ltd.
-----------------------------------------------------------
The Board of Directors of Roan Holdings Group Co., Ltd. approved to
change the Company's name from China Lending Corporation to Roan
Holdings Group Co., Ltd. On Nov. 27, 2019, the BVI Registrar of
Corporate Affairs issued the certificate of change of name to the
Registrant, a BVI company. The Company changed its name because of
the transition of its main business from lending to asset
management, supplier chain financing and business factoring.

On Dec. 13, 2019, the Company filed with the Financial Industry
Regulatory Authority to change the ticker symbols of its ordinary
shares and warrants. Upon approval, the Registrant will make
further disclosure.

        Amendment of Memorandum and Articles of Association

On Dec. 6, 2019, the Board passed a resolution to amend the
Company's Memorandum and Articles of Association to (a) create a
new class of shares, to be designated the Class B Preferred Shares,
and (b) amend the rights of the existing Class A Preferred Shares
(as defined in the M&A) to allow for the new Class B Preferred
Shares to rank senior to the Class A Preferred Shares on a
liquidation of the Company. On Dec. 16, 2019, a meeting of the
Class A Members was held at Urumqi, Xinjiang, China. The meeting
approved the amendment of the M&A accordingly. The Company has
filed the amended M&A to the BVI Registry of Corporate Affairs on
Dec. 20, 2019.

                       Co-Chair of the Board

On Dec. 15, 2019, the Board passed a resolution to elect Zhigang
Liu, the CEO and a director of the Company, as the Co-Chair of the
Board. The Board also appointed Zhigang Liu as its sole
representative with authority to execute documents on behalf of the
Company when such execution is approved by the Board and revoked
any previously granted authority from all persons other than
Zhigang Liu to execute documents on behalf of the Company when
execution is approved by the Board.

                        About Roan Holdings

Roan Holdings Group Co., Ltd. fka China Lending Corporation is
engaged in asset management, supplier chain financing, and business
factoring.

China Lending reported a net loss US$94.13 million for the year
ended Dec. 31, 2018, compared to a net loss of US$54.78 million for
the year ended Dec. 31, 2017. As of June 30, 2019, the Company had
US$55.40 million in total assets, US$108.26 million in total
liabilities, $9.99 million in convertible redeemable Class A
preferred shares, and a total deficit of $62.85 million.

Friedman LLP, in New York, the Company's auditor since 2017, issued
a "going concern" qualification in its report dated April 26, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, citing that the Company has incurred
significant losses and is uncertain about the collection of its
loans receivables and extension of defaulted loans. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


QINGHAI SALT: Fails to Sell Assets in Online Fire Sale
------------------------------------------------------
Don Weinland at The Financial Times reports that a large,
state-owned Chinese company failed to attract bidders for billions
of dollars of assets it tried to sell on an ecommerce website,
putting it at risk of a stock market delisting this year and
underlining the grim economic outlook for local governments across
the country.

An auction on Alibaba's Taobao platform for shares and assets
originally valued at about CNY25 billion (US$3.5 billion) owned by
Qinghai Salt Lake Potash Company, China's biggest potash producer
and known as the country's "potash king", closed on Jan. 1 without
attracting a single bid, the FT discloses. That was despite the
assets being marked down to a starting price of just CNY4.3
billion, according to public information posted on Taobao.

The FT says the auction was the bankrupt company's fifth
unsuccessful attempt to sell off assets in operations connected to
the production of potash, a salt rich in potassium that is often
used in fertiliser.

In late November, Salt Lake launched the first auction with a
starting price of CNY17.8 billion. The last auction, which ran for
24 hours through to Jan. 1, had a starting price about 75 per cent
lower, the report notes.

The Shenzhen-listed company, based in China's north-west province
of Qinghai, posted financial losses in 2017 and 2018. The failure
to sell off assets could prompt the company to report a third year
of losses, which according to exchange rules would result in its
delisting in 2020, according to the FT.

Salt Lake is 27 per cent owned by the Qinghai government and 20 per
cent held by state chemicals conglomerate Sinochem, making it one
of the largest state-controlled groups in western China, the FT
discloses. State-owned asset manager Cinda holds a 6 per cent stake
in the company.




=================
H O N G   K O N G
=================

CHINA OCEAN: Court Declares Bankruptcy of Nantong Huakai
--------------------------------------------------------
Splash247.com reports that China Ocean Industry has announced that
a local court in Jiangsu has declared the bankruptcy of its
subsidiary, Nantong Huakai Heavy Industry.

Splash247.com relates that the ruling has frustrated China Ocean
Industry's plan to sell its stake in Huakai. In June, China Ocean
Industry entered into an agreement with Nantong Huachuan Transport
Equipment to sell 60% interest in Huakai for CNY20 million (US$2.89
million), the report recalls.

According to Splash247.com, the company said the agreement will
lapse due to the bankruptcy ruling and it will not proceed any
further with the disposal.

The asset value of Huakai Heavy has shrunk substantially in the
past three years since China Ocean Industry took over in November
2016 for a price of CNY270 million (US$39.3 million), the report
says.

In September, the High Court of Hong Kong granted China Ocean
Industry's application to commence a capital reorganisation after
Titan Petrochemicals filed a petition with the court in August to
wind up China Ocean Industry due to a debt dispute, Splash247.com
notes.

China Ocean Industry Group Limited is a Hong Kong-based investment
holding company principally engaged in shipbuilding businesses.




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I N D I A
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AB GARMENTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: AB Garments Impex LLP
        5, Grastin Place
        Ground Floor
        Kolkata 700001
        West Bengal

Insolvency Commencement Date: December 18, 2019

Court: National Company Law Tribunal

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

Insolvency professional: Balaknath Bhattacharyya

Interim Resolution
Professional:            Balaknath Bhattacharyya
                         Sahabagan, Salua PO
                         R Gopalpur, Dist N 24 Parganas
                         Kolkata 700136
                         E-mail: bhattacharyyabn@yahoo.com

                            - and -

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

Classes of creditors:    Name of the Class(es)

Insolvency
Professionals
Representative of
Creditors in a class:    Pranab Kumar Chakrborty
                         Saurabh Basu
                         Sanjay Kumar Sarkar

Last date for
submission of claims:    January 7, 2020


ABG SHIPYARD: Three Directors Face INR8 Lakh Fine by Sebi
---------------------------------------------------------
The Economic Times reports that markets regulator Sebi on Dec. 27
imposed a penalty of INR8 lakh on three non-independent directors
of ABG Shipyard for misleading the company's stakeholders by
approving false and mis-stated financial results.

ET says the markets watchdog has levied a fine of INR3 lakh each on
Arun Pathak and Syed Abdi and INR2 lakh on Dhananjay Datar.

However, the regulator has disposed of case against ABG on the
ground that leave of NCLT (National Company Law Tribunal) has not
been obtained for commencing the adjudication proceedings against
the company, which is under liquidation.

According to the report, Sebi found that ABG failed to disclose a
tax-related settlement order passed in April 2016 by the income tax
department to the stock exchanges. Further, the firm was
responsible for publishing incorrect and mis-stated financial
results over the years that lead to violation of equity listing
agreements (ELA).

ET relates that Pathak and Abidi were the signatory to the
certification on compliance with code of conduct of ELA during
2012-13 and 2013-14, respectively and they had given a false
declaration regarding the compliance of code of conduct by all
board members and senior management personnel of the company as
required under the equity listing agreements.

Besides, they were the members of the audit committee of the
company who had failed to diligently perform the role entrusted
upon them with regard to mis-stated financial results during the
2008-14, ET states.

It is further noted these persons were the non-independent
directors, who had signed the CEO/CFO certification during
2012-2014 and "failed to provide proper oversight of the entire
financial reporting process, they diligently did not reviewed the
financial statements with the management," the report adds.

Further, they did not ensure that the disclosures in the financial
information forming part of the financial statement is "true,
correct, sufficient and credible".

Accordingly, the Securities and Exchange Board of India (Sebi) has
imposed penalty on these persons, ET notes.

                        About ABG Shipyard

ABG Shipyard Limited belongs to the Agarwal Business Group
(controlled by Mr. Rishi Agarwal) and is the largest private
shipyard in India, in terms of the order book. ASL is engaged in
the construction and repair of various types of vessels as well as
rigs.

ABG Shipyard was among the first list of 12 companies that the
Reserve Bank of India has directed banks to refer to the bankruptcy
court.

In April 2019, the National Company Law Tribunal (NCLT) ordered
liquidation of ABG Shipyard.  The company's liquidation value was
pegged at a little over INR2,000 crore by an independent valuer.
The company owes a consortium of banks around INR16,000 crore.


ACCORD UDYOG: CARE Reaffirms 'B' Rating on INR8cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Accord Udyog Private Limited (AUPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           8.00       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of AUPL continues to
remain constrained by its small scale of operations with low
profitability margins, susceptibility to fluctuation in traded
goods, working capital intensive nature of operation and intensely
competitive industry and moderate capital structure with weak debt
coverage indicators. However, the rating continues to derive
strength from experienced promoters with long track record of
operations.

Key Rating Sensitivities

Positive Factors
123456789012345678901234567890123456789012345678901234567890123456
  * Sizeable increase in scale of operations from present level
    (Total Operating Income above INR 100.00 crore) on a sustained
    basis.

  * Improvement in capital structure with overall gearing ratio
    below 1.00x and reduced reliance on external barrowings to
    fund working capital requirement on a sustained basis.

Negative Factors

  * Any sizeable de-growth in scale of operations from present
    level (total operating income beyond INR25.00 crore) on a
    sustained basis.

  * Deterioration in overall gearing level beyond 2.50x and
    increased reliance on external barrowings to fund these
    large working capital requirement on a sustained basis.

Detailed description of the Key Rating Drivers

Key Rating Weaknesses

* Small scale of operations with low profitability margins:  The
company is a small player vis-a-vis other players in the trading of
iron and steel products business marked by its total operating
income of INR25.58 crore (INR17.46 crore in FY18) with a PAT of
INR0.18 crore (INR0.11 crore in FY18) in FY19. The tangible net
worth of the company was at INR7.70 crore as on March 31, 2019. The
small size restricts the financial flexibility of the company in
terms of stress and deprives it from benefits of economies of
scale. Due to its relatively small scale of operations, the
absolute profit levels of the company also remained low.
Furthermore, the profitability margins of the company remained low
marked by PBILDT margin of 4.78% (FY17: 4.92%) and PAT margin of
0.69% (FY18:0.66%) in FY19. This apart, the company achieved sale
of around INR16.70 crore during 8MFY19.

* Susceptibility to fluctuation in traded products price:  The
prices of traded goods (i.e. iron & steel) are highly volatile. The
cost of traded goods constitutes major cost driver for the company
which accounts for around 95% of the total cost of sales.
Accordingly, any volatility in the prices of the traded goods is
likely to have an impact on the profitability of the company.

* Working capital intensive nature of operation:  The operations of
the company remained working capital intensive in nature marked by
its high collection period. The company allows around three to four
months credit to its customers whereas it pays upfront to its
suppliers for availing cash discounts. The operating cycle of the
company was deteriorated in FY19 and the same was 167 days on
account of deterioration in average collection period. According
the average utilization of working capital limit was on the higher
side at 97% during last 12 months ending on Nov 30, 2019.

* Intensely competitive industry:  Trading industry is a very
fragmented and competitive space with presence of huge small
players operating in the same region due to low capital
requirement. In such a competitive scenario smaller companies like
AUPL in general are more vulnerable on account of its limited
pricing flexibility. Moderate capital structure with weak debt
coverage indicators The capital structure of the company remained
moderate marked by overall gearing ratio of 1.29x as on March 31,
2018. The overall gearing ratio was deteriorated mainly on account
of higher utilization of working capital as on balance sheet date.
This apart, debt coverage indicators were weak marked by total debt
to GCA of 27.66x (34.56x in FY18) in FY 19. Furthermore, the
interest coverage ratio was deteriorated and the same was 1.36x
(1.41x in FY18) in FY19.

Key Rating Strengths

* Experienced promoters with long track record of operations: AUPL
started its operations from 2009. Thus, it has long operational
track record. Furthermore, the promoters Mr. Avinash Singh, having
more than a decade of experience in this line of business, looks
after the day to day operations of the company. He is supported by
other promoter Mrs. Jyoti Singh, also has a decade experience along
with a team of experienced professional.

Liquidity: Adequate - Liquidity is marked by moderate cushion in
accruals vis-a-vis repayment obligations and modest cash balance of
INR0.19 crore as on March 31, 2019. The average utilization of
working capital limit remained at 97% during last 12 month ended on
November 30, 2019. The current ratio stood above unity at 1.51x as
on March 31, 2019.

Incorporated in December 2009, Accord Udyog Private Limited (AUPL)
was promoted by Mr. Avinash Singh and Mrs. Jyoti Singh. The company
has been engaged in trading of channels, pipes, angles, plates,
chequer plates, galvanised plain and corrugated sheets,
thermo-mechanically treated bars, bars, and other such products
majorly in the states of Jharkhand, Orissa and West Bengal. The
major client profile of the company includes reputed names like
TATA Motors Ltd., Usha Martin Ltd., etc.


AMRIT HOMES: CARE Keeps D on INR25cr Debt in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amrit Homes
Private Limited (AHPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       25.90      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AHPL to monitor the
rating(s) vide e-mail December 11, December 13, December 16, 2019
and letter dated December 17, 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 best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, AHPL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on AHPL
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The rating assigned to the bank facilities of AHPL is continued to
be remained constrained on account of delay in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on November 28, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Delay in debt servicing

As per banker interaction, the account has turned NPA.

Bhopal (Madhya Pradesh) based Amrit Homes Private Limited (AHPL)
was incorporated by Mr. Dalip Singh Bindra and Mr. Pritpal Singh
Bindra in 1995 with an objective to carry out real estate activity.
The company has completed various real estate projects which
include 6 residential and 2 commercial complexes.


ANNADATA RICE: CARE Lowers Rating on INR9.22cr LT Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Annadata Rice Mill (ARM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank       9.22       CARE D Revised from CARE BB+;
   Facilities                      Stable

   Short term bank      0.54       CARE D Revised from CARE A4+
   Facilities           

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of ARM
takes into account the recent delay in debt servicing of the
entity.

Rating Sensitivities

Positives

* Track record of timely servicing of debt obligations for at least
90 days.

* Sustained improvement in financial risk profile, especially
liquidity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing: There were various recent instances of
delays in term loan servicing of the entity owing to poor liquidity
of the entity.

Liquidity: Poor

Poor liquidity as reflected by its delay in debt servicing. This
could constrain the ability of the company to repay its debt
obligations on a timely basis.

Annadata Rice Mill (ARM) was constituted as a partnership firm in
March 2004 by Mr. SK. Jakir Ali and Mr. Mirza Amanat Ali for
setting up a rice milling unit. The firm has started its commercial
operations from May 2004. The firm has been engaged in rice milling
activities at its plant located at Burdwan, West Bengal with
aggregate installed capacity of 8400 MTPA. The firm procures its
raw material from local market and sells its finished products
across India.

BISUI POULTRY: CARE Lowers Rating on INR7.70cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bisui Poultry Private Limited (BPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.70       CARE D Revised CARE B+; Stable;
   Facilities                      Issuer Not Cooperating

Detailed Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of BPPL
takes into account recent delay in debt servicing of the company.

Rating Sensitivities

Positive factors

* Track record of timely servicing of debt obligations for at least
90 days.

* Sustained improvement in financial risk profile, especially
liquidity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing: There was a delay in debt servicing of the
company owing to inadequate cash accruals from operations. There
were delays in repayment of interest on term loan.

Liquidity: Poor

Poor liquidity marked by lower accruals when compared to repayment
obligations, fully utilized bank limits and low cash balance. The
cash and bank balance stood low at INR0.20 crore as on March 31,
2019. This could constrain the ability of the company to repay its
debt obligations on a timely basis.

Incorporated in January 2012, Bisui Poultry Private Limited (BPPL)
was promoted by the Bisui family based out of Paschim Medinipur
West Bengal. BPPL is engaged in the business of layer poultry
farming and involved in sales of eggs and birds. The poultry farm
has a total capacity of layer birds is improved from 70,000 to
1,50,000 after completion of expansion project with facilities
located at Bankura, West Bengal.


BRISTO FOODS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/S Bristo Foods Pvt Ltd
        Plot No. VIII/636/E, NIDA
        Menonpara Road, Kanjikode
        Kerala Palakkad 678621

Insolvency Commencement Date: December 20, 2019

Court: National Company Law Tribunal, Aluva Bench

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

Insolvency professional: CA Jasin Jose

Interim Resolution
Professional:            CA Jasin Jose
                         Ponmattam Madaserry
                         Mookannoor PO 683577
                         Angamaly, Kerala
                         India
                         E-mail: jasinjoseponmattam@gmail.com

                            - and -

                         KK Jose & Assoicates
                         Yenvee Complex
                         Temple Road
                         Aluva 683101
                         Kerala
                         E-mail: cajasinjose@gmail.com

Last date for
submission of claims:    January 7, 2020


DEVANSH INT'L: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Devansh International Private Limited
        C 6 Summeru Township
        Opp. Varahi Soc
        Ghogha Road Bhavnagar
        Gujarat 364001

Insolvency Commencement Date: December 16, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Tejas Shah

Interim Resolution
Professional:            Tejas Shah
                         B 201, Narayan Krupa Avenue
                         Opp. Prernatirth Derasar
                         Jodhpur, Satellite
                         Ahmedabad, Gujarat 380015
                         E-mail: tejasshah44@yahoo.com

                            - and -

                         9/B, Vardan Complex
                         Lakhudi Circle, Navrangpura
                         Ahmedabad 380014
                         E-mail: iptejaskshah@gmail.com

Last date for
submission of claims:    January 7, 2020


GANESH FOODS: CARE Moves B on INR16cr Debt to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Ganesh
Foods (GFS) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      16.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GFS to monitor the rating
vide letter dated December 10, 2019 and email communications dated
December 9, 2019, December 3, 2019,  November 25, 2019, November
19, 2019 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Ganesh Foods's bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 4, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Execution risk associated with debt funded green field project
Execution risk is associated with green-field project which
involves setting up a rice mill plant at District Sangrur, Punjab.
The project was expected to be completed by March 2019. And the
commercial operations of the unit were expected to commence from
April, 2019. Thus, the firm is exposed to execution risk for
project under development.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations
Agro-based industry is characterized by its seasonality, as it is
dependent on the availability of raw materials, which further
varies with different harvesting periods. Availability and prices
of agro commodities are highly dependent on the climatic
conditions. Adverse climatic conditions can affect their
availability and leads to volatility in raw material prices. Any
sudden spurt in raw material prices may not be passed on to
customers completely owing to firm's presence in highly competitive
industry.

Fragmented nature of industry coupled with high level of government
regulation
The commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation. There are several
small scale operators which are not into end toend processing of
rice from paddy, instead they merely complete a small fraction of
processing and dispose-off semi processed rice to other big rice
millers for further processing. Furthermore, the raw material
(paddy) prices are regulated by government to safeguard the
interest of farmers, which in turn limits the bargaining power of
the rice millers.

Partnership nature of constitution
GFS'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.

Key Rating Strengths

Experienced partners
GFS is currently being managed by Mr. Vinod Kumar, Mr. Avinash
Singla, and Mr. Vijay Kumar Singla. Mr. Vinod Kumar and Mr. Vijay
Kumar Singla have an industry experience of two decades and three
decades respectively through their association with group concerns
and other regional entities engaged in similar business. Mr.
Avinash Singla has an experience of 5 years through his association
other players in similar industry. Furthermore, the partners are
supported by experienced team having varied experience in the field
of marketing and finance aspects of business.

Location advantages
GFS will be engaged in processing of paddy. The firm's processing
facility is situated at District Sangrur, Punjab, which is one of
the hubs of processing of paddy in India. The firm will benefit
from the location advantage in terms of easy accessibility to large
customer base. Additionally, various raw materials required will be
readily available owing to established supplier base in the same
location as well.

Ganesh Foods (GFS) was established as a partnership firm in June
2018 by Mr. Vinod Kumar, Mr. Avinash Singla, Mr. Vijay Kumar Singla
and Mr. Sneh Lata sharing profit and loss equally. GFS is
established with an aim to set up a manufacturing facility at
District Sangrur, Punjab for processing of paddy with a proposed
installed capacity of 43200 metric tonne per annum. The project was
expected to be completed by March 2019. And the commercial
operations of the unit were expected to commence from April, 2019.
Besides this, the partners are also engaged in another group
concerns namely Bant Ram Prem Chand and Bant Ram Vijay Kumar.


GANGIDI INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s. Gangidi Industries Limited
        2-14/3, Shiva Reddy Godowns
        NCL Kompally
        Quthbullapur, Rangareddi
        Telangana 500014

Insolvency Commencement Date: December 17, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: S. Manjula

Interim Resolution
Professional:            S. Manjula
                         Akasam & Associates
                         10-1-17/1/1, 2nd Floor
                         Masab Tank, Hyderabad 500004
                         Telangana, India
                         E-mail: manjula@akasamandassociates.com
                                 cirp.gangidiindustries@gmail.com

Last date for
submission of claims:    January 1, 2020


GOPAL SHIVHARE: CARE Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gopal
Shivhare (GS) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term/Short      3.00      CARE D/CARE D; Issuer not
   Term Bank                      Cooperating; Based on best
   Facilities                     Available information

   Long term Bank       5.00      CARE D; Issuer Not Cooperating
   Facilities                     Based on best available
                                  Information
  
Detailed Rationale & Key rating Drivers

CARE has been seeking information from GS to monitor the rating(s)
vide e-mail communications/letters dated October 1, 2019,  November
1, 2019, November 5, 2019 and December 6, 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 best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, GS has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. GS's bank
facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on September 17, 2018, the following
were the rating strengths and weaknesses

Key Rating Weaknesses

Delay in the debt servicing
There was delay in debt servicing in past owing to stressed
liquidity position.

Established in 2006, M/s Gopal Shivhare (GSH) is a sole
proprietorship firm which is into the business of retailing of
alcohol. GSH is part of Shivhare liquor group based in Madhya
Pradesh (MP). GSH holds retail liquor supplier license in MP and
undertakes retail trade of Indian made foreign liquor (IMFL), beer,
country liquor (CL), wine etc. The firm enters into open tendering
process every year to avail license for the retailing of the
liquor. Depending upon the allotment of shops during  tendering,
the number of shops held by the firm varies every year. The shops
are allotted in MP by the state government through a competitive
bidding process.  Shivhare Liquor group has other associate concern
namely M/s Ram Swaroop Shivhare, M/s Gopal Shivhare, M/s Laxmi
Narayan Shivhare & M/s Kalpna Shivhare which are engaged in similar
business activity.


GROWTHWAYS TRADING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s Growthways Trading Private Limited
        First Floor, Kama Cinema Building
        Block A&B, South West Delhi
        Delhi 110029

Insolvency Commencement Date: December 24, 2019

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Sunil Kumar Agrawal

Interim Resolution
Professional:            Sunil Kumar Agrawal
                         E-29, South Extension-II
                         New Delhi 110049
                         E-mail: aggarwalsk21@yahoo.com

                            - and –

                         904, GF, Sector-7C
                         Faridabad 121006
                         E-mail: irpgrowthways2019@gmail.com

Last date for
submission of claims:    January 7, 2020


IL&FS GROUP: Looks to Sell Stake in Gift City, Some Road Assets
---------------------------------------------------------------
The Economic Times reports that the IL&FS Group is looking to sell
its stakes in Gujarat International Finance Tec-City (Gift City)
and some Chinese road assets that would help it resolve INR2,800
crore of debt.

According to the report, the infrastructure group's
government-appointed chairman, Uday Kotak, also informed
shareholders on Dec. 31, 2019, that measures taken up by the new
board would result in resolving half its total outstanding debt as
on September 30, 2018.

The government had superseded the board of IL&FS with its own
nominees in October 2018, after the group, with debt of close to
INR1 lakh crore, defaulted on certain payments to lenders and
triggered panic in the market, ET recalls.

Kotak referred to IL&FS as a "test case" on a group-wide resolution
of stressed assets.

"The combination of a complex group structure comprising financial
services, infrastructure and other businesses, high level of debt
and diverse nature and type of creditors at various levels of the
group, represent a very unique scenario which is far removed from
other well-known cases of distressed Indian companies in the recent
past," the report quotes Kotak as saying, while presenting the
progress made at the group through the resolution process.

ET says the IL&FS board has received binding bids for Chinese road
asset that will help it resolve nearly INR1,600 crore of debt. As
per the proposal, it would also receive an additional INR980 crore
towards its equity holding.

In addition, it is close to resolving five road assets with
combined financial debt of INR9,500 crore. These resolution
proposals have been referred to the respective creditor committees
for the next steps, Kodak said, ET relays. It is also setting up an
Infrastructure Investment Trust for nine road assets with total
financial debt of more than INR11,000 crore.

To resolve another INR1,200 crore debt, it has received approval
from the Gujarat government to sell the IL&FS Group's stake in the
Gift City, according to ET. It is selling also groupwide real
estate assets worth around INR3,500 crore. The group has so far
stakes in seven special purpose vehicles that housed wind power
assets for nearly INR4,300 crore, covering 100 per cent of the
entity-level debt and including equity value of nearly INR590
crore.

ET adds that Kodak said more than 40 companies in the group were
regularly servicing debt of nearly INR7,200 crore. The group has
reduced its wage bill by 48 per cent and operating expenses by 42
per cent, on an annualised basis, in the one year since October 31,
2018, ET notes.

                           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.


ISHWAR CABLES: CARE Lowers Rating on INR7cr Loans to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ishwar Cables Pvt. Ltd. (ICPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.00       CARE D Revised from CARE BB-;
   Facilities                      Stable

   Short term Bank      1.00       CARE D Revised from CARE A4
   Facilities           

Detailed Rationale & Key Rating Drivers

The revision in the ratings of ICPL takes into account ongoing
delays in servicing of debt obligations.

Rating Sensitivities

Positive Factors

* Clearing of all over-dues, and the Cash Credit (CC) limit should
remain regular (with no over-drawings) for more than 3 months.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: ICPL has CC limit from the bank.
As per bank statements and banker interaction, there are ongoing
delays in servicing of CC Limit as the limit stood overdrawn for
more than 30 days.

Jaipur (Rajasthan)-based Ishwar Cables Pvt Ltd (ICPL) was
incorporated in 1992 by Mr. Rahul Choudhary and his family members.
Subsequently, in 2014, majority of shareholding was transferred to
Mr Arpit Choudhary and Mrs. Sunita Matoria. ICPL is engaged
manufacturing of aluminum wire twisted, copper wire, cables and
conductors as well as trading of aluminium wire and ingot. It has
installed manufacturing capacity of 10,000 tonnes for aluminium
wire twisted as on March 31, 2019.


ISHWAR METAL: CARE Lowers Rating on INR32cr Loan to 'D'
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ishwar Metal Industries (IMI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       32.00      CARE D Revised from CARE BB;
   Facilities                      Stable

   Short term Bank      32.50       CARE D Revised from CARE A4
   Facilities           

Detailed Rationale & Key Rating Drivers

The revision in the rating of IMI takes into account ongoing delays
in servicing of debt obligations.

Rating Sensitivities

Positive Factors

* Clearing of all over-dues, and the Cash Credit (CC) limit should
remain regular (with no over-drawings) for more than 3 months.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: IMI has CC limit from the bank.
As per bank statements and banker interaction, there are ongoing
delays in servicing of CC Limit as the limit stood overdrawn for
more than 30 days.

Jaipur (Rajasthan)-based Ishwar Metal Industries (IMI) was formed
as partnership concern in 1992 by Mr. Shrichand Sigar and his
family members. IMI is engaged in manufacturing of aluminum wires,
energy meters, cables and conductors as well as trading of general
fabrication items used for power distribution and transmission
lines. It also executes turnkey projects related to Transmission
and Distribution (T&D) segment of power industry. It has installed
manufacturing capacity of 10,000 tonnes for aluminum wires, 18,000
Kms for conductors and 11,000 kms for cables as on March 31, 2019.


JASON DEKOR: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Jason Dekor Pvt Ltd
        G-9, Mahaveer Towers
        Nr Mahalaxmi Cross Road
        Paldi, Ahmedabad
        Gujarat 380007

Insolvency Commencement Date: December 19, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: George Samuel

Interim Resolution
Professional:            George Samuel
                         217, Ganesh Glory
                         Jagatpur Road
                         SG Highway
                         Ahmedabad 382481
                         E-mail: gsforgs@gmail.com

Last date for
submission of claims:    January 7, 2020


JET AIRWAYS: Induja Brothers Preparing to Bid by Jan. 15
--------------------------------------------------------
Livemint.com reports that the Hinduja Group is preparing a bid to
buy grounded carrier Jet Airways India Ltd., according to people
familiar with the matter.

Livemint.com relates that the UK-based group, run by brothers
Gopichand Hinduja and Ashok Hinduja, plans to submit an expression
of interest by the January 15 deadline, signaling its intent to
make a formal offer, the people said, asking not to be identified
as the deliberations are private. Hinduja is seeking a partner to
bid, one of the people said.

According to the report, creditors are seeking fresh bids for Jet
Airways after earlier getting interest from only a single company,
Synergy Group Corp. The Mumbai-based airline, which was once the
country's largest by market value, fell victim to a cut-throat
price war initiated by a slew of budget carriers and eventually
defaulted to banks, staff and lessors.

State Bank of India (SBI) and Punjab National Bank (PNB) have
claimed  INR8,230 crore ($1.2 billion), while other creditors, like
employees and lessors, are seeking  INR6,400 crore from the
airline, which is 24% owned by Abu Dhabi's Etihad Airways PJSC, the
report says.

Livemint.com notes that Hinduja Group had earlier last year
considered bidding for Jet Airways in partnership with Etihad, but
Etihad jettisoned the proposal and Jet Airways was tipped into
bankruptcy.  Gopichand Hinduja told the Mint newspaper last month
that the group was open to buying Jet Airways if indemnified from
the airline's legal liabilities.

Deliberations are at early stage and Hinduja Group may decide
against bidding, or other bidders may emerge, the people said, the
report relays.  

While preparing a bid, the Hinduja Group will grapple with the
complexities that have sapped Jet's value, including lapsed landing
rights at Heathrow airport, and the validity of the carrier's now
defunct flying slots, Livemint.com states.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services. It operated flights to 66 destinations in India
and international countries.  

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

Jet Airways on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.


K S INFRA: CARE Lowers Rating on INR6cr LT Loan to 'D'
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of K S
Infra Transmission Pvt. Ltd. (KSITPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.00       CARE D Revised from CARE B+;
   Facilities                      Stable

   Short term Bank      4.00       CARE D Revised from CARE A4
   Facilities           

Detailed Rationale & Key Rating Drivers

The revision in the ratings of KSITPL takes into account ongoing
delays in servicing of debt obligations.

Rating Sensitivities

Positive Factors

* Clearing of all over-dues, and the Cash Credit (CC) limit should
remain regular (with no over-drawings) for more than 3 months.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: KSITPL has CC limit from the
bank. As per bank statement and banker interaction, there are
ongoing delays in servicing of CC Limit as the limit stood
overdrawn for more than 30 days.

Jaipur (Rajasthan)-based K S Infra Transmission Private Limited
(KSITPL) was incorporated in 2013 by Mr. Rahul Chaudhary and his
family members. KSITPL is engaged manufacturing of general
fabricated items like Cross Arms, Clamps, Lattice towers,
Substation structures, and Transformer tanks which find its
application in Transmission & Distribution (T&D) segment of power
industry as well barbed wires and chain-link wires. It also
manufactures line hardware made of aluminium casting and iron
casting.


KAIZEN POWER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Kaizen Power Limited
        FE-83, Sector-III Salt Lake City
        Ground Floor
        Kolkata WB 700106
        IN

Insolvency Commencement Date: December 13, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 10, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Santanu T Ray

Interim Resolution
Professional:            Mr. Santanu T Ray
                         AAA Insolvency Professionals LLP
                         A301, Bsel Tech Park, Sector 30a
                         Opp. Vashi Railway Station
                         400705
                         E-mail: santanutray@aaainsolvency.com
                                 kaizenpower@aaainsolvency.com
                         Tel.: 022-42667394

Last date for
submission of claims:    January 9, 2020


KAMLA SHIVHARE: CARE Maintains 'D' Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kamla
Shivhare (KS) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term/Short      3.00      CARE D/CARE D; Issuer not
   Term Bank                      Cooperating; Based on best
   Facilities                     Available information

   Long term Bank       4.70      CARE D; Issuer Not Cooperating
   Facilities                     Based on best available
                                  Information
  
Detailed Rationale & Key rating Drivers

CARE has been seeking information from KS to monitor the rating(s)
vide e-mail communications/letters dated October 1, 2019,  November
1, 2019, November 5, 2019 and December 6, 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 best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, KS has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. KS's bank
facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on September 17, 2018, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in the debt servicing
There was delay in debt servicing in past owing to stressed
liquidity position.

Established in 1995, M/s Kamla Shivhare (KSH) is a sole
proprietorship firm which is into the business of retailing of
alcohol. KSH is part of Shivhare liquor group based in Madhya
Pradesh (MP). KSH holds retail liquor supplier license in MP and
undertakes retail trade of Indian made foreign liquor (IMFL), beer,
country liquor (CL), wine etc. The firm enters into open tendering
process every year to avail license for the retailing of the
liquor. Depending upon the allotment of shops during tendering, the
number of shops held by the firm varies every year. The firm has
license for various shops of IMFL and CL. Shivhare Liquor group has
other associate concern namely M/s Ram Swaroop Shivhare, M/s Gopal
Shivhare, M/s Laxmi Narayan Shivhare & M/s Kalpna Shivhare which
are engaged in similar business activity.


LAXMINARAYAN SHIVHARE: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Laxminarayan Shivhare (LS) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term/Short      3.00      CARE D/CARE D; Issuer not
   Term Bank                      Cooperating; Based on best
   Facilities                     Available information

   Long term Bank       7.00      CARE D; Issuer Not Cooperating
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key rating Drivers

CARE has been seeking information from LS to monitor the rating(s)
vide e-mail communications/letters dated November 1, 2019, November
5, 2019 and December 6, 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 best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, LS has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. LS's bank facilities will now be denoted as
CARE D/CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on September 17, 2018, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in the debt servicing

There was delay in debt servicing in past owing to stressed
liquidity position.

Established in 1990, M/s Laxminarayan Shivhare (LNSH) is a
proprietorship firm which is into the business of retailing of
alcohol. The firm also operates a warehouse named M/s Maa Kaila
Devi Warehouse. LNSH is part of Shivhare liquor group based in
Madhya Pradesh (MP). LNSH holds retail liquor supplier license in
MP and undertakes retail trade of Indian made foreign liquor
(IMFL), beer, country liquor (CL), wine etc. The firm enters into
open tendering process every year to avail license for the
retailing of the liquor. Depending upon the allotment of shops
during tendering, the number of shops held by the firm varies every
year. The shops are allotted in MP by the state government through
a competitive bidding process. Shivhare Liquor group has other
associate concern namely M/s Ram Swaroop Shivhare, M/s Gopal
Shivhare, M/s Laxmi Narayan Shivhare & M/s Kalpna Shivhare which
are engaged in similar business activity.


LKP INFRA: CARE Reaffirms 'B' Rating on INR4.14cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of LKP
Infra Projects (LKP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       4.14       CARE B; Stable Reaffirmed and
   Facilities                      Removed from non-co-operation

   Short-term           3.95       CARE A4 Reaffirmed and removed
   Bank Facilities                 from non-co-operation

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of LKP tempered by weak
debt coverage indicators, working capital intensive nature of
operations, short term revenue visibility from order book position,
highly fragmented industry with intense competition from large
number of players and constitution of entity as a partnership firm
with inherent risk of withdrawal of capital.  However, the rating
derives strength from experienced promoters for over a decade in
construction industry, growth in total operating income,
comfortable profitability margins albeit declined in FY19,
comfortable capital structure although deteriorated in FY19 and
stable demand outlook of construction industry.

Key Rating Sensitivities

Positive Factors

  * Increase in scale of operations as marked by total operating
income by 65.26% on sustained basis.

  * Improvement in working capital days at back of improvement in
collection days.

Negative Factors

  * Decline in profitability margin as marked by PBILDT margin
below 30%

  * Deterioration in capital structure as marked by overall gearing
ratio beyond 1.00x

Detailed description of the key rating drivers

Key Rating Strengths

* Experienced promoters for over a decade in construction industry:
Mr. S Rajendra Prasad, Mr. M Ramulu and Mrs. S Jayalakshmi are the
partners in the firm. These partners look after the day to day
activities of the firm and have experience of over a decade in
civil construction industry. Furthermore, the firm is benefitted in
terms of bagging new orders in competitive environment through
their experience in the civil construction business.

* Growth in total operating income:  The total operating income
increased from INR3.72 crore in FY18 to INR5.70 crore in FY19 at
the back of increase in receipts and execution of orders in timely
manner. Furthermore, the firm has achieved total operating income
of INR7 in the 8MFY20 (Prov.)

* Comfortable profitability margins albeit declined in FY19:  The
PBILDT margin has declined from 35.10% in FY18 to 26.85% in FY19
due to increase in sub-contract expenses. The PAT margin of the
firm has declined from 5.84% in FY18 to 5.02% FY19 at the back of
increase in operating profit resulted in absorption of financial
expenses.

* Comfortable capital structure although deteriorated in FY19:  The
capital structure of the firm marked by overall gearing ratio
deteriorated from 0.98x as on March 31, 2018 to 1.12x as on March
31, 2019 at the back of increase in increase in working capital
bank borrowings along with increase in unsecured loans to meet the
operating cycle.
  
* Stable outlook of construction industry:  The construction
industry contributes around 8% to India's Gross domestic product
(GDP). Growth in infrastructure is critical for the development of
the economy and hence, the construction sector assumes an important
role. The sector was marred by varied challenges during the last
few years on account of economic slowdown, regulatory changes and
policy paralysis which had adversely impacted the financial and
liquidity profile of players in the industry. The Government of
India has undertaken several steps for boosting the infrastructure
development and revives the investment cycle. The same has
gradually resulted in increased order inflow and movement of
passive orders in existing order book. The focus of the government
on infrastructure development is expected to translate into huge
business potential for the construction industry in the long-run.
In the short to medium term (1-3 years), projects from
transportation and urban development sector are expected to
dominate the overall business for construction companies. The
implementation of Goods and Service Tax might result in short run
operational issues and pressure on working capital until the
process is streamlined. Going forward, companies with better
financial flexibility would be able to grow at a faster rate by
leveraging upon potential opportunities.

Liquidity: Adequate:
The firm has adequate liquidity of 1.82x as on March 31, 2019
characterized by sufficient cushion of cash accruals vis-à-vis
repayment obligations and cash balance of INR0.21 crore as on March
31, 2019. Its bank limits are utilized to the extent of 95% and
supported by above unity current ratio.

Key Rating Weaknesses

* Weak debt coverage indicators:  The total debt/GCA marginally
deteriorated from 7.24x in FY18 to 8.87x in FY19 due to increase in
total debt levels. The PBILDT/Interest coverage ratio has also seen
deteriorated from 2.30x in FY18 to 1.91x in FY19 at the back of
increase in financial expenses. The total debt/CFO remained
negative at 31.84x in FY19 due to negative cash flow from
operations on account of increase in total inventory and total
debtors.

* Working capital intensive operations:  The operating cycle of the
firm is working capital intensive nature of operations stood at 598
days in FY19 although improving from 748 days in FY18 at the back
of decrease in collection period from 530 days in FY18 to 243 days
in FY19 due to receipt of pending bills from the government. The
firm makes the payment to its suppliers within one month due to low
bargaining power. However, the inventory period stood high at 367
days in FY19 increasing from 307 days in FY18 as the firm has
purchased the material due to the orders received. The utilization
of working capital bank facility stood at 95 per cent in the last
twelve months ended with December 11, 2019.

* Short term revenue visibility from order book position:  The firm
has an order book of around INR21 crore as on November 15, 2019 as
against order book of INR15.45 crore as on December 14, 2018 which
translates to 3.68x of total operating income in FY19 out of which
INR11.75 crore is to be executed by March 2020 and the balance of
INR9 crore is expected to be executed by September 2020. The said
order book provides revenue visibility for the short term.

* Highly fragmented industry with intense competition from large
number of players:  The firm is engaged in the execution of civil
contracts which highly fragmented industry due to the existence of
large number of organized and un-organized players operating in the
industry.

* Constitution of entity as a partnership firm with inherent risk
of withdrawal of capital:  With the entity being a partnership
firm, there is an inherent risk of instances of capital withdrawal
by the partners resulting in deterioration of the entity's net
worth. Further the partnership firms are attributed to limited
access to funding. Further, the partners have withdrawn capital of
INR0.30 crore during FY18 for personal use.

LKP Infra Projects (LKPIP) was established in the year 2012 as a
partnership firm. The firm is a class I civil contractor and has
its registered office located in Hyderabad. LKP commenced its
operation in the year 2014 and is engaged in construction of roads.
The firm is primarily a contractor for Government of Telangana
(GoT) where the firm receives the work orders from roads and
building (R&B) for various districts of Telangana through
participating in tenders. At present, the firm has order book
position of INR21 crore as on November 15, 2019 out of which
INR11.75 crore is to be executed by March 2020 and the balance of
INR9 crore is expected to be executed by September 2020. The said
order book provides revenue visibility for the short term.


LUNI POWER: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Luni Power Company Pvt Ltd

        Registered office:
        Near Chimbalhaar Home Stay Chimbalhaar
        P.O. Geetapeeth Palampur Kangra
        HP 176061

        Principal office:
        22, Camac Street
        Block A, 3rd Floor
        Kolkata 700016

Insolvency Commencement Date: December 23, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: June 19, 2020
                               (180 days from commencement)

Insolvency professional: CA IP Sanjay Kumar Agarwal

Interim Resolution
Professional:            CA IP Sanjay Kumar Agarwal
                         Draupadi Mansion, 3rd Floor
                         11, Brabourne Road
                         Kolkata 700001
                         E-mail: sanjaycal@hotmail.com
                                 cirp.lunipower@gmail.com

Last date for
submission of claims:    January 5, 2020


MOHINDRA COACHES: CARE Reaffirms B+ Rating on INR2.50cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Mohindra Coaches (India) Private Limited (MCIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       2.50       CARE B+; Stable Reaffirmed and
   Facilities                      Removed from non-co-operation

   Short-term           6.00       CARE A4 Reaffirmed and removed
   Bank Facilities                 from non-co-operation

Detailed Rationale, Key Rating Drivers

The ratings assigned to the bank facilities of MCIPL continue to
remain constrained on account of its modest scale of operations
with moderate solvency position. The ratings, further, continue to
remain constrained on account of its presence in a highly
competitive and fragmented industry and vulnerability of margins to
fluctuation in raw material prices. The ratings, however, continue
to favorably take into experienced management with long track of
operations, reputed client base, moderate profitability margins
with adequate liquidity position and moderate order book position.

Rating Sensitivities

Positive Factors

* Sustained increase in scale of operations of the company beyond
INR25.00 crore while maintaining profitability margins.

* Maintaining overall gearing ratio at below 1.80 times and debt
coverage indicators up to 6 times.

* Increase in order book position with timely execution of the same
and timely receipt of payment from government departments.

Negative Factors

* Any debt-funded project undertaken by the company which results
in deterioration of capital structure beyond 3.00 times

* Any deterioration in profitability beyond the current level.

* Deterioration of liquidity position owing to delay in payment
from government departments.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations although improved in FY19
The scale of operations of the company has exhibited fluctuating
trend in the last three financial years ended FY19 owing to its
tender driven business. During FY18, TOI of the company has
declined significantly by 71.29% over FY17 mainly due to lower
execution of orders owing to GST implementation as well as
demonetization. However in FY19, TOI has surpassed over FY18 by
76.42% owing to higher execution of orders and although stood
modest at INR11.59 crore.

Moderate solvency position
The capital structure of the company stood moderate marked by
overall gearing of 1.32 times as on March 31, 2019, improved
against 1.52 times as on March 31, 2018 on account of accretion of
profits to reserves which set off to an extent by infusion of
unsecured loans. Further, the debt coverage indicators of the
company remained moderate at 6.69 times as on March 31, 2019,
although improved as against 9.52 times as on March 31, 2018 on
account of increase in GCA level and decline in total debt.

Interest coverage ratio stood at 2.40 times as on March 31, 2019,
deteriorated as against 3.78 times as on March 31, 2018 on account
of proportionately higher increase in interest cost than PBILDT.
Higher average utilisation of working capital borrowings in FY19
resulted in increase in interest charges.

Presence in a highly competitive and regulated industry
The industry is regulated with various approvals and certification
albeit some of the norms have been relaxed by Authorized Regulatory
Bodies. Govt. of India with a view to regulate the bus body
industry and passenger safety has announced the new code of
accreditation for bus body builders. Accreditation implies
evaluating, assessing and approving the capacities of a bus body
builder to consistently ensure the specified quality of bus bodies.
Further, the industry is highly competitive and fragmented with
presence of many small player in the industry.

Key Rating Strength

* Experienced management with long track of operations

MCIPL has around one decade of operations in the industry and has
reinforced its footings in the bus body building business. Over the
years, it has developed market for its products and has established
good relations with various customers. The company's sound market
position will facilitate it to enhance its size of operations. Mr.
Jitendrapal Singh Saluja, graduate by qualification, are
responsible for the overall management of the company. He gets
assistance from Mr. Sanmeet Saluja, graduate by qualification, who
has around 4 years of experience in this industry.

* Reputed client base

The Company has a reputed customer base which includes Rajasthan
State Road Transport Corporation (RSRTC), Uttar Pradesh State Road
Transport Corporation (UPSRTC), Haryana State Road Transport
Corporation (HSRTC), Punjab State Road Transport Corporation
(PSRTC),Gujarat State Road Transport Corporation (GSRTC). The
bodies for the buses are manufactured for these companies.

* Moderate order book position

As on November 30, 2019, MCIPL has moderate order book position of
INR12.89 crore which consist of 2 orders which will be executed by
March 2020. The projects mainly comprise of fabrication of bus
bodies on chassis. MCIPL mainly executes the project for RSRTC,
UPSRTC, HSRTC, PSRTC and GSRTC. The on-going projects of the
company are likely to be executed within 3-4 months, providing
short term revenue visibility.

* Moderate profitability margins

The profitability margins of the company stood moderate with PBILDT
and PAT margin of 4.80% and 1.73% respectively in FY19 as against
5.23% and 1.17% respectively in FY18. During FY19, PBILDT margin
has declined by 43 bps over FY18 owing to higher increase in cost
of raw material consumed as against increase in scale of
operations. Despite increase in interest expense, PAT margin
improved by 56 bps over FY18 mainly on account of increase in scale
of operations. Owing to increase in PAT level, the GCA level has
also improved by 41.53% in FY19 over FY18 and stood at INR0.32
crore.

Liquidity: Adequate

Liquidity stood adequate as marked by the average utilization of
fund based limits of around 60% during the last twelve months ended
in November 30, 2019. Further, the liquidity remained adequate
owing to operating cycle of 52 days in FY19, improved from 77 days
in FY18 due to decline in average inventory holding and collection
period. The Collection period improved from 68 days in FY18 to 17
days in FY19 owing to increase in scale of operations. With high
inventory, current ratio remained moderate at 1.05 times, however
quick ratio stood below unity at 0.32 times as on March 31, 2019.
Further, the cash flow from operating activities stood negative at
INR0.17 crore in FY19 as against INR0.49 crore in FY18 mainly due
to higher working capital gap. Further MCIPL envisage GCA of
INR0.30 crore against no long term debt repayment. Furthermore, it
has thin cash and bank balance of INR0.03 crore as on March 31,
2019.

Jaipur (Rajasthan) based Mohindra Coaches (India) Private Limited
(MCIPL) was incorporated in 2008 by Saluja family. MCIPL is mainly
engaged in the business of building bus bodies on the automobile
chassis and has been a part of the Indian bus body building
industry for around four decades. The company has an annual
capacity to build bodies for 600 buses at its plant located in
V.K.I. area, Jaipur. It builds bus bodies for government as well as
private players mainly in the states of Rajasthan, Haryana, Uttar
Pradesh, Punjab and Gujarat. It builds bus bodies of air
conditioned (AC) Sleeper, Non-AC Sleeper buses, AC & Non-AC Seater
buses and of Mini-buses. Production process involves receiving
chassis from the manufacturer and subsequent mounting of the body
on the chassis.


MS JEWELLERS: CARE Lowers Rating on INR4.5cr Loan to 'B+'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of M.
S. Jewellers (MSJ), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       4.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable on the basis
                                   Of best available information

   Short-Term           2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MSJ to monitor the rating
vide e-mail communications/letters dated July 3, 2019,  September
4, 2019 October 1, 2019 and December 20, 2019 numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of publicly available information which however, in
CARE's opinion is not sufficient to arrive at fair rating. The
rating on M.S. Jewellers bank facilities will now be denoted as
CARE B+; Stable; and 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 rating.

Detailed description of the key rating drivers

At the time of last rating on November 30, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Small scale of operations with declining profitability margins
Despite having a track record of more than three decades; the total
operating income of the firm remained small at INR36.16 crore in
FY17 with low net worth base of INR5.74 crore as on March 31, 2017
as compared to other peers in the industry. The PBILDT margin has
seen declining from 6.93% in FY15 to 4.54% in FY17 due to increase
in fixed overheads in line with increase in employee cost. The PAT
margin of the firm has also seen declining, in line with PBILDT
margins, i.e. from 2.04% in FY15, the PAT margin declined to 1.93%
in FY17.

Working capital intensive nature of operations
The retail jewellery business is characterized by high inventory
holding period due to the need to keep sufficient stock in the form
of finished goods inventory at the showroom for display and sales.
The firm has working capital intensive nature of operations mainly
due to high inventory period, which stood at 87 days in FY17. The
traded goods are purchased at a credit period of 10-15 days. The
firm's sales are on cash basis. Due to elongated inventory days,
the operating cycle also remained moderate at 87 days in FY17.
However, the operating cycle has improved from 149 days in FY15 due
improvement in average inventory days mainly on account of
increasing sales of retail products. Apart from this the firm's
chit scheme with monthly receipt of INR0.08 crore per month from
its customers is benefiting in managing its working capital
requirements. Furthermore the utilization level of working capital
facility stood at 80% in the last 12 months ended September 18,
2018.

Highly fragmented industry with intense competition from large
number of players
The firm is engaged in the retailing of jewelry business which is
highly fragmented industry due to presence of large number of
organized and unorganized players in the industry and faces huge
competition.

Constitution of entity as a proprietorship firm with inherent risk
of withdrawal of capital
With the entity being proprietorship firm, there is an inherent
risk of instances of capital withdrawals by proprietor resulting in
lesser of entity's net worth. Further, the proprietorship firms are
attributed to limited access to funding. Furthermore, the firm has
infused INR0.76 crore in FY17 to support the increase in scale of
operations.

Key Rating Strengths

Established track record and experienced promoter
MSJ was established in 1970 by Mr. Mothilal Sardarmal. Mr. Mothilal
Sardarmal is the proprietor of the firm. He has more than three
decades of experience in jewellery business. The firm has
established good relationship with suppliers and customers due to
presence in the business for a long period of time. The firm owns
two retail show rooms in Thirukoilur, the experience of proprietor
and long operational track record of the firm is expected to be
beneficial in the future.

Financial risk profile marked by increasing total operating income
during the review period
The firm reported continuous growth in total operating income
during the review period. The firm's total operating income grew by
18.50% from INR 25.75 crore in FY15 to INR36.16 crore in FY17 due
to increasing sales to existing customers and addition of new
customers. Further, the firm reported sales of INR52.60 crore in
FY18 (Prov.) and INR 28 crore in 5MFY19 (Provisional; Referring to
the period from April to August).

Comfortable capital structure and debt coverage indicators in FY17
The capital structure of the firm stood satisfactory marked by
overall gearing ratio of 1.00x as on March 31, 2017 as against
2.00x as on March 31, 2015. The capital structure improved on
account of infusion of capital by the proprietor, to a tune of INR
0.76 crore in FY17, to support the increase in scale of operations.
The firm also made use of unsecured loans from relatives to manage
working capital needs. The debt profile of the firm as on March 31,
2017 includes vehicle loans (3%), working capital bank borrowings
(67%) and unsecured loans (30%).Furthermore, the debt coverage
indicators marked by interest coverage and TD/GCA has been
improving from 1.79x and 12.24x respectively in FY15 to 2.93x and
7.34x in FY17 due to decrease in interest and financial expenses on
account of lesser decrease in utilization of working capital bank
borrowings and increase in cash accruals respectively.

Liquidity –Stretched
The liquidity position marked by current ratio of the firm stood at
1.82 times as of March 31, 2017 despite improved as against 1.74
times as of March 31, 2016 and quick ratio at 0.40x as on March 31,
2017 marginally deteriorated as against 0.43x as on March 31, 2016.
The cash and cash equivalent of the firm stood at INR1.22 crore as
of March 31, 2017 as against INR0.52 crore as of March 31, 2016.
For the 12 months ended August, 2017, the unutilized portion of
working capital stood 10%.

M.S. Jewellers is a proprietorship firm established on 1970. The
firm is engaged in retailing of gold items. It holds two retail
showrooms in Thirukoilur, Tamil Nadu. The first retail showroom was
established in 1970 in Thirukoilur while the other showroom was
inaugurated in the year 2009 in 92 North Street, Thirukoilur. The
firm procures gold from suppliers based out of Chennai and
Coimbatore.


NARSINGH VINIMAY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Narsingh Vinimay Private Limited
        125, Mahatma Gandhi Road
        Kolkata 700007

Insolvency Commencement Date: December 2, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 31, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Ajay Gaggar

Interim Resolution
Professional:            Mr. Ajay Gaggar
                         6, Old Post Office Street
                         Temple Chambers, 3rd Floor
                         Kolkata 700001
                         E-mail: ajay.gaggar@gmail.com

Last date for
submission of claims:    December 30, 2019


ORBIS INFINIUM: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Orbis Infinium Private Limited
        C 6 Summeru Township
        Opp. Varahi SOC
        Ghogha Road, Bhavnagar
        Gujarat 364001

Insolvency Commencement Date: November 27, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Tejas Shah

Interim Resolution
Professional:            Tejas Shah
                         B 201, Narayan Krupa Avenue
                         Opp. Prernatirth Derasar
                         Jodhpur, Satellite
                         Ahmedabad, Gujarat 380015
                         E-mail: tejasshah44@yahoo.com

                            - and -

                         9/B, Vardan Complex
                         Lakhudi Circle, Navrangpura
                         Ahmedabad 380014
                         E-mail: iptejaskshah@gmail.com

Last date for
submission of claims:    January 7, 2020


Q INNOVATIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Q Innovations Private Limited
        41-A, 3rd Floor Street No. 1
        Krishna Nagar, Safdarjung Enclave
        Delhi 110029

Insolvency Commencement Date: November 20, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Anurag Sharma

Interim Resolution
Professional:            Anurag Sharma
                         40, LGF, National Park
                         Lajpat Nagar-IV
                         New Delhi 110024
                         E-mail: anurag.s.irp@gmail.com
                                 irp.qinnovations@gmail.com

Last date for
submission of claims:    January 7, 2020


REENA TINAAZ: CARE Lowers Rating on INR175cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Reena Tinaaz Private Limited (RTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      175.00      CARE D Revised from CARE B;
   Facilities                      ISSUER NOT COOPERATING on
                                   the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 10, 2018, placed the
rating(s) of RTPL under the 'issuer non-cooperating' category as
Reena Tinaaz Private Limited had failed to provide information for
monitoring of the rating and had not provided NDS as agreed to in
its Rating Agreement . Reena Tinaaz Private Limited continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 23, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on RTPL's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of default in repayment of
bank facilities by the company and consequent declaration by the
banker as NPA.

Detailed description of the key rating drivers

Key Rating Weaknesses

Weakening of the credit profile

RCL's credit profile has weakened, leading to delays in debt
servicing. Accordingly the ratings assigned to RBEPL have been
revised.

Reena Tinaaz Private Limited (RTPL) is a Mumbai based company which
was established in 2012. The company is engaged in trading of FMCG
products such as soaps, shampoos, biscuits, detergents and
cigarettes (of various brands) belonging to reputed brands such as
ITC, Godfrey Philips, Parle, Hindustan Unilever Ltd (HUL),
Britannia etc. RTPL procures the products in bulk quantity from
authorized distributors of these brands and then sells them to the
wholesalers and retailers. The promoter of company, Mr Uday
Kantilal Desai was earlier carrying out FMCG trading business under
his proprietorship firm "Reena Agency" upto January 2015, after
which the entire business was transferred to RTPL. The area of
business of RTPL is concentrated in and around Mumbai city and its
suburbs.

The company has its designated warehouses at Vikhroli and Bhandup
in Mumbai.


SATYESHWAR HIMGHAR: CARE Cuts Rating on INR11.42cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Satyeshwar Himghar Private Limited (SHPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank      11.42       CARE D Revised from CARE B;
   Facilities                      Stable

   Short term bank
   Facilities           0.18       CARE D Revised from CARE A4

Detailed Rationale and key rating drivers

The revision in the ratings assigned to the bank facilities of SHPL
takes into account the on-going delays in debt servicing.

Key Rating Sensitivities

Negative Factors

* Track record of timely servicing of debt obligations for at least
90 days.

* Sustained improvement in financial risk profile, especially
liquidity.

Detailed description of key rating drivers

On-going delay in debt servicing:
There is ongoing delay in term loan servicing of the company owing
to inadequate cash accruals from operations.

Liquidity: Poor

Poor liquidity marked by lower accruals when compared to repayment
obligations, fully utilized bank limits and modest cash balance of
INR0.42 crore as on March 31, 2019. This could constrain the
ability of the company to repay its debt obligations on a timely
basis.

Satyeshwar Himghar Private Limited (SHPL) was incorporated in
September, 2014 to set up a cold storage unit by Mr. Bhaskar Ghosh,
Mr. Dipankar Ghosh, Mr. Sasanka Sekhar Ghosh, Mr. Kinkar Prasad
Ghosh and Mr. Shankar Ghosh. SHPL has started loading its cold
storage from February 2016 onwards. SHPL is into providing cold
storage services primarily for potatoes to local farmers and
traders on rental basis with an aggregate storage capacity of
178000 quintals per annum. The cold storage facility is located at
Paschim Medinipur, West Bengal. Besides providing cold storage
facility, the company also provides interest bearing advances to
farmers for their agricultural activities against the receipts of
potato stored.  Mr. Bhaskar Ghosh is associated with the company
since its inception; looks after the day to day operations of the
company with appropriate support from other co-directors.


SHREE TATYASAHEB: CARE Lowers Rating on INR248.36cr Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Tatyasaheb Kore Warana Sahakari Sakhar Karkhana Limited
(STKWSSKL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      248.36      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB; Stable; On the basis
                                   Of Best Available Information

   Long-Term/Short     410.00      CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE BB;
                                   Stable/CARE A4; On the basis
                                   of Best Available Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 1, 2019, placed the
rating(s) of STKWSSKL under the 'issuer non-cooperating' category
as Shree Tatyasaheb Kore Warana Sahakari Sakhar Karkhana Limited
(STKWSSKL) had failed to provide information for monitoring of the
rating. Shree Tatyasaheb Kore Warana Sahakari Sakhar Karkhana
Limited (STKWSSKL) continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated December 27, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in the ratings is on account of non availability of
information and inherent risks associated with the sugar industry,
including regulatory changes, cyclicality and agro climatic risks
and working capital intensive nature of operations. However, the
ratings derive strength from the track record of STKWSSKL in sugar
industry of over 5 decades and has a local connect and wide
acceptance among the farmers in terms of cane procurement.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Financial risk profile marked by low profitability and highly
leveraged capital structure on account of cooperative nature of the
entity

The total operating income (TOI) of the STKWSSKL remained flat and
stood at INR657.84 crore in FY17. The PBILDT margins of the
STKWSSKL stood at 12.00% during FY17 as against 12.27% of TOI
during FY16 and PAT margins stood at 0.06% in FY17 as against 0.18%
in FY16. The total debt of STKWSSKL increased to INR717.98crore as
on March 31, 2017 as against debt of INR647.32 crore as on March
31, 2016 on account of the high reliance on external fund based
working capital bank borrowing which coupled with the modest
Networth base of the company led to highly leveraged capital
structure marked by debt to equity and overall gearing of 2.43x and
11.57x respectively as on March 31, 2017.

* Cyclicality and agro-climatic risk associated with the sugar
industry

The net worth base of the company remained modest to INR54.40 crore
as on March 31, 2016 on account of the retention of the nominal
profit by the STKWSSKL, it being a co-operative society. The total
debt of STKWSSKL increased to INR647.31 crore as on March 31, 2016
as against debt of INR571.13 crore as on March 31, 2015.

* Working Capital intensive nature of operations

Sugarcane is the key raw material used for the manufacture of sugar
and sugar-related products. The availability and yield of sugarcane
depends on factors like rainfall, temperature and soil conditions,
demand-supply dynamics, government policies etc. The production of
sugarcane and hence sugar is cyclical in nature, wherein production
of sugarcane is on an uptrend for two years and then declines over
the next two years, before trending up again. Reduced quantum of
sugar cane production results in shortage in sugar production with
increase in sugar prices.

Key Rating Strengths

* Extensive industry experience of the promoters

Shree Tatyasaheb Kore Warana Sahakari Sakhar Karkhana Limited
(STKWSSKL) was promoted by Late Mr. Tatyasaheb Kore in September
1955 (founder Chairman) to undertake sugar and sugar related
production. Mr. Kore was one of the pioneers in setting up a sugar
factory in the Kolhapur district, Maharashtra nearly 60 years ago.
Further, Mr. Kore has promoted cooperative dairy project,
co-operative poultry farm, co-operative bank, education institutes
in Warana Nagar, Kolhapur, Maharashtra. The Warana group with its
successful track record of operating businesses with a local
connect has resulted into wide acceptance among the farmers
enabling STKWSSKL in cane procurement initiatives.

* Large scale and integrated nature of business model of sugar
plant resulting in some degree of de-risking of core sugar
business

STKWSSKL with an installed cane crushing capacity of 12,000 TCD (in
FY17), distillery operations of 90 KLPD and a cogeneration unit of
44 MW (on BOOT basis) is a large sized player in the sugar
industry. The integrated nature of facility of STKWSSKL enables
diversification of revenue stream and betters the company's ability
to absorb the fluctuations in the prices of raw material
(sugarcane), finished goods and cyclicality, inherent to the sugar
industry.

Cordial relations with the local populace leading to adequate
procurement of cane and presence in a high recovery zone The sugar
plant of STKWSSKL is located in the sugarcane cultivation area in
village Warananagar, Taluka Panhala, District Kolhapur,
Maharashtra. Warananagar is a small township located on the bank of
Warana River in western Maharashtra. The command area of STKWSSKL
comprises of over 80 villages with total land under sugarcane
cultivation to the tune of about 15,000hectares (total command area
is 30,000 hectare).

STKWSSKL was incorporated by Late Tatyasaheb Kore in September,
1955 under 'The Maharashtra Co-operative Societies Act 1960' as
Tatyasaheb Kore Warana Sahakari Sakhar Karkhana Cooperative Society
Limited. The name was subsequently changed to the present one.
STKWSSKL is a part of the Kolhapur (Maharashtra) based 'Warana
Group', which has diverse business interests like education,
co-operative bank (Warana Sahakari Bank Limited), co-operative
poultry farm and processing and manufacturing of dairy products
housed under Shree Warana Sahakari Dudha Utpadak Prakriya Sangh
Ltd.


SOLO METALS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Solo Metals Private Limited
        PU-108, Pitampura
        Delhi 110034
        India

Insolvency Commencement Date: December 17, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 13, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Tarun Jaggi

Interim Resolution
Professional:            Mr. Tarun Jaggi
                         A-1/292, GF, Janak Puri
                         New Delhi 110058
                         India
                         E-mail: tarunjaggi@gmail.com
                                 solometal-cirp@gmail.com

Last date for
submission of claims:    January 6, 2020


STATE TRADING: CARE Keeps 'D' Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of The State
Trading Corporation of India Limited continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      2,000       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

   Short-term Bank     4,000       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

The State Trading Corporation of India Limited has not paid the
surveillance fees for the rating exercise as agreed in its Rating
Agreement. Also, CARE has been seeking information from The State
Trading Corporation of India Limited to monitor the rating vide
e-mail communications dated December 3, 2019, November 18, 2019,
November 11, 2019. November 8, 2019 and October 15, 2019 and
numerous phone calls. However, despite our 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 bank facilities of The State Trading
Corporation of India Limited are denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

There are ongoing delays as per publicly available information and
also as per the lender account is classified as NPA. The following
were the rating weaknesses and strengths considered at the time of
last rating exercise (December 19, 2018):

Key Rating Weaknesses

Delays in servicing of debt obligations: The company is facing cash
flow mismatches due to huge recoverable from associates with which
the company had undertaken trade transactions and who had defaulted
in making timely payment to STC. The company has taken legal
recourse for the same for the recovery; however, this has led to a
financial crunch leading to delays in servicing of debt
obligations.

Key Rating Strengths

Predominant ownership by the Government of India: The Corporation
functions under the administrative control of the Ministry of
Commerce & Industry, Government of India. STC arranges import/
export of mass consumption items including rice, wheat, edible
oils, sugar as per instructions of the Government. As on September
30, 2018, the Government of India had approximately 90%
shareholding in STC.

STC is a Miniratna Category-1 Central Public Sector Enterprise and
is recognised by the Government of India (GOI) as a Star Trading
House. It is a trading company engaged primarily in the export and
import operations. The company functions under the administrative
control of the Ministry of Commerce & Industry, GOI. STC has 11
branch offices in India. STC owns tank farms, warehouses, godowns
at various locations of the country for storage of liquid/dry
cargo. GOI holds 90% stake in the company.


STONE INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Stone India Ltd
        16 Taratalla Road
        Alipore Kolkata
        WB 700088

Insolvency Commencement Date: December 19, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Manmohan Jhawar

Interim Resolution
Professional:            Mr. Manmohan Jhawar
                         M Jhawar & Co
                         203 Mahatma Gandhi Road, 1st Floor
                         Kolkata, West Bengal 700001
                         E-mail: manmohanjhawar@yahoo.co.in

                            - and -

                         Resurgent Resolution Professionals LLP
                         CFB, F-1, 1st Floor
                         Paridhan Garment Park
                         19, Canal South Road
                         Kolkata, West Bengal 700015
                         E-mail: cirp.stoneindia@gmail.com

Last date for
submission of claims:    January 2, 2020


SUN PHARMACEUTICAL: Plans to Demerge Overseas Subsidiary Rejected
-----------------------------------------------------------------
The Economic Times reports that Sun Pharmaceutical Industries'
plans to consolidate its subsidiaries have hit a roadblock after
the National Company Law Tribunal (NCLT) rejected a proposal in
which India's biggest drug-maker sought to demerge an overseas
unit.

ET relates that the company had approached the Ahmedabad bench of
NCLT for an approval to transfer investment undertakings from Sun
Pharma to its Netherlands-based wholly-owned subsidiary. Sun Pharma
now has the option to challenge the NCLT ruling in higher courts,
the report says.

The decision was approved by the Sun Pharma board in May 2018.

According to the report, the NCLT's stand could also put a question
mark on several other such restructuring proposals of India Inc.
Many Indian companies were seeking consolidation to help raise
funds in overseas subsidiaries.

Sun Pharma, however, said that the company was not looking to raise
any funds.

"The purpose (of the demerger) is to consolidate the holding
structure for Sun Pharma's overseas, direct or indirect
wholly-owned subsidiaries. The proposed demerger/consolidation plan
is on hold and we are considering options," the report quotes a Sun
Pharma spokesperson as saying.

Analysts believe there would be ramifications of this ruling across
industries, ET adds.

Mumbai, India-based Sun Pharmaceutical Industries Limited
manufactures and markets pharmaceuticals for domestic and
international distribution. The Company's pharmaceutical portfolio
includes drugs in the areas of diabetes, cardiology, neurology,
psychiatry and gastroenterology.


TXLENE FORGE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Txlene Forge Private Limited
        Vill & PO Ramgarh
        Chandigarh Road
        Ludhiana PB 141123

Insolvency Commencement Date: December 19, 2019

Court: National Company Law Tribunal, Khanna Bench

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

Insolvency professional: Arun Gupta

Interim Resolution
Professional:            Arun Gupta
                         H.No. 229, St.No. 5R
                         Khalsa School Road
                         Khanna, Ludhiana
                         Punjab 141401
                         E-mail: arunsapna.ca@gmail.com

                            - and -

                         C/o M/s Arun Sapna & Associates
                         Chartered Accountants
                         Opposite Union Bank of India
                         G.T. Road, Khanna 141401
                         (PB)
                         E-mail: cirptxlene@gmail.com

Last date for
submission of claims:    January 2, 2020


V.S. METALLIC: Ind-Ra Cuts LT Issuer Rating to 'D/NonCooperating'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded V.S. Metallic
Private Limited's Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B (ISSUER NOT COOPERATING)'. 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 instrument-wise rating actions are:

-- INR100 mil. Fund-based limits (Long-term/ Short-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based limits (Short-term) downgraded with

     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Based on the best available
information

KEY RATING DRIVERS

The downgrade reflects V.S. Metallic's delays in debt servicing,
the details of which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2011, V.S. Metallic trades pig iron, cast iron, and
scrap iron. The company started its commercial operations in FY13
by obtaining an authorized dealership of Tata Metallic Limited and
Vedanta Limited ('IND AA'/Positive) in Delhi. VSMPL's customer base
comprises auto parts manufacturers and consumer durables
manufacturers, located mainly in Delhi, Haryana and Uttar Pradesh.


VARDHMAN RICE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shri Vardhman Rice Mills Private Limited

        Registered office:
        LD-1, Pitampura
        Delhi 110034
        India

        Factory site:
        Gohana Road, Panipat
        Haryana 132103
        India

Insolvency Commencement Date: December 4, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: June 1, 2020
                               (180 days from commencement)

Insolvency professional: Vikas Garg

Interim Resolution
Professional:            Vikas Garg
                         H No. 2045, First Floor
                         Sector 15-C
                         Chandigarh 160015
                         E-mail: vgargcs@gmail.com

Last date for
submission of claims:    January 3, 2020


VINODSAI AGRICOLD: CARE Reaffirms B+ Rating on INR10.67cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of M/s.
Vinodsai Agricold storage LLP (VSACS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          10.67       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of VSACS continues to be
tempered by small scale and short track record of operations,
leveraged capital structure, Working capital intensive nature of
operations, stretched liquidity, highly competitive and fragmented
nature of business and partnership nature of constitution with risk
of withdrawal of capital.

However, the rating continues to derive comfort from experience of
partners in agricultural industry, healthy PBILDT margin and
turnaround from net loss in FY19 (refers to the period April
01-March 31), location advantage of the plant, stable outlook of
cold chain industry. The rating also factors in the increase in
total operating income and improved debt coverage indicators in
FY19 (refers to the period April 1-March 31).

Rating sensitivities

Positive Factors

  * Increase in scale of operations as marked by total operating
income on sustained basis along with improvement in capital
structure marked by overall gearing ratio below 1.00x

Negative Factors

  * Deterioration in debt coverage indicators marked by interest
coverage and TD/GCA less than 1.00x and 7.00x on a sustained
basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale and short track record of operations:  The scale of
operations of the firm remained small during the first full year of
operations i.e., FY19 marked by TOI of 3.08 crore along with the
tangible net worth of 4.96 crores.

* Leveraged capital structure:  The overall gearing ratio of the
firm also improved however stood leveraged at 2.50x as on March 31,
2018 as against 3.20x as on March 31, 2019 on account of scheduled
repayment of term loan.

* Working capital intensive nature of operations:  The operating
cycle of the firm stood at 36 days in FY19 as against 21 days in
FY18 due to increase in average collection period from 31 days in
FY18 to 54 days in FY19. The average creditors' period stood at 17
days in FY19 as against 9 days in FY18. The Net cash flows from
operations stood at 2.13 crores in FY19.

* Stretched Liquidity:  The liquidity position of the firm
continues to be stretched. Liquidity is marked by tightly matched
accruals to repayment obligations. The firm operates in a working
capital intensive industry marked by increase in average collection
period. It had cash and bank balance of INR 0.01 crore as on March
31, 2019. The cash flow from operation stood at INR2.13 crores in
FY19 as against term debt repayment of INR1.33 crores as of March
31 2019.

* Highly Competitive and fragmented nature of business:  The firm
is engaged into the business of providing cold storage facilities
on rental basis to farmers where the profitability margins
comparing to other industry will be low. Apart from that there are
numerous organized and unorganized players entering into the market
which makes the industry competitive nature.

* Partnership nature of constitution with risk of withdrawal of
capital:  The firm being a limited liability partnership firm is
exposed to inherent risk of capital withdrawal by partners due its
nature of constitution. Any substantial withdrawals from capital
account would impact the net worth and thereby the gearing levels.

Key Rating Strengths

* Experienced partners in Agricultural Industry for two decades:
Vinodsai Agri Cold Storage LLP (VSACS) was incorporated in 2015 and
promoted by Mr. P Chandrasekar, Mr. M Gopinath, Mr. M Madhavaiah
and others. The firm is run by 9 designated partners and 10 other
partners. The designated partners of the firm are having more than
two decades of experience in agricultural industry. Through their
vast experience in agricultural business, the partners will be able
to establish healthy relationship with farmers and local traders.

* Growth in Total operating income:  FY19 is the first full year of
operations, and the firm has registered TOI of INR 3.08 crore and
tangible net-worth of Rs 3.89 crore attributing small scale of
operations. Despite its small scale of operations the firm's
financial performance improved in FY19 over FY18 on account of
increase in customer base coupled with increased installed
capacity.

* Healthy Profitability margins:  The profitability margins marked
by PBILDT margin improved and stood at 80.05% in FY19 as against
63.09% in FY18 respectively on account of achieving a net profit of
0.17 crores in FY19 as against a net loss of 1.18 crores in FY18
due to increased customer base coupled with increase in the
installed capacity to 12500 MT as on November 30, 2019.

* Improved debt coverage indicators in the FY19 (A):  The firm has
seen a considerable improvement in the debt coverage indicators
marked by TD/GCA and interest coverage ratios. TD/GCA of the firm
albeit weak it improved and stood at 6.71x in FY9 as against 59.96x
in FY18 on account of reduction in total debt due to scheduled
repayment of term loan and increased cash accruals. Decrease in
interest cost coupled with increase in absolute PBILDT led to
improved Interest coverage ratio to 2.53x in FY19 as against 1.16x
in FY18.

* Location advantage of the plant:  The plant location of the firm
is located in Nallur Village which is in 100 meters radius of NH 38
and which is near to Chennai trade center, Chennai harbor and
horticultural crops growing area and having good network with
farmers and traders. There is abundant availability of inputs such
as chillies, spices, tamarind etc. in the proposed area of the
district.

* Stable outlook of cold chain industry:  Growing annually at 28%,
the total value of cold chain industry in India is expected to grow
going forward driven by increased investments, modernization of
existing facilities, and establishment of new ventures via private
and government partnerships. India's cold chain industry is still
evolving, not well organized and operating below capacity. The
Indian cold chain market is highly fragmented with more than 3,500
companies in the whole value system. Organized players contribute
only ~8%–10% of the cold chain industry market. Cold stores are
the major revenue contributors of the Indian Cold Chain industry
and are majorly used for storing agricultural products. However,
the market is gradually getting organized and focus towards
multipurpose cold storages is rising.

Tamil Nadu based, Vinodsai Agri Cold Storage LLP (VSACS) was
established in 2015 with its registered office at Kondithope,
Chennai and promoted by Mr. P Chandrasekar, Mr. M Gopinath and Mr.
M Madhavaiah and others. The firm has 9 designated partners and 10
other partners. The firm started its business operations in June
2017 and is currently running a cold storage for preserving
agricultural products like pulses, chillies, grains, tamarind etc.
at Nallur village, Thiruvallur District, Tamil Nadu. The major
customers of the firm are farmers, local traders, exporters and
Importers. The firm derives 75% of the revenue from local traders,
10% from exporters of Agricultural Products like chillies and
remaining from farmers and importers of spices.




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

CLAYMARK LTD: Business to be Put on Sale this Month
---------------------------------------------------
Esther Taunton at Stuff.co.nz reports that Claymark Ltd, which went
into receivership on Dec. 4, will be put on the market this month.

According to the report, receiver Brendon Gibson said the focus
since receivership had been on ensuring there was a stable business
environment to present to potential buyers.

"To that end, we have had fantastic support from the company's
staff, suppliers and customers," the report quotes Mr. Gibson as
saying.  "For all staff, operations and suppliers it's business as
usual as we work through the sale process."

Stuff says Mr. Gibson confirmed there had been considerable
interest in the business since the announcement of the receivership
and he hoped to conclude a sale in the first half of 2020.

The company has an annual turnover of about NZ$160 million.

In August, Claymark announced the sale of its business and assets
to NZ Future Forest Products Ltd but the deal had since stalled and
was formally terminated by NZFFP last month.

The Claymark Group manufactures and exports radiata pine products
for cladding, fencing and balustrades.  The company employs 510
full time staff, and has sawmills, remanufacturing plants and
distribution centres in Rotorua, Katikati, Thames and Henderson.




===========
T A I W A N
===========

KING CAR: Closing Up to 10 Mr Brown Coffee Stores Across Taiwan
---------------------------------------------------------------
Natasha Li at Taipei Times reports that Mr Brown Coffee would close
up to 10 of its coffeeshops in Taiwan, Chinese-language media
reported on Jan. 1, citing its operator, King Car Group.

King Car would close the stores when their leases expire due to
lower-than-expected profits, the United Daily News and Commercial
Times reported, Taipei Times relays.

The store in New Taipei City's Tamsui District is scheduled to
close by the end of this month, they said.

However, the company would consider opening new stores in more
suitable locations, the reports said, Taipei Times relays.

Employees at the closing stores would either be transferred to
other outlets or dismissed in accordance with the Labor Standards
Act, they said, citing King Car, according to Taipei Times.

The company launched its series of canned Mr Brown Coffee products
in 1982 and opened its first coffeeshop in 1998. At one time it had
46 shops nationwide.

It now has 39 stores, according to its Web site, following the
closure of seven outlets in Taipei, including one in the Tianmu
area more than a month ago, the reports, as cited by Taipei Times,
said.

According to Taipei Times, H&B Business Group head researcher
Jessica Hsu said as market competition intensifies with the arrival
of new brands and drink stalls, firstcomers are finding themselves
under heavy pressure.

Convenience stores, which are constantly changing their marketing
strategies, offer strong competition and might be another reason
for the closure of Mr. Brown Coffee shops, Knight Frank Taiwan
researcher Andy Huang said, Taipei Times relays.

Rising costs of ingredients, rent and labor are also pushing coffee
shop operators out of the market, as most of them absorb the price
increases instead of passing them on to their customer in fear of
losing them, the news reports added.

Taipei Times says King Car has sought to reposition itself in the
domestic coffee shop market and slowly transformed Mr Brown stores
to offer more food options such as light meals and snacks.

The company also operates the local Kavalan whiskey and Buckskin
beer brands, as well as a range of soft drinks.

Ministry of Labor Department of Employment Relations Director Wang
Hou-wei on Jan. 1 told the Central New Agency that he had not
received word from the company on a mass redundancy of workers, and
was seeking clarification on whether the layoffs reached the legal
threshold, adds Taipei Times.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9482.

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