---

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

                     A S I A   P A C I F I C

          Wednesday, February 12, 2020, Vol. 23, No. 31

                           Headlines



A U S T R A L I A

ABM RESOURCES: Second Creditors' Meeting Set for Feb. 19
AZURE ON WEST: Second Creditors' Meeting Set for Feb. 19
CARHOOD GROUP: Second Creditors' Meeting Set for Feb. 19
CROFTER DINING: Shut as Calombaris Collapse Fallout Spreads
HELLENIC HOTEL: First Creditors' Meeting Set for Feb. 20

TIPSY CAKE: Owners Blame Crown for Underpayment Scandal


C H I N A

QINGHAI PROVINCIAL: Sharp Haircuts Infuriate Investors


I N D I A

ADDI ALLOYS: ICRA Reaffirms B+ Rating on INR11.0cr Cash Loan
AIRAN STEEL: ICRA Lowers Rating on INR8.50cr LT Loan to B+
ARUN SHELTERS: Insolvency Resolution Process Case Summary
BENARA AUTOMOTIVES: Insolvency Resolution Process Case Summary
CHOUDHARY GUM: ICRA Lowers Rating on INR14.50cr Loan to 'D'

COOCHBEHAR AGRO: ICRA Lowers Rating on INR9.25cr Loan to B-
DBM GEOTECHNICS: Insolvency Resolution Process Case Summary
DELHI INTERNATIONAL: Fitch Publishes BB+ LT IDR, Outlook Stable
DELHI INTERNATIONAL: Moody's Affirms Ba2 CFR, Outlook Stable
DWARKADHISH COTSPIN: ICRA Withdraws B+ Rating on INR49.7cr Loan

EDUNOVA EDUCATIONAL: Insolvency Resolution Process Case Summary
EURO PRATIK: ICRA Lowers Rating on INR9cr LT Loan to B+
FARMECH FOODS: Insolvency Resolution Process Case Summary
FASHION FLARE: ICRA Maintains 'B' Rating in Not Cooperating
GEETANJALI ISPAT: ICRA Cuts Rating on INR9.0cr Loans to B+

GOVINDAM METALS: Insolvency Resolution Process Case Summary
IL&FS LTD: SEBI Mulls Raising Penalty on Rating Agencies
INDIA: RBI Extends One-time Restructuring Scheme for MSME Loans
INDIRANAGAR CHIT: Insolvency Resolution Process Case Summary
K.P. SAHA: ICRA Maintains B+ Rating in Not Cooperating Category

LEESA LIFE: Insolvency Resolution Process Case Summary
MAA BAMESWARI: ICRA Maintains 'B' Rating in Not Cooperating
MAGNOLIA MARTINIQUE: ICRA Cuts Rating on INR15cr LT Loan to B+
MANMEET ALLOYS: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
MATHURAM SWASTHA: ICRA Maintains B+ Rating in Not Cooperating

NEW TEA: ICRA Lowers Rating on INR33.75cr LT Loan to B+
NORTH DINAJPUR: ICRA Maintains 'B' Rating in Not Cooperating
RENXSOL ECOTECH: ICRA Moves 'B+' Rating to Not Cooperating
RG INFRA BUILD: Insolvency Resolution Process Case Summary
RHEABARI TEA: ICRA Lowers Rating on INR6.15cr Cash Loan to B+

RNA CORP: NCLAT Dismisses Plea Against Insolvency Proceedings
SAMRAT SEA: ICRA Maintains D Rating in Not Cooperating Category
SAPTAGIRI BOILED: ICRA Withdraws B+ Rating on INR10cr Loans
SHELL APPARELS: ICRA Cuts Rating on INR15cr LT Loan to B+
SHREE MURUGAN: Insolvency Resolution Process Case Summary



N E W   Z E A L A N D

PHP NZ: Owes 'Significant' Sum for Contractual Breaches

                           - - - - -


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

ABM RESOURCES: Second Creditors' Meeting Set for Feb. 19
--------------------------------------------------------
A second meeting of creditors in the proceedings of ABM Resources
(QLD) Pty Ltd has been set for Feb. 19, 2020, at 11:00 a.m. at the
offices of PKF Brisbane, Level 6, at 10 Eagle Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 18, 2020, at 4:00 p.m.

Geoffrey Trent Hancock of PKF was appointed as administrator of ABM
Resources on Jan. 15, 2020.

AZURE ON WEST: Second Creditors' Meeting Set for Feb. 19
--------------------------------------------------------
A second meeting of creditors in the proceedings of Azure on West
Terrace Pty Ltd, formerly trading as The Hindley and HQ Complexhas,
been set for Feb. 19, 2020, at 11:00 a.m. at the offices of Clifton
Hall, Level 3, at 431 King William Street, in Adelaide, SA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 18, 2020, at 4:00 p.m.

Timothy James Clifton and Daniel Lopresti of Clifton Hall of were
appointed as administrators of Azure on West on Jan. 14, 2020.

CARHOOD GROUP: Second Creditors' Meeting Set for Feb. 19
--------------------------------------------------------
A second meeting of creditors in the proceedings of Carhood Group
Limited has been set for Feb. 19, 2020, at 11:00 a.m. at the
offices of Clarence, Boardroom 1, Level 11, at 456 Lonsdale Street,
in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 18, 2020, at 5:00 p.m.

Adam Shepard of Setter Shepard was appointed as administrator of
Carhood Group on Jan. 14, 2020.

CROFTER DINING: Shut as Calombaris Collapse Fallout Spreads
-----------------------------------------------------------
Matthew Elmas at SmartCompany reports that the fallout from the
spectacular collapse of George Calombaris' restaurant empire spread
across Melbourne on Feb. 11, with prominent chef Matt Wilkinson
forced to shutter his recently launched venue, Crofter Dining Room,
in Brunswick East.

Just weeks after investing in a glitzy relaunch of the former
Hellenic Republic site under a new banner, the new business has
been forced to close as administrators pick over the remains of 22
venues tied to the former MasterChef judge, SmartCompany says.

According to the report, Calombaris' MAdE Establishment brought in
administrators from KordaMentha on Feb. 10 after a AUD7.8 million
wage theft scandal pushed the business over the edge financially.

The jobs of more than 400 staff are now at risk as administrators
scramble to sell the dozen restaurants and food venues across
Melbourne founded by Calombaris.

Some of Calombaris' most loyal lieutenants, some of whom were
shifted around the sprawling company in the wake of the wage theft
scandal, have also become embroiled in the fallout, as venues tied
to MAdE stop trading, including Electra (formerly The Press Club),
Hotel Argentina (formerly Hellenic Hotel), and Crofter (formerly
Hellenic Republic).

Only frozen yoghurt brand Yo-Chi will remain open ahead of a first
meeting of Made creditors slated for February 20, according to the
report.

Mr. Wilkinson, who left his CBD brunch spot Pope Joan to launch
Crofter earlier this year, under the umbrella of the MAdE group,
took to social media on Feb. 10 to address what he described as a
"clusterfuck" to customers and fans.

"If you haven't seen the clusterfuck that has unfolded with Made
businesses well . . ." Mr. Wilkinson said in a short Instagram
post.  "The door @crofterdining is just slightly closed for a
while, but hopefully [sic] open soon."

Defending his business partner, Mr. Wilkinson thanked Calombaris,
dismissing a suggestion from one commenter that he was warned about
going into business with him.

"I'd like to personally thank @gcalombaris [George Calombaris]
quite simply #nothisfault love ya bud x," SmartCompany quotes Mr.
Wilkinson as saying.

Only weeks ago, Mr. Wilkinson was preparing to open the
reinvigorated former Hellenic Republic site, later celebrating a
strong reception from customers.

The new restaurant promised a departure from "big fuck-off steak"
and chicken Kiev, with lighter vegetarian-friendly meals and a
gin-heavy booze menu inspired by Wilkinson's role as the creative
director at Four Pillars distillery.

While the future of the venue is now shrouded in uncertainty, there
is speculation Mr. Wilkinson may approach administrators to
purchase or otherwise spin off the Crofter business.

The chef did not respond to calls or emails on Tuesday morning, but
a spokesperson for KordaMentha administrators said such a deal
could be a "neat looking" solution.

"We're not ruling anything out, not ruling anything in," the
spokesperson said, declining to comment further, SmartCompany
relays.

Another Calombaris venue, Hotel Argentina, which was recently
launched under the stewardship of former Hellenic Republic head
chef Dan Szwarc, could also be the subject of a purchase offer in
coming weeks, SmartCompany adds.

HELLENIC HOTEL: First Creditors' Meeting Set for Feb. 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   - Hellenic Hotel Williamstown Pty Ltd ATF the Hellenic Hotel
     Unit Trust
     Trading name: Hotel Argentina

   - Elektra Restaurant & Bar Pty Ltd ATF the Elektra Unit Trust
     Trading name:  Hellenic Republic Brighton

   - Hellenic Republic Restaurant and Bar (Kew) Pty Ltd ATF the
     Hellenic Republic Kew Unit Trust
     Trading name:  Vita Restaurants & Events

   - Hellenic Republic Restaurant and Bar (Brunswick) Pty Ltd ATF
     Hellenic Republic Restaurant and Bar (Brunswick) Unit Trust
     Trading name:  Crofter Dining Room

   - The Press Club Restaurant and Bar Pty Ltd
     Trading name: Elektra/Gazi Restaurant & Bar

   - JG (Eastland) Pty Ltd ATF the JG (Eastland) Unit Trust
     Trading name: Jimmy Grants (Eastland)

   - JG (Fitzroy) Pty Ltd ATF the JG (Fitzroy) Unit Trust
     Trading name: Jimmy Grants (Fitzroy)

   - JG (Emporium) Pty Ltd ATF the Emporium Unit Trust
     Trading name: Jimmy Grants (Emporium)

   - JG (Ormond) Pty Ltd ATF the JG (Ormond) Unit Trust
     Trading name: Jimmy Grants (Ormond)

   - JG (Richmond) Pty Ltd ATF the JG (Richmond) Unit Trust
     Trading name: Jimmy Grants (Richmond)

   - JG (St Kilda) Pty Ltd ATF the JG (St Kilda) Unit Trust
     Trading name: Jimmy Grants St Kilda

   - JG (Chadstone) Pty Ltd ATF the JG (Chadstone) Unit Trust
     Trading name: Jimmy Grants Chadstone

   - Restaurant Brands Pty Ltd ATF the Restaurant Brands Unit
     Trust

   - Sycal Pty Ltd ATF the Sycal Unit Trust

   - Jimmy Grants Pty Ltd ATF the Jimmy Grants Unit Trust

   - Made Establishment Pty Ltd ATF The Restaurant Holdings Unit
     Trust

   - JGOPS Pty Ltd ATF the JGOPS Unit Trust

   - JG (Robina) Pty Ltd ATF the JG (Robina) Unit Trust

   - JG (Sydney) Pty Ltd ATF the JG (Sydney) Unit Trust

   - Pressing Events Pty Ltd

   - JGIP Pty Ltd ATF the JGIP Unit Trust

   - JG (Glen Waverley) Pty Ltd ATF the JG (Glen Waverley) Unit
     Trust

will be held on  Feb. 20, 2020, at 3:00 p.m. at the offices of
KordaMentha, Rialto South Tower, Level 31, at 525 Collins Street,
in Melbourne, Victoria.  

Craig Peter Shepard and Leanne Kylie Chesser of KordaMentha were
appointed as administrators of Hellenic Hotel, et. al on Feb. 10,
2020.

TIPSY CAKE: Owners Blame Crown for Underpayment Scandal
-------------------------------------------------------
Ben Schneiders and Royce Millar at The Sydney Morning Herald report
that the owners of the Dinner by Heston restaurant in Melbourne
have directly blamed Crown Resorts for its role in an underpayment
scandal at the high-end eatery, saying the casino company was more
than simply a landlord, it was a "partner" in the failed business.

SMH relates that the restaurant, which is fronted by world-renowned
chef Heston Blumenthal, will not trade beyond this Friday night
[Feb. 14] after it went into provisional liquidation owing
employees in excess of AUD4 million from underpayment and more than
AUD400,000 in entitlements. It is expected to be put into
liquidation by the Federal Court this week.

The British-based arm of Dinner by Heston, a company called Tipsy
Cake, released a statement to The Age and The Sydney Morning Herald
saying Crown was significantly involved in the underpayment scandal
that has led to the imminent demise of the restaurant, and ignored
attempts to address the problem. Crown disputes the claims, the
report says.

"As a foreign company, Tipsy relied from the outset on the advice
given by advisers in Australia and our partner Crown Melbourne, who
were responsible for advising on the staff remuneration blueprint
for the restaurant," SMH quotes a Tipsy Cake spokesperson as
saying.

"As the financial effect became clearer, including the discovery
that there were also significant overpayments of superannuation to
some staff, Tipsy Cake tried to discuss constructively with Crown,
to work together to find a solution which would be in the best
interests of staff.

"Regrettably Crown has not engaged with us or agreed to any
proposal which was tabled in order to remediate the employees," the
statement said.

"This is a complex issue and one that has affected a large number
of industries and companies across Australia."

Tipsy Cake, based in the Caribbean tax haven of Nevis, said it did
not have the resources to pay its employees what it owes them, SMH
relates. Mr. Blumenthal is no longer a shareholder in the business
and restaurants that bear his name, though the company itself says
he remains linked as chef patron and is "integral" to their
operation. He is paid by another part of the empire, the
British-based Fat Duck Group.

According to SMH, the company's insistence that Crown was a
"partner" in the business rather than just a landlord reflects
comments made in a creditors report by BRI Ferrier, which revealed
Crown had offered a range of financial and administrative support
to Dinner by Heston. BRI Ferrier said the arrangement was "best
described as a joint venture".

A Crown spokeswoman disputed the claims, saying Tipsy Cake, trading
as Dinner by Heston, was "a tenant of Crown, SMH relays. It was
responsible for its own operations and employed its own staff."

"Tipsy Cake has asked the court to appoint a liquidator, on the
basis that it is insolvent. In these circumstances, Crown has taken
steps to bring the tenancy to an end."

SMH says Crown was charging the restaurant owner just AUD1 a year
in rent while paying GBP1 million (AUD1.97m) a year in license fees
to an obscure Irish entity that is related to a sprawling global
network of companies that own the Blumenthal-fronted restaurants.

According to SMH, the problems for Dinner by Heston emerged after a
Sunday Age investigation in late 2018 showed the Melbourne eatery
had been significantly -- and unlawfully -- underpaying their
staff, many of whom were working 20 to 30 hours a week unpaid.

What appears to have hastened the end of Dinner by Heston's
Australian experiment was a subsequent investigation by the Fair
Work Ombudsman and demands the restaurant repay staff, the report
relates.

Just before Christmas the company appointed BRI Ferrier. When Crown
recently said it would terminate the restaurant's lease there was
no way for it to trade on.

"Our main concern, now that the restaurant will have to cease
trading, is our employees, and The Fat Duck group and Heston
Blumenthal are actively involved in discussions with us to find a
positive solution for them," Tipsy Cake's statement, as cited by
SMH, said.

The dispute could result in legal action, with recent changes to
the Corporations Act allowing landlords such as Crown to be
included in any clawing back of employee entitlements, SMH notes
citing a legal expert.

The new laws targeted transactions that attempted to prevent, avoid
or reduce payments of employee entitlements, said Natasha McHattan,
legal director at the Australian Restructuring Insolvency &
Turnaround Association, SMH relays.

The changes were primarily designed to target illegal phoenix
activity, but there is potential that they could be applied to
third parties such as landlords, she said, adds SMH.

David John Coyne and Brian Raymond Silvia of BRI Ferrier (NSW) Pty
Ltd were appointed as provisional liquidators of Tipsy Cake Pty
Ltd, trading as Dinner by Heston Blumenthal, on Dec. 20, 2019.



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

QINGHAI PROVINCIAL: Sharp Haircuts Infuriate Investors
------------------------------------------------------
Reuters reports that an attempt to restructure three dollar bonds
by China's Qinghai Provincial Investment Group that will pay bond
holders only 40 cents on the dollar is "wickedly designed",
investors said on Feb. 7.

Earlier this week, a subsidiary of Qinghai Provincial Investment
and Development Co -- which, like QPIG, is controlled by Qinghai's
local government -- proposed buying the $850 million worth of bonds
at a sharp discount, according to Reuters.

Reuters says Guozhen International Trade Consulting, a unit of
QPID, offered to buy $300 million of QPIG bonds due 2020 at 41.19%
of face value. In addition, Guozhen offered to buy two batches of
bonds due 2021 worth a total of $550 million at 36.75% of face
value.

Reuters relates that Du Ying, director of QPID, said on a
conference call Feb. 7 that if bond investors chose not to accept
the offer, their chances of getting money back were slim, because
the issuer "is in a difficult operational situation" and the bonds
are unsecured.

"This is cheating. This is arbitrage. This practice is extremely
wicked, and shameless," an enraged investor said during the
conference call. His call was cut off by the operator, Reuters
says.

Another investor raised the same issue, saying the offer involves
conflicts of interest, and is "wickedly structured," relates
Reuters.

"The whole structure is an act of arbitrage. You're definitely not
a white knight. You're a black knight," the investor told the QPID
managers. "You're using financial tricks to harm bond investors.
This is damaging capital markets order."

Du declined to answer the questions directly, the report notes. He
said only that the two companies were unrelated and that QPIG, the
bond issuer, is struggling and suffering from liquidity shortage.
The conference call was cut short, says Reuters.

According to Reuters, the tender offer for QPIG bonds follows the
pattern of debt restructuring of another state-owned company, Tewoo
Group, in late November.

In that deal, the struggling commodity trader Tewoo became the
first major state-owned company to miss a payment on and
restructure an offshore bond in two decades, Reuters discloses
citing Moody's Investors Service.

Reuters says rising defaults by China's state-owned companies
underline the fiscal strain on local governments from a slowing
economy. They have also made investors wary about buying bonds with
perceived government backing.

"The Tewoo template has been set of severe haircuts for offshore
investors in state-linked issuers, with recovery rates moving
lower," ANZ strategists Owen Gallimore and Ting Meng said of the
Qinghai deal in a note on Feb. 7, Reuters relays. "Others are
likely imminent and we are concerned over market sentiment."  

                      About Qinghai Provincial

Qinghai Provincial Investment Group Co., Ltd, produces and sells
primary and fabricated aluminum products in China. The company
operates through four segments: Aluminium Production, Electricity
Generation, the Mining and Sale of Coal, and Other Ancillary
Businesses. It generates thermal power and hydropower; mines and
sells coal; and develops and manages real estate properties, as
well as provides guarantee and leasing services. The company offers
equipment financing and leasing, fundraising, and other financing
services, as well as loan guarantees, and custodian and investment
consultation services; purchases raw materials; sells carbon and
aluminum products.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
16, 2020, S&P Global Ratings lowered the long-term issuer credit
rating on Qinghai Provincial Investment Group Co. Ltd. (QPIG) and
the issue rating on the company's senior unsecured bonds to 'D'
from 'CCC-'.  S&P said, "We lowered the rating on QPIG because the
company missed an interest payment due on Jan. 10, 2020, on its
US$300 million bonds maturing on July 10, 2021. We believe the
company will not be able to make full payment within the
five-business-day imputed grace period. Since the U.S. dollar bond
does not have a stated grace period, we apply the five-business-day
imputed grace period based on our criteria."

"In our view, QPIG does not have the financial capacity to make
timely and full payment on its debt obligations. We also do not
expect the Qinghai provincial government to provide timely support
to help QPIG meet its obligations. This underpins our assessment
that QPIG's general default is commensurate with a rating of 'D'
instead of 'SD'."



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

ADDI ALLOYS: ICRA Reaffirms B+ Rating on INR11.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Addi
Alloys Private Limited (AAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         11.00       [ICRA]B+ (Stable); reaffirmed
   Non-fund Based       3.00       [ICRA]A4; reaffirmed

Rationale

For arriving at the ratings, ICRA has consolidated the business and
financial risk profiles of AAPL and its Group company – Manmeet
Alloys Private Limited (MAPL) – as these operate in similar lines
of businesses, have operational linkages, and share a common
management. The companies are together referred to as the Group.

ICRA's ratings reaffirmation considers the moderate improvement in
the Group's operating income in FY2019 to INR294.26 crore from
INR259.72 crore in FY2018, albeit accompanied with a decline in
operating margins. The ratings continue to be constrained by thin
operating margins owing to the fragmented and competitive nature of
the steel industry as well as low technological complexity of the
manufacturing process, and its vulnerability to fluctuations in raw
materials prices. Moreover, the weak financial profile of the Group
is reflected by elevated TOL/TNW levels and modest debt protection
metrics. The liquidity of Group is also modest with limited cushion
in working capital limits.

However, the ratings continue to derive comfort from the Group's
proximity to its suppliers and customers, and the long track record
of the promoters in the steel industry.

The Stable outlook on [ICRA]B+ rating reflects the benefits the
Group is expected to derive from its experience in the steel
industry.

Key rating drivers and their description

Credit strengths

Experienced promoters with long track record provides competitive
edge – The promoters of the Group have experience of two decades.
Such a long presence in the industry provides them a competitive
edge in establishing strong relationships with suppliers and
customers.

Established relationship with key customers and suppliers enables
firm to secure repeat orders – The Group, by virtue of its long
presence in the steel industry, has developed healthy relationships
with major suppliers and customers. This has resulted in repeat
orders from the same.

Credit challenges

Modest financial risk profile – The Group's modest financial
profile is reflected by its stretched liquidity position and weak
coverage indicators.

Operations in intensely competitive and fragmented industry – The
steel industry is intensely competitive because of the low
technological complexity of the manufacturing process. Growth in
construction and real estate activity in northern India over the
last few years has led to the entry of numerous players in steel
product manufacturing. In terms of the installed capacity as well
as the scale of operations, it is a relatively small player
catering to a local market and is subject to competition from
regional players.

Stretched liquidity position of the Group as evident from high
working-capital utilisation – The utilisation of limit at the
Group level was high at 94% in FY2019 coupled with low cash and
liquid investment of INR0.91 crore.

Cyclicality in steel industry – The steel industry is
characterised by cyclicality and it largely depends on both
domestic and international demand and supply conditions. In the
current year, the steel industry is reeling under subdued demand
due to low offtake from automobile and construction sectors.

Liquidity position: Stretched

While the fund flow from operations (FFO) was positive in FY2019,
free cash flows remained negative due to long-term debt repayments.
The working capital utilisation was also high at 94% in the last 12
months that ended in November 2019. The Group's overall liquidity
is expected to remain stretched due to scheduled debt repayment
obligations. Thus, the generation of adequate cash accruals will
remain crucial. However, given the past track record, the promoters
are expected to provide funding support for any cash flow mismatch
over the medium term.

Rating sensitivities

Positive triggers: An upward movement in rating could happen if
there is substantial and sustained growth in revenues and
profitability. Interest coverage above 2 times and RoCE above 10%
on a sustained basis.

Negative triggers: Negative pressure on the Group's ratings could
arise if there is deterioration in its performance evidenced by
lower cash accruals, further deterioration in working capital
cycle, or if any major debt-funded capital expenditure, weakens
liquidity. Also, DSCR less than 1.1 on a sustained basis could put
negative pressure on the rating.

AAPL was set up in 1990 by Mr. Balbir Singh and his friends and
family members. The commercial production of the unit started in
1993. At present, Mr. Balbir Singh and Mr. Harjinder Singh are
actively involved in the business. The company manufactures ingots
with current manufacturing capacity of 21,000 MT per annum. Its
manufacturing facility is located in Ludhiana. The main raw
material required is scrap, which is sourced from traders nearby.
The credit period extended by suppliers is around 45–50 days.
AAPL earns the entire revenue from domestic sales. The company
generally provides a credit period of 50–60 days.

AIRAN STEEL: ICRA Lowers Rating on INR8.50cr LT Loan to B+
----------------------------------------------------------
ICRA said the ratings for the INR9.00 crore bank facilities of
Airan Steel & Power Private Limited were downgraded and continues
to remain under 'Issuer Not Cooperating' category. The rating is
now denoted as "[ICRA]B+ (stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-          8.50        [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long-term-          0.50        [ICRA]B+(Stable) ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Short-term-        (2.50)       ICRA]A4 ISSUER NOT
   Inland Letter                   COOPERATING; Rating Continues
   Of Credit                        to remain under 'Issuer Not
                                    Cooperating' category

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

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

Airan Steel & Power Private Limited (ASPPL) was incorporated in
2004 and its plant is located in Bilaspur, Chhattisgarh. ASPPL has
a production facility for sponge iron with an annual production
capacity of 30,000 MT. In 2010, the company diversified its
operations with the commencement of a Mild Steel (MS) ingot
manufacturing facility with a capacity of 18,000 MT per annum.

ARUN SHELTERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Arun Shelters Private Limited
        No. 299, 6th Cross
        1st Block, R.T. Nagar
        Near BDA Complex
        Bangalore 560032

Insolvency Commencement Date: January 31, 2020

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: August 17, 2020
                               (180 days from commencement)

Insolvency professional: Pankaj Srivastava

Interim Resolution
Professional:            Pankaj Srivastava
                         Pai & Srivastava LLP
                         G02, Kundur Park
                         Amruthalli Jakkur Main Road
                         Jakkur, Bangalore 560064
                         E-mail: rpal@paisri.com
                                 psri@live.com

                            - and -

                         5, 5th Cross, Navya Nagar Jakkur
                         Bangalore 560064

Last date for
submission of claims:    February 21, 2020


BENARA AUTOMOTIVES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Benara Automotives Private Limited
        E-87, Site C
        UPSIDC Area
        Sikandra, Agra
        Uttar Pradesh 282007

Insolvency Commencement Date: January 29, 2020

Court: National Company Law Tribunal, Meerut Bench

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

Insolvency professional: Arun Chadha

Interim Resolution
Professional:            Arun Chadha
                         727, Brahmpuri
                         Meerut City
                         Uttar Pradesh 250002
                         E-mail: chadharun@yahoo.com

                            - and -

                         E-95/2, Naraina Vihar
                         New Delhi 110028

Last date for
submission of claims:    February 12, 2020


CHOUDHARY GUM: ICRA Lowers Rating on INR14.50cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Choudhary Gum and Derivatives (CGD), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash credit         14.50      [ICRA]D ISSUER NOT COOPERATING;
   facilities                     downgraded from [ICRA]B
                                  (Stable) ISSUER NOT
                                  COOPERATING; rating continues
                                  to be in 'Issuer not
                                  cooperating' category

Rationale

The rating action reflects the recent delays in servicing the debt
obligation by CGD as confirmed by its lender.

The rating is based on limited information on the entity's
performance since the time it was last rated in February 2018. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Incorporated in 2013, CGD is a partnership firm involved in the
processing of guar seeds to obtain guar gum refined splits and
by-products such as churi and korma. The firm operates from its
facility at Saudulsahar in Rajasthan, with an installed guar gum
seeds-processing capacity of 75,000 metric tonne per annum (MTPA).
It is primarily a family-run concern with Mr. Om Prakash and Mr.
Amandeep as partners. The firm sells its products in the domestic
market with its sales fully concentrated in Rajasthan.


COOCHBEHAR AGRO: ICRA Lowers Rating on INR9.25cr Loan to B-
-----------------------------------------------------------
ICRA said the ratings for the INR13.31 crore bank facilities of
Coochbehar Agro Tea Estates Pvt. Ltd have been downgraded and
continues to remain under 'Issuer Not Cooperating' category.  The
rating is now denoted as "[ICRA]B- (stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         2.33        [ICRA]B-(Stable) ISSUER NOT
   Term loan                       COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Fund based-         9.25        [ICRA]B-(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Non-fund based-     0.75        [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long-term/Short-    0.98        [ICRA]B-(Stable)/[ICRA]A4
   Term Unallocated                ISSUER NOT COOPERATING;
   Limit                           Rating downgraded from
                                   [ICRA]BB- (Stable)/[ICRA]A4
                                   and Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

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

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

Incorporated in 2012, Coochbehar Agro Tea Estates Pvt. Ltd, is
engaged in the production of black tea of CTC variety. The company
is being managed by Agarwal and Bansal family based in Kolkata who
are in the tea industry for a long time. The company has one tea
garden and a factory in the district of Coochbehar, West Bengal.
The company has seven CTC lines with an annual installed capacity
to produce 2.5 million kgs of black tea. The company markets tea
under the brand name of 'Teen Bigha'.


DBM GEOTECHNICS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: DBM Geotechnics and Construction Private Limited
        Centaur House, B/301, 3rd Floor
        Shantinagar Ind Estate
        Vakola, Santacruz-East Mumbai
        Mumbai City
        MH 400055

Insolvency Commencement Date: January 20, 2020

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 7, 2020

Insolvency professional: CA Naren Sheth

Interim Resolution
Professional:            CA Naren Sheth
                         1014-1015, Prasad Chamber
                         Tata Road No. 1
                         Opera House
                         Charni Road (East)
                         Mumbai 400004
                         Mobile: 09821133426
                         Tel: 02266322870
                         E-mail: mkindia58@gmail.com
                                 cirp.dbm@gmail.com

Last date for
submission of claims:    February 3, 2020


DELHI INTERNATIONAL: Fitch Publishes BB+ LT IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings published Delhi International Airport Limited's
Long-Term Issuer Default Rating of 'BB+' with a Stable Outlook. The
agency has also published ratings of 'BB+' with a Stable Outlook
for its three US dollar bonds.

RATING RATIONALE

DIAL has a 30-year concession to operate, manage and develop the
Indira Gandhi International Airport, India's largest airport by
passenger traffic and the gateway to the National Capital Region
with a catchment population of over 22 million. The airport has
demonstrated resilient air passenger traffic, which rebounded
within one year to levels that were before the economic downturn in
the financial year ended March 2009 (FY09) and the collapse of
Kingfisher Airlines in FY13.

Aeronautical tariffs are determined under a hybrid till model with
30% of non-aeronautical revenue used for cross-subsidising the
aeronautical revenue. The Airport Economic Regulatory Authority
(AERA) determined in November 2018 that the airport's aeronautical
tariffs must remain at no less than 10% above the base airport
charges (BAC) during the concession term. The BAC+10% tariffs serve
as the floor to aeronautical charges and essentially remove the
downside risk to airport tariffs although there are some tariff
disputes between DIAL and regulators that are pending a
resolution.

Fitch rates DIAL on a standalone basis, based on weak linkages with
its parent, GMR Airports Limited (GAL), as assessed under Fitch's
Parent and Subsidiary Rating Linkage. This assessment reflects the
absence of cross-guarantee or cross-default provisions between the
two entities. DIAL's US dollar bonds provide limited creditor
protection and allow the company to pay dividends to GAL as long as
DIAL passes the fixed-charge cover ratio test and the distribution
is within the restricted payment amount. However, Fitch notes that
the presence of significant minority shareholders may prevent DIAL
from raising debt to distribute dividends to its parent.

KEY RATING DRIVERS

Gateway Airport to the Country - Volume Risk: Stronger

Indira Gandhi International Airport handled almost 70 million
passengers in FY19 with transfer and transit passengers making up
about 20% of the total traffic. Traffic has registered a low-teen
CAGR in the past 10 years, driven by favourable demographics and
increasing propensity to fly. The airport recovered quickly from
the traffic decline in FY09 that was due to the global economic
crisis and the drop in FY13 from Kingfisher Airlines' collapse.
DIAL has a diverse customer base with Air India, its largest
airline customer, contributing only 17% of the total aeronautical
revenue in FY19.

Tariff Visibility Improving - Price Risk: Midrange

Airports in India have implemented the hybrid till regulatory
framework with 30% non-aeronautical revenue used for
cross-subsidisation. Fitch believes the aeronautical tariffs
charged by DIAL that must be no less than BAC+10%, as stipulated in
the State Support Agreement between DIAL and the Indian government,
provide visibility for the company's aeronautical revenue, despite
the tariff disputes between DIAL and the regulators which are
pending a resolution.

Experienced Management to Deliver Expansion Capex - Infrastructure
Development/Renewal: Midrange

DIAL has an intensive capex plan for expansion over the next three
years. The project mainly involves construction of a fourth runway
and the expansion of Terminal 1. This will increase the airport's
passenger capacity from 66 million currently to 100 million. The
project has a total cost of INR106 billion (including interest
during construction), partially financed by the USD350 million in
bonds DIAL issued in 2019 and internal accruals. INR10 billion was
spent in FY19 with the balance of INR96 billion to be spread across
the next three years. Fitch believes management is experienced,
with a record of executing expansion programmes within a tight
timeline.

Refinancing Risk Mitigated by Laddered Maturity - Debt Structure:
Midrange

DIAL's debt primarily comprises US dollar bullet bonds. The
refinancing risk of its three bullet bonds is mitigated by its
laddered maturity between 2022 and 2029, and its current concession
term until 2036. Fitch also thinks DIAL has well-established access
to capital markets. The company has a typical corporate-style debt
structure. The US dollar bonds have relatively loose covenants and
limited credit protections including the fixed-charge
coverage-ratio test for additional indebtedness at 2.25x under the
2029 bonds and 2.5x under the 2022/2026 bonds and limitations on
restricted payments.

PEER GROUP

GMR Hyderabad International Airport Limited (GHIAL, BB+/Negative)
is DIAL's closest peer. Both airports benefit from the fast-growing
air passenger market in India. DIAL's strategic location in Delhi
gives it a stronger catchment area than GHIAL, which serves
Hyderabad, a vibrant but smaller city than Delhi. DIAL and GHIAL
both operate under the same economic regulatory framework − a
hybrid till model with 30% of non-aeronautical revenue being used
for cross-subsidisation of aeronautical charges. DIAL has
implemented tariffs at BAC+10%, which effectively remove downside
risk to aeronautical tariffs while GHIAL has some pending issues
with the regulators regarding tariff determination. Both airports
are undertaking intensive debt-funded expansion plans. Fitch's
rating case forecasts DIAL's leverage will average 7.3x over the
next five years, compared with 5.1x for GHIAL.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action:

Positive rating action is unlikely in the medium term due to the
intensive debt-funded capex during FY20 to FY24

Developments That May, Individually or Collectively, Lead to
Negative Rating Action:

Delay/cost overruns in the capex execution or revenue
underperformance leading to an increase in the five-year average
rating case adjusted net debt/EBITDAR to above 8.0x

TRANSACTION SUMMARY

DIAL operates, manages and develops the Indira Gandhi International
Airport based on the 30-year concession awarded to the company in
2006. DIAL has the option to extend the concession for an
additional 30 years to 2066 without a renewal fee, subject to no
default of the Operation, Management and Development Agreement. GAL
holds 64% of DIAL's shares. Airports Authority of India and Fraport
AG Frankfurt Airport Services Worldwide hold the remaining 26% and
10%, respectively.

FINANCIAL ANALYSIS

Financial Profile

Under the Fitch base case, Fitch forecasts traffic will increase in
line with GDP growth at a 5.8% CAGR between FY20 and FY24. Fitch
forecasts aeronautical revenue per passenger will remain largely
flat during the five-year forecast period due to the implementation
of BAC+10%. Fitch also applied a haircut to management's forecast
for non-aeronautical revenue yield per passenger. For commercial
property development revenue, Fitch excludes the revenue and
upfront payment from Bharti Realty related to the Phase II
development of the 450,000 sq m of land at Aerocity as it remains
an option for Bharti Realty. Fitch forecasts leverage, measured by
adjusted net debt to EBITDAR, will average 7.0x between FY20 and
FY24.

Its Fitch rating-case assumptions are largely the same as the base
case. However, Fitch applied a 10% haircut to the Fitch base-case
traffic growth and forecast passenger traffic will increase at a
5.3% CAGR between FY20 and FY24. Fitch forecasts leverage will
average 7.3x between FY20 and FY24 under the rating case.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. ESG issues are credit-neutral
or have only a minimal credit impact on the entity, either due to
their nature or to the way in which they are being managed by the
entity.

DELHI INTERNATIONAL: Moody's Affirms Ba2 CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service affirmed Delhi International Airport
Limited's Ba2 corporate family rating and senior secured ratings.

The ratings outlook remains stable.

RATINGS RATIONALE

"The ratings affirmation principally reflects the expected growth
in DIAL's revenue over the next 12-18 months, underpinned by a
sustained recovery in passenger traffic from the decline recorded
in the first half of the fiscal year ending March 2020 and
increasing contributions from its non-aeronautical businesses,"
says Spencer Ng, a Moody's Vice President and Senior Analyst.
"These factors should help keep DIAL's financial metrics above the
minimum tolerance level set for its rating."

However, given the substantial funding requirement for its major
Phase 3A expansion, Moody's expects DIAL's funds from
operations/debt to remain weak over the next 2-3 years, with a very
limited buffer above the minimum tolerance level of 3%-4%.

Moody's financial projections assume that: (1) aeronautical tariffs
will remain at the current level during the third regulatory period
between April 2019 and March 2024, and (2) passenger traffic growth
will improve to the mid-single digit percentage range in fiscal
2021 as one-off factors such as suspension of Jet Airways gradually
dissipate.

DIAL is undertaking a major expansion of its Indira Gandhi
International airport, which is expected to cost around INR98
billion and take about three to four years to complete. To fund the
expansion, DIAL will rely on its substantial cash on hand, cash
flow from operations, proceeds from the monetization of land
parcels, as well as incremental debt.

As such, the airport's financial profile over the expansion period
will also be driven by its ability to monetize additional land
parcels to help support its expansion funding requirements.
Challenges in this regard will likely result in additional debt
needed to complete the expansion, which would exert additional
pressure the airport's financial profile.

Moody's expects passenger traffic at Delhi Airport to continue to
recover from the 5% decline recorded in the first half the current
fiscal year. Moody's expects passenger numbers to grow in the
high-single digit percentage range over the medium term, although
lower growth is expected in fiscal 2021 due to continued softness
in the global economy and the temporary impact from the coronavirus
outbreak.

"Revenue from the non-aeronautical business grew by 6% in the first
half of fiscal 2020 despite the weak traffic, driven primarily by
improving margins in key segments, such as duty free and cargo.
Further growth in the non-aeronautical business -- to be supported
by the recovery in traffic and further margin expansion -- will
also be key to the airport's ability to preserve its credit
metrics," says Ng.

Finally, the Ba2 ratings also consider DIAL's substantial balance
of cash and short-term investments in hand, which provide the
airport with some additional financial flexibility over the next 12
months. Moody's expects the airport to raise additional debt in the
near future to shore up its funding position.

An upgrade is unlikely in the near term, given that the airport's
financial leverage will remain elevated during the expansion phase,
under Moody's base case scenario.

On the other hand, Moody's could downgrade DIAL's Ba2 ratings if
FFO to debt falls below 3%-4% on a sustained basis, which could
result from: (1) an increase in the cost of the expansion or delay
to the current expansion program; (2) underperformance in DIAL's
aeronautical or non-aeronautical revenue relative to Moody's
expectation; (3) lack of progress in finalizing the existing
transaction with Bharti Realty or in further land monetization; or
(4) a more widespread outbreak of the coronavirus in DIAL's key
passenger markets.

Moody's could also downgrade the ratings if there is a reduction in
the funds available at the airport for the expansion, because of
dividend payments or related-party transactions.

Moody's has used its Joint Default Analysis approach for Government
Related Issuers in assessing DIAL's ratings, because the company is
more than 20% government-owned through the Airports Authority of
India, a government agency.

DIAL's Ba2 CFR combines: (1) the company's Baseline Credit
Assessment (BCA) of ba2; and (2) the low likelihood of support that
Moody's believes the Government of India (Baa2 negative) will
provide to DIAL in the event that extraordinary financial support
is required. This assumption of support results in the absence of
uplift to the company's BCA.

The methodologies used in these ratings were Privately Managed
Airports and Related Issuers published in September 2017, and
Government-Related Issuers published in June 2018.

Delhi International Airport Limited (DIAL) is the concessionaire
for the Indira Gandhi International Airport, which is located in
the political capital of India, and operates under an Operations,
Management and Development Agreement, concluded in 2006 with the
Airports Authority of India, a government agency. The concession is
for a 30-year period, and DIAL has the option to extend it for
another 30 years, subject to the company meeting defined
performance criteria.

DWARKADHISH COTSPIN: ICRA Withdraws B+ Rating on INR49.7cr Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Dwarkadhish Cotspin Private Limited (DCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term loan           49.70       [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Withdrawn

   Working capital
   limits              14.00       [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING: withdrawn

   Short term Non-
   Fund based limits    3.44       [ICRA]A4; ISSUER NOT
                                   COOPERATING: withdrawn

Rationale

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

Key rating drivers and their description
Key rating drivers have not been captured as the rating is being
withdrawn.

Liquidity position
Not captured as the rating is being withdrawn.

Rating sensitivities
Not captured as the rating is being withdrawn.

Dwarkadhish Cotspin Private Limited (DCPL) was incorporated in May
2011 by Mr. Deepak Patel along with other directors. The company is
engaged in spinning of cotton yarn and is based at Surendranagar,
Gujarat. Before setting up of cotton spinning plant,the promoters
were involved in ginning and pressing of raw cotton as well as
crushing of cottonseeds to produce cottonseed oil through another
concern by the name of Shree Jaydeep Ginning Factory. Looking to
the future demand and availability of raw material the promoters
had planned for forward integration by setting up  spinning unit to
manufacture 30s, 32s and 40s combed hosiery yarn. Dwarkadhish
Cotspin Private limited had installed 14688 spindles and expanded
further by installing 10,000 additional spindles capable of
manufacturing 30s, 32s and 40s 2 compact combed hosiery yarn. The
commercial production from newly installed spindles commenced from
October 12, 2015. DCPL has generated revenue mainly through sale in
domestic market. The major customers of DCPL are based out of
Gujarat. DCPL is not directly involved in exports but sells through
merchant exporters.


EDUNOVA EDUCATIONAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Edunova Educational Research and Training Private Limited

        Registered office:
        3rd Floor, 301, Sigma 2
        Opp Sales India
        Opp Himalaya Mall
        Nr Shreeji Tower
        Drive Inn Rd
        Bodakdev Ahmedabad
        Gujarat 380015

Insolvency Commencement Date: January 6, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Ketulbhai Ramubhai Patel

Interim Resolution
Professional:            Mr. Ketulbhai Ramubhai Patel
                         801, Popular House
                         Nr. Income Tax Circle
                         Ashram Road, Ahmedabad
                         Gujarat 380009
                         E-mail: ketul@rspatelca.com
                                 ip.edunova@gmail.com

Last date for
submission of claims:    January 27, 2020


EURO PRATIK: ICRA Lowers Rating on INR9cr LT Loan to B+
-------------------------------------------------------
ICRA said the ratings for the INR9.00 crore bank facilities of Euro
Pratik Ispat Private Limited have been downgraded and continues to
remain under 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B+ (stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-          9.00        [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long-term-         (0.50)       [ICRA]B+(Stable) ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Short-term-        (3.00)       ICRA]A4 ISSUER NOT
   Inland Letter                   COOPERATING; Rating Continues
   Of Credit                       to remain under 'Issuer Not
                                   Cooperating' category

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

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

Incorporated in 2004, Euro Pratik Ispat Private Limited's (EPIPL)
plant is located in Raipur, Chhattisgarh. EPIPL has a production
facility for sponge iron with an annual production capacity of
30,000 MT. The current management took over the operations of the
company in 2012.

FARMECH FOODS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Farmech Foods Limited
        A-13, Ramnath Colony Civil Lines
        Rampur UP 244901

Insolvency Commencement Date: February 4, 2020

Court: National Company Law Tribunal, Allahabad Bench

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

Interim Resolution
Professional:            Hemi Gupta
                         24, Medi Center
                         Opp. Eves Petrol Pump
                         Hapur Road
                         Meerut (U.P.) 250002
                         E-mail: hemigupta@rediffmail.com

                            - and -

                         B-84, Takshila Colony
                         Garh Road, Near Medical College
                         Near K L International School
                         Meerut (U.P.) 250004
                         E-mail: hemiguptairp@outlook.com

Last date for
submission of claims:    February 18, 2020


FASHION FLARE: ICRA Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
ICRA has continued the long term/Short-term ratings for the bank
facilities of Fashion Flare International Private Limited to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      2.00       [ICRA]B(Stable) ISSUER NOT
   Based TL                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         4.00       [ICRA]A4 ISSUER NOT
   Fund Based                     COOPERATING; Rating Continues
                                  to remain under the 'Issuer Not
                                  Cooperating' category

   Short Term-         2.00       [ICRA]A4 ISSUER NOT
   NonFund Based                  COOPERATING; Rating Continues
                                  to remain under the 'Issuer Not
                                  Cooperating' category

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

Formed in 1998, FFIPL is involved in the manufacture and export of
woven RMG for women (western style), which account for most of its
production. A small portion of sales also pertains to knitted RMGs.
The company has been into direct exports since the commencement of
operations and has its manufacturing facility in Okhla, New Delhi.

GEETANJALI ISPAT: ICRA Cuts Rating on INR9.0cr Loans to B+
----------------------------------------------------------
ICRA said the ratings for the INR9.00 crore bank facilities of
Geetanjali Ispat & Powers Pvt. Ltd have been downgraded and
continues to remain under 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-          8.50        [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long-term-          0.50        [ICRA]B+(Stable) ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

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

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

Incorporated in 2003, Geetanjali Ispat & Power Private Limited's
(GIPPL) plant is located at Bilaspur, Chhattisgarh. GIPPL has a
production facility for sponge iron with an annual capacity of
30,000 MT. The current management took over the operations of the
company in 2014.

GOVINDAM METALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Govindam Metals and Alloys Private Limited
        Plot No. B-15, Phase-I
        Additional MIDC Jalna
        Maharashtra 431203

Insolvency Commencement Date: January 17, 2020

Court: National Company Law Tribunal, Aurangabad Bench

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

Insolvency professional: Mr. Arun Rajabhau Joshi

Interim Resolution
Professional:            Mr. Arun Rajabhau Joshi
                         A.R. Joshi & Associates
                         1st Floor, E-Wing
                         Bharat Bazar Complex
                         API Corner, Chikalthana MIDC
                         Aurangabad 431006
                         Tel: 0240-2480415
                         E-mail: arjoshiassociates@gmail.com

Last date for
submission of claims:    February 4, 2020


IL&FS LTD: SEBI Mulls Raising Penalty on Rating Agencies
--------------------------------------------------------
BloombergQuint reports that markets regulator Securities and
Exchange Board of India is considering to increase the penalty on
rating agencies in connection with lapses on their parts in
assigning credit ratings to non-convertible debentures of
Infrastructure Leasing & Financial Services, officials said on Feb.
10.

BloombergQuint says the crisis at diversified IL&FS, whose board
was superseded by the government, came to light September 2018 and
since then, the company, as well as related entities, has come
under the regulatory lens. SEBI in December 2019 slapped a penalty
of Rs 25 lakh each on ICRA Ltd., CARE Ratings Ltd. and India
Ratings & Research Pvt. Ltd. and had said the default by IL&FS
occurred due to "lethargic indifference and needless
procrastination and laxity" of the rating agencies, according to
BloombergQuint.

While the regulator came down heavily on the rating agencies with
sharp observations but it was felt that the same was not reflected
in penalty, officials said, BloombergQuint relays.

They believe that the fine imposed by SEBI on these rating agencies
was quite low given the seriousness of the lapses on their part
following which fresh notices were sent to them. In a filing to
stock exchanges on Feb. 10, CARE said it has received the show
cause notice from SEBI, "calling upon the reasons why the penalty
amount should not be enhanced. This SCN is being reviewed by the
company," BloombergQuint relays.

Similarly, ICRA on Feb. 7 said it received a show cause notice for
enhancement of penalty amount. However, it could not be ascertained
whether India Ratings also received similar notice from the markets
regulator, BloombergQuint says.

According to BloombergQuint, the case relates to the default
committed by IL&FS and its subsidiary IL&FS Financial Services on
their obligations in respect of commercial paper, inter-corporate
deposits as well as on interest payments related to non-convertible
debentures. SEBI, in its order, had noted that the exposure of
IL&FS at the relevant times was critical to the financial stability
as its share in the total exposure of IL&FS at the relevant times
was critical to the financial stability as its share in the total
exposure of banks to the non-banking financial company sector was
fairly high. There was substantial public interest involved in the
affairs of IL&FS considering its importance for financial
stability.

BloombergQuint relates that the market regulator had examined the
role of the credit rating agencies, including ICRA, CARE and India
Ratings, in assigning a rating to various NCDs of Infrastructure
Leasing and Financial Services. According to SEBI, IL&FS and its
group companies' financial parameters, especially short-term
borrowings, debt-to-equity ratio, current maturities of long-term
debt, operating profit, and monetisation of assets were not as
conducive or healthy as assumed by these rating agencies in their
reports or rating rationale.

They failed in conducting independent professional assessment while
rating the NCDs of IL&FS and placed undue weight on institutional
parentage, the regulator, as cited by BloombergQuint, said. Though
there is no allegation of any mala fide intention on the part of
these rating agencies, SEBI had said the failure by them is
blameworthy and serious considering the degree of responsibility
bestowed upon it by the statute, adds BloombergQuint.

                             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.

INDIA: RBI Extends One-time Restructuring Scheme for MSME Loans
---------------------------------------------------------------
Livemint.com reports that after Finance Minister Nirmala
Sitharaman, while presenting Union Budget 2020 on Feb. 1, said the
government has asked the Reserve Bank of India (RBI) to extend the
debt restructuring window by another year ending March 31, 2021,
RBI in its Monetary Policy Review Meeting on Feb. 6 said that it
would be extending the scheme to Dec. 31, 2020.

Livemint.com relates that the central bank stated that the Micro,
Small and Medium Enterprises (MSMEs) sector plays an important role
in the growth of the Indian economy, contributing over 28 per cent
of the GDP, more than 40 per cent of exports, while creating
employment for about 11 crore people.  "Considering the importance
of MSMEs in the Indian economy and for creating an enabling
environment for the sector in its efforts towards formalisation, a
one-time restructuring of loans to MSMEs that were in default but
‘standard' as on January 1, 2019, was permitted without an asset
classification downgrade. The restructuring of the borrower account
was to be implemented by March 31, 2020," said RBI in a statement,
Livemint.com relays.

The scheme has provided relief to a large number of MSMEs, "As the
process of formalisation of the MSME sector has a positive impact
on financial stability and this process is still underway, it has
been decided to extend the benefit of one-time restructuring
without an asset classification downgrade to standard accounts of
GST registered MSMEs that were in default as on January 1, 2020.
The restructuring under the scheme has to be implemented latest by
December 31, 2020," the central bank said.

"This scheme will benefit the eligible MSME entities which could
not be restructured under the provisions of the circular dated
January 1, 2019 as also the MSME entities which have become
stressed thereafter. It is reemphasised that this is a one-time
regulatory dispensation. Detailed guidelines, in this regard, will
be issued shortly," RBI, as cited by Livemint.com, said.

Finance Minister Nirmala Sitharaman proposed measures aimed at
facilitating growth of MSMEs including raising the turnover
threshold for audit of their accounts to INR50 million and a scheme
to provide subordinate debt to MSME entrepreneurs, Livemint.com
adds.

INDIRANAGAR CHIT: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Indiranagar Chit Fund and Trading Co Private Limited
        No. 258, Chitra Adanan
        Indiranagar, 1 Stage
        Bangalore 560038

Insolvency Commencement Date: January 28, 2020

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: August 16, 2020
                               (180 days from commencement)

Insolvency professional: Pankaj Srivastava

Interim Resolution
Professional:            Pankaj Srivastava
                         Pai & Srivastava LLP
                         G02, Kundur Park
                         Amruthalli Jakkur Main Road
                         Jakkur, Bangalore 560064
                         E-mail: rpal@paisri.com
                                 psri@live.com

                            - and -

                         5, 5th Cross, Navya Nagar Jakkur
                         Bangalore 560064

Last date for
submission of claims:    February 20, 2020


K.P. SAHA: ICRA Maintains B+ Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA said the ratings for the INR5.32 crore bank facilities of K.P.
Saha Private Limited Unit: Maa Bameswari Rice Mill continues to
remain under the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-           2.69       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long-term-           2.50       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long-term-           0.13       [ICRA]B+ (Stable) ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

K.P. Saha Private Limited was set up in 1990 and its rice mill unit
Maa Bameswari Rice Mill (MBRM) was set up and started operations in
December 2010 at Dhaniakhali, West Bengal. K.P. Saha also owns two
cinema halls at Kalyani and Kolkata, West Bengal. MBRM is engaged
in production of parboiled rice and has a milling capacity of 96 MT
per day on a double-shift basis, translating into an annual milling
capacity of 28,800 MT.

LEESA LIFE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Leesa Life Sciences Private Limited
        P2, Sy.No. 423(P) 424(P) and (425)P
        Jedcherla Mandal, Polepally
        Mahbubnagar, Telangana 509203
        India

Insolvency Commencement Date: January 28, 2020

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Anjaneyulu Sadhu

Interim Resolution
Professional:            Anjaneyulu Sadhu
                         Ezresolve LLP
                         402B, Technopolis
                         Chikoti Gardens
                         Begumpet, Hyderabad 500016
                         E-mail: anjaneyulu@ezresolve.in
                                 leesalifesciences@ezresolve.in

Last date for
submission of claims:    February 11, 2020


MAA BAMESWARI: ICRA Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR9.77 crore bank facilities of Maa
Bameswari Cold Storage Private Limited continues to remain under
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Working      0.94       [ICRA]B (Stable) ISSUER NOT
   Capital loan                      COOPERATING; Rating
                                     continues to remain under
                                     the 'Issuer Not Cooperating'
                                     category

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

   Long-term-Bank         0.25       [ICRA]B (Stable) ISSUER NOT
   Guarantee                         COOPERATING; Rating
                                     continues to remain under
                                     the 'Issuer Not Cooperating'
                                     category

   Short-Term Seasonal    6.50       [ICRA] A4 ISSUER NOT
   Cash credit                       COOPERATING; Rating
                                     continues to remain under
                                     the 'Issuer Not Cooperating'
                                     category

   Long-term/Short        0.08       [ICRA]B(Stable)/[ICRA]A4
   term unallocated                  ISSUER NOT COOPERATING;
                                     Rating continues to remain
                                     under the 'Issuer Not
                                     Cooperating' category

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

Maa Bameswari Cold Storage Private Limited (MBCS) had set up its
cold storage unit at Goghat in the Hooghly district of West Bengal
in 2005. Promoted by the Kolkata-based Saha and the Shaw families,
MBCS has a storage capacity of 19,300 metric tonnes (MT) at
present.

MAGNOLIA MARTINIQUE: ICRA Cuts Rating on INR15cr LT Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Magnolia
Martinique Clothing Private Limited (MMC), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund      15.00      [ICRA]B+(Stable) ISSUER NOT
   Based TL                       COOPERATING; Rating downgraded
                                  from [ICRA]BB(Stable) and
                                  continues to remain under the
                                  'Issuer Not Cooperating'
                                  Category

   Short Term-         25.00      [ICRA]A4 ISSUER NOT
   Fund Based                     COOPERATING; Rating Continues
                                  to remain under the 'Issuer Not
                                  Cooperating' category

Rationale

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

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

MMC manufactures and exports woven and knitted garments for women.
Originally incorporated as Rakesh Mohan Electricals Pvt. Ltd. in
July 2005, MMC commenced commercial operations in 2007-08 after it
was taken over by its current promoters, Mr Siddharth Mohan and Ms.
Neelam Mohan. The operations under the other companies, namely
Magnolia Blossom and Magnolia Clothing Pvt. Ltd, were consolidated
under this entity and its name was changed to MMC in February 2008.
At present, the company has three manufacturing units (all leased)
in Noida, Uttar Pradesh with a total installed capacity of
manufacturing 16.50 lakh garment pieces per annum.

MANMEET ALLOYS: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Manmeet
Alloys Private Limited (MAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         15.00       [ICRA]B+ (Stable); reaffirmed

Rationale

For arriving at the ratings, ICRA has consolidated the business and
financial risk profiles of MAPL and its Group company – Addi
Alloys Private Limited (AAPL) – as these operate in similar lines
of businesses, have operational linkages, and share a common
management. The companies are together referred to as the Group.

ICRA's ratings reaffirmation considers the moderate improvement in
the Group's operating income in FY2019 to INR294.26 crore from
INR259.72 crore in FY2018, albeit accompanied with a decline in
operating margins. The ratings continue to be constrained by thin
operating margins owing to the fragmented and competitive nature of
the steel industry as well as low technological complexity of the
manufacturing process, and its vulnerability to fluctuations in raw
materials prices. Moreover, the weak financial profile of the Group
is reflected by elevated TOL/TNW levels and modest debt protection
metrics. The liquidity of Group is also modest with limited cushion
in working capital limits.

However, the ratings continue to derive comfort from the Group's
proximity to its suppliers and customers, and the long track record
of the promoters in the steel industry.

The Stable outlook on [ICRA]B+ rating reflects the benefits the
Group is expected to derive from its experience in the steel
industry.

Key rating drivers and their description

Credit strengths

Experienced promoters with long track record provides competitive
edge – The promoters of the Group have experience of two decades.
Such a long presence in the industry provides them a competitive
edge in establishing strong relationships with suppliers and
customers.

Established relationship with key customers and suppliers enables
firm to secure repeat orders – The Group, by virtue of its long
presence in the steel industry, has developed healthy relationships
with major suppliers and customers. This has resulted in repeat
orders from the same.

Credit challenges

Modest financial risk profile – The Group's modest financial
profile is reflected by its stretched liquidity position and weak
coverage indicators.

Operations in intensely competitive and fragmented industry – The
steel industry is intensely competitive because of the low
technological complexity of the manufacturing process. Growth in
construction and real estate activity in northern India over the
last few years has led to the entry of numerous players in steel
product manufacturing. In terms of the installed capacity as well
as the scale of operations, it is a relatively small player
catering to a local market and is subject to competition from
regional players.

Stretched liquidity position of the Group as evident from high
working-capital utilisation – The utilisation of limit at the
Group level was high at 94% in FY2019 coupled with low cash and
liquid investment of INR0.91 crore.

Cyclicality in steel industry – The steel industry is
characterised by cyclicality and it largely depends on both
domestic and international demand and supply conditions. In the
current year, the steel industry is reeling under subdued demand
due to low offtake from automobile and construction sectors.

Liquidity position: Stretched

While the fund flow from operations (FFO) was positive in FY2019,
free cash flows remained negative due to long-term debt repayments.
The working capital utilisation was also high at 94% in the last 12
months that ended in November 2019. The Group's overall liquidity
is expected to remain stretched due to scheduled debt repayment
obligations. Thus, the generation of adequate cash accruals will
remain crucial. However, given the past track record, the promoters
are expected to provide funding support for any cash flow mismatch
over the medium term.

Rating sensitivities

Positive triggers: An upward movement in rating could happen if
there is substantial and sustained growth in revenues and
profitability. Interest coverage above 2 times and RoCE above 10%
on a sustained basis.

Negative triggers: Negative pressure on the Group's ratings could
arise if there is deterioration in its performance evidenced by
lower cash accruals, further deterioration in working capital
cycle, or if any major debt-funded capital expenditure, weakens
liquidity. Also, DSCR less than 1.1 on a sustained basis could put
negative pressure on the rating.

Manmeet Alloys Private Limited (MAPL) was set up in 2005 by Mr.
Hanmeet Singh. Currently, Mr. Singh actively looks after the
business. The company manufactures MS rounds and has a
manufacturing capacity of 30,000 MT per annum. The company's
manufacturing facility is located in Ludhiana. The primary raw
material required in the manufacturing process is MS
ingots/billets, which are sourced from the local manufacturers. The
credit period extended by suppliers is around 60 days. About 30% of
all the purchases are done from AAPL.

MATHURAM SWASTHA: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR8.00 crore bank facilities of
Mathuram Swastha Evam Shikshan Sansthan continues to remain under
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         7.00        [ICRA]B+ (Stable) ISSUER NOT
   Term loans                      COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated         1.00        [ICRA]B+ (Stable) ISSUER NOT
   limits                          COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Mathuram Swastha Evam Shikshan Sansthan incorporated in January
2014, under section 25 of The Company's Act, has set up a school in
Patna under affiliation to the Central Board of Secondary
Education, for imparting education to students across classes
I-XII. The school has been launched in April-2015 under the name
D.Y.Patil Pushpalata Patil International School and healthy
admissions of around 891 students have taken place for the academic
session of 2015-16.


NEW TEA: ICRA Lowers Rating on INR33.75cr LT Loan to B+
-------------------------------------------------------
ICRA said the ratings for the INR85.98 crore bank facilities of New
Tea Company Limited have been downgraded and continues to remain
under 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]B+ (stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term-Fund      33.75       [ICRA]B+(Stable) ISSUER NOT
   Based limits                    COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Short-term-Fund     29.50       [ICRA]A4 ISSUER NOT
   based limits                    COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short-term-Non-      2.00       [ICRA]A4 ISSUER NOT
   Fund based limits               COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long-term/Short-    20.73       [ICRA]B+(Stable)/[ICRA]A4
   Term Unallocated                ISSUER NOT COOPERATING;
   Limit                           Rating downgraded from
                                   [ICRA]BB- (Stable)/[ICRA]A4
                                   and Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Long Term/Short     (33.75)     [ICRA]B+(Stable)/[ICRA]A4
   Term-Interchangeable            ISSUER NOT COOPERATING;
                                   Rating downgraded from
                                   [ICRA]BB- (Stable)/[ICRA]A4
                                   and Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

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

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

New Tea Company Limited (NTCL), incorporated in the year 1936,
manufactures black tea of CTC category. The company has two tea
gardens named 'Matidhar Tea Estate' and 'Bijolimoni Tea Estate' in
the district of Darjeeling, West Bengal. NTCL also has two
factories along with each garden. The annual installed capacity for
production of black tea is 4.9 million kg. NTCL is also engaged in
trading of tea, which it procures from tea centres. The company
markets its tea under two brand names i.e. 'Maharaja' and 'Nalsar'.


NORTH DINAJPUR: ICRA Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR10.45 crore bank facilities of
North Dinajpur Tea Agro Pvt. Limited continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as "
[ICRA]B(Stable)/[ICRA]A4ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-         6.65       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under the 'Issuer Not
                                  Cooperating' category

   Non-fund based      0.50       [ICRA]A4 ISSUER NOT
   Bank Guarantee                 COOPERATING; Rating continues
                                  to remain under the 'Issuer Not
                                  Cooperating' category

   Long-term/Short     3.30       [ICRA]B(Stable)/[ICRA]A4
   term unallocated               ISSUER NOT COOPERATING;
   limit                          Rating continues to remain
                                  under the 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1997, North Dinajpur Tea Agro Pvt. Limited,
manufactures black tea of CTC variety. The company has no
plantation facility; therefore the company has to depend entirely
on purchased green leaves for production of black tea. The factory
is located in the district of North Dinajpur, West Bengal. The
annual installed capacity for production of black tea is 1.90
million kg. The company markets tea under the brand name of
'Shera', 'Surya Mukhi, 'Kasturi Gold' and Kesar Gold'.

RENXSOL ECOTECH: ICRA Moves 'B+' Rating to Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR6.22-crore bank facilities of
Renxsol Ecotech Private Limited has been moved to 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          1.00       [ICRA]B+ (Stable); ISSUER NOT
   Term Loan                      COOPERATING; Moved to 'Issuer
                                  Not Cooperating' category

   Long Term-          0.75       [ICRA]B+ (Stable); ISSUER NOT
   Overdraft                      COOPERATING; Moved to 'Issuer
   Facility                       Not Cooperating' category


   Short Term-         4.30       [ICRA]A4; ISSUER NOT
   Letter of Credit               COOPERATING; Moved to 'Issuer
                                  Not Cooperating' category

   Long Term/Short     0.17       [ICRA]B+ (Stable)/[ICRA]A4;
   Term Unallocated               ISSUER NOT COOPERATING;
                                  Moved to 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2012, Renxsol Ecotech Private Limited (REPL)
provides consultancy, turnkey solutions for solar photovoltaic (PV)
and solar thermal and energy applications. The solar photovoltaic
application involves solar-based power plants, LED/CFL street
lighting system, solar cold storage application, solar pumping
system, solar village/rural electrification etc. The solar thermal
application involves water heating, air heating, air drying range
for various industries, institutions and farmers using process
heating or boiler feed heating. REPL is also an ISO
9001:2008-certified company.

RG INFRA BUILD: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: RG Infra Build Private Limited
        1601, RG Trade Tower
        Plot No. B7
        Netaji Subhash Place
        Pitampura
        New Delhi 110034

Insolvency Commencement Date: September 25, 2019

Court: National Company Law Tribunal

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

Insolvency professional: Smt. Sunita Umesh

Interim Resolution
Professional:            Smt. Sunita Umesh
                         M/s. UCC & Associates LLP
                         Chartered Accountants
                         1315, Ansal Tower
                         38 Nehru Place
                         New Delhi 110019
                         E-mail: sunita.umesh@uccglobal.in
                                 rginfrabuild@gmail.com

Classes of creditors:    Home buyers (Real estate investors)

Insolvency
Professionals
Representative of
Creditors in a class:    CMA Sandeep Goel
                         CS Sandeep Chandna
                         Mr. Ghanshyam Kaushik

Last date for
submission of claims:    October 9, 2019


RHEABARI TEA: ICRA Lowers Rating on INR6.15cr Cash Loan to B+
-------------------------------------------------------------
ICRA said the ratings for the INR6.92 crore bank facilities of
Rheabari Tea Company Private Limited have been downgraded and
continues to remain under 'Issuer Not Cooperating' category.  The
rating is now denoted as "[ICRA]B+ (stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          6.15       [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Non-Fund based       0.50       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long-term/Short      0.27       ICRA] B+(Stable)/[ICRA]A4
   Term Unallocated                ISSUER NOT COOPERATING;
                                   Rating downgraded from
                                   [ICRA]BB- (Stable)/[ICRA]A4
                                   and Continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

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

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

Incorporated in 1985, Rheabari Tea Company Private Limited
manufactures CTC black tea. The company is being managed by the
Agarwal and the Bansal family based in Kolkata who are in the tea
industry for a long time. The company has one tea garden named
'Rheabari Tea Estate' in Jalpaiguri district of West Bengal and
five CTC lines with an annual installed capacity to produce 1.3
million kg of black tea. Tea is marketed under the brand names of
'Shahzadi', 'Rheabari' and 'Machlibari.

RNA CORP: NCLAT Dismisses Plea Against Insolvency Proceedings
-------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) has dismissed a plea challenging initiation of
insolvency proceedings against realty developer RNA Corporation.
The National Company Law Tribunal (NCLT) had in December passed an
order to start insolvency proceedings against the Mumbai-based
developer after admitting a plea by Bank of India (BoI) over term
loan default, the report says.

The bank had filed the petition under Section 7 of the Insolvency
and Bankruptcy Code (IBC), 2016, which sought the resolution
process claiming total dues worth INR80.73 crore, ET recalls.

According to ET, Anubhav Agarwal, managing director of RNA Corp,
moved NCLAT challenging the NCLT order on the ground of limitation,
stating that BoI has already moved the second application under
Section 7 of the IBC for the same set of claims against another
guarantor, Chamber Constructions, and is, therefore, not
maintainable. The court has found no merit in this appeal.

BoI had granted a loan of INR75 crore to RNA Corp in October 2013
and the builder had defaulted on repayment of this loan in December
2014, ET recalls. Since then, the account has been classified as a
nonperforming asset, the petition had said.

ET says the developer had then argued that the company was regular
in making payments to the bank, but due to the death of its
chairman Anil Kumar Aggarwal and also because of the slump in the
real estate market, the business was affected.

ET relates that the company also submitted, through a letter in
late-2015, that it had proposed to repay the credit facilities in
instalments, and accordingly, payments of INR7.50 crore were made
in instalments.

The Mumbai bench of NCLT admitted insolvency proceedings against
RNA Corp and named Debashis Nanda as interim resolution
professional to oversee the process, ET adds.

SAMRAT SEA: ICRA Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has continued the long-term ratings for the bank facilities of
Samrat Sea Brines Private Limited (SSBPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan        4.25        [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to 'Issuer Not
                                Cooperating' category

   Cash Credit      2.75        [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to 'Issuer Not
                                Cooperating' category

   Unallocated      4.00        [ICRA]D; ISSUER NOT COOPERATING;
   Limits                       Rating continues to 'Issuer Not
                                Cooperating' category
              
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated on September 29th, 2011, Samrat Sea Brines Private
Limited (SSBPL) is engaged in manufacturing of iodized salt and
refined iodized salt. The company's manufacturing unit is located
at Santalpur (District- Patan), Gujarat. The promoters and
directors have past experience in salt manufacturing/ trading owing
to their association in other concerns engaged in similar
operations.

SAPTAGIRI BOILED: ICRA Withdraws B+ Rating on INR10cr Loans
-----------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Saptagiri Boiled & Raw Rice Mill (SBRRM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         8.50        [ICRA]B+(Stable); Withdrawn
   Unallocated         1.50        [ICRA]B+(Stable); Withdrawn
  
Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as requested by the firm.

Key rating drivers

Key Rating drivers has not been captured as the rated instruments
are being withdrawn.

Liquidity Position:
Key Rating drivers has not been captured as the rated instruments
are being withdrawn.

Rating sensitivities
Rating sensitivities have not been captured as the rated instrument
is being withdrawn.

Founded in 1980, M/s. Saptagiri Boiled & Raw Rice Mill (SBRRM) is
located in Pernamitta village of Prakasam District. Mr. Kodala Uma
Venkata Subba Rao is the managing partner of the firm. The firm has
rice mill unit of 4 MTPH capacity. The firm is into milling of rice
and also trading of different types of paddy. SBRRM procures paddy
from farmers and traders located in Orissa and Andhra Pradesh. The
rice is sold under "King Lion" brand. The firm's clients are
predominantly located in Kerala, Tamil Nadu and Orissa. SBRRM uses
the milling facility for captive purposes and also for job works to
its group entity Saptagiri Par Boiled Rice Mills.

SHELL APPARELS: ICRA Cuts Rating on INR15cr LT Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shell
Apparels Private Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund     15.00       [ICRA]B+ (Stable) ISSUER NOT
   Based/CC                       COOPERATING; Rating downgraded
                                  from [ICRA]BB+ (Stable) and
                                  continues to remain in the
                                  'Issuer Not Cooperating'
                                  Category

   Long Term-Fund      8.14       [ICRA]B+ (Stable) ISSUER NOT
   Based TL                       COOPERATING; Rating downgraded
                                  from [ICRA]BB+ (Stable) and
                                  continues to remain in the
                                  'Issuer Not Cooperating'
                                  Category

   Long Term-Non-      2.01       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                     COOPERATING; Rating downgraded
                                  from [ICRA]BB+ (Stable) and
                                  continues to remain in the
                                  'Issuer Not Cooperating'
                                  Category

Rationale

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

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

Shell Apparels Private Limited headquartered in Bangalore is
primarily engaged into manufacturing of knitted garments. Promoted
by Mr. Vasuki in the year 1988 as Shell Sands - a proprietorship
firm, Shell Sands was initially engaged into manufacturing of shell
moldings catering to industrial and engineering companies like
Bharat Heavy Electricals Ltd. etc for shell mold castings. However
in 1994 with an objective of foraying into garment industry the
promoters changed the name of the firm to Shell Apparels – in
line with the nature of business and started stitching on job works
basis. As per management, the Company was one of the first few
garment manufacturing units selected by M/s Arvind Mills Limited
for stitching of Denim Jeans for its popular brands Flying Machine
and New Port University. With growing experience and track record
with Arvind, the Company added new customers and in turn brought
numerous brands like Ruggers, Wranglers, Excaliber, Arrow, Lee etc
(on job work basis) under its portfolio. With increasing volume of
orders, a new company Shell Apparels Private Limited was
incorporated in 2003 and the Company started taking complete
manufacturing orders (on fob basis) in order to further enhance
credentials as a reliable garment manufacturing company rather than
just a convertor (job worker) aiding its revenue growth over last
several years.

SHREE MURUGAN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shree Murugan Flour Mills Private Limited
        No. 5, Vinayagar Koil Street
        Krishnaswamy Nagar
        Coimbatore 641045

Insolvency Commencement Date: January 31, 2020

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Mr. Santhanam Rajashree

Interim Resolution
Professional:            Mr. Santhanam Rajashree
                         Flat No. 6, Old No. 20, New No. 8
                         Ramakrishna Street
                         T. Nagar, Chennai 600017
                         E-mail: rajashrees66@gmail.com

                            - and -

                         WOCO Spaces, No. 3020
                         4th Street, Old Y Block
                         13th Main Road
                         Shanthi Colony
                         Old Tirumangalam, Anna Nagar
                         Chennai 600040
                         E-mail: cirp.shreemurugan@gmail.com

Last date for
submission of claims:    February 17, 2020




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

PHP NZ: Owes 'Significant' Sum for Contractual Breaches
-------------------------------------------------------
Oliver Lewis at Stuff.co.nz reports that an Australian-owned
plumbing company that botched work at a new Christchurch Hospital
building owes a significant amount of money for contractual
breaches.

Stuff relates that the company had been working on the new
Christchurch Hospital Hagley building and the convention centre Te
Pae, both of which are being built by head contractor CPB
Contractors. PHP's contract for the convention centre was
terminated before the company was placed into liquidation.

Stuff previously reported several pipe brands not approved for use
in the hospital project had been installed in the building,
breaching consent conditions. After the issue was discovered,
contractors were forced to rip out and replace non-approved pipes.

In the second liquidator's report, released on January 30, the
liquidators said PHP had "failed to meet its requirements under the
contracts and now owes the head contractors significant monies due
to the breaches incurred". The amount was not included in the
report as a claim, Stuff relays.

According to Stuff, the liquidators have yet to pay any
preferential or unsecured creditors, saying in the report it was
not yet possible to "provide a definitive statement as to whether
assets will be realised for the purposes of making payment to any
class of creditor".

As a result of their investigations, the liquidators contacted
authorities in Australia to pass on their concerns about the former
directors of PHP NZ, Australians Paul Hutchins and Sean Capes,
Stuff states. The report said the former directors were declared
bankrupt in Australia but continued to "control" the
New Zealand company "during their bankruptcies".

Despite repeated attempts, the liquidators said they could not
contact the named director, Carlo Pagnozzi, Stuff adds.

New Zealand law prevents undischarged bankrupts, and people banned
from running companies overseas, from being a director of a New
Zealand company, Stuff notes.

PHP NZ Ltd was placed into liquidation last June owing more than
NZD1.1 million to Inland Revenue for overdue PAYE and GST and
another NZD600,000 to unsecured creditors, Stuff notes.


                           *********


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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***